Economics, Extra-mural Department, 1-st Year

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Task I.
A Match the English words and word combinations with their Russian equivalents.
1 housing a household
2 heating b gather data
3 convenience c relationship
4 trade-off d heating
5 effect e run a business
6 household f opportunity, position
7 household budget g housing / building
8 to run a business h impact, impact
9 to collect data i exchange, compromise, concession
10 relationship j family budget

B Match the words with the definitions.
1 budget A the people who control a country and make laws
2 business B information
3 convenience C company that sells goods or services
4 data D easiness
5 demand E the amount of money you have for something
6 government F how much people want something
7 inflation G the number of people without work
8 resources H something such as money, workers or minerals
belonging to an organization, country, etc., which can be
used to function properly
9 trade-off I rising prices
10 unemployment J giving away something in exchange for something

Task II. Read and translate the text.
What does economics study?
What do you think of when you hear the word economics? Money, certainly, and perhaps more complicated things like business, inflation and unemployment. The science of economics studies all of these, but many more things as well. Perhaps you think that economics is all about the decisions that governments and business managers take. In fact, economists study the decisions we all take every day.
Very simply, economics studies the way people deal with a fact of life: resources are limited, but our demand for them certainly is not. Resources may be material things such as food, housing and heating. There are some resources, though, that we can not touch. Time, space and convenience, for example, are also resources. Think of a day. There are only 24 hours in one, and we have to choose the best way to spend them. Our everyday lives are full of decisions like these. Every decision we make is a trade-off. If you spend more time working, you make more money. However, you will have less time to relax. Economists study the trade-offs people make. They study the reasons for their decisions. They look at the effects those decisions have on our lives and our society.
What are microeconomics and macroeconomics?
Economists talk about microeconomics and macroeconomics. Microeconomics deals with people, like you and me, and private businesses. It looks at the economic decisions people make every day. It examines how families manage their household budgets. Microeconomics also deals with companies - small or large - and how they run their business. Macroeconomics, on the other hand, looks at the economy of a country - and of the whole world. Any economist will tell you, though, that microeconomics and macroeconomics are closely related. All of our daily microeconomic decisions have an effect on the wider world around us.
Another way to look at the science of economics is to ask, "What is it good for?" Economists do not all agree on the answer to this question. Some practise positive economics. They study economic data and try to explain the behaviour of the economy. They also try to guess economic changes before they happen. Others practise normative economics. They suggest how to improve the economy. Positive economists say, "this is how it is". Normative economists say, "we should ...".

Additional information

So what do economists do? Mainly, they do three things: collect data, create economic models and formulate theories. Data collection can include facts and figures about almost anything, from birth rates to coffee production. Economic models show relationships between these different data. For example, the relationship between the money people earn and unemployment. From this information, economists try to make theories which can explain why the economy works the way it does.
Task III. Look through the text again and match each paragraph with the correct heading.

Paragraph 1 ____________________
Paragraph 2 ___________________
Paragraph 3 _________________
Paragraph 4 __________________
Paragraph 5 ___________________
A How economists work
B Making deals every day
C Various ideas about economics
D Two areas of economics
E Two types of economists


Task IV. Ask questions to get the following answers.
1) They study decisions people take every day.
2) No, resources are limited.
3) Time, space and convenience.
4) It is microeconomics.
5) Yes, they are closely related.
6) There are two types of economists.
7) They show relationships between different data.

Task V. Translate the following sentences using the vocabulary from the text.
1) Science studying business economics, production, trade, inflation, unemployment, solutions that take every day governments, companies, and all of us.
2) While microeconomics examines how companies conduct their business and households, Macroeconomics examines the economy as a whole.
3) Economic resources include both material resources such as raw materials, and other buildings, and intangible resources, such as time.
4) Every day, we make a lot of decisions, and every decision - is the exchange of one resource to another.
5) Economists and collect data based on them create economic model.
6) Economic models show the relationship between the various processes in the economy.
7) Some economists try to explain the behavior of the economy on the basis of the data collected, and others offer ways to improve the economic situation.

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