Vocabulary list

1. economic superpower – экономическая сверхдержава

2. to assume a role – взятьнасебяроль syn. to take a role

3. recession – спад экономической активности

4. agriculturaleconomy– экономика, ориентированная на сельское хозяйство n. agriculture

5. toexpand – расширяться, увеличиваться, расти n. expansion

6. income - доход

7. sovereign nation – суверенная нация

8. internal – внутренний ant. external

9. tolayoutregulation – устанавливать законы, правила

10. free flow of… - свободное движение

11. tax – налог

12. core – ядро, центр, суть

13. entrepreneurship – предпринимательство n. entrepreneur

14. manufacturing – производство, изготовление n. manufacturer v. to manufacture

15. commerce – торговля adj. commercial

16. to back a strong currency – поддерживать «сильную» валюту hard currency – твердая, конвертируемаявалюта soft currency – неконвертируемаявалюта

17. industrial infrastructure – промышленная инфраструктура

18. mass production – массовое производство

19. advancements in technology – достижениявтехнологиях

20. to launch a program – вводить, претворятьвжизньпрограмму syn. to introduce to put into effect

21. military-industrial complex – военно-промышленныйкомплекс

22. labor (labour) union – профсоюз

23. domestic spending – внутренние затраты, расходы

24. expenditures – расходы (государства)

25. consumer confidence – доверие потребителей

26. global marketplace – мировой рынок

27. dot.comindustries – компании, осуществляющие свою деятельность с использованием интернет-технологий

28. unemployment – безработица ant. employment v. to employ n. employer/employee

Notes

1. transfer of power – переход власти

2. self-sufficient – самодостаточный

3. toboost – резко увеличивать(ся)

4. standard of living – уровень жизни

5. the national debt – государственный долг

6. Gold Standard – золотой стандарт

7. theFederalReserve – Федеральная Резервная Система, государственное финансовое учреждение США

8. the Great Depression – Великая Депрессия

9. the stock market crash – крахфондовогорынка

10. to cripple confidence – наноситьурондоверию

11. GNP (grossnationalproduct) – ВНП (валовый национальный продукт)

12. baby boom – резкий подъем рождаемости

13. middle class – средний класс

14. access to opportunity – зд. возможности

15. budget deficit – дефицит бюджета

16. toborrowheavily – занимать денежные средства в больших количествах

17. herds of investors – зд. толпыинвесторов

18. bullmarket – рынок быков (при повышении цен) bearmarket – рынок медведей (при понижении цен)

19. economic bubble – «экономический пузырь»

20. dubious and unregulated lending practices – ненадежные и нерегулируемые заимствования

Ex 1. Suggest the Russian equivalents:

a transfer of power seems to be in progress; the American Dream still exists; dynamic economic expansion; abundant food and land; a strong institutional core; the driving economic force; the Gold Rush; to resort to paper currency; to be driven by innovation and invention; to outpace; to assume a dominant role; the economic effects were disastrous; government-sponsored work projects; to become increasingly urban; to guarantee access to opportunity by minorities; to keep the economy afloat; to make starting gains; electronic “herds” of investors; with aftershocks felt around the world; the energy and environmental policies.

Ex 2. Fill in the gaps with the words and expressions from the text.

1. Once the world’s leading ……, in the 20^th country America …… of financial capital of the world.

2. Even amidst ……, the model of the …… still exist.

3. By 1776, the …… of free white American society was already high, with …… supporting a comparatively high income.

4. Open borders allowed for an …… of goods and ideas.

5. Thanks to a strong …… adopted from the British, America quickly …… to her former ruler.

6. A. Hamilton and his party were proponents of a stronger central government in order to encourage …… as the …… of the new American economy.

7. After the 1840s a new mode of transportation, the railroad, …… of the American economy.

8. Following the war, the American economy was …… that spurred tremendous growth of the …….

9. In the economic history of the US, the early 20^th century remains …… for major ……

10. Under the watch of president Roosevelt, America …… a vast economic stimulus program called the “……”.

11. In all, there have been over thirty cycles of …… of the US economy since 1854.

12. Americans have tried to be …… embracing the message of “hope” in the …… of Barak Obama.

Ex 3. Find in the text the English equivalents for the following:

ведущая экономическая супердержава; во время экономического спада; в основном сельскохозяйственная экономика; высокий уровень жизни; свободное движение товаров и идей внутри страны; поощрять производство и торговлю как основу экономической системы; прибегнуть к чему-либо; достижения в сфере массового производства; придерживаться золотого стандарта; разрушительные экономические последствия; масштабная программа экономического стимулирования; правительственные проекты создания рабочих мест; вызвать потрясения в экономике; проявлять осторожный оптимизм.

Ex 4. Match each term with the appropriate explanation.

recession, expansion, mass production, free enterprise, agriculture, manufacturing, commerce

1. Growing large, wider; increasing in size and scale.

2. The exchange of goods and services for money or for other goods and services by way of trade and all the various business operations that make such exchange possible.

3. A temporary reduction in business activity.

4. Organized and rapid production of very large quantities of a standard article or commodity.

5. The systematic making of goods from raw materials. Originally it implied the making of something by hand, but now includes making by machinery.

6. The skilled work of cultivating the soil for crops, bringing up animals, planting trees, managing forests, and fishing.

7. An economic system in which private persons are free to own capital and to organize their businesses.

Ex 5. Answer the questions and do the assignments.

1. What are the major stages of the US economy history?

2. How is the economy of colonial America characterized? What boosted the local economy at that time?

3. What is implied in the idea of individual entrepreneurship?

4. How did the departure of British investment influence the American economy?

5. Speak of the two points of view on the development of the US economy. Which one proved the more effective?

6. Why was the development of transport critical for the US economy?

7. What is the role of individual business enterprise in the United States economy?

8. What is the Great Depression? How was it overcome?

9. What are the characteristic features of the US economy of the Modern Era?

10. How did the recent economic crisis affect the country?

Ex 6. Find in the text the words and phrases that refer to the following notions and comment on them:

1. dynamic economic expansion

2. the agrarian society

3. tremendous growth of the industrial infrastructure

4. the Great Depression

5. the economic super power