Comprehension Check. 1. Agree or disagree with these statements about the text

1. Agree or disagree with these statements about the text.

1. John Maynard Keynes is considered to be the founder of economics.

2. Economics is the science that deals with production, distribution and consumption of goods and services.

3. People use resources to gain profit.

4. There are four major subdivisions of economics.

5. Economics is involved almost in all spheres of people’s activity.

2. Choose the answer (A, B or C) which you think fits best according to the text.

1. According to the first paragraph, what is the origin of the term «economics»?

A. it originated from the Latin word «oikonomika» which means household management.

B. it originated from the Greek word «oikonomika» which means household management.

C. it originated from the Greek word «oikonomika» which means effective use of resources.

2. What do resources include?

A. the time and talent people have available; land, buildings, equipment and knowledge.

B. the time people have available; computers and knowledge.

C. the talent people have available; land, equipment and money.

3. What are the major subdivisions of economics?

A. economy and scarcity

B. resources and profit

C. microeconomics and macroeconomics

3. Complete the sentences using the information from the text.

1. Economics became a separate field of study ………

2. People’s knowledge helps them ………

3. Macroeconomics is the study ………

4. Microeconomics is the study ………

5. Economics examines how we …..