Comprehension Check. 1. Use the best alternative to complete the statements

1. Use the best alternative to complete the statements.

1. The term "factors of production” means the same as …

a) natural resources;

b) inputs;

c) production of goods and services.

2. Land is … a) human effort;

b) man-made resource;

c) a passive factor.

3. Capital is … a) the reason why economic activity takes place;

b) any product of labour and land;

c) directed to the production of goods and services.

4. Entrepreneurship is …a) a one-person business;

b) organization and management;

c) the practice of starting a new business.

2. Are these statements True or False? Correct the false ones.

1. There are three factors of production.

2. Land is a man-made resource.

3. Labour can be both physical and mental.

4. Labour is a passive factor in production.

5. The entrepreneur must take the decisions what, how, and where to produce.

3. Answer the questions.

1. What are “inputs”?

2. Does land include only the site of production?

3. Why is land considered a passive factor of production?

4. Is labour only a factor of production?

5. How do capital and labor differ from land?

6. Who takes decisions and risks in the process of production?

7. What are the entrepreneurial functions?

Vocabulary Focus

1. With the help of the text, translate into English the following words and phrases.

создавать что-либо

играть важную роль

чётко отличаться от чего-л.

над или под землёй

сельскохозяйственное угодье

удовлетворять потребности и желания

принимать участие в производстве

созданный руками человека

простейшие орудия труда

принимать решения.

2. Find in the text synonyms to the words below.

- to make

- to help

- to take action

- natural reserves

3. Fill in the gaps with prepositions, if necessary.

1. My colleagues are carrying … research on business ethics.

a) out

b) on

c) away

2. We shared … the money equally.

a) out

b) between

c) -

3. The meeting takes place … the hall every Friday.

a) at

b) in

c) on

4. The President was assisted … his advisers.

a) with

b) by

c) -

5. I sometimes have difficulty distinguishing Spanish … Portuguese.

a) between

b) from

c) with

Talking Points

1. Explain why the factors of production are interdependent.

2. Consider the four factors of production that went into the making of any book. Label each item: LD for land, LR for labor, C for capital, or E for entrepreneurship.

1. trees _____

2. computers _____

3. publishing executive _____

4. salesperson _____

5. editor _____

6. petroleum _____

7. oil used for fertilizer _____

8. book presses _____

9. word processing specialist _____

10. typesetter _____

11. storage shelves _____

12. publisher’s building site _____

2. “An Entrepreneur”, according to the American Heritage Dictionary, is “someone who organizes, operates, and assumes risk for business ventures.” In your opinion, what some common traits of character do successful entrepreneurs share?

3. Is it possible to improve the efficiency of the factors of production? If yes, in what way?

Summary Points

1. Read the text about factors of production once again. What is its main idea?

2. Divide the text into logically complete parts. Take notes on the most important information each paragraph contains. Report it to the whole group.

UNIT 10