Comprehension
Date: 2015-10-07; view: 450.
1.4.1 Answer the questions using the active vocabulary.
1. What is the main topic of the text?
2. What kinds of economies are described in the text?
3. How can you define the concept of “economic system”?
4. What are the main features of a market economy?
5. What are the two sides of a market economy?
6. Demand is the sellers' side of the market economy, isn't it?
7. Supply is the sellers' side of the market economy, isn't it?
8. What is the difference between the producer and the consumer?
9. What are the advantages of a market economy?
10. What are the disadvantages of a market economy?
11. Why is government intervention required in a market economy?
12. What is the main difference between the market economy and the planned economy?
13. Market forces are as important in the market economy as they are in the planned economy, aren't they?
14. Why does the planned economy react slower to changes in consumer needs and fluctuating patterns of supply and demand than the market economy?
15. What two major sectors can be identified in the mixed economy?
16. What are the main features of the miõåd economy?
1.4.2Mark these statements T(true) or F(false) according to the information in the text. If they are false say why.
1. In general terms an economic system can be defined as a country's plan for its services, goods produced, and the exact way in which its economic plan is carried out.
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| Economic Systems | | | In a market economy, all major decisions related to the production, distribution, commodity and service prices, are made by the government. |