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UNIT 2.
Text
The History of Economics
Grammar Revision
1.The Perfect Tenses (the Active and the Passive Voice)
2. Prepositional Verbs in the Passive Voice
3. The Emphatic Construction “it is … that (who, which)
Ex.1. Translate the following international words and word combinations and give their Russian
equivalents.
publication
philosophy
intervention
economist
analysis
capitalism
communism
tradition
presentation
argument
idea
modern discipline
agrarian phase
industrial interest
monumental doctrine
economic liberalism
psychological method
Ex.2. Analyze the tense forms and voice forms of the verbs in the following sentences. Translate the
sentences into Russian.
1. Recent economic measures have influenced the purchasing power of our money and our standard
of living.
2. The concept of consumer choice in the electricity industry is little more than 15 years old, but it has
completely changed the industry.
3. Mr. Wittner has never failed in business.
4. Why has government spending greatly increased since last year?
5. During the last several months many companies have been saved from bankruptcy.
6. Women have come into the labor market in large numbers in recent decades because of
fundamental changes in the family, technology, ”women’s rights”, and many other factors.
7. The specialists haven’t suggested ways and means of solving environmental problems of the
region yet.
8. What means of stabilizing the economy have been suggested by the government lately?
9. Recently the economies of many countries have felt the scarcity of people who both want and can
buy goods and services in large amounts.
10. Since the beginning of the labor movement a working day has been reduced to 8 hours.
2. In recent years much emphasis has been placed on macroeconomics.
3. Profit is an income which is left after all necessary costs of operating a business have been paid.
4. Labor unions have just used a number of measures to prevent unemployment.
5. Lately there has been a great effort to make economics a more exact science by the use of
mathematical techniques.
6. The federal government spent more money from 1861 to 1865 during the Civil War than it had
spent for all purposes from its beginning under George Washington’s first administration up until
Abraham Lincoln’s first administration.
7. By the end of January hundreds of small firms had gone into bankruptcy.
8. By then experts will have determined the amount of taxes that will be paid by the firm.
9. For several years the company has been operating successfully and has been earning a high
profit.
10. For many centuries scientists had been studying only microeconomic problems before they began
to analyze the problems of the economy as a whole.
11. By the 1-st of September this year the plant will have been producing this type of equipment for two
years already.
Ex.3. Find the verb in the Perfect Tense in each line.
1. a) Is considering, b)has been considered, c)considered
2. a) have referred to, b)was being referred to, c) refers to
3. a) will treat, b) will have treated, c) will be treating
4. a) is being influenced, b) has been influenced, c)shall be influenced
5. a) had purchased, b) purchased, c) is purchased
6. a) brings about, b) have been brought about, c) were brought about
7. a) will satisfy, b) have satisfied, c) will be satisfied
8. a) had earned, b) was being earning, c)are earned
9. a) is consumed, b) are consumed, c)will have been consumed
10. a) will have been defined, b) will be defined, c) will define
Ex.4.
Choose the correct form of the verb in each sentence. Translate the sentences.
1. The theory of distribution (has interested /has been interested) economists for nearly two
centuries.
2. Lately lots of protests (have been made / have made) against compulsory wage and price
controls.
3. Today our national statistics reveal how much of our total production (has allocated/is being
allocated) to each of the factors of production.
4. After we (are establishing/have established) the main principles and (are making/have made)
our conclusions we fit economics into its proper sphere.
5. Although the USA for decades (are/had been) the world leader in production and income,
some nations (have been surpassed/have surpassed) their level already.
6. Productivity (determines/has been determined) our income.
7. The size of the market (has determined/is determined) by the income and purchasing power of
the population.
8. Last century economists (have dealt/dealt) primarily with microeconomic problems.
9. The company (will pay/will have paid) all the taxes by the end of the year.
10. All the taxes (will be paid/will have been paid) at the end of the year.
Ex.5. Translate the following sentences paying attention to prepositional verbs and phraseological units.
1. Mr. Brown is a brilliant lecturer. I am sure he will be listened to with great attention when he
gives his lecturer on macroeconomics.
2. The documents have been sent already.
3. The documents have been sent for already.
4. Though the question had been discussed for a long time no decision was arrived at.
5. The present economic crisis is widely commented on in the newspapers.
6. The British economic system is spoken of as “capitalism” in economic world.
7. The law of demand and supply is often referred to in economic theory.
8. Economic measures to minimize negative effects of the crisis are now being looked for.
9. The production of innovative equipment for oil and gas industry will be insisted on.
10.The problem of environmental protection has been dealt with for many years but it hasn’t been
solved yet.
11.Such economic aspects as total production, total employment, and income are paid much
attention to by macroeconomists.
12.The availability of goods and services is influenced by economic measures.
13.The amount of taxes that we pay is influenced by the level of production in our nation.
14.Unfortunately high demand for oil and gas was not followed by their high supply.
15.Oil prices are affected by oil demand.
16.The decline in production was followed by the decline of economic growth.
17.Economic theory is not always followed by economic policy.
18.The size of the market is also affected by the transportation system of the country.
19.It has been known for decades that our economy is influenced by energy.
20.The development of a new taxation system has been worked on for several months already.
Ex. 6. Translate the following sentences into Russian. Mind the emphatic construction “it is…that (who,
which)”.
1. It is macroeconomics that treats the problems of the economy as a whole.
2. It is the production of material wealth that is the basis of life and development of any society.
3. It was Marx who first divided capital into constant and variable parts.
4. It is the environmental protection that has been paid much attention to all over the world lately.
5. It was OPEC that guaranteed oil market stability at that time.
6. It is the forces of total demand and total supply which determine the market price.
Words to the text “The History of economics”
1.получать, извлекать; 2.происходить
e.g. to derive a formula; to derive a profit
The word “evolution” is derived from Latin.
домашнее хозяйство
household, n. ['haVshqVld]
e.g. Household is a group of people who make
economic decisions together.
возникать, появляться
emerge, v. [I'mE:G]
e.g.Certain financial problems emerged from the
crisis.
emergence, n. [ImE:Gqns]
появление
e.g. the emergence of new democracies
утверждать, устанавливать, формулировать
state, v. [steIt]
e.g. The problem was accurately stated.
1.состояние, положение
state, n.
e.g. poor state, financial state, gaseous state of
water
2.государство; штат
e.g. Pakistan has been an independent state since
1947.
There are fifty states in the US.
собственная выгода, заинтересованность,эгоизм
self-interest, n. ["self'Intrqst]
e.g. The market economy is motivated by selfinterest of individuals.
частный, личный
private, adj. ['praIvqt]
e.g. private life, private sector of economy
1.имущество, собственность
property, n. ['prPpqtI]
e.g. As the firm went bankrupt its property was
confiscated.
2.свойство, качество
e.g. A substance has both physical and chemical
properties.
соперничать, конкурировать
compete, v. [kqm'pI:t]
e.g. Few companies can compete with Gasprom in
gas production.
competition, n. ["kPmpq'tISn]
конкуренция, соперничество
e.g. The development of market economy isn’t
possible without competition.
1.искать
seek (sought), v. [sI:k]
e.g. For over 100 years, men have sought gold in
this area.
2.стремиться, добиваться
e.g. The government is seeking to slow the growth
derive, v. [dI'raIv]
occupation, n. ["Okju'peISqn]
welfare, n. ['welfeq]
benefit, v. ['benefit]
benefit, n.
community, n. [kq'mju:nqtI]
assume, v. [q'sju:m]
assumption, n. [q'sAmpSn]
accept, v. [qk'sept]
thus, adv. [DAs]
affect, v. [q'fekt]
succeed, v. [sqk'sI:d]
deny, v. [dI'naI]
fair, adj. [feq]
share, v. [Seq]
share, n.
of inflation.
занятие, дело, профессия
e.g. He is looking for an occupation which will bring
him profit.
1.благосостояние
e.g. The country’s welfare comes from its gas
resources.
2.социальное обеспечение, пособие
People who have no job or are ill are on welfare.
приносить пользу; извлекать пользу
e.g. The trade contract between Russia and the
Ukraine will benefit the economies of both countries.
Both Russia and the Ukraine will benefit from the
trade contract.
выгода, польза
e.g. The company will derive benefit from the
contract.
община, общество
e.g. Stability of community depends on the living
standards.
business community; scientific community
1.принимать, обретать
e.g. These Doctrines assume at once an
importance.
2.допускать, предполагать
e.g. It is possible to assume that such changes have
important social effects.
предположение, допущение
e.g. Dr.Subroto questioned the scientific assumption
on which the theory of global warming is based.
соглашаться, принимать
e.g. Credit cards are widely accepted.
так, таким образом
e.g. Thus the dollar has gone down against the yen.
воздействовать, влиять
e.g. Prices of resources affect prices of goods.
1.следовать за, сменять
e.g. Who succeeded Kennedy as President?
A new type of computers succeeded the old one.
2.(in, at) достигать цели, преуспевать
e.g. To succeed in life one must work hard.
отвергать, отказывать(ся)
e.g. He was denied a US visa.
It’s impossible to deny that it’s a very popular idea.
зд. честный, справедливый, законный
e.g. The owner of the firm is fair to his employees.
делить, разделять
e.g. Two Russian scientists shared the Nobel Prize
for physics.
to share opinion; to share money
доля, часть
predict, v. [prI'dIkt]
responsible, adj. [rI'spPnsqbl]
responsibility, n. [rIs"pOnsq'bIlItI]
expenditure, n. [Ik'spendItSq]
subsequently, adv. ['sAbsIkwqntlI]
expand, v. [Iks'pxnd]
tool, n. [tHl]
monetary, adj. ['mAnItqrI]
fiscal, adj. [fIskql]
insist (on), v. [In'sIst]
argue, v. ['Rgju]
rationale, n. ["rxSq'na:l]
despite prep. [dI'spaIt]
face, v. [feIs]
remain, v. [rI'meIn]
matter, v. [mxtq]
matter, n.
e.g. equal share; fair share
прогнозировать, предсказывать
e.g. An economic model often helps an economist
to predict different situations.
ответственный
e.g. The engineer is responsible for the efficient
operation of the equipment.
Mr.Adams is a very responsible sort of person.
oтветственность
e.g. Someone must give orders and take
responsibility for mistakes.
расходование, расходы
e.g. The government expenditures for education
have increased over the years.
впоследствии, позднее
e.g. The book was subsequently translated into 15
languages.
расширять(ся)
e.g. The director plans to expand the firm into an
international company.
инструмент; способ, средство
e.g. measuring tool, production tools
Video has become an excellent teaching tool.
денежный
e.g. monetary fund, monetary support
фискальный, финансовый
e.g. fiscal year, fiscal policy
настаивать на чем-либо
e.g. The partner insisted on the expansion of the
business.
1.аргументировать, утверждать, приводить
доводы
e.g. The report argues against high prices for oil.
логическое обоснование
e.g. The rationale for such initiatives is not only
economic.
несмотря на
e.g. Despite great investments the company went
bankrupt.
сталкиваться
e.g. to face the facts; to face difficulties
оставаться
e.g. The problem of environmental protection still
remains with us.
иметь значение
e.g. It doesn’t really matter how much it costs.
1.сущность, вопрос, дело
obsolete, adj. ['PbsqlJt]
Ex.7.
e.g. Environmental protection is a matter of great
importance.
2.материал; вещество
e.g. reading matter; organic matter.
устарелый
e.g. So much equipment becomes obsolete almost
as soon as it is made.
Read the text and do the following tasks:
1. Name famous economists of the past.
2. Find the verbs used in the Perfect Tense forms.
3. Find English equivalents to the following Russian words and word combinations.
умеющий управлять хозяйством; относительно новое учение; современная экономическая
мысль; свободная торговля; самостоятельно искали; также; сырье; принципы были
разработаны; эволюционная стадия; отошел от классической школы; первоначальное
учение; несмотря на большие различия; новое осмысление.
The History of Economics
The word “economics” is derived from “oikonomokos”, which means skilled in household
management. Although the word is very old, the discipline of economics as we understand it today is a
relatively recent development. Modern economic thought emerged in the 17-th and 18-th centuries as the
western world began its transformation from an agrarian to an industrial society.
The classical school of economic theory began with the publication in 1776 of Adam Smith’s
monumental work “The Wealth of Nations”. Adam Smith formulated economics as a science and started
the doctrine of free business. He stated economic laws which explained the work of the free market.
According to his philosophy, the major principles of economic liberalism or freedom were free trade, selfinterest, private property, nongovernment intervention, and competition. Individuals were free to seek their
own occupations, were free to enter any business. Self-interest was the motivating force of the economy.
For example, to increase economic welfare, an individual decided to produce goods and sell them for a
profit. But he automatically benefited the community as well, because he had purchased raw materials,
provided employment, and supplied goods or services.
The principles and doctrines of classical economics were developed over many years by various
economists and certain basic assumptions were accepted as the foundation of economic analysis. Thus,
Jean Baptiste Say, a French economist, developed the theory that demand is affected by supply. This is
often referred to as Say’s law.
Karl Marx was the founder of scientific communism. Marx saw capitalism as an evolutionary phase
in economic development. He believed that capitalism would ultimately destroy itself and be succeeded by
a world without private property. He stated that the market system allows capitalists, the owners of means
of production, to exploit workers and deny them a fair share of what they produce. He predicted movement
of society toward communism, in which the workers own the means of production and thus have no need to
exploit labor for profit.
Another famous economist was John Maynard Keynes. In 1936 John M.Keynes broke from the
classical tradition with the publication of “General Theory of Employment, Interest, and Money”. This British
economist was primarily responsible for the early development of the income-expenditure analysis of the
economy. Subsequently many others improved and expanded the original Keynesian presentation, and it
has developed into an excellent tool of economic analysis. Modern monetary, fiscal, and psychological
policies are difficult to understand without the knowledge of the principles of the income-expenditure
analysis. These principles have been widely accepted. It was Keynes who insisted on government
intervention in the economy. Keynes arguments proved the modern rationale for the use of government
spending and taxing to stabilize economy.
Despite the great differences between the past and the present, the basic economic problems
which society faces remain the same: what to produce, how much to produce, and what method to use in
allocating goods and services. These basic problems are common to all societies no matter what level of
economic development they have reached. Economists have been trying to find the right answers for many
years. A new school of ideas emerges as changes in the economy give fresh understanding and make
existing doctrines obsolete.
Ex.8 Form adjectives and adverbs of the following words and give their Russian equivalents. Follow the
models:
Model 1Noun +” -ic “ - adjective
cube
-cubic
economy
- ________________
philosophy
-_______________
strategy-_________________
base
-_______________
atmosphere
-_________________
history
-_______________
Model 2Noun + “-al” – adjective
centre
-central
industry -________________
origin
-________________
monument
-________________
culture
-________________
form
-________________
globe
-________________
Model 3Adjective + “-ly” – adverb
relative -relatively
recent
-________________
free
-________________
ultimate -________________
wide
-_________________
subsequent
-________________
possible
-_________________
Model 4 base word +“ –ward(s) - adverb
home
-homeward
after
-__________________
in
-_________________
south
-__________________
for
-_________________
up
-__________________
out
-__________________
back
-__________________
to
-__________________
west
-__________________
north
-__________________
Ex.9. Match synonyms in A and B.
A
B
1. recent
1. main
2. emerge
2. egoism
3. transformation
3. look for
4. major
4. modern
5. self-interest
5. appear
6. seek
6. change
7. occupation
7. supposition
8. welfare
8. influence
9. basic
9. business
10.ultimately
10.well-being
11.assumption
11.fundamental
12.affect
12.finally
13.succeed
13.benefit
14.interest
14.reasoning
15.argument
15.follow
Ex. 10. Find the antonym of the first word in each line.
1. recent
a) great; b) important; c) old; d)new
2. major
a) principal; b) minor; c)difficult; d)active
3. private
a) public; b) own; c)total; d)busy
4. to increase
a) to affect; b)to create; c)to raise; d)to follow
5. to purchase
a) to expand; b) to find; c) to sell; d) to buy
6. various
a) identical; b)final; c)necessary; d)free
7. to destroy
a) to succeed; b)to create; c) to bring about; d)to seek
8. to accept
a) to deny; b) to use; c) to face; d) to insist on
9. expenditure
a) rationale; b) supply; c) share; d) earnings
10. obsolete
a) fresh; b) subsequent; c) different; d)monumental
Ex.11. Translate the following word combinations into Russian.
a financial state – to be in a nervous state – a gaseous state – to state a problem – to state a law – an
independent state – to govern a state – welfare state – a state organization – the United States of
America; a free choice – to make free use of the library – to be free to seek occupations – to be free in
the evening – in a free and easy manner – free of charge – free education – a free electron – to feel free –
to free the world from the threat of war – to free from taxes; academic interest –deep interest – to show
interest – to take interest in economics – to be of interest for students – in the national interest – in the
interest of peace – to act in one’s own interest – without interest – business interest – to work for a
company at a certain interest – to receive interest from a business – a rate of interest – a conflict of
interests – politics doesn’t interest me; to buy property – individual property – intellectual property –
private property – a man of property – a property tax – a chemical property ; for the benefit of the nation
– to derive a benefit from something -- economic benefits – tax benefits – old age benefit -unemployment benefit – to benefit from trade – to benefit people; to accept the theory fully – to accept
the responsibility – to accept an invitation – to accept a post -- to accept equipment – to accept a
person as a business partner – to accept a check – to be generally accepted; a fair share in business –
lion’s share -- a share of responsibility – a share in making a decision – ordinary shares – preference
shares – to share the money equally between two partners – to share one’s opinion – to share a house
with other people ; organic matter – reading matter – the matter of the report – a serious matter – a
matter of importance – to give attention to the matter – What’s the matter?—the matter is that – it’s no
easy matter – for that matter – no matter – it doesn’t matter at all – as a matter of fact.
Ex.12. Match A and B.
A
B
Adam Smith
1. broke from the classical school of
economics.
Jean Baptiste Say
2. founded the classical school of economic
theory.
Karl Marx
3. predicted movement of society toward
communism.
John M.Keynes
4. stated the laws of free market.
5. emphasized the role of self-interest, private
property and competition
6. developed
the
principles
of
income-
expenditure analysis
7. denied government intervention in the
economy.
8. believed in a world without private property.
9. developed the law of demand and supply.
10. insisted on government intervention in the
economy.
Ex.13. Translate the following sentences into Russian.
1. Despite the great varieties of economic structures it has become possible to group them into
four broad categories.
2. Very often a son follows his father into an occupation and uses the same skills and tools.
3. In economic theory competition is referred to as the regulatory tool of capitalism.
4.
Jean Baptiste Say stated that changes in market prices emerged from changes in demand
and supply.
5. Although economic planning is also used in societies where property is privately owned, it is
assumed that a fully planned economy means one in which all the important means of
production are publicly owned.
6. In answer to this argument it has been stated that the division of labor makes job in one
industry very similar to jobs in another.
7. New fiscal and monetary measures have been taken to stimulate both private and public
investment.
8. In economics many theories have been derived from the assumption that people tend to
maximize their material welfare.
9. The subject matter of economics is human behavior which is very difficult to predict.
10. Despite the fact that the company has expanded and needs skilled labor power it hasn’t made
expenditures on training.
11. It was Adam Smith who insisted on the role of competition in the market economy.
12. We don’t assume that pure competition has ever existed in the production and sale of most
goods and services.
13. A lot of economists deny K.Marx’s argument that capitalism will be succeeded by a world
without private property.
14. The private nonprofit sector of the economy has greatly expanded in recent years and
decades. This expansion is affected by the investment policy of the state.
15. Traditional solutions to the economic problems of production and distribution still remain in
primitive agricultural communities.
16. The amount of the taxes that the company hasn’t paid is being widely commented on in
business community.
17. It has become common practice for European states to own shares in multinational projects.
18. The use of gas instead of diesel in power generation has been insisted on by
environmentalists.
19. Most of us are employees and are paid for our work. Thus ability of people to buy in relatively
large amounts is in large part influenced by wages.
20. The matter is that the demand for natural resources is derived from the demand for products of
such resources.
21. The state of economic thought is influenced by the level of development of the society, thus
some economic tools have already become obsolete.
22. The expansion of capitalism was followed by a large-scale machine production.
23. It is the introduction of metallic money that brought into operation a series of laws which remain
effective for all countries and historical epochs.
Ex.14. Answer the following questions.
1. What is the origin and meaning of the word “economics”?
2. When did the economic theory emerge?
3. Why is Adam Smith spoken of as the founder of the classical school of economics?
4. What principles of economic liberalism were stated by Adam Smith?
5. Can you prove that certain assumptions of classical economics were accepted as the basis of
economic analysis?
6. What theory was developed by K.Marx?
7. Why are John M.Keynes’ economic analyses so important?
8. What basic economic problems does society face?
Ex.15. Fill in the blanks choosing the proper English word from those given below the text.
1) In recent years economists have (…) the “multiplier principle” for the analysis of the effect of (…)
and investing on the national income. This principle (…) that a certain investment, either by a (…)
investor or by the government will be (…) by a series of consumer expenditures. These (…) will
exceed the original investment and will thus (…) the national income.
(expenditures; derived; private; expand; states; spending; succeeded)
2) It is (…) that the motive for economic activity is (…). Each unit in the market economy (…) what is
best for itself. Firms act in ways which, they believe, can bring maximum (…). Workers choose
those (…) and locations which offer the highest wages. Consumers spend their (…) on those
things which bring the maximum satisfaction.
(occupations; assumed; incomes; self-interest; seeks; benefits)
3) Market (…) is based on the institution of private (…), on the profit motive and on (…). Business
firms compete for (…) of the consumer’s money. In the markets for productive resources firms (…)
for scarce materials and energy.
(compete; property; shares; competition; economy)
Ex.16. Translate the text in writing. Use a dictionary.
Publication of Adam Smith’s “The Wealth of Nations” in 1776 has been referred to as “the effective
birth of economics as a separate discipline». The book defined land, labor, and capital as three factors of
production and the major contributors to a nation’s welfare. Smith described the market mechanism as an
“invisible hand” that leads all individuals towards the production of benefit for community as a whole. He
argued that in competitive markets social interests are affected and advanced by self-interest. A.Smith
shared some of the Physiocrats’ ideas, but denied the assumption that only agriculture was productive.
The general approach that Smith initiated was called political economy and later classical
economics. It included such notables as Thomas Malthus, David Ricardo, and John Stuart Mill.
While Adam Smith placed emphasis on the production of income, David Ricardo focused on the
distribution of income among landowners, workers and capitalists. He stated that the growth of population
and capital pushes up rents and holds down wages and profits because of fixed supply of land.
Thomas Robert Malthus used the idea of diminishing returns (сокращающийся доход) to explain
low living standards. Population, he argued, increased geometrically, while the production of food increased
arithmetically. The force of a rapidly growing population against a limited amount of land meant diminishing
returns to labor. The result was chronically low wages which were followed by the low standard of living.
According to Malthus unemployment was affected by the economy’s tendency to limit its spending by
saving too much, a theme that remained forgotten until John Maynard Keynes revived it in the 1930s.
Though John Stuart Mill shared the opinion of the earlier classical economists on many aspects of
political economy he pointed to distinct difference between the market’s two roles: allocation of resources
and distribution of income. He suggested that the market might be efficient in allocating resources but not
in disturbing income. Thus he insisted on the intervention of society.
Ex.17. Translate into English.
Хотя слово «экономика» известно людям с давних времен, экономика как наука появилась
только в 17 и 18 веках. Основателем классической школы экономической теории считается Адам
Смит. Именно Смит сформулировал экономику как науку и определил законы и принципы работы
свободного рынка, такие как свобода выбора рода занятий, частная собственность, собственная
выгода, невмешательство государства и конкуренция. Смит считал, что собственная выгода
является движущей силой экономики, т.к. на экономическое благосостояние общества в целом
значительно влияет личная экономическая заинтересованность предпринимателя.
За работами Адама Смита последовали экономические теории таких ученых как Томас
Мальтус, Давид Рикардо, Стюарт Милл и др. Все они внесли значительный вклад в развитие
экономической мысли. Многие теории экономистов - классиков приняты за основу экономического
анализа.
О Карле Марксе говорят как об основателе теории научного коммунизма. К. Маркс
предсказывал крушение капитализма и переход общества к коммунизму: миру без частной
собственности и эксплуатации труда.
Однако не все экономисты разделяли учение А.Смита. Джон Мэйнард Кейнс отошел от
классической школы. Он настаивал на вмешательстве государства в экономику. Кейнс разработал
принципы анализа доходов и расходов. Эти принципы до сих пор считаются важными
инструментами современной денежной и налоговой политики государства.
Основные экономические вопросы, с которыми сталкивается любое общество – это: что
производить, сколько производить и как производить. Экономисты пытаются найти ответы на эти
вопросы уже много лет. Итак, возникают новые экономические идеи и направления.
Ex.18. Agree or disagree with the following statements. Use the introductory phrases from Ex.26 (Unit 1)
1. The science of economics is relatively young.
2. It was Adam Smith who formulated economics as a science.
3. The laws of the free market were originally stated by Jean Baptiste Say.
4. Karl Marx predicted the emergence of the society without private property.
5. John M.Keynes broke from the classical school of economic theory.
6. The basic economic problems have become obsolete nowadays.
Ex.19. Use the words and expressions given below to speak on:
a) Adam Smith as the founder of the classical school of economics:
economic thought, emerge, formulate as a science, state principles, free market, self-interest,
private property, competition, nongovernment intervention, motivating force, to increase
economic welfare, benefit the community, develop doctrines, accept basic assumptions.
b) Karl Marx’ theory of scientific communism:
evolutionary phase in economic development, destroy, be succeeded by, exploit workers, deny
a fair share, predict movement toward communism, own the means of production.
c) The role of John M.Keynes in economics:
break from the classical tradition, be primarily responsible for the income-expenditure analysis,
improve and expand the presentation, excellent tool of economic analysis, monetary and fiscal
policies, insist on government intervention, prove the rational, government spending and
taxing.
d) Basic economic problems:
despite the differences, remain the same, be common to all societies, no matter, find the
answer, new ideas emerge, fresh understanding, make obsolete.
Ex. 20. Read and study the following information:
Suppose you came across an advertisement that stirred up your imagination. You are willing to apply for
a certain position.
What do you do in this case?
1. First of all write an application letter in which you must enlighten the following points:
- The source of information about the post you are applying for.
- Your age and education. How many languages you know (if necessary ).
- Where you have been working and why you are looking for a new job.
- When you could start a new post.
This is an example of an Application letter.
Dear Mrs. Hughes,
I would like to apply for the position of Sales Manager advertised in yesterday’s Standard.
I am 32 years old and was educated at Oxford. I speak English and French fluently in addition to my mother
tongue, German.
I am familiar with all types of oil and gas systems used on the Continent and regularly read papers and
journals on the subject.
I hope this information will be sufficient for you to consider my application. I should be grateful if you could
send me a job description.
Yours sincerely,
Hans Strauss
2. Don’t hurry to send your letter. Write down your CV, enclose it and then post your
massage.
CV is an abbreviation for two Latin words – Curriculum Vitae that means a brief account of the
main events of a person’s life. Sometimes in the US it’s called Resume.
Here is an example of such Curriculum Vitae:
Name: John Edward Harvey
Age: 27 years old
Date and place of birth: 7th August 1968
Home address: 27 South Street, Stoke Ripton Birnshire, XY 19 LM
Tel. No.: (49675) 223926
Marital Status: married, three daughters, aged 8,9,12
Education:
1979-1987 Ripton Country School
1987-1988 Grant College of Further Education
1987 “A” Level in French, German, History
1988 Certificate in Business Studies
Experience: 1987 and 1988 Summer job working at a local Supermarket
Interests: Swimming, tennis, hockey, music
3. Suppose you are looking for a job and have chosen a position of secretary at Nissan
company from the advertisement in the local paper. Write an application letter and enclose your CV
in it.
Do you know?
1. Say what American Symbols you know.
2. Now read the text and say what new information you have learned.
The American flag is often called the “Stars and Stripes”. It has thirteen stripes and fifty stars, one for each
state. There are many rules for the flag: for example, you should display it only during the day, and you
should fold it in a special way. In some schools there is a flag in each classroom, and children stand in front
of the flag every day and say the “Pledge of Allegiance”:
I pledge allegiance to the flag of the United States of America
And to the Republic for which it stands
One nation, under God, indivisible,
With liberty and justice for all.
One of the most famous symbols of the U.S. is the Statue of Liberty. France gave the statue to the U.S.
in 1884 as a symbol of friendship and freedom. It is in New York Harbor, and it was the first sight many
immigrants saw when they arrived in the U.S.
The eagle became the official national symbol of the U.S. in 1782. It carries an olive branch (a sign of
peace) and arrows (signs of strength). You can see the eagle on the back of a dollar bill.
“Uncle Sam” is a cartoon symbol of the U.S. government. He has appeared in magazines, newspapers,
and on posters for the last 150 years. During the War of 1812 against England a man named Samuel
Wilson sold meat to the U.S. government for its soldiers. Everyone called him Uncle Sam. The first letters
of Uncle Sam, “U.S.”, were the same as the first letters of the United States. After the war, cartoons of
Uncle Sam as the U.S. government first began to appear.
What new facts have you learned about American Symbols?