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Unit 1
Text The Science of Economics
Grammar Revision 1.There + be
2. The Indefinite Tenses (the Active and the Passive Voice)
3. The Continuous Tenses (the Active and the Passive Voice)
4. The Conjunctions used in pairs
Ex.1. Read the following international words and word combinations and give their Russian equivalents.
a) economics role nation
profession base firm
business dictate emphasis
category function motivation
microeconomics macroeconomics distribution
b) to classify processes factors of production
complex aspects economic activity
total production to utilize material resources
to stabilize the economy individual capital
to analyze problems principal types
Ex.2. Analyze the use of “there + be “in the following sentences. Translate the sentences into Russian.
Ex.3. Make sentences with the following nouns in subject position, using the construction “there + be”.
e.g. a lot of papers
There are a lot of papers on macroeconomic problems in current literature.
. many important factors; 2. little information; 3. some new ideas; 4. a lot of experimental facts; 5. a variety of methods; 6. a few aspects; 7. a lot of functions; 8. several types; 9. a great number of journals on economics; 10. few interesting results; 11. much news; 12. a lot of computers; 13. any new data; 14. some difficulties; 15. any other theories.
Ex.4. Translate the following sentences into English.
Ex.5. Analyze the tense forms of the verbs in the following sentences. Translate the sentences into Russian.
Ex.6. Put the verbs in brackets in the required tense.
Ex.7. Translate the sentences into English.
Ex.8. Compare the formation and the use of The Active Voice and the Passive Voice. Translate the sentences into Russian.
The Active Voice The Passive Voice
Students translate articles every day. Articles are translated by students every day.
Yesterday the students translated an An article on economics was translated article on economics. by the students yesterday.
The students will translate an article on An article on economics will be translated by the economics tomorrow. students tomorrow.
The students are translating an article on An article on economics is being translated by economics now. the students now.
The students were translating an article An article on economics was being translated the whole lesson yesterday. the whole lesson yesterday.
The students will be translating an article on economics the whole lesson tomorrow. ---
Ex.9. Change the sentences into the Passive Voice.
e.g. Many examples illustrate this fact.
This fact is illustrated by many examples.
Ex.10. Translate into English.
Ex.11.Translate the sentences into Russian.
Ex.12. Use the verbs in brackets in the proper form. Translate the sentences into Russian.
Ex.13. Translate the following sentences. Mind the different meanings of the word “one”.
Ex.14. Translate the sentences into Russian. Mind the conjunctions used in pairs.
Both … and(и…и, как…так и); either … or (или … или); neither … nor(ни … ни)
Words to the text “The Science of Economics”:
economy, n [I'kPnqmI] хозяйство, экономика
e.g. There is no growth in the economy this year.
world economy, a capitalist economy
economics, n ["Jkq'nPmIks] экономика, экономическая
наука
e.g. Economics is an important science.
major, adj ['meIGq] значительный, главный
e.g. There are two major political parties in the US.
major, n ['meIGq] профилирующая дисциплина
e.g. Our faculty offers a major in macroeconomics.
majors, n ['meIGqz] крупные фирмы, главные
компании
e.g. oil majors
consider, v [kqn'sIdq] рассматривать, считать
e.g. Economists consider a firm as an economic unit.
consideration, n [kqn"sIdq'reISn] рассмотрение, обсуждение
e.g. an important consideration; a special consideration
Your plan is under consideration now.
own, adj свой собственный
e.g. It was his own idea. (one’s own house, problem, etc.)
own, v [qVn] владеть, обладать
e.g. Mr. Smith owns a large shop.
business, n ['bIznqs] 1) дело, занятие
e.g. We do a lot of business with Italian companies.
2) предприятие
e.g. My friend wanted to start his own business.
3) предпринимательская
деятельность, бизнес
e.g. Business is slow this summer. (Show business small business, etc.)
earn, v [E:n] зарабатывать
e.g. He earns nearly £20.000 a year.
profit, n ['prPfIt] выгода, прибыль
e.g. Oil and gas business generates large profit.
operate, v ['PpqreIt] 1) управлять, 2) работать
e.g. 1) The company operates two factories.
) How well does this system operate?
fail, v [feIl] потерпеть неудачу, зд.
перестать действовать
e.g. A large number of small firms failed during the crisis.
She failed to get a credit in the bank.
failure, n ['feIljq] неуспех, неудача, провал
ant. success
e.g. All the efforts of the firm ended in failure.
go into bankruptcy, v syn. to bankrupt обанкротиться
[gqV 'IntV 'bxNkrAptsI]
e.g. Many people lost their jobs when the firm went into bankruptcy.
income, n ['InkAm] доход, заработок
e.g. The firm income didn’t rise last year.
determine, v [dI'tE:mIn] определять
e.g. Our income is used to determine our standard of living.
employ, v [Im'plOI] 1) предоставлять работу,
нанимать
e.g. Workers are employed by firms. The company employs 2000 people worldwide.
) применять, использовать
e.g. New materials are employed in house building.
employment, n [Im'plOIment] 1) служба, работа, занятие
2) занятость
e.g. 1) Students look for employment after college.
2) fuel-time employment, industrial emploument.
amount, n [q'maVnt] количество
e.g. a considerable amount of money
amount to, v [q'maVnt tV] составлять, доходить до
e.g. Bank credit to farmers amounts to about £3000.
apply, v использовать, употреблять
e.g. This model is applied in economics.
apply to применяться, касаться,
относиться
e.g. This information applies to all gas companies.
tax, v [txks] syn. to impose, to levy облагать налогом
e.g. Cigarettes are taxed in Britain.
tax, n налог, пошлина, сбор
e.g. The government increases taxes every year.
aid, v [eId] помогать, способствовать
e.g. Rich countries, such as Japan, aid to the countries of the Third World.
aid, n помощь, поддержка
e.g. economic aid, legal aid, etc.
protect, v [prq'tekt] защищать
e.g. People protect the Earth because it’s the only place where they can live.
Politicians always try to protect themselves from criticism.
protection, n [prq'tekSn] защита
e.g. protection against the cold, protection against corrosion.
environmental [In"vaIrqn'mentl] protection защита окружающей среды
measure, n ['meZq] мера
e.g. Measures that the government will take won’t be popular.
measure, v измерять, мерить
e.g. Education is not measured only by examination results.
influence, v ['InflVqns] syn. to affect влиять
e.g. What influences profits in any industry? The structure of the industry influences the
behaviour of firms in the industry.
influence, n влияние, воздействие
e.g. the influence of the government, a negative influence
purchase, v ['pWCqs] покупать
e.g. Mr. Brown earned some money and purchased a new car.
purchase, n покупка
e.g. Write down the date of the purchase of the house.
purchasing power, n ['pE:CqsIN "paVq] покупательная способность
e.g. the purchasing power of the dollar
available, adj [q'veIlqbl] доступный, имеющийся в
наличии
e.g. In the laboratories of our university all available apparatus are used.
availability, n [q"veIlq'bIlqtI] наличие,доступность
e.g. the availability of cheap housing
goods, n [gVdz] товар, товары
e.g. In foreign trade goods are sold to and bought from other countries.
economic good, n ["i:kq'nPmIk gVd] экономическое благо, не явля-
ющееся общедоступным
(предложение которого
лимитировано)
e.g. An economic good is a physical object that has value (ценность) for people.
free good, n [fri: gVd] бесплатное благо
e.g. Waker is an example of free goods.
public goods, n ['pAblIk gVdz] общественные блага
e.g. Health services are examples of public goods.
consumer goods, n [kqn'sju:mq gVdz] товары широкого потребления
e.g. Consumer goods are those such as food and clothing.
capital goods, n ['kxpItl gVdz] товары производственного
назначения, ср-ва производства
e.g. Capital goods are usually used for making other goods.
vast, adj [va:st] обширный
e.g. a vast country, a vas sum of money.
precise, adj [prI'saIz] точный, определенный
e.g. We were given precise instructions.
define, v [dI'faIn] определять
e.g. To define the concept of freedom
definition, n ["defq'nISn] определение
e.g. definition in a dictionary
direct, v [dq'rekt] направлять
e.g. Environmental policy was traditionally directed at pollution control.
direction, n [dq'rekSn] направление
e.g. to move in the direction of Moscow
satisfy wants ['sxtIsfaI wPnts] удовлетворять потребности
e.g. The available resources are not enough to satisfy all wants and needs.
be conserned with, v [bi: kqn'sWnd wID] заниматься, интересоваться
e.g. Geometry is concerned with questions of size and shape.
consume, v [kqn'sju:m] потреблять, расходовать
e.g. People can consume resources of energy such as solar energy, wind and
hydroelectric power.
consumption, n [kqn'sAmpSn] потребление, расход
e.g. Prices regulate consumption and production in a market economy.
bring about, v [brIN q'baVt] осуществлять, вызывать
e.g. What brings about changes in prices?
create, v [krI'eIt] создавать
e.g. Government promises to create more public jobs.
creation, n [krI'eISn] создание ч.-л.
e.g. The creation of e-mail system; The creation of computer made mathematical calculations
easier and quicker.
add, v [xd] прибавлять, добавлять
e.g. If you add 3 and 3 together you get 6.
utility, n [jV'tIlqtI] полезность, выгодность
e.g. Utility is what you get from using goods and products.
refer to, v [rI'fE: tV] иметь отношение, относиться
к чему-л./кому-л.
e.g. Mathematics and physics refer to technical sciences.
allocate, v ['xlqkeIt] размещать, распределять
e.g. Every manager decides how to allocate resources better.
allocation, n ["xlq'keISn] размещение, распределение
e.g. the allocation of our resources on different social needs (education, transport etc.)
labor, n ['leIbq] труд
e.g. It is important for every manager to know labor efficiency in his company.
entrepreneurship, n ["Pntrqprq'nE:SIp] предпринимательство
e.g. Entrepreneurship is one of the business organization forms.
remunerate, v [rI'mju:nqreIt] вознаграждать
e.g. Our company remunerates its best managers every year.
wage, n [weIG] заработная плата
e.g. My husband earns a good wage. The wage will increase in June.
interest, n ['Intrqst] зд. процент
e.g. Interest is a payment for the use of money over a period of time.
to regard, v [rI'gRd] рассматривать, считать
e.g. Do you regard this problem as important.
scarce, adj [skeqs] недостаточный, скудный
e.g. In the 1970s energy sources became scarce and there was a rise in energy prices.
Resources are scarce in any economy.
scarcity, n ['skeqsqtI] нехватка, недостаток
e.g. the present scarcity of labor
transferable, a [trxns'fE:rqbl] допускающий передачу,
замену
e.g. Airline tickets are not transferable.
item, n ['aItqm] каждый отдельный предмет,
вещь
e.g. A shop is a place where people can go to buy items that they want.
machinery, n [mq'Si:nqrI] машинное оборудование
e.g. agricultural machinery; an expensive piece of machinery
equipment, n [I'kwIpmqnt] оборудование, оснащение
e.g. Our institute bought new modern equipment for the research laboratory.
deal with, v [di:l wID] иметь дело (с кем-л., чем-л.)
e.g. Industrial economics deals with economics of energy. Labour economics deals with such
problems as employment, unemployment and education.
treat, v [tri:t] трактовать, объяснять
e.g. The task of economics is to treat how to use scarce resources. How do you treat this term?
supply, v [sq'plaI] снабжать, поставлять
e.g. The firm didn’t supply the city with agricultural products.
supply, n снабжение, поставка
e.g. As supply grows prices become lower.
demand, v [dI'ma:nd] требовать, нуждаться
e.g. Command economy demands government regulation.
demand, n спрос
e.g. Demand and supply influence prices of goods.
suggest, v [sq'Gest] предлагать, советовать
e.g. Who suggested this economic model?
mean, v (meant) [mi:n] иметь значение, означать
e.g. The development of trade will mean larger international income.
For many countries the US help meant economic dependence.
means, n [mi:nz] средство, средства
e.g. the means of production
A plane is known as the quickest means of travel.
by means of [baI mi:nz Pv] при помощи, посредством
e.g. Nowadays people can easily communicate with each other by means of the Internet.
solve, v [sPlv] решать (проблему)
e.g. People think money will solve all their problems.
Ex.15. Read the text and find:
1. Definitions of economic terms
. Classifications;
3. English equivalents to the following :
Становится все очевиднее; какой профессией заняться; во многом; расходование денег; уровень жизни; вкратце; главным образом; применительно к экономике; совокупный продукт; конечное звено хозяйственной деятельности; попадают в данную категорию; широкие сферы экономики; подобные факторы; в целом; общее производство; уделяют большое внимание.
The Science of Economics.
Every day it becomes more apparent that economics plays a major role in our lives. Our decisions on what profession to enter, where to work, and where to live are based in large part on economic considerations. If we own a business, economic factors dictate whether we earn a profit and continue to operate or fail and go into bankruptcy. Economics directly applies to the earnings of our incomes and to the spending of our money. Economic policies help determine the level of production and employment in our nation, the amount of taxes that we pay, how much aid we give to developing nations, and how much of our resources we devote to the environmental protection. Economic measures influence the prices, the purchasing power of our money, the availability of goods and services, and our standard of living.
Although Economics is a vast subject and precise definitions are usually very complex, in short it can be described as the study of those aspects of people’s activities which are directed primarily to satisfy wants. As a science economics is concerned with the production, distribution, and consumption of goods and services.
In economics we define production as a process that brings about the creation and addition of utility or usefulness, which is the ability of a good or a service to satisfy want. Distribution as used in economics generally refers to the allocation of the total product or income among the factors of production. The factors of production are labor, land, capital, and entrepreneurship. They are remunerated in the form of wages, rent, interest, and profits.
Consumption refers to the use of a good or a service. It is regarded as the most important function in economics as it is the ultimate end of economic activity. Without consumption there is little need for production and distribution.
Economists classify goods into three principal types: economic goods, free goods (e.g. air, sunshine, water), and public goods (e.g. public parks, libraries). An economic good is one that is material, useful, scarce and transferable. Economic goods are classified according to their use into consumer goods and capital goods. Consumer goods are directly utilized by the public. Many items, such as books, shelter, food, and clothing fit into this category. Capital goods are used to produce other goods, either consumer or capital. So, buildings, machinery, and equipment are capital goods.
There are two broad areas of economics: microeconomics and macroeconomics. Microeconomics deals with the economic problems of the individual, the firm, and the industry. It treats the principle of supply and demand, the determination of price for the firm, and other similar factors. Macroeconomics analyzes the problems of the economy as a whole. It studies total production, total employment, income, and the influences on our standard of living. Sixty or seventy years ago economists dealt primarily with microeconomics. They tried to discover what motivated the individual to spend or save. Today both areas of economics are being studied, and economists are placing much emphasis on macroeconomics. They are suggesting ways and means of solving different economic problems that will help to stabilize the economy.
Ex.16. Form nouns of the following verbs and give their Russian equivalents. Follow the models:
Model 1. Verb + “(t)ion” -- noun
emigrate - emigration
consider -____________ add -____________
utilize -____________ stabilize -____________
distribute -____________ determine -____________
define -____________ create -____________
produce -____________ motivate -____________
allocate -_____________ operate -____________
Model 2. Verb + “ment “-- noun
equip - equipment
develop -____________ manage -_____________
employ -____________ achieve -_____________
pay -____________ treat -_____________
Model 3. Verb + “er”(“or”) -- noun
Distribute -distributer
design -______________ utilize -_____________
produce -______________ create -_____________
employ -______________ consume -_____________
manage -______________ supply -_____________
Ex.17. Odd one out
. income loss profit pay
. to operate to work to fail to function
. compensation remuneration bankruptcy pension
. usefulness utility profitability disutility
. major chief minor main
. trade employment occupation unemployment
. amount part sum total
. precise approximate accurate careful
. to consume to apply to employ to use
to bring about to result in to cause to happen to suggest
.to treat to consider to deal with to summarize
.to have to own to save to possess
.to create to produce to make to allocate
.means subject measure method
.extent level way degree
Ex.18. Match A and B.
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Ex.19. Translate the following word combinations into Russian.
To consider a contract –serious considerations –financial considerations –to take into considerations –the problem under consideration–to consider somebody intelligent; means of transport – means of control –means of payment – means of production –effective means –it means that…- by all means –by means of – a man of means; square measures –a measure of happiness –beyond measure –extreme measures –to take measures against inflation –to measure the distance –to measure people – measure for measure –a measure of consumption; a man of business –to go out of business –to set up in business –to run a business –big business –a business trip –a business manager –to fail in business; to protect the environment –to protect interests –to protect a computer system –to protect from failure –to protect against sunlight; purchase and sale –a purchase on credit –to make some purchases –a purchase tax –to purchase goods; direct influence – direct taxes –direct speech –to direct attention to the fact –to direct a firm –to direct to the nearest station; to provide supplies –water supply –money supply –supply-and-demand principle –to supply with energy; to demand an explanation –to demand money back –to satisfy the demands of consumers –to make demands –a limited demand –to be in great demand.
Ex20. Make word combinations from the given verbs and nouns. Make as many variants as possible.
to earn amount
to operate profit
to determine taxes
to employ machine
to tax goods
to define demand
to impose labor
to direct supply
to consume wants
to create measures
to allocate economics
to satisfy income
to suggest business
to deal with services
to employ level
to produce interest
to apply wage
Ex.21. Translate into English.
Ex. 22. Match A and B
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Ex.23. Translate the sentences into Russian.
Ex.24. Answer the following questions.
Ex. 25. Fill in the blanks choosing the proper English word from those given below the text.
In producing the ( … )and the services to satisfy consumer ( … )and to make( … ), business firms in our economy ( … ) the factors of production: land, labor, capital and (… ). As the first three of these factors are not generally ( … ) by the entrepreneur, the business firm ( … ) the owners of these factors for the ( … ) they render. The payments by business firms for the productive factors naturally become ( … ) to the owners of these( … ). This income in turn is used as ( … ) by which the ( … ) of the factors of production buy goods and services.
(utilize; goods; purchasing power; service; owned; profits; income; factors of production; demands; entrepreneurship; owners; remunerates)
Ex.26. Agree or disagree with the following statements. Give your reasons. Use the following introductory phrases: It is true; I quite agree with it; I can’t agree more; It is not right; I am afraid; To my mind; In my opinion; As far as I know; I think; I consider; If I am not mistaken; Everybody knows; It goes without saying; On the one hand; On the other hand; etc.
Ex.27. Translate the following text in writing. Use a dictionary.
Our material wants are nearly impossible to satisfy. No matter how many material goods and services we obtain, there is generally something else we would like to have. On the other hand, the individual or family income or wealth is usually limited. In other cases there is shortage of the available goods and services in the economy. Economizing is the process of applying scarce means in an attempt to satisfy unlimited wants, whether we are referring to individuals or to the total economy.
Very few of us have all the means, or money, necessary to obtain all the goods and services which we desire. Consequently, we buy first those things that we need and then those that we desire and we do without the others. We consciously and unconsciously form a subjective scale of preference for goods and services and purchase accordingly.
We economize not only on an individual basis but also on a national scale. No country has all the resources necessary to satisfy the wants of its people. It uses the available labor, land, and capital to produce the maximum amount of goods and services. The total output and standard of living of any nation are dependent on the extent and the use of the following: population, natural resources, technological development, and entrepreneurship, which are common terms for the factors of production when we refer to them on a national scale.
Ex.28. Translate into English.
Экономика играет важную роль в нашей жизни. Многие наши решения основаны на экономических соображениях. Наш доход и уровень жизни зависят от экономического состояния государства. Государство определяет экономические меры, которые влияют на цены, на покупательную способность денег, на наличие товаров и услуг.
Трудно дать точное определение науки экономики. Но совершенно очевидно, что экономика связана с производством, распределением и потреблением товаров и услуг. Давайте рассмотрим эти аспекты. Производство –это создание полезности. Распределение –это размещение совокупного продукта или дохода среди факторов производства. А потребление –это использование товаров и услуг.
Экономика, как наука, подразделяется на две большие области: микроэкономику и макроэкономику. Микроэкономика изучает экономические процессы на уровне отдельной фирмы или промышленной отрасли, макроэкономика—на уровне страны в целом.
Итак, экономика связана со всеми видами деятельности людей, которые создают им материальные условия для жизни. Экономическая наука постоянно развивается. Экономические знания применимы практически ко всем видам отношений –в семье, социальных группах, в производственных коллективах, в обществе.
Ex.29. Use the words and expressions given below to speak on:
play a major role, enter a profession, be based on economic considerations, own a business, earn a profit, operate or fail, go into bankruptcy, refer to income and spending, level of production and employment, amount of taxes, give aid, devote resources, environmental protection, purchasing power of money, availability of goods and services, standard of living.
the study of, people’s activities, satisfy wants, be concerned with, production, distribution, and consumption.
bring about, creation and addition of utility, allocation, factors of production, labor, entrepreneurship, remunerate, wages, interest, be regarded as, ultimate end, economic activity.
economic, free, public, scarce, transferable, classify according to, be directly utilized, many items, fit into a category, to produce, either or.
deal with, treat the principle, both and, supply/demand, analyze problems, total production, standard of living, motivate an individual, place emphasis on, means of solving.
Ex.30. 1) Read and translate the following example of business letter:
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Names of parts of the letter: (1) Heading, sender’s address (2) Date (but could be after receiver’s address) (3) Receiver’s name & address (4) For a formal letter it is a good idea to put the topic of the letter as a heading (5) Start (when you know the name of the reader: Dear Mr./Mrs., when you don’t know the name of the reader: Dear Sir/Madam (6) Body of letter (7) End (when you know the name of the reader: Yours sincerely, when you don’t know the name of the reader: Yours faithfully (8) Signature (9) Name & title of sender (10) enclosure |
Lux del Sol, Ltd. 11 Caballero de Gracia Barcelona, Spain Tel: 34 35 97 97 Fax: 34 3 596 July 2008 Antony Benson Sales Manager Alabama Computers, Inc Gate Road. Mobile 17G Alabama USA Request for a sample Dear Mr. Benson, Thank you very much for the catalogue you send us. The information it contained was quite interesting for us. Before making a decision of placing an order for a quantity we would be grateful if you could arrange for a sample to be sent to us as soon as possible. Please state what discount you allow for quantities. Yours sincerely Marcel Rodriguez Marcel Rodriguez Director-Procurement encl.: technical requirements |
) Put the parts of letter in the proper order:
36 Hersham Rd
Alton-on-Thames
Surrey
KT13JR
For the position of secretary to the managing director at Tilly’s Trinkets.
Please sign and return a copy of the contract enclosed to confirm acceptance of this
Offer. We look forward to hearing from you soon.
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Do you know?
1. Say what Emblems of Great Britain you know.
2. Now read the text and say what new information you have learned.
The United Kingdom of Great Britain and Northern Ireland ( the UK ) occupies most of the territory of the British Isles. It consists of four main parts which are: England, Scotland, Wales and Northern Ireland.
The flag of the United Kingdom, known as the Union Jack, is made up of three crosses. The upright red cross is the cross of St. George, the patron saint of England. The white diagonal cross is the cross of St. Andrew, the patron saint of Scotland. The red diagonal cross is the cross of St. Patrick, the patron saint of Ireland.
Each country also has a national “emblem” or sign. The English emblem is a red rose. The Welsh emblem is a vegetable or a flower –a leek (лук порей) or a daffodil (нарцисс). The Scottish emblem is a wild plant –a thistle (чертополох). And the Irish emblem is another wild plant –a shamrock (камнеломка).
It’s traditional in Britain to wear your country’s emblem on its saint’s day. These are Britain’s patron saints and their days.
England –St George –April 23rd.
Ireland –St Patrick –March 17th.
Scotland –St Andrew –November 30th.
Wales –St David –March 1st.
The Scots, Welsh and English don’t really celebrate their national saint’s days. But St Patrick’s Day is important for Irish people all over the world. In New York, for example, the Irish people always have a big St Patrick’s Day parade.