V. Give the English equivalents of the following.

Tовари та послуги, виготовляти, споживати, економічна діяль­ність, суспільна наука, мати справу з, обмежені ресурси, отримува­ти, бажання, кількість, досягати цілей, рівень життя, повна зайня­тість, обмежені продуктивні ресурси, домогосподарства, власник, споживач, дохід, обсяг готової продукції, забезпечувати додаткові робочі місця, безробітний, державні організації.

VI. Fill in the gaps with the words and expressions from the text a.

1. We spend much of our lives working .

2. We spend a good part of the remaining time those goods and services.

3. In general terms, economics is a social science concerned with using______to obtain the maximum satisfaction of ______of society.

4. The aim of economics is to help people satisfaction or utility out of the resources at their disposal.

5. They focus on the means major economic goals.

6. We want to get the maximum benefits from the limited productive resources.

7. The basic economic models are: the circular flow diagram and_______.

8. must buy resources in order to produce goods and services.

9. Because resources are , economy cannot have an unlimited output.

10. When an economy is operating on its frontier, it can only produce more of one good_______ by producing less of others.

11. Economics when it recommends one choice over another.

12. Positive economics is concerned with .

13. Since the 1930s economics is divided into two parts .

14. The main task of is to understand and improve the performance of the economy as a whole.

15. ______ is concerned with the details of this “big picture”.

VII. Find pairs of words as they occur in the text.

1. to produce	a. the facts
2. to obtain	b. best
3. to do	c. goods and services
4. to focus on	d. choices
5. to avoid	e. the means available
6. to improve	f. extra jobs
7. to get	g. inflation
8. to make	h. understanding
9. to provide	i. economic goals
10. to describe	k. revenues
11. to achieve	l. utility

VIII. Answer the following questions.

1. What are economic activities?

2. What does economics study?

3. What are the main questions that an economy must answer?

4. What are major economic goals?

5. What models do economists use to improve our understanding of the world?

6. When is economics said to be normative?

7. What is positive economics concerned with?

8. What are two branches of economics?

IX. Match the following terms with their definitions.

1. economics	a. nominal income adjusted for inflation
2. want	b. money received during given period
3. income	c. the relationship between the input of scarce resources and the resulting output of a good or service
4. economy	d. the study of how best to allocate scarce resources
5. output	e. things to be desired
6. economic growth	f. the satisfaction a consumer obtains from the consumption of a good or service
7. inflation	g. a system for the management and use of resources
8. economic efficiency	h. a rise in general level of prices
9. utility	i. the total amount of the commodities produced
10. real income	k. an increase in real output