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C) Factors of Production
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This is the collective term for the economic resources in the production system. It is these inputs that are transformed into the outpul of final goods and services. Economists group the resources into four categories.
Land is the term for all natural resources that are used in production. Raw materials are therefore taken from the stock of natural assets. The economic reward that goes to the owners of this factor of production is called rent.
Labour can be defined as the sum of all the physical and mental effort thai goes into production and includes the tasks of management. The economic return to those who supply labour is wages/salaries.
| Starting a Career Text A Starting a Career In many countries, businesses, the private sector, provide the majority of jobs. But one could also make a career in government or in the not-for-profit sector. Career is more than just a job. It is something that may include many separate jobs. People, as a rule, move from job to job during their |
Unit3
Capital is the economic term for any man-made productive asset. Il is business capital that is the faclor of production rather than personal or social capital.
Business capital refers to the physicaJ capital equipment and property of firms. The economic reward to capital is called interest.
| Role-play Budget Spending on Education Imaginethat youare participating in a round-table discussion of student life problems at the Central and East European Student Society. You are asked to make some proposals about education. Presenting your ideas you: • stress that progress in the world depends on progress in education, higher education in particular; • emphasise the role of the state in providing higher education. Yon are of the opinion that budget spendings on education must be increased, more grants should be provided, scholarships should be increased, more money should be spent on physical education, on improving leisure and sports facilities, facilities for scientific research of students; • admit that non-public higher education instituiions can exist along with public ones; • point out that strict control should be exercised over the education system (curricula, teaching staff, tuition fees). The other participants arc supposed to comment on the ideas. |
Enterprise is regarded as the coordinating factor of production. It involves both the organisation of the economic resources and an element of risk taking, its reward is profit.
Unit 4
Starting a Career Text A. Starling a Career
Grammar Presentation: Оборот «for + существительное + инфинитив» (/or-phrase)
Text B. The Labour Market
Grammar Presentation: Настоящее совершенное длительное время (The
Present Perfect Continuous Tense) Tcxi C. Looking for a Job Abroad
Grammar Presentation: Перфекшый инфинитив (Perfect Infinitive) • Перфектный инфинитив е модальными глаголами (Perfect Infinitive with Modal Verbs) • Обороты типа Sodo /и Neither/Nor) do I
Grammar Revision: Времена (Tenses) • Герундий (The Gerund) Social English: Reserving a Table for a Business Lunch Rnle-p/ay: Job Opportunities
II.