5AB

1. 5AB • “If I only had three words of advice, they would be, tell the truth. If I got three more words, I’d add all the time” • The last Lecture. Dr Randy Pausch.

2. Advice: suggestion , recommendation ... Follow your doctor‘s advice! Advisable: prudent , recommendable ... It is advisable to arrive at class 10 minutes prior to the start time. Application: Petition, solicitation ... An application for a license Apply: to make an application ... Did you apply for a scholarship? Carry : To conduct ... The veins carry blood to the heart! Change: To become different ... His life changed completely when he won the lottery Counsel: To give advice to X ...T o counsel on legal confrontations? I‘m not a lawyer ! Coin: a piece of metal used as money ... Do not pay us in coins. We prefer checks. Deal with: To take action with respect to X ... How are they going to deal with those economic problems? Display: To show ... These statistics display a definite trend. Entity: organization, institution ... Ministries and governmental entities Failure: non-success, defeat ... The success or failure of your plans depends on you! Firm: company ... A firm of accountants Follow: To come after , to act in accordance with ... Follow the instructions ! Hear: To give ear to, to listen to ... Lord, hear our prayer. Impinge: To affect ... Never allow your work to impinge on your private life! Key: route, secret ... The key to success is preparation! Look : To observe, to seem , to appear... How does the economy look in your country? Lower: To reduce, To decrease ... High prices? Lower your voice! 5A

3. Meant: pt, pp of mean ... What did you mean? I meant No! Provide: To give, to supply ... That hospital provides the best possible medical care. Rearrangement: reorganization ... A rearrangement of the job structure. Rules: regulations, ordinances ... Do people obey rules? Standards: levels, criteria ... What are the standards of living in a developing country? Start: To begin ... What time does class start? Surprised: stupefied, open-mouthed ... Surprised about oil prices? Trade: the activity of buying and selling/exchanging goods or services ... Oil is traded worldwide. Tell: To inform, to express, to say ... Some advertisements tell us very little about the products. Therefore: consequently, for that reason ...I think, therefore I am! Think: To have a particular idea or opinion about X ... What do you think about the economy? Wrong: not correct ... To be in the wrong place at the wrong time? Disconcerting! Contenidos: www.freewebs.com/ecoin Versión en Powerpoint:www.ecoin.weebly.com Calificaciones: www.freewebs.com/reschop

4. Complete with these words: counsel - carry - changed - advisable - provide Technology _______________________ the way of looking at money. Credit cards eliminate the need to _______________________ a lot of cash. What documents do I need to ________________________ to make a credit card application? Don‘t panic. Experts _______________________ amid any financial turmoil. Regular medical check-ups are _______________________too !

5. standards - coin - dealing – follow - looking - lower - hear - rules - failures How is the government ____________________with this financial turmoil? How often does a government _____________________ corruption? Making the ________________________ is one part in solving economic problems. How the rules are carried out is the other part of the ______________________. The figures clearly show the differences in world living _______________________. Business _______________________ are not accepted easily!

6. The chapters that ____________________ deal mainly with the best alternatives. Be patient. People have to wait to ________________________ a good answer! Is the future ____________________good?

7. thinking - key - wrong - rearrangement - start - therefore There‘s so much to do, and some people do not know where to ___________ We have to start ________________________ in terms of reducing costs! The ________________________ or reconfiguration of politicsis inevitable. Demands vary with prices. ________________________, the higher the prices, the less the quantity demanded. Working well as a team is the ________________________ to success! It is ________________________ to assume that technological advance brings all financial solutions.

8. entities- firm - impinge - tell - surprised - meant - advice We are ________________________ at how high prices are. Follow the advice of an acocunting ________________________! Give me some ________________________ about buying a new house! I don‘t lknow how to counsel, to ________________________ the truth! The goverment report fails to define what is ________________________ by a time of economic austerity! Managing risk is critical for government ________________________. Relationships between authorities ________________________ on policy implementation.

9. A modal verb / a modal auxiliary / a modal auxiliaryverb: A verbusedwithanotherverb (not a modal) toexpresspossibility, intention, permission ... • Used for talking about or predicting the future … • I You He She It We You They will ... • I We shall ... • Short forms: ‘ll – won‘t • (AUX +S+V+C ? / S+AUX+V+C / S+AUX+NOT+V+C) • I‘ll tell you a tale about an economist. (Tale ... An exciting description ) • (I will tell you a tale about an economist) • You won‘t be surprised after hearing the introduction. • (Hear ... v. to give ear to, to listen to) • (You will not be surprised after hearing the introduction) Would (Modal Auxiliary) (+ - ía) • Used for talking about the result of an event you imagine … • I You He She It We You They would ... • Short forms: ‘d – wouldn‘t • (AUX +S+V+C ? / S+AUX+V+C / S+AUX+NOT+V+C) • Studying the economic system wouldn‘t take him very far. • (Studying the economic system would not take him very far) • He‘d come up with the conclusion that he‘d maximize his utility. • (He would come up with the conclusion that he would maximize his utility) • ¡Quien pretenda no aprender de los errores, pues que no los cometa! 5B

10. Present + will - Past + would • If they have large firms, they will impinge on small firms. (Impinge ... v. To affect) • If they had large firms, they would impinge on small firms. • If non-profit organizations actually work, the economic system will become more productive. • If non-profit organizations actually worked, the economic system would become more productive. • If government entities carry out a sensible analysis, they will see that the productivity of the economic system depends on the transaction costs. (Carry out ... v. To conduct) • If government entities carried out a sensible analysis, they would see that the productivity of the economic system depends on the transaction costs . • What would you do if you were a leading economist?If I were an economist, I’d try to provide valuable advice • and counsel to achieve higher standards of living. • Currency: System of money a country uses / Gain ground: Obtain • Advantages. • What would you do if our coin gained ground against other currencies?Renaming currencies, in an effort to increase confidence in the countries economies, needs to be accompanied by several ingredients. For example, I would display transparent rules for investment by private industry. I don’t think our coin will grow stronger if the recipe becomes too short. • “If I only had three words of advice, they would be, tell the truth. If I got three more words, I’d add all the time” - from The last Lecture. Dr Randy Pausch. Carnegei Mellon University.

11. Complete with the correct verbal form: If improvements _______________ (lead) to actual monetary gains for the country, people would change their minds. If I _______________ (be) the president, I’d start work. Complete and Write True or False: You’ll achieve continued business success If you _______________ (create) a sound distribution and marketing program ( ). • If purchasers did not have enough money, no-one _______________ (trade) with them ( ).

12. Complete with the correct verbal form: The English Economist Speech I’ll tell you a tale about an English economist. I was at a conference and the lecturer said, “Let’s consider what an economist would do if he __________ (want) to study horses.” The orator said, "What would the economistdo? He __________ (go) to his study and think, ‘What would I do if I __________ (be) a horse?" What the English economist meant, at a very beginning, was, I think, part of the problem, but not the whole of it. What I think is important is that economists don’t study the working of the economic system. That is to say, they don’t think they’re studying any system with all its interrelationships. It is as if a biologist studied the circulation of the blood without the body. It is a pretty gory thought, but it wouldn’t get you anywhere. You __________ n’t be able to discuss the circulation of the blood in a sensible way. And that’s what happens in economics. In fact, the economic system is extremely complicated. You have large firms and small firms, differentiated firms and narrowly specialized firms, vertically integrated firms and those single-stage firms; you have in addition non-profit organizations and government entities – and all bound together, all operating to form the total system. But how one part impinges on the other, how they are interrelated, how it actually works – that is not what people study. What is wrong is the failure to look at the system as the object of study. • Now how does it look? I think you won’t be surprised after hearing that the key to the development of a sensible analysis is the comparison between the additional production resulting from the rearrangement of activities and the costs of the transactions needed to make the rearrangement . If you can get extra production, a higher standard of living by rearranging activities, you __________ (do) so if the costs of transactions are less than the value of what is gained.

13. Complete with the correct verbal form and Write True or False: • It __________ (be) advisable to study the working of the economic system if we agreed with the speaker • ( ). • If we start dealing with the economic system, we __________ (be) dealing with an easy-to-analyze set of problems ( ). • If you were the orator, you __________ (look at) the economic system as the object of the study ( ). • For the speaker, it could be possible to get a higher standard of living (by rearranging activities) if the costs of transactions __________ (be) less than the value of what is gained ( ). Your complete shopping satisfaction is our number one priority. If an item you order does not meet your expectations, simply return it to us: • Therefore, it follows that if you can lower transaction costs, there __________ (be) more rearrangements, and the economic system __________ (become) moreproductive. Transaction costs, in my view, become the factor upon which the productivity of the economic system depends. ¡Quien pretenda no aprender de los errores, pues que no los cometa!