Unit I What is Economics about?
Grammar: Tenses in Active Voice. Functions of “to be” and “to have”.
Word building: un-, in-, dis-, non-.
Text: Economics is a Science.
Business practice: Writing Business Letter.
Interesting facts: Flags and Emblems of Great Britain.
Ex. 1 Translate the sentences and state the tense-form of the predicate.
Inflation erodes our real wages.
Consumers pay for some extra services, such as medicine, education, transport.
This big company provides fuel for many plants and factories in this area.
For nearly 300 years Americans used sophisticated technology to exploit natural resources.
In the 30 years before the Revolution Russia’s economy grew at between 5-6% annually.
The cold war threatened the very survival of the human species.
The demand for the product will vary with time.
The development of management skills will not come about solely by reading books or attending courses.
Next year the factory will introduce new technology.
In Britain tourism is now supporting about 1.4 million jobs.
The use of computers as a management tool is steadily increasing.
Indeed, the gap between the rich and the poor is progressing more rapidly than at any time in recent history.
The organization structure in today’s factory is still undergoing change.
By 1990s more than 20 million low-income people were receiving food stamps each month.
The Declaration of Independence recognized the great changes that were taking place in the colonies.
The Finance Manager was speaking on the telephone with the accountant.
The company expects that by 2010 about $4 billion will be coming from completely new areas of business.
The engineer will be teaching workers to work with the new equipment at 10 tomorrow.
People’s life in developing countries has changed little over the centuries.
We have made big progress in the education sector in the last two years.
Natural real output in the United States has grown steadily throughout this century.
Over the past twenty or thirty years the banking systems of most developed countries have changed considerably in several directions.
During these years they have worked toward this goal.
News had traveled about the world long before newspaper appeared.
By 1940 the number of factory workers had almost doubled.
The loss from the last operations was twice as high as the company had predicted.
By the time she next month, she will have been with the firm for 22 years.
For several weeks the media has been reporting on the decline of the dollar.
For many years scientists had been studying the nucleus before they found that it is possible to split it.
By the 1st of September this year he will have been working at this company for 3 years.
Ex. 2 Translate the sentences minding functions of the verb to be.
We were to meet and discuss it on Friday.
He is to make a report at the conference.
You’ll have to call again. The director is away on business.
She is a student at this college.
My friends were in London at that time.
Who were you talking to when I came in?
Economic conditions are changing all the time.
You are to read this paper before the conference.
They are starting a new sales campaign next week.
I have just seen him. He must be somewhere about.
I have to go out now, but I’ll be back soon.
There were fluctuations in the prices but on the whole they are down.
The market is to decide how much to produce.
Prices are to regulate production and consumption in a market economy.
I am a third-year student.
Company managers are to calculate future costs and profit before starting the production of a new commodity.
Our company is about to make a contract of delivery of new equipment.
The agreement between two companies is under consideration now.
You’ll have to call again. The director is away on business.
Many people are out of work after economic crisis.
The Marketing Manager is responsible for market research.
Ex. 3 Translate the sentences minding functions of the verb to have.
When he spoke to me, I realized that I had seen him before.
As goods and services are scarce they have to be produced.
In many countries economic development has led to periods of rapid population growth.
She has worked as a Personal Manager for ten years.
A lot of African countries have to develop the export of natural resources if they want to increase their national income.
I will have finished all this typing by 6 p.m.
In the absence of some form of money, exchange has to take the form of barter.
A free market economy has no government intervention.
Price increase can have a vital impact on your business.
We don’t have business talks at evenings.
The secretary has lunch at 11.
Each company has samples of its products in stock.
Ex. 4 Put the verbs in brackets into proper form:
In industrialized countries, the service sector (to grow) very fast nowadays..
Not only goods but also services (to be) important for consumers.
When he (to graduate) from the University, he will become a good specialist.
If you (to prepare) the report in time, you will take part in the conference.
Some African countries (to reach) success in some industries recently.
The factory (to employ) new workers now.
He ( to look through) the documents by 5 o’clock tomorrow.
We (to begin) an additional course in computer programming in a month.
You (to like) Professor Smith’s lectures on economics, I am sure.
The price for oil (to change) in accordance with the demand and supply in the world market.
With the development of the system of all cell phones in Russia the price for this service (to decrease) during two last years.
The degree of economic interdependence between different countries in the world (to increase) last year.
Ex. 5 What do you know about economics?
Do you think economics is a science? Explain why.
Read Text A. Underline the international words and give their translation.
Words to Text A:
economy, n хозяйство, экономика
e.g. a capitalist economy
economics, n экономика, экономическая
наука
e.g. He’s got a degree in Economics.
business, n 1) дело, занятие
e.g. We do a lot of business with Italian companies.
2) предприятие
e.g. A business owned and run by one or more members of the same family
3) коммерческая
деятельность
e.g. We are in business to create profit.
profit, n выгода, прибыль
e.g. They sold the business and bought a yacht with a profit.
profit from, v получать прибыль от
e.g. Coca-Cola profited from higher sales overseas.
bankruptcy, n банкротство
e.g. There has been a sharp increase in bankruptcies in the last two years.
go bankrupt, v обанкротиться
e.g. Many people would lose their jobs if the firm were to go bankrupt.
earn, v зарабатывать
e.g. He earns nearly £20.000 a year.
income, n доход, заработок
e.g. The family income didn’t rise last year.
affect, v воздействовать,
влиять (на кого-л.)
e.g. The last crisis affected our business.
determine, v определять
e.g. Our income is used to determine our standard of living.
employ, v предоставлять работу,
нанимать
e.g. The company employs 2000 people worldwide.
employment, n служба, работа, занятие
e.g. Students seek employment after college.
employer, n наниматель, работодатель
e.g. Every employer should spend money on training.
employee, n служащий; работающий
по найму
e.g. A large proportion of the company’s employees work outside the UK.
tax, n налог
e.g. President said he would cut taxes for middle-income America.
impose, v облагать (налогом),
налагать
e.g. We have decided to impose on countries that break the agreement.
levy, v налагать налог
e.g. A new tax has just been levied on all electrical goods.
purchase, n покупка
e.g. Do you wish us to deliver your purchases?
purchase, v покупать
e.g. money to purchase a new car
arrange, v устраивать,
подготавливать
e.g. The negotiations was arranged at high level.
with reference to ссылаясь на
e.g. With reference to your recent advertisement, I am writing to request further details.
be related to, v быть связанным, состоять
в родстве
e.g. The drop in sales was related to the end of a tax break on new cars.
deal with, v иметь дело (с кем-л.)
e.g. Who’s dealing with this account?
share, n 1) доля, часть
e.g. a share in the profits
2) акция
e.g. Friendly companies and banks own 56% of all shares in Germany’s companies.
shareholder, n акционер, пайщик
e.g. Dividends are paid to the shareholders each year.
share, v делить, распределять
e.g.
rely on, v полагаться на
e.g. I think we can rely on him.
diminish, v уменьшать, убавлять
e.g. The party’s share of the electorate has diminished steadily.
diminishing returns убывающая доходность
subject, n тема, вопрос, проблема
e.g. Paul has strong opinions on most subjects.
reason, v рассуждать
e.g. the ability to reason
Notes to text:
advocate, v - отстаивать, поддерживать
adhere to, v - придерживаться (чего-л.)
Text A
Economics is a Science
Every day it becomes more apparent that economics plays a major role in our lives. Our decisions on what profession to enter, where to work, and where to live are based in large part on economic considerations. If we own a business, economic factors dictate whether or not we earn a profit and continue to operate or fail and go into bankruptcy. Economics applies directly to the earning of our incomes and to the spending of our money. Aside from the direct application of economics to our lives, we are also affected indirectly. Economic policies help determine the level of production and employment in our nation, the amount of taxes we pay, how much aid we give to developing nations, and how much of our resources we devote to preserving our natural environment. Economic measures influence the prices we pay, the purchasing power of our money, the availability of goods and services, and our standard of living.
We must keep in mind the fact that a science is an organized body of truth coordinated, arranged, and systematized with reference to general laws or principles. Frequently when a person thinks of science, one thinks of the physical sciences, such as physics, chemistry, and biology.
There are also, however, nonphysical sciences, which include philosophy, mathematics, psychology, politics, and economics. Economics is considered to be a science because it is an organized body of truth coordinated, arranged, and systematized with reference to certain general laws and principles.
As a science, economics is related to other sciences. Since some of its laws, such as the law of diminishing returns, are based on physical phenomena, economics is related to physics. Since it operates within a nation, it is related to the political structure of that nation and, therefore, to political science. Income determines the standard of living. A low standard leads to social problems. Thus, economics is related to sociology. Since it deals with human behavior, it shares this phase of its study with psychology. For example, the reasons why individuals spend or save are psychological as well as economical. Economics is also related to philosophy. Economic acts are human acts, and human acts constitute a proper subject for ethics, a branch of philosophy. Occasionally someone advocates an economic doctrine that is in contradiction to a moral principle. In such a case, the moral principle should take priority over the economic principle.
Economics, especially at the advanced level, is closely related to mathematics. Economic theory and analysis today not only rely on the use of statistics, econometrics, calculus, linear programming, and other mathematical tools, but much progress has also been made through computer application to economic problems. In its relationships with both physical and nonphysical sciences and exact and non-exact sciences, economics is certainly related to logic, the science of sound thinking, just as any study should be. It is senseless to study any subject without adhering to the rules of logic, whether reasoning from a particular instance to a general principle or from a general principle to a particular application.
Ex. 6 Arrange the following words in pairs of synonyms:
Apply, comprise, appeal, affect, act, influence, include, profit, near, trust, carry out, quantity, rely on, amount, close, return.
Ex. 7 Arrange the following words in pairs of antonyms:
High, appear, spend, impossible, increase, low, irregular, success, decrease, failure, disappear, regular, earn, possible.
Префиксы с отрицательным значением un-, in-, dis-, non- выражают противоположное значение. Happy - unhappy
Important - unimportant
Official - unofficial
Complete - incomplete
To appear - to disappear
Legal - illegal*
*перед l префикс in- превращается в il-, перед r - в ir-, а перед m и p - в im-: regular –irregular, possible- impossible.
Ex. 8 Make new words with negative meaning from the given ones:
Expected, equal, known, limited, pleasant, to lock, ability, capable, direct, mobile, patient, logical, to like, honest, order, to organize, to join, to connect, essential.
Ex. 9 Word building: fill up the table and give their translation.
verb |
adjective |
noun |
|
purchasable |
|
|
relative |
relation |
Refer |
|
reference |
|
|
arrangement |
Reason |
|
reason |
Diminish |
|
|
|
basic |
|
Bankrupt |
|
bankruptcy |
Apply |
applicable |
|
Employ |
|
|
Influence |
influence |
|
Ex. 10 Read and translate the words and word combinations in writing. Use a dictionary
If necessary.
To refer
To refer to as
To be referred
Referable
Reference
Reference dates of business cycle
To rely on
To be relied on
Reliable source
Reliance on funds
Reliability of economic forecasting
To arrange
Arranged
To be arranged
Arrangement of negotiations
Arranger
Arrange for payment
To purchase
Purchased
To be purchased
Purchasing
Purchasable
Purchaser
Purchasing power
Purchase on credit
To apply
Applied
Applying for a job
Applicable
Applicability
Application letter
Applicant
Appliance
To employ
Employed on agreement basis
Employable
Employer
Employee
Employment
Employment of capital
Ex. 11 Find English equivalents in Text A.
1. социальные проблемы
2. покупательная способность денег
3. уровень жизни
4. обанкротиться
5. основанный на физических явлениях
6. охрана окружающей среды
7. уровень производства и занятости
8. придерживаться доктрины
9. убывающие доходы
10. наличие товаров и услуг
11. поскольку
12. поэтому, вследствие этого
13. являться предметом
14. логичное мышление
15. выбрать профессию
16. таким образом
17. применять непосредственно
18. системно организованные знания
19. кроме
20. помнить
21. однако, тем не менее
Ex. 12 Read and translate the following word combinations. Use them in the sentences of
your own.
subject for discussion
oil and gas business
earn a profit
net profit
annual income
business approach
go into bankruptcy
own a business
run a business
economic considerations
earning of incomes
Ex. 13 Match parts A and B.
A B
Means of supplying a want. 1. to earn
2. Practical science of the production and .
distribution of wealth. 2. standard of living
3. Annual estimate of revenue and expenditure. 3. budget
To obtain as reward of labor. 4. economics
Minimal of material comfort with which
a person or class may reasonably be content. 5. resource
Ex. 14 Say if it is true or false. Correct false statements, using the following phrases:
I think, that’s why, it’s not correct, to my mind etc.
As a science economics is related to other sciences.
Economics theory and analysis today rely only on the use of statistics.
Each science is an organized, arranged and systematized body with reference to general laws or principles.
Income determines the political structure of the nation.
Standard of living helps determine the level of production and employment in our nation.
Ex. 15 Fill in the gaps with prepositions where necessary:
Through, without, to (4), in (2), of (4), at, with,
Every day it becomes more apparent that economics plays a major role … our lives.
Economic measures influence … the prices we pay, the purchasing power … our money, the availability … goods and services, and our standard … living.
We must keep … mind … the fact that a science is an organized body … truth coordinated, arranged, and systematized … reference … general laws or principles.
As a science, economics is related … other sciences.
Economics, especially … the advanced level, is closely related … mathematics.
It is senseless to study any subject … adhering … the rules of logic.
Much progress has been made … computer application to economic problems.
Ex. 16 Give answers to the following questions according to Text A.
1. What role does economics play in our every day life?
2. Why can we say that economics is a science?
3. What other sciences is economics related to?
4. In what way is economics closely related to mathematics
Ex. 17 1) Read Text B and fill in the gaps with the given words in the correct form.
(in relation to, analyze (2), economics, principles, standard of living, relationship )
Text B
Economy — Only a Part of Society
Frequently when we study __________ , we mentally extract the economic system from its total environment and analyze it in isolation. We find out how it works, what its functions are, and how it can serve us. We study the individual parts, relate them to one another, integrate them, and __________ the economy as a whole. After we have done this, we should put the economy back into its original place in society and study its ____________ to the rest of society. We frequently neglect to do this, however, or we ignore or de-emphasize the other aspects of our society.
Although we may __________ the economy as an isolated unit, we must keep in mind that it is a part of a larger unit, society. Consequently, after we have obtained our facts, established our __________, and drawn our conclusions, we must fit economics into its proper sphere and reevaluate our conclusions ______________ the cultural, social, political, and moral aspects of society. If we do not do this, we can be misled very easily. For example, economics may stress the improvement of our __________________ as a prime objective. To obtain such an economic objective at the expense of our political or moral welfare, however, could be highly dangerous.