XIV. Answer the following questions

1. Give an example of the production possibility frontier for the production of two goods and comment on it.

2. What are the characteristics of the hypothetical economy described in the text?

UNIT 3. MARKETS

PART 1 THE ROLE OF THE MARKETS

I. Find the following word-combinations in the texts and translate them into Russian.

business can be transacted; remote control; adjustment of prices; to be in the business; rich executives; a suitable part-time job; to cover the costs; to bid up prices; markets involved in your purchase; allocation of scarce resources;

II. Find in the texts English equivalents for the following:

вдаваться в детали; общее определение; иметь отношение к …; ограниченные ресурсы; продавать с прибылью; ценовое регулирование; рынок оптовой продажи

III. Say what is meant by:

the main features of a mixed economy; normative economics; positive economics; prices adjust to ensure that scarce resources are used to produce those goods and services that society demands; the owner of a cafe is in the business; to run a cafe; a part-time job; detached scientists; to spell out the detailed implications of making a choice; scarce supplies of beef; adjustments in prices would encourage society to reallocate resources