5. My speciality. Economist

Lead-in:

1. enterprise – підприємство

2. utility – корисність, економічна вигідність

3. assume – брати на себе, приймати

4. responsibility – відповідальність, зобов’язання, обов’язок

5. entrepreneur – підприємець

6. acquire – набувати, здобувати, досягати

7. facilities – засоби, вигоди, сприятливі, умови, пільги

8. income – прибуток, дохід, надходження

9. employment – зайнятість, наймання, робота, служба

10. abundance – велика кількість, безліч

I am a student of the faculty of economics, management and international economic relations.

My speciality is economy of an enterprise and I am going to be an economist. An economist is someone who studies the way in which money and goods are produced and used in the systems of business and trade.

Generally economists focus on the way by which individuals, groups, businesses, enterprises and governments seek to achieve efficiently any economic objective they select. As economists say, they maximize utility.

For their parts, economists seek as much profit as they can extract from their operations. As an entrepreneur I will have to assume the responsibility and the risk for a business operation with the expectation of making a profit.

The entrepreneur generally decides on the product to select, acquires the facilities needed; and brings together labour, capital and production materials.

The job of the research economist is to increase our understanding of economic matters. The tools of statistics and mathematics help the researcher carry out this task. Government agencies and private business firms generate a vast array of economic statistics on such matters as income, employment, prices, and expenditure patterns.

Economics is a social science. The fields of political science, sociology, psychology, and economics often overlap. Because of the abundance of economic data and the ample opportunity for scientific research in the real world, economics is sometimes called the "queen of the social sciences". Once you have developed the economic way of thinking, economics will be relatively easy.

If the business succeeds, the economist gets the reward of profit. If it fails, he or she takes the loss.

Nowadays in Ukraine there is a great need in skilled economists to run small business as well as privatized state enterprises and large corporations. Market economy has not been formed in Ukraine yet. So it is important for economists in our country to be educated and well-trained.

Questions for comprehension check-up and discussion:

1. What is the job of an economist?

2. What is the job of the research economist?

3. Do statistics and mathematics help the research economist?

4. Is economics a social science?

5. Why is economics called the ‘queen of the social sciences’?