A Rapid Course in English for Students of Economics
TOM McARTHUR
Oxford University Press
Oxford University Press, Walton Street. Oxford OX2 6DP
• OXFORD NEW YORK TORONTO DELHI BOMBAY CALCUTTA MADRAS KARACHI PETALINO JAYA SINGAPORE HONG KONG TOKYO NAIROBI DAR ES SALAAM CAPE TOWN MELBOURNE AUCKLAND
and associated companies in
Berlin 1badan
OXFORD is a trade mark of Oxford University Press
Isbn 0 19 437606 0
© Oxford University Press 1973
First published 1973 Tenth impression 1988
All rights reserved. So part oj this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press.
This book is sold subject to the condition that it shall not, by way of trade or other wise. be lent, re-sold, hired out, or otherwise circulated without the publisher's prior consent in any form of binding or cover other than that in which it is published and without a similar condition including this condition being imposed on the subsequent purchaser.
Illustrations by Geoffrey Bargery
Contents
Introduction
Part One
1
6
11
17
23
31
39
45
51
57
63
71
78
84
91
I00 122
2: The Science of Economics
3: Different Economic Systems
4: The Limits on Economic Freedom
5: Central Control of the Economy
6: Mixed Economies
7: Revision and Conclusion
Part Two
8: Utility and Prices
9: Supply and Demand
10: Some Economic Laws
11: Labour and Capital
12: Markets and Monopolies
13: The Open Market
14: Money and Banking
Appendices
1: Vocabulary List, with Phonetic Equivalents
2: Key to Exercises Index of Exercises
Economic
ActivityPart1: unit1
5
15
10
Most people work in order to earn their living.
They produce goods and services.
Goods are either produced on farms, like maize and milk, or in factories, like cars and paper.
Services are provided by such things as schools, hospitals and shops.
Some people provide goods; some provide services.
Other people provide both goods and services.
For example, in the same garage, a man may buy a car, or he may buy some service which helps him to maintain his car.
The work which people do is called their economic activity.
Economic activities make up the economic system.
The economic system is the sjum-total of what people do and what they want.
The work which people undertake either provides what they need or provides them with money.
People buy essential commodities with money.
Exercises .
1 Here are some questions about the passage. Answer them.
e
f
What
two different things can a man buy in, for example,
a
garage
?
What
do we call the work which people
do?
Why
do most people work ? What
do they produce?
Where
are goods produced? What do schools, hospitals and shops
provide?
a
b c d
1
Unit1 unit1
5
6
a
b
c
d
e
3
a
b
c
d e
f
4
g
h
2
sum-total of? money? What two things can work provide for the worker ?
Combine these pairs of sentences as in the example.
EXAMPLE The services are useful
The workers provide the services.
=> The services which the workers provide are useful.
People produce these goods and
services.
The work is called economic
activity.
We do this work.
The work provides them with
money.
People do this work.
The economic activities make up
the economic system.
People undertake these
economic activities. •
The goods are essential.
They need the goods.
f
The schools and hospitals are
essential.
They provide the schools and
g
hospitals.
The goods are valuable.
He buys the goods.
h
The money buys essential
commodities.
People earn this money.
The goods and services are very
useful.
Change these sentences in the same way as the example. Both sentences refer to future possibilities.
EXAMPLE
=>
Perhaps he will come. He may come.
country
or the whole world. Perhaps
the car does not belong to
those people. Perhaps
he will buy some service
which will
help
him to maintain
his car. Perhaps
he will see the car when he
comes tomorrow. Perhaps
he will provide what they
need when he comes back.
g
h
i j
Perhaps we shall want some
more fruit tomorrow.
Perhaps they will get the
essential commodities soon.
Perhaps the service will stop
next month.
Perhaps the garage will not sell
that car to him.
Perhaps the economic system
belongs to a city, a whole
In each of these words, underline the syllable which carries the main stress. Practise saying the words. They are all used in this textbook.
EXAMPLE order -> order
system; equal; solid; liquid; mobile; complex (adj.); regular; similar; rapid; service; different; level; valuable; hospital.
In each of these words, underline the syllable which carries the main stress. Practise saying the words. They are all used in this textbook.
EXAMPLE produce produce (verb)
provide; example; belong; maintain; perhaps; replace; result; occur; obtain; police; arrange; appear; concern; describe; explain.
In each of these words, underline the syllable which carries the main stress. Practise saying the words. They are all used in this textbook.
EXAMPLE essential -> essential
tomorrow; together; activity; commodity; productive; particular; equality; complexity; enjoyable; description; objective; necessity; liquidity. .
Text B
5
10
15
The work people do is. called economic activity. All economic activities together make up the economic system of a town, a city, a country or the world. Such an economic system is the sum-total of what people do and what they want. The work people undertake either provides what they need or provides the money with which they can buy essential commodities. Of course, most people hope to earn enough money to buy commodities and services which are non-essential but which provide some particular personal satisfaction, like toys for children, visits to the cinema and books.
Exercises
1 Say whether these statements are true (T) or false (F), and if they are false say why.
2
3