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Trade
Individuals in our economy are involved in masses of voluntary trades. They trade their labour services (time and skills) to their employer for money. They then trade this money with a multitude of merchants for goods (like petrol and groceries) and services (like plumbing and hair styling). The employer trades the goods it produces for money and trades this money for labour services. Even your savings account can be viewed as a trade: you give the bank ₤100 today in exchange for the bank's promise to give you ₤105 at the end of the year (your original deposit plus 5 percent interest).
Why is it that people engage in this complex set of economic relations with others? The answer is that people are better off as a result of trading just as individuals within a country find advantageous to trade with one another, so too do countries find trade advantageous. Just as it is impossible for any individual to be self-sufficient, it is impossible for a country to be self-reliant without sacrificing its standard of living.
Commercial policy. Countries that have no barriers to trade are said to practice free trade, but most countries engage in some form of protectionism; that is, in one way or another they restrict the importation of goods. Policies directed at affecting either imports or exports are referred to as commercial policies.
There are four major categories of trade barriers – tariffs, quotas, voluntary export restraints and other non-tariff barriers, and a set of laws called "fair trade laws" that actually serve to impede trade rather than promote fair trade.
Tariffs. Tariffs are simply a tax on imports. Tariffs put the foreign goods at a disadvantage. They discourage imports. In the absence of a tariff the domestic price is equal to the international price. With a tariff, the price consumers have to pay is increased. Domestic production is increased-producers are better off as a result. But consumers are worse off. The consumption is reduced. Since production is increased and consumption reduced imports are reduced the domestic industry has been protected against foreign imports.
Quotas. Rather than setting tariffs, many countries impose quotas-limits on the amount of foreign goods that can be imported. With limitations on the quantity imported the domestic price increases above the international price. With quotas, domestic producers know precisely the magnitude of the foreign supply. If foreigners become more efficient or if exchange rates change in favour of foreigners, they still cannot sell any more. In that sense, quotas provide domestic producers with greater certainty than do tariffs, insulating them from the worst threats of competition.
Voluntary export restraints. In recent years, international agreements have reduced the level of tariffs and restricted the use of quotas. Accordingly, countries have sought to protect themselves from the onslaught of foreign competition by other means. One that became popular in the 1980s was voluntary export restraints (VERs). Quotas and VERs are very clear examples of non-tariff barriers to trade. For example there are many different product standards and regulations in different countries. They are particularly important in markets for
Ex. 3. Give English equivalents to the following:
торговля, торговец, продает за деньги, люди оказываются вовлеченными, сберегательный счет, быть более состоятельным, считать выгодным, самодостаточный, ограничения в торговле, торговать без ограничений, ограничивать ввоз товаров, тариф, квота, добровольные экспортные ограничения, бестарифные ограничения, обеспечивать справедливую торговлю без штрафа, внутренний продукт, находиться в худшем положении, масштаб иностранных поставок, в пользу иностранных производителей
Ex. 4. Give Russian equivalents to the following:
petrol and groceries; plumbing and styling; goods and services, economic relations, standard of living, commercial policies domestic industry, international price, domestic producers, threats of competition, international agreements
Ex. 5. Fill in the gaps with the words:
1. Every day people engage in a complex set of … ….
2. Individuals and countries find … to trade.
3. Countries that have no … to trade are said to practice free trade.
4. … … are directed at affecting imports or exports.
5. With a tariff for goods producers are better off but consumers are … …
6. Quotas insulate producers from the worst … ….
Ex. 6. Insert correct prepositions:
1. Individuals in our economy trade their labour services … the employers …
money.
2. If there are no barriers … trade countries are said to practice free trade.
3. Most countries engage … some form of protectionism.
4. Tariffs are a tax … imports.
5. … the absence of a tariff the domestic price is equal to the international
price.
6. Many countries impose quotas … the amount of foreign goods that can be
imported.
Ex. 7. Translate into English:
1. Люди продают свой труд за деньги, затем на эти деньги они покупают
различные товары.
2. Занимаясь торговлей, люди улучшают свое благосостояние. То же самое
происходит и со странами.
3. Если у страны нет никаких ограничений на торговлю, говорят, что она
ведет свободную торговлю.
4. Большинство стран используют те или иные формы протекционизма.
5. Существует четыре основных вида ограничений в торговле – тарифы,
квоты, добровольные экспортные ограничения и другие бестарифные
ограничения.
6. Многие страны предпочитают квоты тарифам. Квота – это ограничение
количествa импортных товаров.
Ex. 8. Answer the questions:
1. How do people trade?
2. Why do people and countries trade?
3. What is protectionism?
4. What is commercial policies?
5. What are four major categories of trade barriers? Think of some examples
from mass media.
6. What is a tariff? How does it influence a domestic price?
7. What is a quota? What does a quota provide domestic producers with?
8. What is VER? Give examples.
Learn the vocabulary:
involve - включать в себя, предполагать
trade - торговля, торговать,
амер. - сделка, обмен
employer - наниматель
labour - труд
multitude - множество
merchant - купец
plumbing - водопровод
savings account - сберегательный счет
to view - рассматривать, оценивать,
судить
deposit - вклад
to engage in - заниматься чем-либо
to be better off - становиться лучше, богаче
to be worse off - становиться хуже, беднее
advantageous - выгодный
self-sufficient - самодостаточный
self-reliant - уверенный в себе
standard of living - уровень жизни
sacrifice - жертвовать, жертва, убыток
protectionism - эк. протекционизм
to restrict - ограничивать
either … or … - (союз) или … или
be directed at - быть нацеленным на что-либо
to refer - ссылаться на что-либо
commercial policies - торговая политика
voluntary export restraints - добровольные экспортные
ограничения
law - закон, право
to impede - задерживать, затруднять
rather than - (нареч.) скорее, или правильнее
to promote - обеспечивать
put smth at a disadvantage - вред (ущерб), поставить
в невыгодное положение
discourage - 1) обескураживать;
2) отговаривать
absence - отсутствие
domestic - внутренний
price - цена
consumer - потребитель
to increase - увеличивать
consumption - потребление
to reduce - сокращать
to set (tariffs) - устанавливать тарифы
exchange rate - обменный курс
in favour of smb - в чью-либо пользу
to insulate - изолировать, отделить
от окружающих
threat - угроза
competition - конкуренция
to sought - 1) искать, 2) стремиться
agreement - соглашение
tariff - тариф
quota - квота
onslaught - бешеная атака, нападение
foreign competition - иностранная конкуренция
barrier - ограничение
product standard - стандарт на продукцию
regulation - правило, инструкция
insurance - страхование
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