МИНИСТЕРСТВО ОБРАЗОВАНИЯ РЕСПУБЛИКИ БЕЛАРУСЬ

Уо «Белорусский государственный экономический университет»

Мальчевская о.В.

What is economics

Экономика как наука

Электронное учебно-методическое пособие

по дисциплине «Иностранный язык (английский)»

Минск 2010

Рецензент: старший преподаватель кафедры теории и практики английской речи БГЭУ Виршиц Н.И.

Рекомендовано кафедрой теории и практики английской речи БГЭУ

Мальчевская О.В.

Экономика как наука = What Is Economics: Электронное учебно-методическое пособие /О.В. Мальчевская. – Минск: БГЭУ, 2010. – 23 с. (1,2 п.л.).

Учебно-методическое пособие содержит тексты для изучающего и ознакомительного чтения, лексический материал, комплекс упражнений и заданий для формирования англоязычных коммуникативных навыков студентов в рамках темы «Экономика как наука» по дисциплине «Иностранный язык (английский)». Предназначено для студентов БГЭУ дневной формы обучения.

What is economics getting started

1. Discuss the following in pairs or in small groups:

• What is the current economic situation in your country? Why?

• Are most of the people you know currently optimistic or pessimistic about the future?

• Would you say that they are saving money for bad times ahead, or spending and borrowing without worrying too much about the future?

2. Read the passage below and comment on the use of the following words

economy, economics, economic, economical, economize

1. economy

1.1 A country's economy is the organization of its wealth-producing commerce and industry: Britain's economy is increasingly based on services. The economies of many developing countries are based on cash crops.

1.2 Economy can also mean 'the deliberate saving of money through carefully-controlled spending':

We use recycled paper for reasons of economy. The budget has been cut so we'll have to make economies¹.

1.3 We can refer to something as a false economy when an apparent saving of money in fact results in inefficiency and/or unforeseen extra costs:

Buying second-hand equipment can be a false economy.

1.4 We refer to an economy of scale when there is a reduction in unit cost owing to an increasing the volume of production:

The doubling of output can lead to economies of scale of up to 30%.

2. economics

Economics is the scientific study of a society's money, industry and trade: She studied economics at the London Business School.

Note that economics is a singular noun (like other subjects, Maths, Physics, Business Studies, etc.) therefore Economics is…

3. economic

3.1 Economic means 'related to the economy'.

The 1970s and 1980s were a period of political and economic crisis. Economic growth leads to a per capita improvement in living standards.

3.2 Economic can also mean 'cost-effective':

We have to keep wage costs low to make it economic for us to continue production.

4. economical

If something is economical it does not require a great deal of money to operate:

I have a small car because it's more economical to run.

The word can also be used to refer to an efficient way of doing things:

Holding business meetings at an airport can be an economical use of time.

5. economize

The verb is to economize and means 'to save money':

We need to economize in order to keep costs at an acceptable level. It is unwise in the long run to economize on quality.

3. Complete the blanks with the words from the text.

1) She majored in ... at Harvard.

2) What’s the … situation like in your country?

3) Many countries tried to … on fuel in the 1970s.

4) … of scale arise when costs do not rise in direct proportion to output.

5) The electric car is more…in its use of energy than an ordinary one.

6) Employing too many part-time staff can be a false …

7) Some people think that floating exchange rates can restrict ... growth.