Английский для экономистов и менеджеров. Ульянова О.В - 32 стр.

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cause it provides us with a simplified model, and by making modifications to the
model we can approach the more realistic situations step by step.
The framework of a market or capitalist system contains six essential fea-
tures: private property, freedom of choice and enterprise, self-interest, competi-
tion, the price system, the role for government.
A What does the underlined phrase mean in the text?
• Market economy is spoiled and corrupt.
• Market economy is only a scientific theory which doesn’t prove.
• Market economy has influences of other economic systems in it.
B Private propert.
The institution of private property is a major feature of capitalism. It
means that individuals have the right to own, control and dispose of land,
buildings, machinery, and other natural and man-made resources. Man-made
aids to production such as machines, factories, docks, oil refineries and road
networks are known as capital. Private property not only confirms the right to
own and dispose of real assets, it provides the owners of property with the right
to income from that property in the form of rent, interest and profits.
B Write out:
• forms of capital
• forms of income
C Freedom of choice and enterprise
Freedom of enterprise means that individuals are free to buy and hire eco-
nomic resources, to organize these resources for production, and to sell their
products in the markets of their own choice. Persons who undertake these ac-
tivities are known as entrepreneurs and such people are free to enter and
leave the industry.
Freedom of choice means that owners of land and capital may use these re-
sources as they see fit. It also means that workers are free to enter (and leave) any
occupations for which they are qualified. Finally it means that consumers are free
to spend their incomes in any way they wish. The freedom of consumer choice is
usually held to be the most important of those economic 'freedoms'. In the mod-
els of capitalism, producers respond to consumers’ preferences – they produce
whatever consumers want.
C Write out all the words which denote participants of the market.
D Self-interest
Since capitalism is based on the principle that individuals should be free to
do as they wish, it is not surprising to find that the motive for economic activ-
ity is self-interest. Each unit in the economy attempts to do what is best for it-

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