Прочитайте текст и выполните задания Scarcity. Economic Wants and Productive Resources 1. Microecono...: ответ на тест 1078083 - Английский язык

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Scarcity. Economic Wants and Productive Resources
1. Microeconomics is the study of how people choose under conditions of scarcity. Even when material resources are abundant, other important resources are not. At his death, Aristotle Onassis was worth several billion dollars. He had more material resources than he could possibly spend. And yet, in an important sense, he confronted the problem if scarcity much more than most of us will ever have to. He was the victim of a progressive neurological disease in which the body’s immune system turns against itself. For him, the scarcity that mattered was not the money but time, energy, and the physical skill needed to carry out ordinary activities.
2. Time and money are not the only important scarce resources. Every choice involves important elements of scarcity. Scarcity is the condition that results from imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants. No society has ever had enough resources to produce the full amount and variety of goods and services its members wanted. Scarcity necessitates choice. If we can’t have everything we would like, we must choose those things we want most. Thus, both individuals and societies must continuously make choices about how to use the scarce resources available to them. The concept of scarcity can be understood more clearly by examining the sub-concepts of economic wants and productive resources.
3. In modern societies people have a wide variety of wants. Food, clothing, shelter, medical care, entertainment and leisure time are wants with major economic implications. Economic wants can be satisfied by the consumption of a good or service. Productive resources consist of what is required to produce the goods and services that people want. There are three basic categories of productive resources: human resources, natural resources and capital goods.
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Every society has insufficient productive resources …

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Scarcity. Economic Wants and Productive Resources
1. Microeconomics is the study of how people choose under conditions of scarcity. Even when material resources are abundant, other important resources are not. At his death, Aristotle Onassis was worth several billion dollars. He had more material resources than he could possibly spend. And yet, in an important sense, he confronted the problem if scarcity much more than most of us will ever have to. He was the victim of a progressive neurological disease in which the body’s immune system turns against itself. For him, the scarcity that mattered was not the money but time, energy, and the physical skill needed to carry out ordinary activities.
2. Time and money are not the only important scarce resources. Every choice involves important elements of scarcity. Scarcity is the condition that results from imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants. No society has ever had enough resources to produce the full amount and variety of goods and services its members wanted. Scarcity necessitates choice. If we can’t have everything we would like, we must choose those things we want most. Thus, both individuals and societies must continuously make choices about how to use the scarce resources available to them. The concept of scarcity can be understood more clearly by examining the sub-concepts of economic wants and productive resources.
3. In modern societies people have a wide variety of wants. Food, clothing, shelter, medical care, entertainment and leisure time are wants with major economic implications. Economic wants can be satisfied by the consumption of a good or service. Productive resources consist of what is required to produce the goods and services that people want. There are three basic categories of productive resources: human resources, natural resources and capital goods.
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What are productive resources?

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Consumer Behavior and Rational Choice
1. Consumer wants and desires are basic determent of the nature and quantity of the goods and services produced in any economic system. Recent US government figures show that consumers spend about 79% of their income on goods and services; the rest goes for taxes and saving. Much of their expenditures for goods and services goes for housing, food and drink, and transportation.
2. The model of consumer behavior and rational choice explains how an individual consumer allocates his or her income among various commodities. This model assumes that the consumer’s preferences are transitive and that commodities are defined so that more of them is preferred to less. The consumer’s preferences can be represented by a utility index. Utility is a number that indexes the level of satisfaction derived by the consumer from a particular market basket. Market baskets with higher utilities are preferred over market baskets with lower utilities.
3. The model of consumer behavior and rational choice recognizes that preferences alone do not determine the consumer’s actions. Given the consumer’s preferences, as reflected in his utility index, the choices open to him are dictated by the size of his money income and the nature of commodity prices. The consumer is assumed to choose the market basket that maximizes his utility. If the consumer maximizes his utility, his income is allocated among commodities so that, for every commodity he buys, the marginal utility of the commodity is proportional to its price. In other words, the marginal utility of the last dollar spent on each commodity is made equal for all commodities. Sometimes consumers are misled by false advertising and other deceptive practices. For the price system to work well, the consumer must be protected against such deception and fraud.
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The theory of consumer choice relates preferences for the consumption of both goods and services to …

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Perfect Competition and Monopoly
1. Economists recognize two main types of markets: perfect competition and monopoly. Perfect competition requires that the product of any seller be the same as the product of any other seller, that no buyer or seller be able to influence the price of the product, and that resources be able to switch readily from one use to another. Four conditions define the existence of a perfectly competitive market: 1) Firms sell a standardized product. In a perfectly competitive market, the product sold by one firm is assumed to be a perfect substitute for the other product sold by any other. 2) Firms are price takers. This means that the individual firm treats the market price of the product as given. 3) Factors of production are perfectly mobile in the long run. 4) Firms and consumers have perfect information. A firm has no reason to leave its current industry if it has no way of knowing about existence of more profitable opportunities elsewhere. Similarly, a consumer has no motive to switch from a high-priced product to a lower-priced one of identical quality unless he has information about the existence of the latter. Price and output under perfect competition are determined by the intersection of the market supply and demand curves. In the market period, supply is fixed. Thus, price is determined by demand alone.
2. A pure monopoly is a market with only one seller. Monopolies may occur because of patents, control over basic inputs, and government actions. The key feature that differentiates the monopoly from the competitive firm is the price elasticity of demand facing the firm. In the case of the perfectly competitive firm price elasticity is infinite. If a competitive firm raises its price slightly it will lose all its sales. A monopoly, by contrast, has significant control over the prices it changes.
3. The output of a perfectly competitive industry tends to be greater and the price tends to be lower than under monopoly. One way that society has attempted to reduce the harmful effects of monopoly is through public regulation.
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Pure monopoly is a situation in which …

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New Civil Code Keeps State Out of Inheritance Coffers
1. The state will no longer inherit the property of almost every second Russian citizen as it has in years past after an inheritance law went into effect broadly expanding the number of relatives recognized as heirs.
2. The law, part of a new Civil Code, permits not only direct relatives – grandparents, parents and children – to claim the property of the deceased, but also cousins and their direct relatives. The law also permits a Russian to leave his possessions to legal entities, local and federal agencies and even foreign organizations and governments.
3. Belongings will only go to the state if no one makes a claim within six months of the owner's death. Earlier, the state inherited property in about one in every two deaths. The new inheritance rules will encourage Russians to write wills – a practice that remains rare – and will finally provide the courts with detailed guidance to deal with inheritance lawsuits.
4. Under the new law, a will can now be written outside of a notary’s office and then delivered there in a sealed envelope by the benefactor to be opened after his or her death. Registration of a will with the public notary currently costs 100-170 rubles ($3 to $6). Where notaries are unavailable, a will is legally binding if signed by two witnesses.
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Investigation in Russia
1. The investigator and the court base their conclusions concerning the guilt of the accused upon the verification and assessment of the evidence. Evidence in a criminal case is facts, on the basis of which the investigating authorities and the court establish, in accordance with the law, the existence or absence of a socially dangerous act, the guilt of the person committing the act, and other circumstances of importance in making a correct decision in the case.
2. The investigator, the police, the prosecutor and the court establish the facts in the case from the testimony of witnesses, the injured parties, suspects, accused, the opinions of experts, exhibits, the records of the investigation and court proceedings, and other documents.
3. The investigator, having received information that a crime has been committed, inquires as to the persons who may be of help to him in establishing the circumstances of the case, and summons them as witnesses. To obtain exhibits the investigator inspects the scene of the crime and makes searches and seizures. He requests written documents from state establishments and persons in office.
4. The collection of evidence before the trial is performed in the preliminary investigation. In more complicated cases the investigation is carried out by investigators, and otherwise by the police. To obtain evidence, the investigator takes steps to find eye-witnesses of the crime. Upon receiving the summons, a witness must appear before the investigator or in court. If he fails to appear without good reason, he may be forced to by the police and is criminally responsible for failure to appear.
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