IV. Translate into English using the Present Simple Passive.

1. Рынок регулируется взаимодействием покупателей и производителей.

2. Экономическая система- метод, который используется обществом для распределения своих ресурсов.

3. Нам говорят каждый день, что экономика России “выздоравливает”.

4. Степень экономического развития страны определяется уровнем и характером производительных сил и производственных отношений.

5. При капитализме экономические решения принимаются в соответствии с рыночными законами спроса и предложения.

6. Экономическая обстановка регулируется рынком.

7. Товар отвергается покупателями, если он бракованный или стоит слишком дорого.

8. Большое количество новых товаров производится промышленными предприятиями ежегодно.

Word power

I. Give English equivalents for the following words and phrases from the text.

Экономическая система, труд, преследовать собственные интересы, снижать цены, распределять ресурсы, удовлетворять общественные потребности, чистый капитализм, факторы производства, взаимодействие производителей и покупателей, отвергнуть товар, регулировать предпринимательство.

II. Match synonyms in columns a and b.

A. B.

doldrums to get better

progress to distribute

country to require

to distinguish advance

to allocate to make different

to demand state

to recover depression

to produce to purchase

to buy to manufacture

defective to lower

to reduce conduct

behaviour faulty

III. Translate the following chains of words. Determine the part of speech and the way of word – building.

progress – progressive – progressively

manage – manager – management – managing – manageable

allocate – allocation

relate – relation – relative – relatively

govern – governor government – governing – governmental

control – controller – controllable

decide – decision – decisive – decisively

Which of these words did you come across in the text? Use some of them in your own sentences.

Grammar Revision

I. Translate the following sentences into Russian paying attention to the Present Simple in Passive Voice.

1. The most important economic questions are touched in the Financial Times and the Economist.

2. Adam Smith is rightly considered the founder of political economics.

3. A lot of questions are asked and answered at the lectures on economics.

4. The United Kingdom is considered one of the world’s major manufacturing goods.

5. About two per cent of the population of the UK are engaged in agriculture.

6. Today gold is mostly extracted by mining.

7. Every country is interested in exporting its manufactured goods.

8. What questions are discussed during business talks?

9. The Leipzig Fair, which is held twice a year, is very popular with businessmen of different countries.

10. Foreign firms are interested in introducing their goods to new markets.

II. Choose the correct form of the verb in brackets.

1. These cars (makes, are made) at our plant.

2. The exhibition (arranges, is arranged) in Sokolniki park.

3. Russia (does, is done) everything possible to establish contacts with other countries.

4. My business partner is at the exhibition which (holds, is held) in a foreign country.

5. Contracts (sign, are signed) after a thorough consideration of all clauses.

6. The building of this bank (surrounds, is surrounded) by a high wall.

7. We usually contact our buyers when we (receive, are received) their enquiries.

8. He behaves as if he (guides, is guided) by an invisible hand.

Quick Reading

Read the text quickly to find answers for the questions below.

Adam Smith was a great scientist who made extraordinarily contribution in economics.

He was born in 1723 in Kirkcaldy, a small fishing town near Edinburgh, Scotland. His father was a customs officer. He died before his son was born.

At the age of 28 Adam Smith became a Professor of logics at the University of Glasgow. It was his first academic appointment. Some time later he became a tutor to a wealthy Scottish duke. Then he received a grant of 300 pounds a year. It was a very big sum, 10 times the average income at that time.

With the financial security of his grant, Smith devoted 10 years to writing his work which founded economic science. Its full name was “An inquiry into the Nature and Causes of the Wealth of Nations.” It was published with great success in 1776.

Adam Smith made economics a science. This Scottish economist is often regarded as the founder of political economy too.

1. When and where was Adam Smith born?

2. Who was his father?

3. What was Smith’s first academic appointment?

4. Did he become a tutor then?

5. How big was the grant he received?

6. What work did Adam Smith do with the support of the grant?

Text 3

Pre-reading task

a) Discuss the following questions before reading the text.

1. What associations do you have when you hear the words “capitalism, socialism, communism”? Are your associations positive or negative? Why?

2. What do these words mean for you? How do you distinguish capitalist and socialist countries?

3. In your opinion how does economic system influence the standard of living in a particular country?

b) Key words: communism, capital, capitalism, ownership, socialism, market, tax, mixed economy.

Look up the key words in the dictionary to find out the exact meaning. Write them out.