Capital, good, labour, employment, business.

a. Any privately owned producing unit.

b. Human effort exerted in production.

c. Anything that gives satisfaction to a user.

d. Machinery, buildings and other produced means of production.

e. The number or percentage of people who are employed of nation’s total work force.

XIII. Finish the sentences given below.

1. Economics deals with the production....

2. Microeconomics analyzes details of...

3. Macroeconomics focuses on...

4. This science of economics is concerned with the facts...

5. The economist looks at the totals...

6. Economists study...

7. Scientists examine...(What? How?).

8. The scientist tries to describe...(What? How?).

9. This fact explains...

10. The term ‘ labour’ defines...

Use the underlined words and expressions in the sentences of your own.

XIV.Translate from Russian into English.

1. Адам Смит исследовал природу и причины благосостояния нации.

2. Микроэкономика рассматривает отдельные отрасли промышленности.

3. Люди зарабатывают деньги, чтобы приобрести товары первой необходимости и что-то для личного удовольствия.

4. Правительство производит такой товар, как защита от пожаров.

5. Ограниченные ресурсы создают определенные проблемы для предприятий и отдельных производителей.

6. Наука, которую мы называем экономикой, основывается на фактах нашей повседневной жизни.

7. Что мы называем экономической деятельностью?

8. Разве вы не знаете, что экономика - это политическая наука?

9. Здания, сырье и даже полуфабрикаты в руках производителя - это капитал.

10. Согласны ли вы с тем, что экономика-это образ мышления?

XV.Word-formation.

a) Make new words with the help of different transformations. Use the following models as a guide.

b) Model I: V + er/or = N (to work - worker).

c) Model II: V + tion/sion/ion = N (to examine - examination)

d) Model III. N + al = Adj. (politics - political)

e) Model IV: N + ic = Adj. (atom - atomic)

f) Economy, economics, to produce, to distribute, geography, industry, to consume, nature, to use, nation, farm, to circulate, to found, government, to think, to explore, to decide, person, to generate, to relate, agriculture, to employ, to include, medicine, to teach, finance.

g) Make up sentences with some of the newly-formed words.

h) Guess the meaning of the underlined words and how they were formed.

LOCATION OF BRITISH INDUSTRY

Here is a brief description of the location of British industry, grouped according to broad geographical areas. London, situated at the head of ocean navigation on the Thames estuary, is Britain’s capital and main communication centre, one of the world’ s most important financia l centre, one of the largest ports of the world. It has a working population of over five million, of whom nearly a half are in manufacturing industry. London is the main centre of clothing, and food and drink industries, of printing, of cinema film production, and of the manufacture of furniture, materials for the arts, precision instruments and many other specialised products.

The South Coast or the Cannel coast has been much developed for tourist traffic. Various types of services are offered here to travellers. Southampton is the largest port in Britain for ocean-going liners and its industries include ship repairing, oil refining and synthetic rubber.

East Anglia and Lincolnshire are the most productive agricultural regions. Midland is a vast industrial area with a wide variety of industry, including the manufacture of metals, electrical and engineering products of all kinds, and rubber products. The biggest industrial centres are Birmingham and Nottingham, with the richest coalfield in Britain and the highest output per man (i.e. per miner).

Manchester is the commercial hub of the cotton and man-made fibre textile industries. Liverpool is the second port of Britain, and, after London, the greatest centre of processing imported food-stuffs and raw materials. In Yorkshire 90 per cent of the United Kingdom’s worsted industry and the greater proportion of its woolen industry are found. Shipbuilders and marine engineers inhabit the area of Clydeside, Scotland, with the principal cities of Glasgow and Edinburgh.

XVI. Grammar revision: is or are? Fill in the blanks.

1.Goods... produced either on farms or in factories. 2. Economics... concerned with all our material needs. 3. Expensive clothes... made for rich customers. 4. Money... needed to buy both essential and non-essential commodities. 5. The data on everyday life... collected by economists in order to understand the economic system of which we... part. 6. There... two main branches of economics: microeconomics and macroeconomics. 7. Employment... a concern not only of economists, but of politicians as well. 8. Raw materials and semi-finished goods in the hands of producer... capital. 9. The term capital... very confusing.

XVII. General topic revision: read the text, change Russian terms for their English equivalents, learn the text by heart.

(Экономическая система) is the mechanism through which the use of (труд, земля, природные ресурсы), structures, vehicles, equipment is organised to (удовлетворять желания) of those who live in (общество). The rules, institutions, and traditions used to coordinate (экономическая деятельность) differ considerably among nations, but all societies must deal with similar economic issues.

The discipline of (экономическая теория) is concerned with the use of available (производственные ресурсы) in a society to satisfy what often are conflicting desires and (потребности). Economics is concerned with choices: with (оценка и выбор среди альтернатив), realising that each time we make a choice we also forgo an opportunity.

The economy is a dynamic, constantly changing mechanism. Natural resources, the supply of workers, managers, innovators, equipment, structures, and the amount of technical know-how available (производить полезные товары и услуги) are all in some way limited. The fundamental economic problem is (недостаток/нехватка/дефицит), the imbalance between our desires and (средства) of satisfying those desires.

Economic analysis is divided into two main branches: (микроэкономика и макроэкономика). Microeconomics takes a close-up view of the economy by concentrating on the choices made by individual participants in the economy, suсh as (потребители, рабочие, управляющие предприятиями, и инвесторы).(Макроэкономика) looks at the economy from a boarder perspective by considering its overall performance and the way various sectors of the economy relate to one another.

XVIII. Choose one of the given topics and be ready to speak on it:

«Economics and Economy», «What economics is about?», «Macroeconomics and Microeconomics».

XIX. Read the following text and remember the most important facts given in this text.

ADAM SMITH

In1776 a Scottish professor of philosophy published a book entitled An Inquiry into the Nature and Causes of the Wealth of Nations (known universally as The Wealth of Nations). The publishing of this book represented a watershed in the development of intellectual thought on economic issues and problems. Although many of the ideas in the book weren’t entirely new at the time, its author, Adam Smith, is generally credited with being the father of the discipline of economics.

Professor Smith taught moral philosophy at the University of Glasgow. His speciality was ‘natural theology’, which thought to understand and formulatethe natural laws that governed physical and social phenomena.

At the time Smith wrote his fundamental work, the affluence of a nation was measured by many politicians in terms of the gold and silver accumulated in national treasuries. Smith pointed out that the wealth of nations was chiefly determined by people conducting their daily business rather than by the amount of gold and silver in a government treasury.

He believed that the accumulation of capital equipment, such as machines and structures used by factories, was a vital determinant of wealth because it enhanced the division of labour. The thrifty Scot argued that saving was critical as a means of providing the funds to finance the accumulation of capital. Smith’s main task in the book wasto develop a framework for understanding the mechanism through which the seemingly chaotic hubbub of daily trading actually resulted in a natural order.

His background in natural theology led him to conclude that trade in unregulated markets would maximize the wealth of nations. The foundation forthis belief was the notion of rational behaviour. The main and lastingcontribution of Adam Smith was therefore the formulation of an economic interaction theory based on a view of humans who carefully pursue net gains.

Smith believed that rational behaviour is biologically determined and that people have an innate tendency to pursue their self-interest. Yet Smithconcluded that in pursuing personal gains, individuals are impelled by the requirements of survival to act in the interests of society. In his eloquentstatement of this principle of ‘enlightened self-interest’, Smith was careful toemphasise that individuals are motivated not by altruism but by need for the cooperation of others.

Smith believed that rational human beings have an inherent tendency to ‘truck and barter’, thereby seeking out means for mutually advantageous exchanges. The belief in the effectiveness of a system of unregulated markets composed of many competing sellers in maximizing well-being is another hallmark of his views. He is often credited with supporting laissez-faire, a lack of government intervention in business affairs, but he did believe governments should assure that markets remained competitive.

Smith denounced monopolies, many of which were created by governments at the time. His views on the role of government were quite complex. In general, he believed that much government intervention in markets did more harm than good. Smith can justly be credited with establishing economics as a separate social science. He firmly established the individual as the main object of study and provided the first attempt to systematically analyse how the economy functions.

XX. Search for more information about Adam Smith. Write an essay about this prominent economic thinker. Use some of the underlined words, expressions and discourse makers from the text in Exercise XIX.

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