To evaluate the cost and benefit
Date: 2015-10-07; view: 374.
To forgo alternatives
Scarce resources
Economic activity
To produce goods and services
To satisfy needs and wants
Reproduce the context in which the following word-combinations are used.
Opportunity cost is the fundamental economic problem.
Economics is sometimes called the study of choice.
Scarcity forces us to forgo some alternatives.
Scarcity exists because society can produce limited amounts of goods and services with insufficient resources.
Human needs and wants can't be satisfied.
Are these statements True or False? Prove your decision.
In what way is opportunity cost expressed?
What is choice?
Why must people make choices?
What is scarcity? Give different definitions.
Why are scarcity and choice basic problems of economics?
Comprehension Check
1. Answer the questions.
5. What do economists mean when they use the term ‘opportunity cost'?
5. ‘Opportunity cost' is what the decision-maker must forgo in order to make the choice that is finally made.
Vocabulary Focus
1. Complete the gaps using the vocabulary.
choice; free goods; limited; opportunity cost; resources; scarce; scarcity; services; unlimited
… (1) are important because they are used to make goods, like television, cars and houses and to provide …(2), like banking, insurance and transport. All of these resources are …(3). Any resources that are not scarce are called …(4). Wants are …(5) but the resources used to produce the goods and services to satisfy these wants are …(6). So, there exists …(7). …(8) is necessary because scarce resources can be used in lots of ways to make different goods and services. The real cost of choosing one thing and not another is known as the …(9).
2. Choose the right word to complete the sentences.
1. Hunger ... in many parts of the world.
a) evaluates b) exists c) satisfies
2. We have to … the results of our experiment.
a) face b) forgo c) evaluate
3. We want to build a house. Last year we bought some … in the village.
a) capital b) labour c) land
4. The company offers its employees a pension plan, free health insurance, and other … .
a) economic activity b) benefits c) desires
5. The wants we seek to … are limited.
a) satisfy b) forgo c) face
3. Give the English equivalents to the following.
îãðàíè÷åííûå ðåñóðñû
âûíóæäàòü ëþäåé äåëàòü âûáîð
îöåíèòü çàòðàòû è âûãîäû
ðàöèîíàëüíûé âûáîð
ëèöî, ïðèíèìàþùåå ðåøåíèå
| <== previous lecture | | | next lecture ==> |
| Pre-reading Activities | | | Lesson 3, Ex. 1 |