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Vocabulary

deflation дефляція

consequence наслідок

even рівномірний

uneven нерівномірний

inflation rate рівень інфляції

cause причина

complex складний

to arise (arose, arisen) виникати

damage шкода, збиток

to damage завдавати шкоди

damaging той, що завдає шкоду

stagnation стагнація

to decrease зменшувати

decrease зменшення

halt зупинка

to come to halt зупинитися

to take measures вжити заходів

to combat боротися

stagflation стагфляція

to reduce зменшувати

to decrease

reduction зменшення

decrease

    1. Give these English terms in Ukrainian:

inflation an inflationary development

inflation rate stagflation

causes of inflation deflation

consequences of inflation demand and supply

inflation growth supply of money

inflation reduction supply of goods

    1. Translate into Ukrainian:

an uneven development in the quantity of goods on offer

an uneven development in the quantity of money available

to arise – to rise

to increase – to decrease – to reduce

to come to a halt – to halt

to combat – combat

    1. Write your definitions of the following terms:

inflation

stagflation

deflation

    1. Write out the terms which mean the following, from the text:

  1. the situation when economic _______________

growth decreases or comes to _______________

a halt, but inflation continues to rise _______________

  1. the opposite development to _______________

inflation, representing a reduction _______________

in the supply of money in comparison _______________

with the supply of goods _______________

    1. Express your ideas:

  1. if high quality goods are always very expensive, to your mind

  2. if low prices always mean low quality

  3. if prices usually grow both for high and low quality

  4. if higher prices are associated with inflation, stagflation or deflation

    1. Write down the questions for the following answers:

    1. ____________________ - It is characterized by rising

____________________ prices within a certain period

____________________? of time.

    1. ____________________ - This leads to stagflation.

____________________?

Unit 7 factors of production Text 1: The factors of production

Economic resources comprise human beings and all the things they use to produce the goods and services which people want. In economics, these resources are described as factors of production. They are often classified into three main groups: natural resources, human resources, and manufactured resources.

Natural resources are the resources provided by nature and not by human beings. The word land is used to describe the gifts of nature.

Human resources consist of the energies, skills and knowledge of the working population. These resources are described as labour.

The word capital is used to describe manufactured resources. They consist of such things as factories, machines, railway, roads, power stations, docks and so on.

Many economists include a fourth factor of production – the entrepreneur. This is the person for persons, who organises land, labour and capital into units of production. These units of production are described as firms.

Land

(natural resources)

Labour

(human resources)

Capital (manufactured resources)

The Entrepreneur