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Государственное образовательное учреждение высшего профессионального

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Тульский государственный университет

Факультет Экономики и права Реферат по дисциплине «Английский язык» «Economics. Demand, supply, and elasticity» ВыполнилЧернышова Д.В.

группы 720151

Научный руководитель Камаева Л.С. Тула, 2007

Contents Introduction3

1. Economics4

2. Demand, supply, and elasticity8

Summary11

List of literature12 Introduction Economics is the ancient science. Economics is the method and the instrument of thinking. It is helps us to come to a right conclusion. It always attracts attention of scientific and educated people. Today the interest for economics is growing.

Although for many people concern for the economy goes no further than the price of tuition or the fear of losing a job. Many others, however, know that their job prospects and the prices they pay are somehow related to national trends in prices, unemployment, and economic growth.

The scope of economics is indicated by the facts with which it deals. These consist mainly of data on output, income, employment, expenditure, interest rates, prices and related magnitudes associated with individual activities of production, transportation and trade.

1. Economics As a scholarly discipline, economics is two centuries old. The first scientist who made extraordinary contributions in economics was Adam Smith. At the age of 28 Adam Smith became Professor of Logic at the University of Glasgow. Some time later he became a tutor to a wealthy Scottish duke. Then he received a grant and with the financial security of this grant, Smith devoted 10 years to writing his work “The Wealth of Nations” which economic science. It was published in 1776. His contribution was to analyze the way that markets organized economic life and produced rapid economic growth. Almost a century later, as capitalist enterprises began to spread, there appeared the massive critique of capitalism: Karl Marx’s “Capital”. Marx proclaimed that capitalism was doomed and would soon be followed by business depressions, revolutionary upheavals and socialism.

In 1936 John Maynard Keynes published “The General Theory of Employment, Interest and Money”. Economics was supposed to help government monetary and fiscal policies to tame the worst ravages of business cycles.

Economics is the study of how society allocates scarce resources and goods. Resources are the inputs that society uses to produce output, called goods. Resources include inputs such as labor, capital, and land. Goods include products such as food clothing, and housing as well as services such as those provided by doctors, repairmen, and police offices. These resources and goods are considered scarce because of society’s tendency to demand more resources and goods than are available.

Most resources are scarce, but some are not — for example, the air we breathe. Its price is zero. It is called a free resource or good. Economics, however, is mainly concerned with scarce resource and goods, as scarcity motivated the study of how society allocates resources and goods.

The term market refers to any arrangement that allow people to trade with each other. The term market system refers to the collection of all markets, also to the relationships among these markets. The study of the market system, which is the subject of economics, is divided into two main theories; they are macroeconomics and microeconomics.

Macroeconomics

The prefix macro means large, indicating that macroeconomics is concerned with the study of the market system on a large scale. Macroeconomics considers the aggregate performance of all markets in the market system and is concerned with the choices made by the large subsectors of the economy — the household sector, which includes all consumers; the business sector, which includes all firms; and the government sector, which includes all government agencies.

Microeconomics

The prefix micro means small, indicating that microeconomics is concerned with the study of the market system on a small scale. Microeconomics considers the individual markets that make up the market system and is concerned with the choices made by small economic units such as individual consumers, individual firms, or individual government agencies.

The distinction between makro- and microeconomics is a matter of convenience. In reality, macroeconomics outcomes depend on micro behaviour, and micro behaviour is affected by macro outcomes.

Economic Policy

An economic policy is a course of action that is intended to influence or control the behavior of the economy. Economic policies are normally implemented and administered by the government. The goals of economic policy consist of value judgements about what economic policy should strive to achieve. While there is some disagreement about the appropriate goals of economic policy, there are three widely accepted goals including:

1. Economic growth: It means that the incomes of all consumers and firms (after accounting for inflation) are increasing over time.

2. Full employment: It means that every member of the labor force who wants to work is able to find work.

3. Price stability: It means to prevent increases in the general price level known as inflation, as well as decreases in the general price level known as deflation. Economic analysis Opportunity cost is the important concept in economic analysis. The opportunity cost of a decision or

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