Business English. Variant 3

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I. Read and translate the text.
Market economies
1. In a true market economy the government plays no role in the management of the
economy, the government
does not intervene in it.
2. The system is based on private enterprise with private ownership
of the means or
production and private supplies
of capital which can be defined as surplus income
available for investment in new business activities.
Workers ar
e paid wages by employers according to how skilled they are and how many
firms wish to employ them.
3. They spend their wages on the products and
services they need.
4. Consumers are willing to spend more on products and services, which are favored.
5. Fir
ms producing these goods will make more profits and this will persuade more
firms to produce these particular goods rather than less favored ones.
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6. Thus, we can see that in a market economy consumers decide what is be produced.
7. Consumers will be wil
ling to pay high prices for products they particularly desire.
8. Firms, which are privately owned, see the opportunity of increased profits and
produce the new fashionable and favored products.
9. Such a system
is,
at first view, very attractive.
The eco
nomy adjusts automatically to meet changing demands.
10. No planners have to be employed, which allows more resources to be available for
production. Firms tend, to be highly competitive in such an environment.
11. New advanced products and low prices ar
e good ways to increase sales and profits.
Since all firms are privately owned they try to make the largest profits possible.
12. In a free market individual, people are free to pursue their own interests.
13. They can become millionaires, for example.
14. Suppose you invent a new
kind of car.
You want to make money out of it in
your own interests.
15. But when you have that car produced, you are in fact moving the production
possibility frontier outwards.
16. You actually make the society better
-
off
by creating new jobs and opportunities,
even though you become a millionaire in the process, and you do it without any
government help or intervention.
17. Not surprisingly there are also problems.
18. Some goods would be underpurchased if the government d
id not provide free or
subsidized supplies.
19. Examples of this type of good and service are health and education.
20. There are other goods and services,
such as defense and policing, that are impossible
to supply individually in response to consumer sp
ending.
21. Once defense or a police force is supplied to a country then everyone in this country
benefits.
22. A cornerstone of the market system is that production alters swiftly to meet changing
demands. These swift changes can, however, have
serious c
onsequences.
23. Imagine a firm, which switches from labour
-
intensive production to the one where
new technology is employed in the factory.
24. The resulting unemployment could lead to many social as well as economic
problems.
25. In a market economy t
here might be minimal control on working conditions and
safety standards concerning products and services.
16
26. It is necessary to have large
-
scale government intervention to pass laws to protect
consumers and workers.
27. Some firms produce goods and then
advertise heavily to gain sufficient sales
.
28. Besides wasting resources on advertising, firms may also duplicate one another’s
services.
29. Rival firms providing roll services for example, could mean that two or more
systems of rail are laid.
30. Fina
lly, firms have to have confidence in future sales if they are to produce new
goods and services.
31. At certain times they tend to lack confidence and cut back on production and the
development of new ideas.
32. This decision, when taken by many firms,
can lead to a recession.

Additional information

Exercises
II. Find the Russian Equivalents:
New advanced products; products, which are favored; they try to make the largest profits
possible; provide free or subsidized supplies; produce goods and then advertise heavil
y;
a firm which switches from labour
-
intensive production to a new one; a decline in the
prosperity of the nation; to create new jobs and opportunities; safety standards; to move
the production possibility frontier outwards; to make the society better
-
off;
to pass laws.
III. Find the English Equivalents:
процветание нации; управление экономикой; быстро меняться;
широкомасштабное вмешательство правительства; принимать законы;
автоматически изменяться (приспосабливаться); быть конкурентоспособным;
частные фирмы; фирмы, принадлежащие государству и управляемые
им;
краеугольный камень; иметь серьезные последствии для; трудоемкое
производство; сокращать производство; быть уверенным в …; не хватает
уверенности в ...; дорого платить за что
-
либо.
IV. Fill in the gaps with the words and expressions
from
the text
:
1. The system is based on … with …of … .
2. Consumers are willing to spend more on. products and services, which ... .
3. More profits will ... more firms to produce those particular goods that are favoured.
4. In a market economy it is ... who decide wha
t is to be produced.
5. The economy ... automatically to meet changing demands.
6. Firms tend to be highly ... in such an environment.
7. In a free market individual people are free ... .
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8. You actually make .... by … even though you become a millionair
e in the process, and
you do it without ... or ... .
9. Some goods would be ... if the government did not provide ... supplies.
10. Some other goods and services, such as defense and policing, are impossible to ... in
response to consumer spending.
V. Ans
wer the questions:
1. What is a market economy?
2. What is the mechanism of. producing goods and services in a market economy?
3. In what way do changing demands affect production in a market economy?
4. What is the main difference between a market economy
and a planned economy?
5. What are the advantages of a market economy ?

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