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Post-reading Activities

Ex. 1 Fill in the gaps with the words and expressions given below.

Available resources; the government; significant faults; nearer to; competitive; their own businesses; natural resources; consumers; the

balance; adjusts automatically; a production plan.

  1. Command and market economies both have ---.

  2. In a true market economy --- plays no role in the management of the economy.

  3. An economic system is the way in which a country uses its --- to satisfy the demands of its people.

  4. The state owns factories, land and ---.

  5. It is just --- between market and planned elements that alters in all mixed economies of the world.

  6. In a market economy it is --- who decide what is to be produced.

  7. Some countries are --- to command economies, while others are --- to free market economies.

  8. A free market economy --- to meet changing demands.

  9. Each industry and factory of a command economy is set --- to fulfill.

  10. Firms tend to be highly --- in a market economy.

  11. In planned economies citizens cannot start --- and so new ideas rarely come forward.

Ex. 2 Study the dictionary definitions of the word “economics” below.

A. Find the similarities and the differences.

1) Economics is the science of the production and distribution of wealth. (Webster’s New Dictionary).

2) Economics is a social science concerning behaviour in the field of production, consumption, distribution and exchange. (A Concise Dictionary of Business).

  1. Economics is the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society. (Collins English Dictionary).

  2. Economics is the study of the way in which money, industry and trade are organized in a society. (Collins COBUILD English Dictionary).

  3. Economics is the study of the natural laws governing the production, distribution and consumption of wealth. (Longman Dictionary of Business English).

B. Consult other dictionaries and study their definitions. Compare them with the definitions given above.

Ex. 3 Express your opinion about the following branches and the main problems of economics.

    1. Classical economics; farm economics; household economics; international economics; labour economics; managerial economics; monetary economics; pure economics; microeconomics; macroeconomics; development economics.

    2. Production, distribution and consumption of commodities; sellers’ and buyers’ behaviour in the market; the relationship between “price system” and “market mechanism”; government income and expenditure; fiscal policy; inflation; unemployment; the factors of economic growth; the size of GNP and its stability.

Use as many of the following expressions as you want in your answer.

e. g.: I’m not very much interested in studying farm economics.

I really enjoy studying…

I’m extremely interested in…

I’m quite interested in…

I’d like to know more about…

I don’t know anything about…

I’ve always wanted to learn something about…

I’m not in the least interested in …

I don’t much like studying…

I don’t like…at all.

I’m bored by studying…

I hate studying…

I think…is a complete waste of time.

I used to like…but I’ve lost interest in it.

I used to think…was boring, but I’m getting interested in it.