4. Find in the text English equivalents for the following.

Поведение рынка; рынок ценных бумаг; проводить сделку, операцию; иметь что-то общее с чем-либо; с учетом чего-либо (принимая во внимание); в пользу кого-либо другого; прибыльно продавать; переключиться на что-либо; неквалифицированная работа; распределять ресурсы посредством системы цен; сокращать возможности экономики; набавлять цену; перераспределять расходы; оптовый рынок; механизмы (структуры), посредством которых цены влияют на распределение.

5. Replace the parts in italics by synonyms.

At a distance, of the neighbourhood, carried out, done; ask for, make certain that; buy, illness, managing, put up; rareness.

6. Give explanations in English.

Rent; profit; expense account; part-time job; labour market; wholesale (meat) market.

7. Translate using all the active possible.

1. Рынок ценных бумаг, как и любой рынок вообще, где совершаются сделки, представляет собой механизм (структуру), посредством которого цены регулируют (2 варианта) распределение ограниченных ресурсов в обществе.

2. Потребности различных групп общества приводятся в соответствие путем изменения (регулирования) цен на товары и ресурсы – труд, капитал (оборудование), землю.

3. Ваше решение о покупке на ленч гамбургера имеет непосредственное отношение к вопросу о рынках и ценах, поскольку, к примеру, повышение цен на мясо и, соответственно, переключение продавцов – владельцев кафе на более дорогие обеды может привести к тому, что вопрос «для кого производить» будет решаться в пользу других, более богатых потребителей.

4. Многие студенты ищут работу в кафе, поскольку она занимает у них лишь часть времени и не требует квалификации, несмотря на то, что владельцы кафе предлагают невысокую плату за такой труд.

8. Franchising is the way of using another firm's successful business model. Franchising is popular both domestically and in international markets. Firms such as McDonald’s and Hertz have many overseas units operated by franchisers. Discuss in pairs the practice of franchising and branding in Russia.

9. Answer the questions using the information on the envelope. Note that on the envelope the sender’s address is typed on the left against the margin.

New Jersey Power Company

11 New Fetter Lane

(A) Ridgefield, (B) NJ 0S887

(C) Mr. Frederick Wolf

Director of Marketing

(D) Smith Printing Company

590 (E) Sixth Avenue

Milwaukee, (F) WI 5M16

1. What is the ZIP Code in the return address? 2. What is the ZIP Code in the mailing address? 3. Who is the addressee (receiver)? 4. What town does the letter come from? 5. What is addressee’s company name? 6. What is the street name in the mailing address?

UNIT 4

1. Read the text and translate it into Russian paying attention to the vocabulary notes.

Injections

An injection is simply an addition to the circular flow of income, which does not arise from the spending of households. It was unrealistic to assume earlier that there would be no such additions. These additions or injections will, of course, increase the size of the circular flow and thus the level of activity in the economy. There are three recognized ways in which funds can flow into an economy. They can be generated through: investment; government spending; export sales

Investment is expenditure on productive capital goods. That is, goods which can be used to produce other goods and services. Thus, investment is usually held to be expenditure on factories, machinery and other physical assets. It is important to realize that economists use the word investment in a different context to the layman. An economist referring to investment does not mean the purchase of paper financial assets such as stocks or shares. Clearly, if the ownership of a company's shares is transferred from one UK citizen to another there is no overall impact on the economy.

Investment can be categorized into net investment and gross investment. Net investment is investment, which actually increases the nation's stock of capital goods. It is such investment that enables the economy to grow. However, some investment is necessary to replace capital stock that is worn out or obsolete. This loss of value of assets is called depreciation. When this replacement is added to the net investment the total achieved is termed gross investment.

You should note that investment increases the circular flow since it comprises extra spending that has not originated in. the circular flow. The main influences on the amount of investment that takes place are: the rate of interest since firms often have to borrow to undertake the investment and the firm's expectation about the future behaviour of the economy. If they believe the economy will boom and the level of economic activity will increase, then they are more likely to enjoy increased sales. On the other hand, if the level of investment declines then there will be less injections than previously into the economy and the rate of growth of economic activity (or the national income) will fall. Economic statistics show us that over the last few decades the level of gross investment in the UK economy has fluctuated. This will have been one of the factors affecting the level of national income and the environment in which businesses operate.

Government expenditure takes many forms and, particularly over the last 50 years or so, has been a very substantial total. This heading covers spendings by both central government and local authorities. Government spending results in an injection of funds into the circular flow.

Let us take as an example a decision by the Department of Transport to build a new motorway. This will lead to a variety of spending, which would not have taken place otherwise. The authorities will have to employ surveyors, lawyers, accountants and construction workers and will have to purchase large quantities of construction materials. All of the spending generated in this way will be an addition or an injection to the circular flow.

Government spending can, of course, take many other forms. Major financial items are the provision of health and social security benefits. The latter tends to put money directly into the hands of people who need it badly and who are, therefore, likely to spend all or most of it in the near future. If it so wishes the government can use its own expenditure to rapidly affect the level of injections and thus the circular flow. Pursuing such policies, however, can have undesirable side-effects.

Exports are an injection because they result in income entering the UK's circular flow as a result of the spending decisions of foreign households, firms and governments. Notice that this spending by foreign households is a loss (or withdrawal from) their domestic circular flows.

Britain is a major trading nation and, as such, can be described as an open economy. It exports approximately one-third of all the goods and services it produces. If you look at the UK's trade figures you will see that rarely, if ever, does the value of exports equal the value of imports.

The balance of payments accounts are split into two broad sections: the current account, which records imports and exports of goods and services; and the capital account, which records international monetary flows in and out of the UK, such as foreign loans and investment in the UK.

Exports have always been important to the UK economy and are indisputably an engine of economic growth. They provide domestic employment not only in the exporting industry but also in the industries, which supply components and raw materials to that industry. Exports bolster the circular flow and promote employment in a range of industries. They also stimulate innovation and competition and generate a satisfying standard of living. Most of the world's most prosperous economies are successful exporters, notably Japan and Germany.