КАТЕГОРИИ: Архитектура-(3434)Астрономия-(809)Биология-(7483)Биотехнологии-(1457)Военное дело-(14632)Высокие технологии-(1363)География-(913)Геология-(1438)Государство-(451)Демография-(1065)Дом-(47672)Журналистика и СМИ-(912)Изобретательство-(14524)Иностранные языки-(4268)Информатика-(17799)Искусство-(1338)История-(13644)Компьютеры-(11121)Косметика-(55)Кулинария-(373)Культура-(8427)Лингвистика-(374)Литература-(1642)Маркетинг-(23702)Математика-(16968)Машиностроение-(1700)Медицина-(12668)Менеджмент-(24684)Механика-(15423)Науковедение-(506)Образование-(11852)Охрана труда-(3308)Педагогика-(5571)Полиграфия-(1312)Политика-(7869)Право-(5454)Приборостроение-(1369)Программирование-(2801)Производство-(97182)Промышленность-(8706)Психология-(18388)Религия-(3217)Связь-(10668)Сельское хозяйство-(299)Социология-(6455)Спорт-(42831)Строительство-(4793)Торговля-(5050)Транспорт-(2929)Туризм-(1568)Физика-(3942)Философия-(17015)Финансы-(26596)Химия-(22929)Экология-(12095)Экономика-(9961)Электроника-(8441)Электротехника-(4623)Энергетика-(12629)Юриспруденция-(1492)Ядерная техника-(1748) |
Revision exercises
I. Find the equivalents.
II. The Fundamental Problems of Economics. appropriate words from the box. Fill the gaps in the following text with
Albert Camus wrote: "Economics is the art of trying to satisfy infinite (1)__________ with limited (2)____." A fundamental concept in economics is the (3)_____ of resources. There are not enough resources to meet the needs of (4)_____ and producers. In the case of consumers, the scarcity of goods and (5) _________ might seem obvious enough. Everyone would like to have more - another car, a bigger home, more domestic In the case of (7)____, there are four scarce resources: • natural resources, referred to collectively as 'land'; • labour; • capital - e.g. equipment and (8)_____; • enterprise or entrepreneurship.
- E VISION EXERCISES Scarce resources mean that producers cannot make (9)_______ quantities of goods and services. Since resources for production are scarce and there are not enough goods and services to (10)____ the potential demand, choices must be made. Choice is only necessary because resources are scarce. That is why consumers must choose what goods and services The (12) ____ problem of economics is the allocation of these scarce resources. Therefore the question what, how and for whom to produce is of great significance. III. Classical Economic Theory. Insert the words from the box in the extract.
The standard classical theory of the economy, the theory that we all tend to begin with
when we all learn about economics, suggests that economies naturally return to an (1)_______ level, where they make full use and efficient use of all their (2)_________. But most of the textbooks, when they are moving to teach that model, also mention the fact that there are a number of very strong (3)____ to make that model work. There has to be (4)______, there has to be a lack of (5)____ shocks, shocks from the world outside in terms of (6)______ rates or (7)___ prices to the system, there has to be perfect (8)_____, so everybody knows what's going on in the market at any one time, and the responses have to be very quick. (9)________ have to adjust their prices very quickly, wage-setters have to adjust their wages very quickly. IV Friedman is not Dead and Keynes Lives. Read the imaginary dialogue below. It is between two economists: Milton Friedman, who believes in leaving everything to market forces; and J.M. Keynes, who believes in partnership between the State and private capital. They are discussing an impact of the European Airbus project on the world airliner market. Fill in the spaces with appropriate words from the box.
Keynes: The Airbus project has been good for consumers. It has stopped Boeing Friedman: In fact, Boeing already had a (2)____ in Mc Donnell Douglas. Keynes: Yes, it did. But the airbus did lower prices due to the arrival of more (3)_______. Friedman: But the benefits of Airbus do not match the subsidy which the European taxpayer paid for. (4)____ is the best way to run the global economy. It is cheaper than tariff barriers, import quotas and (5)_____. Keynes: I can't agree. The airliner industry has few companies. They can make (6)_______ of (7) ___. This means low costs and real competition between (8) _________. this is what happened between Boeing and Airbus. The Airbus (9)_______, with four countries, has built up (10)____. the benefit to the European economy has been more than the cost of'the (H) _■ Friedman: I am not sure. I think subsidies are a waste of (12)_____. Keynes: Well, I think I'll have a cup of tea. Will you join me? Friedman: Only if it's free market tea. Note: Biographical details Milton Friedman, economist, born New York. John Maynard Keynes, economist, born Cambridge, UK, 1883-1946. PART I. ECONOMICS V Traditional Economy. Fill the gaps with a suitable word from the box
In a society with a traditional economy nearly all (1)______ activity is the result of ritual and custom. Habit and custom also prescribe most social (2)______. Individuals are not free to make (3)_____ based on what they want or would like to have. Instead their roles are defined. They know what (4)_____ will be produced, how to produce them, and how such goods and services will be (5)______. An example of traditional economy is the society of polar Eskimo of the last century. For generations, parents taught their children how to survive in a harsh climate, make
tools, fish and hunt. Their children, in turn, taught these (6)________ to the next generation. The main (7)_____ of the traditional economy is that everyone has a role in it. This helps to keep economic life (8)______ and community life continuous. The main (9)_______ of the traditional economy is that it tends to discourage new ideas and even punishes people for breaking rules or doing things differently. So it tends to be (10)________ or fails to grow over time. VI. The Market System. Fill the gaps with a suitable word from the box. Write a short summary of the text.
The modern market economy is populated by three types of economic agents, whose (1) ___ constitutes economic activity: consumers, producers, and the government. The main social purpose of the economy is to produce goods and services for the satisfaction Consumers, typically, represent households that provide labour, and other (3)________ to produce against an income which they use to purchase consumer goods or save. Producers, typically, (4)____ enterprises or firms that acquire (5)______ of production, or inputs - labour, land, and capital - from households and combine them to produce outputs, or commodities which can be (6)______ into goods - tangible commodities - and services. The activities of firms move around the sale of their output at a (7)______. The third basic element, the government, is involved with the economy, on the one hand, as a producer and consumer and. on the other (8)_______. as a regulator, supervisor and promoter of economic activities. The economic (9)____ are engaged in a complex web of transactions involving factors of production and outputs. However, the volume of the commodities that can be produced and (10)____ is limited by the (11)_____ of resources. This fact has two important consequences as regards economic decision-making: • the utilization of resources has to be (12)_____. In terms of the welfare of economic agents, the (13)___ of resources is efficient when every opportunity has been exhausted to make some individuals better off without hurting the (14)______ of others; • individual economic agents and society as a whole cannot simply use more, they Given these constraints, consumers, producers, and the government have to make (16) __ decisions over available resources. Rational decisions reflect choices that draw maximum (17)___ from given resources or obtain desired results with the (18)_______ efforts or cost. SION EXERCISES VII. Economic Systems. Match the terms in Column A with its definitions in Column B.
VIII. The Business Cycle. Fill the gaps with a suitable word from the box.
The business cycle or (1) _____ is a permanent feature of (2) _______ economics: Gross Domestic Product (GDP) fluctuates as booms and (3)_______ succeed each other. During a (4)___, an economy (or at least parts of it) expands to the point where it is working at full (5)____, so that production, employment, prices, profits, investment and interest (6) __ all tend to rise. During a recession, the (7)______ for goods and services declines and the economy begins to work at below its potential. Investment, output, employment, profits. commodity and share (8) _____, and interest rates generally fall. A serious, long-lasting recession is called a depression or a (9)_____. The highest point on the business cycle is called a (10)________, which is followed by a downturn or a downswing or a period of (11)_____. The lowest point on the business cycle is called a (12)___, which is followed by a recovery or an upturn or upswing or a period of expansion. Economists sometimes describe contraction as 'negative growth'. IX. Summary. Fill the gaps with a suitable word from the box.
Дата добавления: 2014-12-23; Просмотров: 1008; Нарушение авторских прав?; Мы поможем в написании вашей работы! Нам важно ваше мнение! Был ли полезен опубликованный материал? Да | Нет |