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When an artist looks at the world, he sees colour.

When a musician looks at the world, he hears music.

When an economist looks at the world,

he hears a symphony of costs and benefits.

D. Colander

I. Have a look at the following group of words. Do you know any of them? Read their definitions and match these definitions with their Russian translations.

1. Economy

- 1) a system according to which the money, industry, and trade of a country or region are organized.

- 2) careful spending or the use of things in order to save money.

2. Economic

- 1) concerned with economics and with the organization of the money, industry, and trade of a country, region, or social group.

- 2) relating to services, businesses, etc. that produce a profit.

3. Economical

- 1) something that is economical does not require a lot of money to operate.

- 2) using the minimum amount of time, effort, etc. that is neces­sary.

4. Economics

- science of the production, distribution and consumption of goods and services in a society, and the organization of its money, industry, and trade.

5. Economist

- an expert or student of economics.

6. Economize

- save money by spending it very carefully and not buying expensive things.

7. Economic policy

- an action (or inaction) taken, usually by government, to influence economic events.


a. действие (или бездействие) предпринимаемые обычно правительством, чтобы повлиять на экономические события.

b. имеющий отношение к услугам, коммерции и т.д. , к тому, что приносит прибыль.

c. наука о производстве, распределении и потреблении товаров и услуг в обществе, а также об организации его денежной системы, промышленности и торговли.

d. аккуратный расход или использование вещей с целью сохранения денег.

e. беречь деньги, тратя их очень аккуратно и не покупая дорогих вещей.

f. что-то, что является таким, не требует много денег для функционирования.

g. система, в соответствии с которой организованы денежная система, промышленность и торговля страны или региона.

h. имеющий отношение к науке экономике и у организации денежной системы, промышленности или торговли страны, региона или социальной группы.

i. использующий минимальной количество времени, усилий и тому подобного, того, что необходимо.

j. эксперт или студент, изучающий экономику.

II. To show that you understand the words given above, choose the best word to complete the following sentences. Add noun, verb or adverb endings if necessary.

1. Home ... is a subject studied at school and college in which students are taught how to run a house well and efficiently.

2. New England's ... is still largely based on manufacturing.

3. If you are really going to buy a car, we'll have to ... on other things.

4. These businesses contribute hundreds of millions of pounds to the ... of the country.

5. I switched off the lights as an ... measure.

6. In his works he explains the ideas of the great English ... J.M. Keynes.

7. She thought of herself as an ... wife.

8. What has gone wrong with the ... system during the last ten years?

9. ... is the oldest of social sciences.

III. Look at the following derivatives. Use your knowledge of English and logical reasoning to explain the meaning of each word below.

system, systematic, systematically, systematize

Use these words in the following sentences.

1. The police made a .... search of the building.

2. You need some ... in your work if you want to succeed.

3. I wish they'd organize themselves more ....

4. This method helps ... the information received.

IV. Match the opposites. Make up your own sentences with these words.

disadvantage consumer

increase quickly

pure sell

ancient advantage

slowly fall

buy mixed

supplier recent

V. Consult the dictionary and find the root words to the following:

Produce, choice, participate, mean, benefit, rule, govern, promote.

VI. Form the opposites by adding the following prefixes: dis, un, im, ir.

Advantage, stable, common, responsible, desirable, respective, material, fair, agree, possible.

VII. Study the following words and word-combinations. What are their Russian equivalents?

An economic system, to make economic decisions, exactly alike, to follow, goods and services, age-old habits and customs, including, more of one than of another, equipment, needs and wants, an agricultural society, food supply, to take control of the government of the state, a powerful political party, an industrial society, the private enterprise system, to be privately owned, a mixed economic system.

Translate the following sentences into Russian.

  1. An economic system - that is a way of making economic choices and decisions.

  2. In a command economy, a king, a dictator, or a powerful political party makes the basic economic choices and decisions.

  3. These two offers are exactly alike.

  4. The daughter as a rule follows the example set by her mother.

  5. Goods and ser­vices are produced according to age-old habits and customs.

  6. Some nations use a mix of economic systems.

  7. Most nations use more of one economic system than of another.

  8. Economy is the mechanism which uses labour, land and equipment to satisfy all needs and wants of those who live in society.

  9. Today, traditional economies are common only among agri­cultural societies in Latin America, Asia, and Africa.

  10. As the civilization grew up in ancient countries, their rulers needed to protect their people's food supply, to promote trade and growth, to defend themselves, and to make war on other countries.

  11. This party took control of the economy as well as the government of the state.

  12. An economic sys­tem in which the decisions are made by a central authority like a king, a dictator, or a powerful political party is called a command economy.

  13. A more recent example of a command economy in an indus­trial society was the Soviet Union.

  14. The market economy is also called capitalism or the pri­vate enterprise system.

  15. In a market economy, land, factories, tools, etc. are privately owned.

  16. Nowadays almost every developed country: Russia, Canada, Great Britain, etc., has a mixed economic system.