Unit 6 Mixed economies

WARMING-UP

1. Work in groups or as a class. Discuss the following questions:

1. What abbreviations do you use in your life?

2. How often do you use them?

3. What do many professionals use abbreviations?

4. What do these abbreviations stand for: the USA, the former USSR, the UK, EU, UN?.

2. Work with a partner. Make the abbreviations from the groups of names listed below (keep the definite article the where this is customary):

EXAMPLE: British Petroleum → BP

1. Organisation for Economic Cooperation and Development.

2. The European Economic Community.

3. World Health Organisation.

4. The International Labour Organisation.

5. Trans World Airlines.

6. European Common Market.

7. World Intellectual Property Organisation

8. European Bank of Research and Development

9. United Nations Educational, Scientific and Cultural Organisation

3. Look up in a dictionary what these abbreviations stand for and complete the sentences:

1. Just as Rd is short for Road, St and Sq are short for … and … .

2. #24 in the USA and №24 in Britain both mean … 24.

3. In a report or textbook e.g. means … , i.e. stands for … , etc. means … .

4. A British company’s name may be followed by the abbreviation plc or PLC (short for … ), Ltd ( … ) or & Co. ( … ).

5. An American firm’s name may be followed by Corp. ( … ) or Inc. ( … ).

4. Work with a partner. Fill in the gaps:

1. VIP: Very Important … ;

2. NATO: North … Treaty Organisation;

3. AGM: … general meeting;

4. CEO: … Executive Officer;

5. EDP: Electronic … Processing;

6. HQ: Head… ;

7. IT: … Technologies;

8. MBA: Master of Business … ;

9. IBM: International … Machines.

PRE-READING

1. Work with a partner. List as many companies as you know with abbreviated names. What countries are they in? What line of business are they in?

2. Match these definitions with the words below:

a) Economic system in which anyone can attempt to raise capital, form business, and offer goods or services	1. mixed economy
b) Economy with both private and public sectors	2. free enterprise
c) Industry owned by the government, for economic, social or strategic reasons	3.long-term planning
d) Planning which extends beyond five years	4.nationalized industry

3. Answer the questions:

1. What economic system do central-planned countries have?

2. Are there entirely capitalist and socialist countries in the 21^st century? Explain your answer.