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12.___ If cattle , competition to purchase more scarce supplies of beef would the price of beef.

13._________________________ Adjustments in prices would encourage society resources to reflect the increased scarcity of cattle.

14. There were several markets your purchase of a hamburger.

15. The student behind the counter was part of the local market.

16. The cafe owner was part of the local meat market and the local

market for buildings.

17._ We a very general definition of markets, which emphasizes that they are through, which prices influence the allocation of scarce resources.

V. Check your grammar

verb + infinitive (want to do) verb + ing (enjoy playing) verb + infinitive or ing (the meaning sometimes changes): He remembered (= did not forget) to book a table. I remember (= recall) seeing that film 5 years ago.

Open the brackets:

1. He suggested (go) into the country on Sunday.

2. I'm sorry I forgot (return) your book yesterday.

3. Stop (make) that noise! I can't work!

4. Which definition would you use (describe) markets?

5. You must avoid (make) unnecessary mistakes.

6. Try (understand) the difference between microeconomics and macroeconomics.

7. Try (pay) more attention to what I say.

8. Would you mind (lend) me your notes?

9. Tomorrow I intend (discuss) the matter with you.

10. Serious illness prevented him from (take) the exam.

11. I am looking forward to (study) economics.

VI. Find in the text English equivalents for the following

поведение рынка; рынок ценных бумаг; проводить сделку, операцию; иметь что-то общее с чем-либо; с учетом чего-либо (принимая во внима­ние); в пользу кого-либо другого; прибыльно продавать; переключиться на что-либо; неквалифицированная работа; распределять ресурсы по­средством системы цен; сокращать возможности экономики; набавлять цену; перераспределять расходы; оптовый рынок; механизмы (структу­ры), посредством которых цены влияют на распределение.

VII. Explain in English

rent; profit; expense account; part-time job; labour market; wholesale (meat) market

VIII. Answer the questions

1. What example is given of a market where sellers and buyers actually meet?

2. How are households' decisions on what to buy reconciled?

3. Why do prices adjust?

4. What problems do markets and prices solve for society?

5. Why is the cafe owner in business?

6. Why don't cafe owners have to pay high wages?

7. What makes society put resources into hamburger production?

8. What would consumers do if hamburger prices rose?

9. How many markets are you involved in if you buy a hamburger? What are those markets?

10. Enumerate all the components comprising the concept of "Market".

11. What does the term "resources" comprise?

12. In what way can prices guide your decision to buy some goods?

13. In what way can prices guide a person's decision to take a job?

IX. Translate using all the active possible

1. Рынок ценных бумаг, как и любой рынок вообще, где совершаются сделки, представляет собой механизм (структуру), посредством которого цены регулируют (2 варианта) распределение ограниченных ресурсов в обществе.



2. Потребности различных групп общества приводятся в соответствие путем изменения (регулирования) цен на товары и ресурсы - труд, капи­тал (оборудование), землю.

3. Ваше решение о покупке на ленч гамбургера имеет непосредствен­ное отношение к вопросу о рынках и ценах, поскольку, к примеру, по­вышение цен на мясо и, соответственно, переключение продавцов - вла­дельцев кафе на более дорогие обеды может привести к тому, что вопрос "для кого производить" будет решаться в пользу других, более богатых потребителей.

4. Многие студенты ищут работу в кафе, поскольку она занимает у них лишь часть времени и не требует квалификации, несмотря на то, что владельцы кафе предлагают невысокую плату за такой труд.

5. Если бы возможности экономики по производству мясопродуктов сократились, цена на мясо возросла бы, и покупатели стали бы покупать сандвичи с сыром, то есть корректировка цен побудила бы общество к перераспределению ресурсов.

 

 

Unit 7.

 

 

POSITIVE AND NORMATIVE ECONOMICS

(ПОЗИТИВНАЯ И НОРМАТИВНАЯ ЭКОНОМИЧЕСКИЕ ТЕОРИИ)

In studying economics it is important to distinguish two branches of the subject. The first is known as "positive economics", the second as "normative economics".

Positive economics deals with objective or scientific explanations of the working of the economy. The aim of positive economics is to explain how society makes decisions about consumption, production, and exchange of goods. The purpose of this investigation is twofold: to satisfy our curiosity about why the economy works as it does, and to have some basis for predicting how the economy will respond to changes in circumstances.

Normative economics is very different. Normative economics offers prescriptions or recommendations based on personal value judgements.

In positive economics, we hope to act as detached scientists. Whatever our political persuasion, whatever our view about what we would like to happen or what we would regard as "a good thing", in the first instance we have to be concerned with how the world actually works. At this stage, there is no scope for personal value judgements. We are concerned with propositions of the form: if this is changed then thatwul happen. In this regard, positive economics is similar to the natural sciences such as physics, geology or astronomy.

Here are some examples of positive economics in action. Economists of widely differing political persuasions would agree that, when the government imposes a tax on a good, the price of that good will rise. The normative question of whether this price rise is desirable is entirely distinct. Similarly, there would be substantial agreement that the following proposition of positive economics is correct: favourable weather conditions will increase wheat output, reduce the price of wheat, and increase the consumption of wheat. Many propositions in positive economics would command widespread agreement among professional economists.

Of course, as in any other science, there are unresolved questions where disagreement remains. These disagreements are at the frontiers of economics. Research in progress will resolve some of the issues but new issues will arise and provide scope for further research.

Although competent and comprehensive research can in principle resolve many of the outstanding issues in positive economics, no corresponding claim can be made about the resolution of disagreement in normative economics.

Normative economics is based on subjective value judgements, not on the search for any objective truth. The following statement combines positive and normative economics: "The elderly have very high medical expenses compared with the rest of the population, and the government should subsidize health bills of the aged." The first part of the proposition - the claim that the aged have relatively high medical bills — is a statement in positive economics, it is a statement about how the world works, and we can imagine a research programme that could determine whether or not it is correct. Broadly speaking, this assertion happens to be correct.

The second part of the proposition - the recommendation about what the government should do - could never be "proved" to be correct or false by any scientific research investigation. It is simply a subjective value judgement based on the feelings of the person making the statement. Many people might happen to share this subjective judgement, for example those people who believe that all citizens alive today should be able to purchase roughly equal amounts of luxury and recreational goods after paying for the necessities of life. But other people might reasonably disagree. You might believe that it is more important to devote society's scarce resources to improving the environment.

There is no way that economics can be used to show that one of these normative judgements is correct and the other is wrong. It all depends on the preferences or priorities of the individual or the society that has to make this choice. But that does not mean that economics can throw no light on normative issues. We can use positive economics to spell out the detailed implications of making the choice one way or the other. For example, we might be able to show that failure to subsidize the medical bills of the elderly leads middle-aged people to seek a lot of unnecessary medical check-ups in an attempt to detect diseases before then treatment becomes expensive. Society might have to devote a great deal of resources to providing check-up facilities, leaving less resources available than had been supposed to devote to improving the environment. Positive economics can be used to clarify the menu of options from which society must eventually make its normative choice.

VOCABULARY NOTES

to distinguish two branches of the subject разграничивать два аспекта предмета

positive economics deals with objective explanations позитивная экономическая теория предлагает объективные объяснения

the working of the economy действие экономики

exchange of goods обмен товаров

the purpose of the investigation is twofold цель исследования двояка

to satisfy curiosity удовлетворять любопытство

circumstances обстоятельства

prescriptions or recommendations предписания или рекомендации

based on основанный на

personal value judgements субъективные оценки ценностей

detached scientists беспристрастные, независимые ученые

whatever our political persuasion независимо от политических убеждений

whoever кто бы ни

whenever когда бы ни

wherever где бы ни

in the first instance прежде всего

actually в действительности

at this stage на этом этапе

there is no scope for нет места

on a large scope широкомасштабно

to be concerned with интересоваться чем-либо, заботиться о чем-либо

propositions of the form формальные утверждения, суждения

in this regard в этом отношении

to be similar to быть похожим на

natural sciences естественные науки

liberal arts, humanities гуманитарные науки

in action в действии

to be desirable быть желательным

to be entirely distinct быть совершенно несхожим

substantial agreement принципиальное единомыслие

favourable weather conditions благоприятные погодные условия

wheat output производство пшеницы

to command widespread agreement привести к общей согласованности во взглядах

unresolved questions неразрешенные вопросы

where disagreement remains где разногласия продолжают существовать

research in progress исследования, проводимые в настоящее время

new issues will arise (arose, arisen) возникнут новые проблемы

to provide scope for further research создать фундамент, базу, основу для дальнейших исследований

competent and comprehensive research квалифицированная и всеобъемлющая исследовательская работа

outstanding issues спорные, остающиеся неразрешенными вопросы

corresponding claim аналогичное заявление

to claim притязать на что-либо

search for objective truth поиск объективной истины

in search of smth в поисках чего-либо

the elderly (syn. aged) пожилые люди

medical expenses расходы на здравоохранение

to subsidize health bills субсидировать расходы на здравоохранение

statement (syn. assertion) заявление

to determine whether or not it's correct определить, правильно ли это

broadly speaking в широком значении, в общем понимании

assertion (syn. statement) утверждение, заявление

to assert утверждать, заявлять

to share one's judgement (view) разделять чьи-либо суждения, взгляды

roughly equal amounts приблизительно равные количества

luxury and recreational goods предметы роскоши и товары для отдыха

to disagree reasonably приводить разумные возражения

to improve the environment охранять окружающую среду

the preferences or priorities of the individual or the society предпочтения или приоритеты отдельных лиц или общества в целом

to make a choice делать выбор

to throw light on пролить свет на

to spell out точно, обстоятельно объяснить

the detailed implications скрытый смысл, значение

failure провал, неудача

to fail smth терпеть неудачу в чем-либо

to fail an exam провалиться на экзамене

to seek (sought, sought) искать что-либо

medical check-ups медицинские осмотры

an attempt попытка

to attempt (syn. to try) пытаться

to detect smth выявить, обнаружить

check-up facilities оборудование для медосмотров

to suppose to do smth предполагать сделать что-либо

to clarify smth (syn. to clear up) пояснить что-либо

the menu of options набор вариантов

 

Assignments

I. Suggest the Russian equivalents

twofold; to respond to changes in circumstances; to command widespread agreement among smb; a corresponding claim; disagreement in positive economics; to be proved correct or false; to devote a great deal of resources to providing smth; to clarify the menu of options

II. Replace the parts in italics by synonyms

the price of the goods will rise, favourable conditions will increase output; the new issues will arise; medical check-ups; to devote resources to smth; when the government places the tax on the goods; there would be considerable agreement

III. Find in the text the opposites to the following

subjective; lack of interest; treat as the same; involved; not to notice or see; success; confuse; general; tilings with no claim to consideration

IV. Fill in the gaps with the words and expressions from the text

1. In studying economics it is important to two branches of the subject.

2. Positive economics deals with__________ or scientific explanations of the economy.

3. Normative economics offers prescriptions based on personal .

4. Whatever our in the first instance we have to be concerned with how the world works.

5. , positive economics is similar to the natural sciences.

6.________ There would be _ that the following of positive economics is correct: favourable weather conditions will increase , reduce the price of wheat, and increase the consumption of wheat.

7.____ There are questions where disagreement remains.

8. New____________ will arise and provide for further research.

9.____ and research can in principle resolve many of the outstanding issues in positive economics.

10. The government should health bills of the aged.

11. Many people might happen this subjective judgement.

12. Some people believe that all citizens alive today should be able to

purchase roughly equal amounts of luxury goods after paying for of life, but other people might____________________________ .

13._________ It all depends on of the individual or the society that has to make this choice.

14.________________ We can use positive economics the detailed implications of making the choice one way or the other.

15. Society might have to devote a great deal of resources to providing.

16. Positive economics can be used the menu of options from which society must eventually make its normative choice.

V. Find in the text English equivalents for the following

каковы бы ни были политические убеждения; в этом отношении; обла­гать товары налогом; согласованность во взглядах, единогласие в принципах; неразрешимые вопросы; исследования, проводимые в настоящее время; квалифицированная и всеобъемлющая исследовательская работа; разделять взгляды; в широком значении, в общем понимании; приблизительно равные количества; привести разумные возражения; то, чему отдается предпочтение в обществе; пролить свет на...

VI. Explain in English

predicting; personal value judgement; proposition

VII. Answer the questions

1. What are two branches of economics?

2. What does the positive economics deal with?

3. What is the aim of normative economics?

4. What is the difference between positive and normative economics in regard to the role of research?

5. What are the global consequences of the government's failure to subsidize the medical bills of the elderly?

VIII. Translate using all the active possible

1. При изучении экономики необходимо различать (2 варианта) позитив­ную и нормативную экономические теории. Если в позитивной теории мы можем оставаться беспристрастными, независимо от наших политических убеждений, то нормативная теория основывается на личной системе ценностей. В этом отношении различие между двумя теориями очень наглядно.

2. Квалифицированная и всесторонняя исследовательская работа мо­жет в некоторой степени исправить положение (3 варианта) в области нерешенных вопросов, порождающих (2 варианта) разногласия среди экономистов. В широком понимании никакая рекомендация правительству не может оказаться правильной или ложной, поскольку она основа­на на субъективных оценках.

3. Позитивная теория может предложить ряд возможных альтернатив, из которых индивид или общество в целом выбирают наиболее приоритетные.

 

 

Unit 8.

 

 

MICROECONOMICS AND MACROECONOMICS

(ТЕОРИЯ МИКРОЭКОНОМИКИ И МАКРОЭКОНОМИКИ)

Many economists specialize in a particular branch of the subject. For example, there are labour economists, energy economists, monetary economists, and international economists. What distinguishes these economists is the segment of economic life in which they are interested. Labour economics deals with problems of the labour market as viewed by firms, workers, and society as a whole. Urban economics deals with city problems: land use, transport, congestion, and housing. However, we need not classify branches of economics according to the area of economic life in which we ask the standard questions what, how and for whom. We can also classify branches of economics according to the approach or methodology that is used. The very broad division of approaches into microeconomic and macroeconomic cuts across the large number of subject groupings cited above.

Microeconomic analysis offers a detailed treatment of individual decisions about particular commodities.

For example, we might study why individual households prefer cars to bicycles and how producers decide whether to produce cars or bicycles. We can then aggregate the behaviour of all households and all firms to discuss total car purchases and total car production. Within a market economy we can discuss the market for cars. Comparing this with the market for bicycles, we may be able to explain the relative output of these two goods. The sophisticated branch of microeconomics known as general equilibrium theory extends this approach to its logical conclusion. It studies simultaneously every market for every commodity. From this it is hoped that we can understand the complete pattern of consumption, production, and exchange in the whole economy at a point in time.

If you think this sounds very complicated you are correct. It is. For many purposes, the analysis becomes so complicated that we tend to lose track of the phenomena in which we were interested. The interesting task for economics, a task that retains an element of art in economic science, is to devise judicious simplifications, which keep the analysis manageable without distorting reality too much. It is here that microeconomists and macroeconomists proceed down different avenues.

Microeconomists tend to offer a detailed treatment of one aspect of economic behaviour, but ignore interactions with the rest of the economy in order to preserve the simplicity of the analysis. A microeconomic analysis of miners' wages would emphasize the cliaracteristics of miners and the ability of mine owners to pay. It would largely neglect the chain of indirect effects to which a rise in miners' wages might give rise. For example, car workers might use the precedent of the miners' pay increase to secure higher wages in the car industry, thus being able to afford larger houses, which burned more coal in heating systems. When microeconomic analysis ignores such indirectly induced effects it is said to be partial analysis.

In some instances, indirect effects may not be too important and it will make sense for economists to devote their effort to very detailed analyses of particular industries or activities. In other circumstances, the indirect effects are too important to be swept under the carpet and an alternative simplification must be found.

Macroeconomics emphasizes the interactions in the economy as a whole. It deliberately simplifies the individual building blocks of the analysis in order to retain a manageable analysis of the complete interaction of the economy.

For example, macroeconomists typically do not worry about the breakdown of consumer goods into cars, bicycles, televisions, and calculators. They prefer to treat them all as a single bundle called "consumer goods" because they are more interested in studying the interaction between households' purchases of consumer goods and firms' decisions about purchases of machinery and buHdings.

VOCABULARY NOTES

a labour economist специалист по экономике труда

an energy economist специалист по экономике (электро) энергии

a monetary economist специалист по монетарной экономике

an international economist специалист по мировой экономике

congestion перенаселенность

to cut across не соответствовать

a detailed treatment детальный, подробный анализ

an individual household отдельное домашнее хозяйство

to aggregate, v собирать в одно целое

aggregate, п совокупность

in the aggregate - в совокупности

aggregate, adj совокупный

the relative Output относительный объем производства

general equilibrium theory теория общего равновесия

to study simultaneously одновременно изучать

the complete pattern полная структура, система, схема

to lose track of the phenomena потерять след явлений

to devise judicious simplifications выработать разумные упрощения

to keep the analysis manageable позволять проводить анализ

to distort reality искажать реальность

to preserve the simplicity of the analysis сохранить простоту анализа

to neglect the chain of indirect effects пренебрегать косвенным воздействием, совокупностью (цепочкой) косвенных результатов, эффектов

to secure higher wages получить более высокую заработную плату

indirectly induced effects воздействие, вызванное косвенными причинами

partial analysis частичный (неполный) анализ

to sweep under the carpet прятать, маскировать (доел, замести под ковер)

to simplify deliberately намеренно упрощать

to retain a manageable analysis сохранить возможность анализа (выполнимый, поддающийся выполнению анализ)

the breakdown of consumer goods классификация (подразделение) товаров потребления

a single bundle отдельная единица, величина (доел, набор)

Assignments

I. Suggest the Russian equivalents

cuts across the large number of subject groupings cited above; the sophisticated branch of microeconomics; the complete pattern of consumption, production, and exchange; to devise judicious simplifications; keep the analysis manageable; to retain a manageable analysis; indirectly induced effects

II. Replace the parts in italics by synonyms

pulling out of shape, pay not enough attention, pay no attention; think out, plan; keep safe, brought about, showing good sense; keep; make less complicated; as a rule, characteristically, be sensible

III. Fill in the gaps with the words and expressions from the text

1. What distinguishes different economists is in which they are interested.

2. Urban economics deals with city problems: land use, transport, , and housing.

3. We can also classify branches of economics according to that is used.

4. The very broad division of approaches into microeconomic and macroeconomic the large number of subject groupings.

5. To discuss total car purchases and total car production we can the behaviour of all households and all firms.

6. The sophisticated branch of microeconomics known as __ studies every market for every commodity.

7. The task for economics is to devise simplifications, which keep the analysis without________________ .

8. Microeconomists tend to offer of one aspect of economic behaviour but with the rest of the economy in order to of the analysis, largely the chain of .

9._ When microeconomic analysis ignores such indirectly induced effects it is said to be .

10. Macroeconomics the individual building blocks of the analysis in order to a manageable analysis of of the economy.

11. Macroeconomists prefer to treat cars, bicycles, televisions, and calculators as a single called "consumer goods".

IV. Check your grammar

Define each of the words given below, using the pronouns who and which:

* an energy economist is..

* microeconomics is......

* international economics is...

* a monetary economist is...

* consumer goods are...

* macroeconomics is...

* a worker is...

* a miner is...

* coal is...

Complete the following sentences using adjectives or/and adverbs:

e.g.: a relatively difficult branch (adverb and adjective)

an expensive cassette player (adjective)

to buy something cheaply (adverb)

1. This is a book to read, (comparative, easy)

2. car production is not always to estimate (total, easy, general)

3. Even some ____ tools of_____ analysis are not known, (common, economic, general)

4. Some microeconomic analyses offer ________ detailed treatments of decisions, (extreme, individual)

5. If we compare the market for cars and bicycles , we may be able to

offer a explanation for their prices, (careful, good, relative)

6. she managed to pass her exams . (fortunate, final, easy)

7. My tutor emphasized the_____________ importance of putting ideas in a order. (great, logical)

8. analysis ignores induced effects, (partial, indirect)

9._ The_______________ economist keeps his analysis without distorting reality. (sensible, manageable, undue)

10. She's an___________ novelist - something and happens_in her stories. (excellent, unusual, exciting, constant)

V. Find in the text English equivalents for the following

перенаселенность; собирать в одно целое; теория общего равновесия; искажать реальность; подробный анализ (рассмотрение); сохранить про­стоту анализа; косвенное (непрямое) воздействие (эффект); взаимодейст­вие внутри экономики

VI. Explain in English

consumption; exchange; partial analysis; simphfication; indirect effect

VII. Answer the questions

1.What distinguishes an energy economist from an urban economist?

2.Are the same questions asked in each area of economic life?

3.What is needed before total car purchases and production can be discussed?

4.What does the general equilibrium theory examine?

5.What can be understood from such a study?

6.What happens when an analysis becomes too complicated?

7.What can keep an analysis manageable?

8.What do most microecononhsts leave out of their analysis?

9.What does partial analysis ignore?

10.Why wouldn't most macroeconomists make a breakdown of consumer goods?

VIII. Translate using all the active possible

1. Макроэкономика - это один из основных разделов экономической теории, который изучает поведение экономики как единого целого. Она анализирует взаимодействие факторов, влияющих на рост национального производства, а также такие процессы, как безработица, инфляция, и т. п. Объектом макроэкономики является именно взаимодействие этих величин внутри экономики, при этом сами эти величины рассматрива­ются упрощенно, абстрактно.

2. Микроэкономика - это один из основных разделов экономической теории, изучающий поведение отдельных экономических единиц, их взаимодействие на рынках, в результате которого формируются цены на производимые товары и услуги и т. д. Микроэкономика стремится к детальному рассмотрению поведения какой-либо экономической единицы, при этом не уделяя достаточного внимания косвенному воздействию этого поведения на другие экономические единицы и на экономику в целом.

 

Unit 9.

 

PRICE AND DEMAND (ЦЕНА И СПРОС)

The following text will introduce you to the topic of the effect of price and income on demand quantities.





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