Revision Units 1-7

Exercise 1. Similar or Opposite Are these words similar or opposite (S or O)?

1. to manufacture – to produce 11. private – public

2. rigidly – strictly 12. countries – nations

3. agricultural – manufactured 13. landowner – factory-owner

4. goods – services 14. anarchy – lawleness

5. famous – eminent 15. to rise - to increase

6. essential – basic 16. collective – individual

7. community – society 17. government – authority

8. shelter – housing 18. quantity – amount

9. complex –simple 19. to obey the law – to conform to the law

10. necessity – need 20. limits – restrictions

Exercise 2. Word partnerships

Set 1 Match each verb on the left with a noun on the right to form common partnerships. Use each word once only.

1. to buy a. services

2. to earn b. prices

3. to provide c. facts of economy

4. to make up d. the law

5. to describe e. essential commodities

6. to satisfy f. production targets

7. to obey g. great difficulties

8. to create h. basic needs

9. to set up i. economic system

10. to charge j. a living

Set 2 Match each adjective on the left with a noun on the right to form common partnerships. Use each word once only.

1. economic a. planning

2. personal b. sector

3. private c. freedom

4. government d. prices

5. central e. policy

6. planned f. anarchy

7. communist g. economy

8. public h. industries

9. nationalized i. supplies of capital

10. fluctuated j. countries

Exercise 3. Economic Vocabulary Quiz

Form the correct version of the word using the word root to the right of the phrase.

1. The _____ of that factory has gone down over the last five years. to produce

2. The _____discussed important issues at the meeting. to plan

3. This quality will be most _____. to suit

4. This quantity shall be _____. to produce

5. The _____ considered the new budget. to govern

6. These conditions will affect the international _____ system

in the next ten years. economy

7. These _____ will be made next year. to change

8. The _____ decided to grow corn. to farm

9. The _____ did not discuss these things with workers

at the meeting. to employ

10. That factory is not as _____ now as is was five years ago. to produce

11. The council gave us _____ to go forward with our building plan. to permit

12. These days, the typical _____ vehicle is the Internet. to distribute

13. The _____ could not agree on these economic things. economy

14. It was a _____ decision. to collect

15. _____ ahead in a mixed economy is not particularly difficult. to plan

16. It is not possible to plan ahead with any certainty even in

a rigidly _____ economy. to control

17. The ____ industries are in the public sector of British economic life. nation

Exercise 4. Put prepositions in the blanks of these sentences.

1. Coal and steel industries are among the activities controlled ____the government.

2. The science ____ economics is concerned ____ all our needs.

3. The economic system____ the USA differs greatly ____ the system in the USSR.

4. The American system is based ____ private enterprise.

5. In all communities, of course, limits are imposed ____ personal freedom.

6. ____ capitalism the prices ____ goods and services are related ____ supply and demand.

7. Governments usually require all individuals to conform ____ the laws which they make.

8. In communistic system the individual is subordinated ____ the needs ____ the collective State.

9. The government policy ____both employees and employers will depend very much ____ the political and economic ideology adopted ____ the government.

10. The government policy may be biased ____ employers and capital ____ the one hand, or workers and the problems ____ labour ____ the other hand.

11. Sometimes economic laws protect the interests principally ____ the workers, while ____ other times they may be beneficial ____the employers.

12. Economists focus ____ the way ____ which individuals, groups, business enterprises, and governments seek to achieve efficiency.

13. Britain is similar ____ the USA

14. The company capital was finally reduced ___ nothing.

15. In communistic system the emphasis is ____ collective effort and not ____ personal effort.

16. The rates charged ____ the three different levels ____ advertising vary sharply, particularly in newspapers.

17. The advertiser produces a limited quantity ____ the new product and introduces it ____ a test market.

Ecercise 5. Read the text and complete it with the following sentences.

a. The individual who comes closest to being the originator of contemporary capitalism

b. Capitalism, economic system in which private individuals and business firms

c. Society's interests are met by

d. The term capitalism was first introduced

e. Sometimes the term mixed economy

f. From Europe, and especially from England