Exercise 8. Replace the words or word combinations in bold type with their synonyms.

1. The capital as a factor of production is also called the means of production. 2. The entrepreneur also carries most if not all risks associated with turning his idea into a profitable business. 3. You need resources to produce goods and services. 4. You must put resources to the most efficient use to maximize production. 5. Some economists classify entrepreneurs as a special source of labour input, but others think they deserve to be a separate factor of production. 6. When human labor turns natural resources into goods that satisfy human desires and have value, those goods are called wealth. 7. A modern industrialized economy possesses a large amount of capital, and it is continually increasing.

Exercise 9. Pair the halves of the sentences and translate them into Ukrainian.

1. The factors of production include	a. through investments in education, training, and health.
2. Capital includes machinery, infrastructure like roads and bridges, factories, schools and office buildings	b. that humans design and construct to produce other goods and services.
3. To some economists entrepreneurs are	c. entrepreneurs earn profits.
4. A factory, tools, machinery and trucks are capital goods because	d. there is enough for everyone to have as much as they want.
5. When the other three factors of production, land, labour and capitalcombined successfully,	e.they can be put into production process.
7. An economy uses its existing limitless resources	g. a special form of labour input.
8. The quality of labour resources can be improved	h. but they do not get any payment for their job.
9. Since free goods are so abundant in nature that	i. to combine inputs to produce goods and services.
10. A housewife, a keen gardener and a DIY* enthusiast all produce goods and services,	j. natural resources, human resources capital and entrepreneurship.

* DIY – DoItYourself–"зроби сам" (про ремонт, виготовлення чогосьвласноруч)

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Exercise 10. What economic terms given in the box do the following definitions refer to?

labour	rent	interest	factors of production
wages	income	land	the means of production
profit	entrepreneur	information	entrepreneurship

a) A factor of production that includes land itself as well as mineral deposits, timber, water, and other natural resources.
b) The difference between the price received and the amounts paid as rewards to the factors of production.
c) Return to those who supply the factor of production known as “land”.
d) Productive resources needed to produce economic goods.
e) A person who brings together the factors of production and runs a business at his own financial risk.
f) The money earned by a person from work, property, or investment, regularly or over a specified time.
g) Payment to those owners of resources who supply the factor of production known as “labour”.
h) A factor of production that is defined as the function performed by those who bring together the other factors of production.
i) Facts or data, pertaining to a particular subject or regarded as significant.
j) A factor of production that represents those hired workers whose human efforts and activities are directed toward production.
k) The money earned by a person as a reward for allowing somebody to use his money and for waiting for the repayment of the loan.
l) The material, tools, and equipment that are used in the production of goods

that is produ

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