Comprehension check

I. Did you find any answers for the questions before the text? What were you right/wrong in? Now try to give more detailed answers.

II. Answer the following questions.

1. Do you like economics as a branch of science?

2. Does economics have deep roots in social philosophy?

3. What problems does economics deal with?

4. Why, do you think, are some people poor and others rich?

5. Which two main divisions of economics do you know?

6. What do micro- and macroeconomics deal with?

7. Which issue of economics is of great importance to philosophers and why?

8. What would you do to cope with inequality?

III. Complete the sentences.

1. Economics studies a wide … questions.

2. Economics is closely tied with …

3. Many social philosophers were trying to solve a questions of …

4. Economics is subdivided into …

5. Microeconomics deals with … industries.

6. A household can be considered as a …

7. The firm must make a … what to produce.

8. Microeconomics doesn’t … with the questions of output distribution.

9. The functioning of national economic complex is the sphere of …

IV. Translate into English.

1. Экономика имеет глубокие корни в социальной философии и тесно связана с ней.

2. Мы живем в такое трудное время, когда нужно экономить на всем.

3. Принимаясь за изучение экономики, студенты пытаются получить представление о широте и глубине того, что они будут изучать.

4. Вопросом большой важности для философов является справедливое распределение.

5. Как вы можете объяснить тот социальный феномен, что одни люди бедны, а другие богаты?

6. Микроэкономика имеет дело с функционированием отдельных отраслей промышленности и самостоятельных хозяйственных единиц.

7. Макроэкономика имеет дело с поведением основных классов и социальных групп.

8. What would you do to cope with inequality?

Word power

I. Give English equivalents for the following words and phrases from the text.

Изучать экономику, иметь глубокие корни в, национальная экономика, отдельная самостоятельная экономическая единица, изучать проблему, домашнее хозяйство, отдельная предпринимательская фирма, получить представление, функционирование отдельных отраслей промышленности, социальная философия.

II. Match synonyms in columns a and b.

A. B.

range scope

part piece

to produce to manufacture

to deal with to consider

to explore comprehension

unemployment outside the sphere

discipline question

firm well- to do

wealthy company

province subject

understanding several

a number connection

tie lack of jobs

issue to examine

III. Translate the following chains of words. Determine the part of speech and the way of word – building.

economy – economics – economist

economic – economical – economically

economize – economizer

science – scientist – scientific

employ – employment – unemployment – employer – employee

organize – organizer – organization – organizational

produce – producer – production – productive – productivity

Which of these words did you come across in the text? Use some of them in your own sentences.

Grammar Revision

I. Translate the following sentences into Russian paying attention to the Present Simple Tense.

1. Russia tries to base its relations with other countries on the peaceful principles.

2. There is an objective need for all states of the world to live in peace with each other and to cooperate on a basis of equality and mutual benefit.

3. An efficient economy is one that produces what people want and does so at the least possible cost.

4. If a company reorganizes its production or adopts a new technology, this is an efficient change.

5. Britain needs raw materials for its industries.

6. The country depends on foreign trade to supply raw materials for factories.

7. Imports exceed exports in many developing countries.

8. Invisible trade compensates the unfavorable balance of trade.

II. Choose the correct form of the verb in brackets.

1. Economics (attempt, attempts) to find laws or principles.

2. Economists (builds, builds) models.

3. The predictions of the models (form, forms) the basis of economic theories.

4. The figure (show, shows) the interrelation between models, theories and reality.

5. Economists (make, makes) assumptions and predictions.

6. (Do, does) they deduce implications?

7. The Government (claim, claims) that the number of people out of work is rising.

8. (Do, does) the President test predictions?

9. Real facts often (contradict, contradicts) the theory.

10. They (guarantee, guarantees) to exchange faulty goods within 12 months.

III. Translate into English.

Экономика- это наука, включающая две дисциплины: микроэкономику и макроэкономику. Микроэкономика - это отрасль, которая изучает индивидуальных производителей, потребителей или рынки. Она также изучает, как деятельность правительства (регулирование и налоги) влияет на отдельные рынки.

Микроэкономика пытается понять, какие факторы воздействуют на цены, заработную плату и прибыль. Макроэкономика - это отрасль, которая изучает экономику в целом. В частности, она занимается общими цифрами производительности, безработицы и инфляции.

Text 2

Pre-reading task

a) Discuss the following questions before reading the text.

1. Do you sometimes listen to the economy news on TV or on the radio?

2. What do you think of the state of economy in Russia?

3. What do your parents (grandparents) think of economic reforms in Russia? Did they live better or worse before?

4. What type of economy does Russia build?

5. Do you think you have more opportunities to be well off than your grandparents?

b) Key words: economic system, management, control, allocate, capitalism, communism, supply, demand, resources, regulation.

Look up the key words in the dictionary to find out the exact meaning. Write them out.