- •Find the terms in the text which describe the following:
- •Answer the following questions:
- •Write a short summary of the text
- •Vocabulary exercises
- •Answer the following multiple-choice questions:
- •Explain the following phrases taken from the text. Use a dictionary if necessary:
- •Determine which of the following statements are true and which are false. Correct those statements which are false
- •Find the terms in the text which describe the following:
- •Answer the following questions:
- •Write a short summary of the text
- •Read and translate the text. Before reading pay your attention to the following words and word combinations from the text
- •Vocabulary exercises
- •Answer the following multiple-choice questions:
- •Determine which of the following statements are true and which are false. Correct those statements which are false.
- •Find the terms in the text which describe the following:
- •Answer the following questions:
- •Write a short summary of the text
- •Text 5. Economic systems
- •Read and translate the text. Before reading pay your attention to the following words and word combinations from the text
- •Vocabulary exercises
- •Answer the following multiple-choice questions:
- •Write a short summary of the text
- •Text 6. Economic institutions and incentives
- •Read and translate the text. Before reading pay your attention to the following words and word combinations from the text:
- •Vocabulary exercises
- •Answer the following multiple-choice questions:
- •Write a short summary of the text
- •Read and translate the text. Before reading pay your attention to the following words and word combinations from the text
- •Vocabulary exercises
- •Answer the following multiple-choice questions:
- •Explain the following phrases taken from the text. Use a dictionary if necessary:
- •Determine which of the following statements are true and which are false. Correct those statements which are false
- •Answer the following questions:
- •Write a short summary of the text
Read and translate the text. Before reading pay your attention to the following words and word combinations from the text
collection of institutions, laws, набір установ, законів, видів діяльності activities
controlling values economic decision making total output the total real income resource allocation social strata regardless of ability command an authority wage rates command economy decentralized decision making the supply and demand market prices the preferences a price system free enterprise laissez-fair
регулюючі ціни прийняття економічних рішень сукупний випуск (вихід) продукції сумарний реальний доход розподіл ресурсів (засобів) верстви суспільства незалежно від здібностей контроль, командування влада, повноваження тарифні ставки
командна економічна система (економіка)
децентралізоване прийняття рішень
пропозиція та попит
ринкові ціни
переваги, вибір
цінова система
вільне підприємництво
політика невтручання держави в економіку; вільна конкуренція
centrally planned economics централізована планова економіка
розподільні важелі готова продукція конкуренція, боротьба країни, що розвиваються
rationing device finished goods competition developing countries
market forces motivating forces
ринкові сили рушійні сили
Vocabulary exercises
Answer the following multiple-choice questions:
1 ) What is an economic system?
The direct exchange of goods and services without using money.
The way people organize themselves to satisfy human wants.
The way people organize their human capital.
The exchange of goods and services for money.
Which of the following is not economic question each society faces?
What to produce?
Who will rule?
How to produce?
How to distribute goods and services?
Other names for the market system are
free enterprise
capitalism
laissez-fair
all of the above
Production and distribution decisions are largely determined by custom in
a traditional economy
a command economy •
a market economy
a mixed economy
The distinguishing characteristics of an economic system are _____
the economic activities that are carried on
the kinds of economic institutions that exist
the way in which economic institutions influence decision making
the combination of “b” and “c”.
Explain the following phrases taken from the text Use a dictionary ij necessary:
economic system
command economy
market economy or free enterprise
market prices reflect the preferences of all market participants
finished goods
market prices act as rationing devices
Determine which of the following statements are true and which are false. Correct those statements which are false:
There are four basic approaches to economic decisions about resource allocation.
An economic system is the institutional framework that a society uses to allocate its resources to produce and distribute goods and services.
In a command economy, central authorities make the major decisions.
There are no pure command or market economies.
Every modem economy is a “mixed system".
Find the terms in the text which describe the following:
The collection of institutions, laws, activities, controlling values and humar motivations that collectively provide a framework for economic decisior making.
The decision concerning how to use society’s scarce resources.
The wage over a period of time.
The price at which supply exactly equals demand.
The forces of demand and supply.
Answer the following questions:
What basic economic questions must all societies decide?
What basic approaches to economic decisions about resource allocation an there?
What is the traditional approach based on?
Define each type of economic systems.
What other names for the market system do you know?
Enumerate the countries whose economies are identified as market economies.
How do market prices and the changes in them act?
What does every existing economy use to answer the basic economic questions?
What basic economic activities do all societies engage in?
What are the distinguishing characteristics of an economic system?