Vocabulary list

1. Toproduce — производить

n. production — производство

n. producer — производитель

2. commodity — товар

3. service — услуга

4. to consume — потреблять

n. consumption — потребление

n. consumer — потребитель

5. factors of production – факторыпроизводства

syn. agents of production

6. to emphasize — подчеркивать, выделять

7. todefine — определять

n. definition — определение

8. Economics — экономика (предмет, дисциплина), экономическая теория

9. economy — экономика (хозяйство)

adj. economic — экономический (относящийся к экономике)

adj. economical — экономичный (приносящий экономию)

v. toeconomize — экономить, экономно расходовать

10. to exchange something for something — обменивать(ся)

in exchange for – вобмен

11. scarcity — дефицит, редкость

12. resources — ресурсы

13. toallocate — распределять, размещать

n. allocation — распределение, размещение

14. to develop — развивать(ся)

15. to apply — применять

16. to involve — вовлекать

17. tangible – материальный

ant. intangible

18. welfare - благосостояние

19. constraint —ограничение

Notes

1. to reconcile the conflict — зд. погаситьконфликт, примирить

2. virtuallylimitlessdesires — фактически безграничные желания

3. competingclaimson — зд. различные притязания на

4. to test smth against the facts — проверятьчто-либофактами

5. tobeexhausted — зд. быть использованным

Ex 1. Suggest the Russian equivalents:

consumed at the instant they are produced; in exceptional circumstances; the subject matter of economics; how to reconcile the conflict; the scarcity of resources; to develop theories; interaction; the satisfaction of the needs and wants of consumers; consumer goods; tangible commodities; a regulator, supervisor and promoter of economic activities; to be engaged in a complex web; to regard economic decision-making; without hurting the interests of others; given these constraints; to draw profit.

Ex 2. Fill in the gap with the words and expressions from the text.

1. Economics is the … science that studies the ……, ……, and …… of goods and services.

2. The central economic problem for society is how …… between people’s …… and the scarcity of resources.

3. Economists aim …… of human behavior and …… the facts.

4. The economic agents are …… in a complex web of transactions involving ……

5. In terms of the ……, the utilization of resources is …… when every opportunity …… to make some individuals better off.

6. Rational decisions reflect choices that …… from given resources or …… with the minimum efforts or cost.

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

распределение и потребление товаров и услуг; потребляться в момент производства; в исключительных обстоятельствах; подчеркивать роль общества; погасить конфликт; конкурирующие притязания на использование чего-либо; их взаимодействие составляет экономическую деятельность; представлять домашние хозяйства; факторы производства; выпуск продукции; быть ограниченным дефицитом ресурсов; использование ресурсов; учитывая эти ограничения…; достичь желаемых результатов.

Ex 4. Match the term with the appropriate explanation.

Economy, inputs, Economics, output, goods, factors of production, services

1. Resources used in the production process, such as labour and raw or semifinished materials.

2. Physical commodities produced by people for other people’s consumption.

3. The social science that studies the production, distribution and consumption of goods and services.

4. An organized system for the production, distribution and consumption of wealth (the needs of society).

5. The total value of all goods produced and services performed by a producer, an industry or a country.

6. A class of economic goods that consists of the work of human in the form of physical labour, knowledge, advice and other activities.

7. The basic things that are used by man, especially land, labour, capital and enterprise, to produce economic goods.

Ex 5. Answer the questions and do the assignments.

1. What are the three basic problems of daily living every group of people must solve?

2. What does Economics study? Why is it placed within the social sciences?

3. What is meant by goods? By services?

4. Comment on the central economic problem for society.

5. In what way is Economics connected with human behaviour?

6. Whose interaction constitutes economic activity? Expand on their roles.

7. What is the volume of commodities to be produced and purchased limited by? What consequences does this fact involve?

8. What stands for the notion “rational decisions”?

Ex 6. Find in the text the words and phrases that mean:

1. the part of human behavior which relates to the production, exchange and use of goods and services;

2. the production of goods and services for the satisfaction of the needs and wants of consumers;

3. a regulator, supervisor and promoter of economic activities;

4. three types of economic agents;

5. factors influencing economic decision-making.

microeconomics, macroeconomics, household budget, positive economics, normative economics