Английский для экономистов (учебник английского языка)

The study of economics would be incomplete without an understanding of the nation’s role in the world economy. The study of the world economy is known as “international economics”. International economics embraces two broad areas of interest: international trade and international finance. World trade has been gaining increasing significance among nations. Why do nations trade? The answer is that nations have different quantities and qualities of economic resources and different ways of combining them. As a result, each country can produce certain goods more efficiently, or at relatively lower costs, than others. This idea can be stated somewhat differently. Imagine a world consisting of only two countries, each producing the same goods. Under such circumstances, the alternative or opportunity cost to each country of producing more of one good is the amount of the second good that must be sacrificed. In view of this, which of the two goods should the countries produce? The answer is that each should specialize. When two parties engage, the sacrifice that each makes to obtain something from the other is called the “terms of trade”. For example, in order to buy a book, you might have had to give up five visits to the movies. Your terms of trade, therefore, are 5 movies = 1 book. The terms of trade for a given transaction equal the number of units of goods that must be given up for one unit of goods received by each party to the transaction. Or in other words, terms of trade are defined as the ratio of the prices of its export commodity to the price of its import commodity. Despite the fact that trade is of great importance for each nation, all countries impose restrictions of one form or another to protect some of their domestic industries. The restrictions may be of several types: tariffs, import quotas, nontariff barriers. Tariffs are customs duties or taxes imposed by a government on the importation of a good. Tariffs may be (1) specific, in the form of a tax per unit of the commodity, or (2) ad valorem, based on the value of the commodity. Import quotas are laws that limit the number of units of a commodity that may be imported during a specified period. Nontariff barriers are any laws or regulations, other than tariffs, that nations impose in order to restrict imports. For instance, to “protect the health and safety” of their citizens, many countries establish higher standards of quality for various kinds of imported goods than for similar goods produced domestically.

Ex. 13.Insert the missing words given below.

Consumption, take account of, manager, state, environment, include, capital, macroeconomics, economy

 In a simplistic … in which individuals or families produce primarily for their own …, economy-wide phenomena are of little importance. On the other hand, the complex financial … and production process that characterizes an advanced economy in the 1980s requires individual decision makers … both the current economic environment and forecasts of the economic environment. Decisions that require an understanding of the overall functioning of the economy … business decisions such as whether firm should sell bonds or stock to raise new … and individual decisions such as whether to change jobs or purchase a new home. Whether a person «wears the hat» of an entrepreneur, a business …, or a head of a household, it is important to be aware of the … of the economy as a whole. Specific factors that determine the advisability of these and other decisions are studied as part of … .

Ex. 14. Add an appropriate preposition to each of the following sentences where indicated.

1. This refers … the interactive effect of the parts of the system working together.

2. They decorated the house regardless … cost.

3. Economic forms range … the mixed private enterprise … completely controlled economies.

4. Everyone, irrespective …means or occupation, shall have an equal opportunity.

5. This function is basically performed … the price mechanism.

6. This simply means that demand … and supply … goods and services interact.

7. Gradual change is preferable …sudden, large-scale change.

8. Such a system affects … every link in the distribution chain.

9. They have to satisfy their wants and needs … the consumption of such products and services.

10. It has also made it easier …the same time.

11. The political system is coupled … the economic system.

12. Organization must have access .. modern technology.

13. All organizations depend … supply of labour force.

14. The economic system is concerned … the allocation of scarce resources.

15. We must try to cope … our problems.