Give a short summary of the whole episode

                                           Words to be remembered

Ex. 1. Translate the following sentences and put questions to the underlined words.

1. The exported or imported goods are called visible exports or imports and different services (such as insurance, technical expertise, tourism) are called invisible ones. 2. Some countries have invisible trade deficit because their citizens spend all the money while travelling abroad. 3. Last year our surplus on book publishing was $ 48 million of which $ 11 million was used to acquire distribution company in California. 4.The rise in gas prices is likely to affect the cost of electricity. 5. The ideal solution to this problem is for his wife to get a part-time job. 6. We were hoping to finish the repairs today, what is holding us up is the shortage of spare parts. 7. Many social problems can be solved by means of just taxation. 8. Production was held up when one of the machines broke down. 9. The government plans to reduce its outstanding debts by making changes in a system of taxation. 10. If youwere fired from your previous job you may not be able to claim unemployment benefit.

Ex. 2. Fill in the blanks with the missing words given below.

1.  In the USA cities and states have the right to charge an additional percentage of the cost of some items in order to raise ... . 2. In men’s earliest days exchange did not exist because the level of production was so low that there was no ... of anything which could be exchanged.   3. How will these new taxes ... people on lower incomes? 4. He thought that he could ... all the family’s problems simply by ... more money. 5. We were ... on the road by a traffic accident. 6. The bank refused to grant him a ... because he had a lot of ... debts. 7.  When a company wants to expand, one factor that always ... this decision is cost. 8. All the ... should be tested before they are assembled. 9. Our management is strongly opposed to ... on social programmes. 10. The percentage of the tax grows with the taxpayer’s ... .

surplus, outstanding, components, affect, held up, borrowing, income, loan, revenues, expenditure, solve.

Ex. 3. Pay attention to the following terms and translate the sentences from Russian into English.

a balance of payment surplus -активный платежный баланс; a balance of payment deficit -дефицит платежного баланса; a balance of trade surplus -  aктивный торговый баланс;  balance of trade deficit -  дефицит торгового баланса; to have (suffer) losses -  понести убытки (ущерб); to cover losses -компенсировать убытки; to enter into commitment -принять ( на себя) обязательства; to meet commitments -выполнить обязательства

1. Невидимая торговля состоит из экспорта и импорта таких услуг, как туризм, страхование, банковские услуги и т.д. 2. Разница между общим доходом страны и общим расходом называется платёжным балансом. 3. Разница между тем, что страна получает от видимого экспорта и тем, что она платит за видимый импорт называется торговым балансом 4. Если страна продаёт больше товаров, чем покупает, она имеет активный торговый баланс. 5. Если страна продаёт меньше, чем покупает, то она имеет дефицит торгового баланса. 6. Если компания тратит больше денег, чем зарабатывает, она несёт убытки. 7. По условиям контракта судоходная компания взяла на себя обязательства компенсировать убытки, если груз будет повреждён при перевозке.

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