Introduction

PARAGRAPH 1

Thank your friend for their last letter and respond to the news they told you.

PARAGRAPH 2

Tell them your latest news:

What ;ob are you doing?

Where in Russia are you living now?

Have you got a family?

PARAGRAPH 3

Describe how the Russian economy has got worse since 2008.

PARAGRAPH 4

Describe how the Russian economy has improved since 2008.

PARAGRAPH 5

Say what your plans are.

Sign off Write 200-250 words

^

Pronunciation guide Subsidy s\bo<l:

Expatriate :v i okspaetiieu (n, :i»ui okspa'tri.X'

Enviable envbbl

Drastically '(fraestikfi

Shock therapy 'fok <k.-r,->pi

Hyperinflation hanvrinflrifn

Infrastructure ^J;ntn>str\Ki .n n

Elite ertia

Notes:

COMECON 'knniiknn Mutual m u:t u,x Privileged pnvolidjd/

Revision Vocabulary Units 17 to 21

Complete the puzzle with words from units I 7 to 21. Can you find the highlighted phrase?

\

4

г

T

1

\

1)

I T

M

1'

Hopefully this will happen to the economy after a recession.

The value of imports compared to the value of exports is called the balance of

Managed by the government.

Something that encourages.

When the value? of imports is greater than the value of exports, there is a trade

goods are those which are not

absolutely necessary.

A land is a man who rents

out property.

People who lend money to companies so that they can grow.

A kind of exchange rate mechanism.

Goods that are raw materials for industry, or other goods that are not processed.

inflation is very, very high inflation

Now write your own definition for the highlighted phrase.

B1 Organise these words and phrases into two groups: those with a positive meaning and words with a negative meaning.

• aid ■ boom ■ corruption

• deficit ■ emancipation ■ enviable

• fortunate ■ hardship ■ hyperinflation

• lay off ■ overheat ■ plenty

• political instability ■ progress

• recovery ■ run down ■ slump

• Moses Samkange

  stabilise ■ struggle ■ value for money

P B2Now make eight sentences using as many words as possible from this exercise.

С Complete this letter to a magazine with a suitable word in each gap.The first letter has been given.

Dear Editor.

When I read the article 'ToughTrade'm the February edition of your magazine I was very disappointed You complained that my country has

put unfair (1 > t on imports of products

from more (2i deconomies such as the

USA and the EU. You are also unhappy that we use 13 >

q to restrict the import of some goods.

However, without these policies, our country would

(•1) sto survive and the trading i T> \

p we have would suffer.

Your government gives (6) a to

many of its industries. This financial help means that your farms and factories can produce goods much more cheaply than ours How can we compete? Also, please don't forget that until my

grandfather's (7) g our country was

a (8) с m your empire. We are still

paying off the (9) dthat you left behind

wlier. we finally won our freedom.

Tor these reasons, the trade restrictions that my

government uses are (10) e for

our economy.

So please - no more complaints!

The science of economics studies business, product inn, trade, inflation, unemployment and the decisions that we, governments and companies take every day.

While microeconomics studies how companies and households run their business, macroeconomics looks at the economy of a country as a whole

Heonomic resources include both material things such as raw materials, housing and others, as well as non-material things, for example, time.

Kverx day we make many decisions and each is a trade-off between different resources

Keonomists collect data and on the basis of this data they create economic models.

heonomic models show relationships between different processes in the economy.

1144 4 . > C- Л t ' .fc . »■ *» о т \T 'jii » x у, г УУ r. • <r

Adam Smith, 'the father of modern economics', considered that a nation's wealth depended on its ability to produce goods

Keonomists test theories using empirical evidence, It is evidence that can be collected and measured.

This theory deals with factors such as inflation, taxes, salaries and unemployment.

(iovernnunts. companies and academies use econometrics to make correct decisions, tind out relationships between variables, etc.

Some variables are considered over a period of time. Such analysis is called time-series

According to the law of demand as the pricc for the good rises, the demand lor it falls.

Price elasticity, the price/demand relationship, helps to set prices at the correct level in the given market tor a particular time.

TRANSLATION WORK

Some other factors apart from price affect demand, and that causes a shift in the demand curve.

To make a higher profit the seller has to raise his price and reduce his production costs

In the market economy companies have to compete with each other for a share of the market.

Today, in our li\es and in the economy, money, coins, banknotes and credit cards play a very important role.

In the traditional economy people hunted and gathered and had no property. Land was shared by the whole tribe. Division of laboui t'ust appeared here.

Any economic system has its benefits and drawbacks. The biggest drawback of the traditional economy is the tact that people consume almost everything they produce.

The market economy is not controlled by a government Competition, which helps to control prices and quality, exists in a free market.

Л truly Нее market economy cannot exist as all governments control the economy to some extent by setting limits.

In the market economy supply and demand decide everything: its direct opposite is the planned economy.

in a planned economy a government decides w hat is produced, how much is produced and how and at what price it is sold.

In the world there is no perfect economic system Market economics have their strengths, but they also have drawbacks. In planned economies governments can make sure that everyone can afford basic commodities.

Planned economics have problems with supply as it is difficult to calculate how much to produce and how high a demand to expect. People have to hoard different goods and shortages of goods become common.

In many countries privately-owned businesses exist alongside state-run industries, which need protection from free market competition for their development.

Г. Deregulation leads to increased competition and the influence of market forces.

7 Governments may put limits on free enterprise by banning trade in various goods, preventing monopolies and protecting consumers and the environment.

Unit 5

] If you have a great deal of money and want to buy something, you always face a budget constraint.

2 The utility of a bundle depends on the utility of each good and its quantity.

Л Marginal utility is that of consumption of an additional item of the good.

4. Costs are money spent to manufacture goods or provide services. For example, rent, interest on loans, cost of electricity and raw materials.

5. Fixed costs change neither in the short term nor with increases in production.

<i Variable costs change with the size of production. An example of such costs is the quantity of raw materials needed for production of the goods.

7 An economy of scale is a situation in which variable costs rise much more slowly than the size of production.

Unit 6

1. Market structure is connected with competition. It affects the price.

2. A market of perfect competition has a number of features. There must be many competing companies, supplying one and the same good or providing one and the same service; all customers and companies must have complete information on the market; there must not be any barriers to new companies entering the market.

3. If we speak about a market of perfect competition, it is important that all companies should have access to technology and resources.

4. In a market of perfect competition there are many companies, but none of them are able to control prices.

5. In a monopoly the market share of one of the companies is so great that the rest are not able to compete.

(> As a rule, monopolies are not good for consumers as they are price-makers.

7 Besides natural monopolies, some monopolies can be created in more aggressive ways by takeovers of other companies.

Unit 7

1. The market where employers buy workers¹ service for wages is called the labour market.

2. Increased output is the utility which employers get from their purchase of labour.

3. All markets, including the labour market, obey the laws of supply and demand.

4. The labour demand curve may shift to the right and to the left. If, for example, the demand increases as a result of increased production, or decreases thanks to any new technology which can replace workers.

³ One of the trade-offs we have to make in our lives is to find the right balance between work time and leisure time.

6. Natural limits such as sleep and rest bring down the possible number of working hours. We need some time to switch off from work, which also decreases working time.

7. If the hourly rate increases, people want to work longer hours. This is called the substitution effect, but the effect also has a limit.

Unit 8

1. The factors of production are required to produce goods. These arc land, labour and capital.

2. Land as a factor of production includes everything that nature provides and which may be used for production.

3. 7: юп Work

   M acmi 11 an Guide to Economics Translation Work IIS

   An educated, skilled and fit workforce is more productive; that is why education and healthcare play an important role in the economy.

4. Capital includes factories, warehouses, equipment, tools and computers; everything that is used in the manufacturing process.

5. At present industry is becoming more capital intensive and less labour intensive.

6. Division of labour and specialization make the manufacturing process more efficient and productive.

7. Workers perform their operations automatically. This speeds up the productivity of the labour force and improves the quality of their work.

Unit 9

1. The market price is a reward for the efforts of the producer.

2. If the price on the market is lower than expected, the buyer will get a bargain.

3. Surplus measures the utility that the consumer gains from his purchase, or the profit that the producer makes.

4. The difference between the price that consumers are prepared to pay and the price that they really pay is called consumer surplus; it is a very important economic concept,

о Companies make use of many pricing tricks which help them to increase their profits. Prices can be set higher or lower than the market price; sometimes companies use price discrimination.

7 Auctions are becoming very popular, for example, on the Internet. In an auction all participants make bids, and the highest wins.

Unit 10

] Though many economic laws, formulas, theories and concepts often seem far removed from everyday life, economic policies affect the life of society, families and individuals. Welfare economics considers issues of equity or fairness.

2. Economists examine how income and wealth are distributed among the population. And equity is realized through taxation.

3. Translation Work

   t I 6М а сm i I I a n Guide to E с о n о m i с s Translation Work

   According to those economists who share the concept of welfare economics, any economic system is unfair.

4. Governments receive revenues from different sources with taxation as the main one.

5. Through taxation governments achieve different goals. They decrease the income gap between the rich and the poor, they discourage people from consuming harmful products and they control overall supply and demand.

6. Most taxation revenues go on public goods which include national defence, street lighting, healthcare, education and others.

7. The effects which economic activities have on people are called externalities. These may be positive or negative. For example, industries can do harm to the environment.

Unit 11

1. Wealth can include valuable belongings, money, gold, stocks and shares, works of art, land, property and precious jewels.

2. Besides a salary or an unemployment benefit, there are other sources of income. For example, interest from savings in a bank or rent from property.

3. The distribution of wealth in many countries has remained practically without change for many years. A large share of the wealth is concentrated in the hands of a small group of the population. Inequality is difficult to eradicate.

4. The Lorenz curve shows the relationship between income and population, in other words it represents how income is distributed in the market economy. The extent of the inequalities in income distribution can be judged from the curve.

Poverty is a global problem. Though it is mainly associated with developing countries, to some extent it also exists in developed countries.

When we speak about absolute poverty, we mean the people who live below the poverty line.

7 People on a low income spend all the money they have on daily necessities. They cannot save.

Tile Great Depression was a devastating collapse tor the American economy the effects of which were fell almost in every country of the world The depression changed attitudes to the science of economics.

Alter the depression of the l'MOs, tlu most important aims of any government have become steady economic growth and control over inflation to avoid serious economic recessions.

Fiscal policy is connected with the tax system and the budget of the country By this policy the government can influence disposable income, demand and economic growth.

The main tool of monetary policy is interest rates

Aggregate demand is demand in the whole economy. It includes demand from consumers, companies, the government and customers abroad.

The value of all the services and products produced by the whole economy forms real national produet

The growth or falldown trend for supply and aggregate supply in the short run is the same, but in the long run aggregate supply grow th is not affected by price, but depends 011 the factors of production available in the economy

Before the use of money, which is taken for granted by jxiople today, the basic system of pa> ment w as sw apping or bartering

The first commodity monev was metal, salt and other valuable commodities. Such money lacked liquidity, that is the ability to circulate freely, but it stored value.

Fiat money does not have any intrinsic v alue, but only represents value.

If you save money, you may put it in a box under your bed. which is unsafe and unreasonable, or you may put it in a bank account. The money in an account earns interest.

The main service which any bank provides to its customers is lending money. Banks are the most reliable lenders.

If a client defaults 011 a loan, the bank uses interest to cover the losses Though most clients pay back their loans, interest serves as a form of security.

A banks' clients can make withdrawals at any­time, as any bank keeps some percentage of the savings received from its clients as the reserve.

Fiscal policy regulates the functioning ol the tax system and government spending. Both affect economic grow th

A progressive taxation system operates in many countries ol the world. The more money a person earns the higher the tax he pays.

Government spending can affect economic growth through the so-called multiplier effect

Monetary policy involves making changes to the interest rate and controlling the money circulating in the economy

The interest rate is usually set by the central bank of a country, which also serves as a lender for commercial banks.

When buy ing houses many people take out mortgages from commercial banks If the interest rate increases, the mortgage becomes more expensive.

Mlini en. С» U • -i • to t - о " О n • : I Tr_tn| • t 1 ... ■ JVot » 117

If the interest rate is low. companies invest and expand their business, the national currency- value falls and national goods and services become cheaper for foreign buyers. Kx|*>rts begin to grow and more money comes into tlu economy

A too rapid grow th rate in the economy- may cause inflation. A steady growth rate is preferred. This is the aim of monetary and fiscal jvolicics

The interest rate is determined by the levels of supply and demand in the money market.

Money supply is the money in circulation, including cash, money in hank accounts, reserves, etc.

Kvents like wars or natural disasters which cannot he controlled by governments may affect the economy in unexpected ways

Demand-side shocks may occur in the countries heavily dependent oil exports.

Shocks may he both demand side and supply- side They can cause a knock-on effect 011 the national economy or other economies.

When supply side shocks occur, the supply of raw materials or components is disrupted. When some good is in short supply, its price rises, so do manufacturers' variable costs and their prices.

< hie of the ways to measure the nidation level is the retail ргнч index, which is calculated for the basket of goods

Cost-push inllation occurs when prices rise without an increase in demand, which is common when producers" variable costs rise sharply.

Among other causes of rising inllation is the growth in the circulating money supply. This is explained by the quantity theory of money

People w ith fixed incomes suffer most of all from rising inflation

rnetnployment can be cyclical or structural. Cyclical unemployment varies with growth or recession in the eeonomv. Structural unemployment depends 011 the low demand for labour in some industries.

There arc other types of unemployment. For example, frictional unemployment, when people are looking for new jobs, as well as seasonal unemployment, when some industries work seasonally.

118 mi t -i G • б e to ftonomir i ^r t л < i r Oft W © г _K

The situation in which everyone who wants to work has a job is called full employment.

When economic grow th is calculated inflation is taken into account

Sharp, sudden economic growth may cause tlu economy to overheat. Such growth is called a boom.

Savings, capital grow th and technological progress are considered essential conditions for economic growth.

Technology advances lead to increased productivity from the same amount of capital and resources.

Long-term economic growth is often followed by a recession. Such a cycle is called the trade or business cycle. It has four stages, boom, slump, recession and recovery

When demand for goods and sen ices is steadily growing, companies have to take 011 more employees, consumers' confidence rises as their incomes also go up

When the slump comes, the economy continues to grow but at slower rates. Inflation starts to rise, confidence falls.

All through world history people and countries have 1ч en trading with each other. I11 the modern world an economy is considered open when it imports and exports goods and services.

Lxport and import of goods is defined as 'visible' in contrast to the "invisible" export and import

of services.

The balance of trade is an integral part of Un­balance of payment. If imports exceed exports, a country has a trade deficit, if the situation is the opposite, a country achieves a trade surplus

Almost every country in the world has its national currency. Some countries share a common currency, for example, the 13 buropean I'thon member countries.

An exchange rate is the price of a currency. Like any price it is decided by supply and demand in the market.

The rate of exchange is the equilibrium between demand for the currency and its supply.

Л change in the exchange rate of the currency always has ati impact 011 the country's economy. For example, if the rate of exchange

rises, the country's goods get more expensive and demand for them abroad falls. As a result the country's exports may decrease.

Unit 19

I The exchange rate may affect the whole economy: interest rates, balance of payments and economic growth.

' When a currency is free floating the government does not control its rate of exchange and the currency is priced by the market.

Л When a government wants its national currency to float with some other currency, for example, the dollar or the euro, it pegs it to that currency.

4. If a government wants to maintain the rate of its national currency, it has to sell or to buy it or other currencies on the international money market.

5. All countries can have absolute and comparative advantages. If an economy can produce goods at a lower cost than other countries or has resources others do not have then the country has absolute advantage.

6. An economy has comparative advantage when it can produce something at a lower opportunity cost than other countries.

7. In some cases countries have to restrict trade with other countries. For example, a government may increase tariffs on imports or impose import quotas.

Unit 20

1. There are several ways to measure how developed a country is. They are, first of all, life expectancy, education level and real income of the population.

2. In the less developed countries of the world many people die of hunger or because of poverty and millions of people can neither read nor write.

Л The populations of the poorest countries suffer from natural disasters, serious diseases like AIDS and cholera are also widespread.

4 The Russian empire stretched from Poland in the West to the Pacific Ocean in the East. Russia had the biggest territory, but

economically it was far behind the leading world powers.

5. The Russian empire preserved a feudal economic system and subsistence farming; most of the population remained serfs till 1861.

6. Russia's industrial base was poorly developed and the population was mainly illiterate and unskilled. In the country there were few factories. Mechanical engineering was not developed during this period.

7. The emancipation of serfs and increased foreign investments helped Russian to build up manufacturing industries. The steel industry was rapidly developed, a railway network was constructed, and mining output increased.

Unit 21

1. In Moscow in the 1990s, state-run shops with few consumer goods were replaced by expensive shopping centres. The city has become one of the most expensive cities in the world.

2. At the beginning of the 1990s the Russian government used a 'shock therapy' approach. Severe fiscal and monetary measures were introduced. Government controls over prices for ah consumer goods except for staple goods were lifted.

3. In the period before the crisis, taxes and interest rates were raised and subsidies to state industries were cut. Events in the banking system caused the money supply to balloon.

4. The Soviet Union traded mainly with the Gomecon countries. Primary products and energy resources were traded under full control of foreign trade prices.

5. Russia's foreign trade turnover has been rising lately with exports growing in value much faster than imports.

6. Russia exports primary products: oil, natural gas, timber, metals, steel, fish. Oil and gas make up about two-thirds of Russia's exports.

Тгг

Macmillan Guide i о Economics translation Work 119

. Most manufacturing industries are uncompetitive and run-down. That is why it is necessary to invest oil money in infrastructure and capital.

GLOSSARY

A

absolute advantage /.sebs^luit advamtidj/ абсолютное преимущество

abundance /a'bAndans/ изобилие

access to smth /aekses/ доступ (к чему-либо)

accommodation /s.kDms'deiJan/ жилье

to affect /a'fekt/ оказывать влияние (часто негативное)

affordable /a'foidsbl/ по средствам

aggregate /aegrigat/ совокупный

assets /assets/ активы; имущество

ATM /,ei ti: 'em/ (automatic teller machine /aita'maetik 'tela ma'Ji:n/) банкомат

auction /э:к}п/ аукцион

autarchy /o:ta:ki/ автаркия(экономический режим страны, предполагающий ее самообеспечение и отсутствие торгового обмена с другими странами)

I 20 И а с m 111 а n Guide to Economics Glossary

average /aevarids/ средний

В

baby boom generation /beibi ,bu:m d3ena,reijn/ поколение, родившееся после второй мировой войны в период бума рождаемости

balance of payments /baelans av 'pennants/ платежный баланс

to balloon /ba'luai/ расти до огромных размеров

to ban /Ьаеп/ запретить

to ban trade /bsen 'treid/ запретить торговлю

band /baend/ интервал, диапазон

bank account /Ьзецк a,kaunt/ банковский счет

bargain /ba:gin/ сделка; выгодное приобретение

barrier /Ьэепэ(г)/ барьер

bartering /ba:terii]/ (тж.barter) бартер, товарообмен

basket of goods /,ba:skit av 'godz/ корзина товаров

to be at risk /,bi: at 'risk/ рисковать

to be in short supply /,bi: in ,|o:t sa'plai/ быть в небольшом, ограниченном количестве

(о товаре)

to be pegged against smth /,bi: pegd a'genst ,SAm0ir]/ быть привязанным к чему-либо (iо валюте)

benefit /benifit/ 1. преимущество 2. выгода, прибыль

Black Tuesday /.blaek 'tju;zdei/ черный вторник boom /Ьшт/ бум

to borrow топеу /Ьогэо 'тлт/ брать в долг

borrowing /Ьогэшц/ заём

bottom line /botam 'lain/ практический результат, итог

budget constraints /bvdjit kan,streints/ ограничения денежных средств; бюджетные ограничения

bundle /bAndl/ набор; корзина (товаров)

business cycle /biznas saikl/ экономический цикл, цикл деловой активности

to buy smth on credit /,bai ,SAm6ii] on 'kredit/ покупать что-либо в кредит

С

to calculate /kaelkjuleit/ рассчитывать; делать вычисления

capacity /ka'paesati/ мощность

capital goods /ksepitl gudz/ инвестиционные товары; капитальные блага

capital-intensive /.kaepitl in'tensiv/ капиталоемкий

cash /kaeJV наличные деньги

cash till /kaej ,til/ касса (e магазине, банке)

Chancellor of the Exchequer /фгшэ1э(г) av 5i iks'tjeko(r)/ канцлер казначейства (министр финансов Великобритании)

to charge a price /,tja:d3 э 'prais/ взымать цену

to charge for service /tja:d3 fo: 's3:vis/ брать плату за услугу

to charge interest on loans /,tja:d3 intrast Dn ,bonz/ начислять проценты на кредиты

chart /tja:t/ график

cheque book /ijekbok/ чековая книжка to collect a tax /ka,lekt э taeks/ собирать налог to collect data /ksjekt deits/ собирать данные colony /kDhni/ колония

COMECON /kDmikDn/ (Council for Mutual Economic Assistance or Aid) Совет экономической взаимопомощи (социалистических стран Европы), СЭВ

commodity /ks'irmdsti/ товар (преимущественно биржевой или сырьевой)

commodity money /ka'irmdati ,тлш/ товарные деньги

comparative advantages /ksm.paeranv sd'vaintidjiz/ сравнительные преимущества

to compete /ksm'piit/ конкурировать

competition /.knmpa'tij'n/ конкуренция

concept /kDnsept/ понятие; концепция

consequence /konsrkwans/ последствие

constant return to scale /konstant ri,t3:n ts skeil/ постоянный возврат к масштабу; постоянный эффект масштаба производства

consumer choice /кэп^и:тэ(г)"tJ ois/ выбор

потребителя

consumer goods /kon'sjuim3(r) gudz/ потребительские товары

consumption /ksn'sAmpJn/ потребление

to contract /kan'trsekt/1. уменьшаться (в размере, объеме)2. заключать контракт

control over price /kantraul .auva 'prais/ контроль над ценой

convenience /ksii'viinisns/ благоприятная возможность, благоприятное положение

conveyer belt /kan'veia .belt/ (тж.conveyer) конвейер

copper/корэ/ медь

cost /knst/ (обычно ми. ч.) стоимость, издержки(расходы фирмы на производство товаровiuu услуг в течение определенного периода времени)

to cost a fortune /knst о fo:tJu:n/ стоить целое состояние

cost of living /'knst ov liviq/ уровень жизни

cost-push inflation /knst poj infleifn/ инфляция издержек(инфляция, вызываемая уменьшением совокупного пред. южения в результате роста издержек производства: сопровождает!, я сокращением реального объема производства и Увеличением безработицы)

counterfeit /kaontofit/ поддельный, фальшивый

to cover loss /kwofr) Ins/ покрывать убытки

cowry /kauri/ каури(раковина, заменяющая деньги в некоторых частях Азии и Африки)

to crash /kraeJV (of a market) рухнуть(о рынке)

credit card /kredit ko:d/ кредитная карта

crook krok/ мошенник

cross-sectional analysis . krns sekfoni onicbs/ч/ структурный анализ

crude oil /kru;d ,м1/ (сырая)нефть

culprit /кд1рнt/ причина (чего-либо плохого)

currency /k.\iv>nsi/ валюта

curve /кз:\7 кривая

custom /k.\stom/ обычай

customer /kAstoira(r)/ покупатель, клиент

122 ^м * ••• » Cod* t э FjoncTi(i Gloss а-у

cyclical unemployment /saiklikl Ainmpbiimnt/ циклическая безработица

damage to the environment /чкепшЬ, tr> di: m vair?nmont/ ущерб окружающей среде

datum /deitorn/ (мн. ч.data) данное; данная величина

debt /«Jet/долг

to default on a loan /difrxlt t>n о bun/ отказа ться вернуть крелит

deflation /di:fleifn/ дефляция (снижение общего уровня иен, процесс противопо. южный инф.чяции)

degree /di cjri:/ степень

demand /di'maaid/' сщюс

demand-pull inflation /dimuind pol in'fleifn/ инфляция спроса (инфляция. вызываемая увеличением совокупного спроса)

deposit /di ро/it/ вклад

to deposit /di pnzit/делать вклад

deregulation /di: ret|ju lcifn/ разгосударствление; уменьшение вмешательства государства в экономику; дерегулирование

designer store /dr zamo sto:/ магазин дизайнерской одежды, мебели и пр.

designing /di zamny констру ирование

discount /diskaont/ скидка

to discourage sinb from doing smth /disLvrid^ s.MiiwMi from du:iq s.\m0iq/ не давать кому либо делать что либо

dis-econoinv of scale /disfknnomi r>\ sked/ процесс, обратный жономии на масштабе

disposable income /di,spauzabl 'тклш/ доход, которым располагает лицо после уплаты налогов, взносов в систему страхования и других вычетов

to distribute /di'stribju:t/ распределять

distribution /,drstri'bju:Jn/ распределение

division of labour /di,vi3n av 'leiba(r)/ разделение труда

divorce rate /di'vois reit/ уровень разводов

domestic consumption /da,mestik kan'SAinpJn/ внутреннее потребление

domestic economy /da.mestik I'konami/ внутренняя экономика

drawback ДЬ"э:Ьэек/ недостаток

drought /draut/ засуха

E

earnings /з:шцг/ заработанные деньги; доходы

economic thinking /iika.nomik Giqkii]/ экономическое мышление

economy of scale /i.konami av 'skeil/ экономия на масштабе; эффект масштаба производства

effect /ifekt/ влияние; воздействие

emancipation of serfs /i.msensi peijn av S3 it's/ освобождение крепостных; отмена крепостного права

embargo /im'bciigau/ эмбарго, запрет

empirical /impirikl/ эмпирический, опытный, основанный на опыте

employer /rmplois(r)/ работодатель to encourage smb to do smth /in,kAnd3 ,SAmwAn ta 'du: ,SAm9ii]/поощрять кого-либо делать что-либо

end product /end ,prodAkt/ (тж-.final product) конечный продукт

to enjoy a monopoly ДпДз.и а ma'nopali/ обладать монополией

to enjoy surplus /in.djoi 's3iplas/ получать избыток

to enter the market /,enta(r) da 'maikit/ выходить на рынок

entrepreneurship /,onti'apra'n3:(r)fip/ предпринимательство

equilibrium point /iikwi'libriam.point/точка равновесия

equipment /I'kwipmant/ оборудование

equity /ekwati/ справедливость

to eradicate /iraedikeit/ искоренять

essential /i'senj'1/ существенный, очень важный

estate A'steit/ поместье, имение

euro zone /juarau ,zaon/ еврозона, зона евро (входит 13 стран-членов Европейского Союза)

exception to the law /ik,sepfn ta 6a 'b:/ исключение из закона

to exchange /iks'tjeind3/ обменивать

exchange rate /iks'tjemdj reit/ обменный или валютный курс

exchange rate mechanism /iks.tjeindj reit 'mekamz(a)m/ валютный механизм, механизм обменных курсов

to expand business /ik,spaend 'biznas/ расширять бизнес

to expand production /ik,spaend pra'dAkJh/ расширять производство

expatriate /eks'paetrieit/ эмигрант; беженец; экспатриант (человек, добровольно или принудительно покинувший родину)

expenditure /ik'spenditjafr)/ расходы (особенно государственные)',затраты, издержки

to exploit advantages /ik,spbit 9d'va:ntid3iz/ использовать преимущества

extent /ik'stent/ степень; объем

externalities /,ekst3:'nsel3tiz/ экстерналии, внешние эффекты (последствия производственной и потребительской деятельности экономических субъектов, косвенно отражающиеся на рынке)

124Macmillan Guide to Economics Glossary

extreme poverty /ik'striim pDvsti/ крайняя бедность

F

factors of production /faektoz sv pra'dAkJn/ {land, labour and capital)факторы производства (земля, труд и капитал)

fake /fetk/ подделка

fiat money /fi:aet ,mAni/ бумажные деньги (не

обеспеченные золотом)

fiscal policy /,fiskl 'polssi/ налогово-бюджетная политика

fixed costs /,ftkst 'kosts/ постоянные издержки (затраты фирмы, величина которых не меняется при изменении объемов выпуска фирмы)

fixed exchange rate /fikst iks'tjeinds reit/ фиксированный валютный курс

fixed income /fikst 'тклш/ постоянный доход

foreign exchange market /'form iks tjemds 'ma:kit/ валютный рынок

to forge money /fo:dj тлт/ подделывать деньги

Forex /fDriks/ (сокр.от foreign exchange; тж. FX) валюта

free enterprise /,fri: 'entspraiz/ свободное предпринимательство

free floating mechanism /fri: ,fl3otii] 'теЬшг(э)ш/ механизм свободного плавания валюты

free schooling /,frii 'skuiliq/ бесплатное школьное образование

freelance /friila:ns/ внештатный; независимый

frietional unemployment /.frikjsnl Anim'pbimsnt/ фрикционная безработица (безработица, связанная с добровольной сменой рабочими места работы и периодами временного увольнения)

G

to gain /gein/ приобретать

GDP per capita /,d3i: di: ,pi: рэг kaeprta/ ВВП на душу населения

to go bankrupt /дэи 'baeqkrApt/ обанкротиться

to go on strike /,дэи on 'straik/ объявлять забастовку

goods /gudz/ товары

Great Depression /,greit diprefn/ Великая депрессия

Gross Domestic Product /greus da.mestik 'prodAkt/ (GDP) валовый внутренний продукт (ВВП)

Gross National Product /graus .naejanl prodAkt/ (GNP) валовый национальный продукт (ВНП)

н

to hamper development /Ьэетрэ di'vebpmsnt/ препятствовать развитию

hardship /haidjip/ трудности, лишения, невзгоды

hardworking /,ha:d'w3:kii)/ прилежный

health bill /hel8 bil/ счет за медицинские услуги

healthcare /Ье1е,кеэ/ здравоохранение

heating fuel /hi:tiq fjusl/ топливо

high street bank /hai ,stri:t ,Ьаецк/ банк, отделения которого находятся на центральных улицах большинства городов страны

high tech industries /hai ,tek indsstriz/ высокотехнологичные отрасли

to hold value /.hoold vaelju:/ сохранять стоимость

horizontal axis /hori,zontl 'aeksis/ горизонтальная ось horizontal takeover /hori,ZDntl 'teikouvo(r)/ горизонтальное поглощение

household /haushaold/ домашнее хозяйство

household budget /haushauld bAdjit/ семейный бюджет

housing /haoziq/ жилье; жилищное строительство

hyperinflation /haiparin'fleijn/ гиперинфляция

I

imperfect competition /im^ifikt kompa'tifn/ несовершенная конкуренция(рынок, где существует определенная власть над ценой со стороны одного или нескольких производителей)

in bulk /in 'Ьл1к/ оптом, в большом количестве

incentive /in'sentiv/ стимул

income effect /шклт r'fekt/ эффект дохода (воздействие, которое изменение цены товара оказывает на реальный доход потребителя и соответственно на количество товара, которое потребитель готов купить)

income tax /шклт taeks/ подоходный налог

indifference curve /in'difrans k3:v/ кривая безразличия(кривая, показывающая различные комбинации двух продуктов, имеющих одинаковое потребительское значение, или полезность, для потребителя)

industrialised nations /indAstrislaizd neijnz/ промышленно развитые страны

inelastic /ini'laestik/ неэластичный

inequality /ini.kwDbtj/ неравенство

infrastructure /mfrastrAktj3(r)/ инфраструктура

inherent /in'hrarant/ присущий, свойственный

interest on loan /intrest Dn ,1эип/ процент по кредиту

interest rate / intra st reit/ процентная ставка

intrinsic /in'trinsik/ присущий, свойственный

'invisible hand' /in,vizabl 'haend/ «невидимая рука» (рынка)

iron and steel industries /аюп эп sti:l .indAStriz/ чугунная и сталелитейная отрасли

iron /аюп/ железо; чугун

К

knock-on effect /nDkDii ifekt/ (тж.knockon и knock on) эффект домино

L

labour /1е1Ьэ(г)/ труд

labour-intensive /leibar in'tensiv/ трудоемкий

landlord /laend,b:d/ помещик

law of diminishing returns /b: sv di.minifiq ri't3:nz/ закон убывающей отдачи(принцип, согласно которому дополнительное использование переменного ресурса при неизменном количестве постоянного ресурса с определенного момента ведет к сокращению предельной отдачи или предельного продукта)

I М а с m i 11 а n Guide to Economics Glossary

to lay off /lei 'of/ увольнять legal monopoly /,li:gl тэ'гшрэП/ монополия, созданная юридическим путем

to lend money /lend 'm,\ni/ ссужать деньги, давать в долг

lender /lenda(r)/ кредитор

life expectancy /laif ik,spektansi/ продолжительность жизни

liquidity /li'kwidati/ ликвидность

long run /lot] глп/ длительный, долгосрочный

luxuries /Ukjariz/ предметы роскоши

м

machinery /тэ'/кпэп/ оборудование

macroeconomics /maskrao^ka'nomiks/ макроэкономика

to make (both) ends meet /,meik (,Ьэи0) endz 'mi:t/ сводить концы с концами

to make a bid /meik э 'bid/ предлагать цену (на аукционе)

to make a profit /,meik э 'profit/ получать прибыль

manual work /maenjusl ,w3:k/ физический труд

to manufacture goods /maenju.faektja 'gudz/ производить товары

manufactured imports /maenju.faektjbd impo: ts/ импорт промышленных товаров/готовых изделий

marginal costs /maidjinl 'kosts/ предельные издержки(прирост общих издержек фирмы от производства одной дополнительной единицы продукции)marginal utility/,ma:d3inl jui'tibti/ предельная

полезность (дополнительная полезность, получаемая человеком от потребления одной дополнительной единицы данного блага за единицу времени)

market economy /,ma:kit I'kDnami/ рыночная экономика (.экономическая система, основанная на частной собственности и использовании механизма спроса и предложения для решения основных экономических вопросов)

to market goods /rnaikit gudz/ продавать товары

marketable wealth /mciikitabl 'we!0/ блага, реализуемые через рынок

mark-up price /,та:клр 'prais/ цена с надбавкой к издержкам производства

mass production /mass pra'dAkJn/ массовое производство

mature industry /mo'tjuar 'indsstri/ сложившаяся, развитая отрасль

to meet demand /mi:t dima:nd/ удовлетворять спрос

mental work /mentl 'W3:k/ умственный труд

measure /тезэ/ показатель

merchant /m3:tjant/ купец

microeconomics /.maikrao.Kks'nDmiks/ микроэкономика

miner /татэ(г)/ шахтер mixed economy /,mikst I'konsmi/ смешанная экономика (экономическая система, основанная на различных формах собственности, хозяйственное развитие которой регулируется рынком, традициями и централизованными решениями)

mixed public goods /,mikst .pAbhk 'gudz/ смешанные общественные блага

money market /тдш ma:kit/ денежный рынок, валютный рынок

monopsony /mo'nopsani/ монопсония (рынок, на котором действует лишь один покупатель товара, услуги или ресурса)

mortgage /mcxgids/ ипотека, закладная; ипотечный кредит

multiplier /nulti, plaia/ мультипликатор (коэффициент, показывающий отношение равновесного реального объема производства к изменению объема инвестиций или к изменению любого компонента совокупных расходов)

multiplier effect /.nultiplaiar I'fekt/ эффект мультипликатора

N

national defence /naej'anl di'fens/ национальная оборона

national income /nsefsnl 'шклт/ национальный доход

national output /naejanl 'autpot/ общий объем продукции, произведенной в данной стране, совокупный продукт

natural disaster /.naetjral di'zaiste(r)/ стихийное бедствие

net investment /.net in'vestmant/ чистые инвестиции

net revenue /net 'revajiju:/ чистый доход

network /netw3:k/ сеть; система

number crunching /плтЬэ ,kr\ntjii]/ сложные математические расчеты

О

to obey law /э.Ьег 'b:/ подчиняться закону

oligopoly /.Dli'gDpali/ олигополия (относительно небольшое количество производителей однородной продукции при частичном контроле над ценами)

open economy /эорэп ikonami/ открытая экономика

open market operations /эорэп ,mn:kit opa'reijnz/ операции на открытом рынке

opportunity costs /op3'tju:nati kDst/ издержки упущенных возможностей

order /о:ёэ( г)/ заказ

output /aotpot/ объем выпуска, вьшуск (iпродукции)

to overheat /,auva'hi:t/ перегревать(ся)

overheating /,3uva'hi:tii]/ перегрев

to owe /эи/быть должным

128 Mtemlllan Guide со Economics Glossary

ownership /aona(r)Jip/ собственность, право собственности

Р

to package /pyekids/ упаковывать

panel data analysis /.paenl .deita a'naebsis/ анализ панельных данных (анализ показателей по определенному фиксированному количеству участников экономической деятельности, производимый в течение нескольких периодов времени)

part-time employee /,pa:t taim im'pbii:/ работник, работающий неполный рабочий день

pay /pei/ оплата; зарплата

to pay back /pei 'baek/возвращать деньги(долг, кредит)

to pay off a debt /pei ,of эdet/ покрывать долг; рассчитываться по долгу

pay rise /pei,raiz/ повышение зарплаты

peasant /peznt/ крестьянин

pegging /редщ/ привязка валютного курса к другой валюте (или корзине валют)

to penalise /pi:nalaiz/наказывать; штрафовать

pension scheme /penjn ski:m/ пенсионная схема

perfect competition /,p3:fikt .kompa'tijn/ совершенная конкуренция(рынок, на котором действует неограниченное количество независимых друг от друга производителей, выпускающих однородную продукцию при отсутствии неценовой конкуренции и барьеров для вхождения на рынок новых фирм)

planned economy /plasnd I'konami/ (тж. command economy) плановая экономика(экономическая система, в которой

материальные ресурсы являются государственной собственностью, экономическая деятельность общества осуществляется посредством централизованного планирования)

political corruption /pa.lmkl кэглр/п/ коррупция в политике

political insecurity /pa.litikl .insi'kjuoroti/ политическая нестабильность

political unrest /pslitikl An'rest/ политические беспорядки

poverty /pDvsti/ бедность

poverty line /pDvsti ,lain/ черта бедности

'poverty trap' /pDvsti .traep/ «ловушка нищеты» (ситуация, при которой повышение доходов семьи с низкими доходами, влечет за собой либо утрату госльгот, либо повышение налогообложения, которое «съедает» повышение доходов)

power /раиэ(г)/ 1. держава 2. право, власть

precious jewel /.prejas 'с1зи:з1/ драгоценный камень

precious metal /prejss 'metl/ драгоценный металл

to predict /pri'dikt/ предсказывать predictable /pn'diktsbl/ предсказуемый premises /premisiz/ помещения

price discrimination /prais di,sknmi'neijh/

ценовая дискриминация(практика установления разных цен на различные единицы одного и того же товара для одного или разных покупателей в условиях несовершенной конкуренции)

price elasticity /prais iilae'stissti/ эластичность цены

price maker /prais ,meik3(r)/ компания, устанавливающая цены на рынке

price point /prais .point/1. точка цены(на графике) 2. ценовой ориентир, ценовая точка(уровень цен, принятый в качестве ориентира при совершении каких-либо операций)

price taker /prais ,teika(r)/ соглашающийся с ценой

primary goods /praimari gudz/ сырьевые товары

primary industries /praimsri ,indastriz/ добывающие отрасли

printing business /prmtn] .biznas/ типографский бизнес

private sector /.praivat 'sekta(r)/ частный сектор

production costs /prs'cUkJn kDsts/ издержки производства

production line /pra'dAkJn ,lain/ производственная линия

productivity /pnxLvk'tivsti/ (тж.labour pro­ductivity) производительность (труда)

profit /profit/ прибыль

progressive tax /pra,gresiv 'taeks/ прогрессивный налог

to provide services /pra.vaid 's3:visiz/ предоставлять услуги

public goods /рлЬЬк godz/ общественные блага

public spending /.рлЫтк 'spendiq/ госрасходы

publishing company /pAbhj nj ,клшрэш/ издательство

pull (in demand) /,pol (in di'ma:nd)/ увеличение (спроса)

purchase /p3:tjas/покупка

pure monopoly /р]из(г) тэ'порэЬ/ чистая монополия

pure public goods /pjo3(r).pAblik ,gudz/ чистые общественные блага

to put tariffs on smth /put 'taerifsDn ,SAm9iij/ налагать тарифы на что-либо

Q

quota /kwsuta/ квота

R

to ration goods /raejn gudz/ распределять товары (no карточкам при дефиците)

raw materials /,гэ: ma'tiarialz/ сырье

recent study /,ri:snt 'sUdi/ недавнее исследование

recession /n'sejn/ рецессия, сильный спад, кризис

recovery /п'клуэп/ оживление

relationship /ri'leifnjip/ взаимосвязь, взаимоотношения

relative /rebtiv/ относительный

I 30М а с m I f I a n Guide to Economics Glossary

repayment /n'peimant/ платеж (no кредиту), погашение (займа, долга)

replacement investment /ri'pleismsnt investment/ капиталовложения, направляемые на возмещение

research /ri's3:tj/ исследование

to restrict trade /ri,strikt 'treid/ ограничивать торговлю

retail price index /,ri:teil prais ,indeks/ индекс розничных цен

retailer /ri:teil3(r)/ розничная фирма, розничный торговец

return /пЧзтп/ оборот; доход

revenue /revsnjui/ доход

reward /n'woid/ вознаграждение

roller-coaster ride of boom and depres­sion /,гэи1э ,koust9 ,raid av ,bum эп di'prejn/ головокружительная череда подъемов и спадов

to run a business /глп э 'biznas/ руководить бизнесом

S

safety net /seifti ,net/ система стабильного функционирования финансовой системы; сетка безопасности(система обеспечения экономической безопасности; в социальной области - это поддержание государством неимущих слоев, в финансовой сфере - обеспечение функционирования банковской системы)

sales /seilz/ объем продаж saver /seiva(r)/ вкладчик

savings account /seivnjz a.kaunt/ сберегательный счет

savings /seivirjz/ сбережения

scale /skeil/ масштаб

scarcity /skeasati/ нехватка, дефицит

seasonal unemployment /,si:zenl Amm'pbimant/ сезонная безработица (связана с отсутствием/ ненадобностью какого-либо вида деятельности в определенное время года)

securities /si'kjuaratiz/ ценные бумаги

security /si'kjuarati/ 1. гарантированность 2. гарантия, залог 3. защита, охрана

serf /s3:f/ крепостной

to set prices /set praisiz/ устанавливать цены share /[еэ/ доля {напр. рынка)',акция shelter /Jelte(r)/ кров

shift in demand /Jift in di'maind/ изменение в спросе

ship building /Jip ,bildii]/ судостроение shipyard /Jipjaid/ судоверфь shock therapy /Jbk ,fierapi/ шоковая терапия short run /Jo:t ,глп/ краткосрочный shortage /Jbitidy дефицит to shrink /Jriqk/ сокращаться skilled /skild/ квалифицированный slump /sLvmp/ спад

social security benefit /saujl si,kju9rati 'benafit/ пособие социального страхования stagflation /staeg'fleijn/ стагфляция

(экономический застой при одновременной инфляции)

stall owner /sto:l ,эипэ(г)/ владелец торгового места на рынке

stalls /sto:lz/ прилавки (нарынке); палатки

staple goods /steipl ,gudz/ основные продукты питания; товары первой необходимости

state monopoly /steit тэ'порэН/ государственная монополия

state run industries /steit глп indastriz/ государственные отрасли

state run shop /steit ,глп Jbp/ государственный магазин

state sector /steit 'sekta(r)/ государственный сектор

to steer /stis(r)/ управлять

sterling /st3:lirj/ (полн.pound sterling) фунт стерлингов (валюта Великобритании)

stock exchange /stok iks^Jeindy фондовая биржа

stock market /stok ma:kit/ фондовый рынок

stocks /stDks/ запасы; ценные бумаги

storage /stoinds/ хранение

structural unemployment /strAktJaral Anim'pbimsnt/ структурная безработица (безработица среди рабочих некоторых профессий при наличии спроса на рабочих других профессий)

subsistence (level)/sab'sistans ,levl/ прожиточный минимум

subsistence farming /ssb'sistens ,fa:miq/ (тж. subsistence agriculture) натуральное сельское хозяйство; примитивное сельское хозяйство

substitute /sAbstitju:t/ товар-аналог; заменитель

substitution effect /.SAbsti'tjuiJn i,fekt/ эффект замещения

to suffer a devastating collapse /sAfar э .devgsteitir] ko'laeps/ претерпевать разрушительный крах

suicide rate /su:isaid ,reit/ уровень самоубийств

supermarket checkout /,su:p8ma:kittfekaot/ касса в магазине самообслуживания

supplier /s3'plai9(r)/ поставщик

supply and demand pattern /sa.plai эп di'ma:nd ,рэеЬп/ модель взаимодействия спроса и предложения

to supply smb with smth /ss'plai wi0/ снабжать кого-либо чем-либо

supply /sa'plai/ предложение

supply-side shock /ss.plar said 'Jok/ потрясение, вызванное со стороны предложения

surplus /s3:pbs/ избыток, излишек

survey /S3:vei/ обзор, исследование

sustained economic growth /sa.steind пкздшпнк 'дгэиб/ устойчивый экономический рост

132Macmillan Guide to Economics Glossary

to swap /swop/ менять, обменивать(ся)

т

to take into account /teik mtu: a'kaunt/ принимать во внимание to take on staff /.teik Dn 'stcuf/ брать на работу персонал

takeover /teik9uva(r)/ поглощение одной компанией другой компании

target /ta:git/ цель, целевой ориентир

tax payer /tasks рега(г)/ налогоплательщик

taxation /taek'seijn/ налогообложение

temporary /temprari/ временный

tied aid /taid eid/ обусловленная помощь

(помощь, связанная с выполнением каких- либо условий помогающей стороны)

timber /timba(r)/ древесина

time lag /taim laeg/ временной лаг, задержка во времени между событием и следствием

time-series analysis /,taim ,siari:z a'nadasis/ анализ временных рядов

tool /tuil/ инструмент

trade balance /treid banians/ торговый баланс

trade cycle /treid saikl/ промышленный цикл

trade deficit /treid .defisit/ дефицит торгового баланса

trade surplus /treid 's3:plas/ положительное сальдо торгового баланса

trade-off /treid of/ обмен; компромисс; уступка

trader /'treida(r)/ трейдер; торговец; биржевой спекулянт

trading partnership /.treidiq 'pa:tnajip/ сотрудничество в области торговли

transaction /traen'zaekj'n/ сделка, деловая операция

to transfer money /traens,f3: 'тлш/ переводить деньги

transfer payments /trsensf3:(r) .pennants/ трансфертные платежи (выплаты населению по программам социального страхования, а также выплата процентов владельцам государственных обязательств)

transport cost /tricnspDit ,kost/ издержки на транспортировку

transport department /,trsenspo;t di'paitmant/ министерство транспорта

trend /trend/ тенденция

tribal /traibl/ племенной

tribe /traib/ племя

turnover /t3:n,3ov9(r)/оборот

U

unemployment benefit /лшгцрЬппэт 'benafit/ пособие по безработице

unfair /лn'fea(r)/ несправедливый

unit of account /juinit av a'kaunt/ расчетная денежная единица

unjust A\n'd3Ast/ несправедливый

utility /ju:'tilati/ полезность

V

value /vselju:/ стоимость, ценность

value added tax /.vaelju: aedid taeks/ (сокращенноVAT) - налог на добавленную стоимость {НДС) variable /veariabl/ переменная (величина)

variable costs /.veariabl 'kDSts/ переменные издержки(издержки, общая величина которых возрастает или уменьшается, когда возрастает или уменьшается объем выпуска фирмы)

vertical axis /,v3itikl aeksis/ вертикальная ось

vertical takeover /,v3:tikl 'teikaova(r)/ вертикальное поглощение

W

wage rate /weid3 reit/ ставка зарплаты

warehouse /weahaus/ склад

watermark /wD:ta,ma:k/ водяной знак

wealthy /welBi/ богатый, состоятельный

to weight /weit/ перен.придавать значимость, вес

welfare economics /.welfear iika'nomiks/ экономика благосостояния

welfare /welfeafr)/ благосостояние

wholesaler /haoiseih(r)/ оптовая фирма, оптовый торговец

to win a share of the market /,win a Jea av Оэ

'ma:kit/ получить долю рынка

withdrawal /wi6'dro:al/ изъятие вклада (из банка)

workforce /w3:kfo:s/ рабочая сила

working age /w3:kiq ,eids/ трудоспособный возраст

Macmillan Guide to Economics Audio CD

1. Copyright Information Unit 1

2. С Listening (p5)

3. F Listening (p7)

4. Pronunciation Guide (p8)

Unit 2

5. С Listening (p 10)

6. F Listening (pi 2)

7. Pronunciation Guide (pl3)

Unit 3

8. С Listening (pi5)

9. F Listening (pi7)

10. Pronunciation Guide (p 18)

Unit 4

11. С Listening (p20)

12. F Listening (p22)

13. Pronunciation Guide (p23)

Unit 5

14. С Listening (p26)

15. F Listening (p28)

16. Pronunciation Guide (p29)

Unit6

17. С Listening (p31)

18. F Listening (p33)

19. Pronunciation Guide (p34)

Unit 7

20. С Listening (p36)

21. F Listening (p38)

22. Pronunciation Guide (p39)

Unit 8

23. С Listening (p41)

24. F Listenmg (p43)

25. Pronunciation Guide (p44)

Unit 9

26. С Listenmg (p47)

27. F Listenmg (p49)

28. Pronunciation Guide (p50)

Unit 10

29. С Listening (p52)

30. F Listenmg (p54)

31. Pronunciation Guide (p55)

Unit 11

32. С Listening (p57)

33. F Listenmg (p59)

34. Pronunciation Guide (p60)

Unit 12

35. С Listenmg (p62)

36. F Listenmg (p64)

37. Pronunciation Guide (p65)

Unit 13

38. С Listenmg (p68)

39. F Listening (p70)

40. Pronunciation Guide (p71)

Unit 14

41. С Listening (p73)

42. F Listening (p75)

43. Pronunciation Guide (p76)

Unit 15

44. G Listenmg (p78)

45. F Listening (p80)

46. Pronunciation Guide (p81)

Unit 16

47. С Listening (p83)

48. F Listening (p85)

49. Pronunciation Guide (p86)

Unit 17

50. С Listenmg (p90) 61 F Listenmg (p92)

    52. Pronunciation Guide (p92)

Unit 18

52. С Listening (p94)

53. F Listening (p96)

54. Pronunciation Guide (p97)

Unit 19

52. С Listenmg (p99)

53. FListening (pi01)

54. Pronunciation Guide (p!02)

Unit 20

52. С Listening (pi04)

53. FListening (pi06)

54. Pronunciation Guide (pl07)

Unit 21

52. С Listenmg (p!09)

53. FListening (pill)

54. Pronunciation Guide (pi 12)

1 A theory is only good if you can ...

A express it clearly. В test it. С measure it.

2. Empirical evidence is evidence that...

A we can see. В economists can't use. С can be measured.

Some of the puzzles in this book are leally

Newton's of gravity explains why

things fall towards the earth.

There is a lot of for organic fruit

nid vegetables these days

When you throw a ball, it follows a

back down to earth.

Gold is expensive because there is only a very supply.

When a company stops making a product, it isn't any more.

Normally I arrive at work at 8.00 am. but Thursday is an

Tlus rule ...to everyone in the school,

even teachers.

Everyone who earns a salary must pay to the government.

There has bee n a in public opinion

about the environment recently.

There has been a huge in demand

for air conditioners due to the hot weather.

Prices have been too high and

nobody can afford the goods.

I found the work you've managed to do very Well done!

Deai Mr Snape.

I am sorry to have to write to you with bad news. After 35 years as one of Bollington's top printing companies, we havedeckled to dose the business down

In the last five years P&Q Printing have made many aggressive (11 ькИЬof other companies. Furthermore, with their modem factories, ?&C operate an economy of i2i staffwhich is difficult for us to compete with. Their factory here ш Boliington produces over 2,000 books per month This is double the 13> takeover* of our traditional printing methods. Moreover, they can provide (4) warehouses,for their products Their large(S)Dstoragt-enable them to do tins. This also help? them keep costs down

Of course, our decision means that our <f ¹- de will lose their ;cbs This is very sad, as they have all taken С/ iDafford m their work over the years. However, we simply cannot (й> prideto pay their salaries anymore. Tire only good thing is that they all have valuable <9>Dproduc!ivitv and I am sure they will find work quickly.

I will write to you again with further details as s.-xni as I have them.

Yours sincerely,

Johr. Ink

Managing Director

Dear Gill.

How are you getting on at university? As you know, rather than studying, 1 decided to get a job but you will bo surprised to hear my news

I didn't take the job I was offered in the

i i department because 1 was also

offered another job in a bank! You may well be wondering why and the answer is simple - money!

It would have boon hard to (21 or

the salary the first job paid. As a single jx;rson my

personal (3) isn't very much so I

have to pay a lot of tax. Being paid well is always a

14 > in any job! Added to that. I'm not

! 5) to work in the city centre which

is something I'd prefer to avoid and neither do I

run the risk of being (6) I'd hate to

have to move.

Anyway, the position I have is working at a

(71 As you can imagine. I see a lot of

things in a day it's never boring Take yesterday. Well, an old lady came to my counter, opened her

bag and took out her (St Then she

began to count a huge pile of coins and notes in front of me. This went on for a while, then the man behind her started to complain. Of course that

had a(n) (9) and soon the whole

bank was going crazy, all the customers arguing. Throughout ail of this the old woman continued her counting! Well, she deposited her life savings and the customers calmed down. 1 must say. perhaps there's a bit too much excitement sometimes. I may move to the loans department in the future. It might be easier to (10) people money.

Anyway, let me know how you're getting on.

Love.

Helen xxx

I [ЦМкСЯШЦ Guida to Economic* Unit 21

I 12 Mtr № ¹ t г ii' # t C.El ПЙОЯ' \ 'J " t 2