V. Speech practice exercises

1. Answer the questions:

1. Prove that economics affects each of us.

2. What are the positive and the negative sides (the pros and cons) of each

economic system? Which type of economic systems do you think the most

rational and attractive?

3. How can you characterize the economic system of Russia? Do you think

Russia is a developed or a developing country?

4. Name five countries which can be described as developed.

5. Name five countries which can be classified as developing. Give your

examples of low-income and middle-income developing countries.

6. Imagine that at a specific time demand for consumer goods exceeds

supply. How will prices change and why?

7. What benefits do consumers in particular and national economies in

general get from competition?

8. You know the four stages of a business cycle. In which stage do you think

our national economy is now? Why?

9. How does a country measure the health of its economy? What units of

measure are used for it?

2. A Read the text without a dictionary.

The Pope and the Price of Fish

It is interesting for a student of economics to learn how demand and supply analysis works in practice.

Until 1966 Roman Catholics were not allowed to eat meat on Fridays and ate fish instead. In 1966 the Pope (Папа Римский) said that Catholics could eat meat on Fridays. What do you think happened to the average weekly price and average weekly quantity of consumed fish?

The demand for fish fell as some Catholics who had to eat fish before started eating meat on Friday when they were allowed to do so.

This is a simple example of the effect of a change in tastes (вкусы) on the demand. Economists said that lower demand would lead to a lower equilibrium price and the quantity of demanded fish.

Studying reports on fish prices and quantities of sold fish in the United States before and after 1966 we can see that this is what happened.

B Answer the question: Do you think tastes are as important for demand

as prices of other goods in the market? Supply

examples.

C Choose the variant corresponding to the content of the text and complete

the sentences:

1. In 1966 the Pope said that Catholics

a) could eat fish on Friday b) could eat meat every day of the week

c) could eat fish every day of the week

2. In 1966, when Catholics were allowed to eat meat on Friday

a) the demand for fish increased b) the demand for fish decreased c) the

demand for fish remained the same

3. The demand is influenced not only by consumer incomes but also by

a) the price of other goods in the market b) improvement in technology

c) consumers’ tastes

4. As the demand for fish fell,

a) the equilibrium price fell, too

b) the equilibrium price rose

c) the equilibrium price remained the same

4. Render into English:

1. Китай – третья крупнейшая страна в мире после России и Канады. Территория страны занимает пятую часть Азии, население превышает 1,3 миллиарда человек. Официальное название страны – Китайская Народная Республика (the People’s Republic of China).

2. Китай – развивающаяся страна с быстрорастущей экономикой. Эко­но­мика Китая смешанная. С 1978 в стране разрешена частная собст­венность на предприятия.

3. Ключевые индустрии находятся во владении и под контролем китайс­кого правительства.

4. В Китае проводится экономическая реформа. Правительство плани­рует приватизировать большую часть государственных предприятий, что­бы успешно конкурировать на мировом рынке.

5. Главная цель экономической реформы – превратить Китай в высо­ко­развитое индустриализованное государство, поднять жизненный уро­вень населения.

6. Главными секторами национальной экономики традиционно являются сельское хозяйство и промышленность. Оба сектора экономики производят более 60 процентов ВВП.

7. Производительность труда и доходы растут гораздо быстрее в про­мыш­ленности, нежели в сельском хозяйстве.

8. Основные индустрии – железо, сталь, алюминий и другие металлы, уголь, химикаты, машиностроение, оружие (armaments), текстиль.

9. Китай – крупнейший мировой производитель риса. В стране выра­щи-ваются пшеница, кукуруза, соевые бобы, табак, арахис, хлопок.

10. Минеральные ресурсы страны считаются одними из богатейших в мире, но они только частично (partially) разработаны (to exploit).

11. В последние годы в Китае быстро развивается внешняя торговля (foreign trade). Китай установил торговые отношения более чем с 200 странами и регионами мира.

12. Основные торговые партнёры – Европейский Союз, США, Гонконг, Япония. Китай экспортирует больше товаров, чем импортирует, и имеет позитивный торговый баланс.

13. Гонконг – город мирового значения (global city) и международный финансовый центр с высокоразвитой капиталистической экономикой. Гонконг был возвращён Китаю в 1997 году.

14. Сегодня Гонконг – особый административный район страны. Китайс­кое правительство обещало, что предприятия Гонконга будут продолжать функционировать в системе свободного предпри­ни­ма­тельства. Присое­динение (the addition) этого процветающего (prosperous) города помогло Китаю достигнуть второго крупнейшего в мире ВВП.

15. В Китае низкая инфляция, но уровень безработицы достаточно высок. Многие китайцы уезжают в другие страны, чтобы найти работу.

16. Мировой финансовый кризис 2008–2009 годов не был столь разрушительным (disastrous) для китайской экономики. Рост внутреннего потребления (domestic consumption) помог Китаю остановить рецессию.

17. Китайскую экономическую систему называют «социализмом с китайским лицом» (socialism with Chinese characteristics). Многие известные экономисты считают, что через 20–30 лет Китай станет самой мощной экономической державой мира.

5. Read the dialogue, reproduce it, and make your own.

Rita Nadir came to Seattle to take English lessons in a language school for foreign students. She meets Edgar Erickson, a boy living nearby.

Edgar - Oh, what a pretty girl! Hi! What’s your name?

Rita - Hello, I’m Rita Nadir.

E - Nice to meet you. I’m Edgar Erickson. I’m from Sweden. Where are you from?

R - I’m from Malaysia. Have you ever been to Malaysia?

E - Oh, never. But I guess it’s a beautiful country. It’s somewhere in Southeast Asia, isn’t it? I’ve always wanted to learn more about other countries and peoples. Tell me about Malaysia, please.

R - My land is located in the tropics. Throughout the country you can enjoy beautiful beaches and idyllic islands and the world’s oldest rainforests with a diversity of flora and fauna that are truly astounding. There is a number of world-famous resorts such as Rebak Marina resort, Coral Redang Island resort and many others. Malaysia is often called “The Best of All Worlds” by tourists.

E - Well, I suppose tourism is an important sector of your economy, isn’t it?

R - Oh, you are quite right. All the year round Malaysia is visited by thousands of tourists. By the way, I’m going to work in a travel agency, that’s why I’m here to improve my English.

E - I see. As for me, I study economics. Could you tell me anything about the Malaysian economy?

R - In comparison with Sweden Malaysia is a developing country. Several decades ago it was mainly an agricultural country, but nowadays Malaysia is more industrial than agriculturally oriented. Our economy has expanded rapidly over the last twenty years.

E - What are your main industries?

R - Malaysia is a large producer of rubber and tin. Palm oil, crude petroleum and petroleum products, electronics, textiles, and timber are also important. Today Malaysia has one of the highest standards of living in Southeast Asia, largely because of its expanding industrial sector.

E - Sounds impressive. I think Malaysia trades with many countries. What products does your country export?

R - Malaysia is one of the top exporters of semiconductor devices, electrical goods and appliances. Natural rubber, palm oil, sawn logs, and sawn timber are also Malaysian major exports.

E - I’ve never met such a competent girl! I guess you’ll make a brilliant career in the tourist business.

R - And I’ve never met such an inquisitive boy! What else do you want to know?

E - Oh, nothing special. Just one thing more! Are you free tonight? Let’s go out somewhere.