Среднего профессионального образования свердловской области «Уральский государственный колледж имени И. И. Ползунова» практическое пособие по английскому языку
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total production — общая производительность individual households — индивидуальные хозяйства total employment — общая занятость layoff — увольнение economic activity — экономическая активность the rate of change of overall prices— коэффициент изменений предельных цен determinants — показатели, определители values — ценности rate of economic growth — темпы экономического роста meaningful totals — значимые итоги gross domestic product (GDP) — валовой внутренний продукт (ВВП) broad aggregates — масштабные совокупности national income — нацио нальный доход personal income — личный доход personal disposable income — личный доход после уплаты налогов business cycle — экономи ческий цикл economic growth — эконо мический рост attainment — достижения maintenance — поддержа ние, содержание price stability — стабиль ность цен eliminate — ликвидиро вать, исключать labor shortage — нехватка рабочей силы reduction — уменьшение General understanding 1. What does the word macroeconomics mean? 2. What are the concerns of a macroeconomist? 3. What is the difference between the questions asked by macroeconomists and microeconomics? 4. What is, according to the text, the important task of macroeconomist? 5. What does macroeconomic analysis attempt to explain? 6. What are the concepts of macroeconomics? 7. What are the most important theories of macroeconomics ? 8. What is said about the correlation between the inflation and unemployment? 1. Macroeconomics vs. microeconomics. Fill in the table to show the difference between:
2. Which of the following statements are true about macroeconomics and macroeconomists: A. Macroeconomics deals with global questions only. B. Macroeconomics means economics in the large because it asks more questions than microeconomics. C. Macroeconomist analyzes activities of families and large firms. D. Such concepts as gross domestic product, national income and personal disposable income serve as meaningful totals. E. Macroeconomic analysis shows the development of the economic theory. F. Theory of business cycles concerns business. That is why this is a microeconomic theory. G. Inflation could not be eliminated without some negative changes in economics. H. More recent experience proves that macroeconomists of 60s were wrong. 3. Translate into Russian: A. The questions asked by the macroeconomist are in terms of broad aggregates. B. What determines the capital spending of all firms combined as opposed to the decision to build a new factory by a single firm? C. Macroeconomists measure overall economic activity; analyze the determinants of such activity by the use of macroeconomic theory. D. Macroeconomic analysis attempts to explain how the magnitudes of the principal macroeconomic variables are determined. E. Considerable effort must first be expended to determine what goals could be achieved. F. More recent experience suggests the reduction of unemployment to 5.5 percent of the labor force. G. Experience teaches that it would not be possible to eliminate inflation entirely. 4. Explain in your own words the importance and practical applications of the following concepts. (Give Russian equivalents): a) total production b) total employment c) the rate of change of overall prices d) GDP e) national income f) personal income g) personal disposable income 5. Are you able to answer the following macro-economic questions (If not, explain why it is impos sible): 1. What determines the spending of all consumers? 2. What determines the capital spending? 3. What determines the capital spending of all firms? Questions for discussion: 1. Was there a difference between macroeconomics and microeconomics in the Soviet economics? In 18th century? In 19th century? 2. What is more important for economy in general -microeconomics or macroeconomics? 3. Is there a difference in analyzing macroeconomic and microeconomic problems? Text 2. Microeconomics. The word «micro» means small, and microeconomics means economics in the small. The optimizing behavior of individual units such as households and firms provides the foundation for microeconomics. Microeconomists may investigate individual markets or even the economy as a whole, but their analyses are derived from the aggregation of the behavior of individual units. Microeconomic theory is used extensively in many areas of applied economics. For example, it is used in industrial organization, labor economics, international trade, cost-benefit analysis, and many other economic subfields. The tools and analyses of microeconomics provide a common ground, and even a language, for economists interested in a wide range of problems. At one time there was a sharp distinction in both methodology and subject matter between microeconomics and macroeconomics. The methodological distinction became somewhat blurred during the 1970s as more and more macro-economic analyses were built upon microeconomic foundations. Nonetheless, major distinctions remain between the two major branches of economics. For example, the microeconomist is interested in the determination of individual prices and relative prices (i.e., exchange ratios between goods), whereas the macro-economist is interested more in the general price level and its change over time. Optimization plays a key role in microeconomics. The consumer is assumed to maximize utility or satisfaction subject to the constraints imposed by income or income earning power. The producer is assumed to maximize profit or minimize cost subject to the technological constraints under which the firm operates. Optimization of social welfare sometimes is the criterion for the determination of public policy. Opportunity cost is an important concept in microeconomics. Many courses of action are valued in terms of what is sacrificed so that they might be undertaken. For example, the opportunity cost of a public project is the value of the additional goods that the private sector would have produced with the resources used for the public project. Theory of the Consumer The individual consumer or household is assumed to possess a utility function, which specifies the satisfaction, which is gained from the consumption of alternative bundles of goods. The consumer's income or income-earning power determines which bundles are available to the consumer. The consumer then selects a bundle that gives the highest possible level of utility. With few exceptions, the consumer is treated as a price taker — that is, the consumer is free to choose whatever quantities income allows but has no influence over prevailing market prices. In order to maximize utility the consumer purchases goods so that the subjective rate of substitution for each pair of goods as indicated by the consumer's utility function equals the objective rate of substitution given by the ratio of their market prices. This basic utility-maximization analysis has been modified and expanded in many different ways. Theory of the Producer The individual producer or firm is assumed to possess a production function, which specifies the quantity of-output produced as a function of the quantities of the inputs used in production. The producer's revenue equals the quantity of output produced and sold times its price, and the cost to the producer equals the sum of the quantities of inputs purchased and used times their prices. Profit is the difference between revenue and cost. The producer is assumed to maximize profits subject to the technology given by the production function. Profit maximization requires that the producer use each factor to a point at which its marginal contribution to revenue equals its marginal contribution to cost. Under pure competition, the producer is a price taker who may sell at the going market price whatever has been produced. Under monopoly (one seller) the producer recognizes that price declines as sales are expanded, and under monopsony (one buyer) the producer recognizes that the price paid for an input increases as purchases are increased. A producer's cost function gives production cost as a function of output level on the assumption that the producer combines inputs to minimize production cost. Profit maximization using revenue and cost functions requires that the producer equate the decrement in revenue from producing one less unit (called marginal revenue) to the corresponding decrement in cost (called marginal cost). Under pure competition, marginal revenue equals price. Consequently, the producer equates marginal cost of production to the going market price. Vocabulary behavior - поведение to investigate - исследовать monopsony - монопсония (рынок, на котором выступает лишь один покупатель товара, услуги или ресурса) constraints - ограничение, теснение applied economics - прикладная экономика subject - предмет, субъект distinction - отличие matter - вопрос, материал ресурса; opportunity cost - альтернативные издержки to blur -затуманивать, размывать to sacrifice - пожертвовать, приносить в жертву to remain - оставаться exchange ratio - ставка (соотношение) обмена optimization - оптимизация utility - полезность utility function - функция полезности satisfaction - удовлетворение to undertake - взять на себя to allow - позволять, разрешать to influence - влиять to maximize - максимально увеличивать revenue – доходы General understanding: 1. What is, according to the text, microeconomics? 2. What is meant by «economics in the small»? 3. What economic phenomena are of microeconomists attention? 4. Where is microeconomic theory used? 5. What is «optimization»? 6. What is the concept of the theory of consumer? 7. What is the major difference between the theory of consumer and the theory of producer? 1. Find equivalents in Russian: a) optimizing behavior of individual units b) industrial organization c) labor economics d) international trade e) cost-benefit analysis f) sharp distinction in both methodology and subject matter g) subjective rate of substitution 2. Translate into Russian: A. Microeconomic theory is used extensively in many areas of applied economics. B. Their analyses are derived from the aggregation of the behavior of individual units. C. The consumer then selects a bundle that gives the highest possible level of utility. D. The consumer is free to choose whatever quantities income allows but has no influence over prevailing market prices. E. The producer equates marginal cost of production to the going market price. F. The producer recognizes that price declines as sales are expanded. G. Under pure competition, the producer is a price taker who may sell at the going market price whatever has been produced. 3. Give definition to the following: a) microeconomics b) applied economics c) optimization d) opportunity action e) utility maximization Questions for discussion: 1. What areas of applied economics are of the most importance? 2. What distinction in methodology between macro - and microeconomics is the most distinctive? 3. Does the author's concept of theories of consumer and producer comply with your own? UNIT II. THE LAWS OF ECONOMICS Text 1. The law of demand Demand is a key concept in both macroeconomics and microeconomics. In the former, consumption is mainly a function of income; whereas in the latter, consumption or demand is primarily, but not exclusively, a function of price. This analysis of demand relates to microeconomic theory. The theory of demand was mostly implicit in the writings of classical economists before the late nineteenth century. Current theory rests on the foundations laid by Marshall (1890), Edgeworth (1881), and Pareto (1896). Marshall viewed demand in a cardinal context, in which utility could be quantified. Most contemporary economists hold the approach taken by Edgeworth and Pareto, in which demand has only ordinal characteristics and in which indifference or preferences become central to the analysis. Much economic analysis focuses on the relation between prices and quantities demanded, the other variables being provisionally held constant. At the various prices that could prevail in a market during some period of time, different quantities of a good or service would be bought. Demand, then, is considered as a list of prices and quantities, with one quantity for each possible price. With price on the vertical axis and quantity on the horizontal axis, the demand curve slopes downward from left to right, signifying that smaller quantities are bought at higher prices and larger quantities are bought at lower prices. The inverse relation between price and quantity is usually called the law of demand. The law rests on two foundations. One is the theory of the consumer, the logic of which shows that the consumer responds to lower prices by buying more. The other foundation is empirical, with innumerable studies of demand in actual markets having demonstrated the existence of downward-sloping demand curves. Exceptions to the law of demand are the curiosa of theorists. The best-known exception is the Giffen effect — a consumer buys more, not less of a commodity at higher prices when a negative income effect dominates over the substitution effect. Another is the Vehien effect — some commodities are theoretically wanted solely for their higher prices. The higher these prices are, the more the use of such commodities fulfills the requirements of conspicuous consumption, and thus the stronger the demand for them. Vocabulary |
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