Fundamentals of Economics. Доловова Н.Н - 44 стр.

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10. Talk about quantity discounts. What other examples of price discrimination do
you know?
Fill in the gaps using the words given
(gains, consumers, trade, generosity, manufactured, restricted, support)
1. You drive to class in a car made of parts _____ in more than a dozen countries
around the world.
2. Those people who provide you with goods and services are not acting out of
_____ or concern for your welfare.
3. Instead, people provide you and other _____ with the goods and services they
produce because they get something in return.
4. The _____ from trade are most obvious if the rancher can produce only meat
and the farmer can produce only potatoes.
5. It is easy to see that _____ would allow them to enjoy greater variety.
6. Ricardo put his economic beliefs to work as a member of the British
Parliament, where he opposed the Corn Laws, which _____ the import of grain.
7. Although economists often disagree on questions of policy, they are united in
their _____ of free trade.
LESSON 11
Economic Theory
The task of economic theory or analysis is to systematically arrange, interpret,
and generalize upon facts. Principles and theories—the end result of economic
analys is—bring order and meaning to a number of facts by tying these facts together,
putting them in correct relationship to one another, and generalizing upon them.
"Theories without facts may be barren, but facts without theories are
meaningless.""(Kenneth E. Boulding, Economic Analysis: Microeconomics, 4th ed.
(New York: Harper & Row, Publishers, Incorporated, 1966, p. 5.)
Principles and theories are meaningful statements drawn from facts, but facts,
in turn, serve as a constant check on the validity of princ iples already established.
Facts—how individuals and institutions actually behave in producing, exchanging,
and consuming goods and services—change with time. This makes it essential that
economists continuously check existing principles and theories against the changing
economic environment. The history of economic ideas is strewn with once-valid
generalizations about economic behavior which were rendered obsolete by the
changing course of events.
Terminology. A word on terminology is essential at this juncture. Economists
talk about "laws," "principles," "theories," and "models." These terms all mean

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