I. Read and memorize the following words, word- combinations and word-groups:
LDC (less developed country) ,
e.g. Most less developed countries (LDCs) are characterized
by both low GNP per capita and slow income growth.
productivity
e.g. Output per unit of input; output per labor hour is a
productivity.
subsistence level
e.g. Most of the population in Haiti fives at the subsistence
level.
hard currency
e.g. Governments need hard currencies to buy new capital and other imported resources.
debt servicing ,
e.g. The interest required to be paid each year on outstanding debt is a debt servicing.
market shortage
e.g. The amount by which the quantity demanded exceeds
the quantity supplied at a given price; excess demand.
infrastructure
e.g. Infrastructure consists of the physical and institutional
features that facilitate economic activity.
World Bank
e.g. The most prominent lending agency is the World Bank.
II. Give English equivalents of the following:
,
III. Fill in the blanks with appropriate words:
| 1. It is difficult to comprehend just how... the Third World is. 2. High birth rates... a country's ability to raise GNP per capita. 3. In LDCs there is typically a... of skilled labor and managers. 4. Foreign investment is often... by LDC governments. 5. Debt servicing requires an LDC... its export potential. 6. Another... in LDCs is a lack of infrastructure. 7. Most LDCs prefer to use.... 8. All LDCs could benefit from.... | problem nonmarket prices to increase foreign aid poor discouraged limit shortage |
IV. Read and translate the text:
This text provides some perspective on the global gap between rich and poor. As Professor Theodore Schultz has written Being rich makes it hard to comprehend behaviour of poor people. It is difficult to comprehend just how poor the Third World is.
Most less developed countries (LDCs) are characterized by both low GNP per capita and slow income growth. They are also far less able to satisfy basic human needs (e.g. food, shelter, medical care). High birth rates limit a country's ability to raise GNP per capita. Rapid population growth also tends to retard education, saving and investment. Rapid population growth is only one dimension of the labor problem. Ironically, the other dimension consists of a labor shortage. In LDCs there is typically a severe shortage of skilled labor and managers. Sixty percent of the population is illiterate.
A lack of capital resources poses a second major barrier to growth. The LDCs are desperate for plants and equipment that will raise the productivity of labor. But their average incomes are so low that they can rarely afford to save enough to finance the required investments. Most of the population lives at the subsistence level. Domestic saving can finance only some of the inputs, that is why external financing is usually required. Foreign investment, loans, and aid are all sources of external financing. The improvements in management, technology and labor training accompany foreign investment. Despite its substantial benefits, foreign investment is often discouraged by LDC governments. The resistance reflects a fear of becoming dependent on foreign investors.
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Like foreign investment, loans represent an opportunity to increase current investment without reducing current consumption. The most prominent lending agency is the World Bank. Even in the best of political and economic situations, there is a limit to the ability of LDCs to borrow. A loan requires repayment. Hence LDCs that borrow must have the capability to service (repay) that debt. The economy of the LDCs must grow enough to generate a surplus for debt servicing. Debt servicing requires an LDC to increase its export potential in
order to earn hard currency.
Unlike loans, foreign aid refers to money or resources given to LDCs for which no repayment is required. Foreign aid is given on a bilateral basis or through multinational agencies.
Technology, Capital and labor are basic factors of production. However, technology is also a primary determinant of production possibilities. LDCs could greatly increase their growth with improved technology.
Institutional Structure. Another problem in LDCs is a lack of infrastructure. Roads, telephones, schools, hospitals and electricity are all essential ingredients of a viable economy.
Finally, many LDCs are reluctant to rely on the market mechanism to allocate resources and distribute incomes. They prefer to use nonmarket prices to pursue specific economic or political objectives. The end result is a market shortage. This distortion of market process has been a barrier to growth.
Growth strategies. Many economists have concluded that the LDCs will not be able to achieve sustained economic growth until they can master enough resources to overcome all of these barriers simultaneously. Many of the poorest LDCs must choose between agricultural development and industrialization, Agricultural development promises a greater payoff because the vast majority of the population works in agriculture, at low productivity. Improved farm productivity can create food, labor and capital surpluses for industrialization.
There is no correct strategy for economic development. Each country confronts a unique set of barriers and growth possibilities. All LDCs, however, could benefit from more foreign aid.
V. Answer the following questions:
1. What are the most common features of the LDCs?
2. What are the barriers to the growth?
3. What does the labor problem consist of?
4. What does a lack of capital result in?
5. Can domestic saving finance the whole of inputs?
6. What are the sources of external financing?
7. What is the difference between loan and foreign aid?
8. What is the role of the market mechanism?
9. What are the growth strategies?
VI. Define the terms:
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| debt servicing market shortage nonmarket prices market mechanism foreign investment | foreign aid infrastructure subsistence level GNP per capita loan |
VII. Translate info English:
1. . 2. . 3. . 4. , . 5. , , . 6. , . 7. . 8. 1
.
VIII. Read and dramatize the following dialogue:
A.: Most countries continue to experience economic growth. But the relationship between GNP growth is very different in rich and poor countries. B.: What are the differences?
A.: The populations of rich countries are growing very slowly and gains in per capita GNP are easily achieved. In the poorest countries, population is increasing rapidly, making it difficult to raise living standards.
B.: Which countries are rich and which are poor?
A.: Rich countries are the United States, Sweden, Japan and Germany. Peru, Nigeria, Thailand, Honduras, Egypt, Philippines are poor countries, and Pakistan, Kenya, China, Haiti, India, Ephiopia are the poorest. B.: What is the reason for that?
.: As I have already told, it is low growth. Before growth can accelerate, though, the present barriers to growth must be identified and overcome. .: What are the barriers?
A.: Some of the major barriers are lack of labor and capital resources.
B.: As far as I know the World Bank makes loans to LDCs for specific development projects.
A.: Yes, the other multinational banks provide financial and technical assistance.
B.: But a loan requires repayment.
A.: During the 1980s the LDCs nearly doubled their external debt. Annual servicing on these loans exceeded $170 billion.
B.: And then, some of the major debtor nations declared a moratorium on debt repayment.
A.: First Mexico, then Brazil and Peru announced that they were stopping or reducing debt servicing. It gave some of the LDCs some breathing room. They could use this temporary relief to channel more of their export earnings into investment.
B.: Do the United States and other developed countries lose from the debt crises?
A.: The developed (creditor) countries and the developing
(debtor) nations had a joint interest in resolving the debt crises. The resolution has included increased exports by developing countries, a reduction in imports of developing countries, greater priority to investment and growth in LDCs, more loans and aid from developed countries.
B.: It's very convenient, isn't it? And beneficial to both parties.
I'm sure.
IX. Make up your own dialogue using the following expressions:
low incomes developing countries loans foreign investments
slow growth to raise living standards
to accelerate the growth foreign aid a lack of capital a lack of trained labor
X. Change the following sentences according to the models:
M o d e l A: I insist that he should examine the documents.
I insisted on his examining the documents.
1. We insist that government should favor foreign investment. 2. We insist that government should increase current
investment without reducing current consumption. 3. We insist that the lending agencies should give loans to the LDCs. 4, We insist that the LDCs should rely on the market mechanism to allocate resources.
M o d e l : You should think it over before you give an answer.
You should think it over before giving an answer.
1. You should visit the country before you analyze its economic situation. 2. You should make an appointment before you see him. 3. You should think the offer over before you
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accept it. 4. You should inform the manager of the hotel before you leave.
XI. Complete these sentenses using Gerunds;
1. He is busy (to look through documents). 2. I am fond of (to travel by air). 3. She is afraid of (to be alone). 4. We are sorry for (to be late). 5. They couldn't help (to smile).
6. It is a pleasure (to see you again).
XII. Translate into English using Gerunds:
1. ³ .
2. . 3. : . 4. , . 5. .
XIII. Communicative situations:
1. Identify an LDC and discuss its recent growth experience.
2. Speak about external financing.
3. Speak about debt servicing and debt crisis.
V O C A B U L A R Y A
accept [ək'sept] ; ; account [ə'kaunt]
account for [ə'kaunt fɔ:] ; (), Ⳮ
accountant [ə'kauntənt] accounting [ə'kauntiŋl adaptation [,ædæp'teijn] add [æd] ; adopt methods [ə'dopt 'meθədz] () advantage [ədˈvɑːntɪdʒ]
advertise ['ædvətaιz] , agency [ˈeɪdʒənsi] , (); ; ,
;
aggregate ['agπgιt] * aggregate demand ['ægrιgτt 'dr'mα:nd] aggregate income ['ægπgιt 'ιnkəm] aggregate output ['ægπgιt Output] aggregate price level ['ægπgιt prais lev]] aggregate spending ['ægπgπ 'spendιo] aggregate supply ['ægrιgιt sə'plar] allocate fæfəkeιt] ; ;
allocation [,ælə'keιjn] , ; ,
; ( );
amount [ə'maιmt] ; ; ,
amount of moneγ [ə'maυnt əv '] , annual ['ænjuə]] applicant ['æplιkənt] ; applicant for credit ['æplιkənt fo: 'kredιt] ,
applicant for shares ['æplτkənt fo: 7εəz] ,
apply for [ə'plai fy] appreciation [ə,pri:JYeiJn] ,
approach [ə'proutj] , appropriate [ə'prouprnt] , ;
assets ['æsets] { )
assistance [ə'sιstəns] , ; adjustment [ə^AStmənt] assistance assume [ə'sjικm] ( ); () attend [ə'iendj attract a large amount of capitai [ə'trækt ə lα:eft ə'maunt əv 'kæpitl]
attract customers ['ətrækt 'kAStəməz] attract financial resources [ə'trækt faι'næn/əl ri'so:siz]
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auction [':κkfn]
authority [o:'θoritij , ; , , ; ( )
available [ə'veιləbl] , ; , ;
background ['bækgraund] , ; ;
balance sheet ['bæbns Ji:t] bank services [bæŋk 'sə:vιsιz] banking ['bæŋkϊŋ] barter ['bα:tə] , be on commission [bi: on kə'mijn] benefit ['bemfit] n ; ; ; ; v ;
bidder ['bιdə] board of directors [bo:d əv di'rektəz] bond [bond] ; ' book-keeper t'bυk,ki:pə] ; borrow []
brand name [brænd nemi]
business ['bιznιs] ; ; ; ;
buyer [T>aiə]
by-laws ['baι ιo:z] , ( )
calculate ['kælkjuleιt] , ; carry on a business ['kærr ə 'bιznιs] ,
cash transfer [kæj træns'fə:] , catch on [kaetj on]
chain [tjein] (.)
chain movement [tjeιn 'mu:vmənt] ' channels of distribution ['tjænlz əv.chstn'bju:Jn] charge [tjα:dj] ; charge prices [tjα:eft 'praιsιz] , charitable institution fljæntəbl,msti'tju:Jn] chart [tjα:t] checking account ['tjekιŋ ə'kaunt] () choose the company's officers [tju:z ði 'kAmpəniz'ofisəz]
circumstance ['sə:kəmstəns] coincident wants [kou'msrdənt wants] , collusion [:] ,
commodity [kə'modιtι] ; ; common stock ['komən stok]
company ['] , (), ,
compel [kəm'pel] , compete [kam'pi:t] ; competent ['kompjtənt] , competition [Jcompi'tiJn] , ;
competitive [kəm'petιtιv] ,
competitor [kəm'petιtə]
complicate [lomplιkeιt]
compound ['kompaund]
concern [kən'sə-n] , , ;
conclude a deal [kən'klu:d ə di:l]
consequence ['konsιkwəns]
consideration [kən,sidə' reijn] , ;
,
consult a partner [kən'sAlt ə 'pα:tnə] consume [kən'sju:m] ; consumer [kən'sju:mə]
Consumer Price Index [kən'sju:mə praιs 'mdeks]
consumption [kən'SAmpJən] ;
control the profit [kən'troul ði 'profit] controller [kən'troulə] ; conversely ['kon'və:slϊ] copyright ['kəpιraτt]
corporate charter ['ka:pənt 'tjα:tə]
corporate stock ['ko:pəπt stok] corporation [yko:pə'reiJn] ; cost [kost] ; ; , cover costs ['kAvð kosts] credit terms ['kredιt tə:mz] currency ['] , current prices (' 'praιsιz]
curve ['kə:v] ; ,
customer accounting ['kAStəmə ə 'kauntil}] (볺)
cyclical unemployment ['saιklιk(ə)] 'Amm'pbimənt]
D
dairy ['dεərι] ; ; damage ['dæmκfe] ,
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deal [di:l] debt [det] debt celling [det'sι:lτŋj debt funding [det 'fondiŋ] -
debt servicing [det 'sə:vιsιŋ] decide [dι'saιd]
declare personal bankruptcy [dr'klεə'pə*s(ə)n(ə)l 'bæŋkrəptsr]
decline [dι'klaιn] v ; ; ; ; ;
decrease ['di:kri:s] , ; v [di:'kri:s]
deduct [dι'dλkt] , default [dι'fo:ltj ; deficit ['defιsιtj deficit ceiling ['defιsιt 'si:lιη]
bafance-of-payments deficit ['bæləns əv 'peιmənt 'defιsιt]
deflate [di'fleιt]
deflation [di'fieijn] delay [dι'let] ; deliver [dϊlιvə] ;
delivery [dι'lrvəπ]
demand [dϊ'mα:nd]
demand-puil inflation , denomination (dl.nomi 'neιjn] , department store [dι'pα:tmənt st ] depreciation [d[,pri:JYei/n] derived demand [dι'raιvd dι'mα:nd] determine [dι'tə:mιn] disadvantage [^dιsəd'vα:ntιdj]
disaster [dι'zα:stə] ,
discount ['dιskaunt] discount coupon ['dιskaunt 'ku:pon] ,
discount house ['dιskaunt haus]
disposable income [dιs'pouzəbl 'mkəm] , £ distribute profits and losses [dιs'trιbjut "profits ənd 'losιz]
distribution Ldistri'biu:jn] :
distribution operation [,dιstπ'bju:jn ppə'reijn] dividend ['dividend]
division of labor [di'v^n əv'leibə] do books [du buks] domain [də'mem] ; ; , domestic currency [də'meslik 'kArənsi] domestic market [də'mestιk 'mα^kιt] drawback ['dro:bæk] , ; dump []
durability [,djuərə'bϊlιtι]
earn [ə:n] ;
economics [j:kə'nomιks] {
);
economist [i:'konəmιst] economy [i:'konəmι] , ,
, ; ( ) effect [ι'fekt]
efficiency [i'fj/ənsϊ] ;
efficient [ι'fιjənt] , ; , elastic [ι'læstιk] ; elasticity [,əlæs4isiti] ;
eligible for a loan ['elrcbsb! fa ə'loun] ; ( )
eliminate [ι'lιmιneιt] , embargo [em'bα:gou]
eminent ['emιnənt] ; , , employee ^empbj'i:] ; employer [ιm'pbιə] ;
2
employment [im'pbiment] ( ); ; enable [ܯ] , encourage ('^]
endowment [ιn'dauməαt] ; ; , enhance [rn'ha:ns] ; entrepreneur [pntrəprə'nə:] entrepreneurship [pntrəprə'nə:jϊp]
environment [ιn'vaι^rənmənt] equilibrium [,i:kwι']ιbπəm] , equipment [ι'kwιpmənt] ; ;
equity ['ekwιtι] establish [ιs'tæblιj] ; evaluate [ι'væljuett] ; evolve [ι'voiv] ;
exceed {ιk'si:d] exchange [iks't/emcfe]
exchange department [rks't/emcfe dϊ'pα:rtmənt]
exchange rate [iks't/emcfe re*tj exchange ratio [iks'tjemck Yei/]
exclude [iks'klu:d] executive [ig'zekjutiv] ; ;
expansion [ιks'ρæn/ιι] expectation [,ekspek'teijn] ;
expenditure [iks'pendjt fə] ; experience [iks'pjəriðns] , explicit [iks'plisit] ; export ['eksps:t] , exports {'ekspo:ts] ,
extending credit [ιks'tendιŋ 'kredιt]
external funds [eks'lə:nl f4ndz] ()
externality [yekstə:'næliti] ( ) F
facilitate [fVsihtert] ;
factors of production ['fæktəz əv prə'dAkfn]
fail [feil]
fair market (fεə 'mα:kιtl
familiar (fə'mιljə] ; ;
family's real income ['fæmιϊιz πəl 'tnkəm] '
fee [fi:] ; ; ;
feed the information into the computer [fi:d ðι,infə'meijn '\ntu
ə kəm'pju-tə] '
fertilizer [Tə:tilaizə] file [fail] ()
filthy ['fιlθι]
final authority ['faιnl o:'θorm] financial condition [faι'naenjəl kəi/dijn] financial statement [fai'nænjəl 'steitmənt] fire ['faιə] fiscal [Tiskəl] ; fiscal year ['fιskəijə:] ,
flexible exchange rate [fleksəbl iks 'tjemcfc reit]
fluctuation [/Uktju'eijn]
follow a legal procedure ['folou ə'li:gəl prə'si:dfeə]
forbid [fə'bid] , foreign currency ['form ']
foreign exchange market ['form iks'tjemcb 'mα:kιt]
foreign trade balance ['foπn treid 'bæləns]
foreman ['famən] , ,
foul [faul] ; free enterprise system [fri: 'entəpraιz 'sιstəm]
frictional unemployment ['fπkfəπl ' 'pioιmənt]
fuel [fjuəl] ;
gain [gem] get a raise [get ə reiz]
give instructions fgiv m'strAkJənz] go Into business ['gou 'intu 'brznιs] go up [gou ] gold reserves [gouid ri'zəvz] gold standard [gouid 'stændəd]
goods [gudz] , ;
gross [grous] , ;
gross investment [grous m'vestmənt]
gross national product (GNP) [grous 'næjənt 'prodəkt]
GNP per capita [rfμ: en pi: pə:'kæpitə]
gross pay (grous ]
handle ['hændl] ; (.) harmful ['hα:mful]
have voting rights [hæv 'voutiŋ ratts]
hire ['haιə] hoard [ho:d] ; house hold [haus hould] ',
I
implicit [im'pjjsit] , imply [ιm'plaj] ; ; Import ['ιmpo-t] , imports ['impD:ts] ,
impose [ιm'pouz] ; ; ,
; '
impose a duty on goods [tm'pouz ə'dju:t! on gudz]
impose restriction [ιm'pouz rτs'trιkjn]
incentive [in'sent! v] , incinerator [ιn'sməreιtə]
income ['mkəm]
income statement ['mkəm 'steιtmənt] incorporate [m'ko:pəreιt] '
indirect channels [jndι'rekt 'tjænlz] ,
indirect trade [,ιnd('rekt trerd]
induce [in'dju-s] ; inflation [m'fleijn] inflation rate [m'fleijn re it]
inflow ['ιnflou] () influence ['ιnfluərιs] n ; v
Influence the market ['ιnfluəns ðə 'mα:kιt] infrastructure ['infrə'strAkt/ə] Injury ['meftəπ] , in-kind transfer [ιn'kamd 'trænsfə:]
innovation [,mou'veιjn] , innovative [jnou'veιtιv] ,
input ['mput] insurance [in'Juərəns] insure [m'juə]
integration [,mti'greijn] ; ' interact [/tntər/ækt] interchangeable [jntə'tjeτrκfeəbl]
interest ['mtrιst] (); ,
intermediary [,mtə'mi:djəπ] intermediate goods [,mtə'mi:djət gudz] Internal funds [rn'tə:nl fλndz]
international market ['mtə'næjənl 'mα:kιt] international transaction [^ntə'næ/ənl træn'zækfn]
Inventory ['mvəntπ] , -
invest [m'vest] investment [ιn'vestmənt] irrelevant [I'relivənt] ;
issue stock ['ιsju: stok] Hems ['aιtəmz] labor resources ['leιbə n'so:siz] lack of mobility [tæk əv mou'biliti]
law [b:] ;
lawyer ['b:jə] ; ; legal advice ['li:gəl əd'vaιs] level ['levl] levy ['levι]
liabilities [,laiəybiljtiz] (); , limited liabilities [limitid,)aiə'bilitiz]
link [lrJ}k] ', ; v ', ' living standard ['lιvιg 'stændəd] loan [loιιn] n , ; ^ ,
long-term investment ['bŋtə:m m'vestmənt] long-term loan ['bŋtə:m ϊoυn]
loss-leader item ['bs'li:də 'aϊtəmz] , (^ )
losses ['bsιz] lower [louə] ;
machinery [mə'/i:nəπ] ; ;
mail-order house ['meιl'o:də haus]
make a decision [meik ə di s 13n] make a loan to [meik ə loun tə]
make a right choice [meιk ə raιt tjois] manufacture [,mænjιι 'fæktjə] ; v ,
,
market ['mα:kιt] ; v
market prices ['mα:kιt 'praιsιz]
market shortage ['mα:kιt 'Jo:tidhj]
marketing ['mækιtιŋ] ; ;
marketing research ['mα:kmŋ n'sə:tj] measurable ['me3ərəbl]
measure ['] measures of economic activity ['mesəz əv ^:kə'nomιk ək'Uviti]
median income ['mi:djən 'mkəm] meet one's expences [mi:t wλπz iks'pensiz]
merchandise ['mə:tj(ə)nda]z] ; merchant wholesaler ['mə:tj(ə)nt 'hou^serlə] ,
merger ['mə-ebə] ' ()
microeconomics ['maιkrouj:kə'nomιks] middleman ['πιιdlmæn] mining industry ['} 'ιndλstπ] monetary policy [' 'pshsι} money illusion [ ι'lu^n] mutual funds ['mju:tjuəl f d z] N
national income accounting ['næjənl 'mkəm ə'kauntiŋ]
need a lawyer [ni:d ə'b:jə] negative Income tax [negətiv 'mkəm tæks]
negotiable [nι'gou/ϊəbl]
net assets [net 'æsets] ' net investment [net m'vestmənt] net national product (NNP) [net 'næjənl 'prodəkt]
net worth [netwə:θ] ; new brand [njυ: braend] () nominal income ['nomml 'ιnkəm] nominal GNP ['nnmml φi: ən pi:]
nominal wage ['nomml weidj]
normalize ['n^məlaιz] note [nout]
O
objective [Db'dfeektiv] ;
offer ['ofəj off-even pricing [of'i:vən 'praιsιo] ,
officer ['ofιsə] ; ;
official poverty line [o'fijl 'povətϊ lam] prospecting [oil pros'pekttŋ] opportunity [ppə'tju:nrtj] , opportunity costs [ppə'tju:mti kosts]
;
option ['op/ən] ; outflow ['aυtflou] () outlet ['autlet] ;
output ['autput] ; , outsell [auf'seϊ] over-all ['ouvəro:ŋ , own [oun] ownership I'ounəjip] P
packaging ['pækəefeιŋ]
partnership ['pα:tnəjφ] , , passbook ['pα:sbuk] ,
;
patent ['peιtənt} pay [peιj payment ('petmənt) , percentage [pə'senUcfeJ , perfect [pə'fekt] v , ; ['pə:fιkt] ədj
,
perform [pə'fo-m] peril ['peril] ; personal assets ['pə:snl 'æsets] pervasive [pə:'veιsιv] ; , pesticides ['pestιsaιds]
piece of advice [pi:s əv əd'vais]
pillar ['pιlə]
pollution [pə'lu:jn] portability [,po:tə'bilm] position [pə'zrjn] ; possess [pə'zes]
2J7
R
raise the price [reiz ði prais]
rate [reit] n , ; , , ; , ; , ; , ; , , ; , ; v ;
ratio analysis ['reιjιou ð'næləsιs] ration ['ræjn] ; ; rational ['raefənlj
real estate [πəl rs'teit]
real GHP [nəl <fei: ən pi:]
real income [πəl 'rnkəm]
real wage [rιəl werφ] reasonable ['ri:məbl] ; receipt [π'si:t]
recession [ri'sejn] ; reciprocal wants [π'sφrəkə! wonts] record freko:d] n ; , ; {π'ko:d] v
;
recovery [n'kAvən]
red-tape ['red 'teιp] reduce [n'dju:s] ; reimburse kri:ιm'bə:s] reinvest ['ri:iiTvest] relationship [ri'leijnfip] ,
relative ['relətiv]
relative price [Velənv prais]
rely (on, upon) [rrlaij ; rent [rent] n ; ; ; v ; ;
repair shop [rι'pεə jbpj report [ri'po:t] ; reputation [,repju:'teijn]
request [n'kwesi] ; , ; ; resource [rι'so:s]
responsibility [nsspansə'biliti] responsible for [ris'p:msəbi fo] restrict [ns'tnkt] restriction [ris'tnkfn] resume ['rezju:meι] ; ; retailer [ri:'teιlə]
retailing [ri:'teιlιιj]
return [π'tə-n] n ; ; ; ; ; ; ; v ;
revenue ('revτnju-]
reward [π'wo:d] , rivalry ['raιvəlπ] ,
run a risk [ ə rrsk] S
safeguard ['seιfgα:d] n ; ; ; ; v ;
safety deposit box ['seιftr dι'pozιt boks) ,
salary ['sæləπ] sale [sell] ; ; ; ;
( ), . salesman {'seιlzmən] satisfy ['sætιsfaι] savings [ 'serviŋz] ;
savings account ['seιvιŋz ə'kaunt]
scarce [skεəs] ; ; scarcity ['skεəsιtι] , ()
schedule ['jedju:l]
security [SJ'kjuənti] ; ; ; , , ; , .
security exchange [si'kjuənU ikstjemds]
seller ['selə]
service fsə:vis] ;
service industry ['sə:vιs 'ιndəstπ]
set [set] set the price [set ðə prais]
sewage ['sjιnife] ; share [jεə] n , ; v ,
shareholder ['jεə,houldə] , shift [jiU] ; ; ; () , ; v ,
shopping centre ['jDpiŋ'seniə] shopping guide ['jDPl9 9aid] short-term loan ['Jo:t'tə:m loun] significant [sjcj'mfjkənt] , ; , ; ;
skill [skιŋ society [sə'sarətι] ; ; '; ; , sole [soul] , ,
sole proprietorship [soul prə'praiələ/ip] solution [sə'iu:Jn] , '
solve mathematical problems {sdIv,mæθι'mætιkəl 'ρrobləmz]
' source [sd:s]
span [spæn] , ; specialize ['spejəϊaιz]
split [split]
standard of living ['stændəd əv 'lιvιŋ] state bank [steit bæŋk] ;
statement ['steιtmənt]
stepping-stone ['stepιŋstouπ] ( )
stock [siokj
stock-broker ['stok,broukə] stock certificate [stok sə'trfikit]
stockholder ['stokjiouldə] , storage ['slo:πdj]
structural unemployment ['strAkt/ərəl 'Anirrt'pbimənt]
subjective [səb'cfeektiv] ' subsidy ['sAbsidi] ,
substitute ['sAkbstitju:t] n ; ; v ; sue [sju:] supply [sə'plaι] n ; ; ; v surplus ['sə:pləs] ; switch (switj] ,
take title to the goods
take advantage of smth. [teιk əd'vα:ntιe^] (- )
tangible ['tæncfcəbl] ; tariff ['tæπf] tax [tæks]
tax benefits [tæks 'benιfιts] toll ['tσul] ;
total ['tout] total sale ['tout! seil] track [træk] ; keep track trade [treid] ; ;
trade-in-allowance [treid in ə'iauəns] ,
crapy
trademark ['trerdrnα:k] traffic ['træfιk] ; :
transaction [træn'zækjn] , , ;
transfer ['træπsfə:] { ); (); V [træns'fə:] ;
transportation costs ^traenspat'teijn kosts] transporting [trsens'p^Ur)]
Treaty ['tri:tι] , ; trend [trend] ;
true unemployment [tru- 'Anim'pbimənt] U
ultimate consumer [41timit kən'sju:mə] unadequate [λn'ædιkwϊt] , uncertainty [An'sə:tnti] ; undermine kAndə'marn] , unemployment ['Anim'pbimənt] uniformity [ju:nι'fa:mιtι] , unit of account ['ju:nιt əv ə'kaunt] unlimited liability [An'liimtid ylaiə'bilm]
unreasonable price [An'ri:znəbl prais] unsound [An'saund] ; user ['ju-zə]
utilities [ju:'tιhlιz] ;
valuable ['væljuəbl] pL ; ; adj ; ,
; ,
value ['vaelju:] ; ; ; , ; ; V
value added [vælju: 'ædιd]
vending machine operator ['vendιŋ mə'Ji:n 'opəreιtə]
volume ['voljum] ;
wage [weιdj] πnaτə; warehousing ['wεəhauzιŋ] ()
warranty ['worəntι] ; waste [weιst] n , ; v wastes [weιsts] wealth [welθ] wear out [wcə aut]
welfare ['welfeə] ;
welfare programme ['weifeə 'prougraem]
well-being ['wel'bi:ιŋ] wholesale unit ['houlseιl 'ju:nιt] ' wholesaling ['houlseιlιŋ] will [wil] ; ;
yield [ji:ld]
CONTENTS
INTRODUCTION 5
Lesson 1. What is Economics? 7
