Exercise 7. Find in the box the English equivalents to the words listed below. More than one is possible.

вартість (2)

вибір (3)

вигода (2)

витрати (2)

відмовитися (3)

господарська одиниця (2)

задовольняти (2)

зменшувати (2)

кредитоспроможність (2)

люди (2)

намагатися (2)

недостатній (2)

особа (2)

підприємство (3)

право (2)

право оподатковувати (2)

обмежувати (2)

стикатися (2)

щодо (3)

an alternative	an option		a firm		to give up	individuals
to do one’s best	as to/for		limited		the power	value
a business unit	to meet		to limit to		an advantage	to forgo
the power to tax	scarce		cost		the authority	a choice
to face	a person		about		an individual	to reduce
an enterprise	spending		to refuse		concerning	to satisfy
to go out of one’s way		people		to be faced with		the taxing power
the borrowing power		to decrease		to set a limit to		a benefit
an economic unit		expenditure		an ability to borrow		a business

Exercise 8. Replace the words or word combinations in bold type with their synonyms.

1. The cost of any choice is the option that any business unit gives up.

2. The opportunity cost of choosing one alternative is the value given up by not having an advantage of the next best alternative.

3. For most people, the scarcest resource they face is time.

4. All individuals, business firms and business enterprise, nations and governments are faced with, scarcity one way or another.

5. Since time and resources are scarce, we must give up one opportunity in order to get a benefit from another many times each day.

6. Since all available resources are limited in relation to all of people’s wants and needs, people and nations have to come to decisions as to what goods and services they can afford to buy and which ones they must forgo.

7. Productive resources that are used to satisfy one want cannot be used to satisfy another at the same time.

8. Many things in life are scarce, and much of economics is concerned with the problem of scarcity.

9. The opportunity cost is measured by what an economic unit – such as a society, a business, a person – is nor doing but could be doing.

10. Choosing any scarce thing sets a limit to other choices.

11. Scarcity limits us both as individuals and as a society.

Exercise 9. Pair the halves of the sentences. Write your own list of the completed sentences and translate them into Ukrainian.

Neither individuals nor societies can have	the inability to have as much as we want.
Businesses firms and enterprises are also faced with problem of	the resources necessary to satisfy those wants are limited.
There is a limit to the resources	all the things they would like to have.
Since all available recourses are limited, everyone needs	the foregone value of increased spending on another program.
Scarcity takes place because human wants are unlimited but	to make choices from among the things he or she wants.
Having more of one means	available to satisfy unlimited wants.
Since people’s values differ,	there will be no economic problem.
Without scarcity,	choices and opportunity costs.
The opportunity cost of government spending on a particular program is	giving up a little bit of many others.
No matter how much we have, we face scarcity -	the opportunity cost of the same decision may differ from person to person.

Exercise 10. Translate the words in brackets into Ukrainian.

As an individual, for example, you (стикаєтеся з проблемою) of having only (обмежених ресурсів) with which you can (задовольнити свої потреби та бажання), as a result, you must (робити певні вибори) with your money. You'll probably part of (ваших грошей на) you rent, electricity and food. Then you might use the rest to go to the movies and/or (купити нові джинси). (Економісти) are interested in the (виборами, які ви робите), and inquire into* why, for instance, you might (обрати) to spend your money on a new DVD player instead of replacing your old TV. They (хотіли б знати) whether you would still buy a carton of cigarettes if (ціни) increased by $2 per pack. (найважливіша мета економіки) is to try to understand how both (окремі люди та народи/країни) behave in response to certain material constraints*.