Discussion

1. “Studying economics is also vital to business”. Do you agree with this statement? Your opinion.

2. Prove, please that in order to become a better economist, you should study economics.

3. “Economics is not easy to master; but if you persist and learn the concepts of economics, you will become better informed, more enlightened”. Is it really so? Try to speak in detail.

4. Is studying economics worth your time and effort?

UNIT 4. ECONOMIC LITERACY IS AKIN TO SPEAKING A FOREIGN LANGUAGE

Assignment 1. Remember the meaning of the following words and word- combinations:

literacy

akin

basic

essential

term

concept

грамотность

близкий, родственный; похожий, такой же как

основной

весьма важный, существенный

термин

концепция; понятие, общее направление

average

completely

conversation

to leave out

to frustrate

to alienate

unintelligible

key

clue

framework

to fit

powerless

ill-used

sinister

wicked

to go on

intentionally

to exclude

to include

to empower

to provide a basis

pertinent

to obtain

eventually

to figure out

at all

especially

sound

unfamiliar

rudimentary

at least

drift

totally

to acquire

to impress

ability

to grasp

saving

investing

средний, обычный; нормальный

совершенно, полностью, вполне

беседа, разговор

пропускать, не включать; упускать

делать тщетным, бесполезным

отчуждать; отталкивать

неразборчивый

ключ, разгадка; основной принцип ключ (к разгадке чего-л.); нить (рассказа и т.п.); ход мысли

структура; рамки

соответствовать; приспосабливаться

бессильный

подвергающийся дурному обращению

зловещий; злой, дурной

злой; нехороший; нечистый

(упорно) продолжать; длиться

намеренно, умышленно

исключать, не допускать

включать

уполномочивать; давать возможность, разрешать (делать что-л.)

дать основание (основу)

относящийся к делу; уместный

получать; приобретать

в конечном счете, в конце концов

понимать, постигать; разгадывать

вообще, совсем

особенно, главным образом

звук

незнакомый

элементарный

по крайней мере

направление, тенденция

полностью

приобретать

производить впечатление, поражать

способность, умение

схватывать; понять, осознать

экономия, сбережение

(капитало)вложение, инвестирование

union

to lend support

employee

media

to further

cause

audience

presentation

to go up

housing

context

Isolated

pattern

assumption

Importance

to rank

pocketbook

persistent

controversy

side

hence

to enlighten the public

elected representatives

moderate

consensus

союз, объединение

оказывать поддержку

служащий

средства массовой информации (печать, радио, телевидение, реклама)

продвигать; содействовать, способствовать

дело, процесс

публика; зрители; радиослушатели; телезрители

представление, презентация

повышаться (о ценах); расти (о числе)

жилищный вопрос; жилищное строительство

контекст; ситуация, связь; обстановка

отдельный, изолированный

образец, пример

предположение, допущение

важность, значительность

занимать первое или более высокое место; стоять выше других

бумажник; кошелек

упорный, настойчивый; постоянный

спор, дискуссия, полемика

сторона

следовательно

просветить общественность (народ)

избранные представители умеренный; сдержанный

консенсус, согласованное мнение; согласие

Assignment 2. Practice the pronunciation of the following words:

literacy, foreign language, basic, essential, concepts, conversation, frustrating, alienating, unintelligible, listener, key, clue, natural, to tune out, powerless, ill-used, manipulated, intentionally, excluded, empowered, basic - basis, pertinent questions, eventually, to figure out, issue, ought, knowledge, foreigner, especially, sound, intonation, unfamiliar, ear, rudimentary, totally, to acquire, idea, through, union, governmental institution, employee, client, media, to further, cause, audience, process, per cent, housing, temperature, isolated, context, to allow, assumption, importance, above, another, persistent view, controversy, to enlighten, public, extreme, opposite, to shout, style, representative, moderate, constructive solution, consensus.

Assignment 3. Read and translate the text using a dictionary.

TEXT

Without a basic understanding of how the economy works, what the essential terms and concepts are, the average citizen is likely to feel completely left out of any conversation about what is happening in the economy and what to do about it.

To feel that you are left out is frustrating and alienating. If talk is unintelligible – if the listener is without keys or clues or a basic framework into which to fit what is being said – then it is natural for the listener to tune out and to fell powerless, ill-used, manipulated and even feel that something sinister or wicked must be going on from which he is being intentionally excluded.

In order to feel included and empowered, a citizen needs to have a basic understanding of how the world works – in this case how the economic world works – that will provide a basis for asking pertinent questions, obtaining more information and eventually figuring out what the issues are all about and what ought to be done.

Economic literacy is akin to having a working knowledge of a foreign language. If you are with a group of foreigners and do not speak their language at all, especially if its sounds and intonations are strange and unfamiliar to your ears, you tune out. You feel excluded, perhaps uneasy. If you have a rudimentary working knowledge of the language, you can at least follow the drift of the conversation, ask a few questions and feel that, even if you are not getting the fine points, you are not totally left out and you have a basis for acquiring more knowledge. That is what economic literacy means – a rudimentary working knowledge of the concepts and language of economic activity and economic policy.

We have long been impressed with the ability of quite young children to grasp ideas about buying and selling, saving and investing and even basic ideas if how economic policy works. Economic literacy ought to start in kindergarten and continue right through primary and secondary school. And if the schools do a good job of teaching economic literacy and the businesses, banks, unions, and governmental institutions lend their support and help to develop the economic literacy of their employees, members, customers and clients, then not only will the economy work better, but the economy policy will be better informed and more effective.

And then there is the role of the media, which could do a lot better in furthering the cause of economic literacy and possibly even build their audience in the process. One problem is the presentation of the statistic of the day on, say, the evening news. The audience learns that the Euro went up 1 per cent or that housing starts went down, but people are given no context into which to fit this information.

The weather reporters do better. Their audience can watch storms developing, temperatures rising or falling. There`s a map that puts the isolated statistics into contexts and allows the audience to see the patterns develop. The economic reporters have no economic map on which to show the audience how the economic patterns are developing. The assumption is that the audience will tune out. In importance to people, the weather on TV seems to rank above pocketbook issues.

Another problem with TV economics is the persistent view that what people want is controversy between two sides (always two, never three) of an issue, and hence that the best way to enlighten the public is to get two talking heads with extreme opposite views to shout at each other. Maybe people like that style but they do not learn much that helps them or their elected representatives to find more moderate, constructive solutions that might command a consensus.

Assignment 4. Find in the text English equivalents for the following Russian phrases:

в этом случае; дать основу; задать вопросы, относящиеся к делу (уместные вопросы); чувствовать себя неловко; иметь элементарные знания языка; по крайней мере; приобрести знания; вот что означает экономическая грамотность …; правительственное учреждение (ведомство); оказывать поддержку; курс Евро повысился (подорожал) на 1 %; просветить общественность; экстремистские противоположные взгляды; избранные представители; найти более умеренные, конструктивные решения.

Assignment 5. Fill in the gaps with the words and expressions from the text:

1) Economic __________ is akin to having a working __________ of a __________ __________ .

2) If you are with a group of __________ and do not speak their language __________ __________, especially if its __________ and __________ are strange and __________ to your ears, you __________ __________ .

3) That is what economic literacy __________ – a __________ working knowledge of the __________ and language of economic __________ and economic __________ .

4) We have long been impressed with the __________ of quite young children to __________ __________ about __________ and __________, __________ and __________ and even __________ ideas if how economic policy works.

5) There is the role of the __________, which could do a lot better in __________ the __________ of economic literacy and possibly even build their __________ in the process.

6) The audience learns that the __________ __________ __________ 1 per cent or that __________ starts __________ __________, but people are given no __________ into which to __________ this information.

7) There`s a map that puts the __________ __________ into contexts and __________ the audience to see the __________ __________ .

8) In __________ to people, the weather on TV seems to __________ above __________ __________ .

Assignment 6. Complete the sentences in column A choosing the correct ending from column B:

A

1) Without a basic understanding of how the economy works …

2) In order to feel included and empowered …

3) If you have a rudimentary working knowledge of the language …

4) If the businesses, banks, unions, and governmental institutions lend their support and help to develop the economic literacy of their employees, customers and clients …

5) The economic reporters have no economic map on which to show the audience …

6) The best way to enlighten the public is …

7) May be people like that style but they do not learn much that helps

them or their elected representatives …

B

a) then not only will the economy work better, but economy policy will be better informed and more effective.

b) to get two talking heads with extreme opposite views to shout at each other.

c) how the economic patterns are developing.

d) to find more moderate, constructive solutions that might command a consensus.

e) you can at least follow the drift of the conversation.

f) the average citizen is likely to feel completely left out of any conversation about what is happening in the economy.

g) a citizen needs to have a basic understanding of how the world

works.

Assignment 7. Answer the questions on the text:

1) Is it possible to know what is happening in the economy without a basic understanding of how the economy works?

2) What does a citizen need to feel included and empowered?

3) When is it better to start economic literacy?

4) What can you say about the role of the media in furthering the cause of economic literacy?

5) Do the economic reporters have the economic map to show the audience how the economic patterns are developing?

6) What is another problem with TV economics?

7) What is the best way to enlighten the public?

8) What do we mean by economic literacy?

Assignment 8. Refer to the text again and comment on the ideas:

1) A citizen needs to have a basic understanding of how the economic world works.

2) Economic literacy ought to start in kindergarten and continue right through primary and secondary school.

3) The weather on TV seems to rank above pocketbook issues.

Assignment 9. Interview your fellow-students:

1) about economic literacy and the way it influences our society.

2) if they care about their economic literacy and if they do, let them say why.

Assignment 10. Say if you have ever experienced the following. Give an example of your own illustrating a similar situation.

1) If the listener is without keys or clues or a basic framework into which to fit what is being said – then it is natural for the listener to tune out and to fell powerless, ill-used, manipulated and even feel that something sinister or wicked must be going on from which he is being intentionally excluded.

2) If you are with a group of foreigners and do not speak their language at all, especially if its sounds and intonations are strange and unfamiliar to your ears, you tune out. You fell excluded, perhaps uneasy.

3) To feel that you are left out is frustrating and alienating.

Assignment 11. Translate the following text in written form using a dictionary.