Fundamentals of Economics. Доловова Н.Н - 32 стр.

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2. What was the reason of Indians’ and Pakistanis’ immigration to Britain in the
1950s and early 1960s?
3. What law did Britain pass in 1962?
4. What is this law about?
5. What measures did Britain undertake in 1968?
6. According to the first Race Relations Act, immigrants in Britain were supplied
with work and housing, weren’t they?
7. When did racial discrimination become illegal in Britain?
8. What is CRE?
9. Does the third Race Relations Bill differ from the previous ones? What’s the
difference?
10. Describe the present-day position of immigrants in Britain.
Fill in the gaps using the words given
(inequalities, discrimination, goal, sufficient, market failure, resources, exceptions)
1. Although markets are usually a good way to organize economic activity, this
rule has some important _____.
2. The invisible hand usually leads markets to allocate _____ efficiently.
3. One possible cause of _____ is an externality.
4. The invisible hand does not ensure that everyone has _____ food, decent
clothing, and adequate health care.
5. A _____ of many public policies, such as the income tax and the welfare
system, is to achieve a more equitable distribution of economic well-being.
6. In 1965, the first Race Relations Act made racial _____ a criminal offence, but
it didn't cover housing or employment.
7. Despite the laws against discrimination, there are still many _____.
LESSON 8
Principle #8: A Country's Standard of Living Depends on Its
Ability to Produce Goods and Services
How the Eco nomy as a Whole Works
We started by discussing how individuals make decisions and then looked at
how people interact with one another. All these decisions and interactions together
make up “the economy”. The last three principles concern the workings of the
economy as a whole.
The differences in living standards around the world are staggering. In 1993,
the average American had an income of about $25,000. In the same year, the average
Mexican earned $7,000, and the average Nigerian earned $1,500. Not surprisingly,

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