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Vocabulary Focus. Ex. 1. Match the words in column A with their definitions in column B. A B 1) invisible hand 2) invisible foot 3) invisible handshake 4)




 

Ex. 1. Match the words in column A with their definitions in column B.

A B
1) invisible hand 2) invisible foot 3) invisible handshake 4) autocracy 5) labour resources a) social forces b) economic forces c) physical and mental talents that people can make available for production d) political forces e) absolute power

 

Ex. 2. Complete the sentences, use the words and expressions from the text.

1. An economic system works via … of three invisible forces.

2. An economic system can be described as the collection of laws, activities, values and human ….

3. In a … voting procedures determine society’s will.

4. In an …, a ruling individual decides what society’s desires are.

5. Before we discuss how the … operate, we need to find out what people can expect from an economic system.

6. It is necessary to decide if the production of … will be restricted to the….

7. If … are to be produced, what kind and how many of each will be produced.

8. There are three basic … to economic decisions.

9. One of them is based on… or command.

 

Words for reference invisible forces, basic necessities, approaches, the interaction, incentives, autocracy, democracy, consumer goods, luxury goods, authority.

 

Ex. 3. Match the Russian word combinations from A with their English equivalents from B.

A B
1) альтернативная стоимость, цена возможности 2) невидимые силы 3) средства производства 4) потребительские товары 5) процедура голосования 6) удовлетворить потребности 7) торговаться о цене 8) экономическое заключение a) capital goods b) opportunity cost c) economic decision d) invisible forces e) bargain f) voting procedures g) satisfy wants h) consumer goods

 

Ex. 4. Fill in the following prepositions: into, for, by, with, from, out, through, to.

1. An economic system is closely tied … a political system.

2. … a political system people decide what their society desires.

3. We need to find … what people expect … an economic system.

4. People must decide what goods and services they should produce … their limited resources.

5. Food can be produced … a large number of workers.

6. It is necessary … people to have a method of deciding who gets the goods and services produced.

7. Economic systems are classified … four broad categories.

Comprehension

 

Ex. 1. Complete the sentences, use the information from the text.

1. People and societies organize economic life through ….

2. An economic system works via the interaction of three invisible forces. They are….

3. An economic system can be described as ….

4. There are three basic economic questions that every nation must consider. They are...

5. Three basic approaches to economic decisions are ….

Ex. 2. Say if the statements are true or false.

1. An economic system works via the interaction of three invisible forces: the invisible hand (economic forces), invisible foot (political forces) and invisible handshake (social forces).

2. An economic system is interrelated with a political system.

3. In an autocracy voting procedures determine society’s will.

4. In a democracy a group of individuals decide what society’s desires are.

5. Every nation can produce enough goods and services to satisfy everybody’s wants.

6. Every economic system answers three basic questions: what, how and for whom.

7. There are three basic approaches to economic decisions.

 

Ex. 3. Answer the following questions.

1. How can economic systems be classified?

2. What are the three invisible forces which make economic system work?

3. What are the tree basic economic questions that every nation must answer?

4. What are three basic approaches to economic decisions based on?

5. What economic systems do you know?

6. How can you characterize the economy of Belarus?

 




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