Английский язык для студентов, изучающих экономику, 3 курс, сокращенная версия, часть 1 (1 семестр) (стр. 1 )

Академия управления при Президенте Республики Беларусь

Английский язык для студентов,
изучающих Экономику

3 курс

Сокращенная версия

Часть 1 (1 семестр)

Минск 2010

Unit 1 Introduction to Economics

I. Anticipating the Issue

Discuss your answers to the following questions.

1.  What is economics? What is economy? How are they interconnected?

2.  What is national economy? What is international (world) economy? Are they interconnected?

3.  What do economists as experts in the science of economics do?

II. Background Reading

Read the following text. Focus on the meaning of the boldfaced words. Determine whether what you anticipated coincides with the information of the text.

Introduction to Economics

1. Why is it important to study economics or learn about our economy? There are many reasons, but one of the most important ones is concerned with how people get the goods and services they need and want. It also focuses on money - how it is made, lost, used and misused, issued and called in. When our economy does well, we as a nation and as people do well. When our economy is in stagnation, recession or even in crisis, the nation suffers and we as people don't always get the goods and services we need. Thus it is important for all people to be informed about the economy.

2. Throughout history there have always been people who obtained what they wanted or needed by force. The barbarians who sacked Rome practised this form of “economic activity,” and in modern times it is practised by armed robbers. But a society worthy of the name requires an orderly system of producing and distributing the necessities and luxuries of life. Such a system is essential to a stable society. Economics is the study of systems of production and distribution - which are called economies - and of their fundamentals, dynamics, and results.

3. Making it easier for understanding economics is the study of making choices. We need economics because we as individuals and as the society experience scarcity (of raw materials, of goods and services, of time, and so on) in relationship to our ever-growing needs and wants. Economics examines how we make choices: a new car or college tuition, more hospitals or more highways, more free time or more income from work? It gives us a way of understanding how to make best use of natural resources, machinery, and people's work efforts. 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 education, the family, health, law, politics, religion, social institutions, war, and mon distinctions are drawn between various dimensions of economics: between positive economics and normative economics or between economic theory and applied economics. However the primary distinction is between microeconomics which examines the economic behaviour of agents (including individuals and firms) and macroeconomics addressing issues of unemployment, inflation, monetary and fiscal policy for an entire economy. Economists (experts in the science of economics) seek to measure well-being, to learn how well-being may increase overtime, and to evaluate the well-being of the rich and the poor.

4. One of the most important parts of the economy is a market which can refer to any place that brings together a buyer and a seller to agree on the price to exchange goods or services. Markets vary in size, range, geographic scale, location, types and variety of human communities, as well as the types of goods and services traded. A market can be very formal such as a shop, a parking lot, a financial market (the Stock Exchange) or it can be a car boot sale, selling goods from a street corner or an advert in a local newspaper.

5. National economics of every country is the study of how a nation, rather than an individual, can be made wealthy. In its study lies the answer to how all manufacturing that has moved to other countries and all jobs that have been outsourced can be returned to the country, how real wages can be dramatically increased, and how, at the same time, the people can have more leisure. We have the capability to completely eliminate poverty, provide excellent medical care to all, increase leisure time, reduce working hours, be wealthier, provide every family with a decent home, afford to live and raise children on a single salary, eliminate the national debt, eliminate all personal debts, and to produce almost everything we consume.

6. A national economy of any country can focus on producing all of the goods and services it needs to function, but this may lead to an inefficient allocation of resources and hinder future growth. It is more valid when each country concentrates on the production of one thing that it can do best. Determining how countries exchange goods is the backbone of international trade theory, as the part of the world economy. International economics describes and predicts production, trade, and investment across countries. Wages and income rise and fall with international commerce even in large and developed economies. In many countries, international economics is a matter of life and death. Economics as a field began in England in the 1700s with a debate over issues of free international commerce, and the debate continues.

7. The concept of business economics as a science can comprehensively be described with the saying “The economy is to business as the ocean is to fish”. It is the environment in which business operates. The more you know about this environment, the better you will function as a manager, analyst, and decision-maker.

III. Vocabulary Reinforcement

A. Vocabulary

Match the words with their definitions.

Now and further on use the Longman Business English Dictionary, Webster’s Dictionary or electronic dictionaries which will help you to expand your professional vocabulary.

economics, n	tell in advance what will happen
economy, n	steady, solid
economic, adj	make or become different
economical, adj	connected with trade, industry and wealth
stagnation, n	the study of the use of resources to produce and distribute wealth
recession, n	insufficiency, shortage
allocate, v	collapse of economy or trade
stable, adj	temporary period of reduced business activity/trade
vary, v	which saves money
scarcity, n	the way in which a country produces and distributes goods
eliminate, v	remove, exclude
predict, v	give smth as a share for a particular purpose

B. Word Families

Complete the chart.

Verb	Adjective	Noun
economize
		stability
	variable/various*
stagnate
	scarce
	predictable
		allocation
		elimination
recess

*Remember: these two adjectives have different meanings:

variable = which varies/changes all the time: The weather in Great Britain is variable.

various = different/several: We’ve met on various occasions.

C. Word Groups

1. Match the words having similar meanings.

elimination	drop
unemployment	welfare
producer	consumer / purchaser
buyer	manufacturer
fall	removal
well-being	job losses

2. Match the words having opposite meanings.

economy does well	wealthy
sufficiency (of goods)	concentrate on
seller	economy is in stagnation
poor	rise
neglect	scarcity
(wages and income) fall	buyer

D. Word Fields

Which of the words and phrases below are associated with the following: 1) economic weakness, 2) doing well economy?

Boom; the nation suffers; stagnation; a wealthy society; stability; recession; to do well; to eliminate poverty; unemployment; scarcity of goods and services; wages and incomes rise; to reduce working hours; a decent home; inflation; price rise; sufficiency of goods.

E. Word Usage

plete: use an appropriate preposition where necessary.

to (2), about (2), in, of (2), with, at

1.  It is important to study … economics and learn … our economy.

2.  A market refers … any place that brings together a buyer and a seller.

3.  Markets vary … size, range, geographical scale and variety … human communities.

4.  Every family should be provided … a decent home.

5.  The more you know economics, the better you will contribute … the development … our country’s national economy.

6.  National economy of any country aims … making the nation wealthy.

2. Linking: match the first half of each sentence with the most appropriate second half.

1.  Economics can be defined as …	a) our economy does well.
2.  We as a nation do well when …	b) the study of making choices.
3.  Economics explains how …	c) efficient allocation of resources.
4.  National economy aims to explain how …	d) our economy is in stagnation, recession or crisis.
5.  The nation suffers when …	e) economies work and how economic agents interact.
6.  A market can be referred to as …	f) a place that brings together a buyer and a seller.
7.  A national economy of any country focuses on …	g) a nation can be made wealthy.
8.  International economics …	h) predicts production, trade and investment across countries.

plete: use appropriate information from the text to finish the following sentences.

1.  It is important for all people to be informed about the economy because …

2.  We need economics because … .

3.  Economists are experts in the science of economics, they … .

4.  National economy of every country is … .

5.  International economics predicts … .

6.  There are certain distinctions between macroeconomics and microeconomics: … .

4. Translate: give the English equivalents for the following word combinations.

Экономика (наука); экономика (страны); экономическая деятельность; экономное использование ресурсов; экономика процветает; экономика находится в застое; экономический анализ; рынки отличаются размером; производить товары; потреблять товары; стабильное общество; спад экономики; покончить с бедностью; дефицит (нехватка) товаров; нерациональное распределение ресурсов; прогнозировать развитие производства и торговли.

5. Translate the following sentences into English.

1.  Экономисты являются экспертами в области экономики – науки о том, что производить и как распределять, как рационально использовать ресурсы, как повышать благосостояние людей и т. д.

2.  Если экономика страны процветает, то и общество процветает. Если же экономика страны находится в состоянии застоя, то общество страдает от безработицы, недостатка товаров, инфляции.

3.  Рынок, в широком смысле слова, можно рассматривать как место, где встречаются покупатель и продавец. Один предлагает товары или услуги, другой хочет приобрести их.

4.  Вопрос рационального распределения ресурсов является особо важным для национальной экономики любой страны. От его решения зависит стабильность развития общества.

5.  Национальная экономика любой страны сосредоточена на различных проблемах, таких как повышение зарплат, искоренение бедности среди населения, сокращение рабочего дня, обеспечение каждой семьи достойным жильем и т. д.

IV. Reading

A. Reading for the Main Idea

Read the text to understand the main idea of it and try the following tasks.

1. Choose the statement that best summarises the main idea of the text.

1.  Economists are experts in the science of economics.

2.  Economics is the study of systems of production and distribution.

3.  When the national economy does well, the nation does well, too.

2. Answer the following questions.

1.  What does economics as a science study?

2.  What are the main concerns of any country’s national economy?

3.  Is it important for ordinary people to be informed about economics and economy? Why?/ Why not?

B. Reading for Details

Read the text again to understand details and try the following tasks.

1. Understanding Expressions: give the best explanation for each of these phrases used in the text.

To study economics; economy does well; economy is in stagnation / recession / crisis; economic activity; to experience scarcity of goods and services; a stable and wealthy society; markets vary in size, range … and variety of human communities; to eliminate poverty; inefficient allocation of resources; to predict production and trade across countries.

2. According to the text, mark these statements T (true) or F (false).

1.  It is important only for economists to be informed about the economy.

2.  Economics is the study of making choices.

3.  Economics aims to explain how economies work.

4.  Microeconomics deals with unemployment and inflation.

5.  Macroeconomics examines the economic behaviour of individuals and firms.

6.  National economy is the study of how a nation can be made wealthy.

7.  It is not valid when each country concentrates on the production of one thing it can do best.

8.  International economics predicts production, trade and investment across countries.

3. Give the best definition for the following economic terms.

Economy, economics, world economics, world economy, scarcity of goods, market, allocation of resources, economic stability.

4. Choose the variants that best explain the idea of the sentences below.

1.  Economics is the study of systems of production and distribution - which are called economies – and of their fundamentals, dynamics, and results.

a)  Economics examines markets and their role in satisfying people’s needs.

b)  Economics explains how economies work, how natural resources, machinery and people’s labour are used.

c)  Economics aims at studying economic behaviour of agents, firms and individuals.

2.  A society worthy of its name requires an orderly system of producing and distributing the necessities and luxuries of life.

a)  The system of production and distribution depends on the name of the society: capitalist, socialist, communist, etc.

b)  The system of production and distribution is ordered by the government.

c)  The system of production and distribution is well-structured and aims at meeting the needs and wishes of people.

5. Give profound answers to the following questions.

1.  Why can economics be regarded as the study of making choices?

2.  What is the relationship between the way our economy does and the way our people do?

3.  What is a market?

4.  What is any country’s national economy concerned with?

5.  What is world economy? What is world economics?

6. Practise reading §5 of the text. Translate it into Russian. Give a short summary of it.

C. How the text is organised

1. What do these words refer to in the text?

1) it (§ 1); 2) which (§ 4); 3) its (§ 5); 4) it (§ 6); 5) that (§ 6)

2. Find the paragraphs of the text dealing with the following concepts.

1) international trade theory; 2) the concept of business economics; 3) the subject and the aims of economics; 4) a market concept; 5) the importance of being informed about the economy.

V. Speaking

A. Giving your opinion

Explain how you understand the saying:

The economy is to business as the ocean is to fish.

B. Role play

Prepare for a role play. Read the situation and the roles, and follow the procedure.

The situation

First year students are having their first lecture on economics. The topic of it is “Introduction to Economics”.

The roles

1. Lecturer: Get your students to understand the concept of economics, the importance of studying economics and learning about our economy, the key economic terms referring to the topic of the lecture.

2. Team A: You represent the students who believe that the less ordinary people are informed about the country’s economy and economics as a science, the quieter their life is since the questions related to economics and economy are only economists’ concern and area responsibility.

Ask the lecture questions to clear up the problem. Prepare your arguments.

3. Team B: You represent the students who strongly support the idea that everyone but not only economists should be well informed about economy and economics. Prepare your arguments.

Moreover, make sure about the meaning of some economic terms related to the topic of the lecture.

4. Moderator: You evaluate the performance.

The Procedure

1.  Appoint a lecturer.

2.  Form two teams for the two roles.

3.  The lecturer delivers the lecture.

4.  Team A voice their opinions.

5.  Team B give arguments against Team A’s opinions.

6.  The lecturer answers the students’ questions.

7.  Team B ask the lecturer questions related to the difference between such concepts as: economy / economics, economic / economical, microeconomics / macroeconomics, positive economics / normative economics.

8.  The lecturer answers the questions and sums up the discussion.

9.  The moderator evaluates the participants’ performance.

VI. Writing

Write an essay on one of the following topics. Use the ideas and vocabulary from the unit. Try to incorporate the following:

·  an introductory paragraph that presents the topic;

·  paragraphs (at least two) that develop your arguments with supporting evidence;

·  a conclusion that reinforces the position you have taken.

1.  Economic analysis is applied throughout the society: in business, finance and government, in the family, health and education, in politics and science.

2.  Are you planning to specialize in national or international economics? Why?

Use the same tactics when writing essays on the topics of all the other units.

Unit 2 Microeconomics and Macroeconomics.

Factors of Production

I. Anticipating the Issue

Discuss your answers to the following questions.

1. What is economics / macroeconomics / microeconomics?

2. What are factors of production?

3. What are basic economic questions a country’s economy has to answer?

II. Background Reading

Read the following text. Focus on the meaning of the boldfaced words. Determine whether what you anticipated coincides with the information of the text.