1. Answer the questions

Card 1.
1. Answer the questions.
• What is the economy? What does a professional economist do?
The economy is the total of all activities related to the production, sale, distribution, exchange, and consumption of limited resources by a group of people living and operating within it.
An economist studies economic and statistical data as well as the production and distribution of resources, goods, and services. Areas of specialization can include agriculture, education, health, finance, and labor.
Economists apply economic analysis to issues within a variety of fields. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, or exchange rates. Yet others analyze the effect of taxes, inflation, or interest rates.
• Is the economy hard or easy to understand? Why?
So from my side it is not the tough subject at all. The economic is fully based on the theoritical form if you know the concept of each topic then you will realize that it is a easy subject.
If you concentrate on the topic and apply it practically in your life it would be the best learning ever. By this you would be eager to study more and harder and the result will be awesome.
So the conclusion is it's not the tough at all.
• Who controls the economy?
An economic control is said to be established, when restrictions on individual are imposed. An individual can be producer or consumer. The control, thus, restricts the choices of producers and consumers.
In other words, that the control can be imposed in a planned economy from the supply side, from the demand side and/or from both the sides.
But the problem is to understand as to what types of controls a state can apply in planning, so that it may minimise the choices of the producers or consumers in order to channelise the resources to seek the rapid economic development as one of the main objectives of a planned economy.
• What are the connections between the economy and workers' abilities to find

jobs?

• How do government officials influence the economy?

• 'Business is best done face to face.' Do you agree?

2. Give definitions to the given words and phrases.

globalization interdependence import protectionism

outsourcing foreign direct investment market forces free trade

consumer multinational corporation export

3. Read this article from the Financial Times by Stefan Stern, identify the main

idea ofthe article and answer the questions.

The real value of managing information and people

SAS has been a pioneer in the business of 'analytics". This involves not just

gathering information, but also processing it and getting the value from it. Its

chief executive, Jim Goodnight, says: -'When the economic downturn started I told

everyone there would be no job losses, that to we might have lower profits but

that was fine with me," he says. "I didn't care because I prefer keeping everybody's

jobs. I think everybody actually worked harder to save money, to cut expenses, to try

to bring in more revenue, and we actually ended up growing last year by 2.2 per cent.

I always say ifyou treat people like they make difference they will make a difference.'

SAS hasjust been named by Fortune magazine as the best company to work for in the

US. The on-site perks and benefits at SAS headquarters are remarkable, medical care,

childcare, sports centres, massage, food, hairdressers and a 35-hour week: these all

form part ofthe employee package.

There is a downside. SAS does not pay the highest wages in its sector. But it is

a successful business with low staff turnover. Most employees seem happy with the

deal, which is designed to make working life easier. It is these software programmers

who in turn keep SAS's clients happy.

Head ofthe department