Comments

the development of the North Sea oil and gas – розробка покладів нафти та газу в Північному морі;

who own their labour – хто володіє своєю робочою силою;

too handicapped to work – ті, хто мають занадто великі фізичні або розумові вади, щоб працювати; ті, хто не можуть працювати через занадто великі фізичні або розумові вади;

tools – знаряддя (праці);

the capital stock – основний капітал/основні виробничі фонди.

Exercise 1. Read, translate into Ukrainian in written form and learn by heart the definitions of the following economic terms and concepts.

Capital: something created to produce other goods and services; also money used to pay for the operation of a business.	__________________________________________________________________________ _____________________________________ _____________________________________
Entrepreneur: a person who creates a business in the hope of earning a profit; also a person, who organizes, manages and assumes the risk of a business enterprise.	_____________________________________ _____________________________________ _____________________________________ __________________________________________________________________________
Entrepreneurship: the mana-gerial or organizational skills needed by most firms to produce goods and services at a profit.	_________________________________________________________________________ _____________________________________ _____________________________________
Factors of production: the productive resources of land, labour, capital and entrepreneurship that go into the production process.	_____________________________________ _______________________________________________________________________________________________________________
Information: facts or details that tell something about the person, situation, event etc.	_______________________________________________________________________________________________________________
Interest: payment for using someone else’s money; income derived from allowing someone else to use one’s money.	___________________________________________________________________________________________________________________________________________________
Investment: the use of money to get a profit or to advance in business activity.	_____________________________________ _____________________________________ _____________________________________
Labour: the human efforts required to produce goods and services.	__________________________________________________________________________ _____________________________________
Land: the gift of nature in the form of useful materials of all kinds in or on the earth, including surface space, soil, rocks, minerals, water, wind and weather.	____________________________________________________________________________________________________________________________________________________ _____________________________________
Rent: return paid to those who supply the factor of production known as land.	_____________________________________ __________________________________________________________________________
Wages: the price paid for the use of labour. (To the economist, the term refers to the nation’s wealth paid to labour, as distinct from other forms of income – rent, interest, and profit).	______________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

1. the limitless needs and wants __________________________________________

2. the national economy ________________________________________________

3. the extraction and production __________________________________________

4. air, sunshine, rainfall are classified _____________________________________

5. to distinguish between the physical and mental efforts ______________________

____________________________________________________________________

6. the amount of labour _________________________________________________

7. man-made goods ____________________________________________________

8. a large amount of capital _____________________________________________

9. to achieve economic growth __________________________________________

10. the willingness of business owners _____________________________________

11. its essential role ____________________________________________________

12. to bring together ____________________________________________________

13. to become vitally important ___________________________________________

14. facts and figures ____________________________________________________

15. business cannot compete without _______________________________________

Exercise 3. Find the English equivalents for the following.

1. створення товарів та послуг _________________________________________

2. певна функція _____________________________________________________

3. речі, які надаються природою ________________________________________

4. решта – рідкісні ___________________________________________________

5. вільний товар _____________________________________________________

6. такої ж якості _____________________________________________________

7. освіта, підготовка та досвід __________________________________________

8. ті, хто на пенсії (за віком) ___________________________________________

9. засоби виробництва ________________________________________________

10. сучасна промислово розвинена економіка ______________________________

11. на думку економістів _______________________________________________

12. схожі виробничі ресурси ____________________________________________

13. управлінські або організаційні уміння _________________________________

14. бути доступним ____________________________________________________

Exercise 4. Match the verbs/verbal phrases, prepositions (if necessary) and noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.

	to maximize		the creation
	to go	between	other productive resources
	to be rich	to	a business
	to distinguish	into	the population
	to depend		the business
	to refer		the output
	to operate	in	the machinery
	to bring together	on	the physical and mental efforts
	to put		natural resources

Exercise 5. Match these nouns/noun phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.

	the amount		entrepreneurs
	production	about	owners
	the reward		a business
	information	of	labour
	the owners		land
	the failure	to	markets
	business		process

Exercise 6. Copy out from the texts the sentences containing the following words and word- combinations and translate them into Ukrainian.

Nations are rich in: ___________________________________________________

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

who are available to work: _______________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

individuals: __________________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

similar productive resources: ____________________________________________

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

is determined by: ______________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

____________________________________________________________________

financial conditions: ___________________________________________________

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 7. Choose words and word-combinations having the same or similar meaning to the words listed below. More than one is possible.

винагорода (2)
виробляти (3)
володіти (3)
засоби виробництва (4)
збільшувати (3)
зусилля (2)
необмежений (2)
платіж (2)
прибуток (3)
ризик (2)
ризикувати (3)
фактор виробництва (2)

a payment		an input		to own		a profit		a factor of production
man-made goods		an income		limitless		to risk		means of production
a compensation		a risk		to go up		to make		capital goods
to assume a risk		capital		to produce		a hazard		unlimited
to take the risk		a reward		a pay		to have		an attempt
to create	to possess		an effort		to increase		to raise		a return

Exercise 8. Translate the words in brackets into Ukrainian.

Scarcity means that (жодне суспільство) has enough resources to produce all the goods and services necessary (для того щоб задовольнити усі людські бажання).