Text c. The Subject of the Science of Economics
The science of economics is based upon the facts of our everyday lives. Economists study our everyday lives and the general life of our communities in order to understand the whole economic system of which we are the part. They try to describe the facts of the economy in which we live, and to explain how it works. The economist’s methods should of course be strictly objective and scientific.
We need food, clothes and shelter. We probably would not go to work if we could satisfy these basic needs without working. But even when we have satisfied such basic needs, we may still want other things. Our lives might be more enjoyable if we had such things as radios, books and toys for the children. Human beings certainly have a wide and very complex range of wants. The science of economics is concerned with all our material needs: it is concerned with the desire to have a radio as well as the basic necessity of having enough food to eat.
I. Read Text C and say what basic needs and what non-essential wants are mentioned in the text. Put them down in the chart.
|
Basic needs |
Non-essential wants |
|
1. ..... 2. ..... 3. ..... |
1. ..... 2. ..... 3. ..... |
II. Speak on the science of economics. The questions below will help you:
1. What is the subject of the science of economics ? 2. What methods do the economists use ? 3. What needs and wants is the science of economics concerned with ?
Text D. Planning: the Path to Better Results
Planning is the most important guide to starting, building and managing a successful business. All business owners must plan. Planning is a future-oriented activity. It makes your future what you want it to be. Planning produces benefits that are essential to effective business. It is the best tool available to help a small business raise money. A business plan is a communications tool for investors, suppliers, employees and others interested in understanding the operations and goals of your business. There are some obstacles that hinder planning, including lack of know-how, fear of the unknown, inexactness. A business plan describes what a business does, how it will be done, who has to do it, where it will be done, why it’s being done and when it has to be completed. A typical business plan contains the following elements: business description, products and services, sales and marketing, operating requirements, financial management, concluding narrative. Your business plan should be complete, clear, neat and accurate. It will be an extension of you and your business. What many managers fail to recognize is that planning is a good investment. If you don’t plan for the success of your business… you will fail. It is that simple!
I. Translate Text D with a dictionary in written form.
Retell the text.
C
O N V E R S A T I O N
On Economics
I. Find in the text international words. Write them out. Translate them. Consult the dictionary if it is necessary.