Consumption, take account of, manager, state, environment, include, capital, macroeconomics, economy
In a simplistic ... in which individuals or families produce primarily for their own ..., economy-wide phenomena are of little importance. On the other hand, the complex financial … and production process that characterizes an advanced economy in the 1980s requires individual decision makers ... both the current economic environment and forecasts of the economic environment. Decisions that require an understanding of the overall functioning of the economy ... business decisions such as whether firm should sell bonds or stock to raise new ... and individual decisions such as whether to change jobs or purchase a new home. Whether a person «wears the hat» of an entrepreneur, a business ..., or a head of a household, it is important to be aware of the ... of the economy as a whole. Specific factors that determine the advisability of these and other decisions are studied as part of ... .
Ex.14. Add an appropriate preposition to each of the following sentences where indicated.
1. This refers ... the interactive effect of the parts of the system working together.
2. They decorated the house regardless ... cost.
3. Economic forms range ... the mixed private enterprise ... completely controlled economies.
4. Everyone, irrespective ...means or occupation, shall have an equal opportunity.
5.This function is basically performed ... the price mechanism.
6.This simply means that demand ... and supply ... goods and services interact.
7. Gradual change is preferable ...sudden, large-scale change.
8. Such a system affects ... every link in the distribution chain.
9.They have to satisfy their wants and needs ... the consumption of such products and services.
10.It has also made it easier ...the same time.
11.The political system is coupled ... the economic system.
12.Organization must have access .. modern technology.
13.All organizations depend ... supply of labour force.
14.The economic system is concerned ... the allocation of scarce resources.
15. We must try to cope ... our problems.
16.The entrance door gives access ... the living room.
Ex.15. Open the brackets.
The Price System
Who (to tell) workers where (to work) or what occupation to choose? Who (to declare) haw many cars should (to produce) and how many homes should (to built)? Who (to specify) the predominant style of women’s dresses or men’s suits?
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The greater the degree of competition the more these matters (to decide) impersonally and automatically by the price system or the market system. This may ( to view) as a system of rewards and penalties. Rewards (to include) profits for firms and people who (to succeed). Penalties (to include) losses, or probably bankruptcy, for those who (to fail). The price system (to be) fundamental to the traditional concept of market economy.
The price system basically (to operate) on the principle that everything that (to exchange) – every good, every service, and every resource – (to have ) its price. In a free market with many buyers and sellers, the prices of these things (to reflect) the quantities that sellers (to make) available and the quantities that buyers (to wish) (to purchase).
Thus, if buyers (to want) (to purchase) more of a certain good than suppliers (to have) available, its price (to rise). This (to encourage) suppliers (to produce) and (to sell) more of it. On the other hand, if buyers (to want) (to purchase) less of a certain good than suppliers (to prepare) (to sell), its price (to fall). This (to encourage) buyers (to purchase) more of it.
This interaction between sellers and buyers in a competitive market, and the resulting changes in prices, (to be) what most people (to refer) to by the familiar phrase “supply and demand”.
1.Read the text once again and answer the following question: “What role does the price system play in the market economy?”
Ex .1 6 . Study the following words and word combinations. They are used when you are to describe different trends of economic development. Consult a good dictionary and put down all their derivatives. Make your own sentences using these words. You can do it in the form of a question to your partner.
increase, raise, put up, step up, extend, expand, rise, grow, soar, boom;
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decrease, drop, put down, cut, reduce, fall, go down, decline, collapse, slump; remain stable, hold, maintain, stay constant.
to stand at
to reach a peak of
dramatic(ally)
rapid(ly)
quick(ly)
vast(ly)
huge(ly)
enormous(ly)
substantial(ly)
considerable(ly)
significant(ly)
moderate(ly)
gradual(ly)
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slight(ly)
a little
slow(ly)
Ex. 17. A picture is worth 1000 words. Economists, being efficient, like to present ideas in graphs, which are a type of picture. But graph is worth 1000 words only if a person looking at it knows the graphical language (graphish). Study the following information to be able to read any graph. Find the Russian equivalents for the highlighted words.
Graphs are used in two ways: 1. to present an economic model or theory which focus on hypothetical relationships; 2. to present real-world data visually. Actually, these two ways of using graphs are related. They are both ways of presenting visually the relationship between two things.
Graphs are built around a number line, or axis (axes, pl). Axes are called vertical and horizontal. We can plot the information on two axes. When we connect two points we have a line. Even if the line is straight, economists call any such line drawn on a graph a curve. A curve can be a linear curve, a downward-sloping curve, an upward-sloping curve, a nonlinear curve.
Economists use the following graphs in presenting actual economic data:
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