- •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
1.5 Language practice
1.5.1 Match the English terms in the left-hand column with the definitions in the right-hand column.
|
1 |
An industry |
A |
The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. |
|
2 |
A business |
B |
The various external forces that can directly or indirectly affect the many activities of an organization. |
|
3 |
An economy |
C |
A group of firms producing goods or services that are close substitutes-in-consumption. |
|
4 |
Competition |
D |
A situation that exists because society has unlimited wants and needs, but limited resources to be used for their satisfaction. |
|
5 |
A profit |
E |
The contraction phase of the business cycle. |
|
6 |
A scarcity |
F |
The actions of two or more rivals in pursuit of the same objective. |
|
7 |
Environment |
G |
The general condition in which workers are willing and able to produce goods and services but are not engaged in productive activities. |
|
8 |
Consumption |
H |
The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. |
|
9 |
Unemployment |
I |
A physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep. |
|
10 |
Demand |
J |
The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period. |
|
11 |
A subsidy |
K |
The system of production, distribution, and consumption of goods and services that a society uses to solve the problem of scarcity. |
|
12 |
A market |
L |
A profit-motivated organization that combines resources for the production and supply of goods and services. |
|
13 |
A recession |
M |
The use of resources, goods, or services to satisfy wants and needs. |
|
14 |
Supply |
N |
The difference between revenue and cost. |
|
15 |
A need |
O |
A payment from government to individuals or businesses without any expectations of production. |
1.5.2 Complete the following text using suitable words or phrases from the box below.
|
A |
demand |
E |
prices |
|
B |
forces |
F |
market economy |
|
C |
private sector |
G |
public |
|
D |
intervened |
H |
drawbacks |
Historically the United Kingdom of Great Britain and Northern Ireland evolved as a _____1_____, with the government playing a passive role, allowing the _____2_____ of supply and _____3_____ to determine what was produced and the _____4_____ charged. However over a period of time the state has _____5_____ to eliminate the _____6_____ of the market economy so that today, alongside a large _____7_____, they have an important _____8_____ sector.
1.5.3 Complete the text. Replace the Russian words and phrases by the English equivalents.
What is Economics?
Neither individuals nor societies can have all the things they would like to have. There simply is not enough of everything. Экономисты note that there is нет предела to the amount or kinds of things that people want. There is, however, a limit to the resources, things used to produce товары и услуги, available удовлетворять потребности. Once that limit is reached, nothing else can be produced. In other words, when a nation’s ресурсы (all its workers, factories, farms, etc.) are fully employed, the only way it will be able увеличить производство of one thing will be by сокращение производства of something else. In short, человеческие потребности are unlimited, but the resources required to satisfy those wants are ограничены. Thus every society is faced with the проблема дефицита .
Since there is a дефицит ресурсов societies must делать выбор about what they want most. Экономика deals with problems of дефицита и выбора. The basic problems of Economics are to determine the most efficient ways распределять ресурсы and solve the problem of scarcity created by society’s unlimited wants and limited resources.