Unit 2 the American economic system

1. Read and memorize following words, word-combinations and word-groups:

a pillar – опора, стовп

e.g. There are three «pillars» of economic system: private property, the price system and competition.

to use one's assets – використовувати (чиє-небудь) майно

e.g. According to the right to private property the owners of natural resources and capital can use their assets as efficiently as they can.

economic incentives – економічні стимули

e.g. Economic incentives influence our decisions about what and where to buy.

to switch one's deposits from one bank to another – переводити депозити з одного банку в інший

to receive higher interest rates – одержувати вищі відсотки за вкладом

e.g. Savers will switch their deposits from one bank to another to receive higher interest rates.

profit motive – мотив прибутку

e.g. The profit motive is the force that drives our economic system.

entrepreneur – підприємець

e.g. Profits drive entrepreneurs to risk capital, hire employees and purchase the things they need to produce goods and services.

to set the price – встановити ціну

e.g. Monopolies can set the price at which their goods are sold.

gross national product – валовий національний продукт

e.g. The total value of the goods and services produced by the economy in a single year is called the gross national product (GHP).

household – домашнє господарство; сім'я

e.g. We live in what economists like to call households.

2. Give English equivalents of the following:

економічні стимули, підприємець, кінцевий продукт, обмежувати діяльність

опора, використовувати (чиє-небудь) майно, приймати рішення, домашнє господарство, стабільні ціни, наймати на роботу, валовий національний продукт