- •I. The scope of economic problems
- •Opportunity Cost
- •The scope of economics and the role of the economist
- •Try to reconstruct the text using key words and word combinations listed above.
- •Answer the following questions to the text.
- •3. Define whether the statement is true or false.
- •Choose the best alternative to complete the sentence.
- •Match the words from a and b to make a combination.
- •Find synonyms and antonyms (if any) to the words given.
- •II. Production
- •Division of labour
- •Try to reconstruct the text using the key words and word combinations listed above.
- •Answer the following questions to the text.
- •Classification of trades
- •Products
- •Consumer products
- •Producer products
- •Products and technology
- •Product life cycle
- •Introductory stage
- •Product quality
- •Try to reconstruct the text using key words and word combinations listed above.
- •Answer the following questions to the text.
- •Economies of scale
- •Productivity
- •Types of production
- •Push and pull production
- •Continuous and batch production
- •Large scale production
- •Try to reconstruct the text using key words and word combinations listed above.
- •Answer the following questions to the text.
- •Define whether the statement is true or false.
- •Choose the best alternative to complete the sentence.
- •Match the words with their definitions.
- •Find synonyms and antonyms (if any) to the words given.
- •III. Business organisation
- •Sole trader
- •Partnership
- •Joint stock company
- •Business combinations
- •Integration
- •Capital Structure
- •Try to reconstruct the text using key words and word combinations listed above.
- •Answer the following questions to the text.
- •Define whether the statement is true or false.
- •Choose the best alternative to complete the sentence.
- •Match the words with their definitions.
- •Find synonyms and antonyms (if any) to the words given.
- •IV. Economic systems
- •Free enterprise
- •Planned economy
- •Mixed economy
- •Recent State Enterprise in Europe
- •Try to reconstruct the text using key words and word combinations listed above.
- •Answer the following questions to the text.
- •3. Define whether the statement is true or false.
- •4. Choose the best alternative to complete the sentence.
- •Classify the tasks you consider to be governmental responsibilities in the order of importance.
- •Match the words from a and b to make a combination.
- •7. Find synonyms and antonyms (if any) to the words given.
- •V. Government in a market economy Supplemental reading
- •Income and Social Welfare
- •References
Try to reconstruct the text using key words and word combinations listed above.
Answer the following questions to the text.
What is a firm (company, business)?
How can the relationship between inputs and outputs be expressed?
Which of the types of business organization is the simpliest to form?
What are the disadvantages of a sole trader?
Can partnership function better than sole trader?
What is the difference between limited and unlimited partnership?
Are co-operatives much popular nowadays?
What are the advantages of a joint stock company?
What is the difference between public and private joint stock company?
What kind of shares carry voting rights?
What is the difference between shareholders and debenture holders?
Who is the co-owner and creditor of the company?
Which kind of integration is the most efficient?
What capital structure is referred to as risky?
Define whether the statement is true or false.
Any company is a transformation unit turning inputs into outputs.
Sole trader is liable for all the debts of the company.
The possibility to raise funds is the advantage of a sole trader.
One person in limited company bears unlimited liability.
Joint stock company is a legal entity apart from its members.
Ordinary share entitles the bearer to fixed dividends.
Co-operative form of ownership is widely spread in Great Britain.
Debenture is a bearer certificate.
Forming partnership is the way to large scale production.
Debenture gives the priority right in getting the investment back if the company is wound up.
Capital gearing is the capital raised by fixed interest securities.
Choose the best alternative to complete the sentence.
raising funds
merger
legal distinction
ratio
gods and services
security
holding companies
entitle
shares
personal liability
The purpose of production is the provision of ______.
There is no ______ between sole trader and his business.
The problem of sole trader is _____ from external sources.
Any partner bears ______ for the firm’s debts.
The ______ of Public Joint Stock company are available through the Stock Exchange.
Preference shares ______ the holder to fixed dividends.
Debenture is a ______ issued in consideration for a loan.
Capital gearing is a ______ between fixed interest securities and ordinary share capital.
A ______ takes place when two firms are brought into one.
Firms that control others are called ______.
Match the words with their definitions.
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1.
Bankrupt
Having a responsibility or an obligation to do something.
2.
Invest
A person or organization to whom money is owned.
3.
Liquidate
To be insolvent: unable to pay debts.
4.
Founders
Everything of value owned by business that can be used to produce goods, pay liabilities and so on.
5.
Dividend
To sell all the possessions of a bankrupt business.
6.
Liability
Money that a company will have to pay to someone else(bills, taxes, debts, etc.).
7.
Assets
To provide money for a company or other project.
8.
Creditor
The people who begin a new company
9.
Liabilities
To guarantee to buy an entire new share issue if no one else wants it.
10.
Underwrite
A proportion of the annual profit of a limited company paid to shareholders.