Materi berikut adalah 4 aktivitas yang anda akan kerjakan sebagai mid test.

Materi ini berhubungan

dengan teks-teks di pertemuan sebelumnya.

Activity 1

VOCABULARY PRACTICE

Find antonyms (1-7), synonyms (8-14) in the text to the following words and phrases:

1. public (adj)
2. answer
3. to prohibit
4. profit
5. rarely
6. at wish
7. to accept a job
8. to secure
9. to do good
10. to resolve conflicts
11. to spend money
12. replacement
13. exactly translated
14. to help

COMPREHENSION

A. Give words to the following definitions:

1. The system through which a society answers the 3 economic questions__________
2. The study of how wealth is created and distributed _________________________
3. An economic system characterized by private ownership of property, free entry into markets,
and absence of government interference _______________________
4. Capital goods and the money needed to purchase them ______________________
5. The right to buy any good or service that is offered for sale by producers
_________________________
6. A place in which buyers and sellers of a good or service meet ________________
7. Land, labour and capital ___________________________
8. An economic system in which individuals and firms are free to enter and leave markets at will
_________________________
9. A person who settles disputes arising from conflicting interpretations of some official acts
__________________________
10. An artificial device that aids in the exchange of resources for goods and services
________________________
B. Answer the following questions:
1. What economic system is there in the USA?
 2. Speak about the history of Laissez-faire capitalism. What are its features?
3. What does the right of private property entitle the owner to do?
4. What is land, labour and capital?
5. What is economic freedom? What does it mean for the owners of land and capital, for workers
and for all individuals?
6. What are competitive markets?
7. What is the role of government in this economic system?
8. What are the 3 economic questions that every society must answer in order to set up an
economic system?
9. What economy do most of the industrialized nations of the world exhibit?
10. Who answers the questions “What to produce?’ ‘How to produce?’, and “For whom to
produce?”?

Activity 2

WORD STUDY

There is a set of words related to the word economics. In a table we can show them like this:

y
ics
Economy
ic al ly
ist
Each word has a different use. Try to put the right word in the blanks in these sentences:

1. Smith and Keynes are two famous _____________________ .

2. Students at the Academy of _______________ Studies are studying ____________ .
3. We sometimes call a person’s work his _________________ activity.
4. People should be very _________________ with the money they earn.
5. The __________ system of a country is usually called the national _______________ .
6. Don’t be ________________ with the truth. I want to know all the facts of this event.
7. Old people in our country live very __________________ .
Activity 3

FOR YOUR INFORMATION

Adam Smith was born in Kirkcaldy, Scotland, in 1723. In school he proved himself a good scholar as he
studied the usual subjects of the period – English, Latin, Greek, history, and arithmetic. At 14, along with
other boys of the same age, he entered Glasgow University, and in 1740 went on to Oxford.

Throughout his student years he encountered many ideas and individuals that would prepare him for
the eventual writing of his important work: An Inquiry into the Nature and Causes of the Wealth of
Nations. In it he brought together the economic concepts and theories that established the basis of
modern economics.

Smith’s main argument was that the general welfare of society is best promoted by allowing individuals
to pursue their own self-interest within the law, because this alone is “capable of carrying on the society
to wealth and prosperity.” People should be able to do so through voluntary and mutually beneficial
exchanges in free markets, with limited regulation by government officials: “Every individual … intends
only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end
which was no part of his intention.”

Smith also believed that any attempt by government to force the economy beyond this “system of
natural liberty” is counterproductive.

Because of the original ideas Smith put forth in his works, he is considered the founder of classical
economics.

Checking for Understanding (jawab pertanyaan berikut berdasarkan bacaan di atas)

1. What did Smith mean when he referred to an “invisible hand” that guides people’s economic
choices?
2. List three examples in which a person’s pursuit of his or her own self-interest might benefit
society as a whole.

Activity 4

FOCUS ON GRAMMAR

Fill in prepositions where necessary. (isilah titik dengan preposisi jika perlu)

1. According ____ economic theory, every society must decide ____ the answers ____ 3 questions.
2. The American particular answers have provided them _____ a mixed economy based ____
private enterprise.
3. Government should leave the economy ____ its citizens.
 4. Entrepreneurs can produce any product and offer it ____ sale ____ the price they choose.
5. Buyers and sellers can enter ____ a market and leave it ____ will.
6. When consumers refuse to buy a product ____ its going price, they are voting _____ the
product.
7. The distribution of goods and services depends ____ the current prices of economic resources.
8. If a product is sold ___ high price, the demand ____ this product decreases.

Kerjakan activity 1 – 4. Setelah dikerjakan, kirim ke Portal. Pekerjaan boleh ditulis tangan lalu difoto
atau discan. Boleh juga diketik dan kirim file dalam bentuk pdf.

Jika ada yg ingin ditanyakan atau didikusikan, kita bicarakan di grup kelas.

Batas waktu pengiriman tugas Sabtu, 01 Mei 2021 jam 23.59.