Comments:

the consumer’s preferences – перевага / уподобання споживачів;

It addresses the problems - вона має справу з/займається проблемами;

the individual has very little say – окрема людина/особа мало що вирішує;

command economies don't help – командна економіка не заохочує;

labour costs – витрати на робочу силу;

both in the marketplace and in the government – як на ринку, так і в уряді;

market forces as well as government decisions – як ринки, так і урядові рішення.

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

Command economy: an economic system in which major decisions concerning the resources allocation are made by agencies of the government.	____________________________________________________________________________________________________________________________________________________________________________
Economic system: the approach a country uses to deal with the scarcity and achieve its economic goals.	_________________________________________________________________________________________________________________________________
Free enterprise system: an economic system based on the private ownership of property, competition, and the profit motive.	____________________________________________________________________________________________________________________________________________________________________________
Market economy: an economic system in which national economic decisions are the result of decisions of individual buyers and sellers in the market place.	____________________________________________________________________________________________________________________________________________________________________________
Mixed economy: an economic system that combines elements of public ownership of the means of production with private ownership.	____________________________________________________________________________________________________________________________________________________________________________
Private property: the basic right of the free enterprise system that guarantees the individual’s right to own, use, and dispose of things of value.	____________________________________________________________________________________________________________________________________________________________________________
Profit motive: the desire to benefit from the investment of time and money in a business enterprise.	_________________________________________________________________________________________________________________________________
Traditional economy: an economic system that allocates scarce resources according to custom; change and growth are very slow; people do what their parents did before them; most goods are produced and consumed locally.	__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

1. to be at the dawn ______________________________________________________________

2. the problem of resources allocation _______________________________________________

3. the priority laid down in government policies ________________________________________

_______________________________________________________________________________

4. a key criterion ________________________________________________________________

5. a particular share ______________________________________________________________

6. wage earners _________________________________________________________________

7. to solve three basic questions ____________________________________________________

8. on the basis of ________________________________________________________________

9. there is little disagreement ______________________________________________________

10. a lack of advanced goods _______________________________________________________

11. to set production goals _________________________________________________________

12. to be publicly owned ___________________________________________________________

13. workers' incentives ____________________________________________________________

14. to interact to determine the answers to _____________________________________________

15. to be based on the producer's choice ______________________________________________

16. to give people the incentive _____________________________________________________

17. a second ingredient ____________________________________________________________

18. the profit motive ______________________________________________________________

19. both private and public enterprises ________________________________________________

20. the blend of market and government participation ____________________________________

_______________________________________________________________________________

Exercise 3. Find the English equivalents for the following.

1. повинне стикатися та розв’язувати ______________________________________________ _______________________________________________________________________________

2. взаємовиключні використання __________________________________________________

3. вибір, який необхідно зробити __________________________________________________

4. різні технології _______________________________________________________________

5. його не може бути у достатній кількості _________________________________________

6. спільні зусилля власників ______________________________________________________

7. власники факторів виробництва ________________________________________________

8. економічна система складається з _______________________________________________

9. заробляти на хліб ____________________________________________________________

10. обмежувати особисту ініціативу ________________________________________________

11. центральна влада ____________________________________________________________

12. розробляти план _____________________________________________________________

13. стільки ж скільки ____________________________________________________________

14. вільна ринкова економіка _____________________________________________________

15. мати хороший збут ___________________________________________________________

16. бути готовим заплатити _______________________________________________________

17. знаходитися/бути у приватній власності _________________________________________

18. це бажання отримати/заробити прибутки ________________________________________

19. за найменшими можливими витратами __________________________________________

20. значна доля урядового втручання _______________________________________________

21. як ринки, так і урядові рішення _________________________________________________

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 depend		labour costs
	to be distributed		the owners
	to be based	from	economic goals
	to work	on	the consumer’s preferences
	to draw		its economic system
	to set	among	his extra work
	to direct	for	the operations
	to benefit	up	production goals
	to save		a living
	to achieve		plans

Exercise 5. Match these adjectives and nouns as they occur together in the text: translate the expressions they make into Ukrainian.

	alternative	goods
	a key	authority
	various	elements
	essential	production
	the total	criterion
	economic	uses
	a central	techniques
	different	roles

Exercise 6. 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 factor		earners
	disagreement	of	living
	standard		motive
	owners	with	mixed economies
	profit		intervention
	countries	among	members
	government		owners
	the profit		capital

Exercise 7. Copy out of the text the sentences containing the words and word-combinations listed below and translate these sentences into Ukrainian.

Every human society: ______________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

the consumer’s preferences: _________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

the factor owners: _________________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________