Economics study

Discuss the following with your partner.
Do you know much about economics?
Tick which of these statements you think are true.
Then explain to your partner why.
1)Economics is only the study of money.
2 )economics is something governments take care of.
3) An economist basically decides how money is spent.

What does economics study?.........................4
History of economic thought..........................6
Unit 2
Econometrics.................................................9
The law of demand.......................................11
Unit 3
The traditional economy..............................14
The market economy...................................16
Unit 4
The planned economy.................................19
The mixed economy.....................................21
Revision Vocabulary Units 1 to 4...................24
Unit 5
Consumer choices.......................................25
Costs and supply..........................................27
Unit 6
Market structure and competition................30
Monopolies..................................................32
Unit 7
The labour market........................................35
Supply of labour...........................................37
Unit 8
Factors of production...................................40
Division of labour........................................ 42
Revision Vocabulary Units 5 to 8...................45
Unit 9
Surplus.........................................................46
Price discrimination.....................................48
Unit 10
Welfare economics......................................51
Government revenue and spending.............53
Unit 11
Wealth, income and inequality.....................56
Poverty........................................................ 58
Unit 12
Macroeconomics..........................................61
Aggregate demand and aggregate supply.. 63
Revision Vocabulary Units 9 to 12................ 66
Unit 13
Money..........................................................67
Banks...........................................................69
Unit 14
Fiscal policy.................................................72
Monetary policy...........................................74
Unit 15
Interest rates and the money market............77
Economic shocks.........................................79
Unit 16
Inflation........................................................82
Unemployment.............................................84
Revision Vocabulary Units 13 to 16...............87
Unit 17
Economic growth.........................................88
The business cycle.......................................90
Unit 18
The open economy......................................93
Exchange rates............................................95
Unit 19
Exchange rate mechanisms..........................98
International trade.....................................100
Unit 20
Less developed countries..........................103
The Russian economy in the 19th century ...105
Unit 21
Contemporary Russia: the fall and
rise of the market economy........................108
Russia's foreign trade.................................110
Revision Vocabulary Units 17 to 21.............113
Translation work........................................114
Glossary....................................................
(2)