I. Pre-reading task. VI. Find in the text synonyms for the following words

VII.

VI. Find in the text synonyms for the following words

V. Suggest the Russian equivalents for the words and word-combinations given below

IV. Answer the following questions

1. What does the term "national wealth" mean?

2. What is called national income?

3. Which factors of production do you know?

4. What does the modern theory of wages state?

5. What conditions does the supply of labour depend on?

6. Why is the supply of labour in skilled professions limited?

7. How should the wages be paid?

8. How does price depend on the wages?

9. When does unemployment occur?

Capital goods, internal debt, national income, factor of production, human being, supply of labour, training for the job, productivity of labour, net result of fixing minimum wages, marginal productivity.

Capital, liabilities, revenue, salary, gainful, job, discharge, production, work, close up.

The table shows how words are formed around the verb to produce

Use these words in the suitable blanks in the sentences below:

1. The company_____ _____a new commodity every year.

2. The company's newest_____________ is a special perfume.

3. The_________of plastic utensils met last year to discuss prices.

4. That plant is not so__________now as it was 5 years ago.

5. The ________of that factory has gone down over the last 5 years.

6. The manager of the plant has decided that they must increase ________of their cars.

VIII. Fill in the gaps with the words and expressions given below.

production, interest, investment, factors of production, unemployment, national income

1. At that time, total spending declines as income falls and _________
rises.

2. This was because fewer people borrowed money from banks, thus
denying them the opportunity to earn ________ on loans.

3. They tell us whether the economy is working at full capacity
using all resources of labour, machinery and other ________ or
whether these resouces are being under-utilized.

4. In each case, we look at four measures of government spending
as a percentage of _______.

5. They also decide its total income and its total level of _________
of goods and services.

6. _____________ is expenditure on productive capital goods.

Unit 2.3. Demand and Supply

What are the two principal sides of the market? Give your own predictions

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