Unite 3 – Basic Economic Terms

Контрольная работа по дисциплине

«Иностранный язык профессионально-коммуникативный» 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Unite 3 – Basic Economic Terms

1. Study the following vocabulary before reading.

   aggregate demand                    совокупный доход

chargeable taxes                      взимаемые налоги

collect taxes                            взимать налоги 

   direct taxes                               прямые налоги

   econometrics                            экономика                           

   equilibrium                               равновесие                    

exact a tax                                взыскать налог                          

   externalities                             внешние

   factors of production                факторы производства   

 fixed tax                                   фиксированный налог

   gross national product (GNP) валовой национальный продукт

 impose a tax                              вводить налог

 income tax                                 подоходный налог

 indirect tax                                 косвенный налог                                  

   macroeconomics                        макроэкономика            

   microeconomics                         микроэкономика

 pay taxes                                    платить налоги

 progressive tax                         прогрессивный налог

 special tax                                 специальный налог

    surtax                                         дополнительный налог 

    taxable object                            объект налога

   taxpayer                                     субъект налога

   tax declaration                          налоговая декларация

   tax laws                                     налоговое законодательство

  turnover tax                               налог с оборота

Reading

2. Read the sentences   “Basic Economic Terms”.

1. Factors of production (or inputs) are resources used by firms in their production process, namely land and the natural resources in it, labor, capital, and (in recent definitions) information.

2. Externalities (or spillovers) are costs imposed on others without their receiving compensation, or benefits received by others without their paying the proper costs.

3. Microeconomics concerns the economic factors affecting individual consumers   and companies.

4. Equilibrium is a state of balance, for example, when supply meets demand.

5. Econometrics is the application of mathematical and statistical models to economic theories and problems.

6. Macroeconomics is the study and analysis of the economy as a whole.

7. Aggregate demand is the total amount spent in a country by consumers, companies, and the government.

8. Gross national product (GNP) is the total wealth earned or created in a country in a year.

9. Endogenous means coming from or controlled from within, e.g. variables that are totally under the control of a company, a government, etc.

10. Exogenous means coming from or controlled from or without; uncontrollable variables.

Language development 

3. Which twelve terms in the box are defined in the sentences below? 

aggregate supply             balance of payments                  capital

cost of living                   economic                                    economical

economize                       economy                                     fiscal

free enterprise                 fluctuate                                      inflation

inputs                              market                                         monetarism

protectionism                  scarcity                                       standard of living

     1………………………..

Adjective meaning of or relating to an economy or economics. 

2………………………...

Adjective meaning related to public (i.e. government) finances (taxation, expenditure, etc.). 

3………………………...

Adjective meaning using a minimum of resources; or cheap. 

4………………………..

A rise in the general level of prices, and an increase in the money supply. 

5………………………..

A shortage of sometimes; insufficient supply to meet demand. 

6…………………….….

The accumulated stock of goods used for the production of further goods (and the money required to purchase them) 

7………………………..

A measure of the amount of money that has to be paid for essentials such as food, accommodation, heating, clothing, etc. 

8………………………..

A measure of the amount of disposable income that people have to spend on both necessities and luxuries.

9………………………..

The difference between what a country pays for its imports and receives for its exports. 

10………………………

The practice of restricting imports in order to increase the sales of domestic products . 

11………………………

To change constantly, to show irregular variation. 

12………………………

To save money, to reduce an amount normally used.  

4. Here are the words and phrases you need to talk about trends using graphs. Make sure you can translate these “Describing Graphs” into your own language.

UP - verbs

go up                    take off              shoot up              soar                      jump

increase                rise                    grow                    improve               rocket 

UP – nouns

an increase           a rise                  a growth             an improvement

an upturn              a surge               an upsurge         an upward trend 

DOWN – verbs

go /come down     fall                      fall off                drop                      slump

decline                  decrease              slip                     plummet               shrink 

DOWN – nouns

a fall                     a decrease           a decline             a drop

a downturn           a downward trend 

NO CHANGE – verbs

remain stable        level off              stay at same level

remain constant    stagnate               stabilize 

AT THE TOP – verbs

reach a peak          peak                     top out 

AT THE BOTTOM – verbs

reach a low point  bottom out            recover

DEGREES OF CHANGE

Adjectives: dramatic, considerable, sharp, significant, substantial, moderate,   

                   slightly;

Adverbs:    dramatically, considerably, sharply, significantly, substantially,                                                                       

                   moderately, slightly; 

SPEED OF CHANGE

abrupt     sudden          rapid          quick           steady        gradual       slow 

PREPOSITIONS

a rise from ₤1m to ₤2m                         to increase by 50%

to fall by 30%                                        an increase of 7.5 per cent over last year      

5. What are “The Three Sectors of the Economy”? Match the following questions and answers;

1. What do we mean by the primary sector of the economy?
2. What happens to the food extracted in the primary?
3. So what’s the secondary   sector?
4. How do people in the secondary sector make things?
5. And   the tertiary sector?
6. Why is the number of people working in the primary sector regularly declining?
7. And why is the secondary sector getting smaller in many of these countries?
8. But not tertiary services?

 

1. Because agricultural methods are always becoming more efficient. Western Europe and the USA already produce too much food with only 3% of the population working on the land.
2. Because much manufacturing can be carried out more cheaply in low-wage economies, for example in East and South-East Asian countries like China, Hong Kong, Taiwan, South Korea, Malaya and Vietnam.
3. Agriculture and the extraction of raw materials from the earth or the sea.
4. It includes the commercial services that enable industry to produce and distribute goods to their final consumes (trade, banking, warehousing, transport, communications, and so on) , as well as activities like education, heals care and tourism.
5. It involves the transformation of raw materials into finished products.
6. Not if the activities require a lot of training, education, know-how and technology.
7. Only some of them. Manufacturing companies also employ finance and marketing managers, administrative staff, maintenance staff, and so on.
8. Some of it, such as fresh fruit or fish, is consumed almost immediately after extraction; the rest serves as raw material for the secondary sector.

 

 

Grammar

6. Add verbs in the correct form to the following sentences.

1. Raw materials are . . . .from the ground and then either . . . . , or  . . . .  into finished goods.
2. Before finished goods are sold they often have to be  . . . . ,  . . . . , . . . . , etc.

7. Match up the phrasal verbs on the left with the verbs that have a similar meaning on the right: 

1. bottom out                                          a. accept (  job, responsibility, etc.)

2. bring out                                             b. continue

3. carry on                                               c. decline

4. carry out                                             d. dismiss                           

5. close down                                         e. establish  

6. count on                                              f. have confidence in

7. cut back on                                         g. increase

8. fall off                                                h. introduce something new

9. lay off                                                i. postpone, delay

10. level off                                            j. reach the lowest point

11. look through                                     k. read quickly

12. look for                                            l. reduce

13. mark up                                           m. reduce in size

14. pull out of                                        n. shut

15. put off                                              o. stabilize

16. scale down                                       p. try to find

17. set up                                               q. do or undertake

18. take on                                             r. withdraw from