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6
5. What work did Adam Smith do with the support of the grant?
Repeat what the text said about Adam Smith. Say a few words about a Russian
scientist.
Write half a page about him/her.
Microeconomics and macroeconomics
Economics as a science consists of two disciplines that is of
microeconomics and macroeconomics.
Microeconomics is the branch of economics that studies individual
producers, consumers, or markets. Microeconomics also studies how
government activities such as regulations and taxes affect individual
markets. Besides microeconomics tries to understand what factors affect the
prices, wages and earnings.
Macroeconomics is the branch of economics that studies the economy as a
whole. It tries to understand the picture as a whole rather than small part of it.
In particular, it studies the overall values of output, of unemployment
and of inflation.
Vocabulary
microeconomics
macroeconomics
to consist of something
discipline
that is = i.e.(лат.)
branch
individual
producer
consumer
market
also
government
the British government
activities
such as
regulation
tax
to levy a tax on something
микроэкономика
макроэкономика
состоять из чего-либо
дисциплина
то есть
отрасль, ветвь, отделение
индивидуальный, личный
производитель, изготовитель
потребитель
рынок
также, тоже
правительство
английское правительство
деятельность
такой, как
правило,регулирование
налог
ввести налог на что-либо
7
to pay a tax
to affect somebody/something
price
wages
to earn
earnings
picture as a whole
rather than
small
part
in particular
overall
value
output
inflation
уплатить налог
действовать на кого-либо / что-
либо,
цена
заработная плата
зарабатывать, получать
заработок, прибыль
картина в целом
скорее чем
маленький, небольшой
часть
в частности, в особенности
общий, полный
ценность, стоимость
выпуск, продукция
инфляция
Repeat what the text says about:
- microeconomics
- macroeconomics
Translate the definitions of each term into Russian.
An Apple a day
In 1976, Anita Roddick took out a GBP 4,000 loan and opened the first
Body
Shop.
Twelve years later she opened the 322nd
Body Shop
and was
launching into the United States. By then she had stores in many countries
and ran an empire with an annual turnover of £28.5 million. Her chain of
natural cosmetics stores has created 3,000 jobs in the United Kingdom and
many more overseas.
Another spectacular growth story is that
of Apple Computer.
Apple began its
life with Steven Jobs and Stephen Wozniac, two students at Stanford
University in the United States, who worked in a garage.
They bought a few components and produced the world's first commercially
successful personal computer, the Apple. From that modest start,
Apple
Computer
has grown into a giant. Two-thirds of all firms are operated by
their owners, as Body Shop and Apple once were.
But companies, like
Body Shop
and
Apple
today, account for about 90 per
cent of all business sales.
8
Vocabulary
loan
заем, ссуда, кредит
body
1) тело
2) организация
by then
к тому времени
to launch
запускать
to run an empire
владеть империей
turnover
оборот
overseas
за морем, за границей
garage
гараж
personal computer (p. с.)
персональный компьютер
modest
скромный
owner
владелец
to account for... per cent
составлять…%
chain
цепь
Answer the questions:
1. What have you learnt about Anita Roddick and what was her success in
business?
2. How did "Apple Computer" grow?
3. Is it a giant today?
4. What is the place of the companies like "Body Shop" and "Apple" in
business sales in the USA?
5. Do you think these figures are the latest?
Give another example of a big company and say how it has grown into a
giant.
Agree or disagree:
1. There are more giant companies than small business in our country.
2. It is better to work for a big company than to run one's own small
business.
The sources of economic health
In 1776, new technologies were being invented and applied to the
manufacture of cotton and wool, iron, transportation and agriculture in
what came to be called the «Industrial Revolution».
Adam Smith was keenly interested in these events. He wanted to understand
the sources of economic wealth, and he brought his acute powers of
observation and abstraction to bear on this question.
His answer was:
9
-
The division of labour
-
Free domestic and international markets
Smith identified the division of labour as the source of «the greatest
improvement in the productive powers of labour». The division of labour
became even more productive when applied to creating new technologies.
Scientists and engineers, trained in extremely narrow fields, became
specialists at inventing. Their powerful skills speeded the advance of
technology. Machines started performing repetitive operations faster, and
more accurately than people.
But, said Smith, the fruits of the division of labour are limited by the extent
of the market. To make the market as large as possible, there must be no
impediments to free trade both within a country and among countries.
Smith argued that when each person makes the best possible economic
choice based on self-interest, that choice leads as if by an invisible hand to
the best outcome for society as a whole.
Vocabulary
to divide
health
technology
to invent
to apply
manufacture
cotton
wool
iron
agriculture
keen
keen competition
keen interest
event
acute
acute hearing
domestic
powerful
skills
to speed
to perform
to repeat
fast
accurately
extent
impediment
делить, разделять
здоровье
техника, технология
изобретать
применять
производство, изготовление
хлопок
шерсть
черный металл
сельское хозяйство
острый, резкий, большой
острая конкуренция
большой, острый интерес
событие
острый, проницательный
острый слух
внутренний
мощный, хороший
квалификация, знания
ускорять
выполнять
повторять
быстрый
точно
размер
препятствие, помеха
10
to argue
invisible
invisible earning
invisible exports
invisible imports
invisible supply
to identify
outcome
спорить
невидимый
поступления от невидимых статей
невидимые статьи экспорта
невидимые статьи импорта
невидимые запасы (вне
коммерческих каналов)
определять
результат, исход
Translate the sentences
1. New technologies were being invented and applied to industry,
transportation and agriculture in what came to be called the “Industrial
Revolution”.
2. He brought his acute powers of observation to bear on this question.
3. When each person makes the best possible economic choice based on
self-interest, that choice leads to the best outcome for society as a whole.
Write out all the sentences defining the term “division of labor”. Translate
them into Russian.
Agree or disagree
1. It is very easy to define most economic terms.
2. There are many specialized dictionaries on economics available
3. One and the same term is interpreted in every dictionary in the same
way.
The discoverers of the laws of demand supply
The law of demand was discovered by А. А. С о u r n о t (1801-1877),
a professor of mathematics at the University of Lyon, France, and it was
he who drew the first demand curve in the 1830s.
The first practical application of demand theory, by J u l e s D u p u i t
(1804-1866), French engineer and economist, was the calculation of the
benefits from building a bridge and, given that a bridge had been built, of
the correct toll to charge for its use.
The laws of demand and supply and the connection between the costs of
production and supply were first worked out by D i o n y s i u s
L a r d n e r (1793-1859), an Irish professor of philosophy at the
University of London.
D i o n y s i u s L a r d n e r showed railway companies how they
could increase their profits by cutting rates on long-distance business,