economics vs. economy. explain the difference... economy economy economics economics economise...
TRANSCRIPT
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ECONOMICS vs.ECONOMICS vs. EECONOMYCONOMY
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EXPLAIN THE DIFFERENCE...EXPLAIN THE DIFFERENCE...
ECONOMYECONOMY
ECONOMICSECONOMICS
ECONOMISEECONOMISE
ECONOMICALECONOMICAL
ECONOMICECONOMIC
ECONOMISTECONOMIST
►Which words are...
ADJECTIVESADJECTIVES
NOUNS NOUNS
VERBS?VERBS?
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WORD PARTNERSHIPS DICTATIONWORD PARTNERSHIPS DICTATION
ECONOMIC...ECONOMIC... ...ECONOMY (noun)...ECONOMY (noun)ECONOMY... (adj)ECONOMY... (adj)
...ECONOMICS...ECONOMICS
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WORD PARTNERSHIPS DICTATIONWORD PARTNERSHIPS DICTATIONECONOMIC...ECONOMIC... ...ECONOMY (noun)...ECONOMY (noun)
ECONOMY... (adj)ECONOMY... (adj)...ECONOMICS...ECONOMICS
theorytheoryclimateclimatecrisiscrisisgrowthgrowthrecoveryrecoveryanalysisanalysisdevelopmentdevelopmentindicatorindicatorco-operationco-operation
international/global...international/global...black.../shadow...black.../shadow...underground...underground...booming.../healthy...booming.../healthy...fragile...fragile...free/market/mixed...free/market/mixed...political...political......class/...hotel/...fare...class/...hotel/...fare...-size...-size
theoreticaltheoreticalappliedappliedmathematicalmathematicalclassicalclassicalKeynesianKeynesian
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HOMEWORKHOMEWORK
Do the tasks II, III, IV, V & VI in BUSINESS ENGLISH 1 RESOURCE BANK, p 16, 17, 18 & 19.
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WHY ECONOMICS?WHY ECONOMICS? Discuss these questions.
1. Do you think everybody should have some knowledge of economics?2. In what way do you think knowledge of economics
can help people in their lives?3. What is the difference between economics and
business?4. What do economists do?
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READING - RB p 17 & 18 – Match READING - RB p 17 & 18 – Match the headings with the corresponding the headings with the corresponding paragraphs. Then, circle the correct bold-paragraphs. Then, circle the correct bold-typed words.typed words.A Scientific tools and
methodsB Scarcity of resourcesC Discovering an objective realityD Informed voting – civic
dutyE Chief interest of
economics
F Impact on personal lifeG Careful allocation of
resourcesH Obstacle: clinging to
familiar theoretical conceptions
I Research topics in economics
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LET’S CHECK! Choosing your life’s occupation is the most important
economic/economical decision you will make. Also, economics/economy may help you invest the nest egg you
have saved from your earnings. Of course, studying economics/economy cannot make you a genius.
Economics covers all kind of topics. But the core is devoted to understanding how society allocates its scarce/ abundant resources.
People want to consume far more than an economy/ economics can produce.
In such an Eden of affluence, there would be no economic/ economical goods, goods that are scarce or limited in supply.
There would be no need to economical/economize on consumption and indeed economics/economy would no longer be a vital science. So, economics/economy is the science of choice.
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How could anyone know in a precise and scientific way why the economy/economics of Japan has grown rapidly while the economy/economics of the Soviet Union has stagnated?
But economists and other scientists have developed techniques that give them a head start in understanding the complex forces that affect economic/economics growth.
By developing and testing economic/economical theories we can simplify and organize the jumble of data and facts into
a coherent view of reality. The economic/economical world is enormously complicated,
with millions of households and billions of prices. There are many obstacles to mastering economy/economics but
perhaps the greatest one arises from the subjectivity we bring to studying the world around us.
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VOCABULARY – RB, p 19VOCABULARY – RB, p 19
VI Go back to the text and underline the terms/expressions that primarily belong to the language of economics and business, e.g. government budget, foreign trade, etc.
VII Find the words in the text which mean the same as their Croatian equivalents.
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DO YOU KNOW THE ENGLISH WORDS?
osnove ekonomije nadnice i plaće oskudni resursi obilje znanstveni pristup ekonomski rast distribucija dohotka
vanjska trgovina ekonomska analiza zanimanje vjerojatnost ekonometrija radna snaga kućanstva državni proračun