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5 Read the text and check your answers in the previous activity.
WHAT IS ECONOMICS
Let's face it: If there's one fundamental principle guiding life on earth,
it's scarcity. There simply aren't enough beachfront houses, luxury cars, and
seats at the theater for everyone who wants one! And on a more serious note,
there's not enough food, clothing, and medical care for everyone who needs
it.
The entire discipline of economics—and all economic activity—arises
from a scarcity of goods and services in comparison to human wants and
needs. If there is not enough of something for everyone who wants or needs
it, society faces a serious problem: it has to make decision about some basic
economic questions.
Throughout history there have always been people who obtained what
they wanted or needed by force*. The barbarians who sacked Rome prac-
ticed this form of “economic activity,” and in modern times it is practiced by
armed robbers. But a society* requires an orderly system* of producing and
distributing the necessities and luxuries of life. Such a system is essential to
a stable society. Economics is the study of systems of production and dis-
tribution—which are called economies—and of their fundamentals, dynam-
ics, and results.
*by force силой
*society общество
*orderly system упорядоченная система
6 Make true sentences.
There is
There isn’t
There are
There aren’t
enough
food
clothing
luxury houses
jobs
clean water
engineers
money
gas and oil
schools
universities
hospitals
home appliances
in my country
in my town
in my family
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