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UNIT 4

MICROECONOMICS AND MACROECONOMICS

I. Find the following word-combinations in the texts and translate them into Russian.

 

) what distinguishes these economists; as viewed b firms; congestion; to classify branches of economics; to cut across the large number of subject groupings; relative output; sophisticated branch; extends this approach; keep the analysis manageable; to study every market fr every commodity; without distorting the rea1ity; to lose track of the phenomena; task that retains an element of art in economic science;

b) to reconcile the conflict; to fulfill demands; production and consumption decisions are coordinated through adjustments of prices; remains subject of controversy; sufficient research; individual building blocks.

 

II. Find in the texts English equivalents for the following:

 

) - ; , ; ; , ; ; ; ; ; ; ; ; ; ; ,

 

b) ; ( ); ; ; ; .

 

III. Say what is meant b:

specialize in particu1ar branch of the subject; microeconomic analysis; task that retains an element of art in economic science; to devise judicial simplifications; to keep analysis manageable without distorting the reality too much; microeconomists and macroeconomists proceed down different avenues; extensive planning; the optimal level of government intervention remains subject of controversy; there is reason why economists should agree about normative statements.

IV. Listening

1. Listen to the lecture.

2. Do the tasks given in the textbook.

3. Listen to the lecture again, take notes to b ready to write summary of it.

 

V. Match the words (1 10) with their corresponding definitions (a j):

 

1. monetary

2. urban

3. unemployment

4. building blocks

5. inflation

6. approach

7. methodology

8. Gross Domestic product

9. Gross National Product

10. sweep something under the carpet

 

a) the total value of all the goods and services that a country produces in a year, including income received from money invested in other countries, but not income paid to foreign investors

b) relating to towns and cities, or happening there

c) [usually plural] one of the basic parts that something is made from and cannot exist without

d) the total value of the goods and services that a country produces in a year, not including income received from money invested in other countries

e) an economic process in which prices increase so that money becomes less valuable

f) relating to a countrys money and to the systems that a country uses for controlling its money supply

g) a situation in which some people do not have work and do not have an income

h) a particular way of thinking about or dealing with something = view, mind, perspective, viewpoint, logic

i) the methods and principles used for doing a particular kind of work, especially scientific or academic research

j) try to avoid dealing with a problem

 

 

VI. Match the words in the left-hand column with their synonyms:


1. aggregate

2. particular

3. simultaneous

4. deliberate

5. retain

6. judicious

7. methodology

 

a) a. intended

b) b. add up

c) c. keep

d)d. concurrent

e) e. specific

f) f. system

g) g. reasoned



Match the words (1 5) with their antonyms (a e):


1. urban

2. indirect

3. broad

4. emphasize

5. relative

a) a. straight

b) b. depreciate

c) c. unrelated

d) d. rural

e) e. narrow


 

VII. Fill in the gaps.

interaction; adjustments; market economy; government regulations; employment; cost conditions; considered; skills and training; tend; exceeds; available; result; insufficient; increase; to purchase; raw materials; decline; forced; frictional unemployment; dissatisfaction; labour force

 

Normal 1) ____ to changing demand and supply conditions for different products and services in 2) _______ result in the loss of jobs for some people. Other workers quit their jobs because of 3) _____ or for other personal reasons. In healthy nomy, these people should be able to find new jobs within a few weeks. While they are seeking 4) ____ they constitute a frictional unemployment bloc in the 5) ____. Unemployment levels of 3-4% were in the past 6) ____ normal due to 7) _____ and those unemployable for one reason or another.

When a whole industry or region has less business because of changing consumer tastes or changing 8) ____, some workers lose their jobs. There may not be enough jobs immediately 9) _______ in other industries to employ them, or they may not have the 10) _____ necessary to take jobs in other industries. This structural unemployment may 11) _____ in extended periods without work for some people.

The most serious and widespread unemployment, however, is cyclical unemployment, which occurs when there is inadequate aggregate (total) demand for goods and services. If there is 12) ____ spending in the economy 13) ____ all of the goods and services that could be produced, workers will not be able to find jobs. Those workers without jobs are 14) _____ to cut back their consumption, and this results in a further 15) _______ in output and in a further 16) _____ in unemployment.

Just as unemployment may be caused by insufficient demand, inflation may the result of too much demand. If demand 17) ____ the capacity of the economy to produce at full employment, prices will rise. Inflationary expectations and speculation 18) ____ to accelerate demand-pull inflation even more.

Another cause of inflation can be an increase in the costs of production. Shortages of 19) _____, higher wages, or 20) _____ raise prices. The 21) ____ between demand-pull and cost-push inflation can result in an inflationary spiral.

 

 





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