VII. Define which of the following items best completes

   the statement:

     1. A market exists

a. where consumers express their needs and wants.

b. when products are advertised.

c. where merchants build shops.

d. where buyers and sellers exchange goods and services.

2. Individuals and businesses have the greatest say about what is    produced in

a. market economies.

b. traditional economies.

c. command economies.

d. all economic systems.

3. The special role of the profit motive in a market economy is that, it

a. drives sellers to produce what buyers want.

b. results in high prices.

c. discourages people from taking risks.

d. keeps people from going into business.

4. In another country, privately owned business firms can produce    goods or services in any lawful manner that they choose.

        This country has

a. a market economy.

b. a traditional economy.

c. a command economy.

d. a mixed economy.

VIII. Answer the following questions:

     1. Who asks the questions of What, How and for Whom to produce in           a market economy? 2. What is a market in economic term? 3. Who will stay in business in a market economy? 4. What advantages does market economy have? Explain it in details. 5. What does the final advantage of the market economy consist in?

     IX. Translate into English:

     1. Ринкова економiка має кiлька головних переваг, яких нема в традицiйнiй та команднiй економiках. 2. Коли цiни на газ у Сполучених Штатах вирiвнялися в 1985 р. i потiм упали в 1986 р., то ця тенденцiя повiльно почала змiнюватися в протилежному напрямку. 3. Одна з головних переваг ринкової економiки полягає у свободi, яка iснує для кожного пiдприємця. 4. Оскільки споживачам подобаються товари за низькими цiнами i високої якостi, виробники за ринкової економiки намагатимуться постачати саме такi товари. 5. Уряд намагається не втручатися в жодні галузi, крім нацiональної оборони. 6. У ринковiй економiцi майже будь-який товар може бути i буде виготовлений, поки на нього є покупець.

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:

Type of economic system	What to produce?	How to produce?	For whom to produce?
Market economy	Business firms produce goods and services that consumers are willing and able to buy for prices that will yield profits for the firms.	Seeking to compete profitably in the marketplace, individual business owners decide what combinations of productive resources (land, labour,capital and entrepreneurship) they will use in producing goods and services.	Finished goods and services are distributed to individuals and households who are willing and able to buy them.
command economy	A central planning authority (government agency) decides what goods and services to produce.	A central planning authority (government agency) decides what combinations of productive resources will be used in producing goods and services.	A central planning authority (government agency) decides who will receive the goods and services that are produced.
traditional economy	The goods and services produced today are the same as those produced in previous generations.	The combinations of productive resources used in producing goods and services are the same as those in past generations.	Finished goods and services are traded locally for other finished goods and services.

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.

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