Comprehension

1. Answer the questions.

1. What is Economics?

2. What is the most famous book in Economics?

3. What basic economic indicators that reflect economy today can you name?

4. What countries are considered to be the leading in terms of GDP?

5. Are there any changes in modern economy?

6. What countries are major exporters?

7. How does international trade favor economic development?

8. Why do you think China has become a major producer of goods in the global market?

Vocabulary

2. Match the words from column a with the words from column b to make a phrase.

A	B
1) to evaluate	a) economic results
2) to participate	b) to the development of a country
3) to compare	c) well-being
4) to add	d) in business capital
5) to use	e) the situation
6) to contribute	f) the production
7) to improve	g) in international trade
8) to invest	h) resources
9) to increase	i) to the GNP

3. Fill in the correct words from the list below:

1) shipbuilding, private enterprises, globalised, a highly developed, an important role, the public sector, the North Sea, the world's largest producers, financial centre.

Great Britain is … industrial country. It is known as one of … and exporters of iron and steel products, machinery and electronics, chemicals and textile, aircraft and navigation equipment. One of the chief industries of the country is … .

Britain has become self-sufficient in oil with the development of resources in the continental shelf under … .

The economy is based largely on … but has some major publicly owned industries (notably coal, steel, gas, electricity and railways) and a few joint enterprises. The Government is reducing the size of … , returning parts of the steel, transport, telecommunications and aerospace industries, for example, to private enterprise.

The UK is one of the world's most … countries. London is the world's largest … alongside New York. The pharmaceutical industry plays … in the UK economy and the country has the third-highest share of global pharmaceutical R&D expenditures (after the United States and Japan).

2) capital, national, influential, services, migration, global, labor, stable.

The economy of the United States is the world's largest … economy.

The economy of the United States has maintained a … overall GDP growth rate, high levels of research and … investment.

Most of the economy is classified as … . The country remains the world's largest manufacturer, representing a fifth of the … manufacturing output. The United States is home to 139 of the world's 500 largest companies. The country is one of the world's largest and most … financial markets. The … market in the United States has attracted immigrants from all over the world and its net … rate is among the highest in the world.