1. Try to reconstruct the text using key words and word combinations listed above.

2. Answer the following questions to the text.

1. What kind of science is economics?

2. Where does the term economics derive from?

3. Which definition of economics do you like most of all and why?

4. What kind of problem links all the decision makers?

5. Could the problem of scarcity be overcome ever?

6. What is the most important element of opportunity cost?

7. What priorities does one use when making a decision?

8. What is the sphere of activity of the economist?

9. What methods does the economist use in his practice?

10. Can you compare the work of the economist with other scientists?

11. Does the work of economist change over the time?

12. Is the role of the economist objective or subjective?

3. Define whether the statement is true or false.

1. Economics and politics are closely related.

2. The economic problem does not change among the decision makers.

3. The scarce resources are always used in the same way.

4. The problem of scarcity can be resolved with the progress of mankind.

5. Opportunity cost leads us to the problem of choice.

6. Random selection is used in making economic decision.

7. Scarcity is closely related to the supply and demand.

8. Economic decisions are made on political base.

9. The economics is an interdisciplinary science.

10. The distribution of goods is effected both economically and politically.

11. Economics is an exact and precise science.

12. The economist works in preferable conditions.

    4. Choose the best alternative to complete the sentence.

• abundant

• outcome

• alternative foregone

• implications

• limits

• mechanism

• priorities

• scale and context

• distribution

• revenue

1. Any person lives within the ______ of his income.

2. The economic problem differs only in the ______.

3. ______ is the result of our ultimate choice.

4. Some people say that the pattern of ______ is wrong.

5. Opportunity cost is not the money paid but the ______.

6. We use some order of _____ when making a choice.

7. Rarely goods are so ______ that no one would give anything for them.

8. The government tries to get ______ from different types of taxation.

9. The economists try to explain the ______ of the economic system.

10. The social ______ of these measures are quite negative.