5
:o
econom
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y
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ics
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ic
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al
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ly
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ist
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e
f
a
b c d
Each
word has a different use. Try to put the right word in the blanks in
these sentences:
The
economic system of a country
is usually called the national
_____.
The
people in that town live very
______
Marx
and Keynes are two famous
—————s. Those
people are studying the science of______.
We
sometimes call a person's work
his ————— activity.
P
eople
should be very ______with the money they earn.
Text
B
The
science of economics is based upon the facts of our everyday lives.
Economists study our everyday lives and the general life of our
communities
in order to understand the whole economic system of which
we are part. They try to describe the facts of the economy in which
we live, and to explain how it all works. The economist's methods
should of course be strictly objective and scientific.
We
need food, clothes and shelter. We probably would not go to work
if we could satisfy these basic needs without working. But even when
we have satisfied such basic needs, we may still want other things.
Our lives might be more enjoyable if we had such things as radios,
books and toys for the children. Human beings certainly have a
wide and very complex range of wants. The science of economics is
concerned
with all our material needs: it is concerned with the desire
to
have a radio as well as the basic necessity of having enough food to
eat.
Exercises
a
b
c
d
e
f g h
1 Say whether these statements are true (t) or false (f), and if they are false say why.
(
) The range of human wants is
very complex.
(
) Clothes and shelter are non-essential
human needs. (
) Economic studies are essentially
non-scientific. (
) Economists study the general
life of our communities.
(
) Economics is a scientific study.
(
) Economists try to understand only part of the economic
system.
(
) If we could satisfy our basic needs
without working, we would still work. (
) Radios, books and toys are basic
commodities.
d
e
Combine
these pairs of sentences and make them conditional. You must
decide whether//goes at the beginning of the first sentence or the
second.
a
b
c
You
work together building
that
house.
You
will finish the whole thing
more
rapidly.
Men
study the economic system
of
a country scientifically.
We
call them economists.
He
must study.
He
wants to become an
economist.
People
work.
They
will earn money.
You
will make more money.
You
work regularly and rapidly.
the
economist's work
the
economists' work
3 Change these phrases in order to use the possessive apostrophe.
EXAMPLE
the
work of the economist
the
work of the economists
i
j
kI
a
b c d e
f
g h
the
work of the farmer the
work of the farmers the
needs of the scientist the needs of the scientists the
life of the man the
lives of the men the
toy of the child the
toys of the children
the
needs of the cattle-breeders
the
education of the son of the
farmer
the
education of the sons of the
farmers
the
work of the farmers and
fishermen
8
9
UNIT
2
Supplement
Supply
the missing articles (the
or
a
or
an)
in
those sentences. Follow the examples exactly. In each case, the
first sentence is always
genera), while the second is always specific.
EXAMPLE
This is
.
school,
s
chool
is open.
a
b c d
e
f
=
This is a
school.
The
school
is open.
g
h
i
j
That
is _____ garage. ________
garage contains three
cars.
That
is _____ factory. _____factory produces cars. That
man is _______ farmer.
_____
farmer used to breed cattle
but now he breeds pigs. Each
country has _____ economic system. _____ economic
system is the sum-total
of all _____ activities in that
country.
I/his
is _____ car. _____ car
is new.
He
has _____ house. ______ house is old.
The
child .has _____ toy. _____ toy is green and red. This is ______
piece of coal.
_____
piece of coal is
burning.
This
is _____ book. _____
book
is about economics.
He
has._____ radio. He
listens
to_____ radio every
day.
UNIT3
Different
Economic Systems
Text a
Not
all economic systems are the same.
The
economic system of the United States is very different from the
economic
system of the Union of Soviet Socialist Republics.
5 10 15 The American system is based on private enterprise.
The
Russian system is based on the principles of Karl Marx.
Karl
Marx was a political economist who lived in the 19th century.
The
American system is capitalistic, while the Russian system is
communistic.
The
economic ideologies of these two nations differ very much from each
other.
The
economic system of Britain is similar to the American system.
Britain
has an economic system based on private enterprise and private
supplies of capital.
Property
in Britain and the United States can be owned by individual
citizens.
The
economic freedom of the citizens of Britain and America is not
complete freedom.
Citizens
must obey the law, but otherwise they can use their time, money and
effort as they wish.
Exercises
1 Answer these questions, basing your answers on the text.
b
a
What
does the economic system of
the United States differ from?
What
is the
American
system based
on?
11
10
Unit 3 unit 3
capitalistic
economic
private
communistic
political
scientific
basic
complex
essential
personal
satisfaction
Russian
system
necessities
enterprise
commodities
methods
American
system
economist
Ideologies
range
g
h
i
Who
can own property in the United States and Britain? What must
British and American
citizens obey? What
three things can Britons and
Americans use as they wish?
What
is the Russian system based
on?
When
did Karl Marx live? What
economic •system is the British
system similar to ?
On
what two things is the British
system based?
c
d
e
f
2
Make these sentences ^passive, as in the example.
EXAMPLE
=>
Most
people produce goods and services. Goods and services are produced
by most people.
EXAMPLE
capital =>
capitalism
=> capitalist => capitalistic
Note:
The
suffix
;
-ism = system (noun)
-ist
== person (noun)
-istic
= about the system or person (adjective)
commune
individual
a
e
b
social
c
national
d
real
5
Form new words from the words listed below.
f
They will maintain his car.
g
The
economists explained the
economic
system.
h
They
explained the methods.
I He told me how the Russian
system
works.
j
Economists
describe how capital
Is used in business.
a
Some
people provide both
goods
and services.
b
Economists
study the economic
system.
c
That
man owns the house.
d
They
will provide shelter and
clothes.
e
Economic
changes affect our
lives.
3
Combine these pairs of sentences as in the example, making them
conditional
and using may.
EXAMPLE
5 1C (if) He comes tomorrow.
=>
Perhaps
he will see you. If
he comes tomorrow, he may see you.
a
(if)'
;
*(
)'
i
i
c(
)
]
(
d(
Y
i
1
!
i
e
] (
(
r
\
Perhaps
we will be able to
sell
them tomorrow.
The
farmers try to produce
more.
Perhaps
they will have some
goods
to sell as well as to
use
themselves.
Perhaps
life will be more
enjoyable.
We
have a radio and toys
for
the children.
The
people work regularly and
well.
Perhaps
they will earn more money.
The
man buys his car at that
garage.
Perhaps
the garage-owner will provide some extra services.
I We buy these commodities today.
4
Here are two lists. The first list contains adjectives. The
second list contains nouns and noun phrases. Arrange the words in
each list so that
the adjectives match the nouns in ways which relate to the text.
The first two are done for you.
Text
B
Not
all economic systems are the same. The economic system of the USA
differs greatly from the system of the USSR. The American system
is based on private enterprise with private ownership of the means
of production, while the Russian system is communistic and is based
upon the principles of Karl Marx, the 19th century political
economist. The economic ideologies of these two nations contrast
very
strongly.
Britain
is similar to the USA. It has an economic system based on private
enterprise-and private supplies of capital, which can be denned as
surplus income available for investment in new business activities.
Property
in both the US and Britain can be owned by individual citizens
and these citizens exercise considerable economic freedom of
choice.
They can choose what they want to do and how they want to earn
their living, but are not of course entirely free to do as they
wish.
13
12
UNIT
3
UNITS
DE
A
B
C
Is capitalistic, the Russian system is communistic. Communism however is based on the idea of property belonging to the State and all business being public rather than private.
The
American and Russian ideologies
are very different.
15
4
5
They
must obey the law. Otherwise, however, they can use their time,
money
and effort as they wish.
Exercises
1
a
b c
d
e
Say
whether these statements are true (T) or false (F), and if they are
false say why.
can
say that its economy is
similar
to the American
economy.
(
) Capital is essentially
surplus
income used for new
business
activities.
(
) Individual citizens in
Britain
and the United States
have
complete economic
freedom.
(
) British citizens can choose
what
they want to do as long as
they
obey the law.
(
) The economic systems of
the
United States and the Soviet
(
f
g
h
Union are
the same.
(
) In the United States the
means
of production are
privately
owned.
(
) Karl Marx was an
eighteenth
century economic
thinker.
(
) The British system is based
•on
the principles of Karl Marx.
(-
'•) Because Britain has a
system
of private enterprise, we
2 Make these sentences passive and omit the agent phrase in the same way as in the example.
EXAMPLE
=>
i => ii
They
based the economic system on Marx.
The
economic system was based on Marx by
them.
The
economic system was based on Marx.
strictly
scientific way. The economic system affected the
people's lives in many ways. They studied the supply of both
essential and non-essential commodities.
The
people enjoy a strong economy
in that country. The
citizens exercise a considerable
amount of economic freedom.
They
must obey the law.
a'
t
I
b
^
c
'
d
e
f
S
h
i
j
They
provided all the necessary
goods
and services.
He
will supply all the essential
commodities.
The
farmer undertook the work
last
week, and has just finished
it.
The
men satisfied the economist
that
they would do the work
rapidly.
The
economists described the
whole
economic system in a
3 Arrange these sentences in order to make a logical paragraph about the American and Russian economies.
This
system was founded by the
19Th century political economist
Karl
Marx.
Capitalism
is based on the idea
of
individual citizens owning
property
and privately
conducting
their own
businesses.
Whereas
the American system
(i)
Find single words in the first paragraph of the text for which
these words
could be substituted:
a
founded b
possession
c main teachings d countries
single
completely
d
h
(ii)
Find single words in the second paragraph of the text for which
these words could be substituted :
b
/
j
stores
have
and use follow
a
e
i\
described c
extra
selection g
pick
physical
power ,
In the text there are two adjectives of nationality: American and Russian. Below is a list of countries (nations). Study the example and then do the same for the listed words.
EXAMPLE
Britain:
That
man is British:
he
is a Briton.
Ho/land: That
man is Dutch:
he
is a Dutchman.
India: That
man is Indian:
he
is an Indian.
he
is a —————• he is an ————— he
is a ———.—•
a
•
b
c
Germany:
Italy:
Spain:
That
man is _____-That
man is ————— That man is —————
Portugal
Japan
Norway
Turkey
Ireland
Sweden
China
Mexico
Iran
England
Do the
same for the following:
d
h
I
t
x
g
k
0
5 W
f
j n t
v
Greece e
Brazil
France /
Malaysia
Scotland mCanada
Pakistan q
Indonesia
E°ypt u
Ghana
LLS.A. J
Zambia
Supplement
-
In geography and economic* we often refer to parts of the world
1 Rather than list countries by name, e.G. The Middle East. Below are
15
14
UNIT
4
The
Limits on Economic Freedom
UNIT
3
25 Countries. List them under these five headings: (a) Latin-Ameri- can; (b) North African; (c) Balkan; (d) South-East Asian- (e) others.
France
Argentina
Yugoslavia
Mexico
Norway
Peru
Brazil
Mauritania
Canada
Pakistan
Malaysia
Algeria
Malawi
Albania
Morocco
Cambodia
Egypt
Nicaragua
Libya
Greece
Thailand
Bulgaria
Japan
Rumania
Philippines
1
Text
A
A
person is economically free, if he can do what he wishes with his
own
property, time and effort.
5 10 15 20 In all communities, of course, limits are set upon this personal freedom.
In some countries the limits are complex; in others they are relatively simple.
All
individual citizens are required to conform to the laws made by
their governments.
Complete
economic freedom of action can cause great difficulties, because
the freedoms of various individuals will conflict.
If citizens were completely free, some landowners might build factories in unsuitable places.
If there was no system of control, factory-owners might make their employees work too long each day.
If they were completely free, workers might stop working when they got their first pay, and come back to do more work only when they needed more money.
Such
economic freedom could create a very unstable economy.
Laws
related to economic conditions are sometimes concerned
with
workers'
health, wages and pensions. ,.
They
are sometimes concerned with contracts between employers and
employees.
They
are sometimes concerned with the location of places of work.
16
17
Unit 4
UNIT
4
Those
women grow fruit.
Mr
Smith makes shoes.
Mr
Jones works with steel.
Mr
Brown packs meat in that factory.
g
h i
j
25
5
5
g
h
i
j
create?
What
three workers' needs are
sometimes
the concern of the
law?
Between
whom are contracts
arranged?
What
else might the laws relate
to,
besides workers' needs and
work
contracts ? .
What
other important point
should
we note about laws
related
to economic conditions?
Sometimes
they help the employers; sometimes they protect the interests
of the workers.
Exercise
1 Answer these question, basing your answers on text.
a
b
c'
*
d'
e
f
Under
what conditions is a person
economically free?
What
is the opposite of' simple? . What are all citizens required to
do?
Why
does complete economic
freedom
of action cause great
difficulties?
What
three things might happen
If citizens were completely free?
What
kind of economy might
complete
economic freedom
2 ' Change the following sentences by inserting can.
EXAMPLE
=»
He
does the work easily.
He
can do the work easily.
ab
c
d e
He
earns a lot of money.
They
work very rapidly in that
factory.
The
breeders sell a lot of horses
and
cattle.
The
miners provide coal at an
economic
price.
A
man with a good education
usually
earns quite a lot of
f
S h
money.
People
satisfy their needs only if
they
earn money.
The
citizens choose what they
want
to do.
People
use their time and money
as
they wish.
3 Exercise 2 has provided you with eight sentences using can. Change can to could in this way:
EXAMPLE
He
can do the work easily.
=>
In those days he could do the work easily, but not now.
4
Combine
some of the words in these sentences in order to make new
compound nouns:
EXAMPLE
(a)
(b)
=>
18
He
owns a house He
is a house-owner. They
breed pigs. They are pig-breeders.
a'.
b'
c
d
e
f
He
owns a car.
That
man owns some land.
They
breed horses.
Some
capitalists own factories.
That
man earns his wages.
"Those
men mine for coal.
Make
these adjectives negative by adding the prefix un
systematic
available
conditional
d
h
I
satisfactory
enjoyable
productive
desirable
EXAMPLE
stable => un + stable => unstable
economic
necessary suitable
important
a
e
i
m
c
g
ko
economical
scientific
equal
usual
b
f j n
Use
the appropriate adjectives in their negative forms in these
sentences. The letters in brackets at the end refer to the
list of adjectives above.
People
do not like working in _____
conditions (c). The
employers decided to close that
factory because it was —————
(k).
Complete
economic freedom is
an _____ situation (o). Compared
with our need for food, clothes and shelter, some
of
our wants are quite _____
(D
(2);
(3)
(4)
(m).
(5)
(6)
We
say that goods are sold at
_____
prices, when the price
Is less than the cost of producing
them
(a).
The
goods which he wanted
were
_____ at the price
which
he was willing to pay (/i).
Text
B
If
a person can do what he wishes with his own property, time, and
energy,
then economists say that he is 'economically free'. In all
communities,
of course, limits are imposed upon the personal freedom
of their citizens and these limits are in some cases very complex
but
in others relatively simple. All individuals are required to
conform
to
the laws made by their governments.
Complete
economic freedom of action can create great difficulties,
because
the freedoms exercised by various individuals often conflict.
If citizens were completely free, some landowners might build factories
19
UNIT
4
Unit 4
10
15
2o
25
flOO
"*(
)
c(
)
d(
)
3
4
5
in
unsuitable places, while some factory-owners might make their
employees work too long each day. If they were completely free,
workers
might stop working when they got their first pay, and come back
only when. they needed more money. Such economic anarchy could
cause instability (unemployment; loss of production etc.) in the
whole economy of a country.
Laws
related to economic conditions are sometimes concerned with
contracts between employers and employees. Sometimes they are
concerned with workers' health, wages and pensions, and sometimes
with the location of places of work. Sometimes they protect the
interests
principally of the workers, while at other times they may be
beneficial
towards the employers. The government policy towards both
employees and employers will depend very much upon the political
and economic ideology adopted by the government, and may be biassed
towards employers and capital on the one hand, or workers and
the problems of labour on the .other hand.
Exercises
1 A b c d e Say whether these statements are true (t) or false (f), and if they are false say why.
(
) Economists say that a man is
economically free if he can do what
he wishes with his own property,
time and energy.
(
) Governments usually require
all individuals to conform
to the laws which they make.
(
) Complete economic freedom
of action does not create
many difficulties.
(
) If citizens were completely free, some landowners and
factory-owners might act in unsatisfactory
ways.
(
) Complete economic freedom
could lead to economic anarchy.
f
( ) Anarchy is a satisfactory
and
desirable thing in any
economic
system.
g
(
) Laws related to economic
conditions
are sometimes
concerned
with the health of the
employers.
h
( ) These laws usually protect
the
interests of the workers and
not
the employers.
I ( ) Government policy does
a
societies
(lines 3-5)
c
enjoyed
(7-9)
e
unsatisfactory
(9-11)
g
written
agreements (16-19) /
mainly (17-21)
not
depend on the political and
economic
ideology of the
government.
j
( )
Some ideologies are biassed
towards
labour and others
towards
capital.
EXAMPLE
(if)
Citizens
are
completely
free.
Factory-owners
may
make
their employees work
too
long each day.
E>
If citizens were completely free, factory-owners
might
make
their employees work too long each
day.
There
is
no
system of
control.
Landowners
may
build
factories
in unsuitable
places.
They
are
completely
free.
Workers
may
work
only
when
they need money
badly.
They
have
all
the money they
need.
•
They
may
not
work,
The
government want
to
Improve the general
conditions
of work.
They
may
make
new laws.
«(
)
/(
) *( )
Employees
anticipate
new
and
better working
conditions.
They
may
increase
their
productivity.
You
regularly provide
essential
services.
You
may
get
more business.
They
undertake
to
replace the
old
school with a new one.
We
may
provide
some of the
money.
Punctuate
the following passage. Provide capital letters, commas, full stops,
brackets, colons etc., where applicable.
britain
and the u s a have similar economic systems both being based on
private
enterprise property and capital the russians however do not have
such
a system they follow a communistic system based on the work of the
nineteenth century economist marx his system is non capitalistic
and does
not permit private individuals to own property in a completely
communist
society we can say that the two types of economy contrast very
strongly this is a simple and brief statement of a complex subject
the
differences between the russian and the anglo american systems
Find
words in the text for which these words could be substituted.
b
cause
(7-9)
d
frequently
(8-10)
/lawlessness
(12-15)
h
regular
pay in old age (17-19)
j
inclined
(21-25)
Make
"these words negative by adding the prefix in-.
2 Make each pair of sentences into a new conditional sentence, changing may to might, and changing the tense:
EXAMPLE
stability => in + stability => instability
a
active b
activity c
secure d
security
20
21
23
e
organic f
sufficient
definite adequate
i
distinct
j
complete
solvent expert
m
frequent n
conclusive dependent
|
Use the appropriate words in their negative forms in these sentences. The letters in brackets at the end refer to the list of adjectives above.
(1)
(2)
(3)
(4)
(5)
Metals
are _____ substances
(e}~
Most
nations like to be economically _____ (o).
The
services which they provided were
quite ————— (/()•
If an economy becomes unstable, people begin to feel ————— (c).
The
men were rather _____ at
the kind of work which they had
been asked to do (7).
U
NIT
5
Central
Control of the Economy
=>=>
=>
Supplement
1
Decide
which suffix is necessary to change these words from activities
etc. to the people who engage in them.
a
d g
i
m
5
10
15
2C
ac:e(
g
i
EXAMPLE
(a)
(b)
(c)
banking
banker
economics
economist
politics
politician
working
mathematics
music
farming
science
c
f
i I
o
.
be
h
k n
teaching
statistics
electric
(repairs)
mining
ecology
2 Mark the main stress in each of these pairs of word.
EXAMPLE
economy
— economic ideology — ideological
b
d
/
h
active
- activity
rapid
- rapidity complex
-complexity necessary
- necessity
organ
- organic mobile
-mobility commerce
- commercial commune
-community productive - productivity
Text
A
In states which have a communistic system, private property and private enterprise are greatly reduced.
They
are reduced to a minimum.
They
still exist, but are limited to a small area in the economy.
labouring
driving
technical
(work) chemistry
agronomy
Karl
Marx imagined a world in which there would be no private property
at all.
In theory, Communism demands that all property should belong to the State.
In practice, the citizens of states like the ussr are permitted to have personal property.
The
important thing about the Communist system is central planning.
The
State organizes the whole economic effort of the people who
comprise
the nation.
A
central authority with complete power decides what goods and
services
will be produced.
The
authority decides what quantities of goods will be produced.
It also controls the quality of the goods, and decides how they will be distributed.
It decides what prices will be charged for them.
The
State provides all (or most of) the services which the citizens
require.
It is responsible for the economy and is concerned with methods of
23
UNIT5
UNIT5
a
b
c'
d'
25
4
production
as well as with quality and quantity.
The
central authority must plan the national economy over a number
of years.
Exercises
1
Answers
these questions, basing your answers on the text.
a
b
c d e
What
does the State do in the
communist
system of central
planning?
What
two decisions does the
central
authority make ?
What
does the authority
control?
What
can the authority 'do
about
prices?
What
is the State responsible
for
and what must it do ?
/
g
h
i
i
i
What
two things are greatly
reduced
in a communistic
system?
What
area do they occupy in
the
economy?
What
did Karl Marx propose
about
private property?
What
is the theoretical
communist
view on property?
What
is the position in
practice
?
These
goods and services will be
produced.
The
central authorities decided
it.
These
prices will be charged for
the
goods.
The
planners discussed it.
This
quality will be the most
suitable.
The
government considered it.
This
commercial activity will be
useful
in the next few years.
Change
the listed adjectives into adverbs (-ly
or
-ally
as
necessary) and
put one adverb in each sentence in order to make sense. Some
adverbs
can operate successfully in more than one sentence, but each has a
letter to indicate the best choice.
EXAMPLE
great
=> greatly
Their
private property was ____ reduced.
Their
private property was greatly reduced.
e
f
discuss
the use of new machines
In the factory.
The
city has changed _____
In the last few years.
These
men work ————— from
nine
o'clock till five every day.
In a free economy there is
_____
very little central
planning.
The
planning authority decided
it.
These
changes will be made in
the
organization of the factory.
The
employers and employees
discussed
it.
These
conditions will affect the
national
economy in the next
twenty
years.
The
economists considered the
matter.
2
careful
(b)
rapid
(a)
clear
(/) complete
(d)
scientific
(e) systematic (c) probable
(g)
a
i
b
c
d e f
a
b
c
d
e
f
g
h
i
j
The
new government worked _____
to change the laws. The central authority _____ controls
the quality and quantity of
goods.
The
State _____ plans the economic
effort of its citizens. The
economic system changed _____
over the thirty year period.
Work
in economics should always
be done _____.
Make
these sentences passive, omitting the agent phrase.
EXAMPLE
=>
The
government reduced private property to a minimum. Private property
was reduced to a minimum.
The
authorities provided large numbers of workers for the ten new
factories.
The
government reduced the quantity
of shoes produced in that
factory.
The
State organized the whole economic
effort of the nation. The
central authority has planned
the whole economic programme for the next five years.
g'
,
h
i
The
government limited private
enterprise
to a small area in the
economy.
They
permit the citizens to have
personal
property.
The
workers will produce only
essential
commodities.
That
factory produced a large
quantity
of shoes last year.
You
will charge more money for
these
services.
The
central authority must plan
the
economy over a number of
years.
considerable
(/i) regular
(/) usual
(_/)
Their
economic system is
_____
capitalistic.
The
employers will _____
5 3 Combine these pairs of sentences, using what and would.
Put
prepositions in the blanks of these sentences.
EXAMPLE
EXAMPLE
=>
=>
This
quantity of goods will
be
produced.
The
planners decided it.
The
planners decided what
quantity
of goods would
be
produced.
The
central authority is concerned ____ methods of
production.
The
central authority is concerned with methods of
production.
"-
25
24
UNITS
UNIT
5
The
people hoped _____ a reduction in the price _____ essential
goods.
That
man subscribed _____ a number of important newspapers
and magazines containing information
————— economics.
The
consumption _____ coal and steel has increased greatly _____
recent years. They have provided many services _____ the citizens
—————
that town and do not charge
very much ————— the services.
a
'.
b'
c'
!
]
d
e'l
(
i
/
I
1
8 H I j 20 1 5 10 15 2 His capital was finally reduced
_____
nothing.
They
charged quite a lot of
money
————— that
commodity.
The
government is usually
responsible
_____ the people
_____
the condition of the
national
economy.
Citizens
are required to conform
_____
the law.
He
agreed _____ the other
economists
that the system was
unusual.
He
was paid well _____ the
government
_____ the work
he
did.
Text
B
In
states which have a communistic system, private property
and
private
enterprise are reduced to a minimum. They exist, but are
limited
to a small area of the economy. Karl Marx conceived of a
world
in which there would be no private property whatsoever. Com
munism
in theory states that all property should belong to the State.
In
practice, however, the citizens of states like the USSR are
per
mitted
to have personal effects. •••
The
important thing about the communist system is its central planning.
The State organizes the whole economic effort of the nation.
A central authority with complete power decides what goods and
services will be produced. The authority decides what quantities of
goods will be produced, and also controls their quality, deciding
.how
they will be distributed and what prices will be charged for them.
In
addition, the State provides all (or most of) the services which
the citizens
require. It is responsible for the economy, and is therefore
concerned with methods of production as well as with quality and
quantity.
The national economy must be planned ahead over a number
of years.
A
Marxist economy is planned. The system is related to the needs of
the State as a whole, not to the needs of the private person. The
emphasis
is on collective effort and riot on personal effort, so that the
individual
is subordinated to the needs of the collective State.
Exercises
a
b c d e
Say
whether these statements are true (T) or false (F), and if they are
false say why.
commodity.
(
) The central authority is
responsible
for the economy but
Is not concerned with methods
of
production.
(
) The word 'Marxist' is very
similar
in meaning to the word
'communist'.
(
) Marxism is concerned with
the
needs of the private
Individual.
(
) Collective needs are more
Important in a communist state
than
the needs of the individual.
(
) Private property in a
f
g
h i
capitalistic
state is reduced to a
minimum.
(
) Karl Marx wanted a world
In which there would be no
private
property.
(
) Communist theory and
practice
are not exactly the same
as
regards property..
(
) Central planning by the
State
is an essential part of
the
communist system.
(
) The central authority
decides
on the quantity, quality,
price
and place of sale of any
Combine
these pairs of sentences, using which.
EXAMPLE
That
is the garage.
In that garage the new car is kept.
a
b c
(1
e
f
That
is the garage in which the new car is kept.
Economics
is a science.
In that science everything must
be
studied in an objective way.
The
USSR has a system.
In that system central planning
Is very important.
The
USA has an economy.
In that economy government
planning
is limited to quite a
small
area.
Marxism
proposes a special
economic
system.
In that system collective needs •
are
more important than
Individual needs.
The
British have a certain way of
life.
In that way of life private
enterprise
and private ownership
of
property are very important.
The
Americans and the British"
have
separate ideologies.
In these ideologies there are
many
similar points.
26
27
UNITS
UNITS
3 5 Combine these groups of three sentences using would and should. The table shows the relationships between will: would and shall: should in sentences of this type.
Below
are two lists. Pair off each word in the first list with its
opposite in the second list.
theoretical
private
Individual
mineral
capitalistic
simple
buying
minimum
national
local
maximum
selling
complex
communistic
organic
collective
public
practical
|
direct
statement
|
indirect
statement
|
simple
future .
|
will
-> would
|
obligation
|
shall
-*• should
|
EXAMPLE
=>
These goods
and services will be produced.
These
prices shall be charged.
The
central authority decided these things.
The
central authority decided what goods and services
would
be
produced, and what prices should
be
charged.
produc
|
e
|
r
|
|
1
|
iv(e)
|
ity
|
ion
j
|
These
plans shall be adopted.
The
economists could not agree
on
these things.
These
changes will be made next
year.
These
crops shall be grown.
The
farmers decided these
things.
These
changes will be made in
the
factory.
These
wages shall be paid to the
workers
for the next two years.
The
employers did not discuss
these
things.
These
prices will be charged for
the
commodity.
This
quantity shall be made
available.
The
planners discussed these
things.
This
quality will be most
suitable.
This
quantity shall be produced.
The
government considered
these
things.
These
conditions will affect the
International economic system
In the next ten years.
a'
1
i
b'
\
c'
i
Supplement
i
d'
e
1
The
table shows how words are formed around the verb produce.
List
all the words you can make from the table and use them in
suitable blanks in the sentences.
NOTE
4
a
'
\
b'
c'
d'
a
d g j
i
Make
these words negative by adding the prefix in-
and
altering it to
suit the consonant which follows.
EXAMPLE
(a)
legal =• in + legal => illegal
(b)
probable =- in -f- probable => improbable
(c)
regular =- in + regular =- irregular
practical
mobile
legible
relevant
be
li
c
f
i
possible
proper
logical
responsible
rational
personal
e
f
the
difference in pronunciation between produce
(pra'djuis)
and
product
('prodakt).
The
____ of that factory has
gone down over the last five
years.
The
manager of the factory has decided
that they must increase their
_____ of packets of soap
powder.
The
company _____ a new commodity
every year. The
company's newest _____ is
a special blue soap powder. The
_____ of soap powders met
last year to discuss prices. That
factory is not as _____ now
as it was five years ago.
28
29
Unit 6
Mixed
Economies
5
10
15
20
UNITS
2
g
h
I
i
I
i
1 I
k'
a
b
c
d
e
f
This
table shows how certain nouns can be formed from certain
adjectives,
as for example activity
from
active.
Make
a list of the nouns
and put each word in its suitable place in the sentences. Note the
loss of the letter e
in
active,
secure, mobile and
productive.
active
equal
secure
complex
mobile
liquid
solid
regular
productive
similar
rapid
|
ity
|
The
workers in those factories
are
very productive.
There
_____ is very useful to
the
national economy.
Those
men arrive regularly at
nine
o'clock. Their _____ is
well-known.
The
American and British
economic
systems are very
similar.
This _____ is not
surprising.
Those
two men earn equal sums
of
money. They have _____
In wages because they produce
the
same quantity and quality of
goods.
The
exchange of money should
be
as liquid as possible.
The
_____ of money helps
the
economy to grow.
The
system was complex. Its
_____
surprised him.
The
movements of the products
In the factory was rapid.
The
_____ of the work
suprised
him.
People
who have cars are very
mobile.
This _____ is a
useful
thing.
The
National Bank has a solid
reputation.
Its _____ in
money
is similar to the _____
of
its buildings.
The
national economy, like a
man,
should be active.
Its _____ is a sign of its
health.
Your
money is secure in the
National
Bank. Its _____ is
Important both to you and to the
bankers.
3
Composition.
Write about 300 words on the topic 'Economic Systems'.
Use the material in the texts and exercises. """
Text
A
No
state today is completely communistic; no state is completely
capitalistic.
The
various national economic systems tend towards communism or
capitalism, and many are difficult to classify exactly.
It has been found necessary in many countries to control or regulate national economic conditions.
Even
the most dedicated free enterprise systems, such as the USA, have
felt this need.
The
under-developed countries of the world are usually interested in
control and longterm planning.
Such
countries as India have had a number of plans guided by the
government.
India makes a distinction between the public sector of the economy on the one hand and the private sector on the other hand.
Such
systems, with public and private sectors, are neither communistic
nor capitalistic, but are sometimes called mixed economies.
Britain
today has a mixed economy.
In the public sector of British economic life are the nationalized industries like coal and steel, British Rail and boac1.
In the private sector are the majority of the nation's industries, both large and small.
The
private sector includes giant companies like ICP and BP3
and a great number of small family businesses.
31
30
UNIT
6
Unit 6
a
b c
4
a
b
c
In
1962 the British government set up an official body to plan
national
economic policies.
This
body is called the National Economic Development Council.
123
>
The
members of this council are representatives of the employers, the
employees and other interested people.
BOAC:
British
Overseas Airways Corporation ICI:
Imperial
Chemical Industries BP:
British
Petroleum
Exercises
1
a
b c
d
e
f
S
h
Answer
these questions. You may answer either YES or NO. Give your
reasons. Quote from the text in support of your answer.
Are
there any completely
communistic
states?
Are
there any completely
capitalistic
states?
Do
the various national
economies
tend towards one or
other
ideology?
Are
the various economic
systems
difficult to classify ?
Have
most countries found
econolmic
control necessary?
Has
the US felt the same need?
Are
the under-developed
countries
interested in control
and
planning?
Has
India had a number of
national
economic plans?
i
(
j
k I.
m
n o
.
Is the Indian economy based
entirely
on private enterprise?
Does
the Indian economy have
two
distinct sectors ?
Is the Indian system a mixed
economy
?
Is boac a nationalized British
Industry ?
Is ici a nationalized British
Industry?
Was
the NEDC set up by the
British
government?
Are
both employers and
employees
represented on the
NEDC?
2
Answer
these questions, basing your answers on the text.
The
nationalized industries are in
the public sector of British economic
life.
Goods
like coal and iron are among
the most important commodities
in any economy. Essential
services like transport and
education are in the public
d
e
sector
of many socialist economies.
Food
production and distribution
are in the private sector of
the national economy. The coal and steel industries are among
the activities controlled by the
government.
You
inverted five sentences in Exercise 3 by beginning with
the
prepositional, phrases..in those sentences. Sentences are
often in
verted in order to add more information to the
subject of the
sentence. It is easier to add this information
if the subject cpmes-at
the
end. ————""
Add
the following information to your five sentences, in order
to
practise
the technique.
EXAMPLE
In the private sector are the majority of the nation's
Industries.
These
industries play a vital part in maintaining the life
of
the nation.
=>
In the private sector are the majority of the nation's
Industries, which play a vital part in maintaining the life
d
e
of
the nation.
national
work-force.
(to
3d\Food
production
and
distribution
are perhaps the
'
most
basic activities in any
economy.
(to
3e) These industries are
generally
classified as heavy
Industries.
(to
3a)
These
industries include various
types of transport, steel-production
and coalmining.
(to
36) Coal and iron are vital" minerals
in any nation's list of resources.
(to
3c) Transport and education employ
a large part of the
a
b
c
5
3
a'
b~
sometimes
called?
In which sector are the majority
of
British industries?
What
did the British government
set
up in 1962?
d
e
Why is it
difficult to classify
many
national economic
systems?
What
are the under-developed
countries
interested in?
What
is the Indian system
Invert these sentences (cf. Lines 18 and 20 in the text).
EXAMPLE
The
majority of the nation's industries are in the private
sector.
=>
In the private sector are the majority of the nation's
Industries.
Change
these sentences by changing certain adjectives into verbs. The new
verbs are listed, but not in the proper order. Note that all these
verbs are concerned with making
something
happen, or cousing
something
to happen.
EXAMPLE
=>
They
made the economy regular They regulated the economy
complicate;
consolidate; liquidate; simplify; nationalize; internationalize;
activate; re-activate.
c'
i
They
made the businesses 'solid' (by bringing them together).
They
made the subject complex. They
made the subject simple.
33
32
Unit 6 units
d
e
f
They
made the business 'liquid'
(by
breaking it up or 'dissolving'
it).
They
made the economy active.
They
made the economy active
gh
1 5 10 15 20 25 3 Again (or for a second time). They made the industry national (or public).
They
made the business international.
Text
B
No
state today is completely communistic or completely capitalistic.
The various national economic systems tend generally towards one
type or the other, but many systems are difficult to classify.
It
has been found necessary in many countries, even in such dedicated
strongholds of free enterprise as the USA, to control or regulate
national economic conditions. The under-developed countries
of the world are inevitably interested in control and long-term
plans guided by the government. India has had a number of plans
guided by. the government. India makes a clear distinction between
the public sector and the private sector of its economy. Systems
of this type are sometimes called mixed economies.
Britain
nowadays has a mixed economy. In the public sector of British
economic life are the nationalized industries like coal and steel,
British Rail and BOAC. In the private sector are the majority of
the nation's industries, both large and small, from giants like ICI
and
BP to small family businesses.
In
1962 the government set up an official planning Jbody to guide
national
economic policies. This body is known as the National Economic
Development Council. The members of the NEDC are representatives
of the employers' federations, and the Trades Union Congress,
together with members of the government, eminent industrialists
and leading economists.
The
main function of the NEDC is planning national production and
setting up production targets. It is however a very difficult
matter to
plan ahead in a mixed economy. It is not possible to plan ahead
with any
certainty even in a rigidly controlled economy, because natural
disasters,
political changes and other factors can affect the general plan
in unexpected ways.
Exercises
a
b c
d
e
f
Say
whether these statements are true (T) or false (F), and if they are
false say why.
distinction
between the two
sectors
of its typically mixed
economy.
(
) The nationalized industries
In Britain are inevitably in the
private
sector of the economy.
(
) Giants like ICI and BP are
not
publicly owned.
(
) The British government
controls
the economy very
strictly
through the NEDC.
(
) Planning ahead in a mixed
economy
is not particularly
difficult.
(
) The USSR is completely communistic.
g
h
i
j
i
i
(
) The USA is not completely capitalistic.
(
) The many economic systems
in the world are not difficult
to classify. (
) Even the United States finds it
necessary to control national economic
conditions to a certain
extent.
(
) The interest of the underdeveloped
countries in longterm planning
is inevitable. (
) India makes a clear
2
Combine
these pairs of sentences in the two ways shown in tha example.
i
=> ii =•
EXAMPLE
The government has set up an official committee. This committee
must decide national economic policy.
The
government has set up an official committee which must decide
national economic policy.
d
e
The
government has set up an official committee to decide national
economic policy.
a
\
b
c'
This
plan must regulate the flow
of
work.
The
government has proposed a
new
scheme.
This
scheme must come into
operation
next year.
The
employers have prepared a
special
scheme.
This
scheme must be approved
by
the government.
The
economists have organized
a
commission.
This
commission must study the
economic
problems of Latin
America.
The
workers have demanded an
Investigation.
This
investigation must find out
what
happened in the factory.
The
trade unions have asked for
a
new plan.
Arrange
the following sentences in their proper order, to produce a
paragraph about the National Economic Development Council.
35
34
UNIT
6
UNITS
D
E
F
The
EDCs study measures to improve
efficiency and competitive
power in each industry.
Other
members are the ministers of the main economic departments
of the government, representatives of management and
trade unions and the nationalized
industries, independent
members and other interested
people. The
NEDC has set up twenty-one
Economic Development Committees.
A
i
B
',
i
C
!
]
1
]
4
a
b
c d e
f
5
It
meets regularly, under the chairmanship of the Prime Minister.
Each
committee is concerned with
an individual industry and is
composed of members from management,
the trade unions, government
committees and three independent members. The NEDC, which was set
up in 1962,
brings together representatives
of government, management
and the trade unions, and provides a meeting place
for the discussion of future policy
and planning.
In each of these sentences a word is missing. Provide a word from the text, from between lines 4 and 16.
g
A
mixed economy possesses some
of the qualities of the two main
_____ of economic system.
h
Coal,
steel and farming are very important
national _____
i
The ————— of the workers were
happy about the new plan, but a small number were not.
The
USSR is a _____ of communism.
The
Americans are _____ to a
system of private enterprise. To
control an economy is much the same as to _____ it. The work was
carefully _____ by the authorities for five years. It
is necessary to make a sharp
j
Some
industrial.
.like
BP
and ICI, are international as well
as national in their activities.
—————
between
planned and unplanned
economies. He
does not work in this
—————
of
the economy but in the
public one.
Study
the table. It shows how words can be formed by adding first the
suffix -ify.
and
then the suffix -cation
(with
suitable changes in spelling).
EXAMPLE
simple => simplify ^simplification
Use
the table and the example to help you fill in the blanks in the
sentences.
simple
note
pure
class
clear
( = clar-)
|
ify
|
ification
|
NOTE
Remember to remove the 'e' in simple,
note and
pure.
a
b
c
health.
Please
send a note
to
the members of the Council. You should
_____ them of the date
of the next Council meeting.
The _____ should reach
them this week.
The
economics teacher tried to make
the situation dear.
He
tried
to _____ his description by
making it simpler. When he had
made this _____, his students
understood the whole matter much better.
d
e
This
plan is not simple
enough.
We
must therefore _____ it.
The
_____ of the plan is essential.
d
The
economy of that country
belongs
in the Marxist group or
class.
We
must therefore _____
it as communistic. The _____ of the
economy
of that country is not e
difficult.
That
water is not
pure enough.
It is
necessary therefore to _____ it. The
of
the water is a matter of public
Supplement
1
Seven
words can be formed from the basic word nation.
This
table shows how to do it. Make a list of the words, and put each
word in its suitable place in the sentences. You will also need the
word nation
itself.
|
|
suffix
|
|
stem
|
1
|
2
|
3
|
|
|
ize
|
d
|
|
al
|
|
ation
|
nation
|
|
ism
|
|
|
|
ist
|
ic
|
Unit 7
Revision
and Conclusion
5
10
15
20
f
g h
UNIT 6
ownership
is —————.
In the last twenty years —————
has
been a strong political force
leading
to the formation of
many
new nations.
A
person who is interested in
the
progress and history of his
own
country may be called a
a'
A
b
. c'
d
e
The
USA is the homeland of the
American
—————.
Most
countries have _____
banks,
such as the Bank of
England.
The
Socialist Party has plans to
_____
various privately
owned
industries.
Many
governments have certain policies
which are not international
but simply _____
British
Rail is already a_____
Industry, because it is publicly
owned.
The
name given to the change
from
private to public
2
Make
acronyms
or
letter-names from the groups of names listed below.
EXAMPLE
(a)
(b)
The
United States of America => The USA British Petroleum => BP
World
Health Organization.
The
International Labour
Organization.
The
International Monetary
Fund.
The
Food and Agricultural
Organization.
Trans
World Airlines.
British
European Airways.
General
Agreement on Tariffs
and
Trade.
NOTE
Keep the definite article 'the' where this is customary.
a'
b'
c
d
e
f
g'
h'
i
j
k
I
m
The
Organization of African
Unity.
The
United Kingdom (of Great
Britain
and Northern Ireland).
North
Atlantic Treaty
Organization.
The
European Economic
Community.
Association
of South East Asian
Nations.
United
Nations Organization.
3
Composition.
Write about 400-JMords on the topic 'Mixed Economies.
Your work should be in two
parts:
(i) an introduction on economic
systems in general; (ii) mixed economies in particular. Use
the material provided in the texts and exercises.
Most
people work to earn a living, and produce goods and services. Goods
are either agricultural (like maize), or manufactured (like cars).
Services are such things as education, medicine and commerce. 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 some service which helps him maintain his
car.
The
work people do is called economic activity. AJ1 economic
activities
taken 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 do either
provides what they need or provides the money with which they can
buy essential commodities. Of course, most people hope to have
enough
money to buy commodities and services which are non-essential
but which provide some particular personal satisfaction, such
as toys for children, visits to the cinema and books.
The
science of economics is based upon the facts of our everyday lives.
Economists study our everyday lives and the general life of our
communities
in order to understand the whole economic system of which we are
part. They try to describe the facts of the economy in which
we live, and to explain how it works. The economist's methods
should
of course be strictly objective and scientific. We need food,
clothes and shelter. We probably would not go to
39
38
UNIT
7
UNIT?
25
3035
40
45
50
55
60
65
70
75
80
85
90
95
work
if we could satisfy these basic needs without working. But even
when
we have satisfied such basic needs, we may still want other things,
such as the toys, visits to the cinema and books mentioned above.
Our lives might be more enjoyable if we had such things. Human
beings undoubtedly have a wide and very complex range of
•wants.
The science of economics is concerned with all our needs:
-with
the desire to have a radio as well as the basic necessity of having
enough
food to eat.
"~So
far we have suggested that economic systems are the same
everywhere.
This is not entirely true. Not all economic systems in the world
are
the same. The economic system of the USA differs greatly from the
system in the USSR. The American system is based on private
enterprise
and is essentially capitalistic, while the Russian system is
cornmunistic
and based on the principles of Karl Marx, the 19th century
political economist. The economic systems of these two nations
contrast very strongly.
Britain
is_ similar to the USA. It has an economic system based on private
enterprise and private supplies of capital. An important form
of capital is surplus income available for investment in new
business
activities. Property in both the US and Britain can be and is owned
by individual citizens and these citizens exercise considerable
economic
freedom of choice. They can choose what they want to do and
how they want to earn their living, but are not of course entirely
free
to do as they wish. They must obey the la\v^ Otherwise, however,
they
can use their time, money and energy as they wish. If a person can
do this, then economists say that he is economically free. In all
communities,
of course, limits are imposed upon personal freedom, limits
which are sometimes very complex.
Complete
economic freedom of action can create great difficulties, because
the freedoms exercised by various individuals inevitably conflict.
If citizens were completely free, some landowners might build
factories
in unsuitable places, while some factory owners might make their
employees work too long each day. If they were completely free,
workers
might stop working when they got their first pay, and come back
only when they needed more money. Such economic anarchy could
create instability in the entire economy of a country.
Laws
which relate to economic conditions are sometimes concerned
with contracts between employers and employees. Sometimes they
are concerned with workers' health, wages and pensions, and
sometimes
with the location of places of work. Sometimes they protect
the interests principally of the workers, while at others they may
be
beneficial to the employers. The government policy towards both
employees
and employers will depend very much upon the political and
economic ideology which the government adopts, and may be biassed
towards employers and capital on the one hand, or workers and the
problems of labour on the other.
In
states, which have a communistic system, private property and
private
"enterprise are reduced to a minimum. They exist, but are
limited
to a small area of the economy. Karl Marx conceived of a world
in which there would be no private property whatsoever. Communism
in theory states that all property should belong to the State.
In practice, however, the citizens of states like the USSR are
permitted
to have personal effects.
The
important thing about the communist system is central; plan- ning.
The State organizes the whole economic effort of the nation. "AT
central authority with complete power decides what goods and
services will be produced. The authority decides what quantities of
goods
will be produced, and also controls their quality, and decides
where
they will go and what prices will be charged for them.
Additionally,
the State provides all (or most of) the services which the citizens
require. It is responsible for the economy and is therefore
concerned
with methods of production as well as quality and quantity. The
national economy must be planned ahead over a number of years.
Marxist
economies are planned. The system is related to the needs of
the State as a whole "not the "needs of the private
person. The emphasis
is collective and not individual, so that the individual is
subordinated
to the needs of the collective State.
The
central authority in communist countries performs the function
of the price system in capitalistic economies. Under capitalism the
prices of goods and services are related to supply and demand. The
system operates freely, dependent upon the quantities available
40
41
UNIT?
UNIT?
-
100
105 no "5
120
125
1
and
what people want. Therefore we say that in private enterprise
systems
the production of goods tends to follow price movements, to rise
when prices rise and fall when prices fall. This rise and fall is
not however
normal in communist countries. The control exercised by the
State prevents any such fluctuation of prices. Government planners
under communism therefore know what goods are available and
what prices will be charged, but economists in non-communist
systems do not always know this.
No
state_todjiyjis_cornplete1y
communistic-or-completely-capital-isficT
The various national economic systems tend towards one type or
the other, but many are difficult to classify. It has been found
necessary
in many countries to exercise some degree of control over national
economic conditions, and under-developed nations particularly
are interested in longterm plans. Countries like India have had
a number of plans guided by the government. India makes a clear
distinction between the public sector and the private sector of its
economy and so has a system called a mixed economy.
Britain
today has a mixed economy. In trie public sector are the
nationalized industries like coal and steel, British Rail and BOAC.
Tn
thejpriyate sector are the majority of the nation's industries,
from giants
like ICI and BP down to small family businesses. In 1962 the
British
government set up an official planning body known as the National
Economic Development Council, a body which would help plan national
production and set up production targets. The members of
the NEDC are representatives of both the employers' federations and
the TUC, together with members of the government, eminent
industrialists
and leading economists.
It
is however a very difficult matter to plan ahead in a mixed
economy.
It is not possible to plan ahead with any certainty even in a
rigidly
controlled economy, because natural disasters, political changes
and other factors can affect the general plan in unexpected ways.
Exercises
Answer
these questions. They relate to lines 92-103 of the text.
a
b
c d
What
performs the function of
the
capitalistic price system in
communist
countries ? ,
What
are prices in a capitalistic
system
related to ?
What
does the price system
depend
upon ?
In a capitalistic system, what
e
f
g
does
production follow? When
does production fall ? In
a communistic system, what does
the control exercised by the State
prevent from happening ? What do economists in communist countries
usually know?
2. Below is a list of pronouns occurring in the text. Say what each pronoun refers to.
EXAMPLE they
(in line 11)
Answer:
'they'
refers to 'people' in line 11.
a
it (line 21) b It
(40) c They
(45)
d
he (49) e they
(56) f they
(62)
g
its (112)
3: Below are 45 words taken from earlier units. Make each word negative by adding a suitable prefix: non-, un- or in- (or il-, im -, ir - as required).
organic
sufficient
conditional
complete
desirable
essential
usual
stable
equal
communist
solvent
conclusive
political
expert necessary
economic
active
distinct
legal
systematic
public
definite
dependent
secure industrial
, practical
scientific
relevant
satisfactory frequent
available
probable
regular
mobile
productive
legible
Important
logical
adequate
proper
rational
suitable
personal
enjoyable
responsible
43
42
5 10 15 20 Unit?
a
bc
de
2
C
4444444
ombine these pairs of sentences by means of if.
in
order to make new
conditional sentences. It may be necessary to change some words
in some of the sentences in order to make complete sense.
we
shall be-able to sell them to
you
more cheaply than other
shops.
There
is no system of control. /
Certain
people may decide to
build
factories in unsuitable
places
and employ workers for
long
hours.
They
may increase their output.
/
Their employers provide better
working
conditions.
We
may provide some help now.
/
You undertake to help us later.
We
have a car. / We can be much
more
mobile.
f
g
h
You want
to get a new house. /
You
must earn a lot of money.
You
will complete the work
more
rapidly. / You all work
together
on it.
We
buy these goods this week./
We
may be able to sell them
next
week, and make-some ,
extra
money.
You
buy your essential
commodities
from us. / Perhaps
Part 2: unit 8 '.
Utility
and Prices
Text a
Our
basic needs are simple, but our additional individual wants are
often
very complex. Commodities of different kinds satisfy our wants in
different ways. A banana, a bottle of medicine and a textbook
satisfy very different wants. The banana cannot satisfy the same
wants
as the textbook.
This
characteristic of satisfying a want is known in economics as its
'utility'. Utility, however, should not be confused with
usefulness. For
example, a submarine may or may not be useful in time of peace, but
it satisfies a want. Many nations want submarines. Economists say
that utility determines 'the relationship between a consumer and a
commodity'.
Utility
varies between different people and between different nations.
A vegetarian does not want meat, but may rate the utility of
bananas very highly, while a meat-eater may prefer steak. A
mountain-republic
like Switzerland has little interest in submarines, while maritime
nations rate them highly.
Utility
varies not only in relation to individual tastes and to geography,
but also in relation to time. In wartime, the utility of bombs is
high, and the utility of pianos is low. Utility is therefore
related to
our decisions about priorities in production—particularly in a
centrally-planned
economy. The production of pianos falls sharply in
wartime.
The
utility of a commodity is also related to the quantity which is
44
45
UNITS
d
e
25
5
a
b
c
UNITS
available
to the consumer. If paper is freely available, people will not be
so interested in buying too much of it. If there is an excess of
paper, the
relative demand for paper will go down. We can say that the utility
of a commodity therefore decreases as the consumer's stock of that
commodity increases.
Exercises
1
Answer
these questions, basing your answers on the text.
What
example is used to show
that
it varies from nation to
nation?
What
example is used to show
that
it varies from time to time?
What
example is used to show
that
utility is related to quantity ?
What
can we say about the way
In which utility decreases ?
d
e
f
c
What is
the difference between
a
b
c
our
basic needs and our additional
wants?
What
two ways are there of
describing
'utility' ? (see lines 6-7
and
lines 9-11).
What
example is used to show
that
utility varies from person to
person?
a
b
c
d e
2
Say
whether these statements are true (T) or false (F), and if they are
false say why.
(
) Our basic needs are
complex.
(
) Our wants are satisfied in
much
the same way by all
commodities.
(
) Usefulness should not be
confused
with utility.
(
) Vegetarians rate the utility
of
meat very highly.
(
) The Swiss nation is not
particularly
interested in
f
g
h
submarines.
(
) In wartime the utility of
pianos
is high.
(
) In a centrally-planned
economy,
decisions about
priorities
are related to utility.
(
) The demand for paper goes
down
if the quantity of paper
Increases
A
product's utility may be very high
in a certain part of the world.
In a different part of the world its utility may be very low.
Some
people may prefer to save their
money and invest it in a secure
and profitable scheme. Some
may prefer to buy a particular
commodity which they
have wanted for a long time.
In peacetime bombs are not in
Very great demand.
In wartime their utility is very
high.
Bananas
may satisfy one kind
of
want.
Textbooks
satisfy an entirely
different
need.
Meat-eaters
may enjoy both
beef
and bananas.
Vegetarians value only the
bananas.
4 Change these sentences in order to use should with not. This changes the statements into recommendations. '
EXAMPLE
=>
Utility
is not to be confused with usefulness.
a
b
c
Utility
should
not be confused
with usefulness.
central
planning.
A
capitalistic system is not to
be
regarded as completely free
of
central planning.
These
factors are not to be
considered
the most important
In helping us to improve the
quality
of the service.
The
economic system is not to be
d
e
studied
in an unscientific way.
A
communist government is not to
be
expected
to concern itself with
private
profits.
The
government of a capitalistic
country
is not to be expected to
concern
itself with detailed
Find
single words in the text for which these words could be
substituted.
b
dfh
ac
e g
extra
(1-2)
coastal
(14-16) preferences
(19-21) amount
(23-24)
quality
(6-7)
likes
and dislikes (17-18)
rapidly
(21-22)
goes
down (26-28).
3 Text b Contrast these pairs of sentences, using while.
EXAMPLE
Switzerland has little interest in submarines. Maritime nations
rate them highly.
i.
=> Switzerland has little interest in submarines, while
maritime nations rate them highly.
ii.
=>
Switzerland
on,
the-one hand has
little interest in submarines, while
maritime nations on
the other (hand) rate
them highly.
In
most economic systems, the prices of the majority of goods and
services
do not change over short periods of time. In some systems it is of
course possible for an individual to bargain over prices, because
they
are not fixed in advance. In general terms, however, the
47
Units units
a
b
c
d
e
5
10
15
20
25
3
a'
b'
c d
I
e
f
4
ab
individual
cannot change the prices of the commodities he wants. When planning
his expenditure, he must therefore accept these fixed prices. He
must also pay this same fixed price no matter how many units he
buys.
A consumer will go on buying bananas for as long as he continues to
be satisfied. If he buys more, he shows that his satisfaction is
still greater than his dislike of losing money. With each
successive purchase,
however, his satisfaction compensates less
for
the loss of money.
A
point in time comes when the financial sacrifice is greater than
the
satisfaction of eating bananas. The consumer will therefore stop
buying
bananas at the current price. The bananas are unchanged; they
are no better or worse than before. Their marginal utility to the
consumer
has, however, changed. If the price had been higher, he might have
bought fewer bananas; if the price had been lower, he might
have bought more.
It
is clear from this argument that the nature of a commodity remains
the same, but its utility changes. This change indicates that a
special
relationship exists between goods and services on the one hand,
and a consumer and his money on the other hand. The consumer's
desire for a commodity tends to diminish as he buys more units of
that commodity. Economists call this tendency the Law of
Diminishing
Marginal Utility.
Exercises
1
J
S
i
h
i
i
Answer
these questions, basing your answers on the text.
a
b
c
d
e
At
what point will the consumer
stop
buying the commodity at
the
current price?
What
remains unchanged with
each
purchase?
What
has changed when this
point
is reached?
Under
what conditions might
he
have bought more?
What
does a consumer's desire
tend
to do?
Prices
are fixed in most economic
systems,
but what is possible in
some
systems ?
What
is the individual generally
unable
to change?
Under
what conditions will
a
consumer go on buying a
commodity
?
What
does the consumer show
by
buying more bananas?
What
happens with each
2
successive
purchase?
Say
whether these statements are true (T) or false (F), and if they are
false say why. .
worse.
(
) The consumer will probably buy more if the price falls. (
) If the price rises, the consumer
will probably buy less. (
) If the price remains the same,
the consumer will reach a point
when his sacrifice is greater
than his satisfaction. (
) The utility of a product stays
the same, but its nature changes.
(
) 'The Law of Diminishing Marginal Utility' is the name which
economists give to the tendency
for a consumer's desire to diminish as he buys mor.e
units.
/
g
h
i
j
(
) In the majority of systems
prices
are fixed but in the
minority
it is possible to bargain.
(
) It is generally possible for
the
individual to change the
prices
of the commodities he
wants.
(
) We know that a consumer's
satisfaction
is greater than his
financial
sacrifice if he goes on
buying
a commodity at the
current
price.
(
) When a consumer becomes
dissatisfied
at paying the current
price,
he pays less.
(
) The financial sacrifice
becomes
too great when the
quality
of the commodity gets
ghh
i
j
Make these
sentences passive, omitting the agent phrase.
They
have obtained various valuable
minerals in that area. Economists
have classified the various
economic systems Even
in a dedicated capitalist-economy
the government plans certain
things. The committee prepared a special
scheme.
The
government fixes the prices.
They
fix the prices in advance.
He
must pay the current price.
The
commodity satisfies the
consumer.
The
government has changed the
policy.
They
have produced additional
supplies
for the men.
Change
these sentences as in the example. The meaning does not change.
EXAMPLE
When
he
plans his
expenditure, a consumer must accept fixed
prices.
=>
When
planning
his
expenditure, a consumer must accept fixed prices.
priorities
very clearly. When
it makes a decision over the number of employees which will
be
needed, the management of
a factory must consider everything
very carefully.
c
When
it prepares a new product, a
company must spend a large amount of money. When it decides
production targets
for a period of years, a government
must establish its
49
When
it tries to increase efficiency
in production, a planning
body should decide what factors are most important. When they
consider problems of
UNIT
9
Supply
and Demand
UNITS
de
Text
A
distribution,
businessmen should investigate
all the methods currently
in use and decide objectively
whether they can be improved.
consume
plan
5
Change
the listed words and phrases into agent nouns.
EXAMPLE
=>
consum
+ er => consumer, plan + er => planner.
a
buy;
b
sell;
c
use;
d
work;
e
bank;/mine;
g
produce;
h
organize;
i manage; j
begin;
k
breed;
/ perform; m
a
man who breeds cattle; n
a
man who owns a house; o a man who pays tax; p
a
man who produces
whisky; q
a
man who manages a bank.
5 10 15 20 Supplement
Study
this diagram about kinds of production and then answer the
questions.
PRODUCTION
tertiary
industries
primary
industries
secondary
Industries
final
teaching
medicine
defence
acting
etc.
Intermediate
hunting
fishing
farming
mining
etc.
banking
trading
insurance
transport
etc.
S
h
a'
b']
(
c'
id'
i
e
'f
i
r
engineering
building
gas,
electricity
weaving
etc.
—(1)
selling things; (2) making things;
(3) growing things. Which of these categories relates
to both primary and secondary
industries?—
(1)
providing goods;
(2)
providing services. "Which
of these categories relates
to the three activities of mining,
engineering and
building!—(1)
heavy industries; (2)
light industries.
What
three types of production
are
there ?
It primary relates to 'one', and
secondary
relates
to 'two', what
does
tertiary
relate
to ?
What
two types of tertiary
Industry are there?
What
type does farming belong
to?
What
types do these belong to:
trading;
teaching; building!
Which
of these categories
describes
secondary industries?
Bananas
are a typical example of perishable goods. By 'perishable' we
mean goods which cannot be stored for any length of time without
going bad. Most foodstuffs are in the perishable category. Such
goods are
offered for sale as quickly as possible, and so the supply of
perishables
and the stock of perishables available at any time are usually the
same in quantity.
This
is not true in the case of non-perishable goods like coal, steel
and
cars, which do not deteriorate easily. The supply of cars on the
market
may not be the same as the actual stock of cars in the factories.
Economists talk about the Law of Supply, in which a rise in prices
tends to increase supply, while a fall in prices tends to reduce
it.
If prices rise for a particular commodity, the rise will of course
'encourage
producers to make more. On the other hand, if prices fall either
locally or throughout the world, producers will reduce production.
This can result in serious difficulties for many producers, and
may cause them to go out of business completely. Over-production
of any commodity can also create difficulties, because it can lead
to
a glut on the market, which may cause prices to fall sharply.
Supplies
of many commodities can generally be adjusted to suit market
conditions. This means that changes in prices lead to changes in
the quantity of a particular commodity which is made available to
consumers.
Household goods and furniture belong to this category. In
such instances supply is said to be 'elastic', because it can be
increased
or decreased rapidly in response to market prices.
50
51
Unit 9
UNIT8
4
producers
?
What
can over-production lead
to?
What
happens when the supply
of
a commodity is adjusted to
suit
market conditions ?
What
kinds of goods belong to
the
category of commodities that
can
be adjusted easily?
What
is meant by 'elastic'
supply?
5
Exercises
1
Answer
these questions, basing your answers on the text.
g
h
i
j
a
b
c
de
f
What are
perishable goods V
What
two things are usually the
same
in quantity?
What
happens when the Law ot
Supply
operates?
What
does a rise in prices
encourage
?
What
does a fall in prices
cause?
What
serious effect may a fall
In prices have on some
Punctuate
the following passage. Provide capital letters, commas, full
stops, brackets, colons etc., where applicable.
non
perishable goods such as coal steel cars and aeroplanes can be
stored for
considerable periods of time without loss of value this is not
true, however
with perishables (which
must be placed on the market as quickly
as possible if they are not sold quickly they will deteriorate jf
they
deteriorate while in storage or in the shops both producers and
distributors
lose a large amount of money, if there is a glut of certain
perishables
;these
commodities must be sold quickly even if the selling price is too!
low for a satisfactory profit,,
Below
are pairs of sentences. In the first sentence there is a verb in
italics.
In the second sentence there is a blank. Make the italicized verb
into a noun in order to fill the blank.
EXAMPLE
manage =>
manage
+ ment =• management
a
b
c
d:
Say
whether these statements are truee ((T) or false (F), and say why.
e
f g h
2
a
b
c
d
e
f
(
) Bananas are typical of goods
that easily deteriorate. (
) Steel can be stored for a long
time without losing its value.
(
) The actual stock of cars in a
factory is usually the same as the
supply of cars available on the
market.
(
) According to the Law of Supply,
a rise in prices tends to reduce
supply.
(
) If prices fall locally,
production
will be reduced
throughout
the world.
(
) When there is a glut on the
market,
demand decreases and
prices
fall.
(
) Changes in prices lead to a
change
in the quality of a
commodity.
(
) Supply is 'elastic' because
market
prices rise and fall.
It is sometimes necessary to
adjust
the
quantity of goods
flowing
on to the market. This
_____
is made according to
market
conditions.
He
arranged
the
committee
meeting.
His _____ were
Very efficient.
The
government encourages
private
enterprise. Their
_____
sometimes takes the
form
of financial help.
Some
economists are interested
In measuring changes in the price of essential commodities. This _____ extends over a period of years.
The
management tried to assess
the
amount of money needed for the
plan. The _____ was to be
made by a special committee. He
decided to invest
his
capital in
the new enterprise. His _____
might be very profitable.
3 Combine these pairs of sentences, using that and changing will to would.
EXAMPLE
=>
a
b
c
5
de
He
told me something. The prices will change. He
told me that the prices would change.
The
management decided something.
The new factory will be
located in a different city.
The
development committee arranged
something. The meetings will be held at regular intervals over the
next two years.
They
told him something. The committee
will meet next week. The
economists expected something.
The prices will fluctuate considerably.
The
government anticipated something.
The workers will demand
higher
wages.
Text
B
Elasticity
of supply, as a response to changes in price, is related to demand.
Economists define 'demand' as a consumer's desire or want, together
with his willingness to pay for what he wants. We can say that
demand is indicated by our willingness to offer money for
particular goods or services. Money has no value in itself, but
serves as a means of exchange between commodities which do have a
value to us.
53
52
Unit 9 units
3
10
15
20
a
b c
d
e
f
People
very seldom have everything they want. Usually we have to decide
carefully how we spend our income. When we exercise our choice, we
do so according to our personal scale of preferences. In this
scale of preferences essential commodities come first (food,
clothing,
shelter, medical expenses etc.), then the kind of luxuries which
help us to be comfortable (telephone, special furniture, insurance
etc.), and finally those non-essentials which give us personal
pleasure
(holidays, parties, visits to theatres or concerts, chocolates
etc.).
They may all seem important, but their true importance can be
measured
by deciding which we are prepared to live without. Our decisions
indicate our scale of preferences and therefore our priorities.
Elasticity
of demand js a measure of the change in the quantity of a
good,lrI7esponse to demand. The change in demand results from a
change
in price. Demand is inelastic when a good is regarded as a basic
necessity, but particularly elastic for non-essential commodities.
Accordingly,
we buy basic necessities even if the prices rise steeply, but
we buy other things only when they are relatively cheap.
Exercises
Change
these sentences in order to use the
auxiliary verbs
do
or
did.
These
verbs are used for emphasis.
EXAMPLE
:>
ii.
=>•
These
goods and services have a value. These goods and services do have a
value. The
people went to the city to find work. The
people did go to the city to find work.
capital
for a new housing
scheme.
Stable
conditions led to an
Improvement in the general
state
of the economy.
The
government encourages
new
commercial enterprises.
A
change in government
usually
means a change in
policy.
The
minister wanted to make a
fundamental
change in the
national
economic policy.
These
factors have an effect
upon
the economic system.
g
h
i
j
The
management tried to
change
the methods.
The
representatives of the
employers
and employees met
last
week.
The
decision made by the trade
unions
affects everyone in the
Industry.
Short-term
economic anarchy
has
a bad effect on longterm
stability
and investment.
The
surplus money provided
1 Answer these questions, basing your answers on the text.
choice?
What
comes second in our scale
of
preferences ?
What
is our third priority ?
What
is elasticity of demand?
When
is demand inelastic?
a
b
c
d
e
4
2
b'
<
c'
(
i
a
b
c d
What is
elasticity of supply a
f
gh
i
response
to?
What
is the definition of
'demand'
?
How
is demand indicated?
What
is money?
What
do we do when we exercise
Say
whether these sentences are true (T) or false (F), and if they are
false
say why.
luxuries.
(
) Our decisions on how to use
our
money show what we need
most
and what we are willing to
do
without.
(
) Demand for essential
commodities
is always elastic.
(
) When people offer money
e
f
i
for
particular goods, they
Indicate that a demand exists.
(
) Money is usually valuable
In itself.
(
) People do not usually have
everything
they want.
(
) Basic needs come before
Supply
either the
or
a(n)
in
the blanks in these sentences.
.
demand
EXAMPLE
There is demand
for steel
for
steel is increasing.
5>
There
is a demand for steel. The demand for steel is
Increasing.
a
There is
shortage of bananas
s
hortage
of bananas
will
continue for some weeks.
There
has been ___ change of government. _____ change in government
will probably mean a change of policy. —————change of
policy
may lead to _____ short period of instability. ——,—— short
period
of instability could create _____ feeling of insecurity.
The
speaker suggested _____ special commission to study economic
conditions.
He said that _____ special commission should examine all
aspects of national economic life. _____ commission should
investigate
_____ demands of _____ workers and ————_ conditions
under which they work. It should also hear _____ views of _____
employers. Such _____ commission would render.———— very
valuable service to _____ nation.
54
55
UN1T10
Some
Economic Laws
UNIT
9
5
Give
suitable opposites for these words
EXAMPLE
capitalism:
communism.
minority
positive
solid
beh
maximum
public
simplify
a
d g
c
./
i
theoretical
collective
longterm
Supplement
1
Many
words are formed by adding -able.
There
is however an active
use of -able
and
a passive use. Try these exercises.
A
The
Active use of -able.
=>
Fruit
can
perish
EXAMPLE
Fruit
as
perishable.
NOTE
that can
is
not always necessary in the first sentence.
d
e
f
The
plan can
work. •
Market
conditions can
change.
Economic
conditions can
vary.
abc
B
5
I0
15
20
a
b
c
These
policies suit
(us). Those
products have
a value. Some
investments make
a profit.
The
passive use of —able.
EXAMPLE
=>
The
difficulty can
be avoided. The
difficulty is
avoidable.
The
commodity can
be
marketed.
The
plan can
be tested.
The
flow of work can
be
measured.
d
e
The relationship can be defined.
The
product can
be obtained.
2 A b c d e f Practise saying these phrases. The main stress is italicized for you.
perishable
goods
available
supplies
heavy
industry inelastic
demand diminishing
utility scale
of
preferences
S
h i
j
k I
essential
commodities economic
laws
government
policy maximum
security important
statistics ' economic
anarchy
Basic
human needs are simple, but every individual has additional
personal wants which may be very complex. These complex personal
wants
are satisfied in different ways by different things. A car, a
bottle of
whisky and a newspaper satisfy very different wants and the whisky
is
not a close substitute for the car. This_ special characteristic of
satisfying
a want is known in economics as its 'utility'. Utility is not the
same as usefulness. A submarine, for example, may or may not be
useful in peacetime, but it satisfies a want. Many nations want
submarines. Economists describe this kind of utility as 'the
relationship between a consumer and a commodity'.
Utility
varies between different people and between different nations. A
vegetarian does not want meat, but may rate bananas very highly. A
mountain-republic like Switzerland has little interest in
submarines, while maritime nations rate them highly. Utility also
varies with time. In time of war, the utility of bombs is high and
that of pianos is low. Utility is therefore related to our sense of
priorities. The utility of a commodity is also related to the
quantity available to the consumer. If men buy a large quantity of
paper, they will
lose interest in buying more paper. The demand for paper will go
down. The utility of a commodity consequently decreases as the
consumer's stock
increases.
In most economic systems, the prices of the majority of goods and services are fixed. The individual cannot change the prices of the
57
56
Unit 10 unit 10
60
65
70
25
30
35
40
45
50
55
commodities
he wants, and when planning his expenditure, he must accept
these prices. A consumer will go on buying cigarettes as long as
his satisfaction continues and they render utility. If he continues
to
pay the current price, his satisfaction is greater than his
financial sacrifice.
With each purchase, however, his satisfaction decreases, although
the prices remain the same. If a consumer's supply of money is
limited, a point will come when the financial sacrifice is greater
than the
satisfaction of smoking cigarettes. He will stop buying the
commodity.
The cigarettes are the same, but their utility has changed. If the
prices rose, he would buy fewer; if they fell, he might buy more.
We
can see that the nature of a commodity remains the same, but its
utility changes. This indicates that a special relationship exists
between
goods and services on the one hand and a consumer and his money
on the other hand. The consumer's desire for a commodity tends
to diminish as he buys more units of that commodity. This tendency
is called the Law of Diminishing Marginal Utility.
Utility
is of course related to the Laws of Supply and Demand. When
economists talk about a Law of Supply, they mean that a rise in
prices tends to increase the supply of a commodity, while a fall in
prices
tends to reduce it. When they talk about a Law of Demand, they
mean that a fall in prices tends to increase the demand for a
commodity,
while a rise in prices tends to decrease the demand. In any
economic situation, a consumer will decide to buy a commodity only
in terms of its particular utility to him.
If
the prices of a particular commodity rise in the economy as a
whole,
the rise will naturally encourage producers to make more of that
commodity. If, on the other hand, prices fall locally or
throughout
the world, producers will reduce production. Supplies of many
commodities
can generally be adjusted to suit market conditions. This
means that changes in market prices lead to changes in the quantity
of a particular commodity made available to consumers. Household
goods and furniture are in this category. In such instances, supply
is said to be elastic, because it can be increased or decreased
rapidly
to suit market prices.
The
principle of elasticity operates in the area of demand as well as
in the area of supply. People very seldom have everything they
want.
They usually have to choose carefully how they will spend their
money.
When they exercise this choice, they work according to their
personal
scale of preferences, beginning with top-priority essentials like
food and housing. Next on their scale come those commodities which
provide comfort or convenience of some kind (telephones, insurance
etc.) and finally come the non-essentials like holidays and trips
to the theatre, which are important parts of life but not
comparable
with food and shelter. If it is necessary to pay very high prices
for
the essentials of life, people pay them—even if this means
spending all
their income. In such cases demand is inelastic. For
non-essentials, however,
demand is elastic and particularly responsive to changes in price.
Exercises
1
Answer
these questions, basing your answers on the text.
a
bcd
e
price
ruling now? (22-29) What
verb is used to show that a consumer's desire tends to 'go down'
or 'become less' as he buys more of a commodity?
(34-39)
What
noun is used to show that household goods and furniture belong to
a certain type
of
commodity?
(50-57) What
adjective is used to show that
food and housing are more important
than other commodities?
(59-63)
f
g
h
What
noun is used to show that whisky
is not a simple replacement
for a car? (1-1o)
What
noun is used to show that nations
are not at war? (l-10)
What
adverb is used to show that
the utility of a commodity decreases
because
stock
increases?
(17-21) What
verb is used to show that cigarettes
provide
utility
as long as
satisfaction continues? (22-29)
What
adjective is used to show that
the price of cigarettes is the
ab
2
Say whether
these sentences are true (T) or false (F), and if they are false
say why.
consumers
continue to buy more,
even when their satisfaction
is less than their financial
loss.
(
) Switzerland is a maritime nation, and places a high priority
on submarines.
(
) If the current price of cigarettes
remains the same,
59
4,000
—
|
|
|
|
3,000
—
|
|
|
|
|
|
|
2,000
--
|
|
|
|
|
|
|
|
|
|
|
1,000-^
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
Unit 10
c
d
Unit 10
5
conditions,
we say that their supply
is elastic. (
) Because elasticity of demand refers to things high on our
scale of preferences, we can say
that the demand for essentials
like food and shelter is
very elastic.
(
) Because a consumer's desire
for a commodity tends to diminish
as he buys more units of
that commodity, economists talk of a Law of Diminishing Utility.
(
) Because the supply of furniture and household goods can
be adjusted to suit market
e
Combine
these pairs of sentences by using although.
3
X
= His satisfaction decreases.
Y
= The prices remain the same.
X although y
His
satisfaction decreases, although the prices remain
the
same.
Although
Y. X
Although
the prices remain the same, his satisfaction
decreases.
EXAMPLE
i.
=>
ii.
=>
Supplement
1
We
call this type of diagram a histogram. The histogram shows the
money spent on certain classes of commodity during 1964 in the
state of Noland. The vertical axis shows the yalue_of the
purchases per
million dollars. The horizontal axis Jists the "actual
classes._qf_ commodity.
Answer the questions which follow.
a
b
c
de
X
=
Y
=
X
=
Y
= X =
Y
=
The
individual cannot change the current price. He
may want to do so. The utility of the cigarettes
has changed. Their
quality is the same. He
wants to buy that car now.
He
should wait until he has enough money for both the
X
= Y = X = Y =
$million
5,000—i
4
Punctuate
the following passage. Provide capital letters, commas, full
stops, brackets, colons etc., where applicable.
prices
have risen throughout the national economy since 1954 between
1948
and 1955, there was a period of price stability.the
government
decided
in 1960 to change the national policy considerably and
to
introduce
certain price controls although controls were not very
popular
with
industrialists the government also tried to reduce demand by
limit
ing
increases in wages throughout the economy. although limitation
of
wages
was not very popular with the trade unions this limitation of
wage
increases applied to both the public and private1
sectors an official
commission
was created to regulate wage and price increases jt was
called
the national prices and wages board or npwb
clothing
c
a
b
c
d
e
fg
car
and other necessary
things.
The
work has not been
done
yet.
It was planned five years
ago.
The
scheme has been
started.
It has not yet received
government
permission.
a
b
Insert a suitable preposition in each of the blanks in these sentences.
He
is interested _____ economics.
He
is not concerned _____ non-essential
commodities.
The
demand _____ bananas will
probably increase.
The
supply _____ cigarettes does
not usually fluctuate.
The
consumer's need _____ such
commodities is well-known.
There
was a change _____ the quantity
of material supplied.
He
paid quite a lot of
food
How
much actual money was spent on food in Noland in 1964?
How
much was spent on
_
hi
j
k
money____
that car.
He
paid the money _____
that
man.
The
American economic system
Is based _____ capitalistic
principles.
Most
citizens conform _____
the
law of the country in which
they
live.
Non-essential
commodities like
chocolates
cannot be compared
_____
basic necessities like
1964
shelter.
housing
durables
clothing?
What
is the sum-total of money
spent
on the three basic
necessities?
61
60
UNIT
10
d
e
Composition.
Write about 40Q_words on the economist concept^ utility. Use the
material in the units.
2
How
much was spent on the fourth class of non-perishable consumer
goods? How much less was spent on
I f durables than on clothing? How much more was spent on food than on housing?
U
NIT
11
Lab9ur and Capital
f
5
10
15
20
Text
A
'
Money is not only a means of exchange but is also a means of
measuring
the value of men's labour. In economic theory, 'labour' is any .
work undertaken in return for a fixed payment. The work undertaken
by
a mother in caring for her children may be hard work, but it
receives no fixed payment. It is not therefore labour in the
strict economic
sense.
As
a scientist, the economist is interested in measuring the services
which
people render to each other. Although he is aware of the services
which people provide for no financial reward, he is not concerned
with these services. He is interested essentially in services
which
are measurable in terms of money payments of a fixed and/or
regular
nature. In economics, money is the standard by which the value
of things is judged. This standard is not a religious or
subjective standard,
but an objective and scientific one.
Human
labour produces both goods and services. The activities of a
farmworker and a nurse are very different, but both are measurable
in
terms of payment received. Labour in this sense is not concerned
with
distinctions of social class, but simply with the payment of wages
in
return for work. When we talk about 'the national labour force',
however,
we are thinking of all those people who are available for work
within the nation, i.e. the working population.
It should be noted that any person engaged in private business is not paid a fixed sum for his activities. He is self-employed and his
63
62
Unit 11
EXAMPLE
Money
is a means of exchange.
=>
Money
is a means of measuring men's labour.
Money
is not
only a
means of exchange, but
also a
means
of measuring men's labour.
Combine
these sentences by using not
on/y ... but also. This
combination creates a contrast.
3
activities
are partly those of an employer and partly those of an employee.
If however he employs an assistant, to whom he pays a fixed
wage, his new employee provides labour in return for payment. He
receives his wages, while his employer receives the surplus (large
or
small) from the whole business. This surplus is the reward of
private
enterprise and is known as 'profit'.
d
e
a
bc
Exercises
Answer
these questions, basing your answers on the text.
1
Punctuate
the following passage. Provide capital letters, commas, full
stops, brackets, colons etc., where applicable.
the
total working population of noland in 1965 was about 15 million
some
46 per cent of the total population this included about 76 per
cent of
persons of normal working age 14 to 60 for women 14 to 65 for men
about
90 per cent of the men were engaged in productive work while the
remaining
ten per cent were students private individuals without the need
to work or disabled persons the proportion of women in the
national
labour force was much lower being about 54 per cent many women
did not wish to undertake paid employment or were prevented from
doing so by household duties the great majority of the working
population
worked for a wage or salary but 0-9
million
were
employers or
self employed
4
Say
whether these statements are true (T) or false (F). and if they
are false say why.
Make
the words negative by using the prefix dis-
5
EXAMPLE
satisfaction =>
dis
-f satisfaction ^-
dissatisfaction
NOTE
The prefix dis-
usually
possesses a more specialized mean- , ing
of 'oppositeness' or 'opposite action' than the negative prefixes
un-,
in- and
non-.
Use
your dictionary if necessary.
65
a
What
is money, in addition to
being
a means of exchange? b
What,
in economic theory, is
'labour'
? c
Why
is a mother's work not
'labour'?
d
What
does the economist
measure?
e
What
is he not concerned with? /What
two words are used to
describe
the money standard? g
What two words are used to suggest
different standards from the
money standard ?
2
a
I
I
b
c
(.
) Money is both a means of exchange and a means of measuring
labour. (
) A mother's work in caring for her children is not labour
because
it is seldom very hard work.
(
) The economist is interested in
the services which people provide
for nothing. )
Services which are •measurable
in terms of money concern the economist very
h
i
j
k
l
What
common factor relates the
work of the nurse and
the
farmworker?
What is labour (in the
economic
sense) not concerned
with?
What
term is used to describe
a person engaged in his own
,
private
business? >r*'
What
does the employer
receive
instead of wages ?
'
What is the reward of private
enterprise
called?
e
\
f
S
h
(
) The money standard as
used
by economists is scientific
and
strictly objective.
(
) Economists say that the
activities
of farmworkers and
nurses
are the same.
(
) Labour in the economic
sense
is also concerned with the
payment
of higher wages to the
national
labour force.
c
g
(
) If an employer engages an
assistant,
his own work can be
classified
as labour.
The
economic system is the
sum-total
of our individual
economic
activities.
The
economic system is the
general
situation which
Influences our individual
activities.
This
scheme is acceptable to
both
the management and the trade
unions.
This
scheme has government approval.
The
factory is producing less
b
f
j
pleasure
connect comfort
ability
engaged
possess
a
e
i
every
year.
The
factory is losing valuable
workers.
The
government has set up a
new
economic commission.
The
government has begun to
consider
a change in the law
Very seriously.
The
situation interests
economists
considerably.
The
situation has certain
features
which make it highly
d
h
obey
continue
agree
qualify
unusual.
Unit 11
UNIT
11
Exercises
1 A b c d e fg 2 a b c d e 3 Text b
5
10
15
20
25
Labour
is any work performed for an employer at a negotiated rate while
profit is the surplus which accumulates as a result of productive
work.
The employer obtains this surplus after he pays the necessary
expense
of his business and the wages of his employees. He may be required
to share the surplus with others who have provided the capital
with which he started his business. Most businesses need capital
in order to start productive work, and the capital pays for the
accommodation,
machinery and other items which the business needs.
There is always an element of risk in providing capital and
starting
a business. The business may not be successful. The employees
of the business do not bear this risk, but the employers and the
providers
of capital do bear it. If the business is successful, the risk has
been justified and the invested capital earns part of the profits
as a
return on the investment.
The
capital which people provide to help new businesses is an
accumulation
of previous surpluses on previous business activities. In
this way the past is used to finance the future. Such capital is
accumulated
by a deliberate policy of saving surpluses. This policy may
be personal and individual, or it may be public and collective.
As such, it is common to both the capitalistic and communistic
systems.
In both systems, a certain part of the profits is 'ploughed back'
into the system in order to create capital. ""
In general terms, capital can be defined as (1) a factor of
production (for
example, machinery or cash); (2) the assets possessed by a 5
person, a company or a nation. Land, houses and shares in a
business are
capital. In terms of the state, all railways, docks, roads,
airports and
state funds of money are part of the nation's capital.
67
h
i
j
k
l
How
is the past used to finance
the
future?
What
do people 'plough back'
Into the system?
Why
is it ploughed back ?
What
examples of private
capital
are given?
What
examples of public
capital
are given?
Answer these
questions, basing your answers on the text.
What
is profit?
At
what point does an employer obtain
his surplus?
Who
may he be required to share
it with?
What
do most businesses need? Why
is there always an element of
risk in providing capital?
Who
bears the risk?
What
justifies the risk?
Say
whether these statements are true (T) or false (F), and if
they are
false say why.
enterprises.
(
) The surpluses which
people
provide to help new
businesses
arise from previous
economic
activities.
(
) Communistic economies
also
have policies of saving
surpluses.
(
) A nation's capital in
economic
terms is the city
where
the government is
situated.
( )
Labour is work performed
/
g
h
by
an employer at a negotiated
rate.
(
) The expenses of a business
are
part of its surplus.
(
) Usually new businesses
need
capital.
(
) Because businesses may not
always
be successful, there is
always
some risk involved in
financing
them.
(
) Employers and employees
share
the risk in financing new
Combine
these sentences by using vv/jp,_following either the first or
second example.
EXAMPLE
He
may be required to share the surplus with others.
The
others have provided the capital.
He
may be required to share the surplus with others
Who have provided the capital.
The
manager will begin work next month.
The
manager was appointed last week.
The
manager who was appointed last week will
begin
work next month.
(1)
(2)
=»•
a
He
may wish to discuss the scheme
with others. The
others have been interested in
it for some time.
b The
economics expert took six
months
to present his report. The
expert
was chosen to investigate
66 The matter.
Unit 11 Unit 11
that
the management was not
efficient.
The
investigator was sent by the
government
to inspect the
factory.
The
trade unions represent the
majority
of those workers.
The
workers earn fixed wages.
The
owners of the factory needed
a
manager.
The
manager would be
concerned
not only with
efficiency
in production but also
with
good relations between
employers
and employees.
The
central planning authorities
discussed
changes in policy.
The
authorities were concerned
with
the drop in production.
C
d
e
f
S
4
5
a
b
c
The
government appointed a.
special
commission of
Industrial experts.
h
i
j
These
experts would meet
regularly
to plan production
targets.
Those
employees were satisfied
with
the working conditions.
The
employees were engaged
on
two-year contracts.
Those
employees were not
satisfied
with the working
conditions.
The
employees were engaged on
a
day-to-day basis.
"The
bank decided to provide
capital
for the farmers.
The
farmers were interested in
Increasing their productivity.
The
official investigator decided
housing
Punctuate
the following passage. Provide capital letters, commas, full
stops, brackets, colons etc., where applicable.
housing
there
must always be people willing to bear the risk of new business
undertakings
in addition to simple risk bearing-however it is necessary to have
people
who will control and co ordinate the various factors of production
such people should decide the nature the quantity the quality and
the distribution of new products as well as bearing the risk of
success or
failure, economists call the person who undertakes these functions
an entrepreneur
this term is french and means one who undertakes something
Make
compound words by altering these sentences.
EXAMPLE
d
e
=^-
He
is not interested in bearing
risks. He
is not interested in risk-bearing.
The
business of raising
capital is
sometimes difficult. The
problem of making
good
policies
is
part of politics.
He
is not interested in owning
a
house.
He
is interested in making
profits.
The
company has decided on a
policy
of sharing
profits.
6
Find
single words in the text for which these words could be
substituted:
done
(1-3) grows
(1-3) gets (3-4) given
(4-6) danger (9)
a
.b c d e
/
8
h i
carry
(10-12) made worthwhile (12-14) building-up (15-16) earlier (15-16)
Supplement
Here
are two histograms showing the national expenditure in Noland over
two years: 1964 and 1965. Study and compare them, and
then answer the questions.
food
clothing
housing
durables
$million
5.000 —
|
1965
|
4..000
-_
|
|
|
|
3,000
-
|
|
|
|
|
|
2,000-
|
|
|
|
|
|
|
|
|
|
1,000-
|
|
|
|
|
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|
|
0
|
|
|
|
|
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|
|
food
clothing
housing
durables
68
69
UNIT
11
a
b c
d
How much
more was spent on
food
in 1965 than in 1964?
How
much more was spent on
clothing
?
How
much money was spent on
durables
over the two-year
period
?
On
which class of commodity
e
f
was
expenditure unchanged ? What
is the total increase in national
expenditure between 1964
and 1965? Would
you describe the trend of national expenditure in Noland over the
two years as
(i) static, or (ii) dynamic?
Unit 12
Markets
and Monopolies
Text
A
5
10
15
20
The
term 'market', as used by economists, is an extension of the
ancient
idea of a market as a place where people gather to buy and sell
goods. In former days part of a town was kept as the market or
marketplace,
and people would travel many kilometres on special market-days in
order to buy and sell various commodities. Today, however,
markets such as the world sugar market, the gold market and
the cotton market do not need to have any fixed geographical
location.
Such a market is simply a set of conditions permitting buyers and
sellers to work together.
In
a free market, competition takes place among sellers of the same
commodity, and among those who wish to buy that commodity. Such
competition
influences the prices prevailing in the market. Prices inevitably
fluctuate, and such fluctuations are also affected by current
supply
and demand.
Whenever
people who are willing
to
sell a commodity contact people
who are willing to buy it, a market for that commodity is created.
Buyers and sellers may meet in person, or they may communicate
in some other way: by letter, by telephone or through
their-agents.
In a perfect market, communications are easy, buyers and sellers
are numerous and competition is completely free. In a perfect
market
there can be only one price for any given commodity: the lowest
price which sellers will accept and the highest which consumers
will pay. There are, however, no really perfect markets, and
70
71
UNIT
12
Unit 12
var
|
y
Verb
|
'veari
|
i
|
able
1 ed
V Adj ous
J
|
'veariabl
'vearid 'vearias
|
ety
1 >
Noun ation
J
|
va'raiati
veari'eifan
|
de
each
commodity market is subject to special conditions. It can be said
however that the price ruling in a market indicates the point
where
supply and demand meet.
25
Exercises
1
Answer
these questions, basing your answers on the text.
What
was a market originally?
What
is a modern market?
Among
whom does competition
take
place?
What
does competition
Influence ?
What
three things cause prices
to
fluctuate?
When
is a market created ?
a
b c
d
e f
4
Arrange
these sentences in their proper sequence in order to obtain a
paragraph on durable-goods.
2
Say
whether these statements are true (T) or false (F), and if they
are false say why.
a
b
c
d
e
i
(
) The ancient idea of a geographically
fixed marketplace
has been extended to cover sets of conditions which permit
buyers and sellers to work
together.
(
) The world cotton market is not
located in any special place.
(
) The competition between buyers of a commodity influences
the prevailing prices.
(
) Supply and demand inevitably
affect prevailing prices.
(
) A market for a commodity
/
g
h
5
This
table shows how words are formed from the stem var-.
List
the words and then use them to complete the sentences. " '
3
Combine
these pairs of sentences by using, as
and
by making the second sentence passive. Two answers are required.
EXAMPLE
The term 'market' is an extension of the ancient idea of the
market-place.
Economists
use the term in
a
special
way.
i.
=> The term 'market', as the term is used by economists, is an
extension
of the ancient idea of the market-place, ii.
=> The term 'market', as used by economists, is an extension
of the
ancient idea of the market-place.
g
h
i
What
three means are mentioned
by
which buyers and sellers
can
communicate if they do not
meet
in person?
What
price operates in a perfect
A
B
C
market?
What
does the ruling price
Indicate?
Is created whenever buyers and sellers meet in person but not when they work through their agents.
(
) Competition in a perfect market
is conducted in a completely
free way by numerous
buyers and sellers enjoying
easy communications.
(
) The lowest price which buyers
will offer is the only price
in a perfect market.
(
) Each commodity market is
imperfect in some special way.
ab
c
The
term 'labour* means any work
done for a known reward. Economists use the term in a special
way.
The
term 'money' refers not only
to a means of exchange but
also to a means of measuring
the value of men's labour. Economists understand the term in a
special way.
The
idea of a perfect market is a theoretical concept and not a
practical
reality.
Finally,
it is interesting to note that
many buyers and sellers on
important markets never see the
commodities which they buy and sell.
Commodities
like these can be bought
and sold and stored without
difficulty by people who live
at great distances from each other
and from the sources of supply.
Certain
commodities have a
wider
market than others.
Economists
present the idea in
a
special way.
The
methods of controlling
prices
and wages will probably
not
succeed.
The
government described the
methods
in a special way.
The
scheme for a new industrial
complex
will take fifteen years
to
complete.
The
planners discussed the
scheme
at the meeting in a
special
way.
D
EF
In
addition, commodities which are
easy to transport, safe to handle
and simple to grade are generally
in universal demand. Durable
foods, for example, have
a far wider market than perishable
goods.
For
this reason such goods are a
good commercial proposition simply because the risk of investing
in them is relatively low.
72
73
unit
12
Unit 12
a
' b
c
These
three types of monopoly are distinct from the sole trading
opportunities
which take place because certain companies have obtained
complete control over particular commodities. This action is
often called 'cornering the market' and is illegal in many
countries. In
the USA anti-trust laws operate to restrict such activities,
while in Britain
the Monopolies Commission examines all special arrangements
and mergers which might lead to undesirable monopolies.
different
degrees.
The
managers of that company
hope
to increase the —————
of
products which they offer for
sale
to the public.
There
has been little —————
In price levels over the last five
years.
Because
prices on that market
fluctuate
considerably from
week
to week, we say that they
are
____.
Conditions
on that market are stable
and do not ————— very
much from year to year.
T
hat
businessman handles a very _____ selection of products,
including bananas, toys
and cars.
I t is often difficult to classify the _____ types of economic system in the world, because they tend to possess elements of capitalism and communism in
d
e
f
25
Exercises
1
Answer
these questions, basing your answers on the text.
a
b
c
d
e f g
5
10
15
20
2
a
bc
3
Text
B
Although
in a perfect market competition is unrestricted and sellers are
numerous, free competition and large numbers of sellers are not
always
available in the real world. In some markets there may only be one
seller or a very limited number of sellers. Such a situation is
called
a 'monopoly^ and may arise from a variety of different causes. It
is possible to distinguish in practice four kinds of monopoly.
State
planning and central control of the economy often mean that a
state government has the monopoly of important goods and services.
Some countries have state monopolies in basic commodities like
steel and transport, while other countries have monopolies in such
comparatively unimportant commodities as matches. Most national
authorities monopolize the postal services within their borders.
A
different kind of monopoly arises when a country, through
geographical
and geological circumstances, has control over major natural
resources or important services, as for example with Canadian
nickel
and the Egyptian ownership of the Suez Canal. Such monopolies
can be called natural monopolies.
They
are very different from legal .monopolies, where the law of a
country
permits certain producers, authors and inventors a full monopoly
over the sale of their own products.
h
i
j
paragraph
shows that the
fourth
type of monopoly is
quite
distinct from the other
three?
What
happens when certain
companies
obtain complete
control
over particular
commodities?
What
do the Americans call
their
anti-monopoly laws?
What
does Britain use to restrict
special
arrangements?
What
are not always available in
the real world? What
is a monopoly ? • ;
What
are the first three kinds of monopoly?
What
examples of important state monopolies are given? What
are Canadian nickel and the
Suez Canal examples of? What
are certain inventors permitted by law to have? What
word in the last
d
e f
Say
whether these statements are true (T) or false (F), and if they are
false say why.
(
) 'Monopoly' describes a
market
in which there is only
one
seller or a very limited
number
of sellers.
(
) In theory there are four
kinds
of monopoly.
(
) States always monopolize
Important basic commodities.
(
) Egyptian nickel is a good example
of a natural monopoly. (
) Cornering the market is quite
legal in the USA.
(
) The Monopolies Commission
consider that it is undesirable to restrict business mergers.
Change
the second sentence in these pairs of sentences in the same two
ways as in the examples. The meaning remains the same in each
case.
EXAMPLE
In some markets there may only be one seller. A
situation like
this is
called a monopoly.
i.
=•
ii.
=>
A
situation of
this kind is
called a monopoly. Such
a
situation is called a monopoly.
74
75
Smillion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
-i
|
|
|
|
|
|
|
|
|
|
|
|
|
E
|
£
|
'A
|
a
|
196-
|
|
|
|
|
#
|
|
|
|
|
|
|
|
|
C
|
|
|
]
|
196:
|
4,000-
|
|
^
|
|
i
|
|
|
|
|
|
|
|
|
E
|
5?
|
5?
|
3
|
19fif
|
3,000-
|
|
I
|
|
1
|
|
&
|
|
3
|
|
|
|
|
|
|
|
|
|
m_
|
|
'/,
|
|
ft*
|
|
|
|
%
|
|
|
|
$
|
|
|
|
|
|
2,000
-3 1,000-0
|
|
\
|
|
I
|
|
1
|
|
I
|
|
i
|
|
|
-•
— ..... .
|
\
|
|
i
|
|
d
e
UNIT
12
I unit 12
In
most markets it is not necessary
for buyers and sellers to
meet in particular localities. Markets like these are quite
different
from the marketplaces
of ancient towns. For some people investment in new
business enterprises is not too
great a risk. People
like these sometimes make
considerable profits but on other occasions can lose much
of their capital.
In some countries production
Is centrally planned. A
situation
like this is usually
planned.
A
situation like this is usually
communistic.
In some countries production is
a
matter of private enterprise.
A
situation like this is called
capitalism.
In some countries there are both
private
and public sectors.
An
economic system like this is
known
as a mixed economy.
a
b
c
food
clothing
housing
durables
Punctuate
the following passage. Provide capital letters, commas, full
stops, brackets, colons etc., where applicable.
monopolies
and similar arrangements may be referred in britain to the
monopolies
commission .between 1948 and 1966 the commission presented
some twenty six reports the government in 1965 passed a special
act
s
called the monopolies and mergers act which re organized and
enlarged
the monopolies commission it provides for the investigation of
services and mergers especially newspaper mergers and improves
and
extends the governments powers for taking action, the action of
the government
is based on the monopolies commissions reports
4
a
b
c
fl
Which
two classes of commodity
are
the most static or stable
over
the three-year period ?
Which
class of commodity
shows
the most sustained
upward
trend?
By
how much is this class
growing
each year?
What
is the total expenditure
on
clothing over the three-year
period?
By
how much is the total
national
expenditure greater in
1966 Than 1965?
What
can be said about the
amounts
of money spent in
1964 On housing and in 1965
on
durables?
e
f
5 Find single words in the text for which these words could be substituted :
a
b c d e f S h
i
j
k
l
mo
many
(1-3) restricted
(3-4) condition
(4-6) separate out (6) essential
(7-11) relatively
(9-13) frontiers
(11-13) type
(I4)
.
allows
(19-21) categories (22) commercial
(22-24) unlawful (24-28) limit
(24-28)
studies
(26-28) unions (26-28)
Supplement
Here
is a single histogram showing national expenditure on goods m
Noland over a three-year period. The histograms of the three
separate
years have been combined into one. Study it and then answer
the questions.
76
77
•;> UNIT
13
The
Open Market
25
3D
35
40
45
50
55
5
10
15
20
In
addition to being a means of exchange, money is also a means of
measuring
the value of men's labour. Labour, in economic theory, is any
work undertaken in return for a fixed payment. A mother may work
very hard in caring for her children, but she receives no fixed
wages
for this work. It is not therefore labour in the strict economic
sense.
Economists are interested in measuring the services which people
render to each other. Although aware of the services which people
provide for nothing, they are not concerned with such services. In
economics, money is the standard by which the value of things is
judged.
This is an objective, scientific standard and not in any way
related
to standards of a religious, ethical or subjective nature.
Human
labour produces both goods and services. The activities of a
farmworker and a nurse are very different, but each is measurable
in terms of payment received. If however a farmer is self-employed
and
does not receive a fixed wage from anyone else, he is in a
different category
from the nurse and from his own farmworkers. His activities are
not wholly labour. His workers receive their wages, but he receives
whatever
surplus (large or small) emerges from his farming. This surplus,
like any surplus in industry or commerce, is what we usually call
'profit'.
Employers
obtain their net profits only after they have paid all expenses
arising out of their business activities: interest, rentals,
payments
for machinery, wages and overheads generally. The surplus
Unit 13
is
not usually available only for employers and their families.
Normally
part of it goes to those who have provided the initial capital
needed to start a business. There is always an element of risk in
providing
capital for new businesses. Such businesses may fail. Both those
who provide the capital and those who run the businesses agree to
bear the risk, but employees of such businesses are not expected to
bear
any risk. If the business is successful, the risk-taking has been
justified, and invested capital earns part of the profits as a
return on the
investment and the period during which the capital was at risk.
Capital
in this instance is simply the accumulation of previous surpluses
on previous business activities. In this way .the past is used to
finance
the future. The accumulation of capital is almost always
deliberate, either on the part of individual citizens or on the
part of the
state. Even in non-capitalistic societies a certain part of the
surplus achieved in any enterprise is 'ploughed back' into the
system in order
to promote further growth.
When
capital, labour and enterprise combine to make a new business
successful, the business must still continue to compete on the
market with other companies producing the same type of commodity.
The term 'market', as used by economists, is a logical extension
from the idea of a place set aside for buying and selling.
Formerly,
part of a town was kept as a marketplace, and country people would
come in on market-days to buy and sell. Markets today need not
however be located in any fixed place: the sugar market and the
cotton
market are not geographical locations, but simply sets of
conditions
which permit buyers and sellers to work together.
In
a free market, competition takes place among sellers in order to
sell
their commodities at the best possible price, and among buyers in
order to obtain what they want at a price which suits them. Such
competition influences prices. Changes in supply and demand have
their
effects, and it is not surprising that considerable fluctuations in
price
can take place over periods of weeks and months.
Since
these .modern markets are not normally located in any special
place,
buyers and sellers do not always have to meet face-to-face. They
may communicate by letter, by cable, by telephone or through their
agents. In a perfect market, such communications are easy,
78
79
•UNIT
13
UNIT
13
buyers
and sellers are numerous, and competition is completely unimpeded.
In a perfect market there can be only one price for any given
commodity: the lowest price which sellers will accept. There are,
however, no really perfect markets, because each market is subject
to its own peculiar conditions. It can be said however that the
price
ruling in a market indicates the point where supply and demand
meet.
Monopoly
is one of the peculiar factors which can affect the sale and
purchase of certain commodities. In some markets, there may be only
one seller or a cartel of sellers working very closely together to
control
prices. The result of such monopolistic activity is to fix prices
at
a level suitable to the seller, a level which may bring him
artificially high profits. Many governments dislike this procedure
and have taken legal
action to restrict or halt any business activities directed towards
'cornering
the market'. In the US, anti-trust laws operate to limit cartels
and mergers, while in Britain the Monopolies Commission examines
all special arrangements and mergers referred to them by the
Board of Trade which appear to operate against the public interest.
This
type of monopoly is not the only possibility, however. There are
three other forms: state, legal and natural. State monopolies are
quite
common nowadays, where the authorities in a particular country
control industries like steel and transport or important and
prestigious
services like national airlines. Legal monopolies are rather
different, because the law permits certain individuals to benefit
solely
from their special inventions, discoveries or processes. No other
person may infringe their rights in respect to such monopolies.
Finally,
natural monopoly arises where a nation or individual possesses
most of a particular mineral for reasons of geography and geology.
Canadian nickel and South African gold are two well-known
examples of this kind of monopoly.
Exercises
1
Answer
these questions, basing your answers on the text.
a
b
c
d
e
f
h
h
i
j
k
I
m
n
and
not a 'geographical location'?
What
noun is used between lines
56-66 to refer to middlemen
or special representatives
doing work for a businessman?
What
word in the same section indicates
that market competition
should be completely
free ?
What
verb in the same paragraph can be replaced by 'prevailing'
or 'operating'?
What
word in the nexj to last paragraph
refers to a very limited
group of sellers working together
to restrict trading opportunities?
What adverb in the same paragraph suggests that monopolistic
profits may be kept
high by unnatural means ?
What
adjective in the last paragraph shows that such services
as national airlines have great
social value?
What
word in paragraph 1 suggests that 'labour' should be understood in
an exact
sense,
related to economics ? Which
word can be taken as the opposite
of'objective'? What
word in paragraph 2 indicates that a man is working only
for himself? What
word in paragraph 3 means
'regular payments for accommodation
and equipment'?
What
word in the same part of paragraph
3 means 'regular expenses'?
What
verb is used in paragraph 3
to show that a business risk
has
been worthwhile?
What
phrase in the fourth paragraph
is taken from farming to suggest that a surplus
returns to the system from
which it came, in order to make
business 'grow' faster?
What
word in paragraph 5 represents a 'set of conditions'
a
b
c
d<
2
Say whether these statements are true (T) or false (F), and if
they are false
say why.
a
strictly capitalistic activity, it also
takes place in communistic economies.
(
) Although the term 'market' originally
referred to a fixed locality,
today it need not do so.
(
) The four types of monopoly are
not possible in a perfect market.
( ) The
money standard used
by
economists is essentially an
ethical
standard.
e
f
(
) Employees enjoy the
surplus
in industry that we
usually
call 'profits'.
(
) The future is often financed
by
the past.
(
) Although the accumulation
of
capital is generally considered
3
Combine
these pairs of sentences, using only,
after. The
meaning is the same in both new forms, but the emphasis
is~different.
80
81
Unit 13
Unit 13
Most
manufacturers of everyday
goods
begin to make a profit.
They
have been in business for
some
time.
Sellers
decide to lower their
prices.
They
see that buyers are
prepared
to go to other groups
whose
products are cheaper.
Undesirable
mergers stop
occurring.
The
authorities pass anti-trust
laws.
New
businesses operate
successfully.
Investors have provided
sufficient
capital to help them
get
underway.
Some
governments change their
basic
policies.
They
find that the practical
problems
of government are
different
from theoretical
politics.
ii.
=» CWy after
they
have paid all their debts ap.employers obtain their
surpluses.""
i.
=> Employers obtain their surpluses only
after they
have paid all their
debts.
EXAMPLE
Employers obtain their surpluses. Thev have paid all their
debts.
a
b
c
de
subjective
scientific
capitalistic
Industrial
monopolistic
productive
successful
geographical
prestigious
natural
g
h
i
J
a
b
c
Economics
is a _____. Most
new businesses need _____
in order to obtain accommodation,
machinery and materials.
Coal-mining
is a major
National
airlines usually have considerable
_____ and people
are often proud to be associated
with them. The
_____ of the area suggests
that building a new airport
would be a difficult undertaking.
The
_____ of the commodity makes
it difficult to prevent the formation of monopolies. The
_____ of the discussion was
the number of new employees
to be engaged during the
next year.
d
e
f
The
government has a _____
of
the sale of sugar, because
no
one else is permitted to
sell
it.
The
new _____ is a special
kind
of soap powder.
The
factory has been a great
_____
and its productivity is
among
the highest in the area.
4
Each
of these sections is part of a text about money, labour and
markets. Punctuate the sections, and then arrange them in their
proper order.
A
B
C
D
E
however
is the monopoly which is
a special condition in which a single seller or a small group of
sellers controls the market the
profits of a company are usually
shared among the investors
the profits are therefore a return on invested capital
this
capital is simply the accumulated
surpluses of the past used to finance the business activities
of the future buyers
and sellers may do business
without ever meeting each
other the price they accept
is the point where supply and demand meet
although
they are no longer
located
in fixed places modern
markets
are still an extension
of
the old idea of a market
place
in a town
money
is a means of measuring
mens
labour we can define
labour
as any work undertaken
for
an agreed payment
competition
supply and demand
all
influence market prices and
make
them fluctuate
a
self employed person does
not
perform labour although
his
employees do so he receives
the
profits on his business
activities
the
exception to this situation,
Supplement
1
Below
is a list of countries. What names do we give to the currencies
used
by these countries?
F
G
H
EXAMPLE
The
USSR The
US The UK Greece
• roubles
• US
dollars pounds
(sterling)
• drachmas
.n
•A
=».
=3-»•
a;
c
'.
e
!
g
•
i'.
k]
m'
o(
<M
Switzerland
Mexico
Ethiopia
Japan
Kenya
India
Yugoslavia
Spain
Indonesia
Nigeria
Portugal
The
Netherlands
Iran
Brazil
Denmark
Italy
Hong
Kong
West
Germany
b
d
f
h
J
n
P.
5 2 Each of the adjectives listed below is derived from a noun.
EXAMPLE
noun 'object' => adjective 'objective'
Composition.
Write about 400 words on Markets. Use the basic material
provided in the units.
Find
the nouns from which these adjectives are derived, and then use
them in the appropriate blanks in the sentences.
82
83
Unit 14
Money
and
Banking
25
3C
35
40
45
50
55
5
10
15
20
All
values in the economic system are measured in terms of money. Our
goods and services are sold for money, and that money is in turn
exchanged for other goods and services. Coins are adequate for
small transactions,
while paper notes are used for general business. There is
additionally a wider sense of the word 'money', covering anything
which
is used as a means of exchange, whatever form it may take.
Originally,
a valuable metal (gold, silver
or
copper) served as a constant
store of value, and even today the American dollar is technically
'backed'
by the store of gold which the US government maintains.
Because gold has been universally regarded as a very valuable
metal,
national currencies were for many years judged in terms of the
so-called
'gold standard'. Nowadays however national currencies are
considered
to be as strong as the national economies which support them.
Valuable
metal has generally been replaced by paper notes. These notes
are issued by governments and authorized banks, and are known as
'legal tender'. Other arrangements such as cheques and money orders
are not legal tender. They perform the function of substitute
money and are known as 'instruments of credit'. Credit is offered
'only when creditors believe that they have a good chance of
obtaining legal tender when they present such instruments at a bank
or
other authorized institution. If a man's assets are known to be
considerable,
then his credit will be good. If his assets are in doubt,
Unit 14
then
it may be difficult for him to obtain large
sums
of credit or even to
pay for goods with a cheque.
The
value of money is basically its value as a medium of exchange, or,
as economists put it, its 'purchasing power'. This purchasing power
is dependent on supply and demand. The demand for money is
reckbnable as the quantity needed to effect business transactions.
An
increase in business requires an increase in the amount of money
coming
into general circulation. But the demand for money is related not
only to the quantity of business but also to the rapidity with
which
the business is done. The supply of money, on the other hand, is
the actual amount in notes and coins available for business
purposes.
If too much money is available, its value decreases, and it does
not
buy as much as it did, say, five years earlier. This condition is
known
as 'inflation'.
Banks
are closely concerned with the flow of money into and out of the
economy. They often co-operate with governments in efforts to
stabilize economies and to prevent inflation. They are specialists
in
the business of providing capital, and in allocating funds on
credit. Banks
originated as places to which people took their valuables for
safe-keeping,
but today the great banks of the world have many functions in
addition to acting as guardians of valuable private possessions.
Banks
normally receive money from their customers in two distinct forms:
on current account, and on deposit account. With a current account,
a customer can issue personal cheques. No interest is paid by
the bank on this type of account. With a deposit account, however,
the
customer undertakes to leave his money in the bank for a minimum
specified period of time. Interest is paid on this money.
The
bank in turn lends the deposited money to customers who need
capital. This activity earns interest for the bank, and this
interest is
almost always at a higher rate than any interest which the bank
pays
to its depositors. In this
way
the bank makes its main profits.
We
can say that the primary function of a bank today is to act as an
intermediary between depositors who wish to make interest on their
savings, and borrowers who wish to obtain capital. The bank is a
reservoir of loanable money, with streams of money flowing in and
85
84
UNIT
14
UNIT
14
a
b
c
d e
(
) The US dollar is a constant
store
of value.
(
) Instruments of credit are
accepted
because they can be
converted
easily into substitute
money.
(
) The purchasing power of
money
depends upon supply
and
demand.
(
) The demand for money is
related
to the rapidity with
which
business is done.
(
) You can earn interest on a
current
account.
(
) Banks lend money to
depositors
who need capital.
(
) The main profits of a bank
come
from lending money at a
fixed
rate of interest.
(
) Money is described as
'liquid'
because it is compared
to
flowing water.
Legal
tender must change hands
when
we do business and we
must
see it change hands.
60
65
out.
For this reason, economists and financiers often talk of money
being
'liquid', or of the 'liquidity' of money. Many small sums which
might
not otherwise be used as capital are rendered useful simply
because
the bank acts as a reservoir.
The
system of banking rests upon a basis of trust. Innumerable acts
of trust build up the system of which bankers, depositors and
borrowers are part. They all agree to behave in certain
predictable ways
in relation to each other, and in relation to the rapid
fluctuations of
credit and debit. Consequently, business can be done and cheques
can
be written without any legal tender visibly changing hands.
j
g
hi
3 Exercises Change these conditional sentences. The form changes but the meaning remains the same.
1
EXAMPLE
a
b c d
e
f
g
h
i
j
k
1m
a
b
c
d
4
2
Answer
these questions, basing your answers on the text.
n
o
P
q
r
s
t u v wx x
What
is inflation?
In what way do banks
co-operate
with governments ?
What
was the original function
of
a bank?
In what two ways do banks
receive
money from their
customers?
What
does the customer agree
to
do when he opens a deposit
account?
How
does the bank make its
main
profit?
Between
whom does the bank
act
as an intermediary?
Why
do financiers often talk of
the
'liquidity' of money?
What
does the bank render
useful?
Whose
trust for each other
maintains
the banking system?
What
does this trust permit?
How
are all values in the
economic
system measured?
What
kind of money is used for
general
business?
What
is the wider sense of the
word
'money'?
What
originally served as a
store
of value?
What
backs the US dollar?
How
are national currencies
judged
nowadays ?
Who
can issue paper notes?
What
name is given to
arrangements
like
cheques?
When
is credit offered?
When
is a man's credit good?
What
phrase do economists use
for
the value of money?
How
do we reckon the demand
for
money ?
What
word is used to describe
the
flow of money round the
economic
system?
Say
whether these statements are true (T) or false (F), and if they are
false say why.
=>
e
f
A
man can obtain money if he issues a personal cheque. A man can
obtain money by issuing a personal cheque.
public
really need. A
person can obtain some additional money if he deposits his
savings with a bank for a certain
length of time. Business
can be done without banknotes
if you use instruments of
credit.
You
can improve the factory if you
install new machinery. You
can learn something about economics
if you study the basic textbooks.
They
could improve conditions if they changed the laws. You
can make more money if you
provide services which the
C
D
AB
Each of these
sections is part of a text on money and banking. Punctuate each
section, and then arrange them in their proper order.
today
a banks primary function is
to act as an intermediary between
depositors and borrowers it serves as a reservoir of loanable
money
the
term money in its widest sense
covers anything which serves
as a store of value and a means
of exchange legal tender is
the name for actual notes issued
by governments or authorized banks while instruments
of credit such as
cheques
act as a substitute for legal
tender
the
whole system however is based
on simple acts of trust between
all concerned without this
trust modern banking would
be impossible a
bank accordingly makes main profits
by lending
part
of its store of deposited
money
at fixed rates of
interest
these
rates usually exceed
the
rates
offered to depositors
87
86
UNIT
14
UNIT
14
Fig.
I. 1958
F
E
banks
have developed greatly from
their original position as places of security for valuables today
they are service industries which handle large sums of money
on current and deposit account
the
purchasing power of money is
dependent upon supply and demand variations therefore occur
in the amount of money actually
in circulation such institutions as banks assist in the flow of
money throughout the
economy.
Total:
N
$ 3,000 million
bank
advances allocated
to manufacturing
projects
Form
adject[yes from these nouns:
[5
c
f
i I
a
d g j
money
benefit
responsibility
majority
b
e h k
addition
commerce
nature
minority
base
'capital
locality
relation
Figure
II indicates the increase in total available assets
and
also the increase in allocations to manufacturing projects t«n
years
later.
Fig.
II. 1968
Form
verbs .from these adjectives:
6
a
d g j
c
f
i
l
b
e
hk
complex
realistic
selective
influential
simple
national
specific
indicative
regular
relative
satisfactory
special
Total:
N
§3,500 million
7
Form
nouns from these verb-adjective pairs.
a
b c d e f
Imagine: imaginative
collect:
collective
Inform: informative : or;
Investigate: investigative
Invent: inventive
originate:
original
prescribe:
prescriptive describe:
descriptive possess:
possessive prevail:
prevalent prevent:
preventive vary:
various
S
h i
k
I
How
much actual money was
this?
By
how much actual money has
the
investment increased when
we
compare 1958 and 1968?
In 1958 the Bank invested 25% of its available assets in manufacturing projects. How much actual money was this ?
In 1968 the Bank invested 30% of the then available capital.
a
b
C
Supplement
Figure
I represents loanable money in the National Bank of Noland during
1958. The circle represents the total volume of Noland dollars (N$)
as 100%. A quarter of the total available money (25%) was allocated
to development projects in the manufacturing industries.
In Figure III we are provided with fuller information about the allocation of loans by the Bank in the following year.
89
88
UNIT
14
Fig.
III. 1969
Appendix
1
devoted
to non-commercial, non-agricultural
and non-manufacturing loans? How
much in actual money was this?
What
simple conclusion can -we come
to about the general development
of capital investment
through this Bank over
the period 1958-69?
i:
i
|
green
grin
sit
sit
|
ə:
ə
|
word
wə:d
ago
ə'gou
|
p
b
|
pen
pen
bag
bæg
|
θ
ð
|
thin
θin
these
ði:z
|
e
|
desk
desk
|
ei
|
day
dei
|
t
|
ten
ten
|
s
|
six
siks
|
æ
|
man
mæn
|
ou
|
nose
nouz
|
d
|
desk
desk
|
z
|
zero
'ziərou
|
a:
ɔ
|
glass
gla:s hot
hot
|
ai
au
|
five
faiv
how
hau
|
k
g
|
cop
kæp
get
get
|
∫
|
∫oe
∫u:
pleasure
'ple33
|
ɔ:
|
ball
bɔ:
l
|
oi
|
ioy
boi
|
m
|
map
mæp
|
r
|
right;
rait
|
u
u:
|
book
buk moon mu:n
|
iə
εə
|
here
hiə
hair
hεə
|
n
ŋ
|
nose
nouz sing
siŋ
|
h
t∫
|
hat
hæt
church
t∫ə:t∫
|
Λ
|
sun
sΛn
|
ɔə
|
four
fɔə
|
1
|
leg
leg.
|
dʒ
|
judge
dʒΛdʒ
|
|
|
uə
|
poor
puə
|
f
|
face
feis
|
w
|
we
wi:
|
|
|
|
|
v
|
very
'veri
|
j
|
yes
jes
|
Key-words
for English phonetic symbols
Vowels and Diphthongs
Consonants
Vocabulary
List with Phonetic
Equivalents
Total:
N$
3,600 million
all
other loans
•<—manufacturing
project
loans
agricultural
loans
commercial
loans
d
e
f
g
h
How
much actual money was
provided
for manufacturing
projects
in 1969?
How
does this compare with
the
1968 figure? Give details.
How
much was provided in
1969 For projects related to
agriculture
?
How
much was provided for
commerce?
What
percentage of money was
i
j
of
the word when vowel
sound.
An
asterisk indicates that an [r] is sounded at the end
It is immediately followed by a word beginning with a
NOTE:
The number which follows each listed word indicates the unit in
which it first appears or in which it is best illustrated.
accommodation
11 account 14
|
əkɔmə'dei∫ən
ə'kaunt
|
accumulate11
accumulation
1 1
|
æ:'kju:mjəleit
ækju:mjə'lei∫sn
|
accordingly14
|
ə'kɔ:diŋli
|
addition
5
|
ə'di∫ən
|
achieve
2
|
ə't∫i:v
|
additional
8
|
ə'di∫ənəl
|
acronym
6
|
'ækrənim
|
additionally
14
|
ə'di∫(ə)nəli
|
activate
6
|
'æktiveit
|
adequate
4
|
'ædikwət
|
active
1
|
'æktiv
|
adjust
9
|
ə'dʒΛst
|
activity
1
|
æk'tiviti
|
adopt
4
|
ə'dɔpt
|
actual
9
|
ækt∫uəl
|
advance
8
|
əd'va:ns
|
91
90
Commune
advantage
14
|
əd'va:ntədʒ
|
brief
4
|
bri:f
|
aeroplane
1
|
'eərəplein
|
Britain
3
|
'britən
|
affect
2
|
ə'fekt
|
builder
1
|
'bildə*
|
agent
12
|
'eidʒənt
|
business
3
|
'biznəs
|
agreement
4
|
ə'gri:mənt
|
businessman
8
|
'biznəsman
|
agricultural
1
|
ægri'kΛlt∫ərəl
|
buy
1
|
bai
|
agronomist
4
|
ə'grɔnəmist
|
cable
13
|
'keib(ə)l
|
agronomy
4
|
ə'grɔnəmi
|
capital
3
|
'kæpit(ə)l
|
airline
13
|
'eəlain
|
capitalism
3
|
'kæpitəlizm
|
airport
1
|
'eəpɔ:t
:t
|
capitalistic
3
|
kæpitə'listik
|
alcohol
10
|
'ælkəhɔl
|
car-owner
4
|
'ka:rounə*
|
allocate
14
|
æ'lakeit
|
cartel
13
|
ka:'tel
|
anarchy
4
|
'ænəki
|
category
8
|
'kætigəri
|
anticipate
1
|
æn'tisipeit
|
cattle-breeder
1
|
'kætl
'bri:də*
|
anti-trust
12
|
'sænti
'trΛst
|
cause
4
|
ko:z
|
approve
6
|
ə'pru:v
|
central
5
|
'sentrəl
|
area
1
|
'eəriə
|
century
3
|
'sent∫əri
|
argument
8
|
'a:gjumənt
|
certain
2
|
'sə:tən
|
arise
13
|
ə'raiz
|
chairmanship
6
|
't∫eəmən∫ip
|
artificial
13
|
aui'fijal
|
changeable
9
|
't∫eindʒəbl
|
assess
9
|
ə'ses
|
characteristic
8
|
kæriktə'ristik
|
asset
14
|
'æsət;
'asset
|
charge
5
|
t∫a:dʒ
|
assign
14
|
ə'sain
|
cheap
7
|
t∫i:p
|
assistant
11
|
ə'sistənt
|
chemical
6
|
'kemik(ə)l
|
aspect
9
|
'æspekt
|
chemist
1
|
'kemist
|
assume
2
|
ə'sju:m
|
chemistry
4
|
'kemistri
|
assumption
2
|
ə's
Λ
mfən
|
cheque
14
|
t∫ek
|
authority
5
|
ɔ:'θ
ɔ
riti
|
cinema
1
|
'sinimə
'
|
author
12
|
'
ɔ:θə*
|
circulation
14
|
saikju'leijan
|
available
3
|
ə'veiləbl
|
circumstance
12
|
'sə:kəmsta:ns
|
avoidable
9
|
ə'v
ɔ
idəbl
|
citizen
3
|
'sitizən
|
axis
10
|
'æksis
|
class
6
|
kla:s
|
banker
1
|
'bæŋkə*
|
classify
6
|
'klæsifai
|
banking
4
|
'bæŋkiŋ
|
classification
6
|
klæsifi'kei∫ən
|
bargain
8
|
'ba:gən
|
club
2
|
kl
Λ
b
|
base
2
|
beis
|
coal-miner
1
|
'koul
mainə*
|
basic
2
|
'beisik
|
coastal
S
|
'koustəl
|
bear
1 1
|
bεə*
|
collective
5
|
kə'lektiv
|
beneficial
4
|
benə'fi∫əl
|
combine
1
|
kəm'bain
|
benefit
13
|
'benəfit
|
commerce
1
|
'k
ɔ
mə:s
|
bias
4
|
'baiəs
|
commercial
5
|
k
ɔ
'mə:∫əl
|
body
6
|
'b
ɔ
di
|
commission
6
|
kə'mi∫ən
'
|
bomb
S
|
bom
|
committee
6
|
kə'miti
|
borrower
4
|
'b
ɔ
rouə*
|
commodity
1
|
kə'm
ɔ
diti
|
breeder
4
|
'bri:də*
|
commune
3
|
'k
ɔ
mju:n
|
93
92
communicate
12
|
kə'mju:nikeit
|
create
4
|
kri'eit
|
communism
3
|
'k
ɔ
mjənizm
|
credit
14
|
'kredit
|
communist
3
|
'k
ɔ
mjənist
|
creditor
14
|
'kreditə*
|
communistic
3
|
k
ɔ
mjə'nistik
|
current
8
|
'k
Λ
rənt
|
company
6
|
'k
Λ
mpəni
|
customer
14
|
'k
Λ
Stəmə*
|
comparable
10
|
'k
ɔ
mp(ə)rəbl
|
|
|
compensate
8
|
'k
ɔ
mpənseit
|
|
|
compete
13
|
kəm'pi;t
|
|
|
competition
12
|
k
ɔ
mpə't∫ən
|
debit
14
|
'debit
|
competitive
6
|
kəm'petitiv
|
debt
14
|
det
|
complete
3
|
kəm'pli;t
|
decide
2
|
di'said
|
complex
1
|
'k
ɔ
mpleks
|
decision
5
|
di'siʒən
|
complexity
5
|
kəm'pleksiti
|
decrease
8
|
'di:kri:s
|
complicate
6
|
'k
ɔ
mplikeit
|
dedicate
6
|
'dedikeit
|
compose
6
|
kəm'pouz
|
definable
9
|
di'fainəbl
|
composition
10
|
k
ɔ
mpə'zi∫ən
|
define
3
|
di'fain
|
comprise
5
|
kəm'praiz
|
definite
2
|
'definit
|
conceive
2
|
kən'siiv
'
|
degree
7
|
di'gri:
|
concept
12
|
'k
ɔ
nsept
|
deliberate
11
|
di'libərət
|
concern
2
|
kən'sə:n
|
demand
5
|
di'ma:nd
|
concession
10
|
kən'se∫ən
|
department
6
|
di'partmənt
|
conclusion
14
|
kən'klu:ʒən
|
dependent
4
|
di'pendənt
|
jconclusive
4
|
kən'klujsiv
|
deposit
14
|
di'pɔzit
|
condition
7
|
kən'di∫ən
|
depositor
14
|
di'pɔzitə*
|
conditional
2
|
kən'di∫ənəl
|
desirable
4
|
di'zairəbl
|
conduct
3
|
'k
ɔ
ndəkt
|
desire
2
|
di'zaiə*
|
conflict
4
|
kən'flikt
|
detail
8
|
'di:teil
|
conform
4
|
kən'f
ɔ
:m
|
deteriorate
9
|
di'tiəriəreit
|
congress
6
|
'k
ɔ
ŋgres
|
determine
8
|
di'tə:min
|
connect
1
|
kə'nekt
|
development
6
|
di'veləpmənt
|
consider
5
|
kən'sidə*
|
diagram
1
|
'daiəgræm
|
considerable
3
|
kən'sid(ə)rəbl
|
differ
3
|
'difə*
|
consolidate
6
|
kən'sɔlideit
|
diminish
8
|
di'mini∫
|
consume
2
|
kən'sju:m
|
disabled
1 1
|
di'seibəld
|
consumer
8
|
kən'sjuimə*
|
disaster
6
|
di'za:stə*
|
consumption
5
|
kən'sΛin∫ən
|
discovery
13
|
dis'kΛvəri
|
contain
3
|
kən'tein
|
discuss
5
|
dis'kΛs
|
continue
8
|
kən'tinju
|
discussion
6
|
dis'kΛ∫ən
|
contract
3
|
'kɔntrækt
|
dissolve
6
|
di'zɔlv
|
control
4
|
kən'troul
|
distance
4
|
'distəns
|
convenience
10
|
kən'vi:niəns
|
distinct
4
|
dis'tiŋkt
|
convert
1 1
|
kən'və:t
|
distinction
6
|
dis'tiŋk∫ən
|
co-ordinate
11
|
kou'ɔ:dineit
|
distribute
5
|
dis'tribjurt;
|
copper
14
|
'kɔpə*
|
|
'distri-
|
corner
12
|
'kɔ:na*
|
distribution
6
|
distri'bju:∫ən
|
corporation
6
|
kɔ:pə'rei∫ən
|
dollar
10
|
'dɔlə*
|
council
6
|
'kaunsəl
|
durable
1 1
|
'dju:rəbl
|
earn
1
|
ə:n
|
figure
14.
|
figə*
|
ecology
4
|
e'kΛɔlədʒi;
i:'k-
|
final
13
|
'fainəl
|
ecologist
4
|
e'kΛɔlədʒist;
i:'k-
|
finally
5
|
'fainəli
|
economic
1
|
ekə'nΛɔmik;
i:k-
|
finance
13
|
fi'næns;
'fainæns
|
economical
2
|
ekə'nΛɔmik(ə)l;
|
financial
8
|
fi'næn∫əl;
fai-
|
|
i:k-
|
financier
14
|
fi'nsænsiə*;
fai-
|
economics
2
|
ekə'nΛɔmiks;
i:k
|
fixed
11
|
Fikst
|
economist
2
|
ekə'nɔmist;i:'k
|
fluctuate
12
|
'flΛktjueit
|
economy
2
|
ekə'nɔmi
; i:'k-
|
fluctuation
7
|
flΛktju'ei∫ən
|
education
1
|
edju'kei∫ən
|
foodstuffs
9
|
fu:dstΛ∫s
|
effect
5
|
ə'fekt
|
force
11
|
fΛɔ:s
|
efficiency
6
|
i'fi∫ənsi
|
formation
13
|
fΛɔΛ:'mei∫ən
|
effort
5
|
'efət
|
found
3
|
faund
|
elastic
9
|
ə'læstik
|
frequent
4
|
'fri:kwənt
|
elasticity
9
|
i:læs'tisiti;
el-
|
frequently
9
|
'fri:kwəntli
|
element
1 1
|
'elimənt
|
fruit-grower
1
|
fru:t
grouə*
|
eminent
6
|
'eminənt
|
fuel
10
|
'fjuəl
|
emphasis
5
|
'emfəsis
|
function
6
|
'fΛŋk∫ən
|
employ
6
|
im'plɔi
|
fund
11
|
fΛnd
|
employee
4
|
im'plɔi:
|
fundamental
2
|
fΛndə'mentəl
|
employer
4
|
im'plɔiə*
|
furniture
9
|
fə:nit∫ə*
|
engage
4
|
eŋ'geidʒ
|
|
|
entrepreneur
11 enterprise 3
entire
3
equate
1
equation
] equipment
13 establish 6
|
a:ntrəprə'nə:
. 'entəpraiz
in'taiɔ*
i'kweit
i'kwei∫ən
i'kwipmənt
i'stæbli∫
|
garage
1
garage-owner
3
general
2 geography
8 geological
12 geology
13
|
'gæridʒ;
gæ'ra:ʒ
'gæridʒ
ounə*
dʒenərəl
dʒi'ɔ
grəfi
dʒiə'lɔ
dʒikəl
dʒiə'lɔ
dʒi
|
essential
1
exact
13
exception
13
excess
8
exchange
14 expenditure
8
exist
5
|
i'sen∫əl
ig'zækt
ik'sep∫ən
ik'ses
iks't∫eindʒ
ik'spendit∫ə*
ig'zist
|
giant
6
glut
9
goods
1 government
4 growth
1 1 guardian
14
guide
6
|
dʒaiənt
glΛt
gudz
'gΛvəmənt
grouθ.
'ga:diən
gaid
|
expense
9
|
ik'spens
|
|
|
expert
4
|
'ekspə:t
|
halt
13
|
ho:lt
|
extension
12
|
ik'sten∫ən
|
handle
1
|
'hændl
|
extent
6
|
ik'stent
|
heading
3
|
'hediŋ
|
extra
3
|
'ekstrɔ
|
health
4
|
helθ
|
|
|
histogram
10
|
'histəgæm
|
|
|
horizontal
10
|
hɔri'zɔnt(ə)l
|
factor
6
|
'fæktə*
|
horse-breeder
1
|
'hɔ:s
bri:də*
|
factory
1
|
'fæktəri
|
hospital
1
|
'hɔspitəl
|
factorv-owner
4
|
fæktəri
ounə
|
household
9
|
'haushould
|
fall
7 '
|
fɔ:l
|
human
2
|
'hju:mən
;
|
idea
3
|
ai'diə
|
kind
5
|
kaind
|
ideology
3
|
aidi'ɔlədʒi
|
|
|
imagine
5
|
i'mædʒin
|
|
|
impede
13
|
im'pi:d
|
labour
4
|
'leibə*
|
imperial
6
|
im'piəriəl
|
labourer
4
|
'leibərə*
|
impose
4
|
im'pouz
|
labouring
4
|
'leibəriŋ
|
improve
6
|
im'pruiv
|
land-owner
4
|
'lænd
ounə*
|
incline
4
|
iŋ'klain
|
law
3
|
l
ɔ:
|
include
6
increase
4
|
iŋ'klu:d
(noun)
; iŋ'kri:s
(verb)
|
lawlessness
4 leading
6
|
'l
ɔ:ləsnəs
'li:diŋ
|
independent
6 indicate
8
|
indi'pendənt
'indikeit
|
legal
5
legible
5
|
'li:gəl
'le'dʒəbl
|
indicative
14
|
in'dikətiv
|
level
1
|
'levəl
|
individual
3
|
indi'vidjuəl
|
limit
4
|
'limit
|
individualism
3
|
indi'vidjuəlizm
|
limit
(v) 5
|
'limit
|
individualist
3
|
indi'vidjuəlist
|
limitation
10
|
limi'tei∫ən
|
individualistic
3
|
individjuə'listik
|
liquid
5
|
'likwid
|
industry
6
|
'indəstri
|
liquidate
6
|
'likwideit
|
industrialist
6
|
in'dΛstriəlist
|
liquidity
5
|
li'kwiditi
|
inflation
14
|
in'flei∫ən
|
living
1
|
'liviŋ
|
influence
12
|
'influəns
|
loanable
14
|
'lounəbl
|
influential
14
|
influ'en∫əl
|
locality
12
|
lə'kæliti
|
information
5
|
infə'mei∫ən
|
local
5
|
'loukəl
|
infringe
13
|
in'frindʒ
|
locally
9
|
'loukəli
|
initial
13
|
i'ni∫əl
|
location
4
|
lə'kci∫ən
|
instability
4
|
instə'biliti
|
logical
5
|
'lɔdʒikəl
|
instal
12
|
in'stɔ:l
|
longterm
6
|
'lɔŋ'tə:m
|
instrument
14 insurance
8
|
'instrəmənt
in'∫uərəns
|
luxury
9
|
'lΛk∫əri
|
interest
8
|
'int(ə)rəst
|
|
|
intermediary
14 international
5
|
intə'mi:djəri
intə'næ∫ənəl
|
machinery
11
main
1
|
mə'∫I:nəri
me
in
|
internationalize
6
|
intə'næ∫ənəl
aiz
|
maintain
1
|
mən'tein
|
inventor
12
invest
9
investigate
14 investigation
6 investigative
14 investigator
11 investment
3
|
in'ventə*
in'vest
in'vestigeit
investi'gei∫ən
in'vestigətiv
in'vestigeitə*
in'vestmənt
|
major
14
majority
6 management
6 manager 8 manufacture
1 manufacturing 8
|
'meidʒə*
mə'dʒɔriti
'mænidʒmənt
'mænidʒə*
mænju'fækt∫ə*
mænju'fækt∫əriŋ
|
investor
13
|
in'vestə*
|
maritime
8
|
'mæritaim
|
item
11
|
'aitəm
|
mark
1
|
ma:k
|
|
|
market
9
|
'ma:kit
|
|
'
|
marketable
9
|
'markitəbl
|
judge
11
|
dʒ
Λ
dʒ
|
Marxist
5
|
'ma:ksist
|
justify
11
|
'dʒ
Λ
stifai
|
material
2
|
mə'tiəriəl
|
94
95
mathematician
4 mathematics
4 maximum
5
|
mæθəmə'ti∫ən
mæθə'maætiks
'mæksimərn
|
objective
2
obtain
1
obtainable
9
|
əb'dʒektiv
əb'tein
əb'teinəbl
|
means
9
|
mi:nz
|
occasion
12
|
ə'keiʒən
|
measure
6
|
'meʒə*
|
occupy
5
|
'ɔkjupai
|
meat
1
|
mi:t
|
official
6
|
ə'fi∫əl
|
medicine
1
|
'med(i)sən
|
operate
7
|
'ɔpəreit
|
member
6
|
'membə*
|
operation
6
|
ɔpə'rei∫ən
|
merger
12
|
'mə:dʒə*
|
opportunity
12
|
ɔpə'tju:niti
|
metal
14
|
metl
|
ore
1
|
ɔə*
|
method
2
|
'meθəd
|
organic
1
|
ɔ:'gænik
|
middleman
13
|
'midl'mæn;
|
organization
5
|
ɔ:gəni'zei∫ən
|
|
'midlmən
|
organize
2
|
'ɔrgənaiz
|
million
10
|
'miljən
|
organizer
8
|
'ɔ:gənaizə*
|
mine
4
|
main
|
origin
14
|
'ɔridʒin
|
miner
1
|
'mainə*
|
original
12
|
'ɔridʒin
əl
|
mineral
1
|
'minərəl
|
originally
12
|
'ɔridʒin
əl
i
|
minimum
5
|
'miniməm
|
originate
14
|
'ɔridʒin
eit
|
minister
6 .
|
'ministə*
|
origination
14
|
'ɔridʒin
ei∫ən
|
minor
14
|
'mainə*
|
overhead
13
|
'ouvəhed
|
minority
9
|
mai'nɔriti
|
over-production
9
|
'ouvəprə'dΛ
k∫ən
|
mix
3
|
miks
|
overseas
6
|
ouvə'si:z
|
mobile
5
|
'moubail
|
pack
4
|
pæk
|
mobility
6
|
mə'biliti
|
particular
1
|
pə'tikjələ*
|
monetary
6
|
'mɔnətəri
|
pay
4
|
pei
|
money
1
|
'mΛni
|
payment
11
|
'peimənt
|
monopolize
12
|
mə'nɔpəlaiz
|
peacetime
8
|
'pi:staim
|
monopolistic
12
|
mə'nɔpəlistik
|
peculiar
13
|
pi'kju:ljə*
|
monopoly
12
|
mə'nɔpəli
|
pension
4
|
'pen∫ən
|
nation
3
|
'nei∫ən
|
perform
7
|
pə'
fɔ:m
|
national
2
|
'næ∫ənəl
|
period
11
|
'piəriəd
|
nationalize
6
|
'næ∫ənəlaiz
|
perish
9
|
'peri∫
|
nationalized
6
|
''næ∫ənəlaizd
|
perishable
9
|
'peri∫əbl
|
nationalism
3
|
'næ∫ənəlizm
|
permission
10
|
pə'mi∫ən
|
nationalist
3
|
'næ∫ənəlist
|
permit
4
|
'pə:mit
|
nationalistic
3
|
næ∫ənə'listik
|
personal
1
|
'pə:sənəl
|
natural
10
|
'næt∫ərəl
|
petroleum
6
|
pə'trouliəm
|
nature
10
|
'næt∫ə*
|
physical
3
|
'fizikəl
|
necessary
3
|
'nesəs(ə)ri
|
piano
8
|
pi'ænou
|
necessity
2
|
nə'sesiti
|
pilot
1
|
'pailət
|
negative
4
|
'negətiv
|
plan
5
|
plæn
|
negotiated
11
|
ni'gou∫ieitid
|
planner
5
|
'plænə*
|
normal
7
|
'nɔ:məl
|
planning
5
|
'plæniŋ
|
nurse
1
|
nə:s
|
plough
back 11
|
'plau
'bæk
|
policeman
1
|
p(ə)'li:smən
|
proper
3
|
'prɔpə*
|
policy
4
|
'pɔlisi
|
property
3
|
'prɔpəti
|
political
3
|
pɔ'litikəl
|
proportion
11
|
prə'poi∫ən
|
politician
4
|
pɔli'ti∫ən
|
propose
5
|
prə'pouz
|
politics
4
|
'pɔlitiks
|
proposition
12
|
prɔpə'zi∫ən
|
popular
10
|
'pɔpjələ*
|
protect
4
|
prə'tekt
|
position
5
|
pə'zi∫ən
|
provide
1
|
prə'vaid
|
positive
9
|
'pɔzitiv
|
public
3
|
'pΛblik
|
possess
10
|
pə'zes
|
publicly
6
|
'pΛblikli
|
possessive
2
|
pə'zesiv
|
|
|
possession
14
|
pə'ze∫ən
|
quality
5
|
'kwɔliti
|
power
5
practice
(n) 5
|
'pəuə*
'præktis
|
quantity
5
|
'kwɔntiti
|
practise
(v) 1
|
'præktis
|
|
|
predictable
14
|
pri'diktəbl
|
radio
2
|
'reidiou
|
preference
8
|
'pref(ə)rəns
|
range
2
|
reindʒ
|
prefer
8
|
pri'fə:*;
prə-
|
rapid
1
|
'ræpid
|
prescribe
2
|
pri'skraib
|
rapidity
5
|
rə'piditi
|
prescription
2
|
pri'skrip∫ən
|
rarely
9
|
'reali
|
prestige
13
|
pres'ti:ʒ
|
rate
8
|
reit
|
prestigious
13
|
prʒs'tidjʒəs
|
rational
5
|
'ræ∫ənəl
|
prevail
12
|
pri'veil
|
re-activate
6
|
ri:'æsktiveit
|
prevalence
14
|
'prevələns
|
real
3
|
riəl
|
prevalent
14
|
'prevələnt
|
realism
3
|
'riəlizm
|
prevent
7
|
pri'vent
|
realist
3
|
'riəlist
|
previous
13
|
'pri:viəs
|
realistic
3
|
riə'listik
|
price
5
|
prais
|
reality
2
|
ri'əsliti
|
primary
8
|
'praiməri
|
receive
2
|
ri'si:v
|
principally
4
|
'prinsip
(ə)li
|
reckonable
14
|
'rekənəbl
|
principle
3
|
'prinsip(ə)i
|
reduce
5
|
ri'djurs
|
priority
8
|
prai'ɔriti
|
regular
1
|
'regjulə*
|
private
3
|
'praivət
|
regularity
5
|
regju'læriti
|
procedure
13
|
prə'si:djə*
|
regulate
6
|
'regjuleit
|
process
13
|
'prouses
|
relation
14
|
ri'lei∫ən
|
produce
1
|
prə'djuis
|
relationship
8
|
ri'lei∫ən∫ip
|
producer
5
|
prə'dju:sə*
|
relative
14
|
'relətiv
|
product
1
|
'prɔdəkt
|
relatively
4
|
'relətivli
|
production
5
|
prə'dΛk∫ən
|
relevant
5
|
'relivənt
|
productive
1
|
prə'dΛktiv
|
render
9
|
'rends*
|
productivity
5
|
prɔdək'tiviti
|
rental
13
|
'rent(ə)l
|
profit
9
|
'prɔfit
|
report
12
|
ri'pɔ:t
|
profitable
8
|
'prɔfitəbl
|
representative
6
|
repri'zentətiv
|
profit-making
11
|
'prɔfitmeikiŋ
|
republic
3
|
ri'pΛblik
|
programme
2
|
'prougræm
|
require
5
|
ri'kwaiə*
|
progress
6
|
'prougres
|
reservoir
14
|
'rezəvwa:*
|
project
14
|
'prɔdʒekt
|
resource
6
|
ri'sɔ;s;
ri'z-
|
promote
13
|
prə'mout
|
responsibility
14
|
rispɔnsi'biliti
|
97
96
work-force
taste
target
responsible
responsible
5 restrict
12
|
ri'spɔnsibl
ri'strikt
|
social
3
socialism
3
|
'sou∫əl
'sou∫əl
izm
|
taste
8
tax-payer
8
|
teist
'tæks
peiə*
|
united
3
universal
12
|
ju'naitid
ju:ni'və:səl
|
result
11
|
ri'zΛlt
|
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3
|
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|
technical
4
|
'teknikal
|
unsatisfactory
4
|
Λnsætis'fæktəri
|
return
1 1
|
ri'tə:n
|
socialistic
3
|
sou∫ə'listik
|
technician
4
|
tek'ni∫ən
|
unsuitable
4
|
Λn'su:təbl;
|
reward
11
|
ri'wɔ:d
|
society
4
|
sə'saiəti
|
tend
6-
|
tend
|
|
Λn'sju:-
|
rigidly
6
|
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|
sole
12
|
soul
|
tendency
8
|
'tendənsi
|
usefulness
8
|
'ju:sfəlnəs
|
rise7
|
raiz
|
solid
5
|
'sɔlid
|
tender
14
|
'tendə*
|
utility
8
|
ju:'tiliti
|
risk
11
|
risk
|
solidity
5
|
sə'liditi
|
term
10
|
tə:m
|
|
|
risk-bearing
11 rouble
13
|
'risk
beiriŋ
'ru:b(ə)l
|
solvent
4
source
12
|
'sɔlvant
sɔ:s
|
tertiary
8
testable
9
|
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'testəbl
|
valuable
1
|
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|
rule
13
|
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|
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3
|
'souviət;
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|
text
1
|
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|
value
8
|
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|
|
|
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6
|
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|
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5
|
θiə'retikəl
|
variable
9
|
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|
|
|
specific
14
|
spi'sifik
|
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3
|
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|
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9
|
veəri'ei∫ən
|
sacrifice
3
|
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|
specify
14
|
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|
topic
1
|
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|
variety
9
|
və'raiəti
|
salary
11
|
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|
stable
4
|
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|
top-priority
10
|
'top
prai'ɔriti
|
various
12
|
'veəriəs
|
satisfaction
1
|
sætis'fæk∫ən
|
stabilize
14
|
'steibilaiz
|
toy
1
|
tɔi
|
vary
8
|
'veəri
|
satisfactory
4
|
sæis'fæktəri
|
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4
|
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|
trade
1
|
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|
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8
|
vedʒi'teəriən
|
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2
|
'sætisfai
|
state
3
|
steit
|
trading
12
|
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|
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10
|
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|
scale
9
|
skeil
|
statistician
4
|
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|
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1
|
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|
view
9
|
vju:
|
scheme
6
|
ski:m
|
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4
|
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|
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14
|
træn'sæk∫ən;
|
visible
14
|
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|
science
2
|
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|
standard
11
|
'stændəd
|
|
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|
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6
|
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|
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2
|
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|
steeply
9
|
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|
type
1
|
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|
volume
14
|
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|
scientist
2
|
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|
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9
|
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|
typical
9
|
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|
|
|
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8
|
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|
store
3
|
stoə*
|
typically
6
|
'tipik(ə)li
|
|
|
sector
6
|
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|
strictly
2
|
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|
|
|
wage
4
|
weidʒ
|
secure
4
|
si'kjuə*
|
stronghold
6
|
'strɔŋhould
|
|
|
wage-earner
4
|
'weidʒə:nə*
|
security
4
|
si'kjuriti
|
structure
13
|
'strΛkt∫ə*
|
|
|
wartime
8
|
wɔ:taim
|
seldom
9
|
'seldərn
|
subject
4
|
'sΛbdʒikt
|
unavoidable
4
|
Λnə'vɔidəbl
|
whisky
8
|
wiski
|
select
14
|
si'lekt
|
subjective
1 1
|
səb'dʒektiv
|
under-developed
6
|
'Λndə
di'veləpt
|
willingness
9
|
'wiliŋnəs
|
selection
3
|
si'lek∫ən
|
submarine
8
|
'səbməri:n
|
undertake
1
|
Λndə'teik
|
workable
9
|
'wə:kəbl
|
selective
14
|
si'lektiv
|
subordinate
(v) 5
|
sə'bɔdineit
|
union
3
|
'ju:niən
|
work-force
6
|
'wə:kfɔ:s
|
se!13
|
sel
|
subscribe
5
|
səb'skraib
|
unit
10
|
'ju:nit
|
|
|
separate
5
|
'sep(ə)ret
|
substitute
10
|
'sΛbstitju:t
|
|
|
|
|
serious
9
|
'siəriəs
|
successful
11
|
sək'sesfəl
|
|
|
|
|
sharply
8
|
'∫a:pli
|
suggest
7
|
sa'dʒest
|
|
|
|
|
shelter
2
|
'∫eltə*
|
suit
9
|
su:t;
sju:t
|
|
|
|
|
shortage
9
|
'∫ɔ:tidʒ
|
suitable
9
|
'su:təbl;
'sju:-
|
|
|
|
|
short-term
9
|
'∫ɔ:t
tə:m
|
sum
total 1
|
'sΛm
'tout(ə)l
|
|
|
|
|
silver
14
|
'silvə*
|
supplement
(n) 1
|
'sΛplimənt
|
|
|
|
|
similar
3
|
'simila*
|
supply
3
|
sə'plai
|
|
|
|
|
simple
6
|
'simp(ə)l
|
support
14
|
sə'pɔ:t
|
|
|
|
|
simplify
6
|
'simplifai
|
surplus
3
|
'sə:pləs
|
|
|
|
|
simplification
6
|
simplifi'kei∫ən
|
system
1
|
'sistəm
|
|
situate
11
|
'sitjueit
|
systematic
4
|
sistə'mætik
|
|
situation
12
|
sitju'ei∫ən
|
target
6
|
'ta:git
|
|
98
99
