(3) Goods and services are distributed by the American economic system on the basis of dollar votes. Those people with the most dollars are the ones who receive the most goods and services. However, although this may be an efficient way to decide who gets the goods and services that are produced, it is not necessarily a fair way. Those people with the most dollars are not necessarily the most deserving or the most in need of the goods and services. Indeed, those people with the greatest need may have few, if any, dollars with which to vote.
(4) There is, of course, an important relationship between what people produce and what they are entitled to receive in terms of goods and services. Economic incentives are crucial to the functioning of the American economy. Individuals and businesses must be able to see potential rewards for their work and the risks they take. If people who did little or no work received the same income as those who worked hard, there would be little incentive for anyone to work.
(5) Those people with the most money are not necessarily those who work the hardest, and some people who work the hardest, and some people who work very hard earn very small incomes. Conversely, many wealthy people received their wealth through inheritance rather than from hard work.
2. Read the text and choose the correct answer:
1) What is the price of survival in a competitive market economy?
a. The government regulation is the price of survival in a competitive market economy.
b. Efficiency is the price of survival in a competitive market economy.
c. The law of demand is the price of survival in a competitive market economy.
2) Who receives the most goods and services?
a. Those people with the most dollars are the ones who receive the most goods and services.
b. Those people with the least dollars are the ones who receive the most goods and services.
c. Everybody receives the most goods and services.
3) What is the relationship between what people produce and what they are entitled to receive?
a. There is no relationship at all.
b. There is a weak relationship.
c. There is an important relationship.
4) What must individuals and businesses be able to see for the risks they take?
a. Individuals and businesses must be able to see potential rewards for the risks they take.
b. Individuals and businesses must be able to see some punishment for the risks they take.
c. Individuals and businesses must be able to see losses for the risks they take.
5) How did many wealthy people receive their wealth?
a. Many wealthy people received their wealth through potential rewards.
b. Many wealthy people received their wealth through inheritance.
c. Many wealthy people received their wealth through hard work.
3. Read the text again and find the word that means:
1) A situation in which businesses are trying to be more successful than others by selling more goods and services and making more profit (p.1).
2) The name of the currency unit used in the United States, Australia, New Zealand, Hong Kong, Singapore and some other countries (p.3).
3) Something which is used to encourage people, especially to make them work harder, produce more or spend more money (p.4).
4) Money that you earn from your job or that you receive from investments (p.5).
5) The possibility that something may be lost, harmed, or damaged, or something bad, unpleasant, or dangerous may happen (p.4).
4. Fill in the gaps with the appropriate words:
1) The highest executive body in a company is the Board of … .
2) The … of the company usually makes the report .
3) A … in prices will spur increased investment.
4) They import used cars, which they then … for consumer goods.
5) She … ₤200 a month from her salary.
6) The cost of TV … has risen considerably since the beginning of last year.
7) I am delighted to inform you that the … Committee has approved the new product plans.
8) We need to finalize and … decisions at the next meeting early next month.
9) The team must meet the above … .
10) … are less formal than business letters so the tone is neutral and the language is simple.
5. Choose the correct form of the verb:
1) China’s steel mills, auto plants and other smokestack industries … in the industrial belt.
a. gather b. were gathered c. are gathered.
2) The country’s farm land … to development at a rate of about 7,000 acres this year.
a. went b. have gone c. has gone.
3) By the time I’m forty I … enough money to retire.
a. will have made b. have made c. will make.
4) If no one offers to buy the house, it … by auction next month.
a. will have been sold b. will be sold c. will sell.
5) When I was a little girl, I always … my pocket money on sweets.
a. spent b. have spent c. had spent.
6. Put the questions to the underlined words:
1) Without the free publicity, the firm would be lost in the jungle of TV advertising. (Where … ?)
2) They will create a new fund to keep poorly capitalized banks from failing. (Why … ?)
3) The two men were appointed joint managing directors in June. (When … ?)
4) He earned a living writing advertising jingles. (How … ?)
5) Joblessness is steadily rising. (What … ?)
7. Write the letter in the appropriate order, use notes in box to complete the letter:
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