Applied Fields of Economics

There is a basic theory and facts in economics, in which all economists are interested. However, economics has some main applied fields that deal with specific topics, such as industrial economics, agricultural economics, economics of energy, economics of education, labour economics, etc.

Industrial organization and structure are studied by industrial economics which also analyzes markets for manufactured goods as well as policies of various enterprises. The degree of concentration and barriers against new competitors in the market have already been analyzed by industrial economics for such important branches of economy as mining, gas, and oil industries, etc. The behaviour of firms and companies in an industry is influenced by the structure of the industry. Both profits and losses in any industry are affected by the behaviour of firms and companies engaged in the industry.

The economics of energy is known as another important field of applied economics closely connected with industrial economics. A lot of energy has been used by the modern economy in recent decades. Farms, factories, plants, transportation as well as families have greatly increased the consumption of various sources of energy since new modern equipment and technologies were introduced.

In the past, wood and coal were used as the main sources of energy. Then, these sources were replaced by gas and oil in most industries. However, in the 1970s energy sources became scarce and there was a rise in energy prices. Since that time serious adjustments have been made by industrial economies in order to cope with the energy scarcity.

For the last few decades the problems of energy economics have been discussed by specialists and governments in many countries. Regular meetings are held by the OPEC¹⁾ formed in order to regulate oil prices.

Ответьте на вопросы к тексту.

1. What topics do applied fields in economics deal with?

2. What does industrial economics study?

3. What influences profits and losses in any industry?

4. Why is economics of energy closely connected with industrial economics?

5. What were the main sources of energy in the past?

6. Why were adjustments made in most industries in the 1970s?

7. How are prices for oil regulated now?

Переведите и определите, какими частями речи являются однокорневые слова.

1. competition, to compete, competitor, competitive

2. to apply, applied, application

3. industry, industrial, industrialized

4. to adjust, adjustment

5. scarce, scarcity, scarcely

6. to educate, education, educative

7. to consume, consumer, consumption

Вставьте слова из предыдущего упражнения в нужной форме.

1. Recources of water are … in hot and dry areas.

2. Some imported goods are more … than goods produced in the country.

3. Television in any country has some … programmes.

4. In order to … to new economic conditions the firm changed the prices for its goods.

5. Such countries as Canada, Australia and most European countries belong to … countries.

6. The … of electricity by an average family has increased.

________________

¹⁾ОР EC – организация стран – экспортёров нефти

Переведите на английский язык словосочетания с причастием II.

1. New (внедрённые методы) of education helped the students to understand the material better.

2. Closely (связанные предприятия) have developed good relationships.

3. The (вода, потребляемая) by this plant is taken from the Volga.

4. The number of (инженеров, нанятых) by this company has increased two times.

5. (Возросшая степень) of concentration in the industry causes less competition.

6. (Достигнутый успех) was a result of the work of many scientists.

7. (Требуемый жизненный уровень) was achieved in the country last year.

8. (Товары, производимые) by this company are sold very quickly.

9. (Заводы, обеспеченные) with the necessary resources get high profits.

Раскрыв скобки, употребите глагол в форме настоящего совершенного времени в страдательном залоге.

1. The degree of concentration (to increase) in this country recently.

2. Prices of electricity (to raise) already twice this year.

3. New wind and water energy sources (to develop).

4. Applied fields of economics (to teach) to students of different universities.

5. A high living standard (not to reach) in most developing countries yet.

6. How the degree of competition (to influence) by the increase in the number of firms in the industry?

7. No changes (to make) to distinguish the new product from identical products.

8. How much money (to give) by the World Bank to the developing countries?

9. Good education (to provide) for most part of population.

UNIT 6