Active Vocabulary
Date: 2015-10-07; view: 435.
TEXT A: TYPES OF ECONOMIC SYSTEMS
What other noun or adjective suffixes do you know? Give examples.
Ex.5. Make up adjectives as in the model.
B. Word formation
Ex.4.Make up nouns as in the model.
Model: noun + suffix –ship →noun
e.g. owner – ownership
Citizen, dictator, friend, leader, member, proprietor, entrepreneur, master.
Model: verb +suffix –tion or –sion →noun
e.g.organize- organization
Protect, decide, define, produce, collect, reduce, consume, divide, cooperate.
Model: noun +suffix-ism →noun
e.g. material-materialism
Marx, Protestant, Buddha, commune, society, capital,consumer,perfection.
Model: adjective +suffix -ance or -ence (- ancy, -ency) →noun
e.g.efficient - efficiency
Important, different, insistent, resistant, constant, efficient, intelligent.
Model: noun +suffix -ic →adjective
e.g. economy- economic
History, geography, hero, science, ballast, naturalist, metal, poet, myth.
| Key terms: traditional economy, market economy, command economy, mixed economy, centrally planned economy, to levy taxation, means of production, production and distribution, shortage and surplus, free enterprise, laissez-fair. Other words and expressions:a mechanism for survival, to resolve the problems, to store, scarcity problem, to do for a living, to provide a sense of security and psychological comfort, to take advantage of, essential dilemma, to exercise economic functions, to control prices, essential features, to open and run any kind of business, to be intended, to divide up into, in the marketplace, privately owned, to depend on, to manage the economy, an extensive form, to detect consumer preferences, sufficient accuracy, social welfare, decision maker, health insurance, housing projects, free medical services, range from … to, to be owned and operated by. Linking words and phrases:if we look at, in fact, subsequently, to refer to, according to, thus, strictly speaking, however, what is more, as we have classified, to sum up. |
To an economist, economic society presents itself as a mechanism for survival — a means whereby people are able to carry out the tasks of production and distribution. If we look at the different political and social structures which exist in the world today, and the way in which those systems have developed over the years, we are tempted to saythat people have made use of, and are making use of, very great varieties of economic systems. In fact, in spite of the appearance of great variety, it is possible to group these different economic structures into four broad categories. These basic types of economic organization are usually described as Traditional economies, Market economies, Command economies and Mixed economies. There are several basic and unfinished questions that must be answered in order to resolve the problems of economics satisfactorily. The scarcity problem, for example, requires answers to basic questions, such as: what to produce, how to produce it, and who gets what is produced. An economic system is a way of answering these basic questions. Different economic systems answer them in a different way.
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| Ex.3. Read the words in the group below. Pay attention to the word stress. | | | Traditional Economic System |