Self study task Vocabulary Exercise Match the words in the box to the definitions to below Debt

Traditional system - Ans: 1) An economic system in which people do things the way they have always done them.
Exercise 2. Say what is true and what is false. Correct the false sentences.
1) In a command economic system the government decides what will be produced.
Ans: TRUE

2)In a market economic system price doesn't place an important role in determining what will be produced.

Ans : TRUE

3) Countries which have traditional economic system don't fall behind other countries.

Ans: FALSE Most traditional economic systems have found it hard to grow. They fall behind other countries.

4) If the price is high enough to provide a profit for the producers, then the item will be produced.

Ans: FALSE In a market system the questions are answered through the market, which is made up of all individuals' buying and selling decisions put together

5) The wants people have for goods and services are limited.

Ans: FALSE The wants people have for goods and services are unlimited

6) Consumers and producers play the two most important roles in a market economy.

Ans: TRUE
Task 3. Grammar
Exercise 1. Match the verbs (1—6) to the nouns (a-f) to make common collocations.

1) draw up - a) press releases

2) install and maintain - c) systems
3) keep - e) records
4) train - f) staff
5) carry out - c) research
6) issue - b) contracts
Exercise 2. Write the name of the activity from Exercise 1 which is typically performed by each of these departments.
1 R&D - 5) carry out research
2 Public Relations - 1) draw up press releases
3 Legal - 3) keep records
4 IT - 2) install and maintain systems
5 Human Resources - 4) train staff
6 Administration - 6) issue contracts

Task 4. Writing
If you were given one million, how would you spend that amount of money?
Write your opinion (150-200 words)
People around the world have all sorts of ideas and dreams. However, there is always a limitation to making such dreams or ideas become a reality. Most of the time, the limitation is always financial, and whatever one thinks or dreams of, accomplishing it never comes to fruition. Therefore, I asked myself two questions. What would I do if I had a million dollars to spend? What if a million dollars were given to me, or I won them?
To be honest, having money is one thing but having a lot of it is a different thing. There are many things anyone could think about if he or she were given a million dollars to spend. Some will become crazy and spontaneous. Others will become extremely flashy and show off in all sorts of ways. However, a few may think of the future and invest some of the money before spending it all on material things.
Personally, if I had a million dollars, I would do the following. I would first buy myself a good car, which I know sounds unreasonable but I think of this as a way of showing am worth a million bucks. Becoming a millionaire is a strategic process that needs a concrete plan in terms of investments and risks that one would have to take. There is nothing as bad as having a lot of money and then having none in the future. Therefore, having that car might not be a good investment decision but the car will always be a reminder that I should work hard to maintain that status.
Secondly, I would put some money to take me through college. I will ensure that I have the best resources that will make me excel in college because that is the most important step in becoming a rational thinker. In the future, I will need to make good investment decisions and a college education will help me do that. Therefore, even if I use the whole amount of study, it would be worth it. However, a million dollars are too much for college. I will have more than enough for my college education.
Thirdly, I would buy a house. This will save me a lot in terms of mortgage payments in the future and therefore, I would put that money into better use. Most people wish to own a house but they cannot afford it. Therefore, having a million dollars will provide various opportunities like getting a house and fulfilling other wants. I will furnish that house with the best quality of furniture. This is important to me because my home would be the place where I would be heading to after long hours of work.
After all, the major reason why people work so hard in life is so that they can own a good home, take care of their family, and live a better life. Thus, having a million dollars would enable me to get all that and the interesting thing is that I would not have worked hard for it. That is not to say that I am lazy. This is just to mean that no one would grab the opportunity if it presents itself.
Lastly, I will put the rest of that money in a fixed deposit account so that I will be able to use it in the future to start a business and make more millions of dollars. The good thing is that it will earn interest and that would come in handy too.
In conclusion, I would like say that there are numerous ways to spend a million dollars. Personally, I would have invested it in my future education and career. I would have also bought a car and a house. I believe that it is possible to make bad decisions regarding spending an enormous sum of money. Therefore, I believe that making good investments is crucial.