SPEAKING. A. Useful language: Decision-making

Study the table below and then listen to the management of a retail group discussing the problem of their store in Paris. Tick the expressions in the Useful Language box that you hear.

Ex. 1. Listen to a marketing consultant presenting her report to the management of a retail group. Complete these extracts.

1. I ……… you review your product ranges as soon as possible.

2. What ……… is more knowledge of the youth market.

3. I think ……… a top executive to run that part of the business.

4. I’m ……… with the furniture department.

5. I just ……… it will ever make much money.

6. I also have ……… about your stationery department.

7. The answer ……… is to do something quickly.

8. So, this is ……… now. In my opinion reduce your range of products, cut out the loss makers.

Ex. 2. Choose a section in the Useful Language box for each of the missing words and phrases 1 to 8.

Ex. 3. A. Role play this situation. You are board members of a manufacturing firm. As your company is making loss, you must cut costs. Hold a meeting to decide which one of this options to follow.

· Cut factory workers’ wages by 10 per cent

· Pay no end-of-year bonuses

· Make 50 employees redundant

· Reduce everyone’s sales by 8 per cent.

B. Discuss the following issues:

1. What is the rate of GDP in Belarus/the USA/the EU?

2. Which countries in the world have the highest/lowest GDP?

3. Would selling a previously owned or older apartment building affect the GDP? Why?

4. How do changes in disposable income affect government purchases?

5. What examples of economic overconfidence do you know?

6. What measures do governments take to avoid overheating of economy?

7. What countries in the world are presently enjoying the highest rates of economic growth?

C. Summarize the information of the Unit to be ready to speak on Gross Domestic Product. Use the following prompts as a plan.

– Give the definition of GDP.

– Dwell on the components of GDP.

– Speak on other measures of income in short

– Explain what gross national product is.

– Give the definition of economic growth.

– Comment on positive and negative impacts of economic growth.

VOCABULARY

adjust v – регулировать, налаживать

adjustable adj – регулируемый, подвижный

adjusted for inflation – с поправкой на инфляцию

adjustment n – регулировка, приспособление

seasonal ~ – поправка с учетом сезонных изменений

capacity n – мощность, производительность..

expanding ~ потенциал роста

depreciation n – 1. обесценивание; 2. изнашивание, амортизация

domestic adj – отечественный, внутренний

ensure v – гарантировать, обеспечивать

estimate v – оценивать

expenditure n – издержки, расход(ы)

to undertake ~ – нести расходы

expansion n – экспансия; подъем экономической активности

gross domestic product (GDP) – валовый внутренний продукт

~ deflator – дефлятор валового внутреннего продукта

gross national product (GNP) – валовой национальный продукт

impact n – сильное воздействие; влияние

income n – доход, прибыль

personal ~ – личный доход

national ~ – национальный доход

disposable personal ~ – располагаемый личный доход

intermediate adj – промежуточный

~ goods – промежуточные товары

intervene v – вмешиваться

inventory n – материально-производственные запасы

measure v, n – измерять; мера, критерий

output n – 1. выпуск; 2. продукция; 3. производство; 4. производительность

net national product (NNP) – чистый продукт страны, национальный доход

revenue n – доход, поступление от продаж

share n – акция

~ capital – акционерный капитал

~ holder – акционер

social security 1) социальное страхование, 2) социальное пособие / социальная защита syn. benefit, dole, welfare

spending n – расходы

government/non-government ~ (syn. government expenditures) –правительственные/неправительственные расходы

~ power – покупательная способность

transaction n – сделка

transfer n – перевод (денежных сумм)

~ payments – трансфертные платежи, передаточные платежи (выплаты населению по программам социального страхования и платежи процентов владельцам государственных обязательств)

make a ~ – делать перевод

pay by ~ – уплатить посредством перевода

value n – цена, стоимость

market ~ – рыночная стоимость

welfare n – социальное обеспечение

well-being n – благосостояние, материальное благополучие; благоденствие, процветание

standard of ~ – уровень благосостояния

GLOSSARY

· Depreciation is the wear and tear on the economy's stock of equipment and structures

· Disposable personal income is the income that households and non-corporate businesses have left after satisfying all their obligations to the government.

· Economic growth is a real increase in the gross domestic product (GDP) of a country.

· Gross domestic product (GDP) the market value of all final goods and services produced within a country in a given period of time.

· GDP deflator a measure of the price level calculated as the ratio of nominal GDP to peal GDP times 100.

· Gross national product (GNP) is the total income earned by a nation's permanent residents (called nationals)

· Government purchases spending on goods and services by local, state, and federal governments.

· National income is the total income earned by a nation's residents in the production of goods and services.

· Net exports spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports).

· Net national product (NNP) is the total income of a nation's residents (GNP) minus losses from depreciation

· Nominal economic growth is an economic growth including inflation.

· Nominal GDP the production of goods and services valued at current prices.

· Personal income is the income that households and non-corporate businesses receive

· Real economic growth is nominal growth minus inflation.

· Real GDP the production of goods and services valued at constant prices.