Vocabulary

austerity n – строгая/крайняя экономия

~ program – режим строгой экономии

balance of payments – платежный баланс

boom n – экономический подъем

borrow v – брать взаймы

borrower n – должник, дебитор, заемщик

borrowing n – syn. loan – заем, кредит

capacity n – мощность

full ~ – полная нагрузка

productive ~ – производственная мощность

contraction n syn. ‘negative growth’ – сокращение

credit n – кредит, доверие, репутация

creditor n – syn. lender – кредитор

debt n – долг

to run up ~ – создавать задолженность, влезать в долги

depreciate v – обесцениваться

depression n – экономический спад

deteriorate v – ухудшаться

employment n – занятость

full ~ – полная занятость

expansion n – расширение; распространение

money ~ – увеличение объема (количества) денег

external adj – syn. exogeneous – внешний, наружный

inputs n – затраты

internal adj – syn. endogeneous – внутренний

lay off v – увольнять

output n – выпуск (продукции)

peak n – высшая точка, максимум ; пик

prosperity n – процветание, благополучие, экономическое процветание

rate n – ставка, тариф; расценка

interest ~ – процентная ставка, норма ссудного процента, учетный процент

unemployment ~ – уровень безработицы

recovery n – восстановление; оживление

share n – акция; доля, пай

~ prices – цена акций

slump n – резкое или внезапное падение (цен, спроса на товары)

trough n – самая глубокая точка (падения производства, цен); дно цикла

underconsumption n – недостаточное потребление

unemployment n – безработица

cyclical ~ – циклическая безработица

frictional ~ – фрикционная безработица

structural ~ – структурная безработица

long term ~ – длительная безработица

GLOSSARY

• Business cycle is alternating periods of economic growth and contraction, which can be measured by changes in real GDP.

• Cyclical unemployment is unemployment caused by the lack of jobs during a recession.

• Frictional unemployment is unemployment caused by the normal search time required by workers with marketable skills who are changing jobs, initially entering the labour force, re-entering the labour force, or seasonally unemployed.

• Full employment is the situation in which an economy operates at an unemployment rate equal to the sum of the frictional and structural unemployment rates.

• Peak is the phase of the business cycle in which real GDP reaches its maximum after rising during a recovery.

• Recession is a downturn in the business cycle during which real GDP declines.

• Recovery is an upturn in the business cycle during which real GDP rises; also called an expansion.

• Structural unemployment is unemployment caused by a mismatch of the skills required for existing job opportunities.

• Trough is the phase of the business cycle in which real GDP reaches its minimum after falling during a recession.

4.3. InflAtion

DISCOVERING CONNECTIONS

During World War II, Americans could buy a loaf of bread for $0.15, a new car for less than $1,000 and an average house for around $5,000. In the twenty-first century, bread, cars, houses and just about everything else cost a lot more. Clearly, the world has experienced a significant amount of inflation over the last 60 years. When inflation surged to double-digit levels in the mid- to late-1970s, economists declared it public enemy No.1. Since then, public anxiety has abated along with inflation, but people remain fearful of inflation, even at the minimal levels developed countries have seen over the past few years.

Think and answer the questions:

• Why should inflation cause concern?

• Who do you think loses from inflation? Who wins from inflation?

• How will you comment on this statement: “If everyone expects inflation to occur, it will.”

READING

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