What are “The Three Sectors of the Economy”? Match the following questions and answers;

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«Иностранный язык профессионально-коммуникативный»

Unite 3 – Basic Economic Terms

Study the following vocabulary before reading.

aggregate demand               совокупный доход

 chargeable taxes                 взимаемые налоги

 collect taxes                        взимать налоги 

direct taxes                          прямые налоги

econometrics                            экономика                           

equilibrium                          равновесие                

 exact a tax                                взыскать налог                          

externalities                              внешние

factors of production           факторы производства   

 fixed tax                              фиксированный налог

gross national product (GNP)  валовой национальный продукт

 impose a tax                         вводить налог

 income tax                            подоходный налог

 indirect tax                            косвенный налог                                  

macroeconomics                        макроэкономика            

microeconomics                         микроэкономика

 pay taxes                               платить налоги

 progressive tax                      прогрессивный налог

 special tax                             специальный налог

surtax                                    дополнительный налог 

taxable object                       объект налога

 taxpayer                                субъект налога

 tax declaration                      налоговая декларация

 tax laws                                 налоговое законодательство

turnover tax                          налог с оборота

Reading

2. Read the sentences   “Basic Economic Terms”.

1. Factors of production (or inputs) are resources used by firms in their production process, namely land and the natural resources in it, labor, capital, and (in recent definitions) information.

2. Externalities (or spillovers) are costs imposed on others without their receiving compensation, or benefits received by others without their paying the proper costs.

3. Microeconomics concerns the economic factors affecting individual consumers   and companies.

4. Equilibrium is a state of balance, for example, when supply meets demand.

5. Econometrics is the application of mathematical and statistical models to economic theories and problems.

6. Macroeconomics is the study and analysis of the economy as a whole.

7. Aggregate demand is the total amount spent in a country by consumers, companies, and the government.

8. Gross national product (GNP) is the total wealth earned or created in a country in a year.

9. Endogenous means coming from or controlled from within, e.g. variables that are totally under the control of a company, a government, etc.

10. Exogenous means coming from or controlled from or without; uncontrollable variables.

Language development

 

Which twelve terms in the box are defined in the sentences below?

 

aggregate supply        balance of payments             capital

cost of living              economic                               economical

economize                      economy                                fiscal

free enterprise            fluctuate                                 inflation

inputs                         market                                    monetarism

protectionism             scarcity                                  standard of living

1………………………..

 Adjective meaning of or relating to an economy or economics.

 

2………………………...

 Adjective meaning related to public (i.e. government) finances (taxation, expenditure, etc.).

 

3………………………...

Adjective meaning using a minimum of resources; or cheap.

 

4………………………..

A rise in the general level of prices, and an increase in the money supply.

 

5………………………..

 A shortage of sometimes; insufficient supply to meet demand.

 

6…………………….….

 The accumulated stock of goods used for the production of further goods (and the money required to purchase them)

 

7………………………..

 A measure of the amount of money that has to be paid for essentials such as food, accommodation, heating, clothing, etc.

 

8………………………..

 A measure of the amount of disposable income that people have to spend on both necessities and luxuries.

9………………………..

The difference between what a country pays for its imports and receives for its exports.

 

10………………………

The practice of restricting imports in order to increase the sales of domestic products .

 

11………………………

To change constantly, to show irregular variation.

 

12………………………

To save money, to reduce an amount normally used.

 

Here are the words and phrases you need to talk about trends using graphs. Make sure you can translate these “Describing Graphs” into your own language.

UP - verbs

go up               take off         shoot up         soar                 jump

increase           rise               grow               improve          rocket

 

UP – nouns

an increase      a rise             a growth        an improvement

an upturn         a surge          an upsurge    an upward trend

 

DOWN – verbs

go /come down fall                 fall off           drop                 slump

decline             decrease         slip                plummet          shrink

 

DOWN – nouns

a fall                a decrease      a decline        a drop

a downturn      a downward trend

 

NO CHANGE – verbs

remain stable   level off         stay at same level

remain constant stagnate          stabilize

 

AT THE TOP – verbs

reach a peak     peak                top out

 

AT THE BOTTOM – verbs

reach a low point bottom out       recover

DEGREES OF CHANGE

Adjectives: dramatic, considerable, sharp, significant, substantial, moderate,   

              slightly;

Adverbs: dramatically, considerably, sharply, significantly, substantially,                                                                       

              moderately, slightly;

 

SPEED OF CHANGE

abrupt sudden     rapid     quick      steady   gradual  slow

 

PREPOSITIONS

a rise from ₤1m to ₤2m                    to increase by 50%

to fall by 30%                                   an increase of 7.5 per cent over last year    

 

What are “The Three Sectors of the Economy”? Match the following questions and answers;

1. What do we mean by the primary sector of the economy?

2. What happens to the food extracted in the primary?

3. So what’s the secondary sector?

4. How do people in the secondary sector make things?

5. And the tertiary sector?

6. Why is the number of people working in the primary sector regularly declining?

7.  And why is the secondary sector getting smaller in many of these countries?

8. But not tertiary services?

 

a. Because agricultural methods are always becoming more efficient. Western Europe and the USA already produce too much food with only 3% of the population working on the land.

b. Because much manufacturing can be carried out more cheaply in low-wage economies, for example in East and South-East Asian countries like China, Hong Kong, Taiwan, South Korea, Malaya and Vietnam.

c. Agriculture and the extraction of raw materials from the earth or the sea.

d. It includes the commercial services that enable industry to produce and distribute goods to their final consumes (trade, banking, warehousing, transport, communications, and so on) , as well as activities like education, heals care and tourism.

e. It involves the transformation of raw materials into finished products.

f. Not if the activities require a lot of training, education, know-how and technology.

g. Only some of them. Manufacturing companies also employ finance and marketing managers, administrative staff, maintenance staff, and so on.

h.  Some of it, such as fresh fruit or fish, is consumed almost immediately after extraction; the rest serves as raw material for the secondary sector.

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Grammar