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. Improve your wordpower.

Study the

entrepreneur (n) stock company (n) links (n) substantial (adj) to ascertain (v) relevant (adj) to generalize (v) to predict (v) to provide (v) vital (adj) overall (adj) executive (n) vocational (adj) to derive (v) objective, (n) goal (n) concept (n)

Following words and word combinations.

предприниматель, владелец предприятием

акционерная компания

связи

существенный, важный, значительный

устанавливать, выяснять

относящийся к делу, уместный

обобщать, делать общее заключение

предсказывать

снабжать, обеспечивать; предоставлять, давать

жизненный

полный, общий

руководитель, администратор

профессиональный

получать, извлекать, устанавливать; получать

цель

цель, задача

понятие, концепция

definition (n)

scarcity (n)

wealth (n)

welfare (n)

scarce (adj)

to concern (v)

to be concerned with (v)

to evaluate (v)

academic (adj)

определение

недостаток, нехватка, дефицит

богатство

благосостояние

недостаточный, скудный

касаться

быть озабоченным, обеспокоенным

оценивать

академичный, чисто теоретический

Using a dictionary add as many words as possible into the table.

A) Study the meaning of the words from their definitions. Economy

– a system according to which the money, industry, and trade of a country or

region are organized.

– a country's economy is the wealth that it gets from business and industry.

– careful spending or the use of things in order to save money.

– large-size packages of goods which are cheaper than the normal sized packages

on sale.

Economic

– concerned with economics and with the organization of the money, industry,

and trade of a country, region, or social group.

– relating to services, businesses, etc. that produce a profit.

Economical

– something that is economical does not require a lot of money to operate. – using the minimum amount of time, effort, language, etc. that is necessary.

Economics

– the study of the production of wealth and the consumption of goods and services in a society, and the organization of its money, industry, and trade.

Economist

– an expert or student of economics.

Economize

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

Economic Institution

– a physical or mental structure that significantly influences economic decisions

Economic policy

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

Economic model

– simplified representation of reality.

Positive Economics

– the study of what is, and how the economy works.

Normative Economics

– the study of how the economy should be, from society's standpoint.

B) 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. All Western ... are competing against each other.

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

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

6. If you make ..., you take action in order to save money, by not spending it on unnecessary things.

7. You'll have to travel... class.

8. Buy our new ... packs of 100.

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

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

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

12. This system was extremely ... because it ran on half-price electricity.

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

14. The book is very ... written, but very warm.

15. ... is the oldest of social sciences.

4. Choose the words with similar meaning from the two groups and
arrange them in pairs.

A. Concept, connotation, definition, goods, ingredient, item, resources, scarcity,
use, wealth, vital.

B. Articles, conception, association, determination, supplies, component, point,
shortage, richness, application, life.

What are the opposites?

Large, broad, to decrease, excess, wealth, relevant, to exclude, directly, profit, definite.

6. Form all possible word combinations using the words of both
columns and translate them in Russian.

II. Reading Comprehension

Read and translate the following text. Consult a dictionary if necessary.

MY FUTURE PROFESSION

I am a student of Polotsk State University. I study at the financial-economic faculty. This faculty has 4 departments: the department of economy and production management; the department of accounting, control and analysis of economic activities, the department of finance and credit; the department of management. I study at the department of economy and production management. Our faculty was opened in 1992. The graduates of our department will work as economists, managers, entrepreneurs at different enterprises and stock companies. I feel that my profession is very important nowadays. I’ll try to do my best to become a good specialist.

The university gives the students of our faculty all the opportunities to get good knowledge in different branches of economy. The training course includes such subjects as high mathematics, philosophy, economics, the history of Belarus, economic theory, foreign languages, informatics, etc.

The field of economy is broad and dynamic. It directly and indirectly affects the lives of every person and every organization, private and public, large and small, profit-seeking and non-profit.

The economic situation in our country has radically changed for the last 5 years. Definite problems arose in the country’s economic development. It is necessary to change the economic mechanism, to reorientate to some extent the investment policy, to strengthen links between science and production, to improve economic thinking on all levels, and to achieve substantial changes in the structure of the whole economy. Therefore, our economy needs good specialists so as to cope with these problems.

So, what do economists do? What are their goals? Economists derive economic principles which are useful in the formulation of policies designed to solve economic problems. In studying any problem or segment of the economy, the economist must first ascertain and gather the relevant facts. These facts must then be systematically arranged, interpreted and generalized upon. These generalizations are useful not only in explaining economic behavior, but also in predicting and therefore controlling future events. Finally, the general knowledge of economic behavior which economic principles provide can then be used in formulating economic policies.

Economics is a vital discipline for business. An understanding of the overall operation of the economic system puts the business executive in a better position to formulate policies.

In spite of its practical benefits, however, economics is an academic, not a vocational subject. Unlike accounting, advertising, corporation finance, and marketing, economics is not primarily a how-to-make-money area of study. A knowledge of economics may be helpful in running a business or in managing one’s personal finances, but this is not its primary objective. In economics, problems are usually examined from the social, not from the personal point of view.

In short, there are a lot of opportunities for university graduates in the sphere of economy. It depends on one’s enthusiasm and hard work what to become in future. Personally, I am ready to study hard to get a good qualification and apply for a challenging well-paid job.

Answer the questions:

1. What faculty do you study at?

2. What does the training course include?

3. What is necessary to change taking into account the economic situation in our country?

4. What do economists do?

5. Why is it necessary for economists to generalize relevant facts?

6. Is economics a vital discipline for business? Why?

7. Is economics an academic or a vocational subject?

8. Where is a knowledge of economics may be helpful?

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