Aggregate supply

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

aggregate supply – сукупна пропозиція

E.g. We begin our analysis of macroeconomic fluctuations by examining the determinants of potential real output and aggregate supply.

potential real output – потенційне реальне виробництво

E.g. Potential real output is determined by the natural resources available to an economy, the technologies that it has developed or acquired, the amount of capital that it has accumulated, and the amount of labor it has available.

to fully employ labor resources – повною мірою використовувати трудові ресурси

E.g. Labor resources are fully employed when there is equilibrium in each labor market.

the real wage – реальна заробітна плата

E.g. The real wage is the purchasing power of the wage payment, which is in turn the amount of money paid to workers per hour, week, or month of work.

equilibrium in the labor market – рівновага на ринку праці

E.g. Equilibrium in the labor market, as in any market, occurs when the amount willingly supplied is equal to the amount willingly demanded.

unemployment – безробіття

E.g. Unemployment occurs, because the real wage does not quickly adjust to a new equilibrium when the demand or supply of labor changes.

true unemployment – реальне безробіття

E.g. Another part of unemployment is true unemployment – there are no job openings corresponding to those who are without work.

cycle unemployment – циклічне безробіття

E.g. The lack of jobs is a consequence of the business cycle unemployment.

structural unemployment – структурне безробіття

E.g. The lack of jobs may also correspond to a problem with skills and training (structural unemployment).

frictional unemployment – фрикційне безробіття

E.g. Frictional unemployment results when individuals leaving one job (or looking for a first job) do not immediately find a new job, even though there are vacancies in the economy.

recession – спад виробництва

E.g. A recession will be accompanied by declining prices and nominal wages, but the economy will eventually tend toward full employment and the production of potential real output.

II. Give English equivalents of the following:

супроводжуватися зниженням цін рівновага на ринку праці

та номінальної плати відповідна вакансія

повною мірою використовувати виробнича потужність

трудові ресурси спад виробництва

здібності, що відповідають певній роботі шукати роботу

IIІ. Fill in the blanks with appropriate words: