XVI. Read the international words from the text below. Say what Russian words help to guess their meaning.

XIV. Speak on the significance of economics as a science.

XII. Interpret and extend the following statements.

XI. Answer the following questions.

X. Match the words in column A with their definitions in column B.

IX. Insert the proper prepositions. Try to memorize some of these expressions.

VIII. Match the words in column A with their antonyms in column B. Make up word combinations with some of them.

A	B
scarce different general group objective simplified	specific individual complicated similar abundant subjective

In (1) of (2) to (1) with (1) by (1)

1. The resources available to satisfy people’s wants are limited … supply.

2. People face the problem … making choice.

3. People are forced to decide how to allocate scarce resources … different uses.

4. Economics is connected … the study … the material aspects of life.

5. The conclusions made … economists are sometimes controversial.

A	B
1) science	a) a computer representation or scientific description of a subject
2) theory	b) a question for which it is necessary to find the right answer, using mathematics, research or careful thought
3) problem	c) general principles and ideas about a subject
4) model	d) knowledge which is based on testing facts and stating general laws
5) assumption	e) a belief that is used as the basis for an idea, but which may not be correct because there is no definite proof of this

1. What does economics study?

2. What is the correlation between people’s wants and resources in economics?

3. Why do economists study human behaviour? Is it important for economics as a science?

4. What does scientific research in economics involve?

5. What can you say about the reliability of the scientific conclusions made by economists?

· Economics is a social science.

· Material resources are scarce.

· The subject matter of economics is human behaviour.

· The conclusions made by economists are sometimes controversial.

XIII. Find some additional information and prepare short reports on the following points:

· economic terms

· the law of supply and demand

· private property

· competition in economics

· markets and prices.

Type, system, economy, variety, structure, activity, method, category, traditionally, basic, market, command, capitalist, characterize, private, regulation, natural resources, machinery, organize, production, firm, direction, process, capitalism, authority, planned, centralized, committee, cooperative, station, transport, central, distribution, planner, computer, determine, energy, idea, planning, history, communist, operate, combine, element, principle, stimulus, invest, adapt, decentralized, principal, total.

XVI. Many words in English can function as a noun and verb, or noun and adjective, or verb and adjective, with no change in form. The meaning of the word is not always the same. Sometimes while transforming the word changes its stress. This phenomenon is called zero affixation (конверсия).

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