Vocabulary notes

to own and run (syn. to manage, to operate) businesses – володіти і керувати бізнесом

to intervene – втручатися

private enterprise (syn. entrepreneurship) – приватне підприємство (синонім підприємництва)

private ownership (syn. property) of the means of production – приватна власність на засоби виробництва

public property, common ownership – державна власність, спільна (громадська) власність

personal property – особиста власність

state-owned property, state ownership – державна власність

private supplies of capital – приватний капітал

surplus income available for investment in new business activities – додаткові доходи для інвестування в нові види діяльності (бізнес)

to employ – використовувати; надавати роботу, наймати

employer – роботодавець

employee – службовець, співробітник

employment – зайнятість

unemployment – безробіття

to persuade - переконувати

at first view (syn. at first sight) – на перший погляд

to adjust automatically – автоматично пристосовуватися; приводитися у відповідність

competitive – конкурентоспроможний

to make the largest profits possible – отримати найбільш можливий прибуток

to pursue one's own interests – переслідувати власні інтереси

to make money out of it –заробити гроші на цьому

to move the production possibility frontier outwards – просунути своє виробництво за межі можливостей

to make the society better-off – зробити суспільство більш заможним

to create new jobs and opportunities – створити нові робочі місця, нові можливості

to underpurchase (ant. to overpurchase) – недостатньо розкуповувати

to provide free or subsidized supplies –забезпечити безкоштовне або субсидоване надання (товарів, послуг)

in response to (syn. in answer to) – у відповідь на

a cornerstone – наріжний камінь

to alter swiftly – швидко змінюватися

consequences – наслідки

labour- intensive production – трудомістке виробництво

working conditions – умови праці

safety standards – норми техніки безпеки

large- scale intervention – широкомасштабне втручання

to pass laws – приймати закони

to gain sufficient sales – домогтися достатнього обсягу продажів

rival firms – фірми-конкуренти, суперники

to have confidence – мати впевненість

to lack confidence – не вистачати впевненості

Assignments

I. Suggest the Ukrainian equivalents:

new advanced products; products which are favoured; they try to make the

largest profits possible; provide free or subsidized supplies; produce goods and

then advertise heavily; a firm which switches from labour- intensive production a new one; a decline in the prosperity of the nation

II. Replace the parts in italics by synonyms

businesses owned and run by the state; products and services, which are favoured; at first view; production alters swiftly ill.

III. Fill in the gaps -with the words and expressions from the text

1. Small South-East Asian states like Hong Kong and Singapore contain some businesses __ by the state.

2. The system is based on __ with __ of __.

3. Private supplies of capital can be defined as __ available for __ in __.

4. Consumers are willing to spend more on products and services, which __.

5. More profits will __ more firms to produce those particular goods that are favoured.

6. In a market economy it is __ who decide what is to be produced.

5. __ firms see the opportunity of __ and produce the new fashionable and favoured products.

6. The economy __ automatically to meet changing demands.

7. Finns tend to be highly __in such an environment.

7. In a free market individual people are free __.

8. But when you have that car produced, you are moving __.

9. You actually make __ by __, even though you become a millionaire in the process, and you do it without __ or __.

10. Some goods would be __ if the government did not provide __ supplies.

11. Some other goods and services, such as defence and policing, are impossible to __ in response to consumer spending.

12. __ of the market system is that production __ to meet changing demands.

13. If a firm switches from __ to one where new technology __ in the factory, it can lead to __ and __ problems.

14. It is necessary to have __ to pass laws __ consumers and workers.

15. Firms have __ in future sales if they are to produce new goods and services.

16. A recession means __ spending, __jobs and __ of the nation