Flow chart Pie chart

Ex.18. Give the English equivalents to the following.

Приобретает все возрастающее значение; альтернативные издержки; при таких условиях; который должен быть принесен в жертву; постарается быть самодостаточным; тарифы; квоты на импорт; условия торговли; нетарифные барьеры; навязывать ограничения; защитить отечественную промышленность; таможенные пошлины; налог на единицу товара; в определенный период; установить более высокий стандарт качества на товары.

Ex.19. Translatethe following sentencesinto English.

1.Это следует рассматривать с точки зрения действия всей системы. 2.Одна из ее функций – эффективное размещение ресурсов. 3.Рыночная цена – результат взаимодействия спроса и предложения на товары и услуги. 4.Экономика не может существовать без системы распределения. 5.Все решения – это отражение всех компонентов культуры. 6.Когда мы говорим о государственном секторе, мы подразумеваем бюрократический аппарат. 7. Если происходит нарушение закона, они знают, что у них есть защита. 8.Чтобы успешно конкурировать, организация должна иметь доступ к современным технологиям. 9.Все организации зависят от предложения рабочей силы. 10.Руководитель должно четко реагировать на все изменения в деловой среде. 11.В конечном итоге, успех организации определяют потребители.

Ex. 20. Let’s review the core concepts of economics. Translate the following into Russian.

1. Economics is the study of how people, individually and collectively, allocate their limited resources to try to satisfy their unlimited wants.

2. Scarcity occurs because human wants exceed the production possible with our limited time and resources.

3. Agoodis any item or service that satisfies a human want and, in so doing, adds to human happiness.

4. Production entails using technology to apply energy to materials in ways that make the materials more valuable, or that otherwise help satisfy human wants.

5. Labourresources are the physical and mental talents that people can make available for production.

6. Opportunity costis the value of the best alternative surrendered when a choice is made.

7. Absolute pricesare prices in terms of some monetary unit.

8. Relative pricesare the prices of goods or resources in terms of each other, and are computed by dividing their absolute prices by one another.

9. Economic efficiencyis achieved when we produce the combination of outputs with the highest attainable total value, given our limited resources.

10. Inputsare resources used in the production process, such as labour and raw or semifinished materials.

11. Outputsare transformed materials; the results of production.

12. Demandis the quantity of a specific good that people are willing and able to

buy during a specific period, given the choices available.

13. Supplyrefers to the quantity of a specific good that sellers will provide under alternative conditions during a given period.

14. Market equilibriumoccurs at the price-quantity combination where the quantities demanded and supplied are equal.

15. Asurplusis the excess of the quantity supplied over quantity demanded when the price is above equilibrium.

16. Gross Domestic Product (GDP) is the total market value of goods and services produced within a country during some period, usually one year.

17. Gross National Product (GNP)is the value of all output produced by resources owned by the citizens of a country.

18. Economic growthis a positive quantitative change in an economic system; occurs when a society acquires greater productive capacity that can be used for consumption or investment.

19. Capitalis all physical improvements made to natural resources that facilitate production, including buildings and all machinery and equipment.

20. Wealthis the value of the assets owned by an individual or a group of individuals.

SPEAK AND WRITE

1.Why is it important to view organizations open systems interacting with their environment?

2. Do you know any closed systems? Give some examples.

3. Give your own examples of the environmental influence on a business / on an individual.

4. Prepare a short report on the biography of a famous economist.

5.What would happen to standards of living in your country if all foreign trade were prohibited? How significant do you think this would be? In what areas would this impact be the strongest?

6.Does everything have a price? Are there some things you would not do regardless of price? (Remember: prices and money are not synonyms; prices may be nonmonetary.)

7. Summarize the information of the Unit to be ready to speak on Economics. The first step to be done is to write the plan of your future report.

8. Choose any question (problem, topic) relating to Economics and prepare a 5-7 minute report. Refer to different additional sources to make your report instructive, interesting and informative.