1. Read and memorize the following words, word- combinations and word-groups:

national-income accounting — обпік націонапьного дохо-

ДУ

e.g. National-income accounting is the measurement of aggregate economic activity, particularly national income and its components.

gross national product (GNP) — валовий національний про­дукт (ВНП)

e.g. Gross national product (GNP) is the total market value of all final goods and services produced in a given time period.

GNP per capita — валовий національний продукт у роз­рахунку на душу населення

e.g. GNP per capita is total population: average GNP. intermediate goods — проміжний продукт e.g. We must focus on the value of final goods and services and exclude intermediate goods from our calculation.

nominal GNP — номінальний валовий національний про­дукт

e.g. Nominal GNP is the value of final output measured in that year's prices.

real GNP — реальний валовий національний продукт e.g. When we calculate real GNP, we value goods and services at constant prices, inflation — інфляція

e.g. Inflation is an increase in the average level of goods and services.

production possibilities — можливості виробництва e.g. Production possibilities are the alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology, depredation — амортизація

e.g. Depreciation is the consumption of capital in the pro­duction process; the wearing out of plant and equipment.

net national product (NNP) — чистий національний про­дукт

e.g. NNP is the amount of output we could consume without reducing our stock of capital.

gross investment — валові капіталовкладення e.g. Gross investment is positive as long as some new plants and equipment is being produced, net investment — чисті інвестиції

e.g. Whenever gross investment exceeds depreciation, net investment is positive.

exports — експортовані товари

e.g. Exports are goods and services sold to foreign buyers, imports — імпортовані товари

e.g. Imports are goods and services purchased from foreign countries.

2. Give English equivalents of the following:

облік національного доходу перекручувати розуміння

чистий національний продукт можливості виробництва

валовий національний продукт вимірювати в цінах

брати до уваги зміни в рівні цін додана вартість

виробництво готових товарів і послуг проміжні товари валовий національний продукт у роз- амортизація рахунку на душу населення

111. Fill in the blanks with appropriate words:

1. ... is the measurement of aggregate economic activity, particularly natio­nal income and its components,

2. ... is total population: average GNP.

3. When we focus on domestic market activity we ... in calculating GNP.

4. ... are goods or services purchased for use as input in the production of final goods or services.

5. ... is the value of final output pro­duced in a given period, measured in the prices of that period.

6. ... is an increase in the average level of prices of goods and services.

7. ... is the consumption of capital in the production process.

8. ... are goods and services purchased from foreign countries.

GNP per capita nominal GNP national-income ac­counting intermediate goods inflation depreciation imports

encounter problems