The Economic System

1. There are many forms of economic order, ranging from the mixed private enterprise system to partially or completely controlled economies. Regardless of their form, economic system is the system that a society uses for allocation and distribution of scarce resources. Private enterprise means that decisions about what and how much to produce are left to the discretion of owners and managers. In controlled economies such decisions are the responsibility of some governmental agency. There is no economy today that is completely free of governmental influence. There are many beneficial services and protections available from government. Irrespective of the form of economic order, it performs certain valuable functions in the life of organizations of all types.

2. Among the functions of the economic order the most important one is to provide some means of resource allocation. In a private enterprise this function is basically performed by the price mechanism. This simply means that demand for and supply of goods and services interact to set their market price. In the case of regulated utilities, there are governmental agencies such as public service commissions that determine the rates that may be charged by utility companies. These rates are set at the level that will allow a fair return on investments made by the companies. This form of regulated monopoly is considered, on balance, preferable to unchecked competition. This is true because of efficiency reasons. In taking actions in the area of employment, government is attempting to control the economy to help the business community operate at the level of production that will yield full employment.

7. Определите, являются ли приведенные ниже утверждения (1, 2, 3)

а) истинными (true)

б) ложными (false)

в) в тексте нет информации (no information)

1. Today economy is completely free of government influence.

2. Decisions about what and how much to produce are left to the discretion of owners and managers.

3. People generally repeat the decisions made at an earlier generation.

8. Прочитайте абзац 2 и ответьте письменно на следующий вопрос:

What is the most important function which economic order performs?

Вариант №3

1. Переведите письменно существительные (1-10). Выберите определения

(a – j), соответствующие существительным:

1) growth	a) a difficult situation caused by a lack of something,
2) salary	b) money that you receive as payment from the organization you work for, usually paid to you every month
3) inflation	c) money or property used to produce wealth
4) trade-off	d) continuing increase in the prices of goods and services
5) crisis	e) an increase in size, amount, or degree
6) liquidity	f) an organization that holds money, important documents and other valuables in safe keeping, and lends money at interest
7) crunch	g) the amount of money in an economy at a particular time
8) capital	h) a person who buys goods and services for his\her own use and not for resale
9) consumer	i) balance between two situations in order to get an acceptable result acceptable result
10) bank	j) a period of good difficulty, danger or uncertainty in Economics

2. В следующих предложениях подчеркните определения, выраженные именем существительным, и переведите эти предложения на русский язык.

1) There are many different market structures in the world.

2) In a monopoly, one company has a much larger market share.

3) The labour market obeys the laws of supply and demand.

3. a) Выполните КОПР № 2, 4.

б) В следующих предложениях подчеркните глагол-сказуемое, определите его видовременную форму и залог. Переведите предложения на русский язык.

1) Deregulation of services like transport and banking has happened in my countries in recent years.

2) Schaeffler, a privately held industrials group, made an $17.8 billion offer for Continental, one of the world’s biggest suppliers of car parts.

3) The first two sick days are paid by the employer.

4. В следующих предложениях подчеркните модальный глагол или его эквивалент. Переведите предложения на русский язык.

1) Managers who can operate effectively across cultures and national borders are invaluable in global business.

2) Americans may object to their central bank displacing private lenders.

3) Consequently, the United States must import coffee from countries (such as Brazil) that grow coffee.

5. В следующих предложениях подчеркните Participle 1 и Participle 2 и укажите, является ли оно определением, обстоятельством или частью глагола-сказуемого. Переведите предложения на русский язык.

1) Like most things in our modern, changing world, the function of management is becoming more complex.

2) The operations required to perform a particular job could be identified.

3) In handling people and managing organizations it is necessary to draw on intuition and subjective judgment.

6. Прочитайте и устно переведите на русский язык весь текст. Перепишите и письменно переведите абзацы 1, 3.