1 Types Of Economic Systems.docx

Spot the mistakes in the text. There is 6-8 mistakes in each paragraph (spelling, grammar, vocabulary, content). Correct / underline them. Make sure your corrections are clearly visible (use a different colour, italics or underline). Submit via e-mail (through Google classroom) by Monday, 7 November 2016. WOULD YOU LIKE TO GET IMMEDIATE FEEDBACK? BE AMONG THE FIRST 10 STUDENTS TO SUBMIT HOMEWORK THROUGH GOOGLE CLASSROOM Types of Economic Systems Scarcity (Scarciti) is the fundamental challenge (chalenge) confronting all individuals and nations. We all face limitations... so we all have to make choices. How we deal these limitations is the basic economic (economical) challenge. Societies have developed different broad economical (economic) approaches to manage their resources (resuorces). Economists generally (generaly) recognize (recognizes) three basic types of economic systems. (7) In a command economic system or planned (market) economy, the government controls an economy. The state decides how to use and distribute (distributes) resources. The government regulates prices and wages (vages); it may even determine what sort (sorts) of work individuals do. Communism (Socialism) is a type of command economic system. The classic (failed) example of a command economy (economics) was the communist Soviet Union. The collapse of the communist bloc in the late 1980s led (lead) to the demise of many command economies around the world; Cuba still continues to hold to its planned economy. (7) In market economies, economic decisions are made by individuals (individual's). The unfettered (unfetered) interaction of individuals and companies in the marketplace determines (determine) how resources are allocated and goods are distributed. Individuals choose (chose) how to invest their (there) personal resources—what training to pursue, what jobs to take, what goods or services to produce. And individuals decide what to consume. Within a

pure market economy the government is entirely apsent from economic affairs. The United States in the late nineteenth century, at the peak (hight) of the laissez-faire era, was about to (as) close as we've seen in (to) a clean market economy in modern practice. (8) A mixed economic system combines elements of the market and planned (capitalist) economy. Many economic decisions are made on (in) the market by individuals. But the government also plays (play's) a role in the allocation and distribution of resources. The United states today, like most advanced nations, is mixed economy. The eternal question for mixed economies (economys) is just what the right mix between the public and private sector (sectors) of the economy should be (been). (6)

Match words and expressions from the text with explanations: 1 fundamental C A the end of something that is thought of as being like a death 2 demise A

B a policy that allows businesses to operate with very little interference from the government

3 unfettered E

C serving as a basis or determining essential structure or function : basic

4 laissez-faire B

D existing at all times : always true or valid

5 eternal D

E not controlled or restricted: free, unrestrained