4. Practice these words and word combinations.

Supply and demand

Translate into Russian:

1. Supply and demand is the relationship between how much of a particular product is available and how much of it people want.

2. Supply is the amount of a commodity or a service which will be offered for sale at a given price.

3. Demand is the amount of a commodity or service which will be bought at any given price.

4. Demand is affected by price.

5. Demand increases or decreases as the price changes.

6. An increase in demand can also be caused by a rise in consumer spending, investment and government expenditure.

7. The link between price and demand is shown by a demand curve (кривая спроса).

8. The demand curve is a graph that shows how much of the product can be sold at each price in a range of prices.

Variant 1.

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The Economy of Great Britain

The Industrial Revolution radically transformed the economic structure of nineteenth-century British society. The emerging capitalist system, spurred by rapid advancements in production technology, grew at an unprecedented rate. As a result factory owners, who stood at the center of the manufacturing process, enjoyed great gains in wealth and prestige. The developing capitalist class possessed the means of economic growth and thus quickly surpassed rural landlords in terms of influence and power. In attempting to come to grips with the changes that capitalism forced many Victorian intellectuals turned to the infant science of politic al economy, now known simply as economics.

The work of Adam Smith heavily influenced economic thought throughout the Victorian Era. Smith, generally considered the "farther of modern economics," was born in 1723. He first distinguished himself as a student of philosophy and in 1740 was awarded a scholarship to attend Oxford University. Smith's time at Oxford proved difficult, however, due to his extreme intellectual skepticism which manifested itself in a devotion to the unpopular teaching of Hume. After completing his course, Smith struggled for almost five years to secure a position at a university. Finally, he got a job as the chair of Logic in Glasgow University. Smith's intellectual efforts in the field of philosophy gained him little respect in the academic community. In 1762, he resigned his position and accepted a job as a tutor in order to devote his time to writing the book that would eventually make him famous, the influential The Wealth of Nations.

Until the 18^th century the economy of England was mainly agricultural. With the advent of the industrial revolution, however, England gradually evolved into a highly urbanized and industrial region. During the late 18^th and the 19^th centuries, the growth of heavy industries (iron and steel, textiles and shipbuilding) in the northeastern counties was based on the proximity of coal and iron-ore deposits.

During the 1930s the Depression and foreign competition contributed to a decrease in the production of manufactured goods and in increase in unemployment in the factories of Lancashire, Cheshire and Staffordshire. The unemployed from these northern counties moved south to London and the surrounding counties. The southeast became urbanized and industrialized, with automotive, chemical, electrical and machine tool manufactures as the leading industries.

An increase in population and urban growth during the 20^th century caused a significant drop in the acreage of farms in England, but the counties of Cornwall, Devon, Kent, Lincolnshire, Somerset and North Yorkshire have remained agricultural.

The United Kingdom was the first country in the world which became highly industrialized. During the rapid industrialization of the 19^th century, one of the most important factors was that coal deposits were situated near the ground surface, which made mining easy. Coal mining is one of the most developed industries in Great Britain. The biggest coal and iron mines are in the north-east of England, near Newcastle; in Scotland near Glasgow; in Wales near Cardiff and Bristol.

Until recent times, Britain's heavy industry was mainly concentrated in the centre of England and in the London region. Such towns as Birmingham, Coventry produced heavy machines, railway carriages and cars. In the 20^th century new branches of industry have appeared: electronics, chemical industry and others. Of great importance for Britain is ship-building industry, which is concentrated in London, Glasgow, Liverpool and Belfast. Great Britain produces a lot of wool and woolen products which are exported to many countries. Sea-ports play a great role in the life of the country. London, Liverpool and Glasgow are the biggest English ports, from which big liners go to all parts of the world. Great Britain exports industrial products to other countries and imports food and some other products.