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Contraction

For any number of reasons, consumers and businesses begin to reduce their spending levels. Businesses may lay off workers, reduce their purchases of raw materials and reduce production because they have built up excess inventories. Some businesses may decide to continue to use old factories and equipment rather than investing in new machines and buildings. Some businesses and consumers will even reduce spending because economists predict that business will be slowing down in the next few months. Whatever the reason, reductions in business and consumer spending mark the beginning of a contraction in the business cycle.

Recession

With factories operating at less than capacity and unemployment at very high levels, total output of goods and services enters a long-term decline. This is the bottom phase of the business cycle, or as economists describe it, the period of recession.

Times are hard during recession. Unemployment is very high, jobs are difficult to find and many businesses fail. A very severe and long-lasting recession is called a “depression”.

Expansion

After a period of recession the economy eventually begins to recover, entering the expansion phase of the business cycle. During a period of expansion the conditions are about to improve, business begins to expand its activities. Unemployment declines as additional workers are hired. This, in turn, leads to higher levels of consumer spending and still further expansion of employment, output and consumption.

WORD STUDY

Ex. 1. Study the different meaning of the following words and use them to translate the

sentences.

a)expansionn1) увеличение (в размере, объёме, количестве)

2) распространение, экспансия; рост, развитие

3) расширение производства

b)toexpandv 1) растягивать, расширять увеличиваться в объёме,

в размерах, в количестве

2) развивать, расширять

3) излагать дело в подробностях, раскрывать суть дела

1. When air is warmed it expands and becomes lighter.

2. Rapid expansion of private health insurance is one of the characteristics of market economy.

3. Each cycle of recession is followed by a new period of economic expansion.

4. Expansion of gases when heated is a law of nature.

5. The company has abandoned plans for further expansion.

6. The aim of this gymnastic exercise is to expand the chest muscles.

7. Our trade with China is steadily expanding.

8. The director plans to expand the firm into an international company.

Ex. 2. Match the words and word-combinations listed in the box with their Russian

definitions.

inventories, boom, to hire, depression, standard of living, expansion, layoff,

business cycle, total output

1. Периодически повторяющиеся подъемы и спады экономической активности в

капиталистических странах.___________________________

2. Состояние экономики, характеризующееся значительной и длительной безработицей,

снижением производства, и инвестиций.______________________

3. Резкий подъем деловой активности.___________________

4. Увольнение из-за отсутствия работы.______________________

5. Запасы сырья, материалов, топлива, готовой продукции.___________________

6. Общее количество единиц продукции, произведенное за определенный период

(например, год).__________________

7. Нанимать на работу за определенную плату.____________________

8. Уровень существования и материального благосостояния государства, человека.

________________________

Ex. 3. Group the following words into six synonymous groups.

depression

breakdown

well-being

to lay off

boom

to fire

to cut back

job

to reduce

storage

slump

prosperity

work

bad luck

inventories

toil

stock

to lower

recession

to dismiss

failure

Ex. 4. Replace the words in italics by synonyms from Ex. 3.

1. Businesses may fire workers.

2. Businesses may cut back their purchases of raw material because they have built up them in

excess stock.

3. In 1933 businesses went bankrupt at a record rate.

4. Reduction in production and additional worker layoffs lead to a slump.

5. When people speak of business cycles, they think of things like “well-being” and “depression

Ex. 5. Translate the words and phrases given in brackets.

1. (На пике) ofthebusinesscycle(происходит резкий подъем экономики).

2. The rate of (банкротств) is very high.

3. The way to smooth out (экономические колебания) is not found yet.

4. (По ряду различных причин) consumers and businesses begin to reduce (уровни расходов).

5. Economists(предсказывают)that(производство будет снижаться)inthenextfewmonths.

6. After(периода спада)theeconomy(в конечном счете)begins(восстанавливаться).

7. Business may (временно уволить) workers, reduce (приобретение сырья) and reduce

production because they have built up (излишние запасы).

8. The period of recession is (низшая точка экономического цикла).

9. The worst depression in American history, is known as (Великая депрессия).

10. In 1933 numbers of people lost their (сбережения) because more than 4,000 (частных

банков) closed (навсегда).

Ex. 6. Translate into Russian. Mind the translation of prepositions “like” and “as”.

1. What a beautiful house! It’s like a palace.

2. What does he do? He’s a teacher, like me.

3. Some sports like motor racing can be dangerous.

4. Like the manager, she also has to make important decisions.

5. Everybody is ill at home. Our house is like a hospital.

6. The situation with sales has not been like last year.

7. Before joining us he worked as a sales manager for a cosmetic company.

8. It is not like them to keep us waiting for the deliver; they are usually very punctual.

9. After the company reorganization we started to work as an independent division.

10. As mentioned earlier this evening, we have a guest speaker.

COMPREHENSION

Ex. 7. Match the questions (1-8) to their answers (A-H).

1. How many years did the Great Depression last for?

2. How are changes in business activity called?

3. What happens in a period of depression?

4. When is the economy booming?

5. What marks the beginning of a contraction in the business cycle?

6. Why are prices increasing during a boom period?

7. Why do businesses and consumers reduce their spending during a contraction cycle?

8. During which period does business begin to expand its activities?

A. At the peak of the business cycle.

B. Ten years

C. Because the demand for goods and services is increasing.

D. During a period of expansion.

E. Factories are idle, millions of workers are unable to find jobs, and the rate of business

failure is high.

F. Because economists predict that business will be slowing down in the next few months.

G. The periods of boom, contraction, recession and expansion.

H. Reductions in business and consumer spending.

Ex. 8. Multiple choice. In the space provided, write the letter of the item that best

completes the statement.

1. “Prosperity” is ordinary used to describe ______________period of high employment.

a) a long

b) an extended

c) a short-lasting

2. “Depression” refers to an extended period of general __________________ of economic

resources.

a) underemployment

b) employment

c) unemployment

3. The worst depression in American history lasted from __________________.

a) 1920 to 1930.

b) 1930 to 1940

c) 1940 to 1950

4. Some businesses and consumers will even reduce spending because economists predict that

business _______________________ in the next few months.

a) will be booming

b) will be flourishing

c) will be slowing down

5. The way to smooth out economic ___________________was not found yet.

a) fluctuations

b) activity

c) systems

6. The recession is the ______________ phase of the business cycle.

a) most important

b) final

c) bottom

7. During the Great Depression 4,000 ______________________banks closed permanently.

a) state-owned

b) privately-owned

c) government-owned

8. During the period of recession total output of goods and services enters a long-term decline.

a) a short-term decline

b) a long-term decline

c) a long-term boom

9. During a period of expansion the conditions are about to improve, business begins _________

its activities.

a) to expand

b) to cut back

c) to cease

Ex. 9. Translate into English. (Modal Verbs)

1. When I was area manager, I could visit five customers a day.

2. Only employees can buy products from the company shop.

3. This is a dander area. Employees may not enter this area without protective clothing.

4. Next year we may launch a sales campaign in Japan.

5. May I make a comment at this point? – Yes, of course you may.

6. Many customers give to charity money that they might have spent on themselves.

7. Changes in the quantity of money may or may not have an influence on prices.

8. All the shareholders must receive an invitation to the meeting; however, they needn’t attend.

9. These figures can’t be right. There must be a mistake somewhere.

10. If you want my advice, you should find another supplier.

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