Ýêîíîìèêî-ïðàâîâàÿ áèáëèîòåêà
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Ýêîíîìèêî-ïðàâîâàÿ áèáëèîòåêà |
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| Ó÷åáíèêîâ â áèáëèîòåêå - 334 Èùèòå æå ïðåæäå Öàðñòâà Áîæèÿ è ïðàâäû Åãî, è ýòî âñå ïðèëîæèòñÿ âàì. (Ìàòô.6:33) | |
Labour
is any work performed for an employer at a negotiated rate while profit is the
surplus, which accumulates as a result of productive work. The employer obtains this
surplus after he pays the necessary expense of his business and the wages of his
employees. He may be required to share the surplus with others who have provided the
capital with which he started his business. Most businesses need capital in order to
start productive work, and the capital pays for the accommodation,
machinery and other items, which the business needs.
There is always an element of risk in providing capital and starting
a business. The business may not be successful. The employers
and the providers of capital bear the risk. If the business is successful,
the risk has been justified and the invested capital earns part of the profits as a
return on the investment.
The
capital which people provide to help new businesses is an accumulation of previous
surpluses on previous business activities. In this way the past is used to finance
the future. Such capital is accumulated by a deliberate policy of saving surpluses.
This policy may be personal and individual, or it may be public and collective. As
such, it is common to both the capitalistic and communistic systems. In both systems,
a certain part of the profits is “ploughed back” into the system in order to
create capital.
In general terms, capital can be defined as (1) a factor of production
(for example, machinery
or cash); (2) the assets possessed by a person, a company or a nation. Land, houses
and shares in a business are capital. In terms of the state, all railways, docks,
roads, airports and state funds of money are part of the nation’s capital.
employer – ðîáîòîäàâåöü
at a negotiated rate – íà äîãîâ³ðí³é îñíîâ³ (òàðèô³)
surplus – íàäëèøîê
to accumulate – íàêîïè÷óâàòè
employee – ïðàö³âíèê
accommodation – ïðèì³ùåííÿ
machinery – ìàøèííå óñòàòêóâàííÿ
to bear the risk – ðèçèêóâàòè
to justify – îïðàâäîâóâàòè
to earn profits – çàðîáëÿòè ïðèáóòêè
previous surpluses – ïîïåðåäí³ íàäëèøêè
a deliberate policy – îáì³ðêîâàíà ïîë³òèêà
“ploughed back” – ïîâåðòàºòüñÿ íàçàä.
1.
Labour is any … .
2.
Profit is the … .
3.
Most businesses need
capital in order to … .
4.
The employers and the
providers of capital bear … .
5.
The capital which people
provide to help new businesses is an ..
6.
A deliberate policy of
saving surpluses may be … .
7.
Capital can be defines as
… .
1.
What is profit?
2.
At what point does an
employer obtain his surplus?
3.
Who may he be required to
share it with?
4.
What do most businesses
need?
5.
Why is there always an
element of risk in providing capital?
6.
Who bears the risk?
7.
What justifies the risk?
8.
How is the past used to
finance the future?
9.
What do people plough back
into the system?
10.
Why is it ploughed back?
11.
What examples of private
capital are given?
12.
What examples of public
capital are given?
1.
Labour is work performed
by an employer at a negotiated rate.
2.
The expenses of a business
are part of its surplus.
3.
Usually new businesses
need capital.
4.
Because businesses may not
always be successful, there is always risk involved in financing them.
5.
Employers and employees
share the risk in financing new enterprises.
6.
The surpluses, which
people provide to help new businesses arise from previous economic activities.
7.
Communistic economies also
have policies of saving surpluses.
8.
A nation’s capital in
economic terms is the city where the government is situated.
The
term “currency”, in its general economic sense, is applied to the money of a
particular country, such as the U.S. dollar, the French franc, the Swiss franc, the
Belgian franc, the Dutch guilder, the German mark, the Austrian shilling, the
British pound, the Italian lira, the Japanese yen, Mexican peso, the Spanish peseta,
the Australian dollar, the New Zealand dollar, the Hong Kong dollar, etc..
According to their convertibility, currencies can be grouped into
three general categories:
“convertible currencies”, “semi-convertible currencies”, and
“non-convertible currencies”. Convertible currencies are those which can be
freely bought and sold in the foreign exchange markets, at the rates of exchange
prevailing at the time of purchase or sale. Semi-convertible currencies can be
bought and sold only through the local central bank, at predetermined rates of
exchange. A large number of third-world currencies fall into this category.
Transactions are limited to commercial deals. Non-convertible currencies are those
whose circulation is restricted by the local monetary authorities. The rates of
exchange are artificially pegged, usually at a level much higher than the rates
prevailing on the black market, or parallel market, which inevitably develops. Most Eastern European countries had non-convertible currencies.
In
practice, there are three main convertible currency areas: the U.S. area, which
comprises essentially the U.S. and Canadian dollars; the European area, with the
currencies of Western Europe; and the Asian area, with the Japanese yen and the Hong
Kong, Malaysian, and Singapore dollars. The
governments of these countries allow unregulated
purchases and sales, and the amounts of
money exchanged in the foreign
exchange markets are very large.
The
world’s major currency is the U.S. dollar, followed by the pound sterling, the D-mark,
and the Japanese yen. The importance of the U.S. dollar stems from a number of
factors, some domestic and some international: the United States has the world’s
largest capital market, and there are more dollars in the world than all other major
currencies put together. Invoicing for raw materials and commodities, especially oil,
gas, and wheat, is in U.S. dollars. It is also interesting to note that the dollar
is by far the largest component of the foreign currency reserves held by the
world’s major central banks (reserve currency).
in economic sense – ç åêîíîì³÷íî¿ òî÷êè çîðó
convertibility – êîíâåðòîâàí³ñòü
foreign exchange market – ðèíîê îáì³íó âàëþòè
to predetermine – çóìîâëþâàòè
commercial deal – êîìåðö³éíà óãîäà
to be artificially pegged – øòó÷íî ï³äòðèìóâàòè
to comprise – âì³ùàòè, îõîïëþâàòè
to stem – îïèðàòèñÿ
invoicing – ôàêòóðóâàííÿ
1.
The term “currency” is
applied to … .
2.
According to their
convertibility, currencies can be grouped into.
3.
Convertible currencies are
those … .
4.
Semi-convertible
currencies can be … .
5.
Non-convertible currencies
are those… .
6.
In practice, there are
three main convertible currency areas … .
7.
The world’s major
currency is … .
1.
What is the term «currency»,
in its economic sense, applied to?
2.
What three general
categories can currencies be grouped into?
3.
What are convertible
currencies?
4.
How can semi-convertible
currencies be bought and sold?
5.
What currency falls into
this category?
6.
What are non-convertible
currencies?
7.
What countries have non-convertible
currencies?
8.
In practice what three
main convertible currency areas are there?
9.
What is the world’s
major currency?
10.
What can you say about the
importance of the U.S. dollar?
1.
The term “currency” in
its general economic sense is applied to the money of a particular country.
2.
According to their
convertibility, currencies can be grouped into three general categories: convertible,
semi-convertible and non-convertible currencies.
3.
Convertible currencies can
be freely bought and sold in the foreign exchange markets.
4.
Most European countries
have non-convertible currencies.
5.
In practice, there are
three main convertible currency areas.
6.
The world’s major
currency is the U.S. dollar.
7.
The United States has the
world’s largest capital market.
8.
The term “currency”
sometimes refers to paper money only.
9.
It is interesting to note
that the dollar is by the largest component of the foreign currency reserves held by
the world’s major central banks.
Every
country needs a central institution with a wide range of powers to look after its
monetary system; in other words, it needs a central bank. Central banks, such as the
Bank of England, the Federal Reserve System of the United States (comprising 12
federal reserve banks), the Deutsche Bundesbank, and the Österroichische
National bank, are typically charged with all, or at least most, of the following
functions.
1.
Central banks are responsible for an adequate supply of legal tender, i. e. of
banknotes and coins that have to be accepted in settlement of debts. Usually, the
central bank is the sole note-issuing bank in a particular country. The minting of
coins in frequently the responsibility of a separate institution under the control
of a central government department (e.g., the Royal Mint in Great Britain).
2.
Central banks are bankers’ banks, i.e. they perform certain tasks for commercial and specialised banks, just as these banks perform
services for their own clients. Commercial banks keep accounts with the
central bank. These accounts may be used to settle the net positions resulting from
the clearing of cheques and credit transfers.
Moreover, the commercial banks borrow directly or indirectly
from the central bank, especially if funds are not available from other
sources, the central bank acting as a lender of last resort. In addition, central
banks are frequently charged with supervising and regulating the banking system of
the country in which they operate.
3. A central bank also acts as a banker to its government, typically
managing the national
debt, handling or superintending the issue of
government stocks and Treasury bills, making, shorter advances
to the government, providing advice on financial matters, etc.
4.
More importantly, central banks are concerned with the implementation
of monetary policies. They regulate a country’s money
supply by open-markets operations, by calling for special deposits (U.S.:
legal reserves), by influencing interest rates, and by operating direct controls on
bank lending. But they are also active on the external front, intervening in the
foreign exchange markets to control the rates of exchange, and generally managing
the external aspects of monetary policy, such as exchange controls, foreign exchange reserves
(including Special Drawing Rights), etc.
In
performing these tasks, central banks in different countries enjoy different degrees of autonomy from their governments.
The Bank of England, for instance, is closely controlled by the Treasury,
which since 1946 has had statutory powers to give directions
to it. The Federal Reserve System of the United States, on the other hand,
is able to steer a much more independent course.
a wide range of powers – øèðîêà ñôåðà ïîâíîâàæåíü
to be responsible for – áóòè â³äïîâ³äàëüíèì çà
legal tender – çàêîííèé ïëàò³æíèé çàñ³á
settlement – âèð³øåííÿ
to issue – âèïóñêàòè
clearing – áåçãîò³âêîâ³ ðîçðàõóíêè
last resort – îñòàííº çâåðíåííÿ
to be charged with supervising – íàäàíî ïðàâî íàãëÿäó
to handle – êåðóâàòè, ðåãóëþâàòè
to superintend – óïðàâëÿòè, íàãëÿäàòè, çàâ³äóâàòè
to provide advice – íàäàâàòè ïîðàäè
implementation – çä³éñíåííÿ, âò³ëåííÿ
money supply – ãðîøîâ³ ðåñóðñè
external – çîâí³øí³é
to interfere – âòðó÷àòèñÿ
for instance – íàïðèêëàä
to steer – âåñòè, íàïðàâëÿòè, êåðóâàòè
independent course – íåçàëåæíèé êóðñ
1.
Every country needs a
central institution with … .
2.
Central banks are
responsible for … .
3.
Central banks perform
certain tasks for … .
4.
A central bank also acts
as a banker to … .
5.
Central banks regulate a
country's money supply by … .
6.
The bank of England is
closely controlled by … .
7.
The Federal Reserve System
of the United States is able to .
1.
What does every country
need to look after its monetary system?
2.
What central banks do you
know?
3.
Central banks are
responsible for an adequate supply of legal tender, aren’t they?
4.
Are central banks bankers
“or producers” banks?
5.
Where do the commercial
banks borrow from?
6.
Does a central bank also
act as a banker to its government?
7.
What do central banks
regulate?
8.
Central banks in different
countries enjoy different degrees of autonomy from their governments, don’t they?
1.
Usually, the central bank
is the sole note - issuing bank in a particular country.
2.
The minting of coins is
exclusively the responsibility of a separate bank.
3.
Central
banks perform certain tasks for commercial and specialised
banks.
4.
These accounts may be used
to settle the net positions resulting from the clearing of cheques and credit
transfers.
5.
The commercial banks
borrow directly or indirectly from each other.
6.
A central bank typically
manages the national debt.
7.
Central banks are not
concerned with the implementation of monetary policies.
8.
A central bank regulates a
country's money supply.
Just
as economists study the amount of goods and services brought to market by a single
producer, they also study the total amount of goods and services produced by the
economy as a whole. Thus, they examine aggregate supply
–
the total amount of goods
and services produced by the economy in a given period, usually one year.
A
number of factors affect an economy’s aggregate supply. Two of these are the
quantity of resources used in production and the quality of these resources. For
example, an economy must have an adequate supply
of natural resources and capital goods to be productive.
It
also needs a skilled and highly motivated labour force. A third factor affecting
aggregate supply is the efficiency with which the resources are combined. If they
are combined in a productive way, aggregate supply will increase.
In
order to measure aggregate supply, statistics must be kept.
To keep with this task economists use national income accounting
–
a system of statistics that keeps track of production, consumption; saving and
investment in the economy. National income accounting also makes it possible to
trace long-run trends in the economy and to form new public policies to improve the
economy.
The
most important economic statistics kept in the national income accounts is Gross
National Product (GNP). This is the dollar measure of the total amount of final
goods and services produced in a year. It is one of the most important and
comprehensive statistics kept on the economy’s performance.
aggregate supply – ñóêóïíà ïðîïîçèö³ÿ
a skilled labour force – êâàë³ô³êîâàíà ðîáî÷à ñèëà
efficiency – 䳺â³ñòü, åôåêòèâí³ñòü
track – äîðîãà, øëÿõ
to trace – ïðîñòåæóâàòè
Gross National product (GNP) – âàëîâèé
íàö³îíàëüíèé ïðîäóêò
comprehensive – âñåá³÷íèé, ãëèáîêèé.
1.
Aggregate supply is the
total amount of goods and … .
2.
There are two factors that
affect an economy's aggregate supply, they are … .
3.
Aggregate supply needs a
skilled and … .
4.
A third factor affecting
aggregate supply is …
5.
The
most important economic statistics kept in the national income
accounts is … .
6.
Gross National product is
… .
1.
What do economists study?
2.
What does the term «aggregate
supply» mean?
3.
How many factors affect an
economy’s aggregate supply? What are they?
4.
When will aggregate supply
increase?
5.
What must be kept in order
to measure aggregate supply?
6.
What is national income
accounting?
7.
What helps to trace long-run
trends in the economy and form new public policies? What is it aimed at?
8.
Gross National Product is
the dollar measure of the total amount of final goods and services produced in a
year, isn’t it?
1.
Economists study only the
amount of goods and services brought to market by a single producer.
2.
Aggregate supply is the
total amount of goods and services produced by the economy in a given period.
3.
There are three factors
that affect an economy's aggregate supply.
4.
If three factors are
combined in a productive way, aggregate supply will decrease.
5.
Economists
use national income accounting to measure aggregate
supply.
6.
National income accounting
helps to trace long-run trends in the economy.
7.
National income accounting encourages the economic improvement.
8.
Gross National Product is
the dollar measure of the total amount of final goods and services produced in a
year.
Aggregate supply refers to the total quantity of goods and services
that the nation’s
businesses are willing to produce and sell in a given period. Aggregate supply (often
written AS) depends upon the price level, the productive capacity of the economy,
and the level of costs.
In general, businesses would like to produce at full capacity
and
sell all their output at high prices. However, in certain circumstances,
prices and spending levels may be depresses so businesses might find they have
excess capacity. Under other conditions, such as during a wartime
boom, factories may be operating at capacity as businesses scramble to
produce to meet all their orders.
Aggregate supply depends on the price level that businesses
can charge as well as on
the economy’s capacity or potential output. But what determines potential output?
Potential output is determined by the availability of productive inputs (labour and
capital being the most important) and the efficiency with which these inputs are
combined (that is, the technology of the society).
National
output and the overall price level are determined by the twin blades of the scissors
of aggregate supply and demand.
Aggregate
supply curve shows the relationship between the output firms would willingly supply
and the aggregate price level, other things equal.
The AS curve tends to be vertical at potential output
in the very long run but may be relatively flat in the short run.
price level – ð³âåíü ö³íè
the productive capacity of the economy – âèðîáíè÷à ïîòóæí³ñòü åêîíîì³êè
the level of the costs – ð³âåíü âèòðàòè
in certain circumstances – çà ïåâíèõ îáñòàâèí
to depress – ïîíèæóâàòè, îñëàáëÿòè
excess capacity – íàäì³ðíà ïîòóæí³ñòü
wartime boom – ïîæâàâëåííÿ, âèêëèêàíå â³éíîþ
to scramble – áîðîòèñÿ
productive inputs – âèðîáíè÷³ ôàêòîðè
twin blades of the scissors – ïàëèöÿ ç äâîìà ê³íöÿìè
aggregate supply curve – êðèâà ñóêóïíî¿ ïðîïîçèö³¿
flat
– ð³âíèé, ïëîñêèé
1.
Aggregate supply refers to
… .
2.
Aggregate supply depends
upon … .
3.
In certain circumstances,
prices and spending levels may be … .
4.
Potential output is
determined by … .
5.
National output and the
overall price level are determined by ….
6.
Aggregate supply curve
shows … .
1.
What does aggregate supply
refer to?
2.
What does aggregate supply
depend upon?
3.
In general, businesses
would like to produce at full capacity and sell their output at high prices,
wouldn’t they?
4.
What is potential output
determined by?
5.
What does aggregate supply
curve show?
6.
What is the AS curve in
the short run?
7.
What is the AS curve in
the long run?
1.
Aggregate supply refers to
the total value of goods and services that firms would willingly produce in a given
time period.
2.
Aggregate supply is a
function of available inputs, technology, and the price level.
3.
Businesses would like to
produce at full capacity and sell their output at high prices.
4.
Aggregate supply depends
primarily upon potential output.
5.
Potential output is
determined by the efficiency of labour only.
6.
National output and the
overall price level are determined by aggregate supply and demand.
7.
In the long run AS curve
is vertical and indicates that businesses will supply potential output whatever the
level of prices.
8.
In the short run, because
of the inflexibility of rages and prices, the AS curve is upward-sloping, showing
that businesses will supply more output at a higher price level.
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