Money paid by a government to reduce the costs of producing goods so that their

Some cheats for your English tests

1) We DEALwith complaints (отвечать на жалобы).

2) Demand is the desire of customers for goods or services which they want to buy or use (спрос)

3) If you can’t pay the whole sum of money for the product immediately you can use a deferred payment. (отложенный платеж)

4) Money paid by a government to reduce the costs of producing goods so that their prices can be kept low is a subsidy.

5) All forms of capital ______ in the long run.

— wear out (изнашиваться)

6) On looking through the report I see that your ______ are way over your budget.

advertisements (рекламные объявления)

«Просмотрев отчет, я вижу, что ваши затраты намного превышают ваш бюджет».

7) We have to _______ on water during the dry season.
economize экономить;

waste тратить впустую

afford позволить себе

8) The difference between the buying and selling price of goods is a profit margin.

9) Because of continual price increases, the value of the pound has fallen in recent years.

курс валюты – value…

CONCERNING COUNTRY STUDIES:

The first woman to hold the office of prime minister of Great Britain was Margaret Thatcher.

Canada’s official national sport in summer is lacrosse.

There are two main political parties in the USA.

The largest city in Britain which will host the Summer Olympics in 2012 is London.

The part of the UK which is officially bilingual is Wales.

The most recent state to join the USA was Hawaii.

The tallest and longest living tree in Canada is Douglas Fir.

An American film producer, director and animator who made the first full-length animated musical cartoon is Walt Disney.

Stonehenge is a prehistoric monument which is located in Britain.

The Beaver State is a nick name for Oregon.

Canada gained its independence from Britain in 1931.

As the Americans are made up from nearly all races and nations the USA is often called the melting pot.

Canadians measure things in meters.

A famous American writer of wit short stories with clever twist endings is O.Henry

The maple leaf, a Canadian symbol, appears on the penny.

The Irish Sea separates Great Britain from Ireland.

The part of the UK which had been an independent state and was joined to Britain in 1707, after a long struggle for its independence is Scotland.

Canada is one of the world’s leading wheat producers and exporters.

One of the most popular, very slow and long English summer games played on a green field by two teams of eleven players each is called cricket.

Lady of the Snows is another name for Vancouver.

An English musician one of the founding members of The Beatles is John Lennon.

The two major parties in the US are the Republicans and the Democrats.

One of Canada’s prominent national symbols is the beaver.

A famous American humorist and author of popular and outstanding autobiographical works, travel books and novels, whose real name is Samuel Langhorne Clemens, is Mark Twain.

The capital of Northern Ireland is Belfast.

The present Prime Minister of the UK is David Cameron.

There are 13 provinces and territories in Canada.

The most prolific of all inventors in history, who patented 1,093 different inventions in the USA including the incandescent electric lamp, the motion-picture projector and the phonograph is Thomas Edison.

In the USA the executive branch is headed by the President.

A stage through which a bill has to go before it becomes an Act of the British Parliament is called reading.

Немного обманов для ваших английских тестов

1) Мы ИМЕЕМ ДЕЛО с жалобами (отвечать на жалобы).

3) Если Вы не можете заплатить целую денежную сумму за продукт немедленно, Вы можете использовать отсроченный платеж. (отложенный платеж)

5) Все формы столицы ______ в конечном счете.

рекламные объявления (рекламные объявления)

«Просмотрев отчет, я вижу, что ваши затраты намного превышают ваш бюджет».

7) Мы имеем к _______ на воде в течение сухого сезона.

тратьте впустую тратить впустую

предоставьте позволить себе

9) Из-за непрерывных повышений цен, стоимость фунта упала в последние годы.

курс валюты – ценность …

КАСАЮЩИЕСЯ ЗАНЯТИЯ СТРАНЫ:

Первой женщиной, которая займет пост премьер-министра Великобритании была Маргарет Тэтчер.

В США есть две главных политических стороны.

Новым государством, чтобы присоединиться к США были Гавайи.

Канада получила ее независимость от Великобритании в 1931.

Поскольку американцы составлены от почти всех гонок и наций, США часто называют смешением.

Канадцы измеряют вещи в метрах.

Лист клена, канадский символ, появляется на пенни.

Ирландское море отделяет Великобританию от Ирландии.

Одна из самых популярных, очень медленных и длинных английских летних игр, игравших на зеленом поле двумя командами одиннадцати игроков каждого называют крикетом.

Есть 13 областей и территории в Канаде.

В США исполнительная власть возглавлена президентом.

Стадию, через которую должен пойти счет прежде, чем это становится законом британского Парламента, называют, читая.

GLOSSARY

accountantnoun [ countable ] a professional person whose job is to keep and check the financial records of an organization, or to advise clients on tax and other financial matters;

accumulateverb 1[ transitive ] to get, earn, or obtain something gradually over a period of time;

2[ intransitive ] to increase or develop gradually over a period of time;

accumulatedadjective [ only before a noun ];

advertisingnoun [ uncountable ] telling people publicly about a product or service in order to persuade them to buy it ;

agreementnoun [ countable ] 1an arrangement or promise to do something, made by two or more people or organizations ;

2 an official document that people sign to show that they have agreed to something;

aggregatenoun [ countable ] 1the total after a lot of different parts or figures have been added together;

2 one of the measurements used when calculating the amount of money in an economy at a particular time;

aggregateadjective [ only before a noun ] total and combined;

allocateverb [ transitive ] to decide officially that a particular amount of money, time etc should be used for a particular purpose;

allocationnoun [ countable, uncountable ] the amount or share of something allocated to a person or organization, or the act of deciding how much of something each person or organization should get;

resource allocation[ countable, uncountable ] the way that the resources of a company, country etc are used for different purposes, and how this is decided;

amountnoun [ countable, uncountable ] a quantity of something;

authoritynoun plural authorities1[ countable ] an official organization which controls a particular activity and checks that the rules and laws relating to it are being obeyed;

local authority[ countable ] a government organization in Britain that is responsible for providing public services such as schools, the collection of rubbish etc in a particular area;

2the authorities[ plural ] the organizations that are in charge of a particular country or area or a particular activity;

3[ uncountable ] the power that a person or organization has because of their official or legal position;

barterverb [ intransitive, transitive ] to exchange goods for other goods or to do work for someone in exchange for work they do for you, rather than using money;

barternoun [ uncountable ] a system of exchanging goods or work for other goods or work, rather than using money;

behaviourBrE , behaviorAmE noun [ uncountable ] also behavioursthe way that someone or something acts in different situations;

consumer behaviourBrE , consumer behaviorAmE [ uncountable ] the study of where and how people buy things, why they choose one thing and not another etc;

benefit 1noun[ countable ] a good effect or advantage that something has, for example a product or service;

2[ countable, uncountable ] BrE money provided by the government to people who are old and no longer work, or to people who are unemployed, ill, or on a low income etc ; =AmE welfare;

3[ countable ] money paid out on certain insurance policies, especially health insurance;

4[ countable ] something, especially money, that an employer gives to workers in addition to their normal pay, to encourage them to work harder or be satisfied where they work;

bondnoun [ countable ] 1an amount of money borrowed by a government or an organization. The government or organization produces a document promising that it will pay back the money that it has borrowed, usually with interest. The document, which can be bought and sold, is also called a bond;

government bonda bond issued by a government;

Treasury bondalso T-bonda bond issued by the US federal government;

breakdown noun 1[ countable ] a statement showing information or a total amount separated into parts so that it is easier to understand;

2[ countable, uncountable ] when something fails or stops working properly, especially because people cannot agree;

capitalnoun [ uncountable ] 1 money or property used to produce wealth;

human capitalpeople and their skills considered as a factor of production(=one of the things an economy or organization must have to create wealth);

2money from shareholders and lenders that can be invested by a business in assets in order to produce profit;

chequeBrE , checkAmE noun [ countable ] 1a printed form that you use to pay for something instead of using money. You write on it the amount in words and numbers, the date, the person being paid, and sign your name;

circulationnoun 1[ uncountable ] the exchange of money within an economy;

2[ uncountable ] if money is in circulation, it is being used by people in an economy. If money is out of circulation, it is not being used;

3[ countable, usually singular ] the average number of copies of a newspaper or magazine that are sold each day, week, or month;

collusionnoun [ uncountable ] when people or businesses share information or secretly make arrangements among themselves to get an unfair advantage;

combineverb [ intransitive, transitive ] join together;

commodity noun plural commodities[ countable ] a product that can be sold to make a profit, especially one in its basic form before it has been used or changed in an industrial process. Examples of commodities are farm products and metals.

company noun plural companies [ countable ] an organization that makes or sells goods or services in order to make profit;

constituent company a company that is one of a group of organizations that have been joined together;

competeverb [ intransitive ] when one company or country competes with another, it tries to get people to buy its goods or services rather than those available from another company or country;

competitionnoun [ uncountable ] 1a situation in which businesses are trying to be more successful than others by selling more goods and services and making more profit;

2the competitionall the businesses that compete with a particular business, seen as a group;

consume verb1[ intransitive, transitive ] to buy and use goods, services, energy, or natural materials;

2[ transitive ] to use money or time that could be used for something else;

consumer noun [ countable ] 1 a person who buys goods, products, and services for their own use, not for business use or to resell;

ultimate consumeralso end consumerthe person who buys and uses a product after it has passed through all the stages of production ; =end-user ; ultimate customer;

2 a person, organization, industry, or country that uses products, services, energy, or natural materials ;

consumptionnoun [ uncountable ] 1 the amount of goods, services, energy, or natural materials used in a particular period of time;

2 the act of buying and using products, services etc;

conspicuous consumptionwhen consumers buy expensive goods to impress people and show how rich they are;

3 the amount spent on goods by consumers in a particular period of time;

domestic consumptionalso home consumptionor internal consumptiongoods and services consumed in the country where they are produced;

costnoun 1[ countable, uncountable ] the amount of money that you have to pay in order to buy, do, or produce something;

opportunity cost [ uncountable ] the real cost of doing something, including the cost of things that you cannot do because of the choice you have made;

currencywritten abbreviation curnoun plural currencies[ countable, uncountable ] the system or type of money used in a particular country;

domestic currencyalso local currency[ countable, uncountable ] the currency of the home country of a particular user ;

floating currency[ countable, uncountable ] a currency whose value is allowed to change in relation to other currencies;

foreign currency[ countable, uncountable ] a currency or currencies not belonging to your own country;

hard currency[ countable, uncountable ] a currency that keeps its value or whose value increases in relation to other currencies, and is used for international payments;

soft currencyalso weak currency[ countable, uncountable ] a currency that regularly loses value in relation to others ;

curvenoun [ countable ] a diagram showing how a price or an amount changes in relation to another price, amount etc;

demand curvehow much of a product or service will be bought at different prices;

debtnoun 1[ countable ] money that one person, organization, country etc owes to another;

2[ uncountable ] the state of owing money;

3[ uncountable ] capital borrowed by a business or government organization on which it pays interest ;

long-term debt[ uncountable ] debt that is to be repaid a long time after the money is borrowed ;

national debt[ uncountable ] money borrowed and still owed by a country;

short-term debt[ uncountable ] debt that is to be repaid a short time after the money is borrowed, usually within one year;

declineverb [ intransitive ] if an industry or country declines, it becomes less profitable, productive, wealthy etc;

2if sales, profits, production etc decline, they become less;

declinenoun [ countable, uncountable ] 1when sales, profits, production etc become less;;

2when an industry or country becomes less profitable, productive, wealthy etc;

decreaseverb [ intransitive, transitive ] to go down to a lower level, or to make something do this ;

decreasingadjective [ only before a noun ];

decreasenoun [ countable, uncountable ] the process of reducing something, or the amount by which it reduces;

deflateverb [ intransitive, transitive ] 1if a government deflates the economy, it reduces the demand for goods and services by raising interest rates and taxes, limiting wage increases, reducing government spending, or a combination of these;

2if the price of something deflates, it goes down;

— compare reflate ;

deflationnoun [ uncountable ] when a government reduces demand for goods and services by raising interest rates and taxes, limiting wage increases, or reducing government spending, or a combination of these;

deflationaryadjective;

— compare disinflation, inflation;

demandnoun [ uncountable ] 1the amount of spending on goods and services by companies and people in a particular economy;

2the total amount of a type of goods or services that people or companies buy in a particular period of time;

3law of demandthe idea that the more something costs, the less demand for it there is;

aggregate demandthe total demand for goods and services in an economy;

consumer demanddemand for goods and services from people rather than businesses;

depositnoun 1[ countable ] an amount of money paid into a bank account or held in a bank account, especially when it is earning interest;

fixed deposit[ countable ] an amount of money held in a bank account and earning a particular rate of interest for a fixed period of time;

2deposits[ plural ] the total amount of money held in bank accounts etc within an economy;

bank deposits[ plural ] the total amount of money that customers have paid into a particular bank or into all banks in a particular area or economy;

3[ countable ] also deposit accounta bank account in which money can be held and will earn interest;

call deposit[ countable ] a type of bank account from which you can take out money immediately without paying a charge and without informing the bank in advance ;

demand deposit[ countable ] another name for a call deposit;

sight deposit[ countable ] another name for a call deposit;

term depositalso time deposit[ countable ] a bank account in which you must leave your money for a minimum period of time and from which you can only take out money after informing the bank in advance;

depositverb [ transitive ] to leave money or other valuable things at a bank;

determineverb [ transitive ] 1to find out the facts about something;

2to make an official decision about something;

3 to decide the exact meaning of the conditions of a contract, for example when there are disagreements about it;

determinationnoun [ uncountable ];

disinflationnoun [ uncountable ] when a government reduces the rate of inflation without also reducing the general level of economic activity or increasing unemployment. This may be done by raising interest rates, controlling the amount of credit available to people, and limiting the availability of goods which are in short supply. Disinflation is a gentle form of deflation;

disinflationaryadjective;

disposalnoun 1 [ uncountable ] when someone gets rid of something they no longer need or want;

2[ countable ] an asset that is sold, and the act of selling it;

disposeverb dispose ofsomething phrasal verb [ transitive ] 1to get rid of something that is no longer needed or wanted;

2 to sell an asset;

distributeverb [ transitive ] 1to make goods available to customers after they have been produced;

2to divide up a company’s profits for a particular period of time and give them to shareholders in the form of dividendsor new shares;

domesticadjective [ only before a noun ] 1relating to the home or the family ;

2relating to the country you live in, rather than abroad;

economic growthan increase in the value of goods and services produced in a country or area;

economicsnoun1[ uncountable ] the study of the way in which wealth is produced and used;

economizealso economiseBrE verb [ intransitive ] to reduce the amount of time, money, goods etc that you use;

economynoun plural economies1[ countable ] the system by which a country’s goods and services are produced and used, or a country considered in this way;

command economyalso controlled economy[ countable ] an economy in which the government of a country owns most of the industry and makes all economic decisions;

— compare market economy;

mixed economy[ countable ]an economy in which some industries are owned by the government and some are owned by private companies;

planned economy[ countable ] another name for command economy;

political economy1[ uncountable ] the study of the way countries organize the production and the use of wealth;

2[ countable, uncountable ] the way an economy is organized in a particular country;

employverb [ transitive ] to pay someone to work for you;

employmentnoun [ uncountable ] 1work that you do to earn money;

2the number of people in an area or a country who have jobs, the types of jobs they have etc;

full employmentwhen almost everyone in an area or country who wants a job has one;

enterprisenoun [ countable ] a company or business;

entrepreneurnoun [ countable ] someone who starts a company, arranges business deals, and takes risks in order to make a profit;

entrepreneurialadjective;

entrepreneurshipnoun [ uncountable ];

exchangenoun 1[ countable ] a market where goods, services, or shares are bought and sold, in return for money;

2[ uncountable ] also foreign exchangethe activity of buying and selling currencies ; =FOREX;

3 [ uncountable ] money in the currency of a foreign country, for example money obtained through exports;

exchangeverb [ transitive ] 1to give someone something and receive something in return;

2if a shop or company exchanges something you have bought, they take it back and give you a new one, for example because the thing you first bought has a fault;

3if you exchange money, you get money in one currency for money in another;

expenditurenoun [ countable, uncountable ] the total amount of money that a government, organization, or person spends during a particular period of time;

extract verb [ transitive ] to remove raw materials, such as gold or oil, from a place, for example the sea or the ground, so that they can be sold or used in an industrial or manufacturing process;

fiscaladjective [ only before a noun ] connected with government taxes, debts, and spending;

forcenoun 1[ countable ] a group of people who have been trained and organized for a particular purpose;

labour forceBrE , labor forceAmE [ countable ] all the people who work for a company or in a country;

2market forces[ plural ] the way that the behaviour of buyers and sellers affects the levels of supply and demandin a particular market, especially when the government does nothing to change this;

goodsnoun [ plural ] things that are produced in order to be used or sold;

capital goodsgoods such as machinery, equipment etc, used by businesses to produce other goods; =INDUSTRIAL GOODS;

consumer goodsgoods bought by people for their own use, rather than by businesses and organizations;

consumption goodsanother name for consumer goods;

finished goodsgoods that have been made completely and are ready to be sold;

luxury goodsexpensive goods bought for comfort and pleasure, not as a basic need;

gross domestic productabbreviation GDPnoun [ singular, uncountable ] the total value of goods and services produced in a country’s economy, not including income from abroad;

per capita gross domestic productthe gross domestic product of a country divided by the number of people living there;

gross national productabbreviation GNPnoun [ singular, uncountable ] the total value of goods and services produced in a country’s economy, including income from abroad;

per capita gross national productthe gross national product of a country divided by the number of people living there;

growthnoun [ uncountable ] an increase in size, amount, or degree;

increaseverb 1[ intransitive ] to become larger in amount, number, or degree;

2[ transitive ] to make something larger in amount, number, or degree;

increasingadjective [ only before a noun ];

increase2noun [ countable, uncountable ] a rise in amount, number, or degree;

inflateverb [ intransitive, transitive ] if the cost or level of something inflates or is inflated, it increases, often above what is reasonable or normal;

inflationnoun [ uncountable ] a continuing increase in the prices of goods and services, or the rate at which prices increase;

health care noun [ uncountable ] the activity of looking after people’s health, considered as an industry;

hireverb [ transitive ] 1to employ a person or an organization for a short time to do a particular job for you;

2to agree to give someone a permanent job;

household1 adjective connected with looking after a house and the people in it;

household2noun [ countable ] all the people who live together in one house;

incomenoun 1[ countable, uncountable ] money that you earn from your job or that you receive from investments;

national income[ countable, uncountable ] the value of all the goods and services sold in a country in a particular period of time, usually a year;

per-capita income[ countable, uncountable ] the income of a country, its GDPdivided by the number of people living there. This shows how rich or poor the people are on average;

inflationnoun [ uncountable ] a continuing increase in the prices of goods and services, or the rate at which prices increase;

input nounalso factor input[ countable usually plural, uncountable ] something or someone that is involved or used in a business;

insurancenoun 1[ countable, uncountable ] an arrangement in which a company collects premiums(= regular payments ) from a person or organization and in return agrees to pay them a sum of money if they are involved in an accident, have something stolen, or cause harm or injury to others;

intangible adjective used to describe something that has value but does not exist physically;

interest noun 1[ uncountable ] an amount paid by a borrower to a lender, for example to a bank by someone borrowing money for a loan or by a bank to a depositor(= someone keeping money in an account there );

interest rate noun [ countable ] the percentage rate used for calculating interest over a particular period of time, usually one year ;

industrynoun plural industries1[ uncountable ] the production of raw materials(=basic materials used in manufacturing) and of goods;

2[ uncountable ] the people and organizations that work in industry;

3 [ countable ] business that produce a particular type of thing or provide a particular service;

capital-intensive industry[ countable ] an industry which needs a lot of money for equipment, machinery etc;

labour-intensive industryBrE , labor-intensive industryAmE [ countable ]

an industry needing a lot of people to operate, usually manual workers;

investverb [ intransitive, transitive ] 1to buy shares, bonds, property etc in order to make a profit;

2to save money in a high interest bank account or to buy an insurance policy that pays bonuses;

3to spend money on things that will make a business more successful and profitable;

labornoun [ uncountable ] 1work involving a lot of physical or mental effort;

2all the people who work for a company or in a country;

machinerynoun [ uncountable ] equipment that uses power such as electricity or petrol;

heavy machineryvery large machines used in manufacturing, the building industry etc;

office machineryequipment such as telephones, computers etc that are used in offices;

marketingnoun [ uncountable ] activities to design and sell a product or service by considering buyers’ wants or needs, for example where and how they will buy it, how much they will be willing to pay etc;

moneynoun [ uncountable ] coins banknotesand bank deposits(=money held in banks) used to buy things and to show their value;

broad money 1cash and all the forms of money that cannot easily be turned into cash;

2 a measure of how much money is available;

narrow moneycash and the forms of money that can most easily be turned into cash;

money supplyalso money stocknoun [ singular ] 1the amount of money in an economy at a particular time, and the speed with which it is used;

2M0/​M1/​M2 etcdifferent measures of a country’s money supply depending on the types of money they include, such as cash, bank deposits(=money held by banks), commercial paper(=borrowing for short periods of time by organizations) etc;

monopolynoun plural monopolies[ countable, uncountable ] a situation where a business activity is controlled by only one company or by the government, and other companies do not compete with it;

nationalizealso nationaliseBrE verb [ transitive ] if a government nationalizes a company or industry, it brings it under state control;

nationalizedadjective;

occupationnoun [ countable ] a job or profession, used especially on official forms or for writing about the jobs people do;

outputnoun 1 [ countable, uncountable ] the amount of goods or services produced by a person, machine, factory, company etc; = outturn;

2 [ uncountable ] the total amount of goods and services produced in the economy or a part of the economy during a particular period of time;

ownverb [ transitive ] to have or possess something that is legally yours;

personnelnoun 1 [ plural ] the people who work for a company or organization;

2 [ uncountable ] the department in an organization that deals with employing, training, and helping employees ; = human resources;

powernoun 1[ uncountable ] the ability or right to control people, organizations, events etc ;

buying power1[ uncountable ] the ability of a person or organization to buy things, depending on the amount of money they have available; =PURCHASING POWER,SPENDING POWER;

2[ uncountable ] the amount that a unit of a particular currency buys at a particular time ; =PURCHASING POWER;

purchasing power1[ uncountable ] the ability of a person or organization to buy things, depending on the amount of money they have available ; =BUYING POWER, SPENDINGPOWER ;

2[ uncountable ] the amount that a unit of a particular currency buys at a particular time ; =BUYING POWER;

spending power[ uncountable ] another name for PURCHASING POWER;

pricenoun 1[ countable, uncountable ] the amount of money for which something is bought, sold, or offered;

consumer price[ countable ] the price paid by the public for goods and services, rather than by businesses;

fixed price1[ countable ] a price that is definite and that cannot be reduced or increased; =GUARANTEED PRICE;

2[ countable ] an official price for a product or service, set by a government. When the amount has been set, it is illegal to sell the item above this price ; =GUARANTEED PRICE;

market price1[ countable ] the price of something on a market at a particular time;

2[ countable ] used to talk about the real price or cost of something that a market decides, rather than one calculated or fixed, for example by a government;

3[ countable ] the price of something calculated in relation to what buyers are willing to pay at a particular time, rather than in some other way;

retail price[ countable ] the price of something in a shop, rather than to a WHOLESALER(= a seller that sells to shops etc rather than to the public) ; =street priceAmE;

selling price[ countable ] the price at which something can be bought, or at which it has been sold;

price takernoun [ countable ] a company or person that has little influence on the price of something, and has to follow what other companies and people do;

privatizealso privatiseBrE verb [ transitive ] if the government privatizes a company or activity that it owns or operates, it sells the company etc to a business or to members of the public, who become its new shareholders;

— compare nationalize;

privatizedalso privatisedBrE adjective;

productnoun 1[ countable ] something useful and intended to be sold that comes from nature or is made in a factory;

2[ countable ] a service;

3[ uncountable ] products in general;

commercial product1[ countable ] a product that can be sold, rather than one still being developed;

2[ countable ] another name for CONSUMER PRODUCT;

commodity product1[ countable ] a product such as a metal, farm product, oil etc;

2[ countable ] a product that is hard to differentiate(=make seem different) from other products of the same kind;

consumer product[ countable ] a product for use by people rather than businesses;

household product[ countable ] a cleaning product used in people’s homes etc;

productivitynoun [ uncountable ] the rate at which goods are produced, and the amount produced in relation to the work, time, and money needed to produce them;

profitnoun [ countable, uncountable ] money that you gain from selling something, or from doing business in a particular period of time, after taking away costs;

net profitthe profit from a deal, or from business activity for a particular period of time, after all costs and taxes are taken away; =NET;

profitabilitynoun [ uncountable ] the state of producing a profit, or the degree to which an activity, company etc is profitable;

propensitynoun plural propensities[ countable ] 1a tendency to behave in a particular way;

2marginal propensity to consumethe relationship between a change in people’s income and the change in the amount that they spend on goods;

provideverb [ transitive ] 1 to give someone what they need, or to make sure they get it;

2 to produce a useful result, opportunity etc;

purchasenoun 1[ uncountable ] the act of buying something;

2make a purchaseto buy something;

3[ countable ] something that has been bought;

quantifyverb past tense and past participle quantified[ transitive ] to measure something and express it as a number, especially something that is difficult to measure;

raw materialsnoun [ countable usually plural ] something you need to make or do something;

raw materiala substance that is used to make a product;

recycleverb [ intransitive, transitive ] to put used objects or materials through a special process, so that they can be used again;

recyclableadjective;

recycledadjective;

recyclingnoun [ uncountable ];

reflateverb [ intransitive, transitive ] if a government reflates the economy, it increases government spending, reduces interest rates etc in order to increase demand and encourage economic activity;

— compare deflate;

reflationnoun [ uncountable ];

reflationaryadjective;

requirementnoun 1[ countable ] something that an official organization says a company or person must have or do;

2[ countable ] something that someone needs or wants;

capital requirement 1[ countable ] the capital needed by a company to operate, grow etc;

2[ countable ] the capital that a government says that a financial institution must have in relation to the amount that it lends, so that it can operate safely;

reserve requirement[ countable ] AmE an amount of money the government says that banks must possess, or leave with the central bank, calculated in relation to the amount of the loans that they make;

reserveverb [ transitive ] 1 to arrange for a place on a plane, in a hotel, in a restaurant etc to be kept for a customer who will arrive later ; = bookBrE;

2to keep or restrict something so that it can be used only by a particular person or for a particular purpose;

reservenoun [ countable ] a minimum price that a seller will accept, usually in an auction; =reserve price;

—see also reserves;

reservesnoun [ plural ] 1a company’s profits from previous periods of time that have not been paid to shareholders;

2AmE amounts kept aside by a company in its accounts to be used if needed. The amount a company has in reserves has to be taken away when calculating profit for a particular period of time;

3also bank reservesmoney held by a bank and used to pay out money to customers when they ask for it. The amount that must be kept in this way is decided by government;

capital reservesmoney that a company, financial institution, or government has available for future spending;

resource1noun [ countable usually plural ] 1 something such as money, property, skill, labour etc that a company has available;

2something such as oil, land, or natural energy that exists in a country and can be used to increase its wealth;

resource2verb [ transitive ] to provide money or other resources that are needed to do particular work;

resourcingnoun [ uncountable ];

restrictionnoun [ countable ] an official rule that limits or controls what people can do or what is allowed to happen;

rivalnoun [ countable ] 1a person, group, or organization that you compete with; 2one of a number of products that people can choose between;

salarynoun plural salaries[ countable, uncountable ] money that you receive as payment from the organization you work for, usually paid to you every month;

scarceadjective if something is scarce, there is not enough of it available;

scarcitynoun [ singular, uncountable ];

sector noun [ countable ] all the organizations or companies in a particular area of activity, industry etc;

service sector also tertiary sector [ singular ] the companies, organizations, and activities in an economy that provide services such as banking, transport, tourism etc, rather than manufacturing goods;

sharenoun 1 [ countable ] one of the parts into which ownership of a company is divided;

societynoun plural societies1[ uncountable ] people in general, considered in relation to the structure of laws, organizations etc that make it possible for them to live together;

2[ countable, uncountable ] a particular large group of people who share laws, organizations, customs etc;

consumer society[ countable usually singular ] a society in which buying goods and services is considered to be one of the most important parts of people’s lives;

substitution noun [ countable, uncountable ] when you use or do something new or different instead of something else, or something new that is used or done like this;

supplynoun plural supplies 1 [ countable ] an amount of something that is available to be sold, bought, used etc;

supplyverb past tense and past participle supplied[ transitive ] 1to provide goods or services to customers, especially regularly and over a long period of time;

2 to give someone something they want or need;

tangibleadjective 1 tangible results, proof, benefits etc can clearly be seen to exist or to have happened;

2 able to be touched and felt;

taxnoun [ countable, uncountable ] an amount of money that you must pay to the government according to your income, property, goods etc, that is used to pay for public services;

income tax that rises in stages according to a taxpayer’s income;

value-added taxabbreviation VAT[ countable, uncountable ] a tax on some goods and services;

taxationnoun [ uncountable ] 1the act or system of charging taxes;

2money collected from taxes;

tertiaryadjective [ only before a noun ] tertiary industries or companies are involved in providing services, rather than the production of raw materials (=materials used in manufacturing) or manufacturing;

transactionnoun [ countable ] 1 a payment, or the process of making one;

2 a business deal;

unemploymentnoun [ uncountable ] 1 when you do not have a job;

2 the number of people in a country who do not have a job;

utility noun plural utilities1 [ countable usually plural ] a large company that provides services such as gas or electricity;

2 [ countable usually plural ] a service such as gas or electricity, provided for people to use;

vacationnoun [ countable ] 1 AmE a period of time when people are on holiday or not working;

2a period of time when universities and certain law courts or other organizations are closed;

velocitynoun [ uncountable ] the number of times a particular unit of money is spent over a period of time. A country’s GDPis the total amount of money available and its velocity;

wagenoun [ countable ] also wagesmoney that someone earns according to the number of hours, days, or weeks that they work, especially money that is paid each week;

warehousing noun [ countable ] a large building used for storing goods in large quantities;

wealthnoun [ uncountable ] 1a large amount of money or valuable possessions;

2 the total value of goods and services produced in a country in a particular period of time;

— opposite badly off;

withdrawverb past tense withdrewpast participle withdrawn

1[ transitive ] to take money out of a bank account;

2[ transitive ] to remove something or take it back, often because of an official decision ;

3[ transitive ] if a company withdraws a product or service, it stops making it available, either for a period of time or permanently ;

4[ intransitive ] to no longer take part in something or to no longer belong to a particular organization;

GLOSSARY. ability-to-pay principle– principle that states taxes ought to be paid by those who can best afford them

ability-to-pay principle– principle that states taxes ought to be paid by those who can best afford them

account balance – the amount of money that you have in your bank account

accountability– the obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner; it also includes the responsibility for money or other entrusted property

acquisition– taking control of a firm by purchasing 51 percent (or more) of its voting shares

aggregate demand– the total quantity of goods and services consumers, business and govern­ment are willing and able to buy at different possible price levels

aggregate supply– the total amount of goods and services produced by the economy in a given period, usually one year

agriculture– the science, art, or practice of cultivating the soil, producing crops, and raising livestock and in varying degrees the preparation and marketing of the resulting products

allocation of resources – the action or process of allocating or distributing resources; an amount of resources assigned to a particular recipient

artisan– a skilled worker who makes things by hand; one that produces something (as cheese or wine) in limited quantities often using traditional methods

assessed value– value placed on real estate or personal property by government (or court appointed) assessors for determining ad valorem (according to the value) taxes, or to levy damages on the orders of a court

asset(s) – a thing or value that a person or a company owns, such as money or property or the right to receive payment of a debt

balance sheet– financial statement sum­marizing a firm’s assets, liabilities and net worth

bank – a financial establishment that uses money deposited by customers for investment, pays it out when required, makes loans at interest, and exchanges currency

bank account – (written abbreviation a/c) an arrangement with a bank that allows you to keep your money there. You can deposit (= pay in) or withdraw (= take out) money when you need to

banking– the business conducted or services offered by a bank

banknote– a piece of paper money of a particular value that you use to buy things. The usual word is note.

bankruptcy – the state of being unable to pay your debts

barter– an exchange without money of goods or serv­ices

benefit(s) – a helpful and useful effect that smth has; money that is paid to people who are unemployed, ill, etc. by the government or through a system of insurance; the advantages that you get from your company in addition to the money you earn

board of directors – the group of people chosen by shareholders to control a company, decide its policies and appoint senior officers

borrow– (antonym: to lend) to receive and use something that belongs to someone else and that you must give back to them later; to borrow money, especially from a bank. Money that you borrow from a bank is calleda loan.

broker– someone who buys and sells things such as shares in companies or foreign money for other people

budget– a financial plan that summarizes income and expenditures over a period of time

bulk– unpackaged, homogenous, dry or liquid goods, without mark or count and usually free-flowing, bought and sold by weight or volume, such as grains, oils, and ores

bureaucracy– a complicated official system which is annoying or confusing because it has a lot of rules, processes etc.; the officials who are employed rather than elected to do the work of a government, business etc.

buying behavior– the behaviour of individuals and households who buy goods and services for personal consumption

buying decision– a consumer’s decision to make a specific purchase

capacity– the highest sustainable output rate (maximum number of units per month, quarter, or year) that can be achieved with current resources, maintenance strategies, product specifications, etc.

capital accounting – that part of balance of payments which records net changes in a country’s international financial assets and liabilities

capital– money or property, especially when it is used to start a business or to produce more wealth

cash – money in the form of coins or notes rather than cheques or credit cards, etc.;money in any form that is available for you to use when you need it

centrally planned economy-an economic system in which a substantial majority of economic activity is carried out through central directions to people and firms as to what they must buy and sell, and at what prices

CEO (chief executive officer) top executive responsible for a firm’s overall operations and performance

charter – (in some US states) the name used for the Articles of Incorporation, one of the legal documents that is created when a company is formed

cheque (Am. check) – written order to pay money, i.e., one of a set of printed pieces of paper that you can sign and use instead of money to pay for things; a commonly used means of transferring money through the banking system

coin– a flat disc or piece of metal with special designs on it, used as money. The right to make and issue money is a state monopoly.

command economy– an economic system in which the activities of firms and the allocation of productive resources is determined by government direction rather than market forces

commodity– a product that can be bought and sold

commodity money – money with its own value as a good. At different times different commodities were used as money: iron and bronze, cattle and fish, furs and skins, cowries and precious metals, especially gold and silver. Gold coins are examples of commodity money because gold is worth something as a commodity, not just as a monetary unit.

competition– a situation in which people or organizations try to be more successful than other people or organizations; the people or groups that are competing against you, especially in business or in a sport; an organized event in which people or teams compete against each other

consumer – a person who buys goods or services for their own use

consumer behavior – the way in which consumers choose how to spend their oncomes

consumer goods– goods that people buy for their own use, rather than goods bought by businesses and organizations

consumption– the utilization of economic goods in the satisfaction of wants or in the process of production

convertible currency – a currency that can legally be exchanged for another or for gold. In times of crisis, governments sometimes restrict such exchange, giving rise to black market exchange rates.

chief executive officer– top executive responsible for a firm’s overall operations and performance. He or she is the leader of the firm, serves as the main link between the board of directors (the board) and the firm’s various parts or levels, and is held solely responsible for the firm’s success or failure. One of the major duties of a CEO is to maintain and implement corporate policy, as established by the board. Also called President or managing director, he or she may also be the chairman (or chairperson) of the board

corporate tax – a tax that companies pay on their profits

corporation – a large company or group of companies; a business organisation that has been officially created (incorporated) and is owned by shareholders

costs – the amount of money that a business needs to spend regularly; the amount of money that is paid to produce smth

counterfeit – (adj.) made to look exactly like something else. Counterfeit bank notes, tickets, etc. are illegal copies made in order to trick people

credit card – a small plastic card issued by a bank or a credit company, which enables the lawful owner to make purchases (to obtain goods and services) on credit. A similar card that you use to pay for things directly from your bank account is called a debit card

currency –money that is used in a particular country;the physical embodiment of money, in the forms of paper bills or notes, and metal coins. Money from a country with a strong economy that can be used for buying things in other countries is called hard currency.

customer– someone who buys goods or services from a shop or business

debt– a sum of money that a person or organization owes

decision-making – the process of reaching decisions, especially in a group of people or in an organisation

default– failure to meet an obligation when it comes due

demand – a consumer’s willingness and ability to buy a product or service; the quantity of a commodity or service wanted at a specified price and time

demand curve – the graphic representa­tion of demand

denomination – the face value of a banknote or coin

depreciation– a reduction in the value or price of something;the decrease in the economic potential of an asset over its productive or useful life

distribution– the act of sharing things among a large group of people in a planned way; when goods are supplied to shops and companies for them to sell

dividend – an amount of the profits that a company pays to shareholders

economic growth– increases in an econ­omy’s total output over a period of time

economic incentives – a reason for doing smth. In market economies, profit, interest, wages, and rent provide economic incentives

economic resources – the assets (things of value) which an economy (or business) may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals (in the case of a business) and society (in the case of society as a whole)

economics– the social science concerned with the production, distribution, exchange and consumption of goods and services and the analysis of the commercial activities of a society

economy– the system by which a country’s money, goods and services are produced and used, or a country considered in this way; something that you do in order to spend less money; the careful use of money, time, goods etc. so that nothing is wasted

effective demand– the level of demand that represents a real intention to purchase by people with the means to pay

effectiveness– the degree to which objectives are achieved and the extent to which targeted problems are solved. In contrast to efficiency, effectiveness is determined without reference to costs and, whereas efficiency means «doing the thing right,» effectiveness means «doing the right thing»

efficiency – getting any given results with the smallest possible inputs, or getting the maximum possible output from given resources

elasticity– the responsiveness of a dependent economic variable to changes in influencing factors

elasticity of demand –a measure of the sensitivity of demand for goods or services to changes in price or other marketing variables, such as advertising

electronic money – non-physical currency that is traded and used over the Internet.

electronic transfer – the process of moving money from one account or bank to another that involves the use of electronic systems

employer – a person, company, or organization that pays people to work for them

employment– the state of being employed; the number of people who have jobs; the use of a particular object, method, skill etc. to achieve something

enterprise– a company, organization, or business; the activity of starting and running businesses; a large and complicated project, especially one that is done with a group of other people; the ability to think of new activities or ideas and make them work

entity – a business that exists as a separate unit that has its own legal identity

entrepreneurship– the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit

environmental economics– a branch of economics study that analyzes financial impacts from environmental policies. Environmental Economics includes impacts such as regulatory compliance costs

equipment– the tools, machines, clothes etc. that you need to do a particular job or activity;the process of equipping someone or something

equity– share in a company from which the owner of the shares receives some of the company’s profits rather than a fixed regular payment; a situation in which all people are treated equally and no one has an unfair advantage

exchange rate– the rate, or price, at which one country’s currency is exchanged for the currency of another country.

expenditures– the total amount of money that a government, organization, or person spends during a particular period of time

exploitation– the development and use of minerals, forests, oil etc. for business or industry; (sometimes) a wasteful or destructive utilization of a natural resource; an unjust or improper use of another person for one’s own profit or advantage

externalities– a loss or gain in the welfare of one party resulting from an activity of another party, without there being any compensation for the losing party

factors of production– resources required for generation of goods or services, generally classified into four major groups: (1) land (including all natural resources), (2) labour (including all human resources), (3) capital (including all man-made resources), and (4) enterprise (which brings all the previous resources together for production). These factors are classified also as management, machines, materials, and money (this, the 4 Ms), or other such nomenclature. More recently, knowledge has come to be recognized as distinct from labour, and as a factor of production in its own right

fiat money – money whose usefulness results, not from any intrinsic value or guarantee that it can be converted into gold or another currency, but only from a government’s order (fiat) that it must be accepted as a means of payment.

finance– the management of money by governments, large organizations etc.; (plural) money or other liquid resources of a government, business, group, or individual; the system that includes the circulation of money, the granting of credit, the making of investments, and the provision of banking facilities

fiscal policy – the way in which a government charges taxes or spends money in order to manage the economy

flat tax – fixed tax, a system in which tax is paid at the same rate, however much you earn or spend

free enterprise economy – an economic system in which private business operates in competitive markets to satisfy consumer demands and to maintain equilibrium in the national economy and in which government action in this respect is restricted to protecting the rights of individuals rather than acting as a directing economic force

free market– a market that operates under conditions of perfect competition

functions of money – the roles played by money in an economy. These are a medium of exchange, a measure of value, and a store of value

glut– market situation where the supply of a good or service far exceeds its demand, usually resulting in a substantial fall in its price

gold standard – a monetary system in which both the value of a unit of the currency and the quantity of it in circulation are specified in terms of gold. If two currencies are both on the gold standard, then the exchange rate between them is approximately determined by their two prices in terms of gold

goods– commodities, or physical, tangible items that satisfy some human wants or needs, or something that people find useful or desirable and make an effort to acquire it

gross domestic product– the value of a country’s overall output of goods and services (typically during one fiscal year) at market prices, excluding net income from abroad

health insurance – insurance against medical expenses and loss of earnings due to accident or illness

household – all the people living together in a single house or flat/apartment, considered as a unit

income– the money that you earn from your work or that you receive from investments, the government etc.

income tax – the amount of money that you pay to the government according to how much you earn or receive from some other sources

incorporate – (v) – to form a legal company or organisation, for example by obtaining a certificate from the authorities

inflation– a continuing increase in prices and fall in the purchasing value of money, or the rate at which prices increase

input– anything that goes into the produc­tion process

insurance– risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party

intermediary – a person or an organisation that helps other people or organisations who are unable or unwilling to deal with each other directly to reach an agreement

investment – the action or process of using money in order to make a profit or earn interest, for example by buying shares, bonds, property, etc.; the act or process of buying materials, machines, etc. to make goods to sell

irredeemable – impossible to change or make better; money or something that cannot be exchanged

know-how– commercial and saleable knowledge of how to do a particular thing; experience

labour– work, especially physical work;all the people who work for a company or in a country

labour productivity– rate of output per worker (or a group of workers) per unit of time as compared with an established standard or expected rate of output

labour supply– availability of suitable human resources in a particular labor market

laissez-fair– literally, leave to do; a policy of non-intervention by government in the economy, leaving all decisions to the market

land– includes all physical elements in the wealth of a nation bestowed by nature such as climate, environment, fields, forests, minerals, mountains, lakes, streams, seas, and animals

Law of Supply and Demand –the theory that prices are determined by the interaction of supply and demand: an increase in supply will lower prices if not accompanied by increased demand, and an increase in demand will raise prices unless accompanied by increased supply

lease– a legal agreement which allows you to use a building, car etc. for a period of time, in return for rent

legal tender – money that can legally be used to pay for things in a particular country

liability/liabilities – the amount of money that a company or a person owes; the state of being legally responsible for smth

liquidity – the capacity to turn assets into cash, or the amount of assets in a portfolio that have that capacity. Cash itself (i.e., money) is the most liquid asset.

macroeconomicsthe study of large economic systems such as those of a whole country or area of the world

management– the conducting or supervising of something (as a business); especially: the executive function of planning, organizing, coordinating, directing, controlling, and supervising any industrial or business project or activity with responsibility for results; the directors and managers who have the power and responsibility to make decisions and oversee an enterprise

manufacturing– the process of converting raw materials, components, or parts into finished goods that meet a customer’s expectations or specifications.

margin for profit– ratio of profit after taxes to cost-of-sales, often expressed as a percentage. It is one of the measures of the profitability of a firm, and an indicator of its cost structure.

marginal costs – the increase or decrease in the total cost of a production run for making one additional unit of an item. It is computed in situations where the breakeven point has been reached: the fixed costs have already been absorbed by the already produced items and only the direct (variable) costs have to be accounted for

marginal product– output that results from one additional unit of a factor of production (such as a labour hour or machine hour), all other factors remaining constant

marginal revenue product– the worth of the extra output that can be generated by adding an extra input unit

marginal tax rate – a rate of tax that is paid on your next unit of income; the highest rate of tax that smb pays

Marginalism – the concept that economic behaviour can be determined by analysing the fluctuations in the demand for basic goods and services

market – the area of economic activity in which buyers and sellers come together and the forces of supply and demand affect prices; the available supply of or potential demand for specified goods or services

market economy– an economic system in which the main decisions regarding production, distribution, and exchange are made by the market, i.e. by the forces of supply and demand

market equilibrium– the situation when supply and demand in a market are equal at the prevailing price

means of liquidity – money or goods that can easily be sold to pay debts or anything else that can easily be exchanged for money

means of production– the facilities and resources for producing goods

measure of value – one of the most important properties of money: its ability to be a benchmark for measuring value of goods and services.

microeconomics– the branch of economics that deals with the behaviour of individual market participants, mainly individual firms or consumers

mixed economy– an economy in which both publicly and privately owned enterprises operate simultaneously

money –anything (any commodity or token) that is generally accepted in payment for goods and services. It serves as a medium of exchange, a measure of value and a store of value

money supply – the quantity of currency in circulation plus the amount of demand deposits. The money supply, together with the amount of real economic activity in a country, is an important determinant of its price level and its exchange rate

natural resources– naturally occurring materials such as coal, fertile land, etc., that can be used by man

necessity– something that you need to have in order to live

needs and wants – unsatisfied human desires that motivate their actions and enhance their fulfilment when met

opportunity costa benefit, profit, or value of something that must be given up to acquire or achieve something else

output– the amount of goods or work produced by a person, machine, factory etc.

ownership– the ultimate and exclusive right conferred by a lawful claim or title, and subject to certain restrictions to enjoy, occupy, possess, rent, sell, use, give away, or even destroy an item of property

partnership – a business that is owned by a group of professional people that work together and share the profits

perishable goods = perishables – things, especially foodstuffs, likely to decay after a short time if it is not kept in the proper conditions

population– the number of people living in a particular area, country etc.; all of the people who live in a particular area;

price system – the use of prices to allocate scarce resources

private enterprise – the economic system in which industry or business is owned by individuals and independent companies and is not controlled by the government; a business that is owned by individuals or other companies, not by the government

private sector – the part of a country’s economy that is not under the direct control of the government, but is owned by individuals and independent companies

privatization– sale or return of publicly owned enterprises to private ownership and control

product– the good or service one receives in an exchange

production– the processes and methods used to transform tangible inputs (raw materials, semi-finished goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services

productive resources– materials, labour or money which is used to create goods and services

productivity– the output of goods and services as measured per unit of time, or per person, per company, per industry, or for the whole economy

profit – the surplus remaining after total costs are deducted from total revenue, and the basis on which tax is computed and dividend is paid. It is the best known measure of success in an enterprise

profitability– when a business or an activity makes a profit, or the amount of profit it makes

property– the thing or things that someone owns; a building, a piece of land, or both together

proprietor– the owner of a business

ratio– a relationship between two amounts, represented by a pair of numbers showing how much bigger one amount is than the other

rationing – government allocation of scarce resources and consumer goods, usually adopted during wars, famines, or other national emergencies
raw material– basic substance in its natural, modified, or semi-processed state, used as an input to a production process for subsequent modification or transformation into a finished good

representative money – paper currency backed by a government or bank’s promise to redeem it for a given weight of precious metal (gold or silver). Money of this type was based on the gold standard, and, in theory, could be exchanged for a fixed amount of gold. For example, the US dollar was convertible to gold until 1934.

reserve currency –a currencythat is consideredstrong and reliable and is used a lot in international trade. National banks keep large stores of reserve currencies

resource– an economic or productive factor required to accomplish an activity, or as means to undertake an enterprise and achieve desired outcome

retailing– the business of selling goods to ultimate consumers for personal or household consumption

returns on capital– ratio measuring the profitability of a firm expressed as a percentage of funds acquired from investors and lenders

revenue– the income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted; the income accruing from taxation to a government during a specified period of time, usually a year

salary– a fixed regular payment made usually on a monthly basis by an employer to an employee, especially a professional or white-collar worker

scarcity– a limit to the supply of produc­tive resources or consumer goods in relation to producers’ or consumers’ demand for them

securities– financing or investment instruments (some negotiable, others not) bought and sold in financial markets, such as bonds, debentures, notes, options, shares (stocks), and warrants

services– intangible products such as accounting, banking, cleaning, consultancy, education, insurance, expertise, medical treatment, or transportation

shareholder – a person or group that owns shares in a company or business

shortage – a situation when there is not enough of the people or things that are needed

small-scale decision-making unit – the informal group of individuals within an organization that decides which items the organization should buy

sole proprietorship – a business that is owned and run by one person

stock – the value of all the shares a company can make available; a number of shares in a company that one investor holds; a supply of a particular type of thing that a shop has available to sell; the total amount of something that is available to be used in a particular area

stock market– a place where shares are bought and sold, i.e. a stock exchange

store of value – one of three basic functions of money: the ability to retain value over time, and therefore be useful for those who wish to sell something now and not spend he proceeds until later

substitute – a good or service which can be used instead of another

supply– the amount of a good or service offered for sale

supply curve– a curve showing the amount that firms in an industry are willing to supply at each possible price

surplus – an amount of something left over when requirements have been met; an excess of income or assets over expenditure or liabilities in a given period

sustainability– continued development or growth, without significant deterioration of the environment and depletion of natural resources on which human well-being depends

tax– an amount of money that you must pay to the government according to your income, property, goods etc. and that is used to pay for public services;compulsory monetary contribution to the state’s revenue, assessed and imposed by a government on the activities, enjoyment, expenditure, income, occupation, privilege, property, etc., of individuals and organizations

tax loophole – a provision in the laws governing taxation that allows people to reduce their taxes

tax rate – the percentage of an amount of money or of the value of smth that has to be paid as tax

taxation– a means by which governments finance their expenditure by imposing charges on citizens and corporate entities

trade– the activity of buying, selling, or exchanging goods or services between people, firms, or countries

trade-off– giving up one thing in order to obtain something else

traditional economy –an economic system that allocates scarce resources according to customs; change and growth are very slow; people do what their parents did before them; and most goods are produced and consumed locally

transaction– a business deal; the action or process of buying or selling something

traveller’s cheque (AmE. traveler’s check) – a printed piece of paper that you sign and can exchange it for money of a foreign country when you are travelling. Traveller’s cheques can be replaced if they get lost or stolen.

undercapitalization– a situation where a business does not have sufficient stockholders’ funds for its size of operations. An undercapitalized firm does not have enough cash to carry out its functions and usually does not qualify for bank or other loans due to its unacceptably high loan-to-equity ratio. Under capitalization is one of the major causes of business start-ups failures

unemployed– person of employment age (generally 16 to 55 years) who does not have a paying job but is available for work and is actively seeking a job

unemployment– total number of able men and women of working age seeking paid work

urbanization– an increase in a population in cities and towns versus rural areas

value – the amount that something is worth, measured especially in money

venture capital– capital invested in a project in which there is a substantial element of risk

venture capitalistsprivate investors who provide venture capital to promising business ventures

wage– (often plural) a fixed regular payment for work, typically paid on a daily, hourly, weekly or piece work basis

warrant– an official document giving someone the right to do something, for example buy shares in a company; a legal document that is signed by a judge, allowing the police to take a particular action

wealth– a large amount of money, property etc. that a person or country owns

wear-and-tear– gradual physical deterioration of an asset from age, use, and/or weathering

welfare – practical or financial help that is provided, often by the government, for people that need it; the health, happiness, and fortunes of a person or group

workforce– total number of a country’s population employed in the armed forces and civilian jobs, plus those unemployed people who are actually seeking paying work; total number of employees (usually excluding the management) on an employer’s payroll

yield– the amount of profits, crops etc. that something produces;the annual income earned from an investment, expressed usually as a percentage of the money invested

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Synonyms

price

the amount of money that you have to pay in order to buy something

the amount of money that is needed in order to buy, pay for, or do something

charge

an amount of money that you have to pay, especially when you visit a place or when someone does something for you

the amount of money you have to pay for something

offer

a price that you say you will pay for something

outlay

the amount of money that you must spend in order to buy something or to start a new business or project

an amount of money that is paid or charged

admission

the amount of money you pay to enter a place or event

asking price

the price that someone wants for something they are selling

at great/vast/considerable expense

bargain

bill of costs

a list of the charges, fees, and expenses that a client has to pay to a lawyer or other person who has worked on a legal case

burden

the responsibility of paying an amount of money, especially when this is considered too much

conditional fee agreement

an agreement between a lawyer and a client to pay a fee only if the action is successful. It is informally called a no win no fee agreement.

the consumer price index

the CPI: a measure of inflation (=the rate at which the cost of living is rising or falling). It consists of a list of the prices of some basic goods and services, which is published each month.

all the money that a business must spend to produce something or to provide a service

cost-benefit analysis

a comparison of the likely costs of a plan or project with the benefit it will bring, done in order to help make a decision

cost-cutting

cost of entry

the cost of beginning to trade in a particular market for the first time

the cost of living

the cost-of-living index

cost-plus

an amount calculated by adding the cost of producing something to a profit or charge that has been agreed

cost price

the price it costs to produce something, without making any profit

costs

the CPI

the consumer price index: a measure of inflation (=the rate at which the cost of living is rising or falling). It consists of a list of the prices of some basic goods and services, which is published each month.

expense

an amount of money that you spend in order to buy or do something

expense

the high cost of something

factory-gate price

the price at which a factory sells goods to wholesalers (=companies that sell goods to shops)

an amount of money that you pay to be allowed to do something such as join an organization

fixed cost

a cost such as rent that a company has to pay that does not depend on how much it produces

flat rate

the going rate

the usual amount of money that people are paying for something

guide price

British the price at which you expect to sell something, especially a house

indirect cost

the cost of the food and the other things such as clothes that you need to live

list price

market price

the price that a product can be sold for at a particular time

market value

the amount of money that something is worth or can be sold for at a particular time

offer

a special price that is lower than the usual price for something

operating costs

opportunity cost

the amount of money that a company or organization loses by deciding to do one thing rather than another

outgoings

overheads

poundage

price point

the price at which a product is sold in shops

price tag

a label on a product that says how much it costs

price tag

informal the cost of something very big and expensive

prime cost

purchase price

formal the price that you have to pay for something

quotation

the price that someone says they will charge you for doing a particular piece of work

quote

the price that someone says they will charge you for doing a particular piece of work

ransom

the amount of money that someone wants to be paid before they will let a person who they are keeping prisoner go free

reserve

the retail price index

British the RPI: a measure of inflation (=the rate at which the cost of living is rising or falling). It consists of a list of the prices of some basic goods and services, which is published each month.

the RPI

British the retail price index: a measure of inflation (=the rate at which the cost of living is rising or falling). It consists of a list of the prices of some basic goods and services, which is published each month.

running costs

selling price

the price that someone pays for something

service charge

an amount of money that a company adds to the cost of something in order to be paid for their services

someone’s bottom line

the lowest price someone will accept, or the greatest change they are prepared to accept when they are trying to reach an agreement with someone else

spot price

the price at which a particular product can be bought or sold at a specific time and place

standing charge

British a fixed amount of money that you pay for being provided with a service such as gas, electricity, water, or a telephone line

sticker price

mainly American the retail price of a car, marked on a sticker shown in the car window

storage

the money that it costs to store something

subscription

an agreement to pay an amount of money so that you will receive something such as a magazine or a service. You take out a subscription, usually for a year, and renew it if you want to continue the arrangement for another year.

subscription

an agreement to pay an amount of money in order to help an organization or a project

surcharge

an additional amount of money that you must pay for something over the usual price

an amount of money that you pay to use a bridge or a road

Reserve Requirement as a Tool of Monetary Policies

A banker would like his money holdings to be reduced to a minimum, since they produce no income.

But there is always an important reason for the banker to hold his money balances at a certain level. The Central Bank makes him hold a certain share of his total balances in reserve. These reserve balances must be in the form of cash or of deposits made by commercial banks with a certain authorized bank. Most of reserve balances are known to be in the form of deposits. Setting the reserve requirements, the Central Bank can regulate money circulation and money supply in an economy.

The Central Bank can, on the one hand, increase commercial banks’ re­serves by direct intervention. One way of doing this is by the so-called open market operations: it buys government bonds from the public; thus, the money that goes to the public in payment for these bonds will eventually be depos­ed with commercial banks, most likely in interest-earning deposits. Having been deposited with a bank, money stops being money, but it represents a net addition to reserve balances capable of supporting (зд. гарантировать) loan transactions several times their own value. For this reason, the Central Bank is said to have supplied «high powered» money to commercial banks.

On the other hand, selling bonds to the public, the Bank can reduce the banking system’s reserves and thus make the money supply reduce.

Open market operations are not the only method of direct reserve inter­vention. Another way for the Central Bank to increase money in circulation isto make loans to commercial banks who in turn lend out to the public the money to be used for daily expenditure.

Finally, the Central Bank can change the money supply without affecting the amount of reserves to be held by commercial banks. It can do this simply having changed the reserve requirement. Having been decreased from 20 per­cent to 10 percent, the reserve balances will actually double their capacity to support transactions. As a result, maintaining the same reserve balances, banks get a chance of handling loan transactions twice as large as before.

Thus, the three monetary policies a Central Bank can implement are as follows: 1. Open market operations. 2. Loans to commercial banks. 3. Changes in reserve requirements.

UNIT 15: INFLATION

Text 1: Read and translate the text

IFLATION

Inflation is a steady rise in the average price and wage level. The rise in wages being high enough to raise costs of production, prices grow further re­sulting in a higher rate of inflation and, finally, in an inflationary spiral. Peri­ods when inflation rates are very large are referred to as hyperinflation.

The causes of inflation are rather complicated, and there is a number of theories explaining them. Monetarists, such as Milton Friedman, say that inflation is caused by too rapid increase in money supply and the correspond­ing excess demand for goods.

Therefore, monetarists consider due government control of money supply to be able to restrict inflation rates. They also believe the high rate of unem­ployment to be likely to restrain claims for higher wages. People having jobs accept the wages they are being paid, the inflationary spiral being kept under control. This situation also accounts for rather slow increase in aggregate demand.

On the other hand, Keynesians, that is, economists following the theory of John M. Keynes, suppose inflation to be due to processes occurring in money circulation. They say that low inflation and unemployment rates can be ensured by adopting a tight incomes policy.

Incomes policies, though, monetarists argue, may temporarily speed up the transition to a lower inflation rate but they are unlikely to succeed in the long run.

The costs of inflation depend on whether it was anticipated and on the extent to which the economy’s institutions allow complete inflation adjustment.

The longer inflation continues, the more the economy learns to live with it. Indexation is a means to reduce the costs of some inflation effects. In­dexed wages or loans mean that the amount to be paid or repaid will rise with the price level. Indexation has already been introduced in countries that had to live with inflation rates of 30 or 40 percent for years. And the more coun­tries adjust their economies to cope with inflation, the closer they come to hyperinflation. Indexation means that high rates of inflation are much more likely to continue and even to increase.

Vocabulary:

are referred to as – называются

in the long run – в долгосрочный период, т.е. достаточно длительный для того, чтобы фирма могла изменить все факторы производства

whether – ли (союз, который вводит придаточное предложение)

means – средство, средства (существительное, которое употребляется с глаголом в единственном и множественном числе)

by means of – при помощи, посредством

to mean (meant) – значить, иметь значение, означать

any – 1. какой-нибудь; сколько-нибудь (местоимение употребляется в вопросительных предложениях и после союза if); 2. никакой, нисколько (в отрицательных предложениях); 3. всякий, любой (в утвердительных предложениях)

steadya – устойчивый, постоянный, равномерный

inflationary spiral – инфляционная спираль (ситуация, когда темп инфляции постоянно и быстро повышается)

inflation rate – темп инфляции

hyperinflationn – гиперинфляция (обычно связывается с месячными показателями роста цен примерно на 50% за несколько месяцев подряд и с социальными потрясениями)

causen – причина, основание

causev(smth) – быть причиной, вызывать, причинять (что-л)

ratheradv – довольно, несколько

explainv(smth to smb) – объяснять, давать объяснения; толковать, разъяснять (кому-л что-л)

account v (for smth) – 1. объяснять (что-л); 2. нести ответственность (за что-л); служить причиной (чего-л); 3. составлять, доходить (до какой-л величины)

accept v – принимать

occur v – случаться, происходить

ensure v – обеспечивать, гарантировать

incomes policy – политика доходов (ставит своей целью контроль над инфляцией путем сдерживания прироста зарплаты и цен)

arguev – приводить доводы, утверждать, доказывать, спорить

argument n – довод, доказательство, аргумент

speedv(smth) (sped, speeded) (up) – ускорять, увеличивать

anticipate v – ожидать, предвидеть

extent n – степень, мера

to some extent – до некоторой степени

adjustment n – регулирование, согласование

adjust v (smth to smth) – приспосабливать (что-л к чему-л); регулировать, устанавливать

indexation n – индексация

copev (with smth) – справиться (с чем-л)

Exercise 1: Translate the following sentences into Russian using Vocabulary to Text 1:

1. With slow price and wage adjustment, an increase in money supply re­sults in a temporary output rise, but eventually it only causes higher prices.

2. Although inflation may not have been anticipated at first, people learn to adjust to it.

3. It is frequently argued that reducing the average level of inflation means reducing risks of making decisions and plans.

4. Governments and political parties usually have to decide whether they like the redistribution of income caused by inflation.

5. Governments think that tight monetary policies aimed at coping with inflation are desirable. Though these policies may mean higher unem­ployment and lower output.

6. Industrial economies have to make severe adjustments to cope with the rising energy scarcity.

7. Indexation means that the wages agreement will remain correct for any anticipated inflation that occurred over the life of the contract.

8. The extent of demand, budget constraints and other factors have been found to account for the particular level of government protection for a certain commodity over time.

Exercise 2: a) In Text 1 you’ve read several words and word combinations with the Russian equivalent «сдерживать». These are: to restrict, to hold back, to restrain, to keep under control. Translate the following sentences using ALL these word combinations and verbs:

1. При плановой экономике рост цен сдерживается прямым правительственным регулированием.

2. Инфляцию можно сдерживать при помощи жесткой политики доходов.

3. Некоторые экономисты считают, что жесткая политика доходов не может сдерживать инфляцию продолжительное время.

4. Задача правительства – сдержать рост темпов инфляции.

b) In English the Russian verb «принимать» has several equivalents, each of them having its peculiarities in usage and meaning. The most general is to receive. The verb to accept means принять с готовностью, с желанием. The verb to adopt is used when something usual is to be changed. Use these verbs in the following sentences:

5. Although the economic study had been done at the request (просьба) of the government, the latter did not. the recommendations the econ­omists arrived at.

Exercise 3: Change the given Russian words and word combinations into their English equivalents:

1. The economists discussed several reasons why past (политика доходов) had been unsuccessful.

2. State planning and central control of the economy often (означает) that the state has monopoly of important goods and services.

3. Until prices and wages (приспосабливаются) to the new (жесткой монетаристской политике), real aggregate demand will fall. Econo­mists (утверждают) that this situation can last for a period of years rather than months.

4. There are different policies aimed at (ускорение) the process of (регулирования) of prices and wages.

5. (Инфляционная спираль) is a situation when inflation gets worse and worse, because higher prices result in demands for higher wages, and higher wages increase costs and so (вызывают) higher prices.

6. Money is any generally accepted (средство) of payment.

7. Political figures and economists (высказываются) for restraining (рост денежной массы) and widely discuss the mechanisms through which this (происходит).

8. Prices of goods and resources are determined to (обеспечить) the pro­duction of the goods and services that society demands most.

9. Large industrialized countries (составляют) a large proportion of international trade.

Text 2: INFLATION

Inflation is generally defined as a persistent rise in the general price level with no corresponding rise in output, which leads to a corresponding fall in the purchasing power of money.

In this section we shall look briefly at the problems that inflation causes for business and consider whether there are any potential benefits for an enterprise from an inflationary period.

Inflation variesconsiderably in its extent and severity. Hence, the consequences for the business community differ according to circumstances. Mild inflation of a few per cent each year may pose few difficulties for business.

However, hyperinflation, which entails enormously high rates of inflation, can create almost insurmountable problems for the government, business, consumers and workers. In post-war Hungary, the cost of living was published each day and workers were paid daily so as to avoid the value of their earnings falling.

Businesses would have experienced great difficulty in costing and pricing their production while the incentive for people to save would have been removed.

Economists argue at length about the causes of, and «cures» for, inflation. They would, however, recognize that two general types of inflation exist:

Demand-pull inflation occurs when demand for anation’s goods and services outstrips that nation’s ability to supply these goods and services. This causes prices to rise generally as a means of limiting demand to the available supply.

An alternative way that we can look at this type of inflation is to say that it occurs when injections exceed withdrawals and the economy is already stretched (i.e. little available labour or factory space) and there is little scope to increase further its level of activity.

Alternatively, inflation can be of the cost-push variety. This takes place when firms face increasing costs. This could be caused by an increase in wages, the rising costs of imported raw materials and components or companies pushing up prices in order to improve their profit margins.

Vocabulary:

a persistent rise – неуклонный, постоянный подъем

with no corresponding rise in output – не сопровождающийся подъемом производства

briefly – коротко, кратко

potential benefits – потенциальные выгоды

varies considerably in its extent and severity – бывает разной по длительности и остроте

hence – следовательно

mild inflation – мягкая, низкая инфляция

may pose few difficulties – особых проблем не представляет

entails enormously high rates of inflation – влечет за собой громадный рост инфляции

insurmountable – неисчислимые, колоссальные

at length – и сейчас

to pull – тянуть

demand-pull inflation – инфляция спроса, вызванная превышением спроса над предложением

cost-push inflation – инфляция издержек, вызванная ростом издержек производства

to occur – происходить

to outstrip – обгонять, опережать, превосходить

to stretch – натягивать, напрягать

little available labour – мело рабочей силы

there is little scope – мало возможностей

in order to improve their profit margins – чтобы увеличить прибыль (размеры прибыли)

Exercise 4: Give Russian equivalents for the following:

1. inflation varies considerably in its extent and severity;

2. mild inflation of a few %;

3. rate of inflation;

4. insurmountable problems;

5. demand-pull (cost-push) inflation;

6. the economy is already stretched.

Exercise 5: Find the synonyms to the words in italics:

a persistent rise;

may pose few difficulties;

which entails enormously high rates;

at length, inflation occurs when;

little scope to increase its level of activity;

firms face increasing costs.

Exercise 6: Find in the text English equivalents for the following:

1. повышение (падение) спроса (покупательной способности) и т.д.;

3. запросы опережают возможности экономики;

4. предложить товары и услуги;

5. уровень прибыли

Exercise 7: Translate into English:

Следует отличать инфляцию спроса от инфляции, обусловленной ростом издержек. Суть инфляции спроса иногда объясняют одной фразой: «Слишком много денег охотятся за слишком малым количеством товаров». Теория инфляции, обусловленной ростом издержек, объясняет рост цен такими факторами, которые приводят к увеличению издержек на единицу продукции.

Exercise 8: Fill in the gaps using the words from the box in the correct form:

2. … regulation of the Central Bank, it is argued, will prevent (предотвращать) sudden increases in … ….

8. The rich industrial countries comprising the United States, Western Europe, Canada, and Japan … … 16 percent of world population.

Exercise 9: Choose the correct word:

1. In the United Kingdom in the 1970s the Labour government tried to reduce the difference between high-wage jobs and low-wage jobs by (adopting / arguing) an incomes policy that allowed an absolute rather than a percentage increase. £6 a week (causes / means) much more to a worker earning £40 a week than to a worker earning £100 a week.

2. Pensions and other social payments are raised every year by the rate corresponding to the rate of (any / anticipated) inflation.

3. The 1973 rise of oil prices (caused / sped) only a little extra unemploy­ment but a lot of extra inflation, and the 1979-80 price shock (occurred / caused) much more extra unemployment but (whether / rather) low in­crease in inflation.

4. Taxing the rich and transferring the funds to the poor, the government (adjusts / ensures) that the poor get more of what is produced.

5. Without (means / indexation), it is costly (дорого) to live with high in­flation rates.

6. The quantity theory of money (argues / means) that changes in prices (occur / are caused) mainly by equivalent changes in money supply.

7. In practice the distinction between land and capital is (though / rather) uncertain.

8. The output of new ideas depends to a large (extent / number) on the resources allocated for them.

Exercise 10: Fill in the gaps with the words from the box:

Exercise 11: Group the following words by synonyms and antonyms:

to sell, by means of, slow, varying, however, to be due to, to cause, aggre­gate, to speed, quite, to accept, rapid, to expect, a little, to happen, a number of, constant, entire, to accelerate, if, though, to purchase, total, to be caused by, to result in, to take place, rather, to some extent, to adopt, through, tem­porary, whether, to buy, to anticipate, several, to occur, steady

Exercise 12: Translate the sentences with conjunction whether into Russian:

1. Profit depends on whether the amount received is greater than the amounts paid.

2. Whether a faster growth rate of production is desirable, depends on whether a society wants to spend more on its needs of today or it is prepared to invest in tomorrow.

3. It makes a lot of difference to the banker whether the loan is in cash or in the form of a deposit.

4. Research workers never know whether or not they will find anything useful.

5. Average costs of production are important to the decision of whether or not to stay in business.

6. As this concept has not yet been tried out in practice, it is hard to say whether it will be more successful than earlier approaches (подход) to incomes policy.

7. It is difficult for people to decide whether a decrease in their real wages was caused by risen prices or by inflation.

8. Whether incomes policy speeds decreasing inflation rate, remains an open question.

9. The costs of inflation depend on whether governments impose any reg­ulations allowing people to adjust fully to inflation.

10. If profits are negative, the firm must see whether losses can be reduced by not producing at all.

Exercise 13: Translate the sentences into Russian paying attention to the meaning of the noun means and the verb to mean:

1. In Marxist theory, proletariat is the social class that consists of workers who, not themselves owning any means of production, must sell their ability to work, receiving a wage in return.

2. Some economists believe incomes policy to be a good temporary means of keeping inflation under control.

3. With loans, indexation means that the amount to be repaid will rise with the price level.

4. Profit maximization is achieved by means of minimization of costs.

5. To stay in business, firms have to reach the profit maximizing level of output by any means they find necessary.

6. Compensation at certain intervals means that real wages are changing during these intervals.

7. Between 1965 and 1995, the increase in interest rates meant that the in­ crease in real money demand was smaller than the increase in a real GNP.

8. Bank accounts are money because people can pay for purchases by means of cheques.

Exercise 14: Translate the sentences into Russian paying attention to the meaning of the word any:

1. Producing output, any firm uses the cheapest available technique (технология).

2. If a company is in trouble, it will be happy to borrow at almost any interest rate the banks charge (назначать).

3. Modern markets are not normally located in any special place.

4. At any particular moment the demand for a company’s exports is at a given level, the latter changing when demand conditions change in the rest of the world.

5. Some unemployment is expected to occur at any time, even when the economic growth in the country is steady.

6. There are not any substitutes for everything, so people cannot avoid high-priced goods by means of buying something else.

7. Any person can find himself in one of three situations: employed, un­employed, or out of the labour force.

8. Almost the only products whose prices do not depend on their cost to any considerable degree are those with fixed supply, such as works of art, and those whose supplies are limited by monopolies, such as oil.

Exercise 15: Translate the following sentences with Independent Participle constructions into Russian:

a)1. An increase in price of one percent resulting in an increase in supply of more than one percent, the supply is called elastic.

2. Ceiling prices being controlled by the government, goods may find their way to the black market.

3. In the next 25 years or so, the average age in the United States in­creasing; problems of the aged rather than young people will be of importance.

4. With a financial panic everyone wanting his money at the same time, the bank is unable to pay.

5. Cheques being accepted in payment of purchases, people feel that a bank account is as good as or even better than money in their pocket.

b)1. The two principal economic systems were considered to be capitalism and socialism, mixed economies lying in between those.

2. Natural resources are one of the three factors of production, the other two being labour and capital.

3. Auctions make buyers bid against each other, with the seller taking a passive role.

4. The world distribution of income is unjust, with poor countries hav­ing 61 percent of the world’s population, but receiving only 6 per­cent of the world income.

Exercise 16: Translate the following sentences into Russian paying attention to the Independent Participle construction:

1. Monetary policy affects prices, the aggregate level of output and em­ployment being independent of it.

2. Interest rate being the opportunity cost of holding money, higher infla­tion reduces the demand for real money.

3. Building societies now issuing cheque books to their depositors, it is difficult to decide which intermediaries (посредник) are banks.

4. The Central Bank acting as banker to commercial banks, the financial system works steadily.

5. Interest rates can affect aggregate demand, equilibrium level of output and employment adjusting correspondingly.

6. The Central Bank having imposed a cash reserve requirement on com­mercial banks, banks do lending business with domestic firms through foreign markets.

Exercise 17: Translate the following sentences into English:

1. Ускорение денежного обращения вызывает более высокие темпы инфляции.

2. В индустриальных странах доля наличных денег составляет до 4% денежной массы в обращении.

3. Политика доходов – это попытка прямо повлиять на заработную плату и другие доходы.

4. Когда повышается темп инфляции, процентные ставки растут, а совокупный спрос падает.

5. Экономисты уже определили, что вызывает инфляцию.

6. Правительство может принять жесткую политику, которая должна обеспечить низкий темп инфляции.

7. Постоянное увеличение денежной массы должно вызвать инфляцию.

Exercise 18: Read the text without a dictionary and entitle it:

In practice, many of the people who have money in banks are the old. Hav­ing built up savings during their working life, they often put their money into bonds to ensure income during old age. These people lose out when there is un­expected inflation and the real value of the bonds falls. They also lose out if they are keeping what they have in non-interest-bearing accounts or under the bed.

The young, and especially those just entering middle age, often take out a large mortgage (ссуда под недвижимость) to move into a large house and bring up a family. Having borrowed a fixed sum to buy a house, they profit when unexpected inflation increases house prices and incomes without a correspond­ing increase in the sum they must repay to the bank or building society.

Unexpected inflation redistributes (перераспределять) from the old to the young. With technical progress and productivity increases, each genera­tion (поколение) is likely to have a higher living standard than the previous generation. Further redistribution from the old to the young increases this inequality between generations.

Text 3: INFLATION AND BUSINESS

Inflation can adversely affect business in a number of ways:

Общие условия выбора системы дренажа: Система дренажа выбирается в зависимости от характера защищаемого.

Механическое удерживание земляных масс: Механическое удерживание земляных масс на склоне обеспечивают контрфорсными сооружениями различных конструкций.