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II. Read the text and be ready to do the tasks:

I Am a Would-Be Economist

As our country has a market-led economy, the profession of economist becomes more and more required on the job market.

The central problem with which economists deal is to determine the most efficient ways to allocate the factors of production and solve the problem of scarcity. The scarcity is created by society’s unlimited wants and limited resources.

Income, savings, profits and taxes enable people, institutions and government to purchase goods, products you can touch, and services, work, performed for pay that benefits others.

Economists develop methods for studying and explaining how individuals, businesses and nations use their available economic resources. Large corporations use economists to study the ways they do business and to suggest methods for making more efficient use of their employees, equipment, factories, and other resources.

Economists have two ways of looking at economics and economy. One is the macro approach, and the other is the micro.

Macroeconomics examines questions such as how fast the economy is running; how much overall output or total income is being generated. It also seeks solutions to macroeconomic problems such as how employment can be increased, and what can be done to increase the output of goods and services.

Microeconomics examines cause-and-effect relationships that influence choices of individuals, business firms and society.

So you can easily see that without an economist business can be neither profitable nor competitive. Besides, a top specialist in the field of economy can easily find a well-paid job.

III. Match the following English words and word combinations with their Ukrainian equivalents:

market-led economy шукати шляхи розв’язання

required причинно-наслідкові зв’язки

efficient ways макроекономіка

unlimited wants ні вигідний, ані конкурентоспроможний

to purchase goods ринкова економіка

economic resources купувати товари

macroeconomics необхідний

to seek solutions ефективні шляхи

cause-and-effect relationships необмежені потреби

neither profitable nor competitive економічні ресурси

IV. Decide whether the statements are True (t) or False (f):

1. Ukraine has a planned economy.

2. The central problem of economics is to solve the problem of scarcity.

3. Economists develop methods for studying and explaining how individuals, businesses and nations use their available economic resources.

4. Large corporations use economists to teach their employees good manners.

5. Economists have two ways of looking at economics and economy.

6. Macroeconomics examines cause-and-effect relationships that influence choices of individuals, business firms and society.

V. Replace the words in brackets by the English equivalents and translate them into Ukrainian:

1. Income of the family this year was equal to (сукупний прибуток) of the previous three years.

2. Before acquiring any profession, you should study the demand of the (ринок праці).

3. This financial (установа) deals only with VIP-clients.

4. (Дефіцит) (породжує) market research and supplying consumers with the necessary goods.

5. The Prime Minister promised that all the (заощадження) would be paid back to the clients of the former “Oshchadbank”.

6. Such (підхід) to curing the economy is no good for the time being.

7. Economists have two ways of looking at (народне господарство та економіку в цілому).