Comments

in turn – в свою чергу;

a university degree – університетський диплом;

decision makers – особи, які приймають рішення;

you could have been doing – ви могли б робити;

ever-growing – постійно зростаючий.

Vocabulary exercises

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

Economic goods: Any good or service that is scarce in relation to demand for them.	_______________________________________________________________________________________________________________
Free goods: “gifts of nature” that are useful but are not scarce and have no value to people.	_______________________________________________________________________________________________________________
Goods: all tangible items of value that can be touched or felt.	__________________________________________________________________________
Income: money of all kinds received by a person or organization in a year from work, investment, rent, etc.	____________________________________________________________________________________________________________________________________________________
Need: what someone needs to have in order to live a full healthy comfortable life.	_______________________________________________________________________________________________________________
Opportunity cost(s): benefit, profit, or value of something that must be given up to obtain or achieve something else.	____________________________________________________________________________________________________________________________________________________
Profit: money that an entrepreneur gains by selling something, or from doing business in a particular period of time after the production costs have been met.	_________________________________________________________________________________________________________________________________________________________________________________________
Resources: something that a country, person, or organization has and can use to achieve its/their goals.	_______________________________________________________________________________________________________________
Savings: the sums of money saved, not spent but put aside for future use.	__________________________________________________________________________
Scarcity: a situation in which there is not enough of something to go around.	_______________________________________________________________________________________________________________
Services: intangible items of value in the form of labor, advice, managerial skills, etc.	_______________________________________________________________________________________________________________
Trade-off: giving up one benefit, advantage, etc. in order to receive another that is more desirable.	_______________________________________________________________________________________________________________
Wants: a specific feeling of needing something that is absent or unavailable.	_______________________________________________________________________________________________________________
Wealth: a large amount of money, property etc that a person or nation owns.	_______________________________________________________________________________________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

1. to enjoy the beauties of nature _________________________________________

2. improvements of roads ______________________________________________

3. most of the things we want or need _____________________________________

4. to result from the problem of scarcity ___________________________________

5. if people desired nothing _____________________________________________

6. to satisfy unlimited human wants ______________________________________

7. all the equipment and raw materials ____________________________________

8. the essential sense of scarcity _________________________________________

9. to accumulate enough savings _________________________________________

10. to purchase both desired things ________________________________________

11. the value of the forgone earnings ______________________________________

12. by comparing the benefits of options ___________________________________

13. in relation to our ever-growing needs ___________________________________

14. the best use of available resources ______________________________________

Exercise 3. Find the English equivalents for the following.

1. ми маємо менше, щоб витратити _____________________________________

2. сучасне медичне обладнання________________________________________

3. впродовж свого життя______________________________________________

4. усі господарські одиниці ___________________________________________

5. обставина/дійсність життя __________________________________________

6. робота з повним та неповним робочим днем ___________________________

7. наступна найважливіша річ _________________________________________

8. ми звичайно розглядаємо вартість як _________________________________

9. на думку економістів _______________________________________________

10. вартість отримання університетської освіти ___________________________ ____________________________________________________________________

11. не мати нічого спільного з __________________________________________

12. дві сторони медалі _________________________________________________

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 be faced		all people
to be limited		your time and talents
to depend	up	scarcity
to result	from among	what they have
to face	from	the size
to face	with	their profits, savings and borrowing power
to have value	by	the option of playing a computer game
to get the most	on	the problem of scarcity
to give	to	some scarcity of finances
to do		the things
to make choices		people

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

1. all business units ____________________________________________________

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2. there is a limit to ____________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

3. scarcity forces ______________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. by doing less _______________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

5. to have one thing ____________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

6. the money cost of the education ________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

7. with the highest benefit _______________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

8. without opportunity __________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________

9. it is economics ______________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 6. Find the economic terms from the text that suit the following definitions.

Anything provided by nature or people that can be used in the creation of goods and services to satisfy human wants.
What remains after the costs of doing business have been met.
Things purchased by consumers that do not have physical characteristics.
A limit to the supply of production resources or consumer goods in relation to producers’ or consumers’ demand for them.
Money or its equivalent received in exchange for labour.
Useful and scarce things desired by buyers.
The amount of goods and services that must be given up in order to obtain other goods and services.
The study of how human beings and societies choose from among scarce resources to satisfy consumers’ demand.
The total accumulated amount of income that is not spent on consumption.

Exercise 7. Find in the box the English equivalents to the words listed below. More than one is possible.

1. вартість(2) _______________________________________________________

2. вибір(3) _________________________________________________________

3. витрати (3)_______________________________________________________

4. відмовитися (3)___________________________________________________

5. вигода(2) ________________________________________________________

6. господарська одиниця (3) ___________________________________________

7. задовольняти (2)__________________________________________________

8. кредитоспроможність(2) ___________________________________________

9. люди(2) _________________________________________________________

10. недостатній (2)____________________________________________________

11. особа (2)_________________________________________________________

12. підприємство (4)__________________________________________________

13. стикатися(2) ______________________________________________________

14. щодо (3) _________________________________________________________

an alternative	value	a firm	to give up	a benefit
to meet	as to/for	limited	an enterprise	business entity
expenditure	a company	to satisfy	costs	to forgo
the power to tax	scarce	cost	people	a choice
to face	a person	about	an individual	to be faced with
a business	spending	to refuse	concerning	the taxing power
economic unit	individuals	an option	an advantage	business unit

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

1. The cost of any choice is the option that any business unit gives up. 2. The opportunity cost of choosing one alternative is the value given up by not having a benefit of the next best alternative. 3. For most people, the scarcest resource they face is time. 4. All individuals, business firms and business enterprises, nations and governments are faced with scarcity one way or another. 5. Since time and resources are scarce, we must give up one opportunity in order to get a benefit from another many times each day. 5. Since all available resources are limited in relation to all of people’s wants and needs, people and nations have to come to decisions as to what goods and services they can afford to buy and which ones they must forgo. 6. Productive resources that are used to satisfy one want cannot be used to satisfy another at the same time. 7. Many things in life are scarce, and much of economics is concerned with the problem of scarcity. 8. The opportunity cost is measured by what an economic unit – such as a society, a business, a person – is not doing but could be doing.

Exercise 9. Pair the halves of the sentences and translate them into Ukrainian.

Neither individuals nor societies can have	the inability to have as much as we want.
Businesses firms and enterprises are also faced with problem of	the resources necessary to satisfy those wants are limited.
There is a limit to the resources	giving up a little bit of many others.
Since all available recourses are limited, everyone needs	the foregone value of increased spending on another program.
Scarcity takes place because human wants are unlimited but	the opportunity cost of the same decision may differ from person to person.
Having more of one means	there will be no economic problem.
Since people’s values differ,	all the things they would like to have.
Without scarcity,	choices and opportunity costs.
The opportunity cost of government spending on a particular program is	to make choices from among the things he or she wants.
No matter how much we have, we face scarcity –	available to satisfy unlimited wants.

1	2	3	4	5	6	7	8	9	10

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Exercise 10. Translate the words in brackets into Ukrainian.

As (особа/людина), for example, you … (стикаєтеся з проблемою) of having only … (обмежених ресурсів) with which you can … (задовольнити свої потреби та бажання), as a result, you must … (робити певні вибори) with your money. You'll probably … (витрачатимете) part of … (ваших грошей на) you rent, electricity and food. Then you might use the rest to go to the movies and/or … (купити нові джинси). … (Економісти) are interested in the … (виборами, які ви робите), and study why, for instance, you might … (обрати витратити ваші гроші) on a new DVD player instead of replacing your old TV. They … (хотіли б знати) whether you would still buy a carton of cigarettes if … (ціни/вартість) increased by $2 per pack. … (найважливіша мета економіки) is to try to understand how both … (окремі люди та країни) behave in response to certain material constraints*.

material constraints* – матеріальна скрута

Exercise 11. Translate the text into Ukrainian.

Opportunity Cost
Opportunity cost is the value of what is foregone in order to have something else.	_____________________________________ __________________________________________________________________________
This value is unique for each individual.	__________________________________________________________________________
You may, for instance, forgo ice cream in order to have an extra helping of mashed potatoes.	_______________________________________________________________________________________________________________
For you, the mashed potatoes have a greater value than dessert.	__________________________________________________________________________
But you can always change your mind in the future because there may be some instances when the mashed potatoes are just not as attractive as the ice cream.	_________________________________________________________________________________________________________________________________________________________________________________________
The opportunity cost of an individual's decisions, therefore, is determined by his or her needs, wants, time and resources (income).	____________________________________________________________________________________________________________________________________________________

Exercise 12. Translate the sentences into English using the active vocabulary.

Нестача – основна проблема, з якою стикаються усі суспільства.	________________________________________________________________________
Нестача означає, що в один і той же час суспільство не може повністю досягти всіх своїх цілей.	____________________________________________________________________________________________________________
Нестача існує, тому що природа не забезпечує нас усіма ресурсами, необхідними для задоволення наших необмежених бажань.	____________________________________________________________________________________________________________________________________________________________________________________
У світі нестачі неможливо отримати щось безкоштовно.	________________________________________________________________________
Кожен стикається з пробле-мою обмежених ресурсів, щоб задовольнити свої бажання та потреби.	________________________________________________________________________________________________________________________________________________
Поняття “альтернативна вар-тість” стосується як окремих осіб, так і підприємств та уряду.	____________________________________________________________________________________________________________
Проблема нестачі, вибору та альтернативної вартості – це важливі економічні проблеми, які постають перед будь-якою господарською одиницею.	____________________________________________________________________________________________________________________________________________________________________________________
Оскільки люди не можуть собі дозволити мати все, вони змушені робити вибір серед речей, які вони хотіли б.	________________________________________________________________________________________________________________________________________________
Оскільки людські бажання необмежені, а ресурси наявні для їх задоволення обмежені, ми повинні робити вибори щодо того, як використовувати ці ресурси.	________________________________________________________________________________________________________________________________________________________________________________________________________________________
Існує межа кількості наявних ресурсів, але не існує межі людським бажанням.	____________________________________________________________________________________________________________
Альтернативна вартість пев-ної речі – це вартість того, від чого ми змушені відмовитись, щоб отримати саме цю річ.	________________________________________________________________________________________________________________________________________________
Рішення мати якусь річ є в той же час рішенням не мати чогось іншого.	____________________________________________________________________________________________________________
Особистий прибуток, заощад-ження, спроможність брати в борг впливають на вибір, який роблять люди.	________________________________________________________________________________________________________________________________________________

Exercise 13. Answer the following questions.

1. What do people realize going through their lives? 2. What are economic goods and free goods? Is there any difference between economic goods and free goods?If yes, how do they differ? 3. Why do all business units have to make their choices? 4. What does individual choice depend on? 5. What are governments and businesses limited by? 6. What makes everyone choose? 7. What does the necessity to make a choice result from? 8. What is scarcity? 9. What problem does everyone in any society face? 10.Why does scarcity force all decision makers to arrive at best decisions? 11. How do economists explain the essential sense of scarcity? 12. What is the opportunity cost? 13. What is the money cost of going to university? 14. What are forgone earnings? 15. Why do anyone who goes to university face the opportunity cost? What costs do the opportunity cost involve? 16. Why does the cost of doing something have nothing to do with spending money in most cases? 17. Why should people compare benefits before making their decisions? 18. What are the two sides of opportunity cost? 19. Why are scarcity, choice and opportunity cost interrelated?