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1. What is economy?

2. What is economics?

3. What are the three main aspects of human activity?

4. What is the aim of economic activity?

5. What are the two branches of economics?

6. What does microeconomics study?

7. What does macroeconomics study?

8. What do we learn when we study economics?


Ex.1. Memorize the following definitions.

Product(s) – an article or substance manufactured or refined for sale.


To produce – to make, manufacture, create or form as part of a physical, biological, or chemical process.

Producer – a person or organization manufacturing goods for sale.

Inflation – a general increase in prices and fall in the purchasing value of money.

Consumer – a person who buys goods and services for personal use.

Output – the amount of something produced by a person, machine, or industry.

Ex.2. Give English equivalents to the following word-combinations and phrases.

Make your own sentences using them.

1. господарство; 2. діяльність людини; 3. покращити життя; 4. бути пов’язаним з економікою; 5. витрати на продукт; 6. економічна діяльність;

7. фінансовий добробут нації; 8. складатися з двох галузей; 9. впливати на господарство; 10. вилучати максимальну користь; 11. впливати на ринок;

12. як використовувати ресурси для досягнення цілей; 13. які фактори впливають на ціни, заробітну плату та прибуток; 14. економіка в цілому;

15. робити свій вибір; 16. змінюватися під впливом традиції;

17. виробництво, обмін та споживання товарів та послуг; 18. поведінка людини

Ex.3. Find antonyms to the following words in the text:

producer, microeconomics, in particular, individuals

Ex.4. Find synonyms to the following words in the text:

expenditures, goods, earnings, to influence, prosperous, values, market

Ex.5. Match the words to their definitions.

1. microeconomics a) a payment collected from individuals or businesses by the government
2. macroeconomics b) public place where people buy and sell goods
3.economics c) an article or substance made for sale
4. wages d) a period during which there is an increase in the monetary supply, causing a rise in the price of goods
5. tax e) careful management of money, materials and resources
6. economy f) the set amount of money expected or given for the sale of something
7. price g) a part of economics which studies the economy as a whole
8. unemployment h) the science which treats production, distribution and consumption of goods
9. inflation i) a part of economics which studies how government activities such as regulations and taxes affect individual markets
10. product j) activities that people or groups perform for other people or organizations
11. marketplace k) the number or proportion of unemployed people
12. services l) payments of money for labour or services

Ex.6. Match the words to get collocations and make your own sentences with them.

1. human a) well-being
2. to accumulate b) producers
3. economic c) process
4. financial d) wealth
5. individual e) the goals
6. overall f) needs
7. to achieve g) activity
8. political h) for life
9. to satisfy i) behaviour
10. necessary j) values of output

Ex.7.Complete the following word-combinations with prepositions where necessary and make your own sentences with them.

1. to be connected ___ the economy 5. expenditures ___ the product
2. to affect ___ prices 6. to extract profit ___ life
3. to carry ___ the choices 7. to influence ___the household
4. to be measured ___ economics 8. to consist ___ two branches


Ex.8. Complete the following sentences with the given words and expressions.

Translate them into your native tongue.

price Microeconomics management products

market goods and services earnings regulations


1. They are producing more and better _____ with the same time and resources.

2. _____ is the study of individual consumers and the business firms.

3. There is a world wide _____ for American agricultural products.

4. More people can afford to buy this item at a lower _____.

5. The purpose of advertising is to sell _____.

6. He has had to pay tax on his _____ since he has started at the firm.

7. The company’s failure was mainly due to bad _____.

8. There are too many rules and _____ governing small businesses.


Ex.9. Select the answer which best completes the meaning of the sentence.

Translate the sentences into your native tongue.

1. We can’t afford to buy the computer at this ___.

a) cost b) expense c) price

2. ___ architectural concept of the project requires paying special attention to the decorative details.

a) Full b) Exact c) Overall

3. ___ is a human activity, his management and his environment.

a) Saving b) Economy c) Thrift

4. In return for working, you will receive a ___ or salary.

a) payment b) earnings c) wage

5. All the owners of the companies operate their businesses aiming to ___ wealth.

a) accumulate b) save c) calculate

6. The ___ each day from the snack bar is usually around $500.

a) needs b) profit c) values

7. As a country we ___ more than we produce.

a) consume b) affect c) accumulate

8. This project is working for a strong, ___, and united Europe.

a) economic b) prosperous c) financial

Ex.10. Make questions to the words and expressions in bold.

1. This term describes the financial well-being of the nation as measured by economics.

2. Economics as a science consists of two main branches.

3. All our life is connected with the economy and economics.

4. The economy is the system or structure of economic life in a country.

5. Economic activity is fruitful when it gives profit.

6. Microeconomics studies individual producers, consumers, or markets.

Ex.11. Translate the following English words of the same root into your native tongue:

economy – economics – economist – economic – economical – economically –

to economize

Ex.12. Choose the correct words in italics to complete the sentences. Translate them into your native tongue.

1. He’s a student of economy / economics now.

2. At school he didn’t study the economy / economics of Great Britain.

3. He hopes he’ll make a good economist / economy.

4. There are many economic / economical problems in the world.

5. Economics / Economy is a science studying economics / economy.

6. He tries to spend money and time economical / economically.

7. This car economies / economizes fuel.

8. Davis Ricardo as a scientist made great contributions to economy/ economics.

9. Leading economics / economists can predict the country’s rate of inflation.

10. The new Honda does 50 miles per gallon. It is very economic / economical.


Ex.13. Translate the following word-combinations into English.

экономический рост экономика страны
экономический факультет экономный способ
экономически независимый изучать экономику
работать экономистом экономическая система
проблемы в экономике экономить на налогах
экономные цены экономика Украины
экономить на расходах выбор экономиста

Ex.14. Translate the following sentences into English.


  1. Мікроекономіка вивчає фактори, що впливають на ціни, заробітну плату та прибуток.
  2. Для вилучення максимального прибутку треба знати психологію споживача.
  3. Діяльність уряду має сильний вплив на економіку країни.
  4. Раціональне використання ресурсів зменшить витрати виробництва.
  5. Податки на споживчі товари та послуги контролюються урядом.


  1. Макроэкономика изучает факторы, влияющие на стоимость выпускаемой продукции, безработицу и инфляцию.
  2. Цель экономической деятельности, как людей, так и страны в целом – стать богаче.
  3. Хозяйственная деятельность включает в себя экономный способ обмена товарами.
  4. Рынок определяет, какие товары необходимо производить, чтобы удовлетворить потребности людей.
  5. Экономное использование ресурсов помогает достичь экономической цели.

Ex.15. a) Explain the saying of Bernard Show about economics.

b) Speak on the difference in the terms ‘macroeconomics’ and ‘microeconomics’.

c) Give your reasons why studying of human behaviour is so important in economics.


Date: 2014-12-29; view: 677

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