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3. Pronunciation

A. Underline the main stress in each word. Practise saying the words.

Economics, microeconomic, economize, storekeeper, merchandise, fundamental, alternative.

B. Circle the word in each line which has a different vowel sound. Listen to the teacher and check your answers.

1) scarce wealth welfare therefore

2 ascertain trade saving allowance

3) society guiding discipline item

4. Word Study

A. Find international words in the text and write them out. Learn their correct pronunciation.

B. Give Russian equivalents to the following word combinations:

as old as the human race; to trade skins for flint axes; to want more than one can afford; to seek better schools; the guiding idea in economics; to spend one's allowance on a motion picture; to assemble the three vital ingredients; to combine the basic resources of labour and land; alternative definition of economics; the concept of welfare; to be relatively new; to develop rapidly; scarce resources; to use one's

savings to buy more merchandise; to satisfy one's most important needs and wants; the relationship between scarce resources and the various uses.

C. Give English equivalents to the word combinations:

выяснить сущность; определенные предметы одежды; выбрать лучший из возможных способов использования ресурсов; матери­альные активы; составлять уровень жизни; одна из ведущих про­блем экономики; увеличивать запас экономических благ; брать во внимание благосостояние; быть связанным с благополучием в це­лом; здравоохранение; продолжительность рабочего дня; право­порядок; соперничающие теоретические школы; с точки зрения экономики.

D. Match the words from A with their opposites from B.

A

В

compete, physical, fundamental, attack, well-being, assemble, scarce, economize, wealth

waste, plentiful, poverty, misery, spiritual, separate, marginal, cooperate, defend

E. Match the words from A with their synonyms from B.

A

В

economize, ingredient, guiding, assemble, vital, storekeeper, trade, item, stock, scarce, fundamental, motion picture, state, welfare, ascertain, seek, discipline, relatively

subject, gather, insufficient, comparatively, significant, leading, save, exchange, well-being, condition, film, thing, clear up, component, look for, shopkeeper, primary, supply

6. Diving Deeper

A. In pairs, think of the questions students could ask a teacher about economics, its history and guiding ideas. What would the answers be?

B. Finish the sentences according to the text.

1. Economics is the oldest ... . 2. Although economics is as old as the human race, ... . 3. Since the first major book on economics by Adam Smith ... .4. Economics is subdivided into ... . 5. A rich nation can afford more to buy. However, ... . 6. People are choosy because they do not just want ... .7. Scarcity is one of the most ... . 8. Nations do not possess enough .... 9. The resources are scarce. Therefore, .... 10. Everybody economizes to ... . 11. People, scarcity and choice are ... . 12. Having assembled the three vital ingredients in the definition of economics, we ... . 13. Economics is also the study of both ... . 14. The difference between wealth and welfare is that wealth ..., while welfare is concerned ... . 15. By physical assets we mean ....

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