1. ECONOMICS vs ECONOMY

2. EXPLAIN THE DIFFERENCE...
ECONOMY
ECONOMICS
ECONOMISE
ECONOMICAL
ECONOMIC
ECONOMIST
►Which words are...
ADJECTIVES
NOUNS
VERBS?

3. WORD PARTNERSHIPS DICTATION
ECONOMIC...
...ECONOMY (noun)
ECONOMY... (adj)
...ECONOMICS

4. WORD PARTNERSHIPS DICTATION - THE KEY
ECONOMIC...
...ECONOMY (noun)
ECONOMY... (adj)
...ECONOMICS
theory
climate
crisis
growth
recovery
analysis
development
indicator
co-operation
international/global...
black.../shadow...
underground...
booming.../healthy...
fragile...
free/market/mixed...
political...
...class/...hotel/...fare
...-size
theoretical
applied
mathematical
classical
Keynesian

5. HOMEWORK
Do the tasks II, III, IV, V & VI in BUSINESS ENGLISH 1 RESOURCE BANK, p 16, 17, 18 & 19.

6. WHY ECONOMICS? Discuss these questions.
Do you think everybody should have some
knowledge of economics?
In what way do you think knowledge of economics can help people in their lives?
What is the difference between economics and business?
What do economists do?

7. READING - RB p 17 & 18 – Match the headings with the corresponding paragraphs. Then, circle the correct bold-typed words.
A Scientific tools and methods
B Scarcity of resources
C Discovering
an objective reality
D Informed voting – civic duty
E Chief interest of economics
F Impact on personal life
G Careful allocation of resources
H Obstacle: clinging to familiar theoretical conceptions
I Research topics in
economics

8. LET’S CHECK!
Choosing your life’s occupation is the most important economic/economical decision you will make.
Also, economics/economy may help you invest the nest egg you have saved from your earnings. Of course, studying economics/economy cannot make you a genius.
Economics covers all kind of topics. But the core is devoted to understanding how society allocates its scarce/ abundant resources.
People want to consume far more than an economy/ economics can produce.
In such an Eden of affluence, there would be no economic/ economical goods, goods that are scarce or limited in supply.
There would be no need to economical/economize on
consumption and indeed economics/economy would no
longer be a vital science. So, economics/economy is the
science of choice.

9. How could anyone know in a precise and scientific way why the economy/economics of Japan has grown rapidly while the economy/economics of the Soviet Union has stagnated?
But economists and other scientists have developed techniques that give them a head start in understanding the complex forces that affect economic/economics growth.
By developing and testing economic/economical theories we can simplify and organize the jumble of data and facts into
a coherent view of reality.
The economic/economical world is enormously complicated, with millions of households and billions of prices.
There are many obstacles to mastering economy/economics but perhaps the greatest one arises from the subjectivity we bring to studying the world around us.

10. VOCABULARY – RB, p 19
VI Go back to the text and underline the terms/ expressions that primarily belong to the language of economics and business, e.g. government budget, foreign trade, etc.
VII Find the words in the text which mean the same as their Croatian equivalents.

11. DO YOU KNOW THE ENGLISH WORDS?
osnove ekonomije
nadnice i plaće
oskudni resursi
obilje
znanstveni pristup
ekonomski rast
distribucija dohotka
vanjska trgovina
ekonomska analiza
zanimanje
vjerojatnost
ekonometrija
radna snaga
kućanstva
državni proračun