Comments

it must be admitted – необхідно зазначити;

value judgement – суб’єктивна оцінка;

rather than – а не;

value judgment – ціннісне судження.

Vocabulary exercises

Exercise 1. Read, translate into Ukrainian in written form and memorize the definitions of the following key economic terms and concepts:

1. Economist: an expert in economics.	_______________________________________________________________________
2. Economic model: any simplified statement, diagram or formula used to understand economic events	____________________________________________________________________________________________________________
3. Economics: the study of a man in his attempts to make a living by using his scarce resources.	____________________________________________________________________________________________________________
4. Macroeconomics: the branch of economics that studies behaviour and overall productive efficiency of the economy as a whole.	___________________________________________________________________________________________________________ ___________________________________
5. Microeconomics: the study of the individual parts of the economy, with special attention to the market price and how it works.	___________________________________ ________________________________________________________________________ ___________________________________
6. Normative economics: an econo-mic analysis that includes value judgments about what ought to be done, rather than simply developing a theory.	____________________________________________________________________________________________________________________________________________________________________________________
7. Positive economics: an economic analysis that is purely based on facts rather than opinions and studies why the economy operates as it does.	____________________________________________________________________________________________________________________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

1. to develop methods for studying and explaining __________________________ ________________________________________________________________

2. in producing, distributing, exchanging, and consuming _____________________ _________________________________________________________________

3. a specific individual _______________________________________________

4. the principal emphasis is given by microeconomists _______________________ ________________________________________________________________

5. to seek solutions to macroeconomic problems ___________________________ ________________________________________________________________

6. reflected by such economic indicators ________________________________

7. to contain no indication of approval ____________________________________

8. to comprise ethical precepts __________________________________________

9. to involve ethics and values rather than facts _____________________________ ________________________________________________________________

10. most assertions are not easily classified _________________________________

Exercise 3. Find the English equivalents for the following.

1. охоплювати взаємодії членів суспільства ______________________________ _________________________________________________________________

2. лежати в основі економіки __________________________________________

3. за певного ряду умов ______________________________________________

4. рівень цін країни __________________________________________________

5. охоплювати/включати погляди, політику, особисті цінності ______________ ___________________________________________________________________

6. вирішення цих проблем ____________________________________________

7. шукати наукові пояснення щодо напрямків економічної діяльності ________ _________________________________________________________________

8. на основі фактів ___________________________________________________

9. напрямки економічної політики ______________________________________

10. ці проблеми можуть розглядатися ____________________________________

11. вирішуватися за допомогою політичних рішень, а не економічною наукою ____________________________________________________________________

Exercise 4. Match the verbs/verbal phrases, prepositions/adverbs and nouns/noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.

	to agree		theories and models
	to allocate	about	the level of business activity
	to trace		political decisions
	to be concerned	on	scarce resources
	to be divided	by	all the societies and nations
	to be solved		the facts and the economy
	to be solved	at	basic economic principles
	to stabilize	into	cause-and-effect relationships
	to face		higher taxes
	to look	with	two interrelated branches
	to look		what ought to be
	to be reduced		the total effect

Exercise 5. Copy out from the texts the sentences containing the following words and word-combinations and translate these sentences into Ukrainian.

1. to satisfy society’s wants _____________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2. the study of individual consumers ______________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

3. cause-and-effect relationships _________________________________________

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. how much total income is _____________________________________________

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

5. deal with two worlds _______________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

6. what is desirable ____________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

7. since these concepts _________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

8. to make a good policy statement _______________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 6. Find in the box the English equivalents to the words listed below. More than one is possible.

1. вивчення (4) ______________________________________________________

2. виробляти (3) _____________________________________________________

3. охоплювати (3) ____________________________________________________

4. досліджувати (4) __________________________________________________

5. з іншого боку (3) __________________________________________________

6. закон (2) _________________________________________________________

7. зосереджуватися (2)________________________________________________

8. показник (3) ______________________________________________________

9. розв’язувати (2) ___________________________________________________

10. сукупний (3) ______________________________________________________

11. твердження (2) ____________________________________________________

12. відмінність (2) ____________________________________________________

13. взаємодіяти (3) ____________________________________________________

14. взаємодія (3) ______________________________________________________

15. основний (3) ______________________________________________________

to concentrate on	to contain	to study	to relate	an indicator	a study
an investigation	to decide	to make	to examine	a statement	overall
on the other hand	total	a measure	a principle	to involve	main
interrelation	an index	an assertion	distinction	a difference	in contrast
to manufacture	to solve	to include	interaction	to interrelate	to produce
to investigate	a law	to focus on	to look into	on the contrary	aggregate
examination	principal	research	to interact	relationship	chief

Exercise 7. Find words in the text synonymous in meaning to the following. Read the sentences containing them.

word	synonym	word	synonym
progress		in general
a view		to define
different		helpful
regular		though
a subject		really
to act		base
special		incorrect
on the whole		necessary

Exercise 8. Replace the words or word combinations in bold type with their synonyms.

1. The principles of economics help solve problems in a wide variety of areas. 2. Economics helps us examine trade-offs between various goals. 3. Almost all issues of governmental policies involve economics. 4. Studying economics helps people realize the difference between statements of fact and expressions of opinion. 5. Microeconomics focuses on determining why individuals purchase one product instead of another. 6. Macroeconomics, on the other hand, looks into behaviour and the overall production efficiency of the economy as a whole. 7. Macroeconomics usually includes such issues as the effects of full employment on the economy, total output and general price levels. 8. Economics is the systematic study of how the decisions made by individuals, business firms and the government affect the way in which resources are distributed in society. 9. Good economic indicators show a nation’s high living standards.

Exercise 9. What economic terms given in the text do the following definitions refer to?

1. The branch of economics that deals with large-scale economic phenomena, particularly inflation, unemployment and economic growth.
2. Economic analysis that is concerned with “what ought to be” rather that with “what is”.
3. The study of the behavior of individual units such as consumers, firms and resource owners.
4. The area of economics that deals with facts and relationships among them.
5. The representation of the essential features of a theory expressed in the form of words, diagrams, graphs used to understand economic events.
6. The organization that brings together and coordinates factors of production for the purpose of producing goods and services.
7. The study of how people choose to use scarce productive recourses, to produce various goods and services, and to distribute them among consumers.

Exercise 10. Pair the halves of the sentences and translate them into Ukrainian.

Economic laws are used to solve a number of different issues	that enables an individual to be a better producer, consumer and citizen.
The macro approach and the micro approach are two ways of looking at	a value judgment about whether a situation is desirable or undesirable.
Microeconomics looks at the behaviour of individual economic units and	often used to look into cause-and-effect relationships carefully.
Macroeconomics concentrates on the nation’s total output of goods and services,	economics and the economy that economists have.
A normative statement expresses	overall price level, level of employment, and economic growth.
Positive economics is the study of "what is" in economic matters, while	that, generally, seem unrelated to economics.
An economic model is a representation of a theory or a part of a theory,	macroeconomics, on the other hand, concentrates on the behaviour of entire economies.
Cultural, ethical and political values are at the heart of economics	examines how prices are determined in a specific market
Microeconomics focuses on the decisions of individual consumers and producers,	normative economics is the study of "what ought to be" in economic matters.

1	2	3	4	5	6	7	8	9
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 11. Translate the words in brackets into Ukrainian.

Economics is … (суспільна наука) that analyzes and describes … (виробництво), (розподіл), and… (споживання) of wealth.

… (дисципліна економічної теорії) has two broad branches: … (мікроекономіку) and … (макроекономіка).

Microeconomics … (досліджує економічну поведінку) of specific factors such as businesses and individuals with a view* to realize … (процес прийняття рішень) in the face of … (нестачі) and … (економічні наслідки) of … (цих рішень) on other participants. One of the goals of microeconomics is to analyze market mechanisms that … (встановлюють ціни) for goods and services and … (розміщують обмежені ресурси) among many alternative uses.

Macroeconomics … (зосереджується на господарстві) as a whole with a view of understanding … (взаємодії) between … (сукупними економічними показниками) such as national income, … (рівень зайнятості), (загальний обсяг виробництва) and … (інфляція). Macroeconomics can be used to analyze how best … (впливати на цілі) of different governmental policies such as … (економічне зростання), price stability, … (повна зайнятість) and others.

*with a view of/to – з метою/з наміром; для того, щоб.

Exercise 12. Translate the texts into Ukrainian.

To some economists, economics as a social science may be divided into positive and normative ones.	____________________________________________________________________________________________________________
Positive economics looks at facts and avoids value judgements.	________________________________________________________________________
Positive economics attempts to set forth* scientific statements about economic behavior	____________________________________________________________________________________________________________
Normative economics, in contrast, involves ethical precepts and value judgments about what the economy should be like or what particular policy should be recommended on the basis of a given economic generalization* or relationship.	____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Positive economics looks into what the economy is actually like; normative economics examines whether certain conditions or aspects of the economy are desirable or not.	________________________________________________________________________________________________________________________________________________________________________________________________________________________

*to set forth - формулювати

*generalization - узагальнення

Exercise 13. Translate the sentences into English using the active vocabulary.

Економіка – це дослідження того, як люди роблять вибори за умов нестачі та як ці вибори впливають на загальний результат діяльності суспільства.	_________________________________________________________________________________________________________________________________________________________________________________________
Вивчення економіки допомагає різним економічним одиницям ефективно використовувати наявні ресурси.	____________________________________________________________________________________________________________________________________________________
У багатьох випадках важливі економічні проблеми не можуть вирішуватись за допомогою тільки теорії та моделей.	____________________________________________________________________________________________________________________________________________________
Мікроекономіка та макроеконо-міка – це дві основні галузі економіки	_______________________________________________________________________________________________________________
Мікро підхід зосереджується на тому, як причинно-наслідкові зв’язки впливають на вибір окремих осіб, підприємств та суспільств.	________________________________________________________________________________________________________________________________________________________________________________________
Макроекономіка вивчає те, як вибір окремих господарських одиниць впливає на рівень цін, загальний обсяг виробництва та рівень безробіття країни.	_________________________________________________________________________________________________________________________________________________________________________________________
Розуміння розбіжності між позитивною і нормативною економіками допомагає людям з різним поглядами спілкуватися один з одним.	____________________________________________________________________________________________________________________________________________________
Позитивна економіка не зосереджується на тому, якими будуть результати – поганими чи хорошими, і що нам слід робити.	____________________________________________________________________________________________________________________________________________________
Нормативна економіка робить заяви про те, що повинно бути, та що слід робити людині, організації та країні.	____________________________________________________________________________________________________________________________________________________

Exercise 14. Answer the following questions.

1. What is economics? 2. Why is economics considered a social science? 3. What is microeconomics? 4. What does microeconomics focus on? 4. Why does microeconomics not look into a specific individual’s behaviour? 5. Why does microeconomics trace cause-and-effect relationships? 6. What economic issues does microeconomics do with? 7. What is macroeconomics? 8. What economic issues does microeconomics look at? 9. Why does macroeconomics look into the total effect of individual choices? 10. What are two worlds that economists deal with? 11. What do economists use to explain or describe the “world that is”? 12. What is an economic model? 13. Why is it impossible to solve economic issues economic theories and models alone? 14. Why do economists make the positive-normative distinction? 15. What is the difference between a positive economic statement and a normative one? 16. What is positive economics concerned with? 17. Why does positive economics avoid value judgements? 18. Why do economists use positive economics? 19. What does normative economics deal with? 20. What does normative economics include? 21. Why is normative economics used to take decisions as for issues of equity, equality, and fairness? 22. Why can some economic issues never be decided by using facts? 23. What is the relationship between positive and normative economics?

Questions for economic reasoning and discussion

1. Which of the following problems are studied by microeconomics and which are macroeconomic issues?

   1. The allocation of a family’s limited budget.

   2. How will an increase in the price of cigarettes affect smoking habits?

   3. Why was the 1981-1982 recession so severe?

   4. Does a high government budget deficit tend to slow the rate of economic growth?

   5. Why does Japan’s economy grow faster than the United States’ economy, while Britain’s grows slower?

   6. Why does IBM sell more computers than Apple?

   7. What caused the rate of inflation to rise rapidly in Ukraine in 2008?

2. Choose the right variant. Only one is possible.

1. What is economics?

   1. Economics is the study of money and financial systems.

   2. Economics is the study of business.

   3. Economics is a behavioral science that studies how people make choices.

   4. Economics is a natural science that studies the resources that nature and previous generations have provided.

2. Economics is defined as the social science that studies

1. how a person can get everything he or she wants.

2. the reason money exists.

3. the way to eliminate choices in our decisions.

4. the choices that societies, and the people and institutions that form societies, make in dealing with the issue of scarcity.

3. Which branch of economics studies the decisions of individual consumers and individual firms?

1. macroeconomics

2. positive economics

3. normative economics

4. microeconomics

   4. Microeconomics concentrates on

      1. looking at the operation of the entire economy.

      2. examining the behavior and operation of the individual units or sectors that make up the economy.

      3. our government’s monetary policy.

      4. the levels of employment and inflation.

5. Macroeconomics focuses on

   1. the whole national economy.

   2. the behavior of individual firms.

   3. the behavior of individual households.

   4. markets.

6. Macroeconomics studies

   1. the overall effect of individuals’ choices on national and global economies.

   2. the individual choices made by individuals.

   3. how firms make profitable output decisions.

   4. None of the above answers is correct.

7. The study of the total effects that individual, business, and government choices have on the national and global economies is

   1. economics.

   2. scarcity.

   3. microeconomics.

   4. macroeconomics.

8. In economics, there are two types of statements. One describes what is; the other describes what ought to be. These statements are

   1. macroeconomic and microeconomic.

   2. fair and unfair.

   3. right and wrong.

   4. positive and normative.

9. An objective statement about “what is” is called a(n)

   1. Normative statement

   2. Positive statement

   3. Economic model

   4. Economic theory

10. Economic models

1. reflect trade-offs.

2. are based on custom.

3. simplify and therefore do not reflect the full complication of reality.

4. reflect all the real world conditions.

2. Speak on the following:

• Macroeconomics and microeconomics are interrelated branches of economics.

• The importance of making a distinction between positive and normative economics.