Great britain: foreign trade

No other country in the world is more dependent onforeign commerce than Great Britain. Nearly all the raw materials used in her factories must be imported from abroad. The home market cannot consume more than half of the commodities produced. New markets abroad must be found and maintained. Competition with the other world powers for these markets is much greater now than it was during the nineteenth century.

The balance of trade is the relation between the value of a country’s imports and the value of its exports.

The value of goods imported to exceed the value of goods exported has been a characteristic of the British balance of trade upward of a hundred years. It means that the trade balance is unfavorable. But it is important to note that the balance of trade takes into account only the import and export of goods. In addition to supplying one another with goods countries perform services for one another, and this also has to be paid for. Payments for services form the so-called «invisible» items in a country’s balance of payments. Those for goods in the balance of trade are called «visible» items. In most years Great Britain’s income from invisible items has been more than sufficient to cover the deficit in its balance of trade.

What, then, are these services which give rise to invisible items in the balance of payments? First, it is shipping. Not only are most of Great Britain’s imports and exports carried in British ships, but a good deal of trade in which Britain has no direct interest – for example, between South America and southern Europe – is undertaken by British shipping companies. At one time most of the goods entering into trade were carried in British ships. Two World Wars have, however, greatly reduced this country’s share in the carrying trade of the world, but Great Britain still derives a considerable income from its source.

Answer the questions:

1) Why does Great Britain depend on foreign trade?

2) What is the balance of trade?

3) What is the characteristic of the British balance of trade?

4) What does the balance of trade take into account?

5) What do countries perform each other in addition to supplying?

6) What are the so-called “invisible” and “visible” items of a country balance?

Задание 2. Перепишите следующие предложения, определяя в них видовременные формы глаголов, и укажите их инфинитив. Предложения переведите на русский язык.

1. He came home at 8 o’clock yesterday.

2. They have decided to spend their summer holidays in the south.

3. They were at the conference last week.

4. I shall see him tomorrow.

5. The student is answering the teacher’s questions.

Задание 3. Перепишите следующие предложения, содержащие разные формы сравнения. Предложения переведите на русский язык.

1. It is one of the most important subjects at any university.

2. The more I studied mathematics, the more I liked it.

3. The better economy works, the better off are the people.

Задание 4. Перепишите и письменно переведите на русский язык предложения, обращая внимание на перевод неопределенных и отрицательных местоимений.

1. Any of us can carry this experiment.

2. There are some definitions of economics.

3. People on low incomes sometimes take out loans, borrow money from banks.

Задание 5. Перепишите слова, определите по суффиксу часть речи:

а) существительное;

б) прилагательное;

в) наречие

и переведите слова на русский язык.

1.employment; 2. undoubtedly; 3. fiscal; 4. investment; 5. growth; 6. primary; 7. sector; 8. transportation; 9.slightly; 10. substantial.

ВАРИАНТ 4

Задание 1.Прочитайте текст и переведите его письменно. Ответьте на вопросы после текста письменно. Выучите слова (Active vocabulary).

Active vocabulary:

competitive market– рынок конкурирующих продавцов	enterprise– предприятие exchange– n обмен, v обменивать
consume– потреблять	goods and services– товары и услуги
consumer– потребитель	govern– править
consumption– потребление	increase – увеличение; увеличивать
deal with– заниматься чем-л.	macroeconomics–макроэкономика
distribute – распределять	microeconomics – микроэкономика
distribution– распределение	price – цена
economic– экономический	produce – производить
economics– экономика (наука)	select – отбирать
economist– экономист	total income– общий доход
economy– экономика (способ ведения хозяйства)	supply and demand – предложение и спрос
employ– нанимать на работу employment– занятость	wage rates – ставки заработной платы social – социальный, общественный

ECONOMICS

There are different definitions of «economics» in the world today. The most popular concepts define economics as a social science which deals with production, distribution, exchange, and consumption of different goods and services. Economists study how individuals, groups, enterprises, and governments try to achieve efficiently any economic objective they select. Other sciences can help to understand economics better. Psychology and ethics try to explain the formation of objectives. History records changes in human objectives. Sociology interprets human behavior in social contexts.

Economics operates on two levels: the macrolevel and the microlevel. Microeconomics is the study of individual consumers and business companies. It examines how the interplay of supply and demand in a competitive market creates individual prices, wage rates, etc.

Macroeconomics is the study of the economy as a whole. It examines such questions as the fast development of the economy, the volume of an overall output, and total income, the increase of employment. Macroeconomics dates from the book, The General Theory of Employment, Interest, and Money (1935), by the British economist John Maynard Keynes.

In practice many economic decisions can not be made solely by an objective appraisal of the facts but depend to some extend on personal views in interpreting facts.

The economist tries to be as objective as possible establishing principles which show how the economy works and can be used to predict the likely results of policies.

Answer the questions:

1) What is economics?

2) How do the most popular concepts define economics?

3) What do psychology and ethics try to explain?

4) What does sociology interpret in social contexts?

5) How many levels are there in economics?

6) What does microeconomics examine?

7) What is the main task of the first level?

8) What problems does the second level study?

9) Who is the author of the book «The General Theory of Employment, Interest, and Money»?

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

2. My aunt bought a ticket yesterday.

3. The firm has very little money to pay this debt.

4. I was talking on the phone when she came in.

5. The student will take this exam next term.

1. Many people regard financial security as the most important thing in family finances.

2. The more competitors the company has, the greater the chance that customers will turn elsewhere if the firm raises its prices.

3. The City is one of the largest financial centers in the world.

1. He didn’t see any use in taking a loan.

2. Some species of fish that had gradually disappeared from the Thames since 1800 have returned.

3. Any student can get a part-time job, especially in summer.

Задание 5. Перепишите слова, определите по суффиксу часть речи:

а) существительное;

б) прилагательное;

в) наречие

и переведите слова на русский язык.

1.national; 2. prosperity; 3. fiscal; 4. vocational; 5. counsellors; 6. features; 7. particularly; 8. taxation; 9.shareholders; 10. necessary.

ВАРИАНТ 5

Active vocabulary:

grow corn – выращивать зерно	evolve– v развиваться
thus– adv таким образом relaxv – отдыхать	pin industry–отрасль промышленности, производившая булавки
obtainv – получать	labourn – труд, работа, усилие
goods– товары	division– разделение (труда)
subsistence economy –экономика существования	demand– спрос increase– увеличивать; увеличение
services– услуги	contain– содержать

ECONOMIC SYSTEMS

In primitive economies, the individual uses the resources directly to provide what he wants. Thus Robinson Crusoe had to decide (должен был решить) how much time to spend hunting, fishing, growing corn and relaxing in the sun.

Today, however, man specializes in production, obtaining the variety of goods he wants by exchange.

Man’s first exchanges were quite simple, there was a direct exchange of one good for another, thus a market was established.

The subsistence economy had now evolved into the market economy that answers to the questions:

What goods and services must firms produce?

How much of each good and service must be produced?

How must the goods and services be produced? etc.

In his book «The Wealth of Nations» published in 1776, Adam Smith described the principal elements of the economic system. In one of the chapters of the book, Smith turned to the pin industry to demonstrate how the division of labour and demand, and the use of machinery increased output. Smith’s «The Wealth of Nations» contains some of the best descriptions of the principles upon which the economic system of most countries is based.

In contrast to the market economy there is the «command» or «centrally directed (planned) economy» where the state decides what to produce, directs the factors of production accordingly and distributes what is produced.

Answer the questions:

1) How did the individual in primitive economies use the resources?

2) What can you say about man’s first exchanges?

3) What are the other types of economy called?

4) What principal questions are associated with the market economy?

5) What did Adam Smith tried to demonstrate in his book «The Wealth of Nations»?

1. Last week the prices grew considerably.

2. Economic forces affect decisions in the world of business.

3. The economist tries to be as objective as possible.

4. The weather conditions affected the crop.

5. A fall in the price of a good or service will increase consumer’s consumption of it, while a rise in its price will have the opposite effect.

1. Britain now has one of the least regulated labour markets among the major industrialized nations.

2. «Teleworking» – working from home using information technology – is also becoming more widespread, for example, in journalism, consultancy and computer programming.

3. The most striking building in the City today is St. Paul’s Cathedral.

1) Some companies decided to raise the prices.

2) She could work at any company.

3) He will be able to take a decision only after the meeting.

Задание 5. Перепишите слова, определите по суффиксу часть речи:

а) существительное;

б) прилагательное;

в) наречие

и переведите слова на русский язык.

1.accounting; 2. scientific; 3. information; 4. respective; 5. decision; 6. environment; 7. closely; 8. reduction; 9.primarily; 10. opportunity.