Exercises

Ex.2. Find in the text and put down English equivalents to the following word combinations:

Природні ресурси; процес виробництва; впроваджувати нову продукцію; задовольняти потреби споживача; продуктивність на робочих місцях; організаційні здібності; мета підприємництва; комбінація факторів виробництва, наявні активи; обладнання, що використовується у виробництві, циркулюючий капітал.

Ex.3. Find where in the text it is said about the points given below. Put down the number of the paragraph.

1. the definition of factors of production.

2. the list of factors of production.

3. examples of natural recourses.

4. two types of capital.

5. the definition of the entrepreneur.

Ex.4. Find the terms in the text which designate the following:

1. anything that people use to make or obtain what they want or need;

2. resources that can be used to pro­duce goods and services;

3. items provided by nature that can be used to produce goods and to provide services;

4. anyone who works;

5. the money and capital goods that are used to produce con­sumer products;

6. stocks of raw mate­rials, partly finished goods held by producers;

7. equipment used in production;

8. the use of science to create new products or more efficient ways to produce products;

9. the risk-taking and organizational abilities involved in starting a new business or introducing a new product to con­sumers.

Ex.5. Say if the following statements are true or false:

1. Today many economists have added technology and entrepreneurship to the list of factors of production.

2. A natural resource is consid­ered a factor of production whether or not it is used to produce goods and to provide services.

3. Economists make an important distinction between capi­tal goods and consumer goods.

4. Working capital consists of the equipment used in production.

5. Fixed capital does not change its form in the course of pro­duction.

6. Technology makes the other factors of production - natural, human, and capital resources - more expensive.

7. The aim of entrepreneurship is to create a new mix of the other factors of production and thereby create something of value.

Ex. 6. Find the answers to the questions in the text. Put down the number of the paragraph:

1. What is called "factors of production"?

2. What categories do they fall into?

3. What are natural resources? When is a natural resource consid­ered a factor of production?

4. What is classi­fied as a human resource? What types of efforts does it include?

5. What do capital goods include?

6. What is the other name for working capital? Why?

7. What is the role of technology?

8. What is entrepreneurship? What is its objective?

Ex. 7. Answer the questions of the Ex. 6 orally.

Ex. 8. Describe how are different factors used in the process of production.

Ex. 9. Explain the difference between working capital and fixed.

Ex. 10. Prove that entrepreneurship and technology are also important factors of production.

Ex. 11. Make up a plan covering the main ideas. Discuss the text according to the plan.

Ex. 12. Discussion points:

1. Give examples of how technological advances can improve the production efficiency.

2. Try to define the most important factor of production. Prove your answer.

3. Discuss the future of the entrepreneurship in Ukraine.