the details of an economic unit, or very small segment of the economy, under the figurative microscope. Microeconomics looks at how individual markets work and how individual producers and consumers make their choices and with what consequences.
Sasha, read the attributes you have written out from this text. We have very many adjectives and participles in the text, some numerals and some pronouns.
Ex. 2 Lets read these sentences and guess the missing attributes.
1. The four (economic) resources that economies use to produce goods and services are land, labour, capital, and entrepreneurial ability.
2. (These) resources are limited in availability, or "scarce".
3. The (first) category, land, refers to more than just acreage.
4. The (second) scarce resource is labour, (including) both mental and physical exertion.
5. The (third) scarce resource is capital.
Ex. 3 Match up the attributes (adjectives) with the nouns to form phrases.
Economic, equitable, price-level, full, market, entrepreneurial, reasonable, credit, purchasing, social
. . . . economy
. . . . employment
. . . . growth
. . . . stability
. . . . distribution of income
. . . . power
. . . . card
. . . . security
. . . . ability
. . . . grasp of the money
Ex. 4 Fill in the gaps putting the right attributes given below.
1. Without a - economy, there is no capitalism.
2. Decisions - by buyers and sellers of products and resources become --- through a system of markets.
3. The preferences of sellers and buyers are reflected in ---- choices.
4. Many times people are - with the prices that markets produce.
5. Money is also used as a unit of account for transactions ---- f
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