Active Vocabulary
Date: 2015-10-07; view: 456.
TEXT A: FACTORS OF PRODUCTION
Ex.6. Make up nouns from the verbs and adjectives given.
Ex.5. Complete each sentence with a noun that refers to the type of person described.
1. He works at the reception desk so he is a __________ .
2. To do this work an employer had to hire a new __________ .
3. She wants to work for the legal department so she is a __________ .
4. As an __________ he audits the company's accounts.
5. She plays the violin perfectly so she is a __________ .
6. He studied electricity and became an __________ .
7. She works for a very popular newspaper so she is a __________ .
8. He reports on sport events for the ICTV so he is a __________ .
9. Over 100 people applied for the job; we didn't expect so many __________ .
10. I've got bad toothache; I need to go to the __________ .
Verb → Noun: accept, promote, enter, initiate, occur, protect, store, waste, refer, recruit.
Adjective → Noun: effective, free, reliable, social, real, aware, liable, important, competitive, industrial.
| Key terms: factors of production, (permanent/recyclable) land, labour, (human) capital, workforce, information, goods and services, natural resources, satisfaction, value, human capital, labour supply, human resource, human efforts, revenue, wage, salary, demand (for), activities, facilities, utility, enterprise, productive output, contribution. Other words and expressions: available to, reusable, fixed, irreproducible, expansible, compressible, substitutional, transportable, to consume smth, diffusive, shareable, to derive from, contribution of smth, to depend on, decision-makers, to be extended into, endangered species, to protect from, to depreciate from time and use, to be in perpetuity, to be applied to smth. Linking words and phrases: that is, in fact, such as, as well as, in contrast, whenever, however, either … or, thus, ultimately, in turn, not only … but also. |
Choices concerning what goods and services to produce are choices about an economy's use of its factors of production, the resources available to it for the production of goods and services. The value, or satisfaction, that people derive from the goods and services they consume and the activities they pursue are called utility. Ultimately, then, economy's factors of production create utility; they serve the interests of people.
The factors of production in an economy are its labour, capital, enterprise and natural resources. Labour is the human effort that can be applied to the production of goods and services. People who are employed or would like to be are considered part of the labour available to the economy. Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital. Enterprise means the activities of profit-seeking decision makers who determine which economic activities to undertake and how they should be implemented. Natural resources are the resources of nature that can be used for the production of goods and services.
The fifth factor -information– is sometimes included as a factor of production in modern economics.
| <== previous lecture | | | next lecture ==> |
| B. Word-formation | | | Natural resources – land and mineral deposits |