Lesson 14. Professional foreign terminology in the fields of study of the educational and socio-economic disciplines

Read the text №1: WHAT IS ECONOMICS

Let's face it: If there's one fundamental principle guiding life on earth, it's scarcity. There simply aren't enough beachfront houses, luxury cars, and seats at the theater for everyone who wants one! And on a more serious note, there's not enough food, clothing, and medical care for everyone who needs it.

The entire discipline of economics—and all economic activity—arises from a scarcity of goods and services in comparison to human wants and needs. If there is not enough of something for everyone who wants or needs it, society faces a serious problem: it has to make decision about some basic economic questions.

Throughout history there have always been people who obtained what they wanted or needed by force*. The barbarians who sacked Rome practiced this form of “economic activity,” and in modern times it is practiced by armed robbers. But a society*requires an orderly system*of producing and distributing the necessities and luxuries of life. Such a system is essential to a stable society. Economics is the study of systems of production and distribution—which are called economies—and of their fundamentals, dynamics, and results.

Exercise 1. Guess the words.

1. Things that we cannot live without are called ______________________

2. Things which give us pleasure and joy are called ___________________

3. When people do not have enough of something they suffer from _______

4. Everything that is made in a society is called ____________________ and ___________________

5. _____________________ is the process of making things.

6. ____________________ is the process of dividing things among people.

Exercise 2. Think and speak about the following issues.

• Tell about some people who get what they want by force in modern times.

• Explain why scarcity is an important factor of human life.

• Formulate the basic economic questions which each society has to answer.

Read the text №2: What is the use of Accounting

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