Pre-reading activities

1. Practise the pronunciation of the following words.

economics ["i:kq'n2mIks], economy [I'k2nqmI], economist [I'k2nqmIst], science ['saIqns], essential [I'senS(F)l], mechanism ['mekqnIz(F)m], through [Tru:], structure ['str0k7q(r)], society [sq'saIqtI], issue ['Isju:, 'ISu:], scarcity ['skEqsItI], discipline ['dIsIplIn]

2. Memorize the words.

1. household n – (домашнее) хозяйство

2. consider v – полагать, считать

3. outline v – обрисовать

4. shelter n – кров, укрытие

5. essential a – существенный, необходимый

6. desire n – желание

7. society n – общество

8. considerably adv – значительно

9. similar a – похожий

10. issue n – вопрос; выпуск

11. demand n – спрос, потребность

12. distribution n – распределение

13. consumption n – потребление

14. scarcity n – нехватка, недостаток

15. deal v (dealt, dealt) – иметь дело

3. Answer the following questions before you read Text A.

1. Do “economics” and “economy” mean the same?

2. What famous economists can you name?

3. Where do economists work?

Read Text A and fulfill the tasks which follow.

Text A

What is Economics?

The word ‘economics’ comes from the Greek word ‘oikonomica’ that means household management.

Economics was first defined by Alfred Marshall, one of the greatest Victorian economists, as the study of mankind in the everyday business of life. Adam Smith is considered to be the founder of modern economics because he was the first to outline a free market economy.

Economics is a science. This science is based upon the facts of our everyday lives. We need food, clothes and shelter. If people could get food, clothes and shelter without working, they wouldn’t probably work. But we can’t be satisfied with only these essential things, we may want other things like books, radios, TV sets, telephones, etc. So the science of economics is not only concerned with basic needs, it is concerned with all our material needs and wants.

Economics is the study of economies. The economy is the mechanism through which the use of labor, land, structures, vehicles, equipment and natural resources is organized to satisfy the desires of those who live in a society. The rules, institutions and traditions used to coordinate economic activity differ considerably among nations, but all societies must deal with similar economic issues.

The discipline of economics is concerned with the use of available productive resources in a society to satisfy what often are conflicting – desires and demands. It deals, among other things, with production, distribution, consumption and scarcity.

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