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Discuss the following questions.





1. Do you agree that economics is helpful in every day life? Give your arguments.

2. Try to think of several important decisions that you have made recently. What was the opportunity cost of each decision?

3. Do you think economics is a theoretical or applied discipline?

4. Imagine a world without a problem of scarcity. Would you enjoy living in such a world?

 

VOCABULARY

 

affluent adj – богатый

allocate v – размещать

allocation n – размещение

аrrange v – приводить в порядок

assumev – предполагать

assumption n – предположение

choice n – выбор

cost n – цена, стоимость

opportunity ~ – альтернативные издержки

~ of production – издержки производства

complementary adj – дополнительный, дополняющий

concern n – возможность, значение, интерес

deduction n – дедукция, вычет

derive v – извлекать, выводить, происходить

descriptive adj – описательный

economics n – экономика

economy n – экономика, хозяйство

goods n – товары

capital ~ – товары производственного назначения

consumer ~ – потребительские товары

luxury ~ – предметы роскоши

induction n – индукция

influence v – влиять

involve v – вовлекать, охватывать, участвовать

labour n – труд, работа

needsn (pl.)– потребности

to satisfy one’s ~ – удовлетворять потребности

principal n – капитал

procedure n – методика, метод, процесс

relevant adj – относящийся к делу, уместный

resource n – ресурс

to allocate ~’s – размещать ресурсы



scarce adj – редкий

scarcity n – 1.нехватка, дефицит; 2. редкость

~ value – стоимость, определяемая дефицитом

tangible adj – материальный

want n – желание

 

GLOSSARY

 

· Economics is the study of how individuals and society choose to allocate scarсe resources in order to satisfy unlimited wants.

· Macroeconomics applies an economy wide perspective that focuses on such issues as inflation, unemployment, and the growth rate of the economy.

· Microeconomics examines individual decision-making units within an economy.

· Models are simplified descriptions of reality used to understand and predict economic events. An economic model can be stated verbally or in a table, graph, or equation.

· Resourcesare factors of production classified as land, labour, and capital.

· Entrepreneurship is a special type of labour. An entrepreneur combines resources to produce innovative products.

· Scarcityis the fundamental economic problem that human wants exceed the availability of time, goods, and resources. Individuals and society therefore can never have everything they desire.

· Opportunity cost – the value of the best alternative surrended when the shoice is made.

· Needs –basic necessities or requirements.

· Want –a desire for sth.


ECONOMIC SYSTEMS

 

DISCOVERING CONNECTIONS

 

1. What is your idea of an economic system?

2. How many economic systems do you know?

3. What is the basic difference between market and planned economies?

4. What kind of economic system does Belarusian economy belong to?

 

READING

 

Text 1

As you read the text, focus on the concept “economic system”.



Economic System

People and societies organize economic life to deal with the basicproblemsraised by scarcity and opportunity cost through economic systems. An economic system works via the interaction of three invisible forces: the invisible hand (economic forces), invisible foot (political forces) and invisible handshake (social forces).

An economic system can be described as the collection of institutions, laws, activities, controlling values, human incentivesthat collectively provide a framework for economic decision-making. An economic system is closely tied to a political system through which people decide what their society desires. In a democracy, voting procedures determine society’s will. In an autocracy, a ruling individual or group of individuals decides what society’s desires are.

Before we discuss how the invisible forces operate, we need to find out what people can reasonably expect from an economic system.

There are three basic economic questions that every nation must consider. They are (1) What goods and services shall be produced? (2) How shall they be produced? and (3) For whom shall they be produced? Let us briefly examine each of these questions.

Within every nation, people must have some method of deciding what combination of goods and services they should produce with their limited resources. For example, they must decide what portion of total production will be devoted to capital goods and what portion will be devoted to consumer goods. Once this decision is made, it is necessary to decide what kinds of consumer and capital goods will be produced. For example, will the production of consumer goods be restricted to the basic necessities, or will luxury goods, such as stereos and cameras, be produced as well? If luxury goods are to be produced, what kind and how many of each will be produced?

Once the question of what to produce is answered, it is necessary to decide what production methods are to be used. For example, food can be produced by a large number of workers using simple and inexpensive tools, or by a small number of workers using complex and expensive machinery. The same is true of the production of most items you use every day.

Because no nation can produce enough goods and services to satisfy everybody’s wants, it is necessary for people to have a method of deciding who gets the goods and services produced. Should everybody get an equal share, or should some people get more goods and services than others? If some people are to get more, how much more should they receive? This second question is perhaps the most difficult of all because it involves the issue of fairness; and different people have different ideas about what is fair.

Any economic system must use one or more decision – making methods or rules. Though the list of ways to make decisions is long, there are three basic approaches to economic decisions.



One of them is based on tradition (families often decide to do something the “old way”; people generally repeat the decisions made at an earlier time or by an earlier generation, etc.).

The second approach is based on authority or command (the boss, appointed or elected, can decide what is produced and who gets it).

The third is based on markets (individuals bargain with one another privately to obtain goods) and so on.

Most economic systems use one of three basic methods to make economic decisions.

 

Vocabulary Focus

 

Ex. 1. Match the words in column A with their definitions in column B.

A B
1) invisible hand 2) invisible foot 3) invisible handshake 4) autocracy 5) labour resources a) social forces b) economic forces c) physical and mental talents that people can make available for production d) political forces e) absolute power

 

Ex. 2. Complete the sentences, use the words and expressions from the text.

1. An economic system works via … of three invisible forces.

2. An economic system can be described as the collection of laws, activities, values and human ….

3. In a … voting procedures determine society’s will.

4. In an …, a ruling individual decides what society’s desires are.

5. Before we discuss how the … operate, we need to find out what people can expect from an economic system.

6. It is necessary to decide if the production of … will be restricted to the….

7. If … are to be produced, what kind and how many of each will be produced.

8. There are three basic … to economic decisions.

9. One of them is based on… or command.

 

Words for reference invisible forces, basic necessities, approaches, the interaction, incentives, autocracy, democracy, consumer goods, luxury goods, authority.

 

Ex. 3. Match the Russian word combinations from A with their English equivalents from B.

A B
1) альтернативная стоимость, цена возможности 2) невидимые силы 3) средства производства 4) потребительские товары 5) процедура голосования 6) удовлетворить потребности 7) торговаться о цене 8) экономическое заключение a) capital goods b) opportunity cost c) economic decision d) invisible forces e) bargain f) voting procedures g) satisfy wants h) consumer goods

 

Ex. 4. Fill in the following prepositions: into, for, by, with, from, out, through, to.

1. An economic system is closely tied … a political system.

2. … a political system people decide what their society desires.

3. We need to find … what people expect … an economic system.

4. People must decide what goods and services they should produce … their limited resources.

5. Food can be produced … a large number of workers.

6. It is necessary … people to have a method of deciding who gets the goods and services produced.

7. Economic systems are classified … four broad categories.

Comprehension

 

Ex. 1. Complete the sentences, use the information from the text.

1. People and societies organize economic life through … .

2. An economic system works via the interaction of three invisible forces. They are… .

3. An economic system can be described as … .

4. There are three basic economic questions that every nation must consider. They are ...

5. Three basic approaches to economic decisions are … .

Ex. 2. Say if the statements are true or false.

1. An economic system works via the interaction of three invisible forces: the invisible hand (economic forces), invisible foot (political forces) and invisible handshake (social forces).

2. An economic system is interrelated with a political system.

3. In an autocracy voting procedures determine society’s will.

4. In a democracy a group of individuals decide what society’s desires are.

5. Every nation can produce enough goods and services to satisfy everybody’s wants.

6. Every economic system answers three basic questions: what, how and for whom.

7. There are three basic approaches to economic decisions.

 

Ex. 3. Answer the following questions.

1. How can economic systems be classified?

2. What are the three invisible forces which make economic system work?

3. What are the tree basic economic questions that every nation must answer?

4. What are three basic approaches to economic decisions based on?

5. What economic systems do you know?

6. How can you characterize the economy of Belarus?

 

Text 2

As you read the text, think what the best title for it is and explain your choice:

– market economy vs command economy;

– mixed economy;

– basic types of economic systems.

 

Economic systems are classified into four broad categories. These are traditional, command, market, and mixed economies. Each of these systems works well to some degree at different points in time and for different cultures, but some are often better for answering one of the basic economic questions, while other systems may answer other questions more successfully.

Traditional economy is an economic system using social customs to answer the basic economic questions.

Nowadays traditional economies are found primarily in the rural, non-industrial areas of the world. In such areas, there is no national economy. Instead, there are many small segmented economies, each centred around a family or tribal unit. Each unit produces most of its own goods and consumes what it produces. The basis economic questions of “what”, “how”, and “for whom” are answered directly by the people involved, and the answers are usually based on tradition.

In command economies, the basic economic questions are answered by government officials. Government leaders decide what goods and services will be produced, how they will be produced, and how they will be distributed. Individuals have little control or influence over the way the basic economic questions are answered. They are told what to produce, how to produce it, and what they will receive.

Command economies are often called planned economies, because the government engages in elaborate, detailed planning in an effort to produce and distribute goods and services in a way that is consistent with the wishes of government leaders. Command economies usually are also characterized by government ownership of the economy’s natural resources and capital goods.

A market economy is the opposite of a command economy. In a command economy, the government answers the basic economic questions. In a market economy, basic economic questions are answered by individual households and businesses through a system of freely operating markets. In market economies, natural resources and capital goods are usually privately owned. In such economies, buyers and sellers have a great deal of economic freedom, and they send signals to one another as they interact through the system. For example, by purchasing more of an item than usual, buyers send a signal to producers to increase production of that item. Similarly, by reducing their purchases of an item, buyers signal producers to reduce production of that item.

The American economy is predominantly a market economy. Other examples of predominantly market economies include the economies of Canada, Japan, and many of the countries of Western Europe.

In actual practice, there are no real economies in the world that rely solely on freely operating markets or on government decisions to answer basic economic questions. All major economies are mixed economies in the sense that some decisions are made through a system of freely operating, or free markets, by individual households and businesses, and some are made by the government. In mixed economies, a distinction is usually made between the private sector, in which decisions are made primarily by individual households and businesses, and the public sector, in which decisions are made by the government.

Mixed economy is an economic system that relies on a mixture of markets, government commands and tradition. This economic system is used in most countries. The United States are an example of this type of economy. Most decisions there are made by individuals and firms as they exchange goods, services, and resources in private markets. But some decisions are made through the political process of government.

Although several countries own most resources, especially land and large basic enterprises like steel plants, hospitals, and electric power plants, markets are allowed to play a role in certain economic activities, such as dining in restaurants, repairing shoes, selling garden produce, etc. Even China, at one time an extreme example of a command economy, has in recent years taken steps toward allowing some markets to operate.

In the 1990s there appeared a new term transition economy to describe the countries of Eastern Europe and the former Soviet Union. Transition economies face the task of moving from a centrally-planned system of resource allocation towards a more market-oriented approach.

 

Ex. 1. Find in the text definitions of:

– market economy;

– command economy;

– mixed economy.

 

Ex. 2.Which of the statements express the main ideas or supporting details?

1. Nowadays traditional economies are found primarily in the rural, non-industrial areas of the world. In such areas, there is no national economy.

2. In command economies, the basic economic questions are answered by government officials.

3. In a market economy, basic economic questions are answered by individual households and businesses through a system of freely operating markets.

4. The American economy is predominantly a market economy.

5. Mixed economy is an economic system that relies on a mixture of markets, government commands and tradition. This economic system is used in most countries.

Ex. 3.Speak on the basic kinds of economic systems, their advantages and disadvantages.

WRITING

 

Write an essay to define the type of economic system of Belarus. Give your arguments.

TRANSLATION

 

A.Translate the text from English into Russian.

 








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