Task IV Differentiate the meaning of the terms.

Passive Voice. Continuous Tenses. Neologisms.

What Is Economics

Lessons 3-4

*Task I. Read and memorize the following word:

scarcity- недостатня кількість, брак чогось

individual consumer- окремий споживач

to be faced with the problems- стикатися з проблемою

opportunity cost- можливі витрати

private ownership- приватна власність

profit- прибуток

to borrow- позичати

entrepreneurship- підприємництво

to own- володіти

income- прибуток, доход

to deal with- мати справу з

interest – дивідент, процент

Task II. Translate the word-combinations into Ukrainian:

unlimited wants, identical problem, to make choices, the problem of scarcity, try to economize, social science, scarce resources, macro approach, human resources, owner of the land, in accordance with, creation of goods and services, the use of labour.

Task III. Translate into Ukrainian. State the part of speech:

economy – economic – economical – economize – economist

limit - limited – unlimited – limitation

scarcity – scarce

society –social – socialize

decide – decisions - decided

consume – consumer – consumption – consumerism

Economy and Economics.

- The economy of Ukraine is effected by politics. - Macroeconomics is the study of the economy as a whole.

- The Students of our college study economics. - The study of the economics will help you to live a fuller life.

**Task V. Read and translate the text.

What is economics?

Human wants are unlimited, but the resources necessary to satisfy those wants are limited. Thus, every society is faced with the identical problem, the problem of scarcity. Since there is not enough of everything to go around, everyone - individuals, business firms and government needs to make choices from among the things they want. In the process they will try to economize, to get the most from what they have. With this in mind we can define economics as the social science that describes and analyzes choices from among scarce resources to satisfy its wants. The need to choose is imposed on us by our income, wealth and ability to borrow.

The development of modern economics began in 17-th century.

Economics have two ways of looking at economics and the economy. One is macro approach, and the other is the micro. Macroeconomics is the study of the economy as a whole. Microeconomics is the study of individual consumers and the business firm.

The resources that go into the creation of goods and services are called the factors of production. The factors of production include the natural resources, capital and entrepreneurship. Each factor of production has a place in our economics system, and each has a particular function. Our country is rich in natural resources. Economics also use the term ‘land’ when they speak of natural resources as a factor of production.

The price paid for the use of land is called rent. Rent becomes income to the owner of the land. Economists call the physical and mental efforts that people put into the creation of goods and services labour or human resources.

The price paid for the use of labour is called wages. Wages represent income to workers, who own their labour.

Capital is something created by people to produce other goods and services. A factory, tools and machines are capital resources. The term ‘capital’ is often used by business people to refer to money they can use to buy factories, machinery and other similar productive resources.

Payment for the use of someone else’s money, capital is called interest.

Every society must come to grips with the fundamental economics questions:

-What goods and services are to be produced?

-How are they to be produced?

-Who will receive them?

The way in which a society goes about answering these fundamental questions is known as its economic system. Economic system may be classified as traditional, command or market system. As the names suggest, resources are distributed in a traditional economy in accordance with tradition and in a command economy by government planners. Resources in a market economy are allocated in accordance with the laws of supply and demand.

*Task VI Give the English equivalents to the following:

Людські потреби, стикатися з однаковою проблемою, намагатися економити, задовольняти потреби, здатність позичати, фактори виробництва, капітал та підприємництво, виробляти товари та послуги, доходи робітників, розподіляти ресурси, згідно закону попиту та пропозиції

**Task VII. Answer the following questions:

1. Why must all societies deal with scarcity?

2. What is rent?

3. How can we define the term “economics”

4. What is wages?

5. What is interest?

6. What is microeconomics?

7. What is macroeconomics?

8. When did the development of modern economics begin?

9. How do you understand the term “factor of production”?

**Task VIII. Define the terms:

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