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III. Vocabulary Reinforcement

A. Vocabulary

Match the words with their definitions.

Now and further on use the Longman Business English Dictionary, Webster’s Dictionary or electronic dictionaries which will help you to expand your professional vocabulary.

economics, n

tell in advance what will happen

economy, n

steady, solid

economic, adj

make or become different

economical, adj

connected with trade, industry and wealth

stagnation, n

the study of the use of resources to produce and distribute wealth

recession, n

insufficiency, shortage

allocate, v

collapse of economy or trade

stable, adj

temporary period of reduced business activity/trade

vary, v

which saves money

scarcity, n

the way in which a country produces and distributes goods

eliminate, v

remove, exclude

predict, v

give smth as a share for a particular purpose

B. Word Families

Complete the chart.

Verb

Adjective

Noun

economize

stability

variable/various

stagnate

scarce

predictable

allocation

elimination

recess

*Remember: these two adjectives have different meanings:

variable = which varies/changes all the time: The weather in Great Britain is variable.

various = different/several: We’ve met on various occasions.

C. Word Groups

1. Match the words having similar meanings.

elimination

drop

unemployment

welfare

producer

consumer / purchaser

buyer

manufacturer

fall

removal

well-being

job losses

2. Match the words having opposite meanings.

economy does well

wealthy

sufficiency (of goods)

concentrate on

seller

economy is in stagnation

poor

rise

neglect

scarcity

(wages and income) fall

buyer

D. Word Fields

Which of the words and phrases below are associated with the following: 1) economic weakness, 2) doing well economy?

Boom; the nation suffers; stagnation; a wealthy society; stability; recession; to do well; to eliminate poverty; unemployment; scarcity of goods and services; wages and incomes rise; to reduce working hours; a decent home; inflation; price rise; sufficiency of goods.

E. Word Usage

1. Complete: use an appropriate preposition where necessary.

to (2), about (2), in, of (2), with, at

  1. It is important to study … economics and learn … our economy.

  2. A market refers … any place that brings together a buyer and a seller.

  3. Markets vary … size, range, geographical scale and variety … human communities.

  4. Every family should be provided … a decent home.

  5. The more you know economics, the better you will contribute … the development … our country’s national economy.

  6. National economy of any country aims … making the nation wealthy.

2. Linking: match the first half of each sentence with the most appropriate second half.

  1. Economics can be defined as …

a) our economy does well.

  1. We as a nation do well when …

b) the study of making choices.

  1. Economics explains how …

c) efficient allocation of resources.

  1. National economy aims to explain how …

d) our economy is in stagnation, recession or crisis.

  1. The nation suffers when …

e) economies work and how economic agents interact.

  1. A market can be referred to as …

f) a place that brings together a buyer and a seller.

  1. A national economy of any country focuses on …

g) a nation can be made wealthy.

  1. International economics …

h) predicts production, trade and investment across countries.

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