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Human Resources or «Labor»



17. Economists call the physical and mental effort that people put into the creation of goods and services labor.

18. The price paid for the use of labor is called wages. 19.Wages represent income to workers, who own their labor. Capital

20. To the economist, physical capital (or «capital» as it is commonly called), is something created by people to produce other goods and services.

21. A factory, tools and machines are capital resources because they can be used to produce other goods and services.

22. The term «capital» is often used by business people to refer to money they can use to buy factories, machinery and other similar productive resources.

23. Payment for the use of someone else's money, or capital, is called interest.

Entrepreneurship

24. Closely associated with labor is the entrepreneurship, the managerial or organizational skills needed by most firms to produce goods and services.

25. The entrepreneur brings together the other three factors of production. 26.When they are successful, entrepreneurs earn profits.

27. When they are not successful, they suffer losses.

28. The reward to entrepreneurs for the risks, innovative ideas and efforts that they have put into the business, they obtain the money that remains after the owners of land, labor and capital have received their payments.

 

 

Vocabulary

overall output — полный выпуск продукции

cause-and-effect relationship – причино-следственные связи production and consumption — npoизводство и потребление factors of production — факторы производства

natural resources – природные pecypcы human resources — человеческиe pecypcы

capital and entrepreneurship — капитал и предпринимательство return or reward — доход или вознаграждение

wildlife and timber resources – живая природа и ресурсы древесины

to allocate the factors of production — размещать факторы производства to postpone — откладывать

Exercises

II. Find the Russian Equivalents:

Individual consumers, overall output, total income, opportunity costs, factors of production, include, has a place in economic system, provided by nature, to include, physical and mental effort, capital resources, successful, suffer losses, to obtain, factors of production, wildlife and timber resources, to allocate the factors of production, cause- and-effect relationship, overall output,

 

III. Find the English Equivalents:

природные ресурсы, экономическая система, порождать, направлены на создание, доход работника, деловые люди, плата, собирать воедино, остались после использования

 

IV. Fill in the gaps with the words and expressions from the text:

1. … is the study of the economy as a whole; … is the study of individual consumers and the business firm.

2. The factors of production include …, human resources, … and entrepreneurship.

3. Wages represent …, who own their labor.

4. The term «capital» is often used by business people to refer to money they can use to buy …, … and other similar productive resources.

5. The … brings together the other three factors of production.

V. Answer the questions:

1. What's the difference between macroeconomics and microeconomics?

2. What questions does macroeconomics examine?

3. What questions does microeconomics examine?

4. What are the factors of production?

5. What is the fuel that drives the economy?

6. What are the natural resources?

7 . What is the price paid for the use of labor called?

8. What is the capital?

9. What is the role of entrepreneurship in production?

 

VI. Open the brackets using the verbs in the correct Tense and Voice:

1. We (give) a lot of advice by our parents. 2. All the contracts (sign) by the President. 3 You’ll have your copy soon, the contract (type). 4. You can’t use the fax now, it (fix). 5 Lots of people (operate on) in this clinic. And now unfortunately my uncle John (operate) on here. 6. His cousins (fine) for exceeding speed limit yesterday. 7. I drove up to the shop just as it (close), but the owner was kind enough to let me in. 8. They (award) the highest prize. 9. She watched television while dinner (prepare). 10. When I came into the kitchen I smelt something delicious. My favourite cookies (bake) in the oven. 11. You ever (teach) to play chess? 12. I just (advise) to keep to a diet. 13. The sportsmen (give) instructions before the match. 14. The motorist (disqualify) some five months ago. 15. I can’t believe my eyes! My book (publish) already! 16. When he turns up, he (tell) the truth. 17. The new spaceship (launch) in Florida in some days. 18. The delegation (meet) at the airport. 19. No one expected that the flight (delay). 20. We felt happy that the car (repair) the next day.

 

Вариант 9


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