2017-11-01
606
Economics
1. Economics is the social science that analyzes the production, distribution, and goods and services. The term economics comes from the Ancient Greek oikonomia (“management of a household, administration”). Current economic models emerged from the broader field of political economy in the late 19th century. Classic economics concentrates on how the forces of supply and demand allocate scare products’ and resources. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin* to the physical sciences.
2. Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society in business, finance and government but also in crime, education, the family, health, law, politics, religion, social institutions, war and science. At the turn of the 21st century, the expanding domain of Economics in the social sciences was described as economic imperialism.
3. Common distinctions are drawn between various dimensions of economics. The primary distinction is between microeconomics, which examines the behavior of basic elements in the economy, including individual markets and agents (such as consumers and firms, buyers and sellers), and macroeconomics, which examines issues affecting an entire economy, including unemployment, inflation, economic growth, monetary and fiscal policy. Macroeconomic models and their forecasts are used by both governments and large corporations to assist in the development and evaluation of economics policy and business strategy.
VIII. Answer the questions:
1. What does classic economics concentrate on?
2. When was the expanding domain of Economics in the social sciences described as economic imperialism?
3. Who uses macroeconomic models and their forecasts?
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Variant III
I. Complete the sentences (1- 9) with the words (a-i):
A) salary b) projects c) competitive d) CEO e) pension f) rate g) customers
H) routine i) department.
1. A retired person is paid a ………..
2. According to everyone in the.........., she is a very good boss.
3. Some of my work is quite interesting, but a lot of it is just ………..
4. If you are paid monthly, rather than weekly, you receive a ………..
5. Some workers travel to different countries to work on……….
6. A ……….makes important decisions and leads the company.
7. The currencies exchange……….usually changes every day.
8. In the past, companies tried to be more……..by offering a better price.
9. Companies often carry out market research to find out what ……..think.
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II. Match (1-9) with (a-i) to make up sentences:
| 1. Paper currency didn’t gain 2. A cut in pension benefits 3. Youth joblessness can be especially problematic 4. The former accountant was charged 5. The museum's latest acquisition is 6.The production and distribution of goods requires the use of economic resources. 7. Modern complex economies involve the interactions of large numbers of people. 8. A large firm is typically a corporation which is a legal entity in itself. 9. Growth in trade has been accelerated by the removal of barriers. | a) requires the use of economic resources. b) the interactions of large numbers of people. c) a four-million-dollar sculpture. d) by the removal of barriers. e) in the euro area. f) widespread usage in Europe until later. g) with multiple counts of tax evasion. h) can lead to increased private savings. i) which is a legal entity in itself. |
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