1. Everyone goes through life
2. Neither individual, nor societies
3. Scarcity is imbalance between
4. Human wants are unlimited but
5. Although there are a lot of goods on sale
6. Printing more money does not
7. All choices involve
Ex. 20. Say if these statements are true or false. Correct the false ones.
1. When there are a lot of goods on sale you dont have to limit your choice to one or two.
2. Both individuals and societies can have all the things they would like to have.
3. The problem of scarcity is faced by only poor societies.
4. Resources necessary to satisfy peoples wants and needs are unlimited.
5. The real economic problem is shortage of money.
6. Labour is the efforts of people needed to make products.
QUESTIONS FOR DISCUSSION
1. Classify each resources listed below as one of the factors of production by placing the letter of the factor in the place provided.
A. Land (Natural Resources) B. Labour
C. Capital D. Enterpreneurship / Management
____ a. auto mechanic ____ b. tractor
____ c. corn field ____ d. corporate officer
____ e. computer ____ f. dentist
____ g. school teacher ____ h. salesperson
____ i. machine tools ____ j. copper
____ k. sheep (wool) ____ l. painters ladder
____ m. service station owner
2. Economists like to use Robinson Crusoe as their example when they talk about scarcity. Crusoe faced a hostile () world when his ship sank. How was he going to overcome scarcity?
GRAMMAR FOCUS
Ex. 21. Put the verbs in brackets into the correct tense form.
1. In many countries economic development ____________________(to lead) to periods of
rapid population growth.
2. We _____________________________(to develop) this product for three years.
3. As soon as we _______________________(to install) the new line, productivity went up.
4. In 2010 the plant ________________________________________(to manufacture) this car
model for ten years.
5. When the company joined the New York stock market, it ______ already ___________ (to be)
on the London market for 5 years.
6. She ____________________ (to work) for Procter & Gamble at the moment.
7. She ____________________ (to work) for ABC when the merger () took place.
8. ___________ you ______________(to choose) the advertising agency yet?
9. The company _____________________(to cover) all losses by the end of the month.
10. They _________________ (to reward) their employees once a year.
Ex. 22. Complete the following sentences with one of the time prepositions below.
over ago on in at since for
1. Hes been off work __________ three months.
2. He ought to have retired a year __________.
3. Shes been with the company ______________ it began.
4. She left the country _________ 14.00 __________Tuesday.
5. We didnt receive the delivery _____ time.
6. _______the beginning of the year, prospects looked good.
7. There was a downturn _______ the middle of March.
8. _______2007 our prices have been falling.
