Word study

Ex. 1. Match the words and their definitions.

____ recession a) The people living together in one house collectively.

____ labour b) A source of economic wealth, especially of a country (mineral,

land, labour, etc) or business enterprise (capital, equipment,

personnel, etc).

____ household c) Productive work, especially toil (тяжелый труд) done for

wages.

____ depression d) A period of decreased business activity.

____ resources e) One who fails in business; financially ruined.

____ bankrupt f) An economic condition characterized by substantial

unemployment, low output and investment, etc

Ex. 2. Fill in the gaps using the following prepositions.

1. The word “economics” derives _____ the Greek word “Oikonomika”. 2. He devoted 10 years ______ writing his work. 3. All societies must deal _____ similar economic issues. 4. The study of economics should begin _____ the sense of wonder. 5. You stop _____ petrol refined in Novopolotsk _____ Saudi Arabian crude oil. 6. It took three years to build a supertanker _____ a shipyard _____ Holland. 7. Some societies are endowed _____ nature _____ fertile land, water and natural resources. 8. Others are left ______ eroded land and cities leveled _____ war. 9 _____ any moment _____ time every society faces constraints imposed _____ nature.

Ex. 3. Match the verbs in column A with the nouns in column B.

A B

to control goods and services

to study contribution

to teach materials

to make bankrupt

to produce natural resources

to go economics

to face religion, philosophy

to distribute limits

Ex. 4. Give the English equivalents for the following words and phrases.

делать вклад __________________________________

школьная дисциплина __________________________

иметь дело с чем-либо __________________________

провозглашать _________________________________

города, разрушенные войной _________________________________

предыдущее поколение _______________________________________

очищать нефть ______________________________________________

экономические вопросы ______________________________________

страхование _________________________________________________

постоянно меняющийся механизм _______________________________

промышленные предприятия ___________________________________

сталкиваться с проблемами______________________________________

Ex. 5. Form nouns from the following verbs with the help of the suffixes -tion, -ment,

-sion

Model: inspect - inspection.

present, produce, distribute, develop, describe, divide, consume, select, discuss, decide, use.

Ex. 6. Use the following words related to the verb “to produce” in the suitable blanks in

the sentences below.

producer, productive, production, product, to produce

1. The company __________________ a new commodity every year.

2. The company’s newest _________________ is a special blue soap powder.

3. The __________________ of soap powders met last Friday to discuss prices.

4. That factory is not as ______________________ now as it was 5 years ago.

5. The _______________ of that factory have decided that they must increase their _________ of packets of soap powder.

COMPREHENSION

Ex. 7. Match the beginnings of the sentences to their ends using the information from the

text.

1. The word “economics” derives from …

2. You use or consume tens of thousands of things, …

3. At any moment in time every society faces constraints …

4. He devoted ten years …

5. Economics is the study of how human beings and societies …

6. Economy is a social …

7. Major economic thinkers include …

1. … to writing his work “The Wealth of Nations.”

2. … constantly changing mechanism.

3. … the Greek word “oikonomika”.

4. … David Ricardo, Thomas Maltus, John Mills and others.

5. … imposed by nature and by previous generations.

6. … choose to use the scarce resources.

7. … both tangible and intangible.

Ex. 8. Put the questions to the word and word-combinations in italics.

1. The economy is a social, constantly changing mechanism.

2. Economics is a social science studying economy.

3. The word “economics” derives from the Greek word “oikonomika”.

4. The first scientist who made extraordinary contributions to economics was Adam Smith.

5. Adam Smith wrote the work “The Wealth of Nations” which founded economic science.

6. In his work “The Capital” Marx proclaimed that capitalism was doomed.

7. At any moment in time every society faces constraints imposed by nature and by previous

generations.

8. Some societies are handsomely endowed by nature with fertile land, water, sunshine, natural

resources.