Cours - Anglais 2020-2021
Cours - Anglais 2020-2021
(Economics Department/UFR-SEG)
Licence 1 (S2)
2020 - 2021
1
OUTLINE
• Introduction
• Lesson 1: Basic economic concepts
• Lesson 2: A Word on Microeconomics
• Lesson 3: A Word on Macroeconomics
• Lesson 4: Vocabulary of graphs and statistics
• Lesson 5: Education and outcomes
• Conclusion
Introduction:
• The aim of the course is to further introduce students to English for Economics. Students
will advance their English language comprehension in the field of Economics. They will
analyze economics expressions and they will learn the structure and language in the field
of economics.
• By the end of this course the students will be able to understand economics terminology
in English, especially the language used in economics textbooks and journals.
2
LESSON 1: BASIC ECONOMIC CONCEPTS
A. Defining Economics
Economics is the study of how society manages its scarce resources.” (N. Gregory Mankiw).
Economics is a Social science concerned with the efficient use of limited resources to achieve
maximum satisfaction of economic wants (or needs). It is a social science that examines how
people choose among the alternatives available to them. It is the study of how society allocates
scarce resources and goods. Economics is social because it involves people and their behaviour.
It is a science because it uses, as much as possible, a scientific approach in its investigation of
choices.
All choices mean that one alternative is selected over another. Selecting among alternatives
involves three ideas central (or essential) to economics: scarcity, choice, and opportunity cost.
Exercises 1:
3
5. No matter whether we like it or not, we must make choices.
6. Every society must decide what it will produce with its scarce resources.
1. Economics is the social science that studies how people interact with value; in particular, the
production, distribution, and consumption of goods and services.
2. In economics we will study the choices of individuals, firms, and governments.
3. Economics is a Social science concerned with the efficient use of limited resources to achieve
maximum satisfaction of economic wants..
4. Scarcity refers to the finite nature and availability of resources while choice refers to people's
decisions about sharing and using those resources. The problem of scarcity and choice lies at
the very heart of economics, which is the study of how individuals and society choose to
allocate scarce resources.
5. The economic problem exists because, although the needs and wants of people are endless,
the resources available to satisfy needs and wants are limited.
Word Definition
1. economics a. the process of growing or making food, goods or materials, especially large quantities.
2. choice b. a business whose work involves doing something for customers but not producing
goods.
3. scarcity c. things that are produced to be sold.
4. production d. the study of how a society organizes its money, trade and industry.
5. goods e. shortage of something and difficulty to obtain
6. service f. to make somebody do or have something, especially because it is necessary according to
a particular law or set of rules.
7. resource g. an act of choosing between two or more possibilities.
8. to require h. to give somebody a job to do for payment.
9. to employ i. the act of using energy, food or materials.
10. consumption j. a supply of something that a country, an organization or a person has and can use,
especially to increase their wealth.
4
6. Many students can spent their time __ ________
7. John Keynes was the great English __ _______
8. Don’t __ ____ on things which will hardly save you any money
2- Opportunity Cost
It is within the context of scarcity that economists define what is perhaps the most important
concept in all of economics, the concept of opportunity cost.
All decisions involve trade-offs. Trade-offs are all the alternatives that we give up whenever we
choose one course of action over others. The most desirable alternative given up as a result of a
decision is known as opportunity cost. Opportunity cost is the value of the best alternative
forgone in making any choice. It is not simply the amount spent on that choice.
The concepts of scarcity, choice, and opportunity cost are at the heart of economics. A good is
scarce if the choice of one alternative requires that another be given up. The existence of
alternative uses forces us to make choices. The opportunity cost or alternative cost, is the loss of
potential gain from other alternatives when one particular alternative is chosen over the others.
Example:
• The opportunity cost to you of reading the remainder of this lesson will be the value of
the best other use to which you could have put your time.
• If you choose to spend $20 on a potted plant, you have simultaneously chosen to give up
the benefits of spending the $20 on pizzas or a paperback book or a night at the movies.
If the book is the most valuable of those alternatives, then the opportunity cost of the plant
is the value of the enjoyment you otherwise expected to receive from the book.
Exercise 2:
1. Opportunity cost is the value of the worst alternative forgone in making any choice.
2. If you choose to spend $20 on a potted plant, you have simultaneously chosen to give up
the benefits of spending the $20 on pizzas or a paperback book or a night at the movies.
3. The concept of opportunity cost is the same as the purchase price of an item.
4. A good is scarce if the choice of one alternative requires that another be given up.
5. The absence of alternative uses forces us to make choices.
5
OPPORTUNITY COST
2. What is the opportunity cost?
3. With what economic notion should the opportunity cost not be confused?
4. What concepts are at the heart of economics?
Word Definition
1. Value a. the act or process of buying something
2. To spend b. an amount of money that you pay for professional advice or services.
3. Purchase c. to think or believe that something will happen or that somebody will do something
4. Price d. how much something is worth in money or other goods for which it can be exchanged
5. fee e. an advantage that something gives you
6. to expect f. the amount of money that you have to pay for something
7. Cost g. a thing that you can choose to do or have out of two or more possibilities
8. alternative h. the amount of money that you need in order to buy, make or do something
9. benefit i. to give money to pay for goods, services, etc.
Economic growth is an increase in the production of economic goods and services, compared
from one period of time to another. Traditionally, aggregate economic growth is measured in
terms of gross national product (GNP) or gross domestic product (GDP). The GNP is the value
of all goods and services produced by a country’s people wherever they are located in a year.
The GDP is the value of all goods and services produced within a country’s borders in a year.
Since GDP is measured in a country’s currency, in order to compare different countries’ GDPs,
we need to convert them to a common currency. One way to do that is with the exchange rate,
which is the price of one country’s currency in terms of another.
The nominal value of an economic statistic is the commonly announced value. The real value is
the value after adjusting for changes in inflation. To convert nominal economic data from several
different years into real, inflation adjusted data, the starting point is to choose a base year
arbitrarily and then use a price index to convert the measurements so that they are measured in
the money prevailing in the base year.
Example:
• The GDP in Burkina Faso averaged 4.19 USD Billion from 1960 until 2019, reaching an
all-time high of 16.20 USD Billion in 2018 and a record low of 0.33 USD Billion in
1960
6
• Burkina Faso has a significantly higher GNP than its GDP as it has a large number of
overseas workers
An economic policy is a course of action that is intended to influence or control the behaviour
of the economy. Economic policies are normally implemented and administered by the
government. The goals of economic policy consist of value judgement about what economic
policy should strive to achieve. While there is some disagreement about the appropriate goals of
economic policy, there are three widely accepted goals including:
Economic growth. It means that the incomes of all consumers and firms (after accounting
for inflation) are increasing over time.
Full employment. It means that every member of the labour force (Workforce) who
wants to work is able to find work (or a job).
Price stability. It means preventing increases in the general price level known as
inflation, as well as decreases in the general price level known as deflation.
Exercise 3:
7
C. SUPPLY AND DEMAND
The most basic laws in economics are those of supply and demand. Indeed, almost every
economics event is the product of the interaction of these two laws. The law of supply states that
the quantity of a good supplied rises as the market price rises, and falls as the price falls.
Conversely, the law of demand says that the quantity of a good demanded falls as the price rises,
and vice, versa. Economists often talk of supply “curves” and demand “curves”.
Supply and demand, is the relationship between the quantity of a commodity that producers
wish to sell at various prices and the quantity that consumers wish to buy. It is the main model
of price determination used in economic theory. The price of a commodity is determined by the
interaction of supply and demand in a market. The resulting price is referred to as the equilibrium
price and represents an agreement between producers and consumers of the good.
In equilibrium the quantity of a good supplied by producers equals the quantity demanded by
consumers.
1. The buyers’ demand for goods is not the only factor determining market prices and
quantities.
2. The sellers’ supply of goods and services also play a role in determining market prices
and quantities.
3. According to the law of supply, a direct relationship exists between the price of a good
and the quantity supplied of that good.
4. In every market, there are both buyers and sellers.
5. The buyer’s willingness, to buy a particular good (at various prices) is referred to as the
buyers’ demand for that good.
6. The sellers’ willingness to supply a particular good (at various prices) is referred to as the
sellers’ supply of that good.
8
LESSON 2: A WORD ON MICROECONOMICS
A. Defining Microeconomics
The field of economics is typically divided into two broad realms: microeconomics and
macroeconomics. It is important to see the distinctions between these broad areas of study.
Microeconomics is the branch of economics that focuses on the choices made by individual
decision-making units in the economy – typically consumers and firms – and the impacts those
choices have on individual markets. Microeconomics deals with supply and demand, and with
the way they interact in various markets.
At the root of everything is supply and demand. In this market process people try to get the most
from what they have to sell, and to satisfy their desires as much as possible. In other words, people
are maximizing their personal “utility,” or welfare. This process helps them to decide what they
will supply and what they will demand. The competitive supply price represents value as seen
by suppliers, and competitive demand price represents value as seen by demanders.
Example: These questions are generally regarded as microeconomic because they focus on
individual units or markets in the economy.
Why do tickets to the best concerts cost so much? How does the threat of global warming affect
real estate prices in coastal areas? Why do women end up doing most of the housework?
Exercise 5:
1. There exist three broad realms of the field of economics: micro-, middle- and
macroeconomics.
2. Microeconomics studies the economic behaviour of individual firms.
3. The competitive supply price represents a value as seen by demanders.
4. The market is a place where goods and services are bought and sold.
5. Black market is the system by which people illegally buy and sell goods, or foreign
currency.
9
Word Definition
1. Consume a. easy to sell; attractive to customers and employers
2. market b. to become or make something become smaller in size, number, etc.
3. to increase c. the fact of a number of people not having a job
4. To decrease d. a person who buys goods or uses services
5. unemployment e. an amount of money that is taken off the usual cost of something
6. consumer f. an open area or building where people meet to buy and sell goods.
7. marketable g. to eat or drink something
8. discount h. to become or to make something greater in amount, number, value, etc.
Advantage Unskilful
Improvement Inaccessible
Available Output
Effective Disadvantage
Advancement Deterioration
Input Unavailable
Accessible recession
Skilful ineffective
Labour
Labour is the human effort that can be applied to the production of goods and services.
People who work to repair tires, pilot airplanes, teach children, or enforce laws are all part of the
economy’s labour.
People who would like to work but have not found employment – who are unemployed – are
also considered part of the labour available to the economy.
The skills a worker has as a result of education, training, or experience that can be used in
production are called human capital.
Example:
• Students who are attending a college or university are acquiring human capital.
• Workers who are gaining skills through experience or through training are acquiring
human capital. Children who are learning to read are acquiring human capital.
10
Capital
Capital is a factor of production that has been produced for use in the production of other goods
and services. It consists of human-created assets that can enhance one's power to perform
economically useful work.
Example:
Transportation equipment, such as cars and trucks, is capital. Facilities such as roads, bridges,
ports, and airports are capital. Buildings, too, are capital; they help us to produce goods and
services.
Natural Resources
Natural resources are the resources of nature that can be used for the production of goods and
services. There are two essential characteristics of natural resources. The first is that they are
found in nature – that no human effort has been used to make or alter them. The second is that
they can be used for the production of goods and services. That requires knowledge; we must
know how to use the things we find in nature before they become resources.
Exercise 6
Say if the sentences are true or false.
1. Office buildings, machinery, and tools can be called capital.
2. People who do not work are not considered part of the labour available to the economy.
3. The skills a worker has as a result of education, training, or experience that can be used
in production are called human capital.
4. We do not need any special knowledge and understanding of how to use the things we
find in nature before they become resources.
Word Definition
1. Resource a. things that you can get, buy or find; or a person who is free to see and talk to people
2. labour b. interested in something
3. capital c. the knowledge and skill that you have gained through doing something for a period of
time
4. available d. the practical use of something, especially a theory, discovery, etc.
5. concerned e. a supply of something that a country, an organization or a person has and can use;
especially to increase their wealth
6. application f. a large amount of money that is invested or is used to start a business
7. experience g. the ability to do something well
8. skill h. work, especially physical work
11
Fill in the gaps using the words below:
1. Our government carries out special measures to help reduce _ . 2. Do you give any
on this car? 3. Time is our most valuable You should use it
deliberately. 4. Some employers use immigrants as cheap _ _ 5. The starting of the
business was estimated as $100.000. 6. The pop star was not _ for taking photos,
autographing and giving comments. 7. of this cream will help you to reduce pain in
your legs. 8. We all learn by __experience_. 9. We need people with practical _ _. 10.
Jobs in _ are not very popular now.
12
LESSON 3: A WORD ON MACROECONOMICS
A. Defining Macroeconomics
Macroeconomics is the branch of economics that focuses on the impact of choices on the total,
or aggregate, level of economic activity.
Example: These are questions that deal with aggregates, or totals, in the economy; they are
problems of macroeconomics
• Is the total level of economic activity rising or falling?
• Is the rate of inflation increasing or decreasing?
• What is happening to the unemployment rate?
The question about the level of economic activity, for example, refers to the total value of all
goods and services produced in the economy.
Inflation is a measure of the rate of change in the average price level for the entire economy; it
is a macroeconomic problem.
The total levels of employment and unemployment in the economy represent the aggregate of all
labour markets; unemployment is also a topic of macroeconomics.
Both microeconomics and macroeconomics give attention to individual markets. But in
microeconomics that attention is an end in itself; in macroeconomics it is aimed at explaining
the movement of major economic aggregates – the level of total output, the level of employment,
and the price level.
Exercise 7
13
A trade deficit is an amount by which the cost of a country's imports exceeds its exports. It's one
way of measuring international trade, and it's also called a negative balance of trade. You can
calculate a trade deficit by subtracting the total value of a country's exports from the total value
of its imports.
The business cycle, also known as the economic cycle or trade cycle, are the fluctuations of
gross domestic product (GDP) around its long-term growth trend.
Prosperity: A phase of the business cycle when most people who want to work are working
and businesses produce goods and services in record numbers.
Recession: A period where demand begins to decrease, businesses lower production of goods
and services, unemployment begins to rise, and GDP growth slows for several quarters.
Depression: A phase marked by high unemployment, weak sales of goods and services, and
business failures.
Recovery: A phase of the business cycle in which unemployment begins to decrease, demand
for goods and services increases, and GDP begins to rise again.
Fiscal policy: Government taxing and spending decisions to influence the economy
Expansionary fiscal policy: This is when the economy is given a boost; this is when the
government lowers taxes and there is an increase in government spending.
Contractionary fiscal policy: This is when the economy is experiencing too much inflation and
to cool it off they use processes such as raise taxes and lower government spending.
Multiplier effect: When Money is being shared and what is someone's money then becomes
somebody else's money, then somebody else's therefore causing a "multiplying effect".
Personal income tax: The tax's that is from your personal income
Social security tax: The tax that everyone pays when they have a legal job is a social security
tax, this tax is used for after a person reaches 65 they receive what is known as a social security
checks.
Property tax : A property tax is a tax added on property of buildings ,land , Renting of houses,
etc.
14
Progressive tax: When people with higher income have to pay higher taxes than those who have
a lower income.
Regressive tax: When lower incomes pay a higher percentage in taxes than those of a higher
income.
Monetary policy is intervention in an economy through central bank actions, such as adjustments
to interest rates, reserve requirements, and open-market operations, that affect the money supply
and interest rates.
Discount rate: the interest rate on loans the Federal Reserve makes directly to banks to meet
temporary shortages of reserves.
During a recessionary gap, the economy is in short-run equilibrium with output less than the
full employment level.
Expansionary monetary policy is used in a recession to stimulate economic growth and reduce
unemployment.
Contractionary monetary policy is used during an inflationary gap to slow economic growth,
primarily to combat inflation.
During an inflationary gap, the economy is in short-run equilibrium with output higher than the
full employment level.
1. Monetary policy is policy adopted by the monetary authority of a nation to control either
the interest rate payable for very short-term borrowing or the money supply, often as an
attempt to reduce inflation or the interest rate to ensure price stability and general trust of
the value and stability of the nation's currency.
2. Fiscal policy relies on taxation, government spending, and government borrowing, as
methods for a government to manage business cycle phenomena such as recessions.
3. A trade deficit is an amount by which the cost of a country's imports exceeds its exports.
It's one way of measuring international trade, and it's also called a negative balance
of trade.
15
Lesson 4: Vocabulary of graphs and statistics
A. Introducing the graph
Example: The pie charts provide information on the proportion of males and females working
in agricultural sector.
B. Types of changes
a rise (of)
an increase (of)
a growth (of)
a peak (of)
a surge (of)
16
a fall (in)
a decrease (in)
a decline (in)
a dip (in)
a fluctuation (of)
a variation (in)
Remark:
17
C. Description of changes
Adverbs
sharply slightly
suddenly gently
rapidly gradually
abruptly steadily
dramatically modestly
significantly marginally
markedly
wildly
Adjectives
sharp slight
sudden gentle
rapid gradual
abrupt steady
dramatic consistent
steep modest
significant marginal
marked
substantial
spectacular
18
Useful phrases/Words
A small fraction, a small number, a small minority
A large portion, a significant majority
Nearly a fifth, almost 10%, in region of 40%, more than a half, over a quarter, around
two thirds, more or less three quarters, exactly one in ten, approximately a third
Data : les données. Attention : « a data » n'existe pas. Pour évoquer une donnée, on doit
dire « datum » « a data point », « an observation », etc.
Curve : une courbe notamment sur un graphique
Figure : un chiffre, un nombre (the figures veut souvent dire « les données » : « the figu
res are good» : les données sont bonnes)
Graph : un graphique
Relationship : relation (entre deux données, par exemple)
Slope : la pente (d'une courbe)
An upward sloping curve : une courbe à pente positive (qui monte) or
« this curve is upward sloping »)
a downward sloping curve : une courbe à pente négative (qui descend)
Pie chart : un graphique circulaire (un « camembert »)
Scatter graph : un graphique à nuage de points
x-axis (et son synonyme : horizontal axis) : axe des abscisses
y-axis (et son synonyme : vertical axis) : axe des ordonnées
EXERCISE 9 :
19
Give examples using the words below :
1. Illustrates:
2. Describes:
3. Compares :
4. Shows:
5. Rapidly:
6. Slightly:
7. Sharply:
D. Numbers Vocabulary
In English, when we write numerals or digits, we separate thousands with a comma (,). We
count 3 digits from the right and insert a comma. We do NOT use a point (.) to separate
thousands. We do NOT use a space ( ) to separate thousands. There is NO space before or
after the comma.
Example:
When we have exact numbers with thousands (and hundreds), we do NOT add "s".
Example:
But note that we DO add "s" when we don't have an exact number.
For example:
To indicate a decimal number we use a point (.) and this includes money such as dollars and
cents.
20
3.45 three point four five (NOT three point forty-five)
We can describe numbers smaller than one by using decimals or fractions. Today, most
systems use decimals, but it is still useful to know how to read and say simple fractions in English.
We write: We say:
¾ three quarters
⅔ two thirds
⅗ three fifths
21
⅝ five eighths
For example:
Exercise 10:
22
Lesson 5: Education and outcomes
Educational Institutions
University Courses
23
Useful Verbs, vocabulary & Nouns for University
24
• Play truant / truancy = not attending school / being absent from school without
permission
• gap year = to take a year out between high school and university
Exercise 11:
24