6. Define the function of this, these, that, those. Translate the sentences into Russian.

1. These are scarce resources that must be allocated efficiently.

2. All these assumptions are the foundations of game theory.

3. It is necessary that these attempts succeed.

4. The goal of this company has been achieved successfully.

5. Individuals make choices on what to buy. Those choices make aggregate demand.

6. It is important that this production level to be maintained.

7. Scientists think that in this economic system uncertainty and unemployment are at the minimum level.

8. Macroeconomics deals with problems of total demand, supply, production and consumption, while microeconomics examines those of individual choice and behavior.

7. Translate the word combinations into Russian.

Key word, market system, marketmechanism, market failure, business cycle, business strategy, economic development, government action, policy changes, taxation level, game theory.

8. Define the part of speech of the italicized words. Translate the sentences into Russian.

1. Economics is the study of how people make choices.

2. Macroeconomists study the determinants of aggregate trends in the economy

3. There are two areas of research that are emblematic of the discipline.

4. Macroeconomists seek to understand the determinants of aggregate trends in the economy with particular focus on national income, unemployment, inflation, investment, and international trade.

5. Microeconomics is a branch of Economics that studies how individuals and societies choose to use the limited resources.

6. Microeconomics examines how decisions affect the supply and demand for goods and services.

7. Economic activity, deals with the issues of growth, inflation, and unemployment.

8. Microeconomics analyzes allocation of limited resources among many alternative uses.

9. Microeconomics analyzes market failure, where markets fail to produce efficient results.

10. Governments try to avoid major economic shocks making adjustments which will succeed in stabilizing the economy.

11. Microeconomics primarily focuses on the determination of prices and the role of prices in allocating scarce resources.

9. 1) Find in the text Infinitives, Participles I and II, Gerunds and define their functions; 2) define the functions of this, these, that, those in the sentences from the text; 3) state the tense forms of all the predicates in the text.

10. Read the text “ECONOMICS. MICROECONOMICS. MACROECO-NOMICS” and translate it into Russian.

Vocabulary and Comprehension Exercises

11. Give Russian equivalents.

Resources that nature and previous generations have provided; behavioural science; translate into societal choices; to reach high level of economic development; to determine prices; in tern; amongst many alternative uses; market failure; perfect competition; market under asymmetric information; game theory; short-run fluctuations.

12. Give English equivalents.

Экономика (как наука); изучение; ресурсы; делать выбор; уровень экономического развития; ограниченные ресурсы; принимать решения; воздействовать на спрос и предложение; состоит в том, чтобы анализировать; с другой стороны; в противоположность; продолжающийся рост.

Read information.

Economics

Although economic and economical are both adjectives (i.e. they describe), economic is concerned with the subject “economies” (e.g. trade, industry, etc.), while economical means careful, or not wasteful, in the use of money or goods.

Use the six words: economy, economist, economic, economics, economize,economicalto complete the sentences below. Use each word once only.

1. It can be said that an early definition of … was “An Inquiry into the Nature and Causes of the Wealth of Nations”.

2. The national … is the system of the management and use of resources of a country.

3. It is often possible to … if one compares the prices of items before buying them.

4. J. M. Keynes was a famous … .

5. Inflation may cause a country to be in a bad … state.

6. It is usually more … to buy large quantities of a product than small quantities.

It is not difficult to pronounce the six words correctly, but mistakes are often made by putting the main stress or emphasis on the wrong syllable in a word. Look carefully at the two lists below: The syllable that carries the main stress is underlined:

e’conomy eco’nomics

e’conomist eco’nomic

e’conomize eco’nomical

Practice saying these words until you can produce them correctly. Note: the first sound in “economy” can be pronounced as [i:] (as in “see”) or as [e] (as in “ten”).