Vocabulary notes

to aid decision-making - допомагати, сприяти в прийнятті рішень

the model can be fed with economic information - у модель можна внести економічну інформацію

total income - загальний, сумарний доход

total level of production of goods and services - загальний рівень виробництва товарів і послуг

to deal with an isolated economy - мати справу з ізольованою економікою

to carry on their concerns - продовжувати свою справу

to provide labour services - надавати робочу силу (працю)

to receive interest payments - одержувати платежі у вигляді відсотків

shares - акції

to be entitled to a share of the profits - мати право на частку прибутку

factor services or services of productive factors - фактори виробництва

the water authorities - управління водяного господарства

to supply share capital - надати акціонерний капітал

factor incomes - доход на фактори виробництва

to portray - відображати

a monetary flow - грошовий потік

an opposite stream - протилежний потік (тут плин)

factor payments - виплати (доход) на фактори виробництва

to measure the amount of economic activity - вимірювати рівень економічної активності

the value of goods and services produced - вартість зроблених товарів і послуг

the level of factor earnings - рівень доходів на фактори виробництва

the value of factor services supplied - вартість наданих факторів виробництва

the value of spending on goods and services - розмір витрат на товари і послуги

a neutral equilibrium - загальна рівновага

the circular flow of income - круговий потік (кругообіг) доходів

an inherent tendency to change - внутрішня тенденція до зміни

Assignments

1. Suggest the Ukrainian equivalents

forecasting future economic trends; to feed with economic information; factors that firms need to carry on their concerns; to provide labour services; circular flow of money; a flow of factor services; factor payments; neutral equilibrium; set of actions

2. Replace the parts in italics by synonyms

the model can be filled with economic information; they have bought shares; they have the right to get a share of the profits; the flow includes goods and services; the level of income will not change; the level of income and consequently the level of economic activity

3. Fill in the gaps with the words and expressions from the text

1. The model of the economy is concerned with forecasting __ so as to aid __ by business and government.

2. Such predictions are __ aid to business decision-making because businesses can find out whether people's incomes __ to rise or not.

3. These units together decide the economy's __, __ and __.

4. In order to develop a simple model of the economy we need to __ the government sector and __ between __ and __.

5. Suppose we are dealing with __, one which has no government.

6. In order to develop __ of the economy we need to __ that there are two main sectors in the economy: __ and __.

7. Households provide __, both __, in return for __.

8. If the finance is in the form of __, households receive __, but if they have purchased __ in the business they may be entitled to __.

9. Households receive payments for __, that is to say, they earn __, such as __, __ and __.

10. There are two flows: one which is __ and one __ goods and services.

11. The model suggests that there are three ways of __ in the economy.

12. We can measure __, __ and __.

13. Economists refer to __ of the monetary circular flow as __.

14. If we assume that all the goods and services, which __ are in fact __ and that households spend __, then we have arrived at what economists call

15. The fact that the economy is in a neutral equilibrium means simply that the level of __, and hence the level of __, are __ and __.

16. An equilibrium is a point of balance in which there is no __.