The economy depends about as much on economists as the weather does on weather forecasters

6. Economy is how to spend money without enjoying it.

7. “The gap in our economy is between what we have and what we think we ought to have – and that is a moral problem, not an economic one.” (Paul Heyne)

8. “ Economy is the method by which we prepare today to afford the improvements of tomorrow.” (Calvin Coolidge)

9. “ Economics is a subject that does not greatly respect one’s wishes.” (Nikita Khrushchev)

10. He is responsible for the government’s modest economics.

11. “People want economy and they will pay any price to get it.” (Lee Iacocca)

12. “Henry Ford was right. A prosperous economy requires that workers be able to buy the products that they produce. This is as true in a global economy as a national one.” (John J. Sweeney)

13. “It’s called political economy because it is has nothing to do with either politics or economy. ” (Stephen Leacock)

14. The economics of the third world is a constant concern of the international community.

15. There was mostly silence. I have never known such economy with words.

Task 6. a) The words below frequently occur before “ECONOMICS”.

b) Which of the above word combinations can be translated as:

1. Планове господарство;

2. економіка промисловості;

3. обґрунтування економічної політики;

4. математична економіка; економетрія;

5. прикладна економіка; прикладна економічна теорія;

6. радикальна економіка (термін, що позначає марксистські економічні вчення, а також деякі вчення анархічного характеру);

7. економічне шаманство (економічні програми, які спочатку здаються привабливими, але згодом виявляються неспроможними);

8. економіка бізнесу (використання принципів і моделей економічної теорії для аналізу конкретних управлінських і комерційних завдань на підприємстві)?

Task 7. Translate into Ukrainian.

1. Application of radical economics in practice has led to adverse results.

2. The terms planned economy and planned economics are often used interchangeably.

3. The term “voodoo economics” was first suggested by George Bush Sr. in 1980 to characterise policy economics of his rival in the presidential campaign, Ronald Reagan.

4. Applied economics, business economics, and mathematical economics are among the subjects taught to university students.

5. First published in 1952, the Journal of Industrial Economics has a wide international circulation and is recognised as a leading journal in the field.

6. The “dismal science” is a name for economics coined by Thomas Carlyle, the Scottish essayist and historian (1795-1881).

Task 8. Practice reading the following words.

1. to achieve [ə`t∫i:v] 2. aggregate [`ægrıgət] 3. to analyze [`ænəlaız] 4. area [`eəriə] / [`eriə] 5. available [ə`veıləb^əl] 6. behaviour [bı`heıvjə] / [bı`heıvj^ər] 7. to compete [kəm`pi:t] 8. to concern [kən`sə:n] 9. consumption [kən`sAm p ∫^ən] 10. convenience [kən`vi:niən^ts] 11. crucial [`kru:∫^əl] 12. decision [dı`sıჳ^ən] 13. determination [dıֽtə:mı`neı∫^ən] 14. dismal [`dızm ə l] 15. to exceed [ık`si:d] 16. finite [`faınaıt] 17. goal [gəul] / [goul] 18. human [`hju:mən] 19. intensity [ın`ten^tsəti] 20. issue [`ı∫u:] / [`ısju:] / [`ı∫ju:]

21. leisure [`leჳə] / [`li:ჳ^ər] 22. macroeconomics[ֽmækrəuֽi:kə`nOmıks] 23. to mea­sure[`meჳə] / [`meჳ^ər] 24. microeconomics [ֽmaıkrəuֽi:kə`nOmıks] 25. to observe [əb`zə:v] 26. optimizing [`Optımaızıŋ] 27. overview [`əuvəvju:] / [`ouv^ərvju:] 28. precisely [prı`saısli] 29. quality [`kwOləti] / [`kwα:ləti] 30. reason [`ri:z^ən] 31. resources [rı`zO:sız] / [`ri:sO:rsız] 32. to satisfy [`sætısfaı] 33. scarcity [`skeəsəti] / [`skersəti] 34. specific [spə`sıfık] 35. subdiscipline[ֽsAb`dısəplın] 36. Thomas Malthus [`tOməs `mælθəs] 37. wages [`weıGız]

Task 9. Read the text.

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