enterprise n ; ,
non-renewable adj
non-renewable resources ,
ant renewable adj
to use up , ();
production cycle
value n ( );
transfer v , ; (), ();
final product
investment n (in smth) , , , ; , ( -.)
invest v (in smth) , , ( -.)
efficiency n ; ;
efficiency of labour
ant inefficiency n
efficient adj , ;
ant inefficient adj ,
like adj . . ,
unlike adj . .
manufacture v ;
manufacturing n
manufacturer n ; ;
management n
manage v ,
manager n , ;
employ v ; ;
employed adj () ( )
employed workers ( )
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 ;
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except [ik'sept] prep ; ,
besides [bi'saidz] prep , ; adv
area n , , ; , ,
although j ; ,
though cj , ; ; adv , ,
apply v , ,
fertilizer n
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 , -.
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) , ( -.)
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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 ( )
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 () () (, , , , $5 $100 , 5%)
initially adv , ;
initial , ;
tax revenue ,
eventually adv , ,
eventual ,
to tax v (smth) (-.)
taxed commodity or activity ,
syn. taxable
raise v , (, )
The Central Bank and Financial Markets
currency n
deposit n ;
deposit v , ,
sight deposit ;
time deposit
to withdraw (withdrew, withdrawn) a deposit ;
lend (lent, lent) v , (-. -.)
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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 () ; ,
2.
List of irregular verbs
3.
1 one 11 eleven 21 twenty-one 30 thirty-one 50 fifty
2 two 12 twelve 22 twenty-two 30 thirty-two 60 sixty
3 thre 13 thirteen 23 twenty-three 30 thirty-three 70 seventy
4 four 14 fourteen 24 twenty-four 30 thirty-four 80 eighty
5 five 15 fifteen 25 twenty-five 30 thirty-five 90 ninety
6 six 16 sixteen 26 twenty-six 30 thirty-six 100 one hundred
7 seven 17 seventeen 27 twenty-seven 30 thirty-seven 1000 one
8 eight 18 eighteen 28 twenty-eight 30 thirty-eight thousand
9 nine 19 nineteen 29 twenty-nine 30 thirty-nine 1000000 one
10 ten 20 twenty 30 thirty 40 forty million
1 the first 11 the eleventh 21 the twenty- first 40 the fortieth
2 the second 12 the twelfth 22 the twenty- second 50 the fiftieth
3 the third 13 the thirteenth 23 the twenty- third 60 the sixtieth
4 the forth 14 the fourteenth 24 the twenty-forth 70 the seventieth
5 the fifth 15 the fifteenth 25 the twenty-fifth 80 the eightieth
6 the sixth 16 the sixteenth 26 the twenty-sixth 90 the ninetieth
7 the seventh 17 the seventeenth 27 the twenty-seventh
8 the eighth 18 the eighteenth 28 the twenty-eighth
9 the ninth 19 the nineteenth 29 the twenty-ninth
10 the tenth 20 the twentieth 30 the thirtieth
4.
1. , , . , : , ? , . "" , , , , .
2. , ( ). , , , .
3. , , , .
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4. , .
: - , , . , .
5. , ; : , , , , . , ( ) .
6. , , . . ( ), .. , , - , ?
7. , , . , , , , .
5.
MY FAMILY AND ME
My name is . I am years old. I study at Belovo Institute (branch) of Kemerovo State University. I am a first-year student at Economics faculty. I am going to be an economist. At present I work at Company , (school, library, ). I am a shop-assistant (secretary, accountant, ). I dedicate all my spare time to studies. My hobby is listening to music, dancing, playing football. My family is large: my husband, my daughter, two sons and me.
My husbands name is . He is years old. He woks at school (open-cast mine, hospital, railway station). He is a teacher (miner, doctor, militiaman, driver). His hobbies are hunting, fishing and gardening. My daughters name is . She is years old. She goes to kindergarten (school). She likes drawing, playing badminton (ping-pong), watching cartoons. My sons names are . They are and years old. They go to kindergarten (school). The eldest like to play computer games and read books. The youngest is fond of music (sports: football, basketball, hockey). We spend a lot of time together: we like to travel by car in our region and neighbor-regions. Sometimes we travel by train to see our relatives and friends. Sometimes we travel by plane to the capital of our country and abroad.
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.
THEORY OF DEMAND
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.
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THEORY OF SUPPLY
The theory of supply is the theory of how much output firms choose to produce. The principal assumption of the supply theory is that the producer will maintain the level of output at which he maximizes his profit. Profit is the revenue from selling the output minus the costs of inputs used.
Aiming to get higher profits, firms obtain each output level as cheaply as possible. Profits are the highest at the output level at which marginal cost is equal to marginal revenue, that is, to the market price of the output.
When prices are high the supplied quantity is high as well. At low prices the supplied quantity is low. The optimal supply quantity depends on the output prices, the input costs, technology, degree of government regulation, environment, etc.
Market supply is the quantity of a commodity that all firms in a particular market offer as the price varies. Market supply is important for making economic forecasts.
FACTORS OF PRODUCTION
Factors of production are resources used by firms as inputs for a good or service to be produced. They are: capital, labour and natural resources.
Capital refers to goods and money used to produce more goods and money. Physical capital is land, buildings, equipment, raw materials. Financial capital is bonds, stocks and available bank balances. Human capital is knowledge that contributes know-how to production.
Labour is an effort needed to satisfy human needs. Productive labour produces physical objects having utility. Unproductive labour does not produce material wealth but is also useful.
Natural resources are raw materials such as iron ore, timber, oil, water for crops and power production, forests and animals and productive activity made by land.
Factors of production are combined together in different proportions in order to produce output. One should choose the combination of factors which minimizes the cost of production and increases profit.
CIRCULAR FLOW OF PAYMENTS AND NATIONAL INCOME
The circular flow of income is the process when firms provide income for households, who in turn use this money to purchase goods and services produced by firms thus returning money to the firms.
The gross domestic product is the total money value of all final goods produced in the domestic economy within a year. The GDP plus property income from abroad make the gross national product. The GNP is an important measure of a countrys economic well-being.
Depreciation is the process when assets wear out in the production either physically or become obsolete. When we subtract depreciation from the GNP we arrive at national income.
MY FUTURE PROFESSION
My name is . I am years old. I study at Belovo Institute (branch) of Kemerovo State University. I am a second-year student at Economics faculty. I am going to be an economist (accountant). At present I dont work (I work at Company , school, ). I dedicate all my (spare) time to studies.
We study many useful and interesting subjects such as statistics, economics, higher mathematics, computers. Our lecturers teach us to think in terms of production, consumption, allocation, price elasticity demand and so on. We enlarge our theoretical knowledge in order to put it later in practice. We realize that the study of economics is of great importance in a present-day situation of changing economic environment.
THE CENTRAL BANK AND FINANCIAL MARKETS
The Central Bank acts as a banker to the government and as a lender to commercial banks. It takes responsibility for the funding of the governments budget deficit. It also controls money supply which includes currency outside the banking system and the sight deposits of the commercial banks.
A commercial bank borrows money from the public, crediting them with a deposit. In turn the bank lends money to firms and households wishing to borrow. The Central Bank can impose reserve requirements on commercial banks and set discount rate. Thus the Central Bank controls the money market.
