15.3.2. Key Terms – Matching:

1.	Financial futures	a)	– the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications;
2.	Globalization	b)	– the amount charged for a loan, usually expressed as a percentage of the sum borrowed;
3.	Legal regulation	c)	– the income accruing from taxation to a government during a specified period of time, usually a year;
4.	Treasury bill	d)	– the property and claims against debtors that a business enterprise may apply to discharge its liabilities. They may be fixed, current, liquid, or intangible and are shown balanced against liabilities;
5.	Interest rate	e)	– a governmental or ministerial order having the force of law;
6.	Financial assets	f)	– securities in a stock-exchange index, currency exchange rate, or interest rate enabling banks, building societies, brokers, and speculators to hedge their involvement in these markets;
7.	Annual revenue	g)	– a short-term noninterest-bearing obligation issued by the Treasury, payable to bearer and maturing usually in three months, within which it is tradable on a discount basis on the open market.

15.3.3. Please explain the meaning of the following words and word combinations in English:

Globalization, globalization of markets, globalization of production, economic slowdown, annual revenue, legal regulations, financial assets, treasury bills, eurobonds, financial futures, retailing, interest rate, turmoil, legal entity, economic welfare.

15.3.4. Please complete the following text with the basic economic concepts using the following words and phrases. Use the term once. Translate the text into Ukrainian:

services economic system barriers globalization global industries international businesses market-oriented planned economy economic policies privatization

The global economy of the 21st century

The last quarter century has seen rapid changes in the global economy. Barriers to the free flow of goods, (1) services, and capital have been coming down. The volume of cross-border trade and investment has been growing more rapidly than global output, indicating that national economies are becoming more closely integrated into a single, interdependent, global (2) _____. As their economies advance, more nations are joining the ranks of the developed world. A generation ago, South Korea and Taiwan were viewed as second-tier developing nations. Now they boast large economies, and their firms are major players in many (3) _____ from shipbuilding and steel to electronics and chemicals. The move toward a global economy has been further strength­ened by the widespread adoption of liberal (4) _____ by countries that for two generations or more were firmly opposed to them. Thus, following the normative pre­scriptions of liberal economic ideology, in country after country we are seeing (5) _____ of state-owned businesses, widespread deregulation, markets being opened to more competition, and increased commitment to removing (6) _____ to cross-border trade and investment. This suggests that over the next few decades, countries such as the Czech Re­public, Poland, Brazil, China, and South Africa may build powerful (7) _____ economies. In short, current trends indicate the world is moving rapidly toward an eco­nomic system that is more favorable for the practice of international business.

On the other hand, it is always hazardous to take established trends and use them to predict the future. The world may be moving toward a more economic system, but (8) _____ is not inevitable. Countries may pull back from the recent commit­ment to liberal economic ideology if their experiences do not match their expectations. There are signs, for example, of a retreat from liberal economic ideology in Russia. Rus­sia has experienced considerable economic pain as it tries to shift from a centrally (9) _____ to a market economy. If Russia’s hesitation were to become more permanent and widespread, the liberal vision of a more prosperous global economy based on free market principles might not come to pass as quickly as many hope. Clearly, this would be a tougher world for (10) _____ to compete in.