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FAQ

The Bank and the Money Supply 5 . responsibility n

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lender n

responsibility n

to take responsibility for smth -.

budget deficit ( , , )

money supply ; ( , , )

outside ;

thus , , ; ,

reserve requirements , .. , ,

discount rate

liability n ; ; ;

on sight ( )

interest n () ; ,

: We need to buy extra food as we have more guests coming. , .

 

1. , :

 

  1. Government regulations should be in the interests of society.
  2. The buyers have to reconcile what they want to do and what the market will allow them to do.
  3. We ought to answer the question what should be done now to prepare managers on whom we'll be able to rely in the year 2010.
  4. A foreign company in Great Britain must give certain information about itself to the government offices. It must also write its name and country of registration on all its documents.
  5. The consumer has to solve the problem of choice.
  6. The producer should make a decision how to reduce inputs.
  7. Not all partners in a firm must take an active part in management.
  8. He ought to take a more active part in decision making on the exports strategy of the company.
  9. The consumer is to maintain a given level of utility.
  10. OPEC (Organization of Petroleum Exporting Countries) member countries are to sell oil at the agreed price.
  11. Governments, through their control of the quantity of money in the economy, can influence business activity.
  12. As the price of one good rises, the consumer has to buy another good, whose price has not risen.
  13. The limited supply of energy in some sectors of the US economy is to lead to changes in the economic situation as a whole.
  14. Making a decision, the economist should rely on all the information that he can find.
  15. You ought to have the firm re-registered as soon as possible or you may have trouble.
  16. If the consumer wants to maintain a constant maximum utility and at the same time obtain more of a good, he should decide the consumption of which other good has to be reduced.
  17. Budget constraint means that your expenditures for all the goods consumed must be equal to your income.
  18. Opportunity costs should be counted for labour and financial capital used.
  19. As to price ceilings, without government regulation and organization they may lead to "black market" as well as other social and economic problems.
  20. Complement goods are those goods which you cannot use one without the other, such as cars and petrol. As the price for petrol rises, the demand for cars reduces.
    21. Only when demand equals supply, people can buy or sell as much as


 

mainly adv ,

direct tax

indirect tax ( , )

levy v 1. ; 2. ,

to levy a tax on smb -. , -.

value added tax (VAT) ()

sales tax , ( , ; ; )

state n

retirement pension

contribution n

a contribution to a fund

social security fund ( , , )

borrowing n

borrow v (smth from smb) (-. -.), (-. -.)

comprise v (smth) (-.), ( -.)

transfer payment ( , , , , , ..)

pay (paid, paid) v (for smth) ( -.)

public goods , (, )

still cj ; ;

national defene

unemployment benefit

cut (cut, cut) v , ; ;

cut n , ;

reason ['ri:zn] n (for smth) (-.)

for some reason -.

exhaust v ,

productively adv ,

productive ;

whereas cj ,

purchasing power ( , , )

nearly adv ;

share n ,

tax rate () () (,

       
 
  1. they want.

 

II. 3. , : 1/ 4 one-fourth. 1, : 2/ 3 two-thirds. , point: 1.53 one point fifty three. 2000 , : 1872 eighteen seventy-two. 2000 : 2009 two thousand nine.

 

2. , :
  1. My birthday is on the 23 of April.
  2. In the early 1950s people ate less than in 1970s.
  3. The meeting took place on 17 of June, 1987.
  4. The 3.8 billion people lived in the world in the early 1970s.
  5. We shall celebrate our anniversary on the 1 of December.
  6. The production of the shoe factory increased by 1.7%.
  7. This year the quantity of the computers sold decreased by 2/ 5.
  8. We should prepare managers now on whom we shall be able to rely in 2010.

 

III. Market and Command Economies Economic Systems, , .

 

:

 

Economics is a science that analyzes what, how and for whom society produces. The central economic problem is to reconcile peoples unlimited demands with societys ability to produce goods and services. Market is the process by which production and consumption are coordinated through prices.

In a command economy government planning office makes decisions on what, how and for whom to produce. Resources are allocated by central government planning. Free market economies have no government intervention. Resources are allocated entirely through markets. Mixed economies rely mainly on market but with a large doze of government regulation.

 

6.
 
   
 

 
 

in some way -

property n ,

abroad adv ,

gross national product (GNP) () ( , , - )

while cj

average adj

standard of living; living standard

however adv ,

distribution n

assets n ; ;

wear out (wore, worn) v

depreciation n 1. (), ; 2. ;

replace v (smth by / with smth) (-. -.) Coal was replaced by oil. .

exist v ,

spending n

since 1) prep and cj , ; 2) cj ;

determine v ,

aggregate demand ( - )

make up (made, made) v

considerable adj ;

add v (to smth) , ( -.)

tax n

taxation n

fiscal policy , , ( )

 

Taxes and Public Spending

 

result

as a result

to result

to result from ; -.

to result in -.

most 1. ( the); 2. , ( ); 3. ; ( ); 4. , ( )

mostly

that is

that is why

so that , ()

n ( )

I. Theory of Demand.

II. Theory of Demand.

III. . .

IV. Economic Systems.

 

I. , :

Theory of Demand

Consumer demand is the quantities of a particular good that an individual consumer wants and is able to buy as the price varies, if all other factors influencing demand are constant.

That is, consumer demand is the relationship between the quantity demanded for the good and its price. The factors assumed constant are prices of other goods, income, and a number of noneconomic factors, such as social, physiological, demographic characteristics of the consumer in question ( ).

The theory of demand is based on the assumption that the consumer having budget constraint seeks to reach the maximum possible level of utility, that is, to maximize utility, but he usually prefers to obtain more rather than less. The consumer has to solve the problem of choice. Provided he is to maintain a given level of utility, increases in the quantity of one good must be followed by reductions in the quantity of the other good. The consumer has to choose the specific goods within the limits imposed by his budget.

The concept of marginal utility is of great importance for solving the utility maximization problem. The marginal utility of a good is the additional utility obtained from consuming an additional unit of the good in question. The marginal utility from consuming a good decreases as more of that good is consumed. The income should be allocated among all possible choices so that the marginal utility per dollar of expenditure on each good is equal to the marginal utility per dollar of expenditure on every other good.

A price increase will result in a reduction in the quantity demanded. This relationship between the quantity demanded of a good and its price is called the law of demand. As the marginal utility from each additional unit of the good consumed decreases, the consumer will want to buy more of this good only if its price is reduced.

Market demand is the quantities of a good that all consumers in a particular market want and are able to buy as price varies and as all other factors are assumed constant. Market demand depends not only on the factors affecting individual demands, but also on the number of consumers in the market. The law of demand also works with market demand.

II. Demand and Supply Theory of Demand, .


 

soil [soil] n

rent [rent] n , ;

so cj , ;

degree n ,

to a great degree

housing n

mining n ; , ( )

environment n

lease v , , ; (out)

lease n , ;

advantage n ;

to get / have an advantage over / of smb / -.

ant disadvantage n ; ,

to be at a disadvantage

purchase n , ;

purchase v ,

profitable adj , , ,

profitability n , ,

tenant n , ,

business n ; ; , ;

to vary in (-. )

thoroughly adv ,

thorough adj ,

condition n , ; pl ,

under good / bad condition(s) /

farming n ,

 

Circular Flow of Payments and National Income

 

whole adv

as a whole

household n ()

gross domestic product (GDP) () ( , )

gross adj ;

domestic adj ; ;

final goods ,

measure v

measure n

way n ; ;

a way of doing smth , -.

       
 

 

:

Consumer demand is the quantity of a particular good that an individual consumer wants and is able to buy as the price varies. Factors influencing demand for a good are the prices of other goods, consumer income and a number of non-economic factors, such as social, physiological, demographic characteristics of the consumer in question.

The theory of demand is based on the assumption that the consumer having budget constraints seeks to reach the maximum possible level of utility. The consumer has to choose the specific goods within the limits imposed by his budget.

A price increase will result in a reduction in the quantity demanded. At low prices the demanded quantity is higher. This relationship between the quantity demanded of a good and its price is called the law of demand.

Market demand is the quantity of a good that all consumers in a particular market want and are able to buy as the price varies. Market demand depends on the number of consumers in the market as well as on all factors influencing individual demand.

 

III. , . who, which, that (), when (). . , : ( ) , :

I dont want to buy the car you have chosen. , .

 

1. , :

  1. Money can be used to buy things we wish to consume.
  2. We must know the prices at the moment we need money for making expenditures.
  3. The output of an agricultural commodity this year depends on decisions the farmer made last year.
  4. A government can restrict the choice a consumer makes.
  5. The European economy of the 2020s will be very different from that of the Europe we have known for the last decades.
  6. Higher incomes have much more influence on the way people eat (more meat, less bread) than on the amount they eat.
  7. Real income is the amount of the goods and services a consumer can buy with his money income.
    8. A consumer is a person who consumes the products and services he
 
   
 

 
 

employment n ( ); ( )

full employment ,

unemployed adj

unemployment n

unemployment rate (. rate of unemployment)

production costs (. costs of production)

production cost (. cost of production)

cost n ; pl ,

cost v ,

size [saiz] n (), ;

population n

trade union

job n

 

Factors of Production: Natural Resources and Land

 

ore n

iron ore

oil n ;

crop n ,

supply n pl. ,

supply v ; ; ;

to supply a factory with raw materials

provide v , ; ,

to provide industry with resources

to provide resources for / to industry ,

incentive n

disincentive n ( , , ..)

to look for (smth) (-.)

essential adj , ; ;

meet [mi:t] (met [met], met) v ; ;

to meet the demand

to meet the requirement ;

except [ik'sept] prep ; ,

besides [bi'saidz] prep , ; adv

area n , , ; , ,

although j ; ,

though cj , ; ; adv , ,

apply v , ,

fertilizer n

  1. buys.
  2. The price at the time the good is ready for marketing may be different from the price at the time the decision to produce it was made.
  3. The amount of output firms want to offer depends on costs and revenues.
  4. Firms' decisions about how much to produce depend on the costs of production and on the revenues they receive from selling the output.
  5. The amount of output firms want to offer depends on costs and revenues.

IV. .

 

 

  1. to be.
  2. .
  3. .
  4. .
  5. .
  6. .
  7. .
  8. .
  9. .
  10. . , .
  11. , .

 

1

10 . . :

1. , :

2. , to be. , .

3. , .


 

contribution n (to smth) ( -.)

to make a contribution to science ( )

contribute v (to smth) ( -.); , (-.)

means of production

machinery n ;

durable adj

durable goods ()

durables n

production process


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