2017-11-01
577
The Role of Government in the Economy
1. In every economy the work of different firms has to be coordinated. In a market economy this coordination is achieved by means of markets. Nevertheless the debate over the role for Government in a market economy is continuing and the issue is being widely discussed at the present time. An economy based on free enterprise is generally characterised by private ownership and initiative, with a relative absence of government involvement. However, government intervention has been found necessary from time to time to ensure that economic opportunities are fair, to dampen inflation and to stimulate growth.
2. Governments play a big role in American free enterprise system. Federal, state and local governments tax, regulate, and support business. In the United States there are agencies to regulate safety, health, environment, transport, communications, trade, labour relations, and finances. Regulation ensures that business serves the best interests of the people as a whole.
3. Some industries- nuclear power, for instance – have been regulated more closely over the last few years than ever before. In others the trend has been towards deregulation or reduction of administrative burden on the economy.
4. The U.S. economy has a tradition of government intervention for specific economic purposes- including controlling inflation, limiting monopoly, protecting the consumer, providing for the poor. The government also affects the economy by controlling the money supply and the use of credit. The aim is a balanced budget.
VIII. Answer the questions:
1. What is an economy based on free enterprise generally characterised by?
2. What do federal and local governments do?
3. In what way does the government affect the economy?
Variant V
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I. Complete the sentences (1- 9) with the words (a-i):
A) paperwork b) costs c) pay d) discount e) employees f) improvement
G) scarcity h) investment i) incomes.
1. There is a ………of skilled workers in the building sector.
2. December appeared to show ………in the job market.
3. More help is needed for people on low ………..
4. Sometimes it is possible to negotiate a …………on large orders.
5. Some projects fail because they have unexpected………..
6. Administrative workers do a lot of………., usually in the office.
7. A person in charge of other ……….has a managerial position.
8. People who do voluntary work don`t receive any……...
9. A business tries to get the best return on its……...
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II. Match (1-9) with (a-i) to make up sentences:
| 1. These days data collection 2. Removing language barriers 3. Over the past few weeks we have seen 4. China and other emerging economic powers are moving 5. It is a time for leadership and international cooperation 6.Education is sometimes 7. Taxes are collected by government 8. Land includes not only territory 9.Every society must provide | a) to set up multilateral institutions b) from households and firms. c) goods and services for the welfare of its citizens. d) referred to as “human capital.” e) but all of the natural resources. f) the currency's big retreat from its historic high g) is virtually automatic. h) which must go hand in hand. i) will lead to increased foreign trade |
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