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МИНИСТЕРСТВО СЕЛЬСКОГО ХОЗЯЙСТВА РФ
ОРЛОВСКИЙ ГОСУДАРСТВЕННЫЙ
АГРАРНЫЙ УНИВЕРСИТЕТ
Кафедра иностранных языков
Михайлова Ю.Л.
ENGLISH FOR ECONOMISTS
Учебно-методическое пособие по английскому языку
для студентов 2 и 3 курсов экономического факультета
специальности 080502.65 «Экономика и управление на предприятии АПК»
ОРЕЛ 2011
УДК 811.111:338.431.8 (07)
ББК 81.2 Англ – 923:65.321
Михайлова Ю.Л. Учебно-методическое пособие по английскому языку для студентов 2-3 курсов экономического факультета специальности «Экономика и управление на предприятии АПК». Орел: издательство Орел ГАУ, 2011. – 54 с.
Рецензенты:
Чечиль А.П. – кан. пед. н., доцент каф. франц.
языка ОГУ.
Шедий С.А. – доцент, кан. филол. н., каф.
иностранных языков Орел ГАУ.
Пособие предназначено для студентов 2 и 3 курсов дневного отделения экономического факультета сельскохозяйственного вуза.
Данное пособие знакомит будущих экономистов с основами экономической терминологии, необходимой для работы с текстами по экономическим специальностям.
Пособие предназначено для студентов 2 и 3 курсов дневного отделения экономического факультета сельскохозяйственного вуза.
Данное пособие составлено в соответствии с требованиями программы по английскому языку для неязыковых специальностей высших учебных заведений.
Целью пособия является формирование у студентов умения читать и понимать литературу на английском языке по специальности.
Данная работа состоит из 5 разделов, каждый из которых включает 3 тематических текста по специальности и задания к ним, систему упражнений для развития грамматических и лексических навыков, контрольные вопросы по теме.
Для углубленного изучения устных тем, расширения лексического словаря студентов в настоящее пособие включены дополнительные тексты для чтения, которые не только обогащают лексику студентов, но и углубляют их познания по специальности, поскольку касаются истории развития экономической науки.
CONTENTS
LESSON I WHAT IS ECONOMICS
TEXT A. WHAT IS ECONOMICS
TEXT B. THE STUDY OF SCARCITY AND CHOICE
TEXT C. WHAT DO ECONOMISTS DO
LESSON 2 APPLIED ECONOMICS
TEXT A. FACTORS OF PRODUCTION
TEXT B. MICROECONOMICS AND MACROECONOMICS
LESSON 3 ECONOMIC SYSTEMS
TEXT A. PLANNED ECONOMIES
TEXT B. MARKET ECONOMIES
TEXT C. MIXED ECONOMIES
LESSON 4 MAIN ECONOMICS LAWS
TEXT A. DEMAND AND SUPPLY
TEXT B. THE THEORY OF DEMAND
TEXT C. THE THEORY OF SUPPLY
LESSON 5 MONEY AND ITS FUNCTIONS
TEXT A. MONEY AND ITS FUNCTIONS
TEXT B. TYPES OF MONEY
TEXT C. INFLATION
APPENDIX
TEXTS FOR READING
LESSON I
WHAT IS ECONOMICS
TEXT A. WHAT IS ECONOMICS
TEXT B. THE STUDY OF SCARCITY AND CHOICE
TEXT C. WHAT DO ECONOMISTS DO
GRAMMAR REVISION: THE PASSIVE VOICE,
PARTICIPLE II, MODAL VERBS
TEXT A.
WHAT IS ECONOMICS?
One of the things that people discover every day is that you can't have everything. You are reminded of it every time you shop. Although you may see twenty or thirty items that you would really like to buy, you know that you will have to limit your selection to one or two. Everyone goes through life having to make choices.
Every business, even sport teams, must pick and choose from among the things they would like to have because they cannot have everything. Governments, too, cannot have everything. Every year the most important political debates concern questions about spending taxpayers' money.
Neither individuals nor societies can have all the things they would like to have. There simply is not enough of everything. Economists note that there is no limit to the amount or kinds of things that people want. There is, however, a limit to the resources, things used to produce goods and services, available to satisfy those wants. Once that limit is reached, nothing else can be produced. In other words, when nation's resources (all its workers, factories, farms, etc.) are fully employed, the only way it will be able to increase the production of one thing will be by reducing the production of something else.
To summarize: human wants are unlimited, but the resources necessary to satisfy those wants are limited. Thus, every society is faced with the identical problem, the problem of scarcity.
ACTIVE VOCABULARY
limit ['lImIt] n граница, предел
taxpayer ['t1ks"peIq] n налогоплательщик
society [sq'saIqtI] n общественный строй, общество
economist [I'kPnqmIst] n экономист
economics ["ekq'nPmIks, "i:kq'nPmIks] n экономика;
народное хозяйство
resources [rI'zO:sIs, -'sO:sIs] n обыкн. pl (материальные) запасы,
ресурсы
scarcity ['skeqsItI] n недостаток, дефицит
wants [wPnts] n pl потребности
production [prq'dAkS(q)n] n производство, изготовление
goods and services [gVdz, 'sE:vIsIs] – товары и услуги
to concern [kqn'sE:n] n - касаться, затрагивать
to produce [prq'dju:s] v производить, вырабатывать
to satisfy ['s1tIsfaI] v удовлетворять
to reach [ri:tS] достигать
to employ [Im'plOI] v предоставлять работу, нанимать
to increase [In'kri:s] v увеличиваться, повышаться
to reduce [rI'dju:s] v снижать, сокращать
EXERCISES
1. Read and translate the words without a dictionary.
Limit, business, debates, individual, problem, political, identical.
2. Find the words with the same root. Translate them.
Employer, production, limit, to want, produced, to increase, unlimited, wants, to produce, increase, to employ, limited.
3. Read the words and say what part of speech they belong to. Translate the words.
Really, selection, government, important, taxpayer, society, fully, available, nation, production, simply, worker, identical, scarcity, political, economist, summarize.
4. Find in the text modal verbs or their equivalents.
5. Translate the following sentences into Russian. Pay attention to the modal verbs or their equivalents.
1. A person can’t possess everything.
2. Everyone has to make choices.
3. You must choose from among the things you want.
4. Nobody can have everything in his life.
5. Many useful things can be produced on this factory.
6. One may see a great number of goods doing the shopping.
6. Form Participle II from the following words.
Discover, choose, use, produce, satisfy, reach, increase, limit, reduce, employ, remind.
7. Find Participles II in the text and define their functions.
8. Transform the sentences into the Passive Voice.
1. The society will soon reach the limit of the resources.
2. Every day we face the problem of scarcity.
3. The producers employ all the nation’s resources.
4. We usually limit our selection.
5. The politicians discuss the questions about spending taxpayers' money.
9. Answer the questions:
1. What do people discover every day?
2. Who has to make choices?
3. What do political debates concern?
4. What do economists note?
5. What will happen when the limit is reached?
6. What problem does every society face?
10. Translate into English.
1. Люди делают выбор в течение всей своей жизни.
2. Национальные ресурсы ограничены, поэтому мы должны расходовать их экономно.
3. Никто не может иметь всё.
4. Чтобы увеличить производство одного товара, необходимо уменьшить производство другого товара.
5. Правительство решает вопросы, касающиеся расхода денег налогоплательщиков.
6. Каждое общество сталкивается с проблемой дефицита и выбора.
TEXT B.
ECONOMICS: THE STUDY OF SCARCITY AND CHOICE
Since there is not enough of everything, everyone – individuals, business firms, and government – needs to make choices from among the things they want. In the process they will try to economize, to get the most from what they have. With this in mind, we can define economics as the social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants.
The need to choose is imposed on us all by our income, wealth and ability to borrow. Individuals and families are limited by the size of their personal income, savings and ability to borrow. Similarly, business firms are limited by their profits, savings and borrowing power, and governments by their ability to tax and borrow.
Income, savings, profits and taxes enable people, institutions and government to purchase goods, products you can see or touch, and services, work performed for pay that benefits others. The problem that each must face, however, is that once the decision has been made to choose one set of alternatives, one loses the opportunity to choose the other. Economists describe these kinds of trade-offs as opportunity costs. The opportunity cost of something is its cost measured in terms of what you have to give up to get it.
Business is also faced with the problem of choices and opportunity costs.
NOTES
trade-off — зд. замена
ACTIVE VOCABULARY
opportunity costs ["Ppq'tju:nItI kPsts] n альтернативные
издержки, издержки неиспользованных возможностей
scarce [skeqs] a недостаточный, скудный
income ['INkAm, 'In-] n доход(ы)
profit ['prPfIt] nприбыль, выгода
benefit ['benIfIt] n выгода, денежная прибыль
to borrow ['bPrqV]v занимать, одалживать
to give up отказываться
to tax [t1ks] v облагать налогом; подвергать обложению
(налогом)
to purchase ['pE:tSIs] v покупать, приобретать
to impose [Im'pqVz] v наложить, накладывать
EXERCISES
1.Translate the words of the same root.
1. Decision, to decide, decidedly.
2. Define, definitely, indefinite, definition, definite.
3. Descriptive, to describe, description, descriptively.
4. Economic, economics, to economize, economist, economical.
5. Performed, performance, to perform.
6. Satisfy, satisfaction, satisfactory, unsatisfied.
7. Tax, taxpayer, to tax.
8. To enable, ability, to be able.
2. Use the suitable words to complete the sentences: enable, income, opportunity costs, economics, imposed.
1. We define … as the social science that analyzes how society makes choices.
2. People are limited by the size of their …
3. Savings and profits … people to purchase goods.
4. … is what you have to give up to get something else.
5. The need to choose is … on us by our income and ability to borrow.
3. Form Participle II from the following verbs.
Impose, analyze, measure, lose, define, economize.
4. Translate the following collocations with Participle II.
The things used in production, the need imposed by our income and ability to borrow, firms faced with the same problem, work performed by the employees, cost measured in terms of.
5. Transform the sentences from the Active Voice into the Passive Voice.
1. Our income imposes on us the need to choose.
2. People want to satisfy their wants.
3. Choosing one thing a person loses the opportunity to choose something
else.
4. One can define economics as a science that deals with scarcity and choice.
5. Economists describe these kinds of trade-offs as opportunity costs.
6. Fill in prepositions if necessary.
1. There is a limit … the resources necessary … produce goods and
services.
2. The government is limited … its ability … tax and borrow.
3. Personal income enables … people … buy all the necessary goods.
4. Every society needs … make choices.
5. Economists describe such trade-off … opportunity costs.
6. … get one thing a person has …give … something else.
7. Answer the questions:
1. What is the problem of scarcity?
2. How can we define economics?
3. In what way are business firms and governments limited?
4. What is the opportunity cost of something?
TEXT C.
WHAT DO ECONOMISTS DO?
Economics deals with the problems of scarcity and choice that have faced societies and nations throughout history, but the development of modern economics began in the 17th century. Since that time economists have developed methods for studying and explaining how individuals, businesses and nations use their available economic resources. Large corporations use economists to study the ways they do business and to suggest methods for making more efficient use of their employees, equipment, factories, and other resources.
The central problem of economics is to determine the most efficient ways to allocate the factors of production and solve the problem of scarcity created by society's unlimited wants and limited resources. In doing so, every society must provide answers to the following three questions:
What goods and services are to be produced, and in what quantities are they to be produced?
How are those goods and services to be produced?
Who will receive and consume (get to use) those goods and services?
The solution of these questions depends on the economic system of each particular society.
ACTIVE VOCABULARY
solution [sq'lu:S(q)n] n решение
employee ["emplOI'i:, Im"plOI'i: ] n рабочий, служащий
efficient [I'fIS(q)nt] a эффективный, действенный
quantity ['kwPntItI] n количество, величина
to allocate ['1lqkeIt] v распределять, размещать
to provide [prq'vaId] v снабжать, обеспечивать
to consume [kqn'sju:m] v потреблять, расходовать
to determine [dI'tE:mIn] v определять, устанавливать
to solve [sPlv] v решать
to depend on [dI'pend] v зависеть
to suggest [sq'dZest] v предлагать, советовать
EXERCISES
1. Find the English equivalents to the following Russian words and word combinations.
Заниматься, объяснение, доступный, на протяжении, созданный, получать, экономическая система, конкретное общество.
2. Find in the text the sentences with the modal verbs and their equivalents. Translate them into Russian.
3. Translate the sentences into Russian. Pay attention to the different meanings of the verb “to be” with the infinitive.
1. The market is to decide how much to produce.
2. The aim of that book is to form a theory of the role of government in economic life.
3. Governments are to regulate or plan production and consumption.
4. When the authors of the textbook discussed examples, their intention was to prepare students for future economic analyses.
5. Prices are to regulate production and consumption in a market economy.
6. A business society is a financial organization whose purpose is to help people buy houses or flats.
7. The problem with government regulation of markets is to control how government restrictions work in real life.
4. Answer the questions:
1. When did economics begin to develop?
2. What do large companies use economists for?
3. What is the central problem of economics?
4. What is the first question of economics?
5. What is the second question of economics?
6. What is the third question of economics?
7. What does the solution of these questions depends on?
5. Translate the following sentences into English.
1. На протяжении всей истории люди сталкивались с проблемой дефицита и выбора.
2. Экономисты предлагают методы эффективного использования рабочих, оборудования и других ресурсов.
3. Определение наиболее эффективных способов распределение факторов производства является основной задачей экономики.
4. Каждое общество должно дать ответы на основные экономические вопросы.
5. Экономисты должны решить какие товары и в каком количестве должны быть произведены.
LESSON 2
APPLIED ECONOMICS
TEXT A. FACTORS OF PRODUCTION
TEXT B. MICROECONOMICS AND MACROECONOMICS
GRAMMAR REVISION: THE PASSIVE VOICE,
PARTICIPLE II
TEXT A.
FACTORS OF PRODUCTION
The resources that go into the creation of goods and services are called the factors of production. The factors of production include natural resources, human resources, capital and entrepreneurship. Each factor of production has a place in economic system, and each has a particular function. People who own or use a factor of production are expecting a «return or reward.» This generates income, which, as it is spent, becomes a kind of fuel that drives the economy. There are four factors of productions: natural resources, human resources, capital and entrepreneurship.
Natural resources are the things provided by nature that go into the creation of goods and services. They include such things as minerals, wildlife and timber resources. Economists also use the term «land» when they speak of natural resources as a factor of production. The price paid for the use of land is called rent. Rent becomes income to the owner of the land.
Economists call the physical and mental effort that people put into the creation of goods and services labour. The price paid for the use of labour is called wages. Wages represent income to workers, who own their labour.
To the economist, physical capital (or «capital» as it is commonly called) is something created by people to produce other goods and services. A factory, tools and machines are capital resources because they can be used to produce other goods and services. The term capital is often used by business people to refer to money they can use to buy factories, machinery and other similar productive resources. Payment for the use of someone else's money, or capital, is called interest.
Closely associated with labour is the concept of entrepreneurship,-the managerial or organizational skills needed by most firms to produce goods and services. The entrepreneur brings together the other three factors of production. When they are successful, entrepreneurs earn profits. When they are not successful, they suffer losses. The reward to entrepreneurs for the risks, innovative ideas and efforts that they have put into the business, they obtain the money that remains after the owners of land, labor and capital have received their payments.
ACTIVE VOCABULARY
creation [krI'eIS(q)n] n создание
price [praIs] n цена
owner ['qVnq] n владелец
factor of production ['f1ktq Pv prq'dAkS(q)n] n фактор
производства
natural resources ['n1tS(q)rql rI"sO:sIz] природные ресурсы
human resources ['hju:mqn rI"sO:sIz] человеческие ресурсы
productive resources [prq'dAktIv rI"sO:sIz] производственные
ресурсы
entrepreneurship ["Pntrqprq'nE:SIp] n предпринимательство
return [rI'tE:n] n доход
wages [weIdZIz] n заработная плата
payment ['peImqnt] n оплата, платёж
interest ['IntrIst] n проценты, процентный доход
loss [lPs] n урон, убыток
to allocate ['1lqkeIt] v размещать, распределять
to postpone [pq(V)'spqVn] v откладывать
to generate ['dZenqreIt] v производить, генерировать
EXERCISES
1. Read and translate the words without a dictionary.
Factor, system, services, resource, economy, minerals, rent, economist, machine, capital, concept, risk, innovative, idea.
2. Read the words and say what part of speech they belong to. Translate the words.
Creation, entrepreneurship, natural, factor, employee, managerial, owner, physical, production, labour, refer, productive, organizational, entrepreneur, managerial, commonly.
3. Form nouns from the following verbs:
to create, to develop, to produce, to relate, to organize, to consume, to pay, to represent, to advertise.
4. Translate the words of the same root.
1. To produce, productive, production, producer. productively.
2. Consumption, to consume, consumer
3. Creative, to create, creation, creator.
4. Owner, to own, own, ownership.
5. Representative, to represent, representation.
5. Give definitions of the words and word combinations given below.
Capital, interest, natural resources, rent, human resources, entrepreneurship, wages.
6. Form Participle II from the following words
To spend, to call, to speak, to drive, to pay, to own, to represent, to use.
7. Transform the sentences from the Active Voice into the Passive Voice.
1. Most firm need managerial and organizational skills of businessmen to produce goods and services.
2. Nature provides people with natural resources.
3. A tenant pays rent to the owner of land.
4. Business people use tools and machines to produce goods and services.
5. Economists call the physical and mental effort of people human resources.
6. Entrepreneurs put their risks and innovative ideas into the business.
8. Answer the questions:
1. What are the factors of production?
2. What is the fuel that drives the economy?
3. What are the natural resources?
4. What is called “the price paid for the use of labour”?
5. What is the capital?
6. What is the role of entrepreneurship in production?
9. Translate the sentences into English.
1. Факторы производства – это ресурсы, используемые для производства товаров и услуг.
2. Каждый фактор производства выполняет определенную функцию.
3. Владельцы факторов производства получают вознаграждение за их использование.
4. Рента – это плата за использования земли, заработная плата – оплата труда, а процент – доход за использования капитала.
5. Предприниматель получает прибыль, если его бизнес успешен.
6. Деньги, оставшиеся после оплаты ренты, зарплаты и процентов, являются прибылью предпринимателей.
TEXT B.
MICROECONOMICS AND MACROECONOMICS
Economists have two ways of looking at economics and the economy. One is the macro approach, and the other is the micro. Macroeconomics is the study of the economy as a whole; microeconomics is the study of individual consumers and the business firm.
Macroeconomics examines questions such as how fast the economy is running; how much overall output is being generated; how much total income. It also seeks solutions to macro-economic problems such as how employment can be increased, and what can be done to increase the output of goods and services. Microeconomics examines cause-and-effect relationships that influence choices of individuals, business firms and society.
It is concerned with things such as scarcity, choice and opportunity costs, and with production and consumption. Principal emphasis is given by microeconomists to the study of prices and their relationship to units in the economy.
ACTIVE VOCABULARY
approach [q'prqVtS] n подход
macroeconomics ["m1krqV(")ekq'nPmIks] n макроэкономика
microeconomics ['maIkrqV"ekq'nPmIks] n микроэкономика
overall output ['qVvqrO:l 'aVtpVt] общий объем производства
employment [Im'plOImqnt] n занятость, применение,
использование
consumption [kqn'sAmpS(q)n] n потребление
cause-and-effect relationships [kO:z 1nd I'fekt rI'leIS(q)nSIp]
причинно-следственные связи
EXERCISES
1. Find the English equivalents to the following Russian words and word combinations..
Занятость, всеобщий доход, искать решение проблем, выпуск товаров, макроподход, причинно-следственные связи, большое внимание, касаться, общий объем производства.
2. Find the pairs of synonyms.
Look for, problem, income, relationship, economy, attitude, examine, shortage, question, economics, study, profit, seek, scarcity.
3. Fill in the blanks with the suitable words in the right form: to influence, total, emphasis, cause-and-effect, solutions, to examine.
1. Principal … is given to the prices in the market.
2. Macroeconomics … questions concerning economy as a whole.
3. Microeconomics seeks … to some of the economic questions as well.
4. Macroeconomists are interested in the … income.
5. Another problem of microeconomics is … relationships that … choices of individual consumers.
4. Answer the questions:
1. What is the difference between macroeconomics and microeconomics?
2. What questions does macroeconomics examine?
3. What questions does microeconomics examine?
LESSON 3
ECONOMIC SYSTEMS
TEXT A. PLANNED ECONOMIES
TEXT B. MARKET ECONOMIES
TEXT C. MIXED ECONOMIES
GRAMMAR REVISION: THE PASSIVE VOICE,
PARTICIPLE II
TEXT A.
PLANNED ECONOMIES
An economic system is the way in which a country uses its available resources to satisfy the demands of its inhabitants for goods and services. The more goods and services that can be produced from these limited resources, the higher the standard of living enjoyed by the country's citizens. There are three main economic systems: planned economies, market economies and mixed economies.
Planned economies are sometimes called «command economies» because the state commands the use of resources (such as labour and factories) that are used to produce goods and services as it owns factories, land and natural resources. Planned economies are economies with a large amount of central planning and direction, when the government takes all the decisions; the government decides production and consumption. Planning of this kind is obviously very difficult, very complicated to do, and the result is that there is no society, which is completely a command economy. The actual system employed varies from state to state, but command or planned economies have a number of common features. Firstly, the state decides precisely what the nation is to produce. Secondly, industries are asked to comply with these plans and, each industry and factory is set a production target to meet. You could think of the factory and farm targets to be objectives, which, if met, allow the nation’s overall aim to be reached.
A planned economy is simple to understand but not simple to operate. It does, however, have a number of advantages:
Everyone in society receives enough goods and services to enjoy a basic standard of living.
Nations do not waste resources duplicating production.
The state can use its control of the economy to divert resources to wherever it wants. As a result, it can ensure that everyone receives a good education, proper health care or that transport is available.
Several disadvantages also exist. It is these disadvantages that have led to many nations abandoning planned economies over recent years:
There is no incentive for individuals to work hard in planned economies.
Any profits that are made are paid to the government.
Citizens cannot start their own businesses and so new ideas rarely come forward.
As a result, industries in planned economies can be very inefficient.
A major problem faced by command or planned economies is that of deciding what to produce. Planners are likely to underproduce some items as they cannot predict changes in demand. Planners are afraid to produce goods and services unless they are sure substantial amounts will be purchased. This leads to delays and queues for some products.
ACTIVE VOCABULARY
delay [dI'leI] n перебой (с товаром)
demand [dI'm&:nd] n спрос, требование
queue [kju:] n очередь
direction [d(a)I'rekS(q)n] n руководство, управление
central planning ['sentrql 'pl1nIN] центральное планирование
intention [In'tenS(q)n] n намерение
objective [qb'dZektIv] n цель, задача
aim [eIm] n цель
target ['t&:gIt] n цель, объект
to comply (with) [kqm'plaI] v подчиняться
to duplicate ['dju:plIkeIt] v дублировать
to divert [daI'vE:t] v отвлекать (направлять ресурсы на другие
цели)
to abandon [q'b qndqn] v отказываться
to underproduce ["andqprq'dju:s] v производить в недостаточном
количестве
to overproduce ["qVvqprq'dju:s] v производить в количестве,
превышающем спрос
to regard smth as [rI'ga:d] v воспринимать что-либо, относиться к
чему - либо
obsolete ['Pbsqli:t] a устарелый, вышедший из употребления
complicated ['kPmplIkeItId] a сложный
EXERCISES
1. Read and translate the words without a dictionary.
Command, central, to control, planning, result, nation, to operate, standard, planning, transport, plan, industry.
2. Read the words and say what part of speech they belong to. Translate the words.
Planner, likely, efficient, actual, decision, health, inhabitant, direction, obviously, education, available, incentive, underproduce, substantial, factory, feature.
3. Find in the text the synonyms of the following words and word combinations:
Totally, difficult, command economy, aim, to act, control, quantity, to buy, to control, to differ, to subordinate.
4. Give Russian equivalents to the following:
1. each factory is set a production target to meet;
2. to divert resources to wherever it wants;
3. new ideas rarely come forward;
4. waste resources duplicating production.
5. Find in the text English equivalents for the following:
1. имеющиеся в распоряжении ресурсы;
2. управлять использованием ресурсов;
3. управление экономикой;
4. отказываться от плановой экономики;
5. иметь высокий жизненный уровень;
6. иметь общие черты;
7. значительное количество;
8. ставить производственные задачи;
9. полученная прибыль;
10. перебои и очереди;
11. предсказывать изменения спроса;
12. основная проблема, стоящая перед.
6. Translate the word combinations with Participle II.
Planned economy, the system employed, allow aim to be reached, limited resources, problem faced by command economy.
7. Transform the sentences from the Active into the Passive Voice.
1. The state makes decisions what the nation is to produce.
2. The government uses its control of the economy to divert resources to wherever it wants.
3. One pay all his profits to the government.
4. Planners can’t predict changes in demand that’s why factories underproduce some items.
5. One can easily understand planned economy but he can hardly operate in it.
8. Answer the questions:
1. What is an economic system?
2. What does a standard of living depend on?
3. What is a planned economy?
4. What are the main features of a planned economy?
5. What are the advantages of a planned economy?
6. What are the disadvantages of a planned economy?
7. What causes delays and queues for some products?
8. What are other advantages and disadvantages of a planned economy?
9. Translate into English.
1. Если хозяйство плановое» то работа промышленности подчиняется плану, в котором государство определяет производственные задачи и планирует развитие на 5 лет вперед.
2. В плановой экономике покупатели лишены возможности влиять на производство товаров.
3. Промышленность часто выпускает непривлекательные и старомодные товары, поскольку невозможно предсказать изменения моды на 5 лет вперед.
4. Государство в условиях плановой экономики может гарантировать своим гражданам образование и медицинское обслуживание.
5. Все крупные решения, касающиеся объема используемых ресурсов, структуры и распределения продукции, производства и потребления, принимаются центральным плановым органом.
TEXT B.
MARKET ECONOMY
In a true market economy the government plays no role in the management of the economy, the government does not intervene in it. The system is based on private enterprise with private ownership of the means of production and private supplies of capital, which can be defined as surplus income available for investment in new business activities. Workers are paid wages by employers. They spend their wages on the products and services they need. Consumers are willing to spend more on products and services, which are favoured. Firms producing these goods will make more profits and this will persuade more firms to produce these particular goods rather than less favoured ones.
Thus, we can see that in a market economy consumers decide what is to be produced. Consumers pay high prices for products they particularly desire. Firms see the opportunity of increased profits and produce the new fashionable and favoured products.
Such a system is, at first view, very attractive. The economy adjusts automatically to meet changing demands. No planners have to be employed, which allows more resources to be available for production. In a free market individual people are free to pursue their own interests. But there are also problems.
Some goods would be underpurchased if the government did not provide free or subsidized supplies. Examples of this type of good and service are health and education. There are other goods and services, such as defence and policing, that are impossible to supply individually in response to consumer spending. Once defence or a police force is supplied to a country then everyone in this country benefits.
A cornerstone of the market system is that production alters swiftly to meet changing demands. These swift changes can, however, have serious consequences. Imagine a firm, which switches from labour-intensive production to the one where new technology is employed in the factory. The resulting unemployment could lead to many social as well as economic problems. Besides, in a market economy there might be minimal control on working conditions and safety standards concerning products and services.
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