Exercise 5. Insert the necessary word in a gap.



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Exercise 5. Insert the necessary word in a gap.



Part 1. The Economy.

Read the text and translate it:

The word "the economy" is a word we hear or read almost every day. For example, we may be told that "the world economy is in the doldrums", or "the European economy is making little progress out of recession", or "the UK economy is beginning to recover", or "the Scottish economy has held up relatively well during the recent recession".

But what is meant by the economy? What is an economy? What happens in one? How does an economy work?

The economy is a social mechanism which answers these three questions. The economy means a system for the management, use and control of the money, goods and other resources of a country, community or household.

The basic economic questions of what, how, and for whom to produce are answered in different ways. Consider, for example, how the for-whom (distribution of income) question might be answered. Suppose your economic professor announced on the first class day that the publisher of your textbook had provided the class with 10 free textbooks as part of its book promotion campaign. If there are 40 students in the class, your professor must decide how to distribute the 10 scarce textbooks. How is the professor to decide?

There are several ways to distribute this windfall. The professor could toss the textbooks "up for grabs". Those who move fastest, catch best, sit near the front, or have the longest arms would win. The first 10 students in the door could be rewarded for promptness with free textbooks; or lottery tickets could be given out, with students holding winning numbers receiving free textbooks.

The professor might prefer to indulge a preference for redheads, left-handed students, or foreign students. Perhaps a "needs" test could be used, with textbooks given free to the lowest-income students. Or the professor could auction the books off to the highest bidders. A noble professor might then distribute the revenues equally among all students, so that all students in the class would, in effect, have their book purchases subsidized. A less noble professor (or perhaps a needy one) would keep the money. The for-whom question, as well as the what and how questions, can be answered in a variety of ways in different societies around the world.

Vocabulary

to be in the doldrums – in a state of inactivity

recession – a period of reduced trade and business activity

to recover – to return to good health and strong conditions

to hold up well – to stay or keep smth in a good state

to happen (to) smb – to come to an existence without being planned

management – an act of being in control of business affairs, money, etc

resource – any of the possessions or qualities of a person, an organization, a country

natural human / labour capital scarce productive     resources  

community – the public, people in general

to announce – to make known publicly

promotion campaign – an activity intended to help the development or success of a product for sale

windfall – unexpected lucky gift or gain, esp. money

to distribute – to divide and give out among people, spread out through an area

to indulge a preference – to do a favour

revenue – income

 

Exercise 1. Give the Russian equivalents:

Relatively, household, to provide, to toss smth up for grabs, to reward for, redheads, left-handed, to auction smth off, a bidder, to subsidize.

 

Exercise 2. Translate the following words and expressions into English:

Нуждающийся, проворность, редкий, предпочитать, покупка, студенты с низким достатком, дать бесплатно, использование, подразумевать, начало, предположим.

 

Exercise 3. Read these words paying attention to articles:

· the economy

· the UK economy

· the Russian economy

· the Chinese economy

· the French economy

· the European economy

· the world economy

· an economy, economic

 

Exercise 4. Practice saying the words of the same root, translate and learn them:

economy – economic – economics – economical – to economize – economist; scarce – scarcity; to distribute – distribution; to manage – manager – management; to promote – promotion; to prefer – preference; to be busy – business – businessman; to announce – announcement; to recover – recovery; to provide - provision.

 

Exercise 5. Insert the necessary word in a gap.

Recession, to provide, promotion, revenue, community, in the doldrums, natural resource, to subsidize, the need, to recover, to reward, capital, distribution.

1. This terrorist attack has been condemned by the entire international ______ .

2. A company's ______ assets are its machines, buildings, and other property.

3. Oil is Kuwait's most important _____________ .

4. The company hopes _________ the cost of developing this product within about two years.

5. This year's sales _________ haven't been very successful.

6. The hotel ________ a shoe-cleaning service for its residents.

7. We take money from the bank as _______ arises.

8. They ______ the boy with 5 pounds for bringing back the lost dog.

9. The newspaper is having _________ problems, and in some parts of the country people are unable to buy it.

10. The motor trade is really ________ .

11. The government is short of money because of falling oil _______ .

12. The local authority _______ the transport service.

13. A _______ means less spending, fewer jobs and a decline in the prosperity of the nation.


Part 2. The Economics.

Read the text and translate it:

Economics is a social science studying economy. Like the natural sciences and other social sciences, economics attempts to find laws or principles by building models, the predictions of the models from the basis of economic theories. Then the predictions of the models are compared with the facts of the real world.

The basic postulate of economics refers to the fact that resources do not survive in satisfying feeling of man’s needs and desires, that is to say that the means of satisfying his needs are scarce. Therefore economics is commonly defined as the study of the allocation of scarce resources among unlimited and competing uses. This definition explains the methodological approach of the economists: as resources are scarce, the partial satisfaction of one need means renouncing the partial satisfaction of another need. Man is forced to choose between opportunities. The economists assume that he will do so according to the economic principle. Man maximizes utility subject to the limitations of resources. The price of choosing one opportunity may be falser than that of the best opportunity not chosen. Consequently, the economist defines the costs and value of a good or an activity as the renunciation of that benefit of the best non-chosen opportunity which is connected with his choice of that good or the implementation of that activity. This renunciation is referred to as opportunity costs. The phenomenon of scarcity results in a fact that nature does not provide goods in a desired quantity and quality as well as for man not living in isolation, but in community with other human beings. From the first aspect follows the problem of production, that is the transformation of natural resources into the quantity and quality of goods desired. From the second aspect follows the problem of distribution that is the allocation of goods and resources to be in requisition by individuals. As not everybody can have all his wishes, all societies require institutions and co-ordination mechanisms to regulate production and distribution and to co-ordinate the activities of the human beings. There’s a multitude of such institutions and co-ordination mechanisms: institutions such as family, church, business firms, state, co-ordination mechanisms such as market, election, bargaining and bureaucracy.

The problem of choosing opportunities, of the existence of opportunity costs, of production and distribution as well as of functioning institutions and co-ordination mechanisms can be analysed by the economist under varying aspects. He may ask how something ought to be and he may investigate how and why something really is. In the first case this is the branch of normative economics, he is looking for the best choice among opportunities, the best possible production, the just distribution or the best economic system. In the second case this is the branch of positive economics, he tries to find out what choices are really made, how production and distribution are really done or how economic systems function in reality.

 

Vocabulary

to attempt – to make an effort, to try to do smth, esp. without succeeding

prediction – an act of seeing or describing a future in advance as a result of knowledge, experience, thought

to form – to make or produce combining parts

to compare (with) – to show similarity between one thing and another

allocation – an act of setting apart for a particular purpose

to satisfy – to be or give enough for, fulfil a need or desire

to renounce – fml. to give up (the claim), to say formally that one has no more connection with

to assume – to believe to be true without having proof that it is

utility – usefulness

value – the worth of smth in money or as compared with other goods for which it may be exchanged

cost – the amount of money paid or needed for buying, doing or producing smth

benefit – anything that brings help, advantage or profit

bargain – an agreement between people to do smth in return

normative (economics) – the branch of economics, dealt with the analysis of whether this or that economic phenomenon is good or bad

positive (economics) – the branch of economics dealt with the analysis of real economic processes and their real interrelation

 

Exercise 1. Find the Russian equivalents to the following words:

Positive economics, normative economics, multitude, renunciation, non-chosen opportunity, to refer to the facts, quality of goods desired, means of satisfying his needs, follow the problem of production, transformation of the natural resources into, in the first / second case.

 

Exercise 2. Translate into English:

Координационные механизмы, требовать, осуществление (выполнение), определять, неограниченные и конкурсные сферы использования, частичное удовлетворение, ограниченные ресурсы, увеличивать до предела, производство, рассматривать вопрос во всех аспектах, пользоваться спросом, отрасль, методологический подход.

 

Exercise 4. Translate into English:

1. Основные экономические проблемы – это проблемы, присущие любому обществу, независимо от его политической, экономической и интеллектуальной развитости. Их решение требует ответа на вопросы – Что? Как? Кто? Для кого? будем производить.

2. Основные экономические проблемы решаются по-разному каждым обществом во всём мире.

3. Нередко можно слышать, что экономика России находится в упадке. Однако есть некоторые факторы, показывающие, что наша страна показала сравнительно неплохие результаты за последнее время.

4. Европейская экономика находится в состоянии застоя. Если цены на такие природные ресурсы как нефть останутся высокими, потребуется много времени на её оживление.

5. ОПЕК объявила о повышении цен на нефть, что может негативно сказаться на экономике США.

6. На саммите должны присутствовать президенты многих стран. Они обсудят основные экономические проблемы.

7. США придётся обеспечить порядок и мир в Ираке. Экономика этой страны находится в полном упадке.

8. Распределение доходов может быть решено по-разному: отдать предпочтение внешности, проворности, интеллекту, способностям или с помощью проверки нуждаемости.


To be of no use; people issues; to cease to be of use; capacity; to carry out; sequence of steps; to eliminate; workload; commitments; aptitude; to gear; to supply and install; to put into operation; paperwork; capability; objective ; purpose; target

1. We have failed to meet this year's production ___ of 25,000 cars but we'll have to hold our prior ___ to catch up next year.

2. This computer is not quite as powerful as the other one, but for all practical ___ it is just as good though the ___ increases every year.

3. Our ___ is to achieve full employment and to ___ the conflicting situations. So it is important to ___ a ___.

4. To minimize the ___ and to ___ effectively we need a computer with good graphics ___.

5. The factory has a productive ___ of 200 cars a week. The new efficient machinery has been ___ and ___ because the old one ___.

6. We must ___ the amount of products we make to the level of public demand.

7. Nowadays when the demand for skilled workers increases ___ are especially important.

8. She didn't show any ___ for learning languages and it ___ to employ such a person.

 

Part 4. Marketing concept.

Read and translate the text:

Market is a place where buyers and sellers meet and where "goods" and services can be bought and sold. Firms in both sectors of the economy will have their own markets: markets for health services and health-food products, public and private transport; and industrial cleaning and domestic window-cleaning, etc. Capital market, much of which is centered on the working of the Stock Exchange, brings together sellers and buyers in this case, the institutions, such as insurance companies, which supply funds and the companies (together with central and local government) which want borrow funds. There is a labour market - firms demand work and employees supply it.

The market to a firm consists of its actual or potential customers who can afford to buy the firm's goods and services. It is the role of the firm's Marketing Department to examine the market and to provide information on it. The Marketing Department will be interested in the needs of the firm's customers, the firm can then design its goods and services to satisfy these needs. By doing this, the firm should be successful, i.e. it will make profits and survive.

Market and segmentation. The market for a product can sometimes be broken down into different segments. For example, the car market in the UK consists of a number of segments: family car (medium or large size, plenty of luggage space) company car (easy to service, easy to sell after replacement) second car (small car, economical to run, inexpensive to buy), luxury car (Rolls Royce and the like), etc. Each market segment will have its own unique requirements and therefore will need a different “mix” of marketing resources. Consumers in these markets and segments will differ in the following ways: age, occupation, and income.

Marketing is one of the most varied activities in modern firms. In the last 20 years, people in business have realized that it is not good enough simply to produce a product or service and then hope that it will sell. Marketing involves all the business activities that create and distribute products (goods, services, or ideas) to consumers. Marketing is based on the exchange process. It can be carried out on a micro or macro scale, and is done by non-profit as well as by profit-marking organization. On the whole, marketing tries to satisfy consumers by creating utility. It makes sure that the product is in the most useful form, that it is in the place where the consumer can buy it and when the consumer is satisfied by owing it. Marketing creates these utilities by performing several functions: buying, selling, transportation and storage, standardizing and grading, financing, risk taking and gathering information.

Since the marketing concept is based on satisfying the wants and needs of consumers, companies must find out what and why consumers want to buy. The company must determine if there is a market or demand for its products. The company must also determine which segment of the population is likely to buy the products, so that it can aim its advertising, pricing and other activities at this target market.

Every marketing strategy, or marketing mix, combines four elements (four “Ps”): product, price, promotion and place (or physical distribution).

Product. The first "P" of marketing strategy is product. For each product the marketer must answer these questions: how should the product be designed or styled? What features or options should it provide? How should it be branded, packaged and labeled? What kind of guarantee or warranty should be offered? What after-sale services should be offered? Together, these things make up the product itself.

In problems of market selection and product planning one of the key concepts is that of the Product Life Cycle. These products pass through various stages between life and death (introduction-growth-maturity-decline) is hard to deny. It is accepted that a company should have a mix of products with representation in each of these stages. Companies can make far more effective marketing decisions if they take time to find out where each of their products stands in its life cycle.

Price. The second "P" is price. The product should be priced so that the company will make a profit but the price cannot be much higher than that of competing products. The marketer will have to decide what price level and specific price should be adopted. There are other questions, too: should price lists be useful? Should there be one price or more than one? Matters like credit terms and discounts must also be considered. And so must the purchasing power of the target market.

Price decisions. Price is one of the elements in the marketing mix. The price that a firm decides to set for its product will depend on both internal factors, i.e. the costs of production, and on the external factors, for example the prices of competing products on the market. The firm will add a profit mark-up onto its unit costs of production. If unit costs are 1 pound, a mark-up of 50 percent would give the firm a selling price of 1.50 pounds. It is called cost-plus pricing. It has its limitations since it is not easy to work out accurately the unit costs of production in advance; it also ignores the prices of competitors' products. The firm's management can use different price strategies for their products. These strategies can be "high-price" or "low-price".

High-price strategies. With a skimming strategy a firm launches a new and unique product and decides to charge a high price to skim the market. Some people will buy the new product at this high price, because of its "status symbol" appeal. As the status appeal dies down, the firm reduces the price so that more are sold. A maximizing strategy may be used: where there is great demand for a product or service which has a short life-cycle, the manufacturer will try to maximize profits by changing very high prices.

Low-price strategies. Using a penetration policy, a low price is set to enable the firm to capture a large market share. Prices can be increased later, to earn profits. A capturing strategy can be used if a company is making a range of products which are linked in some way. If, for example, a company is producing items of equipment and also the software used by that equipment, it may sell the equipment at low prices and then charge high prices for the software. Other strategies: odd (psychological) pricing (1.99 pounds), discrimination pricing (transport fare), marketing pricing (the item is priced the current market price, to avoid price wars).

Promotion. The third "P" is promotion. There are four types of promotion: advertising, personal selling, publicity and sales promotion. To create the best promotional mix for a product, many decisions must be made: what are the goals of the marketing comparing? What types of promotions should be used? How should they be meshed? Which media should be used? When should the product be promoted? These decisions and many more must be made for each product or group of products. A supplier of some light industrial equipment felt that the decline in the sales of his major product was due to the fact it was not receiving the sales support it deserved. In order to give extra sales support to this problem case a special advertising was run.

Place. The forth "P" is place or physical distribution. This has to do with how a product gets from the producer to the consumer. More decisions must be made, for example: how should a company get its products to consumer? How should conflicts among manufacturers, wholesalers and retailers be settled? How should warehousing, transportation and inventories be managed?

Market research will provide the Marketing Department for a firm with information about the elements of the marketing mix. The research will be factors such as the market itself, the likely demand for the product, the variety of models that the customers appear to want, the best price to charge and how best to advertise and distribute the product. There are two methods of market research: desk research (uses existing sources of information) and field research (involves obtaining new information about the market by going "into the field" and asking people).

Desk research. A company planning to use desk research may use its own sales statistics to identify trends or customer requests for changes in existing products or requests for new models. It can also investigate competitors' products already on the market. Finally the company may use government and other sources of statistics to assess trends that are taking place.

Field research. There are various methods of field research available to a firm. Each method involves using one or more of the following investigation techniques: questionnaires, test marketing and consumer panels. Questionnaires are designed for the task and completed by holding interviews with potential consumers (face-to-face, by the telephone, through the post). Test marketing is when a new product is marketed in one area of the country and the reaction of it is studied. Consumer panels are where selected people are given the product and asked to comment in detail on it.

Manufacturing.The heart of most businesses is the manufacture of their products. Such companies will need to state what their plants are for manufacturing – how the capacity will be increased, how machinery will be kept up-to-date, how new technology will be introduced, etc.

Research and development (R&D). Most companies need to develop their products and their services over time if they wish to keep up with the markets and, if possible, more ahead of their competitors. Whether the company supplies goods or services it will need to research new ideas and then to develop those ideas to the point at which they can be marketed. R&D is expensive, but is absolutely vital. Consumers require the very best in design, convenience and appearance and any company that does not carry out R&D will very soon find itself out of business.

 

Vocabulary:

scale – size or level in relation to other things or to what is usual

to determine – to form a firm intention or decision; to fix or find out exactly by making calculations, collecting information, etc.

to aim (at) – to direct one's effort towards doing or obtaining smth.; to intend (to)

to design – to plan or develop for a certain purpose or use

to adopt – to approve formally, to accept

option – smth. that is offered as well as standard equipment or number of actions, courses that may be chosen or possible

promotion– activity intended to help the development or success of smth.

to mesh – to fit together suitably (or qualities, ideas)

 

Exercise 1. Suggest the Russian equivalents for:

Non-profit and profit-making organizations, to create utility, storage, to take a risk, a segment of population, target market, marketing strategy, after-sale services, to make up a product, competing products, price list, purchasing power, to promote a product, wholesalers, retailers, to settle a conflict, to maximize a profit, up-to-date technologies, to keep up with the market, segmentation, desk research, field research, skimming strategy, capturing strategy, penetration policy, to figure out a price, to examine the market, to increase return on the investment, to identify physical terms, pricing techniques.

 

Exercise 2. Find the English equivalent:

Выполняться по микро- и макромасштабу, выполнять функции, сортировка по группам и стандартизация, концепция маркетинга, маркетинговый комплекс, определить товарный знак, маркировать, упаковывать, условия кредитования, рекламирование, индивидуальная продажа, скидки, финансовый рынок, рынок труда, стимулирование продаж, общественное мнение о компании и её продукте, складирование, транспортировка, товарно-материальные запасы, гарантия, объём производства, проектно-конструкторская работа.

 

Exercise 3. Use the right preposition:

Most products are branded. Branding is a way ___ identifying the product. It also provides legal protection and an image ___ which a marketing campaign can be based. Since the brand is so important, great care is taken ___ branding products and protecting trademarks.

Branding is a way ___ identifying a product or its producer. It is important ___ three reasons: 1. it identifies ___ the product ___its physical terms; 2.it provides ___ legal protection ___ patent and trademark laws; 3. it creates ___ a product image ___ which a marketing campaign can be based.

Branding is important ___ the consumer, too. It helps the consumer ___ make choices and provides some protection ___ case the item is defective. Branding is crucial ___shipping, storage, and inventory control. ___the producer, branding is a means ___ sorting, grading, and labeling. A brand is a name, symbol, design, or anything else used ___identify a product. The brand name is the part ___ the brand that can be said ___ loud.

The brand mark is the part ___ a brand that people recognize but can't say ___loud. The trademark is the part ___ the brand that is legally protected ___ being used ___ another company. Often it is indicated ___ the symbol ®.

Exercise 4. Choose the correct form of the verb:

A marketer may (to try) (to enlarge) a market through product extension. The main ways of (to extend) a product are through design, packaging and labeling, and service.

Marketers have (to set) the price of a product several times: when it (to be) first put on the market, when demand (to change), when a competing product (to cost) less, and so forth. When (to set) prices the marketer must (to keep) in mind the company's pricing goals and the way the price will (to set). The most common pricing goals (to be) increased sales or market share, status quo pricing, increased return on investment, and maximizing profits. After the goals (to set), the marketer (to figure) out a price. Common pricing techniques (to be) cost-based pricing (including makeup pricing and target pricing), demand-based pricing, and competition-based pricing.

 

Read and translate the text

Financial market is a broad market where buyers and sellers exchange various types of financial securities or products that comprise financial securities. Financial Markets serve various purposes to a variety of individuals and corporations. Such markets facilitate investments and purchase of assets. They also facilitate handling of various risks.

The financial markets can be divided into different subtypes:

- capital markets consists of: stock markets, which facilitates equity investment and buying and selling of shares or common stock; bond markets, which provides financing through the issue of debt contracts and the buying and selling of bonds and debentures; money markets, which provides short term debt financing and investment; derivatives markets, which provides instruments for handling of financial risks; futures markets, which provide standardised contracts for trading assets at some forward date (forward market); insurance markets, which facilitates handling of various risks; foreign exchange markets.

These markets can be either primary markets or aftermarkets. Newly formed (issued) securities are bought or sold in primary markets. Secondary markets allow owners of the security or the product of securities to buy or sell the same.

All businesses need to obtain finance, to start and to grow. Firms will have to meet short-term debts, which come from trading activities such as buying goods on credit. This short-term finance is a firm working capital. Any business which has a lack of working capital will face difficulties in surviving. Short-term finance is necessary to buy short-lived assets such as raw materials and some types of vehicle, to cover temporary falls in demand, to meet unplanned expenses, to bridge short-term gaps between expenditure and income.

Short-term finance can be obtained through commercial banks (loans, mortgages, overdrafts), discount houses, finance houses (hire purchase), trade credit, leasing companies.

Firms also need long-term capital – personal savings of sole traders and limited companies, loans from banks, overdrafts. Shares are well-known examples of such sources. Long-term finance is obligatory to purchase long-lived assets, such as buildings and heavy machinery, for programmes of expansion and modernisation and so on.

Long-tern finance can exist in a form of shares and debentures, can be offered by commercial banks, merchant banks, insurance companies, pension funds, specialist investment institutions (e.g. mutual funds), government agencies.

There are many important financial institutions which provide finance for companies in different ways. They are considered to provide a financial intermediary function for the economy which is simply the process of brining together buyers and sellers. This is extremely important to a market-oriented economy. A market exists ONLY if buyers and sellers match up. Sometimes these two match up on their own. Sometimes they need assistance from an intermediary.

The economy is filled with assorted intermediaries. A financial intermediary is an entity that matches up buyers seeking to borrow funds and issue legal claims with sellers seeking to lend funds and acquire legal claims. Other financial intermediaries are stock brokers, insurance agents, mutual funds, and bond traders. Financial intermediaries do their duty through financial markets by assisting the exchange of such legal claims as stocks, bonds, insurance, and bank deposits.

Banking is among many industries that provide a financial intermediary function for the economy. Banks match up those seeking to exchange legal claims or financial assets. By maintaining financial deposits and making financial loans, banks navigate the financial or paper side of the economy. They do not deal directly with physical production, but rather with legal claims on physical production. What makes the financial intermediary function of banks different from other financial intermediaries (stock brokers or insurance agents) is that they work with transactions deposits (that is, checking accounts). Checking accounts are over half of the money supply. Banks are NOT just matching up buyers and sellers, but in so doing they maintain a significant portion of the nation's money supply.

Insurance companies. The regular premiums paid by policyholders are invested in government securities, company shares, land, and property of all kinds. The income from these investments makes it possible for insurance companies to pay out interests which are greater than the total payments made by policyholders.

Pension funds. Although in many countries there is a state pension scheme to which all workers contribute, a large number of employed and self-employed people also belong to private pension schemes. The money which accumulates in these pension funds is invested and works in a very similar manner to the funds of insurance companies.

Investment trusts. These are limited companies, which issue shares to the general public, and use the income to invest elsewhere by, for example, buying shares in other companies which they believe will be the most successful ones. People who then buy shares in investment trusts are paid dividends and investment trusts obtain profit too.

Unit trusts. These operate in a very similar manner to investment trusts. But they are not limited companies – they do not issue shares, they issue units. These units can not be resold on the open market, but they can be sold back to the unit trust at any time.

Finance houses. These institutions provide loans which finance hire purchase schemes and leasing arrangements. Firms which sell goods on hire purchase or who lease goods do not have to wait two or three years before their goods are fully paid for. They receive immediate payment from a finance house, and it is the finance house which collects the regular instalments paid by a purchaser.

International financial liberalization has made finance capital much more influential and dominant, exerting severe deflationary pressures on macroeconomic policy throughout the world, which has slowed growth. Financial liberalization has also undermined financial policies, institutions and instruments to pro-actively promote growth of desired firms and industries.

The Global Financial System refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level. The main players are the global institutions, such as IMF and World Bank, national agencies and government departments, e.g. central banks and finance ministries, and private institutions acting on the global scale e.g. banks and hedge funds.

History. The history of financial institutions must be differentiated from economic history and history of money. In Europe, it starts with the first financiers and banks in the 1400-1600s in Central and Western Europe. The first modern bank was Bank of Barcelona (1401); the first global financiers - the Fuggers (1487) in Germany; the first stock company - in England (Russia Company 1553); the first foreign exchange market - The Royal Exchange 1566, England; the first stock exchange - the Amsterdam Stock Exchange. Milestones in the history of financial institutions are the Gold Standard (1871-1932), the founding of IMF, World Bank at Bretton Woods, and the abolishment of fixed exchange rates in 1973.

Part 6. Forex.

Part 7. Stock market.

Part 8. Banking.

Bank – banking – to bank

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Part 1. The Economy.

Read the text and translate it:

The word "the economy" is a word we hear or read almost every day. For example, we may be told that "the world economy is in the doldrums", or "the European economy is making little progress out of recession", or "the UK economy is beginning to recover", or "the Scottish economy has held up relatively well during the recent recession".

But what is meant by the economy? What is an economy? What happens in one? How does an economy work?

The economy is a social mechanism which answers these three questions. The economy means a system for the management, use and control of the money, goods and other resources of a country, community or household.

The basic economic questions of what, how, and for whom to produce are answered in different ways. Consider, for example, how the for-whom (distribution of income) question might be answered. Suppose your economic professor announced on the first class day that the publisher of your textbook had provided the class with 10 free textbooks as part of its book promotion campaign. If there are 40 students in the class, your professor must decide how to distribute the 10 scarce textbooks. How is the professor to decide?

There are several ways to distribute this windfall. The professor could toss the textbooks "up for grabs". Those who move fastest, catch best, sit near the front, or have the longest arms would win. The first 10 students in the door could be rewarded for promptness with free textbooks; or lottery tickets could be given out, with students holding winning numbers receiving free textbooks.

The professor might prefer to indulge a preference for redheads, left-handed students, or foreign students. Perhaps a "needs" test could be used, with textbooks given free to the lowest-income students. Or the professor could auction the books off to the highest bidders. A noble professor might then distribute the revenues equally among all students, so that all students in the class would, in effect, have their book purchases subsidized. A less noble professor (or perhaps a needy one) would keep the money. The for-whom question, as well as the what and how questions, can be answered in a variety of ways in different societies around the world.

Vocabulary

to be in the doldrums – in a state of inactivity

recession – a period of reduced trade and business activity

to recover – to return to good health and strong conditions

to hold up well – to stay or keep smth in a good state

to happen (to) smb – to come to an existence without being planned

management – an act of being in control of business affairs, money, etc

resource – any of the possessions or qualities of a person, an organization, a country

natural human / labour capital scarce productive     resources  

community – the public, people in general

to announce – to make known publicly

promotion campaign – an activity intended to help the development or success of a product for sale

windfall – unexpected lucky gift or gain, esp. money

to distribute – to divide and give out among people, spread out through an area

to indulge a preference – to do a favour

revenue – income

 

Exercise 1. Give the Russian equivalents:

Relatively, household, to provide, to toss smth up for grabs, to reward for, redheads, left-handed, to auction smth off, a bidder, to subsidize.

 

Exercise 2. Translate the following words and expressions into English:

Нуждающийся, проворность, редкий, предпочитать, покупка, студенты с низким достатком, дать бесплатно, использование, подразумевать, начало, предположим.

 

Exercise 3. Read these words paying attention to articles:

· the economy

· the UK economy

· the Russian economy

· the Chinese economy

· the French economy

· the European economy

· the world economy

· an economy, economic

 

Exercise 4. Practice saying the words of the same root, translate and learn them:

economy – economic – economics – economical – to economize – economist; scarce – scarcity; to distribute – distribution; to manage – manager – management; to promote – promotion; to prefer – preference; to be busy – business – businessman; to announce – announcement; to recover – recovery; to provide - provision.

 

Exercise 5. Insert the necessary word in a gap.



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