Упражнение 4

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Macroeconomics and microeconomics.

Macroeconomics is a branch of economics that studies the national or regional economy as a whole. It studies the choices made by large sub-sectors of the economy: the household sector, the business sector and the government one (macroeconomics is not only about the events which take place in the economy).

After the shock of the Great Depression in the 1930s economic thinking changed greatly. Not only American economy but many other economies all around the world were affected by that collapse. Before the event most of the world economics included some level of government regulation. But after the Great Depression economists and government had to understand how the whole economy worked. That is why they had to understand macroeconomics better and realized that an economy needs to be managed. Since then governments tried to predict what would happen in economy and regulate it. Nowadays governments want to achieve steady economic growth using their macroeconomic policies.

Microeconomics is a branch of economics that studies how individuals, households and companies make decisions to distribute limited resources. In microeconomics we spend more time looking at which goods are produced, who produces them and who receives them. In macroeconomics we try to focus only on how much is produced or how many people are employed in the process. Microeconomics deals with people and private businesses. Microeconomics looks at the economic decisions people make every day. It examines how families manage their household budgets.

Microeconomics looks at how the details of the economy work. Macroeconomics looks at the whole picture. In macroeconomics the focus is on supply and demand of all goods and services produced by an economy. Microeconomics is about economic events at home but macroeconomics looks at how the domestic economy interacts with the economies of other countries.

Macroeconomics and microeconomics are closely related.

Упражнение 5

Ответьте на вопросы.

1. What does economics include?

2. How many sub-sectors does macroeconomics deal with?

3. What is macroeconomics focused on?

4. Why was economic thinking changed in the 1930s?

5. How is steady economic growth achieved?

6. Why do governments try to control the economy?

7. What does microeconomics study?

8. Is there any relationship between macro – and microeconomics?

Упражнение 6

Дополните предложения.

1. Macroeconomics deals with ….. made by large sub-sectors of the economy.

a) choices b) the services c) the government

2. The Great Depression of the 1930s in the USA changed economic……

a) thinking b) resources c) literature

3. Governments want to achieve steady economic ….. using their macroeconomic policies.

a) recession b) growth c) plan

4. Macroeconomics is not only about knowing what is happening in the …..

a) economy b) economics c) USA

5. Microeconomics is about economic events at …..

a) school b) home c) the plant

6. Microeconomics is a ….. of economics that studies how individuals and companies make the decisions.

a) branch b) source c) country

7. Before the Great Depression ….. of the world economics included some level of government regulation.

a) none b) most c) few