В. А. Шляхова, О. Н. Герасина, Ю. А. Герасина английский язык для экономистов english for economists

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During the modern history economists call economics simply the 
«science of wealth». Economics is the study of how societies use 
scarce resources to produce valuable commodities and distribute 
them among people. The major goal of economics is to define the 
most effective way of managing the economic life of the country.
The economy means a system of management, use and control 
of money, goods and other resources of the country and community. 
The economy comprises people, companies, the government of 
the country, local authorities, and decisions about prices and 
wages, what to produce, export, import and other matters. So the 
economy is complicated and difficult to predict, but it is important 
to businesses because changes in the economy influence all types 
of business.
There are three types of the economy, namely, a command 
economy, a market economy and a mixed economy. In those cases 
when the government makes economic decisions about production 
and distribution of goods and services, such type of economy is 
called the command economy.
When decisions are made in markets it is called the market 
economy. In this case all questions connected with the production 
and consumption are solved by private firms and individuals. 
Mixed economies use the elements of market and command. All 
contemporary societies are mixed economies.
Economists classify the science of economics into two 
branches: macroeconomics and microeconomics. Microeconomics 
in the modern world means making economic decisions within the 
corporation or partnership. Microeconomics deals with people, 
economic decisions made by people, businesses – how companies 
run their business within their country. In microeconomics we look 
at which goods are produced, who produces these goods, and who 
gets them.
Macroeconomics is the interaction in the economy as a whole; 
it looks at how the domestic economy interacts with economies of 
other countries.

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There is a close interconnection between macroeconomics 
and microeconomics: macroeconomics outcomes depend on micro 
behavior, and micro behavior is influenced by macro outcomes.

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