V. Give the English equivalents of the following:

Товари та послуги, виготовляти, споживати, економічна діяльність, суспільна наука, мати справу з, обмежені ресурси, отримувати, бажання, кількість, досягти цілей, рівень життя, повна зайнятість, обмежені продуктивні ресурси, домогосподарства, власник, споживач, дохід, обсяг готової продукції, забезпечувати додаткові робочі місця, безробітний, державні організації.

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

1. We spend much of our lives working .

2. We spend a good part of the remaining time those goods and services.

3. In general terms, economics is a social science concerned with using _______________ to obtain the maximum satisfaction of ________________of society.

4. The aim of economics is to help people satisfaction or utility out of the resources at their disposal.

5. They focus on the means major economic goals.

6. We want to get the maximum benefits from the limited productive resources.

7. The basic economic models are: the circular flow diagram and ______________

8. must buy resources in order to produce goods and services.

9. Because resources are , economy cannot have an unlimited output.

10. When an economy is operating on its frontier, it can only produce more of one good by producing less of others.

11. Economics when it recommends one choice over another.

12. Positive economics is concerned with __________.

13. Since the 1930s economics is divided into two parts ________________.

14. The main task of is to understand and improve the performance of the economy as _____ a whole.

15. is concerned with the details of this “big picture”.

VII. Find pairs of words as they occur in the text:

1. to produce a. the facts

2. to obtain b. the best

3. to do c. goods and services

4. to focus on d. choices

5. to avoid e. the means available

6. to improve f. extra jobs

7. to get g- inflation

8. to make h. understanding

9. to provide i. economic goals

10. to describe k. revenues

11. to achieve 1. utility

VIII. Answer the following questions:

1. What are economic activities?

2. What does economics study?

3. What are the main questions that an economy must answer?

4. What are major economic goals?

5. What models do economists use to improve our understanding of the world?

6. When is economics said to be normative?

7. What is positive economics concerned with?

8. What are two branches of economics?

IX. Match the following terms with their definitions:

1. economics a. nominal income adjusted for inflation

2. want b. money received during a given period

3. income c. the relationship between the input of scarce resources and the resulting output of a good or service

4. economy d. the study of how best to allocate scarce resources

5. output e. thing to be desired

6. economic f. the satisfaction a consumer obtains from the growth consumption of a good or services

7. inflation g. a system for the management and use of resources

8. economic h. a rise in the general (average ) level of prices of efficiency the economy

9. utility i. the total amount of the commodity produced

10. real income k. an increase either in real output or in real output per capita