VOCABULARY FOCUS. Ex. 1. In the text, find the terms that mean the following

1. a situation in which there is not enough of something;

2. something such as land, minerals, or natural energy that exists in a country and can be used to increase its wealth;

3. goods such as machines or buildings that are made for the purpose of producing other goods;

4. all the people who work for a company or in a country;

5. starting a company, arranging business deals, and taking risks in order to make a profit;

6. the process or business of producing goods in factories;

7. goods such as food, clothes, and equipment that people buy, especially to use in the home.

Ex. 2. Fill in the missing word(s) in each of the following sentences. Choose the most suitable from the alternatives beneath each sentence. The first has been done for you.

1. Given the problem of scarcity, no nation has sufficient …productive resources… to produce all the goods and services its people want.

a) money; b) companies; c) productive resources

2. Someone who inherited some money can look for a business …… .

a) chance; b) opportunity; c) possibility

3. Having analysed a business situation an entrepreneur can earn a ….. .

a) fortune; b) profit; c) benefit

4. People must have some ….. of deciding what combination of goods and services they should produce with their limited resources.

a) method; b) technique; c) strategy

5. No nation can produce enough ….. to satisfy everybody’s wants.

a) products; b) goods and services; c) food

6. A nation must decide what ……. of goods and services will be produced with their limited resources.

a) portion; b) combination; c) kinds

Ex. 3. Read the sentences below and try to define the words ‘product’, ‘production’, ‘productivity’ and ‘produce’ (noun). Discuss your definitions with the rest of the class.

A product with a strong brand name is very important for good sales. Our company is investing in product development. I'm allergic to dairy products. The production of consumer goods has increased throughout the world. Smoking is banned in the factory’s production areas. The prototype engines never went into production. Management is always seeking ways to increase worker productivity. Mangoes labelled ‘produce of India’.

Ex. 4. Now read the dictionary definitions given below and do the tasks that follow.

produce (noun) – something that has been produced, especially by growing or farming

product – something useful that is made in a factory, grown, or taken from nature

production – the process of making or growing things to be sold as products, or the amount that is produced

productivity – the rate at which goods are produced, and the amount produced, compared with the work, time, and money needed to produce them

Fill in the gaps in the sentences with the words from above. Make up sentences of your own to show the difference in meaning of these words.

1. We need to increase …..

2. Mass …. of computers grows.

3. We can see … new …. of ‘King Lear’ in the Globe Theatre.

4. Glaxo … a lot of pharmaceutical products.

5. Food … such as cakes and ketchup are very cheep in the area.

6. The country’s main … are timber, coal and sugar.

7. He works in the … section at the local supermarket.

8. Brazil is the world’s most important … of coffee.

9. Demand for … like coal and steel is declining.