Часть III лексика Модуль 1 “What is economics”.

1. English-Russian Vocabulary

accounting (n)	бухгалтерский учет
amount (n)	количество
applied (a)	прикладной
apply (v)	применять, использовать
available (a)	имеющийся в наличии
basic (a)	главный, основной
briefly (adv)	кратко, сжато
choice (n)	выбор
choose (v)	выбирать
conclusion (n)	заключение
cost (n)	цена, стоимость
decide (v)	решать, принимать решение
decision (n)	решение
depend (v)	зависеть
derive (v)	получать; выводить
descriptive (a)	описательный, наглядный
drafting (n)	черчение
efficiently (adv)	эффективно
employ (v)	нанимать, использовать
encounter (v)	сталкиваться
expand (v)	расширять
extensively (adv)	широко
flavour (n)	особенность
goods (n)	товар
instability (n)	неустойчивость, непостоянство
interact (v)	взаимодействовать, влиять друг на друга
invest (v)	вкладывать
necessitate (v)	неизбежно влечь за собой
particular (a)	специфический, особый, подробный
produce (v)	производить
relatively (adv)	относительно
resource (n)	ресурс
rule (n)	правило
scarce (a)	недостаточный, скудный, редкий
scientific (a)	научный
service (n)	услуга, обслуживание
similarity (n)	сходство, подобие
skill (n)	умение, мастерство
society (n)	общество
source (n)	источник
specific (a)	особенный, специфический, определенный
tax (n)	налог
tool (n)	инструмент, орудие труда
use (v)	использовать
useful (a)	полезный
value (n)	ценность
want (n)	потребность, нужда

2. Text “What is economics”.

Unlike history, mathematics, English and chemistry, economics is a subject that most students encounter only briefly sometimes not at all, before they begin college. Economics is a basic discipline, like those just listed, not an applied subject like accounting or drafting in which specific skills are taught.

Economics has some similarities to mathematics because logical reasoning and mathematical tools are used in it extensively. It also has some similarities to history because economics studies people as they interact in social groups.

Like chemistry, economics employs the scientific method, although some of economics has a descriptive rather than an analytical flavour. Finally, like English grammar, economics has a few simple rules and principles, but from these principles economics can derive many conclusions.

Economics is the science of making choices. Individuals must decide whether to study another hour or to go for a walk, whether to buy a six-pack of Pepsi or a 0,5 gallon of milk at the grocery, whether to choose fire fighting or teaching as an occupation and whether to play golf or to watch television for an afternoon of recreation. As a group, people must also choose through their governments whether to build a dam or to repair highways with their taxes, whether to invest money to business or to expand national parks.

The common element in all these decisions is that every choice involves a cost.

In fact, economics is the study of the choice that people make and the actions that they take in order to make the best use of scarce resources in meeting their wants.

Economics is about the everyday life. How do we get our living? Why do we sometimes get more and sometimes less? Are we producing as efficiently as we could? Are we producing the “right things”? What are the “right things”? Who ought to decide this and why? The study of economics helps us to answer this sort of questions.

3. Exercises.

Exercise 1. Read the international words and guess their meaning.

group	principle	resource	economics
subject	logical	invest	mathematics
reason	national	produce	occupation
method	element	specific	individual
business	finally	economist	analytical

Exercise 2. Memorize the following pairs of derivatives.

V→ N	Adj → Adv	N→ Adj
employ – employment	brief - briefly	logic - logical
invest - investment	common - commonly	economics - economical
govern - government	final - finally	nation - national
expand - expansion	efficient - efficiently	science - scientific
decide – decision	necessary - necessarily	basis - basic
conclude - conclusion	extensive - extensively	history - historic

Exercise 3. Transform as in the models.

Model A: to understand the process → understanding of the process.

To begin college, to teach skills, to make choices, to build a highway.

Model B: rapid expansion → to expand rapidly.

Efficient production, extensive use, brief answer.

Exercise 4. Match English and Russian equivalents.

1. an applied subject	a. несколько простых правил
2. specific skill	b. прикладная дисциплина
3. a few simple rules	c. особые умения
4. to derive conclusions	d. предпринимать действия
5. to make a choice	e. использовать интенсивно
6. to take actions	f. удовлетворять потребности
7. to meet one’s wants	g. делать выводы
8. to use something intensively	h. взаимодействовать в социальных группах
9. to interact in social groups	i. делать выбор

Exercise 5. Choose the right word.

1. Economics is a … discipline.

a) basic;

b) natural;

c). social.

2. … is an applied subject.

a) history;

b) accounting;

c) economics.

3. Mathematical tools are used in economics … .

a) briefly;

b) extensively;

c) finally.

4. Like English grammar economics has a few … and principles.

a) rules;

b) graphs;

c) lines.

5. Every choice involves a … .

a) investment;

b) cost;

c) time.

Exercise 6. Complete the sentences.

1. Economics is a subject that most students encounter only briefly before they … .

2. Economics is not an applied subject in which … .

3. It studies people as they … .

4. Economics is the science of … .

5. Every choice involves … .

Exercise 7. Insert the right word:

(interact, briefly, extensively, make, take, choices, science).

1. Logical reasoning and mathematical tools are used in economics … .

2. Most students encounter economics only … before they begin college.

3. Economics studies people as they … in social groups.

4. Economics is the … of making … .

5. Economics is the study of the choice that people … and the actions that they … .

Exercise 8. Answer the questions on the text.

1. Do school-leavers know much about economics?

2. Is economics a basic discipline or an applied subject?

3. Economics is the science of making choices, isn’t it?

4. Why do people have to make choices very often?

5. What does every choice involve?

4. Supplementary reading.

Text “Scarcity and choice”.

Read the text and answer what scarcity is.

You have already learned that economics is the study of how people make choices in a world of scarcity. At all times and in all societies, everyone faces the scarcity problem in some form.

Scarcity is the condition that results from imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants. No society has ever had enough resources to produce the full amount and variety of goods and services its members wanted. Everything of value is scarce – money, goods, time, even human skill – while the desire for goods and services is almost infinite.

Scarcity necessitates choice. If we can’t have everything we would like, we must choose which things we want most. Thus, both individuals and societies must continuously make choices about how to use the scarce resources available to them.

At the level of economy as a whole, the choices to be made are what to produce, how and for whom. How a society answers these questions depends on the type of economic system a particular society uses.

Actually, in every economy societies and individuals have to make these three key choices in the face of scarcity.