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Thread: Economics

  1. #1
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    Default Economics

    Please fix anything you think is incorrect.

    Countries and individual people face the same economic questions:
    1. What goods and services to produce?
    2. How to produce them?
    3. Who will consume them?
    4. How much to produce for the present consumption and how much for the future?
    Production is manufactured as a result of consumption of the factors that are sometimes called the factors of production. These factors are land, labor, and capital. The reason for the problems is that our needs and wants are infinite while resources are finite.
    Distribution of resources is connected with concrete use of land, labor, and capital.
    Students also have to make a choice between expenses and savings. Sensible young people learn how to develop a useful personal budget. First, they keep record of their actual monthly income and expenses. Miscellaneous allowances, temporary income from various commissions, a percentage from savings and so on. It is very important that you take into account how much you spend on hygiene, transportation, and small beer (I think it's fairly informal and should be subsituted. The problem is I can't think of any word that could subsitute it). You should remember about the difference between fixed, flexible and optional expenses in order to have an opportunity to adjust your budget in case you find a considerable overspend of money.

  2. #2
    Tdol is offline Editor, UsingEnglish.com
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    Default Re: Economics

    I wouldn't use a question mark with the first two and the fourth.
    Production is manufactured- this doesn't work for me- Production results from...
    a percentage from savings- for saving? Are they putting money in or taking it out?
    small beer- small expenses?
    remember about the- remove 'about'

  3. #3
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    Default Re: Economics

    OK. Here's the edited version of my essay:

    Countries and individual people face the same economic questions:
    1. What goods and services to produce.
    2. How to produce them.
    3. Who will consume them?
    4. How much to produce for the present consumption and how much for the future.
    Production results from consumption of the factors that are sometimes called the factors of production. These factors are land, labor, and capital. The reason for the problems is that our needs and wants are infinite while resources are finite.
    Distribution of resources is connected with concrete use of land, labor, and capital.
    Students also have to make a choice between expenses and savings. Sensible young people learn how to develop a useful personal budget. First, they keep record of their actual monthly income and expenses. Miscellaneous allowances, temporary income from various commissions, a percentage for savings and so on. It is very important that you take into account how much you spend on hygiene, transportation, and other small expenses. You should remember the difference between fixed, flexible and optional expenses in order to have an opportunity to adjust your budget in case you find a considerable overspend of money.

    1. small beer - I'm wondering if this idiom is still in use? I first found it in my bilingual dictionary, then I looked this idiom up in my monolingual dictionary. Both say that it's still in use.
    2. a percantage for saving or a percantage for savings?
    According to the original version (in Russian), they're putting money in.

    Thanks a lot for the comments!

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