
And economy
Exercise 11. Translate the sentences into English using the active vocabulary.
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Exercise 12. Answer the following questions.
What are the three basic economic questions that every society must answers?
What makes each society look for the answers to the basic economic questions?
Why must individuals and societies provide answers to the basic economic questions?
How does each society make its decisions to solve the problem of scarcity?
What does the What question refer to?
What are the ways of providing answer to the How question?
What does the Who question mean?
What is an economic system?
What determines the type of an economic system?
What categories do economic systems fall into?
What is a traditional economy?
How are the answers to What, How and Who questions decided in a society with a traditional economy?
Why are there few social changes within a traditional economy?
What is a command economy?
Who makes decisions on the fundamental economic questions in a society with a command economy?
Who owns the major means of production in a command economy?
Why do the individuals have very little say as to how the basic economic questions are answered?
What is a market economy?
How is sometimes a market economy called?
What is a free enterprise system?
What is a free enterprise system based on?
Who owns the means of production in a society with a market economy?
How are the basic questions decided in a market economy?
What role do buyers and sellers play in a market economy?
What is private property?
What role does private property play in a market economy?
What is the profit motive?
What is the main incentive of a free enterprise, or market, economy?
How do the individuals benefit from a market economy?
What is a mixed economy?
Why are there neither pure market economies nor pure command economies?
Why are economic systems of most democratic countries called mixed economies?