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ЭК‘Н‘МИКА
ECONOMICS
–шжвойл рп бодмйктлпнф аиьлф
Study Pack
УЕЛ 811.111(075)
У.Б. Вбсбопгтлбя, Б.Г. Ибцбспгб, У.В. Рптржмпгб, Я.Б. Тфгпспгб
Сжчжоижоуь:
лбоейебу хймпмпдйшжтлйц обфл, епчжоу лбхжесь мйодгйтуйлй
лбоейебу хймпмпдйшжтлйц обфл, епчжоу, ибгжефяъбя лбхжеспк йоптусбооьц яиьлпг № 2
Спттйктлпдп юлпопнйшжтлпдп фойгжстйужуб йн. Д.Г. Рмжцбопгб
Л.С. Тархова
юлпопнйлб: фшжв. рп бодм. яи.;
Economics
Pack
[Ужлту] /
У. Б. Вбсбопгтлбя, Б. Г. Ибцбспгб, У. В. Рптржмпгб, Я. Б. Тфгпспгб ; Обч. йттмже. фо-у
«Гьтщбя щлпмб юлпопнйлй». — Н. : Иие. епн Гьтщжк щлпмь юлпопнйлй, 2016. —
469, [3] т. —
: т. 387–402. —
: т. 403–468. — 1500 юли. — (Бодмйктлйк емя
Ушжвойл тпиебо т фшжупн усжвпгбойк хжежсбмэопдп дптфебстугжоопдп пвсбипгбужмэопдп тубо
ебсуб гьтщждп рспхжттйпобмэопдп пвсбипгбойя, б ублзж пвсбипгбужмэоьц тубоебсупг, рсйояуьц
г ОИУ ГШЭ. Нбужсйбм фшжвойлб рпигпмяжу ож упмэлп сбигйгбуэ й тпгжсщжотугпгбуэ яиьлпгьж
пвъжблбежнйшжтлйж фнжойя й обгьлй, оп й хпснйспгбуэ яиьлпгфя лпнржужоуоптуэ, мжзбъфя
птопгж вфефъжк рспхжттйпобмэопк ежяужмэоптуй. Емя фтржщопдп птгпжойя нбужсйбмб ожпвцпей
Емя туфежоупг юлпопнйшжтлйц тржчйбмэоптужк, йифшбяъйц бодмйктлйк яиьл емя рспхжттйп
УЕЛ 811.111(075)


.............................................
.......................................................
Short Forms and Labels
..........................................
Part I. Applied Economics: Competence Development
Managing the Economy
....................................
Firm Objectives and Behavior
...............................
..........................................
..................................
Check Your Progress:
...................................
Privatization vs. Nationalization
............................
Economics vs. Politics
....................................
............................
Free Trade and Protectionism
..............................
.....................................
Check Your Progress: Units 5–9
...................................
Part II. Skills Development
Managing the Economy
...................................
Firm Objectives and Behavior
..............................
.........................................
..................................
Privatization vs. Nationalization
............................
Economics vs. Politics
....................................
............................
Free Trade and Protectionism
..............................
.....................................
.....................................................
Part I
.......................................................
Part II
......................................................
иб хйоботпгфя й рспхжттйпобмэофя йиебужмэтлфя рпеежсзлф,
Preface
Ебооьк фшжвойл сбисбвпубо лпммжлуйгпн бгупспг — тпусфеойлпг лб-
хжесь бодмйктлпдп яиьлб емя юлпопнйшжтлйц й нбужнбуйшжтлйц ейтчйр-
мйо ежрбсубнжоуб йоптусбооьц яиьлпг ОИУ ГШЭ й пусбзбжу сжифмэ
убу нопдпмжуожк рсблуйлй рсжрпебгбойя бодмйктлпдп яиьлб туфежоубн
юлпопнйшжтлйц тржчйбмэоптужк. Рсй сбисбвпулж фшжвойлб фшйуьгбмйтэ
усжвпгбойя хжежсбмэопдп дптфебстугжоопдп пвсбипгбужмэопдп тубоебс
уб гьтщждп рспхжттйпобмэопдп пвсбипгбойя, б ублзж пвсбипгбужмэоьж
Г фшжвойлж сжбмйифжутя лпнржужоуоптуоьк рпецпе г рсжрпебгбойй
йоптусбоопдп яиьлб, деж птпвпж иобшжойж рсйебжутя хпснйспгбойя ож
упмэлп яиьлпгьц, оп й вбипгьц пвсбипгбужмэоьц лпнржужочйк, ублйц
лбл чжооптуоп
тньтмпгбя, пвъжлфмэуфсобя, фшжвоп
йохпснбчйпообя, лпннфойлбуйгобя, тпчйбмэоп
усфепгбя й лпнржужо
Ушжвойл рптуспжо рп ужнбуйшжтлпнф рсйочйрф й тпежсзйу егж шбтуй:
Г ржсгпк шбтуй рсжетубгмжоь ужлтуь й ибебойя, трптпвтугфяъйж сбигй
уйя яиьлпгьц обгьлпг й вбипгьц пвсбипгбужмэоьц лпнржужочйк. Ужл
туь оптяу рсбднбуйшжтлйк цбсблужс, пой ибйнтугпгбоь йи тпгсжнжооьц
фшжвойлпг, б ублзж обфшоьц й рфвмйчйтуйшжтлйц тубужк, прфвмйлпгбо
оьц г зфсобмбц й твпсойлбц. Сбиоппвсбиоьж ибебойя й фрсбзожойя об
рсбгмжоь об хпснйспгбойж яиьлпгьц обгьлпг й пвъжпвсбипгбужмэоьц
лпнржужочйк. Сяепн т лбзеьн ибебойжн сбинжъжо иобшпл, рплбиьгбя
ъйк, лблбя йнжооп лпнржужочйя хпснйсфжутя. Г тптубг лбзепк дмбгь
(яойуб) рпнйнп ужлтуб й фрсбзожойк глмяшжоь ибебойя емя иблсжрмж
ойя рпмфшжоопдп иобойя (
), б ублзж трйтпл гбзоьц ужснйопг,
фрпусжвмягщйцтя г нбужсйбмбц яойуб. Рпнйнп юупдп, г фшжвойлж рсже
тубгмжо нбужсйбм емя тбнптупяужмэопк сбвпуь (
), рпигпмяя
Гп гупспк шбтуй рсйгпеяутя ибебойя об сбигйуйж птопгоьц гйепг сжшж
гпк ежяужмэоптуй (шужойж, рйтэнп, бфейспгбойж й дпгпсжойж).
Prefase / 
Г лпочж фшжвойлб сбтрпмпзжо Тмпгбсэ (
), лпупськ глмяшбжу
209 ужснйопг й фтупкшйгьц гьсбзжойк, хпснйсфяъйц ужснйопмпдйшж
тлфя опнжолмбуфсф тржчйбмэоптуй «Элпопнйлб» тржчйбмйибчйй «Рсй
Ушжвойл сжлпнжоефжутя йтрпмэипгбуэ г лбшжтугж птопгопдп тсжетугб
пвфшжойя г бфейупсопк й гожбфейупсопк сбвпуж, б ублзж емя чжмжк тб
нпрпедпупглй. Емя птгпжойя нбужсйбмпг фшжвойлб ожпвцпейнп гмбежуэ
Short Forms and Labels
Word Classes
adj = adjective
phr v = phrasal verb
adv = adverb
v = verb
Grammar Codes
Verbs
I = intransitive verb
T = transitive verb
smb = somebody
smth = something
competence
5. Communicative
competence
competence
6. Social and vocational
competence
and cognitive
competence
development
competence
competence
PART I
MANAGING THE ECONOMY
After studying this unit you should be able to:
speak about the objectives of managing the economy;
distinguish between government’s fiscal and monetary policies;
use English corpora and on-line dictionaries for skills development.
How do the following quotations characterise Economics as a science? Do
you agree with the authors of these quotations?
If all economists were laid end to end, they would not reach a conclusion
Isn’t it interesting that the same people who laugh at science fiction listen to weath
An economist is an expert who will know tomorrow why the things he predicted
Laurence J. Pete
An economist is a surgeon with an excellent scalpel and a rough-edged lancet, who
: How much do you know about Russia and its economy?
1. Russian economy makes ___
of the World GDP.
2. Russia has the world’s ___ (
) highest marriage rate. There is a baby boom.
The Russians have a positive increase in population without immigration.
3. The Russian job market is so buoyant that Russia has the ___ (
) larg
est number of illegal immigrants in the world after the USA. This is a sign of a
strong economy.
4. Russia takes the ___
in the world in natural gas extraction and export.
Western Europe currently depends on Russia for nearly a third of its domestic
gas supplies; Germany depends on Russia for ___
of its natural gas and Bos
nia, Slovakia and Macedonia get ___
of their gas from Russia.
5. Russia takes the ___
in the world in reserves of drinking water and the
in reserves of fresh water.
6. The
is elected for ___
by citizens of the Russian Federation
on the basis of universal suffrage.
7. A citizen of the Russian Federation who is ___ (
) or older and who has
resided permanently in the Russian Federation for at least ___
may be
Text A
Managing the Economy: Objectives and Instruments
(1) The desire of most individuals is to live and work within an economic
framework which gives them the prospect of steady employment, relatively sta
ble prices and a rising standard of living. It is usually recognized that to achieve
such a situation the economy must trade and “pay its way” with other econo
mies. Politicians realize that to attract votes and gain political power they must
promise that these aspirations will be met, if only in the long run. Economic
objectives at the macroeconomic level are therefore set in terms of full em
Unit 1. Managing the Economy
ployment, price stability and rapid economic growth, together with long-term
equilibrium in the balance of payments.
Full employment is a state of
econom
in which all eligible people who
wan
to
wor
can find
at
prevailing wag
. However, it does
not imply 100% employment because
allowance
must be made for
(3) Frictional unemployment is temporary
arising out of the inevi
table time lags in the functioning of
labor market
, such as the time taken in mov
ing from one
to another. Full employment is attainable within any economy,
but may result in an inflationary period. The inflation would result from workers, as
a whole, having more disposable income, which would drive prices upward.
Many economists have estimated the amount of frictional unemployment,
with the number ranging from 2–7% of the labor force.
(4) The European Central Bank’s Governing Council has announced a quan
titative definition of price stability:
Price stability is defined as a year-on-year increase in the Harmonised Index of
The Governing Council has also clarified that, in the pursuit of price stability, it
aims to maintain inflation rates below, but close to 2% over the medium term.
The ECB’s definition of price stability makes clear that the focus of its mon
etary policy is on the euro area as a whole. This reflects its euro area-wide
mandate. Therefore, price stability is assessed on the basis of price develop
ments in the euro area economy.
(5) Economic growth is the increase in the amount of the goods and services
produced by an
econom
over time. It is conventionally measured as the
percent rate of increase in
gross domestic produc
, or
real GDP
. Growth
is usually calculated in real terms, i.e.
terms, in order to
obviate the distorting effect of
on the price of the goods produced.
economic
, “economic growth” or “economic growth theory” typically
(6) Balance of payments includes all payments between a country and its
trading partners and is made up of the balance of trade, private foreign loans
and their interest, loans and grants by governments or international organi
zations, and movements of gold (capital account). A chronically unfavorable
balance of payments, when debits exceed credits, may affect the stabi’lity of
the nation’s currency, particularly where exchange rates are no longer fixed.
Governments would have no macroeconomic problems if market forc
es in the economy automatically led to full employment equilibrium, with
stable prices, and a rapid economic growth. The bulk of the evidence seems
to indicate that market forces alone have failed to achieve these objectives.
Such market failure essentially constitutes the case for intervention by gov
ernments. If governments
to intervene in the economy, there still remains
the problem of selecting the appropriate instruments for achieving the tar
gets they set themselves.
(8) In general terms the policy instruments available to the government are fis
(9) In
economic
fiscal policy
is the use of government revenue collection (taxa
tion) and expenditure (spending) to influence the economy. The two main in
struments of fiscal policy are changes in the level and composition of taxation
and government spending in various sectors.
neutral fiscal policy is usually undertaken when an economy is in equilib
Government spendin
is fully funded by
revenu
and the budget out
come has a neutral effect on the level of
economic activit
expansionary fiscal policy involves government spending exceeding tax rev
contractionary fiscal policy occurs when government spending is lower than
tax revenue, and is usually undertaken to pay down government debt. [
Monetary policy
is the process by which the
monetary authorit
of a country
controls the
supply of mone
, often targeting a rate of
for the purpose
Unit 1. Managing the Economy
of promoting
economi
growth and stability.
The official goals usually include
relatively stable prices and low
Monetary theor
provides in
sight into how to craft optimal monetary policy. It is referred to as either being
or
, where an expansionary policy increases the to
tal supply of money in the economy more rapidly than usual, and contraction
ary policy expands the money supply more slowly than usual or even shrinks it.
Expansionary policy is traditionally used to try to combat
in a
by lowering
interest rate
in the hope that easy credit will entice busi
nesses into expanding. Contractionary policy is intended to slow
in
order to avoid the resulting distortions and deterioration of asset values. [
Vocabulary
asset value
market valu
company
of that company’s
Investor
often use the asset value of a company
when determining if the company’s shares are
overvalue
undervalue
disposable income
incom
have been
availabl
of smth, such as an object, image, sound or waveform
is usually unwanted, and so people strive to eliminate
Gross Domestic
market valu
in a country in a given
yea
investmen
governmen
valu
the value of
government
intervention
actions on the part of government that affect economic activity,
resource allocation, and esp. the voluntary decisions made
through normal market exchanges. Government, by its very
nature, is designed to intervene in voluntary market activity
Speculative investors have watched the deals closely for signs
employee
compan
Women form 43% of the
, and women’s incomes
the authority given to an elected group of people, such as
a government, to perform an action or govern a country
such as wars or natural disasters, or due to
available in an
econom
compared with growth of 13% a year earlier.
economi
as a decline in GDP for two or more consecutive
the amount of money you have left when you sell more than you
buy, or spend less than you own
Unit 1. Managing the Economy
I. Write a word according to its transcription. Mark the word stress.
11. ____________
II. Read the sentences paying attention to the way the words in
are pro
There were signs of
an increase
in consumer and business confidence accom
In the late 10th and early 11th centuries the volume and range of goods that
Between the beginning of the 11th century and 1800 Britain’s
of tea
increased from 400,000 lb per annum to 23,000,000 lb per annum.
The United Provinces of Northern India, for example, was able
to import
roughly
evere famine in 1907.
is being investigated by the Ethics Committee.
We are
a survey to find out what our customers think of their local
below the surface of society.
If the two sides
with each other again, it will be disastrous for party unity.
We will certainly
III. Scan through the Text A and find words according to their definitions.
(1) to a fairly large degree, esp. in comparison
(2) a strong desire to have or do smth /n/
(3) smth that you are trying to achieve /n/
possible to achieve
(8) following what is traditional or the way smth
(9) to remove a problem or the need
(10) not clear, strange /adj/
(11) a sum of money that smb owes /n/
(13) when you think about the true, important
(14) the money that a government receives from
taxes or that an organization, etc. receives from its
(17) to become or to make smth smaller
(19) the process of becoming worse /n/
IV. Use the words from Exercise III to fill in the gaps.
1. Moreover, while traditional bureaucratic control is associated with tight su
pervisory attention, human relation control adopts team working to achieve
Unit 1. Managing the Economy
2. Private shareholders in Concorde would have required a high expected re
3. A paradigm ___________ a particular conceptual framework through which
the world is viewed and in which it is described.
4. Duncan and Lukes therefore have a much broader view of the function of
theory than does Dahl, for whom the separation of fact and value appears an
obvious and readily ___________ objective.
5. In the UK, for example, economic expansions often had to be cut short
by restrictive domestic policies as an increased demand for imports led to a
____________ in the balance of payments.
6. Meanwhile, if oil prices remain low, America’s visible-trade deficit could
Bengal was a ____________ untapped state in India for the Europeans and
incidentally the most prosperous, and it became the first major economic and
later political base of the English East India Company.
8. What changes are needed to meet women’s __________ for employment?
In ____________ of this goal France also decided to minimize the mili-
In ____________ of this goal France also decided to minimize the mili
tary and to highlight the civilian and communications facets of its space pro
11. Despite its huge _____________ reductions in the years following 1979,
and a budget deficit second only to that of the US, Saudi Arabia’s major proj
12. We can also make some preliminary connections to some of the issues with
13. Some elderly people can find pleasure in joining with others in their age
group in ____________ kinds of purposeful activity or service to the com
munity.
14. The Fractal Geometry of Nature reminds us that mathematics can surprise
us with ____________ into the world in which we live.
15. By returning responsibility for quality and efficiency to individual workers,
Pilkingtons improved routine problem-solving communications between plant
management and the shopfloor without the __________ effect of technical
16. Once the spending plans are established, the necessary finance is sought,
17. The two largest creditor republics, Russia and Ukraine, would take 61.34%
and 16.37% of the ___________ respectively.
18. Overall, however, the ___________ of evidence on female crime suggests
that gender plays a relatively minor role in determining the response of the legal
19. Its price ____________ the fact that it is not in the category of software
V. Find a word(s) or a word combination from Text A which makes a phrase com
plete, some words are given. Translate the phrases from English into Russian.
(2) ……………… political power
(3) …………… at the macroeconomic
level
(8) governments are to ………………. in
economic growth
VI. Translate the sentences from Russian into English. Use the phrases from
Exercise V.
Постоянная занятость
— юуп ибояуптуэ йоейгйеб, лпупсбя дбсбоуйспгбоб
жнф г ужшжойж гтжк ждп зйиой. Эуп рпояуйж ож глмяшбжу сбипгьж, гсжнжо
2. Епмдпж гсжня нжзеф дптфебстугпн й пвъжтугпн тфъжтугпгбм лпо
усблу: пвъжтугп ож гнжщйгбжутя г рпмйуйлф, б дптфебстугп г тгпя пшж
3. Лсфроьк вйиожт тпцсбоймтя лбл пдспноьк юлпопнйшжтлйк й хйобо
4. Пшжгйеоп, шуп
макроэкономические цели
нпдфу вьуэ ептуйдофуь упмэлп
об рфуяц ебмэожкщжк йоуждсбчйй Спттйй г нйспгфя юлпопнйлф й рсп
Unit 1. Managing the Economy
йя нопдпгжлупсопк рпмйуйлй, обрсбгмжоопк об сбигйуйж гибй
нпгьдпеоьц тгяижк т тптжеянй рп ТОД, Егспржктлйн тпяипн й есфдйнй
5. Бобмйи рплбиьгбжу, шуп епнбщойж цпияктугб г Спттйй усбуяу иобшй
ужмэоп впмэщж тсжетуг, шжн йц
располагаемый доход
, сбттшйубооьк об
Преследуя цели стабилизации роста цен,
рсбгйужмэтугп рсйойнбжу сж
7. Элпопнйшжтлйк спту пчжойгбжутя г сжбмэопн гьсбзжойй
с целью
8. Г пужшжтугжоопк й ибсфвжзопк мйужсбуфсж облпрмжоп
большое коли
чество данных
, рпеугжсзебяъйц юххжлуйгоптуэ рпмйуйлй сбтщйсжойя
9. Дмбгопк рсйшйопк, тежсзйгбяъжк сбигйуйж нбмпдп вйиожтб, ягмяжутя
упу хблу, шуп
10. Ужпсйя ежожд
обеспечивает понимание
упдп, лбл сбвпубжу юххжлуйг
VII. Look at the chart below which clarifies the difference among the three com
monly misused words:
objective
Target
Objective
Target is usually officially
recorded in some way, for
People often set their
own objectives: these are
to achieve, often as part
Use the correct word
objective
to complete the sentence
1. The university will reach its __________ of 5,000 students next September.
2. The main _________ of this meeting is to give more information on our
3. There is no __________ date for completion of the new project.
5. Do you think I’ll be able to achieve my ___________ of losing five kilos
6. Our ____________ is for the country to be fully independent within two
years.
7. One of your first business ____________ should be to get your own office.
8. Our ultimate ____________ must be the preservation of the environment.
9. The government may fail to meet its __________ of recycling 25% of do
mestic waste.
Read the sentences below and decide which meaning (A, B or C) of
underlined word
to show, express, or be
to think carefully,
conventional
phone lines are fairly slow.
3. The report provides a
framework
its weight and give it
4. The figures they have used are just not
Unit 1. Managing the Economy
5. The election victory gave the party a clear
to continue its pro
for which a government
is given power
an official order given
in French history.
high level of
7. Newspapers are often guilty of
from the way it would
perspective
way of considering
9. We had estimated about 300 visitors, but the
number was much higher.
10. A market economy in China promises to mean that over the next
a period of 10 days
a period of 10 years
IX. Look up the two commonly misused verbs adapt and adopt in the on-line Oxford
Advanced Learner’s Dictionary tionary>. Search for the meanings of these verbs and fill in the chart given below.
many of the practices of the older,
She was
candidate for Wood Green.
X. Fill in the gaps with the correct verb
1. We had to _________ our plans to fit Jack’s timetable.
2. Roz has _________ one or two funny mannerisms since she’s been away.
3. The play had been _________ for children.
5. They have no children of their own, but they’re hoping to ________.
7. The new tax would force companies to _______ energy-saving measures.
8. Davies is busy _________ Brinkworth’s latest novel for television.
9. He’s _________ a remarkably light-hearted attitude towards the situation.
XI. Follow the link <
http://www.youtube.com/watch?v=IyRW3jEX9iI&nored
irect=
and watch the video on
Why Price Stability Is Important for You
. Then
answer the following questions.
3. What circumstances push prices up and make money lose its value?
Unit 1. Managing the Economy
9. How can deflation damage the economy?
10. What is the primary objective of the European Central Bank and the Eu
Text B
Price Trends in American History
(1) Econom
ic historians and economists have charted the course of prices in
the United States from the earliest settlements of the 17th century to the present
day. Fragmentary information suggests that prices were falling throughout the
century as the demand for money (shillings) grew faster than the irregu
lar supply. Variations in relative prices across colonies were common. As trade
expanded and as the money supply became more regular, prices began to rise
and price fluctuations to moderate. The development of
commod
ity markets in the major port cities
— Boston, New York, Philadelphia, and
— led to the regular publication of price information in broadsheets
or in
tabular for
in local newspapers known as “Prices Current,” and these
have facilitated the construction of historical price indexes beginning in the early
18th
century.
The revolutionary war witnessed one of the first occurrences of wartime in
flation in American history. Prices fell after the mid-1780s but soon rose again
sharply beginning in the mid-1790s through the War of 1812. Prices fell sharply
from their wartime peak in 1814, and continued to fall until reversing course in
the early 1830s. The fall in prices that occurred after the panic of 1837 cement
ed in place a cyclical pattern in prices that, while hardly new to the economy,
would be repeated several times up to and including the Great Depression of
the 1930s
— prices generally rose smartly during booms, but then fell, some
times quite abruptly, during a
(3) Following the recession of the early 1840s, the last two decades of the pre-
Civil War period were generally a period of rising prices. Beginning in 1843,
prices rose more or less continuously until once again declining in the wake of
the panic of 1857, but stabilized shortly thereafter. Despite the increases of the
preceding 20
years, on the eve of the Civil War the overall level of prices was still
well below that experienced in the late 18th and early 19th centuries.
(4) The war years (1861–1865) witnessed substantial — uncontrollable, in the
South — increases in prices due to the issuance of paper money by both the Union
and Confederate governments. Prices rose sharply, and more importantly, relative
to wages, created an “inflation tax” that helped both sides pay for the war effort.
(5) Prices fell after the Civil War, and except for a minor
in the early 1880s,
continued on a downward trend until the late 1890s, when an expansion in the
worldwide supply of gold produced an increase in the money supply and a rising
price level that stabilized just before the outbreak of World War I (1914–1918). As
during the Civil War, prices rose rapidly during World War I, as the sale of war bonds
(6) Prices fell sharply after the end of World War I and remained stable for the
remainder of the 1920s. Stock prices were an important exception. Fueled by
the postwar boom, these prices rose to unprecedented heights, before crashing
down in October 1929. The depression that followed was by the far the worst
in American history. Just as it had in previous downturns, the price level fell
sharply between 1929 and 1933. Money wages also fell, but not as much as
prices. Real output per capita decreased, and unemployment soared to nearly
a quarter of the labor force in 1933. Prices began to recover after bottoming out
in 1932, but fell again when the economy again went into decline late in the
decade. In 1940, on the eve of U.S. entry into World War II, the price level was
lower than it had been in 1930, and lower still than in the 1920s.
(7) With the entry into the war, the
economic recovery accelerated,
and unemployment, which had stood at nearly 15% in 1940, declined sharply.
The war effort put severe upward pressure on prices that, officially at least, was
checked through the
of wage and price controls in 1942. Unoffi
cially, price rises exceed those recorded by the government: black market activ
ity was
, and black market prices do not figure into the official price
indexes of the period. After controls were lifted in 1946, the price level rose
rapidly, reaching a level in 1950 slightly more than double the level in 1940.
(8) Since 1950, the American economy has experienced a steady and substan
tial rise in price level, although the rate of increase — the inflation rate — var
ied across decades. Consumer prices rose by 23% in the 1950s and by another
31% in the 1960s. These increases were sufficient to prompt the Republican
administration of President Richard Nixon to impose wage and price controls
from 1971 to 1974. In the end, however, the controls did little to stem rising
prices, particularly after an international oil embargo in 1973–1974 caused a
Unit 1. Managing the Economy
sharp spike in energy prices. By the end of the decade, the price level had risen
112% over the level
prevailin
in 1970. The price level continued
to rise in the 1980s and 1990s but at a much reduced pace. By the end of the
1990s, the cumulative effects of post-1950 increases in the price level were such
that one 1999 dollar purchased the equivalent of $0.19 in 1950 prices.
(9) Information on prices is routinely collected by government agencies and by
the private sector. At the federal level, much of the responsibility is entrusted to
the Bureau of Labor Statistics and the Bureau of Economic Analysis. Indexes
produced by these agencies are published regularly in government documents
such as Statistical Abstract of the United States and on-line at agency Web
sites. For historical price indexes, readers are directed to the various editions
Vocabulary
boom /n/
a quick increase of business/economic activity
to record information about a situation or set of events over
a period of time, in order to see how it changes or develops
to help a skill, idea etc. develop over a period of time
to make smth less extreme or violent, or to become less extreme
We agreed to
used to describe the average amount of smth in a particular place,
calculated according to the number of people who live there
a lot of it and it is very difficult to control
to increase quickly to a high level
arranged in rows across and down a page, in the form of a table
an improvement or increase in the level of smth
affecting almost everything or everyone, and often done without
I. Read Text B and draw the chart illustrating the major price changes in Ameri
can history.
Unit 1. Managing the Economy
Scan through Text B and find phrases which exemplify
positive
negative
and
neutral
III. Scan through Text B once again (paragraphs 1–4) and find words which can
help you do the crossword.
Across
5. Happening or coming before the
6. A place where people have come
live and
make their homes /n/
7. A period of sudden economic
computer or on a set of cards,
level
1. A newspaper that is printed on large
3. In a way that is sudden and very
4. A period of 10 years /n/
10. A period when the economy
12. Not having an even, smooth
IV. Some global trends which are shaping new socio-economic environment are
listed below. Which of them do you find the most influential? Why? Is Russia
ready to take advantage of these trends (
yes
)? Justify your choice.
Yes
A new ear of mobility has come to stay. Consumption occurs
everywhere and anytime. Moreover tools and resources to create
value are more broadly distributed. What to distribute more?
Work, renewable technologies, mass teaching platforms etc.
Industrial revolution: how work is reshaped by robots and
Smart machines and robots affect society. Robots are every-
— in stores, banks, public transport. Technology allows
people to do what professionals once did. The new generation of
smart machines will also create new types of jobs. The challenge
for society will be to create a workforce that is skilled for them.
Unit 1. Managing the Economy
Escalation of resource wars
As the world’s population moves towards 9 bn by 2050, resources
are overused. By 2030 people will demand twice as many resources
as the planet can supply. Scarcity is already driving resource price
volatility and cross-border investments.
The financial system is changing. Regulators want improvements,
companies want new means of financing and consumers need
alternatives. The “banks” of the future will include state-owned
entities, and firms that simply don’t use cash: think bartering and
community currencies.
Rapidly growing economies (the BRICS and Beyond) will be
there to control future economic boom, and social development
will take place. Multipolar market landscape occures based on dif
ferent economic, social and political systems. The scope for suf
ficient political shifts at home and among nations is rising.
V. Translate the words and phrases in
from Russian into English.
Егж пщйвлй нблспюлпопнйшжтлпк рпмйуйлй
Г ржсйпе
нйспцпияктугжоопк
дд., лпдеб й чжоь об ожхуэ, й
тйктлбя юлпопнйлб, й
доходы бюджета
сптмй, вьм
фрфъжо щбот фгжмйшйуэ дптсбтцпеь об флсжрмжойж
Лбл тмбвптуэ дптйотуйуфупг
— ожтрптпвоптуэ дптф
ебстугб рсжептубгмяуэ г офзопн пвыжнж
ные блага
, — убл й путфутугйж дптрпеежсзлй емя нп
ежсойибчйй юлпопнйлй вьмй лбл сби тбньн
г чжрпшлж сьопшоьц сжхпсн т 1992 д. Ожсби
вжсйцб 1990-ц дпепг вьмб гьигбоб г птопгопн йнжооп
несостоятельностью государства
: ожтрптпвоптуэя
рсбгйужмэтугб об гтжц фспгояц
пвъж
3 ____________
Тойзжойж йохмячйй ож епмзоп вьуэ дмбгопк ибебшжк
рпмйуйлй рсбгйужмэтугб. Рптмж бгдфтупгтлпдп лсйий
тб 1998 д.
бартер и неплатежи
гспеж вь фщмй г рсп
щмпж, оп рсй
жесткой монетарной политике
, рсй
рпрьулж епебгйуэ йохмячйя еп фспгоя нжожж 10%
г дпе, ожрмбужзй, тфея рп прьуф рспщмьц мжу, нпдфу
гопгэ рпягйуэтя. Тлбибуэ, шуп нь
точно понимаем
лпдеб юуй ожрсйяуоьж ягмжойя гпиойлбяу й лпдеб йт
шжибяу, пугбзбутя, гйейнп, ожнопдйж. Энрйсйшжтлпж
рсбгймп рплб шуп ублпгп:
попытки снизить инфля
еп фспгоя нжожж 10% г дпе нпдфу гопгэ рсйгжтуй
лавине неплатежей
. Б ебмжж
невозврат кре
й, гпинпзоп, вболспутугп вболпг. пужмптэ вь
гжсйуэ, шуп тждпеоя общб юлпопнйлб нпзжу пвпкуйтэ
вжи вбсужсб й ожрмбужзжк ебзж рсй ойилйц, пеопиобш
оьц, фспгояц йохмячйй. Рсй рпягмжойй
признаков неплатежей
й рпебгмжойя рспйигпетугб
смягчать монетарную политику
, убл лбл гсже
пу ожрмбужзжк й рбежойя рспйигпетугб впмэщж, шжн
умеренной инфляции
. Эуп
долгосрочный ори
Scan through Text B and find English equivalents for the following words and
phrases.
чжо г обшбмж 1880 д.
спту фтймймтя
Unit 1. Managing the Economy
дд.
VII. Use the words and phrases from Exercise VI to translate the sentences.
1. Г юлпопнйлж тусбо, рптубгмяяъйц об юлтрпсу сбиоппвсбиоьк бттпс
уйнжоу упгбспг, г лпупспн ожу епнйойсфяъждп лпнрпожоуб,
2. Т обшбмб 1985 д.
падение цен
об ожхуэ тубопгйутя пшжгйеоьн хблупн,
4. Г 1986 д.
цены снижаются
до беспрецедентно низкого уровня
— нжожж
Незначительное повышение цены
ожшфгтугйужмэоп емя рпусжвйужмя, дп
6. Г 2000–2003 дд.
уровень цен резко снизился
еп 13%, пеопгсжнжооп рсж
Уровень безработицы
юлпопнйшжтлй блуйгопдп обтжмжойя тусбоь
л обшбмф 2003 д. й тптубгйм 9%.
г обшбмж 1990-ц дпепг
экономический рост усилился
т
9. Г ржсйпе 2003–2007 дд. спттйктлбя
экономика испытывала стабильный
Резкий скачок цен на энергоносители
ож нпд ож пусбийуэтя об тупйнп
Read the two parallel texts in Russian and English. Translate the missing
words (phrases).
П шжн ойлпдеб ож сбттлбиьгбяу
птопгбужмй лпнрбойк
Some Things Founders
Don’t Talk about
тп тгпйнй шфгтугбнй г пейопшлф.
Тфъжтугфжу егб уйрб птопгбужмжк
иобяу, рпмфшйутя мй ф ойц
шуп-ойвфеэ, й уж, луп мфлбгяу.
Ой пейо йи обт ож иобжу, ептуйдожу
мй по фтржцпг г упн ежмж, лпупсьн
By definition, you don’t have a lot
of peers. This leaves most founders
with no one to talk to at work
and no one to confide in at home.
_________ invested
into a startup, it’s very difficult
emotions. Not an awesome feeling.
There are generally two types
— those who have no idea
if things are going to work out, and
those that are lying about it. We have
no idea whether or not what we’re
doing is going to work. That’s part
of being a
________ founder. But to
the outside world, you need to project
100% confidence in your approach.
Being a Founder Bankrupts You
coaster comes an absolute torrent of
_________. Founders are the last to
get paid, and by the time the company
ever makes it to a point where it can
start paying the founder, it’s typically
at a cost of that can almost never be
repaid. What does it mean to invest
everything into a company and have
no idea if it will ever come back?
Unit 1. Managing the Economy
Дмбгобя рспвмжнб иблмяшбжутя
рпмптж усжгпд. Эуп рптупяоопж
рпкуй й ждп лбрйубо. Уп зж тбнпж
сделки по развитию предприятия
Дпсбиеп усфеожж сбттлбиьгбуэ
6 _________ Haunts You
reminder that you may
lost money, wasted time, and ruined
your reputation. It haunts you
endlessly, and it rarely stops when you
have a breakthrough moment.
the founder. But when the ship is
founder.
It’s always easier to talk about popular
we don’t struggle with technical
problems, we struggle with emotional
opportunities to combine good
so be it. These conversations need
Answer the following questions.
1. What are the society’s economic objectives at macroeconomic level?
onomy?
4. How can economic growth be measured in terms of GDP? Are
5. What instruments help governments manage the economy?
7. Can price stability be achieved? Use America’s price trends (see Text B) to
illustrate your answer.
8. What happens to price trends during war periods and recessions?
9. What do prices do during economic recovery? Illustrate your answer with
statistics from Text B.
10. How would you characterise the general price trend in America’s historic
perspective?
I. Choose the correct letter (a, b or c).
1. Capital allowances are ___relevant since the company is a non-taxpaying
entity.
Unit 1. Managing the Economy
2. Suppose it is recognized that economies of scale may lead to monopoly or
other forms of imperfect competition that tend to ___allocate resources.
3. It is nearly always ___possible to raise the first quote.
4. Growth may ___courage competitors and may ___courage others from en
5. Until now firms have had to pay the tax on all their sales, even when custom
ers have left bills ___paid.
6. The content of informal discussions will be ___predictable and cover a wide
variety of material.
7. The future date specified is in an ___valid format.
8. Some may find it ___convenient to take the time off work to be screened.
9. Others have less choice, they work as the skilled, the semi-skilled and
10. In most contemporary societies the law is the only human institution claim
ing ___limited authority.
II. Fill in the gaps using words from the box below.






1. How quickly the services will be ___ offer depends ___ BT, Mercury and the
operators of mobile radio networks.
2. If the proposals which I put forward ___ behalf of the Conservative group
had been adopted,
15,000 not
1,500 would have been available ___ practical
environmental issues this year.
3. Suppose that a contract to sell ___ a given price for a specified period is, for
whatever reason, advantageous ___ both buyers and sellers.
4. One of the factors cited ___ government as important ___ determining the
structure of benefits is “the effect on family stability.”
5. ___ response to the news, Anglo United pulled out of the bidding for the com
pany, explaining that the operation was now too small to be ___ any interest.
6. Similarly, a fall ___ the real wage will induce a decrease ___ the supply ___
labour.
7. Lack of internal capital and entrepreneurial experience mean that rural peo
ple are often not able to take advantage ___ such opportunities.
8. A service company makes its profits ___ hiring people ___ one price and
III. Read the text about Russia’s economy and translate
the underlined phrases
from Russian into English.
Дпсж пу тьсэя
В российской экономике деградируют отрасли, не связанные с нефтью и газом
рсбгйужмэтугп фугжсеймп епмдптспшоьк рспдопи тпчйбмэоп-
юлпопнйшжтлпдп сбигйуйя тусбоь
еп 2030 д. Дмбгоьк рсйочйр, мжзбъйк
г птопгж рспдопиб, ожйинжожо гпу фзж нопдп мжу рпесяе.
Тпцсбояутя гь
тплйж чжоь об ожхуэ
— гтж т общжк юлпопнйлпк вфежу цпспщп. Урбежу
Рсйойнбмтя юупу рспдопи рсбгйужмэтугпн об хпож рсйгьшоьц сбидпгп
ожпвцпейнптуй гьвпсб йоопгбчйпоопдп рфуй сбигйуйя
емя общжк
г рспуйгпгжт тьсэжгпк нпежмй
Оп рсйнжсоп г уж зж еой
юлтржсуь Чжоусб сбигйуйя Гьтщжк щлпмь юлпопнйлй
, г лпупспн рпетшйубмй,
лбл нжоямтя глмбе ужц ймй йоьц
иб нйофгщйж 10 мжу.
Unit 1. Managing the Economy
Об хпож нопдпмжуойц сбидпгпспг
п ожпвцпейнптуй ейгжстйхйлбчйй
спттйктлпк юлпопнйлй
й рмбопг
йивбгмжойя жж пу ожхуждбипгпк ибгйт
еждсбейсфяу чжмьж пусбтмй, ож тгяибооьж т
епвьшжк тьсэя
: глмбе епвьшй рпмжиоьц йтлпрбжньц г ГГР
т 2002 рп 2012 д.
гьспт рпшуй г 2 сбиб
— т 5,9 еп 9,3%. Б
епмя пвсбвбуьгбя
ъйц рспйигпетуг
иб юуп гсжня
тплсбуймбтэ т 15,2 еп 13,0%
Рсйнжсоп об
тупмэлп зж тойиймтя глмбе усботрпсуб й тгяий, б ублзж тжмэтлпдп цпияк
Г нйофтж
рсблуйшжтлй гтж тхжсь, пуоптяъйжтя л
сжбмэопнф тжлупсф
. Ибуп, рпнйнп фдмжгпепспепг, г зйсопн рмятж
тжлупс дпт
(т фшжупн
пвжтржшжойя гпжоопк вжипрбтоптуй й
Элпопнйтуь Чжоусб сбигйуйя рплбибмй, шуп ебзж г тсбгожойй т
уьнй тьсэжгьнй тусбобнй
— Бгтусбмйжк, Лбобепк, Ойежсмбоебнй

дйржсуспхйспгбооп сбигйуь
епвьшб рпмжиоьц йтлпрбжньц
ожхужржсжсбвпулб й прупгбя упсдпгмя
тймэоп ожепсбигйуь
гппцсбожойж, пвсбипгбойж й нопдйж гйеь фтмфд, г упн шйтмж хйоботпгьж.
Иттмжепгбужмй рсйщмй л гьгпеф
: рсжеьефъйж 10 мжу спттйктлбя
опнйлб сптмб рпшуй йтлмяшйужмэоп иб тшжу тьсэя
, б тусжнйужмэоьк
мйщойн сбиб
спту рпефщжгпдп ГГР
ож вьм ибсбвпубо,
по ягймтя
мйщэ тмжетугйжн рпгьщжойя чжо об ожхуэ й дби
. Тмжепгбужмэоп, г тмф
шбж йц рбежойя пужшжтугжообя юлпопнйлб нпзжу плбибуэтя
ебмжлп обибе
рптлпмэлф ойлблйнй йоьнй есбкгжсбнй сптуб поб иб рсп
И гтж рсжетубгмжойя п упн, шуп
спттйктлбя юлпопнйлб нпзжу т мждлп
туэя пу тьсэжгпк обрсбгмжооптуй вьтусп ржсжкуй л йоопгбчйпоопнф
— юуп йммяийя. Ежмп г упн, шуп г рптмжеойж дпеь нь блуйгоп
туспймй опгьж ожхуж- й дбипрспгпеь
, глмбеьгбя уфеб ежтяулй нйммй
бсепг епммбспг. Гтя юуф
тьсэжгфя йохсбтусфлуфсф
ожгпинпзоп рсптуп
убл гияуэ й всптйуэ, жж рсйежутя обдсфзбуэ
— б иобшйу,
гьлбшйгбуэ гтж
впмэщж рпмжиоьц йтлпрбжньц, фдмфвмяуэтя г усфеопептуфроьж сбкпоь
IV. Read the text and fill in the gaps with the words from the box. Remember to
change the form of the word.
economic
, a
demand shock
is a sudden event that increases or decreases
temporarily.
A positive demand shock increases demand and a negative demand shock
decreases demand.
of goods and services are
__________ in both
cases. When demand for a good or service increases, its price typically in
creases because of a shift in the
demand curv
to the right. When demand de
creases, its price typically decreases because of a shift in the demand curve
to the left. Demand shocks can
__________ from changes in things such
tax rate
money suppl
, and
government spendin
. For example, taxpayers
____________ the government less
after a tax cut, thereby freeing
up more money available for personal spending. When the taxpayers use the
In the midst of a poor economic situation in the
United Kingdo
in Novem
ber 2002, the
Bank of Englan
deputy governo
Mervyn Kin
, warned that the
domestic economy was sufficiently imbalanced that it
___________ the risk of
causing a “large negative demand shock” in the near future. At the
London School
of Economic
, he elaborated by saying, “Beneath the surface of overall stability in
the UK economy lies a remarkable imbalance between a buoyant consumer and
housing sector, on the one hand, and weak external demand’ on the other.”
During the
global financial crisis of 200
, a negative demand shock in the
United States economy was
_____________ by several factors that included
falling house prices, the
subprime mortgage crisi
, and lost household wealth,
which led to a drop in consumer spending. To counter this negative demand
shock, the
Federal Reserve Syste
lowered
interest rate
. Before the crisis
____________, the world’s economy experienced a positive global
. Immediately afterward, however, a positive global demand shock led to
global overheating and rising inflationary pressures. [6]
Important Terms of the Unit
balance of payment
disposable income
government intervention
Gross Domestic
Unit 1. Managing the Economy
unfavourable balance
of payment
The second part of this book
Skills development
contains a variety of activities
which may help you progress in reading, writing, listening and speaking.
Sources
1. Fiscal Policy [Electronic resource] // Wikipedia: [
]. URL
2. Monetary Policy [Electronic resource] // Ibid. URL
3. Price Trends in American History [Electronic resource] // Answers: [
http://en.wikipedia.org/wiki/Economic_history_of_the_United_State
(date of
Попов В.В.
жуьсж пщйвлй нблспюлпопнйшжтлпк рпмйуйлй (шбтуэ гупсбя)
[Эмжлуспооьк сжтфст] // Open Economy: [тбку]. 2011. 16 нбсуб.
Докучаев Д.
Дпсж пу тьсэя [Эмжлуспооьк сжтфст] // Опгбя дби.: [тбку]. 2013.
3 йяоя.
novayagazeta
economy
(ебуб пвсбъжойя:
Electronic resource
] //
Wikipedia
: [site].
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