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English for economic specialties. English for students of economic specialties

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The manual is a supplement to the textbook and is intended for teachers of economic universities and faculties teaching students in this textbook.
The manual includes vocabulary and grammar tests, answers to them and keys to the exercises in the textbook. Each group of tests is presented in five variants.
For the convenience of checking the testing and the manual, there are sample cards, the use of which flies around the teacher summarizing the results of testing.

Examples.
Indicate which English sentences should be translated with the word “so”.
a) Tariff and non-tariff barriers are imposed on imports for domestic production to be expanded.
b) It is important to know that there can be imposed tariff as well as non-tariff barriers on imports.
c) It is necessary that tariff and non-taritf barriers be imposed on imports if domestic production is to be expanded.
d) It is necessary to impose tariff and non-tariff barriers on imports if domestic production is to be expanded.
e) It is common practice to impose tariff and non-tariff barriers to expand domestic production.
1.b 2.b, d 3.a, c 4.c 5.a, c, e

Indicate which sentences should be translated with "what ... so ...".
a) The larger the wealth to be invested, the larger the demand for time deposits.
b) The more rapid inflation of the previous year means the quicker devaluation of bank deposits.
c) The lower value of national currency gives rise to the larger exports.
d) The higher revenue is due to the higher labor efficiency.
e) The higher is the inflation rate, the more unlikely money is to be used as a store of value.
1.b, c 2.a 3.c, d 4.e 5.a, e


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Name: English for students of economic faculties.

The purpose of this textbook is to teach students of economic faculties to read and analyze literature in their specialty, to give them basic economic vocabulary for subsequent use in the practice of business communication.

The economy comprises millions of people and thousands of firms as well as the government and local authorities, all taking decisions about prices and wages, what to buy, sell, produce, export, import and many other matters. All these organizations and the decisions they take play a prominent part in shap-ing the business environment in which firms exist and operate.
The economy is complicated and difficult to control and predict, but it is certainly important to all businesses. You should be aware that there are times when businesses and individuals have plenty of funds to spend and there are times when they have to cut back on their spending. This can have enormous implications for business as a whole.
When the economy is enjoying a boom, firms experience high sales and general prosperity. At such times, unemployment is low and many firms will be investing funds to enable them to produce more. They do this because con-sumers have plenty of money to spend and firms expect high sales. It naturally follows that the state of the economy is a major factor in the success of firms.

TABLE OF CONTENTS
THE ECONOMIC ENVIRONMENT 1
MEASURING ECONOMIC ACTIVITY 5
THREE ECONOMIC ISSUES 9
INCOME 16
THE ROLE OF GOVERNMENT 19
THE PRODUCTION POSSIBILITY FRONTIER 24
ECONOMIC SYSTEMS 27
MARKETS 37
POSITIVE AND NORMATIVE ECONOMICS 42
MICROECONOMICS AND MACROECONOMICS 47
PRICE AND DEMAND (PRICE AND DEMAND) 52
PRICE, INCOME AND DEMAND 57
ELASTIC AND INELASTIC DEMAND 59
A MODEL OF THE ECONOMY 64
INJECTIONS 69
WITHDRAWALS 74
INFLATION 78
THE IMPACT OF INFLATION ON BUSINESS 81
CAN INFLATION BE BENEFICIAL? 84
MONEY AND BANKING 87
THE ROLE OF BANKS 92
MODERN BANKING 97
MONEY AND THE RETURN IT EARNS 103
INTEREST RATES AND BOND PRICES 106
THE MONEY SUPPLY AND THE DEMAND FOR MONEY 108
THE MONEY MARKET 112
MARKETS AND INTEREST RATES 115
PRIMARY AND SECONDARY MARKETS 118
MONETARY POLICY 120


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Glushenkova E.V.

English for students of economic specialties

Foreword

This textbook is intended for students and postgraduates of economic specialties of universities. The purpose of the textbook is to teach students to read, translate texts and conduct a conversation in their specialty.

The textbook consists of 18 lessons, each of which contains three homework assignments and three classroom work, designed for two hours of study. The exercises are designed in such a way that in the classroom, students consolidate the basic knowledge of grammar and vocabulary of the corresponding lesson, and at home they once again work out the same material on their own. Most homework assignments contain additional cognitive material on the topic of the lesson in the form of mini-texts with exercises. Exercises can be performed in succession or selectively, at the discretion of the teacher.

The main focus of the textbook is on the study of English grammar as the basis for understanding, reproducing and creating an utterance in a foreign language. The textbook presents almost all sections of grammar needed to understand and speak English. The grammatical material studied at school is given in generalizing paragraphs in the Grammar Reference (temporal forms of verbs, simple forms of participles, etc.). In addition, there are many repetition and reinforcement exercises in the lessons. Grammar material that is not covered or studied at all in high school is described in more detail in the Grammar Reference and is equipped with training exercises with keys, which allows English learners to independently familiarize themselves with the material and check its understanding.

Using this textbook, the teacher, depending on the level of training of students, can introduce grammatical material as new, or consolidate and develop the knowledge, abilities and skills acquired earlier.

All grammatical material is carefully practiced in exercises of gradually increasing complexity.

To work on the linguistic material, original texts from modern English and American economic literature are used, adapted and abbreviated in accordance with the objectives of this publication.

In addition, at the stages of consolidation and repetition of the material, a large number of authentic texts are used, which makes it possible to gradually prepare students for understanding economic texts in the original.

The topics of the texts cover such areas of economics as the theory of supply and demand, factors, or means of production, various types of trade, financial markets, the basics of banking, taxation, accounting and audit. In addition, it touches upon general problems of macroeconomics, as well as such sectors of the economy as the fuel and energy complex, urban economy, agriculture, trade in various goods, etc. Since the subject matter of the texts is not of a highly specialized nature, the textbook can be used by students of different universities and faculties related to the study of Economics.

The lexical material contains both economic terminology and common words and phrases that students can use in conversation on various non-special topics. Much attention is paid to teaching active vocabulary, including the knowledge of word collocation, as well as the correct use of prepositions.

The tutorial has three repetitive sections, consisting of texts with assignments. The texts of these sections are not adapted, only sometimes slightly abbreviated.

At the end of the textbook, an English-Russian dictionary is attached, including active vocabulary, indicating the numbers of the lessons (Units) in which they are entered.

The materials of the textbook have been tested for several years at the Faculty of Economics of the Moscow Agricultural Academy and in a number of other universities in the country in the form of the manual "English for Students of Economics". However, this textbook is an independent publication, significantly revised taking into account the suggestions made and the experience of the authors themselves. Lessons 1–12 and the section “Grammar and word formation” were developed by E. V. Glushenkova, lessons 13–18 by E. N. Komarova. General edition of the textbook - E. V. Glushenkova.

Market and Command Economies

Grammar and vocabulary:

1. Temporary forms of the verb (repetition)

2. The verb to be combined with an infinitive

3. Turnover "to be + of + noun"

4. Noun in the function of definition

5. Numerals (repetition)


Assignment for home number 1

1. In the section "Grammar and word formation" work through § 1, 6, 7 and 9.


2. Determine the time and voice of the predicate. Translate the following sentences into Russian:

1. We translated this text at the last lesson.

2. Are you translating the text?

3. What were you doing when they came? - We were translating an exercise.

4. Has he translated this article? - No, he hasn "t.

5. He will translate the article in a week, I think.

6. We often translate from English into Russian at lessons.

7. This article has already been translated.

8. A new book will be translated by him next year.

9. This book was translated into Russian last year.

10. A lot of books are translated from English into Russian every year.

11. The fax is being translated now.


3. Translate into Russian the following phrases containing a noun in the definition function:

lecture hall, school year, university laboratories, command economy, market economy, government intervention, land resources, government restrictions, Soviet bloc countries


4. Determine by suffixes which part of speech the following words belong to:

economist, production, productivity, highly, mechanism, worker, limitless, manager, consumption, entirely, restriction, government, technical, decision, priceless, extensive, mainly, population


5. Translate into Russian the sentences containing the phrase to be + of + noun.

1. This book on economics is of great interest.

2. Independent work at the library is of great value to every university student.

3. These new machines may be of use on farms.

4. Knowledge of foreign languages ​​may be of great importance to everybody.


6. Translate the text Market and Command Economies and practice reading it.


7. In the text

1) highlight the phrases to be + of + noun;

2) determine in what meaning the verb is used to be before the particle infinitive to;

3) find nouns in the definition function.


Market and Command Economies

Economics is a science that analyzes what, how, and for whom society produces. The central economic problem is to reconcile the conflict between people "s unlimited demands with society" s ability to produce goods and services.

In industrial Western countries markets are to allocate resources. The market is the process by which production and consumption are coordinated through prices.

In a command economy, a central planning office makes decisions on what, how, and for whom to produce. Economy cannot rely entirely on command, but there was extensive planning in many Soviet bloc countries.

A free market economy has no government intervention. Resources are allocated entirely through markets.

Modern economies in the West are mixed and rely mainly on the market but with a large dose of government intervention. The optimal level of government intervention remains a problem which is of interest to economists.

The degree of government restrictions differs greatly between countries that have command economies and countries that have free market economies. In the former, resources are allocated by central government planning. In the latter, there is not any government regulation of the consumption, production, and exchange of goods. Between the two main types lies the mixed economy where market and government are both of importance.


Vocabulary minimum to the text

economics n 1. economic science; 2.economics

economic adj 1.economic; 2. cost effective; cost-effective

economical adj 1. economical, thrifty; 2.economic

economist n economist

economize v save; spend sparingly or use

economy n economy, economy

command economy - centrally controlled economy; non-market economy

free market economy free market economy

mixed economy - mixed economy

society n 1. society, social order; 2.society, organization, association

produce v produce, produce

production n production

demand n demand; requirement; inquiry; need

demand for smth - demand for smth.

to be in high / low demand - to be in high / low demand

Say in English:

increased by 1.7%; decreased (decreased) by 8%; increased by 1/3; decreased by 2/5 .; increased by 25%; decreased by 30.1%

d) Russian turnover in time matches the English word ... times without a preposition. For example: decreased by half- decreased two times.

Say in English:

decreased three times; increased fourfold; decreased many times; increased fivefold

e) Often spoken increased (decreased) from ... to… - increased (decreased) from… to…

Say in English:

decreased from 102% in 1988 to 57% in 1997; increased from 40 thousand tons in 1991 to 42 thousand tons in 1998; increased from $ 24,500 in 1996 to $ 24,650 in 1997.


3. Form participles I and II from the following verbs, name their Russian equivalents:

to work, to allocate, to limit, to analyze, to say, to make, to produce, to study, to buy, to sell, to give


4. Translate the following sentences into Russian, paying attention to the functions of the participles:

1. Exports are goods and services sold to other countries.

2. In free market economies changes in price are never results of regulations imposed by governments.

3. Imposing some restrictions on food prices, governments make it possible for all the people to buy enough food.

4. The 3.8 billion (billion) people of the world in the early 1970s had about 20 percent more to eat than the 2.7 billion living 20 years earlier.

5. Knowing that their resources are limited, people make a decision how to allocate them in the best possible way.

6. The government can regulate monopolies controlling the prices or supplying the products itself.


5. Form the degrees of comparison of the following adjectives and adverbs and translate them into Russian:

a) large, old, few, new; high, poor, low;

b) good, bad, little, many;

c) important, reliable, effective, difficult, limited, developed, popular;

d) effectively, soon, successfully, quickly, often, slowly, much, well


6. Translate the text Demand and Supply and practice reading it.


7. Highlight the participle phrases and participles I and II in the text.


Demand and Supply

Demand is the quantity of a good that buyers wish to buy at each price. Other things equal, at low prices the demanded quantity is higher.

Supply is the quantity of a good that sellers wish to sell at each price. Other things equal, when prices are high, the supplied quantity is high as well.

The market is in equilibrium when the price regulates the quantity supplied by producers and the quantity demanded by consumers. When prices are not so high as the equilibrium price, there is excess demand (shortage) raising the price. At prices above the equilibrium price, there is excess supply (surplus) reducing the price.

There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others.

An increase in the price of a substitute good (or a decrease in the price of a complement good) will at the same time raise the demanded quantity.

As consumer income is increased, demand for a normal good will also increase but demand for an inferior good will decrease. A normal good is a good for which demand increases when incomes rise. An inferior good is a good for which demand falls when incomes rise.

As to supply, some factors are assumed as constant. Among them are technology, the input price, as well as degree of government regulation. An improvement in technology is as important for increasing the supplied quantity of a good as a reduction in input prices.

Government regulates demand and supply imposing ceiling prices (maximum prices) and floor prices (minimum prices) and adding its own demand to the demand of the private sector.


Remember!

some- some, some, some

the same- the same, the same

as- because; as; as; how

as well- also also

as well as- as well as


Remember!

such as - such (oh, - oh, - oh) like ...

as ... as - the same (same) ... as

as ... as possible - as possible ...

not so ... as - not the same ... as

as to - as for ...

the same as - the same as ...


Vocabulary minimum to the text

quantity n quantity; the size; magnitude

buy (bought, bought) v buy, acquire

buyer n buyer

demand v (smth) demand (smth.) need (smth.)

supply n offer (goods)

excess supply - excessive, excessive supply, market oversaturation

supply v to offer; supply; supply

to supply smb with smth

to supply smth to smb

sell (sold, sold) v for sale

seller n seller

equilibrium n equilibrium, equilibrium state, equilibrium position

equilibrium price

producer n manufacturer, manufacturer

consumer n consumer

consume v consume

shortage n scarcity, shortage, insufficient supply (goods)

raise v increase; increase; lift up

surplus n market oversaturation; surplus, surplus

reduce to decrease; reduce; cut

reduction n (in smth) reduction, reduction, reduction (smth.)

influence v (smth) to influence, to influence (to smth.)

influence n influence, impact

income n income (s), profit, receipts

increase n (in smth) increase, growth, increase, gain (smth.)

increase v increase), increase (Xia); grow; intensify

substitute good - substitute product (the demand for which changes in the opposite direction compared to the demand for another product, the price of which has changed)

substitute n (for smth) substitute (smth.)

decrease n (in smth) decrease, decrease, decrease (smth.)

decrease v decrease (Xia), decrease (Xia), decrease

complement good - addition product (the demand for which changes in the same direction as the demand for some other goods, the prices of which have changed)

normal good - standard quality product

inferior good - low quality product

rise (rose, risen) v rise; increase; increase

fall (fell gel, fallen) v fall; go down; go down

technology n technology, technology

input n investment, input resource, cost, investment

input price - the price of resources, the price of fixed assets

improvement n improvement, improvement

improve v improve (Xia), improve

impose v(on, upon) tax (tax, duty smb.) impose (obligations, fine) ", lay down (on smb.) " impose (to smb.)

private adj private; private; own


Classroom work number 1


8. Determine by suffixes which parts of speech the following words belong to:

information, development, situation, growth, productive, productivity, investment, important, agriculture, importance, health, agricultural, industrial, wealth, worker, active, activity


9. Select from the words below a pair of same root verbs and nouns and translate them into Russian.

to fall, consumer, to stabilize, organization, demand, to sell, buyer, influence, to invest, to improve, consumption, fall, improvement, stabilization, to intervene, to organize, investment, seller, to consume, to buy, to demand, increase, to reduce, reduction, to influence, to increase, intervention


10. Translate the following sentences into Russian, paying attention to participial phrases:

1., In East-European countries consumers couldn "t get goods, and factories couldn" t buy inputs at prices held low by governments.

2. Governments intervene in economies controlling the supply of money, limiting monopolies and helping private industries.

3. An improvement in technology will increase the supply of a good, increasing the quantity supplied at each possible price.

4. Governments regulate economic activities imposing some restrictions.

5. The governments can influence for whom goods are produced, taking income away from some people and giving it to others.

6. The high price for a good is the market mechanism telling suppliers it is now time to increase production.

7. The developing countries hope that the industrial countries will raise imports from the less developed countries imposing tariffs on imports from other industrial countries.

8. Income is money of all kinds coming in regularly to a person, family or organization.

9. Active money is money going from man to man and used by the people in buying and selling goods and services.

10. Reducing our imports, we decrease the exports of others.

11. At prices above equilibrium we have a situation known as excess supply, or surplus.


11. Choose the most appropriate word from the options in brackets.

1. The fashion for miniskirt (increased / reduced) the demand for textile materials.

2. Even in (some / the same) middle-income countries many people are very poor.

3. Government regulations sometimes (decrease / impose) a change in (technology / quantity) that producers do not want to use.

4. Stabilization of prices is of great importance to industrial nations (as well as / as well) the Third World countries.

5. Freeing up prices leads to their (decrease / increase).

6. (Inferior / normal) goods are usually low-quality goods for which there are higher-quality (improvements / substitutes) sold at higher prices.


12. Complete sentences using comparative constructs with words than or as.

1. The market is in equilibrium when the demanded quantity is as large ...

2. Prices rise when they are not so high ...

3. Prices rise when they are lower ...

5. The demand for inferior goods at high incomes will not be as high ...


Assignment for house number 2

13. Insert the following adjectives and adverbs into sentences, forming the appropriate form of the degree of comparison:

high, important (2), many, large, low, effectively, much, great, clear, reliable, strong (2), quickly

1. Command economy relies ... on planning than on prices.

2. Knowledge of foreign languages ​​is of… importance now than it was some 40 years ago.

3. The degree of government regulation in present-day Russia is… than in the Soviet Union.

4. Government inter vention in Sweden is as… as in Denmark or, probably…

5. Land quality is… for agriculture than for other industries.

6. If we want to have a… picture of economic life in the country, we must have… information.

7. In the 18th century the… part of national income in… European countries came from import and export tariffs. These days they play a ... role.

8. Governments can influence for whom goods are produced ... in economies with ... levels of government regulation.

9. If other things are equal, this firm will do the work ... than the others.


14. a) Russian nouns denoting changes in quality or quantity in English often correspond to a comparative adjective or participle II. For example: increase in prices - higher prices, increased prices; improved technology - better technology, improved technology. Translate the following phrases in two ways:

1. increase in income; 2. decrease in demand; 3. increase in investment; 4. market contraction; 5. increasing the supply; 6. improvement of technology; 7.increased resources

b) Translate into Russian:

1.greater shortage; 2. lower equilibrium price; 3.increased demand; 4.greater influence; 5.decreased input; 6.reduced government intervention; 7.greater restrictions


15. Rewrite the sentences, replacing the underlined relative clauses with participial clauses.

SAMPLE 1: Resources can be a serious factor that limits production. -> Resources can be a serious factor limiting production.

1. Firms that produce computers act as buyers in the markets for the services of computer programmers.

2. A nation "s income is the sum of the incomes of ail the people who live in that country.

3. There are several factors that determine a consumer "s demand,

4. Individuals, families and governments that consume goods and services are called consumers in economics.

SAMPLE 2: Consumers typically buy a smaller quantity of the good that is sold at a higher price, -> Consumers typically buy a smaller quantity of the good sold at a higher price.

1. Supply restrictions that are imposed by cartels are as characteristic of industrialized economies as of developing economies.

2. Excess supply is a situation in which the quantity of a good that is demanded bv buyers is less than the quantity that is supplied by producers.

3. Society increasing the quantity of one good that is produced at one time typically reduces the quantity of another good that is produced at the same time.

4. Some of the inputs that an individual uses are food, chairs and tables, but another input of great importance is time. The consumer "s time is limited, and this time limitation as well as his or her limited income influence the decisions that are made in dav-to-dav life.

SAMPLE 3: When societies act through their governments, they can make decisions on allocation of scarce resources. -> Acting through their governments, societies can make decisions on allocation of scarce resources.

1. When we put demand and supply together, we can determine equilibrium prices and quantities in different markets.

2. When it increases the quantity of one good produced at one time, the society reduces the produced quantity of another good as its resources are scarce.

3. When people consume goods and services, they provide a basis for further production.

4. As they make up a major portion of the national income. US high technology industries dominate and influence almost all other industries in the country.


16. Insert prepositions where necessary.

1… a mixed economy the government may be a producer… private goods, for example, steel and motor cars.

2. An increase… the price… an input will lead to a reduction… the demand… that input.

3. The firm can sell as much as it wants… the market price.

4. A consumer "s tastes and income as well as prices ... other goods influence ... his or her demand.

5. Consumers almost always respond to an increase ... a good "s price ... a reduction ... the quantity ... it consumed ... them.

6. A change… the supply… a good and… its demand both influence… its equilibrium price.

7. Rupert Murdoch, the media magnate, is planning to supply the services… his network… satellites… Internet development. If Internet is operated… satellites, there will be access… it… televisions and mobile phones, not only… personal computers… the near future.

8… a command economy, plans are imposed… producers… government agencies.

9. Scientists and engineers have been developing substitutes ... natural building materials ... several past decades.

10. Supplying people… food as well as industry… raw materials, agriculture is… great importance… an economy.


Classroom work number 2

17. a) Demand and Supply.

1. What is demand?

2. What is supply?

3. When are the demanded and supplied quantities of goods high?

4. How are prices and the supplied and demanded quantities regulated by the market?

5. Which factors influence demand? How do they work?

6. Which factors influence supply?

7. How can governments regulate demand and supply?

b) Think and say:

1. How can prices for other goods influence the demand for a good? Supply examples.

2. What inferior goods can you name?

3. What may be the result of imposing ceiling prices?


18. Translate the following sentences into Russian, paying attention to the words some and the same.

At some price, which we call the "equilibrium price", the demanded quantity of a good equals the supplied quantity.

All markets have the same economic function: they form prices equalling the quantities of goods that people wish to buy or to sell.

There has been some rise of income in the past two decades in developing countries.

A less developed country is the same as a country of the Third World.

An association is an organization formed by the people having the same interests and held together by a system of management.

For the next twenty years the supply of energy will be limited in some sectors of the US economy.

A consumer group is a small group of people living in the same place who study the prices and the quality of consumer goods sold in shops, and make the information known to the public.

An improvement in technology is something that makes it possible for firms to produce more goods with the same quantity of inputs as before.


19. Translate the sentences into Russian, paying attention to the different meanings of the word as and combinations with it.

If the rise in prices is very large and quick, the situation is known as hyperinflation.

As to price ceilings, without government regulation and organization they may lead to "black market" as well as other social and economic problems.

Complement goods are those goods which you cannot use one without the other, such as cars and petrol. As the price for petrol rises, the demand for cars reduces.

Only when demand equals supply, people can buy or sell as much as they want.

Harvest failures are the most important reason for changes in agricultural product supply, but there are other reasons as well.

Attempts to organize supply restrictions in coffee and cocoa have not been so effective as OPEC regulation of quantities of oil sold to other countries.

As the supply increases with an improvement in technology, firms want to produce more at the same price level as before.

Every firm wants to sell as many goods as possible.


20. Make up all possible word combinations from the words in the right and left columns and translate them into Russian.


quantity, to reduce, to rise, to impose, input, to raise, equilibrium, to fall, private, reduction, substitute

surplus, a seller, technology, input price, a good, a buyer, to raise, supply

decrease, surplus, quantity, to sell, technology, a good

shortage, technology, input price, seller, quantity, surplus, reduction


Assignment for house number 3

21. Translate the following sentences into Russian, paying attention to words and phrases from the vocabulary minimum to the text Demand and Supply.

1. If the price is higher than the equilibrium one, it will be falling till the equilibrium price is reached and there is no more surplus left. If a good is sold at a price below the equilibrium one, the price will grow and reach the equilibrium price till there is no more shortage of the good left.

2. Governments buy and produce many goods and services, such as defense, education, parks, and roads for firms and individuals.

3. Firms producing computers act as buyers in the markets for the services of computer programmers.

4. Governments, through their control of the quantity of money in the economy, can influence business activity.

5. With a reduction in input prices firms will supply more of a good at each price.

6. Inflation is a rise in the level of prices as demand is higher than supply because of an increase in the supply of money.

7. When there is a harvest failure, the producers "supply will decrease.

8. Supply restrictions imposed by cartels are as characteristic of industrialized economies as of developing economies.

9. Private sector in a mixed economy is that part of the economy that is controlled by private firms, not by government or corporations.

10. Excess supply is a situation in which, at a certain price, the quantity of a good demanded by buyers is less than the quantity supplied by producers.


22. Translate the following sentences into English:

1. As the price of a commodity rises, the quantity demanded decreases.

2. The situation in low-income countries has improved since 1965.

3. The task of the maximum price is to reduce the price for consumers, and the task of the minimum price is to raise the price for manufacturers and suppliers.

4. An increase in supply leads to an increase in the equilibrium quantity and a decrease in the equilibrium price.

5. When prices are reduced to the equilibrium price, there will be no surplus of commodities.

6. If the price of one good falls and the prices of other goods demanded by the consumer remain the same, then the consumer will buy cheaper goods instead of expensive goods.


23. a) Expand the brackets and use the verbs in the appropriate form.

What (to happen) to the equilibrium price of a product when its quantity (to.supply) by producers (to change)? For example, with an improvement in technology of wheat production wheat farmers (to wish) and (to be) able (to supply) more wheat at a given price than they (to do) before. How it (to influence) the equilibrium price? Clearly, it (to fall). But if the weather (to be) poor, the (to supply) quantity of wheat (to decrease). How it (to influence) the equilibrium price? It (to go) up.

In 1984, police officers (to concern) with narcotics consumption in the United States (to show) what a change in (to supply) quantity (can) (to do). There (to be) a massive increase in the quantity of coca production in South America and the quantity of cocaine (to supply) to the United States (to raise) dramatically. The result (to be) a big fall in the price of cocaine. In some parts of the United States, cocaine (to sell) in 1984 for one-half to one-third the price of a year before. One of federal officials (to say):"At no time in the modem history of international drug control the price of a drug (to drop) by half so quickly "

b) Write five questions to the text.


Classroom work number 3

24. Insert the following words in the sentences in the appropriate form:

to impose, the same, surplus, to buy, consumer, to rise, to increase, equilibrium price, as well as, to fall, shortage (2), inputs, normal

… Are the factors of production (land, labor, capital, materials) that are put into a business to produce goods and services.

When all goods are…, lower consumer income reduces the demanded quantity for all goods.

When the Beatles and Rolling Stones first became popular and the singers wore long hair, the demand for haircuts (haircut) suddenly ....

When income…, the demand for most goods increases. Typically, consumers ... more of everything.

At any time, the market price may not be the… leading to excess supply (…) or excess demand (…).

If there is a national food ..., a government may ... a ceiling price on food so that poor people can buy enough food.

Workers in poor countries having no resources for health and education are often less productive than workers using ... technology in rich countries. Aid without higher productivity it is hard ... investment in people ... in machinery.

Japanese ... pay as much as eight world prices for beef.


25. Insert the word lived combinations with it into the sentences. Translate the sentences into Russian.

The newly industrialized countries ... Brazil, Mexico, Hong Kong, South Korea and Singapore, grew twice ... quickly ... the rich industrialized countries during the 1970s ... a group, their share of world exports increased from 3 percent in 1960 to 7 percent in 1987. These countries now play a larger part in the world economy than… countries… Sweden and Australia.

Capitalism is an economic system in which capital belongs to private persons who are free to carry on business ... they wish without any government intervention.

Alfred Marshall (1842-1924) is known ... an economist who played an important role in the construction of theories of consumer demand and contributed to many other areas of economics His Principles of Economics written in 1890 was a leading economics book for many years.


26. Compare the following statistics on the output of certain types of products in Russia in the 90s of the XX century, using samples. Make as many suggestions as possible for each sample.

SAMPLE 1: Car production in 1995 was lower than in 1997.

SAMPLE 2: Sugar beet production in 1998 was not so high as in 1997.

Economic Indicators in Russia

Note: 1. "000 - thousand; 2. mln / t - million tons; 3. bcm - billion cubic meters


27. Read the text without using a dictionary. Answer the question that follows the text.

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 said that Catholics could eat meat on Friday. 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 (tastes) on the demand. The Economists said that lower demand would lead to 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.

Do you think tastes are as important for demand as prices of other goods in the markets? Supply examples.


28. Complete the sentences below by choosing the option that matches the content of the text you read.

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.

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.

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.

As the demand for fish fell ...

the equilibrium price fell, too;

the equilibrium price rose ",

the equilibrium price remained the same.


29. Modify the sample sentences according to the content of the text The Pope and the Price of Fish.

SAMPLE 1: The demand for fish after 1966 was (high) before 1966. The demand for fish after 1966 was not as high as before 1966.

The demand for meat before 1966 was (high) after 1966.

The quantity of sold fish after 1966 was (great) before 1966.

The quantity of sold meat before 1966 was (great) after 1966.

The price for fish before 1966 was (low) after 1966.

SAMPLE 2: The demand for fish before 1966, after 1966 (high).-> The demand for fish before 1966 was higher than the demand for fish after 1966.

The average weekly price for fish after 1966, before 1966 (low).

The average weekly quantity of consumed fish before 1966, after 1966 (big).

The demand for meat before 1966, after 1966 (low).

The quantity of meat consumed on Friday after 1966, before 1966 (big).

The quantity of fish consumed on Friday after 1966, before 1966 (small).

SAMPLE 3: Catholics ate (much) of fish before 1966, after 1966. Catholics ate more of fish before 1966 than after 1966.

People paid (little) for fish after 1966, before 1966.

People ate (little) offish after 1966, before 1966.

Meat was bought (much)

Fish was demanded (little) on Friday after 1966, before 1966.

Theory of Demand

Grammar :

1. Communion II in postposition

2. Verbs expressing the obligation

3. Temporary forms of verbs and participles I and II ( repetition)


Assignment for home number 1

1. In the section "Grammar and word formation" work through § 4 and 8.


2. Translate the following sentences into Russian, paying attention to the ways of expressing the obligation:

As the price of one good rises, the consumer has to buy another good, whose price has not risen.

Government regulations should be in the interests of society.

The buyers have to reconcile what they want to do and what the market will allow them to do.

We ought to answer the question what should be done now to managers prepare on whom we "ll be able to rely in the year 2010.

A foreign company in Great Britain must give certain information about itself to the government offices. It must also write its name and country of registration on all its documents.

The limited supply of energy in some sectors of the US economy is to lead to changes in the economic situation as a whole.

Making a decision, the economist should rely on all the information that he can find.

You ought to have the firm re-registered as soon as possible or you may have trouble.


3. Translate the following sentences into Russian, paying attention to the use of the participle in the postposition.

The economist is investigating how an increase in the price of one good influences the quantity of another good demanded.

When all goods are normal, a reduction in income will reduce the quantity demanded of all goods.

As incomes rise, the quantity of food bought will rise but only a little.

Demand is the quantity needed of a good.

As the quantity supplied increases with an improvement in technology, firms seek to produce more at the same price level.

Production is the entire quantity of the goods produced.

The quantity demanded is influenced by changes in consumers "incomes.


4. Translate the text Theory of Demand and practice reading it.


5. Find in the text:

1) participles II in postposition;

2) verbs expressing the obligation.


Theory of Demand

Consumer demand is the quantities of a particular good that an individual consumer wants and is able to buy as the price varies, if all other factors influencing demand are constant.

That is, consumer demand is the relationship between the quantity demanded for the good and its price. The factors assumed constant are prices of other goods, income, and a number of noneconomic factors, such as social, physiological, demographic characteristics of the consumer in question (in question).

The theory of demand is based on the assumption that the consumer having budget constraint seeks to reach the maximum possible level of utility, that is, to maximize utility, but he usually prefers to obtain more rather than less. The consumer has to solve the problem of choice. Provided he is to maintain a given level of utility, increases in the quantity of one good must be followed by reductions in the quantity of the other good. The consumer has to choose the specific goods within the limits imposed by his budget.

The concept of marginal utility is of great importance for solving the utility maximization problem. The marginal utility of a good is the additional utility obtained from consuming an additional unit of the good in question. The marginal utility from consuming a good decreases as more of that good is consumed. The income should be allocated among all possible choices so that the marginal utility per dollar of expenditure on each good is equal to the marginal utility per dollar of expenditure on every other good.

A price increase will result in a reduction in the quantity demanded. This relationship between the quantity demanded of a good and its price is called the law of demand. As the marginal utility from each additional unit of the good consumed decreases, the consumer will want to buy more of this good only if its price is reduced.

Market demand is the quantities of a good that all consumers in a particular market want and are able to buy as price varies and as all other factors are assumed constant. Market demand depends not only on the factors affecting individual demands, but also on the number of consumers in the market. The law of demand also works with market demand.


Vocabulary minimum to the text

consumer demand - consumer demand

particular adj specific, private, separate

vary v change, change, vary

constant adj constant, unchanging; continuous

that is - that is

relationship and relationship; relationships; connection

assume v assume

assumption and assumption, assumption

number and quantity, number

a number of - a certain amount, a row

budget constraint - budget constraint ( various sets of goods that can be bought for a given amount of income at average market prices)

budget n budget

maximum n maximum, maximum value, highest degree

maximize v maximize, maximize, maximize

maximization n maximization

utility n utility

marginal utility - marginal utility (additional utility obtained from the consumption of an additional unit of goods or services)

obtain v get, get

rather than - and not ...; quicker (something, how something other)

choice n choice, selection

choose (chose, chosen) v choose; prefer

provided cj often

provided that provided that, if, if

maintain v maintain

follow v(smb / smth) follow (after smb., smth.) stick to (smth.) follow (smth.) within prep within, within, within

additional adj additional, additional

unit n unit

per on in ( indicates the quantity per unit)

per capita, per head - per person, per capita

expenditure n expenses; amount spent to pay for goods or services

result in v(smth) result in (to smth.) finish (smth.)

market demand - market demand, market requirements; the total volume of goods required at a specific price at a specific point in time

depend v (on, upon) depend (on); be conditioned

affect (smth) affect, influence (on smth.)


Classroom work number 1


6. Translate the following adjectives

a) with negative prefixes:

ineffective - effective; inactive - active (active); irregular - regular (regular); improper - proper;

b) formed from nouns using suffixes - fid(denotes the presence of quality) and - less(denotes lack of quality):

landless, fruitful, fruitless, endless, resourceful


7. Write the Russian equivalents of the following international words. Group words by parts of speech.

reserve, traditionally, to finance, industrialization, to exploit, textile, politician, quota, strategy, exports, imports, tariff, protectionism, statistics, license, energy, dynamic, equivalent, dividend, subsidy, corruption, specific, special, partner, to calculate, calculation, migration, investment, rent, real, indicator, privatization, standard


8. What are the numbers of sentences in which the participle in the function of definition is used in the postposition.

1. Reductions in income increase the quantity demanded if a good is inferior.

2. There is an assumption that the consumer chooses the good having the greatest utility for him.

3. The entire quantity produced does not have to be sold at once.

4. The utility depends on the quantities of the goods consumed.

5. Marginal utility is the utility obtained from that unit of a good that a consumer thinks is important for him to obtain.

6.As consumers prefer more to less, an increase in the amount of a good bought increases utility.

7. The consumer will always prefer buying the good that gives him more marginal utility per dollar spent.


9. Translate the following sentences into Russian, paying attention to the verbs expressing the obligation.

1. The consumer has to decide by how much the good A is preferred to the good B.

2. A great increase in the supply of money in the form of bank notes and bank credit is to result in inflation, that is, a rise in the general level of prices.

3. If prices change, the consumer will have to change the quantities demanded if he is to maintain utility at the same level.

4. Not all partners in a firm must take an active part in management.

5. The economist should be able to say which factors affect the allocation of resources for producing a particular good.

6. He ought to take a more active part in decision making on the exports strategy of the company.

7. Provided additional inputs are to be obtained, producers must have smaller risks of a fall of price between the time of making a decision and the time of selling their products.

8. Having the aim to maximize profit, the producer should make a decision how to reduce inputs.


10. Replace the Russian words in brackets with their English equivalents.

1. Large quantities of one good may be needed for compensating small reduction in the other good if a ( constant) level of (utility) is (must be supported).

2. In a free market it (supposed) that every producer seeks to (maximize) profits by selling the product at the highest possible price, and every buyer seeks to (maximize utility) by obtaining the product at the lowest possible price.

3. Consumer demand is not the quantity that the consumers would like to have but the quantity that they want to pay for, (that is), demand in the economic sense (meaning).

4. Economic system is the (specific) way in which the economic activity in a country is organized, such as capitalism or socialism.

5. The model of consumer (expenses) on different goods (depends on) the level of consumer income.

6. Increases in the quantities demanded typically (change) with different goods as incomes rise.

7. Energy demand will increase at about 3.6 percent (per year) (in) the coming ten years in the USA


11. Choose the correct participle form from the options in parentheses.

1. Market is an (organizing / organized) group of buyers and sellers of a particular good who are in contact with each other and who know the level of demand and supply so that there is only one price (calling / called) the market price.

2. Changes in prices of the products (producing / produced) with the same resources will change the supply.

3. The economist is interested in factors (affecting / affected) the allocation of resources for producing particular goods.

4. Excess supply is a situation in which, at a certain price, the quantity of a particular product (demanding / demanded) by buyers is less than the quantity (supplying / supplied) by industry.

5. Improvements in technology may be a factor ( leading to / led to) changes in supply

6. At constant prices, an increase in income leads to an (increasing / increased) consumption.

7. Every day in thousands of markets, consumers show which goods they prefer ( making / made) practical choices and (spending / spent) money on some particular goods rather than others.


Assignment for house number 2

12. Insert the following words and phrases in the sentences in the appropriate form:

choice, to obtain (2), number, that is, within (2), to maintain, constant, rather than, per (4), provided, to result in, to assume, to choose

1. We assume that the consumer prefers to have more of a good ... .. less.

2 ... the good whose price has risen is a normal good, the economist can ... that the demand for it will fall.

3. A constant level of utility is… through correct choice of goods or services that can be… at one time.

4. The lower price… .. additional demand.

5. People must often make a ... between two or more goods. They usually ... the good with the highest utility ... the limited budget, choose the cheapest good.

6. Income is usually counted… year, but sometimes also… month or even… week.

7. The man having a credit card has to pay… a certain… of days for everything that he has bought with its help during the month.

8. We do not assume that ... acre productivity will remain ... as modern agricultural technology allows farmers to ... better results.


13. Form a suitable participle I or participle II from the verbs given in brackets. Translate the sentences into Russian.

1. The theory of consumer choice (to base) on individual utility shows how different tastes result in different demands for the same goods.

2. The theory of supply assumes that the producer (to depend) on a production technology wants to maximize profit.

3. A subsidy is money (to give) by a government to some producers, for example farmers, to help them to produce at a low price the goods or services (to need) by the public.

4. In a dynamic economy, the factors (to influence) the level of demand and supply, are changing.

5. Expenditure is an amount of money (to spend).

6. The price of land (to call) rent depends on supply and demand.


14. Insert missing prepositions where necessary.

1… Russia, real income… capita fell… 57 percent… 1998.

2. People must keep their purchases… their incomes, often making hard choices… small budgets.

3. The consumption ... ice-cream ... Russia is ... five times lower than ... the USA

4. The sales ... the Hungarian drug maker Gedeon Richter fell ... $ 78 million ... 1997 ... $ 40 million ... 1999 as the incomes ... Russian people fell dramatically ... the crisis ... 1998.

5. An increase ... the price ... an input will result ... a reduction in the quantity ... that input demanded.

6. How much can be produced ... week ... each industry depends ... how workers are allocated ... the industries.

7. The economist is to explain what demand is and how it affects… the market price and quantity.

8. It is not always easy to explain why consumers prefer one good ... another, but producers have to examine consumer preferences carefully as they depend ... them.

9. We need ... a number ... elementary things ... life, such as food, water and housing. It is veiy difficult to decrease ... their consumption when the price increases, that is, demand ... them is inelastic.


Classroom work number 2

15. a) Answer the questions to the text Theory of Demand.

1. What is consumer demand?

2. What factors influencing consumer demand are assumed constant?

3. What is the principal assumption of the demand theory?

4. Which choice does the consumer have to make?

5. What is marginal utility?

6. How should the consumer allocate his income?

7. How does the marginal utility change as the consumption of a good increases?

8. In what way is the marginal utility connected with price?

9. What is market demand?

10. In what way does market demand differ from individual demand?

b) Think and say:

1. In what situation can a buyer prefer to have less rather than more? Has it ever happened to you?

2. Supply an example of marginal utility decreasing as the quantity consumed grows.


16. Choose the most appropriate word from the options in parentheses.

1. An increase in food greatly prices ( affects / follows) consumer real income because food is a large part of consumer (expenditure / budget).

2. An increase in the price of the good j increases the quantity demanded of the good; when the two goods are ( substitutes / normal) but reduces the quantity demanded of the good i when the two goods are (additional / complements).

3. We (prefer / assume) that the consumer always decides that one good is better than, worse than, or as good as another.

4. This model of consumer (expenditure / relationship) can show different behavior of different consumers.

5. The demand theory assumes that the consumer (following / depending) on a budget constraint wants to (vary / maximize) utility.

6. Importers often must first (follow / obtain) an import license.

7. Economic development is the process of raising the income (per / within) head of the people of a country.

8. If the level of imports is high, great parts of incomes are spent on the goods produced abroad (that is / rather than) on the goods produced at home.

9. Statistics show that (the budget constraint / the number) of working women with young children is constantly growing in the USA today.

10. Ai increase in consumer expenditure usually (follows / results in) an equivalent rise in the income of consumers.


17. Make up all possible word combinations from the words in the left and right columns and translate them.

Notes (edit)

Traditionally, the noun goods in the meaning of "goods, goods" is used only in the plural, for example. goods and services. In special economic texts, this word is also used in the singular, as an ordinary countable noun.

Occurs as continuous spelling words percent - percent, and separate - per cent.

each price - bld. any price.

other things equal - all other things being equal.

are assumed - considered, accepted.

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