INTRODUCTION TO ECONOMY

BUSINESS FOR BEGINNERS

ДЕЛОВОЙ АНГЛИЙСКИЙ ДЛЯ НАЧИНАЮЩИХ

МИНСК

U N I T 1

ECONOMY

When an artist looks at the world, he sees colour.

When a musician looks at the world, he hears music.

When an economist looks at the world,

he hears a symphony of costs and benefits.

D. Colander

Economy

- a system according to which the money, industry, and trade of a country or

region are organized.

- careful spending or the use of things in order to save money.

- large-size packages of goods which are cheaper than the normal sized packages on sale.

Economic

- concerned with economics and with the organization of the money, industry, and trade of a country, region, or social group.

- relating to services, businesses, etc. that produce a profit.

Economical

- something that is economical does not require a lot of money to operate.

- using the minimum amount of time, effort, language, etc. that is necessary.

Economics

- the study of the production of wealth and the consumption of goods and services in a society, and the organization of its money, industry, and trade.

Economist

- an expert or student of economics.

Economize

- save money by spending it very carefully and not buying expensive things.

Economic Institution

- a physical or mental structure that significantly influences economic decisions

Economic policy

– an action taken, usually by government, to influence economic events.

Economic model

– simplified representation of reality.

Positive Economics

– the study of what is, and how the economy works.

Normative Economics

– the study of how the economy should be, from society’s standpoint.

T E X T 1

Read the text and be ready to explain the meaning of each term given in the text.

INTRODUCTION TO ECONOMY

Economists have developed the terminology to describe economic issues. This terminology is important because if you are going to talk about the state of the economy, you need the terminology to do it. Shareholder, GDP, GNP, capital, supply and demand, costs, benefits, exchange rate are just a few of the terms the meaning of which any educated person in modern society needs to know. Two terms to be introduced to you immediately are the economy and economics. The economy is the institutional structure through which individuals in a society coordinate their diverse wants or desires. Economics is the study of the economy. That is, economics is the study of how human beings in a society coordinatetheir wants and desires.

T E X T 2

Read the text and be ready to answer the following questions:

1. What answer did Enlightenment scholars find to explain the inequality of people?

2. In what way did the 1700s mark the sciences?

3. What names of the classical economists can you give?

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