Comprehension check.

Exercise 1.

1-F, 2-T, 3-T, 4-F, 5-T, 6-F, 7-F, 8-T.

I.

1 – are, 2 – have, 3 – has, 4 – is, 5 – will be, 6 – had, 7 – will have, 8 – was.

II.

1. Economics studies all aspects of economic life.

2. People face with economic realities every day.

3. People can afford themselves definite goods and services if they have enough money.

4. Economics has a lot to do with money, but it is only one its aspect.

5. Economics is concerned with production and consumption of goods and services.

6. Prices, advertising, fashion, wants affect consumption.

7. Human wants are unlimited, yet the natural means of fulfilling human wants are limited.

8. Human resources, natural resources, manufactured resources are called factors of production.

9. Macroeconomics studies economy as a whole, microeconomics studies individual units.

IV.

1. Our, we, you

2. He, he, his, he

3. She, it, her, it, her

4. They, their, them, their, their

V.

1. we; 2. them; 3. was, who, his; 4. has; 5. has; 6. in; 7. will have; 8. has; 9. is; 10. were.

VI.

1. has; 2. my; 3. is; 4. isn’t; 5. has; 6. is; 7. he; 8. has; 9. are; 10. won’t be; 11. be.

IX.

1. We face with economic realities almost everywhere: in newspapers, in TV programmes, in magazines.

2. Economic realities are not only business, but it’s the everyday life of all people.

3. Economics studies people, their preferences, tastes, choices.

4. The unit of analysis in economics is the individual.

5. Economics has a lot to do with money.

6. Economics studies the efforts of individuals to satisfy material needs.

7. Production is the transformation of inputs into outputs in order to get profit or meet some other objective.

8. Consumption is the act of using goods and services to satisfy wants.

9. Human wants are unlimited, yet the means of satisfying them are limited.

10. Human resources, natural resources and manufactured resource are factors of production.

11. The excess of human wants over factors of production causes scarcity.

Unit 2.

1. mixed economy	змішана економіка
2. differ in the type of	розрізнюється за типом
3. depends on	залежить
4. degree of control	ступінь контролю
5. are faced with	стикаються
6. planned or command economy	планова, або командна економіка
7. in one, in the other	з одного боку; з іншого боку
8. private sector	приватний сектор
9. in practice	на практиці
10. at the one extreme	на одному кінці
11. as well as	також як
12. scarcity	недостача, нестача, брак (коштів); дефіцит (товару)
13. in the way	у будь-який спосіб, по-своєму
14. government intervention	урядове втручання
15. tackle the problem	б’ються над проблемою
16. intervene through	утручатися
17. free-market economy	вільна ринкова економіка

The first is a rhyme, written by Hilaire Belloc the second is taken from Bible, Ecclesiastes 10:19.

• Я пересичений вже віршами і ласкою, і тільки гроші роблять час для мене казкою.

(Переклад автора)

• Бенкети справляють для втіхи, і вино веселить життя; але за все відповідає срібло.