Exercise 1. Match the words and their definitions
| 1. Budget | a. The activity of telling people about products, events, or job vacancies, and making them want to buy the products, go to the events, or apply for the jobs. |
| 2. Demand | b. The amount of a commodity that consumers are willing and able to purchase at a specified price. |
| 3. Labour | c. Productive work, esp. physical toil done for wages; the people, class, or workers involved in this. |
| 4. Customer | d. The amount of a commodity that producers are willing and able to offer for sale at a specified price. |
| 5. Cost | e. A person who buys. |
| 6. Advertising | f. An itemized summary of expected income and expenditure of a country, company, etc., over a specified period, usually a financial year. |
| 7. Supply | g. The price paid or required for acquiring, producing, or maintaining something, usually measured in money, time, or energy; expense or expenditure; outlay. |
Exercise 2. Match the word combinations with their Russian equivalents
| 1. service industries | a. бытовая техника; |
| 2. sophisticated electronic equipment | b. торговый флот; |
| 3. merchant fleet | c. предприятия сферы услуг; |
| 4. household appliances | d. сложное электронное оборудование; |
| 5. petroleum refining and distribution | e. переработка и распределение нефти |
Exercise 3. Fill in the missing information from the text
1. More than 70 percent of British workers … .
2. Aerospace equipment and heavy machinery … .
3. The Industrial Revolution began … .
4. Many British farmers practice … .
5. The United Kingdom is a major world producer of … .
Exercise 4. Chose the right variant
1. Major financial institutions in London include …
a) the Bank of England
b) the United Kingdom's national bank
c) the London Stock Exchange
d) all of the above
2. The Industrial Revolution began in Britain's …
a) textile industry
b) coal industry
c) food industry
d) steel industry
3. Britain's chief livestock are …
a) beef cattle
b) chickens
c) sheep
d) hogs
4. Britain's largest coal-mining region is in …
a) central England
b) Northern Ireland
c) South Wales
d) Western Scotland
5. Most of the United Kingdom's trade is with …
a) Canada, Ireland and Japan
b) France, Germany, and the United States
c) Norway and Saudi Arabia
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d) Sweden, and Switzerland
Exercise 5. Answer the questions
1. What is the GDP of Great Britain?
2. What are the major financial institutions of Great Britain?
3. What are major British manufactured goods?
4. What is the share of agriculture in the country's food requirements?
5. What does Britain export?
6. What do its imports include?
ECONOMY OF THE UNITED STATES OF AMERICA
The United States ranks first in the world in the total value of its economic production. The nation's gross domestic product (GDP) amounts to over $7 trillion.
The United States economy is based largely on a free enterprise system. In such a system, individuals and companies are free to make their own economic decisions. Individuals and companies own the raw materials, equipment, factories, and other items necessary for production, and they decide how best to use them in order to earn a profit.
Even though the U.S. economy is based on free enterprise, the government has placed regulations on economic practices through the years. Government regulations help protect consumers from unsafe merchandise. They also help protect workers from unsafe working conditions and unreasonably low wages.
In spite of its overall strength, the United States economy has faced problems from time to time. The problems include recessions (mild business slumps), depressions (severe business slumps), and inflation (rising prices).
The US economy consists of three main sectors – the primary, secondary, and tertiary.
Primary economic activities are those directly extracting goods from the natural environment, including agriculture, forestry, fishing, and mining. The primary sector usually contributes about 3 percent of annual GDP.
Agriculture accounts for 2 percent of the US gross domestic product and employs 3 percent of the nation's workers.
A variety of natural resources provide the raw materials that support the economy of the United States. In addition to a moderate climate, the most valuable resources are minerals, soils, water, forests, and fish.
The United States has large deposits of coal, iron ore, natural gas, and petroleum, which are vital to the country's industrial strength. Its many other important minerals include copper, gold, phosphates, silver, and zinc. The United States ranks among the leading countries in the value of its mineral production.
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The farms, factories, households, and motor vehicles of the United States consume vast amounts of energy annually. Various sources are used to generate the energy. Petroleum provides about 40 percent. It is the source of most of the energy used to power motor vehicles, and it heats millions of houses and factories. Natural gas generates about 25 percent of the energy used.
Secondary economic activities involve processing or combining materials into new products, and include manufacturing and construction. They account for 22 percent of the gross domestic product and employ 20 percent of the workers. The leading categories of U.S. products are, in order of value, chemicals, transportation equipment, food products, non-electrical machinery, electrical machinery and equipment, printed materials, scientific and medical instruments, fabricated metal products, paper products, rubber and plastic products, and primary metals.
Construction accounts for 4 percent of the US GDP and provides jobs for 4 percent of the work force. This industry employs such workers as architects, engineers, contractors, bricklayers, carpenters, electricians, plumbers, roofers, ironworkers, and plasterers.
Tertiary economic activities involve the output of services rather than goods. Examples of tertiary activities include wholesale and retail trade, banking, government, and transportation.
Service industries account for 75 percent of the US gross domestic product and employ 76 percent of the country's workers. This industry group includes a wide variety of businesses that provide services rather than producing goods.
Community, social, and personal services rank first among U.S. service industries in terms of the gross domestic product. This industry includes such establishments as doctors' offices and private hospitals, hotels, law firms, computer programming and data processing companies, restaurants, repair shops, private research laboratories, and engineering companies.
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Finance, insurance, and real estate rank next among U.S. service industries. Banks finance much of the economic activity in the United States by making loans to both individuals and businesses. American banks loan billions of dollars annually. Most of the loans to individuals are for the purchase of houses, automobiles, or other major items. Bank loans to businesses provide an important source of money for capital expansion – the construction of new factories and the purchase of new equipment. As a business expands, it hires more workers. These workers, in turn, produce more goods and services. In this way, the nation's level of employment and its economic output both increase.
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