- •Introduction
- •10. Look at the following topics:
- •Why Study Economics?
- •Why study economics?
- •Exercise 3. Answer the following questions.
- •Part 1 Unit 1 Economic Activity
- •Unit 2 The Science of Economics
- •Unit 3 Different Economic Systems
- •Unit 4 The Limits on Economic Freedom
- •Revision Units 1-4
- •In ...Formal ...Successful
- •Individual formal capital future ideal
- •Impression journal real commune imperial
- •Vocabulary
- •The Role of the Market
- •Unit 5 Central Control of the Economy
- •Unit 6 Mixed Economies
- •Revision Units 1-7
- •Exercise 3. Economic Vocabulary Quiz
- •Capitalism
- •Free-Market Economy
- •Part 2: unit 8 Utility and Prices
- •Unit 9 Supply and Demand
- •Unit 10 Some Economic Laws
- •Revision Units 8-11
- •Invest accept market manage employ
- •Vocabulary
- •Law of Demand
- •Unit 11 Labour and Capital
- •Unit 12 Markets and Monopolies
- •Unit 13 The Open Market
- •Unit 14 Money and Banking
- •Revision Units 12-13
- •Organisation of the european system of central banks (escb)
- •Revision Units 1-14
- •Factors of production
- •A Short History of the European Monetary System
- •Part 3 Supplementary Texts
- •1. Markets
- •Breaking records
- •Exercise 3. Match the words (1-10) with their definitions (a-j).
- •Profit a. The administration of the material resources of an individual, community or country
- •2. The economy
- •3. National-income accounting
- •Who Gets gdp?
- •4. Measuring economic activity
- •The Output Approach
- •The Income Approach
- •The Expenditure Approach
- •5. Economic fairness and the distribution of economic rewards
- •6. Public goods, information and uncertainty
- •Public Goods
- •Global public goods
- •7. Inflation
- •Money and Inflation
- •What Causes Inflation?
- •8. The global economy and
- •International trade
- •Regulation of international trade
- •Risks in international trade
- •Economic risks
- •Political risks
- •Introduction 4
Individual formal capital future ideal
Impression journal real commune imperial
Exercise 7. Answer the following questions. The first letters of each answer will make up the name of a science.
synonym for necessary
synonym for product
scientist should use _______ and scientific methods
commodities make our life more enjoyable
synonym for property
scientists use objective and scientific _______ to describe the facts of the economy
money to be paid when we get a bank loan
synonym for the phrase 'to obey to the law'
Economics is a .
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Exercise 8. Use who, whose, that or which to complete these sentences. If necessary, add a comma where there are three dots (...).
Mr Brown… _______ phoned me yesterday ... is their Chief Buyer.
Touch-typing is a skill … _______ everyone should have.
The product … _______you requested ... is unfortunately not available.
Mrs Green… _______ e-mail address is sqreen@wiz.com ... is one of our oldest customers.
E-mails … _______ were first used m business in the 1990s ... are now the most common form of correspondence.
You can find the documents … _______ you want... in the top drawer of my desk.
Exercise 9. The following words appeared in the texts you have covered. How many of their word partners can you find in just one minute?
economic economics
to earn activity
essential freedom
science of a living
objective and scientific system
to conform to methods
complete economic commodities
unstable control
system of economy
capitalistic the law
Exercise 10. Find the name of a well-known American company by completing the puzzle. The clues are given below.
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Clues:
2. The power or right to do what a person wishes with his own property, time and effort.
4. Likely to change
6. Main teachings
8. Necessary things, e.g. food, clothes and shelter.
Now give clues for the words that are provided in the puzzle.
Exercise 11 Reading