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supply 
competition 
factors of production 
1.
The natural resources, labor, capital goods, and entrepreneurship that go into 
producing goods and services. 
2.
A period of increased spending that causes a rapid rise in prices. 
3.
The contest among businesses to win customers. 
4.
The amount or quantity of goods and services consumers is willing and able 
to buy at various prices. 
5.
The account or quantity of goods and services that producers will provide at 
various prices. 
 
Exercise 2.Match the sentence halves. 
 
1 We're trying to break into 
2 You should carry out 
3 If you would like to place 
4 If you can't meet 
5 They've quoted 
6 Let us know if you want us 
to arrange 
7 It's essential to comply with 
a) all regulations if you want the delivery 
to go through without problems. 
b) the delivery date, let us know as soon 
as possible. 
c) insurance cover for the shipment. 
d) a market survey before you make a 
major investment. 
e) the Japanese market. 
f) an order, press one now. 
g) us a very good price for the consignment. 
 
Task 2. Reading 
Government Spending 
Our society needs highways and schools to operate effectively and 
efficiently. Through their elected officials, people in a democracy make known 
their social wants that government should help to satisfy. The public welfare, or 
well-being of society, is the "business" of government. Government operates or 
runs with taxes paid by the people. 
You can look at it this way. A part of your income goes for taxes to 
buy public goods and services. The rest of your income you use to buy goods and 
services in the marketplace. 
For most public goods and services, the consumer is not charged a fee 
covering the full cost of the item. As examples, parents do not have to pay tuition 
to send their children to schools. 
The charges for public health services generally are far below costs. 
Government uses taxes from all the people to make up the difference between 
actual costs and what users pay.

There are a number of reasons why government provides goods and 
services. Running courts, making and enforcing laws, and providing for the 
security of our nation are services that government should provide. These 
services are part of the governing process. They would be impossible for 
business to provide. 
Government provides some services simply because business has 
found them to be unprofitable. For instance, the government has taken over 
passenger rail service in many parts of the country. 
Sometimes people want the government, rather than a business, to 
provide 
a 
service 
because 
it 
is 
more 
convenient 
and 
because 
the use of the service won't be limited. 
A transfer payment is money received by people who are not currently 
producing goods or services in exchange for it. 
Transfer payments are made for retirement, disability, health and 
hospital expenses for the elderly, unemployment benefits, and assistance to 
families when the wage-earner has died large area of government spending is for 
defense. 
Another large part of the federal budget goes tо pay the interest on The 
national, or public, debt. The national debt is the total of a l l loans made to the 
federal government by individuals or groups of individuals. For instance, you 
can buy a Treasury note or a bond. In effect, you are lending money to the federal 
government for its operations.

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