
- •Unit three
- •Comments:
- •Exercise 6. Find words in the text synonymous in meaning to the following. Read the sentences containing them.
- •Exercise 9. What economic terms given in the text do the following definitions refer to?
- •Exercise 12. Translate the texts into Ukrainian.
- •Questions for economic reasoning and discussion
Exercise 12. Translate the texts into Ukrainian.
To some economists, economics as a social science may be divided into positive and normative ones. |
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Positive economics looks at facts and avoids value judgements. |
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Positive economics attempts to set forth* scientific statements about economic behavior |
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Normative economics, in contrast, involves ethical precepts and value judgments about what the economy should be like or what particular policy should be recommended based on a given economic generalization* or relationship. |
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Positive economics looks into what the economy is actually like; normative economics examines whether certain conditions or aspects of the economy are desirable or not. |
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*to set forth - формулювати
*generalization - узагальнення
Exercise 13. Translate the sentences into English using the active vocabulary.
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Exercise 14. Answer the following questions.
What is economics?
Why is economics considered a social science?
What is microeconomics?
What does microeconomics focus on?
Why does microeconomics not look into a specific individual’s behaviour?
Why does microeconomics trace cause-and-effect relationships?
What economic issues does microeconomics do with?
What is macroeconomics?
What economic issues does microeconomics look at?
Why does macroeconomics look into the total effect of individual choices?
What is the best place to begin an investigation of the economy?
What are two worlds that economists deal with?
What is an economic model?
What do economists use to explain or describe the “world that is”?
Why do economists use basic economic principles and economic models?
Why is it impossible to solve economic issues economic theories and models alone?
Why do economists make the positive-normative distinction?
What is the difference between positive economic statement and normative one?
What is positive economics concerned with?
Why does positive economics avoid value judgements?
Why do economists use positive economics?
What does normative economics deal with?
What does normative economics include?
Why is normative economics used to take decisions as for issues of equity, equality, and fairness?
Why can some economic issues never be decided by using facts?
What is the relationship between positive and normative economics?