4. Choose the words with similar meaning from the two groups and arrange them in pairs.

A. Concept, connotation, definition, goods, ingredient, item, resources, scarcity, use, wealth, vital.

B. Articles, conception, association, determination, supplies, component, point, shortage, richness, application, life.

5. What are the opposites?

Large, broad, to decrease, excess, wealth, relevant, to exclude, directly, profit, definite.

6. Form all possible word combinations using the words of both columns and translate them in Russian.

1. investment	a) mechanism
2. relevant	b) events
3. vocational	c) benefit
4. to strengthen	d) changes
5. to derive	e) facts
6. economic	f) principles
7. to predict	g) management
8. practical	h) policy
9. to achieve	i) subject
10. production	j) links

II. Reading Comprehension

Read and translate the following text. Consult a dictionary if necessary.

My future profession

I am a student of Polotsk State University. I study at the financial-economic faculty. This faculty has 4 departments: the department of economy and production management; the department of accounting, control and analysis of economic activities, the department of finance and credit; the department of management. I study at the department of economy and production management. Our faculty was opened in 1992. The graduates of our department will work as economists, managers, entrepreneurs at different enterprises and stock companies. I feel that my profession is very important nowadays. I’ll try to do my best to become a good specialist.

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The university gives the students of our faculty all the opportunities to get good knowledge in different branches of economy. The training course includes such subjects as high mathematics, philosophy, economics, the history of Belarus, economic theory, foreign languages, informatics, etc.

The field of economy is broad and dynamic. It directly and indirectly affects the lives of every person and every organization, private and public, large and small, profit-seeking and non-profit.

The economic situation in our country has radically changed for the last 5 years. Definite problems arose in the country’s economic development. It is necessary to change the economic mechanism, to reorientate to some extent the investment policy, to strengthen links between science and production, to improve economic thinking on all levels, and to achieve substantial changes in the structure of the whole economy. Therefore, our economy needs good specialists so as to cope with these problems.

So, what do economists do? What are their goals? Economists derive economic principles which are useful in the formulation of policies designed to solve economic problems. In studying any problem or segment of the economy, the economist must first ascertain and gather the relevant facts. These facts must then be systematically arranged, interpreted and generalized upon. These generalizations are useful not only in explaining economic behavior, but also in predicting and therefore controlling future events. Finally, the general knowledge of economic behavior which economic principles provide can then be used in formulating economic policies.

Economics is a vital discipline for business. An understanding of the overall operation of the economic system puts the business executive in a better position to formulate policies.

In spite of its practical benefits, however, economics is an academic, not a vocational subject. Unlike accounting, advertising, corporation finance, and marketing, economics is not primarily a how-to-make-money area of study. A knowledge of economics may be helpful in running a business or in managing one’s personal finances, but this is not its primary objective. In economics, problems are usually examined from the social, not from the personal point of view.

In short, there are a lot of opportunities for university graduates in the sphere of economy. It depends on one’s enthusiasm and hard work what to become in future. Personally, I am ready to study hard to get a good qualification and apply for a challenging well-paid job.

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Answer the questions:

1. What faculty do you study at?

1. What does the training course include?

1. What is necessary to change taking into account the economic situation in our country?

1. What do economists do?

1. Why is it necessary for economists to generalize relevant facts?

1. Is economics a vital discipline for business? Why?

1. Is economics an academic or a vocational subject?

1. Where is a knowledge of economics may be helpful?