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ENGLISH-RUSSIAN DICTIONARY OF BUSINESS TERMS 5 страница





 

 

Unit 12.

 

 

A MODEL OF THE ECONOMY

(МОДЕЛЬ ЭКОНОМИКИ)

Economists spend a lot of time trying to develop models of the working of the economy. The London Business School, like many universities and also the Treasury, has a model of the economy which it has entered into a computer. The reason for this is that much of its work is concerned with forecasting future economic trends so as to aid decision-making by business and government. The London Business School's model can be fed with economic information, such as changes in tax rates, and it will then predict how the economy will behave. Such predictions are an invaluable aid to business decision-making because, for example, businesses can find out whether people's incomes are likely to rise or not.

The complete economy comprises many millions of economic units. There are households, as one kind of unit. There are also firms, and the departments of both central and local government. These units together decide the economy's total spending. They also decide its total income and its total level of production of goods and services. But in order to develop a simple model of the economy we need to ignore the government sector and the possibility of transactions between households and foreigners. Suppose we are dealing with an isolated economy, one which has no government. Let's assume that there are two main sectors in the economy: households and firms. Households supply firms with the factors of production that firms need to carry on their concerns.

Thus, households provide labour services, both skilled and unskilled, in return for the payment of wages. They may also supply land for which they are paid rent. Finally, they might supply the finance, which is essential to the business. If the finance is in the form of a loan they receive interest payments, but if they have purchased shares in the business they may be entitled to a share of the profits. Most households provide some factor services or services of productive factors, to a public or private business. Anyone at work is providing labour, and if you or someone in your family has bought shares in the privatization programme (in, for example, British Gas, British Telecom or the water authorities) then they have supplied share capital. Households receive payments for these factor services, that is to say, they earn factor incomes, such as wages, rents and profits.

The other part of our simple model portrays firms supplying households with all the goods and services that they require. In return for these the households pay the firms. These two sets of actions create the model of the circular flow of money, which is shown in Fig. 3.

In fact, there are two flows. One which is monetary and one comprising goods and services. A flow of factor services from households to firms for which there is an opposite stream of factor payments and a flow of goods and services, for which households pay firms. It is this monetary flow in which we are most interested.

What does the figure suggest? It suggests that there are three ways of measuring the amount of economic activity in the economy. First, we can measure the value of goods and sen'ices produced, second, we can measure the level of factor earnings. These factor earnings represent the value of factor services supplied. Third, we can measure the value of spending on goods and sen'ices. Then, economists refer to the size of the monetary circular flow as the level of national income.

If we assume that all the goods and services, which are produced are in fact sold and that households spend all their income, then we have arrived at what economists call a neutral equilibrium. The level of income, which is spent and received by the two groups will not alter since as one group receives it, they spend it with the other.



 

 

 
 

 

 


The fact that the economy is in a neutral equilibrium means simply that the level of national income, and hence the level of economic activity, are stable and unchanging. (An equilibrium is a point of balance in which there is no inherent tendency to change). If the economy was in equilibrium it does not mean that everyone who wants a job has one or that the country is importing exactly the same value of goods and services as it is exporting.

VOCABULARY NOTES

to aid decision-making помогать, содействовать в принятии решений

the model can be fed with economic information в модель можно внести экономическую информацию

total income общий, суммарный доход

total level of production of goods and services общий уровень производства товаров и услуг

to deal with an isolated economy иметь дело с изолированной экономикой

to carry on their concerns продолжать свое дело

to provide labour services предоставлять рабочую силу (труд)

to receive interest payments получать платежи в виде процентов

shares акции

to be entitled to a share of the profits иметь право на долю прибыли

factor services or services of productive factors факторы производства

the water authorities управление водного хозяйства

to supply share capital предоставить акционерный капитал

factor incomes доход на факторы производства

to portray отображать

a monetary flow денежный поток

an opposite stream противоположный поток (течение)

factor payments выплаты (доход) на факторы производства

to measure the amount of economic activity измерять уровень экономи­ческой активности

the value of goods and services produced стоимость произведенных товаров и услуг

the level of factor earnings уровень доходов на факторы производства

the value of factor services supplied стоимость предоставленных факторов производства

the value of spending on goods and services размер расходов на товары и услуги

a neutral equilibrium общее равновесие

the circular flow of income круговой поток (круговорот) доходов an inherent tendency to change внутренняя тенденция к изменению

Assignments

I. Suggest the Russian equivalents

forecasting future economic trends; to feed with economic information; factors that firms need to carry on their concerns; to provide labour services; circular flow of money; a flow of factor services; factor payments; neutral equihbrium; set of actions

II. Replace the parts in italics by synonyms

the model can be filled with economic infonnation; they hiwe bought shares; they have the right to get a share of the profits; the flow includes goods and services; the level of income will not change; the level of income and consequently the level of economic activity

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

1. The model of the economy is concerned with forecasting so as to aid by business and government.

2. Such predictions are aid to business decision-making because businesses can find out whether people's incomes to rise or not.

3. These units together decide the economy's , and .

4. In order to develop a simple model of the economy we need to the government sector and___ between and .

5. Suppose we are dealing with , one which has no government.

6. In order to develop_____________ of the economy we need to that there are two main sectors in the economy:____________ and .

7. Households provide_________ , both , in return for .

8. If the finance is in the form of______ , households receive , but if they have purchased in the business they may be entitled to___ .

9- Households receive payments for_______ , that is to say, they earn , such as ,_______________________ and_____________ .

10. There are two flows: one which is __ and one goods and services.

11. The model suggests that there are three ways of in the economy.

12. We can measure___ , and .

13. Economists refer to_______________ of the monetary circular flow as .

14. If we assume that all the goods and services, which are in fact

and that households spend , then we have arrived at what economists call

15. The fact that the economy is in a neutral equilibrium means simply that the level of , and hence the level of__ , are_ and__ .

16. An equilibrium is a point of balance in which there is no .

IV. Find in the text English equivalents for the following

принятие решений; изменение ставки налогообложения; неоценимая помощь; доходы населения; необходимо допустить, что...; факторы произ­водства; выплата процентов; купить акции; иметь право на часть (долю) до­хода; акционерный капитал; денежный поток; уровень национального дохо­да; уровень экономической активности; внутренняя (присущая чему-либо) тенденция к изменению; следовательно; круговой поток доходов

V. Give explanations in English

to pay rent; a loan; interest payments; share capital; factor services; factor payments; factor incomes; factors of production; a neutral equilibrium in the economy

VI. Read the description of drawing a circular flow

Start with the two blocks. The one on the left should be labelled "households", and the one on the right "firms". On the top of the inner loop, circle, put "goods and services", with an arrow mnning from the firms block to the households block. At the bottom of the inner loop put "services of productive factors", with an arrow mnning from households to firms. On the outer loop, at the top, put "spending on goods and services", with an arrow mnning from households to firms. And finally, at the bottom of the outer loop, put "factor incomes", with an arrow mnning from firms to households.

Find in the text English equivalents for the following

подписать обозначения на картинке; внутренний круг (кольцо); внешний круг (кольцо); стрелка направлена от ... к ...; вверху; внизу; справа; слева

Draw the circular flow (it will be different from the one in the unit!) and describe it using all the active possible

VII. Answer the questions

1. What units does the economy comprise? What do they decide?

2. What are the two main sectors in the economy?

3. What sets of actions create the model of the circular flow of income?

4. Dwell on the monetary flow. How is the level of national income connected with it?

5. Dwell on the flow of goods and services.

6. What does the figure suggest?

7. How can the amount of economic activity be measured?

8. What's an equiUbrium? a neutral equilibrium?

VIII. Translate using all the active possible

1. Кругооборот (круговой поток) доходов - это поток товаров и услуг между домашними, семейными хозяйствами (населением) и фирмами (предпринимателями), с одной стороны, и поток денежных платежей за них - с другой стороны.

2. Если рассматривать простейшую модель экономики, то необходимо допустить, что население полностью тратит все полученные доходы на покупку товаров и услуг, а предприниматели продают все товары, которые производят.

3. В уплату за товары и услуги, которые предлагают населению пред­приниматели, население передает им деньги, которые, в свою очередь, получает от предпринимателей в обмен за факторы производства.

4. Если мы допустим, что схема описывает ситуацию, при которой достигнута эффективность распределения ресурсов, то мы получим мо­дель экономики, находящейся в состоянии общего равновесия.

 

Unit 13.

 

 

INJECTIONS

(ВЛИВАНИЕ ДЕНЕГ В ЭКОНОМИКУ)

An injection is simply an addition to the circular flow of income, which does not arise from the spending of households. It was unrealistic to assume earlier that there would be no such additions. These additions or injections will, of course, increase the size of the circular flow and thus the level of activity in the economy. There are three recognized ways in which funds can flow into an economy. They can be generated through:

* Investment

* Government spending

* Export sales

Investments. Инвестиции

Investment is expenditure on productive capital goods. That is, goods which can be used to produce other goods and services. Thus, investment is usually held to be expenditure on factories, machinery and other physical assets. It is important to realize that economists use the word investment in a different context to the layman. An economist referring to investment does not mean the purchase of paper financial assets such as stocks or shares. Clearly, if the ownership of a company’s shares is transferred from one UK citizen to another there is no overall impact on the economy.

Investment can be categorized into net investment and gross investment.

Net investment is investment, which actually increases the nation’s stock of capital goods. It is such investment that enables the economy to grow. However, some investment is necessary to replace capital stock that is worn out or obsolete. This loss of value of assets is called depreciation. When this replacement is added to the net investment the total achieved is termed gross investment.

You should note that investment increases the circular flow since it comprises extra spending that has not originated in the circular flow. The main influences on the amount of investment that takes place are:

* the rate of interest since firms often have to borrow to undertake the investment

* the firm’s expectation about the future behaviour of the economy. If they believe the economy will boom and the level of economic activity will increase, then they are more likely to enjoy increased sales. They may well decide to invest in new machinery or in a new factory.

On the other hand, if the level of investment declines then there will be less injections than previously into the economy and the rate of growth of economic activity (or the national income) will fall. Economic statistics show us that over the last few decades the level of gross investment in the UK economy has fluctuated. This will have been one of the factors affecting the level of national income and the environment in which businesses operate.

Government Expenditure. Расходы государства

Government expenditure takes many fonns and, particularly over the last 50 years or so, has been a very substantial total. This heading covers spendings by both central government and local authorities. Government spending results in an injection of funds into the circular flow.

Let us take as an example a decision by the Department of Transport to build a new motorway. This will lead to a variety of spending, which would not have taken place otherwise. The authorities will have to employ surveyors, lawyers, accountants and construction workers and will have to purchase large quantities of construction materials. All of the spending generated in this way will be an addition or an injection to the circular flow.

Government spending can, of course, take many other forms. Major financial items are the provision of health and social security benefits. The latter tends to put money directly into the hands of people who need it badly and who are, therefore, likely to spend all or most of it in the near future. If it so wishes the government can use its own expenditure to rapidly affect the level of injections and thus the circular flow. Pursuing such policies, however, can have undesirable side-effects.

Exports. Экспорт

Exports are an injection because they result in income entering the UK’s circular flow as a result of the spending decisions of foreign households, firms and governments. Notice that this spending by foreign households is a loss (or withdrawal from) their domestic circular flows.

Britain is a major trading nation and, as such, can be described as an open economy. It exports approximately one-third of all the goods and services it produces. The amount of the UK imports varies but over time will be roughly the same proportion. The UK’s trade is recorded in the balance of payments figures, which are published monthly and then collected into annual accounts. If you look at the UK’s trade figures you will see that rarely, if ever, does the value of exports equal the value of imports.

The balance of payments accounts are split into two broad sections: the current account, which records imports and exports of goods and services; and the capital account, which records international monetary flows in and out of the UK, such as foreign loans and investment in the UK.

Exports have always been important to the UK economy and are indisputably an engine of economic growth. They provide domestic employment not only in the exporting industry but also in the industries, which supply components and raw materials to that industry. Exports bolster the circular flow and promote employment in a range of industries. They also stimulate innovation and competition and generate a satisfying standard of living. Most of the world’s most prosperous economies are successful exporters, notably Japan and Germany. Few isolated economies have been economically successful.

VOCABULARY NOTES

injection инъекция, вливание (напр., денег в экономику)

to arise from проистекать, являться результатом

to assume предполагать, считать

thus таким образом

they can be generated through это может происходить посредством

assets имущество, активы

layman непрофессионал, неспециалист

an economist referring to investment говоря о вложениях, экономист

paper financial assets имущество, вложенное в ценные бумаги

stock акция, ценная бумага; запас, ассортимент

there is no overall impact on the economy большого влияния на экономику это не окажет

net investment чистые инвестиции

gross investment валовые капиталовложения

worn out изношенный

depreciation обесценение (денег), снашивание (в результате износа и морального устаревания)

total целое, сумма, итог

to term (syn/ to call) называть

rate of interest процентная ставка

rate of growth скорость роста

decade десятилетие

the level… has fluctuated уровень колебался

has been a very substantial total составило очень значительную суму

this heading covers под этим заголовком рассказывается

to result in (syn. To lead to, to cause, to entail) приводить к чему-либо; иметь своим результатом

this will lead to a variety of spending это повлечет за собой самые раз­нообразные затраты

surveyor землемер, топограф

major financial items основные статьи расходов

social security benefits льготы социального обеспечения

to tend to иметь тенденцию

rapidly быстро, скоро

pursuing such policies проведение такой политики

undesirable side-effects нежелательные побочные явления

as a result of the spending decisions как результат решения покупать или нет

withdrawal утечка, изъятие

the amount … varies количество … бывает различным

over time иногда, время от времени

roughly приблизительно

the UK's trade is recorded in the balance of payments figures торговля Великобритании отображена в данных платежного баланса

annual accounts ежегодные отчеты

rarely, if ever редко или почти никогда

the balance of payments accounts are split into статьи (разделы) платежного баланса разделяются на

current account счет текущих операций

capital account счет движения капиталов

indisputably бесспорно

to bolster поддерживать, укреплять

promote employment in a range of industries обеспечивают занятость в ряде отраслей

innovation новшество, нововведение

notably особенно

Assignments

VII. Suggest the Russian equivalents

which does not arise from; they can be generated through; government spending (expenditure); an economist referring to investment; paper financial assets; capital stock; extra spending that has not originated in the circular flow; the level… has fluctuated; a very substantial total; government spending results in…: construction workers (materials); social security benefits; the current (capital) account; domestic employment; they generate a satisfying standard of living

VIII. Replace the parts in italics by synonyms

does not arise from the spending; it was unrealistic to assume; increase the size of the circular flow; there are three recognized ways; there is no overall impact on the economy; to replace capital stock that is worn out or obsolete; this heading covers; this will lead to a variety of spending; rapidly; over time; accounts are split into; indisputably; exports bolster the circular flow and promote employment

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

1. An injection is simply an addition to , which does not arise from the spending of households.

2. Investment is on productive capital goods.

3. An economist referring to investment doesn’t mean the purchase of ,

such as or__ .

4. Some investment is necessary to replace capital stock that is or .

5. Economic statistics show us that the level of in the UK economy over the recent years.

X. A decision to build a new motorway will lead to . which would not
have taken place otherwise.

7. Major financial items are the provision of and .

8. The amount the UK imports varies but will be roughly the same

proportion

9. If you look at the UK’s trade figures you will see that does the value of exports equal the value of imports.

10. Exports__________ the circular flow and employment in of industries.

XI. Find in the text English equivalents for the following

предполагать; товары производственного назначения, основные фонды; неспециалист; чистые инвестиции, валовые инвестиции; объем основных фондов; изношенный; делать вложения; за последние несколько десятилетий; имеет много форм; это потребует значительных затрат; ос­новные статьи финансирования; побочные явления; очень редко; пла­тежный баланс; промышленность, работающая на экспорт; обесценение основных фондов, амортизация

XII. Give explanations in English

physical assets; paper financial assets; stock; shares; capital goods; capital stock; social security benefits; the balance of payments accounts

XIII. Answer the questions

1.What is an injection?

2.What is expenditure?

3.What are net and gross investments?

4.What are the main influences on the amount of investment? Can you add anything else?

5.Speak on government expenditure and its forms.

6. What have you learnt about the UK’s exports and imports?

7. Why are exports an engine of economic growth?

VII. Translate the following sentences using all the active possible

1. В последнее время процентная ставка крупных банков сильно ко­леблется и это влияет на состояние инвестиций в промышленности.

2. Неспециалисту трудно понять, что такое товары производственного назначения и основных фондов.

3. Создание новых отраслей, работающих на экспорт, потребует больших затрат, включая социальную защиту работников. Но именно это и обеспечивает занятость населения страны.

4. В Великобритании ежегодно публикуются статистические данные о состоянии платежного баланса страны.

5. Чтобы создать новые рабочие места, нужны немалые капиталовложения.

6. Конкуренция способствует развитию технического прогресса.

7. Что увеличивает кругооборот доходов?

8. Инъекции - это потоки денежных средств, направленные на приобретение национального продукта, созданного внутри страны, и не связанные с потребительскими расходами населения на его покупку. Такие потоки образуются капиталовложениями, правительственными закупка­ми и платежами за товары и услуги, проданные за границу.

 

Unit 14.

 

 

WITHDRAWALS (ИЗЪЯТИЯ ДЕНЕГ ИЗ КРУГООБОРОТА)

Withdrawals (or leakages) are that part of the circular flow, which are not passed on as spending with UK firms. This is income, which individuals, firms or governments take out of the circular flow with the likely result that the level of economic activity in the economy ckxbhes. The three forms that withdrawals can take are:

* Savings

* Imports

* Taxation

Savings. Сбережения

Both businesses and individual citizens can take the decision not to spend all of the income that they receive. A number of factors are thought to determine the level of savings at any one time. Interest rates obviously influence the saver's decision since they represent the return on his or her savings. Many economists believe that decisions to save are taken in response to periods of economic uncertainty: the more worried people are about interest rates, job security and so on, the more they are likely to save. Alternatively, there is evidence that when money is losing value quickly, as in a period of inflation, people tend to purchase consumer durable goods such as televisions and washing machines.

Another factor is social change. Previous generations placed great store by saving in order to carry out major purchases; this is less common today perhaps due to the ready availability of credit.

Imports. Импорт

You will know that expenditure by UK inhabitants on goods and services imported from abroad will remove those funds from the domestic circular flow and will cause a decrease in the level of economic activity. Periodically, the UK has spent too freely on imports and earnings from exports have been insufficient to cover this. Many factors encourage us to purchase imports: some are favourable to the economy in the long term, whilst others are harmful. If imports of raw materials increase due to the growth of a domestic industry, then this indicates an expanding economy, which should sell more exports in the future in order to pay for the increased expenditure. However, if the imports are the consequence of UK citizens preferring foreign goods on grounds of, for example, price or quality, then the impact may be liamiful as jobs are lost in domestic industries.

Taxation. Налогообложение

Funds are withdrawn from the circular flow in the form of taxation by the government. It levies two types of tax:

* Direct taxes, such as income tax, corporation tax (on profits) and other taxes on income or wealth;

* Indirect taxes, such as VAT and customs and excise duties, which are levied on spending by all of us

If the authorities withdraw funds through taxation and then fail to spend this tax revenue, the circular flow whT reduce the level of activity in the economy.

Taxation policy has been substantially altered by the Conservative government in the 1980s and early 1990s. It has reduced direct taxes because of the belief that taxation of this kind reduces the incentive to work and so dampens the spirit of enterprise in the economy. Indirect taxes, such as VAT, have been increased to make up for some of the revenue lost from direct taxes. The government has thus transferred the tax burden from direct to indirect taxes. The total burden of taxation has hardly altered.

VOCABULARY NOTES

leakage утечка

which are not passed on as которые рассматриваются не как...

with the likely result that в результате чего может; результатом чего может

savings сбережения, накопления

a number of factors are thought to determine считается, что ряд факторов определяет

the return on his or her savings отдача, процент, доход от... сбережений

there is evidence that очевидно, что

to place great store by придавать большое значение

due to благодаря, из-за

to remove from удалить, изъять

insufficient to cover недостаточный для покрытия (расходов)

to encourage smb to do smth побуждать кого-то сделать что-то

in the long term (ant. in the short term) в (отдаленном) будущем

domestic industry национальная промышленность

to withdraw изымать, выводить, удалять

to levy взимать, облагать (о налогах)

direct (indirect) taxes прямые (косвенные) налоги

income tax подоходный налог

corporation tax (on profits) налог с прибыли (доходов) корпораций

VAT (value added tax) НДС (налог на добавленную стоимость)

customs duty таможенная пошлина

excise duty акцизный сбор

and then fail to spend this tax revenue а затем не могут распорядиться (потратить) этими налоговыми поступлениями

has been substantially altered была значительно изменена

and so dampens the spirit of enterprise и таким образом подавляет дух предпринимательства

to make up for компенсировать, восполнять

tax burden бремя налогов

Assignments





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