Read the text quickly and put the sentences in the correct order to explain ideas of Adam Smith.

1. The cost of production depended on the cost of workers, raw materials and land.

2. Adam Smith wrote down ideas that are still important today.

3. Nation’s wealth depended on its ability to produce goods.

4. This was really the first example of macroeconomics.

5. The value of these goods depended on the cost of production.

· READING

TEXT№3 Henry Ford

1. What do you know about Henry Ford? What is the secret of his success?

2. Read the text and check your answers.

Henry Ford

Henry Ford (1863 – 1947) was the American founder of the Ford Motor Company and father of modern assembly lines used in mass production. His introduction of the Model T automobile revolutionized transportation and American industry. The Model T was introduced on October 1, 1908. It had the steering wheel on the left, which every other company soon copied. The entire engine and transmission were enclosed, the four cylinders were cast in a solid block, the suspension used two semi-elliptic springs.

By 1918, half of all cars in America were Model T's. However, it was a monolithic block. As Ford wrote in his autobiography, " Any customer can have a car painted any colour that he wants so long as it is black". Model T's were available in other colors including red. The design was fervently promoted and defended by Ford, and production continued as late as 1927. The final total production was 15, 007, 034. This record stood for the next 45 years.

As owner of the Ford Company he became one of the richest and best-known people in the world. He is credited with “Fordism”, that is, the mass production of large numbers of inexpensive automobiles using the assembly line, coupled with high wages for his workers.

Ford had a global vision, with consumerism as the key to peace. Ford didn’t believe in accountants. He amassed one of the world’s largest fortunes without ever having his company audited under his administration.

Henry Ford’s intense commitment to lowering costs resulted in many technical and business innovations, including a franchise system that put a dealership in every city in North America, and in major cities on six continents.

Ford left most of his vast wealth to the Ford Foundation but arranged for his family to control the company permanently.

· SPEAKING

3. Answer the following questions:

1. What role did he play in American industry?

2. When was the Model T automobile introduced?

3. What are the distinctive features of the Model T?

4. How long was it popular?

5. What does the word “Fordism” mean?