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4. Find in the text English equivalents for the following:

виробництво та споживання товарів і послуг, зарплата та заробіток, безробіття, інфляція, урядові витрати, податки, торгівля, розподіл багатства, нестача, стати багатим, економічний ріст, постачати, попит, товар, випуск продукції, виробничі затрати, вклад, використовувати.

5. Say whether these statements are true or false. If some of them are false, give your version using the following expressions:

I disagree; to my mind; in my opinion; as far as I know; I think; it’s absolutely wrong; etc.

  1. There are three sides to the study of economics.

  2. The subject matter of economics is society itself.

  3. Higher economic growth generally implies lower living standards.

  4. High rates of inflation reflect stable valuation of goods and services in terms of money.

  5. High unemployment suggests that society is making bad use of its labour resource.

  6. In macroeconomics, individuals and firms are the main agents whose actions are analyzed.

  7. Microeconomics is concerned with the functioning of the overall economy.

6. List the difference between microeconomics and macroeconomics.

7. Working with a partner discuss the questions below:

  1. Why is knowledge of basic economics so essential?

  2. What is the subject matter of economics?

  3. What does economics study?

  4. What is scarcity?

  5. What is economic growth?

  6. What is microeconomics concerned with?

  7. What does macroeconomics deal with?

  8. What is the main distinction between micro- and macroeconomics analysis?

Завдання для самостійної роботи (What is economics?)

1. Find in the text the sentences in which the following words and phrases are used and translate them into Ukrainian:

Is concerned, goods and services, production and consumption, scarcity, become better off, supply, demand, income, output, inputs, endowments, the determination of prices, unemployment and inflation, the state of the economy, living standards, consumers.

2. Look back at the text and identify what the following words refer to. The first term is already done for you.

many (1) problems that (4)

which (1) those (4)

itself (2) their (6)

those (2) which (7)

which (2) both (8)

their (3) each (9)

this (3) that (10)

each (4) whose (10)

3. Fill in the blanks with a suitable word in the correct form. Translate the sentences into Ukrainian.

Economic growth, better off, demand, produce, goods, microeconomics, essential, services

    1. We must decide what, how and for whom … .

    2. Knowledge of basic economics … to anyone who wants to understand the world in which we live.

    3. If human beings succeed in their efforts, they become … in terms of material wealth.

    4. The ability of producers to provide … and … to individuals at various prices is broadly

covered by the concept of supply.

5. The desire by individuals to consume goods and services at various prices is broadly

covered by the concept of … .

    1. … is concerned with individual products and decisions made by individual firms and

consumers.

    1. Higher … generally implies higher living standards.