Ex.8. Combine two parts logically to make complete sentences.
Ex.7. Choose the appropriate word or a phrase to complete the following sentences.
Ex.6. Fill in the gaps in the following verb collocations with appropriate prepositions or adverbs.
To deal ____ the same economic problems; to do something ____ a unique way; to utilize market mechanisms ____ a very limited extent; to turn resources ____ goods and services; to result ____ the greatest efficiency; to be compatible ____ individual freedom; to produce goods and services ____ sale; to search ____ the lowest price ____ a given product; to benefit ____ the efficient use of resources; to direct production ____ goods and services people want to get; to produce goods and services ____ the lowest economic cost; to bring buyers and sellers ____ ; to conflict ____ individual freedom.
Households, most compatible, labour, surplus, borrow and save, purchase, bring together, in a unique way, economic incentives, shortage, competition, to a very limited extent, define and enforce, businesses
1. Each economic system deals with What? How? and For whom? problems ____.
2. In some countries, market mechanisms are utilized ________ .
3. Free enterprise systems are ________ with individual freedom and political democracy.
4. In the free enterprise system ________ help people answer What? How? and For whom? questions in the most beneficial way, e.g. low prices for goods or services for consumers and high profit for producers.
5. ________ , one of the components of the free enterprise system, own most of the country’s economic resources and with their wages and salaries ________ two-thirds of all the country’s production.
6. One of the resources that households have is their ________ , which they can sell to businesses.
7. Another component of the free enterprise system, ________ , performs the role of organizers.
8. Markets act as agents which ________ buyers and sellers ________ .
9. Financial markets are used by both households and businesses that want to ________ money.
10. The main role of government in the free enterprise system is to ________ the rules of society.
11. The situation when there are more goods than demanded is called ________ . When the opposite occurs, it is called ________ .
12. Another economic incentive in the free enterprise system is ________ , which stimulates businesses to make the most efficient decisions.
All economic systems have | a | in each nation’s social values and objectives. | |
Free market or free enterprise economic systems | b | consumers’ needs and wants. | |
Economic systems reflect the differences | c | unpleasant consequences or so-called economic punishments. | |
Free enterprise means that people | d | different blends of traditions, commands, and markets. | |
Entrepreneurs, who are guided by the economic incentive of profit, create businesses which satisfy | e | employees to produce more and producers to use resources more efficiently. | |
The promise of profit stimulates | f | is provided by the price system and competition. | |
When people fail to make good economic decisions, they may face | g | have a high level of economic freedom. | |
In the free market system, economic “punishment” may take the form of | h | losses for businesses and low salaries or unemployment for workers. | |
Entrepreneurs constantly discover new and better ways | i | have the opportunity to own and use economic resources. | |
A market is any place or any way | j | that buyers and sellers can exchange goods, services, resources, or money. | |
In the free enterprise system, the vital information for decision-making | k | in the hope of making a profit. |