Language practice
Date: 2015-10-07; view: 445.
1.5.1 Match the English terms in the left-hand column with the definitions in the right-hand column.
| An industry | A | The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. | |
| A business | B | The various external forces that can directly or indirectly affect the many activities of an organization. | |
| An economy | C | A group of firms producing goods or services that are close substitutes-in-consumption. | |
| Competition | D | A situation that exists because society has unlimited wants and needs, but limited resources to be used for their satisfaction. | |
| A profit | E | The contraction phase of the business cycle. | |
| A scarcity | F | The actions of two or more rivals in pursuit of the same objective. | |
| Environment | G | The general condition in which workers are willing and able to produce goods and services but are not engaged in productive activities. | |
| Consumption | H | The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. | |
| Unemployment | I | A physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep. | |
| Demand | J | The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period. | |
| A subsidy | K | The system of production, distribution, and consumption of goods and services that a society uses to solve the problem of scarcity. | |
| A market | L | A profit-motivated organization that combines resources for the production and supply of goods and services. | |
| A recession | M | The use of resources, goods, or services to satisfy wants and needs. | |
| Supply | N | The difference between revenue and cost. | |
| A need | O | A payment from government to individuals or businesses without any expectations of production. |
1.5.2 Complete the following text using suitable words or phrases from the box below.
| A | demand | E | prices |
| B | forces | F | market economy |
| C | private sector | G | public |
| D | intervened | H | drawbacks |
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| In a market economy, all major decisions related to the production, distribution, commodity and service prices, are made by the government. | | | What is Economics? |