VOCABULARY. advantage n – преимущество

advantage n – преимущество

absolute ~ – абсолютное преимущество

comparative ~ – сравнительное преимущество

customs duty – таможенная пошлина

embargo n – юридический запрет торговой деятельности

to remove an ~ снимать запрет

under ~ – under embargo

export n – экспорт

visible ~s – видимые статьи экспорта (экспорт товаров)

invisible ~s – невидимый экспорт (экспорт услуг)

protectionism n – протекционизм (политика государств направленная на ограждение национальной экономики от иностранной конкуренции)

quota n – квота

to exceed one's ~ –превосходить квоту

to fill/fulfil/ meet a ~ – составлять квоту

restriction n – ограничение

to impose/ place/ put on ~ – вводить, налагать ограничения

retaliate v – 1) отплачивать тем же, 2) применять репрессалии (путем введения повышенных пошлин)

specialization n – специализация

tariff n – тариф/ пошлина/ расценка

protective ~ защитная/протекционистская пошлина

revenue ~ фискальный тариф/пошлина

to impose/ levy a ~ – вводить, налагать пошлины

to pay a ~ платить по тарифным ставкам

to eliminate a ~ отменить пошлину

GLOSSARY

· Absolute advantage is the ability of a country to produce a good using fewer resources than another country.

· Comparative advantage is the ability of a country to produce a good at a lower opportunity cost than another country. A country with absolute advantages in a number of different products should concentrate on the products which bring the greatest advantage.

· Embargo is a law that bars trade with another country.

· Free trade is a system which allows certain countries to buy and sell goods from each other without any financial restrictions.

· Invisible exports or invisible imports – trade in services such as banking, insurance and tourism.

· Protectionism is the government’s use of embargoes, tariffs, quotas, and other restrictions to protect domestic producers from foreign competition.

· Quota is a limit on the quantity of a good that may be imported in a given time period.

· Tariff is a tax on an import.

· Visible exports and visible imports – trade in goods such as food, raw materials, and manufactured goods.

· WTO – World Trade Organization.

GLOBALIZATION

DISCOVERING CONNECTIONS

1. How would you define globalization?

2. What are the advantages of globalization?

3. Why do we witness a lot of protests against globalization?

4. Would you like to work for multinational company?

5. What problems might managers of multinational company face?

READING

Text 1

As you read the text think of its possible outline.