Ex. 7. Translate into English:
1. Одной из целей вмешательства правительства в экономику страны
является защита окружающей среды.
2. Япония является конкурентоспособной рыночной системой.
3. Любой производимый в США продукт тщательно проверяется и
получает одобрение федеральным агентством.
4. Правительство, не прибегая к прямому контролю, определяет основные
направления развития экономики.
5. Сокращение расходов на социальные нужды вызвало резкий протест
общественности.
6. Импортируемые в США автомобили должны соответствовать
установленным нормам безопасности.
Этот человек заслужил репутацию честного бизнесмена.
Закон в США запрещает дискриминацию человека при его найме на работу.
Ex. 8. Answer the questions:
1. What is the role of government intervention in the American economy?
2. What are the ways in which the government protects consumers?
3. In what ways do laws and regulations protect American workers?
4. What direct services does each level of government provide?
5. What's the purpose of the government's regulation and control of private
enterprise?
6. In what areas and why is regulation usually considered necessary by the
government?
7. What's the role played by the government and the Federal Reserve System to
control the extremes of boom and bust, and of inflation and depression?
8. What sort of help does the government provide to businesses and individuals?
Learn the vocabulary:
concept- понятие, представление
enterprise- предприятие
competitive- конкурентоспособный
consumer- потребитель
handicapped- страдающий каким-либо
недостатком
(умственным или физическим)
toaffect- воздействовать, влиять
thoroughly- зд. -тщательно
toapprove- утверждать, санкционировать
incompliancewith- в соответствии с
advertising- рекламирование, реклама
toprohibit- запрещать
condition - условие
to protect - зд. юридическое лицо,
организация
tomaintain- поддерживать, содержать
responsibility - ответственность
reasonable - разумный
profit - доход
to require - требовать
boomandbust- расцвет и банкротство
(развитие)
toadjust- приспосабливаться,
устанавливать
tosubsidize- субсидировать, ассигновать
indigent- нуждающийся, бедный
retiree- ушедший в отставку
dependent- зд. - находящийся на
иждивении, (зависящий (от))
toassist- 1) оказывать поддержку,
сoдействовать
2) принимать участие (in)
PRICE. SUPPLY and DEMAND
Ex. 1. Learn the pronunciation of the following words:
supply [ ] commodity [ ]
increase [ ] consumer [ ]
decrease [ ] preference [ ]
curve [ ] insurance [ ]
straight [ ] equilibrium [ ]
easy [ ] low [ ]
luxury [ ] demand [ ]
adjust [ ] various [ ]
services [ ] review [ ]
pleasure [ ] key [ ]
measure [ ] determine [ ]
priority [ ] government [ ]
equal [ ] surplus [ ]
high [ ] shortage [ ]
toward [ ]
Ex. 2. Read and translate the text:
Supply
Supply refers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time. Generally speaking, the amount supplied will increase as the price increases. Economists usually show this relationship on a graph. Figure 1 shows a simple supply curve (such lines are usually curved, but are shown straight to keep the example easier to understand). The various points on the graph indicate how much fish a fisherman would provide at different prices. All things being equal, the higher the price, the more a fishermen will be willing to supply.
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.
Figure 1
(supply)
Demand
Demand refers to the quantity of products that people are willing to buy at different prices at a specific time. Generally speaking, the quantity demanded will decrease as the price increases. Figure 2 shows a simple demand curve. The various points on the graph indicate the quantity demanded at various prices. We can see that the higher the price the less the quantity of goods is demanded.
Elasticity of supply, as a response to changes in price, is related to demand. Economists say that demand is indicated by our willingness to offer money for particular goods or services.
People very seldom have everything they want. When we exercise our choice for buying these or those commodities, we do so according to our personal 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, insurance, etc), and finally those non-essentials which give us personal pleasure (theatres, cinemas, parties, holidays, etc). So our decisions indicate our scale of preferences and therefore our priorities.
Elasticity of demand is a measure of the change in the quantity of a good in response to demand. The change in demand results from a change in price. Demand for essential commodities is inelastic, but it is 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.
Figure 2
(Demand)