2015-10-14
622to aid decision-making помогать, содействовать в принятии решений
the model can be fed with economic information в модель можно внести экономическую информацию
total income общий, суммарный доход
total level of production of goods and services общий уровень производства товаров и услуг
to deal with an isolated economy иметь дело с изолированной экономикой
to carry on their concerns продолжать свое дело
to provide labour services предоставлять рабочую силу (труд)
to receive interest payments получать платежи в виде процентов
shares акции
to be entitled to a share of the profits иметь право на долю прибыли
factor services or services of productive factors факторы производства
the water authorities управление водного хозяйства
to supply share capital предоставить акционерный капитал
factor incomes доход на факторы производства
to portray отображать
a monetary flow денежный поток
an opposite stream противоположный поток (течение)
factor payments выплаты (доход) на факторы производства
to measure the amount of economic activity измерять уровень экономической активности
the value of goods and services produced стоимость произведенных товаров и услуг
the level of factor earnings уровень доходов на факторы производства
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the value of factor services supplied стоимость предоставленных факторов производства
the value of spending on goods and services размер расходов на товары и услуги
a neutral equilibrium общее равновесие
the circular flow of income круговой поток (круговорот) доходов an inherent tendency to change внутренняя тенденция к изменению
Assignments
I. Suggest the Russian equivalents
forecasting future economic trends; to feed with economic information; factors that firms need to carry on their concerns; to provide labour services; circular flow of money; a flow of factor services; factor payments; neutral equihbrium; set of actions
II. Replace the parts in italics by synonyms
the model can be filled with economic infonnation; they hiwe bought shares; they have the right to get a share of the profits; the flow includes goods and services; the level of income will not change; the level of income and consequently the level of economic activity
III. Fill in the gaps with the words and expressions from the text
1. The model of the economy is concerned with forecasting so as to aid by business and government.
2. Such predictions are aid to business decision-making because businesses can find out whether people's incomes to rise or not.
3. These units together decide the economy's, and.
4. In order to develop a simple model of the economy we need to the government sector and___________________________________ between and.
5. Suppose we are dealing with, one which has no government.
6. In order to develop_____________ of the economy we need to that there are two main sectors in the economy:____________ and.
7. Households provide_________, both, in return for.
8. If the finance is in the form of______, households receive, but if they have purchased in the business they may be entitled to___.
9- Households receive payments for_______, that is to say, they earn, such as,_______________________ and_____________.
10. There are two flows: one which is __ and one goods and services.
11. The model suggests that there are three ways of in the economy.
12. We can measure___, and.
13. Economists refer to_______________ of the monetary circular flow as.
14. If we assume that all the goods and services, which are in fact
and that households spend, then we have arrived at what economists call
15. The fact that the economy is in a neutral equilibrium means simply that the level of, and hence the level of__, are_ and__.
16. An equilibrium is a point of balance in which there is no.
IV. Find in the text English equivalents for the following
принятие решений; изменение ставки налогообложения; неоценимая помощь; доходы населения; необходимо допустить, что...; факторы производства; выплата процентов; купить акции; иметь право на часть (долю) дохода; акционерный капитал; денежный поток; уровень национального дохода; уровень экономической активности; внутренняя (присущая чему-либо) тенденция к изменению; следовательно; круговой поток доходов
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V. Give explanations in English
to pay rent; a loan; interest payments; share capital; factor services; factor payments; factor incomes; factors of production; a neutral equilibrium in the economy
VI. Read the description of drawing a circular flow
Start with the two blocks. The one on the left should be labelled "households", and the one on the right "firms". On the top of the inner loop, circle, put "goods and services", with an arrow mnning from the firms block to the households block. At the bottom of the inner loop put "services of productive factors", with an arrow mnning from households to firms. On the outer loop, at the top, put "spending on goods and services", with an arrow mnning from households to firms. And finally, at the bottom of the outer loop, put "factor incomes", with an arrow mnning from firms to households.
Find in the text English equivalents for the following
подписать обозначения на картинке; внутренний круг (кольцо); внешний круг (кольцо); стрелка направлена от... к...; вверху; внизу; справа; слева
Draw the circular flow (it will be different from the one in the unit!) and describe it using all the active possible
VII. Answer the questions
1. What units does the economy comprise? What do they decide?
2. What are the two main sectors in the economy?
3. What sets of actions create the model of the circular flow of income?
4. Dwell on the monetary flow. How is the level of national income connected with it?
5. Dwell on the flow of goods and services.
6. What does the figure suggest?
7. How can the amount of economic activity be measured?
8. What's an equiUbrium? a neutral equilibrium?
VIII. Translate using all the active possible
1. Кругооборот (круговой поток) доходов - это поток товаров и услуг между домашними, семейными хозяйствами (населением) и фирмами (предпринимателями), с одной стороны, и поток денежных платежей за них - с другой стороны.
2. Если рассматривать простейшую модель экономики, то необходимо допустить, что население полностью тратит все полученные доходы на покупку товаров и услуг, а предприниматели продают все товары, которые производят.
3. В уплату за товары и услуги, которые предлагают населению предприниматели, население передает им деньги, которые, в свою очередь, получает от предпринимателей в обмен за факторы производства.
4. Если мы допустим, что схема описывает ситуацию, при которой достигнута эффективность распределения ресурсов, то мы получим модель экономики, находящейся в состоянии общего равновесия.
Unit 13.
INJECTIONS
(ВЛИВАНИЕ ДЕНЕГ В ЭКОНОМИКУ)
An injection is simply an addition to the circular flow of income, which does not arise from the spending of households. It was unrealistic to assume earlier that there would be no such additions. These additions or injections will, of course, increase the size of the circular flow and thus the level of activity in the economy. There are three recognized ways in which funds can flow into an economy. They can be generated through:
* Investment
* Government spending
* Export sales
Investments. Инвестиции
Investment is expenditure on productive capital goods. That is, goods which can be used to produce other goods and services. Thus, investment is usually held to be expenditure on factories, machinery and other physical assets. It is important to realize that economists use the word investment in a different context to the layman. An economist referring to investment does not mean the purchase of paper financial assets such as stocks or shares. Clearly, if the ownership of a company’s shares is transferred from one UK citizen to another there is no overall impact on the economy.
Investment can be categorized into net investment and gross investment.
Net investment is investment, which actually increases the nation’s stock of capital goods. It is such investment that enables the economy to grow. However, some investment is necessary to replace capital stock that is worn out or obsolete. This loss of value of assets is called depreciation. When this replacement is added to the net investment the total achieved is termed gross investment.
You should note that investment increases the circular flow since it comprises extra spending that has not originated in the circular flow. The main influences on the amount of investment that takes place are:
* the rate of interest since firms often have to borrow to undertake the investment
* the firm’s expectation about the future behaviour of the economy. If they believe the economy will boom and the level of economic activity will increase, then they are more likely to enjoy increased sales. They may well decide to invest in new machinery or in a new factory.
On the other hand, if the level of investment declines then there will be less injections than previously into the economy and the rate of growth of economic activity (or the national income) will fall. Economic statistics show us that over the last few decades the level of gross investment in the UK economy has fluctuated. This will have been one of the factors affecting the level of national income and the environment in which businesses operate.
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Government Expenditure. Расходы государства
Government expenditure takes many fonns and, particularly over the last 50 years or so, has been a very substantial total. This heading covers spendings by both central government and local authorities. Government spending results in an injection of funds into the circular flow.
Let us take as an example a decision by the Department of Transport to build a new motorway. This will lead to a variety of spending, which would not have taken place otherwise. The authorities will have to employ surveyors, lawyers, accountants and construction workers and will have to purchase large quantities of construction materials. All of the spending generated in this way will be an addition or an injection to the circular flow.
Government spending can, of course, take many other forms. Major financial items are the provision of health and social security benefits. The latter tends to put money directly into the hands of people who need it badly and who are, therefore, likely to spend all or most of it in the near future. If it so wishes the government can use its own expenditure to rapidly affect the level of injections and thus the circular flow. Pursuing such policies, however, can have undesirable side-effects.
Exports. Экспорт
Exports are an injection because they result in income entering the UK’s circular flow as a result of the spending decisions of foreign households, firms and governments. Notice that this spending by foreign households is a loss (or withdrawal from) their domestic circular flows.
Britain is a major trading nation and, as such, can be described as an open economy. It exports approximately one-third of all the goods and services it produces. The amount of the UK imports varies but over time will be roughly the same proportion. The UK’s trade is recorded in the balance of payments figures, which are published monthly and then collected into annual accounts. If you look at the UK’s trade figures you will see that rarely, if ever, does the value of exports equal the value of imports.
The balance of payments accounts are split into two broad sections: the current account, which records imports and exports of goods and services; and the capital account, which records international monetary flows in and out of the UK, such as foreign loans and investment in the UK.
Exports have always been important to the UK economy and are indisputably an engine of economic growth. They provide domestic employment not only in the exporting industry but also in the industries, which supply components and raw materials to that industry. Exports bolster the circular flow and promote employment in a range of industries. They also stimulate innovation and competition and generate a satisfying standard of living. Most of the world’s most prosperous economies are successful exporters, notably Japan and Germany. Few isolated economies have been economically successful.
