Unit 2. Different Economic systems.

Pre-reading tasks:

Vocabulary.

1. Read the definitions of the following economic concepts, learn them and be ready to use.

Centrally planned or command economy – an economy where all economic decisions are taken by the central authorities.

Free-market economy – an economy where all economic decisions are taken by individual households and firms and with no government intervention.

Mixed economy – an economy where all economic decisions are taken partly by the government and partly through the market.

Planning – establishment of objectives for man and organization and determination of the best ways to accomplish them.

Nationalization – the process under which private industries become state owned industries.

Tax – a charge, monetary as a rule, imposed by authority upon persons or property for public purposes.

Subsidy – monetary grant or gift.

Partnership – unincorporated business owned and operated by two or more persons under a voluntary legal association.

Read the determinations aloud. Ask your groupmate to define the economic concept.

2. Match English and Ukrainian equivalents.

1. mixed economy	також як
2. depends on	вільна ринкова економіка
3. differ in the type of	недостача, нестача; (розм.) брак; дефіцит
4. degree of control	приватний сектор
5. are faced with	на практиці
6. planned or command economy	залежить від...
7. in one, in the other	на одному кінці
8. private sector	розрізнюється за типом
9. in practice	з одного боку; з іншого боку
10. at the one extreme	стикаються
11. as well as	ступінь контролю
12. scarcity	б’ються над проблемою
13. in the way	втручатися
14. government intervention	змішана економіка
15. tackle the problem	урядове втручання
16. intervene through	у будь-який спосіб, по-своєму
17. free-market economy	планова або командна економіка
WARMING UP.

• Think and say what economic systems in the world do you know?

• What’s the difference between them?

• What economic system is better? Why?

• Don’t you think there is anything in common in these two quotations? What if it is?

• Which is taken from Bible and which is the verse?

• I’m tired of love; I’m still tired of rhyme. But money gives me pleasure all the time.

Я пересичений вже віршами і ласкою.

І тільки гроші роблять час для мене казкою.

(переклад автора)

• A feast is made for laughter, and wine maketh merry: but money answereth all things.

Бенкети справляють для втіхи, і вино веселить життя; але за все відповідає срібло.

(Ecclesiastes 10:19; Hilaire Belloc, Sonnets and Verse, 1923)

Read the text.