UNIT 3 Different Economic Systems

Date: 2015-10-07; view: 514.

Essential Vocabulary

1. shelter притулок

2. be concerned with займатися (чимось)

3. basic need основна/головна потреба

4. basic necessity предмет першої необхідності

5. range of wants коло потреб

6. field сфера діяльності

7. multitude велика кількість

8. interplay взаємодія

9. wage rate ставка (тариф) заробітної плати

10. profit margin розмір прибутку

Not all economic systems are the same. The economic system of the USA differs greatly from the system of Cuba. The American system is based on private enterprise with private ownership of the means of production, while the Cuban system is communistic and is based upon the principles of Karl Marx, the 19th century political economist. The economic ideologies of these two nations contrast very strongly.

Britain is similar to the USA. It has an economic system based on private enterprise and private supply of capital, which can be defined as surplus income available for investment in new business activities. Property in both the US and Britain can be owned by individual citizens and these citizens exercise considerable economic freedom of choice. They can choose what they want to do and how they want to earn their living, but are not of course entirely free to do as they wish. They must obey the law. Otherwise, however, they can use their time, money and effort as they wish.

Exercise 1. Answer these questions, basing your answers on the text.

a. What does the economic system of the United States differ from?

b. What is the American system based on?

c. What is the Cuban system based on?

d. When did Karl Marx live?

e. What economic system is the British system similar to?

f. What two things is the British system based on?

g. Who can own property in the United States and Britain?

h. What must British and American citizens obey?

i. What three things can Britons and Americans use as they wish?