V. Find in the text English equivalents for the following
кривая спроса; реакция на...; при прочих равных условиях; товар, предмет потребления; снижение цены на 1 процент; процентное изменение в количественном показателе спроса; эластичность спроса в зависимости от изменения цены; измерить гибкость реакции на...; положительное (плюсовое) процентное изменение;, негативное (минусовое) процентное изменение
V. Find in the text English equivalents for the following
The demand curve; the responsiveness of; other things equal; a good; a commodity; a price cut of 1 pound; the percentage change in quantity demanded; the price elasticity of demand; to measure responsiveness to; a positive percentage change; a negative percentage change.
VI. Answer the questions
1. What does the downward slope of the demand curve show?
2. Give the definition of the price elasticity of demand. Explain it in your own words.
3. Name the three types of the demand elasticity as mentioned above.
4. Explain in your own words how to calculate demand elasticity.
5. Explain why economists sometimes omit the minus sign and how negative and positive numbers should be distinguished.
VI. Answer the questions
1. The downward slopeof the demand curve shows that quantity demanded increases as the price of a good falls;
2. The price elasticity of demandis the percentage change in the quantity of a good demanded divided bythe corresponding percentage change in its price. Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price;
3. The cross price elasticity, the income elasticity,the price elasticity of demand;
4. We should divide the percentage change in the quantity of a good demanded by the corresponding percentage in its price;
5. Economists sometimes omit the minus sign, since it is easier to say the demand elasticity is 2 than to say it is -2. Whenever the price elasticity of demand is expressed as a positive number, it should be understood (unless there is an explicit warning to the contrary) that a minus sign should be added. Otherwise, we should be implying that demand curves slope upwards, which is rare but possible.
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VII. Translate using the active vocabulary
1. Построенная (начерченная) кривая спроса отображает воздействие цен и доходов на количественные показатели (величину) спроса. Нисходящая кривая показывает рост спроса по мере снижения цен.
2. Незначительное снижение цены какого-либо товара мало влияет на величину спроса на этот товар.
3. Понятия перекрестной ценовой эластичности, эластичности доходов и собственно эластичности спроса в зависимости от изменения цен помогают экономистам измерять гибкость реакции на изменения цен.
4. В случае нисходящей кривой спроса мы имеем дело либо с повышением количественного показателя спроса (положительное процентное изменение) при снижении цен (отрицательное процентное изменение), либо с обратной ситуацией (падение величины спроса при росте цен).
VII. Translate using the active vocabulary
1. The demand curve plotted shows the effect of the price and income on the demand quantities; The downward slope of the demand curve illustrates the increase in demand as the price of a good falls;
2. A trivial cut in the price has a negligible effect on the quantity demanded;
3. Concepts of the cross price elasticity, the income elasticity,the own price elasticity help economists measure the responsiveness to the price;
4. In the case of the downward slope of the demand we deal with a rise in the quantity demanded( a positive percentage change) at the falling prices (a negative percentage change), and vice versa (a decrease in the quantities demanded at the rising prices).
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VIII. Write down a short essay on the suggested topic (25 sentences):
What is Macroeconomics?
Macroeconomics - the section of economic theory , which explores the economy as a whole system , forming the goal of economic policy and defines the economic tools needed to implement it. . Macroeconomics deals with the economy on a national scale and therefore has to deal with the aggregate economic indicators such as gross national product , national income, gross investment , aggregate demand , aggregate supply , the level and dynamics of prices. Exploring and establishing quantitative relationships between macroeconomic indicators , Macroeconomics does not investigate the socio- economic relations , limiting the quantitative characteristics of economic phenomena and processes and their dynamics. In this regard, Macroeconomics unusually expanded the application of mathematical methods and techniques for the development of economic models and forecasts.
As part of economics Macroeconomics developed in the late 30 's. this century as a result of the work Dzh.M.Keynsa "General Theory of Employment , Interest and Money ." Currently Macroeconomics is the theoretical basis of regulation of the market economy in the industrialized countries , the basis for forecasting and planning of national economic complexes. Macroeconomics is not an exact science, and uses statistical indicators and methods of analysis for the study and description of many of the specific economic problems.
Macroeconomics - a set of inter-related producers and consumers of goods and services. Unlike microeconomics , which studies the motivation of behavior of producers and consumers , as well as the mechanism of their interaction on the product market and factor markets under different types of competition , macroeconomics is a part of economic theory, review the functioning of the economy as a whole. This is indicated by the prefix " macro" (large), which focuses on the fact that this branch of economic theory studies the large-scale economic problems.
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The main problems studied at macroeconomic level, are:
- scoping and structures of a national product and national income;
- identification of the factors regulating employment in scales of national economy;
- analysis of the nature of inflation;
- studying of the mechanism and factors of economic growth;
- consideration of the reasons of cyclic fluctuations and tactical changes in economy;
- research of the external economic interaction of national economies;
- theoretical justification of the purposes, contents and forms of implementation of macroeconomic policy of the state.
Macroeconomic approach to research of economic processes and the phenomena has a number of features.
First, it is directed on studying of the principles of formation of the aggregate indicators characterizing level or tendencies of development of economy as a whole: national income, total amounts of employment and investments, overall price level, rates of economic growth etc. The main subjects of market economy (producers and consumers) also are considered as the aggregated sets. It means that motives of behavior and action of economic agents are interpreted thus as though all interconnected producers are integrated in the person of one, letting out a national product, and all consumers are presented in the market as the cumulative consumer showing demand for this product in exchange for the income, received from sale of factors of production.
Secondly, unlike the microeconomic analysis in which decisions of producers and consumers and their action in the separate markets were considered as independent, economy studying as a whole assumes need of consideration of interaction between economic subjects through system of the interconnected markets.
Thirdly, at macroeconomic approach the number of the economic subjects defining a condition and development of economy extends. The structure of these subjects besides producers and consumers includes the state which impact on economy becomes object of studying. Besides. in open models of functioning of national economy the structure of subjects of the macroeconomic analysis joins cumulative producers and consumers, and also the governments of other countries. When microapproaching influence of the external economic factors on (functioning of firm or the branch market, as a rule, isn't considered.
As theoretical basis of ambiguous treatment of the purposes and problems of macroeconomic policy the different understanding of ability of the market to self-regulation and acritical economic development serves. The modern macroeconomic theory is submitted by a wide range of schools and the directions. Representatives of certain currents of economic thought state opposite views on one questions, make common cause on another, try to find consensus on the third. All this complicates scientific classification of modern economic thought.
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