MARKETS CHOSEN BY AN INVESTOR

Варіант 1

DEFINING EMPLOYMENT AND UNEMPLOYMENT

Although not as severe as a depression, a recession is clearly an undesirable event. Like a depression, a recession leads to higher unemployment, reduced output, reduced incomes and lower living standards.

To understand unemployment and how it relates to the adverse effects of recessions, we need to understand something about how the labour force is structured. Employment is the total number of people actively employed and unemployment is the total number of people who are actively looking for work but aren’t currently employed. A country’s labour force is the sum of employment and unemployment. The official labour force doesn’t include discouraged workers – people who are capable of working but have given up looking for jobs because they don’t think they will find them. Labour statistics don’t include information on underemployment – the number of people who work during a recession but receive lower wages than they would during an expansion because they work fewer hours, take lower-paying jobs, or both.

The unemployment rate is the percentage of the total number of people in the labour force who are unemployed. The unemployment rate is usually a good indicator of what conditions are like in the job market: a high unemployment rate signals a poor job market in which jobs are hard to find; a low unemployment rate indicates a good job market in which jobs are relatively easy to find. In general, during recessions the unemployment rate is rising; during expansions it is falling.

In fact, even in the most prosperous times there is some unemployment. Zero unemployment is not a realistic possibility, and should not be the goal of policy–makers. A booming economy, like that of the late 1960s or late 1990s in the United Kingdom, can push the unemployment rate down to 4 per cent or even lower. But a severe recession, like that of 1980–81, can push the unemployment rate into double digits. These abstract numbers translate into enormous differences in personal experiences. For example, when the UK’s unemployment rate reached 10 per cent in mid–1984, this meant over 3.25 million people in the United Kingdom were actively seeking work but couldn’t find jobs. At the start of the twenty–first century, as unemployment fell to a low rate, UK businesses scrambled to find workers, and even students with mediocre results and references got very good job offers. Alas, as is the nature of the business cycle, this happy era was never likely to last forever – graduates in 2002 and 2003 had considerable difficulty finding work, and unemployment has since begun to creep up in the UK economy as a whole.

 

I. Знайдіть у тексті та випишіть еквіваленти таких слів та словосполучень:

Зайнятість (робочої сили); спад (економічний); зменшений обсяг виробництва; шкідливi/несприятливі наслідки економічного спаду; робоча сила; здатний до; відмовлятися від; неповна зайнятість; відсоток, відсоткове відношення; рівень безробіття; умови; розвиток; мета; з початку; рекомендація; тривати.

 

II. Перекладіть текст письмово.

III. Поставте 5 запитань до тексту (загальне, альтернативне, розділове, спеціальне, питання до підмета) та запишіть їх.

IV. Дайте письмові відповіді на запитання.

1. What are the adverse effects of recession?

2. What is ‘underemployment’?

3. How does ‘unemployment rate’ characterize the labour market?

 

V. Випишіть з другого абзацу речення із герундієм та інфінітивом, визначте їх синтаксичну функцію. Наведіть власні приклади двох речень із герундієм.

VI. Перекладіть речення англійською мовою.

1. Як і застій, економічний спад веде до збільшення безробіття, скорочення обсягів виробництва, зменшення доходів і пониження рівня життя.

2. На початку двадцять першого століття, коли рівень безробіття понизився, підприємства Сполученого Королівства боролися за робітників, і навіть студенти з посередніми результатами і рекомендаціями отримали дуже хороші пропозиції щодо роботи.

Варіант 2

TYPES OF UNEMPLOYMENT

Economists distinguish between various types of unemployment, including cyclical unemployment, frictional unemployment, structural unemployment and classical unemployment. Some additional types of unemployment that are occasionally mentioned are seasonal unemployment, and hidden unemployment. Cyclical unemployment refers to unemployment that rises during economic downturns and falls when the economy improves. It gets its name because it varies with the business cycle, though it can also be persistent, as during the Great Depression of the 1930s. In this case, the number of unemployed workers exceeds the number of job vacancies, so that if even all open jobs were filled, some workers would remain unemployed.

Frictional unemployment involves people in the midst of transiting between jobs, searching for new ones. It is sometimes called search unemployment and can be voluntary. New entrants (such as graduating students) and re–entrants (such as former homemakers) can also suffer a spell of frictional unemployment. With frictional unemployment there is a mismatch between the characteristics of supply and demand. Such a mismatch can be related to skills, payment, work time, location, attitude, taste, and a multitude of other factors. Governments will seek ways to reduce unnecessary frictional unemployment through policies including educational advice, training facilities, information on available jobs and workers, combating prejudice, incentives and regulations, relocation of industries and services, etc.

Structural unemployment involves a mismatch between the sufficiently skilled workers looking for jobs and the vacancies available. Even though the number of vacancies may be equal to the number of the unemployed, the unemployed workers lack the skills needed for the jobs — or are in the wrong part of the country or world to take the jobs offered. In the case of classical unemployment the number of job–seekers exceeds the number of vacancies. However, the problem in this situation is that real wages are higher than the market–equilibrium wage. Hidden, or covered, unemployment is the unemployment of potential workers that is not reflected in official unemployment statistics.

Those who have given up looking for work (and sometimes those who are on Government "retraining" programmes) are not officially counted among the unemployed, even though they are not employed. The statistics also do not count the "underemployed" – those with part time or seasonal jobs who would rather have full time jobs. In economics, the term ‘underemployment’ involves a situation in which a person is working, unlike unemployment, where a person who is searching for work cannot find a job.

I. Знайдіть у тексті та випишіть еквіваленти таких слів та словосполучень:

Тимчасова незайнятість; приховане безробіття; економічний спад; цикл ділової активності; стійкий; вакансія; залишатися безробітним; добровільна робота;  випускник; незбіг; уміння; безліч факторів; навчальні засоби; наявні вакансії; боротьба з упередженнями; стимул; потенційний працівник; офіційна статистика безробіття; програма перепідготовки.

 

II. Перекладіть текст письмово.

III. Поставте 5 запитань до тексту (загальне, альтернативне, розділове, спеціальне, питання до підмета) та запишіть їх.

IV. Дайте письмові відповіді на запитання.

1. What types of unemployment do economists distinguish?

2. What is typical of frictional unemployment?

3. What does the term “underemployment” mean?

 

V. Випишіть з другого абзацу речення із герундієм, визначте його синтаксичну функцію. Наведіть власні приклади двох речень із герундієм.

VI. Перекладіть речення англійською мовою.

1. Деякі додаткові види безробіття, що часом згадуються, це сезонне безробіття та приховане безробіття.

2. Навіть коли кількість вакансій може рівнятися кількості безробітних, безробітні працівники відчувають нестачу навичок, потрібних для роботи, або знаходяться в іншій частині країни чи світу далеко від запропонованої роботи.                                                       

Варіант 3

INVOLUNTARY UNEMPLOYMENT

This conflict between the neoclassical and Keynesian theories has had strong influence on government policy. The tendency for government is to curtail and eliminate unemployment through increases in benefits and government jobs, and to encourage the job–seeker to both consider new careers and relocation to another city. Involuntary unemployment does not exist in agrarian societies nor is it formally recognized to exist in underdeveloped but urban societies, such as the mega–cities of Africa and of India/Pakistan. In such societies, a suddenly unemployed person must meet their survival needs by getting a new job at any price, becoming an entrepreneur, or joining the underground economy of the hustler.

Societies try a number of different measures to get as many people as possible into work. However, attempts to reduce the level of unemployment beyond the natural rate of unemployment generally fail, resulting only in less output and more inflation.

According to classical economic theory, markets reach equilibrium where supply equals demand; everyone who wants to sell at the market price can. Those who do not want to sell at this price do not; in the labour market this is classical unemployment. The demand for labour in an economy is derived from the demand for goods and services. As such, if the demand for goods and services in the economy increases, the demand for labour will increase, increasing employment and wages. Monetary policy and fiscal policy can both be used to increase short–term growth in the economy, increasing the demand for labour and decreasing unemployment.

However, the labour market is not efficient. Minimum wages and union activity keep wages from falling, which means too many people want to sell their labour at the going price but cannot. The labour market should be made more flexible. These include removing the minimum wage and reducing the power of unions as well as making workers more attractive to employers through workers’ education. Increased supply of goods and services requires more workers, increasing employment. It is argued that supply side policies, which include cutting taxes on businesses and reducing regulation, create jobs and reduce unemployment.

Technological change, coupled with labour market institutions, can also play a role in affecting the natural rate of unemployment. Technological change probably leads to an increase in the demand for skilled workers who are familiar with the technology and a reduction in the demand for unskilled workers. Economic theory predicts that wages should increase for skilled workers and decrease for unskilled workers.

 

I. Знайдіть у тексті та випишіть еквіваленти таких слів та словосполучень:

Підприємець, значний вплив, скорочувати і ліквідувати безробіття, аграрне суспільство, міське суспільство, задовольняти потреби виживання, тіньова економіка, намагання, закінчуватися (чимсь), обсяг виробництва, рівновага, попит і пропозиція, походити, грошова політика, фінансова політика, більш гнучкий, більш привабливий, зменшувати податки.

 

II. Перекладіть текст письмово.

III. Поставте 5 запитань до тексту (загальне, альтернативне, розділове, спеціальне, питання до підмета) та запишіть їх.

IV. Дайте письмові відповіді на запитання.

1. How do the economic theories such as the neoclassical and Keynesian ones influence government employment policy?

2. What do attempts to reduce the level of unemployment beyond the natural rate of unemployment generally result in?

3. Why should the labour market be made more flexible and what does it mean?

 

V. Випишіть з першого абзацу речення із дієприкметником минулого часу та дієприкметником теперішнього часу, визначте їх синтаксичну функцію. Наведіть власні приклади двох речень із дієприкметником теперішнього часу.

.

VI. Перекладіть речення англійською мовою.

1. Спроби понизити рівень безробіття нижче природного рівня безробіття в основному зазнають невдачі, ведучи лише до меншого випуску продукції та більшої інфляції.

2. Попит на працю в економіці виникає через попит на товари та послуги.

Варіант 4

INVESTMENT

Investment is the commitment of money or capital to purchase financial instruments or other assets in order to gain profitable returns in form of interest, income, or appreciation of the value of the instrument. It is related to saving or deferring consumption. Investment is involved in many areas of the economy, such as business management and finance no matter for households, firms, or governments. An investment involves the choice by an individual or an organization such as a pension fund, after some analysis or thought, to place or lend money in a vehicle, instrument or asset, such as property, commodity, stock, bond, financial derivatives (e.g. futures or options), or the foreign asset denominated in foreign currency, that has certain level of risk and provides the possibility of generating returns over a period of time.

Investment comes with the risk of the loss of the principal sum. The investment that has not been thoroughly analyzed can be highly risky with respect to the investment owner because the possibility of losing money is not within the owner’s control. The difference between speculation and investment can be subtle. It depends on the investment owner’s mind whether the purpose is for lending the resource to someone else for economic purpose or not.

In the case of investment, rather than store of the good produced or its money equivalent, the investor chooses to use that good either to create a durable consumer or producer good, or to lend the original saved good to another in exchange for either interest or a share of the profits. In the first case, the individual creates durable consumer goods, hoping the services from the good will make his life better. In the second, the individual becomes an entrepreneur using the resource to produce goods and services for others in the hope of a profitable sale. The third case describes a lender, and the fourth describes an investor in a share of the business. In each case, the consumer obtains a durable asset or investment, and accounts for that asset by recording an equivalent liability.

The word originates in the Latin ”vestis”, meaning garment, and refers to the act of putting things (money or other claims to resources) into others’ pockets. The basic meaning of the term being an asset held to have some recurring or capital gains. It is an asset that is expected to give returns without any work on the asset per se. The term ”investment” is used differently in economics and in finance. Economists refer to a real investment (such as a machine or a house), while financial economists refer to a financial asset, such as money that is put into a bank or the market, which may then be used to buy a real asset.__________________________

no matter – неважливо,байдуже / однаково

per se – по суті; сам по собі

 

I. Знайдіть у тексті та випишіть еквіваленти таких слів та словосполучень:

Передача коштів; грошове зобов’язання; вкладати кошти в машини; кредитно-фінансові інструменти; майно; відсоткова ставка; економія споживання; угода з премією; давати прибуток; нести відповідальність; приріст капіталу; головна сума; споживчі товари довготривалого використання; процентна ставка; ф’юрчерсна угода.

 

II. Перекладіть текст письмово.

III. Поставте 5 запитань до тексту (загальне, альтернативне, розділове, спеціальне, питання до підмета) та запишіть їх.

IV. Дайте письмові відповіді на запитання.

1. What is meant by investment?

2. Why can the investment be highly risky?

3. What is the origin of the word “investment”?

V. Випишіть з третього абзацу речення із інфінітивом та дієприкметником теперішнього часу, визначте їх синтаксичну функцію. Наведіть власні приклади двох речень із інфінітивом.

VI. Перекладіть речення англійською мовою.

1. Інвестування включене до багатьох сфер економіки, таких як управління комерційними підприємствами та фінансів, однаково для домашніх господарств, підприємств та уряду.

2. Інвестування, що не було ретельно проаналізоване, може виявитися дуже ризиковим для власника інвестицій, оскільки він не контролює можливість втратити гроші.

Варіант 5

MARKETS CHOSEN BY AN INVESTOR

There are a wide variety of markets in which one can invest money. The main markets are stocks (equity), bonds, forex, derivatives and physical assets. Furthermore, within each of these types of markets, there can be even more specialty markets.

The market that is most familiar to the average investor is the stock market. This market allows investors to buy and sell shares of ownership in publicly traded companies. Money is made in this market in two main ways. The first is through capital gain, in which the value of each share increases in value. The other is through dividends, in which companies pass on income to investors.

The debt market is used by governments, companies and financial intermediaries to issue debt instruments to raise capital. The debt issuers then make regular payments to debtholders in the form of coupon payments and, once the debt matures, pay back the principal on the debt. The most common types of financial instruments issued in this market are bonds, bills, notes and certificates of deposit. There are also more exotic types of debt including mortgage-backed securities and collateralized debt obligations.

The forex market allows investors to speculate on changes in the exchange rates between currencies. Investors will purchase one currency by selling another in the hope that the currency they purchased goes up in value compared to the one they sold. In this market, because the moves between currencies are generally small and investments are shorter term, a lot of leverage is used. Some forex brokers allow leverage as high as 500:1, which means that you can control $500 for every $1 you invest.

The investment in physical assets is essentially the purchase of assets such as metals, jewelry, real estate, cattle and much more. In this market, investors hope that the price for which they can sell an asset is more than what they paid for it. The risks and costs associated with this type of investment will differ with each type of physical asset. For example, there can be holding fees on gold; if you own cattle, the cost of caring for them is considerable.

The last major type of investment is an expansion of all of the above types of markets. Derivatives are securities that derive their value from an underlying asset such as a stock, interest rate, currency or physical asset. Investors in these types of securities can go long or short on the underlying asset and can purchase either the right or obligation to purchase or sell it. As the value of the underlying asset changes, the value of the derivative changes as well. The major types of derivatives are options, futures and forwards.

I. Знайдіть у тексті та випишіть еквіваленти таких слів та словосполучень:

Акціонерний капітал компанії; матеріальні активи; приріст капіталу; зарахувати прибуток на рахунок інвестора; ринок боргових зобов’язань; фінансовий посередник; основна сума боргу; депозитний, сертифікат; цінні папери, забезпеченні заставною нерухомістю; спекулювати на змінах обмінного курсу; актив, що лежить в основі деривативу; угода з премією; терміновий дериватив.

 

II. Перекладіть текст письмово.

III. Поставте 5 запитань до тексту (загальне, альтернативне, розділове, спеціальне, питання до підмета) та запишіть їх.

IV. Дайте письмові відповіді на запитання.

1. What is the debt market used for?

2. What does the forex market focus on?

3. What are derivatives?

 

V. Випишіть з четвертого абзацу із інфінітивом, визначте його синтаксичну функцію. Наведіть власні приклади двох речень із інфінітивом.

VI. Перекладіть речення англійською мовою.

1. Інвестування в матеріальні активи – це, по суті, купівля таких активів, як метали, ювелірні вироби, нерухомість, велика рогата худоба та багато іншого.

2. Деривативи – це цінні папери, які отримують свою цінність від активів, що лежать в основі таких деривативів, як акції, відсоткові ставки, валюта або матеріальні активи.


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