Inherit invest lend take out owe save waste

1. My uncle died and left me £2000. I _____ £2000 from my uncle.

2. I could sell my house for about $200,000. My house _____ about $200,000.

3. I went to the cash machine and got €200. I ____€200 from the cash machine.

4. My brother gave me €10 until next month. He _____ me €10.

5. I often spend money on stupid things. I often _____ money.

6. I don’t have enough money to buy that car. I _____ to buy that car.

7. I bought some shares in British Telecom. I _____ some money.

8. I bought a book. It was $25. The book _____ (me) $25.

9. I asked my brother to give me €10 until next week. I _____€10 from him.

10. Jim gave me £100. I haven’t paid it back yet. I _____ Jim £100.

11 I had to pay the mechanic £100 to repair my car. The mechanic_____ me £100.

12. I work in a supermarket. They pay me €2000 a month. I_____€2000 a month.

13. I put some money aside every week for my next holiday. I_____money every week.

11. Complete the preposition column. Preposition

1. I paid the dinner last night. __________

2. When can you pay me the money I lent you? __________

3. I spent €50 books yesterday. __________

4. I don’t like lending money friends. __________

5. They charged us €60 a bottle of wine. __________

6. I borrowed a lot of money the bank. __________

7. Would you like to pay cash or credit card? ______, _____

Module 1 a career in economics

Pronunciation

1. Look at the underlined letters in the words below. Are they pronounced [i] or [e]? Read the words. Which of them deal with economics?

economics effects education desire extra decide

resources demand expenditure employee error expenses

spend estimate behavior essay predict develop

What Is Economics?

Reading and speaking

2. There’s no one universally accepted answer to this question. Browsing the web, we’ll find various answers to the question. Read them and answer the questions.

1. Which of the definitions do you find the best? Why?

2. Which of the definitions do you disagree? Why?

3. What do you think economics should study?

3. Read and complete the text with the words from the box.

satisfy management allocate economist

comes from wants money economics

What is economics concerned with?

People often think of economics as concerned only with (1) ____, business, and supply and demand. But economics is about much more and has been since its beginnings as a branch of philosophy. The 19th century (2)____ Alfred Marshall said it best when he described economics as the study of people in the business of everyday life.

The word “economics” (3) ____ a Latin word for managing a household but today it refers to much more than that. Families and economies have a lot in common. (4) ____ of a household involves decisions over what tasks should be done and who should do them, such as who raises the children, who supports the family and who does the chores. Managing a household requires decisions about how to (5) ____ such resources as time and people to achieve the best household management.

The field of (6) ____ goes beyond the household to the society. Societies must decide what jobs will be done, what products to produce and who should perform what tasks.

Economics studies how societies manage resources to (7) ____ people’s wants and needs. This definition can apply to individuals, families, companies and even entire nations. Resource allocation is important in economics because resources are scarce. People have unlimited (8) ____ and needs, but society cannot provide every single thing that people want. This means decisions must be made about what to produce, who should produce it and for whom it should be produced.

4. Read the text again and answer the questions.

1. What does economics study?

2. Does economics deal only with the household management?

3. What decisions must be made in order to use scarce resources efficiently?

What makes a good specialist?

Speaking and writing

5. Look at the adjectives. Which do we use to describe people? Which do we use to describe jobs?

▪efficient ▪meticulous ▪good with figures ▪responsible

▪reliable ▪well-informed ▪organised ▪self-disciplined

▪patient ▪trustworthy ▪ambitious ▪hardworking

▪capable ▪satisfying ▪stressful ▪punctual

6. Complete these sentences with some of the adjectives from 5.

1. Someone who works hard is ________ .

2. Someone who pays great attention to detail is _________ .

3. Someone who knows the latest information is _________ .

4. Someone who comes on time is ________ .

5. Someone who doesn’t get angry easily is _________ .

6. Someone you can trust to do a job well and on time is ________ .

7. Someone who gets things done quickly and correctly is ________ .

8. Someone who wants to get to the top of their profession is _______ .

9. Someone who is good at planning is ________ .

10. Someone who always does the right thing is ________ .

7. Work in pairs and discuss. Which of the qualities in 5 do you think a good economist need? What other qualities can you add?

8. Read the text and choose the best adjectives in italics to complete it.

9. Make a list of qualities you need for your job in the future. Give reasons why they are so important. Write 6 – 8 sentences.

Reading

10. Read the text and do the tasks below.

The Job of an Economist

1. Economists analyze, interpret and predict future trends in the economy. They are especially concerned with how we spend our money and the use of natural resources. Often they collect data through surveys, and they try to predict when a rise or fall in the economy will occur. They spot trends and forecast such issues as energy costs and unemployment levels. Economists often present data in the form of a report with tables and charts.

2. Economists study trade, markets and the financial activities of consumers, governments and businesses. Economists are employed in a number of fields, including academia, business and government. The specific responsibilities of an economist will depend on their employer. For example, an economist employed by an investment bank may help the bank make wise investments, while an economist employed by a university may be assigned to conduct research. However, most economists share a similar set of duties.

3. Microeconomists are responsible for individual businesses. They help the business to get the most for their money and provide the quality of service their customers expect. Macroeconomists look at the history of the economy and try to predict future developments, which can include a rise in the loss of jobs, inflation and growth in the economy. International economists study markets overseas and the exchange rates among them. They try to find the best policies that bring the most profit to both sides.

Some economists, particularly those employed by state government, will help the government prepare a budget. Using their powers of prediction and analysis, the economist will help government get an idea of the money that it will generate over the next year and the effect of its expenditures. This will help government prepare a more effective plan for its use of funds.

4. In addition to performing research and reporting on their findings, economists may be engaged by an organization as consultants. In this capacity, economists create analytical forecasts and offer advice on how to operate in specific economic climates and may analyze the market share of their employer’s competitors as well as the buying trends of consumers.

10.1. Is this statement …

Economists often advise governments or businesses on ways to cope with economic problems.

a. true b. false c. there is no information

10.2. Is this statement …

Microeconomists determine how to maximize profits.

a. true b. false c. there is no information

10.3. Is this statement …

One-third of all economists teach, do research and often write books and articles.

a. true b. false c. there is no information

10.4. Is this statement …

Economists are concerned with how individuals, businesses and governments at all levels obtain, invest, and spend money.

a. true b. false c. there is no information

10.5. Which paragraph (1,2,3,4) contains the following idea?

Economists observe, record and predict what can happen to the economy through analyzing and interpreting economic trends and data.

10.6. Which paragraph (1,2,3,4) contains the following idea?

Economists also have specialized areas they work in, depending on what business or area of the economy they are interested in.

10.7. Choose the answer for the question: What are macroeconomists responsible for?

1. They collect and analyze data on such issues as unemployment inflation and economic growth.

2. They are concerned with the market structure of specific industries.

3. They study buying decisions made by individuals and companies.

4. They provide an analysis of how changing interest rates will affect the economy.

10.8. Choose the sentence which reveals the main idea of the text:

1. The basic principle for economists is how people would allocate their unlimited wants and needs.

2. Economists really have to do a lot of constant researching about details that could affect the economy no matter how small those details may be.

3. Economists are engaged in research to spot trends in economic activity and to use this information to predict economic behavior.

4. They help various agencies to deal with money efficiently and are consulted when a change in economic policy is required.

11. Match the jobs in the box with the descriptions 1 – 6.

financial economist economic analyst management consultant

microeconomist macroeconomist manager

1. They provide information about the company’s finances.

2. They study government policies in such areas as international trade and inform managers of the effect that these policies are likely to have on their businesses.

3. Sometimes they investigate the advantages and disadvantages of manufacturing a new product and they help managers make decisions about the marketing and pricing of their company’s goods or services.

4. They prepare economic forecasts for both the domestic and foreign economies.

5. They work for such private organizations as banks, insurance companies, manufacturing companies and firms.

6. They have their own consulting businesses.

12. Which job would you like to have? Why? Give reasons.

Managing your money

Pronunciation

13. Look at the underlined letters in the words below. Are they pronounced [Λ] or [ju:]? Read the words.

human study currency use produce such budget

production result utility much consume usually but

Listening and speaking

14. Discuss these questions first.

1. Have you ever been abroad? What countries have you visited?

2. Which of the currencies did you use in these countries?

3. How many foreign currencies can you name?

15. Listen to Sam Peterson talk about a business trip. Say which currencies he mentions. Why doesn’t he need any dollars?

16. Work in pairs. Take turns to quiz your partner about countries and currencies.

Example: What’s the currency in China? Or which country uses the yen?

17. In pairs, interview each other with the questionnaire. Ask for more information.

Check with a dictionary what the underlined words mean.

Have you ever …?

• regret to buy something

• sell anything on the Internet

• lose a debit card or wallet

• save for something for a long time

• win any money

• find any money

• be robbed

• lend money to someone who didn’t pay you back

• buy anything on the Internet

• borrow money from your friends

18. Read this passage and answer the questions.

If you save 1 dollar, 1 ruble and 1 euro a day and put them into a piggy bank over a year time you can save a substantial amount. Count the money in a ruble currency according to dollar and euro to ruble exchange rates. How many rubles will you have? How many rubles will you have if you start saving money at the age of 12? How many rubles will you have if you save money from the age of 21 until the retirement?

Reading and speaking

19. Before you read try to answer these questions.

1. What are the goods and services you desire in life? A new dress? A car? An education? A new haircut?

2. How do you decide what to buy?

3. How much money do you usually take when you go shopping?

4. Is there something you want to buy but can’t afford it?

5. Is your budget realistic?

20. Look quickly through these three short texts and entitle them.

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A knowledge of economics, the study of how countries use their resources to produce and consume goods and services, is important to everyone. Your understanding of economics will influence how you earn a living and help you make better economic decisions.

People begin to learn about economics when they are very young. Even before they start school, they make two very important economic discoveries. They find that there are lots of things in the world they want. They also find that they cannot have them all. According to our basic needs and individual wants we require different kinds of goods and services. Commodities of different kinds satisfy our wants and needs in different ways. A new toy, a laptop and a textbook satisfy very different wants. This characteristic of satisfying a want is known as “utility”.

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To buy goods and services people can use their money. People work hard to earn their money, so it’s important that they spend it wisely. First, they should learn to buy what they need before what they want and how to make smart choices with money. As a result, people must make choices about what they truly need and what they can afford.

In order to learn and support effective money-managing skills, it’s good to create a budget to plan how to spend and save money wisely. A budget can help organize and keep track of how money is used. It can show how much money has been earned, how much has been spent so far, and how much is left. It can also show expected expenses, in order to plan how much to save. In general, it helps you predict the expenses you’re going to make and find out how much money is left for non-essential purchases. When purchasing an item, it’s a good idea to shop around and compare prices to find the lowest price.

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In a market economy, prices are the result of the needs and wants of both producers and consumers. Producers and consumers work with each other to do business and they are related by supply and demand. Supply, the quantity of a good or service that producers are willing and able to offer at each possible price during a specific period of time, is the seller’s side of a market. Demand, the quantity of a good or service that consumers are willing and able to buy at a given price during a specific period of time, is the buyer’s side of a market transaction. When the demand is high for something and the supply is low or limited, producers might raise the price to maximize how much money they earn. Some people are willing to pay more for something they want that is difficult to get. However, if the supply is large and the demand is low, the price might go down. Consumers are very sensitive to some price change whereas producers want the price that gives them the most value for the least cost.

20.1. Read these texts again. Give extensive answers to the questions using the following expressions to start your answers:

In my opinion …, From my point of view …, Personally, I think that …,

As I see it …, It seems to me that …, As the text says …,

1. What helps people make better economic decisions?

2. When do people begin to learn about economics?

3. What is utility?

4. What can people use their money for?

5. Are there any differences between people’s needs and wants?

6. What is a budget?

7. Why is demand the buyer’s side of a market transaction?

8. What price do consumers prefer?

20.2. Give English equivalents for the following words and phrases from the texts.

Потреблять, зарабатывать на жизнь, принимать решение, потребительские товары, удовлетворять потребности, зарабатывать, польза, делать выбор, покупать, позволить себе, несущественные покупки, сберегать, расходы, по низкой цене, сделка, стоимость, спрос, предложение.

20.3. Match the highlighted words from the text with their definitions.

1. _____ is a place or service that allows buyers and sellers to exchange goods and services.

2. _____ is work that someone does for someone else.

3. _____ is someone who makes or grows goods, or offers services.

4. _____ is someone who buys goods or services.

5. _____ is the amount of something available to consumers.

6. _____ is how much consumers want something.

7. _____ is something an organism must have in order to survive.

8. _____ is something someone would like to have.

9. _____ is a person who sells servicers.

10. _____is a person who buys different goods.

11. _____ are things that are made or grown and usually something you can see or touch.

20.4. Match the verbs on the left with the words on the right to make word phrases.

1. earna. money

2. afford b. needs and services

3. make c. expenses

4. require d. a living

5. satisfy e. the prices

6. save f. goods

7. predict g. purchases

8. set h. a choice

20.5. Make sentences with these word phrases.

Example: Some students earn their living and know how to spend money wisely.

21. Read this advice on managing your money. Add some more tips.