13. Think of synonyms (antonyms) to the following words.

Major, common, to study, to sell, to influence, different, demand, success, to find, limited resources, to increase, to help, aim, evaluation.

14. Insert prepositions.

a)1. Economics is the study … how people make choices.

2. These problems are common … all societies.

3. Microeconomics examines how people’s decisions affect … the supply and demand … goods and services.

4. Microeconomics analyzes allocation … limited resources … many alternative uses.

5. Microeconomics studies markets … asymmetric information.

6. Macroeconomics deals … the performance, structure and behavior … the economy … a whole.

7. Microeconomics is focused … the determination … prices.

8. Macroeconomic models are used … both governments and large corporation.

b) Microeconomics deals … the functioning … individual industries and the behavior of individual economic decision-making units. Microeconomics explores the decisions that individual businesses and consumers make. The choices … firms and consumers help explain why the economy produces the things it does. Understanding individual microdecision is very important … any understanding of a society.

Macroeconomics, … its turn, deals … the understanding of national economic complex and the behavior … the main classes and social groups.

15. Fill in the blanks with the Vocabulary on the text.

1. Economics is the study of how … and … choose to use the resources that nature and previous generations have … .

2. There are two major … of economics: macroeconomics and … .

3. Economics is a … science.

4. Microeconomics studies how people make … to allocate … resources.

5. Microeconomics analyzes market … .

6. Macroeconomics involves the sum … of economic activity, dealing with the … of growth.

7. Macroeconomists study and … to understand the determinants of … trends in the economy with particular focus on national … .

Macroeconomic forecasts are used to … in the development and … of economic policy.

Prompts: seek, assist, individuals, behavioral, income, divisions, decisions, provided, total, failure, evaluation, aggregate, issues, limited, microeconomics, societies.

16. Find in the text definitions of the following:

economics, microeconomics, macroeconomics.

17. Answer the questions on the text. Use the following expressions to begin your answer:

• The text tells the readers …

• I suppose …

• I think …

• I am certain that …

• If I got it right …

• It seems to me …

• In my opinion …

1. What is economics?

2. What fundamental choices do people make?

3. How many divisions of economics are there?

4. What does microeconomics study?

5. What is the goal of microeconomics?

6. What does microeconomics analyze?

7. What does macroeconomics involve?

8. What does macroeconomics deal with?

9. Who uses macroeconomic models and their forecasts?

10. What are major economic shocks?

11. How may major economic shocks be avoided?

18. Agree or disagree. Correct wrong statements.

I (quite) agree (with you). I don’t think so.

I think so too. I don’t agree.

Certainly! I think you are mistaken.

Just so. You are wrong

1. Economics is the study of economies of different countries.

2. Economics studies how people make choices.

3. There are many choices people should make and it doesn’t matter what the level of economic development is.

4. Microeconomics studies people’s decisions, typically in markets.

5. Microeconomics deals with the performance, structure and behavior of the economy as a whole.

6. Macroeconomics involves the sum total of economic activity.

7. Macroeconomics analyzes market mechanism that establishes relative prices amongst goods and services.

8. Macroeconomic models and their forecasts are used by individuals.

9. To avoid major economic shocks governments make adjustments through policy changes.