Defining Economics

Economics is a science concerned with how people use available resourc­es to satisfy their wants through the process of production and exchange.

There have been many definitions of economics in the past. The earliest definitions envisaged economics as the study of wealth and the older name for economics was " political economy". Later economics was defined as " the practical science of the production and distribution of wealth".

At the turn of the 19^th century economists defined economics as a study of man's actions in the ordinary business oflife. At that time economics focused on how men got their incomes and used them.

In more recent years, the subject of economics was defined more precise­ly as " the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses".

Today economics deals with data on income, employment, expenditure, prices, production, consumption, transportation and trade.

combinations you may need

distribution n — распределение -л., income n - доход

precisely atlv - точно relationship n - связь, отношение scarce adj -.аефииитный alternative ailj - альтернативный expenditure n - расходы consumption ti - потребление

Ex. 28. Sum up Text С (orally/in writing).

Situation: Write a reply to your pen friend who asked you in one of his/her letters how English is taught to Russians in Russia.

Ex. 29. Discussion questions.

1. Now you are a student. Was entering university a turning point in your

life? How did it change your life? Can you say that you've: — become more independent;

- become more mature;

- realised that you are not a child anymore;

- learnt how to get along with people;

- understood the importance of good education;

- begun to understand the value of money.

2. Are you satisfied witli your accomplishments over the last few years?

3. Are you getting along well with the students ol'your group?

4. Are there any " serious science students" in your group, who write scien­
tific articles, do research work?

5. What interests students of your group? (money; making a good impres­
sion on teachers, on classmates; doing well at university)

6. Are you satisfied with your progress at university?

7. Have you ever had trouble learning something?

8. What is done at your English lessons? What do you enjoy doing? What do
you dislike doing?

9. In what ways can students improve English?

10. What is the most difficult thing about learning a foreign language?

11. Does it bother you when yon use. English and make mistakes?

12. When you make a mistake in English do you want your teacher to correct
you immediately or after?

13. When you meet a native English speaker: a) do you try to talk lo the per­
son; b) are you too shy to say anything?

14. Do you look upon a foreign language as an important subject on the cur­
riculum?

15. Are you thinking of studying abroad? Would you study abroad if you had a
chance?

16. Does the content ofthe courses at your university differ from that of the
courses at foreign colleges and universities?

17. Does your university have an interesting social life? Are you engaged in
the social activities at your university?

18. In your life, what would you do differently? What would you do the same?