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Which word?

Economic goods vs. Economy goods

ECONOMIC GOODS

ECONOMY GOODS

Services or physical objects that can command a price in the market; anything that people want and are willing to pay a price for, rather than something that is available freely.

Економічний товар; економічні блага.

Goods that are cheaper than normal goods usually because you are buying larger quantities.

Дешеві товари.

Task 6. a) Make up words using the productive word-building flexions (Table A) and the stems (Table B).

Table A

re-

-ment

-th

-ity

-tion

-sion

-ness

-ship

Table B

1. able;

7. depress;

13. advance;

2. hard;

8. oppress;

14. develop;

3. grow;

9. prosper;

15. stagnate;

4. stable;

10. achieve;

16. backward;

5. recess;

11. difficult;

17. transform;

6. strong;

12. novation;

18. construction;

b) Learn some other word-building patterns.

To take off

take-off

(злетіти; швидко піднятися – про фондову кон’юнктуру або курс цінних паперів);

(швидкий підйом; швидке зростання);

to swing up

upswing

(коливатися вгору);

(підвищення економічної кон’юнктури);

to turn up

upturn

(піднімати(ся) вгору);

(підвищення; зростання (економіки, благополуччя, цін і т.п.); поліпшення (умов); початок економічного підйому);

to turn down

downturn

(збавляти, зменшувати);

(економічний спад; спад ділової активності; зниження, зменшення).

Task 7. Match items in column A with their antonyms in column B.

A

B

  1. economic transformations;

  1. economic lag;

  1. economic backwardness;

  1. economic crisis;

  1. economic achievements;

  1. economic upturn;

  1. economic development;

  1. economic strength;

  1. economic difficulties;

  1. economic progress;

  1. economic depression;

  1. economic hardship;

  1. economic recovery;

  1. economic successes;

  1. economic upswing;

  1. economic oppression;

  1. economic stability;

  1. economic renaissance;

  1. economic collapse;

  1. economic reconstruction;

Task 8. Open the brackets using the right word.

  1. The Great Depression was a worldwide economic (downturn / upswing) starting in most places in 1929 and ending at different times in the 1930s or early 1940s for different countries.

  2. The economic crisis of 1929-1933 was the largest and most severe economic (boom / depression) in the 20th century.

  3. The Great Depression originated in the United States; historians most often attribute the start to the stock market (crash / take-off) of October 29, 1929, known as Black Tuesday.

  4. The (development / depression) had devastating effects in virtually every country, rich and poor.

  5. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many (recessions / advancements) coincided with these panics.

  6. The late-2000s (development / recession) has changed to a sharp drop in international trade, rising unemployment and slumping commodity prices.

  7. The United States is in an economic (strength / crisis) that may already be the worst since the Great Depression.

  8. One thing seems clear: the recent period of unparalleled economic (growth / oppression) and prosperity has come to an abrupt end in most of the world.

Task 9. a) What happens to an economy? Distribute the following word combinations into three groups according to their meaning:

    1. Positive state of the economy – growth and progress;

    2. Negative state of the economy – crisis and stagnation;

    3. Recovery of the economy after a period of stagnation.

  1. economic lag [læg]

20. economic progress [`prəugres] / [`prα:gres]

  1. economic turn [tə:n]

21. economic recovery [rı`kAvəri]

  1. economic crisis [`kraısıs]

22. economic recession [rı`se∫ən]

  1. economic boom [bu:m]

23. economic downturn [`dauntə:n]

  1. economic chaos [`keıOs] / [`keıα:s]

24. economic successes

  1. economic upturn [`Aptə:n]

25. economic stagnation

  1. economic growth [grəuθ] / [grouθ]

26. economic prosperity

  1. economic revival [rı`vaıvəl]

27. economic difficulties

  1. economic disaster [dı`zα:stə] / [dı`zæstər]

28. economic renovation

  1. economic collapse [kə`læps]

29. economic depression

  1. economic stability [stə`bıləti]

30. economic oppression

  1. economic strength [streŋkθ]

31. economic renaissance [rı`neısənts] /

  1. economic take-off

[ֽrenə`sα:nts]

  1. economic troubles

32. economic development

  1. economic upswing [`Apswıŋ]

33. economic advancement

  1. economic rebound [`ri:baund]

34. economic achievements

  1. economic renewal [rı`nju:əl]

35. economic backwardness

  1. economic advance

36. economic reconstruction

  1. economic hardship

37. economic transformations

b) Match the terms in column A with the respective Ukrainian equivalents in column B.

A

B

  1. economic lag

  2. economic turn

  3. economic chaos

  4. economic boom

  5. economic rebound

  6. economic collapse

  7. economic hardship

  8. economic oppression

  9. economic renaissance

  10. economic backwardness

    1. перелом в економічному розвитку; перехід до економічного підйому або падіння;

    2. економічна (господарська) відсталість;

    3. економічний крах; розвал економіки;

    4. перехідний період в економіці;

    5. відставання в економіці;

    6. економічне пригнічення;

    7. економічне відродження;

    8. економічні труднощі;

    9. економічний хаос;

    10. економічний бум;

Task 10. Characterize the current state of Ukraine’s economy using appropriate terms from Task 9. Give your reasons.

Task 11. Read and translate the passage.

An economic indicator (or business indicator) is a statistic about the economy. Economic indicators allow analysis of economic performance and predictions of future performance.

Economic indicators include various indices, earnings reports, and economic summaries, such as unemployment, housing starts, Consumer Price Index (a measure for inflation), industrial production, bankruptcies, Gross Domestic Product, retail sales, stock market prices, and money supply changes. Economic indicators are primarily studied in a branch of macroeconomics called “business cycles”.

An economic boom occurs when real GDP grows faster than the trend rate of economic growth (in the UK, the trend rate is around 2.5% per year).