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ownership ['qVnqSIp] n собственность, владение
private enterprise ['praIvIt 'entqpraIz] частное
предпринимательство
investment [In'vestmqnt] n инвестирование, помещение капитала
employment [Im'plOImqnt] n занятость
opportunity ["Ppq'tju:nItI] n возможность
response [rI'spPns] n ответ, отклик
consequences ['kPnsIkwqns] n последствие
employer [Im'plOIq] n работодатель
a cornerstone ['kO:nqstqVn] n краеугольный камень
surplus income ['sE:plqs 'INkAm ] дополнительный доход
labour-intensive production ["leIbq(r)In'tensIv prq'dAkS(q)n]
трудоемкое производство
to alter ['O:ltq] v изменять, переделывать
to intervene ["Intq'vi:n] v вмешиваться
to pursue [pq'sju:] v преследовать
to adjust [q'dZAst] v приспособляться, адаптироваться
competitive [kqm'petItIv] a конкурентоспособный
subsidized ['sAbsIdaIzd] субсидированный
favoured ['feIvqd] a предпочитаемый
EXERCISES
1. Read the following words. Mind the stress:
a) the first syllable is stressed
system, subsidized, ownership, surplus, income, product, profit, fashionable, favoured, consequence, private, safety;
b) the second syllable is stressed
economy, investment, employer, persuade, adjust, available, pursue, defence, concerning;
c) the third syllable is stressed
intervene, unemployment, automatically, individually.
2. Find the words with the same root. Translate them.
Employee, intervention, to invest, to purchase, subsidy, owner, employment, safety, safe, to intervene, underpurchased, own, employer, subsidized, investment, to employ, ownership, investor.
3. Match the pairs of antonyms.
Supply, employment, sell, profit, producer, intervention, unemployment, consumer, laissez faire, purchase, demand, loss.
4. Make up word combinations from the words given below.
| available market subsidized central high private favoured attractive new | price product enterprise economy system technology income planning supply |
5. Give Russian equivalents to the following:
1. income available for investment;
2. products which are favoured;
3. the opportunity of increased profits;
4. provide free or subsidized supplies;
5. a firm which switches from labour-intensive production to a new one;
6. in response to consumer spending.
6. Give definitions of the following words and word combinations.
Wages, investment, consumer, to persuade, opportunity, cornerstone, labour-intensive production, unemployment, working conditions
7. Answer the questions:
1. What is a market economy?
2. What is the mechanism of producing goods and services in a market economy?
3. In what way do changing demands affect production in a market economy?
4. What is the main difference between a market economy and a planned economy?
5. What are the advantages of a market economy?
6. What are the disadvantages of a market economy?
8. Find in the text English equivalents for the following:
1. автоматически изменяться (приспосабливаться)
2. управление экономикой
3. быстро меняться
4. частные фирмы
5. краеугольный камень
6. иметь серьезные последствии для
7. трудоемкое производство
8. быть уверенным в...
9. условия труда
9. Translate into English.
1. В рыночной экономике невелика или очень мала необходимость в планировании, контроле и вмешательстве со стороны государства в экономический процесс.
2. В условиях рыночной экономики изменения потребительского спроса играют заметную роль в формировании политики фирм.
3. Фирмы должны постоянно изучать спрос и менять свою деятельность в ответ на его изменения.
4. Чем более модный товар, тем более высокую цену надо за него платить.
5. Некоторые виды услуг, например здравоохранение и образование, не могут быть полностью обеспечены только частными фирмами.
6. Рыночная экономика характеризуется частной собственностью на ресурсы и использованием системы рынков и цен для управления экономической деятельностью.
TEXT C.
MIXED ECONOMY
Command and market economies both have significant faults. Partly because of this, an intermediate system has developed, known as mixed economies.
A mixed economy contains elements of both market and planned economies. At one extreme we have a command economy, which does not allow individuals to make economic decisions, at the other extreme we have a free market, where individuals exercise considerable economic freedom of choice without any government restrictions. Between these two extremes lies a mixed economy. In mixed economies some resources are controlled by the government whilst others are used in response to the demands of consumers.
Technically, all the economies of the world are mixed. Some countries are nearer to command economies, while others are closer to free market economies.
The aim of mixed economies is to avoid these disadvantages of both systems while enjoying the benefits that they both offer. So, in a mixed economy the government and the private sector interact in solving economic problems. The state controls the share of the output through taxation and transfer payments and intervenes to supply essential items such as health, education and defence, while private firms produce cars, furniture, electrical items and similar, less essential products.
The UK is a country with mixed economy. Some services are provided by the state (for example, health care and defence) whilst a range of privately owned businesses offer other goods and services.
ACTIVE VOCABULARY
significant [sIg'nIfIkqnt] a значимый, важный
fault [fO:lt] n недостаток
restriction [rI'strIkS(q)n] n ограничение
extreme [Ik'strI:m] n крайность
whilst [waIlst] тогда как
benefit ['benIfIt] n преимущество
share [Seq] n доля, часть
output ['aVtpVt] n продукция, выпуск, объем производства
to avoid [q'vOId] v избегать
to interact ["Intq'r1kt] v взаимодействовать
EXERCISES
1. Read the words and say what part of speech they belong to. Translate the words.
Technically, significant, intermediate, electrical, restriction, considerable, closer, sector, taxation, essential, furniture, defence.
2. Add the suffix –ly to the adjectives given below. Translate the derived words.
Private, economical, near, part, extreme, close, essential, similar, considerable.
3. Match the pairs of synonyms.
Payment, supply, limitation, response, close, defrayal, near, provide, restriction, answer.
4. Give Russian equivalents to the following:
1. an intermediate system has developed;
2. to supply essential items;
3. the government controls a share of the output.
5. Answer the questions:
1.Do really pure examples of planned and market economies exist in the world?
2.What is a mixed economy? What is its aim?
3.What type of economy has the UK?
4.What type of economy is in Russia now?
6. Find in the text English equivalents for the following:
1. избегать недостатков
2. частный сектор
3. налогообложение
4. централизованно принимать экономические решения
5. на одном полюсе- на другом...
6. без ограничений
7. взаимодействовать в решении проблем
8. пользоваться благами
9. правительство, возглавляемое
7. Translate into English.
В реальной действительности экономические системы находятся где-то между чисто рыночной и плановой экономикой. Смешанная экономика – это система, при которой частная собственность и рынок, а также правительство и общественные институты, участвующие в обеспечение экономичной стабильности, взаимодействуют в решение экономических проблем.
LESSON 4
MAIN ECONOMICS LAWS
TEXT A. DEMAND AND SUPPLY
TEXT B. THE THEORY OF DEMAND
TEXT C. THE THEORY OF SUPPLY
GRAMMAR REVISION: THE PASSIVE VOICE,
PARTICIPLE I, PARTICIPLE II
TEXT A.
DEMAND AND SUPPLY
Demand is the quantity of a good that buyers wish to buy at each price. Other things equal, at low prices the demanded quantity is higher.
Supply is the quantity of a good that sellers wish to sell at each price. Other things equal, when prices are high the supplied quantity is high as well.
The market is in equilibrium when the price regulates the quantity supplied by producers and the quantity demanded by consumers. When prices are not so high as the equilibrium price there is excess demand (shortage) raising the price. At prices above the equilibrium price there is excess supply (surplus) reducing the price.
There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others.
An increase in the price of a substitute good (or a decrease in the price of a complement good) will at the same time raise the demanded quantity.
As consumer income is increased demand for a normal good will also increase but demand for an inferior good will decrease. A normal good is a good for which demand increases when incomes rise. An inferior good is a good for which demand falls when incomes rise.
As to supply, some factors are assumed as constant. Among them are technology, the input price, as well as degree of government regulation. An improvement in technology is as important for increasing the supplied quantity of a good as a reduction in input prices.
Government regulates demand and supply, imposing ceiling prices (maximum prices) and floor prices (minimum prices) and adding its own demand to the demand of the private sector.
ACTIVE VOCABULARY
demand [dI'ma:nd] n спрос
supply [sq'plaI] n предложение
buyer ['baIq] n покупатель
seller ['selq] n продавец
equilibrium ["i:kwI'lIbrIqm] n равновесие
surplus ['sE:plqs] n излишек, избыток
shortage ['SO:tIdZ] n нехватка, дефицит
excess [Ik'ses, 'ekses] n избыток, излишек
reduction [rI'dAkS(q)n] n снижение, сокращение
complement goods ['kPmplImqnt gVdz] взаимодополняемые
товары
inferior goods [In'fI(q)rIq gVdz] товары низкого качества
normal goods ['nO:m(q)l gVdz] товары обычного качества
substitute goods ['sAbstItju:t gVdz] товары-заменители, суррогаты
input price цена ['InpVt praIs] производственного фактора
to regulate ['regjVleIt] v регулировать
to assume [q'sju:m] v принимать, предполагать
to increase [In'kri:s] v увеличиваться, повышаться
to decrease [di:'kri:s] v уменьшаться
to reduce [rI'dju:s] v снижать, сокращать
to add [1d] v прибавлять, добавлять
equal ['i:kwql] n равный
EXERCISES
1. Read the following words. Mind the stress:
a) the first syllable is stressed
quantity, equal, shortage, surplus, influence, substitute, complement, constant, input, private;
b) the second syllable is stressed
demand, increase, decrease, inferior, improvement.
2.Read the words and say what part of speech they belong to. Translate the words.
Producer, information, development, situation, growth, productive, productivity, investment, important, agriculture, importance, health, agricultural, industrial, wealth, worker, active, activity.
3. Find the words with the same root. Translate them.
To fall, consumer, to stabilize, organization, demand, to sell, buyer, influence, to invest, to improve, consumption, fall, improvement, stabilization, to intervene, to organize, investment, seller, to consume, to buy, to demand, increase, to reduce, reduction, to influence, to increase, intervention.
4. Form nouns from the following words by adding the suffix – tion.
Consume, produce, introduce, intervene, reduce.
5. Form Participle I and II from the following verbs.
Demand, produce, supply, consume, impose, develop, buy, sell, decrease, reduce, increase.
6. Translate the following sentences into Russian. Pay attention to the constructions with Participle I and Participle II.
1. In East European countries consumers couldn't get goods, and factories couldn't buy inputs at prices held low by governments.
2. Governments intervene controlling the supply of money, limiting monopolies and helping private industries.
3. An improvement in technology will increase the supply of a good, increasing the quantity supplied at each possible price.
4. Governments regulate economic activities imposing some restrictions.
5. The high price for a good is the market mechanism telling suppliers it is now time to increase production.
6. Income is money of all kinds coming in regularly to a person, family or organization.
7. Active money is money going from man to man and used by the people in buying and selling goods and services.
8. Reducing our imports, we decrease the exports of others.
9. At prices above equilibrium we have a situation known as excess supply, or surplus.
7. Open the brackets. Choose the suitable words to complete the sentences.
1. The fashion for mini-skirt (increased, reduced) the demand for textile materials.
2. Government regulations sometimes (decrease, impose) a change in (technology, quantity) that producers do not want to use.
3. Stabilization of prices is of great importance to industrial nations (as well as, as well) the Third World countries.
4. Freeing up prices leads to their (decrease, increase).
5. (Inferior, normal) goods are usually low-quality goods for which there are higher-quality (improvements, substitutes) sold at higher prices.
6. A decrease in (complement, input) prices makes the production less expensive.
8. Use the suitable words to complete the sentences: normal, inputs, buy, the same, consumers, fell.
1. … are the factors of production that are put into a business to produce goods and services.
2. When all goods are …, lower consumer income reduces the demanded quantity for all goods.
3. When the Beatles and Rolling Stones first became popular, the demand for haircuts suddenly ….
4. When incomes rise, consumers … more of everything.
5. Japanese … pay as much as eight world prices for beef.
6. Workers in poor countries having no resources for health and education are often less productive than workers using … technology in rich counties.
9. Answer the questions:
1. What is demand?
2. What is supply?
3. When are the demanded supplied quantities of goods high?
4. How are prices and the supplied and demanded quantities regulated by the market?
5. Which factors influence demand?
6. Which factors influence supply?
7. How can governments regulate demand and supply?
10. Translate into English.
1. Положение в странах с низким доходом улучшилось с 1965 года.
2. Задача максимальной цены состоит в том, чтобы уменьшить цену для потребителей, а задача минимальной цены заключается в том, чтобы поднять цену для производителей и поставщиков.
3. Увеличение предложения ведет к повышению равновесного количества и понижению равновесной цены.
4. Когда цены будут уменьшены до равновесной цены, не будет товарных излишков.
TEXT B.
THE THEORY OF DEMAND
Consumer demand is the quantities of a particular good that an individual consumer wants and is able to buy as the price varies, if all other factors influencing demand are constant.
That is consumer demand is the relationship between quantity demanded for the good and its price. The factors assumed constant are prices of other goods, income, and a number of economic factors, such as social, physiological, demographic characteristics of the consumerin question. The theory of demand is based on the assumption that the consumer having budget constraint seeks to reach the maximum possible level of utility, that is, to maximize utility; but he usually prefers to obtain more rather than less. The consumer has to solve the problem of choice. Providedhe is to maintain a given level of utility, increases in the quantity of one good must be followed by reductions in the quantity of the other good. The consumer has to choose the specific goods within the limits imposed by his budget.
The concept of marginal utility is of great importance for solving the utility maximization problem. The marginal utility of a good is the additional utility obtained from consuming an additional unit of the good in question. The marginal utility from consuming a good decreases as more of that good is consumed. The income should be allocated among all possible choices so that the marginal utility per dollar of expenditure on each good is equal to the marginal utility per dollar of expenditure on every other good.
A price increase will result in a reduction in quality demanded. This relationship between quantity demanded of a good and its price is called the law of demand. As the marginal utility from each additional unit of the good consumed decreases, the consumer will want to buy more of this good only if its price is reduced.
Market demand is the quantities of a good that all consumers in a particular market want and are able to buy as price varies and as all other factors are assumed constant. A market demand depends not only on the factors affecting individual demands, but also on the number of consumers in the market. The law of demand also works with market demand.
ACTIVE VOCABULARY
assumption [q'sampS(q)n] n предположение
budget ['badZIt] n бюджет
constraint [kqn'streInt] n ограничение
utility [ju:'tIlItI] n полезность
marginal utility ['ma:dZInl ju:'tIlItI] предельная полезность
expenditure [Ik'spendItSq] n расхода, трата
to maximize ['m1ksImaIz] v максимизировать, максимально
увеличивать
to obtain [qb'teIn] v получать, приобретать
to maintain [meInteIn, mqn-] v поддерживать, сохранять
to result [rI'zalt] v кончаться, иметь результатом
to affect [q'fekt] v воздействовать
to follow ['fPlqV] v следовать
to vary ['ve(q)rI] v изменяться
EXERCISES
1. Read and translate the words without a dictionary.
Characteristics, constant, budget, social, factor, demographic, physiological, maximum, concept, problem, dollar.
2. Read the words and say what part of speech they belong to. Translate them into Russian.
Social,utility, possible, expenditure, assumption, marginal, maximize, individual, relationship, additional.
3. Find in the text the sentences with the modal verbs and their equivalents. Translate them into Russian.
4. Translate into Russian. Mind the modal verbs and their equivalents.
1. The consumer has to decide by how much the good A is preferred to the good B.
2. A great increase in the supply of money in the form of banknotes and bank credit is to result in inflation.
3. Not all partners in a firm must take an active part in management.
4. If prices change the consumer will have to change the quantities demanded if he is to maintain utility at the same level.
5. Having the aim to maximize profit, the producer should make a decision how to decrease inputs.
5. Form Participle I and Participle II from the following verbs.
Maximize, obtain, allocate, follow, maintain, reach, assume, have, give, choose.
6. Open the brackets. Choose Participle I or Participle II to complete the sentences.
1. Changes in prices of products (producing, produced) with the same resources will change the supply.
2. The economist is interested in factors (affecting affected) the allocation of resources for producing particular goods.
3. At constant prices, an increase in income leads to an (increasing, increased) budget.
4. Improvements in technology may be a factor (leading to, led to) changes in agricultural supply.
5. Market is an (organizing, organized) group of buyers and sellers of a particular good who are in contact with each other.
7. Match the beginning and the ending of the sentences.
| Increase in the utility of one good can compensate Equilibrium price is the price at which The marginal utility of a good is the increase in There are different ways Over 60 percent of the capital of all US firms is in agro-industry Higher expenditure on foreign goods rather than on goods produced at home Rising incomes result in Per capita income in the United States | a. quantity demanded is equal to quantity supplied. b. to restrict import expenditure c. that is, industry based on agricultural products. d. an absolute fall of demand for inferior goods. e. is still higher than in Japan. f. the utility obtained by consuming one more unit of that good. g. the reduction of utility of another good. h. will increase demand for foreign good. |
8. Answer the questions:
1. What is consumer demand?
2. What factors influencing consumer demand are assumed constant?
3. What is the principle assumption of the demand theory?
4. What choice does the consumer have to make?
5. What is marginal utility?
6. How does the marginal utility change as the consumption of a good
increases?
7. What is market demand?
8. In what way does market demand differ from individual demand?
9. Translate into English.
1. Каждый потребитель должен решить проблему выбора.
2. При равновесной цене предложение равно спросу.
3. Цены ниже равновесной приводят к дефициту.
4. На свободном рынке изменения цены зависят от изменения спроса и предложения.
5. Концепция предельной полезности очень важна для решения некоторых проблем спроса.
TEXT C.
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 can be defined in terms of revenue and costs. Revenue is what the firm earns by selling goods or services in a given period such as a year. Costs are the expenses, which are necessary for producing and selling goods or services during the period. Profit is the revenue from selling the output minus the costs of inputs used.
Costs should include opportunity costs of all resources used in production. Opportunity cost of a commodity is the amount an input can obtain in its best alternative use (best use elsewhere). In particular, costs include the owner's time and effort in running, a business. Costs also include the opportunity cost of financial capital used in the firm. Aiming to get higher profits, firms produce each output level as cheaply as possible. Firms choose the optimal output level to receive the highest profits. This decision can be described in terms of marginal cost and marginal revenue.
Marginal cost is the increase in total cost when one additional unit of output is produced.
Marginal revenue is the corresponding change in total revenue from selling one more unit of output.
As the individual firm has tobe a price-taker, each firm's marginal revenue is the prevailing market price. 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. If profits are negative at this output level, the firm should close down.
An increase in marginal cost reduces output. A rise in marginal revenue increases output. The optimal quantity also depends on the output prices as well as on the input costs. Of course, the optimal supply quantity is affected by such noneconomic factors as technology, environment,etc. Making economic forecasts it is necessary to know the effect of a price change on the whole output rather than the supply of individual firms. Market supply is defined in terms of the alternative quantities of a commodity all films in a particular market offer as price varies and as all other factors are assumed constant.
ACTIVE VOCABULARY
commodity [kq'mPdItI] n товар
output ['aVtpVt] n объем производства
revenue ['revInju:] n доход
costs [kPsts] n издержки, затраты
expense [Ik'spens] n расход
forecast ['fO:ka:st] n прогноз
to earn [E:n] v зарабатывать
to prevail [prI'veIl] v преобладать
EXERCISES
1. Read the following words. Mind the stress:
a) the first syllable is stressed
theory, profit, output, revenue, effort, marginal, quantity, forecasts;
b) the second syllable is stressed
expense, commodity, alternative, assumption, environment, technology.
2. Read and translate the words without a dictionary.
Alternative, business, marginal, firm, noneconomic, technology, theory, principal, period.
3. Read the words and say what part of speech they belong to. Translate them into Russian.
Maintain, optimal, necessary, opportunity, alternative, environment, commodity, negative, higher, financial.
4. Give Russian equivalents to the following:
1. a business owned and run by one or more members of the same family;
2. financial analysis using statistical information about the past and examining present market tendencies;
3. limited resources;
4. supplying farm commodities;
5. commodities supplied by individual firms;
6. men running their own businesses;
7. commodities offered at the market;
8. decisions following the economic analysis;
9. goods consumed;
10. choice restrictions imposed by prices.
5. Use the suitable words to complete the sentences: opportunity cost, corresponding, profit, owner, to own, to use, alternative, expenses, own, marginal costs, marginal revenue.
1. A free market is a market in which buyers and sellers are free of intervention and control and are able to determine the market price … to supply and demand.
2. A person is economically free if he can do what he wishes with his … property, time and effort.
3. At profit-maximizing level … has to be equal to …
4. The personal sector in a mixed economy is that part of the economy that is … and controlled by private persons and private businesses.
5. The main aim of all firms is the same: to maximize …, though there may be … aims as well.
6. Under feudal system the king was the … of all land, and his lords could … his land. The system came to an end when the peasants were paid for their work and paid rent for the land they …
7. … is the amount lost not by using the resources in its best alternative use.
8. Profit is the difference between business income and …
6. Find English equivalents to the Russian word combinations given in brackets and complete the sentences.
1. For each output level, (производственные издержки) depend on technology.
2. The concepts of (предельные издержки) and (предельный доход) are of great (польза) for economic analysis, supply analysis, (в особенности).
3. For each possible (продукция) level, a firm will want to know how much it will cost to produce this (продукция) and how much (доход) will be (заработано) by selling it.
4. The concept of (альтернативные издержки) is of great importance in economics because it affects every decision in which limited resources and a choice between (альтернативные использования) play their role.
5. The financial capital may be used (где-нибудь) and bring in profit.
7. Match the beginning and the ending of the sentences.
| 1. Market demand is 2. An improvement of technology is a change that 3. Profits are 4. As long as the total demand and the total supply of the commodity remain equal, 5. Part of a company’s profit is put back into the business rather than 6. Examining how revenues and costs change with the level of output produced and sold, 7. Profit depends on 8. Opportunity cost is the amount 9. With inflation, people have to increase expenditure because | a. revenues minus costs. b. the firm can select the output level maximizing its profit. c. paid out as dividends. d. the equilibrium price will remain the same. e. makes it possible for firms to produce more output with the same amount of resources as before. f. how much the amount received is greater than the amounts paid. g. the total demand from all consumers. h. the old level of expenditure in money terms now buys a smaller quantity of goods. i. an input can obtain in its use elsewhere. |
8. Answer the questions:
1.What is the principle assumption of the supply theory?
2. What is the difference between profit and revenue?
3. What is included in costs of production?
4. How do firms get maximum profits?
5. When are profits the highest?
6. When should firms close down?
7. What is the relationship between marginal revenue, marginal cost and output?
8. What is market supply? What is market supply important for?
9. Translate into English.
1. Рынок – это общий спрос на товар в обществе.
2. Не все партнеры в деле должны принимать активное участие в управлении фирмой.
3. Не легко рассчитать доход, издержки и прибыли для большого предприятия.
4. Фермер – это человек, который владеет и управляет фирмой.
5. Когда цена поднимается выше предельных издержек, каждый производитель хочет производить больше.
6. Даже при нулевой выработке фирма должна оплачивать некоторые расходы.
7. Издержки должны включать альтернативные издержки всех ресурсов, используемых в производстве.
LESSON 5
MONEY AND ITS FUNCTIONS
TEXT A. MONEY AND ITS FUNCTIONS
TEXT B. TYPES OF MONEY
TEXT C. INFLATION
GRAMMAR REVISION: THE PASSIVE VOICE
TEXT A.
MONEY AND ITS FUNCTIONS
The main feature of money is its acceptance as the means of payment or medium of exchange. Nevertheless, money has other functions. It is a standard of value, a unit of account, a store of value and a standard of deferred payment.
Money, the medium of exchange, is used in one-half of almost all exchange. Workers work for money. People buy and sell goods in exchange for money. We accept money not to consume it directly but because it can subsequently be used to buy things we wish to consume. Money is the medium through which people exchange goods and services.
In barter economy there is no medium of exchange. Goods are traded directly or swapped for other goods. In a barter economy, the seller and the buyer each must want something the other has to offer. Each person is simultaneously a seller and a buyer. There is a double coincidence of wants.
Trading is very expensive in a barter economy. People must spend a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Since time and effort are scarce resources, a barter economy is wasteful.
Money is generally accepted in payment for goods, services and debts and makes the trading process simpler and more efficient.
Money can also serve as a standard of value. Society considers it convenient to use a monetary unit to determine relative costs of different goods and services. In this function money appears as the unit of account, is the unit in which prices are quoted and accounts are kept.
To be accepted in exchange, money has to be a store of value. Money is a store of value because it can be used to make purchases in the future.
Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value. Since money pays no interest and its real purchasing power is eroded by inflation, there are almost certainly better ways to store value.
Finally, money serves as a standard of deferred payment or a unit of account over time. When you borrow, the amount to be repaid next year is measured in money value.
ACTIVE VOCABULARY
account [q'kaVnt] n счёт
exchange [Iks'tSeIndZ] n обмен
means of payment [mi:nz Pv 'peImqnt] средство платежа
medium of exchange ['mi:dIqm Pv Iks'tSeIndZ] средство
обращения
a standard of value [q'st1ndqd Pv 'v1lju:] мера стоимости
a unit of account [q 'ju:nIt Pv q'kaVnt] единица учета
a store of value [q stO: Pv q'kaVnt] средство сбережения
(сохранения стоимости)
a barter economy [q 'b&:tq I'kPnqmI] бартерная экономика
a double coincidence of want [q 'dAbl kqV'InsId(q)ns Pv wPnt]
двойное совпадение потребностей
a monetary unit [q 'manIt(q)rI 'ju:nIt] денежная единица
a standard of deferred payment [q'st1ndqd Pv dI'fE:d 'peImqnt]
средство погашения долга
to quote [kwqVt] v назначать цену, расценивать
to erode [I'rqVd] v разрушать, портить
to swap [swop] v обменивать, менять
mutually ['mju:tSVqlI] adv взаимно, совместно
EXERCISES
1. Read and translate the words without a dictionary.
Barter, function, real, inflation, bank, collection, process, economy.
2. Read the words and say what part of speech they belong to. Translate them into Russian.
Acceptance, directly, coincidence, subsequently, wasteful, payment, simultaneously, monetary, medium.
3. Give the degrees of comparison of the following adjectives. Compose 3 sentences with each of them.
Expensive, simple, close, difficult, easy, convenient, huge.
4. Give Russian equivalents to the following:
1. exchange labour services for money;
2. a double coincidence of wants;
3. spend a lot of time and effort;
4. make mutually satisfactory swap;
5. commodity generally accepted in payment for goods;
6. prices are quoted and accounts are kept;
7. its purchasing power is eroded by inflation.
5. Replace the words in italics by synonyms:
1. sometimes payment can be put off till later;
2. the vital feature of money;
3. its purchasing power is worn away;
4. the money is without value.
6. Find in the text English equivalents for the following:
1. средство платежа;
2. средство обращение;
3. мера стоимости;
4. средство сбережения;
5. обмениваться товарами и услугами;
6. денежные знаки;
7. может быть впоследствии использовано.
7. Read and translate the poem. Learn it by heart.
by Richard Armour
Money
Workers earn it,
Spendthrifts burn it,
Bankers lend it,
Women spend it,
Forgers fake it,
Taxes take it,
Dying leave it,
Heirs receive it,
Thrifty save it,
Misers crave it,
Robbers seize it,
Rich increase it,
Gamblers lose it,
I could use it.
8 Answer the questions:
1. Why do people accept money?
2. What is a barter economy?
3. What are the functions of money?
9 Translate into English.
1. Существует несколько функций денег.
2. Во-первых, деньги являются средством платежа или обращения; деньги можно использовать при покупке и продаже товаров и услуг.
3. Деньги выступают мерой стоимости.
4. Поскольку деньги являются таким товаром, который можно без проблем обменять, то они являются очень удобной формой хранения богатства.
5. Во время упадка в экономике, при высокой инфляции и обесценивании денег, население, скорее всего, будет хранить богатство в виде недвижимости или других дорогостоящих товаров – предметах искусств, драгоценностях.
TEXT B.
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