Exercise 3. Переведите предложения на русский язык, обращая внимание на значения глаголов must, have to, be to.

1. Her English is very poor, she must study very hard. 2. Her English is very good; she must be studying very hard. 3. Her English has considerably improved; she must have studied hard during her vacation. 4. She must have been studying English these five years. Her English is rather fluent. 5. He had to sit up late with his work. 6. Mother has to cook dinner after work. 7. She will have to do it once over again. 8. We’ll have to speak to him about it. 9. The plane was not to take off at night as the weather was too bad. 10. The plane was to have taken off at night, but the weather was too bad. 11. The order came that we were not to leave the village before dawn. 12. We were not to have left the village before dawn, but by the time the order came we were two miles away from it. 13. Why are you late? You were to have come an hour ago.

Exercise 4. К следующим предложениям образуйте вопросительные предложения 5 типов.

1. You can speak English fluently. 2. They must study the material thoroughly. 3. He is to bring these papers. 4. They will be allowed to come later. 5. You had to do this work in time.

Контрольная работа.

Задание 1. Переведите текст письменно.

Задание 2. Составьте 10 вопросов к тексту.

Задание 3. Составьте словарь терминов, которые встретились в вашем тексте.

Вариант 1.

Wealth, in economics, an accumulation of goods having economic value. Economic value has several characteristics. First, an object must have utility. It must have, or be suspected of having, the capacity to satisfy some human want. Wealth can be increased by discovering uses for things previously not regarded as useful. Thus, the discovery of uses for petroleum in the 19th century added enormously to wealth. Second, economic goods must be in scarce supply. Air does not normally have economic value because it is freely available. Air that is artificially conditioned is economically valuable, however, because it is relatively scarce. Third, economic goods must be transferable; that is, it must be possible to buy and sell them at definite market prices. Finally, an object must have measurable economic value. Because the only common unit of value today is money, the worth of goods must be expressible in monetary terms. Some economists also regard a definite skill in performing a job as human wealth, as such skill has a determinable market value.

In classifying wealth it is useful to distinguish between producers' goods and consumers' goods and, in each of these categories, between durable and nondurable goods. Among producers' durable goods are plants, machinery, and other fixed installations. Inventories of goods to be sold or in process of production make up producers' nondurable goods. Together, producers' durable and nondurable goods constitute capital, as generally understood. Food, clothing, and similar items of consumption are consumer nondurables; consumer durables are homes, furniture, and the like. Services are not included in estimated wealth as they cannot be stored.

Вариант 2.

Wealth must be distinguished from income. Both involve utility, scarcity, transferability, and measurability. Whereas wealth is an accumulation, a stock existing at a certain instant of time, income is a flow of goods and services during a certain period of time. Wealth may be regarded as a lake, and income as a stream flowing into and out of it. Thus 20 hectares (50 acres) of farmland is wealth, whereas the crop in any given year is income. By the same token an accumulation of grain in storage is wealth. The difference between income received and income consumed, wasted, or depreciated, as when grain deteriorates, is the measure of wealth accumulation.

American industrialist and philanthropist Andrew Carnegie immigrated to the United States as a child and worked his way to the head of his own industrial empire. In this excerpt from his book Empire of Business (1907), Carnegie asserts that children born into wealth and privilege are weakened by their soft upbringing, while children born into poverty become self-reliant and gain the ambition to improve themselves and their families. Carnegie also discusses his ideas about wealth more generally, and states that wealthy people can put their money to the best use by donating it to charitable causes during their own lifetimes.

A person's holdings of currency, bank balances, and other financial instruments constitute personal wealth as distinct from national wealth. These holdings, moreover, are not items of social wealth, but only claims on that wealth against the actual material objects that compose social wealth, such as a house or an automobile. Economists estimate wealth by measuring the actual physical stock of assets.

Вариант 3.

In a period of inflation, private wealth may rise while its social value falls; the monetary value of a house, for instance, may rise in relation to other prices, although the house is actually deteriorating physically. To reach a valid measurement of wealth, monetary valuations must be deflated to real values, discounting the effects of changes in the purchasing power of money

Capital (financial), collective term for a body of goods and monies from which future income can be derived. Generally, consumer goods and monies spent for present needs and personal enjoyment are not included in the definition or economic theory of capital. Thus, a business regards its land, buildings, equipment, inventory, and raw materials, as well as stocks, bonds, and bank balances available, as capital. Homes, furnishings, cars, and other goods that are consumed for personal enjoyment (or the money set aside for purchasing such goods) are not considered capital in the traditional sense.

In the more precise usage of accounting, capital is defined as the stock of property owned by an individual or corporation at a given time, as distinguished from the income derived from that property during a given period. A business firm accordingly has a capital account (frequently called a balance sheet), which reports the assets of the firm at a specified time, and an income account, which reckons the flow of goods and of claims against goods during a specified period.

Among the 19th-century economists, the term capital designated only that segment of business wealth that was the product of past industry. Wealth that is not produced, such as land or ore deposits, was excluded from the definition.

Вариант 4.

Income from capital (so defined) was called profit, or interest, whereas the income from natural resources was called rent. Contemporary economists, for whom capital means simply the aggregate of goods and monies used to produce more goods and monies, no longer make this distinction.

The forms of capital can be distinguished in various ways. One common distinction is between fixed and circulating capital. Fixed capital includes all the more or less durable means of production, such as land, buildings, and machinery. Circulating capital refers to nonrenewable goods, such as raw materials and fuel, and the funds required to pay wages and other claims against the enterprise.

Frequently, a business will categorize all of its assets that can be converted readily into cash, such as finished goods or stocks and bonds, as liquid capital. By contrast, all assets that cannot be easily converted to cash, such as buildings and equipment, are considered frozen capital.

Another important distinction is between productive capital and financial capital. Machines, raw materials, and other physical goods constitute productive capital. Claims against these goods, such as corporate securities and accounts receivable, are financial capital. Liquidation of productive capital reduces productive capacity, but liquidation of financial capital merely changes the distribution of income.

Вариант 5.

Value (economics), in economics, the worth of a commodity or service measured against other commodities or services. The term generally refers to the total money revenue, or price, for which an item will sell. The value of any object in the marketplace is determined by desirability and scarcity. Anything that is both desirable and scarce, such as a diamond, can command power in the exchange ratio—that is, it can be exchanged for an item of equal or greater worth. A distinction is usually made between market value and normal, or natural, value. Market value is the purchasing power of a commodity in the open market on a given day; normal value is the value that would prevail if competitive forces worked without friction. Market value may also be referred to as the exchange price of a commodity, and natural value as the just price.

In Marxist theory, in the simplest terms, the value of a product is composed of, or created or determined by, all the labor involved in its production.

The term value added refers to the value created in a product in the course of manufacturing or processing, exclusive of such costs as those of raw materials, packaging, or overhead. A value-added tax has been imposed on goods in Britain, France, Germany, and other European nations.

Вариант 6.

Buyers hope to buy at low prices and will purchase more units of a product at lower prices than they do at higher prices. Sellers are just the opposite. They hope to sell at high prices, and typically they will be willing to produce and sell more units of a product at higher prices than at lower prices.

The price for a product is determined in the market if prices are allowed to rise and fall, and are not legally required to be above some minimum price floor or below some maximum price ceiling. When a product, for example, a personal computer, reaches the market, consumers learn what producers want to charge for it and producers learn what consumers are willing to pay. The interaction of producers and consumers quickly establishes what the market price for the computer will actually be. Some people who were considering buying a computer decide that the price is higher than they are willing to pay. And some producers may determine that consumers are not willing to pay a price high enough for them profitably to produce and sell this computer.

Soft Drinks Prices tend to remain relatively stable over time for certain products. The cost of items such as soft drinks and candy bars vary little from year to year.The Image Works/B. Kraus

But all of the buyers who are willing and able to pay the market price get the computer, and all of the sellers willing and able to produce it for this price find buyers. If more consumers want to buy a computer at a specific market price than there are suppliers are willing to sell at that price—or in other words, if the quantity demanded is greater than the quantity supplied—the price for the computer increases. When producers try to sell more of their computers at a price higher than consumers are willing to buy, the quantity supplied exceeds the quantity demanded and the price falls.

Вариант 7.

The price stops rising or falling at the price where the amount consumers are willing and able to buy is just equal to the amount sellers are willing and able to produce and sell. This is called the market clearing price. Market clearing prices for many goods and services change frequently, for reasons that will be discussed below. But some market prices are stable for long periods of time, such as the prices of candy bars and sodas sold in vending machines, and the prices of pizzas and hamburgers. Most buyers of these products have come to know the general price they will have to pay for these items. Sellers know what prices they can charge, given what consumers will pay and considering the competition they face from other sellers of identical, or very similar, products.

Ford Assembly Line American businesses continually search for ways to improve efficiency. A major step forward in the manufacturing process took place in the early 1900s when American automobile pioneer Henry Ford instituted the assembly line process, in which each worker performs only one specialized task, in order to speed production.Corbis

How markets determine price is simple enough to understand for a single good or service in a single location. But consider what happens when there are markets for nearly all of the goods and services produced and consumed in an economy, across the entire country. In that context, this reasonably simple process of setting market prices allows an economic system as large and complex as the U.S. economy to operate with great efficiency and a high degree of freedom for consumers and producers.

Вариант 8.

Efficiency here means producing what consumers want to buy, at prices that are as low as they can be for producers to stay in business. And it turns out this efficiency is directly linked to the freedom that buyers and sellers have in a market economy. No central authority has to decide how many shirts or cars or sandwiches to produce each day, or where to produce them, or what price to charge for them. Instead, consumers spend their money for the products that give them the most satisfaction, and they try to find the best deal they can in terms of price, quality, convenience, assurances that defective products will be replaced or repaired, or other considerations.

What consumers are willing and able to buy tells producers what they should produce, if they hope to make a profit. Usually consumers have many options to choose from, because more than one producer offers the same or reasonably similar products (such as two or more kinds of cars, colas, and carpets). Producers then compete energetically for the dollars that consumers spend.

Competition among producers determines the best ways to produce a good or service. For example, in the early 1900s automobiles were made largely by hand, one at a time. But once Henry Ford discovered how to lower the cost of producing cars by using assembly lines, other car makers had to adopt the same production methods or be driven out of business (as many were).

Exports and Competition in the Automobile Industry Competition in the automotive industry intensified during the 1980s and 1990s and forced U.S. automobile makers to change their product lines. The U.S. industry was particularly hard-hit by the gas crisis of the late 1970s. Many consumers began to favor smaller, less expensive, and often more fuel-efficient Japanese cars. Here, a long line of Japanese cars awaits export from the port of Yokohama.

Вариант 9.

Marginal Utility, in economics, worth to a consumer of the last unit in a series of similar units of a good that the consumer believes is worth acquiring. The concept of marginal utility is part of the “law of diminishing utility.” According to this law, possession of added units of a commodity increases the total psychological satisfaction or utility of the possessor, but with each successive unit total utility grows at a slower rate as the ability to enjoy each successive unit becomes less keen. A point is finally reached beyond which no further effort at acquisition will be deemed worth making.

This concept is significant because prior to its application in classical economic theory, economists believed that cost of production was the sole or principal determinant of the market value of goods. Such an approach was finally considered inadequate by most economists because it failed to give sufficient weight to such factors as investment or capital charges, difference in value between different kinds of labor, and the subjective factors that determine individual demands for a commodity. With the recognition of these subjective factors, of which the point of marginal utility is one of the most important, economists realized that the value of labor and capital themselves is partly determined by the demand of individuals for the commodities in whose production those factors are applied. In other words, although the actual labor and capital cost of a commodity may ensure for the moment that it will not be sold for a price below cost, even if no buyers can be found to pay the cost price, in the long run such a lack of demand will force a reduction in labor and capital costs in order to lower the price down to the point at which an effective demand will be found.

Вариант 10.

Cost of Living, amount of money needed to purchase the goods and services required to maintain a certain standard of living. Since World War I, when the knowledge of price movements was thought to be helpful in order to maintain a stable economy, cost-of-living statistics have become important barometers of national economies.

In the U.S., the principal source of price statistics is the Bureau of Labor Statistics of the Department of Labor. The Consumer Price Index (CPI), often used to determine the cost of living and formerly called the cost-of-living index, measures the change in prices for a mixed market basket of goods and services. It does not measure the cost of achieving, at a given month's prices, the standard of living actually attained in the base period. Thus, while the cost-of-living concept provides a framework for dealing with practical questions that arise in the construction of the CPI, no “true” cost-of-living index has been compiled.

The CPI was initiated during World War I when rapid increases in prices, particularly in shipbuilding centers, made such an index essential for calculating cost-of-living adjustments in wages. To be sure that the index would reflect the relative importance of goods and services purchased by consumers, studies of family expenditures were conducted in 92 industrial areas in 1917-19. Periodic collection of price data was started, and in 1919 the Bureau of Labor Statistics began publishing separate indexes for 32 cities. Regular publication of a national index, the U.S. city average, began in 1921.

Index numbers based on a norm of 100 for a particular base period are used to express the CPI. As of 1992, the reference base, or norm, for most items is the average of the three-year period from 1982 to 1984 (thus, 1982-84 = 100). Deviations from this norm reflect the rise or fall in the cost of living for one year.

Вариант 11.

Economics, social science concerned with the production, distribution, exchange, and consumption of goods and services. Economists focus on the way in which individuals, groups, business enterprises, and governments seek to achieve efficiently any economic objective they select.

Standard economics can be divided into two major fields. The first, price theory or microeconomics, explains how the interplay of supply and demand in competitive markets creates a multitude of individual prices, wage rates, profit margins, and rental changes. Microeconomics, branch of economics that deals with small units, including individual companies and small groups of consumers. People have a variety of objectives, ranging from the satisfaction of such minimum needs as food, clothing, and shelter, to more complex objectives of all kinds, material, aesthetic, and spiritual. Microeconomics assumes that people behave rationally. Consumers try to spend their income in ways that give them as much pleasure as possible. As economists say, they maximize utility. For their part, entrepreneurs seek as much profit as they can extract from their operations.

The second field, macroeconomics, deals with modern explanations of national income and employment. Macroeconomics dates from the book, The General Theory of Employment, Interest, and Money (1935), by the British economist John Maynard Keynes. His explanation of prosperity and depression centers on the total demand for goods and services by consumers, business investors, and governments. Because, according to Keynes, inadequate aggregate demand increases unemployment, the indicated cure is either more investment by businesses or more spending and consequently larger budget deficits by government.

Вариант 12.

Supply and Demand, in economics, basic factors determining price. According to the theory, or law, of supply and demand, the market prices of commodities and services are determined by the relationship of supply to demand. Theoretically, when supply exceeds demand, sellers must lower prices to stimulate sales; conversely, when demand exceeds supply, buyers bid prices up as they compete to buy goods. The terms supply and demand do not mean the amount of goods and services actually sold and bought; in any sale the amount sold is equal to the amount bought, and such supply and demand, therefore, are always equal. In economic theory, supply is the amount available for sale or the amount that sellers are willing to sell at a specified price, and demand, sometimes called effective demand, is the amount purchasers are willing to buy at a specified price.

The theory of supply and demand takes into consideration the influence on prices of such factors as an increase or decrease in the cost of production, but regards that influence as an indirect one, because it affects prices only by causing a change in supply, demand, or both. Other factors indirectly affecting prices include changes in consumption habits and the restrictive practices of monopolies, trusts, and cartels. In the view of many economists, the multiplicity of such indirect factors is so great that the terms supply and demand are inclusive categories of economic forces affecting prices, rather than precise, primary causal factors.

The price-determining mechanism of supply and demand is operative only in economic systems in which competition is largely unfettered. Increasing recourse, in recent times, to governmental regulation of the economy has tended to restrict the scope of the operation of the supply-and-demand mechanism.

Вариант 13.

Capital ( financial), collective term for a body of goods and monies from which future income can be derived. Generally, consumer goods and monies spent for present needs and personal enjoyment are not included in the definition or economic theory of capital. Thus, a business regards its land, buildings, equipment, inventory, and raw materials, as well as stocks, bonds, and bank balances available, as capital. Homes, furnishings, cars, and other goods that are consumed for personal enjoyment (or the money set aside for purchasing such goods) are not considered capital in the traditional sense.

In the more precise usage of accounting, capital is defined as the stock of property owned by an individual or corporation at a given time, as distinguished from the income derived from that property during a given period. A business firm accordingly has a capital account (frequently called a balance sheet), which reports the assets of the firm at a specified time, and an income account, which reckons the flow of goods and of claims against goods during a specified period.

The forms of capital can be distinguished in various ways. One common distinction is between fixed and circulating capital. Fixed capital includes all the more or less durable means of production, such as land, buildings, and machinery. Circulating capital refers to nonrenewable goods, such as raw materials and fuel, and the funds required to pay wages and other claims against the enterprise.

Frequently, a business will categorize all of its assets that can be converted readily into cash, such as finished goods or stocks and bonds, as liquid capital. By contrast, all assets that cannot be easily converted to cash, such as buildings and equipment, are considered frozen capital.

Вариант 14.

Monopoly, economic situation in which only a single seller or producer supplies a commodity or a service. For a monopoly to be effective, there must be no practical substitutes for the product or service sold, and no serious threat of the entry of a competitor into the market. This enables the seller to control the price.

One or more of the following elements are of great importance in establishing a monopoly in a particular industry: (1) control of a major resource necessary to produce a product, as was the case with bauxite in the pre-World War II aluminum industry; (2) technological capabilities that allow a single firm to produce at reasonable prices all the output of a particular commodity or service, a situation sometimes described as a “natural” monopoly; (3) exclusive control over a patent on a product or on the processes used to produce the product; and (4) a government franchise that awards a company the sole right to produce a commodity or service in a given area.

From the viewpoint of society, monopoly leads to effects that are less desirable than those resulting from economic competition. In general, monopoly results in a smaller output of goods or services as compared with competition, and also in prices that are often higher than those in competitive industries. Another practice associated with monopoly is price discrimination, which involves charging a different price for the same goods or services to different segments of the same market.

Pure monopolies—only a single firm in an industry—are rare in the U.S. economy, except among the public utilities. These industries produce goods and provide services vital to the public well-being, including such essentials as water, power, transport, and communications.

Вариант 15.

Retailing, business activity of selling goods and services directly to consumers. Instead of selling products for resale, a retailer sells goods or services to individuals making purchases for themselves or their families. Some retailing businesses sell a combination of goods and services. For example, an automobile dealership that sells automobiles (goods) may also provide automobile repairs (services).

Retailers play an important role in getting products from producers to consumers. Retailers help direct the physical flow of goods and services from places that produce goods to places where goods are used. Since the retailer has direct contact with the users of goods and services, the retailer can discover and attempt to meet the needs and preferences of consumers.

To be successful, a retailer must distinguish itself from other retailers and develop a strategy for satisfying the needs and preferences of a specific consumer group. This strategy, called a retail mix, involves careful consideration of (1) the product to sell, (2) the quantity at which to make the product available, (3) the location at which to sell the product, (4) the time to make the product available, (5) the pricing of the product, and (6) the appeal that can be generated to attract the consumer’s interest.

Retailers strive to offer products that appeal to the tastes of the consumer, are of good quality, and function properly. Sometimes the product must also provide psychological and emotional benefits, such as prestige or convenience.

Unlike wholesalers, who sell goods in quantities that often are too large to be useful for individuals or families, retailers sell products in small quantities that are more convenient for consumers. For example, wholesalers may sell jeans to retail stores in lots (units) of a dozen pairs each. Retailers then sell consumers jeans by the individual pair.

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