- •Государственный университет высшая школа экономики
- •English for Economics
- •Пермь 2006
- •Isbn 5-88187-286-X
- •Предисловие
- •Contents Part I. Texts on Economics 6
- •I. Give the English equivalents to:
- •II. Find words with similar meanings in the text:
- •III. Answer the following questions:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Render the text in English:
- •VI. Give a summary of the text. Macroeconomics and microeconomics
- •I. Answer the following questions:
- •II. Fill in the blanks using the correct term: microeconomics, macroeconomics, microeconomists or macroeconomists:
- •III. Consider which of the following matters might be classified as macroeconomic and which as microeconomic:
- •IV. Match a line in a with a line in b:
- •V. Give a summary of the text.
- •VI. Render the text in English:
- •I. Give the English equivalents to:
- •II. Find words and expressions that mean:
- •IV. Divide the text into 4 parts and formulate the main idea of each of them.
- •V. Answer the following questions:
- •VI. Give a summary of the text. Economic systems: two important distinctions
- •VI. Render the text in English:
- •VII. Give a summary of the text. Labour
- •I. Give the English equivalents to:
- •III. Answer the following questions:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Render the text in English:
- •Unemployment
- •I. Give the English equivalents to:
- •III. Answer the following questions:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Render the text in English:
- •Supply and demand
- •Factors Affecting the Demand of Households.
- •Factors Affecting Supply.
- •X. Render the text in English:
- •Wants and utilities
- •I. Answer the following questions:
- •II. Match the terms with their definitions:
- •III. Translate the words and word combinations:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Render in the text English:
- •VI. Give a summary of the text. Market
- •I. Match the terms with their definitions:
- •II. Answer the following questions:
- •III. Are the following statements true or false? Correct the false ones:
- •IV. Render the following sentences in English:
- •V. Give a summary of the text. Markets and monopolies
- •I. Give the English equivalents to:
- •III. Answer the following questions:
- •IV. Do the following tasks:
- •V. Render the text in English:
- •I. Give the English equivalents to:
- •III. Fill the gaps with the following words: coins, money, barter, legal tender, notes, value:
- •IV. Answer the following questions:
- •V. Are the following statements true or false? Correct the false ones:
- •VI. Render the text in English:
- •VII. Give a summary of the text. Pricing
- •I. Answer the following questions:
- •III. Give synonyms to the words and expressions from the text:
- •IV. Render the text in English:
- •V. Give a summary of the text. The problem of inflation
- •I. Answer the following questions:
- •III. Explain the following terms:
- •IV. Render the text in English:
- •V. Give a summary of the text. Banking
- •Central banking: an overview
- •I. Answer the following questions:
- •II. Are the following statements true or false? Correct the false ones:
- •III. Render the text in English:
- •IV. Fill in the blanks with proper words or word combinations:
- •V. Give a summary of the text. Loans in the united kingdom
- •I. Answer the following questions:
- •III. Fill in each blank with one word from the box to illustrate typical collocations:
- •Interest security society business loan
- •IV. Render the text in English:
- •V. Give a summary of the text. Market research
- •I. Answer the following questions:
- •III. Fill in the gaps with the following words: characteristics, acceptance, market segment, analysis, carry out, techniques, products, surveys, observation, research, panels, questionnaires, desk:
- •IV. Render the text in English:
- •VI. Give a summary of the text. Marketing
- •I. Answer the following questions:
- •II. Paraphrase the following statements:
- •III. Render the text in English:
- •IV. Give a summary of the text. Consumer choice
- •I. Answer the following questions:
- •III. Fill in the gaps:
- •IV. Render the text in English:
- •I. Match the terms with their definitions:
- •II. Put the words in the correct order:
- •III. Fill in the gaps with the words or word combinations in italics:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Translate the following sentences into English:
- •Test 2 (Labour, Unemployment)
- •II. Put the words in the correct order:
- •III. Fill in the gaps with the words or word combinations in italics:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Translate the following sentences into English:
- •Test 3 (Wants and Utilities, Supply and Demand)
- •II. Put the words in the correct order:
- •III. Fill in the gaps with the words in italics:
- •IV. Are the statements true or false? Correct the false ones:
- •V. Translate the following terms into English:
- •Test 4 (Market, Markets and Monopolies)
- •II. Match the two parts of the sentences:
- •III. Fill in the blanks with the words or word combinations in italics:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Translate the following sentences into English:
- •Test 5 (Money, Pricing, The Problem of Inflation)
- •II. Put the words in the correct order:
- •III. Fill in the gaps with the words or word combinations in italics:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Translate the following terms into English:
- •Test 6 (Banking, Central Banking, Loans in the uk)
- •II. Put the words in the correct order:
- •III. Fill in the gaps with the words or word combinations in italics:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Translate the following terms into English:
- •Test 7 (Market Research, Marketing, Consumer Choice)
- •II. Put the words in the correct order:
- •III. Fill in the gaps with the words or word combinations in italics:
- •IV. Are the following statements true or false? Correct the false ones:
- •V. Translate the following terms into English:
- •Part III. Resource Tests alternative market structures
- •I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. For each question 1-4, mark one for the answer you choose.
- •Free-market medicine in russia
- •Is the Patient Recovering?
- •I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. Look at statements 1-3. In each statement, which phrase or sentence is correct?
- •III. For each question 1-4, mark one for the answer you choose.
- •IV. Match each of these statements with one of the paragraphs numbered 1-8.
- •V. Are sentences below “Right” or “Wrong”? If there is not enough information to answer, choose “Doesn’t say”.
- •VI. Complete the following table:
- •VII. The mistakes in the sentences below have been underlined. Write the corrections in the spaces provided.
- •Should health care provision be left to the market?
- •II. Say whether the following sentences are “Right” or “Wrong”. If there is not enough information to answer, choose “Doesn’t say”.
- •III. For each question 1-5, mark one for the answer you choose.
- •Can the market provide adequate protection for the environment?
- •II. For each question 1-4, mark one for the answer you choose.
- •III. The mistakes in the sentences below have been underlined. Write the corrections in the spaces provided.
- •Strategic trade theory
- •I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. For each statement 1-3, mark one for the answer you choose.
- •III. Are sentences below “right” or “wrong”? If there is not enough information to answer, choose “Doesn’t say”.
- •Concentration ratios
- •I. Are the sentences below “Right” or “Wrong”? If there is not enough information to answer, choose “Doesn’t say”.
- •II. For each question, mark one for the answer you choose.
- •Competitive advantage and the small firm sector
- •I. Match each of these headlines with one of the texts above.
- •II. Look at statements 1-3. In each statement, which phrase or sentence is correct?
- •III. Are sentences below “Right” or “Wrong”? If there is not enough information to answer, choose “Doesn’t say”.
- •Growth through diversification
- •I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. The mistakes in the sentences below have been underlined. Correct them.
- •The firm as a legal entity
- •I. Match each of these headlines with one of the texts above.
- •II. Which text reports on these items?
- •IV. Choose the best answer to complete each gap in the text.
- •Should central bank be independent of government?
- •I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. Are sentences below “Right” or “Wrong”? If there is not enough information to answer, choose “Doesn’t say”.
- •III. The mistakes in the sentences below have been underlined. Write the corrections in the spaces provided.
- •Are the days of cash numbered?
- •I. Read the text. Some parts of the texts have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. Look at statements 1-4. In each statement, which phrase or sentence is correct?
- •III. Choose the best answer to complete each gap in the text.
- •IV. Are sentences below “Right” or “Wrong”? If there is not enough information to answer, choose “Doesn’t say”’.
- •Regulation us-style
- •I. For each question 1-5, mark one for the answer you choose.
- •II. Are sentence below “Right” or “Wrong”? If there is not enough information to answer, choose “Doesn’t say”.
- •III. Find the mistakes in the sentences below and write the corrections in the spaces provided:
- •The political business cycle
- •I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. For each question 1-4, mark one for the answer you choose.
- •III. There is one mistake in each of the following sentences (either an underlined word or a phrase); you are to find it.
- •Managers and owners:
- •I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. Complete the following table:
- •III. The mistakes in the sentences below have been underlined. Write the corrections in the spaces provided.
- •Inequality and poverty
- •I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. Are sentences below “Right” or “Wrong”? If there is not enough information to answer, choose “Doesn’t say”.
- •III. The mistakes in the sentences below have been underlined. Write the corrections in the spaces provided.
- •Technology and employment
- •II. Choose the best answer to complete each gap in the text.
- •Do people volunteer to be unemployed
- •Involuntary unemployment
- •I. Read the text. Some parts of the texts have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One sentence does not belong in any of the gaps.
- •II. For each question 1-4, mark one for the answer you choose.
- •III. Choose the best answer to complete each gap in the text.
- •Part IV. Fundamentals of Translation Вводное занятие
- •Порядок слов простого повествовательного предложения. Члены предложения
- •Занятие 1 Случаи отступления от прямого порядка слов в английском предложении
- •Практическое задание 1
- •Занятие 2
- •Практическое задание 2
- •Занятие 3 Модальные глаголы
- •Have to
- •Практическое задание 3
- •Занятие 4 Слова-заместители существительных; слова-заместители глаголов
- •Практическое задание 4
- •Занятие 5 Неличные формы глагола: Причастие I, его функции в предложении
- •Практическое задание 5
- •Занятие 6 Причастие II. Его функции в предложении
- •Практическое задание 6
- •Занятие 7 Причастные обороты: зависимые и независимые
- •Практическое задание 7
- •Занятие 8 Герундий
- •Практическое задание 8
- •Занятие 9 Герундиальные обороты (зависимые и независимые)
- •Практическое задание 9
- •Практическое задание 10
- •Занятие 11 Неличные формы глагола. Инфинитивные обороты – зависимые и независимые
- •Практическое задание 11
- •Занятие 12 Перевод официально-деловых материалов. Перевод латинских фраз.
- •Практическое задание 12
- •Bibliography
- •Для заметок
- •Учебное издание English for Economics
- •6 14990, Гсп-131, Пермь, ул. Дружбы, 34
Практическое задание 12
Exercise 1: Translate, paying attention to rendering archaic word.
1. The Banks grant to the Borrower upon the terms and subject to the conditions hereof a loan facility in the aggregate amount of … or the equivalent thereof in Deutsche Mark.
2. The Facility is made available severally by each Bank in the amount of its Commitment. The failure of any Bank to carry out its obligations hereunder shall not relieve any other Bank, the Agent or the Borrow of any Bank be liable for the obligations of any other Bank hereunder.
3. The Facility is available to the Borrower only during the Availability Period. Any part of the Facility which remains undrawn and uncancelled on the Termination Date shall be automatically cancelled at the close of business on that date.
4. CONDITIONS PRECEDENT
Notwithstanding anything to the contrary contained or implied in this Agreement, the Borrower shall not be entitled to give notice of its intention to draw any Advance hereunder until all the documents listed in the Second Schedule have been received by the Agent and in from and substance satisfactory to the Agent.
5. The agent shall be under the same obligations and be entitled to the same rights and powers in relation to any sums advanced by it hereunder in its capacity as a Bank as if it were not the Agent nor shall it be obliged by reason of its position as Agent or otherwise to account to any other Bank for any sum received by it for its own account hereunder or for the profit element thereof.
6. It shall not be a defence to a claim by any Bank under this Clause that any increased cost, reduction or payment therein referred to could have been avoided by such Bank.
7. The Borrow will, within forty-five days of the date hereof, pay to the Agent for account of the Managers a management fee in accordance with the terms of the letter dated 8th October, 1975 sent by the Borrower to the Managers.
8. The Borrower may not give any notice of its intention to make a drawing hereunder until all documents listed in the Second Schedule hereto have been in the possession of the Agent in sufficient copies for the Agent and each Bank and in from and substance satisfactory to the Agent for at least five Business Days.
Exercise 2: Translate, paying attention to rendering Latin cliches.
1. Any payment by the Borrower of its obligations under any Note shall discharge pro tanto the Borrower’s obligations under this Agreement and upon due payment or satisfaction by the Borrower of all its obligations under the Notes, or of the corresponding obligations in this Agreement, the same shall be cancelled and forthwith returned to the Borrower.
2. B) Any prepayment of the proportion of any Advance lent by any Bank persuant to Clause 12, 13, or 14 shall reduce pro rata the Borrower’s obligation to repay such Advance under Clause 9 on each subsequent Repayment Date.
3. Its obligations hereunder are and will be direct, unconditional and general obligations of the Borrower and will rank at least pari passu with all other indebtedness and contingent liabilities of he Borrower.
4 . Provided, that it shall not be an Event of Default if the Borrower conducts a bona fide dispute in respect of any such indebtedness to settle such dispute.
GLOSSARY
Aggregate demand |
the proportion of the total demand (for a product) that is supplied by a particular manufacturer or brand |
Aggregate supply |
the total amount of goods and services resulting from adding together all the spending power of people in the complete economy of a country |
Barriers to entry |
actors which prevent the entry of new firms into an industry |
Barter |
trade by direct exchange of goods for other goods without using money |
Bill of exchange |
a written order telling one person to pay a certain sum of money to a named person on demand or at a certain time in the future |
Buying power |
the amount of goods and services that money can buy at a given time |
Capital |
accumulated wealth or property, used in the production of further wealth, i.e. one of the factors of production, the others being land and labor |
Cheque |
legally, a bill of exchange drawn on a balance payable on demand |
Command economy |
an economy where the government makes all decisions about production and consumption |
Commodity |
any article (a good or a service) that can be bought or sold |
Competition based pricing |
setting a price based on the prices charged by competitors for similar products |
Conglomerate firm |
a firm that is engaged in a number of unrelated productive activities, e.g. car assembly and the production of bread |
Conglomerate merger |
a merger between firms in unrelated business, e.g. between an automobile manufacturer and a food processing firm |
Consumer goods |
goods that satisfy personal needs rather than those required for the production of other goods |
Cost inflation |
the kind of inflation that is caused by rising costs of labor and materials, not by increased demand |
Costing estimating |
the cost of making goods or fixing the prices they should be sold at to make a profit |
Cost plus pricing |
fixing a price by adding a percentage profit margin to the cost of production of the good or service |
Creeping inflation |
a slow rise in the level of prices of below 2 or 3 per cent a year |
Demand |
the quantity of goods or services which purchasers are prepared to buy at a given price in a given period of time |
Demand inflation |
the kind of inflation caused by an excess of demand over supply resulting in a decrease in the value of money |
Denomination |
a class or unit based on quantity, value or measure |
Direct foreign investment |
investment by companies domiciled in one country in companies a domiciled in another; it usually entails investor control and managerial involvement |
Discount |
a sum of money allowed for immediate payment of a sum due to a later date |
Discount House |
a commercial banking firm that discounts bills of exchange which have been accepted by accepting houses |
Discouraged worker |
a person who has become depressed about the prospects of ever finding a job and decides to stop even trying |
Distribution |
the arrangements and activities needed for getting goods from the manufacturer or importer to the consumer through the channels of distribution which are usually the wholesalers and retailers |
Duopoly |
a market consisting of two sellers |
Economic activity |
the activity relating to commerce and industry |
Economic growth |
the percentage annual charge in the national income of a country or a group of countries |
Economic theory |
that part of the study of economics that examines and explains the working of an economic system and how it is influenced by human behavior, by the natural forces of the world and by man-made institutions such as markets, laws and governments |
Economies of scale |
the long run reduction in average costs that occurs as the scale of the firm’s output is increased |
Economics |
a social science studying human behavior within the context of markets, the study of the natural laws governing the production, distribution and consumption of wealth |
Economist |
a social scientist with special knowledge of economics, such as a teacher or a writer on the subject or a person who is employed by a business organization to forecast movements in prices and in the market demand for various products and services |
Employment |
the use of labor and capital to produce goods and services |
Employee |
a person who works for another person or a business, especially for money |
Employer |
a person or company that hires workers and provides work |
Entrepreneur |
a person, usually the owner, who organizes, finances and manages a commercial or industrial business in the expectation of making a profit |
Enterprise |
a business organization |
Equilibrium |
a state of balance when all the economic forces present in a situation have an equal influence and there is no tendency to change |
Exchange |
the process of giving and receiving |
Fluctuation |
the rising and falling or changing of prices, numbers, rates or amounts |
Free market economy |
an economy in which supply and demand regulates prices, wages, etc., rather than government policy |
Funds |
amounts of money |
Hidden inflation |
the lowering of the quality of products in general in order to prevent, and so to hide, an increase in price |
Horizontal merger |
a merger between firms that produce and sell the same products, i.e. between competing firms |
Household |
a group of individuals whose economic decision-making is interrelated. They enter the market place as buyers or consumers of goods and services produced by firms. They provide factor inputs to firms in order to produce those goods and services |
Hyper-inflation |
an extreme form of inflation, when the money supply is being increased very rapidly, resulting in an increase of over 20% of the price level annually |
Income |
the money of all kinds coming in regularly, especially to a person, family, or organization, such as salary or wages from employment, rent from property, profits from business and fees for professional services |
Inflation |
a rise in the general level of prices |
Inflationary gap |
that part of government spending which is not covered by taxes or borrowing from the public, but is met by issuing new paper money |
Inflationary spiral |
a state of inflation that gets worse and worse, because higher prices result in demands for higher wages; and higher wages increase costs and so cause higher prices |
Innovation |
practical application of an idea that has already been discovered but is only now to be exploited |
Interest rate |
the relation between the payment received by a lender of money and the amount of money lent, expressed as a percentage per period of time |
Intermediary |
an individual acting as a link between persons or companies |
Labor force or workforce |
1) the total number of people employed by a firm or some other organization to produce goods and services; 2) the total number of people in an economy available to produce goods and services |
Laissez-fair |
loose-rein supervision |
Legal tender |
the form of money in which a person has a right by law to pay a debt and which the creditor must by law accept in settlement of the debt |
Liabilities |
the debt owed by a business to its creditors and to its owner |
Loan |
an amount of money borrowed by an individual or a company |
Macroeconomics |
part of economic study considering the whole economy from a national point of view |
Market oriented business |
a business which develops products which have been researched and designed to meet the needs of customers |
Mainstream economics |
the study of how market works |
Marginal utility |
the utility of one unit of a commodity |
Market |
an institutional arrangement that promotes trade or exchange of goods |
Market share |
the amount of an economic good that will be offered for sale in the market at a certain price or time |
Market oriented pricing |
setting a price based on an analysis of the market |
Marketing |
the action of identifying, satisfying and increasing the buyer’s demand for a company’s products by means such as advertising, sales promotion, pricing, carrying out market research and developing and testing new products |
Market research |
1) the systematic and objective classification, collection, analysis and reporting of information about a particular marketing problem; 2) the process of gaining information about customers, competitors and market trends through collecting primary and secondary data |
Mature |
in business, especially regarding bills of exchange or insurance in policies, to become due for payment or repayment |
Merger |
an amalgamation or joining of two or more firms into an existing firm or to form a new company |
Microeconomics |
part of economic study oferring a detailed treatment of one aspect of economic behaviour ignoring interactions with the rest of the economy |
Monetary policy |
the control, by the government, of a country’s currency and its system for lending and borrowing money, especially through the supply of money |
Monetary union |
permanently fixed exchange rates within the union, free capital movements and a single monetary authority setting the union’s money supply |
Money |
any article or commodity that is generally acceptable by law and custom as a means of payment |
Monopoly |
a market with a single buyer who has some influence over the price of his input |
Mortgage |
the advance of a loan to a person or business (the borrower/mortgagor) by other persons or businesses; the thing given as a security |
Multinational enterprise |
A firm that owns production, sales and other revenue-generating assets in a number of countries |
Multiplier effect |
denotes the phenomenon whereby some initial increase (or decrease) in the rate of spending will bring about a more than proportionate increase (or decrease) in national income |
Natural monopoly |
a market with a single firm which can serve that market at lower cost than any combination of two or more firms |
Natural rate of unemployment |
the rate of unemployment when the labour market is in equilibrium |
Non-tariff barriers |
differences in national regulations or practices which prevent free movement of goods, services and factors across countries |
Oligopoly |
a market with a small number of sellers |
Participation rate |
the percentage of the population of working age who declare themselves to be in the labour force |
Payment |
a transfer of funds in any form between two parties |
Prevailing price prices |
now current in the market |
Price |
the money value of a unit of a good, service, financial security or assets which a buyer is required to pay a seller to purchase the item |
Prices and incomes policy |
the application of controls on prices and incomes (particularly wages) in order to stop or slow down inflation in an economy |
Pricing |
decision-making process involved in setting a price for a good or a service |
Primary data |
information which has been gathered for a specific purpose through direct investigation such as observation, surveys and through experiment |
Product oriented business |
a business which develops products with little or no market research and which it hopes will prove successful in the market |
Profit margin |
the extra which is added to the cost of a product to cover the profit to be made |
Production |
the making of useful goods and services which are scarce and have a price |
Production technique |
a particular method of combining inputs to make outputs |
Regional policy |
a policy concerned with removing significant imbalances between the regions of an economy in respect of unemployment rates and levels of income per head |
Regional unemployment |
a form of structural unemployment associated with the decline of certain industrial activities |
Revenue |
the money received by a firm from selling its output of goods or services, or money received by government from taxation |
Resource allocation |
a list or complete description of who does what and who gets what |
Scale of preferences |
an arrangement of things in one’s own mind with the most preferred items towards the top of the scale |
Secondary data |
information which already exists, such as accounts and sales records, government statistics, newspaper articles or reports from advertising agencies |
Shareholders |
the individuals and institutions who contribute funds to finance a joint-stock company in return for shares in that company |
Substitute products |
any goods or services that are considered to be economically interchangable by buyers |
Supply |
the total quantity of a good or a service available to the general public |
Suppressed inflation |
inflation that would be much greater if the government were to remove controls on prices and wages |
Takeover |
the acquisition of control of one company by another or occasionally by an individual or group of investors |
Total utility |
total satisfaction derived from the possession of a commodity |
Trade |
the business of buying and selling goods for money or of exchanging goods for goods |
Transaction |
a business deal, especially a sale or a purchase, by business |
Treasury |
the department responsible for the finances, the management of the monetary system, etc. |
Unemployment rate |
the percentage of the labour force without a job but registered as being willing and available for work |
Utility |
the ability to satisfy wants |
Vertical merger |
a merger between firms operating at different stages of production, e.g. from raw materials to finished products to distribution |
Wage |
the money paid, usually in cash each week, to a worker for work done |
Wants |
the basic needs of people |
Wealth |
a stock of goods that are useful, scarce and can be exchanged for a money price |