Exchange and specialization

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

gain – прибуток, виграш, зиск

E.g. An economy exists because there are gains from exchange and specialization.

exchange – обмін

E.g. We would like to continue this trend of an educational exchange among teachers of our 2 countries.

specialization – спеціалізація

E.g. Generally specialization leads to an increase in the production of goods and services.

to value – оцінювати

E.g. He valued the house for me at 20, 000 pounds.

well-being – добробут

E.g. Exchange and specialization between individuals increase the well-being of individuals within an economy.

to interact – взаємодіяти

E.g. Individuals sometimes interact in cooperative ways with other individuals.

explicit – чіткий, точний

E.g. He was quite explicit about the matter.

to facilitate – полегшувати, допомагати, сприяти

E.g. Modern inventions have facilitated housework.

measurable – вимірний

E.g. We came within measurable distance of success.

subjective – суб'єктивний

E.g. Gains from exchange are not merely subjective.

to provide an incentive – забезпечувати стимул, заохочувати

E.g. It provides an incentive for individuals to facilitate the exchanges among other individuals.

preference – уподобання; перевага

E.g. I should choose this in preference to any other.

to enhance – збільшувати, посилювати, підвищувати

E.g. That someone's well-being is enhanced by exchange does not imply that another person's well-being is undermined.

to induce – спонукати, стимулювати

E.g. What induced you to do such a thing.

to take advantage of smth. – скористатися з чогось

E.g. We shall take advantage of the situation.

comparative advantage – відносна перевага

E.g. An individual will be relatively better or have a comparative advantage.

share – частка, пай

E.g. We shall all have a share in the profits.

benefit – приносити/отримувати користь

E.g. The new railway will benefit the district.

to imply – означати, мати на увазі; передбачати

E.g. Silence sometimes implies consent.

II. Give English equivalents of the following:

частка прибутків підвищувати добробут

зиск від обміну та спеціалізації забезпечувати стимул

обмінюватися ресурсами та товарами скористатися з прибутків

взаємодіяти шляхом співпраці передбачати залежність

виразне бажання співпрацювати збільшуватися завдяки

сприяти обміну та спеціалізації обміну

III. Fill in the blanks with appropriate words:

To facilitate the exchanges individual well-being implies