МІНІСТЕРСТВО ОСВІТИ І НАУКИ УКРАЇНИ 

ДНІПРОДЗЕРЖИНСЬКИЙ ІНДУСТРІАЛЬНИЙ КОЛЕДЖ

Державного вищого навчального закладу

 «Український державний хіміко-технологічний університет »

 

 

Затверджую                                                                                      Заступник директора                                                                                                            з навчальної роботи

 

______________С.О. Стоянова

 

«______»___________2018 року

 

 

Методичний посібник

з іноземної мови

(за професійним спрямуванням)

 

для студентів II курсу

спеціальності

051 Економіка

(спеціалізація «Економіка підприємства»)

 

 

Розробила викладач 

Пухальська Д.Л.

 

Розглянуто і ухвалено

на засіданні комісії гуманітарних та соціальних дисциплін

Протокол № ____

від « ___ » ____________ 2018р.

 

Голова комісії

_______________Ляленко В.А.

 

 

2018

 

     Методичний посібник складений для студентів спеціальності 051 Економіка (спеціалізація «Економіка підприємства»).

Мета методичного посібника — розвиток навичок розуміння й аналізу оригінальних економічних текстів, збагачення словникового запасу новою лексикою, удосконалення навичок розмовної мови, уміння вести бесіду, брати участь у дискусіях англійською мовою, формувати соціально-комунікативну позицію фахівця в галузі економіки.

Посібник складений згідно з вимогами навчальної програми з іноземної мови для підготовки молодших спеціалістів з економіки і охоплює нормативну граматику англійської мови та базовий лексичний мінімум.

Методичний посібник складається з 15 розділів. Кожний розділ являє собою окрему економічну тему і включає оригінальні тексти із зарубіжної економічної літератури. До текстів пропонуються коментарі, лексично-граматичні вправи та завдання на формування мовленнєвих навичок і вмінь використання лексичного матеріалу, що вивчається в ситуаціях реального спілкування. В кінці методичного посібника поданий словник економічних термінів.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Зміст

 

Розділ 1……………………………………………………………………………….. 5 

Тема: What is Economics? – Що таке економіка?

Текст: A, B, C, D

 

Розділ 2……………………………………………………………………………. ...  14

Тема: Economy of Ukraine – Економіка України

Текст: A, B, C, D, E

 

Розділ 3………………………………………………………………………………  26

Тема: Economy of Great Britain – Економіка Великобританії

Текст: A, B, C, D

 

Розділ 4………………………………………………………………………………  35

Тема: Economic Systems – Економічні системи

Текст: A, B, C

 

Розділ 5………………………………………………………………………………  43

Тема: Demand – Попит

 

Розділ 6………………………………………………………………………………  49

Тема: Supply – Пропозиція

 

Розділ 7………………………………………………………………………………  54

Тема: Market Price – Ринкова ціна

 

Розділ 8………………………………………………………………………………  60

Тема: Aggregate Supply and Demand – Сукупний попит і пропозиція

Текст: A, B

 

Розділ 9………………………………………………………………………………  65

Тема: Markets and Market Structures – Види ринків та ринкових структур

 

Розділ 10……………………………………………………………………………..  70

Тема: Factors of production – Фактори виробництва

Текст: A, B

 

Розділ 11……………………………………………………………………………..  75

Тема: Business Organizations – Бізнес організації

Текст: A, B, C

 

Розділ 12……………………………………………………………………………..  85

Тема: Labour – Праця

Текст: A, B

 

Розділ 13……………………………………………………………………………..  90

Тема: Banking – Банківська справа

 

Розділ 14……………………………………………………………………………..  93

Тема: Money – Гроші

 

Розділ 15……………………………………………………………………………..  96

Тема: Taxation – Оподаткування

 

Словник економічних термінів…………………………………………………...  102

Список використаної літератури……………………………………………........  115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit №1

 

WHAT IS ECONOMICS?

 

Text A

Studying economics for the first time, it is necessary to know what economics is all about1. Unfortunately, it is not possible to define the subject by a single word. Economics was defined as the study of mankind in the everyday business life. This means that economics deals with production, distribution, exchange and consumption. It answers such questions as: How do we produce all the things we need? How are prices determined? Economics is also concerned with2 unemployment, inflation, international trade, the interaction of business and labour, and the effects of government spending3 and taxes.

Economics does not stop with the description of economic activity because description alone leaves unanswered many important why and how questions.

Economics is a social science like history, geography, politics, psychology and sociology. It is the study of human efforts to satisfy what seems like unlimited and competing wants4 through the careful use of relatively scarce resources. Economists study what is or tends to be and how it came to be. They do not in any way pretend to tell what ought to be. People must make up their own minds5 about that.

Economics is therefore concerned with activities relating to wealth, i.e. production, consumption, exchange and distribution.

For our own purpose, we shall define economics as the study of man in his attempts to gain a living6 by utilizing his limited resources.

 

COMMENTS

 

1. ... what economics is all about — що складає економiку

2. to be concerned with — мати справу із; займатися

3. the effects of government spending — ефективнiсть урядових витрат

4. ... unlimited and competing wants — необмеженi потреби, що пос­тійно зростають

5. to make up one’s own mind — вирiшувати самому

6. to gain a living — заробляти на життя

 

1. Знайдіть еквіваленти:

 

1. for the first time   2. production   3. distribution   4. exchange   5. consumption   6. to determine price   7. international trade   8. unemployment   9. scarce resources 10. unlimited wants 11. to make up one’s own mind 12. limited resources 13. to gain a living 14. taxes

a. необмеженi потреби б. розподiл в. cпоживання г. виробництво д. уперше е. недостатні ресурси є. вирiшувати самому ж. обмiн з. безробiття и. обмеженi ресурси i. визначати цiну ї. мiжнародна торгiвля й. податки к. заробляти на життя

 

2. Доповніть наступні речення:

 

1. Economics was defined ... . 2. It answers such questions as ... . 3. Economics is also concerned with ... . 4. It does not stop with the description of economic activity because ... . 5. Economics is a social science like ... . 6. Economics is the study of ... .

 

3. Заповніть пропуски прийменниками та прислівниками:

 

1. Unfortunately, it is not possible to define the subject ... a single word. 2. Economics deals ... production, distribution, exchange and consumption. 3. Economics is also concerned ... unemployment, inflation, international trade, the interaction ... business and labour, and the effects ...  government spending and taxes. 4. Economics does not stop ... the description ... economic activity ... description alone leaves unanswered many important why and how questions. 5. It is the study ... human efforts to satisfy what seems like unlimited and competing wants ... the careful use ... relatively scarce resources.

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

                 Column A     Column B

 

1. economics	a. Something in short supply; not enough to meet demand.
2. production	b. Activity of buying and using goods.
3. distribution	c. The creation of services or the changing of material into products.
4. exchange	d. The activity of selling goods and services in order to make a profit.
5. consumption	e. The production, distribution and sale of goods and services for a profit.
6. business	f. The movement of finished products from     the manufacturing location to the marketplace.
7. trade	g. The social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants.
8. scarce	h. The process of trading or bartering one unit or set of goods or services for another unit or set.

 

5. Дайте відповіді на питання:

 

1. What is necessary to know studying economics for the first time? 2. What does economics deal with? 3. What questions does economics answer? 4. Why does economics not stop with the description of economic activity? 5. What kind of science is economics? 6. What does economics study? 7. What do economists study? 8. What must people make up their own minds about? 9. How shall we define economics?

 

6. Перекладіть на англійську мову:

 

1. Неможливо визначити економiку одним словом. 2. Економiка визначалася як вивчення людства в повсякденному дiловому життi. 3. Економiка вiдповiдає на питання: Як визначається цiна? 4. Еконо­мiка не вичерпується описом економiчної дiяльностi. 5. Економiсти вивчають зусилля людини, спрямовані на задоволення своїх необмежених потреб і водночас на бережливе використання вiдносно недостатнiх ресурсiв. 6. Ученi в жодному разi не мають намiру розповiдати про те, що має бути. 7. Отже, економiку зв’язано з дiяльнicтю для забезпечення добробуту.

 

WHAT IS ECONOMICS?

 

Text B

Economics like any other social science has its own vocabulary. To understand economics, a review of some key terms1 is necessary: needs2, wants3, and demands4.

A need is a basic requirement for survival. People have basic needs such as food, clothing and shelter. People also have higher level needs, such as communication, love, acceptance, knowledge, hope and accomplishment.

A want is a means of expressing a need. Food, for example, is a basic need related to survival. To satisfy this need, a person may want a pizza, hamburger or other favourite food. That is there are any number of foods that will satisfy the basic need for food.

The point is5 that the range of things represented by the term «want» is much broader than those represented by the term «need».

Sometimes the difference between a want and a need is clear, at other times, it is not.

A basic need is reflected in a want for a particular product6. A want cannot be counted in the marketplace until it becomes a demand — a customer’s willingness and ability to buy a desired product or service at a particular time and place. Since an individual has limited resources, only some wants will end up as measurable demands7.

Wants are argued to be infinite, meaning that consumers can never be satisfied with their existing standard of living but would always like to consume more goods and services. Infinite wants mean that resources have to be allocated.

 

COMMENTS

 

1. key terms — основнi термiни

2. needs — потреби

3. wants — бажання

4. demand — попит

5. the point is — річ у тім, що

6. particular product — певний продукт

7. measurable demand — урахований попит

 

1. Перекладіть на англійську мову:

 

суспiльна наука; основнi термiни; бажання; попит; основнi потреби; житло; основна вимога для виживання; певний продукт; потреби вищого ґатунку (рiвня); почуття завершеностi; спосіб вираження потреби; улюблена їжа; річ у тім, що; готовнiсть; урахований попит; здатнiсть (спроможнiсть); бажана рiч; обмеженi ресурси.

 

2. Перекладіть на українську мову:

 

to require, to know, to accept, to survive, to achieve, to satisfy, to differ, to communicate, to develop, to fulfil, to employ, to relate, to express, to reflect, to establish, to accomplish.

 

3. Заповніть пропуски найбільш відповідним словом зі списку.

 

service; social science; product; basic needs; demand; need; want; marketplace.

 

1. Economics like any other ________ has its own vocabulary. 2. People have ____________ such as food, clothing and shelter. 3. The range of things represented by the term _________ is much broader than those represented by the term __________ . 4. A want cannot be counted in the ____________ until it becomes a _____________ . 5. Demand is the consumer’s willingness and ability to buy a _________ or _________ at a particular time and place.

 

4. Визначте яке з наступних речень вірне, а яке ні.

 

1. Economics like any other social science has its own vocabulary.

2. A need is a basic requirement for survival.

3. People have basic needs and higher level needs.

4. A want is a means of expressing a need.

5. Food is a basic need related to survival.

6. Demand is a willingness and ability to purchase a desired object.

7. The difference between a want and a need is always clear.

 

5. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

                 Column A     Column B

 

1. need	a. the money value of a good or service
2. want	b. anyone who uses goods and services
3. demand	c. the open space in a town where people meet to buy or sell goods
4. price	d. the activity of buying and selling goods or services between people
5. standard of living	e. a desire or a wish for something you would like to have
6. consumer	f. a very firm request for something essential for survival
7. trade	g. the measure of consumption and welfare of a country, community, class, or person.
8. market	h. a desire of customers for goods or services which they want to buy or use

 

6. Дайте відповіді на питання:

 

1. What is necessary to understand economics?

2. What are the key terms of economics?

3. What does the term need mean?

4. What are basic people’s needs?

5. What is a means of expressing a need?

6. Is food a basic need related to survival?

7. Is the difference between a want and a need always clear?

8. What is demand?

 

7. Перекладіть на англійську мову:

 

1. Економiка, як і будь-яка iнша cуспільна наука має свiй слов­ник. 2. Спiлкування, почуття кохання, пiзнання, сподiвання — усе це людськi потреби вищого ґатунку. 3. Бажання — це спосіб вираження потреби. 4. Iснує багато продуктiв харчування, якi можуть задоволь­нити основну потребу в їжi. 5. Попит — це готовнiсть та спроможнiсть купити бажану рiч. 6. Оскiльки людина має обмеженi ресурси, тiльки деякi бажання реалiзуються як урахований попит.

 

 

WHAT IS ECONOMICS?

 

Text C

The study of economics is concerned with economic products — goods and services that are useful, relatively scarce and transferable to others. The important thing is that economic products are scarce in an economic sense. That is one cannot get enough to satisfy individual wants and needs1. The fact that economic products command a price shows that they have these characteristics.

The terms goods and services are used to describe many things people desire. Consumer goods are intended for2 final use by individuals to satisfy their wants and needs. Manufactured goods used to produce other goods and services are called capital goods3. An example of capital goods would be a computer in a school.

The other type of economic product is a work that is performed for someone. Services can include haircuts, repairs to home appliances4 and forms of entertainment like rock performances. They also include the work performed  by doctors, lawyers and teachers. The difference between goods and services is that the services are something that cannot be touched or felt like goods.

Many other things — sunshine, rainfall, fresh air — are known as free products5 because they are so plentiful. No one could possibly own them, nor would most people be willing to pay anything for them. In fact, some are so important, that life would be impossible without them. Even so, free products are not scarce enough to be major concern in the study of economics.

 

COMMENTS

 

1. wants and needs — бажання та потреби

2. to be intended for — призначатися для

3. capital goods — засoби виробництва

4. home appliances — побутовi прилади

5. free products —  безкоштовні продукти

 

1. Знайдіть еквіваленти:

 

1. goods and services   2. scarce   3. to be intended for   4. to satisfy needs and wants   5. consumer goods   6. a major concern   7. capital goods   8. manufactured goods   9. home appliances 10. free products       to repair 12. entertainment

а. споживчi товари б. призначатися для в. недостатній, дефiцитний г. ремонтувати д. розвага е. безкоштовнi товари є. промисловi товари ж. побутовi прилади з. товари та послуги и. засоби виробництва i. головна турбота ї. задовольняти потреби та бажання

 

2. Заповніть пропуски найбільш відповідним словом зі списку.

 

capital goods; manufactured goods; free products; consumer goods; service; goods.

 

1. The terms ___________ and services are used to describe many things people desire. 2. _________ are intended to satisfy individuals’ wants and needs. 3. _________ are used to produce other goods and services. 4. A haircut is an example of  __________ . 5. Sunshine, rainfall, fresh air are _________ . 6. ____________ include plant and machinery, industrial buildings, and raw materials.

3. Доповніть наступні речення:

 

1. The study of economics is concerned with ... . 2. Economic products command ... . 3. The terms goods and services are used ... . 4. Consumer goods are intended ... . 5. The other type of economic product is ... . 6. Services include ... . 7. The difference between goods and services are ... . 8. Many other things — sunshine, rainfall, fresh air — are known ... .

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

  

                               Column A    Column B

 

1. goods	a. Something in short supply; not enough to meet demand.
2. services	b. Something intended for final use by individuals    to satisfy their wants and needs.
3. price	c. The goods or services one receives in an exchange.
4. capital goods	d. Tangible commodities or merchandise.
5. product	e. Work performed for someone. Intangible commodity.
6. free products	f. The money value of goods or services.
7. consumer goods	g. Something created to produce other goods     or services.
8. scarce	h. Products existing in such large quantities that    they need not be rationed out among those wishing to use them.

 

5. Дайте відповіді на питання:

 

1. What is the study of economics concerned with?

2. What are consumer goods?

3. What do we call capital goods?

4. What do services include?

5. What is the difference between goods and services?

6. What do we call free products?

7. Are the free products the major concern in the study of economics?

 

6. Перекладіть на англійську мову:

 

1. Економiчнi продукти є дефiцитними в економiчному розу­мiннi. 2. Термiни товари та послуги вживаються для позначення бага­тьох речей, що потрiбнi людям. 3. Люди використовують споживчi товари, щоб задовольняти свої бажання та потреби. 4. Промисловi то­вари використовуються для виробництва iнших товарiв та послуг. 5. Послуга — це робота, яка виконується для когось. 6. До послуг нале­жать стрижка волосся, ремонт побутових приладiв та рiзнi види розваг. 7. Сонячне свiтло, дощ та свiже повiтря вiдомi як безкоштовнi про­дукти. 8. Життя було б неможливим без них.

 

 

WHAT IS ECONOMICS?

 

Text D

In economics the term value means something having a worth that can be expressed in dollars and cents. Someone may say, for example, that he or she has a valuable coin, the value is determined by the price someone would pay for the collection.

But what makes some things worth more than others?1 The diamond-water paradox, also known as the paradox of value, helps answer this question. Early economists observed, that some things like water were essential to life, yet had little monetary value2. Other things, like diamonds, were not essential but had higher value.

Later economists decided that part of the reason was due to3 scarcity. For example, water is so plentiful in many areas that it has little or no value. On the other hand, diamonds are so scarce that they have great value. In order to have value, it has to be somewhat scarce. Scarcity, however, is not enough. If something is to have value, it must also have utility, or the capacity to be useful to someone. Utility is not something that is fixed and can be measured like weight or height. Instead, the utility of goods or services may vary from one person to the next. One person may, for example, get a great deal of4 enjoyment from a home computer, another may get very little. In the end, for something to have value, it must be scarce and have utility.

Another economic concept is wealth — the sum of those economic products that are tangible, scarce, useful and transferable from one person to another. Most economic goods are counted as wealth, but services are not.  The reason for this is that it is difficult to measure the value of services accurately. For example, it is difficult to measure the contribution made by people’s abilities and talents to a nation’s wealth.

A country’s total worth, then is the stockpile of useful scarce5, tangible things6 in existence at a given time. National wealth includes all such items as natural resources, factories, stores, houses, theatres, books, video games etc.

 

COMMENTS

 

1. what makes some things worth more than others? — чому деякi речi коштують дорожче, нiж iншi?

2. monetary value — грошова вартiсть

3. the reason was due to — причина була викликана

4. a great deal of — багато

5. stockpile of useful scarce — запас корисного дефiциту

6. tangible things — реальнi речi

 

1. Знайдіть еквіваленти:

1. monetary value   2. tangible things   3. paradox of value   4. nation’s wealth   5. country’s total worth   6. scarcity   7. to be useful to someone   8. valuable coin   9. to be essential to life 10. utility            economic concept            a great deal of            on the other hand            contribution            natural resources

a. дефiцит б. цiнна монета в. бути корисним комусь г. бути необхiдним для життя д. з іншого боку е. загальне багатство країни є. національне багатство ж. економiчне поняття з. внесок, вклад и. реальнi речi i. природні багатства ї. парадокс вартості й. багато к. кориснiсть л. грошова вартiсть

 

2. Заповніть пропуски прийменниками та прислівниками:

 

1. The value is determined ... the price someone would pay ... the product. 2. The diamond-water paradox is known as the paradox ... value. 3. ... order to have value, it has to be somewhat ... scarce. 4. The utility ... goods or services may vary ... one person ... the next. 5. One person may, for example, get a great deal ... enjoyment ... a home computer, another may get very ... . 6. Most ... economic goods are counted ... wealth, but services are not. 7. It is difficult to measure the contribution made ... people’s abilities and talents ... a nation’s wealth. 8. A country’s total worth is the stockpile ...useful, scarce, transferable and tangible things ... existence ... a given time.

 

3. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

  Column A     Column B

 

1. coin	a. The stockpile of useful, scarce, tangible things      in existence at a given time.
2. wealth	b. Goods that are scarce relative to the total amount of those that are desired.
3. scarcity	c. The paradox that many necessities of the life have a low market price, while many luxuries with little use have a high market price.
4. economic goods	d. The total satisfaction derived from     the consumption of goods or services.
5. paradox of value	e. The total value of one’s tangible assets.
6. utility	f. The  worth of smth in terms of money or other goods for which it can be exchanged.
7. country’s total    worth	g. A limit to the supply of productive resources    or consumer goods in relation to the producers or consumers demand for them.
8. value	h. Metallic forms of money.

 

4. Доповніть наступні речення:

 

1. In economics the term value means ... . 2. Someone may say that ... . 3. Early economists observed that ... . 4. Later economists decided that ... . 5. If something is to have value ... . 6. Utility is not something that ... . 7. Someone may, for example, get ... . 8. Wealth is the sum of those economic products that are... . 9. National wealth includes all such items as ... . 10. A country’s total worth, then is ... .

 

5. Дайте відповіді на питання:

 

1. What does the term value mean in economics? 2. What did early economists observe? 3. What did later economists decide? 4. Diamonds are so scarce that they have great value, aren’t they? 5. What has to be a thing in order to have value? 6. What is utility? 7. What does the term wealth mean in economics? 8. Are services counted as wealth? 9. Is it easy to measure the value of services? 10. What is the country’s total worth? 11. What does the national wealth include?

 

6. Перекладіть на англійську мову:

 

1. Вартiсть визначається цiною, яку хтось заплатив би за товар. 2. Парадокс «вода — дiамант», вiдомий також як парадокс вартостi, допомагає вiдповiсти на питання, чому деякi предмети коштують дорожче, нiж iншi. 3. Ранiше економiсти помiтили, що вода необхiдна для життя, проте має малу грошову вартicть. 4. Iншi речi, такi як дiаманти, не є життєво необхiдними, але мають набагато вищу вартicть. 5. Коли щось має вартiсть, то воно повинно бути дефiцитним та корисним для когось. 6. Багатство — це сума реальних дефiцитних корисних економiчних продуктiв, якi можуть переходити вiд однiєї людини до iншої. 7. Бiльшiсть економiчних товарiв визнаються за багатство, а послуги — нi.

 

 

Unit №2

 

ECONOMY of UKRAINE

 

Text A

 

On August 24, 1991 the Verkhovna Rada declared the formation of the Independent Ukrainian State and on December 1991, a nation-wide referendum confirmed the formation of a new large European state.

As to its territory Ukraine is the second largest country in Europe. As to its industrial potential, this is one of the most developed republics of the former Soviet Union with highly developed metallurgy, machine-building, chemical production and agriculture.

The economy of the Soviet Union was functioning for decades as an aggregate national economic system linked by united management, co-operated links¹ and applied technologies. This has predetermined the inherited dependence² of Ukraine on economic ties with former republics of the former Soviet Union. It will suffice to point out that 2/3 of the country’s gross domestic product³ did not have a closedproductive cycle⁴ in Ukraine.

Clearly the emergence⁵ of political and economic borders in a formerly united economy, the emergence of the national monetary-credit andfinancial systems⁶, breaking of the system of traditional economic links have brought the economy of the country to a crisis. Almost all the indices of the economic development have negative dynamics. But the rates of decrease of production are slown down⁷ and first signs of stabilization appear in a number of branches of economy.

One of the main reasons of inflation are prices for power carriers⁸ imported from Russia. These prices have increased by hundreds times during the last years. The government of Ukraine sees the way out of the crisis in realization of the programme of economic reforms which would make it possible to reorganize the economy, to change its structure, to carry out⁹ privatization and to restore stimuli to a highly effective  work.

 

COMMENTS

 

1. co-operated links — cпiльнi зв’язки

2. inherited dependence — успадкована залежнiсть

3. gross domestic product — внутрiшнiй валовий продукт

4. closed productive cycle — замкнутий виробничий цикл

5. emergence — поява

6. national monetary-credit and financial systems — нацiональна гро­шово-кредитна та фiнансова системи

7. rates of decrease of production are slown down — темпи зниження виробництва уповiльнюються

8. power carriers — енергоносiї

9. to carry out — проводити

 

1.Знайдіть еквіваленти:

 

1. nation-wide referendum 2. industrial potential 3. united management 4. monetary-credit system 5. inherited dependence 6. machine-building 7. gross domestic product 8. closed productive cycle 9. traditional economic links 10. economic development 11. power carriers 12. way out of the crisis 13. programme of economic reforms 14. to restore stimuli

а. енергоносiї б. економiчний розвиток в. програма економічних реформ г. внутрiшнiй валовий продукт д. всенародний референдум е. промисловий потенцiал є. вихiд iз кризи ж. успадкована залежнiсть з. спiльне управлiння и. замкнутий виробничий цикл і. грошово-кредитна система ї. традицiйнi економiчнi зв’язки й. відновити стимули к. машинобудування

2. Заповніть пропуски найбільш відповідним словом. Змініть форму слова, якщо це необхідно:

 

depend, independent, independence

 

1. The Declaration of Ukrainian _______ was proclaimed on August 24, 1991 by the Ukrainian Parliament. 2. A new _____ state appeared on the world political map.  3. His happiness _________ not on other people but on himself. 4. Financially he was completely _________ on his brother. 5. He wanted to go to work to be __________ of his parents. 6. What time will you arrive?  — I don’t know. It  ________ on the traffic.

 

develop, developed, development

 

1. Ukraine is one of the most _________ republics of the former Soviet Union. 2. Present-day independent Ukraine has a considerable potential to quickly ________ its economy. 3. Our country has very favourable conditions for the _________ of agricultural production.

 

3. Заповніть пропуски прийменниками та прислівниками:

 

1. As to its territory Ukraine is the second largest country ... Europe. 2. Ukraine is one ... the most developed republics ... the former Soviet Union ... highly developed industry and agriculture. 3. One ... the main reasons ... inflation are prices ... power carriers imported ... Russia. 4. The prices have increased ... hundreds times ... the last years.  5. The government ... Ukraine sees the way out ... the crisis ... realisation ... the programme ... economic reforms.

 

4. Дайте відповіді на питання:

 

1. When did the Verkhovna Rada declare the formation of the Independent Ukrainian State? 2. What can you say about Ukraine’s industrial potential? 3. What has termined the inherited dependence of Ukraine on economic ties with former republics of the Soviet Union? 4. What has brought the economy of the country to a crisis? 5. What is one of the main reason of inflation? 6. Does the government of Ukraine see the way out of the crisis?

 

5. Перекладіть на англійську мову:

 

1. 24 серпня 1991 року Верховна Рада України проголосила створення самостiйної держави України. 2. Щодо територiї Україна є другою за величиною країною в Європi. 3. Щодо промислового потен­цiалу вона є однiєю з найбiльш розвинутих республiк колишнього Радянського Сoюзу з потужними металургiєю, машинобудуванням, хiмiчною промисловiстю та сiльським господарством. 4. Єдинодер­жавна економiчна система зі спiльним управлiнням та зв’язками зумо­вила успадковану залежнiсть України вiд інших республiк колишнього Радянського Союзу. 5. Розрив системи традицiйних економiчних зв’яз­кiв з цими республiками призвів економiку країни до кризи. 6. Однiєю з головних причин iнфляцiї є високi цiни на енергоносiї, що імпор­туються з Росiї. 7. Уряд України бачить вихiд iз кризи в реалiзацiї програми економiчних реформ.

 

 

ECONOMY of UKRAINE

 

Text B

 

Two interrelated processes are characteristic of Ukraine’s economy today, namely its assertion¹ as that of an independent state, and its transformation from planned-centralized to market-controlled. These processes are rather complicated, but there are all prerequisites² for their effective accomplishment.

Present-day independent  Ukraine has a considerable potential to quickly develop its economy — and this is explained not only by the favourable natural conditions, but also by the convenient geographical position in terms of³ international trade exchanges.

Reforms, started in the national economy after the proclamation of independence, are aimed at the establishment of an open, effective market type economy.

The main directions of the programme of economic reforms are as follows:

1. The programme of structural reorganization.

2. Attainment of balanced payments account.

3. Creation of conditions for gradual integration of Ukraine with the world economy.

These and other problems must be solved at the cost of a wide attraction of foreign investments. In a short period of  time the Verkhovna Rada and government of Ukraine have succeeded in creation a legislative and regulating basis for conducting economic reforms.

Taxation and budgetsystems⁴ corresponding in their structure to the world practice are created essentially anew. The change over to a free price formation in the economy is carried out. The government regulation of price level is applied only in establishing  prices for main energy carriers, some most important food, communal and transportation services.

Much attention is given to the change of the structure of property. Legislative basis is created for privatization of state-owned enterprises⁵, implementation of reforms of the banking and financial systems.

 

COMMENTS

 

1. assertion — становлення

2. prerequisite — передумова

3. in terms of — з погляду

4. taxation and budget systems — податкова та бюджетна системи

5. state-owned enterprises — державнi пiдприємства

 

 

1. Перекладіть на українську мову:

 

national economy; international trade; world economy; in a short period of time; structural reorganization; attraction of foreign investments; effective market type economy; to succeed in; banking and financial systems; to conduct economic reforms; taxation and budget systems; to establish prices;  legislative and regulating basis; state-owned enterprises.

 

2. Поєднайте слова синоніми:

 

suitable, energy carriers, complicated, property, present-day, complex, to fix prices, convenient, to implement,  nationalized, power carriers, state-owned, declaration, sovereign, accomplishment, ownership, proclamation, to establish prices, contemporary, independent, achievement, to carry out.

 

3. Заповніть пропуски найбільш відповідним словом зі списку:

 

programme of economic reforms; prerequisites; assertion; banking  and financial systems; taxation; market-controlled; independent sovereign state; privatization.

 

1. Ukraine is recognized by the world community as an ___________ . 2. The process of  Ukraine’s ______________ as an independent state is very complicated. 3. Ukraine has all ________ for the development of its economy. 4. The government of Ukraine sees the way out of the crisis in realization of the __________ . 5. Reforms are aimed at the transformation of Ukraine’s economy from planned-centralized to __________ . 6. The implementation of reforms of the ____________ are of a high priority. 7.  ____________ and budget systems corresponding in their structure to the world practice are created essentially anew. 8. Legislative basis is created for _________ of state-owned enterprises.

 

4. Дайте відповіді на питання:

 

1. What processes are characteristic of Ukraine’s economy today? 2. These processes are rather complicated, aren’t they? 3. What potential does Ukraine have to develop its economy? 4. What are the main directions of  the programme of economic reforms? 5. What is the role of the Verkhovna Rada and government in conducting economic reforms? 6. What problems is much attention given to?

 

5. Перекладіть на англійську мову:

 

1. Сучасна незалежна Україна має значний потенцiал для швид­кого розвитку економiки. 2. Реформи, якi розпочалися в народному господарствi пiсля проголошення незалежностi, спрямовано на ство­рення вiдкритої ефективної економiки ринкового типу. 3. Одним із головних напрямкiв програми економiчних реформ є створення умов для поступової iнтеграцiї України у свiтове господарство. 4. Верховна Рада та уряд України досягли успiху в створеннi правової бази для проведення економiчних реформ. 5. Уряд регулює цiни на енергоносiї, комунальнi послуги, транспорт та деякi iншi товари й послуги.6. Велика увага придiляється приватизацiї державних пiдприємств.

 

 

ECONOMY of UKRAINE

 

Text C

 

Industry is the most important area of Ukraine’s economy. In the current structure of Ukraine’s industry a great proportion is occupied by heavy industry, especially the steel, machine-building and coal industries.

A considerable part is played by the food and light industries. About two-fifth of Ukraine’s people work in industry, and about a fifth work in agriculture. Most other Ukrainians have jobs in such service industries as education and health care.

Many of Ukraine’s heavy industries are concentrated in the Donbas region, the centre of Ukraine’s heavy industry. It has rich mineral deposits and major industrial base with bias towards¹ heavy industry. A large industrial output² is yielded³ by the mining, ferrous metallurgy⁴, chemical and machine-building industries.

The machine-building is presently the largest branch of industry. It accounts for a third of the national industrial output and employs about a fourth of Ukraine’s workers. Automobiles and buses, locomotives and railway cars, airplanes and ships, tractors and harvesters⁵, machine tools⁶ and metallurgical equipment are produced at Ukraine’s plants and factories.

However, today’s industries are unable to satisfy the consumers’ wants⁷. The reason is that they are not integrated into the world process of economic, technological and scientific progress. The national industries have low standard in processing raw materials⁸, outdated and worn-outproduction equipment⁹, unwillingness to accept progressive techniques and approaches and lack of innovating initiative. These and other problems must be solved in the course of new economic reforms aimed at creating a market economy.

 

COMMENTS

 

1. with bias towards — тут: на користь

2. output — випуск; продукцiя

3. ... is yielded ... — виробляється

4. ferrous metallurgy — чорна металургiя

5. harvester — збиральна машина; комбайн

6. machine tools — верстати

7. to satisfy the consumers’ wants — задовольняти бажання споживачiв

8. raw material — сировина

9. outdated and worn-out production equipment — застарiле та зношене устаткування

 

1. Знайдіть еквіваленти:

 

1. heavy industry 2. ferrous metallurgy 3. enterprise 4. with bias towards 5. outdated equipment 6. raw materials 7. light industry 8. machine-building industry 9. coal industry 10. to satisfy the consumers’ wants                                         11. branch of industry 12. industrial output

а. легка промисловiсть б. на користь в. промислова продукцiя г. вугiльна промисловiсть д. важка промисловiсть е. машинобудiвна промисловiсть є. галузь промисловостi ж. пiдприємство з. чорна металургiя и. сировина і. застарiле устаткування ї. задовольняти бажання споживачiв и. сировина

 

2. Визначте вірні чи ні наступні твердження:

 

1. Ukraine has a developed economy with strong industry.

2. Machine-building is presently the largest branch of industry.

3. Ukraine is very rich in mineral resources.

4. The Donbas is one of the main food suppliers for the country.

5. Today’s industries are able to satisfy the consumers’ wants.

 

3. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

                                 Column A                                 Column B

 

1. industry	a. That which is produced or manufactured, usually   in a specified period of time.
2. consumer	b. The application of science to commerce and industry.
3. service industries	c. Anything legally owned or possessed by person or organization.
4. technology	d. The sector of an economy that is concerned with manufacture.
5. output	e. Businesses which provide services,  such as health care, legal advice or appliance repair.
6. market economy	f. An economic system in which national economic decisions are the result of decisions by individual buyers and sellers in the marketplace.
7. property	g. Anyone who uses goods and/or services.

 

4. Дайте відповіді на питання:

 

1. Is industry the most important area in Ukraine’s economy? 2. What are the main industries in Ukraine? 3. Where are many of Ukraine’s heavy industries concentrated? 4. What is the Donbas rich in? 5. What industries is a large industrial output yielded by?

6. The machine-building is presently the largest branch of industry, isn’t it? 7. What do Ukraine’s plants and factories produce? 8. What is the reason that today’s industries are unable to satisfy the consumers’ wants? 9. What are new economic reforms aimed at?

 

5. Перекладіть на англійську мову:

 

1. Промисловiсть є найважливiшою сферою економiки України. 2. Близько 2/5 населення України працює в промисловостi. 3. Багато галузей важкої промисловостi зосереджено в Донбасi. 4. Донбас є цент­ром важкої промисловостi в Українi. 5. Машинoбудування є зараз най­бiльшою галуззю промисловостi. 6. На заводах i фабриках України виго­товляють автомобiлi та автобуси, лiтаки та кораблi, трактори та комбай­ни, верстати та устаткування для металургiйної промисловостi. 7. Промис­ловiсть не може задовольнити бажання споживачiв, бо її не iнтегровано у свiтовий процес економiчного, технологiчного та науково-технiчного розвитку.

 

 

ECONOMY of UKRAINE

 

Text D

 

Ukraine has very favourable conditions for the development of agricultural production: fertile soils, temperately warm climate, a well- developed industry processing agricultural raw materials. Ukraine is one of the world’s most productive farming regions and is known as the breadbasket of Europe.

There are two main branches of agricultural production in Ukraine: crop production¹ and animal husbandry². Crop production is the practice of growing and harvesting crops. It includes: grain and industrial crops³, meadow culture, fruit and vegetable raising. Almost half of the cropping area is occupied by cereals⁴ such as winter wheat, maize and legumes, rye, oats and barley. Among the industrial crops such as sugar beet, sunflower, flax the leading position is occupied by sugar beet. Close to 40 types of vegetable crops are grown in Ukraine: potatoes, cabbage, tomatoes, cucumbers, red beets, carrots, onions, garlic, etc. Melon-growing is practised mainly in the south.

Animal husbandry is the practice of breeding of farm animals and their use. The most widespread branches of animal  husbandry are: dairy and beef cattle  breeding⁵, pig raising⁶, sheep farming⁷ and bee-keeping⁸. The poultry industry⁹ is spread through all the provinces. Birds farmed include chicken, duck, goose, turkey. There are large mechanized poultry farms to produce eggs and meat.

Most farms in Ukraine are owned and controlled by the government. They include state farms¹⁰ and collective farms¹¹. State farms are managed entirely by the government, which pays wages to farmworkers. Collective farms are owned and managed in part by the workers, who receive wages as well as a share in the farm’s profits. State farms are larger and have more mechanical farm equipment than collective farms. In order to increase crop yields and animal products collective and state farms apply widely intensive technologies.

 

COMMENTS

 

1. crop production — рослинництво

2. animal husbandry — тваринництво

3. grain and industrial crops — зерновi та технічні культури

4. cereals — хлiбнi злаки

5. dairy and beef cattle breeding — розведення молочної та м’ясної худоби

6. pig raising — свинарство

7. sheep farming — вiвчарство

8. bee-keeping — бджiльництво

9. poultry industry — птахiвництво

10. state farms — державні підприємства

11. collective farms — колективні підприємства

 

1. Перекладіть на українську мову:

 

favourable conditions; agricultural production; fertile soils; agricultural raw material; crop production; animal husbandry; grain crops; industrial crops; temperately warm climate; dairy and beef cattle breeding; poultry industry; state and collective farms.

 

2. Заповніть пропуски прийменниками та прислівниками:

 

1. Ukraine has very favourable conditions ... the development ... agricultural production. 2. Almost half ... the cropping area is occupied ... cereals. 3. Among the industrial crops the leading position is occupied ...  sugar beet. 4. Melon-growing is practised mainly ... the south. 5. The poultry industry is spread ... all the provinces. 6. Most ... farms ... Ukraine are owned and controlled ... the government.

 

3. Запам’ятайте значення виділених слів. Перекладіть речення, звертаючи увагу на виділені слова:

 

agriculture — сiльське господарство; землеробство; aгрономiя;

agricultural — ciльськогосподарський; землеробський;

agriculturist — агроном; сiльський трудiвник; землевласник.

 

1. This farm has different agricultural machines. 2. Cooperation with other countries is favourable to agriculture of Ukraine. 3. The agriculturist of today wants to have better and higher-yielding crops which can produce more food of good quality.

 

4. Дайте відповіді на питання:

 

1. Does Ukraine have favourable conditions for the development of agri-cultural production? 2. What are the main branches of agricultural production in Ukraine? 3. What is crop production? 4. What does crop production include? 5. What cereals occupy half of the cropping area? 6. What vegetable crops are grown in Ukraine? 7. What is animal husbandry? 8. What are the most wide-spread branches of animal husbandry? 9. Where is the poultry industry spread? 10. What birds are farmed in Ukraine? 11. What forms of farm enterprises do you know? 12. What is the difference between state and collective farms?

 

5. Перекладіть на англійську мову:

 

1. Україна має дуже сприятливi умови для розвитку сiльсько­господарського виробництва. 2. Є двi головнi галузi сiльськогоспо­дарського виробництва в Українi: рослинництво та тваринництво. 3. Рос­линництво — це вирощування та збирання сiльськогосподарських культур. 4. Рослинництво включає вирощування зернових та технiчних культур, лукiвництво, плодiвництво та овочiвництво. 5. Майже поло­вину посiвної площi країни займають хлiбнi злаки. 6. Найважливiшою технiчною культурою в Українi є цукровий буряк. 7. Тваринництво — це розведення сiльськогосподарських тварин та їх використання. 8. Розведення молочної та м’ясної худоби, свинарство, вiвчарство, бджiль­ництво та птахiвництво — найпоширенiшi галузi тваринництва в Українi. 9. Бiльшiсть сiльськогосподарських пiдприємств в Українi кон­тролюється урядом.

 

 

ECONOMY of UKRAINE

 

Text E

 

Ukraine is an agro-industrial country. Ukraine is rich in natural resources. The main minerals are iron ore, coal, rock salt, gypsum, uranium, different metals and other natural resources.

Ukraine fully satisfies its needs in minerals but it still has to import some of them. So, oil and gas are imported from Russia and Turkmenistan as the oil and gas deposits of Ukraine cannot satisfy country’s needs in these energy resources.

 In the current structure of Ukraine’s industry a great proposition is occupied by heavy industry, especially, the ferrous industry, machine-building and coal industries. A considerable part is played by the food, light and chemical industries.

 Defence industry is being restructured and converted with emphasis on the output of consumer goods. However, today’s industries are unable to satisfy the consumers’ needs because they are not integrated into the world process of economic, technological and scientific progress. The national industries have low standard in processing raw material and outdated and worn-out production equipment.

Ukraine is one of the world’s most productive farming regions and is known as ”Europe’s granary”. There are two main branches of agricultural production in Ukraine: crop production and animal husbandry. Among the crops grown in Ukraine are sugar beet, wheat, rye, barley, oats, corn, sunflower, a large variety of grain cultures, fruit and vegetables. The most widespread branches of animal husbandry are dairy and beef cattle breeding and pig raising.

Two interrogated processes characterize Ukraine’s economy today, namely its assertion as that of an independent state, and its transition from planned-centralized to market-controlled. Ukraine has currently achieved macroeconomic stability. Prices, domestic and foreign trade have been liberalized. An austere monetary policy has been introduced. Tax and budget systems are also being reformed. A twin-level banking structure took shape: the National Bank of Ukraine, and commercial banks of all types and forms of property.

”Small-scale” privatization is nearly completed in Ukraine today. Privatization has sped up for large and medium size enterprises, including enterprises in the agro-industrial sector.

Ukraine’s foreign policy is aimed at wide and long-term co-operation. Ukraine is acting on the assumption that this is the most effective way of solving not only economic but also political problems.

 

COMMENTS

 

1. to be rich in smth – бути багатим на щось
2. ferrous industry – чорна металургія
3. outdated and worn-out equipment – застаріле та спрацьоване обладнання
4. Europe’s granary – житниця Європи
5. crop production – рослинництво
6. animal husbandry – тваринництво
7. dairy and beef cattle breeding – розведення молочної та м’ясної худоби
8. pig raising – свинарство
9. transition from planned-centralized to market-controlled – перехід від планово-централізованої до ринково – регульованої
10. austere monetary policy – жорстка монетарна політика
11. twin-level banking structure – дворівнева банківська система
12. wide and long-term co-operation – широкомасштабне і довго­строкове співробітництво
13. on the assumption – виходячи з припущення
14. satisfy needs - задовольнять потреби 
15. output - виробництво, випуск 
16. consumer goods - споживчі товари
17. domestic trade – вітчизняна торгівля
18. foreign trade – зовнішня торгівля

 

1. Доповніть наступні речення:

 

1. The main mineral s in Ukraine are ... . 2. Ukraine has to import such minerals as ... . 3. Defence industry is being ... . 4. Today’s industries are unable to satisfy the consumers’ wants because ... . 5. Ukraine is one of the world’s most productive farming regions and is known as ... . 6. The main branches of agricultural production in Ukraine are ... . 7. The most widespread branches of animal husbandry are ... . 8. Ukraine’s foreign policy is aimed ... .

 

 

 

 

2. Знайдіть еквіваленти:

 

1. is rich in natural resources                         2. to satisfy needs                                         3. energy resources                                       4. a considerable part                                    5. defence industry                                        6. with emphasis on the output                     7. consumer goods                                        8. the world’s process of economic,                 technological and scientific progress         9. in processing raw materials                      10. outdated and worn-out production         11. the most productive farming region       12. crop production                                      13. animal husbandry                                    14. a large variety of grain cultures          15. achieved macroeconomic stability         16. domestic and foreign trade                     17. a twin-level banking system                   18. wide and long-term cooperation                                 19. the most widespread branches

а. з особливою увагою на випуск б. найпоширеніші галузі в. велика різноманітність зернових     культур г. внутрішня та зовнішня торгівля д. широкомасштабне і довгострокове     співробітництво е. дворівнева банківська система є. досягла макроекономічної стабільності ж. найпродуктивніший фермерський     район з. застаріле та спрацьоване обладнання и. споживчі товари і. оборонна промисловість ї. енергетичні ресурси     к. значна частина л. в обробці сировини м. рослинництво н. тваринництво о. задовольняти потреби п. всесвітній процес економічного, технічного та наукового прогресу й. багата на природні ресурси

 

3. Визначте вірні чи ні наступних твердження:

 

1. Ukraine is rich in iron ore, coal gas and oil. 2. Ukraine fully satisfies its needs in minerals. 3. The main industries are heavy industry, the iron and steel, machine building and coal industries. 4. The national industry has low standard in processing raw materials. 5. An austere monetary policy has been introduced. 6. Small-scale privatization has been completed in Ukraine. 7. Wide and long-term co-operation is the most effective way of solving not only economic but also political problems.

 

4. Заповніть пропуски найбільш відповідним словом зі списку:

 

agro-industrial, twin-level, convert, reconstruct, satisfy, consumer , occupy, reform, complete, import

 

1. Ukraine is _____ country. 2. Ukraine fully _____ its needs in minerals but it still has to _____ some of them. 3. In the current structure of Ukraine’s industry a great proportion is _____ by heavy industry. 4. Defence industry is being _____ and ____ with the emphasis on the output of _____ goods. 5. Tax and budget systems are being _____ . 6. ”Small-seal” privatization is nearly _____ in Ukraine. 7. A _____ banking structure took shape.

5. Дайте відповіді на питання:

 

1. What natural resources is Ukraine rich in? 2. Why does Ukraine have to import oil and gas? 3. What industries are highly developed in Ukraine? 4. Why are today’s industries unable to satisfy the consumers’ wants? 5. What are the two branches of agricultural production? 6. What crops are grown in Ukraine? 7. What are the branches of animal husbandry? 8. What characterizes Ukraine’s economy today? 9. What reforms have been made in the banking system? 10. What can you say about privatization? 11. What is Ukraine’s foreign policy aimed at? 12. What is the most effective way of solving both economic and political problems?

 

 

Unit №3

 

ECONOMY of GREAT BRITAIN

 

Text A

Great Britain is a highly-developed naval and industrial power. Its economy was primarily based on private enterprises. However, some industries were nationalized after World War II. Now it has a mixed private- and public-enterprise economy¹. The government controls the coal-mining and electric power industries, ferrous metallurgy and shipbuilding. Part of public transport, civil aviation and national bank are also managed by the state.

The main sectors of British economy are manufacturing, services and agriculture. The share of industry in GNP² is 11 times more than that of agriculture. Manufacturing plays a vital role in British economy. It accounts for 1/5 of the GNP and employs less than 1/3 of the workforce³. Small companies predominate, though companies with 500 or more employees employ a larger percentage of the workforce.

The rise of Great Britain as an industrial nation⁴ was partly due to⁵ the presence of considerable mineral resources, the most important of them being coal and iron. Next to coal and iron the chief minerals found on the British Isles are the building stone, marble, granite, slate, lead, tin, copper, zink, salt and china clay. But in the course of the last hundred years many of Britain’s most valuable and accessible deposits have been worked out.

Coal-mining, metallurgy, textile, shipbuilding are the older branches of industry. The new industries are the chemical, electrotechnical, automobile, aeromissile and electronics. The new industries have developed hand in hand⁶ with science and technology and are equipped to meet present technical demands.

Big cities and towns such as London, Glasgow, Manchester, Liverpool, Newcastle, Sheffield and Birmingham have enterprises of nearly all branches of industry. The main centres of cotton and woolen industry are Leeds, Bradford and Manchester.

 

COMMENTS

 

1. mixed private- and public-enterprise economy — змiшана економiка,

    що ґрунтується на приватному та державному пiдприємництвi

2. GNP — ВНП (валовий нацiональний продукт)

3. workforce — робоча сила

4. industrial nation — промислова держава

5. due to — зумовленo

6. hand in hand — плiч-о-плiч

 

1. Знайдіть еквіваленти:

 

1. coal-mining                                      a. змiшана економiка

2. GNP                                                 б. авiаракетна промисловiсть

3. hand in hand                                     в. приватне пiдприємство

4. industrial nation                               г. енергетична промисловiсть

5. private enterprise                             д. суднобудування

6. power industry                                 е. промислова держава

7. public transport                                є. плiч-о-плiч

8. workforce                                        ж. чорна металургія

9. shipbuilding                                     з. громадський транспорт

10. mixed economy                             и. ВНП (валовий нацiональний продукт)

11. cotton industry                               і. робоча сила

12. aeromissile industry                       ї. бавовництво

13. ferrous metallurgy                         й. вугледобувна промисловiсть

 

2. Заповніть пропуски прийменниками та прислівниками:

 

     1. British economy was primarily based ... private enterprises. 2. Some ... industries were nationalized ... World War II. 3. Part ... public transport, power industry and most  ...  civil aviation are managed ... the state. 4. The rise ... Britain as an industrial nation was partly due ... the presence ... considerable mineral resources. 5. Manufacturing plays a vital role ... British economy. 6. The new industries have developed hand ... hand ... science and technology.

 

3. Заповніть пропуски найбільш відповідним словом зі списку:

 

GNP; woolen industry; manufacturing; agriculture; private enterprises; industrial power; public-enterprise economy.

 

      1. Great Britain is a highly-developed naval and __________ . 2. British economy was primarily based on _______ . 3. Great Britain has a mixed private and ________ .  4. The main sectors of British economy are _______ , services and ________ .  5. The share of industry in _______ is 11 times more than that of agriculture. 6. The main centres of cotton and ________ are Leeds, Bradford and Manchester.

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A	Column B
1. service	a. The activity of selling goods and services in order to make a profit.
2. national income	b. A financial institution that accepts demand deposits and makes commercial loans.
3. gross domestic product	c. An economy in which a significant  percentage of its goods and services are traded internationally.
4. trade	d. The total annual money value of the goods and services produced by a country.
5. bank	e. A financial institution that accepts deposits and arrange mortgages for house purchase.
6. building society	f. The monetary value of all the goods and services produced by an economy over a specified period.
7. open economy	g. Intangible commodity.
8. exports	h. Goods and services sold to foreign countries.

 

5. Перекладіть на англійську мову:

 

1. Великобританiя є дуже розвинутою морською iндустрiальною державою. 2. Вона має змiшану економiку, що ґрунтується на при­ватному та державному пiдприємництві. 3. Держава контролює вугле­добувну та електроенергетичну галузі, чорну металургiю та суднобу­дування. 4. Промисловiсть, послуги та сiльське господарство є го­ловними секторами британської економiки. 5. Розквіт Великобританiї як iндустрiальної держави зумовлювався наявнiстю значної кiлькостi мiнеральних ресурсiв. 6. Вугледобувна, металургiйна, текстильна та суднобудiвна — це найстарiші галузі промисловостi. 7. Новими галу­зями промисловостi є хiмiчна, електротехнiчна, автомобiльна та авiара­кетна. 8. Лондон, Глазго, Манчестер, Лiверпуль, Шеффiлд та Бiрмiнгем є основними промисловими центрами Великобританiї.

 

 

ECONOMY of GREAT BRITAIN

 

Text B

 

Services play an important role in British economy and make up¹ an increasing proportion of the national income². They account for about 60 per cent of gross domestic product and 68 per cent of employees. This sector includes health, education, retail and wholesale trade³, tourism, financial and business services, insurance⁴, transport, etc.

Banking, finance, insurance, business services and leasing account for 14 per cent of the British economy’s total output. London has the world’s largest insurance market, and its banks are responsible for⁵ about a fifth of the international bank lending. London is the world’s principal trading centre for commodities, as well as an increasingly important centre for financial futures markets.

Britain’s banking system comprises the Bank of England, the commercial banks, branches of foreign and Commonwealth banks⁶ and building societies⁷. The Bank of England acts as the government’s bank. It helps to implement the government’s financial and monetary policy and supervises the banking system as a whole. Commercial banks provide financial services to individuals and companies, particularly account and loan facilities. Building societies accept deposits⁸ and arrange mortgages⁹ for house purchase. They also offer home loans and a wide range of banking and insurance services.

Britain has an open economy, in which international trade plays a vital role. About one-quarter of its gross domestic product comes from the export of goods and services. It is the fifth largest trading nation in the world. Since 1973 Britain has been a member of the European Economic Community, an association of 12 democratic states. About half Britain’s trade is with its European Community partners. Britain’s main exports are automobiles, textile, machinery, aircraft, electronic equipment and many others.

 

COMMENTS

 

1. to make up — складати

2. national income — нацiональний дохід

3. retail and wholesale trade — роздрiбна та оптова торгiвля

4. insurance — страхування

5. to be responsible for — вiдповiдати за, бути вiдповiдальним за

6. Commonwealth banks — банки Спiвдружностi

7. building societies — житлово-будiвельнi товариства

8. to accept deposites — приймати вклади

9. mortgage — застава

 

1. Перекладіть на англійську мову:

 

важлива роль; внутрiшнiй валовий продукт; охорона здоров’я; освiта; нацiональний дохід; роздрiбна та оптова торгiвля; послуги у сферi фiнансiв та бiзнесу; бути вiдповiдальним за щось; мiжнародний банкiвський кредит; страхування; ф’ючерсний ринок; банкiвська систе­ма; банки Спiвдружностi; Європейське Економiчне Співтовариство; мiжнародна торгiвля; комерцiйнi банки; експорт товарiв та послуг; житлово-будiвельнi товариства; машинне устаткування; приймати вкла­ди; текстильнi вироби; електронна апаратура.

 

2. Заповніть пропуски прийменниками та прислівниками:

 

1. Services play an important role ... British economy and make up an increasing proportion ... the national income. 2. They account ... about 60 per cent ... gross domestic product. 3. London is the world’s principal trading centre ... commodities, as well as an increasingly important centre ... financial futures markets. 4. Commercial banks provide financial services ... individuals and companies. 5. Building societies accept deposits and arrange mortgages ... house purchase. 6. About one-quarter ... its gross domestic product comes ... the export ... goods and services. 7. Great Britain is the fifth largest trading nation ... the world. 8. ... 1973 it has been a member ... the European Economic Community.

 

3. Доповніть наступні речення:

 

1. Services account for ... . 2. This sector includes ... . 3. Banking, finance, insurance, business services and leasing account for ... . 4. London has the world’s largest insurance market, and its banks are responsible for ... . 5. Commercial banks provide ... . 6. Britain’s banking system comprises ... .        7. Since 1973 Britain has been ... . 8. Britain’s main exports are ... .

 

4. Дайте відповіді на питання:

 

1. What is the role of services in British economy?

2. What services does this sector include?

3. What does Britain’s banking system comprise?

4.What do you know about the Bank of England?

5. What kind of services do commercial banks provide?

6. What do building societies offer to their customers?

7. What can you say about international trade of Great Britain?  

8. What are the main Britain’s exports?

 

5. Перекладіть на англійську мову:

 

1. Послуги вiдiграють важливу роль в економiцi Великобританiї i становлять бiльшу частину нацiонального доходу. 2. Цей сектор вклю­чає послуги у сферi охорони здоров’я, освiти, роздрiбної та оптової торгiвлi, туризму, фiнансiв та бiзнесу, страхування, транспорту та iн. 3. Послуги у сферi банкiвської справи, фiнансiв, страхування, бiзнесу та лiзингу становлять 14% загального обсягу виробництва. 4. Банкiвська система Великобританiї включає Банк Англiї, вiддiли зарубiжних банкiв та Спiвдружностi й житлово-будiвельнi товариства. 5. Банк Англiї дiє як урядовий банк. Вiн допомагає здiйснювати фiнансову та грошову полiтику уряду i здiйснює нагляд за дiяльнiстю банкiвської системи в цiлому. 6. Мiжнародна торгiвля вiдiграє суттєву роль в економiцi Вели­кобританiї. 7. З 1973 року Великобританія є членом Європейського Еконо­мiчного Співтовариства. 8. Великобританiя експортує автомобiлi, текстиль­нi вироби, машинне устаткування, лiтаки, електронну апаратуру та iн.

 

 

ECONOMY of GREAT BRITAIN

 

Text C

Agriculture is one of the most important sectors in British economy. It  supplies  nearly 2/3 of the country’s food and directly employs about 2.5 per cent of the working population. However its share¹ of the gross domestic product² is less than 3 per cent — the lowest figure among the developed countries.

Great Britain is self-sufficient³ in milk, eggs, to a very great extent⁴ in meat, potatoes and wheat. However it has to import butter, cheese, sugar, tea, fruit and some other agricultural products.

There are more than 250 thousand farms in Great Britan. Most of them are small family farms, where all the work is done by the farmer and his  family. The tendency in agricultural development of the country is the disappearance⁵ of small traditional farms as they cannot compete⁶ with big industrial farms.

The types of farms are different in different regions of the country. In the East most farmers grow such crops as barley, wheat, sugar beets and potatoes. In  the  West  climate is  good for the production of farm animals.  The greater part of the land here is used for dairy and beef cattle breeding, and sheep farming. There are a lot of farms where farmers grow some crops and breed some farm animals. These farms are known as mixed farms.

British agriculture is efficient for it is based on modern technology and research. The work in agricultural sector is highly mechanized. Computers and different agricultural machines are used by the farmers in Great Britain.

COMMENTS

1. share — частка

2. gross domestic product — внутрішній валовий продукт

3. ... is self-sufficient — сама себе забезпечує; незалежна; економiчно самостiйна

4. to a great extent — значною мiрою

5. disappearance — зникнення

6. to compete — конкурувати

 

1. Заповніть пропуски найбільш відповідним словом зі списку:

 

mixed farms; computers; self-sufficient; modern technology; sectors; the disappearance; farm animals; crops; efficient; compete.

 

1. Agriculture is one of the most important _______ in British economy. 2. Great Britain is _________ in milk, eggs, meat, potatoes and wheat. 3. In the West climate is good for the production of _________ . 4. There are a lot of farms where farmers grow some ________ and breed some farm animals. These farms are known as ___________ . 5. British agriculture is _________ for it is based on ________ and research. 6. Different machines and ________ are used by the farmers. 7. The tendency in agricultural development of the country is ________ of small traditional farms as they cannot _______ with big industrial farms.

 

2. Поєднайте слова синоніми:

 

self-sufficient, share, agriculture, self-supporting, trend, production, for, to provide, significant, because, part, farming, tendency, producing, developed, about, efficient, to supply, important, advanced, nearly, effective.

 

3. Заповніть пропуски прийменниками та прислівниками:

 

1. Agriculture is one ... the most important sectors ... British economy.         2. Its share ... the gross domestic product is less than 3 per cent — the lowest figure ... the developed countries. 3. Great Britain is self-sufficient ... milk, eggs, to a very great extent ... meat, potatoes and wheat. 4. Most ... the farms are small family farms, where all ... the work is done ... the farmer and his  family. 5. The tendency ... agricultural development ... the country is the disappearance ... small traditional farms as they cannot compete ... big industrial farms. 6. The types ... farms are different ... different regions ... the country. 7. ...  the  West climate is  good ... the production ... farm animals. 8. British agriculture is efficient ... it is based ... modern technology and research.

 

4. Дайте відповіді на питання:

 

1. Is agriculture one of the most important sectors in British economy?

2. What is the share of the gross domestic product?

3. What agricultural products is Great Britain self-sufficient in?

4. What products does the country import?

5. How many farms are there in Great Britain?

6. What is the tendency in agricultural development of the country?

7. The types of farms are different in different regions of Great Britain, aren’t they?

8. What three types of farms are there in the country?

9. Why is the British agriculture is efficient?

 

5. Перекладіть на англійську мову:

 

1. Ciльське господарство — один з найважливiших секторів еко­номіки Великобританiї. 2. Країна сама себе забезпечує молоком, яйцями і значною мiрою м’ясом, картоплею та пшеницею. 3. Великобританiя iмпортує масло, сир, цукор, чай, фрукти та iншi сiльськогосподарськi продукти. 4. Фермерськi господарства рiзнi в рiзних регiонах. 5. На сходi країни фермери вирощують такi культури, як ячмiнь, пшениця, цукровий буряк та картопля. 6. На заходi клiмат сприятливий для розвитку тваринництва. 7. Сiльське господарство Великобританiї є ефективним, оскiльки воно ґрунтується на сучасних технологiях та дос­лiдженнях.

 

 

ECONOMY of GREAT BRITAIN

 

Text D

 

The United Kingdom is one of the world’s largest exporters of manufactured goods per head of population. For every person employed in agriculture eleven people are employed in mining, manufacturing and building.

Apart from coal and iron ore Britain has very few natural resources. Its agriculture provides only half the food it needs. Most of if the raw materials such as oil and various metals (copper, zinc, uranium ore and others) have to be imported. Britain also has to import timber, cotton, fruit and farm products.

Britain used to be richly forested, but most of the forests were cut down to make more room for cultivation. The greater part of land is used for cattle and sheep breeding, and pig raising. Among the crops grown on the farms are wheat, barley and oats. The fields are mainly in the eastern part of the country. Most of the farms are small. Farms tend to be bigger where the soil is less fertile.

Britain produces high quality expensive goods, which has always been characteristic of its industry. A shortage of raw materials, as well as the high cost of production makes it unprofitable for British industry to produce semi-finished goods or cheap articles. Britain mostly produces articles, requiring skilled labour, precision instruments, chemicals. Britain high quality consumer goods and articles made of various kinds of synthetic (man-made) materials.

The original basis of British industry was coal mining, and the early factories grew up not far from the main mining areas.

 Glasgow and Newcastle became great centres of engineering and shipbuilding . Lancashire produced cotton goods and Yorkshire woollens, with Sheffield concentrating on iron and steel. Birmingham developed light engineering. There appeared a tendency for industry and population to move to the south, particularly to the London area. Britain’s industry is now widely dispersed. Great progress was made in the development of new industries, such as the aircraft, automobile, electronic industries and others. A number of atomic power reactors were made.

Great emphasis was made on the development of the war industry.

 

COMMENTS

1.   manufactured goods – промислові товари
2.   per head of population – на душу населення
3.   apart of smth. – крім чогось
4.   used to be smth. – був кимось колись
5.   used to do smth. – робив щось колись
6.   to make room for smth. – звільняти простір (місце) для чогось
7.   to breed smth. – розводити, вирощувати (тварин)
8.   to tend to do smth. – мати тенденцію робити щось
9.   article – виріб, товар, предмет виробництва
10. to require smth. (doing smth.) – вимагати, потребувати чогось (робити щось)
11. precision instruments – точні інструменти
12. to be widely dispersed – широко розповсюджуватись
13. to make emphasis on smth. – надавати чомусь особливого значення , приділяти комусь особливу увагу
14. raw materials – сировина
15. soil – грунт
16. fertile - родючий  
17. semi-finished goods – напівфабрикати
18. chemicals – хімічні препарати

1. Знайдіть еквіваленти:

 

1. недостатня кількість сировини                 2. дорогі товари високої якості                     3. свинарство                                                  4. вівчарство (розведення овець)                  5. ввозити деревину                                       6. бути багатим на ліси                                  7. різноманітні метали                                   8. сировина                                                     9. звільняти місце                                           10. військова промисловість                         11. синтетичні матеріали                               12. точні інструменти                                    13. атомний реактор                                      14. початкова основа                                     15. напівфабрикати                                        16. електронне обладнання

а. raw materials б. various metals в. to be richly forested г. to import timber д. to make room for smth. е. sheep breeding є. pig raising ж. high quality expensive goods з. shortage of raw materials и. semi-finished goods і. precision instruments ї. electronic equipment й. war industry к. the original basis л. atomic power reactor м. man-made materials

2. Доповніть наступні речення:

 

1. Great Britain is rich in ... . 2. Britain has very few ... . 3. Britain also has to import ... . 4. Most of the forests were cut down to ... . 5. Among the crops grown on the farms are ... . 6. Britain produces high quality ... . 7. Britain mostly produces article requiring ... . 8. Britain produces and exports ... . 9. The original basis of British industry was ... . 10. Great emphasis was made on the development of the ... .

 

3. Визначте вірні чи ні наступних твердження:

 

1. The United Kingdom is the largest exporter of manufactured good. 2. Britain is rich in very few natural resources. 3. Britain has to import coal and iron ore. 4. The greater part of land is used for sheep breeding, pig raising and flower growing. 5. Britain produces high quality cheap goods. 6. Britain mostly produces articles requiring skilled labour, precision instruments and electronic equipment. 7. Britain exports cotton and woollen goods but not leather goods. 8. Coal mining was the original basis of British industry. 9. Aircraft, automobile and electronic industries are new Britain’s industries. 10. Glasgow is famous for engineering and shipbuilding.

 

4. Заповніть пропуски прийменниками:

 

1. Britain produces goods and articles made ... various kinds of synthetic materials. 2. For every person employed ... agriculture, eleven people are employed ... mining, manufacturing and building. 3. Most ... the raw materials have to be imported. 4. The fields are mainly ... eastern part ... the country. 5. A shortage ... raw materials makes it unprofitable ... British industry to produce semi-finished goods or cheap articles. 6. Sheffield is concentrating ... iron and steel. 7. A present industry has a tendency to move ... the south, particularly ... the London area.

 

5. Дайте відповіді на питання:

 

1. What natural resources does Great Britain have?

2. What raw materials does Britain import?

3. Why does Britain have to import raw materials?

4. What does Britain export?

5. What is the characteristic feature of British industry?

6. Why is it unprofitable for Britain to produce semi-finished goods or cheap articles?

7. What are the main articles produced by British industry?

8. What are Britain’s traditional industries?

9. What are Britain’s main industries today?

10. What are the main industrial centres of Great Britain?

11. What are the main branches of British agriculture?

12. What is the greater part of land used for?

13. What crops are grown on the farms of Britain?

14. Why does Great Britain have to import farm products?

 

 

Unit №4

 

ECONOMIC SYSTEMS

 

Text A

The survival of any society depends on its ability to provide food, clothing and shelter for its people. Since these societies are also faced with scarcity decisions concerning What, How and for Whom to produce must be made.

All societies have something else in common. They have an economic system or an organized way of providing for the wants and needs of their people. The way in which these decisions are made will determine the type of economic system they have. There are three major kinds of economic systems: traditional, command and market.

In a society with a traditional economy nearly all economic activity is the result of ritual and custom. Habit and custom also prescribe most social behaviour1. Individuals are not free to make decisions based on what they want or would like to have. Instead, their roles are defined. They know what goods and services will be produced, how to produce them, and how such goods and services will be distributed.

An example of traditional economy is the society of polar eskimo2 of the last century. For generations, parents taught their children how to survive in a harsh climate, make tools, fish and hunt. Their children, in turn, taught these skills to the next generation. The main advantage of the traditional economy is that everyone has a role in it. This helps keep economic life stable and community life continuous. The main disadvantage of the traditional economy is that it tends to discourage3 new ideas and even punishes people for breaking rules or doing things differently. So it tends to be stagnant4 or fails to grow over time5.

 

COMMENTS

 

1. social behaviour — тут: поведiнка суспiльства

2. polar eskimo — ескiмоси пiвночi

3. to discourage — розхолоджувати

4. ... tends to be stagnant — має схильнiсть до застою

5. ... fails to grow over time — не може розвиватися далi

 

1. Перекладіть на українську мову:

 

to survive, to depend on, to provide, to prescribe, to decide, to distribute, to determine, to organize, to generate, to behave, to define, to know, to punish, to tend, to grow, to direct.

 

2. Знайдіть еквіваленти:

 

1. to make decisions   2. to have smth in common   3. economic system   4. traditional economy   5. command economy   6. market economy   7. social behaviour   8. major kinds   9. for generations 10. main advantage 11. main disadvantage 12. to make tools

а. із поколiння в поколiння б. традицiйна економiка в. поведiнка суспiльства г. головнi типи д. головний недолiк е. приймати рiшення є. командна економiка ж. головна перевага з. ринкова економiка и. економiчна система i. мати щось спiльне ї. виробляти знаряддя

 

3. Поєднайте синоніми:

 

decision, approximately, produce, shelter, to make, type, habitation, as, the community, major, concerning, to produce, the society, main, nearly, about, kind, since, product, solution.

 

4. Поєднайте антоніми:

 

scarcity, last, advanced, to produce, to discourage, next, stagnant, stable, to encourage, to distribute, disadvantage, to accumulate, uncommon, advantage, to consume, unstable, common, abundance.

 

5. Заповніть пропуски прийменниками та прислівниками:

 

1. The survival ... any society depends ... its ability to provide ... food, clothing and shelter ... its people. 2. All ... societies have an economic system or an organized way ... providing ... the wants and needs ... their people. 3. There are three major kinds ... economic systems: traditional, command and market. 4. In a society ... a traditional economy ... all ... economic activity is the result ... ritual and custom. 5. An example ... traditional economy is the society ... polar eskimo ... the last century.

 

6. Доповніть наступні речення:

 

1. The survival of any society depends on ... . 2. Since these societies are also faced with scarcity ... . 3. All societies have an organized way of providing for ... . 4. The way in which these decisions are made ... . 5. There are three major kinds of economic systems: ... . 6. In a society with traditional economy nearly all economic activity is  ... . 7. Individuals are not free to make decisions based on ... . 8. An example of traditional economy is ... . 9. For generations, parents taught their children ... . 10. The main advantage of the traditional economy is ... . 11. The main disadvantage of the traditional economy is ... .

 

7. Дайте відповіді на питання:

 

1. What does the survival of any society depend on? 2. What are all societies faced with? 3. What have all societies in common? 4. What determines the type of economic system? 5. What are the major kinds of economic systems? 6. What prescribes most social behaviour? 7. What is the role of individuals in a traditional economy? 8. What did polar eskimo teach their children? 9. What is the main advantage/disadvantage of the traditional economy?

 

8. Перекладіть на англійську мову:

 

1. Кожному суспiльству доводиться приймати рiшення стосовно того, що, як та для кого виробляти. 2. Виживання суспiльства залежить вiд того, чи воно спроможне забезпечувати своїх людей їжею, одягом та житлом. 3. Кожному суспiльству притаманна своя економiчна система. 4. Тип економiчної системи визначається методом, за яким приймають­ся рiшення про задоволення бажань та потреб людей. 5. У суспiльствi з традицiйною економiкою вся економiчна дiяльнiсть є результатом тра­дицiй та звичаїв. 6. Люди не вiльнi приймати рiшення, якi ґрунтуються на тім, що вони хочуть або хотiли б мати. 7. Люди знають, якi товари або послуги будуть вироблятися, як вони вироблятимуться та як вони розподiлятимуться. 8. Ескiмоси пiвночi навчали своїх дiтей, як виго­товляти знаряддя, ловити рибу та полювати. 9. Головний недолiк традицiйної економiки полягає в тім, що вона схильна розхолоджувати ідеї. 10. Головна перевага традицiйної економiки в тім, що кожний у нiй має свою роль. 11. Традицiйна економiка схильна до застою i не може розвиватися далi.

 

 

ECONOMIC SYSTEMS

 

Text B

Other societies have a command economy — one where a central authority makes most of the What, How and for Whom decisions.

Economic decisions are made at the top and people are expected to go along with1 choices made by their leaders. It means that major economic choices are made by the government. It decides goals for the economy and determines needs and production quotas for major industries. If the planning body wants to stress growth of heavy manufacturing, it can shift resources2 from consumer goods to that sector. Or, if it wants to strengthen national defence, it can direct resources from consumer goods or heavy manufacturing to the production of military equipment and supplies.

The major advantage of a command system is that it can change direction drastically in a relatively short time. The major disadvantage of the command system is that it does not always meet the wants and needs of individuals.

The second disadvantage of the command economy is the lack of incentives3 that encourage people to work hard. In most command economies today workers with different degrees of responsibility receive similar wages. In addition4, people seldom lose their jobs regardless of5 the quality of their work. As a result, there is a tendency for some to work just hard enough to fill production quotas set by planners.

The command economy requires a large decision-making bureaucracy. Many clerks, planners, and others are needed to operate the system. As a result, most decisions cannot be made until a number of people are consulted, or a large amount of paperwork is processed. This causes production costs6 to increase and decision-making to slow down. Thus, a command system does not have the flexibility to deal with day-to-day problems.

 

COMMENTS

 

1. ... people are expected to go along with — сподiваються, що люди приєднаються

2. to shift resources — перемiстити ресурси

3. the lack of incentives — брак стимулiв

4. in addition — до того ж; крім того

5. regardless of — незважаючи на

6. production costs — витрати виробництва

 

1. Знайдіть еквіваленти:

 

1. to determine needs   2. different degrees of responsibility   3. consumer goods   4. a large decision-making bureaucracy   5. command economy   6. heavy manufacturing   7. military equipment   8. encourage people to work hard   9. to deal with day-to-day problems 10. to change direction drastically 11. to strengthen national defence 12. the planning body

а. заохочувати людей наполегливо працювати б. рiшуче змiнювати напрям в. змiцнювати нацiональну оборону г. займатися щоденними проблемам д. плановi органи е. рiзний рiвень вiдповiдальностi є. командна економiка ж. визначати потреби з.  споживчi товари и. вiйськове устаткування i. великий бюрократич­ний апарат ї. важка промисловiсть

 

2. Перекладіть на українську мову:

 

economy, economic, authority, leader, production, large, responsibility, drastically, decide, decision, to stress, defence, military, equipment, advantage, incentive, relatively, different, tendency, to increase, similar, personal, fertile, productive, responsible, able, provincial, active, stable, special, flexible, equal, scarce, possible.

 

3. Поєднайте синоніми:

 

to desire, tendency, lack, decision, defence, goal, require, flexibility, quota, similar, growth, to shift, day-to-day, trend, to wish, absence, major, different, everyday, increase, to change, demand, main, protection, share, elasticity, aim, solution.

 

4. Поєднайте антоніми:

 

to slow down, to sell, advantage, short, lack, job, small, to increase, flexible, cause, disadvantage, work, abundance, often, to speed up, to buy, inflexible, seldom, large, reason,  long, to decrease, strengthen, acquire, to produce, to discourage, weaken, to encourage, lose, to consume.

 

5. Заповніть пропуски прийменниками та прислівниками:

 

1. Economic decisions are made ... the top and people are expected to go ... choices made ... their leaders. 2. The government decides goals ... the economy and determines needs and production quotas ... major industries. 3. In most ... command economies people ... lose jobs regardless ... the quality ... their work. 4. As a result, there is a tendency ... some to work ... hard enough to fill ... production quotas set ... planners. 5. A command system does not have the flexibility to deal ... day-to-day problems.

 

6. Доповніть наступні речення:

 

1. In a command economy decisions are made ... . 2. It means that ... . 3. Government decides ... . 4. If the planning body wants to strengthen national defence, it can ... . 5. The major advantage of a command system is ... . 6. The major disadvantage of a command system is ... . 7. The second disadvantage of the command economy is ... . 8. The command economy requires ... .

 

7. Дайте відповіді на питання:

 

1. Who makes most of What, How and for Whom decisions in a command economy? 2. Who determines needs and production quotas for major industries? 3. What is the major advantage of a command  system? 4. What disadvantages does the command economy have? 5. What does the command economy require? 6. The command system doesn’t have the flexibility to deal with day-to-day problems, does it?

 

8. Перекладіть на англійську мову:

 

1. Економічні рішення приймаються нагорі, і сподiваються, що люди приєднаються до вибору своїх лідерів. 2. Або, якщо планові органи захочуть зміцнити національну оборону, вони можуть направити ресурси від споживчих товарів або важкої промисловості до виробництва військової техніки та провіанту. 3. Основною перевагою командної системи є те, що вона може різко змінити напрямок розвитку в порівняно короткий час. 4. Головний недолік командної системи в тому, що вона не завжди відповідає бажанням і потребам людей. 5. В більшості командних економік сьогодні працівники з різним ступенем відповідальності отримують однакову зарплату. 6. Командна економіка вимагає утримання великого бюрократич­ного апарату для прийняття рішень.

 

ECONOMIC SYSTEMS

 

Text C

In a market economy, the questions of What, How and for Whom to produce are made by individuals and firms acting in their own best interests. In economic term a market is an arrangement that allows buyers and sellers to come together to conduct transactions1.

Since consumers like products with low prices and high quality, producers in a market economy will try to supply such products. Those who  make the best products for the lowest prices will make profits2 and stay in business3. Other producers will either go out of business or switch to4 different products consumer can buy.

A market economy has several major advantages that traditional and command economies do not have. First, a market economy is flexible and can adjust to change over time.

When gas prices in the United States began to level off in 1985 and then decline in 1986, the trend slowly began to reverse.

The second major advantage of the market economy is the freedom that exists for everyone involved. Producers are free to make whatever they think will sell. They are also free to produce their products in the most efficient manner. Consumers on the other hand are free to spend their money or buy whatever goods and services they wish to have.

The third advantage of the market economy is the lack of significant government intervention. Except for national defence, the government tries to stay out of the way5. As long as there is competition among producers, the market economy generally takes care of itself.

The final advantage of the market economy is the incredible variety6 of goods and services available to consumers. In fact, almost any product can and will be produced so long as there is a buyer for it.

 

COMMENTS

 

1. to conduct transactions — проводити дiловi операцiї

2. to make profits — отримувати прибуток

3. to stay in business — залишатися в бiзнесi

4. to switch to — переорiєнтуватись

5. to stay out of the way — не втручатися

6. incredible variety — неймовiрна рiзноманiтнiсть

 

1. Знайдіть еквіваленти:

 

1. to conduct transactions   2. in the most efficient manner   3. to act in one’s own best interests   4. to stay out of the way   5. to make profits   6. the lack of significant       government intervention   7. to adjust to change over time   8. to stay in business   9. incredible variety 10. to switch to 11. on the other hand 12. market economy

а. отримувати прибуток б. проводити дiловi операцiї в. з іншого боку; у свою чергу г. неймовiрна рiзноманiтнiсть д. не втручатися е. працювати для власної вигоди є. залишатися в бiзнесi ж. переорiєнтуватися з. найбiльш ефективним способом и. ринкова економіка і.  змiнюватися з часом ї. брак значного втручання уряду

 

2. Поєднайте синоніми:

 

a buyer, to desire, to make profits, to take care (of), to supply, to conduct transactions, interest, considerable, a purchaser, to allow, benefit, to get profits, variety, to manufacture, to arrange a deal, to provide (with), significant, to look after, tendency, lack, intervention, to permit, diversity, to produce, interference, trend, to wish, absence.

 

3. Поєднайте антоніми:

 

to sell, advantage, high prices, to spend money, to decline, flexible, to go out of business, to save money, disadvantage, low prices, worst, to buy, credible, variety, best, uniformity, inflexible, to stay out of the way, incredible, available, to meddle with other people’s business, unavailable, to stay in business, to level off.

 

4. Заповніть пропуски прийменниками та прислівниками:

 

1. In a market economy, the questions ... What, How and ... Whom to produce are made ... individuals and firms acting ... their own best interests. 2. A market economy is flexible and can adjust to change ... time. 3. Since consumers like products ... low prices and high quality, producers ... a market economy will try to supply such products. 4. Those who make the best products ... the lowest prices will stay ... business. 5. The second major advantage ... the market economy is the freedom that exists ... everyone involved. 6. Except ... national defence, the government tries to stay ... the way. 7. As long as there is competition ... producers, the market economy generally takes care ... itself. 8. The final advantage ... the market economy is the incredible variety ... goods and services available ... consumers.

 

5. Доповніть наступні речення:

 

1. In a market economy the questions of What, How and for Whom to produce are made by ... . 2. In economic term a market is ... . 3. Since consumers like products with low prices and high quality, ... . 4. Those who  make the best products for the lowest prices ... . 5. Other producers will either go out of business or ... . 6. A market economy has ... . 7. The first advantage of the market economy is ... . 8. The second major advantage of the market economy is ... . 9. Consumers are free to spend their money or ... . 10. The third advantage of the market economy is ... . 11. As long as there is competition among producers, ... . 12. The final advantage of the market economy is ... .

 

6. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

 Column A                   Column B

 

1. economic system	a. An economic system that allocates scarce resources according to custom; change and growth are very slow; people do what their parents did before them; and most goods are produced and consumed locally.
2. traditional economy	b. An economic system in which major decisions concerning the allocation of resources are made by agencies of the government.
3. command economy	c. The approach a country uses to deal with scarcity and achieve its economic goals.
4. market economy	d. The production, distribution, and sale of goods and services for a profit.
5. consumer	e. The rivalry among buyers and sellers in the purchase and sale of resources and products.
6. competition	f. A person who buys and uses goods or services.
7. business	g. The difference between revenues and operation costs incurred by a business.
8. profit	h. An economic system in which the principal means of production, distribution, and exchange are in private hands and competitively operated for profit.

 

7. Дайте відповіді на питання:

 

1. Who asks the questions of What, How and for Whom to produce in a market economy? 2. What is a market in economic term? 3. Who will stay in business in a market economy? 4. What advantages does market economy have? Explain it in details. 5. What does the final advantage of the market economy consist in?

 

8. Перекладіть на англійську мову:

 

1. Ринкова економiка має кiлька головних переваг, яких нема в традицiйнiй та команднiй економiках. 2. Коли цiни на газ у Сполучених Штатах вирiвнялися в 1985 р. i потiм упали в 1986 р., то ця тенденцiя повiльно почала змiнюватися в протилежному напрямку. 3. Одна з головних переваг ринкової економiки полягає у свободi, яка iснує для кожного пiдприємця. 4. Оскільки споживачам подобаються товари за низькими цiнами i високої якостi, виробники за ринкової економiки намагатимуться постачати саме такi товари. 5. Уряд намагається не втручатися в жодні галузi, крім нацiональної оборони. 6. У ринковiй економiцi майже будь-який товар може бути i буде виготовлений, поки на нього є покупець.

 

 

Unit №5

 

DEMAND

 

Most people think of demand as being the desire for a certain economic product. That desire must be coupled with1 the ability and willingness to pay. Effective demand, that is desire plus ability and willingness to pay, influences and helps to determine prices.

In economics the relationship of demand and price is expressed by the Law of Demand. It says that the demand for an economic product varies inversely2 with its price. In other words, if prices are high the quantities demanded will be low. If prices are low the quantities demanded will be high.

The correlation between demand and price does not happen by chance3. For consumers price is an obstacle to buying, so when prices fall, the more consumers buy.

The demand for some products is such that consumers do care about changes in price when they buy a great many more units of product because of a relatively small reduction in price. The demand for the product is said to be elastic4.

For other products the demand is largely inelastic. This means that a change in price causes only a small change in the quantity demanded. A higher or lower price for salt, for example, probably will not bring about5 much change in the quantity bought because people can consume just so much salt.

Even if the price were cut in half6, the quantity demanded might not rise very much. Then too, the portion of a person’s yearly budget that is spent on salt is so small that even if the price were to double7, it would not make much difference in the quantity demanded.

Elasticity of supply8, as a response to changes in price, is related to demand. Economists define demand as a consumer’s desire or want, together with his willingness to pay for what he wants. We can say that demand is indicated by our willingness to offer money for particular goods or services. Money has no value in itself, but serves as a means of exchange9 between commodities which do have a value to us.

People very seldom have everything they want. Usually we have to decide carefully how we spend our income. When we exercise our choice, we do so according to our personal scale of preferences. In this scale of preferences essential commodities come first (food, clothing, shelter, medical expenses etc.), then the kind of luxuries which help us to be comfortable (telephone, special furniture, insurance etc.), and finally those non-essentials which give us personal pleasure (holidays, parties, visits to theatres or concerts, chocolates etc.). They may all seem important but their true importance can be measured by deciding which we are prepared to live without. Our decisions indicate our scale of preferences and therefore our priorities.

Elasticity of  demand10 is a measure of  the change in the quantity of  a good, in response to demand. The change in demand results from a change in price. Demand is inelastic when a good is regarded as a basic necessity¹¹, but particularly elastic for non-essential commodities. Accordingly, we buy basic necessities even if the prices rise steeply, but we buy other things only when they are relatively cheap.

In economic theory, demand means the amount of a commodity or service that economic units are willing to buy, or actually buy, at a given price. In economic theory, therefore, demand is always effective demand, i.e., demand, supported by purchasing power12, and not merely the desire for a particular commodity or service.

Obviously, demand is not only influenced by price, but also by many other factors, such as the incomes of the demanders and the prices of substitutes. In economic analysis, these other factors are frequently assumed to be constant. This allows one to relate a range of prices to the quantities demanded in what is called the demand function (with price as the independent and demand as the dependent variable) and to graph this relationship in the demand curve.

The demand curve13 is the graphical representation of the demand function, i.e., of the relationship between price and demand. It tells us how many units of a particular commodity or service would be bought at various prices, assuming that all other factors (such as the incomes of the demanders and the prices of substitutes) remain unchanged. The demand curve normally slopes downwards from left to right, which means that more is bought at low prices than at higher prices. A famous exception to the rule of a downward-sloping demand curve is the Giffen paradox14. If the condition that all other factors remain unchanged is relaxed and the incomes of the demanders, for instance, are allowed to change, then the whole demand curve will shift its position.

 

COMMENTS

 

1. to be coupled with — бути поєднаним

2. inversely — обернено пропорцiйно

3. by chance — випадково

4. ... the demand for the product is said to be elastic — кажуть, що попит на продукт еластичний

5. to bring about — призвести

6. if the price were cut in half — якщо цiну треба було б зменшити вдвiчi

7. were to double — треба було б подвоїти

8. elasticity of supply — еластичність пропозиції

9. means of exchange — засіб обміну

10. еlasticity of demand — еластичність попиту

11. basic necessity  — предмет першої необхідності

12. purchasing power — купівельна спроможність

13. demand curve — крива попиту

14. Giffen paradox — парадокс Гіффена

 

1. Знайдіть еквіваленти:

 

1. the Law of Demand   2. to be coupled with   3. to bring about   4. by chance   5. to determine prices   6. ability and willingness to pay   7. effective demand   8. reduction in price   9. inversely 10. changes in price 11. in other words 12. the quantity demanded

a. обернено пропорцiйно б. призвести в. визначати цiни г. необхiдна кiлькiсть д. випадково е. змiни в цiнi є. закон попиту ж. інакше кажучи з. бути поєднаним и. зниження цiни i.  ефективний попит ї. здатнiсть та готовнiсть платити

 

2. Перекладіть на англійську мову:

 

eластичність пропозиції; еластичність попиту; зміни в ціні; бажання споживачів; пропонувати гроші; вартість; дохід; відносно дешеві речі; ціни різко зростають; певні товари та послуги; особиста шкала переваг; витрати на медичне обслуговування; засіб обміну; предмети першої необхідності; предмети розкоші; другорядні товари; страхування.

 

3. Поєднайте синоніми:

 

by chance, to double the price, an obstacle, to consider, efficient, a cut in price, to bring about, to happen, by accident, a relationship, to cause, effective, to raise the price a hundred per cent, a barrier, to think, to occur, a correlation, a reduction in price.

 

4. Поєднайте антоніми:

 

ability, higher price, to cut, to supply, to demand, inelastic, to consume, to raise, least, to couple, small, large, inversely, to part, incapacity, to produce, most, elastic, directly, lower price. 

 

5. Перекладіть на українську мову, звертаючи увагу на виділені слова:

 

1. Demand for fish has exceeded supply this month. 2. The demand for milk is inelastic because it is a necessity. 3. It is impossible to satisfy all their demands. 4. They demanded that the decision should be revised. 5. Children are so demanding: they need constant attention. 6. The workers are demanding better pay. 7. This sort of work demands great patience. 8. Good secretaries are always in demand. 9. The worker’s demands for higher pay were rejected by the employers. 10. He is in great demand as a singer.

 

6. Заповніть пропуски найбільш відповідним словом зі списку.

 

price; service; purchasing power; demand curve; demand; incomes; demand function; commodity.

 

1. Demand means the amount of a ________ or ________ that economic units are willing to buy at a given price. 2. Demand is not only influenced by ________ but also many other  factors. 3. Effective demand is always supported by _________ and not merely the desire for a particular commodity or service. 4. The demand curve is the graphical representation of the _________ , i. e., of the relationship between price and ________ . 5. If the conditions that all other factors remain unchanged is relaxed and the ___________ of the demanders are allowed to change, then the whole ___________ will shift its position.

 

7. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A      Column B

 

1. demand	a. Money value of a good or service.
2. supply 3. the Law of Demand	b. The curve on a graph that shows the relationship between the quantity demanded for a good and its price.
4. consumer	c. Good or service whose consumption is seen as essential in order to maintain a minimum standard of living in a society.
5. price	d. Explains how much a change in price affects the quantity demanded.
6. demand curve 7. supply curve	e. A consumer’s willingness and ability to buy a product or service at a particular time and place.
8. demand elasticity	f. Anyone who uses goods or services.
9. purchasing power	g. The value of a unit of money measured in terms of what it can buy.
10. necessity	h. All else being equal, more items will be sold at a lower price than at a higher price. i. The amount of a commodity or service offered for sale at a given price. j. The diagrammatic illustration of the relationship between the price of the good and the quantity that producers will supply at that price.

 

8. Заповніть пропуски прийменниками та прислівниками:

 

1. Most ... people think ... demand as being the desire ... a certain economic product. 2. In economics the relationship ... demand and price is expressed ... the Law ... Demand. 3. It says that the demand ... an economic product varies inversely ... its price. 4. The demand ... some products is such that consumers do care ... changes ... price when they buy a great many more units ... product ... a relatively small reduction ... price. 5. The correlation ... demand and price does not happen ... chance. 6. A higher or lower price ... salt probably will not bring ... much change ... the quantity bought because people can consume ... so much salt. 7. In economic theory, demand means the amount ... a commodity or service that economic units are willing to buy, or actually buy, ... a given price.  8. Demand is ...  supported ... purchasing power, and not merely the desire ... a particular commodity or service. 9. Demand is not ... influenced ... price, but also ... many other factors, such as the incomes ... the demanders and the prices ... substitutes. 10. The demand curve is the graphical representation ... the demand function. 11. It normally slopes downwards ... left ... right, which means that more is bought ... low prices than ... higher prices.

 

9. Доповніть наступні речення:

 

1. Most people think of demand as ... . 2. Effective demand is ... . 3. The Law of Demand says ... . 4. In other words, if prices are high ... . 5. For consumers price is ... . 6. The demand for such products is such that ... . 7. The inelastic demand means that ... . 8. The portion of a person’s yearly budget that is spent on salt is so small that even if the price were to double, it ... . 9. Economists define demand ... . 10. Money has no value in itself, but serves ... . 11. When we exercise our choice ... . 12. Our decisions indicate ... . 13. Elasticity of demand is ... . 14. Demand is inelastic when ... . 15. We buy basic necessities even if ... . 16. In economic theory, demand means ... . 17. In economics demand is always effective demand, i.e., ... . 18. Demand is not only influenced by price ... . 19. In economic analysis, these other factors are ... . 20. The demand curve is ... .  21. It tells us ... . 22. The demand curve normally slopes ... .

 

 

10. Визначте яке з наступних речень вірне, а яке ні.

 

1. When people offer money for particular goods, they indicate that a demand exists. 2. Money is usually valuable in itself. 3. People do not usually have everything they want. 4. Our decisions on how to use our money show what we need most and what we are willing to do without. 5. Basic needs come before luxuries. 6. Demand for essential commodities is always elastic. 6. In economic theory, demand means the amount of a commodity or service that economic units are willing to buy. 7. In economic theory demand is always effective demand. 8. Demand is only influenced by price. 9. Effective demand is always supported by merely the desire for a particular commodity or service. 10. In economic analysis, the incomes of the demanders and the prices of substitutes are frequently assumed to be constant. 11. The demand curve tells us how many units of a particular commodity or service would be sold at various prices. 12. The demand curve normally means that more is bought at low prices than at high prices.

 

11. Дайте відповіді на питання:

 

1. What do most people think of demand? 2. What is an effective demand? 3. What does it help to do? 4. What is expressed by the Law of Demand? 5. What does the Law of Demand say? 6. The correlation between demand and price does not happen by chance, does it? 7. Is price an obstacle to buying for consumers? 8. What does the elastic demand consist in? 9. What does the inelastic demand for products mean? 10. Elasticity of supply, as a response to changes in price, is related to demand, isn’t it? 11. What is the definition of demand? 12. How is demand indicated? 13. What is money? 14. What do we do when we exercise our choice? 15. What comes second in our scale of preferences? 16. What is our third priority? 8. What is elasticity of demand? 17. When is demand inelastic? 18. What does «demand» mean in economic theory? 19. What is effective demand? 20. What factors is demand influenced by? 21. What is demand function? 22. What does the demand curve tell us? 23. At what price is more bought?  24. What is a famous exception to the rule of a downward-sloping demand curve? 25. When will the whole demand curve shift its position?

 

12. Перекладіть на англійську мову:

 

1. Бiльшiсть людей уважає, що попит — це бажання мати певний економiчний продукт. 2. Таке бажання має бути поєднане зi здатнiстю та готовнiстю платити. 3. Взаємозалежність між попитом та ціною вира­жається законом попиту. 4. Він стверджує, що попит на економічний продукт змінюється обернено пропорцiйно відносно ціни. 5. Що вищі ціни, то менше буде продано товарів і послуг. 6. Завдяки вiдносно малому зниженню цiни споживачi купують набагато бiльше одиниць товару. 7. Нееластичний попит означає, що змiна в цiнi спричиняє тiльки не­значну змiну в необхiднiй кiлькостi товару. 8. Навiть, якщо цiну на сiль треба було б зменшити вдвiчi, обсяг її продажу не міг би набагато зрости.

 

 

 

Unit №6

 

SUPPLY

 

Business people think of demand as the consumption of goods and services. At the same time, they think of supply as their production. As they see it, supply means the quantity of a product supplied at the price prevailed at the time. Economists are concerned with1 market as a whole. They want to know how much of a certain product sellers will supply at each and every possible market price. Supply may be defined as a schedule of quantities that would be offered for sale at all of the possible prices that might prevail in the market. Everyone who offers an economic product for sale is a supplier.

The law of supply states that the quantity of an economic product offered for sale varies directly with its price. If prices are high suppliers will offer greater quantities for sale. If prices are low, they will offer smaller quantities for sale. Since productivity affects both cost and supply it is important that care can be taken2 in selecting the proper materials. Productivity and cost must be kept in mind3 in order to make the best decision. It means a business must analyse the issue of costs before making its decisions. To make the decision-making process4 easier we try to divide cost into several different categories.

Fixed cost5 — the cost that a business incurs even if the plant is idle and output is zero. It makes no difference whether the business produces nothing, very little, or a lot.

Fixed costs include salaries paid to executives, interest charges on6 bonds, rent payments on leased properties7, local and state property taxes. They also take in depreciation  the gradual wear and tear on capital goods8 over time.

Variable cost9 — a cost that changes with changes in the business rate of operation or output.

Total cost10 — is the sum of the fixed and variable costs. It takes in all the costs a business faces in the course of its operations.

Marginal cost11 — the extra or additional cost incurred when a business produces one additional unit of a commodity. Since fixed costs do not change, marginal cost is the increase in variable costs, which stems from using additional factors of production.

Bananas are typical example of perishable goods¹². By «perishable» we mean goods which cannot be stored for any length of time without going bad. Most foodstuffs are in the perishable category. Such goods are offered for sale as quickly as possible, and so the supply of perishables and the stock of perishables available at any time are usually the same in quantity.

This is not true in the case of non-perishable goods like coal, steel and cars, which do not deteriorate easily. The supply of cars in the market may not be the same as the actual stock of cars in the factories.

Economists talk about the Law of Supply, in which a rise in prices tends to increase supply, while a fall in prices tends to reduce it. If prices rise for a particular commodity, the rise will of course encourage producers to make more. On the other hand, if prices fall either locally or throughout the world, producers will reduce production. This can result in serious difficulties for many producers, and may cause them to go out of business completely. Overproduction¹³ of any commodity can also create difficulties, because it can lead to a glut on the market, which may cause prices to fall sharply.

Supplies of many commodities can generally be adjusted to suit market conditions. This means that changes in prices lead to changes in the quantity of a particular commodity which is made available to consumers. Household goods14 and furniture belong to this category. In such instances supply is said to be «elastic», because it can be increased or decreased rapidly in response to market prices.

In economic theory, the term «supply» denotes the amount of a commodity or service offered for sale at a given price. Just as in the case of demand, supply is determined also by factors other than price, the most important being the cost of production and the period of time allowed to supply to adjust to a change in prices. In economic analysis, these other factors are frequently assumed to be constant. This assumption enables supply and price to be related in what is called the «supply function» (with price as the independent and supply as the dependent variable) and to be graphed in the supply curve.

The supply curve is the graphical representation of the supply function, i.e., of the relationship between price and supply. It shows us how many units of a particular commodity or service would be offered for sale at various prices, assuming that all other factors (such as the cost of production, the period of time involved) remain constant. The supply curve normally slopes upwards from left to right. This indicates that, other things being equal, more is offered for sale at higher prices.

There are, however, exceptions. For example, where goods are in fixed supply, the supply curve would be a straight vertical line. Another exception is the case where a fall in prices calls forth a larger supply because suppliers fear that prices might fall still further, and where, therefore, the supply curve actually slopes downwards. If changes in the other factors are allowed, this would be reflected not in a movement along the curve, but in a shift of the whole curve.

 

COMMENTS

 

  1. to be concerned with smth — займатися чимось

  2. ... care can be taken — ... проявити обережність

  3. to keep in mind — пам’ятати

  4. decision-making process — процес прийняття рішення

  5. fixed cost — фіксовані витрати

  6. interest charges on — процентні нарахування за ...

  7. leased properties — орендна власність

  8. wear and tear on capital goods — амортизація засобів виробництва

  9. variable cost — змінні витрати

10. total cost — загальні витрати

11. marginal cost — додаткові витрати

12. perishable goods  — товари, що швидко псуються

13. overproduction — перевиробництво; надвиробництво

14. household goods — господарські товари; предмети домашнього вжитку

 

1. Знайдіть еквіваленти:

 

1. consumption of goods and services   2. at the same time    3. to be concerned with smth   4. to take in depreciation   5. schedule of quantities    6. to prevail in the market   7. decision-making process    8. issue of cost   9. fixed cost  10. variable cost 11. total cost  12. marginal cost

а. процес прийняття рішення б. загальні витрати в. фіксовані витрати г. додаткові витрати д. займатися чимось е. водночас є. споживання товарів та послуг ж. включати знецінення з. тариф кількостей и. панувати на ринку і. поява ціни ї. змінні витрати

 

2. Перекладіть на українську мову:

 

perishable/non-perishable goods; particular commodity; a rise in prices; on the other hand; overproduction; to go out of business; to reduce production; to encourage producers; to create difficulties; household goods; to lead to a glut on the market; changes in prices; to suit market conditions; market prices; supply; to offer for sale; a fall in prices; a change in prices; the amount of a commodity or service; at a given price; the relationship between price and supply; the cost of production; supply function; supply curve; at various prices; a particular commodity or service; at higher prices; in fixed supply; the period of time involved; the graphical representation; to slope downwards; a straight vertical line; to slope upwards.

 

3. Перекладіть на українську мову, звертаючи увагу на виділені слова:

 

1. His parents keep him well supplied with cash. 2. Fresh vegetables are in short supply at this time of year. 3. People who offer an economic product for sale are suppliers. 4. Money supply is the total amount of money in circulation. 5. Ukraine has insufficient water supplies. 6. Planes dropped food and medical supplies to the stranded villagers. 7. Supply and demand determine prices in a market economy. 8. You promised us fuel, but can you guarantee its supply?

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A    Column B

 

1. supply	a. The additional cost of producing an extra unit of output.
2. the Law of Supply	b. Everyone who offers an economic product for sale.
3. the Law of Demand	c. Costs that increase as the number of units produced increases.
4. costs 5. total costs	d. A table showing the quantities of a product that would be offered for sale at various prices at a given time.
6. variable costs	e. Number of items offered for sale at each of several prices.
7. marginal cost	f. The sum of the fixed and variable costs.
8. fixed costs	g. Sellers will offer more of a product at a higher price and less at a lower price.
9. supply schedule 10. supplier	h. The amount of money it has to spend in order to produce goods and services for sale. i. Costs that remain the same regardless of the amount of business done by the firm. j. All else being equal, more items will be sold at a lower price than at a higher price.

5. Заповніть пропуски прийменниками та прислівниками:

 

1. Business people think  ... demand as the consumption ... goods and services. 2. Economists are concerned ... market as a whole. 3. Supply means the quantity ... a product supplied ... the price prevailed ... the time. 4. Supply is defined as a schedule ... quantities that would be offered ... sale ... all ... the possible prices that might prevail ... the market. 5. The law ... supply states that the quantity ... an economic product offered ... sale varies directly ... its price. 6. ... productivity affects ... both ... cost and supply it is important that care can be taken ... selecting the proper materials.

 

6. Заповніть пропуски найбільш відповідним словом зі списку.

 

service; the Law of Supply; a product; a commodity; the supply function; the supply curve; supply schedule; sale; a supplier; producers; price.

 

1. In economics, the term «supply» denotes the amount of  ________ or __________ offered for sale at a given ____________ . 2. A table showing the quantities of _________ that would be offered for __________ at various prices at a given time is called _________ . 3. _________ states that the quantity of an economic product offered for sale varies directly with its price. 4. The supply curve is the graphical representation of _________ . 5. __________ normally slopes upwards from left to right. 6. Everyone who offers an economic product for sale is                   . 7. ________ want to sell more at a higher price and less at a lower price.

 

7. Змініть виділені дієслова на іменники та заповніть пропуски.

 

1. The government encourages private enterprise. Their ___________ sometimes takes the form of financial help. 2. It is sometimes necessary to adjust the quantity of goods flowing to the market. This is made according to market conditions. 3. Some economists are interested in measuring changes in the price of essential commodities. This ____________ extends over a period of years. 4. The management tried to assess the amount of money needed for the plan. The ____________ was to be made by a special committee. 5. He arranged the committee meeting. His ____________ were very efficient. 6. He decided to invest his capital in the new enterprise. His __________ might be very profitable.

 

8. Доповніть наступні речення:

 

1. Business people think of demand ... . 2. At the same time, they think of supply ... . 3. Economists want to know ... . 4. Supply may be defined ... . 5. Everyone who offers an economic product for sale is ... . 6. The law of supply states ... . 7. If prices are high ... . 8. Since productivity affects both cost and supply ... . 9. Fixed cost is ... .  It includes ... . 10. Marginal cost is ... . 11. In economic theory, the term  «supply» denotes ... . 12. Just as in the case of demand, supply is determined also by ... . 13. The supply curve is ... . 14. It shows us ... . 15. The supply curve normally slopes ... . 16. This indicates that ... . 17. Another exception is ... . 18. If changes in the other factors are allowed ... .

 

9. Визначте яке з наступних речень вірне, а яке ні.

 

1. Bananas are a typical example of goods that easily deteriorate. 2. Steel can be stored for a long time without losing its value. 3. The actual stock of cars in a factory is usually the same as the supply of cars available on the market. 4. According to the Law of Supply, a rise in prices tends to reduce supply. 5. If prices fall locally, production will be reduced throughout the world. 6. When there is a glut on the market, demand decreases and prices fall. 7. Changes in prices lead to a change in the quantity of a commodity. 8. Supply is «elastic» because market prices rise and fall.

 

10. Дайте відповіді на питання:

 

1. What do business people think of demand (supply)? 2. What does the term «supply» mean? 3. Whom do we call a supplier?  4. What does the Law of Supply state? 5. Why is it important for a business to analyse the costs? 6. What categories is the cost divided into? 7. What is fixed cost? 8. What do fixed costs include? 9. What is variable cost? 10. Total cost is the sum of the fixed and variable costs, isn’t it? 11. What do you know about marginal cost? 12. What are perishable goods? 13. What two things are usually the same in quantity? 14. What happens when the Law of Supply operates? 15. What does a rise in prices encourage? 16. What does a fall in prices cause? 17. What serious effect may a fall in prices have on some producers? 18. What can overproduction lead to? 19. What happens when the supply of a commodity is adjusted to suit market conditions? 20. What kinds of goods belong to the category of commodities that can be adjusted easily? 21. What is meant by «elastic» supply? 22. What does the term «supply» denote in economic theory? 23. What factors is supply determined by? 24. What is called «supply function»? 25. What is supply curve? 26. What does the supply curve show? 27. How does the supply curve normally slope? 28. What does it indicate? 29. Are there any exceptions to supply curve?

11. Перекладіть на англійську мову:

 

1. З погляду економістів, пропозиція — це кількість продукції, запропонованої за переважаючою на той час ціною. 2. Кожний, хто про­понує продукцію на продаж, є постачальником. 3. Кількість продукції, запропонованої на продаж, змінюється залежно від ціни. 4. Необхідно пам’ятати про продуктивність та витрати для того, щоб прийняти ліпше рішення. 5. До витрат належать заробітна плата, податки, відсотки на облігації та сплата ренти за орендовану власність. 6. Змінні витрати — це витрати, що змінюються. 7. Загальні витрати — це сума фіксованих та змінних витрат. 8. Додаткові витрати — це зростання змінних витрат, спричинене застосуванням додаткових факторів виробництва.

 

12. Добавьте знаки пунктуації: заглавні літери, коми, крапки, дужки, де потрібно:

 

non perishable goods such as coal steel cars and airplanes can be stored for considerable periods of time without loss of value this is not true however with perishables which must be placed on the market as quickly as possible if they are not sold quickly they will deteriorate if they deteriorate while in storage or in the shops both producers and distributors lose a large amount of money if there is a glut of certain perishables these commodities must be sold quickly even if the selling price is too low for a satisfactory profit

 

Unit №7

 

MARKET PRICE

 

Prices play an important role in all economic markets. If there were no price system, it would be impossible to determine a value for any goods or services. In a market economy prices act as signals. A high price, for example, is a signal for producers to produce more and for buyers to buy less. A low price is a signal for producers to produce less and for buyers to buy more. Prices serve as a link between producers and consumers. Prices, especially in a free market system, are also neutral. That is, they favour neither the producer nor consumer.

Instead, they come about1 as a result of competition between buyers and sellers. The price system in a market economy is surprisingly flexible. Unforseen events such as weather, strikes, natural disasters and even war can affect the prices for some items. When this happens, however, buyers and sellers react to the new level of prices and adjust their consumption and production accordingly2. Before long3, the system functions smoothly again as it did before. This flexibility to absorb unexpected «shocks» is one of the strengths of a free enterprise market economy.

In economic markets, buyers and sellers have exactly the opposite hopes and intentions. The buyers come to the market larger to pay low prices. The sellers come to the market hoping for high prices. For this reason, adjustment process must take place when the two sides come together. This process almost always leads to market equilibrium4 — a situation where prices are relatively stable and there is neither a surplus5 nor a shortage6 in the market.

In most economic systems, the prices of the majority of goods and services do not change over short periods of time. In some systems it is of course possible for an individual to bargain over prices, because they are not fixed in advance. In general terms, however, the individual cannot change the prices of the commodities he wants. When planning his expenditure, he must therefore accept these fixed prices. He must also pay this same fixed price no matter how many units he buys. A consumer will go on buying bananas for as long as he continues to be satisfied. If he buys more, he shows that his satisfaction is still greater than his dislike of losing money. With each successive purchase, however, his satisfaction compensates less for the loss of money.

A point in time comes when the financial sacrifice is greater than the satisfaction of eating bananas. The consumer will therefore stop buying bananas at the current price. The bananas are unchanged; they are no better or worse than before. Their marginal utility to the consumer has, however, changed. If the price had been higher, he might have bought fewer bananas; if the price had been lower, he might have bought more.

It is clear from this argument that the nature of a commodity remains the same, but its utility changes. This change indicates that a special relationship exists between goods and services on the one hand, and a consumer and his money on the other hand. The consumer’s desire for a commodity tends to diminish as he buys more units of that commodity. Economists call this tendency the Law of Diminishing Marginal Utility⁷.

In economics, the term «price» denotes the consideration in cash (or in kind) for the transfer of something valuable, such as goods, services, currencies, securities, the use of money or property for a limited period of time, etc. In commercial practice, however, it is normally restricted to the amount of money payable for goods, services, and securities. In other applications, the word «rate» is preferred. Interest rate⁸ is the price for temporary use of somebody else’s money, exchange rate⁹ is the price of one currency in terms of another.

Price may refer either to one unit of a commodity (unit price) or to the amount of money payable for a specified number of units or for something where units are not applicable, e.g., for five tons of coal (total price) or for a specific painting by Rembrandt.

Prices perform two important economic functions: they ration scarce resources, and they motivate production. As a general rule, the more scarce something is, the higher its price will be, and the fewer people will want to buy it. Economists describe that as the rationing effect of prices. In other words, since there is not enough of everything to go around, in a market system goods and services are allocated, or distributed, based on their price.

Price increases and decreases also send messages to suppliers and potential suppliers of goods and services. As prices rise, the increase serves to attract additional producers. Similarly, price decreases drive producers out¹⁰ of the market. In this way prices encourage producers to increase or decrease their level of output¹¹. Economists refer to this as the production-motivating function of prices.

Prices may be either free to respond to changes in supply and demand or controlled by the government or some other (usually large) organisation.

COMMENTS

 

1. to come about — з’являтися

2. ... adjust their consumption and production accordingly — ... таким чином регулюють споживання і виробництво

3. before long — потім

4. market equilibrium — ринкова рівновага (ринковий еквілібріум)

5. a surplus — залишок

6. a shortage — нестача

7. the Law of Diminishing Marginal Utility — закон спадної граничної корисності

8. interest rate — процентна ставка; норма відсотка

9. exchange rate — валютний курс; вексельний курс

10. to drive out — витісняти

11. level of output — рівень виробництва

 

1. Знайдіть еквіваленти:

 

1. to determine a value   2. market economy   3. price system   4. low prices   5. adjustment process   6. market equilibrium   7. high prices   8. to come about   9. for this reason 10. free enterprise 11. competition 12. new level of prices  13. affect the prices 14. relatively stable

а. низькі ціни б. високі ціни в. ринкова економіка г. ринкова рівновага д. з цієї причини е. визначати вартість є. цінова система ж. процес регулювання з. відносно стабільний и. конкуренція і. новий рівень цін ї. вільне підприємництво й. впливати на ціни к. з’являтися

 

2. Перекладіть на українську мову:

 

currency; securities; the use of money or property; for a limited period of time; interest rate; unit price; to ration scarce resources; to motivate production; the rationing effect of prices; to attract additional producers; to drive producers out of the market; prices encourage producers; to increase or decrease the level of output; exchange rate;  production-motivating function of prices.

 

3. Перекладіть на українську мову, звертаючи увагу на виділені слова:

 

1. He sold the house at a good price. 2. It must be done at any price. 3. You can’t put a price on that sort of loyalty. 4. This restaurant is a bit pricey for me. 5. The government usually sets prices for public utility services. 6. Ask the builder to give you a price for the work. 7. I can’t afford it at that price. 8. Fresh strawberries are now available at a price. 9. The price of cigarettes is set to rise again. 10. These goods are priced too high. 11. What price all your promises now? 12. You look absolutaly priceless in that hat. 13. Supply and demand determine prices in a market economy. 14. In a free market price is determined by the market forces of demand and supply.

 

4. Заповніть пропуски прийменниками та прислівниками:

 

1. Prices play an important role ... all economic markets. 2. Prices act as signals ... a market economy. 3. A high price is a signal ... producers to produce ... and ... buyers to buy ... . 4. Prices serve as a link ... producers and consumers. 5. Prices favour neither ... the producer nor ... consumer. 6. Prices come ... as a result ... competition ... buyers and sellers. 7. The price system ... a market economy is flexible. 8. Unforseen events can affect ... the prices ... some ... items. 9. The sellers come ... the market hoping ... high prices. 10. Market equilibrium is a situation where prices are stable and there is neither  ... a surplus nor a shortage ... the market.

 

5. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A      Column B

 

1. price	a. The price for temporary use of somebody else’s money.
2. price system	b. A situation where the quantity demanded is greater than the quantity supplied.
3. utility 4. marginal utility	c. A situation where prices are relatively stable and there is neither a surplus nor shortage in the market.
5. surplus	d. Money value of a good or service.
6. shortage	e. The total satisfaction derived from the consumption of goods and services.
7. market equilibrium	f. The price at which one currency is bought or sold in terms of other currencies.
8. interest rate	g. A situation where the quantity supplied is greater than the quantity demanded.
9. exchange rate 10. the Law of Diminishing Marginal Utility	h. An economic system in which resources are allocated as a result of the interaction of the forces of supply and demand. i. A law of economics stating that satisfaction gets lowered as you take more and more of that commodity. j. The additional or extra satisfaction yielded from consuming an additional unit of goods or services.

 

6. Заповніть пропуски найбільш відповідним словом зі списку.

 

scarce resources; securities; production; price; amount of money; level of output; services; a commodity; producers; supply and demand.

 

1. In economics, the term ________ denotes the consideration in cash for the transfer of something valuable. 2. Price may refer either to one unit of _________ or to the amount of money payable for a specified number of units. 3. Prices perform two important economic functions: they ration __________ , and they motivate _________ . 4. Similarly, price decreases drive ________ out of the market. 5. Prices encourage producers to increase or decrease their __________ . 6. Prices may be either free to respond to changes in __________ or controlled by the government. 7. In commercial practice price is normally restricted to the _________ payable for goods, __________ , and __________ .

 

7. Визначте яке з наступних речень вірне, а яке ні.

 

1. In the majority of systems prices are fixed but in the minority it is possible to bargain. 2. It is generally possible for the individual to change the prices of the commodities he wants. 3. We know that a consumer’s satisfaction is greater than his financial sacrifice if he goes on buying a commodity at the current price. 4. When a consumer becomes dissatisfied at paying the current price, he pays less. 5. The financial sacrifice becomes too great when the quality of the commodity gets worse. 6. The consumer will probably buy more if the price falls. 7. If the price rises, the consumer will probably buy less. 8. If the price remains the same, the consumer will reach a point when his sacrifice is greater than satisfaction. 9. The utility of a product stays the same, but its nature changes. 10. «The Law of Diminishing Marginal Utility» is the name which economists give to the tendency for a consumer’s desire to diminish as he buys more units. 11. In economics, the term «price» denotes the consideration in cash for the transfer of something valuable. 12. In commercial practice it is restricted to the amount of money payable for goods and services. 13. Interest rate is the price paid for borrowing money for a period of time. 14. Exchange rate is the price of one currency in terms of another. 15. Supply and demand determine prices in a market economy. 16. Price may refer only to one unit of a commodity. 17. Price decreases drive producers out of the market. 18. Prices perform many important functions. 19. In a market system goods and services are allocated, or distributed, based on their price. 20. Prices are always controlled by the government.

 

8. Доповніть наступні речення:

 

1. If there were no price system ... . 2. A high price, for example, is a signal ... . 3. A low price is a signal ... . 4. The price system in a market economy is ... . 5. Unforseen events such as ... . 6. This flexibility to absorb unexpected «shocks» is ... . 7. In economic markets, buyers and sellers have ... . 8. The buyers come to the market ... . 9. The sellers come to the market ... . 10. Adjustment process must take place when ... . 11. Market equilibrium is ... . 12. In economics, the term «price» denotes ... . 13. Interest rate is ... . 14. Exchange rate is ... . 15. Price may refer either to ... . 16. Economists describe that ... . 17. Prices perform two important economic functions ... . 18. As a general rule, the more scarce something is ... . 19. Prices may be either free to respond to changes in supply and demand or ... .

 

9. Дайте відповіді на питання:

 

1. What role do prices play in all economic markets? 2. Is it possible to determine a value for any goods or services without price system? 3. What characteristics do prices have in a market economy? 4. What unforseen events can affect the prices for some items? 5. What is one of the strengths of a free enterprise market economy? 6. What hopes and intentions do the buyers and sellers have coming to the market? 7. What is market equilibrium? 8. Prices are fixed in most economic systems, but what is possible in some systems? 9. What is the individual generally unable to change? 10. Under what conditions will a consumer go on buying a commodity? 11. What does the consumer show by buying more bananas? 12. What happens with each successive purchase? 13. At what point will the consumer stop buying the commodity at the current price? 14. What remains unchanged with each purchase? 15. What has changed when this point is reached? 16. Under what conditions might he have bought more? 17. What does a consumer’s desire tend to do? 18. What does the term «price» denote in economics? 19. How is the price normally restricted in commercial practice? 20. What is interest rate? 21. What is exchange rate? 22. What may the price refer to? 23. What two important functions do prices perform? 24. What can you say about the rationing effect of prices? 25. What do you know about the production-motivating function of prices? 26. May prices be free to respond to changes in supply and demand?

 

10. Перекладіть на англійську мову:

 

1. Ціни відіграють важливу роль на всіх економічних ринках. 2. За умов ринкової економіки ціни діють як сигнали. 3. Цінова система в ринковій економіці напрочуд гнучка. 4. Ціни на вільному ринку нейт­ральні. 5. На економічних ринках покупці та продавці мають проти­лежні наміри та надії. 6. Покупці бажають купувати за низькими цінами. 7. Продавці приходять на ринок із надією на високі ціни.

 

11. Перекладіть слова в дужках:

 

(Для того щоб купити) foreign products or services, or (інвестувати) in other countries, (компанії) and individuals may first (купити валюту) of the country with which they are doing business. Generally, (експортери) prefer to be paid for their (товари та послуги) either in their own (валюті) (Japanese in yen and Germans in marks) or in U.S. dollars, which are accepted (у всьому світі). For example, when the French buy (нафту) from Saudi Arabia, they may (платити) in U.S. dollars, not French francs or Saudi dinars, even though the United States is not involved in the transaction.              The foreign exchange market, or "FX" market, is where (купівля та продаж) of different currencies takes place. (Ціна) of one currency in terms of another country’s currency is called (валютний курс).

 

 

 

Unit №8

 

AGGREGATE SUPPLY AND DEMAND

 

Text A

Just as economists study the amount of goods and services brought to market by a single producer, they also study the total amount of goods and services produced by the economy as a whole. Thus, they examine aggregate supply1 — the total amount of goods and services produced by the economy in a given period, usually one year.

A number of factors affect an economy’s aggregate supply. Two of these are the quantity of resources used in production and the quality of those resources. For example, an economy must have an adequate supply of natural resources and capital goods to be productive2.

It also needs a skilled and highly motivated labour force. A third factor affecting aggregate supply is the efficiency with which the resources are combined. If they are combined in a productive way, aggregate supply will increase.

In order to measure aggregate supply, statistics must be kept. To keep with this task economists use national income accounting3 — a system of statistics, that keeps track of production4, consumption, saving and investment in the economy. National income accounting also makes it possible to trace long-run trends in the economy and to form new public policies to improve the economy.

The most important economic statistics kept in the national income accounts is Gross National Product (GNP). This is the dollar measure of the total amount of final goods and services produced in a year. It is one of the most important and comprehensive statistics kept on the economy’s performance5.

 

COMMENTS

 

1. aggregate supply — сукупна пропозиція

2. to be productive — щоб бути продуктивною

3. national income accounting — розрахунок національного прибутку

4. ... keeps track of production — слідкує за виробництвом

5. ... kept on the economy’s performance — яка продовжує характерис­тику економіки

 

1. Знайдіть еквіваленти:

 

1. adequate supply of natural resources   2. to keep with a task 3. final goods 4. to trace long-run trends in the economy   5. skilled labour force    6. national income accounting   7. capital goods      8. to improve the economy   9. aggregate supply   10. total amount of goods and services 11. single producer 12.Gross National Product (GNP) 13. the quantity and the quality

а. загальна кількість товарів та послуг б. кваліфікована робоча сила в. засоби виробництва г. відповідний (достатній) запас природних багатств д. сукупна пропозиція е. поліпшувати стан економіки є. валовий національний продукт ж. виконувати завдання з. кількість і якість и. розрахунок національного прибутку і. окремий виробник  ї. готова продукція й. намічати перспективні напрямки в економіці

 

2. Поєднайте синоніми:

 

adequate, to grow, skilful, to affect, goods, merchandise, amount, trend, to ameliorate, consider, to improve, sufficient, to trace, to increase, to influence, examine, manufacturer, tendency, total, quantity, to track, producer, aggregate, skilled.

 

3. Заповніть пропуски прийменниками та прислівниками:

 

1. Economists examine aggregate supply — the total amount ... goods and services produced ... the economy ... a given period. 2. A number ... factors affect ... an economy’s aggregate supply. 3. Two ... these are the quantity ... resources used ... production and the quality ... those resources. 4. ... order to measure aggregate supply, statistics must be kept. 5. One ... the factors affecting ... aggregate supply is the efficiency ... which the resources are combined. 6. The most important economic statistics kept ... the national income accounts is Gross National Product. 7. This is the dollar measure ... the total amount ... final goods and services produced ... a year.

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A      Column B

 

1. aggregate supply	а. Individuals, 16 years of age or older, working or looking for work.
2. capital goods	b. The total amount of goods and services produced by the economy in a given period, usually one year.
3. consumer goods	c. A measure of productive efficiency calculated as the ratio of what is produced to what is required to produce it.
4. services	d. A system of statistics, that keeps track of production, consumption, saving and investment in the economy.
5. production	e. Tangible items such as buildings, machinery, and equipment produced and used in the production of other goods and services.
6. productivity	f. Intangible item of value, such as the work of physicians, lawyers, teachers, actors.
7. labour force	g. All the goods and services provided by the economy.
8. national income accounting 9. Gross National Product     (GNP)	h. The process of making a good or service.    i. Goods ultimately bought and used by consumers, not used in producing other goods.

 

5. Доповніть наступні речення:

 

1. Economists examine aggregate supply ... . 2. The factors affecting  aggregate supply are ... . 3. In order to measure aggregate supply, ... . 4. National income accounting is ... . 5. National income accounting also makes it possible ... . 6. The most important economic statistics kept in the national income accounts is ... . 7. Gross National Product is ... .

 

6. Дайте відповіді на питання:

 

1. What do economists study? 2. What is aggregate supply? 3. What factors affect an economy’s aggregate supply? 4. When will aggregate supply increase? 5. What must be kept in order to measure aggregate supply? 6. What is national income accounting? 7. What helps to trace long-run trends in the economy and form new public policies? What is it aimed at? 8. What is GNP?

 

7. Перекладіть на англійську мову:

 

1. Економісти розглядають сукупну пропозицію як загальну кіль­кість товарів та послуг, вироблених, як правило, за один рік. 2. На су­купну пропозицію впливає кількість цих ресурсів. 3. Щоб бути про­дуктивною, економіка повинна мати відповідний (достатній) запас при­родних багатств та засобів виробництва. 4. Третій фактор, який впливає на сукупну пропозицію, — це ефективність, з якою комбінуються ресурси. 5. Розрахунок національного прибутку дає можливість накрес­лити перспективні напрямки в економіці і виробити нові напрямки державної політики, щоб поліпшити стан економіки. 6. Валовий націо­нальний продукт — це вартість у доларах усієї сукупності готової про­дукції та послуг, вироблених і наданих за рік.

 

 

AGGREGATE SUPPLY AND DEMAND

 

Text B

An advanced country like the United States is very complex. It involves millions of individual decision-making units1 — individuals, business and governments make billions of decisions daily.

Microeconomics is the branch of economics that deals with decision-making and other behaviour by these individual units. Another branch of economics, known as macroeconomics, deals with large groups or aggregates. Because GNP deals with the output of the country as a whole, it is macroeconomic concept.

As a first step in understanding the macroeconomy we think of the economy as being made up of several different parts called sectors. These sectors represent individuals, business, government and foreign markets. The sum of expenditures of these sectors is known as aggregate demand2. When aggregate demand or spending falls over a period of one to two years, the economy tends to go into recession, while a rise in aggregate demand tends to lead to booms in the economy.

One sector of the macroeconomy is the consumer sector. The basic unit in this sector is the household, which is made up of all persons who occupy a house, apartment, or room.

A second sector is the business, or investment sector. It is made up of proprietorships, partnerships, and corporations. It is the productive sector responsible for bringing the factors of production together to produce output.

A third sector in the macroeconomy is the government, or public sector. It includes the local, state and federal levels of government.

The foreign sector is the fourth sector of the macroeconomy. It includes all consumers and producers external in the United States3.

The United States, for example, exports computers, airplanes, and farm products to foreign buyers. It also imports a large number of different items from foreign countries. It makes no difference whether foreign buyers are governments or private investors or if purchases are made from governments or private individuals. They are all part of the foreign sector.

 

COMMENTS

 

1. decision-making units — самостійна господарча одиниця, яка наділена правом приймати рішення

2. aggregate demand — сукупний попит

3. external in the United States — за межами Сполучених Штатів

 

1. Перекладіть на українську мову:

 

decision-making units; branch of economics; foreign markets; output of the country; as a whole; the sum of expenditures; aggregate demand; recession; GNP; boom; consumer sector; productive sector; foreign sector; public sector; investment sector.

 

2. Поєднайте антоніми:

 

to export, income, to import, demand, to consume, to produce, supply, private sector, expenditure, buyer, external, microeconomics, public sector, macroeconomics, boom, unlike, native, internal, different, recession, similar, like, foreign, seller.

 

 

3. Заповніть пропуски найбільш відповідним словом зі списку.

 

aggregate demand; recession; decision-making; economics; corporations; consumers; items; services; proprietorships; the public sector; producers; goods; booms; the private sector.

 

1. Microeconomics is the branch of ________ that deals with ________ and other behaviour by these individual units. 2. The sum of expenditures of these sectors is known as _________ . 3. When aggregate demand or spending falls over a period of one to two years, the economy tends to go into ________ , while a rise in aggregate demand tends to lead to ___________ in the economy. 4. The business, or investment sector is made up of __________ , partnerships, and ___________ . 5. In a free market economy, __________ is responsible for allocating most of the resources within the economy. 6. Most _________ and __________ provided by __________ in any economy are allocated on the basis of need rather than on ability to pay. 7. Foreign sector includes all _________ and _______ external in the United States. 8. The United States imports a large number of different _________ from foreign countries.

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A     Column B

 

1. microeconomics	a. The peak of the business cycle; the economy is expanding and aggregate demand is rising quickly.
2. macroeconomics	b. Using money to purchase real capital (equipment, new tools, industrial buildings) to be used in the production of goods and services.
3. aggregate   demand	c. Goods or services bought from abroad for domestic consumption.
4. recession	d. The study of the individual parts of the economy: a consumer, firm, or industry.
5. boom	e. The total demand for goods and services in the economy.
6. public sector	f. Goods or services sold abroad.
7. investment	g. A fall in business activity lasting more than a few  months, causing stagnation in a country’s output.
8. export	h. The study of the economy as a whole.
9. import	i. Part of the economy that is owned and controlled by the state, namely central government, local government, and government enterprises.

 

5. Доповніть наступні речення:

 

1. Microeconomics is ... . 2.  Macroeconomics deals with ... . 3. As a first step in understanding the macroeconomy we think of the economy as ... . 4. The sum of expenditures of these sectors is known as ... . 5. One sector of the macroeconomy is ... . 6. A second sector is ... . 7. It is the productive sector responsible for ... . 8. The government sector includes ... . 9. The foreign sector includes ... .

 

6. Дайте відповіді на питання:

 

1. What does microeconomics deal with? 2. What do the sectors of the macro-economy represent? 3. What is the basic unit in the consumer sector? 4. What is the business or investment sector made up of? 5. Is the business sector of the economy responsible for bringing the factors of production together to produce output? 6. What does the government, or public sector include? 7. Does the foreign sector include all consumers and producers external in the United States? 8. What does the United States export?

 

7. Перекладіть на англійську мову:

 

1. Мікроекономіка — це галузь економіки, зв’язана із прийнят­тям рішень та іншими діями самостійних господарських одиниць, які наділені правом приймати рішення. 2. Сума витрат секторів макро-економіки відома як сукупний попит. 3. Основна одиниця споживчого сектору — домашнє господарство. 4. До складу сектору бізнесу або капіталовкладень входять одноосібна власність, партнерство та корпо­рації. 5. Третій сектор макроекономіки — це урядовий або громадський сектор, який включає місцевий уряд, уряд штату та федеральний уряд. 6. До складу зовнішнього сектору входять усі споживачі та виробники за межами Сполучених Штатів.

 

8. Перекладіть слова в дужках:

 

(Макроекономіка) is the study of the functioning (економіки в цілому), and it deals mainly with the total output and income of the economy, (загальним рівнем занятості), and movements in the average level of all prices. The heart of macroeconomics consists of analyzing the determinants of (сукупної пропозиції) and (сукупного попиту).

In the short run, the main problem in macroeconomics is why (сукупний попит) sometimes exceeds (сукупну пропозицію), thereby bringing on (інфляцію), and why aggregate demand sometimes falls short of aggregate supply, thereby bringing on (безробіття) and deflation — or at least less inflation. Over the long run, macroeconomics is concerned primarily with (економічним зростанням) — increases in the productive capacity of the economy and in average (реальним доходом) per person.

 

 

Unit №9

 

MARKETS and MARKET STRUCTURES

 

Economists classify markets according to conditions that prevail in them. They ask questions like the following: How many supplies are there? How large are they? Do they have any influence over price? How much competition is there between firms? What kind of economic product is involved? Are all firms in the market selling exactly the same product, or simply similar one? Is it easy or difficult for new firms to enter the market? The answer to these questions helps to determine market structure, or the nature and degree of competition among firms operating in the same market. For example, one market may be highly competitive because a large number of firms produce similar products. Another may be less competitive because of fewer firms, or because the products made by each are different or unique.

In short, markets can be classified according to certain structural characteristics that are shared by most firms in the market. Economists have names for these different market structures: pure competition1, monopolistic competition², oligopoly, and monopoly.

An important category of economic markets is pure competition. This is a market situation in which there are many independent and well-informed buyers and sellers of exactly the same economic products. Each buyer and seller acts independently. They depend on forces in the market to determine price. If they are not willing to accept this price, they do not have to do business.

To monopolize means to keep something for oneself3. A person who monopolized a conversation, for example, generally is trying to stand out from4 everyone else and thus attract attention5.

A situation much like this often exists in economic markets. For example, all the conditions of pure competition may be met except that the products for sale are not exactly the same. By making its product a little different, a firm may try to attract more customers and take over the economic market6. When this happens, the market situation is called monopolistic competition.

The one thing that separates monopolistic competition from pure competition is product differentiation⁷. The differences among the products may be real, or imaginary. If the seller can differentiate a product, the price may be raised a little above the market price, but not too much.

An oligopoly is a degree of competition when the market is dominated by a few large producers. Each firm is large enough to influence the price and entry of new firms is restricted.

Unfair methods of competition:

     1. Dumping⁸ is selling products at cost price or lower with the purpose to defeat the competitors and later to increase the prices in order to cover the losses.

     2. Cartel⁹ is an agreement by competitors to fix the price at the level which is usually higher than the equilibrium price. Hence the other name of this method, namely, a price-fixing agreement.

The consequences re obviously that under these conditions the market forces - supply and demand - do not produce an equilibrium price and the consumers pay more. Therefore, dumping and cartels are considered illegal practices in many countries. Anti­dumping and anti-monopoly laws prevent such practices.

 

COMMENTS

 

1. pure competition — чиста конкуренцiя

    competition — конкуренцiя, економічний процес взаємодії і боротьби товаровиробників за найвигідніші умови виробництва і збуту товарів, за отримання найбільших прибутків.

2. monopolistic competition — монополістична конкуренція

    monopoly — монополія, наявність одного продавця товару чи послуги на ринку.

    oligopoly — олігополія, структура ринку, при якій в одній галузі домінує невелика кількість конкуруючих фірм.

3. to keep something for oneself — затримати щось для себе

4. to stand out from — вiдiйти/вiддiлитися вiд

5. to attract attention — привертати увагу

6. to take over the economic market — змiнити економiчний ринок

7. product differentiation — диференціація (індивідуалізація) продукції

8. Dumping — демпінг, продаж товарів на зовнішньому і внутрішньому ринках за штучно заниженими цінами, меншими середніх роздрібних цін, а іноді і більш низьким, ніж собівартість (витрати виробництва і обігу). Демпінг проводиться з метою проникнення на ринок, завоювання місця на ньому, витиснення конкурентів.

9. Cartel — картель, угода, що укладається кількома незалежними один від одного підприємствами з метою обмеження або ліквідації ризику конкуренції.

 

1. Перекладіть на українську мову:

 

market — marketability — marketable — marketeer — marketer — marketing; differ — difference — different — differential — differentiate — differentiation — differentiability — differently; compete — competition — competitive — competitiveness — competitor; monopoly — monopolist — monopolistic — monopolize — monopolization.

 

2. Знайдіть еквіваленти:

 

1. to depend on smth   2. in short   3. to attract more customers   4. to stand out from smth   5. to prevail   6. a highly competitive market   7. pure competition   8. to have some influence over price    9. to enter the market 10. to keep smth for oneself 11. to take over the economic market 12. to meet the condition of pure competition

а. змiнити економiчний ринок б. затримати щось для себе в. входити в ринок г. коротко кажучи д. залежати вiд чогось е. вiдiйти вiд чогось є. чиста конкуренцiя ж. впливати якимось чином на цiну  з. переважати и. залучити бiльше покупцiв і. приймати умови чистої конкуренцiї  ї. ринок із високим ступенем     конкуренцiї

 

3. Поєднайте синоніми:

 

a customer, significant, to prevail, to attract smb’s attention, a supply, next, in accordance with smth, following, to draw smb’s attention, to be ready to do smth, to predominate, to determine price, a buyer, to meet the conditions of pure competition, to fix a price, to be willing to do smth, according to smth, important, a stock, to agree to the conditions of pure competition.

 

4. Поєднайте антоніми:

 

similarity, ordinary, easy, dependent, imaginary, to separate, difference, to attract smb, to accept, independent, difficult, buyer, unique, to reject, seller, to unite, real, to scare smb away/off.

 

5. Заповніть пропуски прийменниками та прислівниками:

 

1. Economists classify markets according ... conditions that prevail ... them. 2. The answer ... these questions helps to determine market structure, or the nature and degree ... competition ... firms operating ... the same market. 3. One market may be highly competitive because ... a large number ... firms produce similar ... products. 4. Pure competition is a market situation ... which there are many independent and well-informed buyers and sellers ... exactly the same economic products. 5. Buyers and sellers depend ... forces ... the market to determine price. 6. To monopolize means to keep something ... oneself. 7. By making its product a little different, a firm may try to attract more ... customers and take ... the economic market.

 

6. Доповніть наступні речення:

 

1. Economists classify markets according ... . 2. They ask questions like the following ... . 3. The answer to these questions helps ... . 4. One market may be highly competitive because ... . 5. Another may be less competitive ... . 6. In short, markets can be classified according to ... . 7. Economists have names for these different market structures ... . 8. Pure competition is a market situation ... . 9. To monopolize means ... . 10. The one thing that separates monopolistic competition from pure competition is ... .

 

7. Перекладіть на англійську мову:

 

1. Вiдповiдь на певний ряд питань допомагає визначити ринкову структуру або її природу та ступiнь конкуренцiї мiж фiрмами, якi дiють на одному й тому ж ринку. 2. До ринкових структур належать: чиста конкуренцiя, монополiстична конкуренцiя, олiгополiя та монополiя. 3. Чиста конкуренцiя — це важлива категорiя економiчних ринкiв. 4. Кожен покупець чи продавець дiє на ринку незалежно. 5. Вони залежать вiд тих сил на ринку, якi визначають цiну. 6. Урiзноманiт­нюючи трохи свiй товар, фiрма може намагатися залучити бiльше по­купцiв i змiнити економiчний ринок. 7. Коли таке трапляється, ринкова ситуацiя називається монополicтичною конкуренцiєю.

 

8. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A                                          Column B

 

1. monopoly	a. The process of creating uniqueness in a product.
2. oligopoly	b. A market dominated by a few large firms.
3. pure competition	c. A market in which there is only one seller.
4. monopolistic competition	d. Place where buyers and sellers come together.
5. product differentiation	e. The price at which supply exactly equals demand.
6. competition 7. dumping 8. cartel	f. A market situation in which there are many independent and well-informed buyers and sellers of exactly the same economic products.
9. market	g. The rivalry among buyers and sellers in    the purchase and sale of resources and products.
10. market price	h. Selling products at cost price or lower with the purpose to defeat the competitors and later to increase the prices in order to cover the losses. i. A market in which many firms are selling similar (but not identical) products. j. An agreement by competitors to fix the price at the level which is usually higher than the equilibrium price.

 

9. Використайте правильне слово в реченні. Змініть форму сліва, якщо потрібно.

 

 a) Vary

 

1. Conditions on that market are stable and don’t __________ very much from year to year. 2. It is often difficult to classify the ______ types of economic system in the world. 3. Because prices on that market fluctuate considerably from week to week, we say that they are __________ . 4. The managers of that company hope to increase the __________ of products which they offer for sale to the public. 5. There has been little ________ in price levels over the last five years. 6. That businessman handles a very ____________ selection of products, including bananas, toys, and cars.

 

b) Compete

 

1. Our firm is no longer __________ in world markets. 2. This company has better products than its ___________ . 3. A loss of ___________ is usually signalled by increasing imports and falling exports. 4. Oligopolies exist because it is difficult for _________ firms to enter the market. 5. ___________ is one of the cornerstones of free enterprise.

 

c) Monopolize

 

1. Don’t __________ our guest — there are others who would like to talk to her. 2. In some countries tobacco is a government __________ . 3. Imperfect competition includes both _____________ competition and oligopoly. 4. At the extreme of imperfect competition is the _______ — a single supplier who alone determines the price of a particular good.

 

10. Добавьте знаки пунктуації: заглавні літери, коми, крапки, дужки, де потрібно:

 

monopolies and similar arrangements may be referred in britain to the monopolies commission between 1948 and 1966 the commission presented some twenty six reports the government in 1965 passed a special act called the monopolies and mergers act which reorganized and enlarged the monopolies commission it provides for the investigation of services and mergers especially newspaper mergers and improves and extends the governments powers for taking action the action of the government is based on the monopolies commissions reports

 

 

Unit №10

 

FACTORS OF PRODUCTION

Text A

The reason people cannot satisfy all their wants and needs1 is the scarcity of productive resources. These resources or factors of production2 are called land, labour, capital, and organization or entrepreneurship3. They provide the means for a society to produce and distribute its goods and services.

As an economic term land means the gifts of nature4 or natural resources not created by human efforts. They are the things provided by nature that go into the creation of goods and services. Land has a broad meaning. It is not only land itself, but also what lies under the land (like coal and gold), what grows naturally on top of the land (like forests and wild animals), what is around the land in the seas and oceans and under the seas and oceans (like fish and oil). It includes deserts, fertile fields, forests, mineral deposits, rainfall, sunshine and the climate necessary to grow crops.

Because there are only so many natural resources available at any given time, economists tend to think of land as being fixed or in limited supply. There is not enough good farmland to feed all of the earth’s population enough, sandy beaches for everyone to enjoy, or enough minerals to meet people’s expending energy needs indefinitely.

The second factor of production is labour — people with all their efforts and abilities. Unlike land, labour is a resource that may vary in size over time. Historically, factors such as population growth, immigration, famine, war and disease have had a dramatic impact5 on both the quantity and quality of labour.

Labour is the human input into the production process. It may be mental or physical. But in many tasks it is necessary to combine mental activity with physical effort. The price paid for the use of labour is called wages6. Wages represent income7 to workers, who own their labour. Land and labour are often called primary factors of production8. It is one whose quantity is determined outside the economy.

 

COMMENTS

 

1. wants and needs — бажання та потреби

2. factors of production — фактори виробництва

3. entrepreneurship — підприємництво

4. gifts of nature — дари природи

5. dramatic impact — вирiшальний вплив

6. wages — заробітна плата

7. income — дохід, прибуток

8. primary factor of production — первинний фактор виробництва

 

1. Знайдіть еквіваленти:

 

1. to satisfy needs and wants   2. wages   3. dramatic impact   4. primary factor of production   5. mental activity   6. gifts of nature   7. natural resources   8. human efforts   9. fertile fields 10. mineral deposits 11.to grow crops 12. in limited supply

а. первинний фактор виробництва б. в обмежених запасах в. кориснi копалини г. родючi поля д. заробітна плата е. вирощувати культури є. вирiшальний вплив ж. людськi зусилля з. розумова діяльність и. задовольняти потреби та  бажання i. природнi ресурси ї. дари природи

 

2. Поєднайте антоніми:

 

natural, fertile fields, unlimited resources, indefinitely, limited resources, inside, artificial, production, immigration, inability, to destroy, unemployment, definitely, ability, to create, employment, to satisfy, emmigration, consumption, income, deserts, outside, scarcity, to dissatisfy, abundance, expenses.

 

3. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

 Column A     Column B

 

1. wages	a. Natural resources that go into the creation of goods   and services.
2. income	b. 1) the money with which a company starts in business; 2) accumulated wealth; 3) money invested or lent at interest.
3. factors of production	c. The physical and mental effort that people put into the creation of goods and services.
4. production	d. The price paid for the use of human labour.
5. land	e. Insufficient availability of resources to satisfy wants.
6. capital	f. The resources of land, labour and capital that go into the creation of goods and services.
7. labour	g. The earnings of an individual over a period of time.
8. scarcity	h. The creation of goods and services or processing of materials into products.

 

4. Заповніть пропуски прийменниками та прислівниками:

 

1. Natural resources are not created ... human efforts. 2. They are the things provided ... nature that go ... the creation ... goods and services. 3. Land is not only land itself, but also what lies ... the land, what grows naturally ... top ... the land, what is ... the land ... the seas and oceans and ... the seas and oceans. 4. Economists tend to think ... land as being fixed or ... limited supply. 5. Unlike ... land, labour is a resource that may vary ... size ... time. 6. Labour is the human input ... the production process.

 

5. Доповніть наступні речення:

 

1. The reason people cannot satisfy all their wants and needs is ... . 2. Factors of production are called ... . 3. They provide ... . 4. As an economic term land means ... . 5. Land is not only land itself ... . 6. It includes ... . 7. The second factor of production is ... . 8. Unlike land, labour is  ... . 9. Historically, factors such as ... . 10. Labour may be ... . 11. The price paid for the use of labour is called ... . 12. Wages represent ... . 13. Land and labour are often called ... .

 

6. Дайте відповіді на питання:

 

1. What is the reason people cannot satisfy all their wants and needs? 2. What is called factors of production? 3. What do they provide? 4. What does land mean as an economic term? 5. What do natural resources include? 6. What do economists think of land? 7. What is the second factor of production? 8. What is labour in economics? 9. What is the difference between the terms land and labour? 10. What has had a dramatic impact on both the quantity and quality of labour? 11. What is called wages?

 

7. Перекладіть на англійську мову:

 

1. Є чотири фактори виробництва: земля, праця, капiтал і підпри­ємництво. 2. Як економiчний термiн земля означає дари природи або природнi ресурси, не створенi людськими зусиллями. 3. Вона включає родючi поля, лiси, пустелi, кориснi копалини, сонячне свiтло, опади та клiмат, необхiдний для вирощування культур. 4. Праця — це люди зі своїми здiбностями та зусиллями, необхiдними для виробництва то­варiв та послуг. 5. Iсторично такi фактори, як зростання кількості насе­лення, iмiграцiя, голод, вiйни та хвороби мали вирiшальний вплив як на кiлькiсть, так i на якicть працi. 6. Землю і працю часто називають пер­винними факторами виробництва.

 

FACTORS OF PRODUCTION

Text B

The third factor of production is capital — the tools, equipment and factories used in production of goods and services. It is a produced factor of production, a durable input which is itself an output1 of the economy. For example, we build a textile factory and use it to produce shirts, or assemble  a computer and then employ it in educating students.

As noted earlier, such items are also called capital goods2. This is to distinguish them from financial capital3, the money used to buy the tools and equipment used in production.

Capital is unique in that, it is the result of production. A bulldozer may be an example of capital goods used in construction. At the same time4, it was manufactured in a factory which makes it the result of earlier production.

When the three inputs5 — land, labour and capital — are present, production or the process of creating goods and services, can take place. Even the production of the service called education requires the presence of land, labour and capital.

Entrepreneurship, the managerial or organizational skills6 needed by most firms to produce goods and services, is the fourth factor of production. The entrepreneur brings together the other three factors of production — land, labour and capital. When they are successful, entrepreneurs earn profits7, the return or reward8 for the risks, innovative ideas and efforts put into the business. When they are not successful, they suffer losses9.

 

COMMENTS

 

1. output — випуск, продукція

2. capital goods — засоби виробництва

3. financial capital — фінансовий капітал

4. at the same time — у той самий час, водночас

5. input — фактор, що впроваджується

6. managerial or organizational skills — організаційні або управлінські здібності

7. profit — прибуток

8. return or reward — прибуток або винагорода

9. to suffer losses — зазнавати збитків

 

1. Перекладіть на англійську мову:

 

земля; праця; капiтал; фактори виробництва; продукція; водно­час; підприємництво; отримувати прибуток; виробництво товарів та послуг; фактор, що впроваджується; фінансовий капітал; організаційні та управлінські здібності; засоби виробництва; зазнавати збитків.

 

2. Доповніть наступні речення:

 

1. The third factor of production is ... . 2. Capital is a produced factor of  production ... . 3. Financial capital is ... . 4. Capital is unique in that, it is ... . 5. When the three inputs — land, labour and capital — are present, ... . 6. Even the production of the service called education requires ... . 7. Entrepreneurship, the managerial or organizational skills needed by most firms to produce goods and services, is ... . 8. The entrepreneur brings  together ... . 9. When they are successful, entrepreneurs ... . 10. Profit is ... . 11. When they are not successful, ... .

 

3. Заповніть пропуски найбільш відповідним словом зі списку.

 

financial capital; profit; entrepreneur; factors of production; capital; inputs; goods and services; losses; capital goods.

 

1. _________ is a produced factor of production. 2. _________ include plant and machinery, industrial buildings, and raw material. 3. __________ is the money used to buy the tools and equipment used in production. 4. When the three ________ are present, production or the process of creating ________ can take place. 5. An ___________ is an individual who owns and operates his own business in the hope of earning ________. 6. The entrepreneur brings together the other three ________.
7. When the business is not successful, entrepreneurs suffer ________ .

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

 Column A     Column B

 

1. labour	a. The managerial or organizational skills needed by most firms to produce goods and services.
2. capital goods	b. Money gained in business; the difference between the amount earned and the amount spent.
3. financial capital	c. The human effort required to produce goods     and services.
4. entrepreneurship	d. Something created to produce other goods and services.
5. entrepreneur	e. The money used to buy the tools and equipment used in production.
6. input	f.  Person who is willing to take risks to create and operate businesses.
7. output	g. Anything that goes into the production process.
8. profit	h. Quantity of goods and services produced by a business organization or economy.

5. Визначте яке з наступних речень вірне, а яке ні.

 

1. Capital is a produced factor of production. 2. When the three inputs are present, production or the process of creating goods and services, can take place. 3. The production of the service called education doesn’t always require the presence of land, labour and capital. 4. An entrepreneur has a lot of rewards and few risks. 5. Only the wealthy can be entrepreneurs.

 

6. Дайте відповіді на питання:

 

1. What is the third factor of production? 2. Capital is a produced factor of production, isn’t it? 3. What do capital goods include? 4. What is financial capital? 5. When can production take place? 6. What does the production of the service called education require? 7. What is entrepreneurship? 8. When do entrepreneurs earn profit? 9. What is profit? 10. When do entrepreneurs suffer losses?

 

7. Перекладіть на англійську мову:

 

1. Засоби виробництва — це машини, iнструменти, устаткування, які використовуються в процесі виробництва. 2. Капiтал унiкальний тим, що вiн є результатом виробництва. 3. Люди користуються гро­шима, щоб купувати інструменти та устаткування для виробництва. 4. Виробництво може мати мiсце, коли наявнi всi три запроваджувальні фактори виробництва — земля, праця i капiтал. 5. Освіта як вироб­ництво послуги також потребує наявності всіх трьох факторів вироб­ництва. 6. Підприємництво — це організаційні та управлінські здіб­ності, необхідні для виробництва товарів або послуг з метою отри­мання прибутку.

 

 

Unit №11

 

BUSINESS ORGANIZATIONS

 

Text A

 

One of the major economic institutions is the business organization, a profit-seeking enterprise1 that serves as the main link between scarce resources and consumer satisfaction. These businesses compete with one another for the chance to satisfy people’s wants.

There are three major kinds of business organizations: the sole proprietorship2, the partnership3 and the corporation4.

The most common form of business organization is the sole proprietorship — a business owned and run by one person. The main advantage of a sole proprietorship is that it is the easiest form of business to start and run. There is almost no red tape5 involved. Most proprietorships are able to open for business as soon as they set up operations. In the event that the owner wants to dissolve the business6, a sole proprietorship is as easily dissolved as it is formed.

Sole proprietors own all the profits of their enterprises and are free to make whatever changes they please. They have minimal legal restrictions and do not have to pay the special taxes placed on corporations. They also have the opportunity to achieve success7 and recognition through their individual efforts. Sole proprietorships are generally found in small-scale retail and service businesses such as beauty salons, repair shops, or service stations.

The major disadvantage of a sole proprietorship is the unlimited liability8 that each proprietor faces. Since the business and the owner are legally the same, the sole proprietor is liable for9 all financial losses or debts that the business may incur. If a business fails, the owner must personally assume the debts10. This could mean the loss of personal property such as automobiles, homes and savings11.

A second disadvantage of the sole proprietorship is that it has limited financial resources. The money that a proprietor can raise is limited by the amount of savings and ability to borrow. Another serious problem faced by the sole proprietorship is the lack of continuity of the business. When the owner dies, the business also legally terminates.

 

COMMENTS

 

 1. a profit-seeking enterprise — прибуткове пiдприємство

 2. sole proprietorship/sole trader/one-man firm — одноосiбна власнiсть

 3. partnership — партнерство

 4. corporation — корпорація

 5. red tape — бюрократизм

 6. to dissolve the business — припинити діяльність підприємства

 7. to achieve success — досягти успіху

 8. unlimited liability — необмежена юридична відповідальність

 9. to be liable for — бути відповідальним за

10. to assume the debts — приймати/брати на себе борги

11. savings — заощадження

 

1. Знайдіть еквіваленти:

 

1. to be liable for smth   2. a partnership   3. to dissolve the business   4. profit-seeking enterprise   5. sole proprietorship   6. retail business   7. the main link   8. red tape   9. unlimited liability 10. to compete      scarce resources       the main advantage       to achieve success       savings 15. to pay taxes

a. конкурувати б. одноосiбна власнiсть в. основна сполучна ланка г. прибуткове пiдприємство д. заощадження е. бути вiдповiдальним за щось є. припинити діяльність підприємства ж. партнерство з. платити податки и. дефіцитні/недостатні ресурси i. головна перевага ї. необмежена відповідальність й. бюрократизм к. досягти успіху л. роздрібна торгівля

 

2. Замініть виділені слова словами-синонімами:

 

1. Business organization is a profitable enterprise that serves as the main link between scarce resources and consumer satisfaction. 2. The firms compete with one another for the chance to meet people’s requirements. 3. The simplest form of business undertaking is that managed by one person. 4. There is almost no bureaucracy involved. 5. In the event the owner wants to go out of business, a sole proprietorship is as easily dissolved as it is formed. 6. Sole proprietors have the chance to succeed in business through their individual efforts. 7. They are responsible for the firm’s operation and take all risks of loss. 8. Many small businesses have gone bankrupt recently.

 

3. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

 Column A      Column B

 

1. organization	a. A rivalry in the marketplace between different business organizations.
2. profit	b. A business that is owned by one person.
3. competition	c. People or groups working for a common purpose and whose tasks are often divided into specializations.
4. sole proprietorship	d. A business organization owned by a group of people and created under a government charter.
5. partnership	e. A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.
6. corporation	f. Amount by which total revenue exceeds total cost. It is the reward for risk-taking for shareholders in a business organization.
7. tax	g. The right to the possession, use, or disposal of something; ownership.
8. personal property	h. A business organization owned by two or more people.

4. Заповніть пропуски прийменниками та прислівниками:

 

1. A business organization is a profit-seeking enterprise that serves ... the main link ... scarce resources and consumer satisfaction. 2. These businesses compete ... one another ... the chance to satisfy people’s wants. 3. The most ... common form ... business organization is the sole proprietorship — a business owned and run ... one person. 4. Most ... proprietorships are able to open ... business ... they set ... operations. 5. Sole proprietors have the opportunity to achieve success and recognition ... their individual efforts. 6. Another serious problem faced ... the sole proprietorship is the lack ... continuity ... the business.

 

5. Доповніть наступні речення:

 

1. One of the major economic institutions is ... . 2. These businesses compete with one another ... . 3. There are three major kinds of business organizations ... . 4. The most common form of business wnership is ... . 5. The main advantage of a sole proprietorship is ... . 6. In the event that the owner wants to dissolve the business ... . 7. Sole proprietorships are generally found ... . 8. Sole proprietors have ... . 9. The major disadvantage of a sole proprietorship is ... . 10. Since the business and the owner are legally the same, the sole proprietor is ... . 11. If a business fails ... . 12. A second disadvantage of the sole proprietorship is ... .

 

6. Дайте відповіді на питання:

 

1. What is a business organization? 2. What are the major kinds of business organizations? 3. What is the most common form of business organization? 4. The sole proprietorship is a business owned and run by one person, isn’t it? 5. What is the main advantage of a sole proprietorship? 6. What other advantages does it have? 7. In what businesses are sole proprietorships generally found? 8. What are the major isadvantages of a sole proprietorship?

 

7. Перекладіть на англійську мову:

 

1. Є три форми органiзацiї бiзнесу: одноосiбна власність, парт­нерство та корпорація. 2. Найбiльш поширеною формою органiзацiї бiзнесу є одноосiбна власність. 3. Одноосiбна власність — це бізнес, який пiдпорядкований i провадиться однiєю особою. 4. За винятком певних лiцензiй i внескiв, якi можуть вимагати урядовi органiзацiї, бiльше жодного бюрократизму не iснує. 5. Головним недоліком одно­осібного підприємства є необмежена юридична відповідальність. 6. Оскільки підприємство та власник — та сама юридична особа, власник несе відповідальність за фінансові збитки та борги підприємства. 7. Якщо бізнес зазнає краху, власник особисто бере на себе всі борги. 8. Іншим недоліком одноосібної власності є обмежені фінансові ресурси.

 

 

BUSINESS ORGANIZATIONS

 

Text B

 

A partnership is a business that is jointly owned by two or more people who have combined their talents and resources for the purpose of earning a profit. Partnerships are most common in such professional fields as medicine, law, accounting, stockbrokerage1, but they are also found in manufacturing, wholesaling and retailing2.

The most common form of partnership is a general partnership3. General partners own the business, work in it and share the profits and losses. They are responsible for the management of the business and usually agree with each other before making any major decisions.

There may be a special type of partnership, called limited partnership4. Limited partners are only liable for the amount they have invested in the business. They are usually not involved in the management of the firm.

Partners generally contribute equal capital, draw up an agreement5 defining the rights, responsibilities and liabilities of each partner, such as how the profits are to be distributed and what part each partner is to play in managing the company. In many countries doctors, lawyers and accountants are not allowed to form companies, but only partnerships with unlimited liability (called general partnership) – which should make them act responsibly as in the case of bankruptcy, a partner with a personal fortune can lose it all.

Partnerships have more advantages than sole proprietorships. Like sole proprietorship they are easy to form and often get tax benefits6 from the government.

Partnerships have certain disadvantages too. The major disadvantage is unlimited financial liability. It means that each partner is responsible for all debts and is legally responsible for the whole business. But one of the greatest problems in partnerships is that partners may disagree with each other causing management conflicts.

 

COMMENTS

 

1. stockbrokerage/stockbroking — біржове маклерство

2. wholesaling and retailing — оптова та роздрібна торгівля

3. general partnership — товариство з необмеженою відповідальністю

4. limited partnership — товариство з обмеженою відповідальністю

5. draw up an agreement – скласти угоду

6. tax benefits — податкові пільги

 

1. Перекладіть на англійську мову:

 

партнерство; отримувати прибуток; біржове маклерство; товариство з необмеженою відповідальністю; ділити прибуток та збитки; оптова та роздрібна торгівля; юриспруденція; бухгалтерський облік; виробництво; перевага; товариство з обмеженою відповідальністю; управління бізнесом; бути відповідальним за щось; одноосiбна власність; одержувати подат­кові пільги від уряду; приймати рішення; головний недолік.

 

2. Заповніть пропуски найбільш відповідним словом зі списку.

 

the profits; losses; tax benefits; the management; general partners; sole proprietorships; wholesaling; unlimited financial liability; limited partners.

 

1. Partnerships are also found in manufacturing, ________ and retailing. 2. _________ are the partners with unlimited liability. 3. General partners own the business, work in it and share ________ and ________ . 4. General partners are responsible for ____________ of the business. 5. Partnerships have more advantages than ____________ . 6. The major disadvantage of a partnership is ___________ . 7. ___________ are usually not involved in the management of the firm. 8. Partnerships very often receive ___________ from the government.

 

3. Заповніть пропуски прийменниками та прислівниками:

 

1. A partnership is a business that is ... owned ... two or more ... people. 2. The partners are responsible ...  the management  ... the business and usually agree ... each other ... making any ... major ... decisions. 3. Limited partners are liable ... the amount they have invested ... the business. 4. They are usually not involved ... the management ... the firm. 5. Each partner is responsible ... all debts and is legally responsible ... the whole business. 6. One ... the greatest problems ... partnerships is that partners may disagree ... each other causing conflicts ...  management.

 

4. Поєднайте антоніми:

 

profitable, separately, advantage, producer, to give permission, limited, to start a business, unprofitable, jointly, to go out of business, to agree, illegal, to succeed in business, to be out of business, consumer, to disagree, unlimited, legal, disadvantage, to prohibit.

 

5. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

 Column A      Column B

 

1. partnership	a. The business of selling of goods in large quantities and at low prices.
2. general partnership	b. A financial obligation.
3. limited partnership	c. The process by which the property of a person, who is unable to pay debts, is taken away under a court order and divided fairly among the person’s creditors.
4. wholesaling	d. A business organization that is jointly owned by two or more people.
5. retailing	e. Owners of the partnership are only liable for the amount they have invested in the business.
6. bankruptcy	f. Something that is owed by a person, organization, or country, usually money, goods, or services.
7. liability	g. Owners of the partnership have unlimited liability.
8. debt	h. The sale of goods to the public in relatively small quantities for use or consumption rather than for resale.

 

6. Доповніть наступні речення:

 

1. A partnership is a business that... . 2. Partnerships are most common in ... . 3. The most common form of partnership is ... . 4. All partners are responsible for ... . 5. There may be a special type of partnership, called ... . 6. Limited partners are only liable ... . 7. They are usually not involved ... . 8. Like sole proprietorship partnerships are  ... . 9. The major disadvantage of a partnership is ... . 10. One of the greatest problems in partnerships is ... . 

 

7. Дайте відповіді на питання:

 

1. What is a partnership? 2. In what professional fields are partnerships most common? 3. What is the most common form of a partnership? 4. What is a general partnership? 5. What is a limited partnership? 6. They are usually not involved in the management of the firm, are they? 7. What is the difference between a general partnership and a limited partnership? 8. What advantages do partnerships have? 9. What is the major disadvantage of a partnership? 10. What is one of the greatest problems in partnerships?

 

8. Перекладіть на англійську мову:

 

1. Товариство - це бізнес, який знаходиться у спільній власності двох або більше людей, які об'єднали свої таланти та ресурси з метою отримання прибутку. 2. Партнери з необмеженою відповідальністю мають власний бізнес, працюють в ньому, та розділяють прибутки та збитки. 3. Партнери з обмеженою відповідальністю несуть відповідальність тільки за суму, яку вони вклали в бізнес. 4. Партнери, як правило, вносять рівний капітал, складають угоду, котра визначає права, обов'язки та відповідальність кожного партнера. 5. Фінансова відповідальність означає, що кожен партнер несе відповідальність за всі борги та несе юридичну відповідальність за весь бізнес. 6. Одна з найбільших проблем в товаристві полягає в тому, що партнери можуть не погодитися один з одним, що може призвести до виникнення конфліктів в управлінні компанією.

 

9. Перекладіть на українську мову англійські прислів’я:

 

1. Everybody’s business is nobody’s business. 2. Every man to his business. 3. Business before pleasure. 4. A bad workman quarrels with his tools. 5. A bargain is a bargain. 6. A Jack of all trades is master of none. 7. As is the workman so is the work. 8. One good turn deserves another. 9. Make provision for a rainy day beforehand (in good time). 10. He works best who knows his trade.

 

 

BUSINESS ORGANIZATIONS

 

Text C

Nearly 90 per cent of all business is done by corporations. A business corporation is an institution established for the purpose of making profit. It is operated by a group of people, called stockholders. Their shares of ownership are represented by stock certificates. A person who owns a stock certifi­cate is called a stock-holder or shareholder.

People, who would like to form a corporation, must file for permission¹ in the state where the business will have its headquarters. If approved, a charter, government document that gives permission to create a corporation, is granted. The charter states the name of the company, address, purpose of business etc.

The charter specifies the number of shares of stock2, or ownership parts of the firm. These shares are certificates of ownership3 and are sold to investors called shareholders or stockholders4. The money is then used to set up corporation. If the corporation is profitable it will eventually issue dividend or a check, representing a portion of the corporate profits to shareholders.

Although a corporation’s shareholders own the business, they are rarely involved in managing it. Instead, they elect the board of directors to represent them. The directors, in turn, appoint managers, who actually run the company.

There are several advantages of the corporate form of ownership. The major advantage is the ability to acquire greater financial resources than other forms of ownership. The next advantage is that the corporation attracts a large amount of capital and can invest it in plants, equipment and research. It can offer higher salaries and thus attract talented managers and specialists. Corporations have great capacity for growth and expansion.

Corporations face some major disadvantages. It is difficult and expensive to organize a corporation. The process of obtaining a charter usually requires the services of a lawyer. Most small firms prefer to avoid these expenses by forming proprietorships and partnerships. There is also an extra tax on corporate profits. The government taxes corporate income in addition to the taxes paid by shareholders on their dividends.

 

COMMENTS

 

1. file for permission —  звернутися за дозволом  

2. the number of shares of stock — кількість акцiй основного капiталу

3. certificates of ownership — свідоцтво про власнiсть

4. shareholder/stockholder — акцiонер; власник акцій

 

1. Перекладіть на українську мову:

to establish a business; to make a profit; to form a corporation; to file for permission; a charter; to give permission; to create a corporation; certificates of ownership; partnership; the number of shares of stock; proprietorship; to attract a large amount of capital; shareholder; stockholder; small firms; an extra tax on corporate profits; corporate form of ownership; profitable; to set up corporation; the major advantage/disadvantage; to attract talented managers and specialists; to issue dividends; financial resources; to invest; corporate income.

 

2. Заповніть пропуски найбільш відповідним словом зі списку.

 

a corporate charter; corporation; stock certificates; the corporate profits; the number of shares of stock; the owners; shareholders; expansion; financial resources; corporate income.

 

1. A business _________ is an institution established for the purpose of making profit. 2. People, who would like to form a corporation, must apply for ________ . 3. The charter specifies _________ , or ownership parts of the firm. 4. The stockholders are ______ of the corporation. 5. To attract greater ______ the company issues _________ . 6. Dividend represents a portion of ________ to shareholders. 7. Corporations have great capacity for growth and ________ . 8. The government taxes ________ in addition to the taxes paid by _______ on their dividends.

 

3. Заповніть пропуски прийменниками та прислівниками:

 

1. Nearly 90 per cent ... all business is done ... corporations. 2. They are established ... the purpose ... making profit. 3. There are several advantages ... the corporate form ... ownership. 4. Corporations have great capacity ... growth and expansion. 5. Corporations face ... some ... major disadvantages. 6. The government taxes corporate income ... addition ... the taxes paid ... shareholders ... their dividends.

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

 Column A      Column B

 

1. sole proprietorship	a. A business that is owned by two or more people.
2. partnership	b. A part of the capital of a company held by a member
3. corporation	c. Payments made from the earnings of a corporation to its stockholders.
4. charter	d. Owner of stock in a corporation.
5. manager	e. A business organization owned by a group of people and created under a government charter.
6. stockholder	f. A business that is owned by one person.
7. share	g. A person controlling or administering a business or part of a business.
8. dividends	h. A document issued by a state government granting a corporation permission to operate.

 

5. Визначте яке з наступних речень вірне, а яке ні.

 

1. Nearly 90 per cent of all business is done by corporations. 2. Because they involve so few people, sole proprietorships and partnerships are not true business organizations. 3. Corporations are better than any other organizational form. 4. There are no real advantages to any of the three main forms of business organizations. 5. Corporations have a lot of owners called stockholders. 6. They can buy and sell their shares without ending the business. 7. Stockholders don’t have to pay a special tax on profits. 8. Stockholders must pay corporate income tax. 9. You have to hire a lawyer to organize a corporation. 10. Corporations have great capacity for growth and expansion. 

 

6. Дайте відповіді на питання:

 

1. Is nearly 90 per cent of all business done by corporations? 2. What is  a corporation? 3. What is necessary to form a corporation? 4. What does the charter state? 5. Does it specify the number of shares of stock? 6. What may a corporation issue? 7. What does a dividend represent? 8. What is the major advantage of the corporate form of ownership? 9. Do corporations have great capacity for growth and expansion? 10. What disadvantages do corporations face? 11. There is also an extra tax on corporate profits, isn’t there?

 

7. Перекладіть на англійську мову:

 

1. Корпорацiя — це організація, створена з метою одержання прибутку. 2. Для того, щоб створити корпорацiю, необхiдно звернутися за дозволом у той штат, де пiдприємство матиме свою штаб-квартиру. 3. Корпорацiя може випускати та продавати акції. 4. Якщо корпорацiя прибуткова, вона видає пайовикам дивiденди або чек на відповідну частку прибутку корпорацiї. 5. Корпорацiя має більше можливостей для залучення фінансових ресурсів, ніж партнерство. 6. Корпорацiя може пропонувати вищу заробітну плату і в такий спосіб приваблювати тала­новитих менеджерів та спеціалістів.

 

8. Перекладіть слова в дужках:

 

 (Корпорація) is a company chartered by (державою) and owned by stockholders. (Акціонери) are represented by (радою директорів), and (несуть відповідальність) for company actions and (борги) only up to the amount each stockholder (інвестував). This feature is called (обмеженою юридичною відповідальністю). (Перевагою) of the corporation is that it is relatively easy to raise (фінансовий капітал). Transferring (власності) is also easy, since it frequently means only (продаж акцій).

(Недоліками) are that corporations are subject to special (урядового регулювання), and that individual stockholders may have a rather limited say in company operations.

 

 

 

Unit №12

 

LABOUR

 

Text A

In order for any country to grow, it must have a large and skilled labour force. Since the size of this force is related to total population the number of people available for production activities will grow as the population grows. If the growth of population continues to decline, it eventually affect the growth of the labour force. However a labour shortage1 could be made up2 by workers from other countries.

There are four major categories of labour that are based on the general level of skills needed to do any kind of job. These categories are unskilled, semiskilled, skilled and professional or managerial.

Unskilled labour. Workers who do not have the training to operate machines and equipment fall into3 the category of unskilled labour. Most of these people work chiefly with their hands at such jobs as digging ditches, picking fruit, etc.

Semiskilled labour. Workers who have mechanical abilities4 fall into the category of semiskilled labour. They may operate electric floor polishers, or any other equipment that calls for5 a certain amount of skill. 

Skilled labour. Workers who are able to operate complex equipment and who can do their tasks with little supervisions fall into the category of skilled labour. Examples are carpenters, typists, toolmakers.

Professional labour. Workers with high level skills such as doctors, lawyers and executives of large companies fall into the category of professional labour.

Most occupations have wage rate — a standard amount of pay given for work performed.

How these rates are determined can be explained in two different ways. The first deals with supply and demand, the second recognizes the influence of unions on the bargaining process6.

 

COMMENTS

 

1. a labour shortage — брак робочої сили

2. could be made up — можна було б компенсувати

3. to fall into — належати до …

4. mechanical abilities — здібності до техніки

5. to call for — вимагати

6. bargaining process — договірний процес

 

1. Знайдіть еквіваленти:

 

1. in order to  2. skilled labour  3. unskilled labour   4. total population  5. labour shortage  6. wage rate  to decline  8. supply and demand  9. to fall into the category        level of skill 11. chiefly 12. bargaining process       semiskilled labour 14. toolmaker

а. головним чином б. брак робочої сили в. тарифна ставка г. попит і пропозиція д. напівкваліфікована робоча сила е. договірний процес є. належати до категорії ж. для того, щоб з. кваліфікована робоча сила и. інструментальник і. кількість населення ї. рівень кваліфікації й. некваліфікована робоча сила к. знижуватися

 

2. Поєднайте синоніми:

 

chiefly, to compensate, unskilled labour, to operate, mainly, to make up, to require, common labour, to increase, to manage, occupation, to grow, salary, job, to demand, wages, profession, work.

 

3. Доповніть наступні речення:

 

1. In order for any country to grow, ... . 2. Since the size of this force is related to total population ... . 3. If the growth of population continues to decline, ... . 4. There are four major categories of labour ... . 5. Unskilled workers don’t have the training ... . 6. Semiskilled workers may operate ... . 7. Skilled workers are able ... . 8. Workers with high level skills such as ... . 9. Most occupations have ... .

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A     Column B

 

1. labour	a. The price paid for the use of labour.
2. labour force	b. A standard amount of pay given for work performed.
3. unskilled labour	c. Associations of workers formed to promote the interests of their members.
4. semiskilled labour	d. The human effort required to produce goods and services.
5. skilled labour	e. Workers who do not have the training to operate machines and equipment. Most of these people work chiefly with their hands.
6. professional labour	f. An agreement on the terms of a transaction or sale.
7. wages 8. wage rate 9. labour/trade unions 10. bargain	g. Individuals, 16 years of age or older, working or looking for work. h. Workers who are able to operate complex equipment and who can do their tasks with little supervisions. i. Workers who have mechanical abilities and may operate electric floor polishers, or any other equipment that calls for a certain amount of skill.  j. Workers with high level skills.

 

5. Заповніть пропуски прийменниками та прислівниками:

 

1. In order ... any country to grow, it must have a large and skilled labour force. 2. ... the size ... this force is related ... total population the number ... people available ... production activities will grow ... the population grows. 3. If the growth ... population continues to decline, it eventually affect ... the growth ... the labour force. 4. However a labour shortage could be made up ... workers ... other countries. 5. There are four major categories ... labour that are based ... the general level ... skills needed to do any kind ... job. 6. Most ... these people work chiefly ... their hands ... such jobs as digging ditches, picking fruit, etc. 7. Workers who have mechanical abilities fall ... the category ... semiskilled labour. 8. Workers who can do their tasks ... little ... supervisions fall ... the category ... skilled labour. 9. Most ... occupations have wage rate — a standard amount ... pay given ... work performed.

 

6. Дайте відповіді на питання:

 

1. What is necessary for any country to grow? 2. What factor does the growth of population influence? 3. How many categories of labour are mentioned in the text? What are they? 4. What kind of work do unskilled workers perform? 5. What category do workers with mechanical ability fall into? 6. What kind of work are skilled workers able to do? 7. What is professional labour? Give examples. 8. What do most occupations have? 9. What is a wage rate? 10. Can you explain how the rates are determined?

 

7. Перекладіть на англійську мову:

 

1. Для розвитку будь-якої країни необхідно мати кваліфіковану робочу силу. 2. Якщо приріст населення знижується, це врешті-решт впливає на зростання робочої сили. 3. Згідно з кваліфікацією є чотири головні категорії праці. 4. Некваліфіковані робітники не підготовлені для роботи з машинами. 5. Напівкваліфіковані робітники працюють з технікою, яка потребує певних умінь. 6. Кваліфіковані працівники оперу­ють складним обладнанням. 7. Більшість видів робіт має встановлений рівень оплати за виконану роботу.

 

 

LABOUR

 

Text B

The theory that uses the tools of supply and demand to explain differences in wage rates is called the traditional theory of wage determination. For example, many people can dig ditches or work as baby sitters1. However, fewer have the skills to become professional managers. In other words, professional managers2 generally are scarcer than ditch diggers or baby sitters.

This can be expressed in terms of supply and demand. When the level of supply is large in relation to demand, wages generally are low. When the level of supply is low in relation to demand as with managers — wages generally are high. In most cases, the higher the level of skills, or grade of labour, the higher the average yearly wage rate3. For example, semiskilled workers will receive more, on the whole, than unskilled workers. Skilled workers will receive more than semiskilled or unskilled workers. Professional workers will receive more than any of the others.

There are, however, some cases in which the traditional theory does not explain the variations in wage rates. Some unproductive workers, for example, may receive high wages because of family ties or political influence. Some highly skilled or productive workers may receive low wages because of race, sex, or where they live.

At times, wages are determined  not by supply and demand but by the influence of organized labour and the collective bargaining process.

In these cases, unions do not try to get higher wages for their members on the grounds4 that labour is in short supply relative to demand. Nor does management push for lower wages when there is a very large supply of labour. This makes the price of labour-wages hard to define.             

When negotiating for wages5, unions want to know the wage rates in other plants for the same kind of work and what changes have taken place or will take place in the future in the cost of living6.

 

COMMENTS

 

1. baby sitter — няня

2. professional managers — спеціалісти

3. wage rate — тарифна ставка

4. ... on the grounds — ... на підставі

5. when negotiating for wages — коли домовляються про зарплату

6. the cost of living — вартість життя

 

1. Перекладіть на українську мову:

 

tools of supply and demand; wage rate; baby sitter; traditional theory of wage determination; professional managers; wages; in other words; variations in wage rates; supply and demand; family ties; political influence; collective bargaining process; to push for lower wages; to negotiate for wages; cost of living.

 

2. Заповніть пропуски найбільш відповідним словом зі списку.

 

the traditional theory of wage determination; professional managers; wages; the collective bargaining process; supply and demand; labour; the cost of living; wage rate; unions; work.

 

1. The theory that uses the tools of __________ to explain differences in wage rates is called _________ . 2. _________ generally are scarcer than ditch diggers or baby sitters. 3. The higher the level of skills, or grade of  ________ , the higher the average yearly ___________ . 4. At times, wages are determined by the influence of organized labour and ___________ . 5. Some unproductive workers, for example, may receive high ____________ because of family ties or political influence. 6. When negotiating for wages,  __________ want to know the wage rates in other plants for the same kind of ________ and what changes have taken place or will take place in the future in __________ .

3. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A     Column B

 

1. labour	a. A standard amount of pay given for work performed.
2. labour force	b. The lowest legal wage an employer can pay.
3. wages	c. Associations of workers formed to promote the interests of their members.
4. wage rate	d. The human effort required to produce goods and services.
5. minimum wage	e. Cost of goods and services needed for an average standard of living.
6. labour/trade unions	f. Negotiations with management by a union to prepare a labour contract.
7. labour market	g. The theory that uses the tools of supply and demand to explain differences in wage rates.
8. cost of living	h. Individuals, 16 years of age or older, working or looking for work.
9. collective bargaining	i. The price paid for the use of labour.
10. traditional theory of wage determination	j. The market that determines who has jobs and the rate of pay for a particular job.

4. Перекладіть на українську мову, звертаючи увагу на виділені слова:

 

1. Tax and insurance are deducted from your wages. 2. The staff have agreed to a voluntary wage freeze. 3. We have two wage-earners in the family. 4. If wages were to rise by 15% from 100 per week and the rate of inflation was 10%, the real wage would have risen by 5%. 5. Wages council  is a board of workers’ and employers’ representatives determining wages where there is no collective bargaining. 6. Money wages are expressed in money terms only, i.e. without taking inflation into account. 7. Living (minimum) wage is a wage that affords the means of normal subsistence. 8. Wages are paid on Fridays.

 

5. Доповніть наступні речення:

 

1. The theory that uses the tools of supply and demand to explain differences in wage rates is called ... . 2. When the level of supply is large in relation to demand ... . 3. When the level of supply is low in relation to demand ... . 4. The higher the level of skills or grade of labour ... . 5. Some unproductive workers may receive ... . 6. Some highly skilled workers may receive ... . 7. At times, wages are determined not by supply and demand but ... . 8. Unions do not try to get higher wages for their members on the grounds ... . 9. When negotiating for wages, unions want to know ... .

 

6. Дайте відповіді на питання:

 

1. What is the traditional theory of wage determination? 2. How do supply and demand influence the wage rate? 3. Does the wage rate depend on skill of the worker? 4. In what cases does the traditional theory not explain the interrelation beween skill and wage rate? 5. What are the other factors affecting the wage rate? 6. What do the unions consider when negotiating for wages?

 

7. Перекладіть на англійську мову:

 

1. Професійних менеджерів менше, ніж некваліфікованих чи напівкваліфікованих робітників. 2. Що вищий рівень кваліфікації, то вища середньорічна ставка. 3. Бувають випадки, коли традиційна теорія не пояснює різниці в заробітній платі. 4. У деяких випадках профспілки не домагаються вищої зарплати для своїх членів на підставі того, що пропозиція робочої сили є недостатньою стосовно попиту. 5. Коли до­мовляються про зарплату, профспілки хочуть знати, за якими ставками оплачується така сама праця на інших заводах.

 

 

Unit №13

 

BANKING

 

Banks fulfill two distinct needs in a community. For one they provide a safe place for people to deposit their money1. For another, they lend excess funds2 to individuals and business temporarily in need of cash3. In effect, banks act as functional institutions that bring savers and borrowers together4.

To gain a clear understanding5 of the way in which a bank operates, let us examine the bank’s liabilities6 and assets7.

Its liabilities are the debts and obligations to others. Its assets are the properties, possessions, and claims on others. These liabilities and assets generally are put together in the form of a balance sheet — condensed statement showing all assets and liabilities at a given point of time.

The balance sheet also reflects net worth — the excess of assets over liabilities8, which is a measure of the value of a business.

Most bank deposits return to the community in the form of loans. The bank, however, might invest some of the cash in bonds. The bonds would be a good investment for two reasons. One is that they earn the interest9 and therefore are more attractive than cash. The other is that they have a high degree of liquidity10, that is they can be converted into cash in a very short period of time. The liquidity adds to the bank’s ability to serve its customers. When the demand for loans increases, the bonds can be sold and the cash loaned to customers.

In time, the bank would grow and prosper diversifying its assets and liabilities in the process. It might use some of its excess funds to buy state or local bonds. It might loan some funds on a short-term basis to other banks. Then, too, a bank might use some of its assets to buy an interest in another business. The bank also might try to attract more depositors by introducing different kinds of accounts. Once the bank attracts more funds, it can make more loans and more profits.

 

COMMENTS

 

 1. to deposit their money — для збереження вкладів

 2. to lend excess funds — надавати кредит

 3. ... in need of cash — коли потрібні гроші

 4. ... that bring savers and borrowers together — що з’єднує кредиторів і дебіторів

 5. to gain a clear understanding — щоб мати чітке уявлення

 6. liabilities — пасив

 7. assets — актив

 8. the excess of assets over liabilities — перевищення активів над пасивами

 9. ... they earn the interest — на них нараховується відсоток

10. liquidity — ліквідність

 

1. Перекладіть на українську мову:

 

a) bank — bankable — banker — banking — banknote — bankroll — bankrupt — bankruptcy; convert — converter — convertible — convertibility; deposit — depositary — depositor — depository; invest — investment — investor.

 

b) to provide a safe place for people; to deposit money with a bank; to lend excess funds; to be in need of cash; balance sheet; to bring savers and borrowers together; net worth; assets and liabilities; to gain a clear understanding; to earn the interest; a measure of the value of a business; to loan some funds on a short-term basis; to have a high degree of liquidity; to attract more depositors; to buy an interest in another business.

 

2. Перекладіть на українську мову, звертаючи увагу на виділені слова:

 

1. The bank of England has the sole right In England and Wales of issuing bank-notes. 2. When my brother grew up, he told himself he was going to be a broker, or a financier, or a banker. 3. He was banking on the train being in time. 4. I’m banking on your help. 5. The newspapers accused the President of being bankrupt in ideas. 6. She’s in banking. 7. It is, of course, possible that he banked the money under another name. 8. I had to deposit 10% of the price of the house. 9. The shop promised to keep the goods for me if I paid a deposit. 10. When a river rises, it deposits a layer of mud on the land. 11. The money is being kept on deposit.

 

3. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A        Column B

 

1. bank	a. Something of value that is owned by an organization.
2. banking	b. An organization or person that lends money.
3. cash 4. balance sheet	c. The ability of a customer to obtain goods or services without immediate payment, usually by agreeing to pay interest.
5. net worth	d. Money paid to somebody who invests money.
6. asset 7. saver	e. Financial statement summarizing all assets, libilities and net worth of a business or other organization at a particular point in time.
8. lender	f. The business transactions of a bank.
9. borrower 10. credit 11. loan	g. A sum of money kept in an account in a bank. h. A thing that is lent, especially a sum of money that is expected to be paid back with interest.
12. deposit	i. The difference between business assets and its liabilities.
13. interest 14. bond	j. Financial institution that accepts deposits and makes commercial loans. k. A certificate issued by a government or a company promising to repay borrowed money at a fixed rate of interest at a specified time. l. A person who saves money regularly, esp. in a bank or building society. m. Money in coins or notes, as distinct from checks or orders. o. A person or an organization that borrows money, especially from a bank.

 

4. Заповніть пропуски прийменниками та прислівниками:

 

1. Banks fulfil two distinct needs ... a community. 2. They lend excess funds ... individuals and business temporarily ... need ... cash. 3. Most ... bank deposits return ... the community ... the form ... loans. 4. The bank might invest some ... the cash ... bonds. 5. The bank might use some ... its assets to buy an interest ... another business.

 

5. Дайте відповіді на питання:

 

1. What needs do banks fulfill in a community? 2. How do banks act? 3. What is the difference between assets and liabilities? 4. What does the term balance sheet mean? 5. What does the balance sheet reflect? 6. What is net worth? 7. What are the reasons for the bonds to be a good investment? 8. When can the bonds be sold? 9. Under what conditions would the bank grow and prosper? 10. How might the bank use some of its excess funds and assets? 11. In what way might the bank try to attract more depositors?

 

6. Перекладіть на англійську мову:

 

1. Банки забезпечують людей місцем, куди б вони могли без ризику вкласти свої гроші (заощадження). 2. Банки тимчасово надають кредити приватним особам та підприємствам, коли ті потребують готівки. 3. Банківські пасиви — це борги та зобов’язання банку. 4. Банківські активи — це власність, майно та рекламації до інших банків. 5. Балансо­вий звіт — це документ, який у стислій формі відображає стан усіх активів та пасивів на даний період часу. 6. Банк міг би інвестувати деяку частину готівки в облігації (бонди). 7. Ліквідність сприяє здат­ності банку обслуговувати своїх клієнтів. 8. Коли банк залучатиме біль­ше фондів, він зможе надавати більші позики та одержувати більший прибуток.

 

 

Unit №14

 

MONEY

 

Basically, money is what money does. This means that money can be any substance1 that functions as a Medium of Exchange, a Measure of Value, and a Store of Value.

As a medium of exchange, money is something generally accepted as2 payment3 for goods and services.

As a measure of value, money expresses worth in terms that most individuals understand.

Money also serves as a store of value. This means goods or services can be converted into4 money that is easily stored until some future time.

The different forms of money are in use in the United States today. The most familiar are coin and currency. The term coin refers to metallic forms of money. The term currency refers to paper money issued by government. While money has changed in shape, kind or size over the years, modern money still shares many of the same characteristics of primitive money. Modern money is very portable5 when people carry checkbooks. For example, they really are carrying very large sums of money since checks can be written in almost any amount.

Modern money is very durable6. Metallic coins last a long time under normal use7 and generally do not go out of circulation8 unless they are lost. Paper currency also is reasonably durable. Modern money also rates high in divisibility9. The penny which is the smallest denomination of coin10, is more than small enough, for almost any purchase. In addition, checks almost always can be written for the exact amount. Modern money, however, is not as stable in value. The fact, that the money supply11 often grew at a rate 10 to 12 per cent a year was considered as major cause of inflation.

 

COMMENTS

 

 1. to be any substance — бути будь-якою річчю

 2. to be accepted as — бути прийнятим як ...

 3. payment — плата, платіж

 4. to be converted into — бути конвертованим у ...

 5. to be very portable — тут: легко переносити

 6. to be very durable —  тут: довго використовуватися

 7. ... last a long time under normal use — за нормального використання довго перебувають в обігу

 8. to go out of circulation — виходити з обігу

 9. to rate high in divisibility — високо цінити за можливість поділятися

10. denomination of coin — вартість монети

11. money supply — грошова маса

 

1. Знайдіть еквіваленти:

1. medium of exchange   2. measure of value     3. store of value.   4. to be any substance   5. to issue money    6. modern money    7. to go out of circulation   8. paper/soft money    9. money supply       to express worth        to be converted 12. payment

а. запас вартості б. плата, платіж в. бути конвертованим г. паперові гроші д. сучасні гроші е. виражати вартість є. грошова маса ж. засіб обміну з. бути будь-якою річчю и. випускати гроші в обіг і. міра вартості ї. виходити з обігу

 

2. Перекладіть на українську мову, звертаючи увагу на виділені слова:

 

1. It’s quite interesting work and the money’s all right. 2. The monetary unit of Japan is yen. 3. Monetary policy is aimed at controlling the amount of money in circulation, usually through controlling the level of lending or credit. 4. Money supply can include notes, coins, and clearing-bank and other deposits used for everyday payments. 5. I am not made of money, you know! 6. I paid good money for that car and it broke down on the first day. 7. The pound had a steady day on the money markets.

3. Заповніть пропуски найбільш відповідним словом зі списку.

 

a store of value ; coin; a Medium of Exchange; currency; a measure of value; currency; inflation; the money supply.

 

1. Money can be any substance that functions as _________, a Measure of Value, and a Store of Value. 2. As ___________ , money expresses worth in terms that most individuals understand. 3. Money also serves as ___________ . 4. The term ________ refers to metallic forms of money. 5. The term _______ refers to paper money issued by government. 6. Metallic coins generally do not go out of circulation unless they are lost. 7. Paper _________ also is reasonably durable. 8. The fact, that __________ often grows at a rate 10 to 12 per cent a year is considered as major cause of ___________ .

 

4. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A        Column B

 

1. money	a. The exchange of one good or service for another.
2. currency	b. Anything generally accepted as payment for goods and services.
3. barter	c. A book of forms for writing cheques.
4. inflation	d. The total amount of money that exists in the economy of a country at a particular time.
5. check	e. Period of rising prices during which the purchasing power of the dollar is falling.
6. money supply	f. An institution, such as a bank, that deals in short-term loans, foreign exchange, etc.
7. money market 8. checkbook	g. Currency that must be accepted in payment of debt. h. Paper money and coins issued by the federal government.
9. coin	i. Metallic forms of money.
10. legal tender	j. A special printed form on which one writes an order to a bank to pay a sum of money from one’s account.

 

5. Доповніть наступні речення:

 

1. Money can be any substance that functions as ... . 2. As a medium of exchange, money is ... . 3. As a measure of value, money expresses ... . 4. It also serves as ... . 5. This means ... . 6. The most familiar forms of money are ... . 7. The term coin refers ... . 8. The term currency refers ... . 9. Modern money is very portable when ... . 10. Metallic coins last a long time under normal use ... . 11. The penny which is the smallest denomination of coin, is ... . 12. The fact, that the money supply often grew at a rate 10—12 per cent a year was considered as ... .

 

6. Дайте відповіді на питання:

 

1. In what function is money accepted as payment for goods and services? 2. What is money as a medium of exchange? 3. What does money express as a measure of value? 4. How does money function as a store of value? 5. What are the most familiar forms of money in the United States? 6. What is the difference between coin and currency? 7. What does the term currency refer to? 8. What are the most important characteristics of modern money? 9. What is the life-time of metallic coins? 10. How is the smallest denomination of coin called in the United States? 11. What is the major cause of inflation?

 

7. Перекладіть на англійську мову:

 

1. Гроші функціонують як засіб обігу, міра вартості та запас вартості. 2. Різні види грошей перебувають в обігу в Сполучених Шта­тах Америки. 3. Запас вартості означає, що товари та послуги можна легко конвертувати в гроші. 4. Термін «валюта» відноситься до паперо­вих грошей, а «монета»  до грошей, виготовлених з металу. 5. Су­часні гроші мають ті самі характеристики, що й примітивні гроші. 6. Мета­леві гроші не виходять з обігу аж доти, доки їх не загублять. 7. Пенні — монета найменшої вартості в обігу. 8. Те, що грошова маса щороку зростає на 10—12 відсотків, є основною причиною інфляції.

 

 

Unit №15

 

TAXATION

 

There are three types of taxes in the United States: proportional, progressive and regressive.

A proportional tax is one that imposes the same percentage rate of taxation1 on everyone, no matter what their income2. Even when income goes up, the per cent of total income paid in taxes does not change.

A progressive tax is one that imposes a higher percentage rate of taxation of people with high incomes than on those with low incomes.

A regressive tax is one that imposes a higher percentage rate of taxation on low incomes than on high incomes. For example, a person with a yearly income of $10,000 may spend $3,000 on food, clothing and medicine, while a person with a yearly income of $100,000 may spend $20,000 on the same essentials. If the state sales tax, which is a regressive tax, were 4 per cent, the person with the lower income would pay a lesser amount in dollars but a higher percentage of total income.^[*]

 

Sales Taxes3

 

A sales tax is a general tax levied on consumer purchases of nearly all products. It is added to the final price paid by the consumer.

For the most part, sales taxes are collected by individual merchants at the time of the sale and are turned over weekly or monthly to the proper government agency. Most states allow merchants to keep a small portion of what they collect to compensate for their time and book-keeping costs.

The sales tax generally is a very effective means of getting revenue for states and cities.

Property Taxes4

 

A major source of revenue is the property tax — a tax on real property and tangible or intangible personal property. Real property includes land, buildings and anything else permanently attached to them. Tangible property5 is all tangible items of wealth not permanently attached to land or buildings, such as furniture, automobiles, the stock of goods in retail stores and clothing. Intangible personal property6 includes stocks, bonds, mortgages, and bank accounts.

The main problem with personal property as a source of revenue is that many items are not always brought to the attention of the tax assessor — the person who places value on property for tax purposes. Because of this, many things that should be taxed never are. Another problem is that some property is very hard to evaluate fairly.

In order to have an effective tax system, government must have criteria or standards. One such criterion is that a tax yields enough revenue.

A second criterion is clarity. Tax laws should be written so that both the taxpayer and tax-collector can understand them. This is not an easy task but people seem to be more willing to pay taxes7, when they understand them. A third criterion is ease of administration. A tax should be easy to collect. It should not require a large enforcement staff, and it should be designed so that citizens find it hard to avoid. This criterion also includes convenience and efficiency. That is the tax should be administered at the lowest possible cost. A final criterion is fairness. Taxes should be imposed justly. However, this is hard to do because people do not always agree about what is or is not fair when it comes to taxes8.

In general taxes are based chiefly on two principles: the Benefit Principle9 and the Ability-to-Pay Principle10.

The Benefit Principle of taxation is based on two ideas. First, those who benefit from government services should be the ones to pay for them. Second, people should pay taxes in proportion to the amount of services or benefits they receive.

The Ability-to-Pay Principle of taxation says that people should be taxed according to their ability to pay, no matter what benefits or services they receive. This principle is based on three things. First it is not possible to measure benefits, derived from government spending. Second, people with higher incomes suffer less discomfort than people with lower incomes even if they pay higher taxes. Finally, the only means most people have of paying taxes is the income they earn. Since the benefits of government services to individuals are hard to measure, the other basis for distributing taxes is income.

 

COMMENTS

 

1. percentage rate of taxation — процентна ставка оподаткування

2. no matter what their income — незалежно від прибутку

3. sales taxes — податок з продажу

4. property taxes — податок на власність

5. tangible property — матеріальні активи

6. intangible property — нематеріальні активи

7. ... people seem to be more willing to pay taxes — ... здається, що люди            з більшою охотою платитимуть податки

8. ... when it comes to taxes — ... коли йдеться про податки

9. Benefit Principle — пільговий принцип

10. Ability-to-Pay Principle — принцип платоспроможності

1. Перекладіть на українську мову:

 

tax — taxater — taxable — taxability — taxation — taxer — taxing — taxman; impose — imposing — imposition; permanence — permanency — permanent — permanently; collect — collected — collection — collective — collectively — collectivise — collectivism — collector — collectivity.

 

2. Перекладіть на англійську мову:

ефективна податкова система; платник податків; розподіл податків; дохід; платити податки; принцип  платоспроможності; отримувати пільги від уряду; пільговий принцип оподаткування.

 

3. Знайдіть еквіваленти:

 

1. proportional tax  2. progressive tax  3. regressive tax  4. percentage rate of taxation  5. sales tax  6. to impose/levy a tax  7. to collect taxes  8. property taxes  9. real property/estate 10. to pay taxes 11. source of revenue 12. bank account 13. tangible property 14. essentials

а. регресивний податок б. процентна ставка оподаткування в. податок з продажу г. пропорційний податок д. стягувати податки е. податок на власність є. прогресивний податок ж. нерухоме майно з. предмет першої необхідності и. обкладати податком і. банківський рахунок ї. джерело доходу й. матеріальні активи к. платити податки

 

4. Поєднайте антоніми:

 

income, expenditure, low income, to spend, to go up, to decrease, fairly, to save, high income, to prohibit, wholesale, tangible, permanently, indirect tax, to change, non-essentials, to be the same, to allow, intangible, direct tax, retail, unjustly, temporarily, essentials.

 

5. Перекладіть на українську мову, звертаючи увагу на виділені слова:

 

1. People pay tax according to their income. 2. New taxes were imposed on wines and spirits. 3. The car is taxed until July. 4. Income tax is a direct tax levied on personal income, mainly wages and salaries. 5. Taxation can be used to limit harmful externalities. 6. Tax evasion is a criminal offence. 7. Everyone grumbled at the imposition of new taxes. 8. Don’t impose yourself on people who don’t want you. 9. I must perfom the task that has been imposed upon me.

6. Поєднайте слова з колонки A з їх визначенням  з колонки B:

 

Column A       Column B

 

1. proportional tax	a. A financial plan that summarizes income and expenditures over a period of time.
2. progressive tax	b. Raising of money from individuals and organizations by the state in order to pay for the goods and services it provides.
3. regressive tax	c. One that takes a larger percentage of a higher income and a smaller percentage of a lower income.
4. sales tax	d. One that takes the same percentage of all incomes regardless of size.
5. property taxes	e. One that takes a higher percentage of a low income and a lower percentage of high income.
6. value-added tax (VAT)	f. A regressive tax added to the price of goods at the time they are sold.
7. budget	g. A person who places value on property for tax  purposes.
8. taxation	h. A tax on real estate, land and buildings.
9. Ability-to-Pay Principle     of taxation	i. An official who examines statements of people’s income and decides the tax to be paid.
10. Benefit Principle     of taxation	j. Principle that states taxes ought to be paid by those who can best afford them.
11. taxman/tax-collector	k. A person who pays taxes, esp income  tax.
12. taxpayer	l. Principle that states taxes ought to be paid according to the amounts of benefit received from the government.
13. tax inspector	m. A person whose job is to collect taxes.
14. tax assessor	n. A tax on the amount by which the value of an article has been increased at each stage of its production.

 

7. Доповніть наступні речення:

 

1. There are three types of taxes in the USA ... . 2. A proportional tax is one that ... . 3. A progressive tax is ... . 4. A regressive tax is ... . 5. A sales tax is ... . 6. Most states allow their merchants ... . 7. The sales tax generally is a very effective means ... . 8. A major source of revenue is ... . 9. Real property includes ... . 10. Tangible property is ... . 11. Intangible personal property includes ... . 12. The main problem with personal property as a source of revenue is ... . 13. A tax assessor is ... . 14. In order to have an effective tax system, government must have ... . 15. One such criterion is ... . 16. A second criterion is ... . 17. Tax laws should be written so that ... . 18. A third criterion is ... . 19. A final criterion is ... . 20. In general taxes are based chiefly on two principles: ... . 21. The Ability-to-Pay Principle of taxation says that ... . 22. The only means most people have of paying taxes is ... . 23. Since the benefits of government services to individuals are hard to measure, ... .

8. Заповніть пропуски найбільш відповідним словом зі списку.

 

taxes; taxpayer; benefits; taxation; tax-collector; tax system; taxed; services; imposed; income; Benefit Principle of taxation.

 

1. In order to have an effective _______ , government must have criteria or standards. 2. Tax laws should be written so that both the __________ and the ________ can understand them. 3. Taxes should be ___________ justly. 4. The _________ is based on two ideas. 5. People should pay ___________ in proportion to the amount of services or _________ they receive. 6. The Ability-to-Pay Principle of _________ says that people should be _________ according to their ability to pay, no matter what benefits or _____________ they receive. 7. The only means most people have of paying taxes is the ________ they earn.

 

9. Визначте яке з наступних речень вірне, а яке ні.

 

1. A proportional tax imposes the same percentage rate of taxation on everyone. 2. A progressive tax imposes a higher percentage rate of taxation on higher incomes. 3. A regressive tax imposes a low percentage rate of taxation on low incomes. 4. A sales tax is a general tax levied on essentials only. 5. It is collected by special government agencies. 6. Tangible property is all items of wealth not permanently attached to land or buildings. 7. Intangible property includes stocks, bonds, mortgages, and bank accounts. 8. Every item of personal property is taken into account by the tax assessor. 9. The evaluation of property doesn’t present a problem. 10. To have an effective tax system, government must have criteria or standards. 11. People seem to be more willing to pay taxes, when they don’t understand them. 12. A tax should be easy to collect. 13. It should require a large enforcement staff. 14. People always agree about what is or is not fair when it comes to taxes. 15. It is possible to measure benefits, derived from government spending. 16. People with higher incomes suffer less discomfort than people with lower incomes even if they pay higher taxes. 17. The only means most people have of paying taxes is the income they earn.

 

10. Дайте відповіді на питання:

 

1. What types of taxes are there in the United States? 2. What is a proportional (progressive, regressive) tax? Give examples. 3. What is a sales tax? 4. What does real property include? 5. What is the main problem with personal property as a source of revenue?

 

11. Перекладіть на англійську мову:

 

1. У Сполучених Штатах є три типи податків: пропорційний, прогресивний та регресивний. 2. Податок з продажу — це загальний податок, який накладається майже на всі споживчі товари. 3. Більшість штатів дозволяє продавцям залишати невелику частку того, що вони зібрали, щоб компенсувати час та бухгалтерські витрати. 4. Основне джерело доходу — це податок на власність. 5. Нерухомість — це земля, будівлі та все, що постійно перебуває там. 6. Податковий асесор — це людина, яка оцінює майно з метою його оподаткування. 7. Для того щоб мати ефективну податкову систему, уряд повинен розробити певні критерії та стандарти. 8. Закони про податки треба писати так, щоб і той, хто їх сплачує, і той, хто збирає, розуміли їх. 9. Люди не завжди згодні відносно того, що справедливо, а що ні, коли йдеться про податки. 10. Взагалі податки базуються на двох принципах: пільговому принципі та принципі платоспроможності. 11. Люди повинні сплачувати податки пропорційно до кількості послуг чи пільг, які вони одержують. 12. Люди з вищим доходом менше потерпають від незруч­ностей, ніж ті, хто отримує нижчий дохід, навіть коли вони платять більші податки. 13. Єдиний засіб, який має більшість людей, щоб спла­чувати податки  це дохід від їхнього заробітку.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Словник економічних термінів

 

advertising (реклама) - інформація про товар або послугу, розповсюджена в будь-який спосіб і за певну плату, з метою привернути увагу споживачів до товару або послуги.

 

AIDA (модель “АІДА”) - модель рекламного звернення з метою спонукати клієнта придбати товар: привернути увагу, викликати інтерес, викликати бажання скористатися рекламною пропозицією, спонукати до купівлі; перші букви англійських слів "увага", "інтерес", "бажання", "дія".

 

balance of payments (платіжний баланс) - різниця між сумою грошових надходжень, отриманих країною з-за кордону і сумою платежів за кордон.

 

balance of trade (торговий баланс) - різниця між вартістю експорту і імпорту.

 

bank account (банківський рахунок) - рахунок, що відкривається банком клієнту на договірній основі для зберігання грошей і здійснення розрахунково-касових операцій відповідно до умов договору.

 

bank money (банківські гроші) - різновид грошей, які існують у вигляді певних сум, записаних на рахунках в банках у пам’яті комп’ютерів. Вони не мають речового виразу і використовуються для платежів у безготівковій формі. Рух їх здійснюється по рахунках в банках і не виходить за межі банківської системи. Приводяться вони в рух за допомогою технічних інструментів — чеків, платіжних доручень, та пластикових карток.

 

bank transfer (банківський переказ) - просте доручення банку своєму банку-кореспонденту виплатити певну суму грошей на прохання і за рахунок переказодавця іноземному отримувачу з визначенням способу відшкодування банку-платнику виплаченої ним суми.

 

barter (бартер) - прямий безгрошовий обмін товарами або послугами.

 

bear (спекулянт, який грає на пониження, “ведмідь”) - біржовий спекулянт, який грає на зниження.

 

bond (облігація) - цінний папір, що являє собою документальне підтвердження факту отримання грошей в борг і зобов'язання їх повернути в певний строк.

 

boom (бум/ розквіт) - фаза циклу, коли обсяг виробництва зростає до максимального рівня, зайнятість досягає природного рівня, збільшується попит, зростають ціни й процентні ставки, ставка заробітної плати збільшується, збільшується обсяг інвестицій, спостерігається економічний розквіт.

 

bull (спекулянт, який грає на підвищення, “бик”) - біржовий спекулянт, який грає на підвищення.

 

business (бізнес, підприємницька діяльність) - будь-яка діяльність пов’язана з виробництвом, розподілом та збутом відповідної продукції чи послуг з метою одержання прибутку.

 

business cycle (бізнес/економічний цикл) - регулярні коливання рівня ділової активності, за яких після зростання активності настає її зниження, що знову змінюється зростанням.

 

capital (капітал) - сукупність усіх технічних, матеріальних і грошових засобів, використовуваних для виробництва товарів та послуг.

 

cartel (картель) - угода між компаніями, що виробляють або продають один вид товарів або послуг, про встановлення на нього єдиної ціни, що зазвичай перевищує ціну рівноваги на ринку збуту.

 

central bank (центральний банк) - банк, який перебуває у повній державній власності. Він визначає та проводить єдину грошово-кредитну політику держави; здійснює випуск національної валюти країни та організує її обіг; здійснює валютне регулювання; забезпечує накопичення та зберігання золото-валютних резервів; встановлює для банків правила проведення банківських операцій та систем розрахунків; виступає кредитором останньої інстанції для банків.

 

commercial bank (комерційний банк) - банк, який здійснює універсальні банківські операції з різними організаціями, установами, здебільшого за рахунок власних коштів та залучення кредитних ресурсів своїх клієнтів. Він приймає і розміщує грошові вклади своїх клієнтів, веде рахунки банків-кореспондентів, виконує грошові перекази, здійснює на договірних умовах кредитне, розрахунково-касове та інше банківське обслуговування. 

 

commodity money (товарні гроші) - різновид грошей, які є товаром, тобто це предмети, які можна безпосередньо використовувати, проте одночасно, вони виступають і як міра вартості інших товарів (наприклад хутро, слонова кістка, худоба, зерно, сіль, мушлі, золоті та срібні злитки).

 

comparative cost principle (принцип порівняльних витрат) - один з основних принципів міжнародної торгівлі, який свідчить, що найвищий рівень світового виробництва товарів може бути досягнутий тільки тоді, коли кожна країна або регіон сконцентрують свою увагу на виробництві тих товарів, які є спеціалізацією даного регіону.

 

competition (конкуренція) - економічний процес взаємодії і боротьби товаровиробників за найвигідніші умови виробництва та збуту товарів, і за отримання найбільших прибутків.

 

consumer (споживач) -  особа, яка купує і використовує товари, замовляє роботи і послуги для особистих побутових потреб, не пов'язаних з отриманням прибутку.

 

consumer price index (CPI) (індекс споживчих цін (ІСЦ)) - показник, що характеризує зміну загального рівня цін на споживчі товари та послуги, що входять до споживчого кошику, тобто на мінімальний набір продуктів харчування, непродовольчих товарів і послуг, необхідних для збереження здоров'я людини та забезпечення її життєдіяльності.

 

consumption (споживання) - процес, при якому товари або послуги використовуються споживачами для задоволення власних потреб та бажань.

 

corporation (корпорація) - форма організації підприємства, власниками якого є акціонери, які несуть відповідальність за борги та зобов'язання підприємства у межах вартості належних їм акцій.

 

credit card (кредитна картка) - різновид банківської платіжної картки, яку видають банки своїм клієнтам для оплати необхідних для них товарів і послуг за рахунок грошових коштів, наданих банком в кредит.

 

current account (поточний рахунок) - рахунок, що відкривається банком клієнту на договірній основі для зберігання грошей і здійснення розрахунково-касових операцій відповідно до умов договору.

 

debit card (дебетова картка) - різновид банківської платіжної картки, яка надає можливість здійснювати безготівкові покупки товарів і послуг шляхом списання відповідних сум з банківського рахунка власника картки.

 

debt capital (позиковий капітал) - кошти, які залучаються для фінансування, розвитку підприємства на поворотній основі.

 

deflation (дефляція) - довгострокове і безперервне зниження загального рівня цін, що призводить до підвищення купівельної спроможності грошей.

 

demand (попит) - представлена на ринку потреба споживача в товарах.

 

deposit account (депозитний рахунок) - рахунок, що відкривається банком клієнту на договірній основі для зберігання коштів, що передаються клієнтом банку в управління на встановлений строк та під визначений процент (дохід) відповідно до умов договору.

 

depression (slump) (депресія/ криза/ застій) - фаза циклу, коли економіка досягає критичної точки падіння, спускається на "дно", що може тривати рік чи два роки. Цій фазі властивий застій виробництва, зупинка роботи багатьох підприємств, найбільший рівень банкрутств, високий рівень безробіття, скорочення обсягу інвестицій, загалом спостерігається економічна криза.

 

direct taxes (прямі податки) - податки, що стягуються державою безпосередньо з доходів або майна платника податків. До таких податків відносяться податок з доходів фізичних осіб, податок на прибуток, податок на майно, податок на спадок та ін.

 

disinflation (дезінфляція) - уповільнення темпів інфляції.

 

distribution (розподіл, розповсюдження) - діяльність з переміщення товарів від виробників до споживачів. Ця діяльність включає в себе вибір каналів розподілу, організацію збутової мережі, включаючи створення мережі оптових і роздрібних магазинів, забезпечення транспортування і складування і т.д.

 

distribution channels (канали розподілу) - мережа фірм чи маркетингових посередників (оптових і роздрібних торговців), що переміщують товари від виробників до споживачів.

 

dividend (дивіденд) - частина чистого прибутку акціонерного товариства, що виплачується акціонеру з розрахунку на одну належну йому акцію певного типу.

 

domestic trade (внутрішня торгівля) - галузь народного господарства, що здійснює реалізацію товарної продукції різних галузей виробництва на внутрішньому ринку країни.

 

dumping (демпінг) - продаж товарів за штучно заниженими цінами для витіснення конкурентів.

 

economic system (економічна система) - форма організації економіки, господарський механізм, задача якого полягає в тому, щоб знаходити шляхи і методи ефективного використання обмежених виробничих ресурсів.

 

economics (економіка) - соціальна наука, яка досліджує проблему такого використання обмежених ресурсів, при якому досягається максимальне задоволення потреб суспільства.

 

economy (економіка) - господарство, сукупність усіх процесів, використовуваних людиною для забезпечення життя й задоволення своїх потреб.

 

entrepot trade (транзитна торгівля) - торгівля, заснована на реекспорті, тобто форма торгівлі, при якій товари імпортуються в країну, а потім експортуються після деякої переробки в інші країни.

 

entrepreneurship (підприємництво) - вільна, ініціативна діяльність людей у різних сферах виробництва, що здійснюється на власний страх і ризик з метою одержання прибутку.

 

equity capital (акціонерний капітал) - власні кошти підприємства, які без визначення строку повернення внесені засновниками або залишені ними на підприємстві з уже оподаткованого прибутку.

 

exchange rate (обмінний валютний курс) - ціна грошової одиниці однієї країни, виражена в грошових одиницях іншої країни.

 

excise tax (акцизний збір, акциз) - непрямий податок на виробництво та споживання деяких конкретних видів товарів, що користуються стійким високим попитом (наприклад, цигарки, спиртні напої, бензин та таке інше).

 

expansion (піднесення/ зростання) - фаза циклу, коли спостерігається розширення ділової активності, зростає промислове виробництво та інвестиції, помітно скорочується безробіття, зростають доходи домашніх господарств та прибутки підприємств, збільшується попит на товари, а разом з цим зростають ціни та процентні ставки.

 

export trade (експортна торгівля) - вивіз товарів і послуг за кордон для реалізації їх на зовнішньому ринку.

 

factors of production (фактори виробництва) - ресурси, необхідні для виробництва товарів або послуг. Традиційно підрозділяються на землю, працю, капітал та підприємницькі здібності.

 

fiat money (нерозмінні паперові гроші) - паперові грошові, цінність яких походить не від власної вартості або гарантії обміну на золото, а від державного наказу використання їх як засобу платежу.

 

fixed capital (основний капітал) - рухоме і нерухоме майно компанії, що бере участь у виробництві товару (споруди, машини, устаткування, інструмент).

 

free trade (вільна торгівля) - політика необмеженої зовнішньої торгівлі, що припускає відсутність митних тарифів, експортних та імпортних субсидій і квот, а також інших торгових обмежень.

 

general partnership (повне товариство, товариство з необмеженою відповідальністю) - форма організації товариства, учасники якого несуть необмежену відповідальність за борги та зобов'язання підприємства - як розмірами свого внеску, так і особистим майном.

 

gold standard (золотий стандарт) - грошова система, яка ґрунтується на золоті. Держава гарантує забезпечення золотом випущених в обіг грошей і встановлює тверду й незмінну відповідність національної грошової одиниці певній (чітко визначеній) кількості золота.

 

goods (товари) - економічні блага, до яких можна доторкнутись, тобто фізично-відчутні предмети чи речі: їжа, взуття, автомобілі, будинки тощо.

 

Gross Domestic Product (GDP) (Валовий внутрішній продукт ВВП) - сукупна вартість усіх кінцевих товарів і послуг, створених упродовж року на території даної країни.

 

Gross National Product (GNP) (Валовий національний продукт ВНП) - сукупна вартість кінцевих продуктів, створених національним капіталом як на території країни, так і за кордоном упродовж року.

 

hyperinflation (гіперінфляція) - швидке зростання загального рівня цін, коли ціни зростають астрономічно - на 1-2 % щодня або сягають 1000 % і більше нарік.

 

imperfect competition (недосконала конкуренція) - конкуренція в умовах, коли окремі виробники мають можливість контролювати ціни на продукцію, яку вони виробляють.

 

import trade (імпортна торгівля) - купівля, ввезення товарів, послуг, технологій за меж держави для подальшої її реалізації на внутрішньому ринку. 

 

income tax (податок на прибуток) - основний вид прямих податків, обов'язковий платіж, що стягується з доходів фізичних та юридичних осіб (заробітної плати, прибутку тощо).

 

indirect taxes (непрямі податки) - податки на товари і послуги, що встановлюються у вигляді надбавки до ціни або тарифу, оплачуються покупцями при купівлі товарів та отриманні послуг. До них відносяться податок на додану вартість, акцизний збір, мито та ін.

 

inflation (інфляція) - довгострокове стійке підвищення загального рівня цін, що призводить до знецінення грошей, зниження їхньої купівельної спроможності.

 

inflation rate (рівень інфляції) - показник, що характеризує зміну загального рівня цін за певний період часу, зазвичай за рік.

 

inheri­tance tax (податок на спадщину) - прямий податок, яким обкладається майно або грошові кошти покійного. Платником даного податку є спадкоємець покійного.

 

inputs (видатки) - витрати різних видів економічних ресурсів (сировини, праці, основних засобів, послуг, грошей), безпосередньо пов'язані з виробництвом економічних благ.

 

interest (процент, відсоток) - грошова винагорода, яку одержує власник грошей за те, що надав їх підприємству або приватній особі для використання.

 

interest rate (відсоткова ставка) - виражений у відсотках платіж, що здійснюється позичальником на користь кредитора у вигляді плати за використання позичених на визначений строк коштів.

 

international trade (міжнародна торгівля) - сукупність зовнішньої торгівлі різних країн світу.

 

investment (інвестиція) - вкладення капіталу з ціллю отримання прибутку.

 

invisible imports and exports (невидимий імпорт і експорт) - банківські операції, страхування, туризм та інші послуги, які не реєструються при перетині кордону.

 

labour (праця) - сукупність усіх фізичних та розумових здібностей людей використовуваних у процесі виробництва товарів та послуг.

 

labour resources (трудові ресурси) - частина працездатного населення, яка володіє фізичними й розумовими здібностями і знаннями, необхідними для здійснення корисної діяльності.

 

law of supply and demand (закон попиту та пропозиції) - економічний закон, що встановлює залежність обсягів попиту та пропозиції товарів на ринку від їх цін. При інших рівних умовах, чим ціна на товар нижче, тим більша величина попиту й тим менше величина пропозиції.

 

legal tender (законний засіб платежу) - узаконений державою загальний засіб платежу за товари, послуги і погашення боргів.

 

lender of last resort (кредитор останньої інстанції) - одна з функцій центрального банку, котра полягає у тому, що цей банк може тимчасово надати готівку комерційним банкам в разі вичерпання їх власного резерву з метою підтримання їх коштів та забезпечення стабільності банківської системи загалом.

 

limited partnership (командитне товариство, товариство з обмеженою відповідальністю) - форма організації товариства, учасники якого несуть обмежену відповідальність за борги та зобов'язання підприємства - у межах внесених ними вкладів.

 

loan (позика, кредит) - певна кількість грошей, що надається банком позичальнику на заздалегідь обумовлений термін та за відповідну плату.

 

macroeconomics (макроекономіка) - галузь економічної науки, що вивчає поведінку економіки як єдиного цілого з метою забезпечення умов сталого економічного зростання, повної зайнятості ресурсів, мінімізації рівня інфляції та рівноваги платіжного балансу.

 

market (ринок) - місце взаємодії продавців і покупців для визначення ціни товарів та обсягу продажів.

 

market economy (ринкова економіка) - економічна система, в якій ряд рішень з розподілу ресурсів приймаються приватними компаніями та підприємствами. 

 

market equilibrium (ринкова рівновага) - ситуація на ринку, коли попит на товар дорівнює його пропозиції.

 

market-clearing price (equilibrium price) (рівноважна ціна) - така ціна, при якій обсяг попиту на ринку дорівнює обсягу пропозиції. Така ціна має тенденцію за відсутністю змін попиту і пропозиції залишатися незмінною.

 

marketing (маркетінг) - діяльність, спрямована на створення попиту та досягнення цілей підприємства через максимальне задоволення потреб споживачів.

 

marketing communications mix (комплекс маркетингових комунікацій) - набір маркетингових засобів, таких як реклама, стимулювання збуту, персональний продаж, зв'язки з громадськістю, через які підприємство прагне впливати на попит на товар, котрий виробляє.

 

marketing intermediary (маркетинговий посередник) -

 

marketing mix (комплекс маркетінгу, маркетінг-мікс) - набір маркетингових засобів, таких як продукт, ціна, місце (система розподілу товару або система дистриб'юції) та просування, через які підприємство прагне впливати на попит на товар, котрий виробляє.

 

microeconomics (мікроекономіка) - галузь економічної науки, що вивчає поведінку галузей, фірм, підприємств,  домогосподарств та інших економічних одиниць, а також їх взаємодію на ринках, в результаті якого формуються ціни на конкретні товари та послуги.

 

mixed economy (змішана економіка) - економічна система, в якій ряд рішень з розподілу ресурсів приймаються приватними компаніями та підприємствами,— а деякі приймаються урядом країни.

 

monetary policy (грошово-кредитна політика) - політика держави, через яку уповноважений державою орган (центральний банк) контролює кількість грошей в обігу з метою забезпечення стабільності цін, повної зайнятості населення та зростання економіки.

 

money (гроші) - будь який товар, що використовується в суспільстві в якості міри вартості; засобу платежу; засоби обігу, та засобу заощадження.

 

monopolistic competition (монополістична конкуренція) - така ринкова ситуація, коли багато виробників пропонують схожі товари, але різні за якістю, оформленням, ціною, рекламою, і таким чином формують у споживачів прихильність до конкретної торгівельної марки чи бренду.

 

monopoly (монополія) - така ринкова ситуація, коли на ринку багато покупців і лише один продавець, який займає пануюче становище у виробництві певних товарів.

 

monopsony (монопсонія) - така ринкова ситуація, коли на ринку багато продавців і лише один покупець певного товару.

 

mortgage (іпотечний кредит, закладна) - фінансове зобов'язання, за яким позичальник, або боржник, закладає власність або майно в забезпечення кредиту і гарантує виконання своїх зобов'язань перед банком.

 

oligopoly (олігополія) - така ринкова ситуація, коли на ринку багато покупців і невелика кількість продавців, які займають пануюче становище у виробництві певних товарів.

 

opportunity costs (альтернативні витрати) - втрачена вигода (прибуток, дохід) в результаті вибору одного з альтернативних варіантів використання ресурсів і, тим самим, відмови від інших можливостей.

 

output (продукція) - матеріальний результат трудової діяльності або виробничого процесу, що має корисні властивості та призначений для використання споживачем.

 

overdraft (овердрафт, перевищення кредиту) - форма короткострокового кредиту в межах встановленого банком ліміту, що дозволяє здійснювати розрахунки, коли у клієнта на поточному рахунку недостатньо коштів. Банк списує кошти з рахунку клієнта в повному обсязі, тобто автоматично надає клієнту кредит на суму, що перевищує залишок коштів.

 

partnership (товариство) - форма організації підприємства, що ґрунтується на об'єднанні капіталів двох та більше осіб за умов розподілу ризику, прибутку та збитків на основі рівності, спільного контролю результатів бізнесу, активної участі в його веденні. 

 

perfect competition (досконала конкуренція) - ідеалізований стан ринку, при якому існує безліч виробників і споживачів які не впливають на ринкову ціну. Це означає, що попит на продукцію не скорочується по мірі збільшення продажу.

 

personal selling (персональний продаж) - особисте спілкування продавця з потенційним покупцем з метою продажу товару. Використання телекомунікаційних мереж, електронної пошти, телефону, факсу, Інтернету значно полегшує спілкування зі споживачами.

 

planned (command) economy (планова/командна економіка) - економічна система, в якій ряд рішень з розподілу ресурсів приймаються урядом країни.

 

price (ціна) - сума грошей, яку яку необхідно сплатити за товар.

 

primary security market (первинний ринок цінних паперів) - ринок, на якому нові випуски цінних паперів продаються та купуються вперше.

 

producer (виробник) - особа, яка в системі збуту продукції знаходиться між виробником та її кінцевим споживачем.

 

product (продукт) - все, що можна запропонувати на ринку для придбання, використання чи споживання з метою задоволення певних потреб.

 

production (виробництво) - процес створення різноманітних матеріальних благ та послуг, необхідних для задоволення людських потреб.

 

profit (прибуток) - це те, що залишається від загального доходу підприємця після вирахування всіх економічних витрат на виробництво — сплати заробітної плати робітникам, податків, ренти і позичкового відсотка на капітал.

 

promotion (просування, рекламування) - діяльність фірми з інформування споживачів про переваги свого товару і їх переконання в необхідності його придбання (реклама, стимулювання збуту, зв'язки з громадськістю, особисті продажі і т.д.).

 

protectionism (протекціонізм) - політика уряду країни відносно захисту інтересів вітчизняних виробників та обмеження ввезення імпортних продуктів. 

 

public relations (зв'язки з громадськістю, піар) - система взаємозв'язку фірми із громадськістю, яка здійснюється шляхом організації прес конференцій, публікацій в пресі, спонсорства, лобіювання, та спрямована на формування і підтримку сприятливого іміджу фірми.

 

publicity (пабліситі, пропаганда) - безкоштовне повідомлення про підприємство, його товар або послугу в засобах масової інформації. Воно викликає більшу довіру у публіки.

 

purchasing power of money (купівельна сила грошей) - кількість товарів і послуг, які можна купити за грошову одиницю.

 

real estate tax (податок на нерухомість) - прямий податок, що встановлюється на майно організацій або приватних осіб.

 

recession (спад/ рецесія) - фаза циклу, яка триває понад 6 місяців і характеризується скороченням виробництва, зниженням ділової активності, зростанням безробіття, падінням рівнів заробітної плати, прибутку, інвестицій, цін, труднощами збуту виробленої продукції, зниженням попиту на товари, падінням курсу акцій, масовим банкрутством фірм і підприємств.

 

rent (рента) - дохід від власності, який отримують землевласники від орендаторів за право тимчасового користування землею.

 

retail trade (роздрібна торгівля) - продаж товарів кінцевим споживачам, а не комерційному підприємству чи організації.

 

retailer (роздрібний продавець) - особа, яка купує товари в оптових торговців у невеликій кількості та продає їх споживачам.

 

sale (продаж, збут) - продаж готової продукції на ринок, споживачам.

 

sales promotion (стимулювання збуту) - пряме заохочення споживачів придбати товар чи послугу підприємства і таким чином збільшити продаж: реклама, конкурси, розповсюдження зразків, цінові знижки, купони, ігри, премії, подарунки.

 

sales tax (податок з продажів) - непрямий податок, який стягуэться у вигляді відсотка від роздрібної вартості товарів, що продаються.

 

saving deposit (ощадний рахунок) - кошти в готівковій або у безготівковій формі, які розміщені клієнтами на їх іменних рахунках у банку на договірних засадах на визначений строк зберігання і підлягають виплаті вкладнику відповідно до умов договору. 

 

secondary security market (вторинний ринок цінних паперів) - ринок, на якому відбувається купівля-продаж цінних паперів, випущених в обіг раніше.

 

services (послуги) - "невидимий товар", те, що можна купити, але не можна фізично відчути, що продасться не як результат виробництва, а як діяльність (медичне обслуговування, освіта, транспортування і т.п.).

 

shortage (нестача, дефіцит) - ситуація, при якій попит перевищує пропозицію.

 

sole proprietorship (індивідуальне підприємство) - підприємство, яке є власністю однієї людини, яка самостійно веде справу, одержує весь прибуток і несе відповідальність за ризик від бізнесу.

 

stagflation (стагфляція, застій) - одночасне зростання загального рівня цін зі скорочення обсягів виробництва і, отже, збільшення безробіття.

 

stock / share (акція) - цінний папір, що являє собою свідоцтво про власність на визначену частку капіталу акціонерного товариства й надає її власнику (акціонеру) право на одержання частини прибутку товариства у формі дивіденду.

 

stock market / stock exchange (фондова біржа) - організаційно оформлений, постійно діючий ринок, на якому здійснюється торгівля цінними паперами.

 

stockbroker (фондовий брокер) - агент, який купує і продає цінні папери на фондовій біржі від імені своїх клієнтів і одержує комісійні за послуги.

 

stockholder / shareholder (акціонер) - власник частки в акціонерному капіталі корпорації.

 

supply (пропозиція) - кількість товару, який є на ринку або може бути доставлений на нього виробником.

 

surplus (надлишок) - ситуація, при якій пропозиція перевищує попит.

 

target market (цільовий ринок) - спрямування зусиль компанії на обслуговування однієї чи кількох груп споживачів, які мають спільні потреби чи характеристики.

 

taxes (податки) - примусовий платіж, який держава чи уповноважений нею орган стягує з фізичних та юридичних осіб на підставі чинного законодавства та спрямовує на задоволення загальнодержавних чи спільних регіональних потреб.

 

trade (торгівля) - комерційна діяльність з обороту, купівлі та про­дажу товарів.

 

trade deficit (дефіцит торгового балансу, паcивний торговий баланс) - перевищення імпорту над експортом (країна більше купує, ніж продає).

 

trade surplus (надлишок торгового балансу, активний торговий баланс) - перевищення експорту над імпортом (країна більше продає, ніж купує).

 

traditional economy (традиційна економіка) - економічна система, в якій економічні відносини та рішення регулюються національними традиціями та звичаями.

 

transaction (трансакція) - угода, що складається в передачі власності, вираженої в товарах, продавцем покупцеві за грошову винагороду, що називається ціною.

 

traveller's cheque (дорожній чек) - платіжний документ, що зазвичай використовують як засіб розрахунків у подорожах, здебільшого міжнародних.

 

value-added tax (податок на додану вартість) - непрямий податок, форма вилучення до бюджету частини приросту вартості - різниці між продажною ціною товару та витратами на його виробництво, яка створюється на всіх стадіях виробництва - від сировини до предметів споживання.

 

visible imports and exports (видимий імпорт і експорт) - товари, які можна пред'явити і зареєструвати при перетині кордону.

 

wages (зарплата) - грошова винагорода, яку отримує працівник за виконану ним роботу.

 

wholesale trade (оптова торгівля) - продаж товарів великими партіями роздрібним торговцям з метою їх подальшого перепродажу.

 

wholesaler (оптовий продавець) - особа, яка купує товари у виробників у великій кількості та продає в невеликій кількості роздрібним торговцям.

 

working capital (оборотний капітал) - частина активів підприємства, яка включає: грошові кошти (витрати на зарплатню, ренту, комунальні послуги, податки, касова готівка, кількість грошових коштів для купівлі сировини, матеріалів або товарів) та матеріальні засоби (сировина, інвентар, продукція).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Список використаної літератури

 

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2. Агабекян И.П., Коваленко П.И. Английский для экономистов. Серия «Высшее образование». – Ростов н/Д: «Феникс», 2004. - 416с.
3. Андрюшкин А.П. Business English. Деловой английский язык: Учеб. пособие. – 3-е изд. – М.: Издательско-торговая корпорация «Дашков и К», 2008. – 332с.
4. Воронцова И.И., Ильина А.К., Момджи Ю.В. Английский язык для студентов экономических факультетов – Москва: «Приор», 1999. – 128с.
5. Голованев В.В. Английский язык для экономистов – Минск: «ТстраСис- темс», 2007
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12. Шевчук Д.А. Английский язык для экономистов – Москва: «Эксмо», 2009
13. Англо-русский экономический словарь. © ABBYY, 2001. 50 тыс. статей.
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16. Богацкий И.С., Дюканова Н.М. Бизнес-курс английского языка. Словарь-справочник. Под общей ред. Богацкого И.С. – 3-е изд., испр. – Киев: «Логос», 2007.
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20. Mings, Turley. The study of Economics: Principles, concepts & applications. — Guibford (Conn.) The Dushkin publ. Group, 1983. — XVIII, 452 p.
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