- •S.N. Karova
- •Text 2. Microeconomics and macroeconomics.
- •Vocabulary
- •Text 3. Factors of production (I)
- •Vocabulary
- •Text 4 Factors of production (II)
- •Vocabulary
- •Text 5 Economic systems
- •Vocabulary
- •Text 6 Planned economies
- •Vocabulary
- •Text 7 Market economies
- •Vocabulary
- •Text 8. Mixed economies
- •Vocabulary
- •Text 9 The law of demand
- •Vocabulary
- •Text 10 The law of supply
- •Vocabulary
- •Text 11 Money and its functions
- •Vocabulary
- •Text 12
- •Inflation
- •Vocabulary
- •Text 13
- •International trade
- •Vocabulary
- •Text 14 Duties and quotas
- •Vocabulary
Text 4 Factors of production (II)
Economists call the physical and mental effort that people put into the creation of goods and services labour. The rice for th use of labour is wages.
A factory, machine tools and equipment are capital resources. The term capital is often referred to money which is used to buy factories and other resources. Payment for the use of capital is called interest.
Entrepreneurship is the managerial or organizational skills needed by most firms to produce goods and services.
Vocabulary
factory - завод, фабрика
goods – товар, товары
interest – процент
machine tools and equipment – станки и оборудование
skills – квалификация, умение
wages – заработная плата
Comments:
1. Pay attention to the use of the noun “goods” – товар, товары - always in the plural form.
2. Remember spelling of plural endings:
factory – factories
community – communities But: day – days
TASKS
Task 1. Which nouns do not have the plural form?
information
sheep
ship
child
coal
money
service
effort
weather
accommodation
travel
price
Task 2. Put the following nouns in the plural form.
dictionary
society
economies
factory
agency
city
community
suly
salary
Task 3. Give synonyms to the following words.
factory
firm
people
wages
labour
effort
Task 4. Which one doesn’t go with the line?
1. economics, mental, science, labour;
2. price, money, sell, payment.
Task 5. Finish up the sentences and translate then into Russian.
1.The price for the use of labour… .
2. The term capital is often referred… .
3.Payment for the use of capital… .
4. Entrepreneurship is… .
Task 6. Match the terms in column A with their definitions in column B.
A
1. goods
2. services
3. labour
4. capital
5. manager
B.
a) money or property used to produce wealth
b) things that are produced in order to be sold or used
c) work involving a lot of physical and mental effort
d) business that involves selling help and advice, or delivering goods (intangible goods)
e) someone whose job is tol direct and control all or a part of a company
Task 7. Answer the following questions.
1. What is labour?
2. What is the price for the use of labour called?
3. What is capital?
4. What is the price for the use of it called?
5. What is entrepreneurship?
Text 5 Economic systems
Economic system is the way in which a country uses its available resources (land, workers, natural resources, etc.) to satisfy the wants of its inhabitants for the goods and services.
There are a number of ways in which a government can organize the economy.
There are three main types of economic systems: planned economies, market economies, mixed economies.
Vocabulary
available – имеющийся в распоряжении
government - правительство
inhabitants – население, жители страны
market - рынок
market economy – рыночная экономика
mixed economy – экономика рыночного типа
planned economy – плановая экономика
TASKS
Task 1. Look through the text and write out the names of the economic systems.
Task 2. Give synonyms to the following words:
country
workers
inhabitants
goods
organization
system
Task 3. What factors of production are mentioned in the text?
Task 4. Which one doesn’t logically fit the group?
1. natural, available, market, enjoyable;
2. planned economy, market economy, satisfy, mixed economy;
3. workers, inhabitants, organize, land.
Task 5. Unscramble the sentences.
1. can, are, ways, a, organize, there, economy, government, a, of, in, number, which, the.
2. economies, planned, three, market, systems, there, economies, main, economies, mixed, are, economic.
Task 6. Match the terms in column A with their definitions in column B.
A.
1. government
2. worker
3.economy
4. goods
B.
a) the system by which a country’s goods and services are produced and used
b) things that are produced in order to be sold
c) the group of people responsible for running a country and making decisions about laws, taxes, etc.
d) one of the people who work for an organization or business, and are below the level of manager