Vocabulary

marketing – сбыт, реализация

distinguish – различать, проводить различие

pursue – преследовать (цель, интерес)

operate – действовать, работать

free-market system – система свободного рынка

market economy – рыночная экономика

charge – назначать

intervene – вмешиваться

allocate – распределять, размещать

mixed capitalism – смешанный капитализм

own – владеть

ownership – собственность

planned economy – плановая экономика

handle – управлять, контролировать

rigid – негибкий

shop around – подыскивать наиболее выгодных производителей

(поставщиков, исполнителей услуг)

hire – нанимать

fire – увольнять

authorization – санкция, разрешение

cancel – отменять, аннулировать

run overtime – выпускать сверхурочно

pursuit of private gain – преследование личной выгоды

nonexistent – несуществующий

utilities – предприятия общественного пользования

(коммунальные службы)

vital – жизненно необходимый

subsidized – субсидированные, дотированные

failure – провал, несостоятельность

social unrest – социальные волнения

restructure – реструктуризировать (менять структуру)

shift – перемещать, сдвигать

policy – курс, политика

raise – доставать, получать

cash – наличность

privatization – приватизация

committed – идейно убеждённый, преданный идее

trim – урезать, сокращать

diminish – уменьшать

shareholder-owned corporation – акционерное общество, корпорация

average – средний

income – доход

developed country – развитая страна

developing country – развивающаяся страна

gross national product – валовой национальный продукт

per head – на душу населения

shortage – нехватка, дефицит

unemployment – безработица

Comprehension questions

1.What is an economic system? Name the three major types of economic systems.

2.Under what system do capitalist economies operate?

3.What is mixed capitalism?

4.Who owns the factors of production and who makes the business decisions under capitalism?

5. What countries with variations of capitalism can you name?

6. What are the main characteristics of communism?

7. What does a planned economy mean? In what countries do planned economies exist?

8.How is socialism different from capitalism and communism in the way it achieves key economic goals?

9.What is the reason of high taxes under socialist economy?

10.What countries practice socialism nowadays?

11.Characterise the degree of freedom each economic system permits.

11.What factors change the nature of economic systems? Give your examples.

12. In what way are many planned economies adopting free-market policies?

What is this trend called?

13. What is the most striking feature of the world economy nowadays?

14. Differentiate between developed and developing countries.

15. What are the major economic problems developing counties face?

II. Vocabulary practice exercises

1. Complete the statements.

1.Capitalism is the economic system of:

1. China

2. Sweden

3. Japan

2.Communism allows citizens…

1. a high degree of economic freedom

2. a low degree of economic freedom

3. a certain degree of economic freedom

3.Planned economies exist in …

1. the United States

2. North Korea

3. Germany

4.Privatization is occurring in…

1. Cuba

2. Canada

3. Great Britain

5.High taxes permit the government to …

1. influence prices and wages

2. provide social services

3. raise badly needed cash

6.The managers of a communist factory produce…

1. what they want

2. what customers want

3. what the plan wants

7.The government sometimes intervenes in business to…

1. change the way resources are allocated

2. decide what goods to produce

3. permit the least degree of economic freedom

8.Israel plans to…

1. privatize the Air France airline

2. convert most of the country’s 305,000 state-owned companies into shareholder-owned corporations

3. sell 50 of its 140 government-owned enterprises

9.A society’s way of producing, distributing, and marketing the goods and services for its people’s needs is called…

1. market economy

2. an economic system

3. business

10.Sweden has been forced to

1. practice planned economy

2. develop power resources

3. diminish the role of its government in industry

11. Developing countries are very much concentrated in

1. North America and Western Europe

2. Asia, Africa, and South America

3. Eastern Europe

12. The examples of middle-income countries are

1. France, Switzerland, and Austria

2. Sudan, Guatemala, and Afghanistan

3. Portugal, Cyprus, and Israel

2. Choose the necessary word and put it in the sentence.

1. free-market policy 2. privatization 3. private ownership 4. mixed capitalism 5. the gross national product 6. pursue 7. rigid 8. restructure 9. a developing country 10. taxes 11. communism 12. planned economy

1.The intervention of the government in business is called………

2. Under …….. .., the government owns all factors of production and makes all the business decisions.

3.The major goal of …………….. social equality.

4…………….tend to be high in socialist economies.

5.Under socialism, the state allows ………………. in the nonvital industries.

6.Economic failure has caused the former Soviet republics to …………… their communist economies.

7.A free-market system gives individuals the freedom to …………….. their own economic interests.

8 In the Soviet Union, government officials handled all factors of production through ………. centralized planning.

9.Sweden, one of the most committed socialist countries in the world, has been forced to adopt ……….

10.Selling government-owned businesses to private firms is termed ………

11. ..................... is one in which the average standard of living is very low compared with living standards in developed countries.

12. Nearly half of the world’s population lives in countries where ................ per head is $400 or less.

3. Language study. Fill in the blanks with noun, verb, or adjective forms. Use your dictionary if necessary.

NOUNS	VERBS	ADJECTIVES
1. equality
2.	allow
3.		decisive
4. freedom
5.	govern
6. capitalism
7.		existent
8.	permit
9.		systematic
10. economics
11.		managerial
12. market
13.	fail
14.	influence
15.		developing

4. Translate the following groups of words into English:

Вмешиваться в экономическую деятельность, функционировать в системе свободного рынка, влиять на цены и зарплаты, принимать деловые решения, степень экономической свободы, государственная собственность, негибкое централизованное планирование, при капитализме, социальное равенство, сталкиваться с экономическим риском, ключевые отрасли промышленности, считать жизненно необходимыми, сущность экономических систем, из-за экономической несостоятельности, реструктуризировать экономику, конкурировать на мировом рынке, уменьшать роль правительства, цель экономической реформы, под государственным контролем, валовой национальный доход, страны третьего мира, на душу населения, средний уровень жизни, наиболее впечатляющая особенность.