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1) These methods are based on tradition.
2) Tradition plays some part in economical processes.
3) They have all been decided long ago.
6. Переведите предложения, обращая внимание на перевод существительного в качестве определения к другому существительному.
1) Government deficit results in an increase in the money supply.
2) Exchange control systems all aim at giving stability of exchange rate without the drawbacks of the gold standard.
3) In this case, the rate of exchange is determined in the foreign exchange market by the demand for a currency in relation to the supply available in the market.
7. Переведите текст на русский язык.
What Is Economics All About?
1. There are different economic systems in the world today. Many economists argue that free enterprise, or the market economy is the most effective system, because business are free to choose whom to buy from and sell to and on what terms, and free to choose whom to compete with. How can a market economy solve what, how and for whom to produce?
2. It is done through a market, which is a set of arrangements through which buyers and sellers make contact and do business. One of the main laws of the market is the law of supply and demand. It says that if demand exceeds supply, the price tends to rise and when supply exceeds demand the price tends to fall.
3. Thus, the market mechanism brings about an allocation of resources that reflects two basic factors: consumer preferences and production costs. The prices which play the coordinating role of the market mechanism are determined through the interaction of demand and supply.
4. Another important force of the market is competition. 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 scare resources utilize them economically, using most sophisticated technologies. All business produce goods and services and seek profits. They all compete with other business for inputs of labour, capital and natural resources, including foreign partners.
5. Freedom of enterprise is not total in the market economy. Businesses are subject to laws and government regulations. Economic environment is determined by the economic policies of the government, fiscal and monetary policies being the major factors¹. So, if an economic system is to perform well² it must deal with many economic challenges.
