WHY WE STUDY ECONOMICS?

1. Many of the issues in economics are public in nature, such as taxes and public debt, and are frequently the focus of intense media coverage. While only a few of us might have an opinion on the latest development in physics, almost everyone has an opinion on economic impact of a new health care policy or an income tax.

2. It is important for you to master the principle of economics, for a number of reasons.

3. First, as a citizen, you want to be informed – to use your vote wisely and to evaluate the economic implications of public property. To do this, you must have a methodology, “a road map”, to evaluate fully the economic effect of the important issues that we must decide at the local and state levels. A better understanding of economic principles can provide you with the skills you will need to make wise decisions. Of course, most issues have both political and economic implications, and the political arguments involved in your personal decision-making process may be more important than the economic ones. However, if this is true, by understanding economics, you will be able to see the “real” costs of deciding any issues on strictly political or philosophical grounds.

4. A second reason for studying economics is the value it often has as a form of consumer protection. “Caveat emptor” – “let the buyer beware” – is a warning that challenges all participants is a free market economy to take responsibility for making educated, well-informed decisions. The study of economics can provide many of the tools you need to make wise choices as you encounter the laws of supply and demand, the forces of competition, and the consequences of economic activity throughout your life. Understanding the working of the economy is an important survival skill.

5. There is one more important reason for you to study economics: to become a better economist. The study of this field will enable you to serve your customer better, improve the performance of your firm, and grow professionally. Economics is not easy to master, but if you persist and learn the concepts of economics, you will become better informed, more enlightened, and your deeper understanding of any economic system will position you for growth and success in your profession.

Vocabulary

Vocabulary exercises

1.Which of the following statements are true/false according to the text? Correct the false sentences:

2. Fill in the gaps with the words and expressions from the text:

1. _____ and _____ debt, and are frequently the focus of intense _____ coverage.

2. Almost everyone has an _____ on economic impact of a new health care policy or an _____ tax.

3. Use your vote wisely and to _____ the economic implications of _____ property.

4. A better understanding of economic _____ can provide you with the skills you will need to _____ wise decisions.

5. Most issues have both political and _____ implications .

6. The political arguments involved in your _____ decision-making process may be more important than the economic ones.

7. The study of economics can provide many of the tools you need to make wise choices as you encounter the laws of _____ and _____, the forces of competition.

8. Understanding the working of the economy is an important _____ skill.

9. The study of this field will enable you to serve your _____ better, improve the _____ of your firm, and grow professionally.

10. If you persist and _____ the concepts of economics, you will become _____ informed.

3. Find in the text English equivalents for the following:

4.Translate into Russian:

5. Fill in the gaps with the proper words and phrases: