English for fun and thought

Interpreting cartoons: Study the cartoon and answer the questions:

 

1. What is a man complaining of?

2. What opportunity has he given up?

3. What is a tradeoff for him?

4. What other tradeoffs can walking upright involve?

Understanding economics jokes:

Two men are flying in a captive balloon. The wind is ugly and they come away from their course and they have no idea where they are. So they go down to 20 m above ground and ask a passing wanderer. “Could you tell us where we are?”

“You are in a balloon.”

So the one pilot to the other:

“The answer is perfectly right and absolutely useless. The man must be an economist.”

“Then you must be businessmen”, answers the man.

“That’s right! How did you know?”

“You have such a good view from where you are and yet you don’t know where you are!”

 

Perceiving quotes about economists and economy:

· Economy is purchasing the barrel of whiskey that you do not need for the price of the cow that you cannot afford.

· Economic forecasters assume everything, except responsibility.

· Keep calm and study economics. - Promotional poster

 

Unit 3

THREE BASIC QUESTIONS

Pre-reading competency focus

 

In this unit read to learn about three basic questions that define the major economic systems, and the concepts of traditional command, market and mixed economies..

Previewing: People need to make choices because everything that exists is limited. Thus people have to compete to use these resources. This situation results in scarcity - the basic problem of economics. Scarcity means that people do not have and cannot have enough income, time and other resources to satisfy their every want.

 

Predicting: What kind of choices do scarce resources require in your opinion?

 

Vocabulary previewing: Match the words (A) and their definitions (B)

A

(1) economic system, (2) traditional economy, (3) command economy, (4) market economy, (5) market, (6) laborer, (7) mixed economy

 

B

(a)  a system in which economic decisions are based on customs and beliefs  

that have been handed down from generation to generation;

(b)  the way in which a nation uses its resources to satisfy its people’s

needs and wants;

(c) an economic system that combines the characteristics of more than one

   type of economy;

(d)  the voluntary exchange of goods and services between buyers and

sellers;

(e) a system in which the government controls the factors of production and

makes all decisions about their use;

(f) a person who works in one of the construction trades;

(g) a system in which individuals own the factors of production and freely

 make decisions about what to produce and what to consume.

 

Skimming: There are different types of economic systems in the world. Can they be faced with answering the same questions? Look through the text and find out.