48. Read and translate the text. Before reading pay your attention to the following words and word combinations from the text:

customary ways of doing things способи (шляхи) виконання, засновані

collective bargaining

controlling values and beliefs the household individual proprietorship

partnership trade association

employer organization

a labour union

working conditions

employment services

insurance protection

government agencies

property ownership

the boards of directors

a medium of exchange

a measure of value

the pattern of economic behaviour

на звичаєвому праві

переговори про укладання

колективного договору

регулюючі цінності та переконання

домашнє господарство

приватна власність (індивідуальне

право власності)

партнерство, товариство

торгове об’єднання, асоціація,

товариство

організація роботодавця, наймача

профспілка

умови праці

служби зайнятості

захист шляхом страхування

урядові представництва, агентства

майнове право власності, власність

ради директорів, правління

засіб обміну

міра вартості

характер поведінки в економіці

“work ethic” retail sales economic incentives

claims

financial rewards and penalties

higher-paying jobs financial sacrifices do someone a favour the lowest bidder customary employment patterns

material gain

material loss

the pursuit of economic self-interest

to establish new business vice versa the profit motive cost-cutting technologies economic growth losses, negative profits a competitive market economy restrictions of output welfare of the state the institutional framework

етика праці, ставлення до праці роздрібна торгівля

економічні стимули, економічне стимулювання

вимоги, претензії, рекламації фінансові винагороди та стягнення штрафу

високооплачувані роботи, праця

фінансові збитки

зробить комусь послугу

особа, що пропонує найнижчу ціну'

моделі найму на роботу, засновані на

звичаєвому праві

матеріальний прибуток, доход, заробіток

матеріальна втрата, збиток

пошук особистої економічної вигоди,

зацікавленість

засновувати нові підприємства навпаки мотив прибутку економічно вигідні технології економічне зростання втрати, збитки

конкурентна ринкова економіка обмеження випуску продукції добробут, достаток держави інституціональна структура

Vocabulary exercises

49. Answer the following multiple-choice questions:

1 ) The basic production units in a market economy are

49. profit-seeking firms

50. households and families

51. financial organizations

52. labour unions.

68. The business firm can take the following legal forms except

57. sole proprietorship

50. corporation

51. government agency

52. partnership

53. The special role of the profit motive in a market economy is that it

69. drives sellers to produce what buyers want

70. results in high prices

71. discourages people from taking risks

72. keeps people from going into business

54. What is an incentive?

58. the result of choosing some alternative

59. what must be given up when a particular alternative in chosen

60. any choice that can be made

61. something that encourages people to behave in a certain way

55. Profits

36. provide entrepreneurs an incentive to accept risk

37. persuade entrepreneurs to establish new business

38. encourage the production of specific goods and services

39. all of the above

27. Explain the following phrases taken from the text Use a dictionary if necessary:

20. labour unions

21. the boards of directors

22. profit motive

23. the household

24. competitive market economy

28. Determine which of the following statements are true and which are false. Correct those statements which are false.

5. Different economies have similar economic institutions,

6. The most important economic institution in a market economy is the market.

7. Private ownership of property is a basic institution in a market economy.

8. All human behaviour is motivated by economic incentives.

9. Financial and nonfinancial incentives influence individuals differently.

53. Find the terms in the text which describe the following:

56. An enduring organization practice, or relationship established by people to cope with basic economic problems.

57. Benefits offered to encourage people to behave in a certain way.

58. Selfish or excessive regard for one’s personai advantage or interest.

59. The difference between revenues and the costs entailed in producing or selling goods or services.

60. An increase in an economy’s output.

54. Answer the following questions:

73. What are the most important economic institutions of any society?

74. Describe the various economic institutions that constitute economic systems (households, business firms, labour unions, government agencies, cooperatives, banks).

75. What institutions exist only in certain types of economic systems?

76. What role do economic institutions play in shaping economic decisions?

77. What is the main motivating force in market economies?

78. What is profit?

79. What is stimulates economic growth?