- •Предисловие
- •Библиография и источники
- •Благодарность
- •Методическая записка
- •In this module we will consider major economic systems.
- •1.Translate the following sentences into Russian, paying attention to the active vocabulary.
- •2.Match each word with its translation.
- •3.Translate the following sentences into English.
- •4.Render the text in English.
- •1.Translate the following sentences into Russian, paying attention to the active vocabulary.
- •3.Translate the following sentences into English.
- •4.Render the texts in English.
- •5.Translate the following texts into Russian.
- •In Part 1 we are going to brainstorm, discuss ideas at a round table and hold a panel discussion.
- •1.3. Brainstorm concepts and symbols of the command economy.
- •1.4. Brainstorm ideas on the role of banks in economy.
- •1.5. Discussion formats: round table and panel discussion
- •1.6. Hold a round table discussion on types of economic systems.
- •1.7. Organize a round table discussion, comparing market economy and mixed economy.
- •1.8. Have a panel discussion of the financial system of Russia. Invite guests to act as your audience.
- •In Part 1 we will study how to write an outline for essay.
- •1.Translate the following sentences into Russian, paying attention to the active vocabulary.
- •2.Match each word with its translation.
- •3.Translate the following sentences into English.
- •4. A. Give the gist of the definitions below in English.
- •1.Translate the following sentences into Russian, paying attention to the active vocabulary.
- •3.Translate the following sentences into English.
- •4.Render the text in English.
- •2.15. Types of Paragraphs
- •2.16. Descriptive exercise
- •2.17. Comparison exercise
- •In the paragraph fill in an appropriate conjunction from those shown below.
- •In this module we will concentrate on the issues of the cycle nature of economic development.
- •1.Translate the following sentences into Russian, paying attention to the active vocabulary.
- •2.Match each word/ phrase with its translation.
- •3.Translate the following sentences into English.
- •4.Render the text into English.
- •1.Translate the following sentences into Russian, paying attention to the active vocabulary.
- •2.Match each word with its translation.
- •3.Translate the following sentences into English.
- •4.Render the text in English.
- •3.10. Look through the list. Decide which of the steps are the most essential.
- •3.11. Making a presentation – step by step.
- •3.12. Presentation slides and commentary.
- •3.13. Make slides and commentaries to slides based on Texts Nos. 1, 5 and 6 in accordance with the pattern given in 4.6.
- •In Part 3 we will proceed with essay-writing.
- •3.14. Read the text describing the structure of essays.
- •1.Translate the following sentences into Russian, paying attention to the active vocabulary.
- •2.Match each word with its translation.
- •3.Translate the following sentences into English.
- •4.Render the text in English.
- •Currency board
- •1.Translate the following sentences into Russian, paying attention to the active vocabulary.
- •2.Match each word with its translation.
- •3.Translate the following sentences into English.
- •4.Render the text in English.
- •In Part 4 we will proceed with presentation skills and public speaking skills.
- •4.3. Prepare and give the introductions to the following presentations.
- •1.Descriptive Abstracts
- •2.Informative Abstracts
- •4.9. Write an abstract of any text from Module 7.
- •4.10. Write an abstract of any text from Module 8.
- •3. Microeconomics and Macroeconomics
- •4. Monopoly and Market Power
- •5. Merit Goods
- •6. Business Organization
3. Microeconomics and Macroeconomics
Many economists specialize in a particular branch of the subject. Labour economics deals with problem of the labour market as viewed by firms, workers, and society as a whole. Urban economics deals with city problems: land use, transport, congestion, and housing. However, we need not classify branches of economics according to the area of economic life in which we ask the standard questions what, how, and for whom. We can also classify branches of economics according to the approach or methodology that is used. The very broad division of approaches into microeconomic and macroeconomic cuts across the large number of subject groupings cited above.
Microeconomic analysis offers a detailed treatment of individual decisions about particular commodities.
Macroeconomics emphasizes the interactions in the economy as a whole. It deliberately simplifies the individual building blocks of the analysis in order to retain a manageable analysis of the complete interaction of the economy.
As macroeconomic concepts are intended to refer to the economy as a whole, they tend to receive more coverage on television and in the newspapers than microeconomic concepts, which are chiefly of interest to those who belong to specific group.
What branches of the subject are mentioned?
What other branches do you know? Which of them is the most interesting from your point of view?
What are criteria to classify economic branches?
Comment on the definitions given above.
What are macroeconomic concepts intended to do?
Why do you think macroeconomic concepts are more popular and widespread?
4. Monopoly and Market Power
Competitive markets generally work well, but markets where either buyers or sellers can manipulate prices generally do not. In particular, too little output will be produced and price will be too high in a market where a single seller controls supply.
A monopolist is the single seller of a good or service.
Monopolists can earn high profits by restricting the quantity sold and raising the price. Because they are the only sellers, they have no fear of being undercut by competitors – and consumers end up paying more than they should.
Some monopolies are almost unavoidable. Most public utilities (gas and electricity, for example) are potential monopolies. The government can regulate such companies by controlling the prices they are allowed to charge, or it may elect to supply the products involved itself. Other monopolies may be artificial, brought about through manipulation by firms. Here governments intervene with competition laws, seeking to make competition more vigorous and to prevent monopolies or other attempts to control supply.
Any buyer or seller who has the ability to affect market price significantly is described as having market power or monopoly power. Government intervention to limit market power, for instance by preventing firms with market power from charging high prices, can improve the allocation of resources.
How much can buyers and sellers manipulate prices on the market?
What is a monopolist?
Give examples of unavoidable monopolies.
Can governments control monopolies? In what ways?
Do monopolies negatively affect markets? Prove your point of view.