Tabl. 2. Government Spending as a Percentage of National Income



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Tabl. 2. Government Spending as a Percentage of National Income



Country Purchase of goods and services Transfer payments Debt interest Total
    % % % %
UK 23,0 17,2 5,1 45,3
Japan 14,9 12,7 4,6 32,2
USA 20,1 12,2 4,8 37,1
Italy 27,0 23,0 9,2 59,4

 

In each case, we look atfour measures of government spending as a percentage of national income: spending on the direct provision of goods and services for the public, transfer payments, Interest on the national debt, and total spending.

Italy is a "big-government" country. Its government spending is large and it needs to raise correspondingly large tax revenues. In contrast, Japan has a much smaller government sector and needs to raise correspondingly less tax revenue. These differences in the scale of government activity relative to national income reflect differences in the way different countries allocate their resources among competing uses.

Governments spend part of their revenue on particular goods and services such as tanks, schools and public safety. They directly affectwhat is produced. Japan's low share of government spending on goods and services in Tabl. 2 reflects the very low level of Japanese spending on defence.

Governments affectfor whom output is produced through their tax and transfer payments. By taxing the rich and making transfers to the poor, the government ensures that the poor are allocated more of what is produced than would otherwise be the case; and the rich get correspondingly less.

The government also affecthow goods are produced, for example through the regulations it imposes. Managers of factories and mines must obey safely requirements even where these are costly to implement, firms are prevented from freely polluting the atmosphere and rivers, offices and factories are banned in attractive residential parts of the city.

The scale of government activities in the modem economy is highly controversial. In the UK the government takes nearly 40 per cent of national income in taxes. Some governments take a larger share, others a smaller share. Different shares will certainly affect the questionswhat, how and for whom, but some people believe that a large government sector makes the economy inefficient, reducing the number of goods that can be produced and eventually allocated to consumers.

It's commonly asserted that high tax rates reduce the incentive to work. If half of all we earn goes to the government, we might prefer to work fewer hours a week and spend more time in the garden or watching TV. That is one possibility, but there is another one: if workers have in mind a target after-tax income, e.g. to have at least sufficient to afford a foreign holiday every year, they will have to work more hours to meet this target when taxes are higher.

Whether on balance high taxes make people work more or less remains an open question. Welfare payments and unemployment benefit arc more likely to reduce incentives to work since they actually contribute to target income. If large-scale government activity leads to important disincentive effects, government activity will affect not only what, how, and for whom goods are produced, but also howmuch is produced by the economy as a whole.

This discussion of the role of the government is central to the process by which society allocates its scarce resources. It also raises a question. Is it inevitable that the government plays a prominent part in the process by which society decides how to allocate resources between competing demands? This question lies at the heart of economics.

VOCABULARY NOTES

having mentioned –упомянув, рассмотрев

government tax policy – налоговая политика государства

to examine in greater detail –рассмотреть более подробно

to provide service –оказать услугу

national defence –национальная оборона

firefighting service –противопожарная служба

administration of justice –отправление правосудия

to make transfer payments –осуществлять трансфертные платежи

without requiring the provision of any service in return –не требуя ответ­ных услуг

social security –социальное обеспечение (за счет государственных налогов) retirement pensions – пенсии за выслугу лет

unemployment benefit (syn.dole) –пособие по безработице

to be, live on the dole –жить на пособие по безработице

food stamps –талоны на продовольствие

to impose taxes –облагать налогами

residual component –остаточная часть

to be financed by government borrowing –финансироваться правительст­венными займами

direct provision of goods and services for the public –прямое (непосредст­венное) снабжение (обеспечение) граждан товарами и услугами

interest on the national debt –проценты по национальному долгу

correspondingly –соответственно

the scale of government activity –размах (масштаб) государственной деятельности

relative to – в отношении чего-либо

to reflect differences –отражать различия

to affect directly –непосредственно влиять

low share –низкая (малая) доля

to affect through tax and transfer payments –оказывать воздействие че­рез систему налогообложения и трансфертные платежи

to ensure that – обеспечивать такое положение, при котором...

than would otherwise be the case –как было бы в противном случае

to impose regulations –издавать административные положения, поста­новления, распоряжения

to obey safety requirements –соблюдать требования безопасности

to be costly to implement –использование (применение) обходится дорого

to pollute freely –безнаказанно загрязнять

to ban (syn.to prohibit) –запрещать

residential parts of the city –жилые части города

to be highly controversial –быть крайне неоднозначным

a large/small share –большая/малая доля, часть

to share – делить, разделять с кем-либо, e.g. I) to share smb's views, 2) to share a room with a classmate

to make the economy inefficient – снижать эффективность экономики, делать экономику неэффективной

eventually (syn.at last) –в конце концов, в конечном счете

it's commonly asserted –принято считать, по всеобщему утверждению

the incentive to work –стимул, мотивация к работе

to earn (money) –зарабатывать (деньги)

to earn one's living –зарабатывать на жизнь

a target after-tax income – целевой, базовый, чистый доход (после вы­платы налогов)

at least sufficient to afford a foreign holiday –быть достаточным, по крайней мере, для того, чтобы провести отпуск за границей

to meet a target –достичь цели

on balance –с учетом всего вышесказанного, в конечном счете

welfare payments –государственные пособия (напр., по безработице, по страхованию)

since (syn.as, for, because) –поскольку, так как

to contribute to – вносить вклад в

large-scale government activity –широкомасштабная деятельность правительства

to raise (syn.to bring up) a question –поднять вопрос

to be inevitable – неизбежно

to lie at the heart of economics – быть в самом центре экономики

Assignments

I. Suggest the Russian equivalents

to obey safety requirements; governments take a larger/smaller share; to make the economy inefficient; measures of government spending; interest on the national debt; total spending; to allocate resources between competing demands

II. Replace the parts initalics by synonyms

it's generally declared; managers of factories must obey the requirements;

Government directly influence what is produced; to bring up a question; to collect taxes; Government's expenditure is financed by imposing taxes.

III. Find the terms in the text, -which describe the following:

· money paid to people without asking for a service in return

· money paid to people when they stop working

· money paid to people who have no work

· money owed by the government of a country

· money received by governments from taxation

· money a worker keeps after paying taxes

IV. Using the information in the text, say if these statements are correct or incorrect

· Governments do not make free transfer payments.

· Food stamps are an example of a transfer payment.

· Most government income comes from borrowing.

· Japan raises more taxes than Italy.

· Japan spends very little on defence.

· The poor get more of what is produced through taxation and transfer payments.

· Governments do not affect how goods are produced.

· Nobody questions the scale of government economic activity.

· Many people believe that high taxes result in people not wanting to work so hard.

V. Fill in the gaps with the words and expressions from the text

1. Having mentioned the effect of government __ on the income distribution, it's necessary to examine in greater detail the role of the government in society.

2. Government expenditure is chiefly financed by __ taxes.

3. Italy's government spending is large and it needs to __ correspondingly large tax revenues.

4. These differences in the scale of government activity relative to __ reflect differences in the way different countries allocate their resources among __ uses.

5. By taxing the rich and making transfers to the poor, the government __ that the poor are allocated more of what is produced than would otherwise be the case.

6. Managers of factories and mines must __ safety requirements.

7. Offices and factories are __ in attractive residential parts of the city. , 8. __ of government activities in the modern economy is highly controversial.

9. Different __ will certainly affect the questions what, how and for whom.

10. A large government sector makes the economy inefficient, reducing the number of goods that can be __ allocated to consumers.

11. __ that high tax rates reduce the incentive to work.

12. Welfare payments and unemployment benefit are more likely to reduce _ to work since they actually contribute to __.

VI. Find in the text English equivalents for the following

пенсии за выслугу лет; пособие по безработице; продовольственные карточки (талоны); облагать налогом; правительственные займы; налого­вая политика правительства; распределение доходов; переводные (транс­фертные) платежи; взимать налоги; собирать налоговые поступления; принято считать (по всеобщему утверждению); уменьшать заинтересо­ванность в работе; целевой (плановый) чистый доход после уплаты на­логов.

VII. Answer the questions

1. What are transfer payments? Give some examples.

2. Using Tabl. 1 compare the UK and the USA on the same basis.

3. In what way can governments affect what and for whom is produced?

4. Why does a large government sector make the economy inefficient?

5. What are the two possibilities of responding to high tax rates on the part of workers?

6. What is the possible outcome of large-scale government activity?

7. Summarise in your own words the arguments for and against high taxes.

VIII. Translate using the active possible

1. Переводные платежи, к которым относятся социальное обеспече­ние, выплата пенсий за выслугу лет, пособия по безработице и т.д., не­посредственно влияют на налоговую политику правительства.

2. Правительственные расходы (2 варианта) в основном финансиру­ются за счет налогообложения, поэтому, чем больше сумма расходов (2 варианта), тем больше налоговых поступлений необходимо государству.

3. Степень участия государства в делах экономики может быть боль­шей или меньшей.

4. Таким образом, государство играет важную роль в распределении ограниченных ресурсов общества.

THE PRODUCTION POSSIBILITY FRONTIER (ГРАНИЦЫ ВОЗМОЖНОСТЕЙ ПРОИЗВОДСТВА)

Let's turn to the most important tool for an economist – the production possibility frontier. This frontier shows the maximum combinations of output that the economy can produce, if it uses all its available scarce resources.

The easiest way to explain it is to complete a figure. First, the vertical axis or line, is labelled "food output". The units of food output run from nought at the bottom to 25 at the top, entering the units of food output in fives: 0, 5, 10, etc. Along the horizontal axis (or the bottom line) we have units of film output. Let's enter in the units of film output in fives again, this time up to 30.

Suppose we have an economy with only food and film industries. Now, if we put all the workers into producing food, we shall produce 25 units of food, but no units of film. We can mark this on the diagram with point A – no film, 25 units of food. It means point A comes on the vertical line at the number 25. Now, at the other extreme, if the economy puts all its workers into producing film, it will produce 30 units, but it will not produce any food. So, the next point is on the bottom, horizontal line, at 30 units. Let's label it as point E.

These two points, A and E, arc the two extreme points of the production possibility frontier. Let's put in three more points. Point В is where the economy is producing 22 units of food and 9 units of film. Point С is where the economy is producing 17 points of both film and food. And, finally, point D is where we have 10 units of food and 24 units of film. Now draw a line joining all these points together, from A to E. The line drawn is not a straight line, it's a concave curve. It is this concave curve that is called the production possibility frontier.

The production possibility frontier represents a trade-off. More of one commodity, food or film, means less of the other, and this is because of the law of diminishing returns. It states that if, in the production of a commodity, one factor of production is increased by stages while the other factors are kept unchanged, the stage will sooner or later be reached where each farther addition to the increasing factor will produce a smaller and smaller increase in output.

In our example, movements from A toB, to С and so on along the curve involve the transfer of one or more workers from one industry to the other, say, from food production to film production. The number of workers in the film industry increases, and so does the film output, but on the whole each additional worker produces less additional film. That is to say, each transfer reduces output per person in the film industry. At the same time a decrease in the food industry can be observed. So with each transfer we get less additional film output and have to give up increasing amounts of output. That's why a society faces the problem of choosing between different products, as the scarcity of available resources does not allow it to increase the production of one good without decreasing the production of the other. As all the resources are scarce, points outside the frontier (point F in the example) represent the level of production unattainable at the given stage of development. On the contrary, it is inefficient to produce within the frontier (point G in the example), as it means poor management of production. By moving on to the frontier, society could have more of some goods without having less of any other good.

VOCABULARY NOTES

a tool –инструмент

output –объем производства

a figure –чертеж, рисунок

the vertical axis (line) – вертикальная ось

to label –обозначить

food output – количество произведенных (объем производства) продо­вольственных товаров

nought –ноль

the horizontal axis (the bottom line) –горизонтальная ось

film output –количество произведенной (объем производства) пленки

at the other extreme –на другом полюсе

to draw a line joining all these points together –провести линию, соеди­няющую все эти точки

a straight line – прямая линия

a concave curve –вогнутая кривая (ant.convex –выпуклый)

a trade-off –альтернатива, выбор

the law of diminishing returns –закон сокращающейся доходности

the production of a commodity – производство товара

by stages –постепенно

each further addition –каждое последующее дополнение

an increase in output –увеличение объема производства

to involve the transfer –включать в себя, подразумевать перемещение

to reduce output per person –сокращать выработку на одного человека

additional output – дополнительный объем производства

amounts of output –объем производства, количество произведенной продукции

good –зд. благо

outside the frontier –за пределами границы

the level of production unattainable –уровень производства, недостижи­мый...

on the contrary –напротив

within the frontier –внутри границы

poor management of production –плохая организация производства

Assignments

I. Suggest the Russian equivalents the most important tool for the economist; the production possibility frontier;

the maximum combinations of output; to involve the transfer of workers

II. Fill in the gaps with the words and expressions from the text

1. The production possibility frontier is the most important __ for an economist.

2. This frontier shows the maximum combinations of __ that the economy can produce, if it uses __.

3. To complete a figure of __ we need to draw __ together.

4. The line drawn is not __, it's __. It is this concave curve that is called __.

5. The production possibility frontier represents __.

6. More of one __, food or film, means __ of the other, and this is because of__.

7. It states that if, in __, one __ is increased __ while the other factors are kept __, the stage will be reached where __ to the increasing factor will produce __.

8. The number of workers in the film industry __, and so does the film __, but on the whole each __ worker produces __ additional film.

9. Each transfer __ in the film industry.

10. That's why a society faces the problem of __ between __, as ___ does not allow it __ the production of one good without __ the production of the other.

III. Draw a figure, complete it, mark all the points (from A to G) and explain it in English making use of the following phrases

a vertical axis (line), a horizontal axis (a bottom line), to label, to enter in the units in 5s, to draw a line

IV. Find English equivalents

прямая линия; вогнутая (выпуклая) кривая; именно эта кривая назы­вается границей производственных возможностей; альтернатива, выбор;

закон сокращающейся доходности; увеличивать (уменьшать) выработку на одного человека; вертикальная ось; обозначить; горизонтальная ось;

провести линию, соединяющую все эти точки; производственный фак­тор, фактор производства; включать в себя, подразумевать перемещение;

дополнительный объем производства

V. Explain in English

a trade-off; the law of diminishing returns

VI. Answer the question

What does the production possibility frontier show?

VII. Translate into English using all the active possible

1. Граница производственных возможностей — это предел в потном использовании ресурсов общества при существующем уровне развития технологии, когда увеличение производства одного блага требует сокра­щения производства другого.

2. Такое состояние экономики может быть отражено на графике в ви­де кривой, представляющей различные комбинации производства благ при максимальном использовании имеющихся ресурсов и существующем уровне технологии.

3. На графике изображена кривая, каждая точка которой показывает количество одного блага, производимого при полном использовании всех ресурсов, взамен другого блага.

4. Точки за пределами границы производственных возможностей по­казывают уровень производства, недостижимый при данном количестве ресурсов и имеющейся технологии.

5. Точки внутри границы показывают, что производство организовано неэффективно и есть неиспользованные ресурсы, например, рабочая сила.

6. Отсюда следует естественный вывод, что в современной экономике, когда неограниченных ресурсов практически нет, развитие технологии играет значительную роль и имеет огромное значение для экономики в целом.


ECONOMIC SYSTEMS (ЭКОНОМИЧЕСКИЕ СИСТЕМЫ)

There are a number of ways in which a government can organize its economy and the type of system chosen is critical in shaping environment in which businesses operate.

An economic system is quite simply the way in which a country uses its available resources (land, workers, natural resources, machinery etc.) to satisfy the demands of its inhabitants for goods and services. The more goods and services that can be produced from these limited resources, the higher the standard of living enjoyed by the country's citizens.

There are three main economic systems:

Planned economics (Плановая экономика)

Planned economies are sometimes called "command economies" because the state commands the use of resources (such as labour and factories) that are used to produce goods and services as it owns factories, land and natural resources. Planned economies are economies with a large amount of central planning and direction, when the government takes all the decisions, the government decides production and consumption. Planning of this kind is obviously very difficult, very complicated to do, and the result is that there is no society, which is completely a command economy. The actual system employed varies from state to state, but command or planned economies have a number of common features.

Firstly, the state decides precisely what the nation is to produce. It usually plans five years ahead. It is the intention of the planners that there should be enough goods and services for all.

Secondly, industries are asked to comply -with these plans and each industry and factory is set a production target to meet. If each factory and farm meets its target, then the state will meet its targets as set out in the five-year plans. You could think of the factory and farm targets to be objectives which, if met, allow the nation's overall aim to be reached.

A planned economy is simple to understand but not simple to operate. It does, however, have a number ofadvantages:

· Everyone in society receives enough goods and services to enjoy a basic standard of living.

· Nations do not waste resources duplicating production.

· The state can use its control of the economy to divert resources to wherever it wants. As a result, it can ensure that everyone receives a good education, proper health care or that transport is available.

Severaldisadvantages also exist. It is these disadvantages that have led to many nations abandoning planned economies over recent years:

· There is no incentive for individuals to work hard in planned economies.

· Any profits that are made are paid to the government.

· Citizens cannot start their own businesses and so new ideas rarely come forward.

· As a result, industries in planned economies can be very inefficient. A major problem faced by command or planned economies is that of decidingwhat toproduce. Command economies tend to be slow when responding to changes in people's tastes and fashions. Planners are likely to underproduce some items as they cannot predict changes in demand. Equally, some products, which consumers regard as obsolete and unattractive, may be overproduced. Planners are afraid to produce goods and services unless they are sure substantial amounts will be purchased. This leads to delays and queues for some products.

VOCABULARY NOTES

inhabitants – жители, население

to own –владеть

natural resources –природные ресурсы

a large amount –большой объем

central planning and direction – центральное планирование и руководство

consumption – потребление

obviously –очевидно

complicated –сложный

to have a number of common features –иметь ряд общих черт

intention –намерение

to comply with –подчиняться

a production target to meet –производственная задача (задание), кото­рую надо выполнить

an objective – цель, задача

an overall aim – общая цель

to enjoy a basic standard of living – иметь основной уровень жизни

to duplicate production –дублировать производство

to divert –отвлекать (напр., ресурсы на другие цели)

to abandon – отказываться от чего-либо

a major problem faced by command or planned economies –основная про­блема, стоящая перед командной или плановой экономикой

changes in tastes and fashions –изменения вкусов и моды

to underproduce – недопроизводить

to regard smth as – воспринимать что-либо, относиться к чему-либо как...

obsolete (syn.out of date) –устарелый, вышедший из употребления

to overproduce –перепроизводить

delays and queues –зд. перебои (с товарами) и очереди

Assignments

I. Suggest the Russian equivalents

each factory is set a production target to meet; to divert resources to wherever it wants; new ideas rarely come forward; tend to be slow when responding to changes

II. Replace the parts initalics by synonyms

obsolete products; it can ensure that...; it can be very inefficient

There is no incentive for individuals to work hard in planned economies.

It led to many nations abandoning planned economies over recent years.

III. Fill in the gaps with the words and expressions from the text

1. The type of system chosen is __ in __, in which businesses operate.

2. An economic system is the way in which a country uses its __ to satisfy the demands of__for goods and services.

3. The more goods and services that can be produced, the higher the standard of living __ by the country's citizens.

4. The state __ factories, land and __.

5. Planned economies are economies with __ of __, when the government __ all __, decides __ and __.

6. The actual system employed __ from state to state, but command or planned economies have __.

7. It is __ that there should be enough goods and services for all.

8. Industries are asked __ these plans and each industry and factory is set __.

9. The factory and farm targets are __ which, if met, allow the nation's __ to be reached.

10. Nations do not waste resources __.

11. The state can use its control of the economy __ to wherever it wants.

12. It is __ that have led to many nations __ planned economies over recent years.

13. There is no __ for individuals to work hard in planned economies.

14. Industries in planned economies can be very __.

15. Command economies tend to __ when __ to changes in people's tastes and fashions.

16. Planners are likely __ some items as they cannot __ changes in demand.

17. Some __ and unattractive products may be __.

18. This leads to __ for some products.

IV. Find in the text English equivalents/or the following

имеющиеся в распоряжении ресурсы; управлять использованием ре­сурсов; управление экономикой; отказываться от плановой экономики;

иметь высокий жизненный уровень; иметь общие черты; подчиняться 5-летнему плану; значительное количество; ставить производственные задачи; полученная прибыль; стимул к эффективной работе; перебои и очереди; реагировать на изменения спроса; предсказывать изменения спроса; основная проблема, стоящая перед...

V. Answer the questions

1. What's an economic system?

2. What does a standard of living depend on?

3. What's a planned economy? What are its main features?

4. Give the advantages of a planned economy.

5. Give the disadvantages of a planned economy.

6. What causes delays and queues for some products?

7. What can you add to the list of advantages and disadvantages of a planned economy?

VI. Translate using the active possible

1. Если хозяйство плановое, то работа промышленности подчиняется плану, в котором государство определяет производственные задачи и планирует развитие на 5 лет вперед.

2. В плановой экономике покупатели лишены возможности влиять на производство товаров.

3. Поскольку значительная доля полученной прибыли должна быть выплачена государству, то в условиях плановой экономики стимулы ра­ботать эффективно невелики.

4. Промышленность часто выпускает непривлекательные и старомод­ные товары, поскольку невозможно предсказать изменения моды на 5 лет вперед.

5. Государство в условиях плановой экономики может гарантировать своим гражданам образование и медицинское обслуживание.

6. Все крупные решения, касающиеся объема используемых ресурсов, структуры и распределения продукции, производства и потребления, принимаются центральным плановым органом.

Market economics (Рыночная экономика)

The best examples of this type of economy are to be found in small South-East Asian states like Hong Kong and Singapore, though even they are not pure examples of market economies. Even they contain some businesses owned and run by the state.

In a true market economy the government plays no role in the management of the economy, the government does not intervene in it. The system is based on private enterprise with private ownership of the means of production and private supplies of capital, which can be defined as surplus income available for investment in new business activities. Workers arc paid wages by employers according to how skilled they are and how many firms wish to employ them. They spend their wages on the products and services they need. Consumers are willing to spend more on products and services, which are favoured. Firms producing these goods will make more profits and this will persuade more firms to produce these particular goods rather than less favoured ones.

Thus, we can see that in a market economy it is consumers who decide what is to be produced. Consumers will be willing to pay high prices for products they particularly desire. Firms, which are privately owned, see the opportunity of increased profits and produce the new fashionable and favoured products.

Such a system is, at first view, very attractive. The economy adjusts automatically to meet changing demands. No planners have to be employed, which allows more resources to be available for production. Firms tend to be highly competitive in such an environment. New advanced products and low prices are good ways to increase sales and profits. Since all firms are privately owned they try to make the largest profits possible. In a free market individual people are free to pursue their own interests. They can become millionaires, for example. Suppose you invent a new tend of car. You want to make money out of it in your own interests. But when you have that car produced, you are in fact moving the production possibility frontier outwards. You actually make the society better-off by creating new jobs and opportunities, even though you become a millionaire in the process, and you do it without any government help or intervention.

Not surprisingly there are alsoproblems. Some goods would be underpurchased if the government did not provide free or subsidised supplies. Examples of this type of good and service are health and education. There are other goods and services, such as defence and policing, that are impossible to supply individually in response to consumer spending. Once defence or a police force is supplied to a country then everyone in this country benefits.

A cornerstone of the market system is that production alters swiftly to meet changing demands. These swift changes can, however, have serious consequences. Imagine a firm, which switches from labour-intensive production to one where new technology is employed in the factory. The resulting unemployment could lead to social as well as economic problems.

In a market economy there might be minimal control on working conditions and safety standards concerning products and services. It is necessary to have large-scale government intervention to pass laws to protect consumers and workers.

Some firms produce goods and then advertise heavily to gain sufficient sales. Besides wasting resources on advertising, firms may also duplicate one another's services. Rival firms, providing rail services, for example, could mean that two or more systems of rail are laid.

Finally, firms have to have confidence in future sales if they are to produce new goods and services. At certain times they tend to lack confidence and cut back on production and the development of new ideas. This decision, when taken by many firms, can lead to a recession. A recession means less spending, fewer jobs and a decline in the prosperity of the nation.

VOCABULARY NOTES

to own and run (syn.tomanage, to operate) businesses –владеть и управ­лять бизнесом

to intervene –вмешиваться

private enterprise (syn.entrepreneurship) –частное предпринимательство

private ownership (syn.property) of the means of production –частная собственность на средства производства

public property, common ownership –общественная собственность

personal property –личная собственность

state-owned property, state ownership –государственная собственность

private supplies of capital –частный капитал

surplus income available for investment in new business activities – допол- ] нительный доход (излишек дохода), который можно вложить (инвестиро­вать) в новое дело (бизнес)

to employ –использовать; предоставлять работу, нанимать

employer –работодатель

employee –служащий

employment –занятость

unemployment – безработица

to persuade –убеждать

at first view (syn.at first sight) – на первый взгляд

to adjust automatically –автоматически приспосабливаться; приводить­ся в соответствие

competitive –конкурентоспособный

to make the largest profits possible –получить наибольшую возможную прибыль

to pursue one's own interests –преследовать свои интересы

to make money out of it –заработать деньги на этом

to move the production possibility frontier outwards –продвинуть вперед предел производственных возможностей

to make the society better-off – сделать общество более состоятельным

to create new jobs and opportunities –создать новые рабочие места, но-

!С ВОЗМОЖНОСТИ

to underpurchase (ant.to overpurchase) –недостаточно раскупать

to provide free or subsidized supplies –обеспечить бесплатное или субсидированное (дотированное) предоставление (товаров, услуг)

in response to (syn.in answer to) –в ответ на

a cornerstone – краеугольный камень

to alter swiftly – быстро меняться

consequences – последствия

labour- intensive production – трудоемкое производство

working conditions –условия работы

safety standards –нормы техники безопасности

large- scale intervention –широкомасштабное вмешательство

to pass laws –принимать законы

to gain sufficient sales –добиться достаточного объема продаж

rival firms – фирмы-конкуренты, соперники

to have confidence –иметь уверенность

to lack confidence –не хватать уверенности

Assignments

I. Suggest the Russian equivalents

new advanced products; products which are favoured; they try to make the

largest profits possible; provide free or subsidized supplies; produce goods and

then advertise heavily; a firm which switches from labour- intensive production a new one; a decline in the prosperity of the nation 77. Replace the parts initalics by synonyms

businesses owned and run by the state; products and services, which are favoured; at first view; production alters swiftly ill. Fill in the gaps -with the words and expressions from the text

1. Small South-East Asian states like Hong Kong and Singapore contain some businesses __ by the state.

2. The system is based on __ with __ of __.

3. Private supplies of capital can be defined as __ available for __ in __.

4. Consumers are willing to spend more on products and services, which __.

5. More profits will __ more firms to produce those particular goods that are favoured.

6. In a market economy it is __ who decide what is to be produced.

5. __ firms see the opportunity of __ and produce the new fashionable and favoured products.

6. The economy __ automatically to meet changing demands.

7. Finns tend to be highly __in such an environment.

7. In a free market individual people are free __.

8. But when you have that car produced, you are moving __.

9. You actually make __ by __, even though you become a millionaire in the process, and you do it without __ or __.

10. Some goods would be __ if the government did not provide __ supplies.

11. Some other goods and services, such as defence and policing, are impossible to __ in response to consumer spending.

12. __ of the market system is that production __ to meet changing demands.

13. If a firm switches from __ to one where new technology __ in the factory, it can lead to __ and __ problems.

14. It is necessary to have __ to pass laws __ consumers and workers.

15. Firms have __ in future sales if they are to produce new goods and services.

16. A recession means __ spending, __jobs and __ of the nation

IV. Find in the text English equivalents for the following

управление экономикой; процветание нации; широкомасштабное вме­шательство правительства; принимать законы; быстро меняться; конкури­рующие фирмы; автоматически изменяться (приспосабливаться); быть кон­курентоспособным; частные фирмы; фирмы, принадлежащие государству и управляемые им; краеугольный камень; иметь серьезные последствия для...;

трудоемкое производство; сокращать производство; быть уверенным в...; не хватает уверенности в...; дорого платить за что-либо

V. Answer the questions

1. What's a market economy?

2. What's the main difference between a market economy and a planned economy?

3. Do changing demands affect production? In what way?

4. What's the mechanism of producing goods and services in a market economy?

5. Give the advantages of a market economy.

6. Give the disadvantages of a market economy.

VI. Translate using all the active possible

1. В рыночной экономике невелика или очень мала необходимость в планировании, контроле и широкомасштабном вмешательстве со сторо­ны государства (правительства) в экономический процесс.

2. В условиях рыночной экономики изменения потребительского спроса играют заметную роль в формировании политики фирм.

3. Чтобы быть конкурентоспособными и увеличивать доходы, фирмы должны постоянно изучать спрос и менять свою деятельность в ответ на его изменения.

4. Чем более модный товар, тем более высокую цену надо за него платить.

5. Некоторые виды услуг, например здравоохранение и образование, не могут быть полностью обеспечены только частными фирмами.

6. Рыночная экономика характеризуется частной собственностью на ресурсы и использованием системы рынков и цен для управления эко­номической деятельностью.

7. В такой системе каждый ее участник волен преследовать свои собст­венные интересы; каждая экономическая единица стремится получить наи­больший возможный доход на основе индивидуального принятия решений.

Mixed economics (Смешанная экономика)

Command and market economies both have significant faults. Partly because of this, an intermediate system has developed, known as mixed economies.

A mixed economy means very much what it says as it contains elements of both market and planned economies. At one extreme we have a command economy, which does not allow individuals to make economic decisions, at the other extreme we have a free market, where individuals exercise considerable economic freedom of choice without any government restrictions. Between these two extremes lies a mixed economy. In mixed economies some resources are controlled by the government whilst others are used in response to the demands of consumers.

Technically, all the economies of the world arc mixed: it is just the balance elements between market and planned elements that alters. Some countries are nearer to command economies, while others are closer to free market economies. So, for example, Hong Kong has some state-controlled industry, while Cuba has some privately owned and controlled firms.

The aim of mixed economies is to avoid the disadvantages of both systems while enjoying the benefits that they both offer. So, in a mixed economy the government and the private sector interact in solving economic problems. The state controls the share of the output through taxation and transfer payments and intervenes to supply essential items such as health, education and defence, while private firms produce cars, furniture, electrical items and similar, less essential products.

The UK is a mixed economy: some services arc provided by the state (for example, health care and defence) whilst a range of privately owned businesses offer other goods and services. The Conservative government under Margaret Thatcher switched many businesses from being state-owned and controlled to being privately owned as part of its privatization programme. This has taken the UK economy further away from the planned system.

VOCABULARY NOTES

significant faults –значительные недостатки

at one extreme... at the other extreme –на одном полюсе... на другом

to exercise considerable economic freedom of choice –иметь значитель­ную экономическую свободу выбора

restriction –ограничение

whilst [wailst] (syn. while) –в то время как, пока

state- controlled industry –промышленность, контролируемая государством

to avoid disadvantages –избегать недостатков

to enjoy the benefits –иметь преимущества, пользоваться преимуществами

to interact –взаимодействовать

to solve economic problems – решать экономические проблемы

a share of the output –доля в объеме производства

essential items –товары и услуги первой необходимости

a range of businesses –зд. ряд компаний, фирм

Assignments

I. Suggest the Russian equivalents

an intermediate system has developed; to supply essential items; the government controls a share of the output

II. Replace the parts initalics by synonyms

significant faults; a range of products; whilst others are used in response to the demands of consumers

III. Fill in the gaps with the words and expressions from the text

1. Command and market economies both have __.

2. __ contains elements of both market and planned economies.

3. __ we have a command economy, which does not __, __ we have a free market, where individuals __ without __.

4. Some countries are __ to command economies, while others are __ to free market economies.

5. It is just __ between market and planned element that __ in all the economies of the world.

6. The aim of mixed economies is __ the disadvantages of both systems while __ the benefits that they both offer.

7. In a mixed economy the government and the private sector __ in ___.

8. The state controls __ through __, and __, and intervenes to supply

9. The Conservative government switched many state-owned businesses to being privately owned as part of its __.

IV. Find in the text English equivalents for the following

избегать недостатков; частный сектор; налогообложение; централизо­ванно принимать экономические решения; на одном полюсе – на дру­гом...; без ограничений; взаимодействовать в решении проблем; пользо­ваться благами; правительство, возглавляемое...

V. Increase your vocabulary

to enjoy (syn. — to have as an advantage — иметь, пользоваться)

to enjoy a boom

to enjoy a high standard of living

to enjoy a basic standard of living

to enjoy the benefits

Make some sentences of your own with the above expressions.

Translate:

1. Иметь хорошее здоровье.

2. Все граждане государства должны иметь равные права.

3. Эта пьеса очень популярна.

VI. Check your grammar

It is (was) ...that (who) – именно

It is the Intention of the planners that there should be enough goods and services for all.

It is these disadvantages that have led to many countries abandoning planned economies.

It is consumers who decide what is to be produced.

It is just the balance between market and planned elements that alters.

Rewrite the following sentences using the emphatic construction

1. Television was invented in this century.

1. Mathematicians have solved complicated problems with the help of computers.

3. I first saw this play on TV.

4. Two doctors made this discovery.

5. Owing to the rain we couldn't come.

VII. Answer the questions

1. Are there really pure examples of planned and market economies in the world?

2. What's a mixed economy? What's its aim?

3. What type of economy is the UK? is Russia now?

VIII. Translate into English using all the active possible

1. В реальной действительности экономические системы располагают­ся где-то между чисто рыночной и плановой экономикой.

2. Смешанная экономика — это система, при которой частная собствен­ность и рынок, а также правительство и общественные институты, энергич­но участвующие в обеспечении экономической стабильности и перераспре­делении доходов, взаимодействуют в решении экономических проблем.

MARKETS (рынки)

The Role of Market (Роль рынка)

Reports in the press tend to say "the market did this" or "the market expected good news on the economic front", as if the market were a single living entity with a single conscious mind. This is not, of course, the case. To understand reports of market behaviour you have to bear in mind the way the market works.

A market is simply a mechanism, which allows individuals or organizations to trade with each other. Markets bring together buyers and sellers of goods and services. In some cases, such as a local fruit stall, buyers and sellers meet physically. In other cases, such as the stock market, business can be transacted over the telephone, almost by remote control. There's no need to go into these details. Instead, we use a general definition of markets.

A market is a shorthand expression for the process by which households' decisions about consumption of alternative goods, firms' decisions about what and how to produce, and workers' decisions about how much and for whom to work are all reconciled by adjustment of prices.

Prices of goods and of resources, such as labour, machinery and land, adjust to ensure that scarce resources are used to produce those goods and services that society demands.

Much of economics is devoted to the study of how markets and prices enable society to solve the problems of what, how and for whom to produce. Suppose you buy a hamburger for your lunch. What does this have to do with markets and prices? You chose the cafe because it was fast, convenient and cheap. Given your desire to eat, and your limited resources, the low hamburger price told you that this was a good way to satisfy your appetite. You probably prefer steak but that is more expensive. The price of steak is high enough to ensure that society answers the "for whom" question about lunchtime steaks in favour of someone

else.

Now thinkabout the seller's viewpoint. The cafe owner is in business because, given the price of hamburger meat, the rent and the wages that must be paid, it is still possible to sell hamburgers at a profit. If rents were higher, it might be more profitable to sell hamburgers in a cheaper area or to switch to luxury lunches for rich executives on expense accounts. The student behind the counter is working there because it is a suitable part-time job, which pays a bit of money.<



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