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  1. Define whether the given statements are true or false: т (True), а какие нет – f (False):

1. «The Wealth of Nations» written by Adam Smith was published in 1776. 2. In Smith's opinion, the land was the only source of wealth. 3. Smith believed that economy would work best if it functioned without government regulation. 4. Business firms produce only those products that consumers want and produce them at the highest possible cost. 5. Under the «invisible hand» Smith meant the economic forces that we today would call supply and demand. 6. Smith used the metaphor of the «invisible hand» to explain why all society benefits when the economy is free of regulation. 7. It was Adam Smith who compared the two economic forces to the blades of scissors. 8. Alfred Marshall explained the economic events in terms of the equilibrium market price resulting from the interaction of supply and demand.

  1. Match the English expressions with Russian equivalent:

1. source of wealth a) государственное регулирование

2. in these circumstances b) использование механизмов

3. self – interest c) разделение труда

4. to benefit society d) производственные мощности

5. as a whole e) равновесная рыночная цена

6. government regulation f) в конечном счете

7. division of labour g) источник богатства

8. the use of machinery h) в данных обстоятельствах

9. balance of trade i) в целом

10. equilibrium market price j) личная выгода

11. in the long run k) приносить пользу обществу

12. production facilities l) торговый баланс

  1. Match the definition with the word:

1. supply 2. output 3. demand 4. profit 5. price 6. cost

a) the price to be paid or amount of money needed for something

b) money gained in business, especially the difference between the amount earned and the amount spent

c) the amount of something that a person, a machine or an organization produces

d) an amount of money for which something may be bought or sold

e) the action of supplying something

f) the desire of customers for goods or services which they wish to buy or use

Lesson 6 my speciality

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