3) Natural resources are present without human intervention.
4) Entrepreneurship is a separate factor of production.
5) The goods and services wanted by individuals and societies are limited.
4. Fill in the gaps with the appropriate words:
Labor, economics, land, technology, capital
1) … examines facts in order to make choices, it can teach you some basic skills for making decisions.
2) Any use of land, labor, and capital that produces goods and services more efficiently is ….
3) Anyone who works is a part of the … resource.
4) The term “…” refers to natural resources, not just to surface land.
5) Combining … with land and labor resources increases the value of all three resources by increasing their productivity.
5. Choose the correct form of the verb:
1) … resource is anything that people can use to make or obtain what they need or want.
a. a b. an c. the
2) … technology usually describes the use of science to develop new products.
a. the b. – c. a
3) Entrepreneurship … initiative and individual willingness.
a. involves b. involve c. is involving
4) Many people… familiar of the benefits with government program.
a. is b. was c. are
5) … these resources called the factors of production?
a. was b. are c. is
6) … modern technology have many benefits?
a. does b. do c. is
7) … personal computers are the best helpers for businessmen.
a. – b. a c. an
8) People’s wishes sometimes … very wide.
a. was b. are c. is
9) Money … the main thing in business.
a. is b. are c. were
10) Basic skills … important for making decisions.
a. is b. was c. are
6. Write a letter of acknowledgement: receipt of the report about selling goods of necessity.
Варіант2
1. Read the text and translate the marked part:
Supply and Demand
(1) Production must take place to supply goods and services. Supply is a relation between quantity and price. It is defined as the different quantities of a resource, good, or service that will be offered for sale at various possible prices during a specific time period. Generally, the higher the price of something, the more of it will be offered for sale – and vice versa. The Law of Supply states that suppliers will supply more at high prices than at low prices. In other words, there is a direct relationship between price and quantity of goods producers will supply. If producers cannot make profits at the market price, they must increase efficiency by reducing their costs, or they must produce a different good or service.
(2) Demand is, too, a relationship between quantity and price. It is defined as the different quantities of a resource, good, or service that will be purchased at various possible prices during a specific time period. Generally, the lower the price of something, the more of it will be purchased – and vice versa. In competitive markets, supply and demand constitute the sum of many individual decisions to sell and to buy.
(3) In a market, the interaction of supply and demand determines the market price of a good or service. A change in the supply or demand for a good will cause a change in the market price of a good and the quantity of the good sold. If supply remains the same, an increase in demand will cause price to rise, whereas a decrease in demand will cause price to fall.
2. Match the words from the marked paragraphs with their definitions:
1) Providing something which is needed (p. 1);
2) Asking for something (p. 2);
3) Quantity of money which has to be paid to buy something (p. 3);
4) Money gained (p. 1);
5) Place where produce is sold (p. 2).
3. Read the text and decide whether these statements are true or false:
1) Supply is a relationship between quality and price.
2) The Law of Supply states that suppliers will supply less at high prices than at low prices.
3) If producers cannot make profits at the market price, they must increase efficiency by reducing their costs.
4) Demand is a relationship between quantity and price.
5) The interaction of supply and demand determines the quality of a good or service.
4. Fill in the gaps with the appropriate words:
Measurement, supply, macroeconomics, profits, microeconomics
1) … is a relationship between quantity and price.
2) Economics is vitally concerned with the … of important phenomena – unemployment, prices, incomes, and so forth.
3) … studies the behavior of an econmoy’s individuals such as firms or households.
4) … studies the behavior of the economy as a whole.
5) If producers cannot make profits, they must produce a different good or service.
5. Choose the correct form of the verb:
1) The market price … as a guide to producers in determining what goods or services to produce.
a.serves b. serve c. is serving
2) Mr Conway is away, so I … the conference.
a. is organizing b. am organizing c. organizes
3) When higher prices … in more profits for producers, this encourages producers to increase production.
a. result b. results b. are resulting
4) Now our company … food products for 20 foreign countries.
a. are producing b. produce c. is producing
5) If demand …, an increase in supply will cause price to fall.
a. does not change b. do not change c. is changing
6) At the moment he … for Coca-Cola in the R&D department.
a. is working b. am working c. work
7) Positive economics … description of the facts, circumstances, and relationships in the economy.
a. concerns b. concern c. is concerning
8) The gross national product … us much about the real economic performance of a country.
a. is telling b. tells c. tell
9) At present we … a new product onto the market.
a. is launching b. are launching c. launch
10) Every day all over the world people … in companies, schools, and government offices.
a. meet b. meets c. are meeting
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