VOCABULARY. allocate v – размещать

allocate v – размещать

allocation n – размещение

assume v – предполагать

assumption n – предположение

choice n – выбор

command economy – командная экономика

costs n – затраты, расходы, издержки

opportunity ~ – альтернативные издержки

~ of production – издержки производства

collapse n – обвал, падение, крах

deduction n – дедукция, вычет

derive v – извлекать, выводить, происходить

descriptive adj – описательный

economics n – экономика

economy n – экономика, хозяйство

fluctuate v – колебаться, быть неустойчивым

fluctuation n – колебание, неустойчивость

goods n – товары

capital ~ – товары производственного назначения

consumer ~ – потребительские товары

luxury ~ – предметы роскоши

household n – домохозяйство

incentive n – стимул

induction n – индукция

influence v – влиять

labour n – труд, работа

market economy – рыночная экономика

mixed economy – смешанная экономика

needs n (pl.) – потребности

to satisfy one’s ~ – удовлетворять потребности

resource n – ресурс

to allocate ~’s – размещать ресурсы

scarce adj – редкий

scarcity n – 1.нехватка, дефицит; 2. редкость

~ value – стоимость, определяемая дефицитом

tangible adj – материальный

tradeoff n – выбор

equity-efficiency ~выбор между равенством и эффективностью

traditional economy – традиционная экономика

transition economy – переходная экономика; экономика стран переходного периода

GLOSSARY

· Economics is the study of how individuals and society choose to allocate scarce resources in order to satisfy unlimited wants.

· Economy is a system by which industry, trade and money are organized.

· Entrepreneurship is a special type of labour. An entrepreneur combines resources to produce innovative products.

· Macroeconomics applies an economy wide perspective that focuses on such issues as inflation, unemployment, and the growth rate of the economy.

· Microeconomics examines individual decision-making units within an economy.

· Models are simplified descriptions of reality used to understand and predict economic events. An economic model can be stated verbally or in a table, graph, or equation.

· Needs arebasic necessities or requirements.

· Opportunity cost is the value of what is foregone in order to have something else.

· Resources are factors of production classified as land, labour, and capital.

· Scarcity is the fundamental economic problem that human wants exceed the availability of time, goods, and resources. Individuals and society therefore can never have everything they desire.

· Types of economies:

In command economies the basic economic questions are answered by government officials.

In a market economy, basic economic questions are answered by individual households and businesses through a system of freely operating markets.

In mixed economies, a distinction is usually made between the private sector, in which decisions are made primarily by individual households and businesses, and the public sector, in which decisions are made by the government.

Transition economies face the task of moving from a centrally-planned system of resource allocation towards a more market-oriented approach.

· Want isa desire for sth.