Think and decide which of the right economic terms associated with the concepts of demand, supply, market equilibrium. Write down the answer

 

DEMAND

PROPOSITION

MARKET EQUILIBRIUM

1. Buyers

2. Manufacturers

3. Consumers

4. Sellers

5. The equilibrium price

6. Deficit

7. Excess

8. Goods

9. Service

10. Production costs

 

 

Exercise 10. Banking system.

 

2. The essence of the text of the credit

Following the money loan is a general discovery of mankind. Due to the credit reduces the time to meet business and personal needs. company - the borrower due to the additional cost may increase its resources to expand the farm to accelerate the achievement of production targets.

Citizens using credit or have a double chance to apply the skills and granted additional resources to expand their business or to accelerate the achievement of the purposes of the consumer get their hands on things like the value of the items that they could hold only in the future.

The loan is to support a modern economy an essential element of economic development. The loan is used as large organizations and small manufacturing Agricultural and commercial structures: both the state government and individual citizens.

Creditors holding free resources only through their transfer to the borrower are able to get him more money. Credit is submitted in the form of money - a new means of payment.

 

VOCABULARY

Credit (loan) - 1) to provide funds on terms of repayment with interest payments, usually for a fixed term; credit may be granted in the form of installment payment and the purchase of debt the borrower. 2) trust.

 

Words or phrases:

- credit;

- Personal needs;

- Support a modern economy;

- The borrower.

 

Exercise 1.1

Copy by inserting the missing letters and placing punctuation. Determine the style and type of text

 

Exercise 1.2

Eliminate unnecessary words:

1) the firm, production, price, market, labor monopolies;

2) profits, shop, sale, advertisement, desires;

3) bank account, the depositor, food, money, interest.

 

Exercise 1.3

Phrases - definitions given in brackets in the right place nominative

1) Is (general opening)

2) Satisfaction (household and personal needs)

3) Due to the (extra cost)

4) Achievements (production target)

5) Support (modern economy).

 

Exercise 1.4

Business Game " Making a bank loan"

 

 

Exercise 11. Taxation

 

Тax (from the Latin taxo; " rate" ) is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is usually punishable by law. Taxes are also imposed by many administrative divisions. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. Few countries impose almost no taxation at all, such as the United Arab Emirates and Saudi Arabia.

 

Taxation trends

Numerous records of government tax collection in Europe since at least the 17th century are still available today. But taxation levels are hard to compare to the size and flow of the economy since production numbers are not as readily available. Government expenditures and revenue in France during the 17th century went from about 24.30 million livres in 1600–10 to about 126.86 million livres in 1650–59 to about 117.99 million livres in 1700–10 when government debt had reached 1.6 billion livres. In 1780–89, it reached 421.50 million livres. Taxation as a percentage of production of final goods may have reached 15%–20% during the 17th century in places such as France, the Netherlands, and Scandinavia. During the war-filled years of the eighteenth and early nineteenth century, tax rates in Europe increased dramatically as war became more expensive and governments became more centralized and adept at gathering taxes. This increase was greatest in England, Peter Mathias and Patrick O'Brien found that the tax burden increased by 85% over this period. Another study confirmed this number, finding that per capita tax revenues had grown almost sixfold over the eighteenth century, but that steady economic growth had made the real burden on each individual only double over this period before the industrial revolution. Effective tax rates were higher in Britain than France the years before the French Revolution, twice in per capita income comparison, but they were mostly placed on international trade. In France, taxes were lower but the burden was mainly on landowners, individuals, and internal trade and thus created far more resentment.

Taxation as a percentage of GDP in 2003 was 56.1% in Denmark, 54.5% in France, 49.0% in the Euro area, 42.6% in the United Kingdom, 35.7% in the United States, 35.2% in Ireland, and among all OECD members an average of 40.7%.

VOCABULARY TO THE TEXT

tax – налог (обязательный, индивидуально безвозмездный платеж, взимаемый с юридических и физических лиц в форме отчуждения принадлежащих им на праве собственности, хозяйственного ведения или оперативного управления денежных средств в целях финансового обеспечения деятельности государства и (или) муниципальных образований)

compulsory – принудительный, обязательный

charge – 1) сбор, поступления, отчисления; цена; комиссия (за услуги); плата; 2) занесение [запись] на счет; запись в долг, долг; дебетовая запись, запись по дебету (счета по учету расходов)

levy - 1) сбор; 2) налог; 3) взимание (налогов); 4) обложение (налогами)

to impose – 1) облагать (налогом, податью, сбором) (on/upon); 2) налагать (обязательство); 3) навязывать; 4) обманывать.

secessionist - отступник, раскольник; сепаратист

movement - 1) движение; 2) перемещение, передвижение; 3) действия; 4) поведение; 5) деятельность (общественная); 6) течение, направление; 7) оживление (на рынке); 8) изменение в ценах

corvee - 1) барщина; 2) рабский труд, тяжелая работа

labor (US) (labour (UK)) - труд, работа

in kind - натуральный (в форме товаров или услуг, а не денег)

tendentious - предвзятый, пристрастный, тенденциозный

public finance - государственные финансы; государственный бюджет

medieval - средневековый

sophisticated - 1) лишенный простоты, изощренный; 2) усовершенствованный; 3) сложный, замысловатый

to enforce - 1) принуждать, заставлять, взыскивать, настаивать; 2) вводить в действие (закон и т. п.), приводить в исполнение

realm - 1) королевство, царство; 2) область, сфера

tax farmer - откупщик, сборщик налогов, податей

to obligate - обязывать, связывать обязательством (моральным, вытекающим из контракта и т. д.)

to raise - 1) поднимать (производство, цены и т. п.), повышать;

2) добывать, занимать (деньги); 3) собирать (налоги)

to render - 1) воздавать, платить; 2) давать; 3) оказывать (помощь, содействие); 4) представлять

explicitly - 1) ясно, недвусмысленно; 2) детально, подробно

self-supporting - 1) самостоятельный, независимый; 2) зарабатывающий себе на жизнь; 3) на хозрасчете

to do without - обходиться без

illusory - обманчивый, призрачный, иллюзорный, вводящий в заблуждение, мнимый, нереальный

to exact - 1) требовать (настоятельно); 2) добиваться; 3) взыскивать

income tax act - закон о подоходном налоге (закон, в котором устанавливается порядок исчисления и уплаты физическими лицами налога с полученного дохода, в том числе перечисляются ставки налога, возможные вычеты и льготы, сроки подачи налоговых деклараций и внесения платежей и т. п.)

tax code - налоговый кодекс

 

Words or phrases:

- sixfold;

- tax collection;

- OECD;

- tax rates.

Exercise 1.1

Read and answer the following questions

What is the definition of a tax?

How can taxes be paid?

How were taxes paid in medieval Europe?

Why were many taxes originally introduced?

What kind of document describes what taxes people have to pay?

 

Exercise 1.2

Pick synonyms for words

Wealth, intelligence, business, freedom, destiny, poverty, glory.

 

Exercise 1.3

" Who's Who in the world economy? " Data definitions pick the right words: bankruptcy, companion, businessman, competitor, economist

1) Business, enterprising, hard-working man who organized his own company.

2) specialist in the field of economy.

3) Anyone who competes, compete with others to achieve the same goals.

4) failed entrepreneurs.

5) Anyone who co-owned and operated company.

 

 

Exercise 12. Foreign exchange markets.

 

Financial market

The financial market is the economic relations connected with the movement of money capital in various forms and securities. It is an integral part of the system of market relations and organically linked with the commodity and other markets: land natural resources workforce housing and other real estate insurance exchange technology gold.

In the economic literature and economic practice of the concept of financial market made interpreted broadly to include monetary currency markets of the capital market.

This is due to the usual practice in the world's major finance regarded as a category of identical category of money and the cost of a whole because any kind of economic resources may be mediated by money or other securities of the relevant document is the property titles.

In the financial market object purchase - sale are specific goods - money and securities.

An important place in the financial market took the stock market, representing economic relations mediated the movement of securities.

It is also called the stock market as treatment-related stock values. The term " stock market" is associated with the name of the institution which was originally committed and are processed securities transactions - Stock Exchange.

 

VOCABULARY

Fund - money or material assets of the state, enterprises, intended for any purpose.

 

Words or phrases:

- The monetary capital;

- Property titles;

- stocks and bods market;

- category.

 

Exercise 1.1

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