3 How is economics often defined?
4. What do we call the law according to which we must give up everincreasing
quantities of other goods and services in order to get more of a particular
good?
5. What are the essentials of the market mechanism?
Exercise 5. Read and translate the following dialog:
|
A.: |
People worry about love, the weather, and the economy. But not necessarily in that order. According to public-opinion polls, the economy is always one of our foremost concerns. |
|
B.: |
Yes, people worry about such questions as: - what forces shape the economy; - what determines how many jobs will be available; - how much income people will receive; - what goods will be produced; - how much pollution will be created. |
|
A.: |
And I was always wondering what, if anything, we can do to improve the economy's performance? |
|
В.: |
I see. And when asked what the country's most important problem was, three out of four Americans pointed to the drug problem. However four out of ten cited economic concerns, including unemployment, government spending, budget deficits and inflation. |
|
A.: |
But for many people, of course, concern for the economy goes no further than the price of tuition or the fear of losing a job. |
|
В.: |
I can't agree with you, because many others, however, are becoming increasingly aware that their job prospects and the prices they pay are somehow related to national trends in prices, unemployment, and economic growth. |
|
A.: |
So you think that most of us now recognize the importance of major economic events. |
|
В.: |
Yes, and that is why so many people worry about such abstractions as unemployment rates, inflation, economic growth, trade deficits, and budget deficits. |
|
A.: |
But despite the widespread concern for the economy, few people really understand how it works. And you can hardly blame them. |
|
В.: |
Certainly. The significance of billion dollar changes in output is easily lost on people who are trying to figure out how to pay this month's rent or next semester's tuition. |