|minimum rational profit (2) scarcityinterests compromises classified agentspurchased hand represent factorsresources utilization interaction wants efficient|
The Market System
The modern market economy is populated by three types of economic agents, whose ___ constitutes economic activity: consumers, producers, and the government. The main social purpose of the economy is to produce goods and services for the satisfaction of the needs and___of consumers.
Consumers, typically, represent households that provide labour, and other___to produce against an income which they use to purchase consumer goods or to save.
Producers, typically, ___ enterprises or firms that acquire ___of production, or inputs - labour, land, and capital - from households and combine them to produce outputs, or commodities which can be ___ into goods - tangible commodities - and services. The activities of firms move around the sale of their output at a___.
The third basic element, the government, is involved with the economy, on the one hand, as a producer and consumer and, on the other___, as a regulator, supervisor and promoter of economic activities.
The economic ___ are engaged in a complex web of transactions involving factors of production and outputs. However, the volume of the commodities that can be produced and___is limited by the___ of resources. This fact has two important consequences as regards economic decision-making:
a) the utilization of resources has to be___. In terms of the welfare of economic agents, the___of resources is efficient when every opportunity has been exhausted to make some individuals better off without hurting the___of others;
b) individual economic agents and society as a whole can not simply use more, they have to make___between alternative uses.
Given these constraints, consumers, producers, and the government have to make___decisions over available resources. Rational decisions reflect choices that draw maximum___from given resources or obtain desired results with the___efforts or cost.
Words you may need:
householdn сім'я, сімейна одиниця
tangibleadj відчутний, матеріал, реальний
promotern особа, яка сприятиме якомусь л. заходу
complex webскладне сплетіння
to be exhausted(Зд.) бути використаним
to make smb better off(Зд.) поставити кого-л. в більш вигідне становище
Допускається використовувати виключно в освітніх цілях. | Любимцева С. Н., Коренєва В. Н. | WHAT IS ECONOMICS ALL ABOUT? | BUSINESS CLIMATE IN RUSSIA | VOCABULARY LIST | EXERCISES | Ex. 7. Work on vocabulary and grammar. | B) Has the situation changed since тисяча дев'ятсот дев'яносто п'ять? Prove your point of view. | B) Compare the situation in тисяча дев'ятсот дев'яносто два with the present-day situation. | B) Say how they characterize the UK economy. |