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T e X t 6
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Read the following text. Define its main topic. Divide the text into logical parts. Give the title to the text and to each part. Explain the meanings of the words and phrases which have been highlighted.
The study of economics would be incomplete without an understanding of the nation’s role in the world economy. The study of the world economy is known as “international economics”. International economics embraces two broad areas of interest: international trade and international finance. World trade has been gaining increasing significance among nations. Why do nations trade? The answer is that nations have different quantities and qualities of economic resources and different ways of combining them. As a result, each country can produce certain goods more efficiently, or at relatively lower costs, than others. This idea can be stated somewhat differently. Imagine a world consisting of only two countries, each producing the same goods. Under such circumstances, the alternative or opportunity cost to each country of producing more of one good is the amount of the second good that must be sacrificed. In view of this, which of the two goods should the countries produce? The answer is that each should specialize. When two parties engage, the sacrifice that each makes to obtain something from the other is called the “terms of trade”. For example, in order to buy a book, you might have had to give up five visits to the movies. Your terms of trade, therefore, are 5 movies = 1 book. The terms of trade for a given transaction equal the number of units of goods that must be given up for one unit of goods received by each party to the transaction. Or in other words, terms of trade are defined as the ratio of the prices of its export commodity to the price of its import commodity. Despite the fact that trade is of great importance for each nation, all countries impose restrictions of one form or another to protect some of their domestic industries. The restrictions may be of several types: tariffs, import quotas, nontariff barriers. Tariffs are customs duties or taxes imposed by a government on the importation of a good. Tariffs may be (1) specific, in the form of a tax per unit of the commodity, or (2 ) ad valorem, based on the value of the commodity. Import quotas are laws that limit the number of units of a commodity that may be imported during a specified period. Nontariff barriers are any laws or regulations, other than tariffs, that nations impose in order to restrict imports. For instance, to “protect the health and safety” of their citizens, many countries establish higher standards of quality for various kinds of imported goods than for similar goods produced domestically.
Ex.13. Insert the missing words given below.
Consumption, take account of, manager, state, environment, include, capital, macroeconomics, economy
In a simplistic... in which individuals or families produce primarily for their own..., economy-wide phenomena are of little importance. On the other hand, the complex financial … and production process that characterizes an advanced economy in the 1980s requires individual decision makers... both the current economic environment and forecasts of the economic environment. Decisions that require an understanding of the overall functioning of the economy... business decisions such as whether firm should sell bonds or stock to raise new... and individual decisions such as whether to change jobs or purchase a new home. Whether a person «wears the hat» of an entrepreneur, a business..., or a head of a household, it is important to be aware of the... of the economy as a whole. Specific factors that determine the advisability of these and other decisions are studied as part of....
Ex.14. Add an appropriate preposition to each of the following sentences where indicated.
1. This refers... the interactive effect of the parts of the system working together.
2. They decorated the house regardless... cost.
3. Economic forms range... the mixed private enterprise... completely controlled economies.
4. Everyone, irrespective...means or occupation, shall have an equal opportunity.
5.This function is basically performed... the price mechanism.
6.This simply means that demand... and supply... goods and services interact.
7. Gradual change is preferable...sudden, large-scale change.
8. Such a system affects... every link in the distribution chain.
9.They have to satisfy their wants and needs... the consumption of such products and services.
10.It has also made it easier...the same time.
11.The political system is coupled... the economic system.
12.Organization must have access.. modern technology.
13.All organizations depend... supply of labour force.
14.The economic system is concerned... the allocation of scarce resources.
15. We must try to cope... our problems.
16.The entrance door gives access... the living room.
Ex.15. Open the brackets.
The Price System Who (to tell) workers where (to work) or what occupation to choose? Who (to declare) how many cars should (to produce) and how many homes should (to built)? Who (to specify) the predominant style of women’s dresses or men’s suits?
The greater the degree of competition the more these matters (to decide) impersonally and automatically by the price system or the market system. This may (to view) as a system of rewards and penalties. Rewards (to include) profits for firms and people who (to succeed). Penalties (to include) losses, or probably bankruptcy, for those who (to fail). The price system (to be) fundamental to the traditional concept of market economy.
The price system basically (to operate) on the principle that everything that (to exchange) – every good, every service, and every resource – (to have) its price. In a free market with many buyers and sellers, the prices of these things (to reflect) the quantities that sellers (to make) available and the quantities that buyers (to wish) (to purchase).
Thus, if buyers (to want) (to purchase) more of a certain good than suppliers (to have) available, its price (to rise). This (to encourage) suppliers (to produce) and (to sell) more of it. On the other hand, if buyers (to want) (to purchase) less of a certain good than suppliers (to prepare) (to sell), its price (to fall). This (to encourage) buyers (to purchase) more of it.
This interaction between sellers and buyers in a competitive market, and the resulting changes in prices, (to be) what most people (to refer) to by the familiar phrase “supply and demand”.
Ex.16. Give the English equivalents to the following.
Приобретает все возрастающее значение; альтернативные издержки; при таких условиях; который должен быть принесен в жертву; постарается быть самодостаточным; тарифы; квоты на импорт; условия торговли; нетарифные барьеры; навязывать ограничения; защитить отечественную промышленность; таможенные пошлины; налог на единицу товара; в определенный период; установить более высокий стандарт качества на товары.
Ex.17. Translate the following sentences into English.
1.Это следует рассматривать с точки зрения действия всей системы.
2.Одна из ее функций – эффективное размещение ресурсов.
3.Рыночная цена – результат взаимодействия спроса и предложения на товары и услуги.
4.Экономика не может существовать без системы распределения.
5.Все решения – это отражение всех компонентов культуры.
6.Когда мы говорим о государственном секторе, мы подразумеваем бюрократический аппарат.
7. Если происходит нарушение закона, они знают, что у них есть защита.
8.Чтобы успешно конкурировать, организация должна иметь доступ к современным технологиям.
9.Все организации зависят от предложения рабочей силы.
10.Руководитель должно четко реагировать на все изменения в деловой среде.
11.В конечном итоге, успех организации определяют потребители.
Ex. 18. Let’s review the core concepts of economics. Translate the following into Russian.
1. Economics is the study of how people, individually and collectively, allocate their limited resources to try to satisfy their unlimited wants.
2. Scarcity occurs because human wants exceed the production possible with our limited time and resources.
3. A good is any item or service that satisfies a human want and, in so doing, adds to human happiness.
4. Production entails using technology to apply energy to materials in ways that make the materials more valuable, or that otherwise help satisfy human wants.
5. Labour resources are the physical and mental talents that people can make available for production.
6. Opportunity cost is the value of the best alternative surrendered when a choice is made.
7. Absolute prices are prices in terms of some monetary unit.
8. Relative prices are the prices of goods or resources in terms of each other, and are computed by dividing their absolute prices by one another.
9. Economic efficiency is achieved when we produce the combination of outputs with the highest attainable total value, given our limited resources.
10. Inputs are resources used in the production process, such as labour and raw or semifinished materials.
11. Outputs are transformed materials; the results of production.
12. Demand is the quantity of a specific good that people are willing and able to
buy during a specific period, given the choices available.
13. Supply refers to the quantity of a specific good that sellers will provide under alternative conditions during a given period.
14. Market equilibrium occurs at the price-quantity combination where the quantities demanded and supplied are equal.
15. A surplus is the excess of the quantity supplied over quantity demanded when the price is above equilibrium.
16. Gross Domestic Product (GDP) is the total market value of goods and services produced within a country during some period, usually one year.
17. Gross National Product (GNP) is the value of all output produced by resources owned by the citizens of a country.
18. Economic growth is a positive quantitative change in an economic system; occurs when a society acquires greater productive capacity that can be used for consumption or investment.
19. Capital is all physical improvements made to natural resources that facilitate production, including buildings and all machinery and equipment.
20. Wealth is the value of the assets owned by an individual or a group of individuals.
SPEAK AND WRITE
1.Why is it important to view organizations open systems interacting with their environment?
2. Do you know any closed systems? Give some examples.
3. Give your own examples of the environmental influence on a business / on an individual.
4. Prepare a short report on the biography of a famous economist.
5.What would happen to standards of living in your country if all foreign trade were prohibited? How significant do you think this would be? In what areas would this impact be the strongest?
6.Does everything have a price? Are there some things you would not do regardless of price? (Remember: prices and money are not synonyms; prices may be nonmonetary.)
7. Summarize the information of the Unit to be ready to speak on Economics. The first step to be done is to write the plan of your future report.
8. Choose any question (problem, topic) relating to Economics and prepare a 5-7 minute report. Refer to different additional sources to make your report instructive, interesting and informative.
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