a. There are four economic systems in the world.
b. There are two economic systems in the world.
c. There are three economic systems in the world.
2) Where are traditional economies found?
a. Traditional economies are found primarily in the rural, no industrial areas of the world.
b. Traditional economies are found primarily in the urban, industrial areas of the world.
c. Traditional economies are found primarily in the rural, industrial areas of the world.
3) Who answers the basic economic questions in command economies?
a. In command economies, the basic economic questions are answered by government officials.
b. In command economies, the basic economic questions are answered by workers.
c. In command economies, the basic economic questions are answered by economists.
4) Who owns natural resources and capital goods in market economies?
a. In market economies, natural resources and capital goods are usually publicly owned.
b. In market economies, natural resources and capital goods are usually owned by government.
c. In market economies, natural resources and capital goods are usually privately owned.
5) Who has a great deal of economic freedom in market economies?
a. Buyers have a great deal of economic freedom.
b. Buyers and sellers have a great deal of economic freedom.
c. Sellers have a great deal of economic freedom.
3. Read the text again and find the word that means:
1) To buy and use goods, services, energy or natural materials. (p.2)
2) The state of owning something. (p. 3)
3) Something such as oil, land or natural energy that exists in a country and can be used to increase its wealth. (p.3)
4) All the people who leave together in one house. (p.4)
5) A product that can be sold to make a profit. (p. 4)
4. Fill in the gaps with the appropriate words:
Income, goods, provide, economic, needs, consumer, perishable, capital, workplaces, wages.
1) We probably would not go to work if we could satisfy these basic …without working.
2) In these occupations … sometimes are higher than for other occupations with low risk for life.
3) Usually we have to decide carefully how we spend our ….
4) Human labour produces both … and services.
5) In most …, health and safety, noise level is carefully regulated.
6) If you are a lawyer, an accountant, a teacher, or … other service, your income is based on an hourly wage.
7) This change indicates that a special relationship exists between goods and services on the one hand, and a … and his money on the other hand.
8) By … we mean goods, which cannot be stored for any length of time without going bad.
9) He said that special organ should examine all aspects of national … life.
10) In terms of the state, all railways, docks, roads, airports and state funds of money are a part of the nation’s ….
5. Choose the correct form of the verb:
1) Two years ago our company … in producing high quality computers.
а. specializes b. has specialized c. specialized
2) Next year businesses… money to buy new capital goods.
a. will spend b. have spent c..are spending
3) In a command economy all businesses … by the government.
a. will be controlled b. are controlled c. are being controlled
4) Many commodities … by our company last year.
a. have been bought b. are bought c. were bought
5) They ... just ... different non – essential commodities.
a. have been produced b. have produced c. are produced
6. Put the questions to the underlined words:
1) The prices were fixed by the government. (What…?)
2) The firm has bought a lot of commodities last month. (When…?)
3) Even in a dedicated capitalist economy the government plans certain things. (Where…?)
4) Most people work to earn their living. (Why…?)
5) The labour will be measured in terms of money payments of a fixed and regular nature. (How…?)
7. Write the letter in the appropriate order, use notes in box to complete the letter:
You are working at a big company as a Company Secretary. Next week two representatives of your company will arrive in London and plan to be there for 10 days and will then go on to France. You have to book seats for them on a plane.
1) Sherman LTD.
21 Bramshil Gardens
2) Yours faithfully,
Ann Johnson Company Secretary
3) Mr. Sam Brown
77 Randolph Square
London 3 BE
4) 4 May 2006
5) Dear Mr. Brown,
1. Translate the marked part of the text:
(1) To supply goods and services to the market you need more than ambition. No matter how large a business is or who owns it, all businesses confront one central fact: it costs something to produce goods. To produce corn, a farmer needs land, water, seed, equipment, and labor. To produce fillings, a dentist needs a chair, a drill, some space, and labor. Even the “production” of educational services (e.g. this economic class) requires the use of labor (your teacher), land (on which the school is built), and some capital (the building and blackboard). In short, unless you are producing unrefined, unpackaged air, you need factors of production – that is , resources that can be used to produce a good or service.
(2) The factors of production used to produce a good or service provide the basic measure of economic cost. The costs of your economic class, for example, are measured by the amounts of land, labor, and capital it requires. These are resource costs of production.
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