Language practice

1.5.1 Match the English terms in the left-hand column with the definitions in the right-hand column.

	An industry	A	The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time.
	A business	B	The various external forces that can directly or indirectly affect the many activities of an organization.
	An economy	C	A group of firms producing goods or services that are close substitutes-in-consumption.
	Competition	D	A situation that exists because society has unlimited wants and needs, but limited resources to be used for their satisfaction.
	A profit	E	The contraction phase of the business cycle.
	A scarcity	F	The actions of two or more rivals in pursuit of the same objective.
	Environment	G	The general condition in which workers are willing and able to produce goods and services but are not engaged in productive activities.
	Consumption	H	The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period.
	Unemployment	I	A physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep.
	Demand	J	The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period.
	A subsidy	K	The system of production, distribution, and consumption of goods and services that a society uses to solve the problem of scarcity.
	A market	L	A profit-motivated organization that combines resources for the production and supply of goods and services.
	A recession	M	The use of resources, goods, or services to satisfy wants and needs.
	Supply	N	The difference between revenue and cost.
	A need	O	A payment from government to individuals or businesses without any expectations of production.

1.5.2 Complete the following text using suitable words or phrases from the box below .

A	demand	E	prices
B	forces	F	market economy
C	private sector	G	public
D	intervened	H	drawbacks

Historically the United Kingdom of Great Britain and Northern Ireland evolved as a _____1_____, with the government playing a passive role, allowing the _____2_____ of supply and _____3_____ to determine what was produced and the _____4_____ charged. However over a period of time the state has _____5_____ to eliminate the _____6_____ of the market economy so that today, alongside a large _____7_____, they have an important _____8_____ sector.

1.5.3 Complete the text. Replace the Russian words and phrases by the English equivalents .

What is Economics?

Neither individuals nor societies can have all the things they would like to have. There simply is not enough of everything. Экономисты note that there is нет предела to the amount or kinds of things that people want. There is, however, a limit to the resources, things used to produce товары и услуги, available удовлетворять потребности. Once that limit is reached, nothing else can be produced. In other words, when a nation’s ресурсы (all its workers, factories, farms, etc.) are fully employed, the only way it will be able увеличить производство of one thing will be by сокращениепроизводства of something else. In short, человеческие потребности are unlimited, but the resources required to satisfy those wants are ограничены. Thus every society is faced with the проблема дефицита.

Since there is a дефицит ресурсов societies must делать выбор about what they want most. Экономика deals with problems of дефицита и выбора. The basic problems of Economics are to determine the most efficient ways распределять ресурсы and solve the problem of scarcity created by society’s unlimited wants and limited resources.

1.5.4 Text for discussion .

a. Look up the dictionary for the meaning and pronunciation of the following words and word-combinations and use them to discuss the problems outlined in the text.

A significant fault, intermediate, at one extreme… at the other extreme, individuals and businesses, exercise freedom of choice, government restrictions, in response to the demand, to avoid the disadvantages, enjoying the benefits, the private sector, the public sector, share of the output, taxation, transfer payments, healthcare, education, policing, defence.

b. Briefly scan the text and outline the list of major points.

c. Read the text more carefully and comment on the following items:

-The extremes of command and market economies.

-The common features of all economies in the world.

-The aim of mixed economies.

-The ways governments intervene in their economies.

---

Дата добавления: 2015-11-14