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The Economy

2.5.2018, , Zdroj: Verlag Dashöfer

101
The Economy

Edward Thomas

1. THE BASICS

Look at the following vocabulary. Can you match the terms with the definitions given?

 

1. Economics a) Produces basic materials.
2. The economy b) Where things are directed by central command.
3. Primary sector c) The study of economies.
4. Secondary sector d) Where things are directed by consumer request.
5. Tertiary sector e) All kinds of physical and non-physical products, constructed units.
6. Goods f) Deals with human and social needs, brings products to people.
7. Services g) Where central command and consumer request are mixed.
8. Free market economy h) Develops goods from basic materials.
9. Planned economy i) A place where economic activities happen.
10. Mixed economy j) Activities offered to meet needs.

Correct answers are here1

Now answer the following questions:

1. What is the best description of the economy that operates in your country?

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2. What sector of it do you work in?

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3. When do you have contact with areas of the economy outside the one you work in?

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4. What do you think is the most exciting kind of economy to work in?

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5. What is the most exciting sector?

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6. Which jobs in each sector could you imagine enjoying?

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7. Which sector did you want to work in as a child?

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2. WALLS BETWEEN US

„Underlying most arguments against the free market is a lack of belief in freedom itself”. Milton Friedman

Most countries today use some kind of mixed economy, where the Government limits some of the activities of the free market and provides some services outside the free market. But there are also some limits that happen internationally. Trade barriers, for example, may make it difficult to export goods from one country and import them into another.

Look at the questions 1 - 5 below. Match them with the answers A - E (answers in italic are below).

1. What are trade barriers?

2. What are the reasons for trade barriers?

3. What are the negative effects of trade barriers?

4. What are „developing countries”?

5. What are the economic problems of developing countries?

A. Trade barriers are one of the big ones! But another is debt - when a country's Government takes money in the form of loans from banks or other Governments but cannot find the money to repay it later.

B. The negative effects are clear: according to the UN Millenium goals, „Lower trade barriers would bring hundreds of billions of dollars in extra income - spread across all nations, but benefiting especially the developing countries.”

C. Developing countries are countries whose economies have not fully developed - many are in South America and Africa. Most of their economic activities are part of the primary sector - for example mining and especially agriculture.

D. All kinds of things, including taxes on foreign goods and regulations that make it harder for imports to enter an economic market.

E. Generally they protect the manufacturers or service providers of a country or a group of countries from the cheaper or more effective competitors of in other countries. Such a way of helping companies is known as protectionism.

Correct answers are here2

3. PRECISE ECONOMICS

Match the words with the definitions:

 

1. Manufacturer a) Regulations or taxes which make entering a market harder.
2. Mining b) The state of the economic system, how many and how good its facilities are.
3. Agriculture c) Money paid to governments by all citizens from their wages / salaries or from the things they buy.
4. Debt d) Rules that tell you what you can and can't do, and how this must / must not be done.
5. Tax e) Part of the primary sector, growing plants for food or other uses.
6. Regulations f) Money someone or some group has to return to a bank, person or organisation that gave them it- usually in the form of loans.
7. Protectionism g) Things, usually made in the secondary sector but also coming from the primary sector, which are sold to people.
8. Trade barriers h) Sending goods from one country and receiving them in another.
9. Goods i) Helping parts of the economy by stopping foreign competitors from entering the market.
10. Development j) Getting basic materials from the ground, for example coal, oil, iron ore, bauxite, diamonds.
11. Export / Import k) A company that makes things and sells them.

Correct answers are here3

4. MARKET CONTEXTS

Each individual economy - the economy of a nation – has its own specific points. We have talked about exports and imports - these are the movement of goods internationally, generally called „trade”. Trade barriers and protectionism can limit trade, and protect national economies in some ways.

Look at the sentences below. They describe situations and principles that affect all economies and are used to describe the differences between them. Can you fill the numbered gaps 1 - 8 in the sentences? The words you need can be found lower down the page.

„The Czech economy has received a lot of …………………….4 over the last ten years.”

„Petrol ……………………..5 has been falling for years because of very high taxation and oil prices, and more efficient cars.”

…………………….6 is higher in the countries of Central and Eastern Europe than in the older economies in Western Europe.”

…………………………..7 is perhaps the biggest problem for a Government which wants to ……………………8 its national economy.”

„High levels of ……………………9 resulted from the closure of heavy industry in former Communist countries.”

„People working in agriculture often don't have the ……………………10 to buy new equipment.”

„High …………………………..11 set by central banks mean that people are less likely to take out loans.”

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a) unemployment

b) interest rates

c) inflation

d) economic growth

e) consumption

f) stabilize

g) inward investment

h) capital

5. THE SAME BUT THE DIFFERENT

Economic Synonyms

Read any newspaper, watch to any news report, and you will find that many words are used which mean the same or almost the same. You need several words for every economic idea!

Look at the following words. Can you say which ones are synonyms? Remember that synonyms are not usually perfect - they may only mean the same in specific situations.

 

Terms Synonyms
1. Debt a) Levy
2. Trade b) Finance
3. Inflation c) Area
4. Sector d) Spending
5. Capital e) Commerce
6. Tax f) Liabilities
7. Expenditure g) Earnings
8. Investment h) Use
9. Income i) Price rises
10. Consumption j) Stake

Correct answers are here12

6. THE PRESIDENT SPEAKS…

In January 2000, then President of the USA, Bill Clinton, spoke to the World Economic Forum on the subject of free trade. In the text below there are parts of his speech.

There are also 10 words we have already found in some of the exercises so far...

“I think we have got to reaffirm... that open markets and rules-based trade are the best engine we know of to lift living standards, reduce environmental destruction and build shared prosperity. This is true whether you're in Detroit, Davos, Dacca or Dakar. Worldwide, open markets do create jobs. They do raise incomes. They do spark innovation and spread new technology - they do, coupled with the explosion of international communications through the Internet, which is the fastest-growing network in history.“

“Trade is especially important, of course, for developing nations. Listen to this - this is something that I think people from the developing nations who oppose the WTO should think about: from the 1970s to the early '90s, developing countries that chose growth through trade grew at least twice as fast as those who chose not to open to the world. The most open countries had growth that was six times as fast.“

“Look at South Korea, Mexico or Thailand, which built their growth on openness - even after the recent traumas of financial crises, their national incomes are still more than double the 1970 levels, when they were more closed. And their gains in literacy, education and life expectancy are truly extraordinary, far outpacing countries that chose not to open to the world. “

“Certainly, many of the people who have questioned the wisdom of open trade are genuinely concerned

 
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