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The of our new products has been
very hiqh and we have gained a good income from them
Russia's foreign trade
Through most of the J"th century, Russia's, or the I'SSR as it was known for most of that century, trade wiih the outside world was mostly limited to trade with other members of the Socialist Bloc It was self sufficient 111 energy resources and primary goods. Its manufacturing indusiry was for domestic consumption only Foreign consumer goods simply didn't exist. Investment from abroad was not encouraged because the government wanted full control ol production and prices. But things have changed.
The Russia of the 21st century is much more ojK'V iо business with the rest of tin work!. In the first six months of 20<»5. its total international trade turnover was worth about SI 50 billion. Both exports and inqxirts hav e grown in recent years, but exports are grow ing more rapidly in value. This is mainly through the sale of oil and gas. In tact, energy resources make up over two thirds of Russia's cxjMirts. The growing price of these commodities on world markets has brought huge amounts of foreign currency into the Russian economy . Metals are also important for the Russian economy. Russia's steel industry. for example, is one of the world's biijgest < И her primary goods such as tiinl4-r. minerals and fish arc also important.
Tin v alue of trade isn't the only thing that has changed There have Ih-cu changes in Russia's trading partnerships, too. In the old Soviet days, and even in the years that followed tlu fall of communism. Russia's main trading partners were other communist countries that used to be known as the COMECON (Council for Mutual Economic Assistance) countries In the early 1 W)s, for example. Russia still had trade agreements to export energy resources to many former Soviet republics. As oil prices increased, however, many of these countries found it difficult to pay for Russian oil. and exjx>rts fell. At the same time, trade with other parts of the world, especially the European I nion began to grow. Communist ties have not all been broken, though. ()ne of Russia's most important trading partners is China.
Hut what does the future hold l'or the economy? The danger for Russia is that it relies very heavily 011 exports of oil. gas ami minerals Prices for these commodities can change suddenly 011 the world markets. What does Russia have to fall back 011? At the moment, not very much. Its industrial sector is mostly run down and uncompetitive. During the Soviet years, a large part of the country's industrial strength was used to produce arms. Today, military equipment and weapons are still the biggest manufactured exports from Russia. И has to import almost all other manufactured goods.
Many economists Klieve that Russia must spend its oil money oil investing in capital and infrastructure for industry. Doing this will encourage foreign investment and further economic growth, in turn, this will help to spread the benefits of growth to everyone in Russia, not just a privileged elite.
9 E Comprehension
Now read the text again and decide whether these statements are true or false. If the statement is false, correct it in the space provided.
During the Soviet times, Russia did not trade with other nations.
The value of exports is growing faster than the value of imports.
Metals are Russia's largest export.
Many of Russia's old trading partners cannot afford its prices any more.
Russia no longer trades with communist nations-
Weapons are Russia's biggest export.
Ml
an ю
CfoRowit. Unit 21 III
Notes:
Before you listen
Discuss the following with your partner.
-» Russia is the second largest oil producer in the world. It also produces huge amounts of natural gas. How many other oil or gas producing nations can you name?
H F Listening H)))
Now listen to someone talking about Russia's oil and gas industry. Complete the notes with the correct number.
Russia's gas reserves: (1)
cubic metres
Russia's gas output: (2) cubic
metres per day
Russia's oil reserves: (3) barrels
Russia's oil output: (4) barrels
per day
Proportion of European oil and gas bought from Russia: (5)
Proposed pipeline to connect Russia with China and South Korea:
Length of proposed pipeline: (6) km
Cost of proposed pipeline: S (7)
u bpeakmg
Discuss these questions with your partner.
How have the economic changes in Russia affected you and youi family?
Do you think life in Russia is better or worse than it was five years ago?
Are you optimistic about the future?
Plan the Russian economy
Work in groups of three or four. Work together to make a plan for the economy. Your goal is to achieve steady growth, full employment and low inflation in five years from now! When you have your plan, take turns to present it to the rest of the class. Your plan should include the following.
fiscal and monetary policy education policy
social policy • health care, pensions and transfer payments
industrial policy - for example, what industries you will promote
foreign trade policy
environmental policy - how you will avoid negative externalities
Use the space below to make your notes.
H Writing
Imagine it is 2015.Where will you be? What will you be doing? What will the Russian economy be like? Write an informal letter to a foreign friend who has not visited Russia for many years.
Letter from the future
Introduction
PARAGRAPH 1
Thank your friend for their last letter and respond to the news they told you.
PARAGRAPH 2
Tell them your latest news:
What ;ob are you doing?
Where in Russia are you living now?
Have you got a family?
PARAGRAPH 3
Describe how the Russian economy has got worse since 2008.
PARAGRAPH 4
Describe how the Russian economy has improved since 2008.
PARAGRAPH 5
Say what your plans are.
Sign off Write 200-250 words
^
Pronunciation guide Subsidy s\bo<l:
Expatriate :v i okspaetiieu (n, :i»ui okspa'tri.X'
Enviable envbbl
Drastically '(fraestikfi
Shock therapy 'fok <k.-r,->pi
Hyperinflation hanvrinflrifn
Infrastructure J;ntn>str\Ki .n n
Elite ertia
Notes:
Revision Vocabulary Units 17 to 21
Complete the puzzle with words from units I 7 to 21. Can you find the highlighted phrase?
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Hopefully this will happen to the economy after a recession.
The value of imports compared to the value of exports is called the balance of
Managed by the government.
Something that encourages.
When the value? of imports is greater than the value of exports, there is a trade
goods are those which are not
absolutely necessary.
A land is a man who rents
out property.
People who lend money to companies so that they can grow.
A kind of exchange rate mechanism.
Goods that are raw materials for industry, or other goods that are not processed.
inflation is very, very high inflation
Now write your own definition for the highlighted phrase.
B1 Organise these words and phrases into two groups: those with a positive meaning and words with a negative meaning.
aid ■ boom ■ corruption
deficit ■ emancipation ■ enviable
fortunate ■ hardship ■ hyperinflation
lay off ■ overheat ■ plenty
political instability ■ progress
recovery ■ run down ■ slump
Moses Samkange
stabilise ■ struggle ■ value for money
P B2Now make eight sentences using as many words as possible from this exercise.
С Complete this letter to a magazine with a suitable word in each gap.The first letter has been given.
Dear Editor.
When I read the article 'ToughTrade'm the February edition of your magazine I was very disappointed You complained that my country has
put unfair (1 > t on imports of products
from more (2i deconomies such as the
USA and the EU. You are also unhappy that we use 13 >
q to restrict the import of some goods.
However, without these policies, our country would
(•1) sto survive and the trading i T> \
p we have would suffer.
Your government gives (6) a to
many of its industries. This financial help means that your farms and factories can produce goods much more cheaply than ours How can we compete? Also, please don't forget that until my
grandfather's (7) g our country was
a (8) с m your empire. We are still
paying off the (9) dthat you left behind
wlier. we finally won our freedom.
Tor these reasons, the trade restrictions that my
government uses are (10) e for
our economy.
So please - no more complaints!
The science of economics studies business, product inn, trade, inflation, unemployment and the decisions that we, governments and companies take every day.
While microeconomics studies how companies and households run their business, macroeconomics looks at the economy of a country as a whole
Heonomic resources include both material things such as raw materials, housing and others, as well as non-material things, for example, time.
Kverx day we make many decisions and each is a trade-off between different resources
Keonomists collect data and on the basis of this data they create economic models.
heonomic models show relationships between different processes in the economy.
1144 4 . >
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Keonomists test theories using empirical evidence, It is evidence that can be collected and measured.
This theory deals with factors such as inflation, taxes, salaries and unemployment.
(iovernnunts. companies and academies use econometrics to make correct decisions, tind out relationships between variables, etc.
Some variables are considered over a period of time. Such analysis is called time-series
According to the law of demand as the pricc for the good rises, the demand lor it falls.
Price elasticity, the price/demand relationship, helps to set prices at the correct level in the given market tor a particular time.
TRANSLATION
WORK
To make a higher profit the seller has to raise his price and reduce his production costs
In the market economy companies have to compete with each other for a share of the market.
Today, in our li\es and in the economy, money, coins, banknotes and credit cards play a very important role.
In the traditional economy people hunted and gathered and had no property. Land was shared by the whole tribe. Division of laboui t'ust appeared here.
Any economic system has its benefits and drawbacks. The biggest drawback of the traditional economy is the tact that people consume almost everything they produce.
The market economy is not controlled by a government Competition, which helps to control prices and quality, exists in a free market.
Л truly Нее market economy cannot exist as all governments control the economy to some extent by setting limits.
In the market economy supply and demand decide everything: its direct opposite is the planned economy.
in a planned economy a government decides w hat is produced, how much is produced and how and at what price it is sold.
In the world there is no perfect economic system Market economics have their strengths, but they also have drawbacks. In planned economies governments can make sure that everyone can afford basic commodities.
Planned economics have problems with supply as it is difficult to calculate how much to produce and how high a demand to expect. People have to hoard different goods and shortages of goods become common.
In many countries privately-owned businesses exist alongside state-run industries, which need protection from free market competition for their development.
Г. Deregulation leads to increased competition and the influence of market forces.
7 Governments may put limits on free enterprise by banning trade in various goods, preventing monopolies and protecting consumers and the environment.
Unit 5
] If you have a great deal of money and want to buy something, you always face a budget constraint.
2 The utility of a bundle depends on the utility of each good and its quantity.
Л Marginal utility is that of consumption of an additional item of the good.
Costs are money spent to manufacture goods or provide services. For example, rent, interest on loans, cost of electricity and raw materials.
Fixed costs change neither in the short term nor with increases in production.
<i Variable costs change with the size of production. An example of such costs is the quantity of raw materials needed for production of the goods.
7 An economy of scale is a situation in which variable costs rise much more slowly than the size of production.
Unit 6
Market structure is connected with competition. It affects the price.
A market of perfect competition has a number of features. There must be many competing companies, supplying one and the same good or providing one and the same service; all customers and companies must have complete information on the market; there must not be any barriers to new companies entering the market.
If we speak about a market of perfect competition, it is important that all companies should have access to technology and resources.
In a market of perfect competition there are many companies, but none of them are able to control prices.
In a monopoly the market share of one of the companies is so great that the rest are not able to compete.
(> As a rule, monopolies are not good for consumers as they are price-makers.