Is based on: __________________________________________________________

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work for a living: ______________________________________________________

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to perform their work: __________________________________________________

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makes little or no effort: ________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

will sell well: _________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

private ownership: _____________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

relies on the market: ___________________________________________________

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markets as well as government decisions: ___________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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

бути готовим робити (2)
бути у розпорядженні (2)
власність (3)
втручання (3)
державна власність (2)
дуже важливий (3)
нестача (3)
поєднання (2)
приватна власність (2)
розподіл (2)
розподіляти (2)
споживач (2)
сприяти (3)
стимул (3)
технологія виробництва (2)
установа (2)
частина (2)

public ownership	key	a customer	an institution	a participation
a technology	a dose	property	to encourage	a combination
private ownership	allocation	a share	an incentive	an organization
to be at one’s disposal	to favour	a blend	to distribute	a consumer
an encouragement	essential	possessions	a shortage	private property
a production method	a lack	a motive	distribution	to be willing
an interference	crucial	a deficit	to be ready	to be available
to stimulate	ownership	to allocate	state property	an intervention

Exercise 8. Translate the words in brackets into Ukrainian.

Every economy has limited resources (у своєму розпорядженні) to meet (необмежені людські бажання). So the (проблема вибору) arising out of (нестачу ресурсів) faces every economy. All societies have to decide what they (готові відмовитися) to get the things they want. It is the task of an economic system to (ефективно поєднати свої ресурси), wants and (технології виробництва). To do so, it must answer (три основні та взаємозалежні економічні питання): What to produce, How to produce, and For Whom to produce with its limited resources.

Not all societies choose to answer these questions in the same way, however, (кожне суспільство намагається) to answer them (ефективно). The economic system a country has (ґрунтується на) what is best for the country. The way each question is answered identifies (тип економічної системи) that exists (у певному суспільстві). (Загалом існує) three kinds of economic systems (у світі). They are traditional, command, and market economies.

(У традиційній економіці), the custom or tradition of the society (надає відповіді на) the What, How, and Who questions.

(У суспільстві з командною економікою) it is (урядові установи) that (приймають рішення) which products will be made, they decide where (розташувати новий завод) and what factory to modernize. By setting wage rates for everyone, (центральна влада вирішує) who will receive (вироблені товари та послуга).

The most widely accepted economic system today is (ринкова економіка). In this type of economy it is (діяльність та рішення) of the buyers and sellers of goods, services and resources that (керують економічною системою).

Since there are no (як чистих командних, так і чистих ринкових економік), it is perhaps better to describe (більшість сучасних економік) as (змішані економіки), in which (як уряд, так і приватні особи) have their economic (вплив на ринок).

Exercise 9. Pair the halves of the sentences. Write your own list of the completed sentences and translate them into Ukrainian.

Since there will not be enough produced to meet everybody’s wants,	as its economic system.
The central problem of economics is	in accordance with the laws of supply and demand.
The market system and the ownership of wealth are	to make the most productive use of their means of production
In command economies the major means of production are	some way will have to be chosen to determine how the output is distributed.
Private property provides people with the incentive	to obtain the greatest profits at the lowest possible cost.
The way in which a society provides answers to the What, How and Who questions is known	to determine the most efficient ways of allocating the factors of production and solving the problem of scarcity.
Private property and the profit motive are	privately owned.
The profit motive encourages people	the key elements in determining who will be rich, middle or poor.
In market economies the major means of production are	one in which the decisions of many individual buyers and sellers interact to determine the answers to the questions of What, How and Who.
A market, or free enterprise system, as it is sometimes called, is	essential elements in a market economy.
Resources in a market economy are allocated	usually publicly owned.
Completed sentences	Translation
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Exercise 10. What economic terms given in the text do the following definitions refer to?

	An organized way of providing answers to the fundamental economic questions of What, How and Who.
	The natural desire of every entrepreneur to make as much profit as possible.
	A type of economic system in which the activities of firms and the allocation of productive resources are determined by government direction rather than the market forces.
	An economic system in which the decisions concerning the productive resources allocation are based on tradition and custom.
	A form of organization of the economy in which decisions on resources allocation are left to the independent decisions of individual buyers and sellers acting in their own best interest without central direction.
	A form of organization of the economy in which some goods and services are produced by the government and some by private enterprises.
	One of the essential elements in a market economy that gives each individual the right to own, use and dispose of things of value.
	An economic system characterized by private ownership of property and productive resources, the profit motive to stimulate production, competition to ensure efficiency, and the forces of supply and demand to direct the production and distribution of goods and services.