- •1.1 Getting started
- •1.2 Look through the following vocabulary notes which will help you understand the text and discuss the topic.
- •1.3 Reading Economic Systems
- •1.4 Comprehension
- •1.4.1 Answer the questions using the active vocabulary.
- •1.4.2 Mark these statements t(true) or f(false) according to the information in the text. If they are false say why.
- •2. In a market economy, all major decisions related to the production, distribution, commodity and service prices, are made by the government.
- •3. In a planned economy the assumptions of the market play a major role in deciding the right path for a country’s economic development.
- •1.5 Language practice
- •1.5.1 Match the English terms in the left-hand column with the definitions in the right-hand column.
- •1.5.4 Text for discussion.
- •1.6 Render the passage in English using the English equivalents of the italicized phrases given in Russian. Express the main idea of the passage in one sentence or entitle it.
- •Unit 1 Reading Self – Control Test Economic Systems
- •1. Which of the following is the main idea of the text?
- •2. What is most likely the source the text has been taken from?
- •3. It can be derived from the text that an economic system can be defined as
- •4. It can be inferred from the text that
- •5. Which economy according to the information in the text is the most efficient because it adjusts automatically to meet the changing demand ?
- •6. It can be derived from the text that a balance of a wide range of political and economic views is typical for
- •7. It can be derived from the text that the slowliest to react to changes in consumer needs and fluctuating patterns of supply and demand is
- •8. Which of the following statements would the author most probably agree with?
- •9. What is most likely the subject of the extract which is missing from this text?
- •10. The audience the author had in mind when writing this text was most likely a group of
- •Unit 2 the micro-economic environment of business
- •2.2 Look through the following vocabulary notes which will help you understand the text and discuss the topic.
- •2.3 Reading
- •2.4 Comprehension
- •2.4.1 Answer the questions using the active vocabulary.
- •2.4.2 Mark these statements t(true) or f(false) according to the information in the text. If they are false say why.
- •2.5 Language practice
- •2.5.1 Match the English terms in the left-hand column with the definition in the right-hand column.
- •2.5.2 Complete the following text using suitable words or phrases from the box below.
- •2.5.3 Complete the text. Replace the Russian words and phrases by the English equivalents.
- •Inflation
- •2.5.4 Text for discussion.
- •Implications for Business People
- •2.6 Render the passage in English using the English equivalents of the italicised phrases given in Russian. Express the main idea of the passage in one sentence or entitle it.
- •Unit 2 Reading Self – Control Test Economic Essentials
- •10. What is most likely the subject of the extract which is missing from this text?
- •3.1 Getting started
- •3.2 Look through the following vocabulary notes which will help you understand the text and discuss the topic.
- •3.3 Reading From Small Firms to mnCs and Back to mbOs
- •3.4 Comprehension
- •3.4.1 Answer the questions using the active vocabulary.
- •3.4.2 Mark these statements t(true) or f(false) according to the information in the text. If they are false say why.
- •2.5.1 Match the English terms in the left-hand column with the definition in the right-hand column.
- •3.5.2 Complete the following text using suitable words or phrases from the box below.
- •Venture Capital
- •3.5.3 Complete the text. Replace the Russian words and phrases by the English equivalents.
- •3.5.4 Text for discussion.
- •Internal and External Growth
- •3.6 Render the passage in English using the English equivalents of the italicized phrases given in Russian. Express the main idea of the passage in one sentence or entitle it.
- •Unit 3 Reading Self – Control Test From Small Firms to mnCs and Back to mbOs
1.4 Comprehension
1.4.1 Answer the questions using the active vocabulary.
1. What is the main topic of the text?
2. What kinds of economies are described in the text?
3. How can you define the concept of “economic system”?
4. What are the main features of a market economy?
5. What are the two sides of a market economy?
6. Demand is the sellers’ side of the market economy, isn’t it?
7. Supply is the sellers’ side of the market economy, isn’t it?
8. What is the difference between the producer and the consumer?
9. What are the advantages of a market economy?
10. What are the disadvantages of a market economy?
11. Why is government intervention required in a market economy?
12. What is the main difference between the market economy and the planned economy?
13. Market forces are as important in the market economy as they are in the planned economy, aren’t they?
14. Why does the planned economy react slower to changes in consumer needs and fluctuating patterns of supply and demand than the market economy?
15. What two major sectors can be identified in the mixed economy?
16. What are the main features of the miхеd economy?
1.4.2 Mark these statements t(true) or f(false) according to the information in the text. If they are false say why.
1. In general terms an economic system can be defined as a country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out.
2. In a market economy, all major decisions related to the production, distribution, commodity and service prices, are made by the government.
3. In a planned economy the assumptions of the market play a major role in deciding the right path for a country’s economic development.
4. Supply is the sellers’ side of the economy.
5. Demand is the buyers’ side of the economy.
6. The market price for each commodity or service is determined by the interaction of supply and demand.
7. Market economies aim to provide subsidies for a particular industry.
8. In a market economy, prices for different commodities are pre-determined.
9. In a market economy, the amount of regulation controlling different industrial sectors is large.
10. In a mixed economy, the role of the government is to simply make sure that the market is stable enough to carry out its economic activities properly.
11. A planned economy adjusts automatically to meet the changing demand.
12. Firms tend to be highly competitive in a planned economy.
13. Healthcare, education, defence and policing are provided by the private sector in all types of economy.
14. In a planned economy, production alters swiftly to meet the changing demand.
15. Safety standards concerning products, services and working conditions do not require government intervention to protect consumers and workers.
16. In a planned economy, national and state governments play a minor role.
17. The planned economy is a flexible system.
18. The planned economy is rather slow to change in relation to changes in consumer needs and fluctuating patterns of supply and demand.
19. Certain features from both economic systems provide for flexibility in some areas and government control in others.
20. Mixed economies prevail in many countries where neither the government nor the business entities control the economic activities of that country.