1.    Экономисты проверяют теории, используя эмпирические доказательства. Это доказательства, которые можно собрать и измерить.

2.    Эта теория рассматривает такие факторы как инфляция, налоги, зарплата и безработица.

3.    Правительства, компании и учёные используют эконометрику, чтобы принять верное решение, выявить взаимосвязи между переменными величинами и т. п.

4.    Некоторые переменные величины рассматриваются за отдельный период времени. Такой анализ называется анализом временных рядов.

5.    Согласно закону спроса при росте цены на товар, спрос на этот товар падает.

6.    Ценовая эластичность, взаимоотношение между ценой и спросом, помогает устанавливать правильный уровень цен на данном рынке в определённый момент времени.

7.    Некоторые другие факторы кроме цены оказывают влияние на спрос, что вызывает сдвиг кривой спроса.

Econometrics

Choose the correct word.

1. Prices usually increase/save from one year to the next.

2. People work in order to measure/earn money.

3. My grandmother's only income/ salary is her pension.

4. Einstein is famous for his theory/analysis of relativity.

5. The police search for evidence/ variables to help them find the criminal.

6. If you increase/combine blue with red you got purple.

7. Government statistics / evidence show that crime is rising.

8. People save/increase their money in bank accounts.

9. You can use a ruler to measure/ earn the size of things.

10. A person's income/salary is the money they earn each month from work.

11. His theory/analysis of the problem is very good.

12. In experiments, scientists try to find out what makes a variable/evidence change.

13. An expert in a subject who works and teaches at a university is known as an individual/academic.

Now read the text again and choose the best answer А , В or С to complete each sentence.

1     A theory is only good if you can ...

A express it clearly.

В test it.

С measure it.

2     Empirical evidence is evidence that...

A we can see.

В economists can't use.

С can be measured.

3     Econometrics is ...

A the maths that economists use.

В a way to measure how much someone saves.

С a formula to find out why people save.

4     panel data analysis ...

A only shows differences over time.

В only shows differences between groups.

С shows differences between groups and changes over time.

5     Econometrics is ...

A only good for proving theories.

В good for making practical economic decisions.

С only good for academic work.

The law of demand

Economics can often be very confusing. Econometric formulas and impressive charts are sometimes impossible to understand. Thankfully though, some economic ideas are completely obvious. One of these ideas is the law of demand. Economists are always disagreeing with each other, but the law of demand is the only thing they all agree on. They all agree on it because it makes sense even to non-economists like you and me.

Demand is how much of the same good or service people would like to buy. The law of demand says that demand for something falls as its price rises. Economists show this concept with the demand curve.

The reason why the law of demand works is quite obvious: the money we have is limited. If something becomes more expensive, we will have less money available to spend on our other needs. If the product or service is not a necessity, we will decide to buy less of it.

Most rules have exceptions, but economists agree that there are very few exceptions to the law of demand. It even applies to basic necessities like water. When water becomes more expensive, people find ways to use less. When the government put higher taxes on petrol, people try not to use their cars so often. The fall in demand might be very small, but it is real.

So price has an effect on demand, but the strength of the effect varies. The strength of the price / demand relationship is called price elasticity. Economists use a simple econometric formula to measure price elasticity for a certain product in a particular market. This helps governments and companies set prices at the correct level for a particular time and plan price increases.

Don't forget, though, that other things affect demand apart from price. For example, during a very cold winter, demand for heating fuel like gas or coal will rise at any price. If the winter is unusually warm, then demand for fuel will fall. Economists say that these situations cause a shift in the demand curve.

The curve is still the same shape because price still has the same effect on demand. However, something else has caused a general increase in demand at all prices. A rise or fall in people's incomes, fashion, climate and many other things can influence demand in this way.

Переведите на английский язык:

1.    Экономисты проверяют теории, используя эмпирические доказательства. Это доказательства, которые можно собрать и измерить.

2.    Эта теория рассматривает такие факторы как инфляция, налоги, зарплата и безработица.

3.    Правительства, компании и учёные используют эконометрику, чтобы принять верное решение, выявить взаимосвязи между переменными величинами и т. п.

4.    Некоторые переменные величины рассматриваются за отдельный период времени. Такой анализ называется анализом временных рядов.

5.    Согласно закону спроса при росте цены на товар, спрос на этот товар падает.

6.    Ценовая эластичность, взаимоотношение между ценой и спросом, помогает устанавливать правильный уровень цен на данном рынке в определённый момент времени.

7.    Некоторые другие факторы кроме цены оказывают влияние на спрос, что вызывает сдвиг кривой спроса.

The law of demand