- •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
Recent State Enterprise in Europe
Some countries already have this type of participation. France set up its Industrial Development Institute to deal with motorway construction, telecommunications and many other projects in which State funds are invested. There is a large public sector in banking, the three principal banks having been nationalised for a quarter of a century just as have some manufacturing concerns like Renault.
West Germany has several Holding Companies, one of which, VIAG covers electricity and aluminium. In Italy, IRI, in addition to its wide ranging interests; three banks, shipping companies, road construction units, telephone manufacturers and even the world famous Alfa-Romeo, has an even deeper impact on the economy. The overall strategy of IRI comes from the central government, so that if the latter, as part of its regional development policy, wants a given number of jobs created in a particular locality, the actual choice of the type of industry, etc. most likely to achieve the target would be made by IRI.
Among other countries with similar national enterprise organisations there are: Canada with its IDI and Sweden's Statsföretag (the latter having interests in some thirty firms ranging from banking, shipbuilding to catering); Belgium; while Israel has State holdings in 116 companies. All these organisations besides being sources of finance and management are designed to co-ordinate the industrial energies of the nation in the interests of public need.
Key words and word combinations of the text.
distribute |
allocate |
denominator |
surplus |
commodity market |
reward |
immobility of factors |
credit side |
debit side |
weaponry |
entrepreneur’s choice |
additional incentive |
advancement |
social injustice |
free competition |
welfare |
wage earner |
aggregation of property |
scarce resources |
economic intelligence |
machinery of bureaucracy |
corruption |
subsidies |
allowances |
entire population |
capital outlay |
duplication |
rationalization |
national security |
job security |
social benefit |
rates and taxes |
remuneration |
non-monetary |
productivity bonus |
financial stake |
ownership scheme |
essential |
uniformity of service |
emphasis |
open to criticism |
anticipate |
regional development |
service industries |
long-term objectives |
deep impact |