Ex. 19 . Complete the following sentences using the information from the text.

1. Everyone goes through life …

2. Neither individual, nor societies …

3. Scarcity is imbalance between …

4. Human wants are unlimited but …

5. Although there are a lot of goods on sale …

6. Printing more money does not …

7. All choices involve …

Ex. 20. Say if these statements are true or false. Correct the false ones.

1. When there are a lot of goods on sale you don’t have to limit your choice to one or two.

2. Both individuals and societies can have all the things they would like to have.

3. The problem of scarcity is faced by only poor societies.

4. Resources necessary to satisfy people’s wants and needs are unlimited.

5. The real economic problem is shortage of money.

6. Labour is the efforts of people needed to make products.

QUESTIONS FOR DISCUSSION

1. Classify each resources listed below as one of the factors of production by placing the letter of the “factor” in the place provided.

A. Land (Natural Resources) B. Labour

C. Capital D. Enterpreneurship / Management

____ a. auto mechanic ____ b. tractor

____ c. corn field ____ d. corporate officer

____ e. computer ____ f. dentist

____ g. school teacher ____ h. salesperson

____ i. machine tools ____ j. copper

____ k. sheep (wool) ____ l. painter’s ladder

____ m. service station owner

2. Economists like to use Robinson Crusoe as their example when they talk about scarcity. Crusoe faced a hostile (враждебный) world when his ship sank. How was he going to overcome scarcity?

GRAMMAR FOCUS

Ex. 21. Put the verbs in brackets into the correct tense form.

1. In many countries economic development ____________________(to lead) to periods of

rapid population growth.

2. We _____________________________(to develop) this product for three years.

3. As soon as we _______________________(to install) the new line, productivity went up.

4. In 2010 the plant ________________________________________(to manufacture) this car

model for ten years.

5. When the company joined the New York stock market, it ______ already ___________ (to be)

on the London market for 5 years.

6. She ____________________ (to work) for “Procter & Gamble” at the moment.

7. She ____________________ (to work) for ABC when the merger (слияние) took place.

8. ___________ you ______________(to choose) the advertising agency yet?

9. The company _____________________(to cover) all losses by the end of the month.

10. They _________________ (to reward) their employees once a year.

Ex. 22. Complete the following sentences with one of the time prepositions below.

over ago on in at since for

1. He’s been off work __________ three months.

2. He ought to have retired a year __________.

3. She’s been with the company ______________ it began.

4. She left the country _________ 14.00 __________Tuesday.

5. We didn’t receive the delivery _____ time.

6. _______the beginning of the year, prospects looked good.

7. There was a downturn _______ the middle of March.

8. _______2007 our prices have been falling.