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NIT 2
UNIT 2.
Text The History of Economics
Grammar Revision 1.The Perfect Tenses (the Active and the Passive Voice)
2. Prepositional Verbs in the Passive Voice
3. The Emphatic Construction “it is … that (who, which)
4. Application Letter, C.V.
5. American National Symbols
Ex.1. Translate the following international words and word combinations and give their Russian equivalents.
economist analysis capitalism
communism tradition presentation
argument idea
monumental doctrine economic liberalism psychological method
Ex.2. Analyze the tense forms and voice forms of the verbs in the following sentences. Translate the sentences into Russian.
Ex.3. Find the verb in the Perfect Tense in each line.
Ex.4. Choose the correct form of the verb in each sentence. Translate the sentences.
Ex.5. Translate the following sentences paying attention to prepositional verbs and phraseological units.
Ex.6. Translate the following sentences into Russian. Mind the emphatic construction “it is…that (who, which)”.
Words to the text “The History of economics”
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1. derive, v. [dI'raIv] |
1) получать, извлекать; 2) происходить e.g. to derive a formula; to derive a profit The word “evolution” is derived from Latin. |
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2. household, n. ['haVshqVld] |
домашнее хозяйство e.g. Household is a group of people who make economic decisions together. |
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3. emerge, v. [I'mE:G] emergence, n. [ImE:Gqns] 4. state, n. |
возникать, появляться e.g.Certain financial problems emerged from the crisis. появление e.g. the emergence of new democracies 1) состояние, положение e.g. poor state, financial state, gaseous state of water 2) государство; штат e.g. Pakistan has been an independent state since 1947. There are fifty states in the US. |
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state, v. [steIt] |
утверждать, устанавливать, формулировать e.g. The problem was accurately stated. |
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5. self-interest, n. ["self'Intrqst] |
собственная выгода, заинтересованность,эгоизм e.g. The market economy is motivated by self-interest of individuals. |
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6. private, adj. ['praIvqt] |
частный, личный e.g. private life, private sector of economy |
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7. property, n. ['prPpqtI] |
1) имущество, собственность e.g. As the firm went bankrupt its property was confiscated. 2) свойство, качество e.g. A substance has both physical and chemical properties. |
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8. compete, v. [kqm'pI:t] competition, n. ["kPmpq'tISn] |
соперничать, конкурировать e.g. Few companies can compete with Gasprom in gas production. конкуренция, соперничество e.g. The development of market economy isn’t possible without competition. |
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9. seek (sought), v. [sI:k] |
1) искать e.g. For over 100 years, men have sought gold in this area. 2) стремиться, добиваться e.g. The government is seeking to slow the growth of inflation. |
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10. occupation, n. ["Okju'peISqn] |
занятие, дело, профессия e.g. He is looking for an occupation which will bring him profit. |
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11. welfare, n. ['welfeq] 12. benefit, n. |
1) благосостояние e.g. The country’s welfare comes from its gas resources. 2) социальное обеспечение, пособие People who have no job or are ill are on welfare. выгода, польза e.g. The company will derive benefit from the contract. |
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benefit, v. ['benefit] |
приносить пользу; извлекать пользу e.g. The trade contract between Russia and the Ukraine will benefit the economies of both countries. Both Russia and the Ukraine will benefit from the trade contract. |
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13. community, n. [kq'mju:nqtI] |
община, общество e.g. Stability of community depends on the living standards. business community; scientific community |
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14. assume, v. [q'sju:m] assumption, n. [q'sAmpSn] |
1) принимать, обретать e.g. These Doctrines assume at once an importance. 2) допускать, предполагать e.g. It is possible to assume that such changes have important social effects. предположение, допущение e.g. Dr.Subroto questioned the scientific assumption on which the theory of global warming is based. |
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15. accept, v. [qk'sept] |
соглашаться, принимать e.g. Credit cards are widely accepted. |
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16. thus, adv. [DAs] |
так, таким образом e.g. Thus the dollar has gone down against the yen. |
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17. affect, v. [q'fekt] |
воздействовать, влиять e.g. Prices of resources affect prices of goods. |
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18. succeed, v. [sqk'sI:d] |
1) следовать за, сменять e.g. Who succeeded Kennedy as President? A new type of computers succeeded the old one. 2) (in, at) достигать цели, преуспевать e.g. To succeed in life one must work hard. |
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19. deny, v. [dI'naI] |
отвергать, отказывать(ся) e.g. He was denied a US visa. It’s impossible to deny that it’s a very popular idea. |
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20. fair, adj. [feq] 21. share, n. |
зд. честный, справедливый, законный e.g. The owner of the firm is fair to his employees. доля, часть e.g. equal share; fair share |
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share, v. [Seq] |
делить, разделять e.g. Two Russian scientists shared the Nobel Prize for physics. to share opinion; to share money |
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22. predict, v. [prI'dIkt] |
прогнозировать, предсказывать e.g. An economic model often helps an economist to predict different situations. |
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23. responsible, adj. [rI'spPnsqbl] responsibility, n. [rIs"pOnsq'bIlItI] |
ответственный e.g. The engineer is responsible for the efficient operation of the equipment. Mr.Adams is a very responsible sort of person. ответственность e.g. Someone must give orders and take responsibility for mistakes. |
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24. expenditure, n. [Ik'spendItSq] |
расходование, расходы e.g. The government expenditures for education have increased over the years. |
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25. subsequently, adv. ['sAbsIkwqntlI] |
впоследствии, позднее e.g. The book was subsequently translated into 15 languages. |
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26. expand, v. [Iks'pxnd] |
расширять(ся) e.g. The director plans to expand the firm into an international company. |
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27. tool, n. [tHl] |
инструмент; способ, средство e.g. measuring tool, production tools Video has become an excellent teaching tool. |
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28. monetary, adj. ['mAnItqrI] |
денежный e.g. monetary fund, monetary support |
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29. fiscal, adj. [fIskql] |
фискальный, финансовый e.g. fiscal year, fiscal policy |
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30. insist (on), v. [In'sIst] |
настаивать на чем-либо e.g. The partner insisted on the expansion of the business. |
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31. argue, v. ['Rgju] |
1) аргументировать, утверждать, приводить доводы e.g. The report argues against high prices for oil. |
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32. rationale, n. ["rxSq'na:l] |
логическое обоснование e.g. The rationale for such initiatives is not only economic. |
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33. despite prep. [dI'spaIt] |
несмотря на e.g. Despite great investments the company went bankrupt. |
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34. face, v. [feIs] |
сталкиваться e.g. to face the facts; to face difficulties |
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35. remain, v. [rI'meIn] 36. matter, n. |
оставаться e.g. The problem of environmental protection still remains with us. 1) сущность, вопрос, дело e.g. Environmental protection is a matter of great importance. 2) материал; вещество e.g. reading matter; organic matter. |
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matter, v. [mxtq] |
иметь значение e.g. It doesn’t really matter how much it costs. |
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37. obsolete, adj. ['PbsqlJt] |
устарелый e.g. So much equipment becomes obsolete almost as soon as it is made. |
Ex.7. Read the text and do the following tasks:
умеющий управлять хозяйством; относительно новое учение; современная экономическая мысль; свободная торговля; самостоятельно искали; также; сырье; принципы были разработаны; эволюционная стадия; отошел от классической школы; первоначальное учение; несмотря на большие различия; новое осмысление.
The History of Economics
The word “economics” is derived from “oikonomokos”, which means skilled in household management. Although the word is very old, the discipline of economics as we understand it today is a relatively recent development. Modern economic thought emerged in the 17-th and 18-th centuries as the western world began its transformation from an agrarian to an industrial society.
The classical school of economic theory began with the publication in 1776 of Adam Smith’s monumental work “The Wealth of Nations”. Adam Smith formulated economics as a science and started the doctrine of free business. He stated economic laws which explained the work of the free market. According to his philosophy, the major principles of economic liberalism or freedom were free trade, self-interest, private property, nongovernment intervention, and competition. Individuals were free to seek their own occupations, were free to enter any business. Self-interest was the motivating force of the economy. For example, to increase economic welfare, an individual decided to produce goods and sell them for a profit. But he automatically benefited the community as well, because he had purchased raw materials, provided employment, and supplied goods or services.
The principles and doctrines of classical economics were developed over many years by various economists and certain basic assumptions were accepted as the foundation of economic analysis. Thus, Jean Baptiste Say, a French economist, developed the theory that demand is affected by supply. This is often referred to as Say’s law.
Karl Marx was the founder of scientific communism. Marx saw capitalism as an evolutionary phase in economic development. He believed that capitalism would ultimately destroy itself and be succeeded by a world without private property. He stated that the market system allows capitalists, the owners of means of production, to exploit workers and deny them a fair share of what they produce. He predicted movement of society toward communism, in which the workers own the means of production and thus have no need to exploit labor for profit.
Another famous economist was John Maynard Keynes. In 1936 John M.Keynes broke from the classical tradition with the publication of “General Theory of Employment, Interest, and Money”. This British economist was primarily responsible for the early development of the income-expenditure analysis of the economy. Subsequently many others improved and expanded the original Keynesian presentation, and it has developed into an excellent tool of economic analysis. Modern monetary, fiscal, and psychological policies are difficult to understand without the knowledge of the principles of the income-expenditure analysis. These principles have been widely accepted. It was Keynes who insisted on government intervention in the economy. Keynes arguments proved the modern rationale for the use of government spending and taxing to stabilize economy.
Despite the great differences between the past and the present, the basic economic problems which society faces remain the same: what to produce, how much to produce, and what method to use in allocating goods and services. These basic problems are common to all societies no matter what level of economic development they have reached. Economists have been trying to find the right answers for many years. A new school of ideas emerges as changes in the economy give fresh understanding and make existing doctrines obsolete.
Ex.8. Form adjectives and adverbs of the following words and give their Russian equivalents. Follow the models:
Model 1 Noun +” -ic “ - adjective
cube -cubic
economy - ________________ philosophy -_______________
strategy -_________________ base -_______________
atmosphere -_________________ history -_______________
Model 2 Noun + “-al” – adjective
centre -central
industry -________________ origin -________________
monument -________________ culture -________________
form -________________ globe -________________
Model 3 Adjective + “-ly” – adverb
relative -relatively
recent -________________ free -________________
ultimate -________________ wide -_________________
subsequent -________________ possible -_________________
Model 4 base word +“ –ward(s) - adverb
home -homeward
after -__________________ in -_________________
south -__________________ for -_________________
up -__________________ out -__________________
back -__________________ to -__________________
west -__________________ north -__________________
Ex.9. Match synonyms in A and B.
A B
1. recent 1. main
2. emerge 2. egoism
3. transformation 3. look for
4. major 4. modern
5. self-interest 5. appear
6. seek 6. change
7. occupation 7. supposition
8. welfare 8. influence
9. basic 9. business
10.ultimately 10.well-being
11.assumption 11.fundamental
12.affect 12.finally
13.succeed 13.benefit
14.interest 14.reasoning
15.argument 15.follow
Ex.10. Find the antonym of the first word in each line.
Ex.11. Translate the following word combinations into Russian.
a financial state – to be in a nervous state – a gaseous state – to state a problem – to state a law – an independent state – to govern a state – welfare state – a state organization – the United States of America; a free choice – to make free use of the library – to be free to seek occupations – to be free in the evening – in a free and easy manner – free of charge – free education – a free electron – to feel free – to free the world from the threat of war – to free from taxes; academic interest –deep interest – to show interest – to take interest in economics – to be of interest for students – in the national interest – in the interest of peace – to act in one’s own interest – without interest – business interest – to work for a company at a certain interest – to receive interest from a business – a rate of interest – a conflict of interests – politics doesn’t interest me; to buy property – individual property – intellectual property – private property – a man of property – a property tax – a chemical property ; for the benefit of the nation – to derive a benefit from something -- economic benefits – tax benefits – old age benefit -- unemployment benefit – to benefit from trade – to benefit people; to accept the theory fully – to accept the responsibility – to accept an invitation – to accept a post -- to accept equipment – to accept a person as a business partner – to accept a check – to be generally accepted; a fair share in business – lion’s share -- a share of responsibility – a share in making a decision – ordinary shares – preference shares – to share the money equally between two partners – to share one’s opinion – to share a house with other people ; organic matter – reading matter – the matter of the report – a serious matter – a matter of importance – to give attention to the matter – What’s the matter?—the matter is that – it’s no easy matter – for that matter – no matter – it doesn’t matter at all – as a matter of fact.
Ex.12. Match A and B.
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B |
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Adam Smith |
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Jean Baptiste Say |
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Karl Marx |
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John M.Keynes |
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Ex.13. Translate the following sentences into Russian.
Ex.14. Answer the following questions.
Ex.15. Fill in the blanks choosing the proper English word from those given before the text.
(expenditures; derived; private; expand; states; spending; succeeded)
In recent years economists have (…) the “multiplier principle” for the analysis of the effect of (…) and investing on the national income. This principle (…) that a certain investment, either by a (…) investor or by the government will be (…) by a series of consumer expenditures. These (…) will exceed the original investment and will thus (…) the national income.
(occupations; assumed; incomes; self-interest; seeks; benefits)
It is (…) that the motive for economic activity is (…). Each unit in the market economy (…) what is best for itself. Firms act in ways which, they believe, can bring maximum (…). Workers choose those (…) and locations which offer the highest wages. Consumers spend their (…) on those things which bring the maximum satisfaction.
(compete; property; shares; competition; economy)
Market (…) is based on the institution of private (…), on the profit motive and on (…). Business firms compete for (…) of the consumer’s money. In the markets for productive resources firms (…) for scarce materials and energy.
Ex.16. Translate the text in writing. Use a dictionary.
Publication of Adam Smith’s “The Wealth of Nations” in 1776 has been referred to as “the effective birth of economics as a separate discipline». The book defined land, labor, and capital as three factors of production and the major contributors to a nation’s welfare. Smith described the market mechanism as an “invisible hand” that leads all individuals towards the production of benefit for community as a whole. He argued that in competitive markets social interests are affected and advanced by self-interest. A.Smith shared some of the Physiocrats’ ideas, but denied the assumption that only agriculture was productive.
The general approach that Smith initiated was called political economy and later classical economics. It included such notables as Thomas Malthus, David Ricardo, and John Stuart Mill.
While Adam Smith placed emphasis on the production of income, David Ricardo focused on the distribution of income among landowners, workers and capitalists. He stated that the growth of population and capital pushes up rents and holds down wages and profits because of fixed supply of land.
Thomas Robert Malthus used the idea of diminishing returns (сокращающийся доход) to explain low living standards. Population, he argued, increased geometrically, while the production of food increased arithmetically. The force of a rapidly growing population against a limited amount of land meant diminishing returns to labor. The result was chronically low wages which were followed by the low standard of living. According to Malthus unemployment was affected by the economy’s tendency to limit its spending by saving too much, a theme that remained forgotten until John Maynard Keynes revived it in the 1930s.
Though John Stuart Mill shared the opinion of the earlier classical economists on many aspects of political economy he pointed to distinct difference between the market’s two roles: allocation of resources and distributing of income. He suggested that the market might be efficient in allocating resources but not in disturbing income. Thus he insisted on the intervention of society.
Ex.17. Translate into English.
Хотя слово «экономика» известно людям с давних времен, экономика как наука появилась только в 17 и 18 веках. Основателем классической школы экономической теории считается Адам Смит. Именно Смит сформулировал экономику как науку и определил законы и принципы работы свободного рынка, такие как свобода выбора рода занятий, частная собственность, собственная выгода, невмешательство государства и конкуренция. Смит считал, что собственная выгода является движущей силой экономики, т.к. на экономическое благосостояние общества в целом значительно влияет личная экономическая заинтересованность предпринимателя.
За работами Адама Смита последовали экономические теории таких ученых как Томас Мальтус, Давид Рикардо, Стюарт Милл и др. Все они внесли значительный вклад в развитие экономической мысли. Многие теории экономистов - классиков приняты за основу экономического анализа.
О Карле Марксе говорят как об основателе теории научного коммунизма. К. Маркс предсказывал крушение капитализма и переход общества к коммунизму: миру без частной собственности и эксплуатации труда.
Однако не все экономисты разделяли учение А.Смита. Джон Мэйнард Кейнс отошел от классической школы. Он настаивал на вмешательстве государства в экономику. Кейнс разработал принципы анализа доходов и расходов. Эти принципы до сих пор считаются важными инструментами современной денежной и налоговой политики государства.
Основные экономические вопросы, с которыми сталкивается любое общество – это: что производить, сколько производить и как производить. Экономисты пытаются найти ответы на эти вопросы уже много лет. Итак, возникают новые экономические идеи и направления.
Ex.18. Agree or disagree with the following statements. Use the introductory phrases from Ex.26 (Unit 1)
Ex.19. Use the words and expressions given below to speak on the following:
economic thought, emerge, formulate as a science, state principles, free market, self-interest, private property, competition, nongovernment intervention, motivating force, to increase economic welfare, benefit the community, develop doctrines, accept basic assumptions.
evolutionary phase in economic development, destroy, be succeeded by, exploit workers, deny a fair share, predict movement toward communism, own the means of production.
break from the classical tradition, be primarily responsible for the income-expenditure analysis, improve and expand the presentation, excellent tool of economic analysis, monetary and fiscal policies, insist on government intervention, prove the rationale, government spending and taxing.
despite the differences, remain the same, be common to all societies, no matter, find the answer, new ideas emerge, fresh understanding, make obsolete.
Ex.20. Read and study the following information:
Suppose you came across an advertisement that stirred up your imagination. You are willing to apply for a certain position.
What do you do in this case?
This is an example of an Application letter.
Dear Mrs. Hughes,
I would like to apply for the position of Sales Manager advertised in yesterday’s Standard.
I am 32 years old and was educated at Oxford. I speak English and French fluently in addition to my mother tongue, German.
I am familiar with all types of oil and gas systems used on the Continent and regularly read papers and journals on the subject.
I hope this information will be sufficient for you to consider my application. I should be grateful if you could send me a job description.
Yours sincerely,
Hans Strauss
message.
CV is an abbreviation for two Latin words – Curriculum Vitae that means a brief account of the main events of a person’s life. Sometimes in the US it’s called Resume.
Here is an example of such Curriculum Vitae:
Name: John Edward Harvey
Age: 27 years old
Date and place of birth: 7th August 1968
Home address: 27 South Street, Stoke Ripton Birnshire, XY 19 LM
Tel. No.: (49675) 223926
Marital Status: married, three daughters, aged 8,9,12
Education:
1979-1987 Ripton Country School
1987-1988 Grant College of Further Education
1987 “A” Level in French, German, History
1988 Certificate in Business Studies
Experience: 1987 and 1988 Summer job working at a local Supermarket
Interests: Swimming, tennis, hockey, music
company from the advertisement in the local paper. Write an application letter and enclose your CV in it.
Do you know?
1. Say what American Symbols you know.
2. Now read the text and say what new information you have learned.
The American flag is often called the “Stars and Stripes”. It has thirteen stripes and fifty stars, one for each state. There are many rules for the flag: for example, you should display it only during the day, and you should fold it in a special way. In some schools there is a flag in each classroom, and children stand in front of the flag every day and say the “Pledge of Allegiance”:
I pledge allegiance to the flag of the United States of America
And to the Republic for which it stands
One nation, under God, indivisible,
With liberty and justice for all.
One of the most famous symbols of the U.S. is the Statue of Liberty. France gave the statue to the U.S. in 1884 as a symbol of friendship and freedom. It is in New York Harbor, and it was the first sight many immigrants saw when they arrived in the U.S.
The eagle became the official national symbol of the U.S. in 1782. It carries an olive branch (a sign of peace) and arrows (signs of strength). You can see the eagle on the back of a dollar bill.
“Uncle Sam” is a cartoon symbol of the U.S. government. He has appeared in magazines, newspapers, and on posters for the last 150 years. During the War of 1812 against England a man named Samuel Wilson sold meat to the U.S. government for its soldiers. Everyone called him Uncle Sam. The first letters of Uncle Sam, “U.S.”, were the same as the first letters of the United States. After the war, cartoons of Uncle Sam as the U.S. government first began to appear.
What new facts have you learned about American Symbols?
English for Students of Economics and Management 52