Exercise 1. Read the terms given below and their definitions. Practice until you can explain them in English. Then find the Ukrainian equivalent to the.
| ECONOMY | 1) a country’s money supply,trade and industry; 2) the control and management of money, resources, etc. of an organization, a society, a country. | |
| ECONOMICS | 1) the study of the process involved in the production, distribution and consumption of goods, esp. in relation to cost; 2) the application of this to a particular activity, industry, etc. | |
| ECONOMIST | a student or an expert in economics. |
Exercise 2.Use the following terms to complete the definitions below:
| aggregate demand equilibrium factors of production macroeconomics | econometrics GNP microeconomics externalities | cost of living economize balance of payments standard of living | scarcity fluctuate capital inflation |
1. ___ (or inputs) are resources used by firms in their production processes, namely land and the natural resources in it, labour, capital, and (in recent definitions) information.
2. ___ (or spillovers) are costs imposed on others without their receiving compensation, or benefits received by others without their paying the proper costs.
3. ___ concerns the economic factors affecting individual consumers and companies.
4. ___ is a state of balance, for example, when supply meets demand.
5. ___ is the application of mathematical and statistical models to economic theories and problems.
6. ___ is the study and analysis of the economy as a whole.
7. ___ is the total amount spent in a country by consumers, companies, and the government.
8. ___ is the total wealth earned or created in a country in a year.
9. ___ is a rise in the general level of prices, and an increase in the money supply.
10. ___ is a shortage of something; insufficient supply to meet demand.
11. ___ is the accumulated stock of goods used for the production of further goods (and the money required to purchase them).
12. ___ is a measure of the amount of money that has to be paid for essentials such as food, accommodation, heating, clothing, etc.
13. ___ is a measure of the amount of disposable income that people have to spend on both necessities and luxuries.
14. ___ is the difference between what a country pays for its imports and receives for its exports.
15. ___ means to change constantly, to show irregular variation.
16. ___ means to save money, to reduce expenses, to reduce an amount normally used.
Exercise 3.Explain the meaning of the following economic terms in English:
Economics, inflation rate, interests, microeconomics, macroeconomics, unemployment rate, organized labor, external debt, revenue, GNP, GDP.
Exercise 4.Match each job title on the left with the correct definition on the right translate the sentences.
| 1. tax inspector 2. tax consultant 3. bank manager 4. commodity trader 5. accountant 6. finance director 7. market analyst 8. financial advisor 9. insurance broker 10. stockbroker | a) the person who is responsible for an individual bank; b) someone who advises people on how to manage their financial affairs; c) someone who prepares an individual’s (or a company’s) tax return; d) the person who is responsible for the financial side of running business; e) a government official who checks that you are paying enough tax; f) the person who finds you the best insurance policy at the best price; g) someone who buys and sells stocks and shares for clients, and charges a commission; h) someone who advises you or a company on how to pay less tax; i) someone who comments on business and share prices in a particular sector of the economy; j) someone who buys and sells things in large quantities, especially food products such as tea, coffee, cereals, and other raw materials. |
Exercise 5.Work in pairs. Mark the following sentences as True or False. Explain your answers.
| True False | |
| 1. Inflation is a measure on increasing prices. | r r |
| 2. High inflation generally means increasing unemployment. | r r |
| 3. A healthy economy always means lower unemployment | r r |
| 4. Higher investment in training and education is easier during a low point in the economic cycle. | r r |
| 5. GNP is a measure of the annual value of sales of goods and services in a country, and does not include sales for companies abroad. | r r |
| 6. Capacity utilization is a measure of how many people are in work. | r r |
| 7. Generally, high levels of supply and low levels of demand means unemployment falls. 8. Growth creates wealth and wealth creates jobs | r r r r |
Exercise 6.You are asked to be an interpreter during the conference. Translate into English the following comments.
1. Бажання людини безмежні, а кошти, необхідні для здійснення цих бажань, надто обмежені. 2. Перед кожним суспільством постає проблема нестатку. 3. Економічні чинники впливають на рішення у світі бізнесу. 4. Ресурси, необхідні для утворення товарів і послуг, називають чинниками виробництва. 5. Приватна власність дає людям стимул використовувати свою власність для отримання прибутку. 6. Економіка – це наука, яка вивчає специфіку розвитку економічних відносин в окремих сферах народного господарства. 7. Відношення власності на засоби виробництва утворюють основу економіки. 8. Заробітна плата – це винагорода, яку отримують робітники за свою працю. 9. Купуючи фабрику, машини та інші засоби виробництва, ділові люди часто вживають термін «капітал». 10. Кожний чинник виробництва має місце в економічній системі і кожний виконує відповідну функцію.
Exercise 7.Communicative situations.
1. Assume that you have just received your first paycheck of $135. Describe how the concepts of scarcity, opportunity costs, and the need to make choices will affect the way in which you spend your money.
2. If all people could have anything they wanted simply by rubbing a magic lantern, there would be no need to study economics. Explain this statement.