Task I.
A Match the English words and word combinations with their Russian equivalents.
1housinga домашнее хозяйство
2heatingb собирать данные
3conveniencec взаимосвязь
4trade-offd отопление
5effecte руководить бизнесом
6householdf благоприятная возможность, положение
7household budgetg жилье / здания
8to run a businessh влияние, воздействие
9to collect datai обмен, компромисс, уступка
10relationshipj семейный бюджет

B Match the words with the definitions.
1budgetA the people who control a country and make laws
2businessB information
3convenienceC company that sells goods or services
4dataD easiness
5demandE the amount of money you have for something
6governmentF how much people want something
7inflationG the number of people without work
8resourcesH something such as money, workers or minerals
belonging to an organization, country, etc., which can be
used to function properly
9trade-offI rising prices
10unemploymentJ giving away something in exchange for something

Task II. Read and translate the text.
What does economics study?
What do you think of when you hear the word economics? Money, certainly, and perhaps more complicated things like business, inflation and unemployment. The science of economics studies all of these, but many more things as well. Perhaps you think that economics is all about the decisions that governments and business managers take. In fact, economists study the decisions we all take every day.
Very simply, economics studies the way people deal with a fact of life: resources are limited, but our demand for them certainly is not. Resources may be material things such as food, housing and heating. There are some resources, though, that we cannot touch. Time, space and convenience, for example, are also resources. Think of a day. There are only 24 hours in one, and we have to choose the best way to spend them. Our everyday lives are full of decisions like these. Every decision we make is a trade-off. If you spend more time working, you make more money. However, you will have less time to relax. Economists study the trade-offs people make. They study the reasons for their decisions. They look at the effects those decisions have on our lives and our society.
What are microeconomics and macroeconomics?
Economists talk about microeconomics and macroeconomics. Microeconomics deals with people, like you and me, and private businesses. It looks at the economic decisions people make every day. It examines how families manage their household budgets. Microeconomics also deals with companies – small or large – and how they run their business. Macroeconomics, on the other hand, looks at the economy of a country – and of the whole world. Any economist will tell you, though, that microeconomics and macroeconomics are closely related. All of our daily microeconomic decisions have an effect on the wider world around us.
Another way to look at the science of economics is to ask, “What is it good for?” Economists don’t all agree on the answer to this question. Some practise positive economics. They study economic data and try to explain the behaviour of the economy. They also try to guess economic changes before they happen. Others practise normative economics. They suggest how to improve the economy. Positive economists say, “this is how it is”. Normative economists say, “we should…”.
So what do economists do? Mainly, they do three things: collect data, create economic models and formulate theories. Data collection can include facts and figures about almost anything, from birth rates to coffee production. Economic models show relationships between these different data.

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For example, the relationship between the money people earn and unemployment. From this information, economists try to make theories which can explain why the economy works the way it does.

Task III. Look through the text again and match each paragraph with the correct heading.

Paragraph 1 ______ ______________
Paragraph 2 ______ _____________
Paragraph 3 ______ ___________
Paragraph 4 ______ ____________
Paragraph 5 ______ _____________
A How economists work
B Making deals every day
C Various ideas about economics
D Two areas of economics
E Two types of economists

Task IV. Ask questions to get the following answers.
1) What do economists study?
2) Are resources unlimited?
3) What are resources that we cannot touch?
4) What science deals with people and private businesses?
5) Are microeconomics and macroeconomics closely related?
6) How many types of economists are there?
7) What do economic models do?

Task V. Translate the following sentences using the vocabulary from the text.
1)Наука экономика изучает бизнес, производство, торговлю, инфляцию, безработицу, решения, которые каждый день принимают правительства, компании и мы все.
2)В то время как микроэкономика изучает то, как ведут свои дела компании и домашние хозяйства, макроэкономика рассматривает экономику страны в целом.
3) Экономические ресурсы включают в себя как материальные ресурсы, такие как сырье, здания и другие, так и нематериальные ресурсы, например, время.
4)Каждый день мы принимаем много решений, и каждое решение – это обмен одного ресурса на другой.
5)Экономисты собирают данные и на их основе создают экономические модели.
6)Экономические модели показывают взаимосвязь между различными процессами в экономике.
7)Некоторые экономисты пытаются объяснить поведение экономики на основе собранных данных, а другие предлагают способы улучшения экономической ситуации.