Measuring economic activity

I. Read and memorize the following words, word-combinations and word-groups:

measures of economic activity – показники економічної діяльності

E.g. Understanding how an economy works and carefully examining different perspectives on the economy frequently require quantitative measures of economic activity.

to tower – знижувати(ся)

E.g. The stocks lowered in value.

unit of account – одиниця обчислення

E.g. Money is frequently used as a unit of account.

to quote a price in terms of smth. – визначати ціну в чомусь

E.g. When prices are quoted in terms of the domestic unit of account it is easy to determine how many units of one good trade for another.

implicit – не виражений прямо, прихований

exchange ratio – мінове відношення

E.g. This implicit exchange ratio of goods for goods is the relative price.

relative price – відносна ціна

E.g. Relative prices play an important role in the decisions that individuals make.

purchase – купівля

E.g. I have some purchases to make.

microeconomics – мікроекономіка

E.g. The study of what determines relative prices and what happens when relative prices change is called microeconomics.

aggregate price level – загальний рівень цін

E.g. It is often useful to have a measure of the general or aggregate price level in addition to measures of specific relative prices.

price index – індекс цін

E. g. The price level is measured using a price index.

market prices – ринкові ціни

E.g. A price index is usually created by pricing a basket of goods at market prices in a base year.

to normalize expenditures – нормувати витрати

E.g. The expenditures at each subsequent date are also normalized, using the base period expenditures.

current prices – існуючі ціни

E.g. The same basket of goods is priced at current market prices at subsequent dates.

aggregate output – сукупний обсяг виробництва

E.g. Aggregate output is the way to measure the dollar value or the total production of goods and services in an economy.

to evaluate – оцінювати

E.g. These goods were evaluated at current market prices.

to deflate – знижувати ціни

E.g. A price index can be used to create a measure of real aggregate output, real GNP, by deflating nominal GNP.

II. Give English equivalents of the following:

визначати ціну в чомусь одиниця обчислення

приховане мінове відношення визначати відносні ціни

мати ціну на існуючому ринку загальний рівень цін

нормалізувати витрати за ринковими цінами

сукупний обсяг виробництва Індекс цін

індекс цін зростає або знижується (падає)

III. Fill in the blanks with appropriate words: