Resources (які використовуються підприємствами як запроваджені фактори виробництва) as inputs to produce goods and services (називаються) factors of production.
Economists make a distinction between four basic factors of production: (земля, праця, капітал та підприємництво).
Land is the physical space on which production takes place, as well as the (природні ресурси) found under it or on it.
Labour is the time (люди) spend (виробляючи товари та послуги). Labour (як економічний термін) is considered (з точки зору кількості) - the number of workers and (якості) - the skills and abilities these workers (мають).
It is common, in economics, to understand labour as (фізичні та розумові зусилля) needed to (задовольнити людські потреби).
(Засоби виробництва) are final goods that are produced for use in the production of other goods. Capital includes the physical plants, (машинне обладнання та устаткування) used in (процесі виробництва) production process.
(Підприємництво) is (поєднання виробничих ресурсів) to produce new or improved products. The (підприємці), motivated by (доходами), can (ризикувати діяльністю підприємства) to produce goods combining the above resources.
(Інформація) is the fifth large factor of production, as (важливий) as land, labour and capital. The wide-scale use of information and communication technology in industry not only leads to (збільшення у продуктивності) but also to the (створення нової продукції) and new markets.
Exercise 9. On the left of the page there are the first halves of sentences. The second halves of the sentences are on the right, though not in the same order. Pair the halves and then write your own list of the completed sentences. Translate them into Ukrainian.
1. The factors of production include |
a. through investments in education, training, and health. |
2. To the economist, physical capital is |
b. entrepreneurs earn profits. |
3. To some economists entrepreneurs are |
c. they can be put into production process. |
4. A factory, tools, machinery and trucks are capital goods because |
d. there is enough for everyone to have as much as they want.. |
5. When the other three factors of production, land, labour and capital combined successfully, |
e. something created by people to produce other goods and services. |
6. The term “capital” is often used by business people to refer to money they can use |
f. to buy means of production and other similar productive resources. |
7. An economy uses its existing limitless resources |
g. a special form of labour input. |
8. The quality of labour resources can be improved |
h. natural resources, human resources capital and entrepreneurship. |
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Exercise 10. Match each term in column A with its definition in column B.
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Exercise 11. Translate the sentences into English using the active vocabulary.
1. Причина, через яку люди не можуть задовольнити усі свої бажання та потреби, – це нестача виробничих ресурсів. |
___________________________________________ ___________________________________________ ______________________________________________________________________________________ |
2. Фактори виробництва – це ресурси суспільства, які використовуються в процесі виробництва. |
___________________________________________ ___________________________________________ ___________________________________________ |
3. Фактори виробництва розподі-ляються на три основні групи – земля, праця, капітал, які об’єднуються четвертим фактором виробництва, що називається підприємництвом. |
___________________________________________ ___________________________________________ ___________________________________________ ___________________________________________ ___________________________________________ |
4. Економічний термін “праця” означає людські ресурси або, іншими словами, це - люди з усіма їх зусиллями та здібностями. |
___________________________________________ ___________________________________________ ___________________________________________ ___________________________________________ |
5. Кількість робочої сили залежить від загальної кількості населення країни та кількості людей, здатних працювати. |
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6. Підприємництво – це готовність власників підприємств ризикувати для того, щоб отримати прибуток. |
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7. Різниця між фізичним капіталом і фінансовим капіталом полягає в тому, що фізичний капітал – це фактор виробництва, а саме, речі, які створені людиною, щоб виробляти інші товари та послуги, а фінансовий капітал – це гроші, які використовуються, щоб купувати засоби виробництва. |
___________________________________________ ___________________________________________ ___________________________________________ ___________________________________________ ___________________________________________ ___________________________________________ ______________________________________________________________________________________ |
8. Гроші не є фактором виробництва. |
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9. Виробництво має місце і товари виробляються, коли підприємці об’єднують інші три фактори виробництва. |
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Exercise 12. Answer the following questions.
Why is it important for a society to use economic resources efficiently?
What resources are called the factors of production?
What are the factors of production?
What is “land” as a factor of production?
What are natural resources?
What is rent? Who receives it?
Why are some goods classified as free ones?
What is labour?
What efforts do people put into the production of goods and services?
What price is called wage?
Why is labour not of the same quality?
What is the third factor of production?
What does capital refer to as a factor of production?
What kinds of capital do you know?
What is the difference between physical capital and financial capital?
What is interest?
How do economists and entrepreneurs consider financial capital?
What is entrepreneurship?
Whom do we call an entrepreneur?
What role do entrepreneurs serve in a modern society?
Who brings together the other three factors of production?
What reward do entrepreneurs receive for their risks involved?
Why is information considered to be the fifth factor of production?
What kinds of payment are made for the use of the factors of production?
Questions for economic reasoning and discussion
“Land” is considered to be in limited supply. To the economist, “labour” varies in size over time. Explain these statements. ______________________________________________________
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Is there such thing as “human capital”? Are scientists, engineers, teachers, doctors, lawyers, and skilled workers, for example, part of society’s capital? What criteria would you use when deciding whether something is qualified as capital?______________________________________
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
3. Choose the right variant. Only one is possible.
Which of the following is not a productive resource?
Land
Labour
Money
Capital
Which of the following provides the most complete description or list of resources from an economic point of view?
Land, labour, capital, and entrepreneurship.
Utility, economics, knowledge, and scarcity.
Canned goods, refrigerators, television sets, and shoes.
Factors of production are
the inputs into the production process.
weather, social, and political conditions that affect production.
the physical relationships between economic inputs and outputs.
all of the above.
none of the above.
All of the following categories are factors of production except:
entrepreneurship.
capital.
land.
money.
5. Which economic feature often results from the use of the other three features?
Land
Labour
Profit
Capital
6. Land, labour, capital and entrepreneurship are
scarce.
goods.
resources.
all of the above.
What is the concept of a natural resource?
The stock of skills, talents and experiences of all the people in a society.
The stock or aggregate of physical and monetary resources in a society.
The stock or totality of resources that are found in a natural state in the soil, oceans, rivers, lakes, forests, air that are not created by man.
(a) and (c) only.
Which of the following pairs represent human resources?
Land and water
Petroleum and jazz musicians
Mathematicians and pilots
Machinery and loans
9. When economists are discussing the factors of production and use the term labour, they are
referring only to unskilled labour.
referring to everything that is NOT in the land category.
referring to both skilled and unskilled labour.
Which of the following describes a capital input?
A person's skills and abilities that can be deployed to produce valuable goods and services.
Factories and offices where goods and services are produced.
Old-growth forests and marine capture fisheries.
Organizing production and accepting risk.
Both (a) and (d) above.
What is entrepreneurship?
The particular talent that some people have for organizing the resources of land, labour, and capital to produce goods, seek new business opportunities, and develop new ways of doing things.
The physical and mental talents people contribute to the production process.
Produced goods that can be used as inputs for further production.
Natural resources such as minerals, forests, water, and fisheries.