Упражнение 1 Переведите на русский язык выражения.
cooperation accord; stock market; bulls and bears; interest rate; Thatcherism; venture capital; capital goods; feasible accuracy; cross-border acquisition; fair-trade acts; demand stimulation activity; overseas branch; cattle stock; capital stock; market share; ordinary shares; bill of exchange; exchange rate; deadheading; bank deposit; mineral deposits; high-cost firm; firm prices; blue chips; productivity gains; goodwill; housing; capital-intensive; industries; finished goods inventories; trained manpower; outstanding amount; bad debt provision; foreign securities; monetary targets; Dutch auction.
Упражнение 2 Переведите имена собственные на русский язык.
Big Bang; Board of Agriculture; Land-Lease Act; Bretton Woods System; Department of Defense; World Bank Group; Antitrust Division; Dow Jones; American Institute of Accountants; Old Lady of Thread-needle Street; Uruguay Round; Harvard Business School; European Union; Bundesbank; Foreign Office; Security Council; U.S. Department of State; “The Herald Tribune”; Price Waterhouse Corporation; Downing Street; Wall Street.
Упражнение 3 Дополните и переведите аббревиатуры на русский язык
MBO = management _____ (the letters B and O are used in one word), USP = unique _____ point, AOB = any other _____, PEST analysis = political, social, economic and _____ analysis, MD = Managing _____, M & A = _____ and acquisitions, OTE = on-target _____, VAT = Value Added _____, SWOT analysis = strengths, weaknesses, _____ and threats analysis, TNA = trainee _____ analysis, TOIL = _____ off in lieu, RRP = recommended retail _____, RSI = repetitive strain _____, RPI = retail price _____., ICC = International Chamber of _____, SET = _____ electronic transaction.
CAP; CEO; CIS; Fed.; GATT; Ltd.; Inc.; EMU; OECD; OPEC; R & D; SWIFT; VAT; ASEAN; BP; WTO; IMF, IOU.
Упражнение 4. Переведите предложения на русский язык
1. The CEO has always been a staunch advocate of the aggressive expansionary policy.
2. The still big credit outstandings of the company suggest they should keep a more accurate record of their expenses.
3. Even before Thursday’s 5 per cent Bank rate increase the Chancellordid go for a reflation.
4. The country’s overall gross domestic product growth was falling behind predictions made earlier.
5. One of the major revolutions in farming since the war has been the development of dairy herd as the major source of beef.
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6. There are many contracts encouraging cost inflation and higher profits.
7. Technical exchange was to be expanded under the new Agreement.
8. The Government will have to pursue a policy of strict economies.
9. As the World Bank, a CAFTA partisan, suggested in a report in June, forecasting the economic effects of the treaty is more art than science.
10. After the war new measures of exchange control were introduced in many countries.
11. The shipbuilding consortium, Upper Clyde Shipbuilders, was forced to bankruptcy by the refusal of the Government to provide the money necessary to meet its immediate wages and material bills.
ECONOMICS AND ITS CONCEPTS
Упражнение 1. Переведите слова на русский язык
1. aggregate demand
2. aggregate supply
3. allocate
4. alternative use
5. bias
6. capital
7. consumer
8. consumer goods
9. consumption
10. demand
11. economic security
12. economics
13. economy
14. entrepreneurship
15. factors of production
16. free goods
17. GDP
18. gross exports
19. gross imports
20. goods
21. government spending
22. household
23. human needs
24. inflation
25. intangible goods
26. labor
27. land
28. macroeconomics
29. means of production
30. merge
31. mesoeconomics
32. microeconomics
33. national economy
34. natural resources
35. normative economics
36. opportunity cost
37. per capita
38. positive economics
39. production
40. scarcity
41. standard of living
42. supermacroeconomics
43. supply
44. tangible goods
45. to bear losses
46. to curtail
47. to reap profits
48. total production
49. unemployment
50. want (n.)
Упражнение 2. Прочитайте и сделайте перевод данных текстов с листа ( sight translation )
Text 1
Economics as an Academic Discipline
Economics is a social science that studies how society chooses to allocate its scarce resources, which have alternative uses, to provide goods and services for present and future consumption.
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Goods and Services
What exactly are goods and services? Goods are anything that satisfies a want. That is the purpose of production — to provide goods that satisfy wants. So, goods are produced, and the consumption of those goods satisfies wants. Goods can be tangible or intangible. Tangible goods are physical items, such as bulldozers or pizzas. Intangible goods, such as medical care or education are called services.
Resources
The satisfaction of wants can only be accomplished by using up resources, the inputs, the so-called factors of production or means of production. These resources can be classified as land, labor, capital, and entrepreneurship.
Land is land itself and anything that grows on it or can be taken from it are the “natural resources”.
Labor, another resource, is a human effort, both physical and mental.
The resource capital is also known as capital goods. An economist's use of capital is not a reference to money but to a resource. Capital is a man-made tool of production; it is goods that have been produced for use in the production of other goods. Goods are produced for one of two purposes.
Goods may be consumer goods used for the satisfaction of wants, which is the ultimate purpose of production. Or goods may be capital goods produced not for consumption but for use in producing more goods, either consumer or capital. So capital goods, such as a mechanic's wrench or a school building, are resources that have been produced and that will combine with other resources, such as land and labor, to produce more output. Some goods may be consumer goods in one use and capital goods in another use.
Entrepreneurship is again human effort. Entrepreneurs are the risk takers. They are more than managers, although they use managerial ability. Entrepreneurs reap the profits or bear the losses of their undertakings. Entrepreneurship is the organizational force that combines the other factors of production — land, labor, and capital — and transforms them into the desired output. The output may be capital or consumer goods, but ultimately consumer goods are produced to satisfy wants.
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Scarcity
Resources are scarce. Scarcity is a relationship between how much there is of something and how much of it is wanted. Resources are scarce compared to all of the uses we have for them. If we want to use more than there is of an item, it is scarce. Note that this meaning is different from the usual meaning of scarce, which is “rarely found in nature.” How are they different? Consider this example. Is water scarce? How could anyone argue that water is scarce in the usual sense? Water covers nearly two-thirds of the earth's surface. Yet an economist would say that water is scarce. Why? The reason is that there are so many competing uses for water that more water is wanted than is available. If you find this hard to believe, ask farmers and ranchers in the West, where water rights are jealously guarded. As soon as someone is willing to pay for a goods, or a resources, it is scarce by the economist's definition.
The production of goods to satisfy a want will reduce the amount of available resources. Resources are limited. There is only so much land, labor, capital, and entrepreneurship in existence at any point of time. Resources are therefore scarce because there is not enough of them to go around to produce all the things that we would like to produce to satisfy all our wants. Hence goods are scarce, too. Scarce resources yield scarce goods.
Choices
We must choose how to use our scarce resources. Scarcity forces choice. And economics, which deals with scarcity, is often called the study of choosing. We cannot have all we want of everything we want. Scarcity. Scarcity is imposed by limited factors of production yielding limited output of goods relative to unlimited wants. Choices must be made.
Now you see that since we do not have enough capital goods to assist in the production of all those consumer goods to satisfy our unlimited wants, capital is a scarce resource. And we must choose how to use capital. For similar reasons, we must choose how to use land, labor, and entrepreneurship. The fact that choices must be made in turn reflects the fact that scarcity does exist.
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Alternative Uses
So far, we see that society is faced with the problem of not having enough resources to provide for all wants. And thus, choices must be made about how those resources will be used or allocated. Allocate means distribute. Society must make choices among the alternatives. Society must decide which goods will be produced, how to allocate resources to produce goods, and how to allocate the goods among the population. The method used to decide how these allocations will be made depends on the kind of economic system the society has chosen.
Since resources have alternative uses and are scarce, it is necessary to choose among the alternatives. Land, labor, capital, and entrepreneurship may be used in one combination to produce pianos and in another to produce computers or psychiatric care. Yet we cannot have all the pianos, computers, and psychiatric care as well as all of everything else we might want. There are many alternative ways to use the resources, and choices must be made.
Text 2
Supply and Demand
We said that economics is concerned with consumption and production. Another way of looking at this is in terms of demand and supply. In fact, demand and supply and the relationship between them lie at the very centre of economics. But what do we mean by the terms, and what is their relationship with the problem of scarcity?
Demand is related to wants. If goods and services were free, people would simply demand whatever they wanted. Such wants are virtually boundless, perhaps only limited by people's imagination. Supply, on the other hand, is limited. It is related to resources. The amount that firms can supply depends on the resources and technology available.
Given the problem of scarcity, given that human wants exceed what can actually be produced, potential demands will exceed potential supplies. Society therefore has to find some way of dealing with this problem. Somehow it has got to try to match demand with supply. This applies at the level of the economy overall: aggregate demand will need to be balanced against aggregate supply. In other words, total spending in the economy should balance total production.
But if potential demand exceeds potential supply, how are actual demand and supply to be made equal? Either demand has to be curtailed, or supply has to be increased, or a combination of the two. Economics studies this process. It studies how demand adjusts to available supplies, and how supply adjusts to consumer demands.
Text 3
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