Тема № 3. Types of economies and economic theories Типы экономик и экономических теорий

1. Positive economics (позитивная экономика) - deals with objective or scientific explanation of the working of the economy.

2. Normative economics (нормативная экономика) - offers prescriptions or recommendations based on personal value judgements.

3. Supply-side economics (экономика предложения) - the use of microeconomic incentives to alter the level of full employment, the level of potential output, and the natural rate of unemployment.

4. Traditional economy (традиционная экономика) - an economic system that allocates scarce resources according to customs; change and growth are very slow; people do what their parents did before them and most goods are produced and consumed locally.

5. Barter economy (бартерная экономика) - an economic system without commonly accepted medium of exchange; goods are traded directly for other goods.

6. Mixed economy (смешанная экономика) - an economy that uses both market and non-market signals to allocate goods and resources.

7. Planned (command) economy (плановая, командная экономика) - an economic system in which government controls all or most factors of production and makes all or most production decisions.

8. Market economy (рыночная экономика) - an economic system in which individuals control all or most factors of production and make all or most production decisions.

9. Pure market economy (чистая рыночная экономика) – an economy, in which what, how, and for whom to produce goods and services are determined entirely by the operation of markets.

10. Black economy (черная, теневая экономика) – economic activity that is undisclosed, as to disclose it would render the earnings involved liable to taxation or even cause those engaged to be imprisoned. Earnings made in black economy do not appear in national statistics.

11. Communism (коммунизм) - a kind of planned economy in which the government owns and operates all industries.

12. Socialism (социализм) - a kind of planned economy in which the government owns and operates the main industries while individuals own and operate less crucial industries.

Тема № 4. Economic indicators and measures Экономические показатели и измерители

1. GDP (gross domestic product) (ВВП валовой внутренний продукт) - the value of all goods and services produces in the economy in a given period such as a year.

2. GNP (gross national product) (ВНП валовой национальный продукт) - the total of all completed goods and services produced by an economic system during a one-year period.

3. Stability (стабильность) – a situation, in which the relationship between the supply of money and goods, services, and labour remains constant.

4. Growth (рост) – an increase in the amount of goods and services produced using the same resources.

5. Economic growth (экономический рост) – an increase in output (real GNP), an expansion of production possibilities.

6. Real GNP (Реальный ВНП) – GNP adjusted for inflation and changes in the value of a country’s currency.

7. Potential GDP (потенциальный ВВП) - the real GDP that the economy would produce if its labour and other resources were fully employed.

8. Real GDP (реальный ВВП) - the value of all the goods and services produced by an economy in a year, evaluated in dollars of constant purchasing power. Hence, inflation does not raise real GDP.

9. Potential output (level of GNP) (потенциальный выпуск) - GNP that could be produced at a specified level of capacity utilization.

10. Nominal GDP (номинальный ВВП) – GDP calculated by valuing all outputs at current prices.

11. Aggregate output (совокупный выпуск) - the total quantity of final goods & services produced in the economy during a given time period.

12. Productivity (производительность) – the relationship between the input of resources (the factors of production) and the output of goods and services; a measure of efficiency that compares how much is produced with the resources used to produce it.

13. Standard of living (уровень жизни) – a measure of a society’s economic well-being.