Revision Units 1-14
Exercise 1. In each set of words, one word is odd. What is this word?
firm company enterprise department
plant factory office works
make sell produce manufacture
client customer consumer employee
salary research pay income
manager profit executive business person
timetable plan schedule market
choice option action alternative
aim target reach objective
scarce deficient abundant insufficient
Exercise 2. Complete the sentences with the correct form of these verbs.
affect control corner the market damage decrease determine fluctuate forbidden increase plough back produce reduce regulate run |
Last year, most of our profits were _____ back into the company.
2. We expect staff numbers ______ during these uncertain times.
3. The most famous case in the last years was practiced by the Hunt Brothers, Oil Billionaires, who in the early 1980s tried to ______. It was said that at one time they owned more than a third of the silver in the whole world.
4. Stores are government _____ and wages are set by the government in the command economy.
5. Three variables _____ the demand for money; they are the price level, interest rates and real income.
6. As the price of crude oil falls the supply of gasoline will likely _____, and its price will likely _____.
7. Inflation _____ the store of value function of money.
8. The Bank of England supervises and _____ nation’s financial institutions.
9. As a potential economist, you are concerned with how society manages, _____ and distributes its wealth.
10. Governments have a number of policies that affect monopoly and market power. Two that are intended to _____ monopoly are regulation and antitrust policy.
11. In many countries, the postal system is _____ by the government and competition is _____ by law in some or all services.
12. The market price of a good is _____ by both the supply and demand for it.
Exercise 3. Word building
a. Complete the table.
VERB |
ADJECTIVE |
NOUN |
nationalize |
|
nation |
innovate |
|
|
|
leading |
|
grow |
growing |
|
|
|
fluctuation |
|
|
product/production |
|
economic |
|
b. Complete the sentences with the words from the table.
Replacing permanent staff with casual workers is a good way to _______ on salaries.
Most companies can benefit from strong _______.
Our new design is fresh and _______.
Portugal’s annual Gross _______ Product is increasing.
Over the next three years, we foresee enormous economic _______.
We need to _______ at a faster rate to keep up with demand.
It’s hard to predict profitability when the world market price _______ so dramatically.
Exercise 4. Economic Terms
a) Match the words(1-10) with their definitions (a-j).
employer a. what remains from a company’s income from sales after its expenses have been deduced
manufacturer b. a person or company who provides work for others
personnel c. a person or company who sells goods in the market
profit d. economic situation in which only a single seller or producer supplies a commodity or a service
loan e. any established operating means or exchange for business dealings between buyers and sellers
supplier f. the property and equipment and/or money used for carrying on a business
market g. an institution for the keeping, lending and exchanging, etc of money
capital h. a person or company that makes goods from raw materials
monopoly i. an arrangement with a bank to borrow money with a promise to pay it back at a future date
bank j. all people who work for a company
b) Give definitions to the following words.
commodity 6. mixed economy
goods 7. utility
services 8. supply
basic needs 9. demand
property 10. money
Exercise 5. Collocations 1
a) Make word partnerships between verbs on the left and nouns on the right.
make the business
set up a service
obey capital
provide a company
undertake one’s choice
earn the law
satisfy the living
exercise work
render a want
run a profit
b) Now use some of the partnerships to complete the sentences.
Several factors contribute to Nebraska's rural depopulation. Agriculture is once again in crisis with prices too low to cover production costs, let alone _____ _____ _____.
They decided to _____ ____ by combining their capital.
According to the legal techniques, developed by the legal system of the European Union , EU judges must _____ the Community _____.
Under capitalism, producers are forced by competition to use their resources in ways that will best _____ _____ of consumers.
_____ _____ investors bear a risk of losing a part or all their money.
Exercise 6. Collocations 2
a) Make word partnerships between adjectives on the left and nouns on the right.
personal income
individual price
economic beings
basic sacrifice
human activity
national wants
political needs
maritime effects
current nations
financial economist
b) Now use some of the partnerships to complete the sentences.
_____ _____ is the total money earned (from wages, interest, rents, etc) by the residents of a state.
Resources identified as technically and economically recoverable with current technologies and at _____ _____, are called “proved reserves”.
Organization for Economic Cooperation and Development makes available all information relevant to the formulation of national policy in every major field of _____ _____.
According to Marxist theory of communism people mustn’t have private property, although they may have _____ _____ (private or intimate possessions).
Abraham Maslov developed a theory of motivation describing the individual’s progression from _____ _____ to the the fulfilment of one’s greatest human potential.
Exercise 7. Complete the following sentences with the correct word or phrase.
1. Nowadays, I eat out at restaurants regularly and often go abroad for holidays. My _____ is much higher than it used to be.
a. cost of living c. lifestyle
b. standard of living d. way of life
2. Writing reports is not a _____ that everyone enjoys.
a. duty b. work c. job d. function
3. This machine uses much less fuel than the previous one. It is far more _____.
a. sparing b. economic c. effective d. economical
4. The management has worked out a _____ to improve our market share.
a. policy b. strategy c. target d. planning
5. Many of the staff in the Personnel Department are part-time _____.
a. people b. workforce c. manpower d. workers
6. Our company developed a new _____ to increase sales by 10% a year.
a. objective b. system c. scheme d. project
7. Various products _____ our needs in different ways.
a. answer b. satisfy c. please d. suit
8. Companies like Unilever and IBM have huge financial _____.
a. condition b. services c. aid d. resources
9. He is sure that the bank will _____ him the money for future development.
a. borrow b. obtain c. lend d. donate
10. Most companies _____ a part of their profits to expand business operations.
a. reserve b. plough back c. convert d. invest
11. Individuals and families with a certain regular _____ usually live on a budget, which decides how much money each month can be spend on food, housing, recreating, etc.
a. pay b. profit c. incomings d. income
12. A capitalism is also called free _____.
a. interest b. initiative c. enterprise d. business
13. Many businesses thrive on _____, trying to be the best and to attract the most customers in their market.
a. competition b. investment c. capital d. state
14. Our resources – our natural resources, our available labour and _____ (plants, factories, equipment), along with existing technology - are in limited supply.
a. wealth b. stock c. capital d. fortune
15. With this new product, we can break our competitor's _____.
a. profit b. monopoly c. success d. share
16. It was a big _____ for her to give up her acting career to look after her family.
a. sacrifice b. trial c. test d. loss
17. Cash flow is a big problem for people who are _____.
a. self-governed c. self-commanded
b. self-managed d. self-employed
18. It costs a huge amount to pay our _____.
a. workload b. workhandlers c. workforce d. workheads
19. My annual salary is paid directly into my bank _____.
a. reserve b. statement c. account d. certificate
20. Savings that are put to work to earn more money are called _____.
a. capital b. investments c. funds d. stocks
21. How much does she _____ in her position?
a. gain b. profit c. earn d. pay
22. The old couple had only a small ___ to live on.
a. wage b. pay c. wealth d. pension
23. They wouldn't have been able to buy their camper without a bank ____.
a. loan b. lend c. borrow d. reserve
24. The dime is such a small _____ that everyone dislikes it.
a. coin b. tip c. note d. money
25. I can't help you – I've got three complex _____ I'm working on already.
a. products b. projects c. actions d. priorities
Exercise 8. Crossword Puzzle: Economics
Read the given definitions and fill in the crossword puzzle.
Across
4. money paid out for consuming goods or services
6. the sector of the economy which is state-owned
9. a kind of economy that existed in the former Soviet Union
10. a kind of supply that increases or decreases as the price of an item goes down or up
11. more than is needed, desired or required
13. the assets possessed by a person, a company or a nation
14. a financial institution that accepts deposits and channels the money into lending activities
15. means of exchange
Down
1. a kind of goods that deteriorate easily
2. measure of satisfaction gained by consuming different goods or services
3. any work performed in return for a fixed payment
5. people who come to a market to buy something
7. system based on private enterprise with private ownership of the means of production
8. tangible, are produced, consumed, having been purchased in a market
12. a set of transactions in which a particular commodity is exchanged
Exercise 9. Read the text below. Choose the best word to fill each gap from A, B, C or D below. There is an example at the beginning. 0).