Country profile: the United States of America.

UNIT 6

The Economy of the USA

COUNTRY PROFILE: THE UNITED STATES OF AMERICA.

GENERAL

Full name: The United States of America

Population: 318.8 million (UN, 2014)

Capital: Washington DC

Largest city: New York City

Area: 9.8 million sq km (3.8 million s q miles)

Major language: English

Major religion: Christianity

Life expectancy: 76 years (men), 81 years (women) (UN)

Monetary unit: 1 US dollar = 100 cents

Main exports: Computers and electrical machinery, vehicles, chemical products, food and live animals, military equipment and aircraft

GNI per capita: US $52,800 (World Bank, 2014)

Internet domain:. us

International dialling code: +1

Currency: US Dollar; Symbol: $ Cent: ¢; Minor Unit: 1/100 = Cent; Central Bank Rate: 0.25; Top USD Conversion: USD/EUR; Top USD Chart: USD/EUR Chart

ECONOMY

GDP (purchasing power parity): $16.72 trillion (2013)

GDP - real growth rate: 1.6% (2013)

GDP - per capita (PPP): $52,800 (2013)

Gross national saving: 13.5% of GDP (2013)
Unemployment rate: 7.3% (2013)

Labor force: 155.4 million

Inflation rate (consumer prices): 1.5% (2013)

Public debt: 104,5% of GDP

Exports - partners: Canada 18.9%, Mexico 14%, China 7.2%, Japan 4.5%

Imports - partners: China 19%, Canada 14.1%, Mexico 12%, Japan 6.4%, Germany 4.7%

Key terms

1. Study key terms and definitions before reading Text A & B:

1) GDP (Gross domestic product) – ВВП(Валовий внутрішній продукт) - the total value of all the goods and services produced in a country in one year.

2) Output – випуск, виробіток – the amount of smth that a person, a machine, an organization or an industry produces.

3) Currency - валюта, гроші - the system or type of money that a country uses.

4) Transaction - операція; справа; транзакція - a piece of business that is done between people, especially an act of buying and selling.

5) Reserve currency – резервна валюта - a foreign currency that is kept by governments and central banks because it is strong and can be used for making international payments.

6) Per capita - на душу (населення); на людину - used to describe average amount of something in a particular place, calculated according to the number of people who live there.

7) Crisis - криза – any event that is, or is expected to lead to, an unstable and dangerous situation affecting an individual, group, community, or whole society characterized by unemployment and low prices and low levels of trade andinvestment.

8) Mixed economy – змішана економіка - an economic system in which some industries are owned by the government and some industries are owned by private companies.

9) Production cost – витрати виробництва - the amount of money that is paid to produce something.

10) Living standard – життєвий рівень - the amount of money and level of comfort that a particular person or group has.

11) Unemployment - безробіття – represents the number of people in the work force who want to work but do not have a job.

12) Capital investment – вкладення капіталу (інвестиції) – expenditure on capital goods with a view to achieving profitable production for consumption at a later date.

13) Free-market system – вільна ринкова система - an economic system in which the price of goods and services is affected by supply and demand rather than controlled by a government.

14) Productive resources - виробничі ресурси - are materials used to produce goods and services. They can be both tangible, as in capital and raw materials, and intangible, like ideas, for example.

15) Trade - торгівля - the activity of buying and selling or of exchanging goods or services between people or countries.

16) Import - імпорт - a product or service that is brought into one country from another.

17) Export – експорт – a product or service that is sold and sent or supplied to another country.

18) Wholesale – оптова торгівля - the business of selling goods in large quantities at low prices to another businesses, rather than to the general public.

19) Retail – роздрібна торгівля - the sale of goods in shops to customers, for their own use and not for selling to anyone else.

20) International trade – міжнародна торгівля - the exchange of goods and services between countries.

21) Natural resources – природі ресурси, природні багатства - materials from the Earth that people use to meet their needs.

22) Agriculture – сільське господарство - the science or practice of farming, including cultivation of the soil for growing crops and rearing animals to provide food, wool, and other products

23) Natural resources – природні ресурси - are materials from the Earth that people use to meet their needs.

Choose the correct way of saying these figures.

1) 535

A five hundred thirty-five

B five hundred and thirty-five

2) 233,499

A two hundred, thirty-three thousand, four hundred, ninety-nine

B two hundred and thirty-three thousand, four hundred and ninety-nine

3) 2.5

A two point five

B two and five

4) 10.25

A ten point twenty-five

B ten point two five

5) 50%

A a fifty per cent

B fifty per cent

6) ₤3.50

A three pounds fifty

B three fifty pounds

7) ?19.99

A nineteen euros ninety-nine

B nineteen euros and ninety-nine

8)? 45,000 p.a.

A forty-five thousand euros a year

B forty and five thousand euros per year

Write in words how you would say the numbers in brackets, in British English.

Example: 456,780 – four hundred and fifty six thousand, seven hundred and eighty

a) 1,730 ________________________________________________________

b) 17,300 _______________________________________________________

c) 17,030 _______________________________________________________

d) 17,330 _______________________________________________________

e) 170,300 ______________________________________________________

f) 127,000 ______________________________________________________

g) 127,330 ______________________________________________________

h) 1,730,000 _____________________________________________________

i) 2m __________________________________________________________

j) 2.5m _________________________________________________________

k) 225.0897 _____________________________________________________

Write the phrases from the list below on the appropriate lines 1-6.

considerably more than 50%; around 50%; a little over 50%; almost 50%; a little under 50%; much less than 50%; about 50%; precisely 50%; exactly 50%; almost 50%; slightly more than 50%.

40% 1…………………………………

48% 2a………………………………../ 2b……………………………….…

48-52% 3a………………………………./ 3/b………………………………….

50%...........4a………………………………./ 4b…………………………………..

52%...........5a……………………………..../ 5b…………………………………...

60%...........6a…………………………...…/

Read text A

Text A

The USA is the world's foremost economic and military power, with global interests and an unmatched global reach.

The U.S. is one of the world’s largest and most diverse economies and it has the most dynamic technology companies and a highly entrepreneurial climate. While the United States accounts for only about 4 percent of the world's population, its GDP is 26 percent of the world's total economic output. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency.

Though the US economy maintained a very high level of output per capita the 2008-2010 financial crisis had wide-ranging and long-term consequences not only for the US economy but for the whole world.The crisis had its origins in the financial sector.

The financial crisis of 2008 proved that banks cannot regulate themselves. Therefore, the government must step in to regulate their activity.

The United States of America has a mixed economy that has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. It is a dynamic, free-market system that is constantly developing the choices and decisions made by millions of citizens who play multiple roles as consumers, producers, investors and voters. It is individual producers and consumers who determine the kinds of goods and services produced and the prices of those products. But though a great majority of productive resources are privately owned, the federal government does play an important part in the national economy. It supplies goods and services that the market cannot provide effectively, such as national defense, public goods and services, assistance programs for low-income families, and interstate-highways and airports. The government also provides incentives to encourage the production and consumption of certain types of products, and discourage the production and consumption of others, establishes guidelines regulating environmental protection.

The United States is the world’s largest trading nation – leading the world in imports and being among the top two exporting nations in the world. The total value of US imports and exports has amounted to 30 percent of the country's GDP. The international trade and the policies that stimulate or restrict the growth of imports and exports have awide-ranging effect on the US economy. It increases the total level of production and consumption in the world, lowers the cost of production and prices, that consumers pay, and raises the living standard. The US has generally sought to reduce trade barriers and coordinate the world economic system.

To understand how the US economy operates its economic activities can be divided into four major sectors, such as:

· Natural Resources Sector (provides with goods that come directly from natural resources: agriculture, forestry, fishing, and mining);

· Manufacturing and Energy Sector is made up of manufacturing and the generation of electricity;

· Service and Commerce Sector comprises financial services, wholesale and retail, government services, transportation, entertainment, tourism, and other businesses;

· Information and Technology Sector deals with recording, processing, and transmission of information, and includes the communications industry.

However, the most important factor for the US is its population of 318.8 million. The US has the world’s third largest labour force at 154.9 million people. The majority of the labour force's occupations are managerial, professional or technical in nature.

 

Words and phrases to be remembered:

1) account for v – нараховувати, складати.

2) discourage v -1) знеохочувати, розхолоджувати; 2) перешкоджати; тут: стримувати.

3) encourage v - заохочувати, підтримувати.

4) foremost adj - 1) перший; 2) основний, головний.

5) forestry n – лісове господарство, лісництво.

6) living standard exp - життєвий рівень.

7) military power – військова держава

8) policy n - система, методика, правила, принципи; норми, стандарти

9) Gross domestic product (GDP) – валовий внутрішній продукт, a per capita GDP – валовий внутрішній продукт на душу населення.

10) provide v – постачати; забезпечувати; давати, надавати.

11) rapidly adv – швидко.

12) seek (sought sought) v - намагатися; домогтися

13) total adj – весь, загальний, сукупний, сумарний. Total level – загальний рівень, in total – загалом, у цілому. Syn. overall.

14) value n – вартість. Annual value – річна вартість, total value - загальна (сукупна) вартість.

15) а wide-ranging and long-term consequences - величезний та довготривалий вплив;

16) public goods and services – товари та послуги громадського користування;

17) public goods – суспільні блага

18) entertainment n - індустрія розваг;

19) recording, processing, and transmission -реєстрація, обробка та передача;

20) communications industry –галузь зв’язку та комунікацій.

 

Vocabulary practice

Reading

1. Read the following text about the USA economy. Choose the best word, A, B, C or D to fill each gap.

Activity 1

Answer these questions.

1) What is the purpose of the first sentence in the description?

2) In what order does the description deal with the categories in the pie chart: from larger to smaller or clockwise round the pie chart?

3) How many other verbs can you find which mean ‘formed’?

4) Why are so many different verbs with the same meaning used?

Text B

Manufacturing and Energy Sector. The United States of America leads all nations in the value of its yearly manufacturing output. Manufacturing employs about one-sixth of nation's workers and accounts for 17 percent of annual gross domestic product. Although manufacturing remains a key component of the US economy, the number of employees in manufacturing industry declined slightly while the total labor force grew.

The leading categories of the US manufactured goods are chemicals, industrial machinery, medical equipment, electronic equipment, electric apparatus, semiconductors, processed foods, and transportation equipment. Transportation equipment includes passenger cars, trucks, air planes, space vehicles, ships and boats, and railroad equipment. Industrial machinery includes engines, farm equipment, construction machinery, refrigeration equipment, and computers. Factories in the United States build millions of computers, and the country occupies second place in the world in the production of electronic components and exercises the world leadership in the development and production of computer software.

The US economy is famous for its highly developed iron and steel industry. Textile, clothing, leather goods, food processing, precision instruments, lumber, furniture, tobacco products and many others are well developed too.

The energy to power the nation's economy¹ - providing fuels for its vehicles and electricity for its machinery and appliances - is derived primarily from petroleum, natural gas, and coal. Petroleum provides 37 percent, natural gas - 25 percent and coal – 21 percent of the total energy consumed in the USA.

Service and Commerce Sector. By far² the largest sector of the economy in terms ofoutput and employment is the service and commerce sector that employs 75 percent of the US workforce. The growth of the sector has resulted in creating many new jobs in financing, banking, education and health services requiring advanced education.

Transportation-related businesses are an important part of the service industry. The US transportation network spreads into all sections of the country, and serves the nation's largest urban, industrial, and population concentrations. Large and small airports across the nation have formed a network providing air transportation to individual travelers. The nation has more than 5 thousand public and more than 13 thousand private airports.

One of the largest service industries in the United States is travel and tourism. Domestic and foreign travelers visit theme parks³, natural wonders, and points of interest in the country’s major cities. Tourism is the mainstay of the economies of California, Florida, and Hawaii.

Such branches of the entertainment business as motion picture production, theatre, television also play a vital part in the nation's life.

Information and Technology Sector. One of the most far-reaching technological advances⁴ of the late 20th century took place in the field of computer science.

The Internet began in the 1960s as a small network of academic and government computers primarily involved in research for the US military. It quickly became a worldwide network providing users with information on a range of subjects and allowing them to pay bills, order airline tickets, purchase goods via computer over the Internet.

The communication systems in the United States of America are among the most developed in the world. The Internet, television, newspapers, and other publications, provide most of the country's news and entertainment. Although the economic output of the communications industry is relatively small, the industry has enormous importance to the political, social, and intellectual activity of the nation. Most communication media in the USA are privately owned and operated independently of government control.

Natural Resource Sector. The United States, more than most countries, enjoys a wide variety⁵ of natural resources.

The USA has substantial mineral deposits within its borders. It leads the world in the production of phosphate, an important ingredient in fertilizers, and ranks second in gold, silver, iron ore, copper, lead, zinc, natural gas, and coal. The United States has huge fields of natural gas and oil. Petroleum production is third in the world, after Russia and Saudi Arabia. Other natural resources include molybdenum, phosphates, uranium, bauxite, mercury, nickel, and tungsten. Although mining accounts for only a small share of the nation’s economic output, it was historically essential to US industrial development and remains important today. Coal and iron ore are the basis for the steel industry, which fabricates components for manufactured items such as automobiles, appliances, machinery, and other basic products. Petroleum is refined into gasoline, heating oil, and the petrochemicals used to make plastics, paint, pharmaceuticals, and synthetic fibers.

Agricultural output in the United States has historically been among the highest in the world. Despite its vast output, the agriculture accounts for only 2 percent of annual GDP and employs only 0.7 percent of the workforce. Even though the number of farms has been declining for the last decades, the overall production has increased because of applying mechanization, technology, efficient business practices⁶, and scientific advances in agricultural methods. Bigger farms, operated as large businesses, have increasingly replaced small family farms. Farmers in the United States not only produce enough food to feed the nation’s population, they also export more farm products than any other nation.

The United States has some of the best cropland in the world. Cultivated farmland constitutes 19 percent of the land area of the country and makes the United States the world's richest agricultural nation. In part because of the nation's favourable climate, soil, and water conditions, farmers produce huge quantities of agricultural commodities and a variety of crops and livestock.

The United States is the largest producer of corn, soybeans, and sorghum, sugar cane, potatoes, corn, peanuts, and sugar beets. It ranks second in the production of wheat, oats, citrus fruits and tobacco.

Cattle, hog, and chicken production are widespread throughout the United States. It ranks fourth in the world in cattle production and second in hogs.

Forestry accounts for less than 0.5 percent of the nation's gross domestic product. Nevertheless, forests represent an essential resource for US industry. Forest resources are used in producing housing, fuel, foodstuffs, and manufactured goods.

The United States leads the world in lumber production and is second in the production of wood for pulp and paper manufacture. However, all of the US demand for forest products is not satisfied, the United States has to import lumber, most of which comes from Canada.

COMMENTS

^1. The energy to power the nation's economy - енергія, яка є рушійною силою економіки держави

^2. By far - безперечно

^3. theme parks – тематичні парки, парки з атракціонами та обладнанням і т.п., присвячені одній темі

^4. far-reaching technological advances – технологічні досягнення, які мають довгострокові перспективи

^5. enjoys a wide variety – використовує широке розмаїття;

^6. business practice – практика ділових стосунків.

Words and phrases to be remembered:

1. entertainment business – індустрія розваг

2. tourism business – туристичний бізнес

3. a transportation-related business – підприємство, яке надає послуги пов’язані з перевезенням

4. communication n – 1) спілкування, зв’язок; 2) сполучення, комунікація.

5. communication media – засоби масової комунікації

6. communication systems -системи зв’язк у

7. communications industry – галузь зв’язку та комунікацій.

8. derive (from) v –добувати.

9. employ v – наймати, брати на службу, давати роботу, користуватися послугами.

10. employee, n – робітник, службовець, найманий працівник

11. employment n – 1)праця, робота, служба; 2)зайнятість.

12. equipment n – устаткування, обладнання.

13. electronic/transportation/railroad/refrigeration/medical equipment –електронне транспортне/залізничне/холодильне/медичне обладнання/устаткування.

14. F ood processing – виготовлення харчових продуктів

15. processed foods – бакалейні продукти, бакалея, напівфабрикати.

16. a branch of industry – галузь промисловості

17. food/food processing industry – харчова промисловість

18. iron and steel industry –чорнаметалургія

19. manufacturing industry – обробна промисловість

20. service industry –індустрія/сфера послуг

21. steel industry – сталеливарна промисловість

22. textile industry – текстильна промисловість.

23. in terms of – з точки зору.

24. lead v – займати перше місце; бути попереду; іти першим; випереджати; перевершувати; лідирувати.

25. economic output – обсяг виробництва

26. manufacturing output – обсяг випуску продукції обробної промисловості;

27. agricultural output – обсяг сільськогосподарського виробництва.

28. via prep – через

29. constitute v – складати.

30. cropland n –орна земля.

31. in part exp –частково.

32. fertilizer n – добриво.

33. fibre/fiber n – волокно; synthetic fibres –синтетичні волокна.

34. oil n –1)олія, 2) нафта.

35. petrochemical n – нафтопродукт.

36. pharmaceutical n –фармацевтична продукція, фармацевтичний препарат, лікарські препарати.

37. overall production – загальний обсяг виробництва

38. cattle production –тваринництво, розведення великої рогатої худоби

39. hog production – свинарство

40. chicken production – птахівництво

41. lumber production – виробництво пиломатеріалів

42. petroleum production – нафтовидобуток.

43. rank v – займати (посідати) певне місце; to ranks first (second, fourth, etc) – посідати перше (друге, четверте тощо) місце.

44. refine v – очищувати, рафінувати, підвищувати якість; to refine oil – очищувати нафту.

45. sugar cane – цукрова тростина.

46. lumber n – лісоматеріали.

47. widespread adj – широко розповсюджений

 

Vocabulary practice

Reading

ACTIVITY 1

1. Read the following text. Choose the best word, A, B, C or D to fill each gap.

Civil Servants

In the USA there are literally about two million people who work for the national and (1)....... government. From the post office to the office of the President, civil servants keep the government’s (2)....... running.

Many people would like to go for a civil service (3)......., and for good reason. Government (4)....... usually enjoy a variety of (5)....... including health insurance, paid holiday leave and (6)....... funds. They have good annual (7)......., are always paid extra for doing (8)....... and are sometimes even rewarded with bonuses for making useful (9).......!

Civil service jobs are usually permanent; rarely are workers (10)....... redundant. Applicants who apply for a (11)....... in the civil service must (12)....... in an application form and pass an examination before they can be selected and appointed to a job.

1. A topical B nearby C local D close

2. A officers B services C franchises D research

3. A commission B occupation C accommodation D career

4. A assistants B employees C applicants D bosses

5. A investments B benefits C debts D experiences

6. A pension B richness C wealth D fortune

7. A winnings B takings C salaries D gifts

8. A gigs B functions C overtime D work

9. A suggestions B profits C performances D ideas

10. A made B done C taken D forced

11. A movement B position C motion D location

12. A write B complete C sign D fill

ACTIVITY 2

Agriculture and the Economy

From the nation's earliest days, farming has held a crucial place in the American economy and culture. Farmers play an important role in any society, of course, since they feed people.

The American farmer has generally been quite successful at producing food. Indeed, sometimes his success has created his biggest problem: the agricultural sector has suffered periodic bouts of over production that have depressed prices. For long periods, government helped smooth out the worst of these episodes. But in recent years, such assistance has declined, reflecting government's desire to cut its own spending, as well as the farm sector's reduced political influence.

American farmers owe their ability to produce large yields to a number of factors. For one thing, they work under extremely favourable natural conditions. The American Midwest has some of the richest soil in the world. Rainfall is modest to abundant over most areas of the country; rivers and underground water permit extensive irrigation where it is not.
Large capital investments and increasing use of highly trained labour also have contributed to the success of American agriculture.

Biotechnology has led to the development of seeds that are disease and drought resistant. Fertilizers and pesticides are commonly used (too commonly, according to some environmentalists). Computers track farm operations, and even space technology is utilized to find the best places to plant and fertilize crops. What's more, researchers periodically introduce new food products and new methods for raising them, such as artificial ponds to raise fish.

By the late 1990s, the U.S. farm economy continued its own cycle of ups and downs, booming in 1996 and 1997, then entering another slump in the subsequent two years. But it was a different farm economy than had existed at the century's start. (288)

 

a) Exploiting vocabulary.

Look through the text again. Some words/ phrases are highlighted. What do you think they mean? Don’t just look at the words; look at the context and sentences surrounding them.

 

b) Understanding main points of the text.

ACTIVITY 3

a) Read the following text and write short headings for each paragraph.

MEDIA

1._______________________________________

The US has the most highly-developed mass media in the world. Its dramas, comedies, soap operas, animations, music videos and films have a global audience and are part of the staple fare of broadcasters worldwide.

2,_______________________________________

TV is America's most popular medium. ABC, CBS and NBC ruled the roost for decades until the mass take-up of cable and satellite and the arrival of the Fox network. Fox News is the dominant US cable news network. Mainstream TV is slick, fast-moving and awash with advertising. Ratings and advertising revenues spell life or death for individual shows. The switchover to digital took place in June 2009.

3._______________________________________

There are around 10,000 commercial radio stations. In cities, there are services to satisfy almost every taste. News, sports and talk stations predominate on medium wave (AM), with music on FM. Subscription satellite radio offers hundreds of channels and has attracted millions of customers.

Freedom of expression is guaranteed by the constitution, and some broadcast outlets* give airtime to extreme hues of political - often right-wing - and religious thinking.

4.____________________________________

Public broadcasting is partly government-funded, but also supported by private grants. Universities and colleges operate outlets. National Public Radio - with more than 600 member stations - offers a more highbrow** mix of news, debate and music without advertising. Public TV services operated by PBS*** have a mission to provide "quality" and educational programming.

The government sponsors TV and radio stations aimed at audiences outside the US. Lately, services for audiences in the former Soviet bloc have been cut, while stations targeting audiences in the Middle East and Asia have been launched.

5.____________________________________

There are more than 1,500 daily newspapers in the US, most of them with a local or regional readership. Hard-copy circulations are in decline as readers turn to the web.

6.____________________________________

The US is the home of the internet. Some 270 million Americans are online (InternetWorldStats.com, March 2011), comprising more than 78 per cent of the population. Seventy-four per cent of Americans use social networks and blogs, and 62 per cent are active on Facebook. (Nielsen, 2010). (344)

*Outlet – місцева радіостанція, телестудія

**Highbrow - високоінтелектуальний

***Public Broadcasting Service - американска некомерційна громадська служба телевізійного мовлення.

b) Find words in the text which mean the following:

1. An electronic broadcast system in which special providers transmit a continuous program of video content to the public orsubscribers by way of antenna, cable, or satellite dish, often on multiple channels.

2. The ​system or ​work of ​broadcasting ​sound ​programs for the ​public to ​listen to.

3. A publication, usually issued daily or weekly, containing current news, editorials, feature articles, and usually advertising.

4. A publicly accessible system of networks that connects computers around the world.

5. A group or assembly of listeners, viewers, or spectators.

6. The communications media considered as a whole, especially the agencies that collect, publish, transmit, or broadcast news and other information to the public.

7. The activity of attracting public attention to a product or business, as by paid announcements in the print, broadcast, or electronic media.

8. Belonging to or characteristic of a principal, dominant, or widely accepted group, movement, style, etc.

9. The number of households with their radio/TV sets tuned to a particular station/channel or program for a specified length of time divided by the total number of households that have radio/TV.

10. The number of copies of each issue of a newspaper, magazine, etc. distributed.

ACTIVITY 4

a) Read the following text and write short headings for each paragraph.

Energy Sources

The USA is also one of the world's largest consumers of energy. In the U.S., the largest sources of energy are petroleum, natural gas and coal as well as renewable sources.

1. ­­­­­­­­­­­­­­­­­­­­­­­­ _________________________________

Petroleum includes crude oil, diesel fuel, propane, jet fuel and other products that are based on oil. It is one of the U.S.'s most desired energy sources as the entire transportation sector is based on it. Currently 40% of the energy used in the U.S. is based on oil. The U.S. also imports most of its petroleum and crude oil products from places like the Middle East (as does the rest of the world) because its demand far exceeds its supply.

2. _________________________________

Natural gas is a fuel that is produced in the U.S. and Canada and is a major source of energy for today and the future as it is cleaner burning than petroleum products. Currently, car companies are developing alternative fuel vehicles powered by natural gas, but infrastructure and the need for other fuel sources to create hydrogen fuel for the cars remains as the barrier to widespread use.

3. _________________________________

Coal is the main energy source that is produced in the U.S. as one quarter of the world's reserves of coal are found within the country's borders. Coal is also the main source of energy for the country's electricity generation and one half of American homes are powered by coal because of its abundant supply and low cost. Coal however, is not a favorable energy source for many locations because it is the dirtiest burning of the fossil fuels and it is unhealthy and dangerous for those mining it

4. _________________________________

Nuclear energy is one of the most controversial energy sources in the U.S. but it is being heavily promoted by the Department of Energy as one of the better alternatives to fossil fuel based energy sources as it is clean and can power large areas. There are many problems with nuclear energy though that make it unpopular in many areas. These include storage of radioactive nuclear waste, uranium supplies, accidents and security of the nuclear power generators or nuclear proliferation. Many U.S. states however, do have active nuclear power generators.

5. _________________________________

In addition to fossil fuels and nuclear power, the U.S. also has many renewable power resources and is looking to alternative energy sources for the future. Renewables include sources like solar, wind, hydroelectric, geothermal, and biomass. Each of these represents a different proportion of the energy mix in the U.S. based on location (because each does not work well everywhere) and each has positive and negative effects when used. For example, solar is being widely used in the U.S. southwest, while the California's Central Valley has nearby windfarms.

(All information was obtained from the U.S. Department of Energy). (467)

b) Summarize the text in 50 words.

ACTIVITY 5

a) Scan the article for the answers to the following questions.

1. What is theworld's largest economy?

2. What was the total output of the U.S. economy in 2014 in comparison with other countries?

3. Which country has the Highest Standards of Living in the world?

4. What measures a country's standard of living?

5. What country is called the global economic engine?

6. How many advantages does the USA have? What are they?

7. How did natural resources boost the U.S. Economy?

SPEAKING

UNIT 6

The Economy of the USA

COUNTRY PROFILE: THE UNITED STATES OF AMERICA.

GENERAL

Full name: The United States of America

Population: 318.8 million (UN, 2014)

Capital: Washington DC

Largest city: New York City

Area: 9.8 million sq km (3.8 million s q miles)

Major language: English

Major religion: Christianity

Life expectancy: 76 years (men), 81 years (women) (UN)

Monetary unit: 1 US dollar = 100 cents

Main exports: Computers and electrical machinery, vehicles, chemical products, food and live animals, military equipment and aircraft

GNI per capita: US $52,800 (World Bank, 2014)

Internet domain:. us

International dialling code: +1

Currency: US Dollar; Symbol: $ Cent: ¢; Minor Unit: 1/100 = Cent; Central Bank Rate: 0.25; Top USD Conversion: USD/EUR; Top USD Chart: USD/EUR Chart

ECONOMY

GDP (purchasing power parity): $16.72 trillion (2013)

GDP - real growth rate: 1.6% (2013)

GDP - per capita (PPP): $52,800 (2013)

Gross national saving: 13.5% of GDP (2013)
Unemployment rate: 7.3% (2013)

Labor force: 155.4 million

Inflation rate (consumer prices): 1.5% (2013)

Public debt: 104,5% of GDP

Exports - partners: Canada 18.9%, Mexico 14%, China 7.2%, Japan 4.5%

Imports - partners: China 19%, Canada 14.1%, Mexico 12%, Japan 6.4%, Germany 4.7%

Key terms

1. Study key terms and definitions before reading Text A & B:

1) GDP (Gross domestic product) – ВВП(Валовий внутрішній продукт) - the total value of all the goods and services produced in a country in one year.

2) Output – випуск, виробіток – the amount of smth that a person, a machine, an organization or an industry produces.

3) Currency - валюта, гроші - the system or type of money that a country uses.

4) Transaction - операція; справа; транзакція - a piece of business that is done between people, especially an act of buying and selling.

5) Reserve currency – резервна валюта - a foreign currency that is kept by governments and central banks because it is strong and can be used for making international payments.

6) Per capita - на душу (населення); на людину - used to describe average amount of something in a particular place, calculated according to the number of people who live there.

7) Crisis - криза – any event that is, or is expected to lead to, an unstable and dangerous situation affecting an individual, group, community, or whole society characterized by unemployment and low prices and low levels of trade andinvestment.

8) Mixed economy – змішана економіка - an economic system in which some industries are owned by the government and some industries are owned by private companies.

9) Production cost – витрати виробництва - the amount of money that is paid to produce something.

10) Living standard – життєвий рівень - the amount of money and level of comfort that a particular person or group has.

11) Unemployment - безробіття – represents the number of people in the work force who want to work but do not have a job.

12) Capital investment – вкладення капіталу (інвестиції) – expenditure on capital goods with a view to achieving profitable production for consumption at a later date.

13) Free-market system – вільна ринкова система - an economic system in which the price of goods and services is affected by supply and demand rather than controlled by a government.

14) Productive resources - виробничі ресурси - are materials used to produce goods and services. They can be both tangible, as in capital and raw materials, and intangible, like ideas, for example.

15) Trade - торгівля - the activity of buying and selling or of exchanging goods or services between people or countries.

16) Import - імпорт - a product or service that is brought into one country from another.

17) Export – експорт – a product or service that is sold and sent or supplied to another country.

18) Wholesale – оптова торгівля - the business of selling goods in large quantities at low prices to another businesses, rather than to the general public.

19) Retail – роздрібна торгівля - the sale of goods in shops to customers, for their own use and not for selling to anyone else.

20) International trade – міжнародна торгівля - the exchange of goods and services between countries.

21) Natural resources – природі ресурси, природні багатства - materials from the Earth that people use to meet their needs.

22) Agriculture – сільське господарство - the science or practice of farming, including cultivation of the soil for growing crops and rearing animals to provide food, wool, and other products

23) Natural resources – природні ресурси - are materials from the Earth that people use to meet their needs.