Complete the following sentences.

1) Economics is concerned with ….

2) Human wants are …

3) Capital consists of …

4) The problem of scarcity applies not only …

5) Economists do not claim that …

6) Demand is related to …

7) Supply is related to …

8) The demand and supply should …

9) Economics studies …

3. Say whether the sentences are true (T) or false (F).

1) Economics mainly deals with money.

2) Scarcity is the core economic problem as human wants are unlimited.

3) Economists say that wants are infinite.

4) Economics is the study of how people choose to allocate their scarce resources.

5) The problem of scarcity is the same for both poor and rich people.

6) Economics isn’t concerned with the consumer behavior as it deals mainly with production.

7) The problem of scarcity is closely linked with supply and demand.

8) Demand depends on available resources whereas supply is related to wants.

4. Present the main idea of the text in a few sentences. Give your comments. Use the following opening phrases:

The text looks at the problem of …;

The text deals with the issue of …;

It is clear from the text that …;

Among other things the text raises the issue of …;

The problem of … is of great importance.

One of the main points to be singled out is …;

Great importance is also attached to …;

In this connection I’d like to say …;

It further says that …;