Practice 2. Re-read the text to find out which of the following statements are true or false

1. The term “economics” comes from Latin.

2. Economy as a system is studied both by microeconomics and macroeconomics.

3. Economics tries to explain how economies of different countries work.

4. In a market economy the government takes all major decisions about production and consumption.

5. Economic analysis can be used in many different spheres of our life.

6. According to microeconomics, individual markets aren’t considered as really important elements of economy.

7. Microeconomics focuses on issues influencing an economy in general.

8. When supply equals demand we can speak of the point of equilibrium.

Practice 3. The answers to the following questions can serve as the summary of the text. Answer them and give the summary of the text.

1. What does economics deal with?

2. Where does the term economics come from?

3. What does economics try to explain?

4. Where can economic analysis be applied?

5. What are the three main economic systems? How are they different?

6. What main distinctions between different spheres of economics are mentioned in the text?

7. What special branches of economics can you name?

8. What price is normally called the market price?

Practice 4. Does this text give you sufficient information about economics as a science? What other things about economics could you add to the content of the text?

Text B