Text Vocabulary. Ø What is the mixed economy?

COMPREHENSION

Ø What is the mixed economy?

Ø What role does the government play the mixed economy?

Ø Define the command economy.

Ø Compare the mixed and the state-directed economies. What do they have in common? List the main differences.

to intervene	вмешиваться (о государстве)	The Government is doing nothing to intervene in the crisis.
bankruptcy	банкротство	SYN: bust; insolvency The number of corporate bankruptcies climbed in August.
to allocate	распределять; ассигновать	It helps them to decide policies, allocate resources and plan services.
rationale	логическое обоснование; причина	The preamble constitutes a review of the rationale for greater cooperation between the organization and the Russian Federation.
priority	приоритет	The government’s priority is to build more power plants.
demise	гибель; падение (строя)	After the demise of communism Russia began its market reforms.
dramatically	существенно	SYN: considerably The prices have considerably increased.
public good	общественное благо	Politicians are happier to dress up their ruthless ambition as a necessary pursuit of the public good.
state-owned enterprise	государственное предприятие	In China state-owned enterprises manufacture the bulk of exports.
prosperous	преуспевающий; благополучный	The division between the prosperous west and the impoverished east remains.
public ownership	государственная собственность	SYN: state ownership Public ownership was common in socialist countries.
state subsidy	государственная субсидия	State subsidies keep retail prices artificially low.
R&D	сокр. от research and development – проектно-конструкторские работы; НИОКР	Businesses need to train their workers better, and spend more on R&D.
to erect barrier (to)	создавать барьеры (чему-л.)	By erecting non-tariff barriers the new cabinet tried to protect their infant industries.
foreign direct investment	прямые зарубежные инвестиции	ABBR: FDI The EU is Mercosur’s largest trading partner and largest source of foreign direct investment.
infant industry	новая отрасль	Developing countries have to impose duties to protect their infant industries.
economies of scale	экономия на масштабах (производства); эффект масштаба	Building many units at once produces economies of scale that can be passed through to purchasers.
stagnant	вялый; низкий	A poorly managed, stagnant economy offers private investors fewer opportunities.

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