Comments:

it must be admitted – необхідно зазначити;

value judgement – суб’єктивна оцінка;

rather than – а не;

value judgment – ціннісне судження;

economic aggregates – сукупні економічні показники.

Exercise 1. Read, translate into Ukrainian in written form and memorize the definitions of the following key economic terms and concepts:

Business firm: organization that produces goods and services.	___________________________________ ___________________________________
Economist: an expert in economics.	____________________________________
Economic model: any simplified statement, diagram or formula used to understand economic events	_________________________________________________________________________________________________________
Economics: the study of a man in his attempts to make a living by using his scarce resources.	_________________________________________________________________________________________________________
Macroeconomics: the branch of economics that studies behaviour and overall productive efficiency of the economy as a whole.	______________________________________________________________________ ___________________________________ ___________________________________
Microeconomics: the study of the individual parts of the economy, with special attention to the market price and how it works.	___________________________________ ______________________________________________________________________ ___________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

to develop methods for studying and explaining	_____________________________________ _____________________________________
in producing, distributing, exchanging, and consuming	_____________________________________ _____________________________________
two interrelated branches
a specific individual
principal emphasis is given by microeconomists	_____________________________________ _____________________________________
to seek solutions to
total output
behind those aggregates
to agree on basic economic principles	_____________________________________ _____________________________________
the high rate of unemployment
to contain no indication
to include ethical precepts
to involve ethics and values rather than facts	__________________________________________________________________________
most affirmations are not easily classified	_____________________________________ _____________________________________

Exercise 3. Find the English equivalents for the following.

залучати взаємодії
лежати в основі економіки
за певного ряду умов
досліджувати загальний вплив ви-борів, зроблених окремими особами	__________________________________ __________________________________
рівень цін країни
сукупні наслідки рішень
вирішення цих проблем
розрізняти між/поміж
шукати наукові пояснення щодо напрямків економічної діяльності	__________________________________ __________________________________
посилаючись на факти
напрямки економічної політики
неможливо спростувати
ці проблеми можуть розглядатися

Exercise 4. Match the verbs/verbal phrases, prepositions/adverbs and nouns/noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.

	to agree		theories and models
	to allocate	about	the level of business activity
	to be		political decisions
	to be concerned	on	scarce resources
	to be divided		ethics and values
	to be solved	by	the facts and the economy
	to be solved		basic economic principles
	to begin	at	cause-and-effect relationships
	to face		the total effect
	to look	into	the heart of economics
	to look		what ought to be
	to involve	with	all the societies and nations
	to stabilize		an understanding
	to trace		two interrelated branches

Exercise 5. Copy out from the texts the sentences containing the following words and word-combinations and translate these sentences into Ukrainian.

1. to satisfy society’s wants _____________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2. the study of individual consumers ______________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

3. cause-and-effect relationships _________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. the output of goods and services ______________________________________

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

5. deal with two worlds _______________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

6. what is desirable ____________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

7. instead of another activity ____________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

8. attempts to show ___________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

9. to make a good policy statement _______________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________