Exercise 1. Match the words and their definitions



1. Merchandise a. the sale of goods in small quantities directly to the customer;
2. Loan b. to protect yourself against risk by regularly paying a special company that in exchange will provide a fixed amount of money in the future;
3. To insure c. things bought and sold;
4. Wholesale d. a sum of money which is borrowed, often from a bank, and has to be paid back;
5. Retail e. of or for the selling of goods in large amounts at low prices to shops and businesses, rather than the selling of goods in shops to customers.

 

Exercise 2. Match the word combinations with their Russian equivalents

1. Free enterprise a. автотранспортное средство
2. To earn a profit b. падение конъюнктуры
3. Business slump c. недвижимое имущество
4. Motor vehicle d. свободное предпринимательство
5. Real estate e. зарабатывать прибыль

 

Exercise 3. Finish the sentence adding the information from the text

1. The United States ranks first … .

2. In a free enterprise system individuals and companies own … .

3. The US economy consists of three main sectors … .

4. Primary economic activities are those … .

5. Secondary economic activities involve … .

6. Tertiary economic activities involve … .

 

Exercise 4. Fill in the missing words

Wholesale primary loans     deposits          regulations

1. Government … help protect consumers from unsafe merchandise.

2. The … sector usually contributes about 3 percent of annual GDP.

3. The United States has large … of coal, iron ore, natural gas, and petroleum, which are vital to the country's industrial strength

4. Examples of tertiary activities include … and retail trade, banking, government, and transportation.

5. Banks finance much of the economic activity in the United States by making … to both individuals and businesses

 

Exercise 5. Answer the following questions

1. What system is the American economy based on?

2. What is a free enterprise system?

3. What problems has the United States economy faced?

4. What do primary economic activities include?

5. What do secondary economic activities involve?

6. What examples of tertiary activities does the economy of the US include?

 

WHAT IS ECONOMICS?

 

Unlike history, mathematics, English and chemistry, economics is a subject that most students encounter only briefly sometimes not at all, before they begin college. Though economics has some similarities to mathematics because logical reasoning and mathematical tools are used in it extensively. It also has some similarities to history because economics studies people as they interact in social groups.

Like chemistry, economics employs the scientific method, although some of economics has a descriptive rather than an analytical flavour. Finally, like English grammar, economics has a few simple rules and principles, but from these principles economics can derive many conclusions.

Economics is the study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants. Society makes two kinds of choices: economy-wide, or macro, choices and individual, or micro, choices. The prefixes macro and micro come from the Greek words meaning “large” and “small”, respectively. Reflecting the macro and micro perspectives, economics consists of two main branches: macroeconomics and microeconomics.

Macroeconomics

The old saying “Looking at the forest rather than the trees” fits macroeconomics. Macroeconomics is the branch of economics that studies decision making for the economy as a whole. Macroeconomics examines economy-wide variables, such as inflation, unemployment, growth of the economy, money supply, and national incomes. Macroeconomic decision making considers such “big picture” policies as the effect of balancing the federal budget on unemployment and the effect of changing the money supply on prices.

Microeconomics

Examining individual trees, leaves, and pieces of bark, rather than surveying the forest, illustrates microeconomics. Microeconomics is the branch of economics that studies decision making by a single individual, household, firm, industry, or level of government. Microeconomics applies a microscope to specific parts of an economy, as one would examine cells in the body. The focus is on small economic units, such as economic decisions of particular groups of consumers and businesses.

We have described macroeconomics and microeconomics as two separate branches, but they are related. Because the overall economy is the sum or aggregation of its parts, micro changes affect the macro economy, and macro changes produce micro changes.

 


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