Lesson 1 what is economics?

I. Read and memorize the following words, word-combinations and word-groups:

1. scarcity — недостатня кількість, брак чогось

e.g. Every society is faced with identical problem, the problem of scarcity.

2. to make choice — зробити вибір

e.g. Everyone goes through life having to make choices.

3. resources — ресурси

4. to satisfy one's wants — задовольняти чиїсь потреби

e.g. Human wants are unlimited, but the resources necessary to satisfy those wants are limited.

5. individual consumer — окремий споживач

e.g. Microeconomics studies individual consumers and the business firms.

6. to face with.., to be faced with the problem — стикатися з проблемою

7. opportunity costs — можливі витрати

e.g. Business is faced with the problem of choices and opportunity costs.

8. private ownership — приватна власність

9. interest – відсотки, with interest - з відсотками

10. profit — прибуток

e.g. Private ownership gives people the incentive to use their property to produce things that will sell and earn them a profit.

II. Give English equivalents of the following:

1.приватна власність 7. зробити вибір

2. прибуток 8. задовольняти чиїсь потреби

3. можливі витрати 9. ресурси

4. недостатня кількість 10. витрачати гроші

5. окремий споживач 11. стикатися з проблемою

6. досягти мети 12. виробляти товари

III. Fill in the blanks with appropriate words:

1. Everyone goes through life having to make… .

2. The price paid for the use of land is called …

3. The price paid for the use of labor is called…

4. Traditional economic ... are usually found in the more remote areas of the world.

5. Payment for the use of someone else's money, or capital, is called ....

6. ... exists because human wants are virtually unlimited, whereas the necessaries to satisfy those wants are limited

7. The ... or factors of production as they are called, are land, labor, capital and entrepreneurship.

______________________________________________________________________

Scarcity, wages, interest, rent, choices, systems, resources

IIIА. Match the following English words and word combinations with their Ukrainian equivalents.

to define	пояснювати
to describe	описувати|зображати|
to explain	|аби|вести бізнес|справу|
to affect decisions	|аби|впливати на рішення|рішучість|
to do business	пропонувати|речення|
to suggest	визначати
to remain	залишатися

human wants	людські потреби, бажання
goods and services	підхід
the factors of production	товари і послуги
the natural resources	багатство
the human resources	рішення
the employee	працівник|службовець|
the employer	працедавець|підприємець|
the equipment	прибуток|дохід|
the wealth	природні ресурси
the income	дохід|прибуток|
the profit	людські ресурси
the decisions	обладнання, устаткування|екіпіровка|
the consumer	споживач
the approach	чинники|фактори| виробництва|продукції|
interest	відсотки

IV. Read and translate the text: