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    Scarcity and choice the economic problem


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    Exercise 2. Give the Ukrainian equivalents for the following.

    1. to enjoy the beauties of nature _________________________________________

    2. improvements of roads ______________________________________________

    3. most of the things we want or need _____________________________________

    4. to result from the problem of scarcity ___________________________________

    5. if people desired nothing _____________________________________________

    6. to satisfy unlimited human wants ______________________________________

    7. all the equipment and raw materials ____________________________________

    8. the essential sense of scarcity _________________________________________

    9. to accumulate enough savings _________________________________________

    10. to purchase both desired things ________________________________________

    11. the value of the forgone earnings ______________________________________

    12. by comparing the benefits of options ___________________________________

    13. in relation to our ever-growing needs ___________________________________

    14. the best use of available resources ______________________________________


    Exercise 3. Find the English equivalents for the following.

    1. ми маємо менше, щоб витратити _____________________________________

    2. сучасне медичне обладнання ________________________________________

    3. впродовж свого життя ______________________________________________

    4. усі господарськіодиниці___________________________________________

    5. обставина/дійсність життя __________________________________________

    6. робота з повним та неповним робочим днем ___________________________

    7. наступна найважливіша річ _________________________________________

    8. ми звичайно розглядаємо вартість як _________________________________

    9. на думку економістів _______________________________________________

    10. вартість отримання університетської освіти ___________________________ ____________________________________________________________________

    11. не мати нічого спільного з __________________________________________

    12. дві сторони медалі _________________________________________________


    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 be faced




    all people

    to be limited




    your time and talents

    to depend

    up
    scarcity

    to result
    from among
    what they have

    to face

    from
    the size

    to face

    with
    their profits, savings and borrowing power

    to have value
    by
    the option of playing a computer game

    to get the most

    on
    the problem of scarcity

    to give

    to
    some scarcity of finances

    to do



    the things

    to make choices




    people


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

    1. all business units ____________________________________________________

    ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    2. there is a limit to ____________________________________________________

    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    3. scarcity forces ______________________________________________________

    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    4. by doing less _______________________________________________________

    ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    5. to have one thing ____________________________________________________

    ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    6. the money cost of the education ________________________________________

    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    7. with the highest benefit _______________________________________________

    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    8. without opportunity __________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________

    9. it is economics ______________________________________________________

    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
    Exercise 6. Find the economic terms from the text that suit the following definitions.

    1. Anything provided by nature or people that can be used in the creation of goods and services to satisfy human wants.



    1. What remains after the costs of doing business have been met.



    1. Things purchased by consumers that do not have physical characteristics.



    1. A limit to the supply of production resources or consumer goods in relation to producers’ or consumers’ demand for them.



    1. Money or its equivalent received in exchange for labour.



    1. Useful and scarce things desired by buyers.



    1. The amount of goods and services that must be given up in order to obtain other goods and services.



    1. The study of how human beings and societies choose from among scarce resources to satisfy consumers’ demand.



    1. The total accumulated amount of income that is not spent on consumption.




    Exercise 7. Find in the box the English equivalents to the words listed below. More than one is possible.

    1. вартість (2) _______________________________________________________

    2. вибір (3) _________________________________________________________

    3. витрати (3) _______________________________________________________

    4. відмовитися (3) ___________________________________________________

    5. вигода (2) ________________________________________________________

    6. господарська одиниця (3) ___________________________________________

    7. задовольняти (2) __________________________________________________

    8. кредитоспроможність (2) ___________________________________________

    9. люди (2) _________________________________________________________

    10. недостатній (2) ____________________________________________________

    11. особа (2) _________________________________________________________

    12. підприємство (4) __________________________________________________

    13. стикатися (2) ______________________________________________________

    14. щодо (3) _________________________________________________________

    an alternative
    value
    a firm

    to give up
    a benefit

    to meet

    as to/for
    limited
    an enterprise

    business entity

    expenditure
    a company
    to satisfy
    costs
    to forgo

    the power to tax
    scarce
    cost
    people
    a choice

    to face
    a person
    about
    an individual
    to be faced with

    a business
    spending
    to refuse
    concerning
    the taxing power

    economic unit
    individuals
    an option
    an advantage
    business unit


    Exercise 8. Replace the words or word combinations in bold type with their synonyms.

    1. The cost of any choice is the option that any business unit gives up. 2. The opportunity cost of choosing one alternative is the value given up by not having a benefit of the next best alternative. 3. For most people, the scarcest resource they face is time. 4. All individuals, business firms and business enterprises, nations and governments are faced with scarcity one way or another. 5. Since time and resources are scarce, we must give up one opportunity in order to get a benefit from another many times each day. 5. Since all available resources are limited in relation to all of people’s wants and needs, peopleand nations have to come to decisions as to what goods and services they can afford to buy and which ones they must forgo. 6. Productive resources that are used to satisfy one want cannot be used to satisfy another at the same time. 7. Many things in life are scarce, and much of economics is concerned with the problem of scarcity. 8. The opportunity cost is measured by what an economic unit – such as a society, a business, a person– is not doing but could be doing.


    Exercise 9. Pair the halves of the sentences and translate them into Ukrainian.

    1. Neither individuals nor societies can have

    1. the inability to have as much as we want.

    1. Businesses firms and enterprises are also faced with problem of

    1. the resources necessary to satisfy those wants are limited.

    1. There is a limit to the resources

    1. giving up a little bit of many others.

    1. Since all available recourses are limited, everyone needs

    1. the foregone value of increased spending on another program.

    1. Scarcity takes place because human wants are unlimited but

    1. the opportunity cost of the same decision may differ from person to person.

    1. Having more of one means

    1. there will be no economic problem.

    1. Since people’s values differ,

    1. all the things they would like to have.

    1. Without scarcity,

    1. choices and opportunity costs.

    1. The opportunity cost of government spending on a particular program is

    1. to make choices from among the things he or she wants.

    1. No matter how much we have, we face scarcity –

    1. available to satisfy unlimited wants.
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