the corporations of the nation.

the activities of the people.

the desires of consumers.

the image of a product.

the reputation of a seller.

the work of a day.

the economy of a country.

the problems of the economists.

the play of the government.

the works of Keynes.

the dollar of a consumer.

6. Give the comparative and superlative of the following:

Example: high -higher - the highest;

professional - more professional - the most professional.

efficient, rational, modern, total, large, rich, poor, little, good, traditional, important.

7. Translate the following into Russian:

1. There are, however, no «pure» market economies in the world today.

2. Economists note that there is no limit to the amount or kinds of things that people want.

3. There is, however, a limit to the resources.

4. In addition to buyers and sellers, there are several other essential elements in a market economy.

5. There are many buyers and sellers so that no individual or group can control prices.

6. There are two ways to earn income: from your work and from the use of your wealth.

8. Chose the right word to the words given in the first column:

9. Translate into Russian:

Economists have two ways of looking at economics and economy.

Macroeconomics is the study of the economy as a whole, microeconomics is the study of individual consumers and the business firm.

Each factor of production has a place in our economic system, and each has a particular function.

Price stability refers to times during which prices remain constant.

A budget is a financial plan that summarizes income and expenditures over a period of time.

Saving is one of the most important things that people do with their incomes.

Economic forces also affect decisions in the world of business.

The United States government also employs economists to study economic problems and to suggest ways to solve them.

Consumers are people who use goods and services to satisfy their wants.

Efficiency is a measure of how much we get for what we use.

Demand is a consumer's willingness and ability to buy a product or service at a particular time and place.

10. Translate English jokes.

A.: Our math professor talks to himself, does yours?

B.: Yes, but he doesn't realize it. He thinks we're listening.

I find television very educating. Every time somebody turns on the set, I go to the other room and read a book.

11. Read the text and retell the contents in Russian:

London

London (England), city in southeastern England, capital of Great Britain, at the head of the Thames estuary, west of its mouth on the North Sea. London is one of the world's most important financial and cultural centers and is noted for its museums, performing arts, exchange and commodity markets, and insurance and banking functions, as well as a host of specialized services. In popular and traditional usage, the term City of London, or the City, is applied only to a small area (2.59 sq km/1 sq mi) that was the original settlement (ancient Londinium) and is now part of the business and financial district of the metropolis. The City of London and 32 surrounding boroughs form the Greater London metropolitan area, which has an area of 1579 sq km (610 sq mi).

Government

The London Government Act (1963) authorized the creation of a two-tiered government consisting of 32 borough councils and the Greater London Council. The borough councils are locally elected and are responsible for local functions. Until its abolition in 1986, the Greater London Council administered broad functions for the metropolitan area as a whole, such as overall planning, the coordination of transportation systems, and the management of parks. The council comprised 100 councilors, locally elected, and 15 aldermen, elected by the councilors.

The historic Corporation of the City of London is equivalent in function to a borough council. Since the reign of King John in the 13th century, citizens of the City of London have had the right to elect their own mayor. The corporation government is composed of the Lord mayor, who is elected annually by members of the livery companies (guilds); 25 aldermen, who are elected for life; and 153 council members, who are elected annually from 25 wards.

(From an Encyclopedia)

Unit 2

1. Practise the fluent reading and correct intonation:

Good bye! `Bye bye! `So long! `See you soon! `See you later! `See you tomorrow! I `hope we'll `see some more of you! Good night! Good day! Re`member me to...

`May I intro`duce `Mr. N.? `How do you do? `Glad to meet you. `Pleased to meet you. Please, intro`duce me to your friend. `Let me intro`duce you to `Doctor M. `Meet `Mr F. `Meet my friend, `Doctor M.

`Many thanks. `Thanks a lot. `That's nice of you. `Not at all! `That's all right! `Don't mention it!

2. Listen to the speaker; read and memorize the following words and phrases:

a buyer - покупатель

a seller - продавец

private property - частная собственность

to own - владеть

means of production - средства производства

incentive - стимул

to earn profits - получать прибыль

cost - цена, стоимость

cost price - цена производства

selling price - продажная цена

to charge a price - назначать цену

polling booth - кабина для голосования

to undersell - продавать по сниженной цене

Text. The Market Economy

A Market, or free enterprise economy is one in which the decisions of many individual buyers and sellers interact to determine the answers to the questions of What, How and Who.

In addition to buyers and sellers, there are several other essential elements in a market economy. One of these is private property. By «private property» we mean the right of individuals and business firms to own the means of productions. Although markets exist in traditional and command economies, the major means of productions (firms, factories, farms, mines, etc.) are usually publicly owned. That is, they are owned by groups of people or by the government. In a market economy the means of production are owned by private individuals. Private ownership gives people the incentive to use their property to produce things that will sell and earn them a profit.

This desire to earn profit is a second ingredient in market economy. Often referred to as the profit motive, it provides the fuel that drives sellers to produce the things that buyers want, and at a price they are willing to pay.

The profit motive also gives sellers the incentive to produce at the lowest possible cost. Why? Because lower costs enable them to (1) increase their profit margins, the difference between cost and selling price, or (2) reduce prices to undersell during the competition, or (3) both.

Economists often compare markets to polling booths. However, unlike the booths in which people vote for politicians, markets provide a kind of economic polling booth for buyers to cast their votes (in the form of purchases) for the goods and services they want. Producers who interpret the votes correctly by producing the things that buyers demand can earn profits. Those who interpret the voting incorrectly, producing too much or too little, or charging a price that is too high or too low, do not earn profits. In fact, they often lose money.

Consumer votes can be a matter of life and death to business in a market economy.

II. Exercises on the Text:

3. Give Russian equivalents to:

the decisions of many individual buyers and sellers interact; essential elements; the right to own the means of production; to exist in traditional and command economies; publicly owned; the incentive to use their property; the desire to earn profits; often referred to; to drive sellers to produce the things; the lowest possible cost; to increase their profit margins; unlike the booth; to vote for politicians; to cast their votes; to interpret the voting incorrectly; too much or too little; to lose money; a matter of life and death to business.

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