WORD STUDY. Ex. 1. Match the words and their definitions

Ex. 1. Match the words and their definitions.

____ recession a) The people living together in one house collectively.

____ labour b) A source of economic wealth, especially of a country

or business enterprise

____ household c) Productive work, especially toil (тяжелый труд) done for

wages.

____ depression d) A period of decreased business activity.

____ resources e) One who fails in business; financially ruined.

____ bankrupt f) An economic condition characterized by substantial

unemployment, low output and investment, etc

_____ economics	g) items of value that can be seen and touched.
_____ factors of production	h) takes business risks in hopes of earning a profit.
_____ needs	i) land, labour, capital and entrepreneurship
_____ services	j) where buyers and sellers are brought together.
_____ opportunity cost	k) goods or services essential for living.
_____ wants	l) items of value that cannot be seen or touched.
_____ market	m) not enough of everything to satisfy everybody’s wants.
_____ scarcity _____ goods _____ entrepreneur	n) study of how people use scarce resources to meet needs and wants o) what one must give up to obtain a good or service. p) goods or services which people would like to have, but which are not essential for a living.

Ex. 2. Match the verbs in column A with the nouns in column B.

A B

to control goods and services

to study contribution

to teach materials

to make bankrupt

to produce natural resources

to go economics

to face religion, philosophy

to distribute limits