Have another look at the text and...

Упражнение № 10a.  Read and translate the titles speaking about:

1) the world economy, 2) the European economy, 3) the UK economy, 4) the Scottish economy

Упражнение № 10b. Answer these questions:

1) What is meant by the economy! 2) What is an economy? 3) What happens in an economy? 4) How does an economy work?

Упражнение № 11. Complete the sentences by using the words from the text:

The economy is a social... which answers these three questions. The economy means a system for the ... of the money, goods and other resources of... .

Упражнение № 12. Translate the definition of the term the economy given at the end of the text.

Text to translate: Economic man

There is an assumption in economic theory that individuals act rationally in specifying their objectives and then take decisions which are consistent with those objectives. Thus, the businessman will set a goal of profit maximization and will adjust his output and price to achieve his goal. The consumer will try to maximize his utility or satisfaction and will determine his purchases in the light of his tastes for products and the relative prices of those products. Here is an il­lustration of rational consumer choice:

good Y

О                                  good X

The graph demonstrates why a consumer's indifference curves cannot cross. Indifference curves II and 1₁1₁ show a consumers pref­erence between two products, X and Y.

Point A on indifference curve II represents a higher level оf satis­faction to the consumer than point В on indifference curve 1₁1₁, be­cause point A represents more of both products than point B.

Yet point С lies on both curves. This suggests that the consumer will prefer the combination of goods indicated by point A to the combination represented by point В and will regard them as equal at point С.

If the consumer is rational, such an inconsistent set of preferences would not arise; thus indifference curves do not intersect.

The business cycleshows fluctuations in the level of economic ac­tivityalternating between period of depression and boom conditions. The business cycle is characterised by four phases:

(a) depression, a period of rapidly falling aggregate demand ac­companied by very low levels of output and heavy unemploy­ment;

(b) recovery, an upturn in aggregate demand accompanied by ris­ing output and a reduction in unemployment;

(c) boom, aggregate demand reaches and then exceeds substantial output levels, as the peak of the cycle and full employment are reached;

(d) recession, the boom comes to an end, and is followed by re­cession. Aggregate demand falls, bringing with it falls in out­put and employment.

Урок 5. Рынки и производство

Тема для УР:  Cхема рынка.

Грамматика:  1) согласование времен,

             2) рarticiple 1,

             3) определения,

             4) использование a lot of, a great deal of.

Упражнение № 1. Read the following dialogue.

Dialogue: Selling cars

An English young lady (L) has come to the premises of a car dealer The salesman (S) is coming up to the lady.

S:    Are you interested in a Peugeot?

L:    Oh, yes. My husband says I could buy a car for my own use. I think I likPeugeots. My friend has bought one recently and she simply adores it.

S:    We have a fantastic deal for you on the Peugeot 205 range.

L:. May I see one?

S:   Follow me, please.... Here it is. It was delivered only the day before yesterday.

L:   Oh, I like it. I remember my husband mentioning the 205s.

S:   When you buy a Peugeot 205 from us, not only will you get a great price for your old car but – would you believe it we guarantee to exchange it within 12 months and credit the original price you paid.

L:     And no depreciation?

S:     No depreciation whatsoever.

L:  Oh, I’ll speak to my husband and I hope I’ll take it. Could I telephone you when I have questions?

S:     Naturally.

L:     What’s the phone number?

S:     Here is the card.

L:     Thank you.

S:      You are more than welcome.

Do you know these words?

Grammar Revision: The Rules of the Sequence of Tenses(Read Grammar appendix: Lesson 5)

Упражнение № 2. Translate into English:

1) Преподаватель спросил, готовы ли мы к экзамену по эконо­мической теории. 2) Менеджер сказал, что скидка на износ составляет 5 %. 3) Они не знали, каков был диапазон цен. 4) Газеты сообщали, что накануне был подписан еще один контракт с этой компанией. 5) В статье было сказано, что в связи с этими событиями стра­не будет предоставлен дополнительный кредит.

Упражнение № 3. Complete these sentences:

1) The newspaper said the rate of unemployment...  2) The author emphasized that official figures of...  3) We knew that the stock market...  4) The graph showed that wholesales had...  5) Media experts believed that electronics...           6) One of the students explained that...