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IV. Read and) translate the text:

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A nation's standard .of living is measured by the amount of goods and services available to its citizens. One way to calculate living standard is to divide total production (the gross national product) by the population (Production % Population = per capita GNP). When production is increasing faster than the population, more goods and services are available per person, and living standards are likely to improve. Productivity is a measure of how efficiently we work. To measure productivity, economists determine the amount of goods and services produced for every unit of input. Input can be any resource that goes into the production process. Productivity is usually measured in terms of output per worker per hour. Among the principal ingredients of productivity are the education and training of workers. Welt-educated and skilled workers perform their tasks more efficiently than those who are unskilled or poorly educated.

Another ingredient in productivity is the enthusiasm workers have for their jobs. Those who like their jobs and feel they gain dignity and respect from the work will produce more than those who lack motivation to do their best. To use ma­chinery efficiently, producers must also use division of labor — the practice of breaking down large, complex tasks into a series of small ones so that each worker can become an expert in his or her particular task. To an economist, everything that takes place between production and consumption falls into the category of marketing. Marketing, then, includes the activities that bring the buyer and seller together. Marketing

includes buying and selling, transporting and storing, product planning, market research, product support, customer service, financing, insuring and other activities (pp. 71—86)*.

V. Answer the following questions:

  1. What is a nation's standard of living measured by?

  2. When are living standards likely to improve?

  3. What is «input»?

  4. What does the quality of labor force depend upon?

  5. What is a key part of marketing?

  6. What is the final part of marketing?

VI. Define the terms:

production process consumption

productivity standard of living

division of labor input

skilled worker market research

VII. Translate into English:

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