Vocabulary exercises

I. Name the word-building elements (suffixes, prefixes) and

the part of speech of each word:

to manage — manageable — managing — management — manager — managerial; entrepreneur — entrepreneurial — entrepreneurship; to produce — produce — producer — product — production — productive — productively — productiveness — productivity; profit — profitability — profitable — profiteer — profiteering — profitless.

II. Give the English equivalents for:

земля; праця; капiтал; фактори виробництва; продукція; водно­час; підприємництво; отримувати прибуток; виробництво товарів та послуг; фактор, що впроваджується; фінансовий капітал; організаційні та управлінські здібності; засоби виробництва; зазнавати збитків.

III. Fill in the blanks below with the most appropriate terms

from the list:

financial capital; profit; entrepreneur; factors of production; capital; inputs; goods and services; losses; capital goods.

1. _________ is a produced factor of production. 2. _________ include plant and machinery, industrial buildings, and raw material. 3. __________ is the money used to buy the tools and equipment used in production. 4. When the three ________ are present, production or the process of creating ________ can take place. 5. An ___________ is an individual who owns and operates his own business in the hope of earning ________ . 6. The entrepreneur brings together the other three ________ . 7. When the business is not successful, entrepreneurs suffer ________ .

IV. Complete the following sentences:

1. The third factor of production is ... . 2. Capital is a produced factor of production ... . 3. Financial capital is ... . 4. Capital is unique in that, it is ... . 5. When the three inputs — land, labour and capital — are present, ... . 6. Even the production of the service called education requires ... . 7. Entrepreneurship, the managerial or organizational skills needed by most firms to produce goods and services, is ... . 8. The entrepreneur brings together ... . 9. When they are successful, entrepreneurs ... . 10. Profit is ... . 11. When they are not successful, ... .

V. Match each term in Column a with its definition in Column b:

Column A Column B

1. labour	a. Anything that goes into the production process.
2. capital goods	b. Money gained in business; the difference between the amount earned and the amount spent.
3. financial capital	c. The human effort required to produce goods and services.
4. production	d. Something created to produce other goods and services.
5. inputs	e. The money used to buy the tools and equipment used in production.
6. land	f. The productive resources of land, labour and capital.
7. profit	g. Natural resources that go into the creation of goods and services.
8. factors of production	h. The process of creating goods and services.

6. Define which of the following items best completes

the statement:

1. An example of capital goods may be

a. a computer.

b. a factory.

c. a TV set.

d. equipment.

2. Entrepreneurship is

a. always profitable.

b. limited to highly educated adults.

c. a factor of production.

d. never without risk in our economic system.

3. The price or return for the use of capital is called

a. rent.

b. wages.

c. interest.

d. profit.

VII. Say whether these statements are true or false and if they are false say why:

1. Capital is a produced factor of production. 2. When the three inputs are present, production or the process of creating goods and services, can take place. 3. The production of the service called education doesn’t always require the presence of land, labour and capital. 4. An entrepreneur has a lot of rewards and few risks. 5. Only the wealthy can be entrepreneurs.

VIII. Answer the following questions:

1. What is the third factor of production? 2. Capital is a produced factor of production, isn’t it? 3. What do capital goods include? 4. What is financial capital? 5. When can production take place? 6. What does the production of the service called education require? 7. What is entrepreneurship? 8. When do entrepreneurs earn profit? 9. What is profit? 10. When do entrepreneurs suffer losses?

IX. Translate into English:

1. Засоби виробництва — це машини, iнструменти, устаткування, які використовуються в процесі виробництва. 2. Капiтал унiкальний тим, що вiн є результатом виробництва. 3. Люди користуються гро­шима, щоб купувати інструменти та устаткування для виробництва. 4. Виробництво може мати мiсце, коли наявнi всi три запроваджувальні фактори виробництва — земля, праця i капiтал. 5. Освіта як вироб­ництво послуги також потребує наявності всіх трьох факторів вироб­ництва. 6. Підприємництво — це організаційні та управлінські здіб­ності, необхідні для виробництва товарів або послуг з метою отри­мання прибутку.