Файл: Lilia Raitskaya Stuart Cochrane.docx

7 Besides natural monopolies, some monopolies can be created in more aggressive ways by takeovers of other companies.

Unit 7

1. The market where employers buy workers¹ service for wages is called the labour market.

2. Increased output is the utility which employers get from their purchase of labour.

3. All markets, including the labour market, obey the laws of supply and demand.

4. The labour demand curve may shift to the right and to the left. If, for example, the demand increases as a result of increased production, or decreases thanks to any new technology which can replace workers.

³ One of the trade-offs we have to make in our lives is to find the right balance between work time and leisure time.

6. Natural limits such as sleep and rest bring down the possible number of working hours. We need some time to switch off from work, which also decreases working time.

7. If the hourly rate increases, people want to work longer hours. This is called the substitution effect, but the effect also has a limit.

Unit 8

1. The factors of production are required to produce goods. These arc land, labour and capital.

2. Land as a factor of production includes everything that nature provides and which may be used for production.

3. 7: юп Work

   M acmi 11 an Guide to Economics Translation Work IIS

   An educated, skilled and fit workforce is more productive; that is why education and healthcare play an important role in the economy.

4. Capital includes factories, warehouses, equipment, tools and computers; everything that is used in the manufacturing process.

5. At present industry is becoming more capital intensive and less labour intensive.

6. Division of labour and specialization make the manufacturing process more efficient and productive.

7. Workers perform their operations automatically. This speeds up the productivity of the labour force and improves the quality of their work.

Unit 9

1. The market price is a reward for the efforts of the producer.

2. If the price on the market is lower than expected, the buyer will get a bargain.

3. Surplus measures the utility that the consumer gains from his purchase, or the profit that the producer makes.

4. The difference between the price that consumers are prepared to pay and the price that they really pay is called consumer surplus; it is a very important economic concept,

о Companies make use of many pricing tricks which help them to increase their profits. Prices can be set higher or lower than the market price; sometimes companies use price discrimination.

7 Auctions are becoming very popular, for example, on the Internet. In an auction all participants make bids, and the highest wins.

Unit 10

] Though many economic laws, formulas, theories and concepts often seem far removed from everyday life, economic policies affect the life of society, families and individuals. Welfare economics considers issues of equity or fairness.

2. Economists examine how income and wealth are distributed among the population. And equity is realized through taxation.

3. Translation Work

   t I 6М а сm i I I a n Guide to E с о n о m i с s Translation Work

   According to those economists who share the concept of welfare economics, any economic system is unfair.

4. Governments receive revenues from different sources with taxation as the main one.

5. Through taxation governments achieve different goals. They decrease the income gap between the rich and the poor, they discourage people from consuming harmful products and they control overall supply and demand.

6. Most taxation revenues go on public goods which include national defence, street lighting, healthcare, education and others.

7. The effects which economic activities have on people are called externalities. These may be positive or negative. For example, industries can do harm to the environment.

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Unit 11

1. Wealth can include valuable belongings, money, gold, stocks and shares, works of art, land, property and precious jewels.

2. Besides a salary or an unemployment benefit, there are other sources of income. For example, interest from savings in a bank or rent from property.

3. The distribution of wealth in many countries has remained practically without change for many years. A large share of the wealth is concentrated in the hands of a small group of the population. Inequality is difficult to eradicate.

4. The Lorenz curve shows the relationship between income and population, in other words it represents how income is distributed in the market economy. The extent of the inequalities in income distribution can be judged from the curve.

Poverty is a global problem. Though it is mainly associated with developing countries, to some extent it also exists in developed countries.

When we speak about absolute poverty, we mean the people who live below the poverty line.

7 People on a low income spend all the money they have on daily necessities. They cannot save.

Tile Great Depression was a devastating collapse tor the American economy the effects of which were fell almost in every country of the world The depression changed attitudes to the science of economics.

Alter the depression of the l'MOs, tlu most important aims of any government have become steady economic growth and control over inflation to avoid serious economic recessions.

Fiscal policy is connected with the tax system and the budget of the country By this policy the government can influence disposable income, demand and economic growth.

The main tool of monetary policy is interest rates

Aggregate demand is demand in the whole economy. It includes demand from consumers, companies, the government and customers abroad.

The value of all the services and products produced by the whole economy forms real national produet

The growth or falldown trend for supply and aggregate supply in the short run is the same, but in the long run aggregate supply grow th is not affected by price, but depends 011 the factors of production available in the economy

Before the use of money, which is taken for granted by jxiople today, the basic system of pa> ment w as sw apping or bartering

The first commodity monev was metal, salt and other valuable commodities. Such money lacked liquidity, that is the ability to circulate freely, but it stored value.

Fiat money does not have any intrinsic v alue, but only represents value.

If you save money, you may put it in a box under your bed. which is unsafe and unreasonable, or you may put it in a bank account. The money in an account earns interest.

The main service which any bank provides to its customers is lending money. Banks are the most reliable lenders.

If a client defaults 011 a loan, the bank uses interest to cover the losses Though most clients pay back their loans, interest serves as a form of security.

A banks' clients can make withdrawals at any­time, as any bank keeps some percentage of the savings received from its clients as the reserve.

Fiscal policy regulates the functioning ol the tax system and government spending. Both affect economic grow th

A progressive taxation system operates in many countries ol the world. The more money a person earns the higher the tax he pays.

Government spending can affect economic growth through the so-called multiplier effect

Monetary policy involves making changes to the interest rate and controlling the money circulating in the economy

The interest rate is usually set by the central bank of a country, which also serves as a lender for commercial banks.

When buy ing houses many people take out mortgages from commercial banks If the interest rate increases, the mortgage becomes more expensive.

Mlini en. С» U • -i • to t - о " О n • : I Tr_tn| • t 1 ... ■ JVot » 117

If the interest rate is low. companies invest and expand their business, the national currency- value falls and national goods and services become cheaper for foreign buyers. Kx|*>rts begin to grow and more money comes into tlu economy

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A too rapid grow th rate in the economy- may cause inflation. A steady growth rate is preferred. This is the aim of monetary and fiscal jvolicics

The interest rate is determined by the levels of supply and demand in the money market.

Money supply is the money in circulation, including cash, money in hank accounts, reserves, etc.

Kvents like wars or natural disasters which cannot he controlled by governments may affect the economy in unexpected ways

Demand-side shocks may occur in the countries heavily dependent oil exports.

Shocks may he both demand side and supply- side They can cause a knock-on effect 011 the national economy or other economies.

When supply side shocks occur, the supply of raw materials or components is disrupted. When some good is in short supply, its price rises, so do manufacturers' variable costs and their prices.

< hie of the ways to measure the nidation level is the retail ргнч index, which is calculated for the basket of goods

Cost-push inllation occurs when prices rise without an increase in demand, which is common when producers" variable costs rise sharply.

Among other causes of rising inllation is the growth in the circulating money supply. This is explained by the quantity theory of money

People w ith fixed incomes suffer most of all from rising inflation

rnetnployment can be cyclical or structural. Cyclical unemployment varies with growth or recession in the eeonomv. Structural unemployment depends 011 the low demand for labour in some industries.

There arc other types of unemployment. For example, frictional unemployment, when people are looking for new jobs, as well as seasonal unemployment, when some industries work seasonally.

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The situation in which everyone who wants to work has a job is called full employment.

When economic grow th is calculated inflation is taken into account

Sharp, sudden economic growth may cause tlu economy to overheat. Such growth is called a boom.

Savings, capital grow th and technological progress are considered essential conditions for economic growth.

Technology advances lead to increased productivity from the same amount of capital and resources.

Long-term economic growth is often followed by a recession. Such a cycle is called the trade or business cycle. It has four stages, boom, slump, recession and recovery

When demand for goods and sen ices is steadily growing, companies have to take 011 more employees, consumers' confidence rises as their incomes also go up

When the slump comes, the economy continues to grow but at slower rates. Inflation starts to rise, confidence falls.

All through world history people and countries have 1ч en trading with each other. I11 the modern world an economy is considered open when it imports and exports goods and services.

Lxport and import of goods is defined as 'visible' in contrast to the "invisible" export and import

of services.

The balance of trade is an integral part of Un­balance of payment. If imports exceed exports, a country has a trade deficit, if the situation is the opposite, a country achieves a trade surplus

Almost every country in the world has its national currency. Some countries share a common currency, for example, the 13 buropean I'thon member countries.

An exchange rate is the price of a currency. Like any price it is decided by supply and demand in the market.

The rate of exchange is the equilibrium between demand for the currency and its supply.

Л change in the exchange rate of the currency always has ati impact 011 the country's economy. For example, if the rate of exchange

rises, the country's goods get more expensive and demand for them abroad falls. As a result the country's exports may decrease.

Unit 19

I The exchange rate may affect the whole economy: interest rates, balance of payments and economic growth.

' When a currency is free floating the government does not control its rate of exchange and the currency is priced by the market.

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Л When a government wants its national currency to float with some other currency, for example, the dollar or the euro, it pegs it to that currency.

4. If a government wants to maintain the rate of its national currency, it has to sell or to buy it or other currencies on the international money market.

5. All countries can have absolute and comparative advantages. If an economy can produce goods at a lower cost than other countries or has resources others do not have then the country has absolute advantage.

6. An economy has comparative advantage when it can produce something at a lower opportunity cost than other countries.

7. In some cases countries have to restrict trade with other countries. For example, a government may increase tariffs on imports or impose import quotas.

Unit 20

1. There are several ways to measure how developed a country is. They are, first of all, life expectancy, education level and real income of the population.

2. In the less developed countries of the world many people die of hunger or because of poverty and millions of people can neither read nor write.

Л The populations of the poorest countries suffer from natural disasters, serious diseases like AIDS and cholera are also widespread.

4 The Russian empire stretched from Poland in the West to the Pacific Ocean in the East. Russia had the biggest territory, but

economically it was far behind the leading world powers.

5. The Russian empire preserved a feudal economic system and subsistence farming; most of the population remained serfs till 1861.

6. Russia's industrial base was poorly developed and the population was mainly illiterate and unskilled. In the country there were few factories. Mechanical engineering was not developed during this period.

7. The emancipation of serfs and increased foreign investments helped Russian to build up manufacturing industries. The steel industry was rapidly developed, a railway network was constructed, and mining output increased.

Unit 21

1. In Moscow in the 1990s, state-run shops with few consumer goods were replaced by expensive shopping centres. The city has become one of the most expensive cities in the world.

2. At the beginning of the 1990s the Russian government used a 'shock therapy' approach. Severe fiscal and monetary measures were introduced. Government controls over prices for ah consumer goods except for staple goods were lifted.

3. In the period before the crisis, taxes and interest rates were raised and subsidies to state industries were cut. Events in the banking system caused the money supply to balloon.

4. The Soviet Union traded mainly with the Gomecon countries. Primary products and energy resources were traded under full control of foreign trade prices.

5. Russia's foreign trade turnover has been rising lately with exports growing in value much faster than imports.

6. Russia exports primary products: oil, natural gas, timber, metals, steel, fish. Oil and gas make up about two-thirds of Russia's exports.

Тгг

Macmillan Guide i о Economics translation Work 119

. Most manufacturing industries are uncompetitive and run-down. That is why it is necessary to invest oil money in infrastructure and capital.

GLOSSARY

A

absolute advantage /.sebs^luit advamtidj/ абсолютное преимущество

abundance /a'bAndans/ изобилие

access to smth /aekses/ доступ (к чему-либо)

accommodation /s.kDms'deiJan/ жилье

to affect /a'fekt/ оказывать влияние (часто негативное)

affordable /a'foidsbl/ по средствам

aggregate /aegrigat/ совокупный

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assets /assets/ активы; имущество

ATM /,ei ti: 'em/ (automatic teller machine /aita'maetik 'tela ma'Ji:n/) банкомат

auction /э:к}п/ аукцион

autarchy /o:ta:ki/ автаркия(экономический режим страны, предполагающий ее самообеспечение и отсутствие торгового обмена с другими странами)

I 20 И а с m 111 а n Guide to Economics Glossary

average /aevarids/ средний

В

baby boom generation /beibi ,bu:m d3ena,reijn/ поколение, родившееся после второй мировой войны в период бума рождаемости

balance of payments /baelans av 'pennants/ платежный баланс

to balloon /ba'luai/ расти до огромных размеров

to ban /Ьаеп/ запретить

to ban trade /bsen 'treid/ запретить торговлю

band /baend/ интервал, диапазон

bank account /Ьзецк a,kaunt/ банковский счет

bargain /ba:gin/ сделка; выгодное приобретение

barrier /Ьэепэ(г)/ барьер

bartering /ba:terii]/ (тж.barter) бартер, товарообмен

basket of goods /,ba:skit av 'godz/ корзина товаров

to be at risk /,bi: at 'risk/ рисковать

to be in short supply /,bi: in ,|o:t sa'plai/ быть в небольшом, ограниченном количестве

(о товаре)

to be pegged against smth /,bi: pegd a'genst ,SAm0ir]/ быть привязанным к чему-либо (iо валюте)

benefit /benifit/ 1. преимущество 2. выгода, прибыль

Black Tuesday /.blaek 'tju;zdei/ черный вторник boom /Ьшт/ бум

to borrow топеу /Ьогэо 'тлт/ брать в долг

borrowing /Ьогэшц/ заём

bottom line /botam 'lain/ практический результат, итог

budget constraints /bvdjit kan,streints/ ограничения денежных средств; бюджетные ограничения

bundle /bAndl/ набор; корзина (товаров)

business cycle /biznas saikl/ экономический цикл, цикл деловой активности

to buy smth on credit /,bai ,SAm6ii] on 'kredit/ покупать что-либо в кредит

С

to calculate /kaelkjuleit/ рассчитывать; делать вычисления

capacity /ka'paesati/ мощность

capital goods /ksepitl gudz/ инвестиционные товары; капитальные блага

capital-intensive /.kaepitl in'tensiv/ капиталоемкий

cash /kaeJV наличные деньги

cash till /kaej ,til/ касса (e магазине, банке)

Chancellor of the Exchequer /фгшэ1э(г) av 5i iks'tjeko(r)/ канцлер казначейства (министр финансов Великобритании)

to charge a price /,tja:d3 э 'prais/ взымать цену

to charge for service /tja:d3 fo: 's3:vis/ брать плату за услугу

to charge interest on loans /,tja:d3 intrast Dn ,bonz/ начислять проценты на кредиты

chart /tja:t/ график

cheque book /ijekbok/ чековая книжка to collect a tax /ka,lekt э taeks/ собирать налог to collect data /ksjekt deits/ собирать данные colony /kDhni/ колония

COMECON /kDmikDn/ (Council for Mutual Economic Assistance or Aid) Совет экономической взаимопомощи (социалистических стран Европы), СЭВ

commodity /ks'irmdsti/ товар (преимущественно биржевой или сырьевой)

commodity money /ka'irmdati ,тлш/ товарные деньги

comparative advantages /ksm.paeranv sd'vaintidjiz/ сравнительные преимущества

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