Comments

the development of the North Sea oil and gas - розробка покладів нафти та газу в Північному морі;

who own their labour - хто володіє своєю робочою силою;

too handicapped to work - ті, хто мають занадто великі фізичні або розумові вади, щоб працювати; ті, хто не можуть працювати через занадто великі фізичні або розумові вади;

tools - знаряддя (праці);

the capital stock - основний капітал/основні виробничі фонди.

Exercise 1. Read, translate into Ukrainian in written form and learn by heart the definitions of the following economic terms and concepts.

Capital: something created to produce other goods and services; also money used to pay for the operation of a business.	___________________________________________ ___________________________________________ ___________________________________________
Entrepreneur: a person who creates a business in the hope of earning a profit; also a person, who organizes, manages and assumes the risk of a business enterprise.	___________________________________________ ___________________________________________ ___________________________________________ ______________________________________________________________________________________
Entrepreneurship: the managerial or organizational skills needed by most firms to produce goods and services at a profit.	___________________________________________ ___________________________________________ ___________________________________________
Factors of production: the productive resources of land, labour, capital and entrepreneurship that go into the production process.	___________________________________________ _________________________________________________________________________________________________________________________________
Human resources: the physical and mental efforts needed to produce goods and services.	___________________________________________ ___________________________________________ ___________________________________________
Information: facts or details that tell something about the person, situation, event etc.	_________________________________________________________________________________________________________________________________
Interest: payment for using someone else’s money; income derived from allowing someone else to use one’s money.	_________________________________________________________________________________________________________________________________
Investment: the use of money to get a profit or to advance in business activity.	___________________________________________ ___________________________________________ ___________________________________________
Labour: the human efforts required to produce goods and services.	___________________________________________ ___________________________________________
Land: the gift of nature in the form of useful materials of all kinds in or on the earth, including surface space, soil, rocks, minerals, water, wind and weather.	_________________________________________________________________________________________________________________________________ ___________________________________________
Natural resources: the things provided by nature which go into the creation of goods and services.	_________________________________________________________________________________________________________________________________
Rent: return paid to those who supply the factor of production known as land.	___________________________________________ ___________________________________________
Wages: the price paid for the use of labour. (To the economist, the term refers to the nation’s wealth paid to labour, as distinct from other forms of income – rent, interest, and profit).	_______________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

1. the limitless needs and wants _____________________________________________________

2. the national economy ___________________________________________________________

3. the extraction and production _____________________________________________________

4. air, sunshine, rainfall are classified ________________________________________________

5. to distinguish between the physical and mental efforts _________________________________

________________________________________________________________________________

6. the amount of labour ____________________________________________________________

7. man-made goods _______________________________________________________________

8. a large amount of capital ________________________________________________________

9. to achieve economic growth ______________________________________________________

10. the willingness of business owners _________________________________________________

11. its essential role _______________________________________________________________

12. to bring together _______________________________________________________________

13. to adjust to changing conditions ___________________________________________________

14. to become vitally important ______________________________________________________

15. facts and figures _______________________________________________________________

16. business cannot compete without __________________________________________________

Exercise 3. Find the English equivalents for the following.

1. створення товарів та послуг ____________________________________________________

2. певна функція ________________________________________________________________

3. речі, які надаються природою ___________________________________________________

4. решта – рідкісні _______________________________________________________________

5. вільний товар ________________________________________________________________

6. такої ж якості ________________________________________________________________

7. освіта, підготовка та досвід _____________________________________________________

8. ті, хто на пенсії (за віком) ______________________________________________________

9. засоби виробництва ___________________________________________________________

10. сучасна промислово розвинена економіка _________________________________________

11. на думку економістів __________________________________________________________

12. схожі виробничі ресурси _______________________________________________________

13. управлінські або організаційні уміння ____________________________________________

14. інноваційні ідеї та зусилля ______________________________________________________

15. бути доступним _______________________________________________________________

Exercise 4. Match the verbs/verbal phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text: translate the expressions they make into Ukrainian.

	to maximize		the creation
	to go		other productive resources
	to be rich	between	a business
	to distinguish	to	the population
	to depend	into	the business
	to refer		the output
	to operate	in	the machinery
	to adjust	on	the physical and mental efforts
	to put		changing conditions
	to bring together		natural resources

Exercise 5. Match these nouns/noun phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text: translate the expressions they make into Ukrainian.

	the amount		entrepreneurs
	production	about	owner
	the reward		a business
	information	of	labour
	the owners		economy
	the failure	to	markets
	the national		process
	a business		land

Exercise 6. Copy out from the texts the sentences containing the following words and word- combinations and translate them into Ukrainian.

Nations are rich in: ________________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

who are available to work: __________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

human beings: ____________________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

similar productive resources: ________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

is identified by: ___________________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

in enabling the economy: ___________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

financial conditions: _______________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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

винагорода (2)
виробляти (3)
володіти (3)
засоби виробництва (4)
збільшувати (4)
зусилля (2)
необмежений (2)
отримувати прибуток (3)
платіж (2)
прибуток (3)
ризик (2)
ризикувати (3)
спільні зусилля (2)
у кінцевому підсумку (3)
фактор виробництва (2)

a payment	in the end	to own	a profit	a factor of production
man-made goods	an income	limitless	to risk	means of production
in the long run	joint efforts	to go up	to make	combined efforts
to gain an income	to rise	to produce	a hazard	ultimately
to take the risk	a reward	a pay	to have	to earn an income
to create	an effort	to increase	to raise	unlimited
a compensation	to possess	a return	an attempt	to assume a risk
to draw income	capital	a risk	an input	capital goods

Exercise 8. Translate the words in brackets into Ukrainian.

Scarcity means that (жодне суспільство) has enough resources to produce all the goods and services necessary (для того щоб задовольнити усі людські бажання).