1. The Bolognese Sauce Source: The Economist, 25 April, 2009  Common market (1)  Reluctant (1)  Diploma supplement (2)  Treaty (3)  Embrace (4)  Capitalist plot (5)  Resemblance (5)  Grievance (5)

2. The Bolognese Sauce Source: The Economist, 25 April, 2009  Endorsement (5)  Paucity (6)  Ubiquity (6)  Mediocre (6)  Tuition fees (7)  GDP (8)  Wage (8)

3. What is the difference between...? ECONOMIC ECONOMIZE ECONOMICAL ECONOMICS ECONOMIST ECONOMY

4. ECONOMIZE, ECONOMICAL, ECONOMIC, ECONOMICS, ECONOMIST, ECONOMY 1.…………………………… (adj.) 1.relating to or involving economics, money, finance, 2.which produces enough profit to make it worth continuing with 2.……………………………(n.) someone who studies the way in which wealth is produced and used in an area 3.…………………………… (v.)to reduce the amount of time, money, goods etc. that you use 4.…………………………… (n.)1.the system by which a country’s goods and services are produced and used, or a country considered in this way, 2.the careful use of money, goods, time etc. so that nothing is wasted, 3.a way of spending less money 5.…………………………… (adj.)using money, time, goods etc. carefully and without wasting any 6.…………………………… (n.) the study of the way in which wealth is produced and used

5. 1.ECONOMIC (adj.) 1.relating to or involving economics, money, finance, 2.which produces enough profit to make it worth continuing with 2.ECONOMIST (n.) someone who studies the way in which wealth is produced and used in an area 3.ECONOMIZE (v.)to reduce the amount of time, money, goods etc. that you use 4.ECONOMY (n.)1.the system by which a country’s goods and services are produced and used, or a country considered in this way, 2.the careful use of money, goods, time etc. so that nothing is wasted, 3.a way of spending less money 5.ECONOMICAL (adj.)using money, time, goods etc. carefully and without wasting any 6.ECONOMICS (n.) the study of the way in which wealth is produced and used

6. ECONOMIC, ECONOMIZE, ECONOMICAL, ECONOMICS, ECONOMIST, ECONOMY 1.The country is facing a severe.... crisis. 2.He expects Europe’s............ to grow faster. 3.This system was extremely............ because it ran on half-price electricity. 4............. is the oldest in social sciences. 5.What has gone wrong with the............ system? 6.Some............ analysis is required here. 7.Strikes were damaging the country’s............ 8.She has a degree in............

7. RB: ex.III (p.11) 1.The country is facing a severe ECONOMIC crisis. 2.He expects Europe’s ECONOMY to grow faster. 3.This system was extremely ECONOMICAL because it ran on half-price electricity. 4.ECONOMICS is the oldest in social sciences. 5.What has gone wrong with the ECONOMIC system? 6.Some ECONOMIC analysis is required here. 7.Strikes were damaging the country’s ECONOMY. 8.She has a degree in ECONOMICS.

8. Group the following: IKEAtyrechocolate furnituremechanic’s wood cocoa/sugar Konzum rubber

9. Different sectors of the economy PRIMARY SECTORSECONDARY SECTORTERTIARY SECTOR Cocoa/SugarChocolateKonzum WoodFurnitureIKEA RubberTyreMechanic’s

10. Different Sectors of the Economy  Primary  Secondary  Tertiary *Quartenary sector : ICT, consultancy, R&D, education, culture, … (see MacKenzie, 2010, p.43, 44)

11. Words, words, words (RB: p.14)  Industry vs. Manufacturing industry  Consumer goods (1)  Gravitate (1)  Labour costs (1)  “Rust-belt” (2)  Retrain (3)  Outsourcing (3)  Counterpart (3)  A fraction of salary (3)

12. RB: p.14 1.Britain led the......... revolution between the 1750s and mid 19th c. 2.But, today,......... gravitates to countries with lower......... costs. 3.This means that many companies have........... some of their activities elsewhere. 4.Some workers therefore need to...... or work in......, which is not safe either. 5.All this may lead to high........ in the developed world.

13. Words, words, words (MK: p.45) heavy industry services: accountants, lawyers, marketers, advertisers, real estate, entertainment, IT, ICT, R&D advanced countries labour costs expertise higher education strengths

14. Assignments: MK.45 1. Decide which arguments are in favour of manufacturing and which are in favour of services. 2. Make one short sentence to summarise each argument (1-7). RB:p.15 3. Read the text and answer the quest.