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Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
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Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
VII. Retell the text B using the following words andСтр 1 из 2Следующая ⇒
U N I T 7
Reading dr ILLS 1. Practise the pronunciation of the following words: a) stress the first syllable: scarcity, common, organize, market, ritual, custom, habit, stable, punish, century, harsh, differently, since, system, major, stagnant; b) stress the second syllable: survive, survival, society, community, determine, traditional, command, result, ability, prescribe, behaviour, distribute, advantage, discourage, provide, activity, continuous, decision, economy.
Text A The survival of any society depends on its ability to provide food, clothing and shelter for its people. Since these societies are also faced with scarcity decisions concerning What, How and for Whom to produce must be made. All societies have something else in common. They have an economic system or an organized way of providing for the wants and needs of their people. The way in which these decisions are made will determine the type of economic system they have. There are three major kinds of economic systems: traditional, command and market. Traditional Economy In a society with a traditional economy nearly all economic activity is the result of ritual and custom. Habit and custom also prescribe most social behaviour1. Individuals are not free to make decisions based on what they want or would like to have. Instead, their roles are defined. They know what goods and services will be produced, how to produce them, and how such goods and services will be distributed. An example of traditional economy is the society of polar eskimo2 of the last century. For generations, parents taught their children how to survive in a harsh climate, make tools, fish and hunt. Their children, in turn, taught these skills to the next generation. The main advantage of the traditional economy is that everyone has a role in it. This helps keep economic life stable and community life continuous. The main disadvantage of the traditional economy is that it tends to discourage3 new ideas and even punishes people for breaking rules or doing things differently. So it tends to be stagnant4 or fails to grow over time5. COMMENTS 1. social behaviour — тут: поведiнка суспiльства 2. polar eskimo — ескiмоси пiвночi 3. to discourage — розхолоджувати 4. ... tends to be stagnant — має схильнiсть до застою 5. ... fails to grow over time — не може розвиватися далi VOCABULARY EXERCISES I. Give the corresponding nouns to the following verbs: to survive, to depend on, to provide, to prescribe, to decide, to distribute, to determine, to organize, to generate, to behave, to define, to know, to punish, to tend, to grow, to direct. II. Find equivalents:
III. Match the synonyms: decision, approximately, produce, shelter, to make, type, habitation, as, the community, major, concerning, to produce, the society, main, nearly, about, kind, since, product, solution. IV. Match the antonyms: scarcity, last, advanced, to produce, to discourage, next, stagnant, stable, to encourage, to distribute, disadvantage, to accumulate, uncommon, advantage, to consume, unstable, common, abundance.
V. Fill in the blanks with prepositions or adverbs if necessary: 1. The survival ... any society depends ... its ability to provide ... food, clothing and shelter ... its people. 2. All ... societies have an economic system or an organized way ... providing ... the wants and needs ... their people. 3. There are three major kinds ... economic systems: traditional, command and market. 4. In a society ... a traditional economy ... all ... economic activity is the result ... ritual and custom. 5. An example ... traditional economy is the society ... polar eskimo ... the last century.
VI. Complete the following sentences: 1. The survival of any society depends on ... . 2. Since these societies are also faced with scarcity ... . 3. All societies have an organized way of providing for ... . 4. The way in which these decisions are made ... . 5. There are three major kinds of economic systems: ... . 6. In a society with traditional economy nearly all economic activity is ... . 7. Individuals are not free to make decisions based on ... . 8. An example of traditional economy is ... . 9. For generations, parents taught their children ... . 10. The main advantage of the traditional economy is ... . 11. The main disadvantage of the traditional economy is ... .
VI I . Answer the following questions: 1. What does the survival of any society depend on? 2. What are all societies faced with? 3. What have all societies in common? 4. What determines the type of economic system? 5. What are the major kinds of economic systems? 6. What prescribes most social behaviour? 7. What is the role of individuals in a traditional economy? 8. What did polar eskimo teach their children? 9. What is the main advantage/disadvantage of the traditional economy? VII I . Translate into English: 1. Кожному суспiльству доводиться приймати рiшення стосовно того, що, як та для кого виробляти. 2. Виживання суспiльства залежить вiд того, чи воно спроможне забезпечувати своїх людей їжею, одягом та житлом. 3. Кожному суспiльству притаманна своя економiчна система. 4. Тип економiчної системи визначається методом, за яким приймаються рiшення про задоволення бажань та потреб людей. 5. У суспiльствi з традицiйною економiкою вся економiчна дiяльнiсть є результатом традицiй та звичаїв. 6. Люди не вiльнi приймати рiшення, якi ґрунтуються на тім, що вони хочуть або хотiли б мати. 7. Люди знають, якi товари або послуги будуть вироблятися, як вони вироблятимуться та як вони розподiлятимуться. 8. Ескiмоси пiвночi навчали своїх дiтей, як виготовляти знаряддя, ловити рибу та полювати. 9. Головний недолiк традицiйної економiки полягає в тім, що вона схильна розхолоджувати ідеї. 10. Головна перевага традицiйної економiки в тім, що кожний у нiй має свою роль. 11. Традицiйна економiка схильна до застою i не може розвиватися далi.
Reading dr ILLS 1. Practise the pronunciation of the following words: a) stress the first syllable: leader, government, quota, industry, planning, growth, shift, strengthen, military, drastically, relatively, similar, wages, seldom, quality, tendency, costs, operate, choice; b) stress the second syllable: command, authority, production, consumer, direct, direction, regardless, defence, equipment, supply, incentive, encourage, bureaucracy, require, consult, economy, addition, expect, process, increase. Text B Other societies have a command economy — one where a central authority makes most of the What, How and for Whom decisions. Economic decisions are made at the top and people are expected to go along with1 choices made by their leaders. It means that major economic choices are made by the government. It decides goals for the economy and determines needs and production quotas for major industries. If the planning body wants to stress growth of heavy manufacturing, it can shift resources2 from consumer goods to that sector. Or, if it wants to strengthen national defence, it can direct resources from consumer goods or heavy manufacturing to the production of military equipment and supplies. The major advantage of a command system is that it can change direction drastically in a relatively short time. The major disadvantage of the command system is that it does not always meet the wants and needs of individuals. The second disadvantage of the command economy is the lack of incentives3 that encourage people to work hard. In most command economies today workers with different degrees of responsibility receive similar wages. In addition4, people seldom lose their jobs regardless of5 the quality of their work. As a result, there is a tendency for some to work just hard enough to fill production quotas set by planners. The command economy requires a large decision-making bureaucracy. Many clerks, planners, and others are needed to operate the system. As a result, most decisions cannot be made until a number of people are consulted, or a large amount of paperwork is processed. This causes production costs6 to increase and decision-making to slow down. Thus, a command system does not have the flexibility to deal with day-to-day problems.
COMMENTS 1. ... people are expected to go along with — сподiваються, що люди приєднаються 2. to shift resources — перемiстити ресурси 3. the lack of incentives — брак стимулiв 4. in addition — до того ж; крім того 5. regardless of — незважаючи на 6. production costs — витрати виробництва VOCABULARY EXERCISES I. Define the parts of speech of the following words: economy, economic, authority, leader, production, large, responsibility, drastically, decide, decision, to stress, defence, military, equipment, advantage, incentive, relatively, different, tendency, to increase. I I . Form the new words using suffix -ity: similar, personal, fertile, productive, responsible, able, provincial, active, stable, special, flexible, equal, scarce, possible. III. Give the English equivalents for: кoмандна економiка; економiчний вибiр; плановi органи; змiцнювати нацiональну оборону; центральнi керiвнi органи; визначати потреби; основнi галузi промисловостi; перемiщати ресурси; важка промисловiсть; споживчi товари; вiйськове устаткування; у вiдносно короткий промiжок часу; рiшуче змiнювати напрям; задовольняти бажання та потреби людей; заохочувати людей наполегливо працювати; брак стимулів; ви- IV. Fill in the blanks with prepositions or adverbs if necessary: 1. Economic decisions are made ... the top and people are expected to go ... choices made ... their leaders. 2. The government decides goals ... the economy and determines needs and production quotas ... major industries. V. Complete the following sentences: 1. In a command economy decisions are made ... . 2. It means that ... . VI. Answer the following questions: 1. Who makes most of What, How and for Whom decisions in a command economy? 2. Who determines needs and production quotas for major industries? 3. What is the major advantage of a command system? Reading dr ILLS
1. Practise the pronunciation of the following words: a) stress the first syllable: market, interest, buyer, seller, price, profit, final, flexible, trend, quality, level, business, switch, money, goods, services, government, care, lack, slowly, generally; b) stress the second syllable: arrangement, conduct, adjust, transaction, efficient, significant, supply, decline, reverse, exist, involve, incredible, variety, available.
Text C In a market economy, the questions of What, How and for Whom to produce are made by individuals and firms acting in their own best interests. In economic term a market is an arrangement that allows buyers and sellers to come together to conduct transactions1. Since consumers like products with low prices and high quality, producers in a market economy will try to supply such products. Those who make the best products for the lowest prices will make profits2 and stay in business3. Other producers will either go out of business or switch to4 different products consumer can buy. A market economy has several major advantages that traditional and command economies do not have. First, a market economy is flexible and can adjust to change over time. When gas prices in the United States began to level off in 1985 and then decline in 1986, the trend slowly began to reverse. The second major advantage of the market economy is the freedom that exists for everyone involved. Producers are free to make whatever they think will sell. They are also free to produce their products in the most efficient manner. Consumers on the other hand are free to spend their money or buy whatever goods and services they wish to have. The third advantage of the market economy is the lack of significant government intervention. Except for national defence, the government tries to stay out of the way5. As long as there is competition among producers, the market economy generally takes care of itself. The final advantage of the market economy is the incredible variety6 of goods and services available to consumers. In fact, almost any product can and will be produced so long as there is a buyer for it.
COMMENTS 1. to conduct transactions — проводити дiловi операцiї 2. to make profits — отримувати прибуток 3. to stay in business — залишатися в бiзнесi 4. to switch to — переорiєнтуватись 5. to stay out of the way — не втручатися 6. incredible variety — неймовiрна рiзноманiтнiсть VOCABULARY EXERCISES I. Find equivalents:
Match the synonyms: a buyer, to desire, to make profits, to take care (of), to supply, to conduct transactions, interest, considerable, a purchaser, to allow, benefit, to get profits, variety, to manufacture, to arrange a deal, to provide (with), significant, to look after, tendency, lack, intervention, to permit, diversity, to produce, interference, trend, to wish, absence. III. Match the antonyms: to sell, advantage, high prices, to spend money, to decline, flexible, to go out of business, to save money, disadvantage, low prices, worst, to buy, credible, variety, best, uniformity, inflexible, to stay out of the way, incredible, available, to meddle with other people’s business, unavailable, to stay in business, to level off. IV. Fill in the blanks with prepositions or adverbs if necessary: 1. In a market economy, the questions ... What, How and ... Whom to produce are made ... individuals and firms acting ... their own best interests. 2. A market economy is flexible and can adjust to change ... time. 3. Since consumers like products ... low prices and high quality, producers ... a market economy will try to supply such products. 4. Those who make the best products ... the lowest prices will stay ... business. 5. The second major advantage ... the market economy is the freedom that exists ... everyone involved. 6. Except ... national defence, the government tries to stay ... the way. 7. As long as there is competition ... producers, the market economy generally takes care ... itself. 8. The final advantage ... the market economy is the incredible variety ... goods and services available ... consumers. V. Complete the following sentences: 1. In a market economy the questions of What, How and for Whom to produce are made by ... . 2. In economic term a market is ... . 3. Since consumers like products with low prices and high quality, ... . 4. Those who make the best products for the lowest prices ... . 5. Other producers will either go out of business or ... . 6. A market economy has ... . 7. The first advantage of the market economy is ... . 8. The second major advantage of the market economy is ... . 9. Consumers are free to spend their money or ... . 10. The third advantage of the market economy is ... . 11. As long as there is competition among producers, ... . 12. The final advantage of the market economy is ... . VI. Match each term in Column A with its definition in Column B: Column A Column B
COMMUNICATIVE SITUATIONS All countries have developed economic systems (ways of producing and distributing goods and services). Economic systems are used to answer the three basic economic questions: n What goods and services are to be produced? n How are goods and services to be produced? n For whom are goods and services to be produced? Different types of economic systems have different mechanisms (methods) for answering these questions. Summarize the three types of Economic Systems. Use the table given below:
GRAMMAR EXERCISES The Past Perfect Tense I. Answer the following questions: 1. Where had you lived before you came to Kyiv? 2. What language had you studied before you began to study English? 3. What grammar material had you studied before you began to study the Past Perfect Tense? 4. Where had you studied before you entered the University? 5. What English books had you read by the begginning of the second term? 6. How many English words have you learnt by the end of the term? 7. What had you done by nine o’clock last night? II. Make the following sentences interrogative and negative: 1. Kate had done her lessons by eight o’clock. 2. The girls had cleaned the rooms by the time their mother came back. 3. He had studied English before he entered the University. 4. My roommates had finished dinner by the time I got home. 5. They had bought all necessary goods before noon. 6. By that time mother had prepared dinner. 7. The students had left when the teacher came. 8. We had reached the village before the sun set. The Future Perfect Tense U N I T 7
Reading dr ILLS 1. Practise the pronunciation of the following words: a) stress the first syllable: scarcity, common, organize, market, ritual, custom, habit, stable, punish, century, harsh, differently, since, system, major, stagnant; b) stress the second syllable: survive, survival, society, community, determine, traditional, command, result, ability, prescribe, behaviour, distribute, advantage, discourage, provide, activity, continuous, decision, economy.
Text A The survival of any society depends on its ability to provide food, clothing and shelter for its people. Since these societies are also faced with scarcity decisions concerning What, How and for Whom to produce must be made. All societies have something else in common. They have an economic system or an organized way of providing for the wants and needs of their people. The way in which these decisions are made will determine the type of economic system they have. There are three major kinds of economic systems: traditional, command and market. Traditional Economy In a society with a traditional economy nearly all economic activity is the result of ritual and custom. Habit and custom also prescribe most social behaviour1. Individuals are not free to make decisions based on what they want or would like to have. Instead, their roles are defined. They know what goods and services will be produced, how to produce them, and how such goods and services will be distributed. An example of traditional economy is the society of polar eskimo2 of the last century. For generations, parents taught their children how to survive in a harsh climate, make tools, fish and hunt. Their children, in turn, taught these skills to the next generation. The main advantage of the traditional economy is that everyone has a role in it. This helps keep economic life stable and community life continuous. The main disadvantage of the traditional economy is that it tends to discourage3 new ideas and even punishes people for breaking rules or doing things differently. So it tends to be stagnant4 or fails to grow over time5. COMMENTS 1. social behaviour — тут: поведiнка суспiльства 2. polar eskimo — ескiмоси пiвночi 3. to discourage — розхолоджувати 4. ... tends to be stagnant — має схильнiсть до застою 5. ... fails to grow over time — не може розвиватися далi VOCABULARY EXERCISES I. Give the corresponding nouns to the following verbs: to survive, to depend on, to provide, to prescribe, to decide, to distribute, to determine, to organize, to generate, to behave, to define, to know, to punish, to tend, to grow, to direct. II. Find equivalents:
III. Match the synonyms: decision, approximately, produce, shelter, to make, type, habitation, as, the community, major, concerning, to produce, the society, main, nearly, about, kind, since, product, solution. IV. Match the antonyms: scarcity, last, advanced, to produce, to discourage, next, stagnant, stable, to encourage, to distribute, disadvantage, to accumulate, uncommon, advantage, to consume, unstable, common, abundance.
V. Fill in the blanks with prepositions or adverbs if necessary: 1. The survival ... any society depends ... its ability to provide ... food, clothing and shelter ... its people. 2. All ... societies have an economic system or an organized way ... providing ... the wants and needs ... their people. 3. There are three major kinds ... economic systems: traditional, command and market. 4. In a society ... a traditional economy ... all ... economic activity is the result ... ritual and custom. 5. An example ... traditional economy is the society ... polar eskimo ... the last century.
VI. Complete the following sentences: 1. The survival of any society depends on ... . 2. Since these societies are also faced with scarcity ... . 3. All societies have an organized way of providing for ... . 4. The way in which these decisions are made ... . 5. There are three major kinds of economic systems: ... . 6. In a society with traditional economy nearly all economic activity is ... . 7. Individuals are not free to make decisions based on ... . 8. An example of traditional economy is ... . 9. For generations, parents taught their children ... . 10. The main advantage of the traditional economy is ... . 11. The main disadvantage of the traditional economy is ... .
VI I . Answer the following questions: 1. What does the survival of any society depend on? 2. What are all societies faced with? 3. What have all societies in common? 4. What determines the type of economic system? 5. What are the major kinds of economic systems? 6. What prescribes most social behaviour? 7. What is the role of individuals in a traditional economy? 8. What did polar eskimo teach their children? 9. What is the main advantage/disadvantage of the traditional economy? VII I . Translate into English: 1. Кожному суспiльству доводиться приймати рiшення стосовно того, що, як та для кого виробляти. 2. Виживання суспiльства залежить вiд того, чи воно спроможне забезпечувати своїх людей їжею, одягом та житлом. 3. Кожному суспiльству притаманна своя економiчна система. 4. Тип економiчної системи визначається методом, за яким приймаються рiшення про задоволення бажань та потреб людей. 5. У суспiльствi з традицiйною економiкою вся економiчна дiяльнiсть є результатом традицiй та звичаїв. 6. Люди не вiльнi приймати рiшення, якi ґрунтуються на тім, що вони хочуть або хотiли б мати. 7. Люди знають, якi товари або послуги будуть вироблятися, як вони вироблятимуться та як вони розподiлятимуться. 8. Ескiмоси пiвночi навчали своїх дiтей, як виготовляти знаряддя, ловити рибу та полювати. 9. Головний недолiк традицiйної економiки полягає в тім, що вона схильна розхолоджувати ідеї. 10. Головна перевага традицiйної економiки в тім, що кожний у нiй має свою роль. 11. Традицiйна економiка схильна до застою i не може розвиватися далi.
Reading dr ILLS 1. Practise the pronunciation of the following words: a) stress the first syllable: leader, government, quota, industry, planning, growth, shift, strengthen, military, drastically, relatively, similar, wages, seldom, quality, tendency, costs, operate, choice; b) stress the second syllable: command, authority, production, consumer, direct, direction, regardless, defence, equipment, supply, incentive, encourage, bureaucracy, require, consult, economy, addition, expect, process, increase. Text B Other societies have a command economy — one where a central authority makes most of the What, How and for Whom decisions. Economic decisions are made at the top and people are expected to go along with1 choices made by their leaders. It means that major economic choices are made by the government. It decides goals for the economy and determines needs and production quotas for major industries. If the planning body wants to stress growth of heavy manufacturing, it can shift resources2 from consumer goods to that sector. Or, if it wants to strengthen national defence, it can direct resources from consumer goods or heavy manufacturing to the production of military equipment and supplies. The major advantage of a command system is that it can change direction drastically in a relatively short time. The major disadvantage of the command system is that it does not always meet the wants and needs of individuals. The second disadvantage of the command economy is the lack of incentives3 that encourage people to work hard. In most command economies today workers with different degrees of responsibility receive similar wages. In addition4, people seldom lose their jobs regardless of5 the quality of their work. As a result, there is a tendency for some to work just hard enough to fill production quotas set by planners. The command economy requires a large decision-making bureaucracy. Many clerks, planners, and others are needed to operate the system. As a result, most decisions cannot be made until a number of people are consulted, or a large amount of paperwork is processed. This causes production costs6 to increase and decision-making to slow down. Thus, a command system does not have the flexibility to deal with day-to-day problems.
COMMENTS 1. ... people are expected to go along with — сподiваються, що люди приєднаються 2. to shift resources — перемiстити ресурси 3. the lack of incentives — брак стимулiв 4. in addition — до того ж; крім того 5. regardless of — незважаючи на 6. production costs — витрати виробництва VOCABULARY EXERCISES I. Define the parts of speech of the following words: economy, economic, authority, leader, production, large, responsibility, drastically, decide, decision, to stress, defence, military, equipment, advantage, incentive, relatively, different, tendency, to increase. I I . Form the new words using suffix -ity: similar, personal, fertile, productive, responsible, able, provincial, active, stable, special, flexible, equal, scarce, possible. III. Give the English equivalents for: кoмандна економiка; економiчний вибiр; плановi органи; змiцнювати нацiональну оборону; центральнi керiвнi органи; визначати потреби; основнi галузi промисловостi; перемiщати ресурси; важка промисловiсть; споживчi товари; вiйськове устаткування; у вiдносно короткий промiжок часу; рiшуче змiнювати напрям; задовольняти бажання та потреби людей; заохочувати людей наполегливо працювати; брак стимулів; ви- IV. Fill in the blanks with prepositions or adverbs if necessary: 1. Economic decisions are made ... the top and people are expected to go ... choices made ... their leaders. 2. The government decides goals ... the economy and determines needs and production quotas ... major industries. V. Complete the following sentences: 1. In a command economy decisions are made ... . 2. It means that ... . VI. Answer the following questions: 1. Who makes most of What, How and for Whom decisions in a command economy? 2. Who determines needs and production quotas for major industries? 3. What is the major advantage of a command system? VII. Retell the text B using the following words and word-combinations: command economy; central authority; to go along with smth; production quotas; major economic choices; major industries; to direct resources; to stress growth of heavy manufacturing; to strengthen national defence; in a relatively short time; to change direction drastically; consumer goods; to determine needs; to meet the wants and needs of individuals; the lack of incentives; regardless of; to shift resources; to operate the system; a large decision-making bureaucracy; production costs; to deal with day-to-day problems. Reading dr ILLS
1. Practise the pronunciation of the following words: a) stress the first syllable: market, interest, buyer, seller, price, profit, final, flexible, trend, quality, level, business, switch, money, goods, services, government, care, lack, slowly, generally; b) stress the second syllable: arrangement, conduct, adjust, transaction, efficient, significant, supply, decline, reverse, exist, involve, incredible, variety, available.
Text C In a market economy, the questions of What, How and for Whom to produce are made by individuals and firms acting in their own best interests. In economic term a market is an arrangement that allows buyers and sellers to come together to conduct transactions1. Since consumers like products with low prices and high quality, producers in a market economy will try to supply such products. Those who make the best products for the lowest prices will make profits2 and stay in business3. Other producers will either go out of business or switch to4 different products consumer can buy. A market economy has several major advantages that traditional and command economies do not have. First, a market economy is flexible and can adjust to change over time. When gas prices in the United States began to level off in 1985 and then decline in 1986, the trend slowly began to reverse. The second major advantage of the market economy is the freedom that exists for everyone involved. Producers are free to make whatever they think will sell. They are also free to produce their products in the most efficient manner. Consumers on the other hand are free to spend their money or buy whatever goods and services they wish to have. The third advantage of the market economy is the lack of significant government intervention. Except for national defence, the government tries to stay out of the way5. As long as there is competition among producers, the market economy generally takes care of itself. The final advantage of the market economy is the incredible variety6 of goods and services available to consumers. In fact, almost any product can and will be produced so long as there is a buyer for it.
COMMENTS 1. to conduct transactions — проводити дiловi операцiї 2. to make profits — отримувати прибуток 3. to stay in business — залишатися в бiзнесi 4. to switch to — переорiєнтуватись 5. to stay out of the way — не втручатися 6. incredible variety — неймовiрна рiзноманiтнiсть VOCABULARY EXERCISES I. Find equivalents:
Match the synonyms: a buyer, to desire, to make profits, to take care (of), to supply, to conduct transactions, interest, considerable, a purchaser, to allow, benefit, to get profits, variety, to manufacture, to arrange a deal, to provide (with), significant, to look after, tendency, lack, intervention, to permit, diversity, to produce, interference, trend, to wish, absence. III. Match the antonyms: to sell, advantage, high prices, to spend money, to decline, flexible, to go out of business, to save money, disadvantage, low prices, worst, to buy, credible, variety, best, uniformity, inflexible, to stay out of the way, incredible, available, to meddle with other people’s business, unavailable, to stay in business, to level off. IV. Fill in the blanks with prepositions or adverbs if necessary: 1. In a market economy, the questions ... What, How and ... Whom to produce are made ... individuals and firms acting ... their own best interests. 2. A market economy is flexible and can adjust to change ... time. 3. Since consumers like products ... low prices and high quality, producers ... a market economy will try to supply such products. 4. Those who make the best products ... the lowest prices will stay ... business. 5. The second major advantage ... the market economy is the freedom that exists ... everyone involved. 6. Except ... national defence, the government tries to stay ... the way. 7. As long as there is competition ... producers, the market economy generally takes care ... itself. 8. The final advantage ... the market economy is the incredible variety ... goods and services available ... consumers. V. Complete the following sentences: 1. In a market economy the questions of What, How and for Whom to produce are made by ... . 2. In economic term a market is ... . 3. Since consumers like products with low prices and high quality, ... . 4. Those who make the best products for the lowest prices ... . 5. Other producers will either go out of business or ... . 6. A market economy has ... . 7. The first advantage of the market economy is ... . 8. The second major advantage of the market economy is ... . 9. Consumers are free to spend their money or ... . 10. The third advantage of the market economy is ... . 11. As long as there is competition among producers, ... . 12. The final advantage of the market economy is ... . VI. Match each term in Column A with its definition in Column B: Column A Column B
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