Semester 4, Lesson 1 (46)
WHY STUDY ECONOMICS?
I. Read the following words and word combinations and learn their meanings
by heart:
economy [i:'kOnqmi]
економіка (господарство);
commerce ['kOmWs] торгівля, комерція;
commercial [kq'mз:S1] торговий, комерційний
deal with – мати справу з,
economics [ikq'nOmiks]
економіка (наука);
employment [im'plOImqnt] зайнятість;
household - домашнє господарство,
make a living – заробляти
на життя,
scarce resources [skFqs ri'sLsiz]
недостатні ресурси,
trade [treid] торгівля,
торгувати;
wage – заробітна плата,
wealth [welT]
багатство;
II. Try to repeat a tongue twister several
times, as quickly as possible, without stumbling or mispronouncing.
Whether the weather be
fine
or whether the
weather be not.
Whether the weather
be cold
or whether the
weather be hot.
We'll weather the
weather
whether we like
it or not.
Who washed
Washington's white woolen underwear
when Washington's
washer-woman went west?
III. Read,
translate text 1 and pay attention to the underlined words, ask questions to
the underlined sentences:
TEXT 1
WHAT IS
ECONOMICS?
Economy is
as old as hills. It is probably the first art which man acquired. When in
ancient times some people went out
to hunt while others stayed to defend the fire and still others traded
(exchange) some things for other ones, in all these cases we had
economy.
But
Economics as an academic discipline is comparatively new. The development
of modern economics began in the 18th century when the first important book on
Economics was published in 1776. It was "The Wealth of Nations"
written by Adam Smith (1723-1790). The author of this book was a Scottish
economist. When he published the book Adam Smith was 53 years old. In the book he described the new world of
industry and commerce. The fact is that his book founded classical
economics modern for that time.
Since that
time the subject developed rapidly. Now there are many branches of the subject.
They are microeconomics, international economics, econometrics and so on.
There is an
economic aspect to almost any topic we mention - education, health
care, religion, employment, housing, transport, defence,
etc.
Economics is
a theory of how society works. It seems to be clear. However, it is
difficult to define economics. There are many definitions of it.
The great
classical economist Alfred Marshall defined: "Economics is a study of mankind
in the ordinary business of life; it examines that part of individual
and social action which is most closely connected with the attainment
and with the use of the material requisites of wellbeing. Thus it
is on one side a study of wealth; and on the other, and more important
side, a part of the study of man".
J. Beardshaw, a British economist, gave more modern definition. It is: "The human science which studies the relationship
between resources and the various users who compete for these
resources." One common definition of economics is "the study
of how people make a living".
Economics is
the social science that describes and analyses choices from among scarce resources to
satisfy its wants. The fields of political science, sociology, psychology,
and economics often overlap. Because of the abundance of economic
data and the ample opportunity for scientific research in the real
world, economics have sometimes been called "the queen of the social
sciences". Reflecting the scientific nature of economics, the Swedish
Academy of Science in 1969 instituted the Nobel Prize in Economic Science.
ІV. Retell the text according to the
following questions:
1. How old is economy?
2. What is the first art which
man acquired?
3. What examples of economy in
ancient times can you give?
4. When was the first book on
Economics published?
5. Who was the author of the book?
6. What is described in the book?
7. What branches of economics are there?
8. Why are there many definitions of economics?
9. How did A.Marshall define economics?
10. What is J.Beardshaw's definition of
economics?
11.Why is economics sometimes called "the queen of social
sciences"?
12. When was the Nobel Prize in Economic Science instituted?
V. Learn the following
words and word-combinations with them. Translate the sentences into Ukrainian.
Vocation (n) 1)
покликання, схильність (до чогось.) vocation for bookkeeping —
покликання до бухгалтерської діяльності. He followed
his vocation and became an accountant. — Він пішов за своїми нахилами і став бухгалтером. My father saw medicine as his vocation. — Мій батько вважав медицину своїм покликанням. 2) професія; рід заняття to mistake one's vocation — помилитися у
виборі професії
Vocational - професійний, vocational qualification — професійна кваліфікація, vocational education and training (VET) -
професійна освіта і підготовка.
Сareer 1. кар’єра а) професійний ріст б) достягнення
успіху, слави to make a career in sth 2) рід діяльності, професія,
заняття 3) швидкий рух (коня), кар’єр in full career — щодуху, з
усієї сили 2. 1) швидко рухатись; нестись 2. пустити коня в кар’єр 3. швидко
відступити
Occupation 1 заняття а) (рід або вид занять
(діяльності)) His occupation is farming. — Він займаєтся сільським господарством, він працює в с/г. б)
(справа, проводження часу) He missed the bell in his occupation with the computer game. —
Захопившись комп’ютерною грою, він не почув дзвінка. 2. професія; In the space marked "occupation" she wrote "police
officer". — У графі "професія"
вона написала "поліцейський". Syn: profession, job. 3. захоплення (напр., міста)
1. He has little or no vocation for accounting. 2. He is a lawyer by
vocation, but poetry is his avocation. 3. Occupation may refer to: job (role)( a regular activity performed for payment, that occupies one's time), employment ( a person under service of another by hire), career,( a course through life), profession (a vocation founded upon specialized training), vocation (an occupation to which a person is specially drawn), a category in
the Standard Occupational Classification System. 4. A vocation is a term
for an occupation to which a person is specially drawn or for which he or she
is suited, trained, or qualified. 5. Vocational
education or vocational
education and training (VET) is an education that prepares trainees
for jobs or careers at
various levels from a trade to a craft or a position in engineering, accounting, nursing, medicine and
other health practitioners, architecture, pharmacy, law etc.
VI. Learn the following groups of:
a) synonyms:
to bring up – to
rear, to manage - to conduct – to
operate, to rent – to hire, to start a career – to launch a career, career –
life-history, vocation- calling, top – excellent – the best, to be successful in – to succeed in, achievement - attainment
b) antonyms:
marriage – divorce, impossible
– possible, to be satisfied with – to be dissatisfied with, rich - poor,
primitive – complex, expensive- cheap, to live- to
die,
VІI. Translate the following extract orally
(1 minute):
WHY STUDY ECONOMICS?
The short answer to the question ‘Why study economics?’ is that it is a
terrific subject! There are though, three very good reasons to study the
subject: The first is that it is – or should be – interesting and that it is
impossible to understand the world in which we live without some knowledge of
economics. The second reason is that it is useful, both to the individual who
studies it and also to society as a whole, since economics can lead to a better
world. The third reason is that a qualification in economics is an excellent
basis for a career.
VIIІ. 1.
Read the text and give answers in written form to the following
questions:
1).
What reason to study economics is the most important for you?
2). What is your future occupation? Do you need some knowledge in
economics?
3). Can curiosity be one of the reasons to study economics?
2.
Ask questions to the underlined
sentences in this text.
TEXT 2
WHY
STUDY ECONOMICS?
"I was curious about everything
that happens around me.
Studying
economics satisfies my curiosity."
Economics student
Interest in Economics as a major is growing for a wide range of reasons:
1. Intellectually Exciting: Economics is a field dealing with important and interesting subjects such
as management of inflation and unemployment, economic development of countries,
pollution and global warming, energy policy, national defense, international
trade and finance, social security, and many specific government policies such
deregulation of electricity, the minimum wage, agricultural price supports, and
rent control.
2. Growing Field: Economics is a dynamic field which is constantly expanding its scope.
Economics has been so successful studying its traditional subjects, that
economists have invaded other areas of study and established new fields such as
public choice economics (the application of economic analysis to the study of
politics), law and economics (now a field in top law schools), household
production theory (applying economic analysis to study household use of time,
as well as marriage, divorce, child rearing), and bioeconomics
(where economists and biologists apply economics to biology).
3. Recognized Major: Economics is a prestigious major. Economics is widely viewed as the top social science in the world today.
There is the Nobel Prize in economics. Like physics, mathematics, chemistry,
and biology, economics is highly respected as a successful academic field which
operates at the highest intellectual level.
4. Career Preparation: Economics is an extremely practical field, and a major in economics is
excellent preparation for careers in business, government, and the law, as well
as for specific areas in education, journalism, Foreign Service, consulting and
politics.
IX. Fill in the gaps, using the
following words: economy, economist, economic, economics, economize, economical.
Note: economic relies to the subject of economics,
economical means careful, not wasteful.
1. It can be said that an
early definition of was an "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 ones. 7. Investors watch the rate of growth closely. 8. Despite the efforts of the
government, the black
continues to grow. 9. That car burns so much
gasoline that it is not .
10. He lost his job so he has to by using buses instead of taking a taxi. 11. The country has always had problems of this kind. 12.
You waste too much energy by operating the machine at full speed – you should
try to be more ……. .
X. Read and translate the meanings of the following terms. Translate the
sentences with them.
Consumer - is a person who buys goods and services for
her/his own use and not for resale.
1. Consumers have the right to return faulty goods and demand a refund from
the supplier. 2. Consumer is a person whose wants are satisfied by producers.
Certificate(n) - is a written or printed paper issued by an
authority as proof of something.
1. She receives a certificate of ownership. 2. Certificate of origin is
signed either by the exporter or by an organization officially appointed to do
so. 3. Certificate of damage is needed by the importer to support his claim on
an insurer or the ship-owners.
Certify(v) - formally declare something that a certain
stated fact is true.
1. The accused has been certified to be insane. 2. You have to get these
accounts certified by an auditor.
XI. Translate the following extract in
written form:
Why do some
things cost so much? How are prices determined? Are expensive things more
valuable than inexpensive things? To help answer these questions, consider air.
Air is tremendously valuable to people. Without a constant supply of air, all
mammals, including humans, die. So air is extremely valuable. Yet how much do
people pay for air? If they are anywhere close to the surface of the earth, the
answer is probably nothing. Air is so abundant on the surface of the earth that
people just inhale to consume as much of it as they want. When people leave the
earth’s surface, however, air becomes more expensive. Scuba divers, for
example, pay dive shops to fill scuba tanks with compressed air for use while
swimming under water for extended periods of time. So prices have very little
to do with value. If they did, air would be extremely expensive because people
cannot live without air. Prices are determined by the relative scarcity or
abundance of an item in relation to its desirability.
XII. Individual work: read and translate text 3:
TEXT 3
WHAT IS ECONOMICS?
Economics is
about making choices. We make all kinds of choices every day. How much should I
spend on gas? What's the best route to work? Where should we go for dinner?
What are the pros and cons of finishing college versus taking a
job or inventing the next, best Internet startup? Which roommate should
take care of washing the dishes? Can I get that dog as a pet? Should I get
married, have children, and if so, when? Which politician should I vote for
when they all claim they can improve the economy? What is "the
economy," anyway?
Many people
hear the word "economics" and think it is all about money. Economics
is not just about money. It is about weighing different choices or
alternatives. Some of those important choices involve money, but most do not.
Most of your daily, monthly, or life choices have nothing to do with money, yet
they are still the subject of economics. For example, your decisions about
whether it should be you or your roommate who should be the one to clean up or
do the dishes, whether you should spend an hour a week volunteering for a
worthy charity or send them a little money via your cell phone, or
whether you should take a job so you can help support your siblings or
parents or save for your future are all economic decisions. In many cases,
money is merely a helpful tool or just a veil, standing in for a
partial way to evaluate some of the goals you really care about and how you
make choices about those goals.
You might
also think economics is all about "economizing" or being
efficient--not making foolish or wasteful choices about how you spend or budget
your time and money. That is certainly part of what economics is about.
However, that's just the tip of the iceberg. We all know that we can save
money or time by being more efficient in our planning. A trip to the supermarket
can be coordinated with a trip to deposit a check at the bank across the street
to save on gas. But we sometimes don't choose the most efficient options. Why
not? Economics is also about plumbing the depths of why we sometimes do
and sometimes don't make what seem like the most economizing or economical
choices.
Is economics
a science (like physics), or is it a social science, or even an art? What is
the difference, and what do we know about what we can't or don't know for now?
Can economic problems be solved by better government, more experts, bigger
computers, more engineering, better education, less government, more dispersed
knowledge, more markets? How can we make informed choices?
You've
probably heard that economists disagree about a lot of things. Actually, what
economists disagree about is politics or public policy, not economics.
Exploring the interface between politics and economics is part of the fun.
XIIІ Grammar: give 3
forms of the verbs:
To take, to use, to rely, to find, to exist, to discover, to stay, to see,
to speak, to come, to finish, to ask, to make, to laugh, to cry, to cross, to
hurry, to leave, to give, to break, to be, to have, to apply, to satisfy, to
study, to examine, to solve, to survive, to provide, to include, to die, to
feed, to pay, to depend, to determine
XIV. Game: What do you say when . . . ?
What do you say when . . .?
You should think of
‘survival’ situations where people don’t know what
to say in English or
are not sure. Write down on slips of paper three questions using the beginning
of the sentence above. Some examples are given in Box, but it is better if you
think of your own situations.
|
Survival situations You meet someone for the first
time. The taxi fare is
€11.40 and you are happy to
give a small tip, but you
only have a twenty euro note. You don’t know the
way to somewhere. The bill in the
restaurant is obviously wrong. |