9. Speaking. Use the information from the table. Introduce yourself to your partner and ask questions.

10. Find the meaning of the following words in the dictionary: production, distribution, consumption, supply, demand, income, entrepreneur, profit.

11. Read the text and explain the words in bold. What is Economics?

Economics is a social science studying production, distribution, exchange, and consumption of goods and services. Economists focus on the way in which individuals, groups, business enterprises, and governments try to achieve efficiently any economic objective they select.

Standard economics can be divided into two major fields. The first, microeconomics, explains how supply and demand in competitive markets create prices, wage rates, profit margins, and rental changes. Microeconomics assumes that people behave rationally. Consumers try to spend their income in ways that give them as much pleasure as possible. As economists say, they maximize utility. For their part, entrepreneurs seek as much profit as they can extract from their operations.

The second field, macroeconomics, deals with modern explanations of national income and employment. Macroeconomics dates from the book, The General Theory of Employment, Interest, and Money (1935), by the British economist John Maynard Keynes. His explanation of prosperity and depression is based on the total or aggregate demand for goods and services by consumers, business investors, and governments.

Vocabulary

business enterprises – коммерческие

предприятия

efficiently – эффективно

objective – цель

fields – отрасль

competitive markets – конкурентные

рынки

wage rates – ставки заработной платы

profit margin – размер прибыли

to assume – предполагать

utility – полезность

to extract – извлекать

employment – занятость

prosperity – процветание

aggregate demand – совокупный спрос

12. Choose words from the list to fill in the gaps, then use them to make sentences:

maximize, aggregate, business, rental

1. _______ enterprise	3. _______ utility
2. _______ change	4. _______ demand

13. Answer the questions:

1) What does economics study?

2) What do economists focus on?

3) What are the two major fields in economics?

4) What does microeconomics explain?

5) What does microeconomics assume?

6) What do entrepreneurs seek?

7) What does macroeconomics deal with?

14. Make notes under the following headings:

Economics as a science, Microeconomics, Macroeconomics.

Close your books, look at your notes an talk about economy.

Unit 2 Money

1. Match the countries with the currency.

country	currency
1. Italy	a. dollar
2. the UK	b. pound
3. Japan	c. yen
4. the USA	d. riyal
5. Saudi Arabia	e. euro

2. What is the currency in your country? Add more currencies to the list above.

Look at how we say large numbers 800 eight hundred 80,000 eighty thousand 50,000,000 fifty million
Look at how we say these numbers
157	a/one hundred (and) fifty-seven
579	five hundred (and) seventy-nine
5,790	five thousand seven hundred (and) ninety
57,901	fifty-seven thousand nine hundred (and) one
5,790,000	five million seven hundred (and) ninety thousand
When we talk about exchange rates, we can say the decimal point (.)
$239.34	There are two hundred and thirty-nine point three four US dollars to the euro. (to the British pound, etc.)