I. Read and memorize the following words, word- combinations and word-groups:

to share — ділити, розподіляти

e.g. The utopian socialists wanted to create ideal communities in which the factories would be owned by the workers and profits shared by all.

to allocate resources — розподіляти ресурси

e.g. In a capitalist or free enterprise economy, property is privately owned, businesses compete to earn profits and resources are allocated by the market according to the laws of supply and demand.

living standard — життєвий рівень

e.g. Many economists feel that the most effective way to improve living standards in developing nations is to increase farm productivity.

free enterprise — вільне підприємство e.g. American free enterprise is not the only economic system.

II. Give English equivalents of the following:

закон постачання та попиту

поліпшувати робочі умови

підвищувати життєвий рівень

забезпечувати основні послуги

підвищувати рівень освіти

головні питання

соціалісти-утопісти

розподіляти прибутки

розподіляти ресурси

отримувати прибутки

III. Fill in the blanks with appropriate words:

1. In a capitalist or ... economy, property is ... owned. profits

2. Business competes to earn ... and resources are allocated by production

the market according to the laws of ... and .... privately

3. In socialist economies the principal means of ... are owned by supply

the state. demand

4. Production in socialist countries was ... in strict accordance provides

with a government prepared plan. free enterprise

5. The most effective way to improve living ... in developing nations standards

is to increase farm productivity. services

6. Physical infrastructure refers to the facilities needed to carried out

provide basic ... like transporta­tion, communication, sanitation and improve

power.

7. Increasing output ... people with the goods and services

needed to improve their living standards.

8. In order for living standards to ..., a country's economic growth

must increase faster than its population.

IV. Read and translate the text:

In this chapter we will learn something about socialism and other economic systems. In a capitalist or free enterprise eco­nomy, property is privately owned, businesses compete to earn profits, and resources are allocated by the market according to the laws of supply and demand. In socialist economies the principal means of production are owned by the state, and resources are allocated according to a plan.

Communism is the form of socialism based on the writings of Karl Marx practiced in the Soviet Union, China and other countries. Socialism had its origins in Europe during the 19th century. Working conditions in the factories of those times were very poor. Wages were low; hours were long; and the work was often performed by men, women and children under physically dangerous conditions. For one group of thinkers, who came to be known as Utopian socialists, the solution to these problems lay in the creation of small, ideal communities in which the factories would be owned by the workers and profits shared by all.

The process of transforming a less-developed country into a modern state typically involves some or all of the following activities:

• Modernizing the agricultural sector.

• Adding to the physical infrastructure.

• Increasing output and foreign trade.

• Improving education and training.

• Slowing population growth.

In order to improve living standards, a country's economic growth must increase faster than its population. In other words, if a nation's output over a period of time increased by 10 per­cent, while its population increased by 15 percent, living

standards would be worse at the end of the period than they were at its beginning (pp.163—176)*.