Reading drills

1. Practise the pronunciation of the following words:

a) stress the first syllable:

term, need, want, necessary, clothing, purchase, sometimes, love, shelter, food, level, means, satisfy, hamburger, favourite, point, difference, marketplace, product, count, range, willingness, measurable;

b) stress the second syllable:

vocabulary, demand, requirement, survival, accomplishment, acceptance, review, express, reflect, particular, ability, desire;

c) stress the third syllable:

represent, individual.

Text B

Economics like any other social science has its own vocabulary. To understand economics, a review of some key terms¹ is necessary: needs², wants³, and demands⁴.

A need is a basic requirement for survival. People have basic needs such as food, clothing and shelter. People also have higher level needs, such as communication, love, acceptance, knowledge, hope and accomplishment.

A want is a means of expressing a need. Food, for example, is a basic need related to survival. To satisfy this need, a person may want a pizza, hamburger or other favourite food. That is there are any number of foods that will satisfy the basic need for food.

The point is⁵ that the range of things represented by the term «want» is much broader than those represented by the term «need».

Sometimes the difference between a want and a need is clear, at other times, it is not.

A basic need is reflected in a want for a particular product⁶. A want cannot be counted in the marketplace until it becomes a demand — the willingness and ability to purchase a desired object. Since an individual has limited resources, only some wants will end up as measurable demands⁷.

Comments

1. key terms — основнi термiни

2. needs — потреби

3. wants — бажання

4. demand — попит

5. the point is — річ у тім, що

6. particular product — певний продукт

7. measurable demand — урахований попит

VOCABULARY EXERCISES

I. Give the English equivalents for:

суспiльна наука; основнi термiни; бажання; попит; основнi потреби; житло; основна вимога для виживання; певний продукт; потреби вищого ґатунку (рiвня); почуття завершеностi; спосіб вираження потреби; улюблена їжа; річ у тім, що; готовнiсть; урахований попит; здатнiсть (спроможнiсть); бажана рiч; обмеженi ресурси.

II. Give the corresponding nouns to the following verbs:

to require, to know, to accept, to survive, to achieve, to satisfy, to differ, to communicate, to develop, to fulfil, to employ, to relate, to express, to reflect, to establish, to accomplish.

III. Fill in the blanks below with the most appropriate terms

from the list:

service; social science; product; basic needs; demand; need; want; marketplace.

1. Economics like any other ________ has its own vocabulary. 2. People have _____________ such as food, clothing and shelter. 3. The range of things represented by the term _________ is much broader than those represented by the term __________ . 4. A want cannot be counted in the __________ until it becomes a __________ . 5. Demand is the consumer’s willingness and ability to buy a _________ or _________ at a particular time and place.