Ex.21. Read the text. Choose the best sentence A-G to fill each of the gaps 1-7. Do not use any of them more than once

A Again, economics is about solving problems.

B Economics is a social science

C In other words, we have unlimited possibilities in life to do whatever we want, but we are limited by the resources we have to do these things.

D Namely, jobs, and decent-paying ones at that.

E The role of the economist may differ from that of the manager.

F Traffic jams can be prevented.

G You need to spend time studying or working which prevents you from movie watching and dancing.

H Economics, first and foremost, is a social science.

Ex.22. Read the text and decide whether the following statements are true or false. Correct the false statements.

1. Economics helps you understand how stock markets and other markets work.

2. Economics is a business degree.

3. Economics teaches important business skills.

4. Economics helps to explain the mysteries of how people and society operate.

5. Economics is defined as the study of how people choose to use their unlimited resources in an attempt to satisfy their scarce wants.

6. Economics builds scientific models to explain why people behave the way they do.

7. In economics, driving is a resource and freeways, time, and money are wants.

8. Economists work in all facets of the business world, including manufacturing, mining, banking, insurance, and retailing.

9. Economists are trained to think analytically and critically to solve complex problems.

10. Only large firms hire economists.

11. Large firms tend to have whole divisions dedicated to economic research, with a number of economists addressing specialised areas.

Ex.23. Read text B again and answer the following questions.

1. What is not economics?

2. How is economics defined?

3. Why does economics build scientific models?

4. How do economists use these models?

5. What is economics about?

6. Why do businesses need economists?

7. When did businesses begin to hire economists?

8. How do large and small firms hire economists?

9. What is the role of the economist?

10. What does the manager use to make decisions?

Text C: Micro, Macro and Fantasy Economics

Ex.24. Before reading

Can you anticipate what ‘fantasy economics’ is about?