Microeconomics and macroeconomics

Economics as a science consists of two disciplines that is of microeconomics

and macroeconomics.

Microeconomics is the branch of economics that studies individual producers, consumers, or markets. Microeconomics also studies how government activities such as regulations and taxes affect individual markets. Besides microeconomics tries to understand what factors affect the prices, wages and earnings.

Macroeconomics is the branch of economics that studies the economy as a whole. It tries to understand the picture as a whole rather than small parts of it. In particular, it studies the overall values of output, of unemployment and of inflation.

Vocabulary

microeconomics микроэкономика

macroeconomics макроэкономика

discipline дисциплина

branch отрасль, ветвь, отделение

individual индивидуальный, личный

producer производитель, изготовитель

consumer потребитель

market рынок

activities деятельность

regulation правило, регулирование

government правительство

tax налог

to levy a tax on smth. ввести налог на что-либо

wages заработная плата

to earn зарабатывать, получать

earnings заработок, прибыль

rather than скорее чем

in particular в частности, в особенности

value ценность, стоимость

output выпуск продукции

inflation инфляция

4. Нығайту:

Закрепление:

Exercises

I. Translate these sentences into English.

1. В этом семестре у нас будет три лекции в неделю по экономике.

2. Тогда вы хорошо поймете все тексты.

3. Мы будем говорить только об экономике?

4. Каждый месяц у нас будет три-четыре урока по общебытовому анг-

лийскому языку.

5. Какие тексты мы будем изучать?

6. Мы будем читать статьи из английских газет.

Profit

It is essential to distinguish a few different concepts of “profit”.

“Profit” in everyday life means advantage or good obtained from something.

Besides it can mean money gained in business.

“Profit” for an accountant means simply the difference between total receipts

and total costs.

For the economist “profit” has a much wider meaning. It is the revenue derived from the use of resources minus the opportunity cost of using those resources. The economist attaches a cost to the use of retained earnings, since they could have yielded revenues if used outside the business.

Besides the economist would value the time of ownermanagers in accordance with what they could have earned outside the business.

Vocabulary

revenue доход

opportunity cost оптимальные издержки/издержки

it is essential to do smth. необходимо сделать что-либо

to distinguish различать, выделять, отличать

concept понятие, идея, концепция

to obtain получать

accountant бухгалтер

receipts денежные поступления, выручка, приход, доход(ы)

costs расходы, стоимость, себестоимость

wide широкий

to derive получать, извлекать

to attach прилагать, относить

to retain удерживать

retained earnings нераспределенная прибыль

Since так как

4. Нығайту:

Закрепление:

Repeat what the profit means for:

– an economist;

– an accountant;

– a non-professional.

Translate the following definition of the term “profit”.

Profit is often regarded as the difference between the total expenses involved

in making or buying something and the total revenue accruing from its sale. This

difference could be interpreted as a return on capital and measured in various ways.

BANKS

Bank generally, a corporation formed for the purpose of maintaining

savings accounts and checking accounts, issuing loans and credit, and

dealing in negotiable securities issued by governmental entities and corpora-

tions. By law, banks are usually permitted to engage in activities and offer

numerous services incidental to and beyond those listed above, e.g., buying

and selling gold and silver. Banks earn money by investing their customers’

deposits. In order to protect the customers against loss, banks are strictly

regulated, and fall into the following three categories.

COMMERCIAL BANK by far,

the most common and most unrestricted type of bank. It is allowed the

most latitude in the services it offers and the investment it makes. Its major

limitation is that it must keep on reserve a larger percentage of its deposit.

This reserve is used to cover the bank’s daily needs, to guard against a money

shortage at the bank and a resulting panic, and to shield the customers

against the bank’s failure and the consequent loss of deposits.

SAVINGS BANK prevalent only on the East coast and in Midwest, this

is the least common type of bank. Traditionally, it developed to encourage

frugality among the poorer section of the population, and offered limited services. Its major service was the “time” savings account, or deposit, from

which money, once deposited, could be withdrawn only after a set period

elapsed or 30 days’ notice was given. Its services, however, have been expanded in some instances. By law a savings bank’s investments are usually

limited to certain corporate and government bonds and securities. Its advantages are that it can pay higher interest rates than commercial bank, has

certain tax benefits, and can keep a smaller percentage of its deposits on

reserve. Usually, the bank is owned by its depositors as creditors whose dividends are paid in form of interest on their accounts.

TAX a rate or sum of money assessed on a person or property for the

support of the government, and commonly levied upon assets or real proper-

ty (property tax), or income derived from wages, etc. (income tax), or upon

the sale or purchase of goods (sales tax).

AD VALOREN TAX (VALUE

ADDED TAX) a tax imposed upon the difference between the cost of an asset

to the taxpayer and the present fair market value of such asset; a tax based

on a percentage of the value of the property subject to taxation, as op-

posed to a specific tax, which is a fixed sum applied to all of a certain class of articles.