Text. Read the text at home Write out and translate the words you don't know.

Economics and the Economy?
Economics is the study of how society decides what, how and whom to produce. Every group of people must solve three basic
problems of daily living: what goods and services to produce, how to produce these goods and services and for whom to produce these goods and services.
In many ways, we are all the part of the world economy. When we drink our imported coffee in the morning, when we use a foreign-made videocassette recorder, or when we travel abroad on holiday, we are participating in the growing world of international trade and finance. And it is not only as a consumer of foreign goods and serv¬ices that we are part of the world economy.
The world economy is made up of all those interaction among people, businesses, and governments that cross international borders, even the illegal ones. Basically, whatever crosses an international border — whether goods, services, or transfers of funds — is part of the world economy. Food imports, automobile exports, investments abroad, even the trade in services such as movies or tourism contrib¬ute to each country's international economic activity.
By goods we mean physical commodities such as steel, cars, and strawberries. By services we mean activities which can be consumed or enjoyed only at the instant they are produced. In exceptional cir¬cumstances, society may find that some of the questions about what, how, and for whom to produce have already been answered; until the arrival of Man Friday, Robinson Crusoe need not worry about the for whom question. In general, however, society must answer all three question.
Vocabulary practice
1. Find in the text and give Russian equivalents of the fol¬lowing words and word combinations.
The world economy; imported coffee; a foreign-made videocas-sette recorder; to travel abroad; to trave on holiday; we are partici¬pating in the international trade and finance; a consumer of foreign goods and services; interactions among people, businesses, and gov-ernments; to cross international borders; illegal; transfer of funds; food imports; automobile exports; investments abroad; the trade in services; to contribute; international economic act vity.

2. Find in the text and give English equivalents of the following words and word combinations.
Потребитель иностранных товаров и услуг; перевод денежных средств; путешествовать в отпуске; импортный кофе; пересекать международные границы незаконный; иностранные инвестиции; мировая экономика; вносить вклад; международная экономическая деятельность; взаимодействие (взаимоотношения между) людей предприятий и правительств; путешествовать за границей; мы участвуем в международной торговле.

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