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Личная выгода

Each unit in the economy attempts to do what is best for itself. Firms will act in ways which, they believe, will lead to maximum profits (or minimum losses). Owners of land and capital will employ these assets so as to obtain the highest possible rewards. Workers will tend to move to those occupations and locations which offer the highest wages. Consumers will spend their incomes on those things which yield the maximum satisfaction.

Competition.

In theory competition is the regulatory mechanism of capitalism. On the one hand, it protects the customers — they have the right of choice and they benefit from the fact that competition keeps prices close to costs; on the other hand, it makes producers and suppliers of scarce resources utilize them economically, using most sophisticated technologies.

Каждая единица в экономике пытается сделать то, что лучше для себя. Фирмы будут работать таким образом, что, по их мнению, приведет к максимальной прибыли (или минимальным потерям). Владельцы земли и капитала будут использовать эти активы для получения максимально возможного вознаграждения. Рабочие будут стремиться получить те профессии и места, которые предлагают самую высокую заработную плату. Потребители будут тратить свои доходы на те вещи, которые приносят максимальное удовлетворение.

Конкуренция.

Теоретически конкуренция является регулирующим механизмом капитализма. С одной стороны, она защищает потребителей — у них есть право выбора, и они получают выгоду от того, что конкуренция приближает цены к объему затрат; с другой стороны, она заставляет производителей и поставщиков ограниченных ресурсов распределять их экономно, используя самые сложные технологии.

Задание 2.

1. It is the dominating motive of economic activity. Self-interest.
2. It is the principle difference between market and command systems. Freedom.
3. It is very limited. Resources.
4. It governs the process of distribution. Satisfaction.
5. It makes prices lower. Competition.

Задание 3.

1. I am a student of (economy, economics) now.
2. At school I didn’t study the (economy, economics) of Great Britain.
3. I hope he’ll make a good (economist, economy).
4. There are many (economic, economical) problems in the world.
5. This car is very (economic, economical).
6. I try to spend money and time (economical, economically).
7. This car (economize, economizes) fuel.

Задание 4.

1. Who is Adam Smith? He was a philosopher and the founder of modern economics.
2. What conclusion made Smith after deep examination of the society? Deep examination of the world of business affairs led Smith to the conclusion that collectively the individuals in society, each acting in his or her own self-interest, manage to produce and purchase the goods and services that they as a society require.
3. What is «the invisible hand» according to Adam Smith? He called the mechanism by which this self-regulation occurs «the invisible hand”.
4. How does «the invisible hand» work in the society? Essentially, the butcher, the baker, and the candlestick maker individually go about their business. Each produces the amount of meat, bread, and candlesticks he judges to be correct. Each buys the amount of meat, bread, and candlesticks that his household needs. And all of this happens without their consulting one another or without all the king’s men telling them how much to produce.
5. What is a key doctrine of the classical economics? The key doctrine of classical economics is that a laissez-faire attitude by government toward the marketplace will allow the «invisible hand» to guide everyone in their economic activities, create the greatest good for the greatest number of people, and generate economic growth.