Translate the definition of the term the economy given at the end of the text.

This test will help you estimate your target orientations of earning a capital.

TEST

A Potential Millionaire

One of the wealthiest people of the world is the sultan of Brunei. He is the owner of almost 14 billion dollars. The richest Australian is publisher Carl Cahage. He owns almost 2 billion dollars. Of course, the sultan did not earn this money himself. The main part of it was inherited by him and earned by his subjects. Just the other way round, Cahage made his fortune himself. Probably you will be one of the next generation of wealth-holders and millionaires in the future.

Choose one of the suggested options.

1. Which is the easiest way to make money?

a) to work hard, be well-informed, risk and, of course, invest money in business

b) to hope to get your uncle's inheritance

c) to make a career going step by step to a managing post or to try your hands at politics

2. Which character of Walt Disney makes you smile?

a) Donald Duck

b) Gusto Hans

c) Dogbert Duck

3. In your opinion which income can make the richest people of the world close a bargain?

a) from half a million to a million

b) up to 10 million

c) dozens of million and higher

4. Which of the statements do you agree to?

a) The more money you have the more pleasure you get

b) Money means power

c) Money causes much envy

5. Have you ever heard of the game called «А Fortunate letter»? You put a small sum into an envelope, look for a victim, who also pays and, at last, your investment comes back to you multiplied many times. Which part are you ready to play in it?

a) not to take part in it

b) to take part and also earn

c) to be the initiator of the game

6. Is it important for you to be mentioned in different newspapers and magazines?

a) I would be very glad

b) No

с) I am often mentioned in them anyway

7. How can you win in races?

a) gamble with high stakes

b) save money and just be present at the races

c) buy a horse-winner

8. In your opinion, who has the highest chance to become a rich man quickly and reliably?

a) a director, an actor, a writer, an artist, a sportsman-record holder

b) a lawyer, a doctor, a politician

c) a head of a company, a publisher

9. What is your attitude to the business between friends?

a) I am ready to loan money to my friends. Some time they will also lend me

b) Money and friendship are incompatible

c) I am ready to borrow money from my friends but not to lend it

10. Be frank. If you managed to become a millionaire, would you enjoy this feeling?

a) Of course, I would enjoy it

b) I would demonstrate my enjoyment to everybody who did not trust me or looked at me haughtily

c) No

11. Where would you invest your millions?

a) in real estate, in an art collection

b) in shares or other securities

c) I would do as my wife/husband would say

12. If you already have a couple of million, are you going to try to earn more?

a) No, if we are speaking about a small sum. But I will never refuse to earn a big one

b) Of course

c) No, it is enough for me

l. a)- 6 b)- 0 C)- 3

2.2)- 3 b)- 0 c)- 6

3.a)- 0 b)- 3 c)- 6

4. a)- 6 b)- 3 c)- 0

5.a)- 3 b)- 0 C)- 6

6. a)- 0 b)- 6 C)- 3

7. a)- 0 b)- 3 C)- 6

8. a) - 0 b)- 3 c)- 6

9. a)- 3 b)- 6 c)- 0

10. a) -0; b)- 3 C)- 6

11. a) -3; b)- 6 C)- 0

12. a) - 3; b)- 6 C)- 0.

If you have:

From 0 to 23 points

It means, that the best way to become rich personally for you is either to get married luckily, or to become an heir, or, at last, to win a lottery.

From 24 to 48 points

Wealth is connected with work for you. Avoid financial speculations. The best way for you is make a career and take a place of your boss. Even if it does not bring you desired millions, your life will be financially secured.

From 49 to 72 points

You have the best chances to become a millionaire some day (if you are not now). You have a commercial mind, you separate money from friendship. You are not going to boast of your luxurious way of life and are inclined to multiply your fortune patiently.

UNIT VII

WHY WE STUDY ECONOMICS?

1. Many of the issues in economics are public in nature, such as taxes and public debt, and are frequently the focus of intense media coverage. While only a few of us might have an opinion on the latest development in physics, almost everyone has an opinion on economic impact of a new health care policy or an income tax.

2. It is important for you to master the principle of economics, for a number of reasons.

3. First, as a citizen, you want to be informed – to use your vote wisely and to evaluate the economic implications of public property. To do this, you must have a methodology, “a road map”, to evaluate fully the economic effect of the important issues that we must decide at the local and state levels. A better understanding of economic principles can provide you with the skills you will need to make wise decisions. Of course, most issues have both political and economic implications, and the political arguments involved in your personal decision-making process may be more important than the economic ones. However, if this is true, by understanding economics, you will be able to see the “real” costs of deciding any issues on strictly political or philosophical grounds.

4. A second reason for studying economics is the value it often has as a form of consumer protection. “Caveat emptor” – “let the buyer beware” – is a warning that challenges all participants is a free market economy to take responsibility for making educated, well-informed decisions. The study of economics can provide many of the tools you need to make wise choices as you encounter the laws of supply and demand, the forces of competition, and the consequences of economic activity throughout your life. Understanding the working of the economy is an important survival skill.

5. There is one more important reason for you to study economics: to become a better economist. The study of this field will enable you to serve your customer better, improve the performance of your firm, and grow professionally. Economics is not easy to master, but if you persist and learn the concepts of economics, you will become better informed, more enlightened, and your deeper understanding of any economic system will position you for growth and success in your profession.

Vocabulary

Vocabulary exercises

1.Which of the following statements are true/false according to the text? Correct the false sentences:

2. Fill in the gaps with the words and expressions from the text:

1. _____ and _____ debt, and are frequently the focus of intense _____ coverage.

2. Almost everyone has an _____ on economic impact of a new health care policy or an _____ tax.

3. Use your vote wisely and to _____ the economic implications of _____ property.

4. A better understanding of economic _____ can provide you with the skills you will need to _____ wise decisions.

5. Most issues have both political and _____ implications .

6. The political arguments involved in your _____ decision-making process may be more important than the economic ones.

7. The study of economics can provide many of the tools you need to make wise choices as you encounter the laws of _____ and _____, the forces of competition.

8. Understanding the working of the economy is an important _____ skill.

9. The study of this field will enable you to serve your _____ better, improve the _____ of your firm, and grow professionally.

10. If you persist and _____ the concepts of economics, you will become _____ informed.

3. Find in the text English equivalents for the following:

4.Translate into Russian:

5. Fill in the gaps with the proper words and phrases:

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