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Файл:Экономика. Понятия, принципы, проблемы. Учебное пособие
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450,000
380,000
Price
(per two-bedroom unit)
Old
market
supply
New
market
supply
Market
demand
Fig. 3.4. Market for condominium
6. Fill in the spaces in the sentences below using a suitable
preposition from the box.
in for of by at to on
1. There has been a significant increase _____ the number of young
people who participate in exchange programs.
2. Workplace stress is ____ the increase.
3. A shift of the supply curve to the left designates a decrease ____
supply.
4. Profits were 1 million pound, which is a decrease ____ 5 per cent
on last year.
5. Prices are expected to decrease ____ less than 1 per cent this year.
6. Our software is ____ demand all over the world.
7. A limited supply ____ oil has made gas prices rise.
8. We can expect further increases ____ the price ____ electricity.
9. Oil was ____ its lowest price in 30 years.
10. Solar energy offers a low cost solution ____ our fuel problems.
11. Last year wasn’t successful for the company. There was a big
fall ___ sales.
12. The firm closed down because there wasn’t enough demand ___ its
product.
13. The government recognizes the need ____ immediate action.
61
7. Add the following verbs to the table below.
to fall
to increase
to decrease
to reduce
to lower
to slash
to rise
to drop
to decline
to push up
to rocket
to double
to stabilize
to maintain
to diminish
to triple
to plummet
to go down
to jump
to curtail
to cut
to climb
to soar
to go up
rising no change falling
verbs verbs verbs
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
8. Translate the sentences paying attention to the verbs denoting
rising and falling.
1. The president's popularity has plummeted since the war began.
2. Stock prices rocketed to their highest level yesterday.
3. The number of people buying their own homes has declined.
4. The Bank of England had pushed up interest rates sharply to
protect the pound from speculators.
5. A government attempt to curtail debate was not successful.
6. Risks must be reduced to the absolute minimum.
7. The number of people without work has doubled in the last five
years.
8. We had to drop the price of our house to sell it.
9. Unemployment has soared.
10. The price of oil has gone up by over 50 per cent in less than a year.
11. No one expects house prices to go down in the near future.
62
9. Describing trends
European car sales 1991 – 2000
Cars sold
(in millions)
13,5
13
12
13,5
11,9
12,0
12,8
13,1
13,013,1
12,4
91 92 93 94 95 96 97 98 99 Year
11,2
The graph shows car sales from 1991 to 2000. Look at the graph
and read these sentences. Notice how the verbs + prepositions are used.
1. From 1992 to 1993 car sales decreased from 13.5 million to 11.2
million.
2. Car sales increased from 11.2 million in 1993 to 11.9 million in
1994.
3. They decreased by about three hundred thousand (300,000) from
1991 to 1997.
4. There was a decrease of about half a million from 1991 to 1996.
10. Now complete these sentences using the graph.
1. ____ 1993 ___ 1994 sales rose _____ about 7,000 (seven thousand).
2. There was a decrease ____ about 2.3 (two point three) million from
1992 _____ 1993.
3. Car sales rose ____ about 11.2 (eleven point two) million in 1993
___ about 12.8 (twelve point eight) million ____ 1996.
We can use verb + adverb to describe a trend.
Car sales fell dramatically from 1992 to 1993.
They rose steadily from 1993 to 1997.
They dropped slightly from 1997 to 1999.
Sales increased considerably.
Sales fell sharply from 1999 to 2000.
63
11. Make sentences of your own paying attention to the use of
prepositions. Use adverbs describing a trend.
to rise
to fall
to be reduced
from … to …
by …%
to…
an increase
a decrease
of …%
12. Answer the question using suitable verbs given below.
If the demand for houses rises, how will this affect the wages of
bricklayers?
The rise in demand for houses will 1) _____a shortage of houses. This
will cause the price of houses to 2) ____. This will 3) ____ the profitability
of house construction. This in turn will 4) ____ in the increase in the
demand for bricklayers. The resulting shortage of bricklayers will 5)____to
a rise in their wages (the 'price' of bricklayers).
a. increase; b. cause; c. lead; d. rise; e. result
WORD BUILDING
1. Which prefix will you use to make these words negative?
dis- un- in- ir- im- il-
___ equal
___ equality
___ stable
___ stability
___ similar,
___ legal,
___ regular
___ ability
___ correct
___ equilibrium
___ balance
___ possible
___ acceptable
___ organize
___ satisfied
___ relevant
___ desirable
___ personal
___ effective
___ efficiency
___ significant
___ employed
___ logical
___ complete
___ economic
___ perfect
___ rational
64
2. Read the text below. Use the word given in capitals at the end
of each line to form a word that fits in the space in the same line. There
is an example at the beginning (0).
SUPPLY SHIFTERS
In constructing a supply curve, the 0)
economist assumes that price is the most significant
1)________ of the quantity supplied of any
product. But the supply curve is grounded on the
“other things are equal” assumption. That is, the
supply curve is drawn on the 2)_______ that
certain nonprice determinants of the amount
supplied are given and do not 3)______. If any of
these nonprice determinants of supply do in fact
change, the location of the supply curve will
be altered. The basic nonprice determinants
of supply are resource prices, the technique
of 4) ____________, taxes and subsidies, prices of
other goods, price 5) _________, and the number
of sellers in the market. A change in any one or
more of these determinants or supply shifters will
cause the supply curve for a product to move either
to the right or the left. A shift to the right
6) __________ an increase in supply: Producers are
now supplying larger quantities of the product at
each possible price. A shift to the left 7) _______ a
ECONOMIC
DETERMINE
SUPPOSE
CHANGABLE
PRODUCER
UNEXPECTEDLY
DESIGNATION
INDICATOR
decrease in supply: Suppliers are offering less at
each price.
3. Identify the nouns, adjectives, and verbs in the following
groups of words. Use the appropriate ones in the sentences below.
f) interact, b) interaction, c) action, d) interactive, e) activity.
1. Jobs that involve a degree of social _____ are usually more
satisfying.
2. A computer program which reacts to the information and
instruction that you give it is called ______ .
3. Economists want to know how supply and demand ________ .
4. We have three possible ways of _______ .
5. These environmental changes are the result of human ________ .
65
GRAMMAR
e
Participle I Active vs. Participle II Passive.
Participle I Active vs. Gerund.
Participle II Passive vs. Past Simple Active.
PARTICIPLE I ACTIVE vs. PARTICIPLE II PASSIVE
Function
an attribute
Participle I Active
verb + ing
People arriving in
London visit various
Participle II Passive
verb + ed
The houses built in this street
are privately owned.
museums.
an adverbial
modifier
a predicative
part of a
simple verbal
predicate
While writing a letter, he
tried to be clear and
polite.
The news was shocking.
They are living in
Scotland now.
We have been
corresponding for years.
When corrected, the paper will
be published.
We were very shocked when w
heard the news.
The contracts are signed.
They have paid their debts in
due time.
1. Find examples of the use of Participle I Active where it is:
a) an attribute c) a predicative
b) an adverbial modifier d) part of a simple verbal predicate
1. Recently the emphasis on health and fitness has increased the
demand for jogging equipment, health food and sport facilities while
reducing the demand for cream cakes, butter and cigarettes.
2. The cost of living is rising.
3. The response of supply, demand and price to changing market
conditions is unlikely to be instantaneous.
4. When considering the effect of a change in income on demand, we
distinguish between normal goods and inferior goods.
5. The economist tries to be as objective as possible, establishing
principles which show how the economy works and can be used to predict
the likely results of policies.
6. More and more economists are appearing on the payroll of large
corporations.
66
7. My job of a Managing Director is interesting, challenging, well-
paid. and socially satisfying.
8. Any factor increasing supply shifts the supply curve to the right,
increasing equilibrium quantity but reducing equilibrium price.
2. Find examples of the use of Participle II Passive where it is:
a) an attribute c) a predicative
b) an adverbial modifier d) part of a verbal predicate
1. Economic theories are generalizations based upon a careful
observation of facts.
2. A model is a simplified picture of reality.
3. Unless discussed, the new method of calculation should not be
used.
4. As a determinant of supply, technology must be interpreted very
broadly.
5. The effect of a change in price on the quantity demanded is divided
into an income effect and substitution effect.
6. Investors are satisfied with a 14% profit made in just three months.
7. They have paid a terrible price for ignoring the crisis for too long.
8. If introduced, the new technology will cut our company’s
production costs considerably.
3. Complete the sentences using one of the verbs in the correct
form, Participle I Active or Participle II Passive.
make produce rise cause price demand employ show
1. A new firm _____________ 500 people has just opened in the
town.
2. Most of the suggestions _________ at the meeting were not
practical.
3. Any factor ______________an increase in demand shifts the
demand curve to the right.
4. Most of the goods _______________ in this factory are exported.
The relationship between price and quantity demanded can be
5.
_________ graphically on a demand curve.
6. Young children can be very __________.
7. The farmhouse is ___________ at £125,000.
8. We are all concerned about the _________ level of pollution.
67
PARTICIPLE I ACTIVE vs. GERUND
Participle I Active Gerund
has a double character – verbal
and adjectival or adverbial :
discussing – обсуждающий,
has a double character – verbal
and nominal:
discussing - обсуждение
обсуждая
may be preceded by a preposition:
He is capable of making wise
decisions.
may be modified by a possessive
pronoun :
The Managing Director insisted on
our flying to New York.
Are used in the function of:
a subject
Packing goods for export is highly
specialized job.
an object
I don’t remember speaking with him
before.
part of a simple verbal predicate:
She is studying economics at
university.
part of a compound verbal
predicate:
She began studying economics at
university.
a predicative
The trip was extremely tiring.
an attribute
We are all concerned about the
rising level of pollution.
an adverbial modifier (can be
preceded by a conjunction)
When coming home he packed
the things.
a predicative
His hobby is collecting stamps
an attribute
There are different ways of solving
this problem.
an adverbial modifier (is always
preceded by a preposition)
On coming home he packed
the things.
4. Analyze the use of the Participle I Active and the Gerund in the
following sentences.
1. Understanding how various economies work is the basic purpose
of studying economics.
68
2. Understanding the importance of formal economic analysis, we
shouldn’t underestimate the role of practical experience.
3. Although using similar models to the natural sciences, economists
tend to be less accurate in their predictions.
4. Using state-of-the-art technologies guarantees a higher production
efficiency.
5. Clearly defining the market may be crucial in explaining the effect
of a price change on the quantity of a good demanded.
6. Defining a term, we are trying to explain its meaning.
7. Mastering theoretical analysis is needed to be able to apply it to
relevant problems that people actually face today.
8. Stabilizing the business cycle, deciding on the amount of public
goods, correcting informational problems, preventing the exercise of
marker power, and creating a socially desirable distribution of income are
all economic grounds for a government role in the economy.
PARTICIPLE II PASSIVE vs. PAST SIMPLE ACTIVE
Past Simple and Participle II are referred to the basic forms of the
verb.
These forms fully coincide in case of regular verbs: invited, opened,
planned, discussed.
Some irregular verbs may also have similar forms of Past simple and
Participle II Passive: made, sent, built, bought, sold.
Participle II Passive Past simple active
invited as an attribute of a
sentence
The shareholders invited to the
Extraordinary General Meeting are
to decide the fate of their company.
Акционерам, приглашенным на
чрезвычайное общее собрание,
предстоит решить судьбу своей
компании.
invited as a predicate of a
sentence
The Managing Director invited
departmental managers to inform
them about decline in jobs.
Генеральный директор
пригласил менеджеров отделов,
чтобы сообщить им о
сокращении кадров.
5. Identify the forms of Participle II Passive and Past Simple
Active. Translate the sentences.
1. The methodology used by economists is common to all of the
natural and social sciences.
69
2. To explain a complex interrelated web of decision making and
economic activity he used a circular flow model.
3. The complexity of the technique used increased considerably.
4. They observed similar economic trends in a number of countries.
5. Theories are not arrived at by simple generalizations from
observed facts.
6. The economic data obtained proved the validity of the hypothesis
proposed.
7. Two types of reasoning employed by economists are induction and
deduction.
8. To predict future inflows and outflows of the company they
employed financial statements provided by accountants.
9. The information just provided indicated solution to the problem.
ADDITIONAL READING
1. Scan the text to find information on the role of markets and
prices in a free market economy. What are two basic types of markets
of pure capitalism and the character of the transactions which occur
therein?
THE CIRCULAR FLOW MODEL
Figure 3.5 provides the simple overview we seek. The upper half of
the diagram portrays the resource market. Here, households, which
directly or indirectly (through their ownership of business corporations)
own all economic resources, supply these resources to businesses.
Businesses, of course, will demand resources because they are the means by
which firms produce goods and services. The interaction of demand and
supply for the immense variety of human and property resources establishes
the price of each. The payments which businesses make in obtaining
resources are costs to businesses, but simultaneously constitute flows of
wage, rent, interest, and profit income to the households supplying these
resources.
Now consider the product market shown in the bottom half of the
diagram. The money income received by households from the sale of
resources does not, as such, have real value. Consumers cannot eat or wear
coins and paper money. Hence, through the expenditure of money income,
households express their demand for a vast array of goods and services.
Simultaneously, businesses combine the resources they have obtained to
produce and supply goods and services in these same markets. The
interaction of these demand and supply decisions determines product prices.
Note, too, that the flow of consumer expenditures for goods and services
constitutes sales revenues or receipts from the viewpoint of businesses.
70
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