Public debt, citizen , development , success, health care, public property, evaluate, consumer protection, economic impact, growth.

1. ______ promotes fair trading and protecting the rights of consumers and businesses in Western Australia.

2.As a _____ – use your vote wisely.

3. ______ has no owner, so either it's not property, or else it's not public.

4. This is a list of countries by ____ ____ to GDP ratio as listed by Eurostat for the EU.

5. Economic _____ is the increase in the market value of the goods and services produced by an economy over time.

6. While only a few of us might have an opinion on the latest _____ in physics, almost everyone has an opinion on economic impact of a new health care policy or an income tax.

7. An _____ _____ analysis (EIA) examines the effect of an event on the economy in a specified area, ranging from a single neighborhood to the entire globe.

8. When you _____ something, you're making a judgment, one that most likely results from some degree of analysis.

9. Here are some facts and opinions about the system of _____ _____ and medical insurance in Great Britain.

10. Your deeper understanding of any economic system will position you for growth and _____ in your profession.  

 

6. Find the proper definition:

1. public debt	a. real estate owned by a government.
2. growth	b. the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in human beings.
3. income tax	c. A group of laws and organizations designed to ensure the rights of consumers as well as fair trade, competition and accurate information in the marketplace.
4. public property	d.the difference between government income through taxes and spending.
5. take responsibility	e. an economic model of price determination in a market.
6. economic impact	f. a government levy imposed on individuals or entities that varies with the income or profits of the taxpayer.
7. demand and supply	g. the state or fact of having a duty to deal with something or of having control over someone
8. reason	h. a macroeconomic effect on commerce, employment, or incomes produced by a decision, event, or policy.
9. health care	i. a statement presented in justification or explanation of a belief or action.
10. consumer protection	j. a positive change in size, often over a period of time.

 

7. Choose the right answer:

a. We study economics to:	1. buy luxurious goods 2. grow professionally 3. evaluate the impact of public policy 4. make a good MP
b. The study of economics can provide many of the:	1. sites 2. subjects 3. tools 4. goods
c. Most social problems have two aspects: political and:	1. philosophical 2. economic 3. advertising 4. cultural
d. You can encounter the laws of ____, the forces of competition, and the consequences of economic activity throughout your life:	1. politics and economics 2. the good and the bad 3. goods and services 4. supply and demand
e. Economic _____ is the increase in the market value of the goods and services produced by an economy over time:	1. policy 2. growth 3. decline 4. stagnation
f. The study of this field will enable you to _____ your customer better:	1. know 2. hear 3. feed 4. serve
g. A second reason for studying economics is the value it often has as a form of:	1. consumer protection 2. consumer choice 3. consumer healthcare 4. consumer wants

8. Using suffixes –ance, - ment,- ion, -ship, etc., give nouns which are related to the following verbs:

Verb	Noun
Evaluate
Manage
Improve
Protect
Consume
Imply
Perform
Argue
Partner

Summarize the main idea of the text in 8-10 sentences.

Read the following text which deals with the main idea of the first text of this Unit.

Budget

The process of calculating the costs of starting a small business begins with a list of all necessary purchases including tangible assets (for example, equipment, inventory) and services (for example, remodeling, insurance), working capital, sources and collateral. The budget should contain a narrative explaining how you decided on the amount of this reserve and a description of the expected financial results of business activities. The assets should be valued with each and every cost. All other expenses are like labour factory overhead all freshmen expenses are also included into business budgeting.

The budget of a company is often compiled annually, but may not be. A finished budget, usually requiring considerable effort, is a plan for the short-term future, typically one year. While traditionally the Finance department compiles the company's budget, modern software allows hundreds or even thousands of people in various departments (operations, human resources, IT, etc.) to list their expected revenues and expenses in the final budget.

If the actual figures delivered through the budget period come close to the budget, this suggests that the managers understand their business and have been successfully driving it in the intended direction. On the other hand, if the figures diverge wildly from the budget, this sends an 'out of control' signal, and the share price could suffer as a result.

A budget is a fundamental tool for an event director to predict with reasonable accuracy whether the event will result in a profit, a loss or will break-even. A budget can also be used as a pricing tool.

There are two basic approaches or philosophies when it comes to budgeting. One approach focuses on mathematical models, and the other on people.

The first school of thought believes that financial models, if properly constructed, can be used to predict the future. The focus is on variables, inputs and outputs, drivers and the like. Investments of time and money are devoted to perfecting these models, which are typically held in some type of financial spreadsheet application.

The other school of thought holds that it’s not about models, it’s about people. No matter how sophisticated models can get, the best information comes from the people in the business. The focus is therefore in engaging the managers in the business more fully in the budget process, and building accountability for the results. The companies that adhere to this approach have their managers develop their own budgets. While many companies would say that they do both, in reality the investment of time and money falls squarely in one approach or the other.

1. Соотнесите слова и их определения.

1. purchase	a. property or other goods that you promise to give someone if you cannot pay back the money they lend you
2. collateral	b. the things that a company owns
3. assets	c. something you buy, or the act of buying it
4. budget	d. the amount of money that you have to pay in order to buy, do, or produce something
5. costs	e. the money that is available to an organization or person, or a plan of how it will be spent