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VI. Complete the sentences:

  1. ……. the profession of economist becomes more and more required on the job market.

  2. ……. is to determine the most efficient ways to allocate the factors of production and ……

3. The scarcity is created by society’s …..

4. Economists develop methods for ……

5. ……..study the ways they do business and to suggest methods for making……

6. ………at economics and economy.

7. Macroeconomics examines questions such as ……

8. ……..relationships that influence choices of individuals, business firms and society.

VII. Give English equivalents to the following words and word combinations:

Народне господарство

Прибуток

Економічні ресурси

Купувати товари і послуги

Мікро- і макроекономіка

Причинно-наслідкові зв’язки

Валовий продукт

Ефективні шляхи

Збільшувати випуск продукції

VIII. Answer the following questions using information stated in the text:

  1. What is the central problem of economics?

  2. What creates the problem of scarcity?

  3. What enables people, institutions and government to purchase goods and services?

  4. What methods do economists develop?

  5. For what purpose do large corporations use economists?

  6. How many approaches are there to economy and economics?

  7. What does macroeconomics examine?

  8. What lies within the framework of microeconomics?

  9. Do you think that your future profession is required by the employers?

N.B! Think it over!

Necessity never made a good bargain.

IX. Read the Supplementary Text and summarize it:

The purpose of the International Monetary Fund (IMF) is to promote international monetary cooperation through a permanent institution that provides the machinery for consultation and collaboration on international monetary problems. Specifically, the function of the IMF is to facilitate the expansion and balanced growth of international trade, to promote orderly and stable foreign currency exchange markets, and to contribute to balance of payments adjustment. To further these objectives, the IMF monitors members’ macroeconomic policies, makes financial resources available to them in times of balance of payments difficulties, and provides them with technical assistance in a number of areas.

Much of the IMF’s work is centered on annual consultations with each member country to ensure that its national policies in the area of economic growth, price stability, financial conditions, and exchange rates take into account their consequences for the world economy and avoid unfair exchange policies. To ensure compliance with these basic tenets, the Fund is empowered to exercise firm surveillance over the exchange rate policies of member countries.

Glossary:

machinery механізм

collaboration співпраця

to facilitate сприяти

to monitor контролювати, спостерігати

assistance допомога

annual щорічний

tenet основний принцип

surveillance патрулювання

X. Explain to your former class mate why you chose the profession of economist. Be as argumentative as possible, because your friend is rather pessimistic about your choice.

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