XVII. Find the equivalents in the text:

власні інтереси, висока якість, пропонувати продукти, володіти за­собами виробництва, заробляти прибуток, низька ціна, платити, гнуч­ка система, національна оборона, переорієнтуватись, не втручатись, неймовірна різноманітність, спрощена модель, збирання податків.

XVIII. Complete the following sentences:

1. In a market economy the questions of What, How and Whom to produce are made by______.

2. In economic term a market is ________.

3. Since consumers like products with low prices and high quality_______.

4. Those who make the best products for the lowest prices will make_______.

5. Other producers will either go out of business or____.

6. A market economy has several major advantages that____.

7. The first advantage of the market economy is _____.

8. The second major advantage of the market economy is_____.

9. Consumers are free to spend their money or_____.

10. The third advantage of the market economy is____.

11. As long as there is competition among producers, the market economy generally .

12. The final advantage of the market economy is____.

XIX. Fill in the gaps with the given words.

profits, firms, private property, earn, advantages, products (2), flexible, to produce, individuals, market, the means of production, business, to conduct.

1. In a market economy, the questions of What, How and Whom to produce are made by and acting in their own best interests.

2.In economic term a______is an arrangement that allows buyers and sellers to come together transaction.

3.Since consumers like with low prices and high quality, producers in market economy will try to supply such______.

4. Those who make the best products for the lowest prices will make and stay in ______________.

5. By we mean the right of individuals and business firm to own the means of production.

6. In a market economy are owned by private individuals.

7. Private ownership gives people the incentive to use their property things that will sell and them the profit.

8. A market economy has several major that traditional and command economies do not have.

9. A market economy is and can adjust to change over time.

XX. Describe the market economy.

XXI. Text d

Mixed Economy

Mixed economy is an «economy that combines capitalism and socialism ». Some sources prefer the use of «command economy» over «socialism* in defining a mixed economy.

We have seen that there is some use of the market mechanism in planned economies. Likewise there is some measure of state control in free market economies. Here the term mixed economy is used; it describes most of the economies in the noncommunist world. These countries are basically market economies, but all contain elements of state enterprise and governments in all of them intervene to modify the operation of market forces. They are mixtures of command and market economies.

In these mixed economies private property is an important institution. Supporters of the mixed system hold the view that private property provides an important incentive for people to work, save and invest. They oppose the abolition of private property and argue that it is possible to present great inequalities of wealth from arising by the appropriate government measures (e. g. heavy taxation of income and wealth).

The mixed economy has come into being as a result of increasing government intervention and control in capitalist countries. This development has been particularly extensive during the 20th century.

The most famous mixed economy in the world is that of the UK because it was in the UK that the form first evolved. The components of the mixed economy are:

a) A free enterprise sector, where economic decisions are taken through the workings of the market.

2. Government regulation of the economy through its budgets, etc.

3. Public ownership of only some industries.

d) Welfare services, either provided by the state or supplied through state administered schemes.

22. Describe the mixed economy.

23. Translate the sentences into English.

1. Кожному суспільству доводиться приймати рішення стосовно того, що,

як та для кого виробляти.

2. Виживання суспільства залежить від того, чи воно спроможне

забезпечувати своїх людей їжею, одягом та житлом.

3. Тип економічної системи визначається методом, за яким при­ймаються

рішення про задоволення бажань та потреб людей.

4. Головний недолік традиційної економіки полягає в тому, що вона схильна нівелювати ідеї.

5. Головна перевага традиційної економіки в тім, що кожний у ній має свою роль.

6. Традиційна економіка схильна до застою і не може розви­ватися далі.

7. Основна перевага командної системи полягає в тому, що вона може

рішуче змінювати напрямок у відносно короткий проміжок часу.

8. Основний недолік командної системи полягає в тому, що вона не завжди задовольняє потреби та бажання окремих осіб.

9. Командна система вимагає великого бюрократичного апарату.

10. Ринкова економіка — гнучка та може пристосовуватись до змін

впродовж всього часу.

11. Змішана економіка притаманна зараз більшості країн світу.