Exercise 1. Read and translate the given derivatives

science – scientist – scientific to found – founder

economy – economist – economical to appoint – appointment

academy – academic to compete – competitive

theory – theoretical to accept – acceptable

wealth – wealthy to develop – development

policy – political to consume – consumption

finance – financial to explain – explanation

Exercise 2. Translate the given word combinations from English into Russian.

A great scientist; extraordinary contributions; academic appointment; with the financial security; grant; to devote; lifetime; with great success; the founder of economics; according to; wealth; the competitive nature; to argue; the individual pursuit of self-interest; certain cannons of taxation; generally acceptable; to explain; to benefit; the theory of overpopulation; to put forward the idea; the worst excesses; business cycle.

Exercise 3. Make up suitable word combinations and translate them into Russian.

to emphasize great contributions

to lay competitive nature

to make nature

great success

industrial scientist

basic principle

famous society

competitive basic principles

Exercise 4. Finish the sentences using the right variant. Translate the sentences into Russian.

1. Adam Smith was...

2. He founded...

3. At the age of 28 Adam Smith became...

4. With the financial security of his grant Smith...

5. His book was an analysis of...

6. Adam Smith laid...

7. T. R. Malthus put forward...

8. A. Marshal was the first to put forward...

a) the theory of overpopulation; b) devoted 0 years to writing his book; c) the Industrial Revolution of the 18^th century; d) a great Scottish scientist; e) the science of economics; f) the basic principles for the system of taxation; g) a Professor of Logic; h) the idea of consumer’s surplus and elasticity of demand.