6. Complete the following sentences:

1. In economics the term value means ... . 2. Someone may say that ... . 3. Early economists observed that ... . 4. Later economists decided that ... . 5. If something is to have value ... . 6. Utility is not something that ... . 7. Someone may, for example, get ... . 8. Wealth is the sum of those economic products that are... . 9. National wealth includes all such items as ... . 10. A country’s total worth, then is ... .

7. Answer the following questions:

1. What does the term value mean in economics? 2. What did early economists observe? 3. What did later economists decide? 4. Diamonds are so scarce that they have great value, aren’t they? 5. What has to be a thing in order to have value? 6. What is utility? 7. What does the term wealth mean in economics? 8. Are services counted as wealth? 9. Is it easy to measure the value of services? 10. What is the country’s total worth? 11. What does the national wealth include?

8. Translate into English:

1. Вартiсть визначається цiною, яку хтось заплатив би за товар. 2. Парадокс «вода — дiамант», вiдомий також як парадокс вартостi, допомагає вiдповiсти на питання, чому деякi предмети коштують дорожче, нiж iншi. 3. Ранiше економiсти помiтили, що вода необхiдна для життя, проте має малу грошову вартicть. 4. Iншi речi, такi як дiаманти, не є життєво необхiдними, але мають набагато вищу вартicть. 5. Коли щось має вартiсть, то воно повинно бути дефiцитним та корисним для когось. 6. Багатство — це сума реальних дефiцитних корисних економiчних продуктiв, якi можуть переходити вiд однiєї людини до iншої. 7. Бiльшiсть економiчних товарiв визнаються за багатство, а послуги — нi.

9. Retell the text d using the following words and

word-combinations:

the term value; valuable coin; diamond-water paradox; to be essential to life; the paradox of value; monetary value; higher value; the reason was due to; scarcity; on the other hand; to have great value; in order to; utility; a great deal of; the capacity to be useful to someone; economic concept; wealth; transferable; economic goods; contribution; people’s abilities and talents; nation’s wealth; in existence at a given time; tangible things; natural resources.

Grammar exercises The Past Indefinite Tense

I. Give the forms of the Past Indefinite:

a) to regulate, to smile, to hope, to help, to learn, to stop, to plan, to visit, to offer, to prefer, to discuss, to study, to enjoy, to play, to cry;

b) to be, to have, to do, to go, to sit, to begin, to become, to make, to eat, to teach, to write, to leave, to tell, to think, to take, to get, to buy, to read, to say, to bring, to forget, to pay.

II. Answer the following questions:

1. When were you born? 2. Where were you born? 3. Where were you yesterday? 4. What was the weather like last Sunday? 5. When were you at the theatre last? 6. Whom were you at the theatre with? 7. What was your hometask for today? 8. Why wasn’t your teacher pleased with your answer?

III. Make the following sentences interrogative and negative:

1. My brother was at home last night. 2. The baby was asleep. 3. There was somebody in the room. 4. You were glad to hear this news. 5. The students were at the meeting last Friday. 6. He was late for the train. 7. The trees were yellow in September. 8. The weather was sunny last week.

IV. Translate into English:

Де ти був учора ввечерi? Тебе не було вдома. — Я був у театрi. Я часто ходжу в театр. — З ким ти був у театрi? — Я був там зi своїм другом. Я був дуже задоволений. Спектакль був дуже цiкавий i було дуже багато людей. А коли ти був у театрi востаннє? — Я не пам’ятаю, коли я був там востаннє. Це було дуже давно. Я не театрал. Я дуже люблю читати книжки i вчора я був у бiблiотецi. Я ходжу туди регулярно.