Ex.8. Combine two parts logically to make complete sentences. Ex.7. Choose the appropriate word or a phrase to complete the following sentences

Ex.7. Choose the appropriate word or a phrase to complete the following sentences.

Ex.6. Fill in the gaps in the following verb collocations with appropriate prepositions or adverbs.

To deal ____ the same economic problems; to do something ____ a unique way; to utilize market mechanisms ____ a very limited extent; to turn resources ____ goods and services; to result ____ the greatest efficiency; to be compatible ____ individual freedom; to produce goods and services ____ sale; to search ____ the lowest price ____ a given product; to benefit ____ the efficient use of resources; to direct production ____ goods and services people want to get; to produce goods and services ____ the lowest economic cost; to bring buyers and sellers ____; to conflict ____ individual freedom.

Households, most compatible, labour, surplus, borrow and save, purchase, bring together, in a unique way, economic incentives, shortage, competition, to a very limited extent, define and enforce, businesses

1. Each economic system deals with What? How? and For whom? problems ____.

2. In some countries, market mechanisms are utilized ________.

3. Free enterprise systems are ________ with individual freedom and political democracy.

4. In the free enterprise system ________ help people answer What? How? and For whom? questions in the most beneficial way, e.g. low prices for goods or services for consumers and high profit for producers.

5. ________, one of the components of the free enterprise system, own most of the country’s economic resources and with their wages and salaries ________ two-thirds of all the country’s production.

6. One of the resources that households have is their ________, which they can sell to businesses.

7. Another component of the free enterprise system, ________, performs the role of organizers.

8. Markets act as agents which ________ buyers and sellers ________.

9. Financial markets are used by both households and businesses that want to ________ money.

10. The main role of government in the free enterprise system is to ________ the rules of society.

11. The situation when there are more goods than demanded is called ________. When the opposite occurs, it is called ________.

12. Another economic incentive in the free enterprise system is ________, which stimulates businesses to make the most efficient decisions.

	All economic systems have	a	in each nation’s social values and objectives.
	Free market or free enterprise economic systems	b	consumers’ needs and wants.
	Economic systems reflect the differences	c	unpleasant consequences or so-called economic punishments.
	Free enterprise means that people	d	different blends of traditions, commands, and markets.
	Entrepreneurs, who are guided by the economic incentive of profit, create businesses which satisfy	e	employees to produce more and producers to use resources more efficiently.
	The promise of profit stimulates	f	is provided by the price system and competition.
	When people fail to make good economic decisions, they may face	g	have a high level of economic freedom.
	In the free market system, economic “punishment” may take the form of	h	losses for businesses and low salaries or unemployment for workers.
	Entrepreneurs constantly discover new and better ways	i	have the opportunity to own and use economic resources.
	A market is any place or any way	j	that buyers and sellers can exchange goods, services, resources, or money.
	In the free enterprise system, the vital information for decision-making	k	in the hope of making a profit.

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