Comprehension check.

Exercise 1.

1-F, 2-T, 3-T, 4-F, 5-F, 6-F, 7-T, 8-T, 9-F (not quantity but value), 10-T.

I.

1. Means of production and human resources are the basic for economic development of any society.

2. The type of the system is defined by the ownership on the means of production.

3. Economic system is a way of distributing a society resources to satisfy people’s needs.

4. All economic systems have certain features in common.

5. Land, labour, capital are the factors of production.

6. Entrepreneurs organize land, labour and capital for producing goods and services in the most efficient way.

7. GNP is the total value of all final goods and services produced over a year’s time.

8. When nation’s total GNP is divided by its population we get per capita GNP.

9. Revenues from underground economy are not included into GNP.

II.

1-is; 2-sells; 3-is growing; 4-exceeds; 5-is opening; 6-is; 7-display; 8-costs, goes; 9-says, are growing; 10-are going.

III.

1-enlarge, take part, avoid; 2-barter, ready money, detection; 3-secret, manufacturing, spreading, commodities, deals; 5-revenue, not registered, avoid, administration.

IV.

1 – scarce resources; 2 – human wants; 3 – goods; 4 – services; 5 – demand; 6 – goods; 7 – factors of production; 8 – land; 9 – labour; 10 – entrepreneurship; 11 – scarcity.

V.

1 – a Canadian economist; 2 – winner; 3 – affect; 4 – was born; 5 – at the University; 6 – has worked/has been working; 7 – he; 8 – holds; 9 – has also served; 10 – led to the development.

VI.

1. consumers, consumption, consume.

2. definitions, to define.

3. distributor, distribution, distribute.

4. economic, economize, economics, economical.

5. nation, nations, nationalizes.

6. owned, ownership, own.

7. productivity, produce , producers, production.

8. scarcity, scarce.

VIII.

1. We study main economic concepts in the course of political economy.

2. Economics is the study of the ways in which mankind tries to solve the problem of scarcity.

3. The ownership by means of production defines the type of economic system.

4. The production of goods is stopped because of the scarce resources.

5. Fair income distribution by state is impossible.

6. There are three types of economic systems: free-market, command and mixed.

7. All scientists-economists solve the problem of distributing resources to satisfy citizen’s needs in this or that way.

8. Land, labour and capital are the factors of production.

9. Some economists consider entrepreneurs to be the forth factor of production.

10. Entrepreneurs organize land, labour and capital to produce goods and services.

11. Our country is one of the last on the income per capita level.

12. Revenues from underground economy are not reflected in GNP, because they are illegal.

Unit 6.

2.

1. household	сім’я, домашнє господарство
2. to avoid failures	уникнути невдач
3. the customer market	споживчий ринок
4. geographic segmentation	сегментація ринку
5. attitude	відношення до чогось
6. lifestyle	спосіб життя
7. medium of exchange	засіб обміну
8. specialty	відмітна, характерна риса; особливість
9. self-concept	самооцінка, самосприйняття
10. reading habits	читацькі звички
11. location	місце проживання, мешкання
12. gender	стать
13. factor market	ринок факторів виробництва
14. product market	ринок продуктів виробництва
15. to resale	перепродувати
16. interdependant	взаємозалежний
17. supply	пропозиція
18. demand	попит