Economics and Government

 

What is a mixed economy? The mixed economy is an economy that is a mix of a market (1)___ in which there is a free exchange of goods in a (2)___ market, and a planned economy which is totally controlled by a governmental entity. A mixed economy has elements of both where there is some free (3)__ in a private sector, but also rules regulations administered by a government. There it is definitely a great (4)___ between economic policies of George Bush in the United States and Barack Obama. George Bush definitely was more yearning towards pushing a market economy, Barack Obama is more geared to rules regulations (5)___ by government but both are actually administering a mixed economy where elements of both private and public (6)____ interact. Even in country like China, which is politically a one-party (7)___ country, the Communist party, there are still elements of capitalism in China, most notably Hong Kong, a huge banking center full of a private (8)___. So for the technical matter, even communist China is a mixed economy.

 

1.	(a)	economy	(b)	economics	(c)	economist	(d)	ecology
2.	(a)	enterprise	(b)	individual	(c)	independent	(d)	private
3.	(a)	change	(b)	sale	(c)	exchange	(d)	expression
4.	(a)	contrast	(b)	conflict	(c)	contradiction	(d)	opposition
5.	(a)	administration	(b)	a minister	(c)	administered	(d)	administrator
6.	(a)	section	(b)	sector	(c)	elements	(d)	servants
7.	(a)	ruled	(b)	rule	(c)	ruling	(d)	ruler
8.	(a)	business	(b)	enterprise	(c)	economy	(d)	economics

 

1 Give Ukrainian equivalents for the following words and expressions.

Governmental, huge, towards, planned economy, totally.

 

2 Comprehension questions.

1. What main traits does a mixed economy have?

2. Who definitely was more yearning towards pushing a market economy?

3. Are there still elements of capitalism in China?

4. Is communist China a mixed economy?

 

3 Say if the following statements are true according to the text.

1. The mixed economy is an economy that is in mix of a market economy in which there is a free exchange of goods in a private market.

2. Barack Obama definitely was more geared towards pushing a market economy.

3. In Hong Kong there are still elements of capitalism.

4. Obama was more geared to rules regulations administered by government but was actually administering a mix economy where elements of both private and public sector are in conflict.

5. Communist Japan is a mixed economy.

6. A mixed economy has elements of both.

7. Some free exchange is important in a private sector.

8. A planned economy is totally controlled by a governmental entity.

9. There is a great contrast between economic policies of George Bush in the United States and Barack Obama.

10. China is a mixed economy.