Реферат Economics
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THE MACROECONOMY
3.1 BASIC NATIONAL ECONOMY INDICATORS
DISCOVERING CONNECTIONS
Have you ever thought about the economic activity that goes on in an economy? Firms hire labour and use capital goods to produce goods and services. People sell their labour to earn income so they can spend on goods and services and become consumers. The government intervenes in various ways, with taxes and transfers and with ensuring the provision of non-market services such as health, law and order, and education. People buy goods from abroad – and firms sell some of their output overseas. Or to put it in another way, output is produced, and income is earned and spent. Think and answer the questions below.
· Is it possible to measure the overall performance of the economy?
· What is a key way in which the performance of an economy can be monitored?
· What are the objectives of macroeconomic policy?
Text 1
As you read the text, analyze the definition of GDP.
Gross Domestic Product
The total amount of goods and services produced, or the total amount of income earned, or the total amount of expenditure undertaken, all tell us something about the overall performance of the economy in providing resources for the members of the society. If we could measure these totals, we could examine whether the resources available to the residents of a country were changing through time, or try to compare the country’s situation with that in other nations. Of course, there is such a measure. It is called GDP and it is a key way in which we try to monitor the performance of an economy.
Here is a definition of GDP:
Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a given period of time. Let's consider each phrase in this definition with some care.
"GDP is a Market Value ..." You have probably heard the adage, “You can't compare apples and oranges”. Yet GDP does exactly that. GDP adds together many different kinds of products into a single measure of the value of economic activity. To do this, it uses market prices. Because market prices measure the amount people are willing to pay for different goods, they reflect the value of those goods. If the price of an apple is twice the price of an orange, then an apple contributes twice as much to GDP as does an orange.
"Of All . . ." GDP tries to be comprehensive. It includes all items produced in the economy and sold legally in markets. GDP measures the market value of all the goods. GDP also includes the market value of the housing services provided by the economy's stock of housing. There are some products, however, that GDP excludes because measuring them is so difficult. GDP excludes items produced and sold illicitly, such as illegal drugs. It also excludes most items that are produced and consumed at home and, therefore, never enter the marketplace. Vegetables you buy at the grocery store are part of GDP; vegetables you grow in your garden are not.
"Final. . ." GDP includes only the value of final goods. The reason is that the value of intermediate goods is already included in the prices of the final goods. Adding the market value of the intermediate goods to the market value of the final goods would be double counting.
"Goods and Services . . ."GDP includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits). When you buy a CD by your favorite singing group, you are buying a good, and the purchase price is part of GDP. When you pay to hear a concert by the same group, you are buying a service, and the ticket price is also part of GDP.
"Produced . . ."GDP includes goods and services currently produced. It does not include transactions involving items produced in the past. When General Motors produces and sells a new car, the value of the car is included in GDP. When one person sells a used car to another person, the value of the used car is not included in GDP.
"Within a Country . . ."GDP measures the value of production within the geographic confines of a country. When a Canadian citizen works temporarily in the
". . . In a Given Period of Time." GDP measures the value of production that takes place within a specific interval of time. Usually that interval is a year or a quarter (three months). GDP measures the economy's flow of income and expenditure during that interval.
When the government reports the GDP for a quarter, it usually presents GDP “at an annual rate”.
In addition, when the government reports quarterly GDP, it presents the data after they have been modified by a statistical procedure called seasonal adjustment. The unadjusted data show clearly that the economy produces more goods and services during some times of year than during others. (As you might guess, December's Christmas shopping season is a
Economists distinguish between nominal GDP and real GDP. Nominal GDP is the value of all final goods based on the prices existing during the time period of production. Real GDP is the value of all final goods produced during a given time period based on the prices existing in a selected base year. In other words, the prices in the base year provide the basis for comparing quantities in different years.
As we have just seen, nominal GDP reflects both the prices of goods and services and the quantities of goods and services the economy is producing. By contrast, by holding prices constant at base-year levels, real GDP reflects only the quantities produced. From these two statistics, we can compute a third called the GDP deflator, which reflects the prices of goods and services but not the quantities produced. The GDP deflator is calculated as follows:
Vocabulary Focus
Ex. 1. Match the words from A with their equivalents from B.
| A 1) adjust 2) consume 3) total 4) intermediate 5) domestic 6) expenditures 7) intervene 8) current 9) comprehensive 10)compute | B a) inside a particular country b) coming between two things in time c) expenses d) adapt e) interfere f) use up g) overall h) present i) calculate j) including everything |
Ex. 2. Match the verbs and nouns below to make adjective-noun partnerships that are found in the text.
| A 1) intermediate 2) seasonal 3) intangible 4) undertake 5) measure/estimate 6) tangible 7) enter 8) market | B a) the marketplace b) goods c) expenditures d) value e) adjustment f) service g) the performance h) goods |
Ex. 3. Make the opposite to the following words by adding negative prefixes:
Legally; comprehensive; include; market; tangible; available; adjusted..
Ex. 4. Match the words in column A with their English equivalents in column B:
| A | B |
| 1) предоставление нерыночных услуг 2) выпускать продукцию 3) общий объем понесенных затрат 4) товары, производимые и продаваемые незаконно 5) промежуточный продукт 6) конечный продукт 7) осязаемые товары 8) нематериальные/неосязаемые услуги 9) производимый внутри страны 10) дефлятор 11) всесторонний, полный, всеобъемлющий 12) базовый год 13) закупочная цена 14) инвестиции в товарно-материальные запасы 15) квартал 16) сделка, соглашение | a) to produce output b) deflator c) items produced and sold illicitly d) total amount of the expenditure undertaken e) the provision of non-market services f) intermediate good g) produced domestically h) intangible services i) tangible goods j) final goods k) comprehensive l) inventory investment m) quarter n) purchase price o) base year p) transaction |
Ex. 5. Match the words from A with their definitions from B.
| A 1) GDP 2) final goods 3) output 4) expenditure 5) inventory 6) adjustment 7) transfer | B a) the amount produced, as in a given period b) the market value of all final goods and services produced in a nation during the period of time c) finished goods or services produced for the ultimate user d) altering sth by a small amount so that it will fit properly or be right for use e) an amount of money spent f) stocks of raw materials and finished goods g) the action of transferring sth/sb |
Comprehension
Ex. 1. Based on your understanding of the text, are the following TRUE or FALSE?
1. Gross domestic product is the market value of all intermediate and final goods and serviced produced within a country in a given period of time.
2. Market prices measure the amount people are willing to pay for different goods and reflect the value of those goods.
3. GDP includes all items produced in the economy and sold both legally and illegally in the markets.
4. GDP does not include the market value of the housing services providedby the economy.
5. GDP excludes most items that are produced and consumed at home.
6. The value of intermediate goods is not included into the value of the final goods.
7. GDP excludes intangible services.
8. GDP is the market value of all final goods and services produced by nation’s residents no matter where they are located.
9. GDP measures the value of production that takes place within a specific interval of a time, which is usually a month.
Ex. 2. Answer the questions.
1. What factors are taken into account to describe the overall performance of the economy?
2. How can Gross Domestic Product be defined?
3. How do they manage to compare the value of absolutely different goods?
4. How do you understand the fact that GDP tries to be comprehensive?
5. Does GDP include the value of intermediate good?
6. What are the tangible goods and intangible services that GDP includes?
7. Does GDP include transactions involving items produced in the past?
8. Are items produced abroad by subsidiaries included in a nation’s GDP?
9. What are most common intervals for measuring GDP?
10. How do real and nominal GDP differ?
11. What is the GDP deflator?
Text 2
Other Measures of Income
When the U.S. Department of Commerce computes the nation's GDP every three months, it also computes various other measures of income to get a more complete picture of what's happening in the economy. These other measures differ from GDP by excluding or including certain categories of income. What follows is a brief description of five of these income measures, ordered from largest to smallest.
Gross national product (GNP) is the total income earned by a nation's permanent residents (called nationals). It differs from GDP by including income that our citizens earn abroad and excluding income that foreigners earn here. For example, when a Canadian citizen works temporarily in the
Net national product (NNP) is the total income of a nation's residents (GNP) minus losses from depreciation. Depreciation is the wear and tear on the economy's stock of equipment and structures, such as trucks rusting and light bulbs burning out. In the national income accounts prepared by the Department of Commerce, depreciation is called the “consumption of fixed capital”.
National income is the total income earned by a nation's residents in the production of goods and services. It differs from net national product by excluding indirect business taxes (such as sales taxes) and including business subsidies. NNP and national income also differ because of a “statistical discrepancy” that arises from problems in data collection.
Personal income is the income that households and noncorporate businesses receive. Unlike national income, it excludes retained earnings/profit, which is income that corporations have earned but have not paid out to their owners. It also subtracts corporate income taxes and contributions for social insurance (mostly Social Security taxes). In addition, personal income includes the interest income that households receive from their holdings of government debt and the income that households receive from government transfer programs, such as welfare and Social Security.
Disposable personal income is the income that households and noncorporate businesses have left after satisfying all their obligations to the government. It equals personal income minus personal taxes and certain nontax payments (such as traffic tickets).
Although the various measures of income differ in detail, they almost always tell the same story about economic conditions. When GDP is growing rapidly, these other measures of income are usually growing rapidly. And when GDP is falling, these other measures are usually falling as well. For monitoring fluctuations in the overall economy, it does not matter much which measure of income we use.
Ex.1 Match the Russian word-combinations with their English equivalents:
A B
| 1) ) обесценение, обесценивание, износ основного капитала, амортизация | a) total income |
| 2) основной /недвижимый капитал | b) depreciation/ wear and tear |
| 3) располагаемый личный доход (остаётся после уплаты налогов, взносов в систему страхования и др. вычетов) | c) national income accounts |
| 4) валовой доход | d) fixed capital |
| 5) счета национального дохода; система национальных счетов | e) net national product |
| 6) чистый продукт страны, национальный доход | f) indirect business taxes |
| 7) доля собственности (в виде акций) | g) statistical discrepancy |
| 8) косвенные налоги на предпринимателя | h) retained earnings/profit |
| 9) взносы в фонд социального страхования | i)corporate income taxes |
| 10) статистическое различие | j)contributions for social insurance |
| 11) корпоративный налог на прибыль; подоходный налог корпорации | k)holdings |
| 12) нераспределённая прибыль | l)disposable personal income |
Ex.2 Complete the following sentences:
1. Gross national product (GNP) differs from GDP by…
2. Net national product (NNP) is the total income of…
3. National income is the total income earned by…
4. National income differs from net national product by…
5. Personal income is the income that…
6. Unlike national income, personal income excludes…
7. Disposable personal income equals…
Ex. 1. Complete the following sentences, use the prompts below:
1. ________________ is the most widely used measure of a nation’s economic performance and is the market value of all final goods produced in the country during a period of time.
2. To avoid double counting. GDP does not include _________________.
3. The ___________________ sums the four major spending components of GDP consisting of: consumption, investment, government, and net exports.
4. GDP minus depreciation of fixed capital equals __________________.
5. _______________ is total income received by households and is calculated as national income minus corporate taxes, retained earnings, social security taxes plus transfer payments and net interest from government securities.
6. ________________ is personal income minus personal taxes.
7. ________________ measures all final goods produced in a given time period valued at the prices existing during the time period of production.
8. ________________ is the value of all final goods and services produced during any time period valued at prices existing in a base year.
9. ________________ is the market value of all final goods and services produced by a nation’s residents no matter where they are located.
10. ________________ are finished goods and services produced for the ultimate user.
11.The gross domestic product minus depreciation of capital work out in producing output is…
Words for reference: intermediate goods; net domestic product; personal income; disposable personal income; nominal GDP; real GDP; final goods; net domestic product; gross domestic product (GDP); expenditure approach; gross national product (GNP);
.
Text 3
While reading the text find the synonyms to the verbs ‘to increase’ and ‘to decrease’. Look up in a dictionary to continue the list.
Economic Growth
Economic growth is defined as a real increase in the gross domestic product (GDP) of a country. This means that national income (adjusted for inflation) has increased and there has been a physical increase in economic activity. If real incomes rise, then consumers enjoy higher real spending power, so ultimately real economic growth transmits itself into greater demand for goods and services.
Let us consider positive and negative implications of economic growth. Apart from inflation risks, economic growth is highly desirable for the business community as it generates many opportunities for firms and has a positive impact on national economy.
First of all, as sales increase, profitability is likely to increase, enabling firms to report improved financial results to shareholders. In turn, investor confidence is likely to improve, making it easier for firms to issue new share capital.
Secondly, expansion or economic growth is easier to manage due to rising shareholders’ and high banking confidence Growing sales across the economy reduce business failure rates and make corporate lending less risky. Higher returns on capital employed also provide a greater source of internal funds.
Besides it, as consumers’ real incomes rise, this generates an ideal opportunity for firms to launch new, innovative products. Consumers, with greater prosperity and confidence, purchase more of new goods.
Apart from that, the improved financial performance enables firms to direct more resources to reinforce fundamentals such as training, R&D and brand positioning.
And finally, consumer price sensitivity is eroded to some extent during robust growth periods. With rising incomes, consumers are more casual about their spending decisions. This may provide an opportunity for firms subtly to increase prices.
As for negative implications we should consider that economic growth can generate too much business optimism. Therefore, many consumers will spend above their means. If this continues, there is likely to be some ‘painful correction’ in the economy, although this time it will be in the personal rather than the corporate sector.
A further problem arising from economic growth is the probable build-up of inefficiencies in business. Cost control becomes less important if sales rise healthily, as profits are likely to be increasing naturally. Managers may concentrate on expansion, investment and recruitment, leaving average costs to increase while productivity improvements decrease. Similarly, instead of working towards improvements in production techniques and systems, management’s attention may be directed towards expanding capacity to meet growing demand.
Economic growth brings an entirely different set of problems to firms. Often these are ones that may not immediately threaten the survival of the business, but may start to breed a more *complacent culture, possibly leading to longer-term problems.
Inevitably, in economic downturns, objectives will change. More emphasis is likely to be placed on budgetary control, productivity improvements and restructuring to squeeze costs lower, enabling firms to operate from a more competitive platform.
Despite this, there is no doubt the business community would opt to have strong rather than negative growth in the economy – as this is the environment most favorable for profitability and growth objectives.
Notes: * complacent adj- самодовольный
Ex.1 Identify the impacts of economic growth from the list below as positive or negative for the economy.
| 1) Reinforcement of fundamentals such as training, R&D and brand positioning. |
| 2) Erosion of consumer price sensitivity. |
| 3) Too much business optimism. |
| 4) An increase in average costs and a decline in productivity improvements. |
| 5) Breeding a more complacent culture. |
| 6) An increase in profitability. |
| 7) Firms may launch new, innovative products. |
Ex.1 Answer the questions:
1. What is economic growth?
2. In what way can too much business optimism be dangerous for a business?
3. What measures do governments take to avoid overheating of economy?
4. What aspects of production are likely to improve in the period of economic downturns?
5. What examples of economic overconfidence do you know?
6. What countries of the world are presently enjoying the highest rates of economic growth?
7. What is the present rate of economic growth in
WRITING
Using the information obtained from the previous text make its outline in writing. You may use the following clichés :The text deals with …. It draws our attention to … . Of special interest is the argument that …. . It is noted that … ; The author concludes by saying that … .
TRANSLATION
A. Translate from English into Russian.
To understand how the economy is using its scarce resources, economists are often interested in studying the composition of GDP among various types of spending. To do this, GDP (which we denote as Y) is divided into four components: consumption (C), investment (I), government purchases (G), and net exports (NX):
We have just seen an example of each component. Consumption is spending by households on goods and services, such as the Smiths' lunch at Burger King. Investment is the purchase of capital equipment, inventories, and structures, such as the General Motors factory. Investment also includes expenditure on new housing. (By convention, expenditure on new housing is the one form of household spending categorized as investment rather than consumption.) Government purchases include spending on goods and services by local, state, and federal governments, such as the Navy's purchase of a submarine. Net exports equal the purchases of domestically produced goods by foreigners (exports) minus the domestic purchases of foreign goods (imports). A domestic firm's sale to a buyer in another country, such as the Boeing sale to British Airways, increases net exports.
B. Translate from Russian into English.
ВВП представляет собой годовую совокупную рыночную стоимость продукции материального производства и сферы услуг, независимо от национальной принадлежности предприятий, расположенный на территории данной страны. В отличие от этого, ВНП – это совокупная рыночная стоимость всего объема продукции и услуг за год независимо от местоположения национальных предприятий (в своей стране или за рубежом).
Величина ВВП может быть определена тремя методами.
Во-первых, методом суммирования ДС по всем отраслям национальной экономики (ВВП по производству или отраслям).
Во-вторых, методом измерения ВВП по расходам.
В-третьих, методом измерения ВВП по доходам, включающим заработную плату работников, прибыли фирм и корпораций и т.д.
SPEAKING
A.
Practicing Skills: Decision-making
A). Discuss these questions.
1. How important are rational and emotional factors when making decisions about the following?
| a present for someone | a new company logo | a partner |
| a holiday destination | a new product to develop | someone for a job |
2. Think of an important decision that you have made. How did you decide?
3. Do you think men and women have different ways of making decisions?
4. Who makes the big decisions in your household?
B)Which ideas below do you agree with? Which do you disagree with? Why?
1. Before making a decision it is advisable to:
a) write down the pros and cons.
b) take a long time.
c) have a sleep or a rest.
d) consult a horoscope.
e) consult as many people as possible.
2. If a choice has cost you a lot of time and money, stick to it.
3. Rely on the past to help you make a decision.
4. Reduce all decisions to a question of money.
5. Be totally democratic in group decision-making.
C)Listen to the management of a retail group discussing the problem of their store in Paris. Tick the expressions in the Useful language box that you hear.
Useful language
| Asking for the facts Can you bring us up to date? Can you give us the background? Where do we stand with …? | Identifying needs We’ve got to get more information. We need more information about where we’re going wrong. | Making a decision The solution, then, is to keep the store going. I think, on balance, we feel we should keep the store going. |
| Making a suggestion We should sell out as soon as possible. Why don’t we sell out? | Agreeing You’re absolutely right. I totally agree with you. | Stating future action So, the next thing to do is … What we’ve got to do now is … |
| Disagreeing I don’t agree with that at all. I totally disagree. | Expressing doubt I am worried about the store’s location. I’m not sure about that. | |
D)Listen to a marketing consultant presenting her report to the management of a retail group. Complete these extracts.
1. I ……… you review your product ranges as soon as possible.
2. What ……… is more knowledge of the youth market.
3. I think ……… a top executive to run that part of the business.
4. I’m ……… with the furniture department.
5. I just ……… it will ever make much money.
6. I also have ……… about your stationery department.
7. The answer ……… is to do something quickly.
8. So, this is ……… now. In my opinion reduce your range of products, cut out the loss makers.
E)Choose a section in the Useful language box for each of the missing words and phrases 1 to 8.
B. Summarize the information of the Unit to be ready to speak on Gross Domestic Product. Use the following prompts as a plan.
– Give the definition of GDP and explain it.
– Dwell on the components of GDP.
– Speak on other measures of income in short
– Dwell on indicators of the economic development of a society GDP encompasses.
– Explain what economic problems are left out of GDP.
– What’s the way GDP is measured in
– Do you think it’s a good way to measure (estimate) a country’s wealth?
– Give the definition of economic growth.
– Comment on positive and negative impacts of economic growth.
VOCABULARY
adjust n – регулировать, налаживать
adjustable adj – регулируемый, подвижный
adjustment n
– регулировка, приспособление
seasonal ~ – поправка с учетом сезонных изменений
capacity
n
- способность (что-л. делать)
expanding ~ потенциал роста
depreciation
n
– 1. обесценивание; 2. изнашивание, амортизация
domestic adj
– отечественный, внутренний
ensure v
– гарантировать, обеспечивать
estimate v
– оценивать
expenditure n – издержки, расход(ы)
to undertake ~ – нести расходы
gross domestic product (
GDP
) – валовый внутренний продукт
GDP deflator ~ - дефлятор валового внутреннего продукта
gross national product (
GNP
) – валовой национальный продукт
impact
n- сильное воздействие; влияние
income n – доход, прибыль
personal ~ – личный доход
national ~ – национальный доход
disposable personal ~ – доход, остающийся после уплаты налогов, наличный доход
intermediate adj
– промежуточный
intervene v
– вмешиваться
inventory n – материально-производственные запасы
measure v
,
n
– измерять; мера, критерий
output
n – 1. выпуск; 2. продукция; 3. производство; 4. Производительность
net
national
product
(
NNP
) - чистый продукт страны, национальный доход
revenue n
– доход, поступление от продаж
share n - акция
~ capital – акционерный капитал
~ holder – акционер
spending n
– расходы
government/nongovernment ~ (syn. government expenditures) –правительственные/неправительственные расходы
~ power - покупательная способность
transaction n – сделка
transfer n – перевод (денежных сумм)
~ payments – трансфертные платежи, передаточные платежи (выплаты населению по программам социального страхования и платежи процентов владельцам государственных обязательств)
make a ~ – делать перевод
pay by ~ – уплатить посредством перевода
value n – цена, стоимость
market ~ – рыночная стоимость
well-being n – благосостояние, материальное благополучие; благоденствие, процветание
standard of ~ – уровень благосостояния
GLOSSARY
· Depreciation is the wear and tear on the economy's stock of equipment and structures
· Disposable personal income is the income that households and non-corporate businesses have left after satisfying all their obligations to the government.
· Economic growth is a real increase in the gross domestic product (GDP) of a country.
· GDP deflator a measure of the price level calculated as the ratio of nominal GDP to peal GDP times 100.
· Gross domestic product (GDP) the market value of all final goods and services produced within a country in a given period of time.
· Gross national product (GNP) is the total income earned by a nation's permanent residents (called nationals)
· Consumption spending by households on goods and services, with the exception of purchases of new housing.
· Government purchases spending on goods and services by local, state, and federal governments.
· National income is the total income earned by a nation's residents in the production of goods and services
· Net exports spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports).
· Net national product (NNP) is the total income of a nation's residents (GNP) minus losses from depreciation
· Nominal GDP the production of goods and services valued at current prices.
· Personal income is the income that households and noncorporate businesses receive
· Real GDP the production of goods and services valued at constant prices.
