MARKET PRICE
1. ֳ . - Prices play an important role in all economic markets.
2. . - In a market economy prices act as signals.
3. ֳ . - The price system in a market economy is surprisingly flexible.
4. ֳ . Prices in a free market are neutral.
5. 䳿. - In economic markets, buyers and sellers have exactly the opposite hopes and intentions.
6. . - The buyers want to pay low prices.
7. 䳺 . - The sellers come to the market hoping for high prices.
BUSINESS ORGANIZATIONS
1. ii i: i , . - There are three major kinds of business organizations: the sole proprietorship, the partnership and the corporation.
2. i ii i i . - The most common form of business organization is the sole proprietorship.
3. i , i i i . - The sole proprietorship is a business owned and run by one person.
4. ii i i, i i ii, i i. Except some licenses and payments, that government might require, there is almost no red tape involved.
5. . - The major disadvantage of a sole proprietorship is the unlimited liability.
6. , . - Since the business and the owner are legally the same, the sole proprietor is liable for all financial losses or debts that the business may incur.
7. , . - If a business fails, the owner must personally assume the debts.
8. . Another disadvantage of the sole proprietorship is that it has limited financial resources.
9. i , . - A business corporation is an institution established for the purpose of making profit.
10. , i, i , i -. - To form a corporation, you must file for permission in the state where the business will have its headquarters.
11. i . Corporation can release and sell stocks.
12. i , i i. - If the corporation is profitable it will eventually issue dividend or a check, representing a portion of the corporate profits to shareholders.
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13. i , . - The corporation has more abilities to acquire greater financial resources than partnership.
14. i . The corporation can offer higher salaries and thus attract talented managers and specialists.
LABOUR
1. - . - In order for any country to grow, it must have a large and skilled labour force.
2. , - . - If the growth of population continues to decline, it eventually affect the growth of the labour force.
3. . - There are four major categories of labour that are based on the general level of skills needed to do any kind of job.
4. . - Unskilled workers do not have the training to operate machines.
5. , . - Semiskilled workers have mechanical abilities, that need some skills.
6. . - Skilled workers are able to operate complex equipment.
7. . - Most occupations have a standard amount of pay given for work performed.
8. , . - Pofessional managers generally are scarcer than unskilled or semiskilled workers.
9. , . - The higher the level of skills, the higher the average yearly wage rate.
10. , . - There are, however, some cases in which the traditional theory does not explain the variations in wage rates.
11. , . - In some cases, unions do not try to get higher wages for their members on the grounds4that labour is in short supply relative to demand.
12. , , . - When negotiating for wages, unions want to know the wage rates in other plants for the same kind of work.
MONEY and FINANCIAL INSTITUTIONS
1. , . - Money function as a Medium of Exchange, a Measure of Value, and a Store of Value.
2. г . - The different forms of money are in use in the United States.
3. , . - A store of value means that goods and services can be easily converted into money.
4. , ¾ , . - The term currency refers to paper money issued by government. The term coin refers to metallic forms of money.
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5. , . - Modern money still shares many of the same characteristics of primitive money.
6. , . - Metallic coins do not go out of circulation unless they are lost.
7. . - Penny is the smallest denomination of coin.
8. , 1012 , . - The fact, that the money supply often grew at a rate 10 to 12 per cent a year was considered as major cause of inflation.
9. , (). - Banks provide a safe place for people to deposit their money.
10. , . - Banks lend excess funds to individuals and business temporarily in need of cash.
11. . Banks liabilities are its debts and obligations to others.
12. , . - Banks assets are the properties, possessions, and claims on other banks.
13. , . - Balance sheet is condensed statement showing all assets and liabilities at a given point of time.
14. (). - The bank might invest some of the cash in bonds.
15. ˳ 볺. - The liquidity adds to the banks ability to serve its customers.
16. , . - Once the bank attracts more funds, it can make more loans and more profits.
TAXATION
1. : , . - There are three types of taxes in the United States: proportional, progressive and regressive.
2. , . - A sales tax is a general tax levied on consumer purchases of nearly all products.
3. , , . - Most states allow merchants to keep a small portion of what they collect to compensate for their time and book-keeping costs.
4. . - A major source of revenue is the property tax a tax on property.
5. , , . - Real property includes land, buildings and anything else permanently attached to them.
6. , . - Tax assessor is the person who places value on property for tax purposes.
7. , . - In order to have an effective tax system, government must have criteria or standards.
8. , , , , , . - Tax laws should be written so that both the taxpayer and tax-collector can understand them.
9. , , , . - People do not always agree about what is or is not fair when it comes to taxes.
10. : . - In general taxes are based chiefly on two principles: the Benefit Principle and the Ability-to-Pay Principle.
11. , . - People should pay taxes in proportion to the amount of services or benefits they receive.
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12. , , , . - People with higher incomes suffer less discomfort than people with lower incomes even if they pay higher taxes.
13. , , ¾ . - The only means most people have of paying taxes is the income they earn.
AGGREGATE SUPPLY AND DEMAND
1. , , , . Economists examine aggregate supply as the total amount of goods and services produced by the economy in a given period, usually one year.
2. . - A number of factors affect an economys aggregate supply.
3. , () . - Economy must have an adequate supply of natural resources and capital goods to be productive.
4. , , , . - A third factor affecting aggregate supply is the efficiency with which the resources are combined.
5. , . - National income accounting makes it possible to trace long-run trends in the economy and to form new public policies to improve the economy.
6. , . - Gross National Product (GNP) is the dollar measure of the total amount of final goods and services produced in a year.
7. ̳ , , . - Microeconomics is the branch of economics that deals with decision-making and other behaviour by these individual units.
8. . - The sum of expenditures of macroeconomy sectors is known as aggregate demand.
9. . - The basic unit of consumer sector is the household.
10. , . - The business or investment sector is made up of sole proprietorships, partnerships, and corporations.
11. , , . - A third sector in the macroeconomy is the government, or public sector. It includes the local, state and federal levels of government.
12. . - The foreign sector includes all consumers and producers external in the United States.
THE ECONOMY OF THE UNITED STATES OF AMERICA Text A
1. . .
The US economy is the largest in the world. It is divided into 4 sectors.
2. , . In a market economy producers and buyers determine what goods and services should be produced and in what prices.
3. , . The USA imports and exports many goods, that effects economy as whole.
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4. , ' , . The government provides such services as national defense, assistance programs for low-income families, public goods and services.
5. . - The living standard in the USA remains the highest in the world.
6. ' . Connection and communication sphere is included into structure of fourth sector of economy.
7. , . Since the USA has a mixed economy, the government does play a significant role in supporting of economic growth of the country.
8. - , . GDP is the annual value of all goods and services produced in the country.
9. , , , , , . The largest part of the US economy, commerce and services sector, provides a wide variety of goods and services to individuals and business in such spheres of activity as retailing and wholesaling, financial services and insurance.
10. ѳ , , , , . - Agriculture, forestry and fishing, mining refer to sector, that produces goods that come directly from natural resources.
THE ECONOMY OF THE UNITED STATES OF AMERICA Text B
1. . GDP of the country is growing constantly.
2. , . The US economy works effectively, because most enterprises are privately owned and dont operate under the government control.
3. , , . Although the number of employees in manufacturing industry declined slightly, it remains a key component of the US economy.
4. , , , , . The USA has such highly-developed industries as iron and steel industry, chemical and mining industries, food and textile industries, clothing and lather goods industries.
5. , , . The largest sector of the economy, service and commerce sector, takes 1st place in terms of employment.
6. , , , . The US transport system includes commercial airlines, railroads and many bus companies.
7. , , , . Achievements in the computer science have completely changed methods of processing of information in such spheres of economy as banking and financing, mass media, tourism and entertainment.
8. . The USA leads in production of electronic components and computer software.
THE ECONOMY OF THE UNITED STATES OF AMERICA Text C
1. . . - The US economy has many branches. It produces a great variety of goods and services.
2. . - The United States has huge fields of natural gas and oil.
3. , , - , - . - Petroleum is refined into gasoline, heating oil, and the petrochemicals used to make plastics, paint, pharmaceuticals, and synthetic fibers.
4. , , , . - Coal and iron ore are the basis for the steel industry, which fabricates components for manufactured items such as automobiles, appliances, machinery, and other basic products.
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5. . - Agricultural output in the United States has historically been among the highest in the world.
6. , , , . - Farmers in the United States not only produce enough food to feed the nations population, they also export more farm products than any other nation.
7. , , . - Cattle production, hog production, and chicken production are widespread throughout the United States.
8. ϳ - . - South of the country leads in growing fruits and vegetables
THE ECONOMY OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND
TEXT A
1. . The British economy is the fourth largest economy in the world, the second largest in Europe.
2. , . - Great Britain has a mixed private and public enterprise economy.
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3. , , . - Great Britain has achieved the position of one of the worlds leading nations, despite the lack of most raw materials needed for industry.
4. ᒺ . The UK economy achieved a high level of trade because of the export of manufactured goods in exchange for raw materials.
5. ,
. The largest share of GDP is manufacturing industries connected with service industry.
6. 70% . - Service industry employs almost 70% of the working population.
7. . - Prosperity and growth of the nationals economy has been dependent upon the export of manufactured goods and output of primary industries.
8. , , . British government provides financial assistance to small companies, encourage competition and promote exports.
9. , . The countrys chief exports and imports are manufactured goods, foodstuffs and raw materials.
10. . Rapid development of electronic industry and increase of service industry have affected the economy.
11. ѳ . The nations agriculture is highly-developed and based on modern technology.
12. . - By successfully exploiting oil and gas Britain has become self-sufficient in energy.
13. , . Some part of energy resources is used for industrial and commercial purposes and the rest - for household use.
THE ECONOMY OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND
TEXT B
1. . , . The main economic problem of all highly-developed countries is decrease is sphere of primary industries. But by using modern technologies GB remains one of the most highly-industrialized manufacturing countries.
2. , , . The most developed British manufacturing industries are chemicals, food processing and aerospace and other industries.
3. , , , , . The country produces a great quantity of goods, such as widescreen and digital sets, aircraft, satellites and ingredients for pharmaceutical industry.
4. , . - Uninterrupted period of economic growth of GB has completed by its transmission into a modern service economy.
5. . 70% . Service industry accounts for the largest proportion of gross domestic product and employs almost 70% of the working population.
6. , , , , , . Service industry includes financial, banking, transport and tourism, investment and insurance, retailing and wholesaling.
7. 볿, , , . - The Bank of England, as the central bank, is responsible for the monetary policy of the country and also manages the countrys foreign exchange and gold reserves.
8. 17 . - Great Britain has 17 major commercial banks with a lot of domestic and overseas branches.
9. , , - . Banking services for people are provided by savings banks, the postal system, and building societies.
10. , . British government promotes tourism and support Tourist Information Centers, because tourism brings significant money into the budget of the country.
11. , ճ , 67 . - Londons main airports, Heathrow and Gatwick, handle more than 67 million passengers a year.
12. ϳ , . - London Underground is a reliable public transportation for an impressive number of commuters.
13. , . - Urban rail system are located in large cities, that are a manufacturing centers of GB.
THE ECONOMY OF UKRAINE
TEXT A
1. 1991 . - Ukraine gained its sovereignty in 1991 and faced a number of simultaneous challenges.
2. 䳺 20% . Possessing 20 per cent of the worlds prospected iron ore resources the country has metallurgy as the leading Ukrainian export.
3. ¼ , , . Machine industry employs a fourth of Ukrainian workers and produces ships, aircraft, locomotives, and machine tools.
4. . The eastern part of the country is a location of almost all large metal-processing companies.
5. . During independence of Ukraine light industry and machinery have experienced great changes.
6. (). - The Market economy status (MES) brought the country closer to entering the European Union and the World Trade Organization (WTO).
7. , , . Ukraines leading exports and imports are chemicals, machine equipment and crops.
8. ³ , . - Domestically produced gas doesnt satisfy total gas demand, thats why Ukraine relies on imported oil and natural gas, primarily from Russia and Turkmenistan.
9. , - . Coal, natural gas and iron ore are the main minings products.
THE ECONOMY OF UKRAINE
TEXT B
1. - . - Ukraine ranks as a leading wheat-growing country.
2. . - Ukraine's livestock sector lags behind the crop sector, because of insufficient government support.
3. . - Stable growth of agribusiness can be achieved only due to restructuring of agriculture.
4. . - Owing partly to rich soils and a favorable climate, Ukraine's crop production is highly developed.
5. . A low level of productivity of agriculture is caused by the shortage of new technologies and skilled specialists.
6. , , , , . - Barley, buckwheat, corn, oats and sugar beets are only some rart of crops tat are grown in Ukraine.
7. . - Agribusiness requires further restructuring to provide stable growth and utilization of its potential.
8. , , . Hug production, egg production, growing of fruits and vegetables are concentrated close to large cities.
9. , 㳿, . - Investments bring not only capital into the country but also new technology, production methods and quality standards.
10. . More investment into the agriculture will order to bring produce up to EU standards.
11. . - The countrys light industry has experienced great changes lately.