4.3 Прочитайте текст и определите, относятся ли данные утверждения к Веблену (V), Найту (k), или к обоим (b).

1. Supported laissez faire economics. - K

2. Taught Economics at the University of Chicago. - B

3. Predicted the separation of ownership from management of business organizations. - V

4. Coined the term “leisure class”. - V

5. Believed business profits were earned in return for accepting the uncertainties of the market. - K

6. Opposed laissez faire economics. - V

7. Believed consumers made unwise choices. - V

8. Supported the consumer’s right to determine what should be on the market.- K

9) Believed that people in business could gain profits by giving consumers what they wanted. - K

10) Believed that people in business could gain profits by limiting production. - V

11) His ideas are still influential today. - B

4.4 Дополните таблицу глаголами, существительными и прилагательными.

Verb	Noun	Adjective
1)consume	consumer comsumption	consumer
2)compete	competition competitioner	competitive
3)produce	producer produce	producible
4)manufacture	manufacturer	manufacturing
5)to beel certain	certainty	certain
6)	reason

4.5 Дополните фразы из текста данными словами.

basic, social, class, decisions, free, loss, consumer, wasted, demanded

1. social behavior

2. unwise decisions

3. leisure class

4. quantity demanded

5. wasted resources

6. basic necessities

7. free enterprise

8. financial loss

9. consumer demand

4.6 Дайте развернутые ответы на вопросы в письменной форме.

1. What did Veblen mean by “conspicuous consumption”? Consider whether it is a factor in today’s economy. Provide evidence to support your opinion.

Veblen coined the term "conspecuous comsumption" to describe the tendency of the "leisure class" to buy goods and services simply to impress others. This, in term, led middle class consumers, and even the poor to imitate the wealthy by buying for similar purposer.

Today the rich people buy their children expensive clothes, things (telephones, for example) because they wunt to impress others. Middle class consumers and sometimes even poor buy gooda for similar purposes to imitate the wealthy. They want their children look as well as the wealthy parent's sons and daughters.

2. What distinction did Knight make between risk and uncertainty? Consider how a business might limit risk or uncertainty and prevent financial loss.

Knight said that risle could be predicted anone could be insured against it, the uncertainly of events could not be predicted. The sweater manufactures, for example, could never know with certainty that the slyles they were producing at that time would be in demand when they appeared six months later. Therefore those manufactures who guessed correctly would have profit. Those manufactures who couldn't guess the right style would ruin.

To limit risle and uncertainty in business is not easy, but people try to do it. Harmers, for example, insure their areas under crops because they don't kwow the weather conditions will be favourble or not to get good harvest. When they determine the amount of production of vegetables, for example, they analyse the consumer's demand n it.

UNIT 5

5.1 Подберите правильный перевод к словам и фразам.

1) stock (n)	c) акционерный капитал
2) equilibrium (n)	a) равновесие, сбалансированность
3) wage (n)	e) заработная плата
4) failure (n)	f) неудача, крах
5) interest (n)	b) (ссудный) процент
6) increase (v)	h) увеличивать(ся), возрастать
7) prevailing (adj)	g) преобладающий, широко
8) recession (n)	d) экономический спад