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Microeconomics vs. Macroeconomics

Economists have two ways of looking at economics and the economy. One is the macro approach, and the other is the micro. Macroeconomics is the study of the economy as a whole; microeconomics is the study of individual consumers and the business firm.

Macroeconomics examines questions such as how fast the economy is running; how muchoverall output is being generated; how much total income is, how employment can be increased, and what can be done to increase the output of goods and services.

Microeconomics examinescause-and-effect relationships that influence choices of individuals, business firms and society. It is concerned with things such as scarcity, choice and opportunity costs, and withproduction and consumption. Principal emphasis is given by microeconomists to the study of prices and their relationship to units in the economy.

 

cause-and-effect –причинно-следственный

 

b) Answer the questions.

1. What are the two approaches to the economy?

2. What does microeconomics deal with?

3. What does macroeconomics study?

 

Make up a plan of the text.

Speak on Economics.

 


LESSON 3. Markets and Production

Grammar Presentation: Герундий.

Grammar Revision: Инфинитив и его функции в предложении. Модальный глагол “can” и его эквивалент “to be able”.

 

 

MARKETS AND PRODUCTION

Everyone requires a wide range of things in life. Each person who works helps to provide those things.

Production relates to the activities which are necessary in order to satisfy the wants of mankind, such as goods and services.

All goods must begin as gifts of nature because man cannot create anything. What he does is to take those things which are provided by nature and convert them. For example, man cannot create animals (although he can assist nature by scientific breeding). He can, however, convert animals into saleable products such as meat, wool, hides, etc. So, production is the process of creating material wealth and nonmaterial values by people through influencing the gifts of nature.

We can therefore trace any good back to a natural source. Thus trees provide the source of wooden articles; the many things made of plastic derive from coal and oil; glass comes from sand; steel objects start as iron ore.

The journey from natural product to the completed good is usually a long one and involves the efforts of a considerable number of people. Production is realized by cooperation of three elements: human labour, labour object and labour means. It shows the interactions of 1) man and nature; 2) people in their economic activity. The former is called productive forces, the latter – economic relations. They are defined by two types of ownership or means of production.

Finished goods are bought and sold on the market. Market is not necessarily a fixed location, a building or a market place. In the modern world the word “market” has a much wider meaning. Any effective arrangement for bringing buyers and sellers into contact with one another is defined as a market. The small advertising columns of the local newspaper provide a very efficient market for second-hand cars.

For some commodities, for example, fresh fruits and vegetables, the traditional market is still the normal arrangement, but for most goods the market is a national one. Most consumer goods in developed countries are bought and sold on a countrywide basis. For other commodities the market is world-wide. This is particularly true of the more important primary products such as rubber, tin, copper and oil and on the basic foodstuffs such as meat, wheat, sugar, tea and coffee. Most of the products of advanced technology also have world markets, for example, computers, aero-planes, ships and motor cars.

Although many markets exist in the traditional sense - such as a flea market - there are various other types of them and various organizational structures to assist their functions.

A market can be organized as an auction, as a shopping center, as a complex institution such as a stock market, and as an informal discussion between two individuals.

In economics, a market that runs under laissez-faire policies is a free market. It is "free" in the sense that the government makes no attempt to intervene through taxes, subsidies, minimum wages, price ceilings, etc. Markets may be distorted by a seller or sellers with monopoly power, or a buyer with monopoly power. Also, the level of organization or negotiation power of buyers, markedly affects the functioning of the market. Markets where price negotiations do not arrive at efficient outcomes for both sides are said to experience market failure.

Most markets are regulated by state wide laws and regulations. While barter markets exist, most markets use currency or some other form of money.

Markets of varying types can spontaneously arise whenever a party has interest in a good or service that some other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, and yet another for contracts for the future delivery of a commodity. There can be black markets, where a good is exchanged illegally and virtual markets, such as eBay in which buyers and sellers do not physically interact. Face to face contact between buyers and sellers is not a requirement for a market to be able to operate efficiently. In the foreign exchange market buyers and sellers are separated by thousands of miles but the knowledge of what is happening in the market is just as complete, and the ease of dealing is just as effective as if the participants were in the same room.

The price of any economic good under market conditions such as we find in the market economy is determined by the forces of supply and demand.

There can also be markets for goods under a command economy despite pressure to repress them.

 

Notes on the text

face to face – лицом к лицу

advanced technology – передовая технология

in the traditional – в традиционном смысле

 

 

Vocabulary on the text

advertise, v, – рекламировать

advertisement, n – объявление, реклама

advertising, n – рекламирование, реклама

arrange, v, – приводить в порядок, располагать, классифицировать

arrangement, n – приведение в порядок, классификация; (зд.) - организация

assist, v, – помогать, содействовать

attempt, n – попытка, опыт

buy, v, (bought, bought) – покупать

commodity, n – предмет потребления; pl – товар

consider, v, – рассматривать, обдумывать, учитывать

considerable, a – значительный, важный

conversion, n – превращение, переход, изменение

convert, v, – превращать, переделывать

create, v, – 1) творить, создавать; 2) производить (впечатление)

creation, n – создание, творение

distort, v, – искажать, извращать (факты)

force, n – сила

gift, n – подарок, дар; способность, талант

influence, v, – влиять, воздействовать

intervene, v, – вмешиваться, происходить, иметь место

labour, n – труд, работа; задание

laisseez-faire, n – невмешательство, непротивление

locate, v, – определять место, быть расположенным в определенном месте

location, n – размещение; определение места

mankind, n – человечество

market, n – рынок

negotiation, n – переговоры, обсуждение условий

outcome, n – результат, последствие, исход

participant, n – участник

participant, n – участник

participate, v, – участвовать (in); разделять (in – ч-л; with – с к-л)

participation, n – участие

relate, v, – 1) иметь отношение; 2) устанавливать связь (to, with)

relation, n – отношение, связь; зависимость

require, v, – 1) требовать; 2) нуждаться

requirement, n – требование, необходимое условие, потребность

sell, v, (sold, sold) – продавать

trace, v, – установить; находить

value, n – ценность, стоимость, цена

value, v, - оценивать

virtual, a – фактический, действительный

want, n – недостаток; pl- потребность, желание

want, v, – хотеть, желать

wealth, n – богатство, изобилие

 

 

Phonetic and lexical exercises

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