5. Open the brackets using the Present Indefinite Tense in the Passive voice:

Model: Every society (to face) with the identical problem of scarcity.

Every society is faced with the identical problem of scarcity.

1. Human wants (to unlimit), but the resources necessary to satisfy those wants (to limit). 2. The total value of the goods and services produced by the economy in a single year (to call) the gross national product (GNP). 3.Mr.Redd (to offer) an excellent price for selling his land. 4. The term capital (to use) often by business people. 5. Monopolies can set the price at which their goods (to sell).

5. Translate the following extract in written form:

Human wants are unlimited, but the resources necessary to satisfy those wants are limited. Thus, every society is faced with the identical problem, the problem of scarcity. Since there is not enough of everything to go around, everyone - individuals, business firms, and government - needs to make choices from among the things they want. In the process they will try to economize, to get the most from what they have. With this in mind we can define economics as the social science that describes and analyzes choices from among scarce resources to satisfy its wants. The need to choose is imposed on us by our income, wealth and ability to borrow.

5. Read the text and explain its main idea.

Economic activity

Most people work to earn their living and produce goods and services. Goods are either agricultural (like maize and milk) or manufactured (like cars and paper). Services are such things as education, medicine and commerce. Some people provide goods, some provide services. Other people provide both goods and services. For example, in the same garage a man may buy a car or some service, which helps him to maintain his car.

The work people do is called economic activity. All economic activities together make up the economic system of a town, city, country or the world. Such an economic system is the sum-total of what people do and what they want. The work people undertake either provides what they need or provides the money with which they can buy essential commodities. Of course, most people hope to earn enough money to buy commodities and services which are non­essential, but which provide some particular personal satisfaction like toys for children, visits to the cinema and books.

XIII. Read and remember some English idioms useful for businessmen:

1. A big wheel - an imortant person; "велика шишка", важлива особа/ персона.

2. A cowboy outfit - an unscrupulous business which exploits and swindles its customers; безчесний бізнес, побудований на експлуатації та обмані споживачів.

3. A going concern - a business that is successful; прибутковий бізнес.

Lesson з

I. Read the following words and word combination and learn their meanings by heart:

To own - володіти; a partnership - партнерство, товариство; a corporation - корпорація; production - виробництво, distribution - розподіл; sale - продаж, збут; goods - товар, вироби; a profit - прибуток; a market - ринок; a works - завод; an exchange - обмін; an aim - мета; expenses - витрати, proprietorship - власність; advantage - перевага, вигода; attribute - характерна риса, ознака; formality - процедура, формальність; regulations - законоположення, an agreement - контракт; prearranged - заздалегідь підготовлений; a stock sertificate - (or share) акція; a stockholder - акціонер; receipts - грошові надходження; taxation - оподаткування; liability - боргове зобов'язання, відповідальність; investment - вкладання капіталу, інвестиція, вклад.