VII. Paraphrase the sentences using the synonyms from the box instead of the underlined words.

VI. Match these word combinations with their Russian equivalents.

Economics as a science

Economics is a social science studying how people apply their knowledge, skills, and efforts to the resources of nature in order to satisfy their material wants.

People’s wants are unlimited. But, at the same time, the resources available to satisfy the wants are limited in supply and insufficient. It is usual to say that such resources are scarce. Consequently, people face the problem of making choice. From the point of view of economics, the problem of choice is concerned with the problem of allocation. People are forced to decide how to allocate scarce resources to different uses and then to allocate the product of these resources – goods and services – to the individuals of society.

So, economics is connected with the study of the material aspects of life. However, the subject matter of economics is human behaviour. Economists are mostly interested in group behaviour because this is more predictable than that of an individual. Indeed, it is possible to make general descriptions of large economic groups and on their basis make assumptions and predictions.

Scientific research in economics includes studying real things in isolation from the objective reality. This is done in order to build a simplified model of a small part of the real world. Such procedure helps to study and operate the influence of different forces in the real world.

The conclusions made by economists are sometimes controversial. Rapid technical, technological, political and economic advances change the behaviour of an individual and that of different economic groups. Thus, the reliability and adequacy of certain now existing economic theories may become questionable in future.

1) goods and services	a) научное исследование
2) assumptions and predictions	b) быстрый прогресс
3) different uses	c) общее описание
4) the individuals of society	d) воздействие сил
5) general description	e) товары и услуги
6) scientific research	f) различные цели
7) the influence of forces	g) члены общества
8) rapid advances	h) предположения и прогнозы

Progress, manage, concerned, involves, use, standpoint, one person, explore

1. Economics studies how people apply their knowledge, skills, and efforts to the resources of nature.

2. From the point of view of economics, the problem of choice is concerned with the problem of allocation.

3. Economics is connected with the study of the material aspects of life.

4. Group behaviour is more predictable than that of an individual.

5. Scientific research in economics includes studying real things in isolation from the objective reality.

6. To build a simplified model of the world helps to study and control the real world.

7. Rapid technical and technological advances change the behaviour of an individual.

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