Ex. 1. Match the words and their definitions.
____ recession a) The people living together in one house collectively.
____ labour b) A source of economic wealth, especially of a country (mineral,
land, labour, etc) or business enterprise (capital, equipment,
personnel, etc).
____ household c) Productive work, especially toil ( ) done for
wages.
____ depression d) A period of decreased business activity.
____ resources e) One who fails in business; financially ruined.
____ bankrupt f) An economic condition characterized by substantial
unemployment, low output and investment, etc
Ex. 2. Fill in the gaps using the following prepositions.
1. The word economics derives _____ the Greek word Oikonomika. 2. He devoted 10 years ______ writing his work. 3. All societies must deal _____ similar economic issues. 4. The study of economics should begin _____ the sense of wonder. 5. You stop _____ petrol refined in Novopolotsk _____ Saudi Arabian crude oil. 6. It took three years to build a supertanker _____ a shipyard _____ Holland. 7. Some societies are endowed _____ nature _____ fertile land, water and natural resources. 8. Others are left ______ eroded land and cities leveled _____ war. 9 _____ any moment _____ time every society faces constraints imposed _____ nature.
Ex. 3. Match the verbs in column A with the nouns in column B.
A B
to control goods and services
to study contribution
to teach materials
to make bankrupt
to produce natural resources
to go economics
to face religion, philosophy
to distribute limits
Ex. 4. Give the English equivalents for the following words and phrases.
__________________________________
__________________________
- __________________________
_________________________________
, _________________________________
_______________________________________
______________________________________________
______________________________________
_________________________________________________
_______________________________
___________________________________
______________________________________
Ex. 5. Form nouns from the following verbs with the help of the suffixes -tion, -ment,
-sion
Model: inspect - inspection.
present, produce, distribute, develop, describe, divide, consume, select, discuss, decide, use.
Ex. 6. Use the following words related to the verb to produce in the suitable blanks in
The sentences below.
Producer, productive, production, product, to produce
1. The company __________________ a new commodity every year.
2. The companys newest _________________ is a special blue soap powder.
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3. The __________________ of soap powders met last Friday to discuss prices.
4. That factory is not as ______________________ now as it was 5 years ago.
5. The _______________ of that factory have decided that they must increase their _________ of packets of soap powder.
COMPREHENSION
Ex. 7. Match the beginnings of the sentences to their ends using the information from the
Text.
1. The word economics derives from
2. You use or consume tens of thousands of things,
3. At any moment in time every society faces constraints
4. He devoted ten years
5. Economics is the study of how human beings and societies
6. Economy is a social
7. Major economic thinkers include
A. to writing his work The Wealth of Nations.
B. constantly changing mechanism.
C. the Greek word oikonomika.
D. David Ricardo, Thomas Maltus, John Mills and others.
E. imposed by nature and by previous generations.
F. choose to use the scarce resources.
G. both tangible and intangible.
