Markets and market structures

Перелік питань, що охоплюють зміст робочої програми дисципліни для студентів, які на І курсі вивчали дисципліну «Англійська мова» за навчально-методичними матеріалами кафедри

WHY STUDY ECONOMICS

1. What is economics?

2. What does economics teach people?

3. What does economics explain?

4. Why are people’s lives concerned with the economy as well as with economics?

5. Why is studying economics worth people’s effort and time?

6. What are the reasons to study economics?

7. Why is economics considered a training of clear and accurate economic thinking?

8. What does economics mean for people?

9. Why does economics teach people how to gain a living?

10. Why should people in the world of business require knowledge of economics?

11. In what way do people use their basic understanding of economics?

12. Why is economics important for governments?

13. Why is economics considered so important?

14. What are the ways economic knowledge help us in succeeding in our material welfare?

SCARCITY AND CHOICE: THE ECONOMIC PROBLEM

1. What do people realize going through their lives?

2. What are economic goods and free goods?

3. Why do all economic units have to make their choices?

4. What does individual choice depend on?

5. What are governments and businesseslimited by?

6. What problem does everyone in any society face?

7. What is scarcity?

8. Why does scarcity force all decision makers to arrive at best decisions?

9. How do economists explain the essential sense of scarcity?

10. What is the opportunity cost?

11. What are forgone earnings?

12. Why should people compare benefits before making their decisions?

13. Why does the cost of doing something have nothing to do with spending money in most cases?

14. What are the two sides of opportunity cost?

ECONOMICS.MICROECONOMICS VS. MACROECONOMICS

1. What is economics?

2. Why is economics considered a social science?

3. What is microeconomics?

4. What does microeconomics focus on?

5. Why does microeconomics trace cause-and-effect relationships?

6. What economic issues does microeconomics do with?

7. What is macroeconomics?

8. What economic issues does microeconomics look at?

9. Why does macroeconomics look into the total effect of individual choices?

10. What are two worlds that economists deal with?

11. What is an economic model?

12. What do economists use to explain or describe the “world that is”?

13. Why do economists make the positive-normative distinction?

14. What is the difference between positive economic statement and normative one?

15. What is positive economics concerned with?

16. What does normative economics deal with?

FACTORS OF PRODUCTION

1. Why is it important for a society to use economic resources efficiently?

2. What are the factors of production?

3. What is “land” as a factor of production?

4. What is rent? Who receives it?

5. Why are some goods classified as free ones?

6. What is labour?

7. What efforts do people put into the production of goods and services?

8. What price is called wage?

9. Why is labour not of the same quality?

10. What is capital as the third factor of production?

11. What does capital refer to as a factor of production?

12. What is the difference between physical capital and financial capital?

13. What is interest?

14. How do economists and entrepreneurs consider financial capital?

15. What is entrepreneurship?

16. Whom do we call an entrepreneur?

17. What reward do entrepreneurs receive for their risks involved?

18. Why is information considered to be the fifth factor of production?

ECONOMIC SYSTEMS

1. What are the three basic economic questions that every society must answers?

2. What does the What question refer to?

3. What are the ways of providing answer to the How question?

4. What does the Who question mean?

5. What is an economic system?

6. What categories do economic systems fall into?

7. What is a traditional economy?

8. What is a command economy?

9. Who provides answers to the fundamental economic questions in a command economy? Why?

10. What is a market economy?

11. Who owns the means of production in a society with a market economy?

12. What are the essential elements of a market economy?

13. What is private property?

14. What is the profit motive?

15. What is a mixed economy?

16. What features does a mixed economy combine?

DEMAND

1. Whatisdemand?

2. Whatfactorsalterconsumerdemand?

3. What goods are called substitutes?

4. What are complementary goods?

5. What does the law of demand state?

6. What relationship does the law of demand describe?

7. What does a change in price lead to?

8. How do factors other than a good’s price affect demand?

9. What is elasticity as an economic concept?

10. Whatdemandisconsideredaselastic?

11. Whendemandissaidtobeinelastic?

12. What goods and services is demand inelastic for?

13. Whyisdemandfornecessitiesinelastic?

SUPPLY

1. What does supply mean?

2. What does the law of supply state?

3. What is a supply schedule?

4. What is a supply curve?

5. Whydoproducerssupplymoregoodsat a higherpricethanat a lowerprice?

6. Whenandwhydosuppliersincreasetheirproductionandriseprices?

7. Whatroledopricesplayforproducers?

8. What is a change in supply caused by?

9. What are the key non-price determinants of supply?

10. What is the price elasticity of supply?

11. Whensupplyiselastic?

12. Whatsupplyiscalledinelastic?

MARKET PRICE

1. What is a price?

2. What is a price system?

3. What is a price for any commodity determined by in a free market?

4. What functions do prices perform?

5. Why do prices act as signals to buyers and sellers?

6. What is the producers’ main incentive?

7. Why does the price system determine each person’s income?

8. What is an equilibrium price?

9. What is excess supply?

10. What is a shortage and when does it develop?

11. What does a decrease in demand lead to?

12. What does an increase in supply result in?

MARKETS AND MARKET STRUCTURES

1. What is a market?

2. What do economists mean by the market structure?

3. What are the principal types of market structures?

4. Whatisperfectcompetition?

5. What are the key characteristics of perfect competition?

6. Whatismonopolisticcompetition?

7. What are the key characteristics of monopolistic competition?

8. What is product differentiation?

9. What is oligopoly?

10. What are the key characteristics of oligopoly?

11. What is monopoly? Why does monopoly exist?

12. What is imperfect competition?

13. How does imperfect competition differ from perfect competition and monopoly?

MONEY

1. What is money?

2. What money are people most familiar with?

3. What is currency?

4. What characteristics does money have?

5. What is stability of money?

6. What is portability of money?

7. What is durability?

8. What does uniformity relate to?

9. Whatisrecognizability?

10. How does money function?

11. What is money as a Medium of exchange?

12. How does money perform a function of a Measure of value?

13. What does money mean as a Store of value?

14. What does the purchasing power of money mean?

15. Why and when does the value of money change?

TAXATION

1. What are the main purposes of collecting taxes?

2. What is a tax?

3. What types of taxes do governments impose?

4. What are income and property taxes?

5. What are sales and value-added taxes?

6. What excites considerable controversy when it comes to taxation?

7. What are the principles of taxation?

8. What does the benefits-received principle state?

9. What does the ability-to-pay principle mean?

10. How can most taxes be classified? Define them.

11. Why do sales taxes and value-added taxes have a regressive effect?

12. What is an incidence of the tax?

BUSINESS ORGANIZATIONS

1. What are three different ways that a business can be privately owned?

2. What is a sole proprietorship?

3. What are the advantages of a sole proprietorship?

4. What are the disadvantages of a sole proprietorship?

5. What does unlimited liability mean?

6. What is a partnership?

7. What are the advantages of a partnership?

8. What are the disadvantages of a partnership?

9. What is a corporation?

10. Who owns and manages a corporation?

11. What are the advantages of a corporation?

12. What is limited liability?

13. What are the disadvantages of a corporation?

14. What does the process of creating a corporation require?

15. What are dividends?