Read and translate some economic definitions, new words and word combinations

Government make economic decisions about production and distribution, with those on top of the hierarchy giving economic commands to those further down the ladder. This type of economy is called a command economy.

In other cases decisions are made in markets – a market economy. Here most economic questions about production and consumption are solved by individuals and private firms.

All societies are mixed economies, with elements of market and command systems.

Trade n-1) the business of buying and selling goods: a trade agreement between England and France. 2) particular business or industry: he works in the cotton trade; 3) a job one needing a special skill; the trade of a printer – he is a printer by trade; 4) the amount of business – the shop does a good trade on Sundays.

Trade v 1) to carry on trade; he trades in meat/to trade with another country; 2) to buy/sell or exchange. They traded their clothes for food.

Trade smth in – to give in part payment for smth new; to trade in an old car for a new one; trade mark - a special mark or name for a product which cannot be used by any other producer; trade name- brand name – a name given to a particular product, by which it may be recognized among those made by other producers; trader – a person who buys and sells products; tradesman – a person who buys and sells goods especially a shopkeeper; trade union (trades union/ labor union) an organization; trade wind – a tropical wind.

Opportunities are chances to improve your situation. Opportunities, however, may cost you something. If you spend time watching television, you cannot spend the same time at the library.