8. Fill in the blanks with the verbs «can», «may», «must», «have to», «to be able (to)»:

1. Liquidity is a measure of the ease with which you ____ convert your savings to cash.

2. Since a society cannot have everything, it ____ decide which goods and services it will have now.

3. Americans ____ to own property for business purposes and use it to produce income.

4. Most producers ____ make more than one product.

5. Such systems ____ characterize isolated tribes or groups, or even entire countries.

6. Unable to compete with the Japanese, the company ____ to go out of business.

7. Any number of persons ____ contract to form a partnership.

8. You ____ earn the income to buy the things you want.

9. The number and value of things we ____ to buy depends upon the size of our income and how wisely we spend it.

10. Most of the time, we ____ to keep track of our expenditures so we ____ to meet our immediate needs.

9. Translate the following sentences paying attention to the different functions of the word «one».

1. In fact one common definition of economics is «the study of how people make a living».

2. The market price is the one at which goods and services will actually be exchanged for money.

3. One of the main reasons people save their money is to earn interest.

4. Advertising provides us with information about prices, recent improvements in certain goods and services, and the availability of new ones.

5. The development of the socio-economic formations rises from the lower stage to the higher one.

10. State the part of speech of the following words:

management, speaker, production, economist, economical, economic, economics, national, technical, techniques, largely, product.

11. Form nouns with the help of the suffixes:

-ment: to manage, to agree, to govern, to employ, to invest, to develop.

-er: to consume, to programme, to produce, to buy, to sell, to plan, to own, to manufacture.

-tion: to produce, to distribute, to consume, to compete, to operate, to explain, to determine.

-or: to distribute, to invest, to operate, to regulate, to educate.

-ist: economy, sociology, psychology, behavior, special.

12. Read the text and retell the contents in Russian:

The Economy of London

London’s economy is distinguished by a multiplicity of activities that reflect the structure of the British economy as a whole. Service industries account for almost three-quarters of total employment; they include banking, insurance, the civil service, transportation, education, food and drink, printing and publishing, retailing, and numerous professional and custom services. Tourism also plays a vital part in London’s service industries. Next in importance are manufacturing and engineering and the latter has allied industries; each of these two sectors accounts for approximately 10 percent of total employment. The production of precision instruments, computers, aircraft, automobiles, chemicals, and clothing, as well as the refining of petroleum, are all important. Not unexpectedly, Greater London possesses the country’s greatest concentration of professional, technical, and administrative occupations, as well as the highest average income in Britain.

The central area of London is dominated by service employment and characterized by the localized concentration of various activities: banking and finance in the City, insurance and law in Holborn, government in Westminster, newspaper publishing in Fleet Street, medicine in Harley Street, tailoring in Savile Row, retail outlets in Bond and Oxford streets, and education in Bloomsbury. Industrial activity is important in the so-called Victorian Manufacturing Belt-a crescent-shaped band on the southern bank of the Thames River, extending northwest from the City and Southwark. Here, small-scale specialized production dominates.

Providing the raw materials and access to markets is the extensive Port of London, the major docks of which are located just downstream from London Bridge. London is one of Europe’s largest seaports and handles virtually every type of commodity and cargo. To the west of Central London are newer manufacturing areas such as Park Royal. Toward the periphery of Greater London and in the surrounding outer metropolitan area are more sophisticated and specialized industries, such as those manufacturing aircraft, computers, and electronic equipment. To the west of London, economic development has been stimulated by the presence of Heathrow International Airport, and to the south, by Gatwick International Airport.

(From an Encyclopedia)

Unit 5

Grammar: 1. Participle II.

2. Passive Voice.

3. Сравнительные обороты.