Comprehension

Ex. 1. Expand the sentences.

1. Economists study the ways in which individuals and society choose to use… .

2. They are concerned with… .

3. About half of them are academic economists who… .

4. The other half of all economists work for… .

5. Government economists forecast… .

6. Business economists work for… .

7. Rather than take low-wage, big-industry job, people opt to… .

8. An individual hoping to start up a new company needs to have… .

9. Entrepreneurship is regarded to be… .

Ex. 2. Re-order the sentences to make a paragraph with a logical sequence.

1. The entrepreneur has no guarantee that this new business venture will be successful, and often invests his or her own savings in the business, meaning that the entrepreneur needs to be a risk taker.

2. The entrepreneur’s flair or talent ensures that the business becomes successful.

3. An entrepreneur begins with an idea and the forms of a new business.

4. The new organization begins producing goods or services.

Text 2

Read the text and answer the questions that follow. Get ready to speak on the degrees in economics.

Degrees in Economics

The amount of training required to become an economist in most countries abroad depends on the type of employment that a potential economist is seeking for.

A bachelor’s degree (four years of college) with a major in economics, finance and management is sufficient for many entry-level management positions. Most students studying at the university for the first time are undergraduate students (Am. E.) or graduate students (Br. E.). Bachelor’s degrees are generally qualification for such entry-level jobs as research assistants, trainee positions for management, or sales positions in most areas and corporations, for example, consulting firms or government departments. A Bachelor’s Degree in Economics teaches the student the fundamentals of economic theory and an understanding of the way that the balance of wealth, labor and products plays out in society. Students learn skills such as using analytical tools necessary to penetrate economic issues and gain an understanding of the way that businesses and markets function around the world. Typical courses for a Bachelor’s Degree in Economics include:

• marketing;

• accounting;

• international Business;

• industrial Organization;

• corporate Strategy;

• economic Modeling;

• tax Strategy

• statistics.

As positions increase in the amount of responsibility required, the amount of education required increases as well. Thus, master’s degrees are often needed for higher-level jobs in research or management. Students studying for a Master’s degree are called graduate students (Am. E.) or postgraduate students (Br. E.). The aim of the Master’s Degree program is to train specialists in the various sectors of economics, finance and management. It provides in-depth knowledge of international markets and economic policies, and examines the role played by public institutions and international bodies. Master’s degree programs typically take 1-2 years to complete, depending on the program. Most applicants for economist positions will have an advantage if they have a Master’s degree.

The Master of Business Administration Degree (M. B. A.) is a professional degree designed to prepare graduates for managerial roles in business and non-profit organizations. Graduates develop the necessary skills and problem-solving techniques that permit them to make an early contribution to management and eventually to move into broad, general management responsibilities at the executive level.

However, many top positions require a PhD. It is designed to prepare graduates for careers in the public and private sectors as well as academic institutions. The aim of the Ph. D. program is to equip students with an in-depth knowledge of the core fields of economics as well as provide them with more specialized knowledge of their field of specialization. A doctoral degree typically requires 3-4 years of full-time study to complete after obtaining a master’s degree. A doctoral degree program includes a lengthy dissertation, which involves independent research within the field of study that is usually published upon completion.