Knowledge is the global currency

Success begins with a fellow’s will

If you think you’re beaten, you are. If you think you dare not, you don’t. If you like to win, but think you can’t, It’s almost certain you won’t.

If you think you’ll lose, you’ve lost. For out of the world we find Success begins with a fellow’s will. It’s all in the state of mind.

If you think you’re outclassed, you are. You’ve got to think high to rise. You’ve got to be sure of yourself before You can ever win a prize.

Life’s battles don’t always go

To the stronger or fitter man,

But sooner or later the man who wins

Is a man who believes he can.

Part I. Texts and exercises Unit 1

Pre-text exercises

1. To have no problems with pronunciation of new words from the
text find their transcription in a dictionary, try to read them fluently:
microeconomics, resource, certainly, though, convenience, decision,
budget, behavior, improve, theory.

2. Word-building
Complete and translate:

certain a. + -ly —> certainly adv. busy a. + -ness —> business n.

manage v. + -er →

decide v. + -sion →

economy n. + -ist →

+ -ics →

govern v. + -ment →

employ v. + -ment →

Consult a dictionary for correct spelling Mind the abbreviations used in dictionaries

n. = noun – существительное v. = verb – глагол a. = adjective – прилагательное adv. = adverb – наречие

Mind the pronunciation of words useful for you

economy, economics, economist, economic, economical, economically

Read the text What does economics study?

What do you think of when you hear the word economics? Money, certainly, and perhaps more complicated things like business, inflation and unemployment. The science of economies studies all of these, but many more things as well. Perhaps you think that economics is all about the decisions that governments and business managers take. In fact, economists study the decisions that we all take every day.

Very simply, economics studies the way people deal with a fact of life: resources are limited, but our demand for them certainly is not. Resources may be material things such as food, housing and heating. There are some resources, though, that we cannot touch. Time, space and convenience, for example, are also resources. Think of a day. There are only 24 hours in one, and we have to choose the best way to spend them. Our everydaylives are full of decisions like these. Every decision we make is a trade-off. If you spend more time working, you make more

money. However, you will have less time to relax. Economists study the trade-offs people make. They study the reasons for their decisions. They look at the effects those decisions have on our lives and our society.

Economists talk about microeconomics and macroeconomics. Microeconomics deals with people, like you and me, and private businesses. It looks at the economic decisions people make every day. It examines how families manage their household budgets. Microeconomics also deals with companies – small or large – and how they run their business. Macroeconomics, on the other hand, looks at the economy of a country – and of the whole world. Any economist will tell you, though, that microeconomics and macroeconomics are closely related. All of our daily microeconomic decisions have an effect on the wider world around us.

Another way to look at the science of economics is to ask, «what’s it good for?» Economists don’t all agree on the answer to this question. Some practise positive economics. They study economic data and try to explain the behaviour of the economy. They also try to guess economic changes before they happen. Others practice normative economics. They suggest how to improve the economy. Positive economists say, «this is how it is». Normative economists say, «we should».

So what do economists do? Mainly, they do three things: collect data, create economic models and formulate theories. Data collection can include facts and figures about almost anything, from birth rates to coffee production. Economic models show relationships between these different data. For example, the relationship between the money people earn and unemployment. From this information, economists try to make theories which explain why the economy works the way it does.

Words:

to deal with — иметь дело to agree — соглашаться
convenience — удобство behaviour — поведение
to choose — выбирать to guess — угадывать
to spend — тратить, расходовать to improve — улучшать
trade-off — компромисс, выбор birth rate — уровень рождае-
budget — бюджет мости
to run a business — руководить to earn — зарабатывать
бизнесом

Post-text exercises

Working on the text and its comprehension.

I. Find the answers in the text:

1. What does the science of economics study?

2. Is our demand for resources limited?

3. What kind of resources can you mention?

4. Time and space are resources, but can we touch them?

5. With what does microeconomics deal?

6. With what does macroeconomics deal?

7. Are they closely related?

8. What do economists do?

9. Every decision we make is a trade-off, isn’t it? Why is it so? 10. Do you manage your household budget?

II. Complete the sentences as in the text:

1. All our daily economic decisions have an effect…

2. The science of economics studies…

3. Time, space and convenience are…

4. Another way to look at the science of economics is…

5. Economists study the trade-off…

6. Data collection can include facts about…

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