Unit I

WORD-STUDY

Exercise 1. Check the transcription in a dictionary, read and translate the words listed below.

Nouns

coffee, chocolate, recorder, investment, border, activity, finance.

Verbs

participate, contribute, expand, transfer, earn.

Adjectives

global, foreign, international, local, racial.

Exercise 2. Make nouns from the following verbs according to the model and translate them.

Model: a) to import – import(er);

to record, to travel, to trade, to finance, to consume.

Model: b) to endow – endow(ment);

to retire, to agree, to govern, to employ, to pay, to invest.

UNDERSTANDING A PRINTED TEXT

WHAT IS THE WORLD ECONOMY?

In many ways, we are all part of the world economy. When we drink our imported coffee or hot chocolate in the morning, when we use a foreign-made videocassette recorder, or when we travel abroad on holiday, we are participating in the growing world of international trade and finance.

And it is not only as a consumer of foreign goods and services that we are part of the world economy. The money that our pension funds or university endowments earn from global investments may actually be paying for our retirement or a new building on campus. Foreign investment in local real estate and companies can also provide needed jobs for our friends and families. Even the local athlete who has signed a contract to play abroad is part of the expanding global economy.

The world economy is made up of all those interactions among people, businesses, and governments that cross international borders, even the illegal ones. We use the world economy to achieve specific political or ecological objectives when we employ economic sanctions to fight racial segregation or the illegal killing of whales.

Basically, whatever crosses an international border—whether goods, services, or transfers of funds—is part of the world economy. Food imports, automobile exports, investments abroad, even the trade in services such as movies or tourism contribute to each country's international economic activity.

4

COMPREHENSION CHECK

Exercise 1. Choose the correct answer according to the information in the text.

1. What is the global economy made up of?

a) The world economy is made up of goods and services.

b) The world economy is made up of all interactions between people, businesses and governments that cross international borders.

c) The world economy is made up of domestic and international trade.

2. What is the part of the world economy?

a) Everything that crosses international borders. b) All goods and services at men’s disposal.

c) Each country’s economic activity.

3. What can provide needed jobs for our friends and families?

a)Our own money.

b)Loans from local banks.

c)Foreign investment in local real estate and companies.

Exercise 2. Find the right translation of the following economic terms.

1. Trade

a)торговля

b)торг

c)торговый оборот

2.Investment a) достаток b) дар

c) капиталовложение

3.Goods

a)товары

b)услуги

c)чеки

INCREASE YOUR VOCABULARY

Exercise 1. Match Russian and English equivalents.

5

LANGUAGE ACTIVITY

Exercise 1. Look at these examples and add more of your own using the root words with one of the prefixes in this list.

Exercise 2. Fill the gaps in this story, using a, an, some, a lot of, lots of or the – or a

“zero article” (0). The first one is done for you as an example:

Last week I went to …an… exhibition of …0… paintings at …the… Tate Gallery in London. I’m not really …… great art lover but I’d read …… good reviews of …… exhibition and I was keen to see it. When I arrived, there were already ……. people waiting outside for …… doors to open. I joined …… queue and in …… end …… doors opened and we went inside to see …… show.

Now, I must be honest and admit that many of ….. paintings disappointed me. Although I spent …… time looking carefully at …… each one, I had …… difficulty in understanding what …… artist was getting at. Finally, as I was looking at one of …… paintings and trying to decide if it was …… right way up or not, …… old gentleman came up behind me and started to explain …… whole thing to me. He kindly answered all of …… my questions and we talked for over …… hour. Then he said he had …… appointment and had to go, so we shook hands and said goodbye. I went round …… gallery once more and now I found that all …… paintings seemed really beautiful.

It was only as I was leaving …… gallery that I found out who …… old man was his self-portrait was on …… posters advertising …… exhibition!

Exercise 3. Supply the correct articles where necessary.

1.Passengers for … flight 452 to London, please collect your hand luggage and go to … gate four.

2.Can I check in for … flight to London here?

6

3.It’s … non-stop flight.

4.The price for … goods was 500 £.

5.Now English people don’t go to … cinema and to … theatre as often as some years ago. They usually stay at home and watch television and VCR.

6.There will be … new cinema in our district next month.

Exercise 4. Divide the following words into two groups:

a)nouns used only in singular;

b)nouns used only in plural.

Example: money – singular;

Knowledge, contents, opera-glasses, wages, news, clothes, trousers, scissors, spectacles, mathematics.

Exercise 5. In place of the adjectives in brackets put the correct form adding “more” or “most” where necessary.

1.What (nice) present is there than a box of chocolates!

2.This is the (wonderful) and (beautiful) picture that has ever come out to the Hollywood.

3.Summer is (warm) of the four seasons.

4.Manchester is (small) than London.

5.Winter in London is (foggy) than in Paris.

6.Your test is much (bad) than I thought.

7