Unit 2 unit 2. Text The History of Economics

Grammar Revision 1.The Perfect Tenses (the Active and the Passive Voice)

2. Prepositional Verbs in the Passive Voice

3. The Emphatic Construction “it is … that (who, which)

4. Application Letter, C.V.

5. American National Symbols

Ex.1. Translate the following international words and word combinations and give their Russian equivalents.

1. publication philosophy intervention

economist analysis capitalism

communism tradition presentation

argument idea

2. modern discipline agrarian phase industrial interest

monumental doctrine economic liberalism psychological method

Ex.2. Analyze the tense forms and voice forms of the verbs in the following sentences. Translate the sentences into Russian.

1. Recent economic measures have influenced the purchasing power of our money and our standard of living.

2. The concept of consumer choice in the electricity industry is little more than 15 years old, but it has completely changed the industry.

3. Mr. Wittner has never failed in business.

4. Why has government spending greatly increased since last year?

5. During the last several months many companies have been saved from bankruptcy.

6. Women have come into the labor market in large numbers in recent decades because of fundamental changes in the family, technology, ”women’s rights”, and many other factors.

7. The specialists haven’t suggested ways and means of solving environmental problems of the region yet.

8. What means of stabilizing the economy have been suggested by the government lately?

9. Recently the economies of many countries have felt the scarcity of people who both want and can buy goods and services in large amounts.

10. Since the beginning of the labor movement a working day has been reduced to 8 hours.

11. In recent years much emphasis has been placed on macroeconomics.

12. Profit is an income which is left after all necessary costs of operating a business have been paid.

13. Labor unions have just used a number of measures to prevent unemployment.

14. Lately there has been a great effort to make economics a more exact science by the use of mathematical techniques.

15. The federal government spent more money from 1861 to 1865 during the Civil War than it had spent for all purposes from its beginning under George Washington’s first administration up until Abraham Lincoln’s first administration.

16. By the end of January hundreds of small firms had gone into bankruptcy.

17. By then experts will have determined the amount of taxes that will be paid by the firm.

18. For several years the company has been operating successfully and has been earning a high profit.

19. For many centuries scientists had been studying only microeconomic problems before they began to analyze the problems of the economy as a whole.

20. By the 1-st of September this year the plant will have been producing this type of equipment for two years already.

Ex.3. Find the verb in the Perfect Tense in each line.

1. a) Is considering, b)has been considered, c)considered

2. a) have referred to, b)was being referred to, c) refers to

3. a) will treat, b) will have treated, c) will be treating

4. a) is being influenced, b) has been influenced, c)shall be influenced

5. a) had purchased, b) purchased, c) is purchased

6. a) brings about, b) have been brought about, c) were brought about

7. a) will satisfy, b) have satisfied, c) will be satisfied

8. a) had earned, b) was earning, c)are earned

9. a) is consumed, b) are consumed, c)will have been consumed

10. a) will have been defined, b) will be defined, c) will define

Ex.4. Choose the correct form of the verb in each sentence. Translate the sentences.

1. The theory of distribution (has interested /has been interested) economists for nearly two centuries.

2. Lately lots of protests (have been made / have made) against compulsory wage and price controls.

3. Today our national statistics reveal how much of our total production (has allocated/is being allocated) to each of the factors of production.

4. After we (are establishing/have established) the main principles and (are making/have made) our conclusions we fit economics into its proper sphere.

5. Although the USA for decades (are/had been) the world leader in production and income, some nations (have been surpassed/have surpassed) their level already.

6. Productivity (determines/has been determined) our income.

7. The size of the market (has determined/is determined) by the income and purchasing power of the population.

8. Last century economists (have dealt/dealt) primarily with microeconomic problems.

9. The company (will pay/will have paid) all the taxes by the end of the year.

10. All the taxes (will be paid/will have been paid) at the end of the year.

Ex.5. Translate the following sentences paying attention to prepositional verbs and phraseological units.

1. The documents have been sent already.

2. The documents have been sent for already.

3. Mr. Brown is a brilliant lecturer. I am sure he will be listened to with great attention when he gives his lecture on macroeconomics.

4. Though the question had been discussed for a long time no decision was arrived at.

5. The present economic crisis is widely commented on in the newspapers.

6. The British economic system is spoken of as “capitalism” in economic world.

7. The law of demand and supply is often referred to in economic theory.

8. Economic measures to minimize negative effects of the crisis are now being looked for.

9. The production of innovative equipment for oil and gas industry will be insisted on.

10. The problem of environmental protection has been dealt with for many years but it hasn’t been solved yet.

11. Such economic aspects as total production, total employment, and income are paid much attention to by macroeconomists.

12. The availability of goods and services is influenced by economic measures.

13. The amount of taxes that we pay is influenced by the level of production in our nation.

14. Unfortunately high demand for oil and gas was not followed by their high supply.

15. Oil prices are affected by oil demand.

16. The decline in production was followed by the decline of economic growth.

17. Economic theory is not always followed by economic policy.

18. The size of the market is also affected by the transportation system of the country.

19. It has been known for decades that our economy is influenced by energy.

20. The development of a new taxation system has been worked on for several months already.

Ex.6. Translate the following sentences into Russian. Mind the emphatic construction “it is…that (who, which)”.

1. It is macroeconomics that treats the problems of the economy as a whole.

2. It is the production of material wealth that is the basis of life and development of any society.

3. It was Marx who first divided capital into constant and variable parts.

4. It is the environmental protection that has been paid much attention to all over the world lately.

5. It was OPEC that guaranteed oil market stability at that time.

6. It is the forces of total demand and total supply which determine the market price.

Words to the text “The History of economics”

1. derive, v. [dI'raIv]	1) получать, извлекать; 2) происходить e.g. to derive a formula; to derive a profit The word “evolution” is derived from Latin.
2. household, n. ['haVshqVld]	домашнее хозяйство e.g. Household is a group of people who make economic decisions together.
3. emerge, v. [I'mE:G] emergence, n. [ImE:Gqns] 4. state, n.	возникать, появляться e.g.Certain financial problems emerged from the crisis. появление e.g. the emergence of new democracies 1) состояние, положение e.g. poor state, financial state, gaseous state of water 2) государство; штат e.g. Pakistan has been an independent state since 1947. There are fifty states in the US.
state, v. [steIt]	утверждать, устанавливать, формулировать e.g. The problem was accurately stated.
5. self-interest, n. ["self'Intrqst]	собственная выгода, заинтересованность,эгоизм e.g. The market economy is motivated by self-interest of individuals.
6. private, adj. ['praIvqt]	частный, личный e.g. private life, private sector of economy
7. property, n. ['prPpqtI]	1) имущество, собственность e.g. As the firm went bankrupt its property was confiscated. 2) свойство, качество e.g. A substance has both physical and chemical properties.
8. compete, v. [kqm'pI:t] competition, n. ["kPmpq'tISn]	соперничать, конкурировать e.g. Few companies can compete with Gasprom in gas production. конкуренция, соперничество e.g. The development of market economy isn’t possible without competition.
9. seek (sought), v. [sI:k]		1) искать e.g. For over 100 years, men have sought gold in this area. 2) стремиться, добиваться e.g. The government is seeking to slow the growth of inflation.
10. occupation, n. ["Okju'peISqn]		занятие, дело, профессия e.g. He is looking for an occupation which will bring him profit.
11. welfare, n. ['welfeq] 12. benefit, n.		1) благосостояние e.g. The country’s welfare comes from its gas resources. 2) социальное обеспечение, пособие People who have no job or are ill are on welfare. выгода, польза e.g. The company will derive benefit from the contract.
benefit, v. ['benefit]		приносить пользу; извлекать пользу e.g. The trade contract between Russia and the Ukraine will benefit the economies of both countries. Both Russia and the Ukraine will benefit from the trade contract.
13. community, n. [kq'mju:nqtI]		община, общество e.g. Stability of community depends on the living standards. business community; scientific community
14. assume, v. [q'sju:m] assumption, n. [q'sAmpSn]		1) принимать, обретать e.g. These Doctrines assume at once an importance. 2) допускать, предполагать e.g. It is possible to assume that such changes have important social effects. предположение, допущение e.g. Dr.Subroto questioned the scientific assumption on which the theory of global warming is based.
15. accept, v. [qk'sept]		соглашаться, принимать e.g. Credit cards are widely accepted.
16. thus, adv. [DAs]		так, таким образом e.g. Thus the dollar has gone down against the yen.
17. affect, v. [q'fekt]		воздействовать, влиять e.g. Prices of resources affect prices of goods.
18. succeed, v. [sqk'sI:d]		1) следовать за, сменять e.g. Who succeeded Kennedy as President? A new type of computers succeeded the old one. 2) (in, at) достигать цели, преуспевать e.g. To succeed in life one must work hard.
19. deny, v. [dI'naI]		отвергать, отказывать(ся) e.g. He was denied a US visa. It’s impossible to deny that it’s a very popular idea.
20. fair, adj. [feq] 21. share, n.		зд. честный, справедливый, законный e.g. The owner of the firm is fair to his employees. доля, часть e.g. equal share; fair share
share, v. [Seq]		делить, разделять e.g. Two Russian scientists shared the Nobel Prize for physics. to share opinion; to share money
22. predict, v. [prI'dIkt]		прогнозировать, предсказывать e.g. An economic model often helps an economist to predict different situations.
23. responsible, adj. [rI'spPnsqbl] responsibility, n. [rIs"pOnsq'bIlItI]		ответственный e.g. The engineer is responsible for the efficient operation of the equipment. Mr.Adams is a very responsible sort of person. ответственность e.g. Someone must give orders and take responsibility for mistakes.
24. expenditure, n. [Ik'spendItSq]		расходование, расходы e.g. The government expenditures for education have increased over the years.
25. subsequently, adv. ['sAbsIkwqntlI]		впоследствии, позднее e.g. The book was subsequently translated into 15 languages.
26. expand, v. [Iks'pxnd]		расширять(ся) e.g. The director plans to expand the firm into an international company.
27. tool, n. [tHl]		инструмент; способ, средство e.g. measuring tool, production tools Video has become an excellent teaching tool.
28. monetary, adj. ['mAnItqrI]		денежный e.g. monetary fund, monetary support
29. fiscal, adj. [fIskql]		фискальный, финансовый e.g. fiscal year, fiscal policy
30. insist (on), v. [In'sIst]		настаивать на чем-либо e.g. The partner insisted on the expansion of the business.
31. argue, v. ['Rgju]		1) аргументировать, утверждать, приводить доводы e.g. The report argues against high prices for oil.
32. rationale, n. ["rxSq'na:l]		логическое обоснование e.g. The rationale for such initiatives is not only economic.
33. despite prep. [dI'spaIt]		несмотря на e.g. Despite great investments the company went bankrupt.
34. face, v. [feIs]		сталкиваться e.g. to face the facts; to face difficulties
35. remain, v. [rI'meIn] 36. matter, n.		оставаться e.g. The problem of environmental protection still remains with us. 1) сущность, вопрос, дело e.g. Environmental protection is a matter of great importance. 2) материал; вещество e.g. reading matter; organic matter.
matter, v. [mxtq]		иметь значение e.g. It doesn’t really matter how much it costs.
37. obsolete, adj. ['PbsqlJt]		устарелый e.g. So much equipment becomes obsolete almost as soon as it is made.

Ex.7. Read the text and do the following tasks:

1. Name famous economists of the past.

2. Find the verbs used in the Perfect Tense forms.

3. Find English equivalents to the following Russian words and word combinations.

умеющий управлять хозяйством; относительно новое учение; современная экономическая мысль; свободная торговля; самостоятельно искали; также; сырье; принципы были разработаны; эволюционная стадия; отошел от классической школы; первоначальное учение; несмотря на большие различия; новое осмысление.