Outstanding economists.

VI. Each sentence has a mistake. Find and correct it.

1. There has been a small coastal town Kirkcaldy to the north of Edinburgh in the 18^th century.

2. In this town Adam Smith is born in 1723.

3. He lived with mother because her father died when Adam was just a baby.

4. He graduated Glasgow University at an age of 17.

5. He first became the fellow of Balliol College, Oxford.

6. At the age of 29 he became a professor of moral philosophy at a University of Glasgow.

7. He is in the continent and met many influential economists and philosophers when he was 40.

8. He have many impressions of that trip and meetings.

9. Then he returned to Scotland, to her town of Kirkcaldy.

10. They started to write his famous book “The Wealth of Nations”.

VII. Work in pairs. Ask and answer questions about Adam Smith from exercise 5.

VIII. Find out the words in the text which go together. Make sentences with them.

IX. Translate the following sentences from Ukrainian into English.

1. Різні суспільства мають різні економічні системи.

2. Усі економічні системи вирішують однакові проблеми: що, як і для кого виробляти.

3. Існують такі економічні системи: командна економіка, ринкова економіка, змішана економіка.

4. Не існує суто командної або суто ринкової економіки. Усі економічні системи на сьогодні є змішаними.

5. При командній економіці майже всі засоби виробництва знаходяться під контролем держави.

6. Уряд втручається в усі господарські процеси.

7. Приватний сектор не існує в командній економіці.

8. При вільній, ринковій економіці всі проблеми щодо виробництва й розміщення вирішуються приватними особами.

9. Уряд майже не втручається в процес прийняття економічних рішень.

10. Проте основним фактором, що вивчає економіка, є людська поведінка.

11. Поведінку людей дуже важко аналізувати й передбачати.

X. Role play: You are the representatives of different economic systems. Speak about advantages of your systems, object opponents as to disadvantages. Use Figure1 and text 2.

Unit 3. Economics as a social science.

Pre-reading tasks:

Look at these pictures.

Answer the questions:

1. Where do these people live?

2. What way of living do these people have?

3. How does society take care of the elderly and handicapped people?

4. What is more reliable: society’s help or selfsupport?

Vocabulary.

1. Read the definitions of the following economic concepts, try to remember them and be ready to use.

Social sciences – sciences investigating social relationship and functioning of society, e.g. history, sociology etc.

Natural sciences – sciences investigating environment and its laws dealing with matter, energy and their interrelations and transformations, e.g. physics, biology, geography, chemistry etc.

Human behaviour – the way people act.

Simplifying assumptions - some actions aimed at making model clearer, more vivid and understandable.

Standard of living – characteristics of living conditions of an individual or a family or a society expressed in money or possessions.

Transfer payments – payments by government to individuals that are not made in return for goods and services. They are made to redistribute income. They are social security payments, e.g. unemployment, benefits, widows’ pensions etc.