VOCABULARY NOTES
to comprise ,
local authorities
to take (syn. to make) decisions
to play a prominent part ()
to shape the environment , ,
to predict (syn. to forecast)
to be aware ,
to cut back on spending
enormous implications , ,
general prosperity
to enable smb to do smth -, - -
consumers
to alter
a recession
total spending ,
to decline
income
unemployment
to purchase (syn. to buy)
to cut expenditure
luxury items
to affect (syn. to influence smb. smth)
the extent
to some extent
the high street banks
to suffer badly
profits
to incur (syn. to bear, to suffer) losses ,
to borrow from ,
to deny the opportunity
to deny
to earn interest
loans ,
to default on repayment (, . .)
a debt
profit margins
the outcome of the actions
to make up society
to have dealings ()
Assignments ()
I. Suggest the Russian equivalents
the government and local authorities; firms experience high sales; their sales fall; total spending declines as income falls; luxury items; the high street banks suffered badly; to earn interest on loans; so-called "bad debts"
II. Replace the parts in italics by synonyms
The economy comprises millions of people; losses were incurred; the nation has dealings; changes in the state of the economy affect all types of business;
profits declined; losses amounted to over £ 100 million.
III. Increase your vocabulary
There is a set of words related to the word economics. In a table we can show them like this.
| Econom | |||
| Ics | |||
| Ic | al | ly | |
| Ist |
Each word has a different use. Try to put the right word in the blanks in these sentences:
1. Marx and Keynes are two famous __.
2. Those people are studying the science of__.
3. We sometimes call a person's work his __ activity.
4. People should be very __ with the money they earn.
5. The __ system of a country is usually called the national __.
6. The people in that town live very __.
Translate into English
1. .
|
|
|
2. .
3. .
4. , .
5. .
The table shows how words are formed around the verb to produce.
| Produc | E | R | |
| T | iv(e) | Ity | |
| Ion |
Use these words in the suitable blanks in the sentences below:
1. The company __ a new commodity every year.
2. The company's newest __ is a special blue soap powder.
3. The __ of soap powders met last year to discuss prices.
4. That factory is not as __ now as it was 5 years ago.
5. The __ of that factory has gone down over the last 5 years.
6. The manager of the factory has decided that they must increase their of packets of soap powder.
Translate into English
1. () , .
2. .
3. .
4. .
5. , .
6. .
IV. Fill in the gaps with the words and expressions from the text
1. The economy is complicated and difficult to __.
2. When the economy __, firms experience high sales and __.
3. The economic environment __ as the economy moves into __.
4. Changes in the state of the economy __ all types of business.
5. During a __ fewer people borrowed money from banks, thus __ to earn interest on __.
6. So-called "bad debts" cut __ substantially.
7. The economic __ is __ of all the groups who make up society as well as __ of the actions of foreigners with whom the nation __.
V. Translate into English
To affect smb, smth
1. .
2. .
3. .
4. .
To deny
1. , , .
2. .
3. .
to some, what, such an, a certain extent
1. .
2. ?
3. , , .
4. .
VI. Find in the text English equivalents for the following
; ; ... (2 .); ; ; ; ; (2 .); ; ; ;
, , ; ; ;
.
VII. Answer the questions
1. What does the economy comprise?
2. What's a boom in the economy? What characterises the state of the economy at that time?
3. What happens when the economy moves into a recession?
4. What are "bad debts"?
5. What happened to some banks in the early 1990s and why?
|
|
|
VIII. Translate using all the active possible
1. ( ) .
2. , , .
3. . , , , .
4. ( ) .
5. .
MEASURING ECONOMIC ACTIVITY ( )
There are a large number of statistics produced regularly on the operation of the world's major economies. The UK's economy is no exception in this respect. You will probably have noticed that often the headlines in newspapers or important items on television news programmes relate to economic data and the implications for individuals and businesses. A prime example of this occurs when interest rates are increased: the media responds by highlighting the adverse effects on businesses with debts and householders with mortgages.
Data is provided on a wide range of aspects of the economy's operation. Statistics are available to show.
* the level of unemployment
* the level of inflation
* a country's trade balance with the rest of the world
* production volumes in key industries and the economy as a whole
* the level of wages
* raw material prices, and so forth.
The main statistics illustrating the economy's behaviour relate to the level of activity in the economy. That is, they tell us whether the economy is working at full capacity using all or nearly all, available resources of labour, machinery and other factors of production or whether these resources are being under-utilized.
The unemployment figures for the economy give an indicator of the level of activity. As the economy moves towards a recession and a lower level of prosperity it is likely that unemployment figures will rise. An alternative measure of the level of activity is national income statistics, which show the value of a nation's output during a year. Economists use the term Gross National Product to describe this data. Changes in the level or trends of such key data have great significance for businesses, as we shall see later.
There are numerous sources of data on the economy of which we can make use. The government publishes much through the Treasury, Department of Trade and Industry, the Bank of England and the Department of Employment. The Central Statistical Office, which was established during the Second World War, publishes about half of the government's economic data.
Much of this is contained in its annual publication, "The Annual Abstract of Statistics". It also publishes the equally valuable "Social Trends" annually. Additionally, private organizations, such as the banks, building societies and universities, publish figures on various aspects of the economy's performance.
Economic statistics are presented in many forms, the most common being graphs and tables. Although these statistics can be valuable in assisting managers, they should be treated with some caution when predicting the future trend of the economy and thus helping the business to take effective decisions.
VOCABULARY NOTES
to measure , ,
economic activity
is no exception in this respect
important items ,
to relate to -, ;
by highlighting the adverse effects on... - ...
|
|
|
householder ,
household
mortgage
data
on a wide range of aspects
statistics are available to show
trade balance
key industries
wages ()
salary , ()
raw material prices
at full capacity
available resources ,
labour
machinery
factors of production , (, , , )
to be under-utilized
unemployment figures
indicator
national income
the value of a nation's output
Gross National Product (GNP) ()
trend , ,
the Tresuary . ( )
the Department of Employment ( )
the Central Statistical Office
to contain
equally valuable
building societies . ( )
graphs and tables
to assist ,
they should be treated with some caution
Assignments
I. Suggest the Russian equivalents
important items on TV programmes relate to economic data and the implications for individuals and businesses; a prime example; the adverse effects; householders; statistics are available to show; available resources of labour; at full capacity; key industries; key data; the value of a nation's output;
the Treasury; building societies; they should be treated with some caution;
trend (find it in 3 sentences)
II. Replace the parts in italics by synonyms
a large number of, the operation of the world's major economies; headlines relate to; the implications for individuals and businesses; by highlighting the adverse effects on businesses; these resources are being under-utilized; figures give an indicator of, changes have great significance for; numerous; additionally;
economic statistics are presented in many forms
III. Fill in the gaps with the words and expressions from the text
1. The headlines in newspapers often __ economic data and __ for individuals and businesses.
2. The statistics tell us whether the economy is working __ using all or nearly all, __ resources of labour, machinery and other factors of production or whether these resources are being __.
3. Economists use the term __ to describe the value of a nation's output during a year.
4. Although these statistics can be __ in assisting managers, they should __ with __ when __ the future trend of the economy.
IV. Find in the text English equivalents for the following
(); ; ; , ; ; ; ; ; ; ; -
V. Increase your vocabulary
