ENGLISH FOR THE STUDENTS OF ECONOMICS

ФЕДЕРАЛЬНОЕ АГЕНТСТВО ПО ОБРАЗОВАНИЮ ГОСУДАРСТВЕННОЕ ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ ВЫСШЕГО ПРОФЕССИОНАЛЬНОГО ОБРАЗОВАНИЯ ВОЛГОГРАДСКИЙ ГОСУДАРСТВЕННЫЙ ТЕХНИЧЕСКИЙ УНИВЕРСИТЕТ КАМЫШИНСКИЙ ТЕХНОЛОГИЧЕСКИЙ ИНСТИТУТ (ФИЛИАЛ) ВОЛГОГРАДСКОГО ГОСУДАРСТВЕННОГО ТЕХНИЧЕСКОГО УНИВЕРСИТЕТА Кафедра «Иностранные языки» ENGLISH FOR THE STUDENTS OF ECONOMICS Методические указания по развитию навыков устной речи на английском языке РПК «Политехник» Волгоград 2005 ББК 81.2 Англ – я А 64 ENGLISH FOR THE STUDENTS OF ECONOMICS: Методические указания по развитию навыков устной речи на английском языке / Сост М В Мищенко; Волгоград гос техн ун-т – Волгоград, 2005 – 31 с Предназначены для студентов экономических направлений вуза Включают систему текстов и упражнений, направленных на закрепление в речи активной лексики и развитие навыков чтения и говорения Тематика текстов охватывает широкий спектр экономических вопросов Библиогр.: назв Рецензент Л М Бурдоленко Печатается по решению редакционно-издательского совета Волгоградского государственного технического университета Составитель: Марина Владиславовна Мищенко ENGLISH FOR THE STUDENTS OF ECONOMICS Методические указания по развитию навыков устной речи на английском языке Печатаются в авторской редакции Темплан 2005 г., поз № 64 Подписано в печать 11 03 2005 г Формат 60×84 1/16 Бумага потребительская Усл печ л 1,94 Усл авт л 1,75 Тираж 50 экз Заказ № Волгоградский государственный технический университет 400131 Волгоград, просп им В И Ленина, 28 РПК «Политехник» Волгоградского государственного технического университета 400131 Волгоград, ул Советская, 35 © Волгоградский государственный технический университет, 2005 ПРЕДИСЛОВИЕ Данные методические указания предназначено для студентов экономических направлений вуза Цель работы – активизация навыков чтения, перевода текстов и ведения беседы на иностранном языке по данному направлению Методические указания включают систему текстов и упражнений, направленных на закрепление в речи активной лексики и развитие навыков чтения и говорения Тематика текстов охватывает широкий спектр экономических вопросов UNIT From the history of economics Economics as a science today Active Vocabulary economics — экономическая наука economic —1 экономический; экономически выгодный; рентабельный economical — экономный, бережливый; экономичный economist — экономист economize — экономить; экономно расходовать или использовать economy — хозяйство, экономика to take economics – изучать экономику to deal with smth – иметь дело с чем-либо to have deep roots in – иметь глубокие корни в 10 to be of great importance to - иметь большое значение (важность) для 11 social – общественный, социальный 12 science – наука, область науки 13 scientist - ученый 14 to become aware of/that – знать, сознавать, отдавать себе отчет в (том, что) 15 society – общество; объединение, организация 16 resources – запасы, ресурсы, средства; природные богатства 17 valuable – ценный, дорогой; полезный 18 value – ценность, важность, полезность; стоимость, цена; оценивать, устанавливать цену 19 distribute – распределять, раздавать 20 graph - график, кривая 21 unemployment – безработица 22 employment – служба, занятие работа; занятость 23 unemployment rate – уровень безработицы 24 inflation - инфляция 25 economic growth – экономический рост 26 population growth – рост населения 27 revolutionary upheaval - революционный переворот 28 monetary policy – кредитно-денежная политика, валютная политика 29 fiscal policy – финансово-бюджетная политика 30 scarce – недостаточный, скудный; редкий, дефицитный 31 commodity – товар 32 enterprise – предприятие (фабрика, завод и т.п.); предпринимательство 33 a new way of looking - новый взгляд 34 to be unfamiliar to smb – быть неизвестным, незнакомым для коголибо 35 to stay up late doing smth – долго засиживаться, делая что-либо 36 increase – (n.) увеличение, прибавление, рост, прирост 37 increase – (v.) увеличивать(ся), расти, усиливаться TEXT Economics is a social science studying economy Why study economics? In fact, people it for countless reasons For many people concern for the economy goes no further than the price of tuition or the fear of losing a job Many others, however, are becoming aware that their job prospects and the prices they pay are somehow related to national trends in prices, unemployment, and economic growth Although few people think in terms of price indexes and graphs, most of us now recognize the importance of major economic events And that's why so many people worry about such abstractions as unemployment rates, inflation, economic growth, etc Economics has deep routs in, and close ties to, social philosophy An issue of great importance to philosophers, for example, is distributional justice Why are some people rich and others are poor? And, whatsoever the answer, is it fair? A number of nineteenth century social philosophers wrestled with these questions and out of their musings economics as a separate discipline was born As a scholarly discipline, economics is two centuries old The first scientist who made extraordinary contributions in economics was Adam Smith Almost a century later, as capitalist enterprises began to spread, there appeared the massive critique of capitalism: Karl Marx's "Capital" In 1936 John Maynard Keynes published 'The General Theory of Employment, Interest and Money" Economics was supposed to help government monetary and fiscal policies to tame the worst ravages of business cycles What exactly is the subject that the economists from Smith to Marx to the present generation have analyzed? Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people As you begin your study of economics, keep in mind that economics will teach you a new way of looking at the world In some cases, you will find that the topics we discuss are completely unfamiliar to you But most of the time you will be looking at things that you already know about from a different perspective You will discover, for example, that the complex decisions of huge multinational corporations are based on some of the same principals that guide everyday choices like whether to take a day off or to stay up late studying Assignments Put the right word in the blanks economy, economics, economic, economical, economically, economist, to economize Marx and Keynes are two famous Those people are studying the science of We sometimes call a person's work his activity People should be very with the money they earn The system of a country is usually called the national The people in that town live very Oka is the most _ car in Europe Many people think that situation in Russia is improving housewives use lots of ways of saving about the house 10 Do you want to major in _? 11 The study shows that Russian people don’t like on food 12 The first Nobel prize in was awarded in 1969 Translate the sentences from English into Russian paying attention to the words from the Active Vocabulary I’d rather economize on holidays (развлечения) than food He became aware of danger My hobby is to collect scarce books Many scientists tried to solve the problem of distribution of scarce re sources The economy of the country was completely destroyed after the revolution ary upheaval The money that has been collected will be distributed among all the children’s hospitals in the area What is the value of these things? He valued my work greatly The rate of unemployment in this country is rather high; the government is doing its best to reduce it 10 I found this job through the employment agency 11 Our scientific society takes part in the conference this week 12 Monetary and fiscal policies of the government slowed the inflation down Translate the sentences from Russian into English После школы я буду изучать экономику Наука экономика возникла два века назад Адам Смит был выдающимся экономистом В нашем городе много частных предприятий Правительство обеспокоено ростом безработицы в стране Этот график показывает распределение цен на различные виды товаров Эти факты мне не знакомы Я часто засиживаюсь допоздна, делая домашние задания Экономика имеет глубокие корни с социальной философией и тесно связана с ней 10 Экономика имеет дело с такими проблемами как инфляция и безработица Answer the questions a) What is economics? What does it study? What is the difference between "economy" and "economics"? Why people study economics? Give your personal opinion Does economics have deep roots, and close ties to, social philosophy? Why? What problems does economics deal with? When did economics appear? Who made extraordinary contributions in economics? Do you know the names of other scientists studying economics? What is John Keynes famous for? Can people say that most decisions they make are economic decisions? b) When did you make the first economic discoveries? (to want, to buy, to have, to sell; children, adults, young people) Summaries the text NOTE: To summarize means to make a short general statement of the main points of the text or other peaces of information To find the main points try to identify the key words and the topic sentences of the text They are the most important words and sentences that help us understand or explain it Read about scientists who contributed much into the developing the science of economics If necessary, consult the dictionary Adam Smith Adam Smith was a great scientist who made extraordinary contribution in economics He was born in 1723 in Kircaldy, a small fishing town near Edinburgh, Scotland His father was a customs officer He died before his son was born At the age of 28 Adam Smith became a professor of logics at the University of Glasgow It was his first academic appointment Some time latter he became a tutor to a wealthy Scottish duke Then he received a grant of £300 a year It was a big sum, 10 times bigger the average income at that time With the financial security of this grant, Smith devoted ten years to writing his work which founded economic science Its full title was An Inquiry into the Nature and Causes of the Wealth of Nations It was published with great success in 1776 Adam Smith made economics a science This Scottish economist is often regarded as a founder of political economy too John Maynard Keynes John Maynard Keynes (1883-1946) is an English economist, whose The General Theory of Employment, Interest and Money (1936) proposed the prevention of financial crisis and unemployment by adjusting demand through government control of credit and currency He is responsible for that part of economics now known as macroeconomics John Maynard Keynes saw the cause of a depression in reduced demand He suggested that governments stimulate consumption by putting money into consumers’ pockets through tax cuts or directly increase governments’ own expenditure to stimulate demand Say, whether these statements are true or false, and if they are false, say why In my opinion it is true that… I’m afraid it is false that… because… People all over the world are interested in economics Economics is an old discipline It was Karl Marx who founded economic science Knowledge of economics is important to everyone now People make important economic discoveries only when they are old Adam Smith is regarded to be the father of political economics John M Keynes is the founder of macroeconomics Economics deals with such problems as unemployment, inflation, economic growth, etc Speaking and writing practice With your fellow student choose an economist to write an essay about Making use of the vocabulary of the lesson discuss his or her life and work Outline the main points to be covered in the essay Write an essay (15-20 sentences), read it out and discuss it UNIT Economic systems Active Vocabulary command economy — централизованно управляемая экономика; нерыночная экономика free market economy — свободная рыночная экономика mixed economy — смешанная экономика society — общество, общественный строй; общество, организация, ассоциация produce — производить, вырабатывать production — производство demand — спрос; требование; запрос; потребность demand for smth — спрос на что-л to be in high / low demand — пользоваться большим / небольшим спросом 10 goods — товары, изделия 11 service — услуга 12 market — рынок 13 allocate — (smth to / in smth, smb) размещать, распределять (чтол куда-л., кому-л.); ассигновать (что-л на что-л., кому-л.) 14 resource(s) — ресурс(ы), средства 15 consumption — потребление 16 through — через; посредством; благодаря 17 price — цена 18 at high / low prices — по высоким / низким ценам; при высоких/ низких ценах 19 price for /of a good — цена товара, цена на товар 20 plan — планировать 21 planning — планирование 22 decision — решение 23 to make a decision — принимать решение 24 rely — (on smb, smth) полагаться (на кого-л или что-л.) 25 entirely — полностью, всецело 26 government — правительство 27 intervention — вмешательство 28 government intervention — государственное вмешательство 29 level — уровень 30 at a certain level — на определенном уровне 31 restriction — ограничение 32 (the) former — первый (из двух названных) 33 (the) latter — последний (из двух названных); второй 34 regulation — регулирование 35 government regulation — государственное регулирование 36 both — оба, обе; и тот и другой 37 importance — важность, значение 38 to be of importance — быть важным, иметь (большое) значение TEXT Market and Command Economies Economics is a science that analyzes what, how, and for whom society produces The central economic problem is to reconcile the conflict between people's unlimited demands with society's ability to produce goods and services In industrial Western countries markets are to allocate resources The market is the process by which production and consumption are coordinated through prices In a command economy, a central planning office makes decisions on what, how, and for whom to produce Economy cannot rely entirely on command, but there was extensive planning in many Soviet bloc countries A free market economy has no government intervention Resources are allocated entirely through markets Modern economies in the West are mixed and rely mainly on the market but with a large dose of government intervention The optimal level of government intervention remains a problem which is of interest to economists The degree of government restrictions differs greatly between countries that have command economies and countries that have free market economies In the former, resources are allocated by central government planning In the latter, there is not any government regulation of the consumption, production, and exchange of goods Between the two main types lies the mixed economy where market and government are both of importance Assignments Fill in the chart with the following words 10 increase to secure higher wages in the car industry, thus being able to afford larger houses, which burned more coal in heating systems When microeconomic analysis ignores such indirectly induced effects it is said to be partial analysis Macroeconomics emphasizes the interactions in the economy as a whole For example, macroeconomists typically not worry about the breakdown of consumer goods into cars, bicycles, televisions, and calculators They prefer to treat them all as a single bundle called "consumer goods" because they are more interested in studying the interaction between households' purchases of consumer goods and firms' decisions about purchases of machinery and buildings 4.Our interest in microeconomics is motivated by more than our need to understand how the larger economy works The "parts" of the economic engine are people To the extent that we care about the welfare of individuals in society, we have a fundamental interest in microeconomic behaviour and outcomes In this regard, we examine the goals of individual consumers and business firms, seeking to explain how they can maximise their welfare in the economy In microeconomics, for example, we spend more time looking at which goods are produced, who produces them, and who receives them In macroeconomics we tend to focus only on how much is produced or how many people are employed in the process Read the text more careful (use dictionary, if necessary) and give answers to the following questions How are the different branches of economics classified? What does microeconomics do? What most microeconomists leave out of their analysis? What does macroeconomics do? Why are we interested in microeconomics? Define each of the words given below, using the pronouns who and which • An energy economist is … who… • Microeconomics is … which… • International economics is… • A monetary economist is … • Consumer goods are … • Macroeconomics is … • A worker is … • A miner is … • Coal is … 18 Speaking and writing practice Think about different questions economics deals with Refer them to the problems either of microeconomics or macroeconomics Write a paragraph on it Use the following helpful phrases: Topic sentence: First of all, I’d like to focus on… Прежде всего, хотелось бы остановиться на … The major point is … Основной вопрос … Developers: Let’s go point by point … Давайте обсудим пункт за пунктом First comes … Прежде всего, начнем с … In view of the above … Ввиду вышеизложенного … We can now look at … Теперь мы можем обсудить… Restatement: Now it is obvious that … Теперь ясно, что … So, to make a long story short … Итак, если кратко изложить суть … Present your summary to the group Comment on the summary, presented by the other students (not) to be up to the mark (не) быть на хорошем уровне To be quite at home in the subject хорошо владеть предметом To be concise and to the point быть кратким и точным по сути To have a good (poor) command of the хорошо (неважно) владеть языком language All in all, my impression is … в целом, мое впечатление … UNIT Demand and Supply Active Vocabulary quantity — количество; размер; величина buy (bought, bought) — покупать, приобретать buyer — покупатель demand (smth) - требовать (что-л.), нуждаться в (чём-л.) supply — предложение (товара) excess supply — избыточное, чрезмерное предложение, перенасыщенность рынка supply — предлагать; снабжать; поставлять to supply smb with smth — поставлять что-либо кому-либо to supply smth to smb — снабжать кого-либо чем-либо 19 sell (sold, sold) — продавать(ся) seller — продавец equilibrium — равновесие, равновесное состояние, положение равновесия equilibrium price — равновесная цена 10 producer — производитель, изготовитель 11 consumer — потребитель 12 consume — потреблять 13 shortage — дефицит, нехватка, недостаточность предложения (товаров) 14 raise — повышать; увеличивать; поднимать 15 surplus — избыток, излишек 16 reduce — понижать; уменьшать; сокращать 17 reduction (in smth) - снижение, уменьшение, сокращение (чего-л.) 18 influence — (smth) оказывать влияние, влиять (на что-л.) 19 influence — влияние, воздействие 20 income — доход(ы), прибыль, поступления 21 increase — (in smth) увеличение, рост, возрастание, прирост (чегол.) 22 increase — увеличивать(ся), повышать(ся); расти; усиливать(ся) 23 substitute good — товар-заменитель (спрос на который изменяется в противоположном направлении по сравнению со спросом на другой товар, цена на который изменилась) 24 substitute — (for smth) заменитель (чего-л.) 25 decrease — (in smth) уменьшение, понижение, снижение (чего-л.) 26 decrease — уменьшать(ся), снижать(ся), убывать 27 complement good — товар-дополнение (спрос на который изменяется в том же направлении, что и спрос на некоторые другие товары, цены на которые изменились) 28 normal good — товар стандартного качества 29 inferior good — товар низкого качества 30 rise (rose, risen) — подниматься; увеличиваться; возрастать 31 fall (fell, fallen) — падать; опускаться; понижаться 32 technology — техника, технология 33 input — вложение, вводимый ресурс, затраты, инвестиции 34 input price — цена ресурсов, цена основных средств производства 35 improvement — улучшение, усовершенствование 36 improve — улучшать(ся), усовершенствовать(ся) 37 impose (on, upon) — облагать (налогом, пошлиной кого-л.), налагать (обязательства, штраф); возлагать (на кого-л.); навязывать (кому-л.) 38 private — частный; личный; собственный 20 TEXT Demand is the quantity of a good that buyers wish to buy at each price Other things equal2, at low prices the demanded quantity is higher Supply is the quantity of a good that sellers wish to sell at each price Other things equal, when prices are high, the supplied quantity is high as well The market is in equilibrium when the price regulates the quantity supplied by producers and the quantity demanded by consumers When prices are not so high as the equilibrium price, there is excess demand (shortage) raising the price At prices above the equilibrium price, there is excess supply (surplus) reducing the price There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others An increase in the price of a substitute good (or a decrease in the price of a complement good) will at the same time raise the demanded quantity As consumer income is increased, demand for a normal good will also increase but demand for an inferior good will decrease A normal good is a good for which demand increases when incomes rise An inferior good is a good for which demand falls when incomes rise As to supply, some factors are assumed3 as constant Among them are technology, the input price, as well as degree of government regulation An improvement in technology is as important for increasing the supplied quantity of a good as a reduction in input prices Government regulates demand and supply, imposing ceiling prices (maximum prices) and floor prices (minimum prices) and adding its own demand to the demand of the private sector each price — зд любая цена other things equal — при прочих равных условиях are assumed — рассматриваются, принимаются Assignments Arrange the following words into the pairs of verbs and nouns with the same stem e.g.: to fall (падать) – fall (падение) to fall, consumer, to stabilize, organization, demand, to sell, buyer, influence, to invest, to improve, consumption, fall, improvement, stabilization, to intervene, to organize, investment, seller, to consume, to buy, to demand, increase, to reduce, reduction, to influence, to increase, intervention Русским существительным, обозначающим изменение качества или количества, в английском языке часто соответствует 21 прилагательное в сравнительной степени или причасти II Например, «увеличение цен» - higher prices, increased prices; «улучшение технологии» - better technology, improved technology а) Translate the following word combinations in two ways mentioned above повышение доходов; уменьшение спроса; увеличение инвестиций; сокращение рынка; повышение предложения; улучшение технологий; увеличение ресурсов b) Translate into Russian: greater shortage; lower equilibrium price; increased demand; greater influence; decreased input; reduced government intervention; greater restrictions Make all possible word-combinations with the words from the right and the left columns and translate them into Russian: price quantity, to reduce, to rise, to impose, input, to raise, equilibrium, to fall, private, reduction, substitute to influence surplus, a seller, technology, input price, a good, a buyer, to raise, supply improvement decrease, surplus, quantity, to sell, technology, a good to decrease shortage, technology, input price, seller, quantity, surplus, reduction Translate into Russian paying attention to the words and wordcombinations from Active Vocabulary If the price is higher than the equilibrium one, it will be falling till the equilibrium price is reached and there is no more surpluses left If a good is sold at a price below the equilibrium one, the price will grow and reach the equilibrium price till there is no more shortage of the good left Governments buy and produce many goods and services, such as defense, education, parks, and roads for firms and individuals Firms producing computers act as buyers in the markets for the services of computer programmers Governments, through their control of the quantity of money in the economy, can influence business activity With a reduction in input prices firms will supply more of a good at each price Inflation is a rise in the level of prices as demand is higher than supply 22 because of an increase in the supply of money When there is a harvest failure, the producers' supply will decrease Supply restrictions imposed by cartels are as characteristic of industrialized economies as of developing economies Private sector in a mixed economy is that part of the economy that is controlled by private firms, not by government or corporations 10 Excess supply is a situation in which, at a certain price, the quantity of a good demanded by buyers is less than the quantity supplied by producers Translate into English: По мере того как цена товара растет, требуемое количество его уменьшается Положение в странах с низким доходом улучшилось с 1965 года Задача максимальной цены состоит в том, чтобы уменьшить цену для потребителей, а задача минимальной цены заключается в том, чтобы поднять цену для производителей и поставщиков Увеличение предложения ведет к повышению равновесного количества и понижению равновесной цены Когда цены будут уменьшены до равновесной цены, не будет товарных излишков Если цена одного товара падает, а цены других товаров, требуемых потребителем, остаются теми же самыми, то потребитель будет покупать более дешевые товары вместо дорогого товара a) Answer the questions to the text What is demand? What is supply? When are the demanded and supplied quantities of goods high? How are prices and the supplied and demanded quantities regulated by the market? Which factors influence demand? How they work? Which factors influence supply? How can governments regulate demand and supply? б) Think and answer: How can prices for other goods influence the demand for a good? Supply examples What inferior goods can you name? What may be the result of imposing ceiling prices? Retell the text 23 Scan the text and entitle it A change in demand takes place when one of the factors assumed constant changes An increase in income results in a rise of the quantity demanded, provided the goods are normal A change in the price of one good has an income effect and a substitution effect The income effect of a price increase is to reduce the quantity demanded of all normal goods For inferior goods, the income effect works in the opposite direction The substitution effect leads consumers to buy less of the goods whose price has increased The substitution effect of a price rise will also reduce the demand for the goods that are complementary to the goods whose price has risen In practice, there are three types of relationships between goods: the goods may be substitutes, complements, or independent The definition of the three types of relationships is based on the substitution effect of the price change of a good (1) The substitution effect is positive for substitute goods, the price of the good (j) and the quantity of the good (i) move in the same direction If the price of j increases, consumers tend to substitute i for j If the price of j decreases, then consumers tend to substitute the relatively cheaper j for i In both cases, there is a positive relationship between the price of j and the quantity of i An example is butter and margarine (2) The substitution effect is negative for complementary goods such as buns and hot dogs In this case, the price of hot dogs (j) and the quantity of buns (i) move in opposite directions An increase in price of j (hot dogs) means that the quantity demanded of j decreases and the quantity of the complementary goods i (buns) also decreases The same happens when the price of j decreases In both cases there is negative relationship between the price of j and the quantity of i Notice what if the goods change places in the equation, it may result in a different coefficient Let us consider the consumption of sugar and coffee A change in the price of coffee may have some influence on the use of sugar, but the change in the price of sugar probably will have very little influence on the use of coffee (3) The substitution effect is zero for independent goods Independence means that no substitution or complementary relationship exists between the two goods 9) Arrange the questions according to the context of the text Answer them Do all complementary goods affect each other’s use to the same extent? What examples of complementary goods are given in the text? What goods are called independent? 24 How many types of relationship between goods can you name? How does the substitution effect work with supplementary goods? How does the substitution effect work with substitute goods? Speaking and writing practice Imagine you are going to make a report on the lesson on microeconomics on the subject “The law of demand and supply” Write the text of your report and present it to the group Use extra sources of information and name them Arrange your report with the phrases: Let’s start with… (Let’s begin with…) - Начнем с… The subject of my report is… - Темой моего доклада является The following questions will be considered - Следующие вопросы будут рассмотрены in my report… в моем докладе… Now, let’s tough upon … - Коснемся теперь … Let’s switch over to… (go down to…, proceed to…)- Перейдем к … It is safe to say that… - Можно с уверенностью сказать, что… That is all as far as this problem is concerned - Это все, что касается данной проблемы Any questions? (Have you got any questions?)- Есть у вас вопросы? UNIT The nation’s economy Economic indicators Active Vocabulary whole — целый as a whole - в целом household — (условная) семья gross domestic product (GDP) - валовой внутренний продукт (ВВП) (денежная стоимость всех товаров и услуг, произведенных в хозяйстве за определенный период) gross — валовой; совокупный domestic — внутренний; отечественный; местный final goods — готовые изделия, готовая продукция measure — измерять measure — мера 10 way — образ действия; метод; способ 11 a way of doing smth — способ, которым делается что-л 12 in some way — каким-то способом 25 13 property — собственность, имущество 14 abroad — за границей, за границу 15 gross national product (GNP) - валовой национальный продукт (ВНП) (ВВП плюс проценты, прибыли и дивиденды, полученные из-за рубежа) 16 while — в то время как 17 average — средний 18 standard of living; living standard - жизненный уровень 19 however — однако, тем не менее 20 distribution — распределение 21 assets — фонды; имущество; активы 22 wear out — (wore, worn) изнашиваться 23 depreciation — износ (оборудования), амортизация; снижение стоимости; обесценивание 24 replace — (smth by / with smth) заменять (что-л чём-л) Coal was replaced by oil — Уголь был заменен нефтепродуктами 25 exist — существовать, быть 26 spending — расходы 27 since — 1) с, с тех пор как; 2) так как; поскольку 28 determine — определять, устанавливать 29 aggregate demand — совокупный спрос (совокупный спрос на все товары и услуги в экономике в какое-то определенное время) 30 make up (made, made) — составлять 31 considerable — значительный; большой 32 add (to smth) — добавлять, прибавлять (к чему-л.) 33 tax — налог 34 taxation — налогообложение 35 fiscal policy— налоговая, фискальная, бюджетная политика (использование государственных расходов для воздействия на экономику государства в целом) TEXT To have a glimpse in the working of the economy as a whole may be of use to a student of economics In every economy there are lots of households to supply labor and capital to firms that use them to produce goods and services Firms provide incomes for households, who in turn1 use this money to purchase the goods and services produced by firms This process is called the circular flow of payments2 The gross domestic product (GDP) is the total money value of all final goods produced in the domestic economy over a one-year period The GDP can be measured in three ways: (a) the sum of the value added in the production within a year, (b) the sum of incomes received from producing the 26 year's output, (c) the sum to spend on the year's domestic output of goods and services The total money value of all final goods and services in an economy over a one-year period, that is the GDP, plus property income from abroad (interest, rent, dividends and profits) make the gross national product (GNP) The GNP is an important measure of a country's economic well-being, while the GNP per head provides a measure of the average standard of living of the country's people However, this is only an average measure of what people get The goods and services available to particular individuals depend on the income distribution within the economy We now recognize that assets wear out in the production process either physically or become obsolete This process is known as depreciation There has to be part of the economy's gross output to replace existing capital, and this part of gross output is not available for consumption, investment, government spending, or exports So we subtract depreciation from the GNP to arrive at national income National income measures the amount of money the economy has available for spending on goods and services after setting aside enough money to replace resources used up in the production process Since output is determined by demand, the aggregate demand or spending plans of households and firms determine the level of the output produced, which in turn makes up the income available to households Aggregate demand is the amount to be spent by firms and households on goods and services Governments also step in the circular flow of income and payments They buy a considerable part of the total output of goods and services in an economy adding their demand to the demand of the private sector Since government spending is a large component of aggregate demand, and since taxes affect the amount households and companies have for spending, government spending and taxation decisions, which are referred to as fiscal policy, have major effects on aggregate demand and output _ in turn — в свою очередь circular flow of payments — кругооборот платежей; circular flow of income - кругооборот дохода Оба выражения используются параллельно для обозначения процесса движения денег и товаров между отдельными субъектами экономики (юридическими и физическими лицами) value added - добавленная стоимость; часть стоимости произведенной продукции, которая была внесена данным предприятием Она определяется как разница между стоимостью продаж и себестоимостью материалов, энергии и т.п и включает заработную плату, издержки на 27 реализацию и некоторые другие расходы Суммарная добавленная стоимость всей экономики равна ВВП are referred to as — называются Assignments Find English equivalents for the following Russian ones амортизация фондов, обложение собственности налогом, экономика в целом, отечественное производство, существующие фонды, средняя заработная плата, средняя семья, крупная собственность, собственность за рубежом existing assets, fiscal policy, to replace assets, taxation of assets abroad, property taxation, depreciation measure, depreciation of assets, circular flow of payments, average household, household spending, taxes imposed on households, home production, property abroad, economy as a whole, average wage, domestic production rather than production abroad, household property, domestic production, considerable property Choose the right variant The (measure / way) in which the European Union's statistical system is adapting to requirements of the 21st century is of importance both inside and outside the European Union The marginal product of labor is how much each extra worker (adds to / makes up) total output In a dynamic political society old statistic systems have to be (replaced/ determined) by new ones If a person can what he wishes with his own (property / output), time, and energy, then economists say that he is economically free The price of a good in a market is (determined / measured) by the law of demand and supply (Gross / aggregate) demand is the total amount of (spending/ depreciation) on (final/ domestic) goods and services You and your family have an annual (годовой) income which allows you to consume various goods and services, live in a particular neighborhood (район) and maintain a certain (standard of living/fiscal policy) Match the two parts together to make a sentence Taxes have a great effect on the a their international image are of way prime importance Economists consider the value b someone else's income of total output of the public sector c to provide conditions under which as well as the private sector nationalized industries could not be 28 The GDP is the basic measure In most countries higher living standards of the typical man rather than Import is a good which is produced abroad One person's spending must be Individual incomes come either from working or from property When industries were first nationalized in Britain, many of them after the Second World War, the governments' aim was run directly by ministers, but through boards of directors with a considerable measure of managerial independence d society allocates its scarce resources e which earns rent, dividends, interest f to make up the gross national product g and which is then transported to and sold in the home market h of the total output of goods and services in the economy Translate the sentences into the Russian The aggregate price level is a measure of the average level of prices of goods and services in the economy, relative to their prices at some particular date in the past The amount of information to be used in measuring the GNP is enormous, and there are always errors in collecting and adding up numbers So, aggregate data - the data that represent the whole economy - can never be fully accurate and complete Material goods and services make up only a part of a person's welfare Besides, there should be available such costless rights as freedom of speech and others In the 1980s British workers in the gas and electricity industries earned £20 a week more than the national average wage and earned considerably more than workers in the textile industry The primary sector together with the industrial sector and the service sector form a chain of economic activities which make up a whole economy They believe there are considerable advantages to be obtained from increasing the size of the enterprise Due to taxes, part of the income of households to be spent on consumer goods and services is reduced Translate into the English Совокупное предложение зависит от рынков товаров и труда Следует знать средний темп увеличения зарплаты в год После покупки предприятия в прошлом месяце новый владелец не стал заменять всю управленческую команду немедленно 29 Увеличение государственных расходов и заимствований (borrowing) оказывает некоторое воздействие на процентные ставки (interest rates), которые будут предложены банками Модель круговорота дохода показывает, как, в денежном выражении, семьи покупают товары и услуги у фирм, используя доход, полученный от поставки фирмам факторов производства Средние прямые правительственные выплаты американским фирмам в субсидируемых отраслях колеблются в зависимости от размера фирмы Хотя власти США наложили некоторые ограничения на импорт зерна из Европейского Сообщества, нет никаких доказательств, что это в значительной степени сократило экспорт из ЕЭС 6 Answer the questions to the text: What process is known as the circular flow of payments? What is the gross domestic product? What is the gross national product? What does the GNP indicate? How is national income determined? What is aggregate demand? How government activities affect the aggregate demand? What is fiscal policy? Summarize the text Scan the text and answer the questions: In what countries is there large difference between GDP and GNP? Why? Does one characterize a country in economics by the location of economic activity of its population or by the location of its population wherever (где бы ни) such activity may take place? The GNP follows the second method For example, if a French company owns a factory in Germany, it contributes to the French GNP While the GNP depends on who owns property, the GDP depends on location It is produced by all factors of production within the country, both domestic and foreign owned To draw a line between GNP and GDP is not an easy matter as the difference between them is small but there exist interesting exceptions Switzerland earns a considerable share of its income abroad, which is due to the large number of Swiss-owned multinational companies Its GNP has been reported to be more than its GDP by percent It is known tat Pakistan, too, has a GNP bigger than its GDP since its large population living abroad regularly transfers labor income to the home 30 country Most interesting is Kuwait which has used its oil income over the years to acquire (приобретать) property abroad As a result of its high investment income, its GNP is known to be bigger than it GDP by 35 percent Speaking and writing practice Chose one of the questions below and write a paragraph developing your own ideas on this question Can the average standard of living reflect the actual way in which people of all social groups live? How can government spending stimulate the development of a particular industry? Present your essay to the group, comment on the other presented essays (See NOTE to the Unit 3) СПИСОК ИСПОЛЬЗОВАННОЙ ЛИТЕРАТУРЫ Драчинская И Ф., Дубинина Г А Учебное пособие по английскому языку для студентов первого курса - М.: Финансовая академия, 2001 Глушенкова Е В Английский язык для студентов экономических специальностей – М.: ООО «Издательство Астрель», 2003 Шевелева С А English on Economics – М.: Издательскте объединение «ЮНИТ», 2004 Англо-русский экономический словарь, под ред И Ф Ждановой, Э Л Вартумян Изд 31 3-е М.,2000 СОДЕРЖАНИЕ Предисловие………………… Unit 1………………………… Unit ………………………… Unit 3………………………… Unit 4………………………… Unit 5………………………… 32 13 19 24 [...]... practice, there are three types of relationships between goods: the goods may be substitutes, complements, or independent The definition of the three types of relationships is based on the substitution effect of the price change of a good (1) The substitution effect is positive for substitute goods, the price of the good (j) and the quantity of the good (i) move in the same direction If the price of j increases,... to make up the gross national product g and which is then transported to and sold in the home market h of the total output of goods and services in the economy 4 Translate the sentences into the Russian 1 The aggregate price level is a measure of the average level of prices of goods and services in the economy, relative to their prices at some particular date in the past 2 The amount of information... and coffee A change in the price of coffee may have some influence on the use of sugar, but the change in the price of sugar probably will have very little influence on the use of coffee (3) The substitution effect is zero for independent goods Independence means that no substitution or complementary relationship exists between the two goods 9) Arrange the questions according to the context of the text... of the essay which should include the title, the introductory paragraph (the main point, thesis), your original thoughts and ideas on the problem, development of the theses, supported by facts ( the body of the essay) an the conclusion which is the mirror of the introduction, review your most important points, suggest some solutions to the problem UNIT 3 The scope of economics Active Vocabulary 1 scope... price of j (hot dogs) means that the quantity demanded of j decreases and the quantity of the complementary goods i (buns) also decreases The same happens when the price of j decreases In both cases there is negative relationship between the price of j and the quantity of i Notice what if the goods change places in the equation, it may result in a different coefficient Let us consider the consumption of. .. substitute i for j If the price of j decreases, then consumers tend to substitute the relatively cheaper j for i In both cases, there is a positive relationship between the price of j and the quantity of i An example is butter and margarine (2) The substitution effect is negative for complementary goods such as buns and hot dogs In this case, the price of hot dogs (j) and the quantity of buns (i) move... economies, (the former /the latter) gave way in many countries of the world to (the former/ the latter) 3 Put the following words into the sentences and translate them into Russian both, government, restrictions, the former, the latter, economics, through, to produce, services (2), goods (2), regulations, mixed economy 1 Every group of people must solve three main problems: what … and … to produce, how … them... high as the equilibrium price, there is excess demand (shortage) raising the price At prices above the equilibrium price, there is excess supply (surplus) reducing the price There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others An increase in the price of a substitute good (or a decrease in the price of a complement good) will at the same... government the level of production of social services may be higher than the level of production of goods for individual consumption 5 The world economy produces mostly for the people living in the industrial countries 6 In many countries there was a large dose of central regulation and planning 7 Even the countries with free market economy still have high levels of government activity in the production of. .. briefly the way economics is organized First of all, here are two major divisions of economics: microeconomics and macroeconomics Microeconomics deals with the functioning of individual industries and the behavior of individual economic decision-making units 1: single business firms2 and households Microeconomics explores the decisions that individual business and consumers make The choices of firm ... demand for a normal good will also increase but demand for an inferior good will decrease A normal good is a good for which demand increases when incomes rise An inferior good is a good for which... Волгоградского государственного технического университета Составитель: Марина Владиславовна Мищенко ENGLISH FOR THE STUDENTS OF ECONOMICS Методические указания по развитию навыков устной речи на английском... social science studying economy Why study economics? In fact, people it for countless reasons For many people concern for the economy goes no further than the price of tuition or the fear of