Vocabulary notes. To aid decision-making –помогать, содействовать в принятии решений

to aid decision-making – помогать, содействовать в принятии решений

the model can be fed with economic information – в модель можно внести экономическую информацию

total income – общий, суммарный доход

total level of production of goods and services – общий уровень производ­ства товаров и услуг

to deal with an isolated economy – иметь дело с изолированной эконо­микой, to carry on their concerns – продолжать свое дело

to provide labour services – предоставлять рабочую силу (труд)

to receive interest payments – получать платежи в виде процентов

shares – акции

to be entitled to a share of the profits – иметь право на долю прибыли

factor services or services of productive factors – факторы производства

the water authorities – управление водного хозяйства

to supply share capital – предоставить акционерный капитал

factor incomes – доход на факторы производства

to portray – отображать

a monetary flow – денежный поток

an opposite stream – противоположный поток (доел. течение)

factor payments – выплаты (доход) на факторы производства

to measure the amount of economic activity – измерять уровень экономи­ческой активности

the value of goods and services produced – стоимость произведенных то­варов и услуг

the level of factor earnings – уровень доходов на факторы производства

the value of factor services supplied – стоимость предоставленных фак­торов производства

the value of spending on goods and services – размер расходов на товары и услуги

a neutral equilibrium – общее равновесие

the circular flow of income – круговой поток (круговорот) доходов

an inherent tendency to change – внутренняя тенденция к изменению

Assignments

I. Suggest the Russian equivalents

forecasting future economic trends; to feed with economic information;

factors that firms need to carry on their concerns; to provide labour services;

circular flow of money; a flow of factor services; factor payments; neutral equilibrium; set of action

II. Replace the parts in italics by synonyms

the model can be filled with economic information; they have bought shares;

they have the right to get a share of the profits; the flow includes goods and services; the level of income will not change; the level of income and consequently the level of economic activity

III. Fill in the gaps -with the words and expressions/ran the text

1. The model of the economy is concerned with forecasting __ so as to aid __ by business and government.

2. Such predictions are __ aid to business decision-making because businesses can find out whether people's incomes __ to rise or not.

3. These units together decide the economy's __, __ and __.

4. In order to develop a simple model of the economy we need to __ the government sector and __ between __ and __.

5. Suppose we are dealing with __, one which has no government.

6. In order to develop __ of the economy we need to __ that there are two main sectors in the economy: __ and __.

7. Households provide __, both __, in return for __.

8. If the finance is in the form of __, households receive __, but if they have purchased __ in the business they may be entitled to __.

9. Households receive payments for __, that is to say, they earn __, such as __, __ and __.

10. There are two flows: one which is __ and one ___ goods and services.

11. The model suggests that there are three ways of__ in the economy.

12.We can measure __, __ and __.

13. Economists refer to __ of the monetary circular flow as __.

14. If we assume that all the goods and services, which __ are in fact __ and that households spend __, then we have arrived at what economists call

15. The fact that the economy is in a neutral equilibrium means simply that the level of __, and hence the level of __, are.__ and __.

16. An equilibrium is a point of balance in which there is no __.

IV. Find in the text English equivalents/or the following

принятие решений; изменение ставки налогообложения; неоценимая помощь; доходы населения; необходимо допустить, что...; факторы произ­водства; выплата процентов; купить акции; иметь право на часть (долю) до­хода; акционерный капитал; денежный поток; уровень национального дохо­да; уровень экономической активности; внутренняя (присущая чему-либо) тенденция к изменению; следовательно; круговой поток доходов

V. Give explanations in English

to pay rent; a loan; interest payments; share capital; factor services; factor payments; factor incomes; factors of production; a neutral equilibrium in the economy

VI. Read the description of drawing a circular/low

Start with the two blocks. The one on the left should be labelled "households", and the one on the right "firms". On the top of the inner loop, circle, put "goods and services", with an arrow running from the firms block to the households block. At the bottom of the inner loop put "services of productive factors", with an arrow running from households to firms. On the outer loop, at the top, put "spending on goods and services", with an arrow running from households to firms. And finally, at the bottom of the outer loop, put "factor incomes", with an arrow running from firms to households.

Find in the text English equivalents for the following

подписать обозначения на картинке; внутренний круг (кольцо); внешний круг (кольцо); стрелка направлена от... к...; вверху; внизу; справа; слева

Draw the circular flow (it will be different from the one in the unit!) and describe it using all the active possible

VII. Answer the questions

1. What units does the economy comprise? What do they decide?

2. What are the two main sectors in the economy?

3. What sets of actions create the model of the circular flow of income?

4. Dwell on the monetary flow. How is the level of national income connected with it?

5. Dwell on the flow of goods and services.

6. What does the figure suggest?

7. How can the amount of economic activity be measured?

8. What's an equilibrium? a neutral equilibrium? VIII. Translate using all the active possible

1. Кругооборот (круговой поток) доходов — это поток товаров и услуг между домашними, семейными хозяйствами (населением) и фирмами (предпринимателями), с одной стороны, и поток денежных платежей за них – с другой стороны.

2. Если рассматривать простейшую модель экономики, то необходимо допустить, что население полностью тратит все полученные доходы на покупку товаров и услуг, а предприниматели продают все товары, кото­рые производят.

3. В уплату за товары и услуги, которые предлагают населению пред­приниматели, население передает им деньги, которые, в свою очередь, получает от предпринимателей в обмен за факторы производства.

4. Если мы допустим, что схема описывает ситуацию, при которой достигнута эффективность распределения ресурсов, то мы получим мо­дель экономики, находящейся в состоянии общего равновесия.

INJECTIONS (ВЛИВАНИЕ ДЕНЕГ В ЭКОНОМИКУ)

An injection is simply an addition to the circular flow of income, which does not arise from the spending of households. It was unrealistic to assume earlier that there would be no such additions. These additions or injections will, of course, increase the size of the circular flow and thus the level of activity in the economy. There are three recognized ways in which funds can flow into an economy. They can be generated through:

· Investment

· Government spending

· Export sales

Figure 4. Additions to the Circular Flow of Income

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