Task III. Complete the following sentences.
1. A major part of the philosophy of the Conservative government of the 1980s was ....
2. A special mention should be made of... .
3. As in all European countries, the economic system in Britain is
4. At the same time different companies are allowed to ... .
5. Economy means a system ....
6. If we let young men stay jobless long we ... .
7. Local government authorities are encouraged to ... .
8. Some corporations became public ....
9. The economic system in Britain is ... .
10.The general trend for the state is ....
11.The Government claims that there is no ... .
12.The governments saved thousands of... .
13.The privatization of services necessitated ....
14.The taxpayer was saved from ....
15.There is a natural monopoly in track ownership but not....
Task IV. Answer the questions.
1. What is economy?
2. What can you say about the economic system in Britain?
3. What is gross domestic product?
4. What do you know about the rate of inflation in Britain?
5. What can be said about Britain's total workforce in employment?
6. How much of the country's economy is controlled by the state?
7. What public corporations in the United Kingdom do you know?
8. Why were they nationalized by Labour governments?
9. What were the peculiarities of the philosophy of the Conservative government?
10.What do we mean when we say that a large number of companies in Britain were privatized?
11.What did the privatization of services necessitate?
12.Why is unemployment in Britain a major problem as in other industrialized countries?
13.Do you agree with the Government that there is no direct link between rising crime and high level of unemployment? Why?
Task V. Translate into English.
1. Економічна система в Британії — це поєднання приватного й державного підприємства.
2. На приватні підприємства припадає три чверті валового національного продукту, на них працюють дві третини населення.
3. У грудні 1999року число працюючих у Британії досягло рекордної цифри — 27 мільйонів.
4. У даний час із числа людей, які працюють на підприємця, 69 відсотків зайняті у виробництві, 4.7 відсотків — у будівництві і 3.4 відсотків — у сільському господарстві, лісівництві, рибальстві.
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5. Питання про контроль уряду над станом розвитку економіки є предметом нескінченних політичних дебатів.
6. Загальна тенденція полягає в посиленні контролю держави над економікою.
7. Різні галузі промисловості були націоналізовані, особливий інтерес складали галузі, пов'язані з виробництвом і розподілом енергії.
8. Націоналізація зачепила різні види транспорту й засоби зв'язку.
9. Численні британські корпорації були націоналізовані урядом, в основному, із політичних міркувань.
10. Деякі корпорації стали надбанням громадськості з метою їх порятунку від банкрутства.
11.Таким чином, уряд врятував тисячі робочих місць у тих фірмах —і, відповідно, платників податків — від необхідності сплачувати великі суми грошей безробітним людям.
12.Основна філософія політики Уряду консерваторів полягала в тому, щоб дозволити керувати «ринковим силам» і перетворити державні компанії в приватні.
13.Такий підхід був характерним для прихильників тетчеризму, і основна частина компаній була приватизована.
14.Сьогодні в країні більше акціонерів, ніж членів профспілок.
15.Як і в інших промислово розвинутих країнах, безробіття є головною проблемою в Британії.
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16.Згідно з повідомленням Міністерства у справах зайнятості у Великій Британії, кількість безробітних складає 3.062 мільйони, і ця цифра збільшується.
17.Як свідчить вивчення цього питання Девідом Дикінсоном, економістом із Кембриджу, серед безробітних переважають чоловіки, «кольорове» населення та молодь.
18.Уряд стверджує, що немає жодного прямого зв'язку між зростанням злочинності та високим рівнем безробіття.
Topic: The US Economy
Task 1. Read and translate the following text and then make up the wordlist to this text:
The United States economy is generally described as a mixed economy. It is a dynamic, free-market system that is constantly evolving out of the choices and decisions made by millions of citizens who play multiple, often overlapping roles as consumers, producers, investors and voters. But though the great majority of productive resources are privately owned, the federal government does play an important part in the marketplace.
By any standard, the American economy that has evolved over less than 250 years has been immensely successful. With less than 5 percent of the world's population, the USA produces about 25 percent of the world's output. The U.S. economy is more than twice as large as the next largest economy, that of Japan. By conventional measures, U.S. productivity and standard of living remain among the highest in the industrial world— although other nations have experienced higher rates of growth in recent decades.
Although the American economy has transformed itself over the years, certain issues have persisted since the early days of the republic. One is the continuing debate over the proper role of the government in what is basically a marketplace economy. An economy based on free enterprise is generally characterized by private ownership and initiative, with a relative absence of the government involvement. However, the government intervention has been found necessary from time to time to ensure that economic opportunities are fair and accessible to the people, to prevent flagrant abuses, to dampen inflation and to stimulate growth.
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So ever since colonial times, the government has been involved, to some extent, in economic decision-making. The federal government, for example, has made huge investments in infrastructure— from canals and post roads in the 19th century, to interstate highways and orbiting Earth satellites in the 20th century. The government has provided social welfare programs that the private sector was unable or unwilling to provide. In a myriad of ways and over many decades, it has supported and promoted the development of agriculture.
The «New Deal» programs of the 1930s brought the greatest expansion of the government's role. New laws were passed regulating many economic activities—from sales of stock to the right of workers to form unions. Moreover, the government began to provide workers with a measure of economic security in their old age. The Social Security program still ensures that retired people have a regular income each month, and has been expanded to help them meet their medical costs.
But the pendulum has also swung the other way. With taxes steadily rising and the U.S. economy stagnating, new national leaders spearheaded a drive to cut the government spending and levels of taxation, and in other ways to reduce the government influence over the private sector. Their goal was to stimulate the private-sector initiative and investment, which is the engine that drives free-market economies.
Another recurrent theme has been the transformation of the U.S. economy by emerging technologies. Once a nation of farmers, the United States was changed dramatically by successful adaptation of the machinery and production processes of the Industrial Revolution—and then transformed again by what amounts to a «second» Industrial Revolution.
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Beginning in 1870 and lasting for over a century, the United States became the world's manufacturing powerhouse—leading the world in the production of steel, automobiles and other products. Since the 1960s, another transformation has been taking place, as new service-based and information-processing industries gradually replace some of the old stalwarts of the traditional industrial base. By the 2000s, advances made in such fields as chemistry, electronics and biotechnology were producing goods and services ranging from semiconductor circuits to laser surgery. Similarly, new farming technology has transformed the American agricultural sector, allowing more food and fiber to be produced by a constantly dwindling number of farmers.
Each of these themes underscores certain fundamental characteristics of the American economy. First, the economy is changing continuously, as citizens freely express their economic preferences directly in the marketplace and indirectly in the voting booth. At the same time, the persistence of these themes over time reveals threads of continuity in the dynamic U.S. economy.
In any event, Americans have often been described as pragmatists. Clear evidence of the American people's pragmatism is demonstrated by their actions: to establish and maintain an economy soundly based on the principles of free enterprise. At the same time, Americans accept an important role of the government to help create an environment with the widest possible opportunities for individual opportunity, and economic growth and progress.
Task II. Complete the following sentences with the words and expressions from the box, using them in the appropriate form.
constantly; decision-making; dwindling; emerging; expansion; government spending; immensely; income; industrial base; influence; intervention; levels of taxation; linchpin; marketplace economy; mixed economy; output; private ownership; private sector; producing goods and slices; production process; productive resources; productivity; stagnating; stalwarts; standard of living; steadily; transformation.
1. An economy based on free enterprise is generally characterized by ... and initiative, with a relative absence of the government involvement.
2. Another recurrent theme has been the ... of the U.S. economy by ... technologies.
3. By conventional measures, U.S. ... and ... remain among the highest in the industrial world.
4. By the 2000s, advances made in such fields as chemistry, electronics and biotechnology were ... ranging from semiconductor circuits to laser surgery.
5. However, the government ... has been found necessary from time to time.
6. It is a dynamic, free-market system that is ... evolving out of the choices and decisions made by millions of citizens.
7. Once a nation of farmers, the United States was changed dramatically by successful adaptation of the machinery and ... of the Industrial Revolution.
8. One is the continuing debate over the proper role of the government in what is basically a ....
9. Similarly, new farming technology has transformed the American agricultural sector, allowing more food and fiber to be produced by a constantly ... number of farmers.
10. Since the 1960s, another transformation has been taking place, as new service-based and information-processing industries gradually replace some of the old ... of the traditional....
11. So ever since colonial times, the government has been involved, to some extent, in economic ....
12. The «New Deal» programs of the 1930s brought the greatest ... of the government's role.
Task III. Find the Ukrainian equivalents to the following words and word combinations in the text.
constantly; consumer; decision-making; dwindle; emerge; evolve; expansion; government spending; immensely; income; industrial base; influence; intervention; levels of taxation; linchpin; marketplace economy; mixed economy; output; persistence; private ownership; private sector; produce goods and services; production process; productive resources; productivity; shield; stalwart; standard of living; steadily; transformation; underscore.
Task IV. Find English equivalents of the words and word combinations given below.
випуск; виробляти товари та послуги; виробничий процес; виробничі ресурси; витрати уряду; вплив; втручання; доход; життєвий рівень; з'являтися; захист; зменшуватися; змішана економіка; надзвичайно; наполегливість; перетворення; підкреслювати; постійно; поширення; приватна власність; приватний сектор; прийняття рішень; прихильник; продуктивність; промислова база; ринкова економіка; рівень оподаткування; розвиватися; споживач; стрижень.
Task V. Fill in prepositions, where necessary.
1. ... any standard, the American economy that has evolved ... less than 250 years has been immensely successful.
2. ... conventional measures, U.S. productivity and standard ... living remain among the highest ... the industrial world — although other nations have experienced higher rates ... growth ... recent decades.
3. ... less than 5 percent ... the world's population, the United States produces ... 25 percent... the world's output.
4. ... taxes steadily rising and the U.S. economy stagnating, new national leaders spearheaded a drive to cut the government spending and levels ... taxation, and ... other ways to reduce the government influence ... the private sector.
5. ... the end ... World War II, the United States conducted international trade ... the shield ... high or modified tariffs.
6. ... the same time, the persistence ... these themes ... time reveals threads ... continuity ... the dynamic U.S. economy.
7. An economy-based ... free enterprise is generally characterized ... private ownership and initiative, ... a relative absence ... the government involvement.
8. Beginning ... 1870 and lasting...... a century, the United
States became the world's manufacturing powerhouse.
9. But though the great majority of ... productive resources are privately owned, the federal government does play an important part ... the marketplace.
10. Clear evidence ... the American people's pragmatism is demonstrated ... their actions.
11. Each ... these themes underscores certain fundamental characteristics ... the American economy.
12. Support ... protectionist measures, such as those advocated ... statesman Alexander Hamilton just ... the American Revolution, has often been strong.
13. The government began to provide workers ... a measure ... economic security ... their old age.
14. The government intervention has been found necessary ... time ... time to ensure that economic opportunities are fair and accessible ... the people.
15. The U.S. economy is more than twice as large as the next largest economy, that... Japan.
16. The United States economy is a dynamic, free-market system that is constantly evolving......the choices and decisions made ...
millions ... citizens who play multiple, often overlapping roles as consumers, producers, investors and voters.
17. Trade was ... many ways the linchpin ... the colonial system; the export ... American commodities made possible the import ... capital and machines ... expansion.
Task VI. Answer the questions.
1. Why is the U.S. economy generally described as a mixed economy?
2. What percentage of the world's output does the USA produce?
3. What do you know about productivity and standard of living in the United States?
4. What can you say about the role of the government in a marketplace economy?
5. Do you agree that the government intervention is necessary from time to time? Why?
6. What do you know about investments in infrastructure made by the federal government in the 19th century and in the 20th century? What was the рифове of the investments?
7. What did the «New Deal» programs of the 1930s bring? What laws were passed?
8. What can you say about the Social Security program enacted by the U.S. government?
9. What did new national leaders spearhead? What was their goal?
10. For what period of time did the United States become the world's manufacturing powerhouse?
11. What transformation has been taking place since the 1960s?
12. In what fields of science were advances made by the 2000s?
13. What technologies have transformed the American agricultural sector?
14. Till what period of time did United States conduct international trade under the shield of high or modified tariffs?
15. What underscores certain fundamental characteristics of the American economy?
16. What reveals threads of continuity in the dynamic U.S. economy?
17. What actions demonstrate clear evidence of the American people's pragmatism?
Task VII. Translate into English.
1. Економіка Сполучених Штатів, як правило, визначається як змішана економіка.
2. Це динамічна, система вільного ринку, що постійно розвивається, виходячи з вибору та рішень, прийнятих мільйонами громадян, поєднуючи численні функції споживачів, виробників, інвесторів і виборців.
3.Хоча більшість продуктивних ресурсів знаходяться в приватній власності, федеральний уряд дійсно відіграє важливу роль в ринкових умовах.
4.За будь-якими стандартами, американська економіка, еволюціонуючи протягом менш ніж 250 років, була завжди надзвичайно успішною.
5.Складаючи менш ніж 5% населення світу, США належить близько 25 % світового виробництва.
6.Економіка США переважає більш ніж у два рази другу за обсягами виробництва економіку Японії.
7.За загальноприйнятими стандартами, продуктивність і рівень життя в США залишаються одними з найвищих в індустріальному світі, хоча інші народи пережили більш високі темпи зростання в останні десятиліття.
8. Хоча американська економіка зазнала значних перетворень за ці роки, з рештою деякі питання вимагали особливої уваги з перших днів утворення республіки, а саме тривалі дебати з приводу належної ролі уряду в ринковій економіці.
9.Економіка, заснована на вільному підприємництві як правило, характеризується приватною власністю й ініціативами з відносною відсутністю державної участі.
10.Тим не менш, державне втручання час від часу було визнано необхідним, щоб переконатися, що економічні можливості є справедливими і доступними для звичайних людей, а також, щоб запобігти кричущим зловживанням, послабленню темпів інфляції і стимулювання збагачення країни.
11.Іншою не менш важливою темою є безперервні дебати з приводу міжнародної торговельної політики і відповідно ступінь інтеграції Сполучених Штатів у світову економіку.
12.Торгівля була в багатьох відношеннях стрижнем колоніальної системи, експорт американських товарів сприяв ввезення капіталу і машин для зростання економіки.
13.Основною фундаментальною характеристикою американської економіки є безперервна рухливість, завдячуючи громадянам, які вільно висловлюють свої економічні преференції безпосередньо в ринкових умовах і побічно в кабіні для голосування.
14.Наочним свідченням прагматизму американського народу є демонстрування власних дій: створення умов і підтримування економіки, заснованої на міцних принципах вільного підприємництва.
15.У той же час, американці розуміють важливу роль держави, яка допомагає створити середовище безмежних можливостей для впровадження індивідуальних зусиль, економічного зростання і прогресу.
Topic: Market price
I. Read and memorize the following words and word-combinations:
market economy — ринкова економіка
price — ціна
to ration — розподіляти, нормувати, видавати
to attend an auction — відвідувати аукціон
rationing effect — раціональний вплив
items for sale — товари для продажу
bidder — покупець на аукціоні
to drive out of the market — витіснити з ринку
the level of output — рівень виробництва
the law of demand — закон попиту
quantity of goods and services — кількість товарів і послуг
elasticity — еластичність; гнучкість
supply — постачання; пропозиція
Task II. Read and translate the following text:
Market economies are directed by prices. Prices ration scarce resources, and they motivate production. As a general rule, the more scarce something is, the higher its price will be, and the fewer people will want to buy it. Economists describe this as rationing effect of prices.
Prices encourage producers to increase or decrease their level of output. Economists refer to this as the production-motivating function of prices. Prices send out «signals» to buyers and sellers, keeping the economy responsive to the supply and demand.
In a free market economy, prices are determined by the interaction of the forces of supply and demand. Perfectly competitive markets are those in which many buyers and sellers, with full knowledge of market conditions, buy and sell products that are identical to one another.
Demand is a consumer's willingness and ability to buy a product or service at a particular time and place. If you would love to own a new pair of athletic shoes but can't afford them economists would describe that your feeling are desire, demand. If, however, you had the money and were ready to spend it on shoes, you would be included in their demand calculations.
The law of demand describes the relationship between prices and the quantity of goods and services that would be purchased at each price. It says that all else being equal, more items will be sold at a lower price than at a higher price.
The degree to which price changes affect demand will depend upon the elasticity of demand for a particular item.
If total revenue increased following a price decrease, demand would be elastic. If the price decrease led to a decrease in total revenue, the demand for the item would be described as inelastic.
The demand for some goods and services will be inelastic for one or more of the following reasons:
— They are necessities.
— It is difficult to find substitutes.
— They are relatively inexpensive.
— It is difficult to delay a purchase.
Sometimes things happen that change the demand for an item at each and every price. When this occurs, we have an increase or a decrease in demand.
Supply, which is the quantity of goods or services that sellers offer for sale at all possible prices at a particular time and place, varies directly with price. In other words, at a higher price, more goods and services will be offered for sale than at a lower one, and vice versa.
The price at which goods and services actually change hands is known as the equilibrium, or market price. It is the point at which the quantity demanded exactly equals the quantity supplied. Market price can be represented graphically as the point of intersection of the supply and demand curves.
Shifts in demand or supply will affect market price. When everything else is held constant, an increase in demand will result in an increase in market price, and vice versa. Similarly, an increase in supply will result in a decrease in price, and vice versa.
The market price is the only price that can exist for any length of time under perfect competition conditions. Perfect competition exists when the following conditions prevail:
— Buyers and sellers have full knowledge of the prices quoted in the market.
— There are many buyers and sellers so that no individual or group can control prices.
— The products are identical with one another. Therefore, it would not make sense for buyers to pay more than the market price, nor for sellers to accept less.
— Buyers and sellers are free to enter or leave the market at will.
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