Complete the following text using the suitable words or phrases from the box below.

Date: 2015-10-07; view: 893.

Historically the United Kingdom of Great Britain and Northern Ireland evolved as a _____1_____, with the government playing a passive role, allowing the _____2_____ of supply and _____3_____ to determine what was produced and the _____4_____ charged. However over a period of time the state has _____5_____ to eliminate the _____6_____ of the market economy so that today, alongside a large _____7_____, they have an important _____8_____ sector.

1.5.3. Complete the text. Replace the Russian words and phrases by the English equivalents.

What is Economics?

Neither individuals nor societies can have all the things they would like to have. There simply is not enough of everything. Экономисты note that there is нет предела to the amount or kinds of things that people want. There is, however, a limit to the resources, things used to produce товары и услуги, available удовлетворять потребности. Once that limit is reached, nothing else can be produced. In other words, when a nation's ресурсы (all its workers, factories, farms, etc.) are fully employed, the only way it will be able увеличить производство of one thing will be by сокращение производства of something else. In short, человеческие потребности are unlimited, but the resources required to satisfy those wants are ограничены. Thus every society is faced with the проблема дефицита.
Since there is a дефицит ресурсов societies must делать выбор about what they want most. Экономика deals with problems of дефицита и выбора. The basic problems of Economics are to determine the most efficient ways распределять ресурсы and solve the problem of scarcity created by society's unlimited wants and limited resources.

1.5.4. Text for discussion.

a. Look up the dictionary for the meaning and pronunciation of the following words and word-combinations and use them to discuss the problems outlined in the text.

A significant fault, intermediate, at one extreme… at the other extreme, individuals and businesses, exercise freedom of choice, government restrictions, in response to the demand, to avoid the disadvantages, enjoying the benefits, the private sector, the public sector, share of the output, taxation, transfer payments, healthcare, education, policing, defence.

b. Briefly scan the text and outline the list of major points.

c. Read the text more carefully and comment on the following items:

-The extremes of command and market economies.
-The common features of all economies in the world.
-The aim of mixed economies.
-The ways governments intervene in their economies.

Mixed Economies

Command and market economies both have significant faults. An intermediate system has developed, known as a mixed economy.
A mixed economy contains elements of both market and planned economies. At one extreme we have a command economy which does not allow individuals to make economic decisions. At the other extreme we have a free market where individuals and businesses exercise considerable economic freedom of choice without any government restrictions. Between these two extremes lies a mixed economy. In mixed economies some resources are controlled by the government while others are used in response to the demand of the consumers.
Technically, all economies of the world are mixed. Some countries are nearer to command economies, while others are closer to free market economies. The aim of mixed economies is to avoid the disadvantages of both systems while enjoying the benefits that they both offer. So, in a mixed economy the government and the private sector interact in solving economic problems. The state controls the share of the output through taxation and transfer payments and intervenes to supply essential items such as healthcare, education, policing, and defence, while private firms produce cars, furniture, electronic items, etc.

1.6. Render the passage in English using the English equivalents of the italicised phrases given in Russian. Express the main idea of the passage in one sentence or entitle it.

Если хозяйство плановое, то работа промышленности (manufacturing) подчиняется (is subject to) плану, в котором государство определяет задачи (sets the objectives) и планирует развитие на 5 лет вперед (five years ahead). В плановой экономике покупатели лишены возможности (are not allowed) влиять на (to influence) производство товаров. Поскольку значительная доля полученной прибыли (profit earned) должна быть выплачена государству, то в условиях плановой экономики стимулы (incentives) работать эффективно невелики. Промышленность часто выпускает непривлекательные и старомодные (unattractive and old-fashioned) товары, поскольку невозможно предсказать (it is impossible to predict) изменения моды на 5 лет вперед. Государство в условиях плановой экономики может гарантировать (guarantee) своим гражданам (citizens) образование и медицинское обслуживание.