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4. Underline the correct word.

1. You’ll have to travel economic/economy class.

2. What are the main changes in economical/economic system of Russia?

3. He was economical/economic in all areas of his life.

4. He studied politics and economy/economics at the university.

5. Ireland was one of the faster-growing economics/economies in Western Europe in the 1990s.

6. Old people often try to economy/economize on heating.

7. It’s a false economics/economy to buy cheap clothes.

8. It is usually economical/economy to buy washing powder in large quantities.

9. The book deals with the social, economical/economic and political issues of the period.

10. Economy/Economics is the study of how a society organizes its money, trade and industry.

Grammar in Use Past Simple- Past Continuous

5. Match the tenses with their meaning.

1. I met my friend last Monday.

a) a past action in progress interrupted by another pas action

2. I was doing my homework when the phone rang.

b) past actions which happened one immediately after the other

3. I was reading while my brother was listening to music.

c) an action which started and finished in the past at a stated time

4. He got up, had breakfast and then left for his office.

d) background description to events in a story

5. As he was walking through the woods, the birds were singing.

e) two or more simultaneous past actions of certain duration

6. Put the words in brackets into the correct tense.

1. As we (have) a lecture on Accounting yesterday we (hear) a strange noise which (come) from the hall.

2. In 1776 the Scottish professor Adam Smith (publish) The Wealth of Nations.

3. While we (discuss) the results of our activity the director (keep) silence.

4. I (come across) many interesting facts while I (surf) the Net.

5. I (revise) for my exams while my sister (prepare) a report.

6. Last week he (not to pass) his exam in Economics.

7. When I (leave) the institute my friend (remind) me of an important meeting.

8. He (set up) his company ten years ago.

9. I (try) to overcome my fear when I (come) to the exam.

10. Last year she (manage) to save money to buy a car.

7. Translate into English.

1. Вчера я закончил все расчеты и составил отчет.

2. Вчера во время переговоров мы обсуждали возможные пути выхода на мировой рынок.

3. Весь вечер вчера мы пытались найти ошибку в расчетах. Только утром мой друг обнаружил ее.

4. На прошлой неделе на лекции мы обсуждали особенности экономического развития различных стран.

5. Когда ты зашел, я искал материал для моего проекта по экономике.

6. В прошлом году он успешно сдал все экзамены.

Speaking Task

8. Work in pairs. Tell your partner what you know about the economy of our country, the UK, the USA. What are the main achievements and problems?

Writing

9. Read the text carefully and write the summary.

Points to remember:

- organize the idea in your notes into a logical order;

- condense the information where possible;

- express the ideas in your own words, but keep any key terms from the subject area;

- do not give your own opinion on the topic.

Useful phrases:

The text describes - В тексте дается описание

The key note of the text is - Основная мысль текста

The text says as follows -В тексте говорится следующее …

The main idea of the article is … - Основная мысль статьи

The problems of … are revealed in the article - Проблемыраскрываются в статье.

The questions (issues, problems) of … are considered in the text. - Вопросырассматриваются в тексте.

It is mentioned in the text that … - В тексте упоминается, что

Macro and Microeconomics

The economic life of a nation may be studied from two points of view. We may either start by looking at one person or one firm, and considering why they behave as they do; or we may look at the problems as seen by a government wishing to control an economy, considering the matter as a whole.

The first process is MICROECONOMICS - this is considering the small scale working of economic laws. Here we see a man faced with choice of ways to spend his limited money, or an individual business deciding its pricing policy. It is a branch of economics that studies how the individual parts of the economy, the household and the firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. Analyzing certain aspects of human behavior, microeconomics shows us how individuals and firms respond to changes in price and what they do at particular price levels.

Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on individuals and firms.

The second is MACROECONOMICS - here we consider the large issues and problems of a government trying to raise the standard of living of its people. It is a branch of economics that deals with the performance, structure, behavior and decision-making of the entire economy.

Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance.

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