Vocabulary list

	to be identifiable — поддаваться определению
	freedom in economic decision — making — свобода принятия экономических решений
	individual — физическое лицо
	corporation — корпорация (юридическое лицо)
	to be enhanced by smth — усиливаться чем-либо
	government involvement — вмешательство государства
	to protect property right — защищать права собственности
	to enforce a contract — обеспечивать выполнение контракта
	economic performance — результат экономической деятельности
	to be rich in mineral resources — обладать большими запасами полезных ископаемых
	fertile farm coil — плодородная почва
	to have a moderate climate — иметь умеренный климат
	to provide access — обеспечивать доступ
	to shape economic growth — формировать экономический рост
	to fuel constant economic expansion — поддерживать постоянный экономический рост
	highly skilled workers — высококвалифицированные рабочие
	manufacturing — зд. обрабатывающие отрасли промышленности
	stockholder — акционер
	to be instrumental in smth / doing smth — играть важную роль в чем-либо
	stock market — фондовый рынок
	to mold an economy — формировать экономику
	to maintain a high GDP — поддерживать ВВП на высоком уровне

■ Ex. 1. Read the passage below. Entitle it. Support your point of view.

The economy of the United States is large and complicated, but there remain certain features which are easily identifiable. A central feature of the US economy is freedom in economic decision-making, for both the individual and corporation. This is enhanced by relatively low levels of regulation, taxation and government involvement, as well as a court system that generally protects property rights and enforces contracts. A large population, a large land area, numerous natural resources, a stable government and a highly developed system of secondary education are almost universally regarded as substantial contributors to US economic performance.

The first ingredient of a nation's economic system is its natural resources. The United States is rich in mineral resources and fertile farm soil, and it is fortunate to have a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the continent, and the Great Lakes (five large, inland lakes along the U.S. border with Canada) provide additional shipping access. These extensive waterways have helped shape the country's economic growth over the years and helped bind America's 50 individual states together in a single economic unit.

The second ingredient is labor. The number of available workers and, more importantly, their productivity help determine the health of an economy. Throughout its history, the United Slates has experienced steady growth in the labor force, and that, in turn, has helped fuel almost constant economic expansion. Until shortly after World War I, most workers were immigrants from Europe, their immediate descendants, or African Americans. Beginning in the early 20th century, many Latin Americans immigrated, followed by large numbers of Asians. The promise of high wages brings many highly skilled workers from around the world to the United States.

Labor mobility has also been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled. Similarly, economic opportunities in industrial, northern cities attracted black Americans from southern farms in the first half of the 20th century.

Third, there is manufacturing and investment. In the United States, the corporation has emerged as an association of owners, known as stockholders, who form a business enterprise governed by a complex set of rules and customs. Brought on by the process of mass production, corporations such as General Electric have been instrumental in shaping the United States. Through the stock market, American banks and investors have grown their economy by investing and withdrawing capital from profitable corporations. Today in the era of globalization American investors and corporations have influence all over the world. The American government has also been instrumental in investing in the economy, in areas such as providing cheap electricity (such as the Hoover Dam), and military contracts in times of war.

While consumers and producers make most decisions that mold the economy, government activities have a powerful effect on the U.S. economy as well.

Monetary policy is directed by the nation's central bank, known as the Federal Reserve Board, with considerable independence from the president and the Congress.

Since the stagflation of the 1970’s, the US. economy has been characterized by somewhat slower growth. In recent years, the primary economic concerns have centered around high national debt ($9 trillion), high external debt (amount owed to foreign lenders), high trade deficits, and a rise in illegal immigration.

However, on the positive side the US economy maintains a high GDP, a reasonably high GDP growth rate and a low unemployment rate, and is still an attraction to immigrants worldwide.

■ Ex. 2. Answer the following comprehension questions based on the text.

1. What features of the US complicated economy are easily identifiable?

2. What are regarded as substantial contributors to US economic performance?

3. What is the US rich in?

4. Why are the US waterways considered to be extensive? What role have they played?

5. How was the US labor force formed throughout its history?

6. What is characteristic of the US labor force?

7. What factors were instrumental in shaping the US economy?

8. What body directs the US monetary policy?

9. What has been typical of the US economy since the stagflation of the 1970’s?

10. What are the achievements of the US economy?

■ Ex. 3. Say whether the following statements are TRUE or FALSE according to the text.

1. The economy of the United States is large and rather complicated.

2. A central feature of the US economy is free enterprise.

3. Rivers flow far to the continent and provide additional shipping access.

4. The extensive waterways played a two-fold role.

5. A steady growth in labor force from Europe helped to fuel constant economic expansion.

6. High wages make the US attractive worldwide.

7. Labor mobility contributed to the flexibility of the US economy.

8. The process of mass production entailed the emergence of corporations.

9. Through the stock market American banks and investors have a chance to withdraw capital from ailing corporations.

10. Government activities have always been instrumental in molding the US economy.

11. Since the stagflation of the 1970’s, the US economy has been characterized by slow growth.

■ Ex. 4. Put the following sentences in the right order.

A The US has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico.

B In the United States the corporation has emerged as an association of owners, known as stockholders.

C On the positive side the US economy maintains a high GDP.

D Freedom in economic decision-making is enhanced by relatively low levels of regulation, taxation and government involvement.

E Consumers and producers make most decisions that mold the economy.

F The US is rich in mineral resources and fertile farm soil.

G When immigrants flooded labor markets on the East Coast, many workers moved inland.

H Monetary policy is directed by the nation’s central bank, known as the Federal Reserve Board.

I The number of available workers and their productivity help to determine the health of the US economy.

J Today in the era of globalization American investors and corporations have influence all over the world.

■ Ex. 5. Be ready to render the passage in the form of a presentation. Make use of the following helpful phrases:

1. to introduce a subject:

The subject of my presentation is ...

Today's topic is ...

2. to set time:

My presentation will last for about five minutes.

I know that time is short, so I intend to be brief.

3. to deal with questions:

Please, stop me if you have any questions.

If you have any questions, I'd be pleased to answer them at the end of the presentation.

4. to make a point:

There are 3 to 4 points I'd like to make.

My first point is...

5. to make an example:

A good example of this is...

By way of an example...

6. to end a point:

That is all I want to say about this point.

SECTION B

Настоящее неопределенное время