Read each paragraph and find the sentence(s) that reveal(s) the idea of the title

Task 24

Give the adequate translation of the sentences from the text containing degrees of comparison.

Task 25

Copy out the topic sentence in each paragraph

Task 26

Single out the most characteristic feature(s) of opportunity cost.

Task 27

Answer the questions:

1. What is opportunity cost?

2. How is the opportunity cost of an individual’s decision determined?

3. What does a trade-off imply?

4. Opportunity cost of different people is different. Agree or disagree.

5. Why is opportunity cost unique for each person?

6. Why is water so cheap while diamonds so expensive?

7. Do you use all of your resources efficiently?

Task 28

Make a plan to retell the text.

Task 29

Points for discussion

1. Economists should be good historians.

2. Economists should be good mathematicians.

3. Economists be should good statisticians.

4. More opportunity cost problems to be solved using economic analysis. Consider both implicit and explicit costs, now and in the future:

5. Speak on the opportunity cost of going to college.

6. Speak on the opportunity cost of your current job.

7. The likely future of a city or town which has no more open land for development.

8. Decision rule you use in choosing a mode of transportation to go to work.

9. Speak on which comes firs - the want or the good?

10. Comment on the following:”The first lesson of economics is scarcity. There is never enough of anything to satisfy all those who want it”. (Thomas Sowell)

11. Define the term “resource”.

12. “From an economic perspective, few things are actually free. Even wilderness is not really free”. Comment on this quotation. ( Isn’t wilderness provided free by Mother Nature?)

13. Speak on the money as a capital resource.

14. Wants and needs in our everyday life.

15. List the three basic questions that we can ask about a society’s economy. Speak on how the production possibilities curve helps us answer.

16. Speak on which of the following is not held constant in drawing up a nation’s PPF.

a) the nation’s technology

b) the nation’s labor

c) the nation’s capital resources

d) the nation’s money income

e) the nation’s land

UNIT 2

There can be economy only where there is efficiency.

(Benjamin Disraeli)

ECONOMIC SYSTEMS

Pre-reading tasks

Task 1

Practice the reading of the following words:

Task 2

Make sure you can read these words correctly and say what words in the Russian language help you (to) guess their meaning:

ideology; exclusive; individual; mixed; infrastructures; recession; polyculturalism; credit; identity; conception; respective

Task 3

Give the initial forms of the following words:

given; mixed; seller; might; motivating; best; involves; resources; encourages; more; wages

Task 4

Learn to recognize the following international words:

center; stereo; electronic; system; result; directives; effective; machines; systemic; method; social

Task 5

Read and translate the following words paying attention to the stress displacement:

produce - production - productivity; equal - equality; considered - consideration; decide - decision; industry - industrial; apply - application; possible - possibility

Text A

ECONOMIC SYSTEMS

Task 6

Date: 2015-12-11; view: 901