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Too handicapped to work – ті, хто мають занадто великі фізичні або розумові вади, щоб працювати; ті, хто не можуть працювати через занадто великі фізичні або розумові вади;

Exercise 1. Read, translate into Ukrainian in written form and learn by heart the definitions of the following economic terms and concepts.

Capital:something created to produce other goods and services; also money used to pay for the operation of a business.	__________________________________________________________________________ _____________________________________ _____________________________________
Entrepreneur: a person who creates a business in the hope of earning a profit; also a person, who organizes, manages and assumes the risk of a business enterprise.	_____________________________________ _____________________________________ _____________________________________ __________________________________________________________________________
Entrepreneurship: the mana-gerial or organizational skills needed by most firms to produce goods and services at a profit.	_________________________________________________________________________ _____________________________________ _____________________________________
Factors of production: the productive resources of land, labour, capital and entrepreneurship that go into the production process.	_____________________________________ _______________________________________________________________________________________________________________
Information: facts or details that tell something about the person, situation, event etc.	_______________________________________________________________________________________________________________
Interest: payment for using someone else’s money; income derived from allowing someone else to use one’s money.	___________________________________________________________________________________________________________________________________________________
Labour: the human efforts required to produce goods and services.	__________________________________________________________________________ _____________________________________
Land: the gift of nature in the form of useful materials in or on the earth, including surface space, soil, rocks, minerals, water, wind and weather.	____________________________________________________________________________________________________________________________________________________ _____________________________________
Means of production:the material, tools, and equipment that are used in the production of goods.	_______________________________________________________________________________________________________________
Rent: return paid to those who supply the factor of production known as land.	_____________________________________ __________________________________________________________________________
Wages: the price paid for the use of labour. (To the economist, the term refers to the nation’s wealth paid to labour, as distinct from other forms of income – rent, interest, and profit).	______________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

1. the limitless needs and wants – _________________________________________

2. valuable products desired by consumers – _____________________________________

3. to distinguish three factors of production – ____________________________________

4. fixed economic resource – ____________________________________________________

5. the business environment – ___________________________________________

6. to be in limited supply – ______________________________________________

7. the workers, who own their labour – ____________________________________

8. increased natural skills, received education, training and experience – ____________ _____________________________________________________________________________

9. to represent the monetary resources – ___________________________________

10. to lease them for a specific amount of time – ______________________________

11. to perform the managerial functions – ___________________________________

12. the willingness of business owners – ____________________________________

13. to initiate the process of production – ____________________________________

14. to become vitally important – __________________________________________

15. facts and figures – ___________________________________________________

Exercise 3. Find the English equivalents for the following.

1. бути недостатнім по відношенню до – _________________________________

2. максимально збільшити обсяг випуску продукції – ______________________

3. часто розглядається як додатковий фактор виробництва – ___________________ ____________________________________________________________________________

4. речі, які надаються природою – ______________________________________

5. такої ж якості – ____________________________________________________

6. ті, хто на пенсії (за віком) –__________________________________________

7. засоби виробництва – _______________________________________________

8. перетворюючи активи на споживчі товари – ________________________________

9. задовольняти потреби людей – _______________________________________

10. управлінські або організаційні уміння – ________________________________

11. бути доступним – __________________________________________________

Exercise 4. Match the verbs/verbal phrases, prepositions (if necessary) and noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.

	to be identified		introducing new products
	to be produced		other productive resources
	to put	from	a business
	to be capable	to	computers
	to depend	by	the business
	to refer	into	the use of land
	to operate	on	the machinery
	to bring together	of	providing labour
	to be stored	for	them
	to take risks		the population
	to be paid		economists

Exercise 5. Copy out from the texts the sentences containing the following words and word- combinations and translate them into Ukrainian.

1. everything else is scarce: ____________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2. different abilities and skills: __________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

3. different areas of the economy: _________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. stay at home: _____________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. individuals have made: ______________________________________________

___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

6. someone must perform: _______________________________________________ _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

1. whatever remains after: ______________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2. business conditions: _________________________________________________

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 6. Choose words and word-combinations having the same or similar meaning to the words listed below. More than one is possible.

1. винагорода(2) ____________________________________________________

2. виробляти (3) _____________________________________________________

3. володіти(3) _______________________________________________________

4. засоби виробництва(2) _____________________________________________

5. зусилля (2) _______________________________________________________

6. необмежений (3) __________________________________________________

7. платіж (2) ________________________________________________________

8. ризик (2) _________________________________________________________

9. ризикувати (3) ____________________________________________________

10. фактор виробництва (2)____________________________________________

11. капітал (5)________________________________________________________

12. окремий предмет ()_______________________________________________

13. перетворювати (4)_________________________________________________

a payment	to create	funds	infinite	a factor of production
property	an effort	limitless	to risk	to assume a risk
an article	a risk	capital goods	to make	a compensation
to possess	an input	capital	a hazard	unlimited
to take the risk	an item	to transform	to have	a means of production
money	to change	to produce	a thing	assets	a pay
an attempt	to own	a reward	to convert	to turn into

Exercise 7. Find words in the text synonymous in meaning to the following. Read the sentences containing them.

to denote		a businessman
a region		finally
to put resources to efficient use		physical
		labour force
to collect/to accumulate		to classify

Exercise 8. Replace the words or word combinations in bold type with their synonyms.

1. The capital as a factor of production is also called the means of production. 2.The entrepreneuralso carries most if not allrisksassociated with turning his idea into a profitable business. 3. You need resourcesto producegoods and services. 4. You mustput resources to the most efficient useto maximize production. 5. Some economistsclassifyentrepreneurs as a special source of labour input, but others think they deserve to be a separate factor of production. 6. When human laborturnsnatural resourcesintogoods thatsatisfyhuman desires and have value, those goods are called wealth. 7. A modern industrialized economypossessesa large amount of capital, and it is continually increasing.

Exercise 9. Pair the halves of the sentences and translate them into Ukrainian.

1. The factors of production include	a. through investments in education, training, and health.
2. Capital includes machinery, infrastructure like roads and bridges, factories, schools and office buildings	b. that humans design and construct to produce other goods and services.
3. To some economists entrepreneurs are	c. entrepreneurs earn profits.
4. A factory, tools, machinery and trucks are capital goods because	d. there is enough for everyone to have as much as they want.
5. When the other three factors of production, land, labour and capitalcombined successfully,	e.they can be put into production process.
7. An economy uses its existing limitless resources	g. a special form of labour input.
8. The quality of labour resources can be improved	h. but they do not get any payment for their job.
Since free goods are so abundant in nature that	to combine inputs to produce goods and services.
A housewife, a keen gardener and a DIY* enthusiast all produce goods and services,	natural resources, human resources capital and entrepreneurship.

* DIY – Do It Yourself – "зроби сам" (про ремонт, виготовлення чогось власноруч)

1	2	3	4	5	6	7	8	9	10

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Exercise 10. What economic terms given in the box do the following definitions refer to?

labour	rent	interest	factors of production
wages	income	land	the means of production
profit	entrepreneur	information	entrepreneurship

A factor of production that includes land itself as well as mineral deposits, timber, water, and other natural resources.
The difference between the price received and the amounts paid as rewards to the factors of production.
Return to those who supply the factor of production known as “land”.
Productive resources needed to produce economic goods.
A person who brings together the factors of production and runs a business at his own financial risk.
The money earned by a person from work, property, or investment, regularly or over a specified time.
Payment to those owners of resources who supply the factor of production known as “labour”.
A factor of production that is defined as the function performed by those who bring together the other factors of production.
Facts or data, pertaining to a particular subject or regarded as significant.
A factor of production that represents those hired workers whose human efforts and activities are directed toward production.
The money earned by a person as a reward for allowing somebody to use his money and for waiting for the repayment of the loan.
The material, tools, and equipment that are used in the production of goods

that is produ

Exercise 11. Translate the words in brackets into Ukrainian.

Scarcity means that (жодне суспільство) has enough resources to produce all the goods and services necessary (для того щоб задовольнити усі людські бажання).