UNIT 2

ECONOMICS AS A SCIENCE

Exercise 1.

1.    Economic                                                      6. Economic

2.    Economist                                                     7. Economize

3.    Economist                                                     8. Economical

4.    Economize                                                    9. Economy

5.    Economic                                                      10. Economic

Exercise 2

            A                                                                                 B

1.    Scarcity                                              a. Insufficiency / shortage ( 1 )

2.    Goods                                                b. merchandise ( 2 )

3.    Degree of merit                                 c. Manufacture ( 5 )

4.    Economical                                       d. Quality (  )

5.    Production                                        e. Work done for somebody or something ( )

6.    Service                                               f. Infinite ( 7 )

7.    Unlimited                                           g. Option ( 8 )

8.    Choice                                               h. Thrifty ( 4 )

9.    Pervasive                                          i. All-encompassing

Exercise 3

            A                                                                                 B

1.    Wealth                                                           a. Abundance           ( 3 )

2.    To satisfy                                                       b. poverty                   ( 1 )

3.    Scarcity                                                          c. To dissatisfy          (  3 )

4.    To raise                                                          d. To lower                 ( 5 )

5.    To improve                                                    e. To make worse     ( 4 )

6.    To Spend                                                       f. To economize        ( 6 )

7.    Revenue                                                       g. Expenditure          ( 7 )

8.    Macro                                                             h. Micro                      ( 8 )