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ECONOMICS by C. St. J. Yates
1
2010
Economics by Christopher St J. Yates, , .
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UNIT 1
THREE ECONOMIC ISSUES
I. Find the following words and word-combinations in the texts and translate them into Russian.
a) an instruction manual; to make sense; to allocate scarce resources; oil and its derivatives; basic inputs; household products; utensils; in comparison with; cheap and abundant; abrupt change; to encourage; on an assumption; cutbacks in the quantity demanded; small reduction in sales; the upheaval price shocks inflicted; commuters form car-pools; to bid up prices; to contemplate solar energy; a shift away from expensive oil-using products towards less oil-intensive substitutes; ripples throughout the entire economy; price slump persists
b) governments provide such services as national defence; the administration of justice; social security; to impose taxes; residual component; to raise tax revenues; correspondingly; the scale of governmental activity; the government ensures...; the regulations the government imposes; safety requirements; to make the economy inefficient; it is commonly asserted
II. Find in the texts English equivalents for the following:
a) ; ; ; () ; -; , ; ; ; ; ; ; ; ; , ; () ; , ; , (); ; ;
b) ; ; ; ; ; ; ; ; , ; ;
III. Explain in English what is meant by:
economic activity was organized on the assumption of cheap and abundant oil; oil price shocks; people respond to prices; every firm will try to reduce its use of oil-based products; a disturbance anywhere in the economy ripples throughout the entire economy; scarce resource; necessities of life; world income distribution; major oil countries; transfer payments; the government affects the three central economic questions
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IV. Listening
1. Listen to the lecture in parts, answering questions in the textbook.
2. Listen to the lecture, making notes.
V. Match the words (1 5) with their corresponding definitions (a e):
1. commodity
2. revenue
3. slump
4. shift
5. substitute
a. a change in the way people think about something, in the way something is done
b. a product that can be sold to make a profit, especially one in its basic form before it has been used or changed in an industrial process
c. something new or different that can be used instead of something else
d. a sudden fall in the price, value, or number of something
e. money that a business or organization receives over a period of time, especially from goods and services
VI. Match the words in the left-hand column with their synonyms.
1 eventually a goal
2 target b damage
3 inflict c consider
4 profitable d finally
5 contemplate e lucrative
VII. Insert the suitable words into the gaps:
adjustments; vital; central-heating; economics; to maximize; oil-producing; oil price shocks; economic; wide-ranging; functioning; affected; goods and services; resources; sufficient; arises; science; scarcity; available; to satisfy; response
1)______ is the social science concerned with how 2)______ are used 3)______ peoples wants. The 4)______ of economics 5)______ from the need to overcome 6)______. The resources 7)______ for production are not 8)______ to satisfy all our wants. We need therefore to use them in such a way as 9)______ output. As a result, decisions must be made either by society or by individuals, on three 10)______ issues: what 11)______ are to be produced, how these goods and services are to be produced, and for whom they are to be produced. Economics is about these three issues and the decisions, surrounding them, which are so 12)______ to the 13)______ of any society.
In a market economy these decisions are 14)______ by prices. This was well illustrated by the 15)______ of 1973-74 and 1979-80, which had 16)______ repercussions for our three issues of what, how, and for whom. Smaller cars and gas-fired 17)______ became more popular; firms looked for techniques of production which were less reliant on oil; the 18)______ countries became relatively better off. All this was in 19)______ to price changes. Further 20)______ would be expected to have followed the sharp fall in world oil prices in 1986.
