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Файл:Economics in Construction. Учебное пособие
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6. Answer the questions to the text:
1. deficits
a. environmental effects of economic growth such as
pollution
2. expenditure
b. person who engages in arbitrage
3. inequality
c. if a country spends more than it earns
4. salaries
d. the uneven distribution of income
5. arbitrageur
e. process, when an asset or security can be quickly
bought or sold in the market
6. liquidity
f. monthly payments to workers
7. increase
g. a commercial document issued by a seller to a buer
8. average
h. a number expressing the central or typical value in a
set of data
9. inflation
i. become or make greater in size, amount
10. credit note
j. a sustained increase in the general price level of goods
and services in an economy over a period of time
1. What is Liquidity?
2. Why Is Liquidity Important?
3. What is the stock market characterized by?
4. Why is cash considered the standard for liquidity?
5. What is considered to be the most liquid asset?
7. Discuss the text with a partner:
For an entity such as a person or a company, accounting liquidity is a
measure of ability to pay off debts as they come due.
8. Match the words or phrases with their definitions and translate
them:
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9. Translate the text in a written form:
Current Ratio. The current ratio is the simplest and least strict ratio.
Current assets are those that can reasonably be converted to cash in one year.
Current Ratio = Current Assets / Current Liabilities
Acid-Test or Quick Ratio. The acid-test or quick ratio is slightly more
strict. It excludes inventories and other current assets, which are not as liquid as
cash and cash equivalents, accounts receivable and short-term investments.
Acid-Test Ratio = (Cash and Cash Equivalents + Short-Term Investments
+ Accounts Receivable) / Current Liabilities
A variation of the acid-test ratio simply subtracts inventory from current
assets, making it a bit more generous:
Acid-Test Ratio (Var) = (Current Assets – Inventories) / Current
Liabilities
Cash Ratio. The cash ratio is the most exacting of the liquidity ratios,
excluding accounts receivable, as well as inventories and other current assets.
More than the current ratio or acid-test ratio, it assess an entity's ability to stay
solvent in the case of an emergency. Even highly profitable companies can run
into trouble if they do not have the liquidity to react to unforeseen events.
Cash Ratio = (Cash and Cash Equivalents + Short-Term Investments) /
Current Liabilities
10. Put questions to the words in bold and answer them.
11. Make up your own sentences using the words in bold.
12. Discuss the following:
How can a number of ratios help to measure accounting liquidity?
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U N I T 3
GROWTH THEORY
Economic growth is the increase in the
value of goods and services produced by an
economy. It is conventionally measured as the
percent rate of increase in real gross domestic
product, or GDP. Growth is usually calculated in
real terms, i.e. inflation-adjusted terms, in order
to net out the effect of inflation on the price of
the goods and services produced. In economics, "economic growth" or
"economic growth theory" typically refers to growth of potential output, i.e.,
production at "full employment," rather than growth of aggregate demand.
In the early modem period, European nations began conceiving of the idea
that economies could "grow", that is produce a greater surplus of value which
could be expended on something other than mere subsistence. This surplus could
then be used for consumption, warfare, or civic and religious projects. The
previous view was that only increasing either population or tax rates could
generate more surplus money.
In the mercantile period, growth was seen as an increase in the total
amount of specie, that is circulating medium such as silver and gold, under the
control of the state. This led to policies to force trade through a particular state,
the acquisition of colonies to supply cheaper raw materials to which value could
be added before selling on.
In mainstream economics, the purpose of government policy is to
encourage economic activity without encouraging the rise in the general level of
prices (in other words, increase GDP without creating inflation). This
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combination is seen as, at the macro-scale (see macroeconomics) to be
indicative of an increasing stock of capital. The argument runs that if more
money is changing hands, but the prices of individual goods are relatively stable,
then it is proof that there is more productive capacity, and therefore more
capital, because it is capital that is allowing more to be made at a lower cost per
unit
The real GDP per capita of an economy is often used as an indicator of
the average standard of living of individuals in that country, and economic
growth is therefore often seen as indicating an increase in the average standard
of living.
However, there are some problems in using growth in GDP per capita to
measure increasing well-being. These include:
expenditure to offset the adverse environmental effects of economic
growth such as pollution (These are called defensive expenditure.);
economic 'bads' such as commuting costs;
measurement of non-marketed output such as housework. (If an
individual hires a cleaner instead of cleaning their house themselves, it adds to
GDP, but welfare may not have risen.);
some good output may not be included in GDP e.g. parents doing
childcare, do-it-yourself, and volunteer work;
inequality (the uneven distribution of income). (If we assume
diminishing marginal utility of income, extra income yields less utility for those
with already-high incomes than for those with low incomes, so an increase in
GDP may increase utility by different amounts depending upon individual's
place in distribution.).
Analysis of recent economic success shows a close correlation between
growth and climate, though the actual linkage between the two and possible
causal mechanisms remains a topic of debate. Cold states like Sweden are
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much more successful economically than warm countries like Nigeria. In early
human history, economic as well as cultural development was concentrated in
warmer parts of the word, like Egypt. Today, however, cold, Northern states
have much higher GDP per capita compared to the hot, tropical states.
The limits to growth debate considers the ecological impact of growth
and wealth creation. Many of the activities required for economic growth use
non-renewable resources. Many researchers feel these sustained environmental
effects can have an effect on the whole ecosystem. They claim the accumulated
effects on the ecosystem put a theoretical limit on growth. Some draw on
archaeology to cite examples of cultures they claim have disappeared because
they grew beyond the ability of their ecosystems to support them. The claim is
that the limits to growth will eventually make growth in resource consumption
impossible.
Source: Dipankar Dasgupta, Modern Growth Theory/ Oxford UP, 2010
GRAMMATICAL NOTES
could be used можно было использовать.
VOCABULARY
raw material
to offset the adverse environmental effects
species
marginal utility
income
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commuting costs
conventionally
measure
increase ,
expenditure
gross o
domestic product
demand
perception
conceiving
inequality
surplus
to owe
to encourage economic activity
statement
to accumulate
1. Give Russian equivalents to the following word combinations:
Stock of capital; productive capacity; cost per unit; marginal utility;
diminishing; recent economic success; to indicate increase; non-renewable
resources; to supply; calculated in real terms; to produce a greater surplus;
government policy; the argument runs; to hire a cleaner; extra income;
measurement of non-marketed output; to generate more surplus money;
relatively stable; to support ecosystem; distribution; micro-scale; circulating
medium; potential output; increase in the value of goods; to offset expenditure;
ecological impact.
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2. Find in the text and give English equivalents to the following
word combinations:
(как результат чего-либо);
3. Translate words and word combinations in bold:
1. The higher of economics, the better a
person lives.
2. Stock of capital increases when the prices of individual goods are
3. Some good output may not be
4. They used to think that could be generated by
increasing either population or tax rates.
5. The real GDP is often used as an indicator of the
average standard of living.
6. There is a problem of unequal distribution of
7. One of the main economic problems is connected with the theory of
8. Более пристальный взгляд на формулу indicates that profit
margin is derived from two numbers sales and expenses.
9. Ecological situation in a region has its economic
growth.
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4. Translate into English:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
5. Complete the sentences:
1. It is due to government policy to ....
2. When inflation in any country is high, people are supposed to ....
3. ... has its own standard of living.
4. Economic success can be achieved, if ....
5. Oil is one of the ... resources.
6. When there is adverse environment, it is difficult to ....
7. You need to offset expenditure when ....
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them:
1. set out
a. not able to pay
2. salaries
b. used for their own advantage
3. benefits
c. view, how it is seen
4. the euro
zone
d. number order e.g. first, second, third
5. relative to
e. monthly payments to workers
6. ranking
f. shown, displayed
7. perception
g. the countries which are using the euro currency
8. exploited
h. compared with, when you look at it next to
something else
9. default
i. payments from an employer in addition to salary, for
example housing costs
10. crisis-ridden
-ridden' to
-
ridden, debt-ridden)
8. Arbitrage is the way ....
9. If you have full employment ....
6. Answer the questions to the text:
1. What is economic growth?
2. What is the role of government in mainstream economics?
3. Are there any problems of measuring GDP per capita?
4. Is there any correlation between economic growth and climate?
7. Match the words or phrases with their definitions and translate
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8. Discuss the following:
1. The accumulated effects on the ecosystem put a theoretical limit on
growth.
2. How does climate influence economic growth?
9. Translate the text in a written form:
The findings are set out in the latest annual worldwide cost of living
survey by the Economist Intelligence Unit, a business research organization
based in London. The information is intended to help big firms set salaries and
other benefits for staff working away from their home country. As in last year's
survey, two Japanese cities Tokyo and Osaka were found to be the most
expensive places to live. The report also says that cities in the euro zone have
become more expensive relative to other places since the introduction of euro
notes and coins in January last year. For example Paris now has the tenth highest
costs. It was in fourteenth place. Berlin has gone from fiftieth to thirty first place
in the ranking.
Those findings will fuel the widespread perception that businesses have
exploited confusion over the new currency to push up their prices. But as in past
years the highest costs in Europe are outside the euro zone. London, for
example, is the seventh most expensive city in the world to live in. New York,
which has the highest prices in America, is in 11th place in the global league.
The biggest slide in relative costs has taken place in Buenos Aires. That partly
reflects the slide of the Argentine currency, following the country's default on
its debts. The cheapest major cities were found to be Tehran in Iran and Harare,
capital of crisis ridden Zimbabwe.
10. Put questions to the words in bold and answer them.
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