Ex.8. Combine two parts logically to make complete sentences.
Date: 2015-10-07; view: 484.
Ex.7. Fill in the gaps with appropriate prepositions or adverbs.
1. The factors _____ production _____ an economy are its labour, capital, enterprise and natural resources.
2. Capital is a factor _____ production that has been produced _____ use _____ the production _____ other goods and services.
3. Human resource consists _____ the productive contributions _____ labour made _____ individuals who work.
4. Land _____ economics means all natural resources and agents_____their sites.
5. Many developed countries are suffering _____ falling birth rates and therefore there are fewer people joining the workforce.
6. _____ a certain point wages are so high that some people value _____ free time than higher wage.
7. Real wage is amount _____ goods and services which we can buy _____ the nominal wage.
8. The non-scarce nature _____ information must bring _____ a rethinking _____ the calculus _____ utility maximization or cost minimization.
9. _____ the selection and compression _____ information _____ knowledge and wisdom, some _____ it is necessarily lost.
10. Choices concerning what goods and services to produce are choices _____ an economy's use _____ its factors _____ production, the resources available _____ it _____ the production _____ goods and services.
| In economics, factors of production (or productive inputs or resources) are | a | water, air, soil, minerals, flora and fauna that are used in the creation of products. | |
| Land or natural resource – naturally occurring goods such as | b | in the production of other goods. | |
| Labour is human effort used in production which also | c | any commodities or services used to produce goods and services. | |
| The capital stock – human-made goods (or means of production) which are used | d | future structures, buy machines and pay wages. | |
| Acquired skills (as opposed to "know-how," an attribute of society rather than individuals) have come to be | e | buildings, machinery, tools and other productive resources used in the process of creating goods and services. | |
| Capital is money needed to build | f | includes technical and marketing expertise. | |
| Physical capital are things that have already been produced and | g | production together to make a good or service. | |
| Financial capital refers to money that business people use to buy | h | information, but also “knowledge, collaboration, process-engagement, and time quality”. | |
| An entrepreneur is someone who puts all the factors of | i | viewed as analogous to physical equipment, capable of yielding their owners a return. | |
| The general opinion seems to be that the “new factor of production” is “intellectual capital”, an umbrella term that includes | j | then are used in production of other goods and services. |
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| Ex.6. Choose an appropriate word or phrase to complete the following sentences. | | | Ex.10. Translate into English |