Task III. Translate the following complex sentences into Russian. 1. The foreperson was too busy to see anyone

1. The foreperson was too busy to see anyone.

2. He was so weak as to unable to work.

3. The executives found the problem too difficult to solve.

4. It’s still too early to speak about the efficiency of this method.

5. If you wanted to buy or sell corporate securities, you would probably call upon the services of a local brokerage firm.

Task IV. Give English equivalents for the following Russian words and phrases:

корпоративные свойства; личное имущество; корпоративная ответственность, задолженность по федеральным налоговым платежам; финансовый год; бухгалтерские расходы; управленческие расходы; немедленная прибыль от доходов; серьезные причины; способность сохранить и инвестировать; доход, подлежащий налогообложению.

Task V. Translate into English.

- В бухгалтерском учете заинтересованы собственники, руководство предприятия, налоговая служба.

- Бухгалтерский учет обеспечивает информацию о платежах за определенный период.

Task VI. Translate into Russian:

Economic Theory and Models

Economic theories simplify reality to allow us to understand basic economic forces and how individuals cope with the problems of scarcity. We can observe actions and their consequences. Observation and description are not sufficient for understanding and ultimately predicting actions. Theory establishes relationships between cause and effect.

We use it to interpret actions and outcomes so we can explain the process by which the actions were undertaken and the outcomes achieved. The purpose of theory in all scientific analyses is to explain the causes of phenomena we observe. To conduct economic analyses we frequently need to engage in abstraction. This involves making assumptions about the economic environment and human motivation that simplify the real world enough to allow us to isolate forces of cause and effect. Any theory is a simplification of actual relationships.

ВАРИАНТ № 7

Task I. Read the text “Business cycles” to answer the following questions in writing:

1. What are business cycles?

2. How does the economy develop during peak times?

3. What happens to production during contraction period?

4. What are the consequences of contraction?

5. Why does unemployment rise during the recession?

Business cycles

Business cycles can be described as periods of boom, contraction, recession and expansion.

Boom. At the peak of the business cycle the economy is booming. Business is producing at or near capacity, and those looking for work can generally find jobs. During peak times, business investment and consumer spending are at very high levels. But because the economy is at or near full employment and the demand for goods and services is increasing, prices are also increasing.

Contraction. For any number of reasons, consumers and businesses begin to reduce their spending levels. Businesses may lay off workers, reduce their purchases of raw materials and reduce production because they have built up excess inventories. With the reduction in spending, other business firms begin to cut back their activities. Their production is reduced and more workers are laid off. Because of the layoffs, workers, who are also consumers, spend less. This leads to still more reductions in production and additional worker layoffs.

Recession. With factories operating at less than capacity and unemployment at very high levels, total output of goods and services enters a long - term decline. This is the bottom phase of the business cycle, the period of recession. Times are hard during recessions. Unemployment is very high, jobs are difficult to find and many businesses fail. A very severe and long - lasting recession is called “a depression”.

Expansion. After a period of recession, the economy eventually begins to recover, entering the expansion phase of the business cycle. Conditions are about to improve, business begins to expand its activities. Unemployment declines as additional workers are hired. This, in turn, leads to higher levels of consumer spending and still further expansion of employment, output and consumption.

Task II. Match left and right.