Comprehension check

I. Give Russian equivalents to the following:

А means of exchange, a means of measuring, in return for a fixed payment, in the strict economic sense, financial reward, in terms of money, human labour, distinctions of social class, payment of wages, national labour force, it should be noted, self-employed, fixed wage, to receive surplus, reward of private enterprise, a negotiated rate, a result of productive work, to share the surplus, to pay for, other items, to bear risk, the risk has been justified, as a return on the investment, previous business activities, a deliberate policy of saving surpluses, to create capital, the assets possessed by a person.

II. Give English equivalents to the following:

Производительные силы, производственные отношения, производство материальных благ, оказывать воздействие, взаимосвязь производительных сил и производственных отношений, форма собственности на средства производства, формы распределения материальных благ, жизненные интересы, взаимоотношения людей, способность человека к труду, количество и качество, квалифицированная рабочая сила, создавать прибавочную стоимость, постоянный капитал, переменный капитал, оборотный капитал, готовый продукт.

III. Make sentences by adding a suitable beginning to the following:

1. …. but with the payment of wages in return of work.

2. ….. is not labour in the strict economic sense.

3. ……is known as profit.

4. ……in return for a fixed payment.

5. ……the working population.

6. ……also a means of measuring the value of men’s labour.

IV. Agree or disagree with the following statements:

1. There is always an element of risk in starting a business.

2. If the business is not successful, the risk has been justified.

3. All railways, houses, land, airports shares are capital.

4. Profit is the surplus which accumulates as a result of productive work.

5. The employees, the employers and the providers of capital bear the risk.

6. A deliberate policy of saving surpluses may be only collective.

7. The employer obtains the surplus after he pays the wages of his employees.

V. Fill in the gaps using the words given

(Retail clerk, services, takes part, accumulating, account, human effort, market, risk, limited, consumer, bankruptcy, simplified, entrepreneurial)

1. Economic resources are _____ or scarce.

2. There is an apparent need for a _____ classification of such resources, which we shall meet with the following categories: (1) property resources—land or raw materials and capital; (2) human resources—labor and _____ ability.

3. The process of producing and _____ capital goods is known as investment.

4. Thus the services of a logger, _____, machinist, teacher, professional football player, and nuclear physicist all fall under the general heading of labor.

5. The entrepreneur is a _____ bearer.

6. The reward for his or her time, efforts, and abilities may be attractive profits or losses and eventual _____.

7. The world _____ for oil can also be a source of favorable shifts in aggregate supply.

8. The people who ___ in production are also ___ .

9. There are social and political problems which have to be taken ___ .

10. Labour is ___ to the production of goods and ___ .