1.Markets provide a kind of economic polling booth for buyers to cost their votes for the goods and services they want.
2. In these areas the land is too unproductive to support a flourishing agricultural population.
3. The results of voting are enough to generate discussion on the pages of learned periodicals.
4. Having been provided with financial information, a tax department can estimate profitability of a particular business.
5. Fee is the money paid t to a lawyer, a doctor, or similar skilled worker for a piece of work that they
Task IV. Give English equivalents for the following Russian words and phrases:
, , , , , , , , , .
Task V. Translate into English.
- , .
- , , .
Task VI. Translate into Russian:
The meaning of "government purchases" also requires a bit of clarification. When the government pays the salary of an Army general, that salary is part of government purchases. But what happens when the government pays a Social Security benefit to one of the elderly?
Such government spending is called a transfer payment because it is not made in exchange for a currently produced good or service. From a macroeconomic standpoint, transfer payments are like a tax rebate. Like taxes, transfer payments alter household income, but they do not reflect the economy's production. Because GDP is intended to measure in- come from (and expenditure on) the production of goods and services, transfer payments are not counted as part of government purchases.
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Task I. Read the text Economic Systems to answer the following questions in writing:
1. What is an economic system?
2. What are three basic methods that most economic systems use?
3. What does it mean traditional occupations for women in the US?
4. What were traditional occupations for women in the US?
5. What does it mean command economy?
6. What does the government own?
ECONOMIC SYSTEMS
People and societies organize economic life to deal with the basic problems through economic systems. An economic system can be described as the collection of institutions, laws, incentives, activities that govern economic relationships among people in a society and provide a framework for answering the basic economic questions.
Most economic systems use one or more of three basic methods to make economic decisions: tradition, command and markets. So economic systems are classified into four broad categories, according to how most economic decisions are made. These are traditional, command, market and mixed economies.
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Traditional economy. People generally repeat the decisions made at an earlier time or by an earlier generation. Can just anyone be king or queen of England? Tradition answers that question. In the US, women were strongly directed to certain traditional occupations for many years, such as teaching, raising children, nursing and being librarians.
Command economy. They rely almost totally on government to make economic decisions through centralized authorities. The government owns all the major productive resources. The former USSR and some other eastern bloc countries are examples of countries where government decisions were dominant.
Market economy. Most productive resources are owned by private individuals. Individuals make economic decisions in response to market signals and on the basis of their own preferences.
Mixed economy. The economic system used in most countries lies between the two extremes of command and market economies. Mixed economies answer the basic economic questions partly through the market and partly through the government, with some decisions based on tradition as well.
Task II. Choose the right word:
| 1. People and societies organize... to deal with the basic problems through economic systems. | a) basic methods; b)economic system; c) economic life. |
| 2. Tradition, command and markets are three basic methods to make... | a) economic decisions; b)government decisions; c)productive resources. |
| 3. Economic systems are classified into four... categories. | a) social; b) broad; c) basic. |
| 4. Command economies rely almost totally on... to make economic decisions through centralized authorities. | a) government; b) themselves; c) people. |
| 5... can result if you have no more income to pay your debts. | a) Transfer b) Bankruptcy c) Discount |
