Watch the video up to 1:13 and fill in the gaps in the following text.

2) Watch the video up to 1:13 and fill in the gaps in the following text.

· The typical first-year student walks into his first economics class with 1._______ of what economics is.

· He might have heard something like, "economics is the study of 2.______", or "economics is another word for 3._________", or "economics is hard, don't take that class", but none of those are true.

· "Economics is the study of the use of 4._____ that have alternative uses." That's the classic definition of economics.

· Basically, there are people, and people need resources to 5._______.

· These resources cannot be 6______, but the desires can be, so people need to make choices about how to use their scarce resources. Economists study these choices.

· All economic questions 7._______ one of two categories: positive and normative.

· Positive economics describes "what is" and normative economics 8.______ what ought to be, so a question like, "why do people use money?" is a positive question and "should people use money?" is a normative question.

3) Watch the next part of the video (from 1:13) and match the corresponding notions.

1. Microeconomics	a) Mathematical challenges
2. Macroeconomics	b) Individual markets
3. Econometrics	c) Economy in general
	d) Individual agents
	e) Branch of statistics

4) Recreate the original sentences from the given words.

a. have developed	b. to study human behaviour	c. have broad uses	d. consider economics.
e. we would traditionally	f. outside of what	g. The tools economists

a. Economists study	b. but things like crime,	c. and even genetics.	d. politics, law,
e. war, the family, religion, culture,	f. not only markets,

5) Write the summary of the contents of the video that represents the main concepts connected with the term ‘economics’ (80-100 words). Use the vocabulary of exercises 1 and 2.

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