Text Vocabulary

tax revenue	доходы от налогов	Shrinking economies mean falling tax revenues and more government debt.
market force	рыночная сила	Competitiveness is, assuredly, not going to happen by leaving events to market forces alone.
administration of justice	отправление правосудия	The public has a right to be informed about the administration of justice in the Crown Court.
natural monopoly	естественная монополия	Natural monopolies are typically utilities such as water, electricity, and natural gas.
unemployment benefit	пособие по безработице	Unemployment benefit is money that some people receive from the state when they do not have a job and unable to find one.
low-cost loan	дешевый кредит	Companies have had no access to low-cost loans recently.
to suffer losses	нести убытки	As you failed to deliver the goods in time, we suffered great losses.
natural disaster	стихийное бедствие	We have suffered losses due to a natural disaster.
product safety	безопасность товара	Product safety is required by the EU standards.
long-term trend	долгосрочная тенденция	As you may see in the chart, the long-term trend is on the rise.

{ How the US Economy Works

In every economic system, entrepreneurs and managers bring together natural resources, labor, and technology to produce and distribute goods and services. But the way these different elements are organized and used also reflects a nation's political ideals and its culture.

The United States is often described as a "capitalist" economy, a term coined by 19th-century German economist and social theorist Karl Marx to describe a system in which a small group of people who control large amounts of money, or capital, make the most important economic decisions. Marx contrasted capitalist economies to "socialist" ones, which vest more power in the political system. Marx and his followers believed that capitalist economies concentrate power in the hands of wealthy business people, who aim mainly to maximize profits; socialist economies, on the other hand, would be more likely to feature greater control by government, which tends to put political aims - a more equal distribution of society's resources, for instance - ahead of profits.

While those categories, though oversimplified, have elements of truth to them, they are far less relevant today. If the pure capitalism described by Marx ever existed, it has long since disappeared, as governments in the United States and many other countries have intervened in their economies to limit concentrations of power and address many of the social problems associated with unchecked private commercial interests. As a result, the American economy is perhaps better described as a "mixed" economy, with government playing an important role along with private enterprise.

Although Americans often disagree about exactly where to draw the line between their beliefs in both free enterprise and government management, the mixed economy they have developed has been remarkably successful.

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