VI. Fill in the blanks below with the most appropriate terms from

Date: 2015-10-07; view: 442.

Spending and production, is characteristic of

a. boom.

b. contraction.

c. recession.

d. expansion.

the list:

aggregate demand; recession; decision-making; economics; corporations; consumers; items; services; proprietorships; the public sector; producers; goods; booms; the private sector.

1. Microeconomics is the branch of ________ that deals with ________ and other behaviour by these individual units. 2. The sum of expenditures of these sectors is known as _________ . 3. When aggregate demand or spending falls over a period of one to two years, the economy tends to go into ________ , while a rise in aggregate demand tends to lead to ___________ in the economy. 4. The business, or investment sector is made up of __________ , partnerships, and ___________ . 5. In a free market economy, __________ is responsible for allocating most of the resources within the economy. 6. Most _________ and __________ provided by __________ in any economy are allocated on the basis of need rather than on ability to pay. 7. Foreign sector includes all _________ and _______ external in the United States. 8. The United States imports a large number of different _________ from foreign countries.

VII. Complete the following sentences:

1. Microeconomics is ... . 2. Macroeconomics deals with ... . 3. As a first step in understanding the macroeconomy we think of the economy as ... . 4. These sectors represent ... . 5. The sum of expenditures of these sectors is known as ... . 6. One sector of the macroeconomy is ... . 7. The basic unit in this sector is ... . 8. A second sector is ... . 9. It is the productive sector responsible for ... . 10. The government sector includes ... . 11. The foreign sector includes ... . 12. The United States exports ... .

VIII. Answer the following questions:

1. What does microeconomics deal with? 2. Macroeconomics, deals with large groups or aggregates, doesn't it? 3. Why is GNP (Gross National Product) considered as macroeconomic concept? 4. What do the sectors of the macro-economy represent? 5. What is the basic unit in the consumer sector? 6. What is the business or investment sector made up of? 7. Is the business sector of the economy responsible for bringing the factors of production together to produce output? 8. What does the government, or public sector include? 9. Does the foreign sector include all consumers and producersexternal in the United States? 10. What does the United States export?

IX. Translate into English:

1. Мікроекономіка — це галузь економіки, зв'язана із прийнят­тям рішень та іншими діями самостійних господарських одиниць, які наділені правом приймати рішення. 2. Сума витрат секторів макро-економіки відома як сукупний попит. 3. Основна одиниця споживчого сектору — домашнє господарство. 4. До складу сектору бізнесу або капіталовкладень входять одноосібна власність, партнерство та корпо­рації. 5. Третій сектор макроекономіки — це урядовий або громадський сектор, який включає місцевий уряд, уряд штату та федеральний уряд. 6. До складу зовнішнього сектору входять усі споживачі та виробники за межами Сполучених Штатів.