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Международный консорциум «Электронный университет»
Московский государственный университет экономики,
статистики и информатики
Евразийский открытый институт

И.Ф. Турук,
Р.А. Гитович

Английский язык
Лексические основы чтения
текстов по экономике
2-е издание, исправленное и дополненное
Рекомендовано Президиумом Научно-методического совета
по дистанционному образованию
в области экономики и управления
в качестве учебно-практического пособия
для системы высшего и дополнительного образования

Москва, 2009

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Английский язык.  
Лексические основы  чтения текстов по экономике 
УДК
ББК

Т 888

42
81.432.1
Т 888

Турук И.Ф., Гитович Р.А.
АНГЛИЙСКИЙ ЯЗЫК. ЛЕКСИЧЕСКИЕ ОСНОВЫ
ЧТЕНИЯ ТЕКСТОВ ПО ЭКОНОМИКЕ – М.: Изд. центр
ЕАОИ, 2009. – 167 с.
ISBN 978-5-374-00263-8
УДК 42
ББК 81.432.1

ISBN 978-5-374-00263-8

2

© Турук И. Ф., 2009
© Гитович Р. А., 2009
© Оформление. Евразийский открытый
институт, 2009

Contents
Introduction ............................................................................................ 6
Unit 1 ...................................................................................................... 8
1. Information for study. The Basic Economic Problem. .................. 8
2. Practice ............................................................................................... 10
3. Vocabulary ........................................................................................ 13
4. Test .................................................................................................... 15
Unit 2 .................................................................................................... 17
1. Information for study. Market Economies.................................... 17
2. Practice ............................................................................................... 18
3. Vocabulary ........................................................................................ 21
4. Test .................................................................................................... 23
Unit 3 .................................................................................................... 25
1. Information for study. Planned Economies.
Mixed Economies. ............................................................................ 25
2. Practice ............................................................................................... 27
3. Vocabulary ........................................................................................ 29
4. Test .................................................................................................... 31
Unit 4 .................................................................................................... 33
1. Information for study. Microeconomics
and Macroeconomics. ...................................................................... 33
2. Practice ............................................................................................... 35
3. Vocabulary ........................................................................................ 37
4. Test .................................................................................................... 39
Unit 5 .................................................................................................... 41
1. Information for study. Macroeconomics:
The Overall Picture. The Issues. ..................................................... 41
2. Practice ............................................................................................... 43
3. Vocabulary ........................................................................................ 46
4. Test .................................................................................................... 48
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Английский язык.  
Лексические основы  чтения текстов по экономике 

Unit 6 .................................................................................................... 50
1. Information for study. The Role of the Market. ........................... 50
2. Exercises............................................................................................. 52
3. Vocabulary ........................................................................................ 53
4. Test .................................................................................................... 54
Unit 7 .................................................................................................... 56
1. Information for study. Demand and Supply. ............................... 56
2. Practice ............................................................................................... 58
3. Vocabulary ........................................................................................ 61
4. Test .................................................................................................... 62
Unit 8 .................................................................................................... 64
1. Information for study. The Price of Related Goods..................... 64
2. Practice ............................................................................................... 66
3. Vocabulary ........................................................................................ 69
4. Test .................................................................................................... 70
Unit 9 .................................................................................................... 72
1. Information for study. Output Supply.
Revenues, Costs, and Profits........................................................... 72
2. Practice ............................................................................................... 75
3. Vocabulary ........................................................................................ 79
4. Test .................................................................................................... 81
Unit 10.................................................................................................... 83
1. Information for study. Money and its Functions. ........................ 83
2. Practice ............................................................................................... 86
3. Vocabulary ........................................................................................ 87
4. Test .................................................................................................... 89
Unit 11.................................................................................................... 91
1. Information for study. Decision Making in Business .................. 91
2.Practice ............................................................................................... 94
3.Vocabulary ......................................................................................... 95
4. Test .................................................................................................... 97
4

The most used affixes .......................................................................... 99
Tapescripts .......................................................................................... 100
Additional Reading ........................................................................... 111
Final Test.............................................................................................. 131
Assignment.......................................................................................... 138
Руководство по изучению курса ................................................ 141
Рабочая программа ......................................................................... 167

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Английский язык.  
Лексические основы  чтения текстов по экономике 

Introduction
Введение
Цель:
Учебно-практическое пособие (УПП)1 предназначено
для студентов дистанционной форм обучения и направлено
на обучение студентов лексическим навыкам чтения экономической литературы на английском языке.
В результате обучения по данному пособию студент
должен:
1. усвоить необходимый минимум словарного состава экономического текста, включая общенаучную, терминологическую и служебную лексику;
2. приобрести навыки чтения и перевода текста, умение
выделять основные идеи текста и давать им свою оценку;
3. овладеть умением понимать текст на слух и делать краткие
аннотации к прослушанному.
Содержание:
УПП состоит из 11 уроков (Units), каждый из которых
раскрывает те или иные аспекты экономики.
Урок состоит из 4 разделов: 1) Information for Study, 2) Exercises, 3) Vocabulary, 4) Test.
В конце УПП приводится Additional Reading, Final Test
(итоговый тест), The Most often Used Affixes (список наиболее
употребительных аффиксов научной литературы), Tapescripts
(тексты, предназначенные для аудирования) и Assignments
(контрольные задания).
Методические рекомендации:
Все упражнения выполняются в той последовательности,
в которой они даны в УПП. Большинство упражнений должны
1 Уровень 2 (Intermediate) полного курса английского языка для системы дистанционного образования.

6

 
Introduction 

выполняться письменно в тетради в соответствии с заданиями.
Проверку упражнений осуществляет тьютор. Текст является
лексической базой каждого урока, и задания направлены на
поиск студентом определенных лексических единиц в тексте с
целью прослеживания их функционирования и нахождения
эквивалентов русским и английским лексическим единицам и
терминам. Основные виды работы с текстом: перевод, понимание, аннотирование и обсуждение прочитанного.
После прохождения материала урока студент выполняет
тест. Целью поурочных тестов является самоконтроль и самокоррекция. Итоговый тест и контрольные задания выполняются студентами и проверяются тьютором с целью оценки
знаний и умений, полученных студентами после прохождения всего курса.
Раздел «Additional Reading» включает Texts for Comprehension и Case Study для внеаудиторного чтения без словаря с
общим пониманием прочитанного и обсуждением на занятиях.

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Английский язык.  
Лексические основы  чтения текстов по экономике 

Unit 1
I. Information for study
The Basic Economic Problem
Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
Business activity involves satisfying consumers’ needs and
wants. Businesses aim to satisfy these wants and needs by producing goods and services. When food is produced or a bus service is
provided, resources (land, labour, capital and enterprise) are used
up. These resources are scarce relative to needs and wants. In other words, these are not enough resources to satisfy all consumers’
needs and wants. This is known as the BASIC ECONOMIC
PROBLEM. This means businesses, individuals and the government must make choices when allocating scarce resources between different uses. For example, a printer may have to choose
whether to buy a new printing press to improve quality or some
new computer software to improve administrative efficiency.
Economics is the study of how resources are allocated in situations where they have different uses. The choices faced by decision makers can be placed in order of preference. For example, a
business may be considering three investment options but can only afford one. The decision makers might decide that the order is:
1. a new computer system;
2. a fleet of cars for the sales force;
3. a warehouse extension.
The business will allocate resources to the purchase of the
new computer system. The other two options are foregone or given up. The benefit lost from the next best alternative is called the
8

I. Information for study 
The Basic Economic Problem 

OPPORTUNITY COST OF THE CHOICE. In this example it would
be the benefit lost by not having a fleet of new cars.
What is an economy? An ECONOMY is a system which attempts to solve the basic economic problem. In the national economy the resources in a country are changed by business activity
into goods and services which are bought by individuals. In a
household economy the family budget is spent on a range of
goods and services.
Local and international economies also act in the same way,
but at different levels. The function of an economy is to allocate
scarce resources amongst unlimited wants. The basic economic
problem is often broken down into three questions.
 What should be produced? In developed economies the
number of goods and services produced from resources is
immense. The economic system must decide which resources
will be used to produce which products. For example, what
proportion of resources should be used to produce food,
housing, cars, cigarettes, cosmetics or computers? Should resources be used for military purposes? Should resources be
used to generate wealth for the future? In less developed
countries the decision about what to produce may be simpler.
This is because the choices available are limited. For example,
a very poor African village might be faced with the decision
whether to produce wheat or maize. However, this is still a
question about resource allocation and what to produce.
 How should it be produced? The way in which goods and
services are produced can vary. Decisions have to be made
about such things as where production will take place, the
method of production and the materials and labour that will
be used.
 For whom should it be produced? An economy has to determine how the final goods and services will be allocated
amongst competing groups. For example, how much should
go to students, should the unemployed receive a share of
output, should Ethiopia receive a proportion of total UK
output, should managers get more than workers?
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Английский язык.  
Лексические основы  чтения текстов по экономике 

How the above questions are answered will depend on the
type of economic system. It is usual to explain how resources are
allocated in three types of economy – the free market economy, the
planned economy and the mixed economy. The way business activity is organized will be different in each of these systems.

II. Practice
1. Переведите текст А на русский язык, используя словарь в
конце урока.
2. Найдите в тексте ответы на поставленные вопросы и запишите их.
1. What is the aim of business activity?
2. What is the basic economic problem?
3. What does economics study?
4. In what order can the choices be placed?
5. What is the opportunity cost of the choice?
6. What is an economy?
7. How does national economy act?
8. What is the function of an economy?
9. Into what questions is the basic economic problem broken
down?
10. What must economic system decide in order to solve the
first question?
11. What decisions are to be made to solve the second question?
12. What has to be determined to solve the third question?
3. К выделенным жирным шрифтом словам в тексте подберите близкие по значению слова из следующего списка:
quantity, person, application, distribution, portion, option, possibility, aim, main, huge, various, limited, to upgrade, to change, to try,
needs
10

I. Information for study 
The Basic Economic Problem 

4. Подчеркните в тексте A предложения, соответствующие
по смыслу данным ниже:
1) Экономика – это система, которая пытается разрешить
основную экономическую проблему.
2) В слаборазвитых странах вопрос о том, что производить, решается проще.
3) Надо принять решения о месте производства, о методах производства, а также о том, какой труд и какие материалы использовать.
4) Чтобы удовлетворить все потребности и запросы потребителей, ресурсов недостаточно.
5) Экономическая система должна определить, какие из
ресурсов следует направить на производство каких
продуктов.
6) Целью коммерческой деятельности является удовлетворение запросов потребителей.
7) Предприятие может рассматривать три возможные инвестиции, но может позволить себе только одну.
8) Предприятие, возможно, направит ресурсы на покупку
новой компьютерной техники.
9) Ответ на вышеупомянутые вопросы будет зависеть от типа экономической системы.
5. Образуйте существительные от данных глаголов при
помощи суффиксов -er, -ence, -ion, -ment. Проверьте их по
тексту и переведите их.
to compute, to prefer, to invest, to extend, to work, to print, to
manage, to make, to allocate, to govern
6. Изложите краткое содержание текста А в письменной
форме.
7. Прочтите список ключевых слов к тексту В.
income
distribution

---

доход
распределение
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Английский язык.  
Лексические основы  чтения текстов по экономике 

to earn
to distribute
to share around
annual
to enjoy
standard of living
necessities of life
recreation
neighbours
national income
sum total
world income
share
individual
heading
income per head
population
middle-income
countries
major oil counties
industrial countries

------------------

зарабатывать
распределять
распределять
годовой
пользоваться
уровень жизни
насущные потребности
отдых
соседи
национальный доход
общая сумма
мировой доход
доля
частное лицо
заголовок
доход на душу населения
население

----

страны со средним доходом
страны-поставщики нефти
промышленно развитые
страны
Table 1

World population and income in the early 1980s

Income per
head
Percentage of
world population
Percentage of
world income

12

Poor
countries

Middleincome
countries

Major oil
countries

Industrial
countries

Soviet
block

155

840

7670

6270

2800

50.7

25.1

0.4

15.6

8.2

5.0

14.2

1.5

64.8

14.5

I. Information for study 
The Basic Economic Problem 

8. Прослушайте текст В на кассете 2-3 раза и постарайтесь
понять его. Обратите внимание на таблицу 1.
9. Дайте краткое изложение текста В на русском языке.
10. Прочтите утверждения и выберите те, которые соответствуют содержанию текста В1:
1) Every individual has an annual income, that is, what he or
she earns in a year.
2) People’s standard of living allows them to enjoy various
goods and services.
3) Your income just covers the necessities of life.
4) Nations and different countries also have an income.
5) A national income is the money the government gets.
6) World income is the total of all the incomes earned by all
the people in the world.
7) People in middle-income countries are more wealthy than
those in oil countries.

III. Vocabulary to Text A
to afford
to aim
to allocate
allocation
to attempt
benefit
to break down
choice
to compete
to consider
cost
economy
1

-------------

позволить себе
стремиться
распределять
распределение
пытаться
выгода, прибыль
делить, подразделять
выбор, альтернатива
конкурировать
рассматривать
стоимость
экономика

После выполнения задания проверьте Ваши ответы: 1), 2), 4), 6).

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Английский язык.  
Лексические основы  чтения текстов по экономике 

efficiency
enterprise
extension
to face
to forego
to generate
to give up
household
housing
immense
to improve
individual
investment
to involve
labour
needs
opportunity
option
output
preference
printer
to provide
purchase
quality
range
sales force
to satisfy
scarce
share
software
to solve
unemployed
unlimited
to use up
to vary
14

------------------------------------

производительность труда
предприятие
расширение
сталкиваться
предшествовать
порождать
бросить, отказаться
домохозяйство
жилье
огромный
улучшать
частное лицо
капиталовложение
включать
труд, трудовые ресурсы
потребности
возможность
выбор, вариант
выпуск продукции
предпочтение
печатник
предоставить
покупка
качество
ассортимент
торговые агенты
удовлетворять
скудный
доля
программное обеспечение
решать
безработный
неограниченный
израсходовать
изменяться

I. Information for study 
The Basic Economic Problem 

wants
warehouse
wealth
wheat

-----

потребности
склад
богатство
пшеница

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях1.
1) Businesses aim to … these needs and
wants by producing goods and services.
2) When food is produced, … are used up.
3) A business may be considering three
investment options but can only … one.
4) The benefit lost from the next best … is
called the opportunity cost of the choice.
5) There are not enough resources to satisfy
all consumers … and wants.
6) In a household economy the family
budget is … on a range of goods and
services.
7) The function of an economy is to allocate
scarce resources amongst … wants.
8) In less developed countries the decision
about what to … is simpler.
9) The way in which goods and services are
produced can ….
10) Resources are … relative to needs and
wants.

a) afford
b) alternative
c) needs
d) produce
e) provide
f) research
g) resources
h) satisfy
i) scarce
j) spent
k) unlimited
l) vary

Ответы по всем тестам записываются сочетанием номера и буквы.
Например: 1) (номер предложения) – i) (выбранное слово) = 1i).

1

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Английский язык.  
Лексические основы  чтения текстов по экономике 

2. Выберите существительное, которое может следовать за
данным глаголом.
1) to solve
3) to organize
5) to answer

a) change
b) problems
c) productions
a) quality
b) activity
c) validity
a) options
b) portions
c) questions

2) to use up
4)to provide
6) to buy

a) resources
b) assumptions
c) economies
a) choice
b) service
c) enterprise
a) needs
b) wants
c) goods

3. Выберите из приведенного списка термины, соответствующие данным определениям.
1) Means of satisfying a want.
2) A thing that is or may be chosen.
3) The benefit lost from the next best alternative.
4) Practical science of the production and distribution of wealth.
5) Amount produced by manufacture, mining,
labour etc.
6) Annual estimate of revenue and expenditure.
7) Money paid for commodities or services.

16

a) cost
b) budget
c) economics
d) opportunity cost
e) option
f) output
g) resource

I. Information for study 
Market Economies 

Unit 2
I. Information for study.
Market Economies

Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
In MARKET ECONOMIES (also known as CAPITALIST
ECONOMIES or FREE ENTERPRISE ECONOMIES) resources are
allocated through markets.
The role of government in a free market system is limited. Its
main functions are:
 to pass laws which protect the rights of businesses and consumers and punish offenders;
 to issue money and make sure that the monetary system operates so that markets work efficiently;
 to provide certain essential products and services that
would not be provided by firms, such as policing, national
defence and the judiciary;
 to prevent firms from dominating the market and to restrict
the power of trade unions. These activities will restrict competition and affect the workings of the market.
What to produce? This decision is often made by consumers.
Businesses will only produce goods if consumers will buy them
and so firms must identify consumers’ needs and respond to them.
Firms which produce unwanted products are likely to fail.
Resources will be used to produce those goods and services
which are profitable for businesses. If consumers buy more of a
particular product prices will tend to rise. Rising prices will attract
firms into that industry as they see the chance of profit. For exam17

Английский язык.  
Лексические основы  чтения текстов по экономике 

ple, in recent years, new firms have set up supplying accommodation for the elderly, to exploit rising demand as the population
ages in the UK.
As demand for out of date and unwanted products falls
their prices will also fall. Firms will leave these industries due to a
fall in profit. They will sell unwanted resources like land, buildings and equipment and make labour redundant. These resources
will be used by other businesses. For example, many cinemas have
closed down due to a lack of demand. Some of the buildings used
as cinemas have been bought by other businesses and used as bingo halls, night clubs or supermarkets.
How to produce? In market economies businesses decide
this. Businesses aim to make a profit. They will choose production
methods which reduce their costs. Competition in business forces
firms to keep prices low. Consumers will prefer to buy their goods
from firms which offer lower prices, although other things such as
quality will also influence them.
How are goods and services allocated? Firms produce goods
and services which consumers purchase with money. The amount
of money consumers have to spend depends on their income and
wealth. In market economies individuals own the factors of production. For example, workers earn wages from selling their labour. Owners of capital receive interest, owners of businesses receive profits and owners of land receive rent. All of these can be
spent on goods and services. Those individuals with the most
money can buy the most products.
In practice there are no pure market economies in the world.
However, some countries such as the USA, Japan and Hong Kong
have economies which possess many of the characteristics of market economies.

II. Practice
1. Переведите текст А на русский язык, используя словарь в
конце урока, обращая внимание на перевод терминов.
18

I. Information for study 
Market Economies 

2. Найдите в тексте А ответы на поставленные вопросы и
запишите их.
1) What are main functions of government in a free market
system?
2) How do price force firms to produce the goods which consumers need?
3) Why do firms leave production of unwanted goods and
services?
4) How are resources reallocated when demand for unwanted
products falls?
5) How does competition affect choice of production methods
in market economies?
6) How are goods and services allocated in a free market system?
3. К выделенным жирным шрифтом словам в тексте подберите близкие по значению слова из следующего списка:
person, to possess, to influence, necessary, house, to work, to defend, old-fashioned, to limit
4. Подчеркните в тексте А предложения, соответствующие
по смыслу данным ниже.
1) Роль правительства в системе свободного рынка ограничена.
2) Эти действия ограничивают конкуренцию и влияют на
работу рынка.
3) Фирмы, которые производят ненужные товары, могут
разориться.
4) По мере того, как падает спрос на ненужные и устаревшие товары, цены на них тоже падают.
5) Многие кинотеатры закрылись из-за отсутствия спроса.
6) Предприятия выбирают такие методы производства,
которые дают возможность снизить издержки.
7) Рабочие получают зарплату, продавая свой труд.
19

Английский язык.  
Лексические основы  чтения текстов по экономике 

5. Образуйте существительные от глаголов при помощи
суффиксов: -ion, -ing, -er. Проверьте их по тексту и переведите.
to decide, to accommodate, to work, to offend, to own, to
populate, to compete
6. Изложите краткое содержание текста А на английском
языке в письменном виде.
7. Прочтите список ключевых слов к тексту В.
market
to allocate resources
command economy
government
to make (to take)
a decision
production
consumption
planning office
central planning

-----

direction
to consume
free market
to intervene
to pursue
to invent
production
possibility frontier

-------

to move
the frontier outwards
better off
to create
opportunity
intervention
mixed economy
20

------

рынок
распределять ресурсы
командная экономика
правительство
принять решение
производство
потребление
планирующая организация
централизованное
планирование
руководство
потреблять
свободный рынок
вмешиваться
преследовать
изобретать

--

граница производственных
возможностей

-------

раздвигать границы
богаче
создавать
возможность
вмешательство
смешанная экономика

I. Information for study 
Market Economies 

extreme
restriction
to interact
share
output

------

taxation
transfer payment

---

крайняя точка
ограничение
взаимодействовать
доля
объем производства,
продукция
налогообложение
государственное пособие,
трансфертный платеж

8. Прослушайте текст В на кассете 2-3 раза и постарайтесь
понять его.
9. Запишите краткое изложение текста на английском языке.
10. Прочитайте утверждения и выберите те, которые соответствуют содержанию текста В:
1) Markets are arrangements through which prices influence
how the society allocates resources.
2) The command economy is a society where the government
does not intervene in production.
3) There is no society which is completely a command economy.
4) In a free market individual people are free to pursue their
own interests.
5) In a command economy planning is very easy to do.
6) In a mixed economy the government and the private sector
interact in solving economic problems.

III. Vocabulary to Text A
accommodation
to affect
to age
to attract
competition

------

жильё
влиять
стареть
привлекать
конкуренция
21

Английский язык.  
Лексические основы  чтения текстов по экономике 

to consume
consumer
costs
to defend
defence
demand
to dominate
due
to earn
efficiently
elderly
enterprise
essential
to exploit
to fail
to force
to identify
income
individual
interest
to issue
judiciary
lack
law
monetary
offender
to operate
to own
out of date
to pass laws
to prefer
to prevent
profit
profitable
to protect
to provide
to punish
22

--------------------------------------

потреблять
потребитель
издержки
защищать, оборонять
оборона
спрос
господствовать
обусловленный
зарабатывать
эффективно
пожилой
предпринимательство
необходимый
использовать
обанкротиться
заставить
установить
доход
личность
процент
выпускать (в обращение)
правосудие
отсутствие
закон
денежный
правонарушитель
работать, действовать
владеть
устаревший
принимать законы
предпочитать
препятствовать
прибыль
выгодный
защищать
обеспечить
наказать

I. Information for study 
Market Economies 

to purchase
to reallocate
recent
to respond
to restrict
to set up
to supply
to tend
trade union
unwanted
wages
working

-------------

покупать
перераспределять
последний
отвечать
ограничить
начать, основать
снабжать
иметь тенденцию
профсоюз
ненужный
зарплата
работа, действие

IV. Test
1. Выберите из колонки справа слова, пропущенные в предложениях.
1) Firms which produce … products are likely to fail.
2) Rising prices will attract firms into that industry as
they see the chance of … .
3) Government provides certain … products and services that are not provided by firms.
4) As … for out-of-date products falls their prices will
also fall.
5) Competition in business forces firms to keep …
and prices low.
6) The amount of money consumers have to pay depends on their … and wealth.
7) Owners of capital receive … .
8) Firms produce goods and services which consumers … with money.
9) Consumers prefer to buy their goods from firms
which … lower prices.
10) Businesses will only produce goods if … buy them.

a) demand
b) interest
c) unwanted
d) offer
e) income
f) costs
g) consumers
h) profit
i) purchase
j) essential
k) rent
l) supply

23

Английский язык.  
Лексические основы  чтения текстов по экономике 

2. Выберите существительное, которое может следовать за
данным глаголом.
a) rights
1) to pass b) laws
c) wages

a) competition
2) to restrict b) accommodation
c) consultation

a) money
3) to issue b) measure
c) power

4) to influence

a) laws
5) to earn b) wages
c) workings

6)

to

a) services
b) containers
c) consumers

a) activities
own b) businesses
c) chances

3. Выберите из приведенного списка термины, соответствующие данным определениям.
a) economy in which resources are allocated
through markets
b) thing produced by natural process or
manufacture
c) branch of trade or manufacture
d) user of an article
e) money paid for use of money lent
f) organized association of workmen of a
trade formed for protection and promotion
of common interests

24

1) interest
2) industry
3) consumer
4) market economy
5) trade union
6) product
7) wages

I. Information for study 
Planned Economies 

Unit 3
I. Information for study.
Planned Economies.
Mixed Economies
Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
Until the late 1980s and early 1990s many Eastern European
countries such as Romania, Poland and Russia could be described
as PLANNED or COMMAND ECONOMIES. Today, examples
might include Cuba and North Korea. Government has a vital role
in a planned economy. It plans, organizes and co-ordinates the
whole production process. This is unlike a market economy, where
planning and organizing is carried out by firms. Another difference is that resources in planned economies belong to the state.
Individuals are not permitted to own property, land and other
non-labour means of production.
What to produce? This decision is made by government planners. They decide the type and mix of goods and services to be produced. Planners make assumptions about consumers' needs. For
example, they decide how many cars, how much milk, how many
shirts and how much meat should be produced. Planners then tell
producers, such as farms and factories, exactly what to produce.
How to produce? Government also tells producers how to
produce. Input-output analysis is often used to make plans. For example, with a given level of tehnology, the state may know the land,
labour, tractors and fertilizer (inputs) needed to make 1 million tons
of wheat (the output). If an area needs 20 million tons, it is possible
to work out the inputs needed. A complex table is drawn up which
helps planners calculate the resources needed to meet the various
output targets. Plans are often for 5, 10 or 15 years.
25

Английский язык.  
Лексические основы  чтения текстов по экономике 

How are goods and services allocated? Goods and services
are distributed to consumers through state outlets. People purchase goods and services with money they earn. Prices are set by
the planners and cannot change without state instruction. Sometimes there are restrictions on the amount of particular goods and
services which can be bought by any one individual, cars for example. Some goods and services, like education and health care,
are provided free by the state.

Mixed Economies
In reality, no country has an economy which is entirely
planned or free market. Most economic systems in the world have
elements of each system.
They are known as MIXED ECONOMIES. In mixed economies some resources are allocated by the government and the rest
by the market system. All Western European countries have mixed
economies. The public sector in mixed economies is responsible for
the supply of public goods and merit goods. Decisions regarding
resource allocation in the public sector are made by central or local
government. In the private sector production decisions are made
by firms in response to the demands of consumers.
In the public sector, public goods and merit goods are provided free when used and are paid for by taxes. Examples might
be roads, health care and street lighting. In mixed economies the
state usually provides a minimal standard of living for those unable to work. In the UK the Welfare State provides benefits, such as
unemployment benefit and sickness benefit. In the public sector
the state will own a significant proportion of production factors.
In the private sector individuals are also allowed to own the
means of production. Businesses are set up by individuals to
supply a wide variety of goods and services. Competition exists
between these firms. As a result, there will tend to be choice and
variety. One of the roles of the government is to ensure that there
is fair competition in private sector. All private sector goods and
services are allocated as in the market system described earlier.
26

I. Information for study 
Planned Economies 

What should be the 'degree of mixing' in this type of economy? The government will decide how much business activity there
will be in the private sector and how much in the public sector.
Some countries, like Sweden, allow the government to play a major
role in the supply of goods and services than others, like the UK.
For example, in Sweden the government spends around 60 per cent
of national income, whilst in the UK the government spends around
40 per cent. In countries where the government plays an important
economic role, social provision will tend to be greater, taxes higher
and the distribution of wealth and income more equal. In countries
where the private sector plays the most important economic role,
social provision will tend to be lower with fewer free goods and
services at the point of sale. Also, taxes will be lower and the distribution of wealth and income less equal. For example, in the last
decade, income tax rates have fallen in the UK and fewer services
have been supplied by the state. The distribution of income has
changed in favour of the 'wealthy' during this time.

II. Practice
1. Переведите текст на русский язык, используя словарь в
конце урока. Обратите внимание на перевод терминов.
2. Найдите в тексте ответы на заданные вопросы и запишите их.
1) What are the differences between a market economy and a
planned economy?
2) Who makes decisions about what to produce in the countries
with planned economies?
3) Who decides how to produce in the countries with planned
economies?
4) How are goods and services allocated in the countries with
planned economies?
5) Who allocates resources in the countries with mixed economy?
27

Английский язык.  
Лексические основы  чтения текстов по экономике 

6) What kinds of goods are provided free in the public sector of
the countries with mixed economy?
7) What is the role of government in the private sector of mixed
economies?
8) How are goods and services allocated in the private sector of
mixed economies?
9) How does social provision depend on the 'degree of mixing'
in the countries with mixed economy?
3. К выделенным жирным шрифтом словам в тексте подберите слова, противоположные по значению, из следующего
списка:
market economy, monopoly, public, minor, local, poor, chargeable, input, similar, early
4. Образуйте существительные от данных глаголов при
помощи суффиксов -er, -ence, -ice, -ion. Проверьте их по тексту. Переведите их.
to differ, to plan, to serve, to instruct, to educate, to provide, to restrict, to distribute
5. Образуйте существительные от данных прилагательных при помощи суффиксов -ity, -ty, -ness. Переведите их.
real, active, sick, busy, proper, possible, public, major, national,
equal.
6. Подчеркните в тексте А предложения, соответствующие
по смыслу данным ниже.
1) В странах с плановой экономикой государство играет
важную роль. Оно планирует, организует и координирует процесс производства.
2) Некоторые товары и услуги, такие, как образование и
здравоохранение предоставляются государством бесплатно.
28

I. Information for study 
Planned Economies 

3) В странах с плановой экономикой ресурсы принадлежат
государству.
4) Товары и услуги распределяются через государственные
торговые точки.
5) Частные лица не могут владеть землей и другими средствами производства.
6) В странах со смешанной экономикой некоторые ресурсы
распределяются правительством, а другие – посредством
рыночной системы.
7) В частном секторе решения о производстве принимают
фирмы в соответствии с потребительским спросом.
8) Государство обычно обеспечивает прожиточный минимум для тех, кто не может работать.
9) В частном секторе частные лица имеют право владеть
средствами производства.
10) Государство должно гарантировать честную конкуренцию в частном секторе.
7. Изложите краткое содержание текста А на английском
языке в письменной форме.

III. Vocabulary to Text A
amount
assumption
benefit
sickness benefit
unemployment benefit
to calculate
to carry out
to describe
to distribute
distribution
to ensure
equal
fair

--------------

количество
допущение, предположение
пособие
пособие по болезни
пособие по безработице
подсчитывать
выполнять
описывать
распределять
распределение
обеспечить, гарантировать
равный
честный, справедливый
29

Английский язык.  
Лексические основы  чтения текстов по экономике 

fertiliser
free
health care
in favour (of)
to include
input
inputs
means of production
mix (of goods)
to mix
mixed economy
outlet
output
point of sale
to permit
public goods

-----------------

public sector of
economy
private sector of
economy
production factors
property
regarding
response
responsible
the rest
restriction
to set prices
significant
social provision
to spend
standard of living
to supply
target
tax
income tax
variety

--

30

--

удобрение
бесплатный
здравоохранение
в пользу
включать
ввод
затраты на производство
средства производства
ассортимент (товаров)
смешивать
смешанная экономика
торговая точка, магазин
выход, выпуск продукции
магазин
позволять
товары общественного
пользования
государственный сектор
экономики
частный сектор экономики

------------------

факторы производства
собственность
относительно
ответ
ответственный
остальные
ограничение
устанавливать цены
значительный
социальное обеспечение
тратить
уровень жизни
обеспечивать
цель, мишень
налог
подоходный налог
разнообразие

I. Information for study 
Planned Economies 

various
vital
welfare
wealthy

-----

различный
жизненно важный
благосостояние,
богатый

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) Government has a … role in a planned economy.
2) Individuals are not permitted to … property, land
and other means of production.
3) They decide the type and … of goods and services
to be produced.
4) A table helps planners calculate the resources
needed to meet the various output… .
5) People purchase goods and services with money
they … .
6) In the … sector production decisions are made by
firms.
7) In the public sector, public goods and merit goods
are provided free and are paid for by … .
8) Taxes will be lower and the distribution of wealth
and … less equal.
9) One of the roles of the government is to ensure that
there is … competition in the private sector.
10) Businesses are set up by individuals to supply a
wide … of goods and services.

a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)

earn
fair
income
mix
own
private
public
supply
targets
taxes
variety
vital

2. Выберите существительное, которое может следовать за
данным глаголом.
1) to make

a) decision
b) discussion
c) consumption

2) to meet

a) taxes
b) targets
c) trials
31

Английский язык.  
Лексические основы  чтения текстов по экономике 

3) to set up
5) to plan

a) property
b) benefit
c) business
a) production
b) precision
c) permission

4) to spend
6) to purchase

a) input
b) income
c) insurance
a) aims
b) options
c) goods

3. Выберите из приведенного списка термины, соответствующие данным определениям.
1) minimum of material comfort with which
a person or class may reasonably be content
2) allowance, to which a person is entitled
3) to obtain as reward for labour
4) contribution levied on persons, property
or business for support of government
5) toil tending to supply wants of community
6) periodical receipts from one's business,
lands, work, investments
7) a country having national health service,
national insurance and other social services.

32

a)
b)
c)
d)
e)
f)
g)

benefit
to earn
income
labour
standard of living
tax
welfare state

I. Information for study 
Microeconomics and Macroeconomics 

Unit 4
I. Information for study.
Microeconomics and Macroeconomics
Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
1. Many economists specialize in a particular branch of the subject. For example, there are labour economists, energy economists,
monetary economists, and international economists. What distinguishes these economists is the segment of economic life in which
they are interested. Labour economics deals with problems of labour market as viewed by firms, workers, and society as a whole.
Urban economics deals with city problems: land use, transport,
congestion, and housing. However, we need not classify branches
of economics according to the area of economic life in which we
ask the standard questions «what», «how», and «for whom». We
can also classify branches of economics according to the approach
or methodology that is used. The very broad division of approaches into microeconomics and macroeconomics cuts across the large
number of subject groupings cited above.
Microeconomic analysis offers a detailed treatment of individual decisions about particular commodities.
For example, we might study why individual households
prefer cars to bicycles and how producers decide whether to produce cars or bicycles. We can then aggregate the behaviour of all
households and all firms to discuss total car purchases and total
car production. Within a market economy we can discuss the market for cars. Comparing this with the market for bicycles, we may
be able to explain the relative price of cars and bicycles and the
relative output of these two goods. The sophisticated branch of
33

Английский язык.  
Лексические основы  чтения текстов по экономике 

microeconomics known as general equilibrium theory extends this
approach to its logical conclusion. It studies simultaneously every
market for every commodity. From this it is hoped that we can
understand the complete pattern of consumption, production, and
exchange in the whole economy at a point in time.
2. If you think this sounds very complicated you are correct.
For many purposes, the analysis becomes so complicated that we
tend to loose track of the phenomena in which we were interested.
The interesting task for economics, a task that retains an element
of art in economic science, is to devise judicious simplifications
which keep the analysis manageable without distorting reality too
much. It is here that microeconomists and macroeconomists proceed down different avenues. Microeconomists tend to offer a detailed treatment of one aspect of economic behaviour but ignore
interactions with the rest of the economy in order to preserve the
simplicity of the analysis. A microeconomic analysis of miners’
wages would emphasize the characteristics of miners and the ability of mine owners to pay. It would largely neglect the chain of indirect effects to which a rise in miners’ wages might give rise. For
example, car workers might use the precedent of the miners’ pay
increase to secure higher wages in the car industry, thus being able
to afford larger houses which burned more coal in heating systems. When microeconomic analysis ignores such indirectly induced effects it is said to be partial analysis.
3. In some instances, indirect effects may not be too important
and it will make sense for economists to devote their effort to very
detailed analyses of particular industries or activities. In other circumstances an alternative simplification must be found.
Macroeconomics studies the interactions in the economy as a
whole. It deliberately simplifies the individual building blocks of
the analysis in order to retain a manageable analysis of the complete interaction of the economy.
For example, macroeconomists typically do not worry about
the breakdown of consumer goods into cars, bicycles, televisions, and
calculators. They prefer to treat them all as a single bundle called
34

I. Information for study 
Microeconomics and Macroeconomics 

‘consumer goods’ because they are more interested in studying the
interaction between households’ purchases of consumer goods and
firms’ decisions about purchases of machinery and buildings.

II. Practice
1. Переведите текст A на русский язык, используя словарь в
конце урока, обращая внимание на перевод терминов.
2. Найдите в тексте ответы на поставленные вопросы и запишите их:
1) What distinguishes different kinds of economists?
2) What branches of economics can you enumerate and what
do they deal with?
3) How can we classify branches of economics?
4) What analysis offers a detailed treatment of individual decisions about particular commodities ?
5) What does general equilibrium theory study?
6) What do microeconomists tend to offer?
7) Why do microeconomists ignore interactions with the rest of
the economy?
8) When is microeconomic analysis called partial analysis?
9) When does it make sense for economists to devote their effort to very detailed analyses of particular industries or activities?
10) What does macroeconomics emphasize?
3. К выделенным жирным шрифтом словам в тексте подберите слова, близкие по значению, из следующего списка:
to advance, field, to invent, to concern, method, to propose, investigation, goods, manufacturers, to sum up, separate, sophisticated,
to keep, to neglect
35

Английский язык.  
Лексические основы  чтения текстов по экономике 

4. Подчеркните в тексте A предложения, соответствующие
по смыслу данным ниже.
1) Макроэкономика изучает взаимодействия в экономике в целом.
2) Экономика труда занимается проблемами рынка с
точки зрения фирм, рабочих, общества.
3) Общая теория равновесия изучает одновременно каждый
рынок для каждого товара.
4) Макроэкономика рассматривает все товары как единое целое под названием “потребительские товары”.
5) Микроэкономический анализ подробно изучает индивидуальные решения о приобретении отдельных
товаров.
6) Мы можем классифицировать экономистов в соответствии с той отраслью экономики, которой они занимаются.
7) Микроэкономика подробно рассматривает какойлибо один аспект экономического развития, но игнорирует взаимодействия с остальными областями экономики, чтобы сохранить простоту анализа.
8) Макроэкономика намеренно упрощает отдельные
строительные блоки анализа, чтобы можно было анализировать взаимодействия в экономике.

5. Изложите краткое содержание текста A на английском
языке в письменной форме, используя следующие слова:
this text considers.., deals with.., concerns..., discusses….

6. Выскажите свое мнение по содержанию текста А, используя следующие выражения: “I believe”, “I think”, “My opinion is that…”.

36

I. Information for study 
Microeconomics and Macroeconomics 

III. Vocabulary to Text A
according (to)
to aggregate
approach
area
behaviour
to believe
branch
breakdown
bundle
chain
circumstance
to cite
commodity
to compare
complicated
to concern
congestion
conclusion
consumer goods
to cut across
to deal (with)
deliberately
to devise
to distinguish
to distort
division
effect
effort
exchange
to extend
general equilibrium theory
to give rise
heating system
housing
to increase
indirect

-------------------------------------

в соответствии (с)
суммировать
подход, метод
область
поведение, развитие
полагать
отрасль
распад
пучок
цепь
обстоятельство
цитировать
товар
сравнивать
сложный
касаться
перенаселение
заключение
потребительские товары
проходить через
заниматься, иметь дело
преднамеренно
придумать
различать
искажать
разделение
следствие
усилие
обмен
доводить, расширять
общая теория равновесия
1. дать толчок; 2. вызвать
система отопления
жилищное строительство
увеличивать
косвенный, побочный
37

Английский язык.  
Лексические основы  чтения текстов по экономике 

individual
to induce
instance
interaction
to interact
judicious
to keep

--------

to loose track
to make sense
manageable
mine
to neglect
owner
partial
particular

---------

pattern
to pay
to preserve
to proceed
producer
relative
to retain
to secure
to simplify
simplicity
simplification
sophisticated
subject grouping
to treat
treatment
urban
to view
as a whole

-------------------

38

отдельный
вызывать
пример
взаимодействие
взаимодействовать
закономерный
1. поддерживать;
2. сохранять
потерять нить
иметь смысл
выполнимый
шахта
пренебрегать
владелец
частичный
определенный,
конкретный
модель
платить
сохранить
отправляться
производитель
относительный
сохранять
обеспечить
упрощать
простота
упрощение
усложненный
предметная группировка
рассматривать
исследование
городской
рассматривать
в целом

I. Information for study 
Microeconomics and Macroeconomics 

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) Urban economics ... city problems.
2) We can classify ... of economics according to the
methodology that is used.
3) Within a market economy we can discuss the …
for cars.
4) Macroeconomics … the individual building
blocks of the analysis.
5) We can study why … prefer car to bicycles.
6) General equilibrium theory studies simultaneously every market for every ... .
7) When microeconomic analysis ignores indirectly
induced ... it is said to be partial analysis.
8) Microeconomics ignores ... with the rest of the
economy in order to preserve the simplicity of
the analysis.
9) Macroeconomists do not worry about the
breakdown of ... goods into cars, bicycles, televisions and calculators.
10) ... treats the interaction in the economy as a
whole.

a) market
b) households
c) commodity
d) effects
e) branches
f) deals with
g) interactions
h) consumer
i) purchase
j) macroeconomics
k) microeconomics
l) simplifies

2. Выберите существительное, которое может следовать за
данным глаголом.
1) to distort

a) the effort
b) the meaning
c) the exchange

2) to loose

a) congestion
b) circumstance
c) track

3) to pay

a) wages
b) jobs
c) goods

4) to devise

a) housing
b) simplifications
c) divisions

5) to consume a) chains
b) branches
c) goods
39

Английский язык.  
Лексические основы  чтения текстов по экономике 

3. Выберите из приведенного списка термины, соответствующие данным определениям.
a) economics which deals with problems of the
labour market
b) economics which deals with city problems
c) a detailed treatment of individual decisions
about particular commodities
d) things that meet needs or are wanted or can be
traded
e) a study of the interactions in the economy as a
whole
f) goods bought by households (not by firms)

40

1. urban economics
2. commodities
3. consumer goods
4. labour economics
5. macroeconomics
6. microeconomics

I. Information for study Macroeconomics.  
The Overall Picture. The Issues 

Unit 5
I. Information for study
Macroeconomics:
The Overall Picture. The Issues
Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
1. Macroeconomics is the study of the economy as a whole.
Macroeconomics is concerned not with the details – the price of
cigarettes relative to the price of bread, or the output of cars relative to the output of steel  but with the overall picture. We shall
study issues such as the determination of total output of the economy, the aggregate level of unemployment, and the rate of inflation or growth of prices of goods and services as a whole.
2. The distinction between microeconomics and macroeconomics is more than difference between economics in the small and
economics in the large, which the Greek prefixes micro- and
macro- suggest. The purpose of the analysis is also different.
3. A model is a deliberate simplification to enable us to pick out
the key elements of a problem and think about them clearly. Although we could study the whole economy by piecing together our
microeconomic analysis of each and every market, the resulting
model would be so cumbersome that it would be hard to keep track
of all the economic forces at work. Microeconomics and macroeconomics take different approaches to keep the analysis manageable.
4. Microeconomics places the emphasis on a detailed understanding of particular markets. To achieve this amount of detail or
magnification, many of the interactions with other markets are suppressed. In saying that a tax on cars reduces the equilibrium quantity of cars we ignore the question of what the government does
41

Английский язык.  
Лексические основы  чтения текстов по экономике 

with the tax revenue. If the government has to borrow less money, it
is possible that interest rates and exchange rate will fall and that
improved international competitiveness of UK car producers will
actually increase the equilibrium output of cars in the UK.
5. Microeconomics is a bit like looking at a horse race through a
pair of binoculars. It is great for details, but sometimes we get a
clearer picture of the whole race by using the naked eye. Because
macroeconomics is concerned primarily with the interaction of different parts of the economy, it relies on a deliberate simplification
to keep the analysis manageable. Macroeconomics simplifies the
building blocks in order to focus on how they fit together and influence one another.
6. Macroeconomics is concerned with broad aggregates such as
the total demand for goods by households or the total spending on
machinery and buildings by firms. As in watching the horse race
through the naked eye, our notion of the individual details is more
blurred but we can give our full attention to the whole picture. We
are more likely to notice the horse sneaking up on the rails.

The Issues
7. We now introduce some of the main issues in macroeconomics.
8. Inflation. The annual inflation rate is the percentage increase

per annum in the average price of goods and services. The Retail
Price Index (RPI) is a weighted average of the prices households
pay for goods and services. The percentage annual growth in the
RPI is the most commonly used measure of inflation in the UK.
9. What causes inflation? The money supply? Trade Unions?
Why do people mind so much about inflation? Does inflation
cause unemployment? These are among the questions you must
think over.
10. Unemployment. Unemployment is a measure of the number
of people registered as looking for work but without a job. The unemployment rate is the percentage of the labour force that is unemployed. The labour force is the number of people working or
42

I. Information for study Macroeconomics.  
The Overall Picture. The Issues 

looking for work. It excludes all those, from rich landowners to
heroin addicts, who are neither working nor looking for work.
11. Unemployment is now high. Why has it increased so much
recently? Is high unemployment necessary to keep inflation under
control, or could the government create more jobs?
12. Output and Growth. Real Gross National Product (real GNP)
measures the total income of the economy. It tells us the quantity
of goods and services the economy as a whole can afford to purchase. It is closely related to the total output of the economy. Increases in real GNP are called “economic growth”.
13. What determines the level of real GNP? Does unemployment mean that real GNP is lower than it might be? Why do some
countries grow faster than others?
14. Macroeconomic Policy. Almost every day the newspapers
and television refer to the problems of inflation, unemployment,
and slow growth. These issues are widely discussed; they help determine the outcome of elections, and make some people interested in learning more about macroeconomics.
15. The government has a variety of policy measures through
which it can try to affect the performance of the economy as a
whole. It levies taxes, commissions spending, influences the
money supply, interest rates, and the exchange rate, and it sets
targets for the output and prices of nationalized industries.

II. Practice
1. Переведите текст A на русский язык, используя словарь
в конце урока, обращая внимание на перевод терминов.
2. Найдите в тексте ответы на поставленные вопросы и
запишите их.
1) What does macroeconomics study?
2) What is the distinction between microeconomics and macroeconomics?
3) What can you say about a model as a tool of economic
analysis?
43

Английский язык.  
Лексические основы  чтения текстов по экономике 

4) What does microeconomics place the emphasis on in the
course of analysis?
5) What example is used in the text to show the difference between microeconomics and macroeconomics?
6) What is macroeconomics primarily concerned with in the
course of analysis?
7) What are the main issues in macroeconomics?
8) What do economists most commonly use to measure inflation?
9) What is unemployment and unemployment rate?
10) What is labour force?
11) Who is excluded from the labour force?
12) What does Real Gross National Product (GNP) measure?
13) How are increases in real GNP called?
14) What are the policy measures through which the government can try to affect the performance of the economy as a
whole?
3. К выделенным жирным шрифтом словам в тексте подберите слова, противоположные по значению, из следующего
списка слов:
demand, to increase, in the large, income, in detail, to pay attention
4. Образуйте существительные от данных глаголов при
помощи суффиксов -ance, -ing, -ion, -th. Проверьте по тексту.
Переведите их:
to perform, to spend, to determine, to magnify, to interact, to
simplify, to grow, to build
5. Подчеркните в тексте A предложения, соответствующие
по смыслу данным ниже.
1) Безработица – это показатель количества людей, которые ищут работу, но не имеют ее.
44

I. Information for study Macroeconomics.  
The Overall Picture. The Issues 

2) Валовый национальный продукт определяется общим
доходом хозяйства страны.
3) Индекс розничных цен – это средняя цена, которую
покупатели платят за товары и услуги.
4) Мы могли бы изучать экономику всей страны, объединяя микроэкономический анализ отдельных рынков.
5) Макроэкономика изучает взаимодействие различных
отраслей экономики.
6) Увеличение валового национального продукта называется экономическим ростом.
7) Люди, которые не работают и не ищут работу, не входят в состав рабочей силы.
8) Возрастание суммы денег в обращении вызывает рост
инфляции.
6. Изложите краткое содержание текста A на английском
языке в письменной форме.
7. Прочтите список ключевых слов к тексту B.
concept
to refer (to)
media

----

key term
Gross National Product
(GNP)
value
Aggregate Price Level
measure
average
on average
level
inflation
Unemployment Rate
percentage
labour force=workforce

-------------

понятие
относиться (к)
средства массовой
информации
ключевой термин
валовый национальный
продукт
стоимость
совокупный уровень цен
мера
средний
в среднем
уровень
инфляция
уровень безработицы
процентное отношение
рабочая сила
45

Английский язык.  
Лексические основы  чтения текстов по экономике 

in line
to be out of work
working age
to inherit

-----

в соответствии
не иметь работы
трудоспособный возраст
унаследовать

8. Прослушайте текст В на кассете 2-3 раза и постарайтесь
понять его.
9. Дайте краткое изложение текста B на русском языке.
10. Прочтите утверждения и выберите те, которые соответствуют содержанию текста B:
1) Macroeconomic concepts refer to the economy as a whole.
2) Microeconomic concepts are of more public interest than
macroeconomic concepts.
3) Gross National Product is the value of all goods and services produced in the economy over a given period.
4) The prices of different goods should always move in line
with one another.
5) The Aggregate Price Level tells us what is happening to
prices on average.
6) When the price level is falling, we say that the economy is
going through an inflation.
7) By the labour force we mean the people who are of working age.

III. Vocabulary to Text A
to achieve
aggregate
to blur
to borrow
to cause
closely related
commission
46









достигнуть
совокупность, совокупный
затуманить
занять (деньги)
вызывать
тесно связанный
уполномочивать

I. Information for study Macroeconomics.  
The Overall Picture. The Issues 

competitiveness
cumbersome
deliberate
determination
distinction
economy
emphasis
to enable
equilibrium output
equilibrium
quantity
exchange rate
to exclude
greedy
Gross National
Product
heroin addict
to ignore
inflation rate
interest rate
issue
to keep track
landowner
at large
in the large
to levy
magnification
to mind
money supply
naked eye
notion
outcome
overall
performance
to pick out
to piece together
to price












конкурентоспособность
неуклюжий
преднамеренный
определение
различие
народное хозяйство
акцент, ударение
дать возможность
равновесный объем производства
равновесное количество






обменный курс
исключать
жадный
валовый национальный продукт























наркоман
пренебрегать
темп развития инфляции
процентная ставка
проблема
следить
землевладелец
в целом
в большом масштабе
облагать налогом
увеличение
возражать
сумма денег в обращении
невооруженный глаз
представление
результат
полный
работа
выбрать
соединять
назначить цену
47

Английский язык.  
Лексические основы  чтения текстов по экономике 

primarily
to reduce
to refer (to)
to rely (on)
Retail Price Index
to seek
in the small
spending
supply
to suppress
tax revenue
unemployment
unemployment rate
wage claim
to weight
















главным образом
уменьшать
ссылаться (на)
полагаться (на)
индекс розничных цен
пытаться
в малом масштабе
расходы
предложение, запас
подавлять
налоговые поступления
безработица
уровень безработицы
требование повысить
заработную плату
 взвешивать

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) The rate of ... depends on the growth of
prices of goods and services.
2) An ... is what people earn.
3) The equilibrium output of cars in the UK
will increase if international ... of UK car
producers improves.
4) Macroeconomics studies the total demand
for goods by households or the total ... on
machinery by firms.
5) The world income is the total of all the incomes ... by all the people in the world.
6) A model is a ... simplification of reality.
7) The government can affect the ... of the
economy by means of policy measures.

48

a) spending
b) unemployment
c) performance
d) household
e) concerned
f) income
g) issues
h) variety
i) competitiveness
j) inflation
k) deliberate
l) earned

I. Information for study Macroeconomics.  
The Overall Picture. The Issues 
8) Some economists say that high ... is necessary to keep inflation under control.
9) Microeconomics is ... with detailed understanding of particular markets.
10) Many macroeconomic ... are often discussed
in newspapers and on TV.

2. Выберите существительное, которое может следовать за
данным глаголом.
1) to keep

a) track
b) sum
c) look
3) to look for a) weight
b) world
c) work
5) to set
a) piece
b) price
c) issue

2) to borrow a) tax
b) money
c) cost
4) to achieve a) detalization
b) macroeconomics
c) economy
6) to levy
a) taxes
b) prices
c) races

3. Выберите из приведенного списка термины, соответствующие данным определениям.
a) the percentage of the labour force that is
unemployed
b) the percentage increase in the average price
of goods and services
c) increases in real Gross National Product
d) the number of people working or looking
for work
e) a measure of the number of people registered as looking for work but without a job
f) a weighted average of the prices households pay for goods and services

1.
2.
3.
4.
5.

labour force
retail price index
unemployment
inflation rate
unemployment
rate
6. economic growth

49

Английский язык.  
Лексические основы  чтения текстов по экономике 

Unit 6
I. Information for study.
The Role of the Market

Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
1. 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.
We need not go into these details. Instead, we use a general definition of markets.
2. 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.
3. 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.
4. 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 café 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.
50

I. Information for study 
The Role of the Market 

5. Now think about the seller’s viewpoint. The café owner is
in the 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. If the wage were much lower it
would hardly be worth working at all. Conversely, the job is unskilled and there are plenty of students looking for such work, so
owners of cafés do not have to offer very high wages.
6. Prices are guiding your decision to buy a hamburger, the
owner’s decision to sell hamburgers, and the student’s decision to
take the job. Society is allocating resources – meat, buildings, and
labour – into hamburger production through the price system. If
nobody liked hamburgers, the owner could not sell enough at a
price that covered the cost of running the café and society would
devote no resources to hamburger production. People’s desire to
eat hamburgers guides resources into hamburger production.
However, if cattle contracted a disease, thereby reducing the economy’s ability to produce meat products, competition to purchase
more scarce supplies of beef would bid up the price of beef, hamburger producers would be forced to raise prices, and consumers
would buy more cheese sandwiches for lunch. Adjustments in
prices would encourage society to reallocate resources to reflect
the increased scarcity of cattle.
7. There were several markets involved in your purchase of a
hamburger. You and the café owner were part of the market for
lunches. The student behind the counter was part of the local labour market. The café owner was part of the local wholesale meat
market and the local market for rented buildings. These descriptions of markets are not very precise. Were you part of the market
for lunches, the market for prepared food, or the market for sandwiches to which you would have turned if hamburgers had been
more expensive? That is why we have adopted a very general definition of markets which emphasizes that they are arrangements
through which prices influence the allocation of scarce resources.
51

Английский язык.  
Лексические основы  чтения текстов по экономике 

II. Practice
1. Переведите текст на русский язык, используя словарь в
конце урока, обращая внимание на перевод терминов.
2. Найдите в тексте ответы на поставленные вопросы и запишите их.
1)
2)
3)
4)
5)

What is the role of markets?
Give a general definition of markets.
How do prices influence the use of scarce resources?
What is much of economics devoted to?
By what means does the society allocate resources into the
production of certain goods?
6) What markets are involved in the process of buying and
selling a hamburger?

3. К выделенным жирным шрифтом словам в тексте подберите близкие по значению слова из следующего списка:
salary, limited resources, to buy, to distribute, to decide, benefit, to
make, to raise (prices), work
4. Подчеркните в тексте предложения, соответствующие по
смыслу данным ниже.
1) Рынки объединяют покупателей и продавцов.
2) Иногда сделки заключаются по телефону.
3) Экономисты исследуют, каким образом рынки и цены
помогают обществу решать проблемы, что, как и для
кого производить.
4) Цены определяют ваше решение купить товар и решение продавца его продать.
5) Рынок – это механизм, посредством которого цены
влияют на распределение ограниченных ресурсов.
6) Общество направляет ресурсы на производство товаров
посредством системы цен.
7) Хозяин кафе ведет дело, потому что при данных ценах
на мясо, арендной плате и зарплате рабочих можно
получать прибыль от продажи гамбургеров.
52

I. Information for study 
The Role of the Market 

5. Изложите краткое содержание текста А в письменной
форме на английском языке.

III. Vocabulary to Text A
ability
to adjust
adjustment
alternative

-----

arrangement
to bid up price
cheap
to contract a disease
convenient
conversely
definition
to demand
description
desire
to devote
to emphasize
executive
on expense
accounts
expensive
expression
goods
to guide
to influence
labour market
limited
local
luxury
machinery

-----

способность
приспосабливаться
установление, приспособление
альтернативный,
взаимоисключающий
устройство
набавлять цену
дешевый
заболеть

-----------

удобный
с другой стороны
определение
требовать
описание
желание
посвятить
подчеркнуть
должностное лицо, руководитель
за счет фирмы

-----------

дорогой
выражение
товары
руководить
влиять
рынок труда
ограниченный
местный
роскошный
техника
53

Английский язык.  
Лексические основы  чтения текстов по экономике 

to offer
outlay
part-time job
precise
to prepare
price
to produce
production
to raise
to reallocate
to reconcile
remote control
rent
return
to run a business
society
stall
stock market
supplies
to switch
to transact
unskilled
wage
wholesale
to be worth

--------------------------

предлагать
издержки
работа c неполным рабочим днем
точный
приготовить
цена
производить
производство
повышать
перераспределять
примирять
дистанционное управление
арендная плата
доход
вести дело, управлять
общество
ларек
фондовая биржа
запасы
переключаться
заключать сделку
неквалифицированный
заработная плата
оптовый
стоить

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) Markets are arrangements through which ... influence how we allocate resources.
2) At one extreme we have the ... economy which
doesn’t allow individuals to make economic decisions.
3) Markets in which ... do not intervene are called free
markets.

54

a) interact
b) pursue
c) part-time
d) purchase
e) prices
f) reallocate
g) command

I. Information for study 
The Role of the Market 
4) In a free market individuals are free to ... their own
interests.
5) The government controls a share of the ... through
taxation, transfer payments, etc.
6) In a mixed economy, the government and the private
sector ... in solving economic problems.
7) Prices of goods and of resources adjust to ensure that
scarce resources are used to ... those goods and services that society demands.
8) If rents were higher it might be more ... to sell hamburgers in a cheaper area.
9) Adjustment in prices would encourage society to ...
resources to reflect the increased scarcity of cattle.
10) The student is working there because it is a suitable
... job.

h) profitable
i) reduce
j) produce
k) governments
l) output

2. Выберите существительное, которое может следовать за
данным глаголом:
1) to transact a) business
b) basis
c) resources
3) to raise
a) pieces
b) steaks
c) prices
5) to satisfy a) demands
b) economy
c) services

2) to allocate a) solutions
b) resources
c) executives
4) to produce a) guides
b) grants
c) goods
6) to bid up a) works
b) prices
c) resources

3. Выберите из приведенного списка термины, соответствующие данным определениям.
а) money for which a thing is bought or sold
b) a place where people meet for buying and selling
c) excess of return over outlay
d) means of satisfying a need
e) things that are bought and sold
f) to manufacture goods from raw materials

1. resource
2. goods
3. to produce
4. price
5. market
6. profit

55

Английский язык.  
Лексические основы  чтения текстов по экономике 

Unit 7
I. Information for study.
Demand and Supply

Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
Demand is the quantity of a good buyers wish to purchase at
each conceivable price.
Thus demand is not a particular quantity, such as six bars of
chocolate, but rather a full description of the quantity of chocolate
the buyer would purchase at each and every price which might be
charged. The first column of Table 2 shows a range of prices for bars
of chocolate. The second column shows the quantities that might be
demanded at these prices. Even when chocolate is free, only a finite
amount will be wanted. People get sick from eating too much
chocolate. As the price of chocolate rises, the quantity demanded
falls, other things equal. We have assumed that nobody will buy
any chocolate when the price is more than £0.40 per bar. Taken together, columns (1) and (2) describe the demand for chocolate as a
function of its price (Table 2).
Supply is the quantity of a good sellers wish to sell at each
conceivable price.
Again, supply is not a particular quantity but a complete description of the quantity that sellers would like to sell at each and
every possible price. The third column of Table 2 shows how much
chocolate sellers wish to sell at each price. Chocolate cannot be
produced for nothing. Nobody would wish to supply if they receive a zero price. In our example, it takes a price of at least £0.20
per bar before there is any incentive to supply chocolate. At higher
56

I. Information for study 
Demand and Supply 

prices it becomes increasingly lucrative to supply chocolate bars
and there is a corresponding increase in the quantity of bars that
would be supplied. Taken together, columns (1) and (3) describe
the supply of chocolate bars as a function of their price.
Table 2
The demand for and supply of chocolate
(1)
PRICE
(£/bar)
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70

(2)
DEMAND
(million bars/year)
200
160
120
80
40
0
0
0

(3)
SUPPLY
(million bars/year)
0
0
40
80
120
160
200
240

Notice the distinction between demand and the quantity demanded. Demand describes the behaviour of buyers at every price.
At a particular price such as £0.30, there is a particular quantity
demanded, namely 80 million bars/year. The term ‘quantity demanded’ makes sense only in relation to a particular price. A similar distinction applies to supply and quantity supplied.
In everyday language, we would say that when the demand
for football tickets exceeds their supply some people will not get
into the ground. Economists must be more precise. At the price
charged for tickets, the quantity demanded exceeded the quantity
supplied. Although the size of the ground sets an upper limit on
the quantity of tickets that can be supplied, a higher ticket price
would have reduced the quantity demanded, perhaps leaving
empty space in the ground. Yet there has been no change in demand, the schedule describing how many people want admission
at each possible ticket price. The quantity demanded has changed
because the price has changed.
57

Английский язык.  
Лексические основы  чтения текстов по экономике 

We must recognize that the demand schedule relating price
and quantity demanded and the supply schedule relating price and
quantity supplied are each constructed on the assumption of ‘other
things equal’. In the demand for tube tickets, the ‘other things’ were
the cost of alternative modes of transport. In the demand for football tickets, one of the ‘other things’ that is important is whether or
not the game is being shown on television. If it is, the quantity of
tickets demanded at each and every price will be lower than if the
game is not televised. To understand how a market works, we must
first explain why demand and supply are what they are. (Is the
game on television? Has the ground capacity been extended by
building a new stand?) Then we must examine how the price adjusts to balance the quantities supplied and demanded, given the
underlying supply and demand schedules relating quantity to price.
Let us think again about the market for chocolate described
in Table 2. Other things equal, the lower... (чем ниже...) the price of
chocolate, the higher... (тем выше...) the quantity demanded. Other
things equal, the higher the price of chocolate, the higher the quantity
supplied. A campaign by dentists warning of the effect of chocolate
on tooth decay, or a fall in household incomes, would change the
‘other things’ relevant to the demand for chocolate. Either of these
changes would reduce the demand for chocolate, reducing the
quantities demanded at each price. Cheaper cocoa beans, or technical advances in packaging chocolate bars, would change the
‘other things’ relevant to the supply of chocolate bars. They would
tend to increase the supply of chocolate bars, increasing the quantity supplied at each possible price.

II. Practice
1. Переведите текст на русский язык, используя словарь в
конце урока.
2. Найдите в тексте ответы на следующие вопросы и запишите их.
1) What is demand?
2) What is supply?
58

I. Information for study 
Demand and Supply 

3) What is the distinction between demand and the quantity
demanded?
4) What is the distinction between supply and the quantity
supplied?
3. К выделенным жирным шрифтом словам в тексте подберите близкие по значению слова из следующего списка:
difference, possible, profitable, limited, quantity, table, to provide, place
4. Подчеркните в тексте предложения, соответствующие по
смыслу данным ниже.
1) Цены устанавливаются так, чтобы уравновесить спрос
и предложение.
2) По мере того, как цена на товар растет, спрос на этот
товар падает.
3) При слишком низкой цене у продавцов нет стимула
поставлять товар.
4) Чтобы понять, как работает рынок, необходимо изучить предложение и спрос.
5) Спрос – это количество товара, которое покупатели хотят купить по каждой возможной цене.
6) Предложение – это количество товара, которое продавцы хотят продать по каждой возможной цене.
5. Образуйте существительные от данных глаголов с помощью суффиксов -ion, -ment. Переведите их.
to discuss, to recognize, to transact, to arrange, to establish, to assume, to produce, to consume, to interact, to describe
6. Образуйте наречия от данных прилагательных с помощью суффикса -ly и переведите их.
chief, physical, superficial, separate, simultaneous, possible, particular, conceivable, complete, precise
59

Английский язык.  
Лексические основы  чтения текстов по экономике 

7. Изложите краткое содержание текста А на английском
языке в письменной форме.
8. Прочтите список ключевых слов к тексту В:
equilibrium
equilibrium price
specifically
to combine
opposite
intermediate
equilibrium quantity
shortage
excess demand
to realize
excess supply
stock
to bring about
expensive
naturally
to clear
move
price-cutting
to reach
in reverse
to run out
to ration

-----------------------

равновесие
равновесная цена
в особенности
объединять
противоположный
промежуточный
равновесное количество
нехватка, дефицит
избыточный спрос
понимать
избыточное предложение
запас
осуществлять
дорогой
естественно
освободить, распродавать
шаг
снижение цены
достигать
задним ходом
заканчиваться
нормировать

9. Прослушайте текст В на кассете 2-3 раза и постарайтесь
понять его.
10. Напишите краткое изложение текста на русском языке.
11. Выберите утверждения, которые соответствуют содержанию текста В:
1) At low prices the demand for chocolate bars exceeds the
quantity supplied.
60

I. Information for study 
Demand and Supply 

2) If the price is high the demand is also high.
3) At some intermediate price the quantity demanded just
equals the quantity supplied.
4) At the equilibrium price the demand for the goods exceeds
the quantity supplied.
5) When economists say there is excess demand, they really
mean, the quantity demanded exceeds the quantity supplied at this price.
6) If the quantity demanded equals the quantity supplied, we
have a shortage of goods.
7) If the quantity supplied exceeds the quantity demanded,
sellers will be left with stock they can’t sell.
12. Выскажите свое мнение по содержанию текстов А и В.

III. Vocabulary to Text A
admission
advance
to bring together
campaign
capacity
to charge (a price)
chiefly
cocoa beans
conceivable
corresponding
decay
to equal
to exceed
to fall
finite
force
ground
incentive

-------------------

допуск
прогресс, достижение
свести вместе
кампания
вместимость
назначить (цену)
главным образом
бобы какао
возможный
соответствующий
разрушение
равняться
превышать
падать
ограниченный
сила; фактор
спортивная площадка
стимул
61

Английский язык.  
Лексические основы  чтения текстов по экономике 

lucrative
namely
other things equal
packaging
to perform
quantity demanded
quantity supplied
range
to relate

----------

to recognize
to rise
sale
schedule
set
space
stand
to stock
superficially
to underlie
to warn

------------

выгодный, прибыльный
а именно
при прочих равных
упаковка
выполнять
требуемое количество
предлагаемое колличество
диапазон
устанавливать отношение,
относиться
признать
подниматься
продажа
таблица, схема
набор, система
место
трибуна
хранить на складе
внешне, поверхностно
лежать в основе
предостерегать

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) At the London Stock Exchange stockbrokers ... business on behalf of clients.
2) When supply is much greater than demand traders
cut prices until the ... price is reached.
3) To understand how a market works in practice, we
must study the interaction of ... and supply.
4) When the quantity demanded ... the quantity supplied, the sellers may run out of stock.

62

a) exceeds
b) lucrative
c) transact
d) bid
e) intermediaries
f) equilibrium

I. Information for study 
Demand and Supply 
5) ... supply happens when the price of a commodity is
too high.
6) At high prices it becomes very ... to supply the goods.
7) To balance the market, the traders must ... intermediate price.
8) At the auctions buyers ... against each other with the
seller taking a passive role.
9) Some markets do not bring buyers and sellers together and operate through ... .
10) When the price is too low, there is no ... to supply the
commodity.

g) underlie
h) incentive
i) demand
j) charge
k) capacity
l) excess

2. Выберите существительное, которое может следовать за
данным глаголом:
1) to charge
3) to adopt

a) spaces
2) to exceed
b) stocks
c) prices
4) to increase
a) a definition
b) an allocation
c) an auction

a) the goods
b) the quantity
c) the quality
a) the intermediary
b) the supply
c) the equilibrium

3. Выберите из приведенного списка термины, соответствующие данным определениям.
а) gathering of buyers and sellers to exchange commodities or services; space or building used for it
b) the quantity of commodities sellers wish to sell at
each possible price
c) the quantity of commodities buyers wish to purchase at each possible price
d) amount or number being measurable
e) state of balance
f) buying and selling transaction

1. demand
2. equilibrium
3. sale
4. market
5. supply
6. quantity

63

Английский язык.  
Лексические основы  чтения текстов по экономике 

Unit 8
I. Information for Study.
The Price of Related Goods
Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
Suppose, we study the demand for tube travel. A rise in bus
fares or petrol prices would increase the quantity of tube travel demanded at each possible price. In everyday language, we think of
buses and private cars as substitutes for the tube. Loosely speaking,
this means that a journey may be made by bus or car instead of by
tube. More precisely, an increase in the price of buses or cars will
lead to an increase in the demand for tube travel. Economists use an
even more precise definition of substitutes but everyday language
gives the right idea of what we mean. Similarly, everyday language
suggests that petrol and cars are complements because you cannot
use a car without also using petrol. A rise in the price of petrol tends
to reduce the demand for cars.
How do these ideas about substitutes and complements relate to the demand for chocolate bars? Clearly, other sweets (mint
drops and jelly babies) are substitutes for chocolate. We expect an
increase in the price of other sweets to increase the quantity of
chocolate demanded at each possible chocolate price, as people
substitute away from other sweets towards chocolate. If people
buy chocolate to eat at the cinema, films would be a complement
for bars of chocolate. A rise in the price of cinema tickets would
reduce the demand for chocolate since fewer people will go to the
cinema. Nevertheless, it is difficult to think of a lot of goods that
are complements for chocolate. This suggests, correctly, that most
of the time goods are substitutes for each other. Complementarity,
while present in many instances, is usually a more specific feature
(record players and records, coffee and milk, shoes and shoelaces).
64

I. Information for Study 
The Price of Related Goods 

Before we leave the influence of prices of related goods on
the demand for a particular commodity, it should be noted that the
development of new products can be viewed within this framework. Technological advances that make possible hand calculators, low fuel consumption cars, or low-calorie beer affect the demand for related goods. One way to think about this is to say that
the new product had always been available, but previously its
price had been prohibitively high so that nobody could afford it.
The technological advance enables the new product to be made
available at a much lower price. This will stimulate demand for
goods that are complements to the new product (video games may
increase the demand for televisions on which they can be played
in the home) but reduce the demand for substitutes for the new
product (being able to watch films on a home video reduces the
demand for going to the cinema).

Consumer Incomes
Demand is also influenced by consumer income. When incomes rise, the demand for most goods increases. Typically, consumers buy more of everything. However, there are exceptions.
A normal good is a good for which demand increases when
incomes rise. An inferior good is a good for which demand falls
when incomes rise.
As their name suggests, most goods are normal goods. An
example of an inferior good might be cheap but nasty cuts of meat.
As household incomes rise, households spend absolutely less on
cheap cuts and more on better cuts of meat such as steaks. Inferior
goods are typically cheap but low-quality goods which people
would prefer not to buy if they could afford to spend a little more.

Tastes
We must also consider consumer tastes or preferences. In
part, these are shaped by convenience, custom, and social atti65

Английский язык.  
Лексические основы  чтения текстов по экономике 

tudes. When the Beatles and the Rolling Stones first became popular, the demand for haircuts suddenly fell. The fashion for the
mini-skirt reduced the demand for textile material. More recently,
the emphasis on health and fitness has increased the demand for
jogging equipment, health foods, and sports facilities while reducing the demand for cream cakes, butter, and cigarettes.

II. Practice
1. Переведите текст на русский язык, используя словарь в
конце урока, обращая внимание на перевод терминов.
2. Найдите в тексте ответы на поставленные вопросы и запишите их.
1) What three “other” things are relevant to demand curves?
2) What is the relation between bus fares or petrol prices and
the quantity of tube travels?
3) What is the relation between buses and private cars and the
tube?
4) Why is petrol a complement for a car?
5) What are substitutes for chocolate bars?
6) Why can films be a complement for chocolate bars?
7) How do technological advances affect the demand for
complements to a new product?
8) How do technological advances affect the demand for
substitutes for a new product?
9) What happens to the demand for normal goods when consumer incomes rise?
10) What happens to the demand for inferior goods when consumer incomes rise?
11) What do consumer tastes depend on?
3. К выделенным жирным шрифтом словам в тексте подберите близкие по значению слова из следующего списка:
position, habit, user, preferences, low-quality good, exact, equivalent
66

I. Information for Study 
The Price of Related Goods 

4. Подчеркните в тексте A предложения, соответствующие
по смыслу данным ниже:
1) Увеличение платы за автобус или цены на бензин приводит к увеличению спроса на метро.
2) Автобусы и частные машины являются заменителями
метро.
3) Машины и бензин дополняют друг друга, т.к. нельзя
использовать машины без бензина.
4) Многие вещи взаимно дополняют друг друга, как, например, проигрыватели и пластинки, кофе и молоко,
ботинки и шнурки, так что это явление очень часто
встречается.
5) Так как цены на сопутствующие товары влияют на
спрос на определенный товар, то разработки новых товаров можно рассматривать с этой точки зрения.
6) Когда доходы потребителей растут, увеличивается
спрос на хорошие товары.
7) На товары низкого качества спрос падает при росте доходов потребителей.
8) Потребительские вкусы зависят от удобства, обычаев и
общественного положения.
5. Образуйте наречия от данных прилагательных. Переведите их.
previous, prohibitive, possible, correct, particular, usual, typical,
technological, normal, recent
6. Изложите краткое содержание текста А на английском
языке в письменной форме.
7. Прочтите список ключевых слов к тексту В:
shifts
underlying factors
to draw (drew)

-- сдвиги, изменения
-- основополагающие факторы
-- чертить
67

Английский язык.  
Лексические основы  чтения текстов по экономике 

to shift
to sketch
transition
to put upward pressure
to single out

------

сдвинуться
рисовать
переход
оказывать давление снизу вверх
выделить
Table 3

Ice-cream prices and chocolate demand
Price of
Chocolate
(£/bar)
0.00
0.10
0.20
0.30
0.40
0.50

Demand for chocolate
Low ice-cream price
High ice-cream price
(million bars/year)
(million bars/year)
200
280
160
240
120
200
80
160
40
120
0
80

Figure 4. Ice-cream prices and chocolate demand
Price ( £ /bar)
0.50 D

D

S
Е

0.40
E

0.30

Н

0.20
0.10
0

68

S
D
D
40 80 120 160 200 240 280
Quantity (million bars/year)

I. Information for Study 
The Price of Related Goods 

8. Прослушайте 2-3 раза и постарайтесь понять текст В на
кассете. Обратите внимание на таблицу 3 и рисунок.
9. Дайте краткое изложение текста на русском языке.
10. Выберите утверждения, которые соответствуют содержанию текста В:
1) Ice-cream could not be a substitute for chocolate.
2) At each chocolate price there is a larger quantity demanded
of chocolate when ice-cream prices are low.
3) When the price of ice-cream rises people substitute chocolate
for ice-cream and we have excess demand for chocolate.
4) The effect of excess demand is that the price of chocolate
bars rises until it reaches a new equilibrium price.
5) The higher price reduces the quantity demanded.
6) A normal good is a good for which demand reduces when
incomes rise.
7) People always tend to buy cheap goods if their incomes are
low.
8) When incomes rise, the demand for most goods falls.

III. Vocabulary to Text A
attitude
available
complement
complementarity

-----

custom
cut
to depict
to encounter
exception
fitness
framework
fuel

---------

позиция, положение
доступный
дополнение
свойство товаров быть дополнением
друг к другу, взаимодополнение
обычай
кусок (мяса)
описывать
встретить
исключение
здоровье (хорошее состояние)
рамки
горючее
69

Английский язык.  
Лексические основы  чтения текстов по экономике 

heading
inferior
loosely speaking
nasty
previously
prohibitive
related goods
to shape
substitute
to substitute
taste

------------

заголовок
низкокачественный
проще говоря
плохой
ранее
препятствующий
сопутствующие товары
формировать
заменитель
заменять
вкус

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) This table ... the relation between bus fares and petrol
prices.
2) Cars and buses can be ... for the tube.
3) If people buy chocolate to eat at the cinema, films
would be a ... for bars of chocolate.
4) If you look at this Figure, you will see that the increase in ice-cream prices leads to the ... in the demand curve.
5) In the following unit you will ... more examples of
complements.
6) When their incomes rise, ... buy more of everything.
7) An example of an ... good can be nasty cuts of meat.
8) ... depend on convenience, custom, and social attitudes.
9) People would prefer not to buy inferior goods if they
could ... to spend a little more.
10) Technological advances enable the new product to be
... at a much lower price.

70

a) shift
b) consumers
c) inferior
d) depicts
e) afford
f) substitutes
g) tastes
h) available
i) complement
j) encounter
k) precise
l) exception

I. Information for Study 
The Price of Related Goods 

2. Выберите существительное, которое может следовать за
данным глаголом:
1) to stimulate a) demands
b) customs
c) substitutes
3) to watch
a) incomes
b) films
c) tastes
5) to encounter a) tastes
b) definitions
c) health

2) to afford
4) to shape
6) to shift

a) a product
b) an effect
c) an advance
a) substitutes
b) consumers
c) tastes
a) a quantity
b) a price
c) a curve

3. Выберите из приведенного списка термины, соответствующие данным определениям.
a) a good for which demand increases when incomes
rise
b) a good for which demand falls when incomes rise
c) a thing performing some function instead of another thing
d) a thing which cannot be used without the other one
e) personal preference for a particular good
f) to be able to spend money for something you are
willing to buy

1. a substitute
2. to afford
3. a normal
good
4. an inferior
good
5. a complement
6. taste

71

Английский язык.  
Лексические основы  чтения текстов по экономике 

Unit 9
I. Information for Study.
Output Supply.
Revenues, Costs, and Profits
Text A
Прочтите следующую информацию и запишите основные термины, связанные с тематикой текста.
A firm’s revenue is the amount it earns by selling goods or
services in a given period such as a year. The firm’s costs are the
expenses incurred in producing goods or services during the period. Profits are the excess of revenues over costs.
Thus we can write
Profits = revenues  costs

1)

Although these ideas are simple, in practice the calculation
of revenues, costs, and profits for a large business is complicated.
Otherwise we would not need so many accountants. We begin
with a simple example.
Rent-a-Person is a firm that hires people whom it then rents
out to other firms that need temporary workers. Rent-a-Person
charges £10 per hour per worker but pays its workers only £7 per
hour. During 1987 it rented 100 000 hours of labour. Business expenses, including leasing an office, buying advertising space, and
paying telephone bills, came to £200 000. Figure 5 shows the income
statement or profit-and-loss account for 1987. Profits or net income
before taxes were £100 000. Taxes to central government (corporation tax) plus taxes to local government (rates assessed on some of
the property the firm owned) came to £25 000. Rent-a-Person’s after-tax profits in 1987 were £75 000.
72

I. Information for Study Output Supply. 
Revenues, Costs, and Profits 

Now we can discuss some of the complications in calculating
profits.
Figure 5. Rent-aperson income
statement for the
year ending
31 december
1987.

Revenue
(100 000 hours rented out at
Deduct expenses (costs)
Wages paid to people rented out
Advertising
Office rent
Wages for office workers
Other office expenses
Net income (profits) before taxes
Taxes paid
Net income (profits) after taxes

£ 10

per hour)

£

£

1 000 000

700 000
50 000
50 000
80 000
20 000
900 000

£ 100 000
25 000

£ 75 000

Оutstanding Bills
People do not always pay their bills immediately. At the end of
1987, Rent-a-Person has not been paid for all the workers it hired out
during the year. On the other hand, it hasn’t paid its telephone bill for
December. From an economic viewpoint, the right definition of revenues and costs relates to the activities carried out during the year
whether or not payments have yet been made.
This distinction between economic revenues and costs and
actual receipts and payments raises the important concept of cash
flow.
A firm’s cash flow is the net amount of money actually received during the period.
Profitable firms may still have a poor cash flow, for example
when customers are slow to pay their bills.
Part of the problem of running a business is that cash flow at
the beginning is bound to be slow. Set up costs must be incurred
before revenues start to flow in. That is why firms need financial
capital to start the business. If the business prospers, revenues will
build up and eventually there will be a healthy cash inflow.
73

Английский язык.  
Лексические основы  чтения текстов по экономике 

Сapital and Depreciation
Physical capital is the machinery, equipment, and buildings
used in production.
Rent-a-Person owns little physical capital. Instead, it rents
office space, typewriters, and desks. In practice, businesses frequently buy physical capital. Economists use ‘capital’ to denote
goods not entirely used up in the production process during the
period. Buildings and lorries are capital because they can be used
again in the next year. Electricity is not a capital good because it is
used up entirely during the period. Economists also use the terms
‘durable goods’ or ‘physical assets’ to describe capital goods.
How should the cost of a capital good such as typewriters be
treated in calculating profits and costs? The essential idea is that it
is the cost of using rather than buying a piece of capital equipment
that should be treated as part of the firm’s costs within the year. If
Rent-a-Person leases all its capital equipment, its costs include
merely the rentals paid in leasing capital goods.
Suppose however that Rent-a-Person buys eight typewriters
at the beginning of the year for £1000 each. It should not count
£8000 as the cost of typewriters in calculating costs and profits for
that year. Rather the cost should be calculated as the reduction in
the value of the typewriters over the year. Suppose the wear-andtear on the typewriters over the year has reduced their value from
£1000 to £700 each. The economic cost of the use of eight typewriters over the year is £2400 (8  £300). This amount of depreciation
is the cost during the year.
Depreciation is the loss in value resulting from the use of machinery during the period.
The cost during the period of using a capital good is the depreciation or loss of value of that good, not its purchase price.
The existence of depreciation again leads to a difference between economic profits and cash flow. When a capital good is first
purchased there is a large cash outflow, much larger than the depreciation cost of using the good during the first year. Profits can
be high but cash flow low. However, in subsequent years the firm
74

I. Information for Study Output Supply. 
Revenues, Costs, and Profits 

makes no further cash outlay, having already paid for the capital
goods, but must still calculate depreciation as an economic cost
since the resale value of goods is reduced still further. Cash flow
will now be higher than economic profit.
The consequence of treating depreciation rather than purchase price as the true economic cost is thus to spread the initial
cost over the life of the capital good; but that is not the reason for
undertaking the calculation in this way. Rent-a-Person could always have sold its typewriters for £5600 after one year, restricting
its costs to £2400. The fact that the firm chose to keep them for
reuse in the next year indicates that the latter strategy is even more
profitable. Hence the true economic cost of using the typewriters in
the first year can be at most £2400.

II. Practice
1. Переведите текст на русский язык, используя словарь в
конце урока.
2. Найдите в тексте ответы на поставленные вопросы и запишите их.
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)

What is a firm’s revenue?
What are the firm’s costs?
What are the firm’s profits?
How can you calculate profits?
What is the difference between economic revenues and
costs and actual receipts and payments?
When may profitable firms have a poor cash flow?
Why do firms need financial capital to start a business?
What goods are included into physical capital?
How should the cost of a capital good be treated in calculating profits and costs?
What is depreciation?
When is the firm’s cash flow higher than economic profit?
What is the best way of calculating the true economic cost
of a capital good?
75

Английский язык.  
Лексические основы  чтения текстов по экономике 

3. К выделенным жирным шрифтом словам в тексте подберите слова, противоположные по значению, из следующего
списка:
revenue, receipts, to hire, constant, outlay, consequence, previous,
to incur expenses, to extend
4. Найдите в тексте предложения, соответствующие по
смыслу данным ниже, и запишите их в тетрадь.
1) Износ  это снижение стоимости основного фонда в результате его использования в данный период времени.
2) Основной капитал  это оборудование, не полностью
использованное в производственном процессе за данный период времени.
3) При закупке основного капитала требуется большой
расход наличности.
4) При подсчете прибылей и убытков учитывается фактическая деятельность фирмы в течение целого года, а
не выплата и поступление наличных денег.
5) При ведении дела поток наличности вначале бывает
незначительным.
6) Для того, чтобы начать дело, фирме нужен финансовый
капитал, так как предстоят учредительские расходы.
7) После подсчета чистого дохода необходимо вычесть
налоги, которые фирма платит государству.
8) Расходы предпринимателей включают арендную плату
за помещение, покупку места для рекламы, оплату счетов
за телефонные переговоры и зарплату служащих.
5. Образуйте существительные от данных глаголов. Проверьте их по тексту. Переведите их.
to exist, to complicate, to pay, to rent, to restrict, to equip, to advertise, to depreciate, to indicate, to treat
76

I. Information for Study Output Supply. 
Revenues, Costs, and Profits 

6. Образуйте наречия от данных прилагательных. Переведите их.
simple, entire, temporary, immediate, actual, slow, financial,
healthy, eventual, initial, subsequent.
7. Изложите краткое содержание текста А на английском
языке в письменном виде.
8. Прочтите список ключевых слов к тексту В:
income statement
to proceed
flow of money
trading operations
balance sheet
to list
assets
liabilities
to go through
on the left
cash
to owe
customer
accounts receivable

---------------

inventories
warehouse
originally
to be worth
to add up
on the right
accounts payable

--------

salary
mortgage

---

баланс, балансовый отчет
продолжать
денежный поток
коммерческие операции
баланс, балансовый отчет
перечислять
активы
пассивы, обязательства
тщательно разобрать
слева
наличность
быть должным
клиент
счета дебиторов,
дебиторская
задолженность
товарные запасы
склад
первоначально
стоить
складывать
справа
счета кредиторов,
кредиторская
задолженность
заработная плата
закладная
77

Английский язык.  
Лексические основы  чтения текстов по экономике 

to negotiate
insurance company
bank loan
shorter-term
cash needs

------

debt
net worth

---

excess
to wonder
shareholder
take-over bid

-----

prospects
growth
proven record
to bid
going concern

------

customer loyalty
intangibles
goodwill

----

совершать сделку
страховая компания
банковская ссуда
краткосрочный
потребность в наличных
деньгах
долг
собственный капитал
(предприятия)
избыток
интересоваться
акционер
предложение о покупке
контрольного пакета
акций компании
перспективы
рост
проверенная репутация
предлагать цену
функционирующее
предприятие
приверженность клиентуры
нематериальные активы
«цена» нематериальных
активов фирмы,
репутация фирмы

9. Прослушайте и постарайтесь понять текст В.
10. Напишите краткое изложение текста на русском языке.
11. Прочтите утверждения и выберите те, которые соответствуют содержанию текста В:
1) The income statement shows the flow of money during a
given year.
2) The balance sheet lists the assets the firm owns and its liabilities.
78

I. Information for Study Output Supply. 
Revenues, Costs, and Profits 

3) The balance sheet gives us a picture of the firm during the
whole time of its existence.
4) ‘Net worth’ of the firm is the excess of its assets over its liabilities.
5) Assets are what the firm owes and liabilities are what the
firm owns.
6) Making a take-over bid you are buying not only the firm’s
assets but also its goodwill.

III. Vocabulary to Text A
account
accountant
actual
advertising
advertising
space
after-tax profit
to assess
bound
to build up
business
expenses
capital goods

------

счет
бухгалтер
фактический
реклама
место для рекламы

------

прибыль за вычетом налогов
облагать налогом
обязательный
накапливать
расходы предпринимателей

--

cash flow
cash inflow
cash outflow
to come (to)
complication
consequence
corporation tax
to denote
depreciation
durable goods
entirely
equipment

-------------

недвижимое имущество компании,
товары длительного пользования
приток наличности
поступление наличности
расход наличности
составлять, равняться
осложнение, затруднение
следствие
налог на прибыль компании
обозначать
износ
товары длительного пользования
полностью
оборудование
79

Английский язык.  
Лексические основы  чтения текстов по экономике 

existence
expenses
to flow in
to hire
immediately
income
statement
to incur
initial cost
to lease
lorry
loss of value
merely
net amount
net income
output supply
outstanding
bills
payment
physical assets

-------

существование
расходы
поступать (о наличности)
нанимать
немедленно
балансовый отчет

-----------

нести расходы
начальная стоимость
сдавать или брать в аренду
грузовик
снижение стоимости
просто
сумма нетто
чистый доход
предложение продукции
неоплаченные счета

---

physical capital

--

production
process
profit-and-loss
account
to prosper
purchase price
rates
receipt
reduction
to rent
to rent out
rental
resale
set-up costs
to spread

--

платеж
основные фонды, недвижимое имущество компании
основной капитал, недвижимое
имущество компании
производственный процесс

--

балансовый отчет

------------

процветать
покупная цена
местные налоги
выручка
снижение
арендовать
сдавать в аренду
арендная плата
перепродажа
учредительские расходы
распространять

80

I. Information for Study Output Supply. 
Revenues, Costs, and Profits 

subsequent
temporary
to undertake
value
viewpoint
wear-and-tear

--–




последующий
временный
предпринимать
стоимость
точка зрения
износ

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) The firm’s costs are the ... incurred in producing
goods or services.
2) Set up costs must be ... before revenues start to flow in.
3) The ... shows a flow of money during a given year.
4) Profitable firms have a poor ... when customers do
not pay their bills immediately.
5) If the business ... revenues will eventually build up.
6) The net worth is a ... of firm to its shareholders.
7) The word ‘capital’ denotes goods not entirely ... in
the production process during the period.
8) The cost during the period of using a capital good
is the ... or loss of value of that good.

a) cash flow
b) liability
c) depreciation
d) expenses
e) assets
f) income
statement
g) equipment
h) incurred
i) prospers
j) used up

2. Выберите существительные, которые по смыслу могут
следовать за данными глаголами:
1) to incur

a) incomes
b) assets
c) expenses
3) to assess
a) bills
b) rates
c) nets
5) to build up a) activities
b) flows
c) revenues

2) to hire
4) to restrict

a) workers
b) payments
c)goods
a) costs
b) effects
c) reasons

81

Английский язык.  
Лексические основы  чтения текстов по экономике 

3. Выберите из приведенного списка термины, соответствующие данным определениям.
a) excess of revenues over costs
b) the amount a firm earns by selling goods or services in a given period
c) the expenses incurred in producing goods or
services during a period
d) the net amount of money actually received during the period
e) goods not entirely used up in the production
process
f) the loss in value resulting from the use of a capital good during the period
g) payment for hiring a good or а service

82

1. rental
2. profits
3. revenue
4. cash flow
5. costs
6. physical capital
7. depreciation

I. Information for Study 
Money and Its Functions 

Unit 10.
I. Information for Study.
Money and Its Functions

Text A
Прочитайте следующую информацию и запишите основные термины, связанные с тематикой текста.
Although the crucial feature of money is its acceptance as the
means of payment or medium of exchange, money has three other
functions. It serves as a unit of account, as a store of value, and as a
standard of deferred payment. We discuss each of the four functions
of money in turn.
The Medium of Exchange
Money, the medium of exchange, is used in one-half of almost all exchange. Workers exchange labour services for money.
People buy or sell goods in exchange for money. We accept money
not to consume it directly but because it can subsequently be used
to buy things we do wish to consume. Money is the medium
through which people exchange goods and services.
To see that society benefits from a medium of exchange, imagine a barter economy.
A barter economy has no medium of exchange. Goods are
traded directly or swapped for other goods.
In a barter economy, the seller and the buyer each must want
something the other has to offer. Each person is simultaneously a
seller and a buyer. In order to see a film, you must hand over in
exchange a good or service that the cinema manager wants. There
has to be a double coincidence of wants. You have to find a cinema
where the manager wants what you have to offer in exchange.
83

Английский язык.  
Лексические основы  чтения текстов по экономике 

Trading is very expensive in a barter economy. People must
spend a lot of time and effort finding others with whom they can
make mutually satisfactory swaps. Since time and effort are scarce
resources, a barter economy is wasteful. The use of money  any
commodity generally accepted in payment for goods, services, and
debts  makes the trading process simpler and more efficient.
Other Functions of Money
The unit of account is the unit in which prices are quoted and
accounts are kept.
In Britain prices are quoted in pounds sterling; in France, in
French francs. It is usually convenient to use the units in which the
medium of exchange is measured as the unit of account as well.
However there are exceptions. During the rapid German inflation
of 1922-23 when prices in marks were changing very quickly,
German shopkeepers found it more convenient to use dollars as
the unit of account. Prices were quoted in dollars even though
payment was made in marks, the German medium of exchange.
Money is a store of value because it can be used to make purchases in the future.
To be accepted in exchange, money has to be a store of value.
Nobody would accept money as payment for goods supplied today if the money was going to be worthless when they tried to
buy goods with it tomorrow. But money is neither the only nor
necessarily the best store of value. Houses, stamp collections, and
interest-bearing bank accounts all serve as stores of value. Since
money pays no interest and its real purchasing power is eroded by
inflation, there are almost certainly better ways to store value.
Finally, money serves as a standard of deferred payment or a unit
of account over time. When you borrow, the amount to be repaid
next year is measured in pounds sterling. Although convenient, this
is not an essential function of money. UK citizens can get bank loans
specifying in dollars the amount that must be repaid next year. Thus
the key feature of money is its use as a medium of exchange. For this,
it must act as a store of value as well. And it is usually, though not
invariably, convenient to make money the unit of account and standard of deferred payment as well.
84

I. Information for Study 
Money and Its Functions 

Different Kinds of Money
In prisoner-of-war camps, cigarettes served as money. In the
nineteenth century money was mainly gold and silver coins. These
are examples of commodity money, ordinary goods with industrial
uses (gold) and consumption uses (cigarettes) which also serve as
a medium of exchange. To use a commodity money, society must
either cut back on other uses of that commodity or devote scarce
resources to producing additional quantities of the commodity.
But there are less expensive ways for society to produce money.
A token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or
value in uses other than as money.
A £ 10 note is worth far more as money than as a 3  6 inch
piece of high- quality paper. Similarly, the monetary value of most
coins exceeds the amount you would get by melting them down
and selling off the metals they contain. By collectively agreeing to
use token money, society economizes on the scarce resources required to produce money as a medium of exchange. Since the
manufacturing costs are tiny, why doesn’t everyone make £10
notes? The essential condition for the survival of token money is
the restriction of the right to supply it. Private production is illegal.
Society enforces the use of token money by making it legal
tender. The law says it must be accepted as a means of payment.
In modern economies, token money is supplemented by IOU
money.
An IOU money is a medium of exchange based on the debt of a
private firm or individual.
A bank deposit is IOU money because it is a debt of the
bank. When you have a bank deposit the bank owes you money.
You can write a cheque to yourself or a third party and the bank is
obliged to pay whenever the cheque is presented. Bank deposits
are a medium of exchange because they are generally accepted as
payment.

85

Английский язык.  
Лексические основы  чтения текстов по экономике 

II. Practice

1. Переведите текст на русский язык, используя словарь в
конце урока.
2. Найдите в тексте ответы на поставленные вопросы и запишите их.
1)
2)
3)
4)
5)

What are the main functions of money?
Why is barter economy wasteful?
What is the unit of account?
Why is money a store of value?
In what way does money serve as a standard of deferred
payment?
6) Why is it more convenient to use token money and not
commodity money?
7) How does society enforce the use of token money?
8) What is an IOU money and how is it used in modern
economies?

3. К выделенным жирным шрифтом словам в тексте подберите близкие по значению слова из следующего списка:
calculation, worthy, postpone, lawful, agency, cheap, transfer,
commerce, worth, symbol.
4. Подчеркните в тексте предложения, соответствующие по
смыслу данным ниже:
1) Деньги – это средство, при помощи которого люди
обмениваются товарами и услугами.
2) В условиях меновой торговли людям приходится тратить много времени и усилий, чтобы найти тех, с кем
они могут произвести взаимовыгодный обмен.
3) Деньги – это средство накопления ценностей, потому
что их можно использовать для покупки товаров в будущем.
86

I. Information for Study 
Money and Its Functions 

4) Денежная стоимость большинства монет превышает
сумму, которую можно получить, если расплавить
монету и продать содержащийся в ней металл.
5) Если у вас есть вклад в банке, то банк должен вам
деньги.
6) Деньги – не единственное и не самое лучшее средство
накопления ценностей.
7) Главное свойство денег – это их использование в качестве средства обмена.
8) Вы можете выписать чек на себя или на третье лицо, и
банк обязан оплатить этот чек.
9) Банковский депозит – это долговые деньги, потому
что это долг банка.
5. Образуйте существительные от данных глаголов. Переведите их.
to accept, to spend, to pay, to quote, to measure, to collect, to
contain, to require, to agree, to present.
6. Образуйте наречия от данных прилагательных. Переведите их.
direct, expensive, scarce, general, simple, quick, necessary, final,
essential, main.
7. Изложите краткое содержание текста А на английском языке в письменном виде.

III. Vocabulary to Text A
account
amount
barter
to be worth
to bear interest







счет (в банке)
сумма
прямой товарообмен
стоить
приносить прибыль
87

Английский язык.  
Лексические основы  чтения текстов по экономике 

to borrow
coin
coincidence
commodity
debt
deferred payment
deposit
to exceed
exchange
expensive
to hand over
IOU
illegal
interest
to keep an account
legal tender


















loan
manufacturing costs
means
medium of exchange
monetary value
to owe
payment
purchase
purchasing power











to quote a price
to repay
shopkeeper
store of value
to supplement
swap
to swap
token money
trading
unit of account
wasteful













88

взять взаймы
монета
совпадение
товар
долг
отсроченный платеж
вклад (в банк), депозит
превышать
обмен
дорогой
передать
долговая расписка
незаконный
ссудный процент
вести счет
законное платежное
средство
ссуда
издержки производства
средство
средство обмена
денежная стоимость
быть в долгу
платеж
покупка
покупательная
способность
назначить цену
вернуть долг
хозяин магазина
накопление ценностей
дополнить
обмен
обмениваться
символические деньги
торговля
расчетная единица
расточительный

I. Information for Study 
Money and Its Functions 

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) Money is the … through which people exchange goods and services.
2) … is very expensive in a barter economy.
3) People must spend a lot of time and effort
finding others with whom they can make
mutually satisfactory … .
4) To be accepted in exchange, money has to be
a store of … .
5) Money serves as a standard of deferred
payment or a unit of … over time.
6) In the XIXth century money was mainly
gold and silver … .
7) The essential condition for the survival of …
money is the restriction of the right to
supply it.
8) An IOU money is a medium of exchange
based on the … of a private firm or individual.
9) The … value of most coins exceeds the
amount you would get by melting them
down and selling off the metals they contain.
10) When you have a bank deposit the bank …
you money.

a) account
b) value
c) monetary
d) medium
e) uses
f) owes
g) debt
h) coins
i) price
j) token
k) trading
l) swaps

2. Выберите существительные, которые по смыслу могут
следовать за данными глаголами.
1) to hand over a) a measure
b) a service
c) a feature

2) to swap

a) types
b) losses
c) goods

3) to store

a) stage
b) branch
c) value

4) to owe

a) money
b) journey
c) quality

5) to quote

a) price
b) policy
c) product

6) to repay

a) duty
b) debt
c) unit

89

Английский язык.  
Лексические основы  чтения текстов по экономике 

3. Выберите из приведенного списка термины, соответствующие данным определениям.
1) sum placed in bank, usually at interest
2) written order to banker to pay named
sum to bearer
3) currency that cannot legally be refused
in payment
4) to be under obligation to repay
5) piece of metal made into money by official stamp
6) means of payment whose value greatly
exceeds its cost of production
7) a measure to which others conform
8) to get temporary use of money

90

a) to borrow
b) cheque
c) coin
d) deposit
e) interest
f) legal tender
g) to owe
h) standard
i) token money

I. Information for study. 
Decision Making in Business 

Unit 11
I. Information for study.
Decision Making in Business

Text A
Прочитайте следующую информацию и запишите основные термины, связанные с тематикой текста.
Businesses are DECISION MAKING units. The decisions
that they make might include:
 what to produce;
 where to locate the premises;
 what method of production to use;
 what price should be charged;
 what wages should be paid;
 and many others.
Why do businesses make decisions? In each case above there
are a number of choices a firm may make. For example, the choice
might be to locate a new warehouse in Exeter, Plymouth or Torquay. This is an example of a strategic decision because it can affect
the profitability and survival of the business. Many of the day-today decisions taken by business are called tactical decisions. An
example might be when and how much stock to order or the setting of sales targets. These short term control decisions are often repeated on a regular basis. A business may also make longer term
control decisions, such as planning to employ extra workers in future to take changes in the economy into account.
Decisions made by firms often involve some risk. Strategic
decisions are likely to involve the most risk. For example, the decision to sell a new product in a foreign country involves great risk
as there are many factors that can affect its success.
91

Английский язык.  
Лексические основы  чтения текстов по экономике 

Owners, managers and employees are involved in business
activity. They will all make some decisions, although not of equal
importance. Major decisions, such as the location of a new plant,
will be maid by the owners. Less important decisions, such as the
amount of time spent waiting for a delivery before making an enquiry, are likely to be maid by employees.
The size of the business can affect who makes decisions. In a
small firm the owner will make most of the decisions because he
or she is the person in control. Some decisions might be delegated
if the owner trusts the employees. As a small firm expands, the
owner might employ a manager to help run the business and take
some responsibility for decision making. In very large businesses
decisions are made at many different levels, by different people.
Decisions are often classified into three types.
Policy decisions. These are decisions about the general direction and overall policy of the business. They might be the decision
to buy another company, the closure of a plant making a loss, or
whether or not to launch a new product. These decisions are the
responsibility of the board of directors, who control the business
on behalf of the shareholders. In small firms policy decisions are
made by the owner, although such decisions are likely to be smaller, such as the opening hours of a local store.
Management decisions. Management decisions or executive
decisions determine how policy decisions are carried out. An example of such a decision might be deciding the best way to close a loss
making branch. For example, should it be closed immediately,
gradually, over period of time? Should the closure be negotiated or
enforced? Could a management buy-out be considered? Management decisions should ensure that the policy decisions are carried
out as efficiently as possible according to the general objectives of
the company. Some management decisions might be taken by directors since some directors are also managers in the business.
Administrative decisions. Administrators are often office staff
or supervisors, they act according to general company policy and
under the direction of management. They will have responsibility
for a number of tasks. These may require lower level decisions to be
made such as the amount of time allocated to specific tasks or the
92

I. Information for study. 
Decision Making in Business 

choice of equipment. It is sometimes argued that the performance of
employees can be improved by letting them become involved in
decision making. This is said to improve motivation.
A business makes decisions in order to achieve objectives.
For example, it might decide to launch a new product in order to
diversify. Decisions are made at all levels in a business and it is
useful to have a flexible process which can be followed by all involved. Figure 1 shows the stages in the decision making process.
Figure 1. The decision making process
Identify
objectives

Collect
information
and ideas
Analyse
information
and ideas

Choose a
course of
action

Communicate
and carry out

Outcome

Evaluate
and report

93

Английский язык.  
Лексические основы  чтения текстов по экономике 

II. Practice
1. Переведите текст на русский язык, используя словарь в
конце урока.
2. Найдите в тексте ответы на поставленные вопросы и запишите их.
1) Why do businesses make decisions?
2) What is the difference between strategic and tactical decisions?
3) Who makes major decisions in business?
4) What kind of decisions are usually made by employees?
5) What kind of decisions are called policy decisions?
6) Give an example of a management decision. By whom is
it taken?
7) Who may take administrative decisions?
8) Enumerate the stages of the decision making process.
3. К выделенным жирным шрифтом словам в тексте подберите слова, противоположные по значению, из следующего
списка:
profitable, rigid, failure, to agree, long term, to neglect, to dismiss,
strategic, minor, specific, employee
4. Найдите в тексте предложения, соответствующие по
смыслу данным ниже, и запишите их.
1) Решение продавать новую продукцию в зарубежные
страны связано с большим риском.
2) Стратегические решения влияют на рентабельность
предприятия.
3) В маленькой компании большинство решений обычно принимает владелец.
4) При расширении фирмы владелец иногда нанимает
управляющего, который принимает на себя ответственность за принятие решений.
94

I. Information for study. 
Decision Making in Business 

5) Политические решения принимает совет директоров,
который руководит предприятием от имени акционеров.
6) Управленческие решения должны обеспечивать как
можно более эффективное выполнение политических
решений в соответствии с общими целями компании.
7) Иногда говорят, что служащие будут лучше работать,
если дать им возможность участвовать в принятии
решений.
8) Решения принимаются на всех уровнях компании.
9) Повседневные решения, которые принимаются на
предприятии, называются тактическими решениями.
10) Самые важные решения, например, решение о размещении нового завода, принимаются владельцем.
5. Образуйте существительные от данных глаголов. Переведите их.
to produce, to locate, to survive, to employ, to direct, to close, to
execute, to motivate, to supervise, to own
6. Образуйте наречия от данных прилагательных. Переведите их.
immediate, gradual, efficient, equal, general, large, short, local
7. Изложите краткое содержание текста А на английском
языке в письменном виде.

III. Vocabulary to Text A
to argue
board of directors
branch
buy- out
to carry out
closure

-------

оспаривать, возражать
совет директоров
филиал
выкуп доли в предприятии
выполнять
закрытие
95

Английский язык.  
Лексические основы  чтения текстов по экономике 

day- to- day
decision making
to delegate
delivery
to diversify
to employ
employee
to enforce
enquiry
executive
to expand
extra
flexible
gradually
to launch
level
likely
to locate
location
long term
loss
management
to negotiate
objective
official staff
performance
policy
premises
profitability
responsibility
shareholder
stage
stock
supervisor
survival
to take into
account
to trust
96

-------------------------------------

повседневный
принятие решений
поручить, передать полномочия
доставка
разнообразить
принять на работу, нанять
служащий
принудить, заставить
запрос
руководитель
расширяться
дополнительный
гибкий
постепенно
запустить в производство
уровень
вероятный
разместить
местоположение, размещение
долгосрочный
убыток
управление, руководство
вести переговоры
цель
конторский персонал
работа, производительность труда
политика
производственные помещения
рентабельность
ответственность
акционер
стадия, этап
запас
контролер
выживание
принимать в расчет

--

доверять

I. Information for study. 
Decision Making in Business 

IV. Test
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
1) The choice might be to … a new warehouse
in Exeter, Plymouth or Torquay.
2) It might decide to … a new product in order to diversify.
3) The size of the business can affect who
makes … .
4) An example of such a decision might be
deciding the best way to close a … making
branch.
5) A strategic decision can affect the profitability and … of the business.
6) As a small firm …, the owner might employ
a manager.
7) The board of directors controls the business
on … of the shareholders.
8) In small firms … decisions are made by the
owner.
9) Some … decisions might be taken by directors who are also managers in the business.
10) The … of employees can be improved by
letting them become involved in decision
making.

a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)

behalf
decisions
launch
locate
profit
performance
policy
management
survival
loss
expands

2. Выберите существительные, которые по смыслу могут
следовать за данными глаголами.
1) to employ
3) to carry out
5) to improve

a) owners
b) workers
c) shareholders
a) decision
b) discussion
c) depreciation
a) preference
b) performance
c) consequence

2) to locate
4) to launch

a) products
b) profits
c) premises
a) a product
b) a process
c) a price

97

Английский язык.  
Лексические основы  чтения текстов по экономике 

3. Выберите из приведенного списка термины, соответствующие данным определениям.
1) waste resulting from losing
2) a decision between alternative goods
3) a course of action adopted by government, party, etc
4) a person employed for wages
5) body of persons carrying on work under
manager
6) to confer with view to compromise or
agreement
7) to demand a price for a good or a service
8) to keep a person in one's service
9) to pay a person to give up his or her
property

98

a)
b)
c)
d)
e)
f)
g)
h)
i)

to buy out
to charge
to employ
choice
loss
policy
staff
to negotiate
employee

 
The most often used affixes  

The most often used affixes
(Список наиболее употребительных аффиксов)
существительных

Суффиксы
прилагательглаголов
ных

er
or

ic
ical

ist
ment
ent
ance
ence
ity
age
ion
ure
ness
th
ing

able
ible
ory
ary
ent
ant
ous
ive
ful
less
ed
ing

ate
ise
(ize)
fy
en

Префиксы
наречий
ly
ward

be
de

con
in

contra
ultra

in
un

re
pre
se
per
pro
for

en
sub
ob
dis
ex
abs
trans

super
over
under
counter
multi
inter
macro
micro

non
dis
mis

99

Английский язык.  
Лексические основы  чтения текстов по экономике 

Tapescripts
(тексты, записанные на кассете)
Unit 1
Text B
This morning we're going to start looking at the second of
the three economic issues I mentioned last week. The first you
have already read something about, so let's turn to the second.
That is the question of income. By that I mean income distribution,
the way in which income – that's what people earn – is distributed
or shared around.
Let's look at income more closely. You, and your family, have
an income. You have an annual income, that is what you earn in a
year. This income allows you to enjoy various goods and services. It
means you have a certain standard of living. Your standard of living, of course, includes what you think of as necessary to your life,
things like food, water, somewhere to live, health and education.
But your income doesn't just cover the necessities of life. It also includes recreation, whether that's sport or TV, or a holiday. Now, as
you know, your income will be less than that of some of your
neighbours, but it will be more than that of some of your other
neighbours. By your neighbours, I mean not just people living in
your own country, but also people living in other countries.
Now, just as you and your family have an income, so nations, different countries, also have an income – the national income, it's often called. Now a national income is not the money the
government gets. The national income is the sum total of the incomes of all the people living in that country, in other words, everyone's income added together. In the same way we can think of
world income as the total of all the incomes earned by all the people in the world.
I want now to look at the distribution of world income, and
of national income. Then we can ask the questions: who, in the
world, gets what share of these incomes? The distribution of income, either in the world or in a country, tells us how income is
100

 
Tapescripts  

divided between different groups or individuals. Let's look at this
table. I want you to note down the figures I give you at this point,
and later we can discuss what they mean. You can see there are
three headings down the left-hand side of the table: income per
head, percentage of world population and percentage of world
income. Let's look at poor countries first. In poor countries, like
India, China and Sudan, the income per head is only one hundred
and fifty-five pounds per year. But at the same time, they have
fifty point seven percent of the world's population. These poor
countries only have five percent of the world's income. Have you
got those figures? Good.
Now let's complete the table. In the middle-income countries
the income per head is eight hundred and forty pounds, that's in
countries like Thailand and Brazil. In the major oil countries, like
Kuwait and Saudi Arabia, it's seven thousand, six hundred and
seventy. In industrial countries it's six thousand, two hundred and
seventy. And finally, in Soviet bloc, it's two thousand eight hundred. OK?
Turning to middle-income countries again, they have twenty
five point one percent of world population, with fourteen point
two percent of world income. The major oil countries have point
four percent of population, the industrial countries fifteen point six
and the Soviet bloc eight point two. The oil countries have one
point five percent of world income, the industrial countries sixtyfour point eight and the Soviet bloc fourteen point five.
Let's come back now to our three questions, the three you
read about. The first is for whom does the world economy produce? Well, as you can see, it produces essentially for the people
living in the rich industrial countries. They get sixty percent of the
world's income, although they only have sixteen percent of its
population. This suggests an answer to the second question, that
of what is produced. The answer is that most of world production
will be directed towards the goods and services that these same
rich, industrialised countries want.
101

Английский язык.  
Лексические основы  чтения текстов по экономике 

Our third question was how goods are produced. In poor
countries, workers produce much less than workers in rich countries. And poverty is very difficult to escape. It continues on and
on. And this goes some way towards accounting for the differences in national incomes. It accounts for an unequal distribution
of income, not just between countries but also between members
of the same country, although there individual governments can
help through taxation, for example. In other words, governments
can act to help distribute income throughout their population.
Unit 2
Text B
This morning we’re going to continue to look at the role
markets and prices play. What we’ve said so far, if you remember,
is that markets are arrangements through which prices influence
how we allocate resources, scarce resources. To show how important this role is, ask yourselves this question: how would resources
be allocated if markets did not exist? If there were no markets?
Well, let’s have a quick look at three kinds of economy to help us
answer the question.
Let’s look first at what we call the command economy. The
command economy. Now, this kind of economy is a society where
the government takes all the decisions. The government decides production and consumption. In practice, that means that a government
office, a planning office, decides our three original questions. It decides what will be produced, how it will be produced and also for
whom it will be produced. The same planning office then tells
households, firms or companies and workers what it has decided.
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. But in many countries, such as
the Soviet Union, there is a large amount of central planning and
direction. The state owns factories, for example, and it also owns
land. The state makes the most important decisions about what
people should consume. It also decides how goods should be produced, and how much people should work.
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Let’s turn now to our second kind of economy. This is what
we call a free market. Markets in which governments do not intervene are called free markets. Now, in a free market individual
people, such as yourselves, are free to pursue their own interests.
They can become millionaires, for example. The basic idea behind
the free market is this: if you, for example, want to become a millionaire, what do you do? Well, let’s say you invent a new kind 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 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. Hong Kong is an example of
a free market.
The third kind of economy we’ll look at is what we call the
mixed economy. And this means very much what it says. At one
extreme we have the command economy, which doesn’t allow individuals to make economic decisions – this is done centrally by
the government. At the other extreme we have the free market,
where individuals can pursue their own interests without any
government restrictions. Between these two extremes lies the
mixed economy. In a mixed economy, the government and the
private sector interact in solving economic problems. On the one
side, the government controls a share of the output. It does this
through taxation, transfer payments and providing services such
as the police. But at the same time, though with restrictions, individuals are free to pursue their own interests. Most countries are
mixed economies, though of course some are nearer to command
economies than others. Others are closer to free market economies.
Unit 5
Text В
This afternoon we’re going to finish looking at macroeconomics. Well, not exactly finish, of course, but finish our short introduction to this branch of economics at any rate. Macroeconom103

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ics is probably better known to you, actually, than microeconomics. This is simply because macroeconomic concepts refer to the
economy as a whole, and this in turn leads to their getting more
coverage in the media – that is, on television, in the newspapers
and so on. Microeconomic concepts, on the other hand, because
they are of interest only to the particular group they deal with, are
of less public interest.
I want you now to note down three key terms. These terms are
three of the most important building blocks of macroeconomics. They
are three basic concepts which we use, and you may have already
heard them in the media. The first of these is what we call Gross National Product. I’ll say that again: Gross National Product. Have you
got that? Good. Gross National Product is often just called G-N-P.
Note that down too. Now, GNP is the value of all goods and services
produced in the economy. All goods and services produced in the
economy over a given period, such as a year, that is.
The second basic concept is the Aggregate Price Level. The
Aggregate Price Level. Got that? Right, I’ll pause for a moment ...
The Aggregate Price Level is a measure. It’s a measure of the average level of prices of goods and services in the economy. The average level of prices of goods and services in the economy. Of
course, this average level of prices is relative to the prices of the
same goods and services at some fixed date in the past. OK? Good.
Now, there is actually no reason why the prices of different goods
should always move in line with one another. As you must have
noticed, some goods go up in price more sharply than others. Others may hardly move. So the Aggregate Price Level tells us what is
happening to prices on average. When the price level is rising, we
say that the economy is going through a period of inflation.
The third concept I want you to understand, and of course
note down, is what we call the Unemployment Rate. The Unemployment Rate. OK? Good. The Unemployment Rate is the percentage of the labour force, or workforce, which is out of work,
hasn’t got a job. It’s important to understand what we mean by the
labour force. By the labour force we mean the people, both men and
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women, who are of working age – so we don’t include children or
those who have retired, stopped working. We also mean those people who in principle would like to work if they could get a job. So
we don’t mean people who, although they are of working age, don’t
have to work – people who, for example, have inherited from their
parents enough money so they don’t have to work at all.
Unit 7
Text B
It’s equilibrium we’re going to talk about today. Specifically,
the market and the equilibrium price. I’ll say that again. The market and the equilibrium price.
Look at Table 2 again, would you? You’ve seen this table before. It describes the demand for and supply of chocolate bars. Let’s
say we now want to combine the behaviour of buyers and sellers described in this table. We want to do this in order to model how the
market for chocolate bars would actually work. If you look at the table carefully, you will see that at low prices the demand for chocolate
bars exceeds, is greater than, the quantity supplied. For example, if
the price is ten pence, 160 million bars is the demand – but the number of bars supplied is zero. Notice also that the opposite is true if the
price is high. If the price is 70 pence, the demand is zero and the supply is 240 million bars. Do you see what I mean? Good.
Now this is the important point. At some intermediate
price... intermediate? It means in the middle. OK? At some intermediate price the quantity demanded just equals the quantity
supplied. This we call the equilibrium price. The equilibrium price.
If you look at the table again, you’ll see that the equilibrium price
for chocolate bars is thirty pence. At a price of thirty pence, demand is for 80 million bars, and that’s the same quantity as sellers
want to supply.
In this example, and I want you to note down this term, it’s
important you understand it, we call 80 million bars the equilibrium quantity. The equilibrium quantity. At a price below thirty
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pence, the quantity demanded exceeds the quantity supplied. In
other words, people can’t get enough chocolate bars. So we have a
shortage. This shortage we call excess demand. Note that down
too. Got it? OK, I’ll go on. From our previous discussions, you will,
of course, realize that when we economists say there is excess demand we really mean the quantity demanded exceeds the quantity
supplied at this price. And I emphasize that.
Now let’s turn to excess supply. Another term you should
note. Excess supply. Excess supply happens when, in our example,
the price is higher than thirty pence per bar of chocolate. At this
price, the quantity supplied exceeds the quantity demanded. This
means sellers will be left with stock they can’t sell. Again, of
course, economists use the term excess supply to mean excess in
the quantity supplied at this price.
Now let’s ask ourselves the question ‘Will the market for
chocolate bars automatically be in equilibrium?’ And, if so, ‘What
mechanism brings this about?’ Let’s say for the moment that the
price for chocolate bars is fifty pence. That is higher than the equilibrium price, of course. At this price, sellers want to sell 160 million bars – but, as you can see from the table, nobody wants to buy
chocolate bars at this price. They’re too expensive. So what happens? Well, producers must get their money back, the money
they’ve spent on producing these 160 million chocolate bars. So
what do they do? They cut, reduce, their prices, naturally, to clear
their stock. Say they reduce their price to forty pence. What is the
effect? As you can see, this move has two effects. First, it increases
the quantity demanded to 40 million bars per year. And second, it
reduces the quantity producers want to sell at this price to 120 million bars per year. This price – cutting process will continue until
the equilibrium price of thirty pence is reached.
The same process actually works in reverse. What I mean
by that is that if the initial price is below the equilibrium price,
say twenty pence, the quantity demanded is 120 million bars. But
at this price only 40 million bars are produced. This means, of
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course, that sellers will quickly run out of stock. They will realise
they could have charged higher prices. This gives them a reason
to raise prices, so that scarce stocks are rationed. And prices will
continue to rise until the equilibrium price is reached. At that
point the market clears. At this point, are you all clear...
Unit 8
Text B
Good morning, everyone. Today we’re going to look at shifts
in the demand curve. Shifts? SHIFTS. The word basically
means changes, but we economists prefer the word shift. So, shifts
in the demand curve. You may remember from Table 3 we drew
the demand for chocolate bars. We drew it for a given level of
three underlying factors: the price of related goods, incomes and
tastes. Changes in any of these three underlying factors will
change the demand for chocolate.
Let’s look at these shifts more closely. Take a look at Table 3
here. Can you all see it? Good. Now, this table illustrates the effect
of a rise in the price of a substitute for chocolate. I’ve taken ice
cream, as you can see in the table. Ice cream could well be a substitute for chocolate. Notice that at each chocolate price there is a larger quantity of chocolate demanded when ice cream prices are
high. This is because people substitute chocolate for ice cream.
Now look at Figure 4. Here I’ve shown the same change in
ice cream prices leading to a shift in the demand curve. A shift
from the line DD which you can see running from a price of fifty
pence to 200 million bars per year, to a new demand curve running from seventy pence to 280 million bars per year. As you can
see the entire demand curve has shifted to the right, and this is because a higher quantity is demanded at each price.
OK so far? Good. Notice also that this shift to the right has
changed the equilibrium price. It was thirty pence, and is shown
by the letter E. Now it’s forty pence. And the new equilibrium
quantity is 120 million bars of chocolate per year.
Once we’ve reached this point, we can even sketch how the
chocolate market makes this transition from the old equilibrium at E
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to the new equilibrium. Think about it. Think about the moment the
price of ice cream rises. What happens? Well, the demand curve shifts
from DD, as you can see. Until the price of thirty pence changes, we
now have excess demand at this price. You can see this excess demand EH in the figure. At a price of thirty pence, 160 million bars a
year are demanded, but only 80 million bars are supplied.
What effect does this excess demand have? Well, it puts upward pressure on prices. The price of chocolate bars rises until it
reaches the new equilibrium price, which as you can see is forty
pence. But, notice this, this higher price reduces the quantity demanded. It reduces it from 160 million bars to 120 million bars.
What lessons can we learn from this? Well, I suggest the first
lesson is this. It is that the quantity of chocolate demanded depends on four things. In addition to the three factors I mentioned
at the start of this lecture, prices of related goods, incomes and
tastes, demand also depends on its own price. The price of chocolate that is. And this is why, when we draw demand curves, we
always choose to single out the price of the commodity itself, in
this example the price of chocolate bars. We put the price in the
diagram together with the quantity demanded. The other three
factors become what we’ve called ‘other things equal’, and any
changes of these will shift the position of our demand curves. Now
before I go on...
Unit 9
Text B
The income statement shows the flow of money during the
given year. But we also describe the position the firm has reached
as a result of all its past trading operations. We call this document
the balance sheet. The balance sheet.
Now, essentially the balance sheet lists the assets the firm
owns. It also lists its liabilities. What? LIABILITIES.
OK? Good. Now by doing this the balance sheet provides us with
a picture of the firm at a particular point of time, for example at
the end of a year. I’ll now go through a balance sheet with you, so
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take a moment to look at this. It’s the balance sheet of Snark International on 31st December, 1987.
Let’s start with assets. Assets are what the firm owns. These
assets are listed on the left, as you can see. Snark, this firm, has
some cash in the bank. That’s one asset. It’s also owed some
money by its customers, who haven’t paid yet. This money is
shown as accounts receivable. That’s another asset. Yet another
asset is the large inventories it has in its warehouses. Not only
that, but it also owns a factory. This factory originally cost a
quarter of a million, but notice that, because of depreciation, it’s
now only worth two hundred thousand. Of course, it also has
other equipment  desks, perhaps, or machinery  which originally cost Snark three hundred thousand. Again because of depreciation, this equipment is now worth a hundred and eighty
thousand. So we can say, after adding all these assets up, that
Snark is worth five hundred and ninety thousand.
Now let’s take a look at liabilities. Liabilities are what the
firm owes. These liabilities are shown on the right of the balance
sheet, as you can see, starting with accounts payable. These are
bills that Snark owes but has not yet paid. It also hasn’t yet paid
some salaries, some fifty thousand pounds’ worth. That’s also a
liability. Then, there is a mortgage on the factory of a hundred and
fifty thousand which it has negotiated with an insurance company.
Finally there is a bank loan. That’s for shorter-term cash needs.
Adding all that up, we can see that Snark has liabilities, or debts,
of three hundred and fifty thousand. So we can say that the net
worth of Snark, note that term ‘net worth’, is two hundred and
forty thousand. That’s the excess of its assets over its liabilities.
Some of you may be wondering why Snark’s net worth is
shown as a liability rather than an asset. The reason is simply because the firm is owned by its shareholders. So the net worth is
really owed to them. It is a liability of the firm to the shareholders.
Now let’s imagine you have lots of money and you want to
buy Snark. To make what we call a take-over bid, in fact. How
much do you think you should offer? Eh? Well, you might think of
offering two hundred and forty thousand, which is, after all, the
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net worth of the company. But I think probably not. Why not?
Well, Snark is a live company. It’s got good prospects for future
growth. It’s got a proven record. You have to remember you’re not
just bidding for its physical and financial assets, less of course its
liabilities. You’re actually bidding for the firm as a going concern.
You will also get its reputation. Its customer loyalty. And a great
many other things, all intangible. All these intangibles, like reputation and customer loyalty, we economists call goodwill.

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Additional Reading
I. Texts for Comprehension
A Model of the Demand for Tube Journeys
In the early 1980s there was a controversy over the “Fares
Fair” policy of cutting bus and tube fares in London. Some people
thought low fares would increase passengers and bring in extra
revenue for London Transport, which runs the bus and tube services. Others thought that low fares would lead to disastrous
losses in running London Transport. Eventually the matter was
referred to the courts. Suppose you had been a consultant brought
in to analyze the relationship between tube fares and revenue from
running the tube: how would you have analyzed the problem?
To organize our thinking, or – as economists describe it – to
build a model, we require a simplified picture of reality which
picks out the most important elements of the problem. We begin
with the simple equation.
Total fare collection = fare  number of passengers

(1)

In this stark form, equation (1) emphasizes, and thus organizes our thoughts around, two factors: the fare and the number of
passengers. London Transport directly controls the fare, but can
influence the number of passengers only through the fare that is
set. (Cleaner stations and better services might also encourage passengers, but we neglect these effects for the moment.)
It might be argued that the number of passengers is determined by habit, convenience, and tradition, and is therefore completely unresponsive to changes in fares. This is not the view or
model of traveler behavior that an economist would initially
adopt. It is possible to travel by car, bus, taxi, or tube, and decisions about a mode of transport are likely to be sensitive to the relative costs of the competing alternatives. Thus in equation (1) we
must not view the number of passengers as fixed but develop a
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‘theory’ or ‘model’ (we use these terms interchangeably) of what
determines the number of passengers. We must model the demand for tube journeys.
We can study the theory of demand in detail. Applying a little common sense, we can probably work out the most important
elements straight away. First, the fare itself matters. Other things
equal, higher tube fares reduce the quantity of tube journeys demanded. Of course, what matters is the price of the tube relative to
the price of other means of transport – cars, buses, and taxis. If
their prices remain constant, lower tube fares will encourage tube
passengers. Rises in the price of these other means of transport
will also encourage tube passengers even though tube fares remain unaltered.
We now have a bare-bones model of the demand for tube
journeys. We summarize this model in the formal statement:
Quantity of tube journeys demanded = f (tube fare, taxi fare, (2)
petrol price, bus fare, ...)
This statement reads as follows. The quantity of tube journeys
‘depends on’, or ‘is a function of’, the tube fare, the taxi fare, petrol
prices, bus fares, and some other things. The notation f is just a
shorthand for ‘depends on all the things listed inside the brackets’.
In equation (2) we have named explicitly the most important determinants of the demand for tube journeys. The row of dots reminds
us that we have omitted some possible determinants of the demand
for tube journeys in an effort to simplify our analysis. For example,
tube demand probably depends on the temperature. It gets very
uncomfortable in the underground when it is very hot. Since the
purpose of our model is to study changes in the number of tube
passengers, it will probably be all right to neglect the weather provided weather conditions are broadly the same every year.
To answer our original question, it is not sufficient to know
the factors on which the demand for tube journeys depends. We
need to know how the number of passengers varies with each of
the factors we have identified in our model. Other things equal, we
assume that an increase in tube fares will reduce tube passengers
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and that an increase in the price of any of the competing modes of
transport will increase tube passengers. To make real progress, we
shall somehow have to quantify each of these separate effects.
Then, given predictions for bus and taxi fares and the price of petrol, we would be able to use our model to predict the number of
tube passengers who would want to travel at each possible tube
fare that might be set by London Transport. Multiplying the fare
per journey by the predicted corresponding number of journeys
demanded at this fare, we could then predict London Transport
revenue given any decision about the level of tube fares.
Writing down a model is a safe way of forcing ourselves to
look for all the relevant effects, to worry about which effects must
be taken into account and which are minor and can probably be
ignored in answering the question we have set ourselves. Without
writing down a model, we might have forgotten about the influence of bus fares on tube journeys, an omission that might have
led to serious errors in trying to understand and forecast revenue
rose from tube fares.
You have read the text. Check your understanding:
1) What controversy was there in 1980 over the ‘Fares Fair’ policy of cutting bus and tube fares in London?
2) How would economists organize the solution of fares problem?
3) How can the equation one organize our thoughts?
4) What organization directly controls the fares?
5) How can London Transport influence the number of passengers?
6) Is the number of passengers responsive to the changes in fares?
7) What theory or model should an economist develop to solve
the problem of the number of passengers?
8) What is the relationship between fares and demand for tube
journeys?
9) What is the dependence of the quantity of tube passengers
on the fares of other means of transport?
10) For what purpose can we use the model given in the text?
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The Circular Flow of Income
A useful tool for analyzing how an economy works is the circular flow of income. It is often used in macroeconomics – the study
of the whole economy. The circular flow shows how money flows
around the economy.
HOUSEHOLDS

Rent,
Land,
wages, (2) labor and (1)
interest
capital
and profit

Goods
(4) and
services

Expenditure
(3) on goods
and services
(consumption)

BUSINESSES
Figure 1. The circular flow of income
In Figure 1, businesses (or producers) buy land, labor and
capital from households – the users of goods and services (point
1). Households receive rent, wages, interest and profit (income) in
return. This is shown as point 2. The money they earn is spent
(point 3) on goods and services produced by businesses (point 4).
So, money (or income) flows from businesses to households and
back again – a circular flow of income around the economy.
How much money is flowing around the economy? The
money earned by households, their income (Y), is spent on goods
and services (E), which are produced by businesses – their output
(O). In the national accounts of economies these are all defined so
that they are equal. We can say that the value of :
Y=E=O
(where = represents “must equal”)
In theory households are supposed to spend all their money
on goods and services. In practice they will spend some money
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(known as consumption) and save some as well. Savings take
money out of the circular flow – a withdrawal.
What about businesses? They are not likely to spend all their
revenue on rent and wages. They will also invest some in machinery and equipment. These are used to produce goods and services which increase money in the economy – an injection. There are a
number of injections and withdrawals in a complex economy. Injections can include:
 investment (I) – spending on fixed capital, such as machinery and factories, and circulating capital, such as stocks and
work-in-progress which enter the circular flow;
 government spending (G) – spending by government on
new schools and motorways or subsidies to firms;
 exports (X) – goods and services sold abroad, earning money
for the UK which enters the circular flow of income.
Withdrawals can be:
 savings (S) – money saved by households;
 taxation (T) – money taken out of the economy from businesses and households by government through taxation;
 imports (M) – goods and services coming into the country
paid for by money leaving the circular flow.
HOUSEHOLDS

Savings
Taxes

Investment
Income

Expenditure

Government
spending
Exports

Imports
BUSINESSES

Figure 2. The circular flow of income showing injections
and withdrawals

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The value of a country’s economic activity is known as its
Gross National Product (GNP). It can be measured using three methods:
 income method – adding up all the incomes earned by
households (rent, wages, interest, profit);
 output method – adding up the value of all goods and services produced by businesses;
 expenditure method – adding up the spending of consumers
(C), the investment of business (I), the expenditure of government (G) and the spending of people overseas on exports
minus the spending of a country on imports (X – M). The relationship is expressed as:
Y = C + I + G + (X – M)
where Y equals GNP.
Whichever method is used, it will give the same figure for
GNP because income = output = expenditure. This is true of all
circular flows of income.
You have read the text. Check your understanding:
1) What does the circular flow of income show?
2) What do producers buy from households?
3) What do households receive from businesses?
4) On what do households spend the money they earn?
5) Why must the income of households equal the output of
businesses?
6) What can be the impact on the entertainment industry of the
following events:
a. greater availability of grants for setting up new businesses;
b. a developing trend for consumers to devote more of their
income to savings;
c. a 2% reduction in income tax?
7) Will these events be injections into or withdrawals from the
circular flow of income?

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The Determinants of Price Elasticity
What determines whether the price elasticity of demand for a
good is high (say, -5) or low (say, -0,5)? Ultimately the answer must
be sought in consumer tastes. If it is considered socially essential to
own a television, higher television prices may have little effect on
quantity demanded. If televisions are considered a frivolous luxury,
the demand elasticity will be much higher. Psychologists and sociologists may be able to explain more fully than economists why
tastes are as they are. Nevertheless, as economists, we can identify
some considerations likely to affect consumer responses to changes
in the price of a good. The most important consideration is the ease
with which consumers can substitute another good that fulfils approximately the same function.
Consider two extreme cases. Suppose first that the price of all
cigarettes is raised 1 per cent, perhaps because the cigarette tax has
been raised. Do you expect the quantity of cigarettes demanded to
fall by 5 per cent or by 0,5 per cent? Probably the latter. People who
can easily quit smoking have already done so. A few smokers may
try to cut down but this effect is unlikely to be large. In contrast,
suppose the price of one particular brand of cigarettes is increased
by 1 per cent, all other brand prices remaining unchanged. We
should now expect a much larger quantity response from buyers.
With so many other brands available at unchanged prices, consumers will switch away from the more expensive brand to other brands
that basically fulfil the same function of nicotine provision. For a
particular cigarette brand the demand elasticity could be quite high.
Ease of substitution implies a high demand elasticity for a
particular good. In fact, our example suggests a general rule. The
more narrowly we define a commodity (a particular brand of cigarettes rather than cigarettes in general, or oil rather than energy as
a whole), the larger will be the price elasticity of demand.
Measuring Price Elasticities
To illustrate these general principles we report estimates of
price elasticities of demand in Table 1. The table confirms that the
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demand for general categories of basic commodities, such as fuel,
food, or even household durable goods, is inelastic. As a category,
only services such as haircuts, the theatre, and sauna bath, have an
elastic demand. Households simply do not have much scope to
alter the broad pattern of their purchases.
In contrast, there is a much wider variation in the demand
elasticities for narrower definitions of commodities. Even then, the
demand for some commodities, such as dairy produce, is very inelastic. However, particular kinds of services such as entertainment
and catering have a much more elastic demand. Small changes in
the relative price of restaurant meals and theatre tickets may lead
households to switch in large numbers between eating out and
going to the theatre, whereas the demand for getting out of the
house on a Saturday evening may be relatively insensitive to the
price of all Saturday night activities taken as a whole.
Table1
Estimates of price elasticities of demand in the UK
Good
(General Category)
Fuel and light
Food
Alcohol
Durables
Services

Demand
Elasticity
0,47
0,52
0,83
0,89
1,02

Good
(Narrower Category)
Dairy produce
Bread and cereals
Entertainment
Expenditure abroad
Catering

Demand
Elasticity
0,05
0,22
1,40
1,63
2,61

You have read the text. Check your understanding:
1) What determines whether the price elasticity of demand for
a good is high or low?
2) For what categories of commodities is demand usually inelastic?
3) Is the demand elasticity for narrower definitions of commodities high or low?

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Money
Money makes the world go round, to paraphrase an old saw.
But money is also a wonderfully mysterious idea. Think of it: a
group of people, most of whom have never met each other, have
agreed that a piece of paper is worth something and can be used to
acquire goods and services. A dollar buys you a cup of coffee.
Why? Because we’ve all decided that it works best to believe that a
piece of paper is good for a cup of coffee.
It wasn’t always so. Long ago, before money, or currency, before paper and coins, people traded things: a bushel of wheat for a
ceramic bowl, for example. This barter system worked fine, but it
had disadvantages. It wasn’t practical to lug around bushel baskets
of grain all day long. So bartering evolved to using smaller, more
transportable objects. Some people use beads. Others used gems.
The value of the various trinkets used varied widely, meaning that
most transactions still required quite a bit of negotiation.
Gold became a popular currency before the widespread
adoption of paper money. In 1091 B.C.E., the Chinese approved
the use of gold bars as a form of money. The Roman Empire issued
gold coins. In 1284 Vienna introduced the gold ducat, which
would be a dominant world currency for almost five centuries.
The transition to paper money moved along an erratic path.
China introduced paper money in the ninth century, but its use died
out about five hundred years later, when rampant printing of currency led to terrible inflation. When too much currency is printed,
the value of each piece of currency declines. As the amount of currency increases, it takes more currency to buy the same thing. China
didn’t return to paper money for several hundred years.
Paper arrived in the United States in 1690, when colonists in
Massachusetts printed notes. For a period of time, paper money in
the United States and elsewhere could be converted into something
else, usually gold. In other words, if someone gave you five dollars
for a cup of coffee, you could take that five dollars and redeem it for
gold or some other precious metal. Paper money’s convertibility
helped provide assurance to those who used the money in transactions that it was worth the number printed on the paper.
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Paper money is no longer convertible to gold and silver. Indeed, paper money is worth what it is because the government
says that’s what it’s worth. Rather than the value of paper being
set to something such as gold (“the gold standard”), currency systems today are called “fiat” systems. In other words, by fiat, or
government order, the currency is simply worth what it is.
You have read the text. Check your understanding.
1) How did barter system work?
2) What are disadvantages of barter system?
3) What was the most popular currency before adoption of paper money?
4) What leads to inflation in the countries where paper money
is used?
5) How is value of paper money determined nowadays?
Trading Money
Because money is not backed by a precious metal, its market
value is determined by several other factors. Among them: the
strength of the government backing the money; a nation’s fiscal
and trade policies; the relative flow of capital among nations; and
the rate of return, or interest rate, that currency owners can expect.
More than $1 trillion in currency moves around the world
each day via the currency markets. These markets are essentially
the trading in various currencies that occurs through large banks.
Dollars buy Euros, and yen buy Swiss francs. The currency markets, unlike the bond or stock markets, technically operate all
hours, everyday. Of course, traders need someone to trade with, so
activity on holidays and weekends is very light.
The trading of “free-floating” currencies establishes the exchange rate among those currencies. The market determines how
much the dollar is worth compared to the euro, for instance. Governments can take steps to affect the value of their currency, but the
market has the final say. A government can purchase massive
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Additional Reading  

amounts of its own currency, driving its value higher, but, given the
enormous size of the currency markets, this is not considered an
always effective strategy. Since traders analyze each government’s
fiscal health and trade standing, among other matters, the government can best affect the value of its currency with sound policies.
Short-term interest rates can also have an impact on the value of one
currency against others. If one nation’s central bank sets short-term
rates at 20% and other nation’s central bank sets rates at 2%, people
will flock to the 20% return. Usually, the difference isn’t quite so
stark; the point is that the currency speculators analyze what kind of
return they will get, as well as government’s fiscal health.
Currency trading is dominated by large players, such as
global banks, big hedge funds and institutions. It is not a market
that a lot of individual investors play in. But understanding currency rates matters to those travelling abroad as well as to those
doing business abroad. Exchange rates affect repatriated profits. If
the dollar is weak, U.S. exports can be priced more competitively.
If the dollar is strong, a trip to the Bordeaux region of France, for
example, is more affordable. Recently, the dollar has been weak. In
early 2005, it took $1.30 to buy a euro, the currency of France and
eleven other countries. Just a few years ago, about 90 cents would
get you a euro.
You have read the text. Check your understanding.
1) What factors determine the market value of money?
2) How do currency markets operate?
3) How can governments affect the value of their own currency?
4) What impact has interest rate on the value of one currency
against others?
Bank Accounts
Many of us keep our money in the bank. The bank, of course,
doesn’t keep actual dollars and cents in the vault; it keeps an electronic record of that money. The bank does keep some cash on
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hand to satisfy withdrawal demands, but most of our deposits are
active elsewhere, usually in the form of loans to people buying
homes or cars.
The most basic form of keeping our money in the bank is a
savings account. Such an account pays a small amount of interest,
and we can deposit and withdraw cash from the account, either at
the bank or via an automated teller machine, or ATM.
Many of us have a checking account. This is like a savings
account and usually pays some interest on the money deposited.
But unlike a savings account, a checking account permits us to
write our name on a piece of paper (a check) and give money from
our account to a person or company without having to go to the
bank physically and get the money. The check is processed electronically, and the money moves from our account to another account, whether our landlord’s or a retailer’s.
Some people also keep their money in certificates of deposit
or CDs. These are similar to savings accounts, in the sense that we
deposit money in the bank and receive interest in return. But a CD
has a fixed period of time during which the depositor can’t withdraw the money without suffering a penalty. Because the depositor had promised not to take the money out for that period of time,
the interest paid on the account is higher than on a savings or
checking account. CDs are generally short term in nature, ranging
from several months to a few years.
Money market deposit accounts are similar to savings and
checking accounts, though some money markets accounts place
restrictions on the amount of checks that can be written. These accounts pay a small interest rate.
All the above accounts are federally insured by the Federal
Deposit Insurance Corporation. The FDIC was created by the government in 1933. The FDIC takes in premiums from banks and
savings and loans and monitors the health of banks. In return, in
most cases the FDIC guarantees accounts of up to $ 100 000 in the
event of bank failure. But similar insurance is not provided for
other investments, such as mutual funds, stocks and bonds.

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Additional Reading  

You have read the text. Check your understanding.
1) In what form does the bank keep deposits?
2) What’s the difference between savings account and checking
account?
3) On what condition is money kept in certificates of deposit?
4) How are bank accounts insured?
II. Case Study
Case Study 1
Leipzig, East Germany's second largest city, has attracted attention from office developers as it changes from a planned to a
market system. The city has a shortage of office space. Most of its
existing space is obsolete compared with Western standards. Also,
if Leipzig is to achieve the status of other German cities, it needs to
develop another 2 or 3 million sq. ft of office space. Developers are
receiving a number of incentives, including grants, favorable tax
treatment, EC regional grants and subsidized lending rates.
Another attractive feature for developers is the state of rents. Because of the shortages rents have risen sharply and Leipzig is seen
as a good investment opportunity by many property speculators.
However, there have been problems as the city copes with
the transition.
 Pollution from open cast mining in the countryside has disfigured much of Leipzig's building stock.
 Inadequate building stock has resulted in housing shortages
discouraging skilled workers from moving to the city. Hotel shortages have also restricted the number of visitors to Leipzig.
 Poor transport infrastructure.
 Many of the young and relatively well educated members of
the population have migrated from the city. This has contributed to
a population decline from 713,000 to 511,000 over a 50 year period.
 Land ownership disputes have resulted in delays and frustration as land and property is transferred from the state to the
private sector.
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 There has been a flood of goods from West Germany into the
city.
You have read the text. Answer the questions:
1) How far are the problems facing Leipzig a result of it being
formerly part of a planned economy?
2) How might cities such as Leipzig overcome the problems of
changing from a planned to a mixed economy?
Case Study 2
Gurrinder Niijer owns a small business that manufactures
carpet slippers.
She is considering expanding her production in the near future by taking on five extra workers. The existing workers are concerned about how much the new employees will be paid. They feel
that there need to be pay differentials between themselves and the
new workers.
Although Gurrinder has 5000 pounds of her own money to
invest, she is likely to require a loan. Her bank has indicated that
now is a good time to borrow as interest rates are low. However, it
has also warned her that the government could force up rates in
future if they needed to control the exchange rate or if inflation
started to increase.
Gurrinder feels happy that she can pay back the loan quickly, because although the economy is still in recession, there is a
strong local demand for her goods.
You have read the text. Answer the questions:
1) What are the:
a) internal
b) external factors that may affect Gurrinder’s decision to expand?
2) How might the business be affected if the “strong local demand” for its products decreases?
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Additional Reading  

Case Study 3
The Price Responsiveness of Demand
The quantity demanded increases as the price of a good
falls. Frequently we need to know by how much it will increase.
The Table presents some numbers for the relation between ticket
price and quantity demanded, other things equal.
Table 2
The demand for football tickets
Price
($/ticket)
12.50
10.00
7.50
5.00
2.50
0

Quantity of tickets demanded
(thousands/ game)
0
20
40
60
80
100

We see from the Table 2 that each price cut of $1 leads to
8000 extra ticket sales per game. Suppose, however, that we wish
to compare the price responsiveness of football ticket sales with
the price responsiveness of the quantity of cars demanded: clearly,
$1 is a trivial cut in the price of a car and will have a negligible effect on the quantity of cars demanded. When commodities are
measured in different units it is often best to examine the percentage change, which is unit-free. This suggests that we think about
the effect of a 1 per cent price cut on the quantity of cars and football tickets demanded. Similarly, it is not the absolute number of
cars and tickets we should examine but the percentage change in
quantity demanded. Not only does this solve the problem of comparing things measured in different quantity units, it also takes
account of the size of the market. Presumably an extra sale of 8000
tickets is more important when ticket sales are 4000 than when
they number 40 000.
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Responsiveness of demand to price changes is measured by
the price elasticity of demand.
The price elasticity of demand is the percentage change in the
quantity of a good demanded divided by the corresponding percentage change in its price.
Although there are other demand elasticities – the cross price
elasticity and the income elasticity – the (own) price elasticity is
perhaps the most frequently used of the three. Whenever economists speak of the demand elasticity they mean the price elasticity
of demand.
If a 1 per cent price increase reduces the quantity demanded
by 2 per cent, the demand elasticity is –2. Because the quantity falls
2 per cent, we express this as a change of –2 per cent, then divide
by the price change of 1 per cent (a price rise) to obtain – 2. If a
price fall of 4 per cent increases the quantity demanded by 2 per
cent, the demand elasticity is –½, since the quantity change of 2
per cent is divided by the price change of –4 per cent. Since demand curve slopes down, we are either dividing a positive percentage change in quantity (a quantity rise) by a negative percentage
change in price (a price fall), or dividing a negative percentage
change in quantity (a quantity fall) by a positive percentage
change in price (a price rise).
The price elasticity of demand tells us about movements
along a demand curve and the demand elasticity must be a negative number.
You have read the text. Answer the questions:
1) How can we measure the responsiveness of the quantity
demanded to the price of the good?
2) What effect does the price cut have on the sales of the good?
3) What method is used when we compare commodities measured in different units?
4) In what way is demand elasticity calculated?

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Case Study 4
The Japanese market had long been one that seemed to
work according to its own rules. The difficulty of producing
software which used the Japanese language allowed a handful of
domestic manufacturers, led by NEC, to carve up the personal
computer (PC) market amongst them.
Price wars began in October 1991 when Compaq, a US firm,
introduced a machine at half the price of Japanese machines. IBM,
also a US company, followed suit. “We brought out low-priced
models because it was the main way in which to differentiate between IBM’s and NEC’s machines”, – said Mr. Tsutomu Maruyama, director of Personal Systems Operations at IBM’s Japan General Business Company. IBM and Compaq both reported strong
sales. In 1993, Dell, the US firm, announced a low price desktop
computer for sale in the Japanese computer market. Shortly afterwards Toshiba announced its first low cost notebook PC.

NEC
218 000 yen

Total prices after reduction
Compaq
196 000 yen

Dell
170 000 yen

You have read the text. Answer the questions:
1) What possible problems of a market system are mentioned
in this article?
2) What is the effect of the changes in prices on the allocation of
resources in the computer market?
3) What might be the results of these changes for:
a) Japanese businesses;
b) US businesses?

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Case Study 5
In May 1999 TheStreet.com, an online financial news outfit,
went public. Its shares were priced at $19. The shares on offer were
sold first to a group of investors, a mixture of institutions and individuals lined up by the investment bank, or underwriter. (The
investment bank is called an underwriter because technically it
acquires the shares from the company and then resells them to the
investors it has lined up to buy the shares. This transaction occurs
the night before public trading begins.) The next day, the so-called
opening trade was at $72. This high price came about because of
the overwhelming demand for the shares by investors not involved in the initial pricing of the deal. At the time, individuals
couldn’t get enough dot-com shares, so a good number of these
told their broker, “Buy me some shares in TheStreet.com at any
price.” These investors would’ve been buying at $72 or near there,
rather than at $19. But because a lot of people who bought shares
at the initial price sold quickly after the first trade, the selling pressure quickly outweighed the buying enthusiasm. Thus, shares in
TSCM steadily dropped from the first day, and most first-day
buyers were money losers.
Google’s summer 2004 IPO (initial public offering) had a
strong first-day pop in price, and its shares raced higher from
there. The IPO was priced at $85 a share. It ended its first day of
trading at $100.34 on about 22 million shares of trading volume.
You have read the text. Answer the questions:
1) What is the reason of sharp changes in the price of shares?
2) How did the pricing of IPO change in the period from 1999
till 20004? Why?
Case Study 6
Venture funds are pools of money gathered up from institutions and wealthy individuals. They focus on young, small companies. They take great risks on untested or unproven ideas, and
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Additional Reading  

the thesis is that they will get great rewards when the young companies grow into mature, publicly traded stocks. A number of
well-known technology companies received early backing from
venture capital funds, notably Apple Computer and Google. The
venture capital is most associated with technology investing.
Coe LLC, a venture fund, eyed a promising software startup. The start-up didn’t have a lot of cash, but it had a clever idea
and strong management. The founders of Coe needed money to
bring their idea to the marketplace. So the venture fund bought a
25% stake in the company. In order to do so, it determined a value
for the company. This valuation process is usually done by getting
competing VC firms to bid for an investment. Each bid will include a money amount as well as a valuation of the company. The
winning VC valued Coe LLC at $10 million. So, for $2.5 million, it
got its 25% share. After three years of successful growth, the company decided to go public with an IPO. The investment bankers
valued the software company at $100 million. That meant the venture stake had grown tenfold over three years, to $25 million. Of
course, a lot of times this 25% becomes zero. About 70% of venture
investments fail. It is a high-risk, high-reward game.
You have read the text. Answer the questions:
1) What is the role of venture funds in the development of
small companies?
2) How does a successful venture investment work?
Case Study 7
Private equity funds are generally larger than venture funds,
and they often use lots of borrowed money to execute transactions.
Oftentimes, a private equity fund hunts for assets that are undervalued or fallen on hard times. Or it hunts for divisions that no
longer fit the core mission of a particularly far-flung company. Investment bankers love to build up companies, tear them apart and
build them up again. Oftentimes in the teardown phase, private
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equity funds are buyers. In 2002, Diageo, a large liquor conglomerate, found itself trying to figure out what to do with its Burger
King unit. Not seeing many synergies between burgers and Bacardi, Diageo sold Burger King to Texas Pacific Group, a private equity firm, for $1.5 billion. Similar to a venture fund, the private equity seeks to improve the business and eventually sell it to another
large company or take it public with an initial public offering.
You have read the text. Answer the questions:
1) Are private equity funds more or less risky than venture
funds?
2) Why do these funds operate in private, not giving much
public information?

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Final Test 

Final Test
(итоговый тест)
I. К каждому английскому слову подберите русский эквивалент.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

consumer
commodity
supply
percentage
determinant
stockbroker
transaction
substitute
output
return
cost of production

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

показатель
предложение
процент
потребитель
прибыль
выпуск продукции
затраты на производство
биржевой маклер
товар
заменитель
потери
сделка

II. К каждому русскому слову подберите английский эквивалент.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

доход
стимул
счет
износ
предпочтение
приоритет
налог
услуги
затраты
обязательство
платеж

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

priority
payment
services
liability
income
depreciation
incentive
account
preference
production
expenditure
tax
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Английский язык.  
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III. Выберите из правой колонки существительное, которое может следовать за данным глаголом.
1. to bid up

a) taxes
b) prices
c) services

2. to predict

a) the revenue
b) the pattern
c) the commodity

3. to transact

a) choice
b) profit
c) business

4. to distribute

a) consumers
b) resources
c) transactions

5. to impose

a) taxes
b) rates
c) interest

6. to sell at

a) a policy
b) a share
c) a profit

IV. Выберите из каждой строчки два слова, наиболее
близкие по значению.
1. a) estimate;
2. a) spending;
3. a) profit;
4. a) to contribute;
5. a) exchange
132

b) forecast;
b) outlay;
b) priority;
b) to afford;
b) experience

c) priority;
c) output;
c) behaviour;
c) to allocate;
c) swap

d) prediction.
d) service.
d) benefit.
d) to distribute.
d) share

 
Final Test 

V. Выберите правильный перевод данного термина.
1. price system:
a) системная цена;
b) цена системы;
c) система цен.
2. retail price index:
a) коэффициент розничной продажи;
b) индекс розничных цен;
c) ценность индекса розничной продажи.
3. consumer choice:
a) выбор потребителя;
b) выбранный потребитель;
c) выбирающий потребитель.
4. stock market:
a) рыночная акция;
b) акционный рынок;
c) фондовая биржа.
5. tax revenue:
a) доходные налоги;
b) налоговые поступления;
c) налог на прибыль.
VI. Прочитайте предложение и укажите, какое из данных
ниже слов пропущено в нем.
1. Economists study how the manufacturers decide whether ...
cars or bicycles.
a) to propose;
b) to produce;
c) to merchandise.
2. Nowadays business can be ... over the telephone.
a) transacted;
b) accepted;
c) involved.
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3. Profits are the ... of revenues over costs.
a) expense;
b) excess;
c) exchange.
4. … decisions determine how policy decisions are carried out.
a) executive;
b) administrative;
c) general.
5. The benefit lost from the next best alternative is called the …
cost of the choice.
a) ability;
b) probability;
c) opportunity.
6. Since time and effort are scarce resources, a barter economy
is … .
a) useful
b) wasteful
c) profitable
VII. Выберите из правой колонки подходящее по смыслу
слово, которое можно вставить в данное предложение.
1. To purchase more of one good, the consumer must
... some of the other good.
2. ... guide our decision to buy the commodity or not.
3. When markets are not in ... the quantity transacted
must be smaller of the quantity supplied and quantity demanded.
4. The consumer chooses the affordable bundle that
maximizes his or her ... .
5. When the government imposes a tax on a good this
will lead to a ... of that good.
6. The central economic problem is to ... the conflict
between people’s demands with society’s ability to
produce goods to fulfil these demands.
7. If the business prospers ... will build up.
8. Industrial Western countries rely extensively on
markets ... resources.
9. To hold utility ... diminishing quantities of one
good must be sacrificed to obtain equal increases in
the quantity of the other good.

a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)

price rise
to allocate
revenues
equilibrium
sacrifice
utility
prices
constant
affordable
reconcile
satisfaction

VIII. Прочитайте текст, выберите из приведенных в
конце текста предложений те, которые по смыслу соответствуют тексту.
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Final Test 

TWO TYPES OF MARKETS
In the United States, stocks trade in two main markets: the
1
New York Stock Exchange and the Nasdaq Stock Market. A number of other markets exist, but they make markets mainly in stocks
that are primarily traded at one of these two market-places.

The New York Stock Exchange
The New York Stock Exchange is the oldest stock market in
the United States. It began in 1792 under a buttonwood tree in
lower Manhattan, with people trading shares among one another.
Since then it has become the largest stock market in the world.
Trading at the New York Stock Exchange, often called the
NYSE or the Big Board, uses a so-called specialist trading system.
In this system, a single person is in charge of the trading in a particular stock. For instance, if you want to buy a share of IBM, your
bid will ultimately go to the specialist assigned to trade IBM. That
specialist acts as a kind of traffic cop, directing movement among
buyers and sellers. He or she looks around to find someone who
wants to sell a share of IBM at the price you want to buy. The
matching of buyers and sellers occurs throughout the trading day,
and sometimes the specialist buys or sells for his own account if an
order can’t be matched.
When the NYSE is on television, sometimes you see a people
standing in front of the specialist, shouting buy and sell orders. It
looks confusing, but it’s just a simple matching up of buyers and
sellers so they can trade stocks.
Specialists also match buyers and sellers electronically.
While the trading volume and the number of stocks trading at the
NYSE have grown dramatically in the past twenty years, the number of people working on the floor of the stock exchange has remained about the same, thanks largely to the growth of high-tech,
all-electronic trading. All aspects of NYSE trading, including electronic trading, are refereed by the specialists.
1

stock exchange – фондовая биржа.

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The Nasdaq Stock Market
The NYSE has tough listing1 requirements, so many lessreputable companies, especially young technology companies, begin life on the Nasdaq Stock Market. The Nasdaq, known for its
high-tech stocks such as Microsoft and Intel, trades in a different
way. Rather than having specialists who manage the trading in
specific stocks, the Nasdaq Stock Market relies on an army of socalled market makers to trade stocks. Market makers are like specialists, in the sense that they focus on the trading of one stock or a
specific group of stocks. But rather than a single referee, the Nasdaq has groups of market makers all making deals in a single
stock. These market makers post bid (sell) and ask (buy) prices and
trade shares among themselves, usually on behalf of investors.
The Nasdaq Stock Market doesn’t have a floor like the NYSE.
Its trading world is all-electronic, living in the phone lines and
computers of various brokerage firms around the country. Market
makers advertise their buy and sell orders through this network:
they can see one another’s orders and match buys against sells.

ECNs
Electronic Communications Networks are the newest way
to trade. These all-electronic networks enable buyers and sellers to
find one another in the manner similar to Nasdaq Stock Market,
but large investors favor the speed of ECNs. ECNs also often provide for lower transaction costs and a degree of anonymity that is
favored by very large investors. Large investors like a bit of shielding so that competitors don’t know their trading moves. If others
know a large investor is buying a big chunk of a certain stock, they
may want to join the buying fray. More buyers mean more demand, making the stock more expensive for our large investor. By
staying anonymous, the large investor can accumulate a large
chunk of stock without the trouble of attracting hangers-on.
1

listing – регистрация компании на бирже.

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Final Test 

ECNs trade all sorts of stocks, but various regulatory rules
make it easier for ECNs to trade Nasdaq Stock Market stocks than
New York Stock Exchange stocks.
1. The New York Stock Exchange is the biggest stock market in
the world.
2. Every person can trade his or her shares on the New York
Stock Exchange.
3. Shares on the New York Stock Exchange are traded by specialists.
4. Trading shares at the NYSE is performed both on the floor of
the stock exchange and electronically.
5. Listing requirements of NYSE are less tough than those of
Nasdaq Stock Market.
6. Shares of young technology companies are mostly traded on
the New York Stock Exchange.
7. Specialists of Nasdaq match buyers and sellers on the floor
of the stock market.
8. Trading on Nasdaq is all-electronic and is performed by
market makers.
9. Electronic Communications Networks work with stocks that
were primarily traded on NYSE or Nasdaq.
10. Trading on ECNs is slower and more expensive than on
Nasdaq.

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Английский язык.  
Лексические основы  чтения текстов по экономике 

Assignment
(задание)
1. Прочтите текст и кратко изложите содержание на английском языке.
Marketing starts in a market, where individuals or organized
groups who want to buy goods or services meet people who want
to sell them. The buyers must have money to spend and a willingness to spend it, or a product or service they themselves are willing to trade. The sellers must have what the buyers want. The first
step in marketing is to understand these groups. The marketers
must determine the number of buyers, what they want to buy,
how, when and where they want to buy it, at what price and what
they expect from it. Elaborate techniques of research have been
developed to supply this information. Of course marketers have to
decide which needs they want to meet. A concept for a product or
service may develop long before any marketing research is done,
or it may be a response to identifying need.
In part, at least, marketing determines what products and
services are to be offered. Historically, marketing experts were
supposed to sell any product in any way possible. The techniques
of marketing research have now given marketers new ways to
learn and analyze the needs and wants of consumers. They can
now play a critical role in determining what  as well as how  to
market. Most large companies now produce only what their market researchers tell them to sell.
All products were new at one time. Today, a product is new
if it is unique, or if it is new for the manufacturer who is entering
the market to challenge the existing competition, or if it has had
enough substantial design modifications to make it a new product
issue. For the manufacturer, merchandising includes selecting the
products to be produced, deciding on the size, appearance, form
and packaging; and “having the right goods at the right place at
the right time at the right price”.
2. Переведите письменно текст с английского языка на
русский.
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Assignment 

Marginal Rate of Substitution
We now introduce the concept of the marginal rate of substitution of meals for films.
The marginal rate of substitution of meals for films is the quantity of films the consumer must sacrifice to increase the quantity of
meals by one unit without changing total utility.
Since consumers prefer more to less, an additional meal
tends to increase utility. To hold utility constant, when one meal is
added the consumer must simultaneously sacrifice some quantity
of the other good (films). The marginal rate of substitution tells us
how many films the consumer could exchange for an additional
meal without changing total utility. The marginal rate of substitution must be a negative number: it is the ratio of a negative change
in the quantity of films to the positive change in the quantity of
meals when utility remains unaltered.
Suppose the student begins with a bundle comprising 5 films
and no meals. Having already seen 4 films that week, the student
probably does not enjoy the fifth film very much. With no meals,
the student is very hungry. The utility of this bundle is low: being
so hungry, the student cannot really enjoy the films anyway. To
obtain the same amount of utility the student could give up a lot of
films in exchange for a little food. The marginal rate of substitution
is a large negative number and we say that it is high.
Suppose instead that the student is consuming a large number
of meals but seeing few films. To obtain the same amount of utility,
the student will be reluctant to sacrifice much cinema attendance to
gain yet another meal. The marginal rate of substitution is a small
negative number and we say that it is low. When the ratio of films
to meals is already high the marginal rate of substitution of meals
for films is high. It makes sense to sacrifice abundant films for scarce
meals. Conversely, when the ratio of films to meals is already low
the marginal rate of substitution of meals for films is low. It does not
make sense to sacrifice scarce films for yet more meals.
Economists believe that this common-sense reasoning about
tastes or preferences is very robust. It will hold in a wide range of
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Английский язык.  
Лексические основы  чтения текстов по экономике 

come a general principle, the third assumption we need to make
about consumer tastes. It is called the assumption of a diminishing
marginal rate of substitution.
Consumer tastes exhibit a diminishing marginal rate of substitution when, to hold utility constant, diminishing quantities of one
good must be sacrificed to obtain successive equal increases in the
quantity of the other good.
For example, our student might be indifferent between, that
is, be equally happy with, bundle X = (6 films, 0 meals), bundle
Y = (3 films, 1 meal), and bundle Z = (2 films, 2 meals). Beginning
from bundle X, a move to Y sacrifices 3 films for 1 meal, but a further move from Y to Z sacrifices only 1 film for 1 extra meal. Such
tastes satisfy the assumption of a diminishing marginal rate of
substitution.
These three assumptions  that consumers prefer more to
less, can rank alternative bundles according to the utility provided,
and have tastes satisfying a diminishing marginal rate of substitution  are all we shall require. It is now convenient to show how
tastes can be represented as indifference curves.

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Руководство по изучению курса
Основные сведения об авторах
Ф.И.О. автора

Турук И.Ф., к.и.н., проф., свыше
90 работ
Гитович Р.А., старший преподаватель
7 работ

Описание курса
Данный курс предназначен для обучения студентов
чтению текстов и восприятию на слух лекций по экономике
на английском языке.
Как часть учебной программы, данный курс представляет
собой второй уровень полного курса лексики английского языка
для студентов, специализирующихся в области экономики.
Обучение рекомендуется проводить параллельно с изучением
учебно-практического пособия Турук И.Ф. «Английский язык.
Грамматические основы чтения специальных текстов».
Цели курса
По завершении изучения данного курса студент должен:
1) знать терминологическую и общенаучную лексику экономического текста;
2) уметь читать и переводить экономический текст;
3) уметь выделить основные идеи текста, изложить его содержание, давать оценку и обсуждать его с другими студентами на английском языке;
4) уметь воспринимать текст лекции на слух и кратко резюмировать услышанное.
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Английский язык.  
Лексические основы чтения текстов по экономике 

Структура курса
Курс состоит из 11 уроков (Units), раздела Additional
Reading и итогового контроля и рассчитан на 80 часов, включая аудиторные занятия (при очной форме обучения), а также самостоятельную работу с учебным материалом.
Unit 1 "The Basic Economic Problem" – состоит из текста,
затрагивающего основную проблему экономики – распределение мирового дохода между странами с разными экономическими системами.
Unit 2 "Market Economies" – состоит из текста, рассматривающего особенности рыночной экономики, и лекции о трех
типах экономики.
Unit 3 "Planned Economies. Mixed Economies" – состоит из
текста, в котором исследуются особенности плановой экономики и смешанной экономики.
Unit 4 "Microeconomics and Macroeconomics" – текст этого урока посвящен методам изучения экономики и их классификации.
Unit 5 "Macroeconomics: The Overall Picture. The Issues" –
текст, в котором рассматриваются особенности макро- и микроэкономического анализа, и лекция об основных вопросах
экономики.
Unit 6 "The Role of the Market" – текст, который изучает
роль рынков в регулировании цен.
Unit 7 "Demand and Supply" – текст посвящен методам
изучения спроса и предложения, лекция посвящена установлению равновесия цен в условиях рыночной экономики.
Unit 8 "The Price of Related Goods" – в тексте исследуются
факторы, влияющие на спрос, лекция рассматривает сдвиги
кривой спроса.
Unit 9 "Output Supply. Revenues, Costs and Profits" – текст
и лекция посвящены балансовому отчету предприятия.
Unit 10 “Money and its Functions” – в тексте рассматриваются функции денег и различные виды денег.
Unit 11 "Decision Making in Business – в тексте изучается
проблема принятия решений при управлении предприятием.
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Раздел Additional Reading включает разделы “Texts for
Comprehension” и "Case Study" с конкретными примерами
решения экономических проблем. Тексты предназначены для
чтения без словаря и снабжены вопросами для контроля понимания и обсуждения прочитанного на занятиях.
В конце курса студенту предлагается выполнить итоговый
тест и контрольное задание.
Виды работ с учебным материалом
Курс можно изучать как самостоятельно, следуя инструкциям тьютора, в рамках дистанционной формы обучения,
так и в составе группы под руководством преподавателя при
обучении на дневном отделении. Поурочные задания в определенном порядке выполняются студентами дистанционной
формы обучения.
Лексической основой каждого урока является текст, основные виды работ с которым – чтение, перевод, изложение
содержания текста и оценка основных идей текста, а при обучении в составе группы – обсуждение текста с другими студентами. Послетекстовые упражнения, предназначенные для
самостоятельной работы, помогают студенту в понимании
текста и в усвоении лексики по данной специальности.
Кассета №11, на которой записаны лекции (Text B) по
экономике, предназначена для аудирования. Перед прослушиванием лекции студент должен усвоить ключевые слова к
ней. Рекомендуется прослушать лекцию несколько раз для
тренировки восприятия на слух. После прослушивания студент составляет аннотацию текста лекции и выполняет упражнения.
Кассета №2, на которой записаны словари к основному
тексту А каждого урока, предназначена для отработки произношения отдельных слов. Этот вид работ выполняется студентами самостоятельно.
1 Кассеты №1 и №2 можно получить на кафедре иностранных языков МЭСИ, 232 ком.

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Английский язык.  
Лексические основы чтения текстов по экономике 

Контроль усвоения материала
Для оценки результатов обучения применяется тестирование. Используются два вида контроля: текущий и итоговый.
В качестве текущего контроля студенту после каждого урока
предлагается выполнить тест, состоящий из трех заданий по
5-10 пунктов в каждом задании. После завершения курса студент выполняет итоговый тест, состоящий из 8 заданий (по 510 пунктов в каждом), в которых требуется выбрать правильный вариант ответа или найти соответствие. Студенту также
предлагается итоговое задание, которое состоит из письменного перевода текста по экономике с английского языка на
русский и изложения содержания текста по экономике на
английском языке.
Источники
Турук И.Ф., Гитович Р.А., Кузнецова И.А. Английский
язык. Лексические основы чтения текстов по экономике:
Учебно-практическое пособие. – М., 2005.

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Перечень основных тем
Unit 1
Цели урока
В результате изучения этого урока студент должен:
1) знать лексику текста А "The Basic Economic Problem";
2) подробно изложить содержание текста А на английском
языке, высказать свое мнение о нем;
3) знать ключевые термины к тексту В на кассете;
4) воспринимать на слух и понимать прослушанный текст
В, кратко изложить его содержание на русском языке и
высказать свое мнение о нем.
Виды работ с учебным материалом
Занятие 1
Чтение и устный перевод текста А с помощью словаря,
приведенного в конце урока.
Ответы на вопросы по содержанию текста А (устно).
Подбор синонимов из данного списка к словам в тексте
А, выделенных жирным шрифтом.
Прочесть список ключевых слов к тексту В на кассете.
Прослушивание текста В.
Краткое изложение текста В на русском языке.
Выбор утверждений, соответствующих содержанию текста В.
Занятие 2
Изложение содержания текстов А и В (устно).
Выполнение теста к Unit 1 (письменно).
Задания
Прослушать кассету №2 (словарь к тексту А) и отработать произношение слов.
Выучить слова к тексту А.
Подробно изложить содержание текста А (письменно).
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Английский язык.  
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Найти в тексте А предложения, соответствующие по
смыслу предложениям на русском языке, данным в упр. 4.
Составить аннотацию к тексту В.
Изложить свое мнение по содержанию текстов А и В на
английском языке.
Прочесть и перевести со словарем текст 2А "Market Economies”. Unit 2.
Студент должен научиться:
1) правильно произносить слова текста А;
2) читать и переводить экономический текст со словарем;
3) находить в тексте синонимы к знакомым словам;
4) излагать на английском языке содержание прочитанного
текста;
5) воспринимать на слух текст лекции и понимать услышанное;
6) высказывать свое мнение о содержании текстов на английском языке.
Контроль обучения
Студент должен выполнить тест, состоящий из трех заданий.
В первом задании 10 пунктов-предложений, в каждом из
которых пропущено слово. В колонке справа даны 12 английских слов, из которых надо выбрать подходящие по смыслу.
Ответ записывается сочетанием номера и буквы.
Во втором задании 6 пунктов – 6 глаголов, справа от каждого из них даны 3 существительных. Следует выбрать из
этих существительных то, которое может следовать за данным
глаголом. Ответ записывается сочетанием номера и буквы.
В третьем задании 7 пунктов. В колонке слева даны определения, к которым надо подобрать соответствующие им
термины из колонки справа. Ответ записывается сочетанием
номера и буквы.

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Unit 2
Цели урока
1)
2)
3)
4)

В результате изучения этого урока студент должен:
знать лексику текста А "Market Economies";
подробно изложить содержание текста А и высказать
свое мнение о нем на английском языке;
усвоить ключевые слова к тексту В, записанному на кассете;
понять содержание прослушанного текста В, изложить
его на русском языке и высказать свое мнение о нем.
Виды работ с учебным материалом

Занятие 1
Чтение и устный перевод текста А "Market Economies".
Ответы на вопросы по содержанию текста (упр. 2).
Подбор слов, близких по значению к выделенным в тексте словам, из данного списка (упр. 3).
Образование существительных от данных в списке глаголов и их перевод. (упр. 5).
Занятие 2
Чтение списка ключевых слов к тексту В.
Прослушивание текста В, обращая внимание на таблицу 1.
Изложение содержания текста В (устно).
Выполнение теста к Unit 2.
Задания
Прослушать кассету №2 (словарь к тексту А) и отработать произношение слов.
Выучить слова к тексту А.
Изложить содержание текста А (письменно).
Найти в тексте А предложения, соответствующие по
смыслу предложениям на русском языке (упр. 4).
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Лексические основы чтения текстов по экономике 

Усвоить ключевые слова к тексту В.
Выбрать утверждения, которые соответствуют содержанию текста В (упр.10).
Кратко изложить содержание текста В на английском
языке (письменно).
Высказать свое мнение по содержанию текста В.
Прочесть и перевести текст 3А (часть1) с помощью словаря. "Planned Economies".
1)
2)
3)
4)
5)
6)

Студент должен научиться:
правильно произносить слова текста А;
читать и переводить текст А, пользуясь словарем;
находить в тексте синонимы к знакомым словам;
образовывать существительные от глаголов при помощи
суффиксов -ion, -ing, -er;
излагать на английском языке содержание текста А и
свое мнение о нем;
воспринимать на слух текст лекции В, понимать его и высказывать свое мнение о нем.
Контроль обучения

Студент выполняет тест из трех заданий. В первом задании в колонке слева даны 10 предложений, в которые надо
вставить пропущенные слова из колонки справа. Во втором
задании даны 6 глаголов. Для каждого глагола надо выбрать
из трех вариантов существительное, которое может за ним
следовать. В третьем задании 6 пунктов. В колонке слева даны
определения, к которым следует подобрать соответствующие
термины, выбрав их из колонки справа.
Unit 3
Цели урока
В результате изучения этого урока студент должен:
1) Знать лексику текста А "Planned Economies. Mixed Economies";
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2) подробно изложить содержание текста А и высказать свое
мнение об основных идеях текста на английском языке.
3) Усвоить словообразовательные суффиксы.
Виды работ с учебным материалом
Чтение и устный перевод текста А.
Ответы на вопросы по тексту (упр. 2).
Подбор антонимов из данного списка к выделенным в
тексте словам (упр. 3).
Найти в тексте предложения, соответствующие по смыслу данным (упр. 6).
Обсуждение темы “Three kinds of economic systems”.
Выполнение теста к Unit 3.
Задания
Прослушать кассету №2 (словарь к тексту 3А) и отработать произношение слов.
Выучить слова к тексту А.
Прочесть и перевести текст А при помощи словаря в
конце урока.
Образовать существительные от глаголов при помощи
суффиксов -ion, -ice, -ence, -er и перевести их (упр. 4).
Подготовиться к обсуждению темы “Three kinds of economic systems”.
Прочесть и перевести текст 4А при помощи словаря в конце урока. "Microeconomics".
1)
2)
3)
4)
5)
6)

Студент должен научиться:
правильно произносить слова текста А;
читать и переводить текст А, пользуясь словарем;
находить в тексте антонимы к знакомым словам;
образовывать существительные от глаголов при помощи
суффиксов -ion, -ice, -ence, -er;
образовывать существительные от прилагательных при
помощи суффиксов -ty, -ity, -ness;
излагать содержание прочитанного текста и высказывать
свое мнение о нем на английском языке.
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Английский язык.  
Лексические основы чтения текстов по экономике 

Контроль обучения
Студент выполняет тест из трех заданий. В первом задании следует вставить в предложения пропущенные слова, выбрав их из колонки справа (10 предложений). Во втором задании студент должен выбрать из трех существительных то,
которое может следовать за данным глаголом (6 глаголов). В
третьем задании следует выбрать из правой колонки термин,
соответствующий определению в колонке слева (7 пунктов).
Unit 4
Цели урока
В результате прохождения материала этого урока студент должен:
1) усвоить лексику текста 4А "Microeconomics and Macroeconomics";
2) подробно изложить содержание текста 4А и свое мнение
о нем;
3) знать словообразовательные суффиксы.
Виды работ с учебным материалом
Чтение и устный перевод первой части текста А.
Ответы на вопросы по содержанию текста (упр. 2, 1-5).
Подбор синонимов из списка к выделенным в тексте
словам (упр. 3).
Изложение содержания текста А (письменно).
Выполнение теста к Unit 4.
Обсуждение Case Study.
Задания
Прослушать кассету №2 (словарь к тексту А) и отработать произношение слов.
Выучить слова к первой части текста А.
Изложить содержание первой части текста А (письменно).
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Прослушать кассету № 2 (словарь к тексту А) и отработать произношение слов.
Выучить слова ко второй и третьей части текста А.
Найти в тексте А предложения, соответствующие по
смыслу предложениям на русском языке, данным в упр. 4.
Изложить свое мнение по содержанию текста А.
Прочесть и перевести текст 5А (часть 1) при помощи
словаря в конце урока. "Macroeconomics".
Студент должен научиться:
1) правильно произносить слова текста А;
2) читать и переводить текст А со словарем;
3) находить в тексте синонимы к знакомым словам;
4) излагать на английском языке содержание текста А и
свое мнение о нем.
Контроль обучения
Тест состоит из трех заданий. В первом задании студент
должен выбрать из 12 английских слов в правой колонке те,
которые пропущены в каждом из 10 предложений в левой колонке. Во втором задании надо выбрать из трех вариантов то
существительное, которое может следовать за данным глаголом (5 глаголов). В третьем задании следует выбрать термины,
которые соответствуют данным определениям (6 пунктов).
Unit 5
Цели урока
жен:

После прохождения материала этого урока студент дол-

1) усвоить лексику текста А "Macroeconomics: The Overall
Picture. The Issues";
2) изложить содержание текста А и высказать свое мнение о
нем на английском языке;
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3) усвоить ключевые слова к тексту В;
4) понять содержание прослушанного текста В, кратко изложить его содержание на русском языке и высказать свое мнение.
Виды работ с учебным материалом
Занятие 1
Чтение и устный перевод текста А (раздел "The Overall
Picture").
Ответы на вопросы по тексту (упр. 2, 1-6).
Подбор противоположных по значению слов из данного
списка к словам, выделенным в тексте (упр. 3).
Образование существительных от глаголов с помощью
суффиксов -ion, -ance, -ing, -th и их перевод (упр. 4).
Занятие 2
Обсуждение темы “Macroeconomics and Microeconomics”.
Изучение списка ключевых слов к тексту В.
Прослушивание текста В.
Краткое изложение содержания текста В на русском
языке.
Выполнение теста к Unit 5.
Задания
Прослушать кассету №2 (словарь к тексту А) и отработать произношение слов.
Выучить слова к тексту А, раздел "The Overall Picture".
Изложить содержание текста А, раздела "The Overall Picture" (письменно).
Прочесть текст А, раздел "The Issues" и перевести его с помощью словаря в конце Unit 5.
Прослушать кассету №2 (словарь к тексту А) и отработать произношение слов.
Выучить слова к тексту А, раздел "The Issues".
Найти в тексте предложения, соответствующие по смыслу данным (упр. 5).
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Изложить содержание текста А, раздела “The Issues”
(письменно).
Подготовиться к обсуждению темы “Macroeconomics and
Microeconomics”.
Выучить ключевые слова к тексту В.
Выбрать утверждения, которые соответствуют содержанию текста В (упр. 10).
Составить аннотацию к тексту В (письменно).
Изложить свое мнение по содержанию текста В.
Прочесть и перевести текст 6А со словарем. "The Role of
the Market".
Студент должен научиться:
1) правильно произносить слова текста А;
2) читать и переводить текст А со словарем;
3) находить в тексте синонимы к данным в упражнении
словам;
4) образовывать существительные от глаголов при помощи
суффиксов -ion, -ment;
5) образовывать наречия от данных прилагательных при
помощи суффикса -ly;
6) воспринимать на слух и понимать содержание текста
лекции В;
7) излагать содержание текстов и свое мнение о них на английском языке.
Контроль обучения
После прохождения материала урока студент выполняет
тест, состоящий из следующих заданий:
1) выбор слова, пропущенного в предложении, из данного
списка (10 предложений).
2) выбор из трех существительных того, которое может
следовать за данным глаголом (5 глаголов).
3) выбор из списка термина, соответствующего данному
определению (6 определений).
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Unit 6
Цели урока
В результате прохождения материала урока студент
должен:
1) знать слова текста А "The Role of the Market";
2) изложить содержание текста А на английском языке и
дать оценку основным идеям этого текста;
3) выучить ключевые термины лекции В;
4) понять содержание прослушанной лекции, кратко изложить ее содержание и дать оценку на английском языке.
Виды работ с учебным материалом
Чтение и устный перевод текста А.
Подбор синонимов из данного списка к выделенным в
тексте словам (упр. 3).
Ответы на вопросы по содержанию текста (упр. 2).
Обсуждение темы “The Role of the Market".
Выполнение теста к Unit 6.
Задания
Прослушать кассету № 2 (словарь к тексту А) и отработать произношение.
Выучить слова к тексту А (1-4).
Прослушать кассету № 2 и отработать произношение
слов текста А.
Выучить слова к тексту А (5-7).
Найти в тексте предложения, соответствующие по смыслу данным (упр. 4).
Изложить содержание текста А на английском языке
(письменно).
Прочесть и перевести со словарем текст 7А ч. 1. “Demand
and Supply”.
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Студент должен научиться:
1) правильно произносить слова текста А;
2) читать и переводить текст о роли рынка;
3) находить в тексте синонимы к известным ему словам;
4) излагать содержание прочитанного текста на английском языке;
5) принимать участие в обсуждении этой темы.
Контроль обучения
Тест, предлагаемый студенту, состоит из следующих заданий:
1) выбор слов, пропущенных в предложениях, из предложенного списка слов (10 предложений, 12 слов в списке).
2) выбор из трех существительных того, которое может
следовать за данным глаголом (6 глаголов).
3) поиск соответствий между терминами и данными к ним
определениями (6 определений, 6 терминов).
Unit 7
Цели урока
В результате прохождения материала этого урока студент должен:
1) знать лексику текста А “Demand and Supply”;
2) изложить содержание этого текста на английском языке;
3) знать ключевые термины лекции В;
4) понять содержание прослушанной лекции и составить
аннотацию к ней.
Виды работ с учебным материалом
Занятие 1
Чтение и устный перевод текста А "Demand and Supply".
Подбор синонимов из данного списка к выделенным
словам в тексте (упр. 3).
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Образование существительных от глаголов с помощью
суффиксов –ion, -ment и их перевод.
Чтение и устный перевод текста А "Demand and Supply”,
ч. 2.
Ответы на вопросы по содержанию текста (упр. 2).
Образование наречий от данных прилагательных (упр. 6).
Занятие 2
Просмотр списка ключевых слов к тексту В.
Прослушивание лекции В, записанной на кассете.
Выбор утверждений, соответствующих содержанию лекции В (упр. 11).
Обсуждение текстов А и В. Выполнение теста к Unit 7.
Задания
Прослушать кассету №2 и отработать произношение
слов текста А.
Выучить слова к тексту А ч. 1.
Изложить содержание текста А ч. 1 (письменно).
Прочитать и перевести со словарем текст А ч. 2.
Выучить слова к тексту А ч. 2.
Найти в тексте А предложения, соответствующие по
смыслу данным предложениям (упр. 4).
Изложить содержание текста А ч. 2 (письменно).
Выучить ключевые термины лекции В.
Составить аннотацию лекции В.
Изложить свое мнение относительно текста А и лекции В.
Прочитать и перевести со словарем текст 8А "The Price of
Related Goods".
1)
2)
3)
4)
5)
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Студент должен научиться:
правильно произносить слова текста А;
читать и переводить текст о спросе и предложении;
находить в тексте синонимы к знакомым словам;
образовывать наречия от прилагательных;
образовывать существительные от глаголов;

 
Руководство по изучению дисциплины 

6) воспринимать на слух лекцию, понимать прослушанный
материал и высказывать мнение о нем.
Контроль обучения
Студенту предлагаются следующие тестовые задания:
1) выбор слов, пропущенных в предложениях, из предлагаемого списка (10 предложений, 12 слов в списке);
2) выбор существительного, которое может следовать за
данным глаголом, из трех вариантов (5 глаголов);
3) поиск соответствий между терминами в списке и данными к ним определениями (6 определений, 6 терминов).
Unit 8
Цели урока
1)
2)
3)
4)

После изучения материала этого урока студент должен:
знать лексику текста А "The Price of Related Goods";
изложить содержание текста А на английском языке и высказать свое мнение о нем;
знать ключевые термины лекции В;
понять содержание прослушанной лекции и составить к
ней аннотацию.
Виды работ с учебным материалом

Занятие 1
Чтение и устный перевод текста А "The Price of Related
Goods".
Ответы на вопросы к тексту (упр. 2).
Подбор синонимов из списка к подчеркнутым в тексте
словам (упр. 3).
Образование наречий от прилагательных и перевод их
на русский язык.
Занятие 2
Просмотр списка ключевых слов к тексту В на кассете.
Прослушивание лекции В, обращая внимание на таблицу 3 и график 4.
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Выбор утверждений, соответствующих содержанию лекции В (упр. 10).
Изложение содержания текстов А и В (устно).
Выполнение теста к Unit 8.
Задания
К занятию 1
Прослушать кассету № 2 и отработать произношение
слов текста А ч. 1.
Выучить слова к тексту А ч. 1.
Изложить содержание текста А ч. 1 (письменно).
К занятию 2
Прослушать кассету № 2 и отработать произношение
слов текста А ч. 2, 3.
Выучить слова к тексту А ч. 2, 3.
Изложить содержание текста А ч. 2, 3 (письменно).
Найти в тексте А предложения, соответствующие по
смыслу данным (упр. 4).
Выучить ключевые слова к лекции В.
Составить аннотацию текста лекции В.
Изложить свое мнение по содержанию текстов А и В.
Прочитать и перевести текст 9А, разделы 1,2 со словарем.
“Output Supply”.
Студент должен научиться:
1) правильно произносить слова текста А;
2) читать и переводить текст о факторах, влияющих на
спрос;
3) находить в тексте синонимы к известным ему словам;
4) образовывать наречия от прилагательных;
5) воспринимать на слух лекцию и понимать ее содержание;
6) излагать содержание прочитанного текста и прослушанной лекции и давать им оценку на английском языке.
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Контроль обучения
Тест, предлагаемый студенту, состоит из следующих заданий:
1) выбор слов, пропущенных в предложениях, из колонки
справа (10 предложений, 12 слов в колонке);
2) выбор из трех существительных того, которое может
следовать за данным глаголом (6 глаголов);
3) поиск соответствий между терминами и определениями
(6 терминов, 6 определений).
Unit 9
Цели урока
В результате изучения этого урока студент должен:
1) знать лексику текста А "Output Supply";
2) прослушать и понять содержание лекции В;
3) изложить содержание текста и составить краткую аннотацию лекции на английском языке, а также дать им
свою оценку.
Виды работ с учебным материалом
Занятие 1
Чтение и перевод разделов 1 и 2 текста А "Revenues,
Costs and Profits" и "Outstanding Bills".
Ответы на вопросы по содержанию текста (упр. 2).
Подбор из списка слов, противоположных по значению
выделенным в тексте словам (упр. 3).
Занятие 2
Чтение и перевод раздела 3 текста А "Capital and Depreciation".
Ответы на вопросы к тексту (упр. 2, 8-12).
Поиск в тексте предложений, соответствующих по смыслу данным (упр. 4).
Проcмотр списка ключевых слов к лекции В.
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ятия.

Прослушивание лекции о балансовом отчете предпри-

Краткое изложение содержания лекции.
Выбор утверждений, соответствующих содержанию лекции (упр. 10).
Изложение мнения по содержанию текста А и лекции В.
Выполнение теста к Unit 9.
Задания
К занятию 1
Прослушать кассету №2 и отработать произношение
слов к тексту А.
Выучить слова к разделам 1, 2 текста А.
Изложить содержание разделов 1,2 текста А (письменно).
Прочитать и перевести со словарем раздел 3 текста А.
К занятию 2
Выучить слова к разделу 3 текста А.
Изложить содержание раздела 3 (письменно).
Найти в тексте предложения, соответствующие по смыслу данным (упр.4).
Выучить ключевые термины к тексту лекции 9В.
Составить аннотацию текста лекции 9В.
Прочитать и перевести разделы 1,2 текста 10А “Money
and its Functions”.
1)
2)
3)
4)
5)
6)
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Студент должен научиться:
правильно произносить слова текста А;
читать и переводить текст о балансовом отчете предприятия;
воспринимать на слух и понимать содержание лекции
на эту тему;
излагать содержание текста и лекции и давать им оценку
на английском языке;
находить в тексте синонимы к известным ему словам;
образовывать существительные от глаголов и наречия от
прилагательных.

 
Руководство по изучению дисциплины 

Контроль обучения
Тест к этому уроку состоит из следующих заданий:
1) выбор из данного списка слов, пропущенных в предложении (8 предложений, 10 слов в списке);
2) выбор из трех существительных того, которое может
следовать за данным глаголом (5 глаголов);
3) поиск соответствий между терминами и определениями
к ним (7 терминов и 7 определений).
Unit 10
Цели урока
После прохождения материала данного урока студент
должен:
1) знать лексику текста А “Money and its Functions”;
2) изложить содержание текста А (письменно);
3) высказать свое мнение об основных идеях текста.
Виды работ с учебным материалом
Занятие1
Чтение и перевод разделов 1 и 2 текста А “The Medium of
Exchange” и “Other Func tions of Money”.
Ответы на вопросы к тексту (упр.2, 1–5).
Подбор синонимов из данного списка к выделенным в
тексте словам (упр.3).
Образование существительных от глаголов и их перевод
(упр.5).
Образование наречий от прилагательных и их перевод
(упр.6).
Занятие 2
Чтение и перевод раздела 3 текста А “Different Kinds of
Money”.
Ответы на вопросы к тексту (упр.2, 6–8).
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Нахождение в тексте предложений, соответствующих по
смыслу данным (упр.4).
Дискуссия на тему “Various Functions of Money”.
Выполнение теста к Unit 10.
Чтение и обсуждение текста Case Study.
Задания
К занятию 1
Выучить слова к разделам 1 и 2 текста 10А.
Изложить содержание разделов 1 и 2 текста А (письменно).
Прочитать и перевести со словарем раздел 3 текста А.
К занятию 2
Выучить слова к разделу 3 текста А.
Изложить содержание раздела 3 письменно.
Найти в тексте предложения, соответствующие по
смыслу данным (упр.4).
Изложить свое мнение по содержанию текста А.
Прочитать и перевести текст 11А “Decision Making in
Business”.
1)
2)
3)
4)
5)

Студент должен научиться:
правильному произношению слов текста 10А;
чтению и переводу текста о функциях денег и различных видах денег;
излагать содержание текста и давать ему оценку на английском языке;
находить в тексте синонимы к известным ему словам;
образовывать существительные от глаголов и наречия от
прилагательных.
Контроль обучения

Студент выполняет следующие тестовые задания:
1) выбор из данного списка слов, пропущенных в предложениях (10 предложений, 11 слов в списке);
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Руководство по изучению дисциплины 

2) выбор из трех существительных того, которое может
следовать за данным глаголом (6 глаголов);
3) поиск соответствий между терминами и определениями
к ним (9 терминов и 9 определений).
Unit 11
Цели урока:
После прохождения материала данного урока студент
должен:
1) знать лексику текста А "Decision Making in Business";
2) изложить содержание текста А (письменно);
3) высказать свое мнение о принятии решений на предприятии.
Виды работ с учебным материалом
Чтение и перевод текста А.
Ответы на вопросы к тексту (упр. 2).
Подбор синонимов из данного списка к выделенным в
тексте словам (упр. 3).
Образование существительных от глаголов и их перевод
(упр. 5).
Образование наречий от прилагательных и их перевод
(упр. 6).
Дискуссия на тему "Decision Making in Business".
Выполнение теста к Unit 11.
Чтение и обсуждение текста Case Study.
Задания
Прослушать кассету №2 и отработать произношение
слов к тексту А.
Выучить слова к части 1 текста А.
Изложить содержание части 1 текста А письменно.
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Английский язык.  
Лексические основы чтения текстов по экономике 

варя.

Прочесть и перевести часть 2 текста А при помощи сло-

Выучить слова к части 2 текста А.
Изложить содержание 2 текста А письменно.
Найти в тексте предложения, соответствующие по смыслу данным (упр. 4).
Изучить процесс принятия решений в соответствии с
таблицей на рис. 6.
Повторить учебный материал всего курса.
1)
2)
3)
4)
5)
6)

Студент должен научиться:
правильному произношению слов текста А;
чтению и переводу текста по теории принятия решений
на предприятии;
изложению содержания прочитанного текста и обсуждению этой темы на английском языке с другими студентами группы;
нахождению в тексте синонимов к словам по данной теме;
образованию существительных от глаголов;
образованию наречий от прилагательных.
Контроль обучения

Студент выполняет следующие тестовые задания:
1) выбор из списка слов, пропущенных в предложениях
(10 предложений, 11 слов в списке);
2) выбор из трех вариантов существительного, которое может следовать за данным глаголом (5 глаголов);
3) поиск соответствий терминов и данных к ним определений (9 терминов и 9 определений).

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Additional Reading 

Additional Reading
В этом разделе содержится дополнительный материал,
предназначенный для проверки усвоения лексики экономических текстов. В нем даны “Texts for Comprehension” и "Case
Study", иллюстрирующие применение теоретических принципов экономики на конкретных примерах. Тексты снабжены
вопросами для проверки понимания. Эти тексты рекомендуются для внеаудиторного чтения с последующим обсуждением на занятии.
Итоговый тест
В конце курса студент выполняет итоговый тест, состоящий из 8 заданий.
В первом задании следует подобрать русские эквиваленты к английским словам (в списке 11 английских слов и 12
русских эквивалентов).
Во втором задании к русским словам подбираются английские эквиваленты (11 русских слов и 12 английских).
В третьем задании из трех существительных выбирается
то, которое может следовать за данным глаголом (6 глаголов);
В четвертом задании предложены 5 групп слов по
4 слова в каждой. Из каждой группы надо выбрать два слова,
наиболее близкие по значению.
В пятом задании даны словосочетания из двух или трех
слов и по три варианта перевода каждого словосочетания, из которых нужно выбрать правильный перевод (5 словосочетаний).
В шестом задании следует из трех слов выбрать то, которое
пропущено в данном предложении ( всего 6 предложений).
В седьмом следует из правой колонки, состоящей из
11 слов, выбрать то, которое пропущено в каждом из данных
9 предложений.
В 8 задании студент должен прочесть текст на английском языке, в конце которого приведены 10 предложений. Из
этих предложений следует выбрать те, которые соответствуют
содержанию текста.
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Английский язык.  
Лексические основы чтения текстов по экономике 

Студент выполняет этот тест в течение одного занятия.
Правильность выполнения проверяет преподаватель или тьютор.
Заключительное задание
Это задание следует выполнить в течение одного занятия. Задание состоит из двух частей.
Первая часть представляет собой текст по экономике,
который студент должен прочесть и кратко изложить его содержание на английском языке.
Во второй части дан текст по экономике для письменного перевода на русский язык. Правильность выполнения проверяет преподаватель или тьютор.
Если итоговый тест или заключительное задание выполнены неправильно, студенту следует обратиться к тем разделам курса, в которых допущены ошибки, и повторить или заново пройти учебный материал.

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Рабочая программа 

Рабочая программа

№ занятия

Тема занятия

1-2

The Basic Economic Problem
Market Economies
Case study №1
Planned Economies
Microeconomics and Macroeconomics
Macroeconomics: The Overall Picture.
The Issues
Text B
The Role of the Market
Demand and Supply
Case study № 2
The Price of Related Goods
Output Supply. Revenues, Costs, and
Profits
Money and its Functions
Decision Making in Business
Final Test
Assignment

3-4
5
6
7-8
9
10-11
12
13-14
15
16
17

Кол-во
часов
2
2
1
1
2
1
2
1
2
1
1
1
1

167

Ирина Федоровна Турук
Раиса Анатольевна Гитович
АНГЛИЙСКИЙ ЯЗЫК
ЛЕКСИЧЕСКИЕ ОСНОВЫ ЧТЕНИЯ
ТЕКСТОВ ПО ЭКОНОМИКЕ
Учебно-методический комплекс
Ответственный за выпуск А.И.Комаров
В авторской редакции
Компьютерная верстка Н.А.Рощина
Издательский центр Евразийского открытого института
119501, г. Москва, ул. Нежинская, д. 13.
Тел.: (495) 442-23-92
Подписано в печать 14.04.09. Формат 60  84 1/16.
Бумага офсетная. Печать офсетная.
Печ. л. 10,5. Тираж 300 экз.
Отпечатано в ООО «Футурис».
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