Writing

Using the information obtained from the previous text make its outline in writing. You may use the following clichés: the text deals with …; it draws our attention to … ; of special interest is the argument that … .it is noted that … . The author concludes by saying that … .

TRANSLATION

A. Translate from English into Russian.

The meaning of "government purchases" also requires a bit of clarification. When the government pays the salary of an Army general, that salary is part of government purchases. But what happens when the government pays a Social Security benefit to one of the elderly? Such government spending is called a transfer payment because it is not made in exchange for a currently produced good or service. From a macroeconomic standpoint, transfer payments are like a tax rebate. Like taxes, transfer payments alter household income, but they do not reflect the economy's production. Because GDP is intended to measure income from (and expenditure on) the production of goods and services, transfer payments are not counted as part of government purchases.

B. Translate from Russian into English.

ВВП представляет собой годовую совокупную рыночную стоимость продукции материального производства и сферы услуг, независимо от национальной принадлежности предприятий, расположенный на территории данной страны. В отличие от этого, ВНП – это совокупная рыночная стоимость всего объема продукции и услуг за год независимо от местоположения национальных предприятий (в своей стране или за рубежом).

Величина ВВП может быть определена тремя методами.

Во-первых, методом суммирования ДС по всем отраслям национальной экономики (ВВП по производству или отраслям).

Во-вторых, методом измерения ВВП по расходам.

В-третьих, методом измерения ВВП по доходам, включающим заработну платуработников, прибыли фирм и корпораций и т.д.

Speaking

Summarize the information of the Unit to be ready to speak on Gross Domestic Product. Use the following prompts as a plan.

• Give the definition of GDP and explain it.

• Dwell on the components of GDP.

• Speak on other measures of income in short

• Dwell on indicators of the economic development of a society GDP encompasses.

• Explain what economic problems are left out of GDP.

• What’s the way GDP is measured in Belarus?

• Do you think it’s a good way to measure (estimate) a country’s wealth?

Vocabulary

adjust n – регулировать, налаживать

adjustable adj – регулируемый, подвижный

adjustment n – регулировка, приспособление

seasonal ~ – поправка с учетом сезонных изменений,

deflator n– дефлятор

depreciation n – 1. обесценивание; 2. изнашивание, амортизация

domestic adj – отечественный, внутренний

ensure v – гарантировать, обеспечивать

estimate v – оценивать

expenditure n – издержки, расход(ы)

to undertake ~ – нести расходы

gross domestic product – валовый внутренний продукт

gross national product – валовой национальный продукт

income n – доход, прибыль

personal ~ – личный доход

national ~ – национальный доход

disposable personal ~ – доход, остающийся после уплаты налогов, наличный доход

intermediate adj – промежуточный

intervene v – вмешиваться

inventory n – материально-производственные запасы

measure v – измерять

output n – 1. выпуск; 2. продукция; 3. производство; 4. производительность

revenue n – доход, поступление от продаж

spending n – расходы

government / nongovernment ~ (syn. government expenditures) –правительственные/неправительственные расходы

transaction n – сделка

transfer n – перевод (денежных сумм)

~ payments – трансфертные платежи, передаточные платежи (выплаты населению по программам социального страхования и платежи процентов владельцам государственных обязательств)

make a ~ – делать перевод

pay by ~ – уплатить посредством перевода

value n – цена, стоимость

market ~ – рыночная стоимость

well-being n – благосостояние, материальное благополучие; благоденствие, процветание

standard of ~ – уровень благосостояния

GLOSSARY

• Depreciation is the wear and tear on the economy's stock of equipment and structures

• Disposable personal income is the income that households and noncorporate businesses have left after satisfying all their obligations to the government.

• GDP deflator a measure of the price level calculated as the ratio of nominal GDP to peal GDP times 100.

• Gross domestic product (GDP) the market value of all final goods and services produced within a country in a given period of time.

• Gross national product (GNP) is the total income earned by a nation's permanent residents (called nationals)

• Consumption spending by households on goods and services, with the exception of purchases of new housing.

• Government purchases spending on goods and services by local, state, and federal governments.

• National income is the total income earned by a nation's residents in the production of goods and services

• Net exports spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports).

• Net national product (NNP) is the total income of a nation's residents (GNP) minus losses from depreciation

• Nominal GDP the production of goods and services valued at current prices.

• Personal income is the income that households and noncorporate businesses receive

• Real GDP the production of goods and services valued at constant prices.