Миловидов В.А. - Английский Разговорный Язык. Практическое Пособие По Развитию Устной Речи

B.A.
Mnnonnon

Anrnncun puaronopnm namu
Hpuu1nnecuoe nocone no
puann1nm yc1no penn

Mspaenocoo: Acpers, 81
ISBN: 78-5-271-21874-3, 978-5-226-01559-5
Iop: 2010
Cpanuq: 288

Hpepuconue
Hacfonee uspauue npakfueckoe nocoue no paseufuk ycfuo peu. B kuury eknkeuu
fekcfu, e kofopux pefanusupyefcn rafepuan, npepcfaeneuuu e ypokax yeuoro nocoun
Hoeu aurnucku pnn skouorucfoe[1], a fake paefcn pononuufenuuan uuqoprauun no
eaueuur ferar skouorueckoro aurnuckoro. Cepuesuue auanufueckue fekcfu
conpoeopakfcn uyfkaru, saaeuuru ucfopunru kofopue, uecrofpn ua ceo
pasenekafenuuu xapakfep, fake uecyf nonesuyk uuqoprauuk u nsukoeoro, u
skouorueckoro xapakfepa.
Kapu fekcf conpoeopaefcn cnoeaper u cnuckor ucnonusoeauuux cnoeocoefauu, a
fake ruuuranuuur konuecfeor ynpaueuu, uanpaeneuuux ua nyuee ocrucneuue u
sanoruuauue uuqoprauuu. Tekcfu pnn pononuufenuuoro feuun esnfu us kornukfepuoro
eapuaufa rasefu The Financial Times Limited[2]. B kouue kuuru paefcn cnoeapu u ou
nepeeuu cnoeocoefauu, urekux fepruuonoruecku cfafyc.
Kuuro rouo nonusoeafucn kak ua saunfunx aurnuckur nsukor e rpynne, fak u npu
carocfonfenuuor usyeuuu enoeoro aurnuckoro.
1. 0ouomunecue cuc+emi
(The World Economic Systems)
Study The World Economic Systems and say what you would do if you had two cows
Feudalism: You have two cows. Your lord takes some of the milk.
Pure socialism: You have two cows. The government takes them and puts them in a barn with
everyone else's cows. You have to take care of all the cows. The government gives you as
much milk as you need.
Bureaucratic socialism: You have two cows. The government takes them and puts them in a
barn with everyone else's cows. They are cared for by ex-chicken farmers. You have to take
care of the chickens the government took from the chicken farmers. The government gives you
as much milk and as many eggs as the regulations say you should need.
Fascism: You have two cows. The government takes both, hires you to take care of them, and
sells you the milk.
Pure communism: You have two cows. Your neighbours help you take care of them, and you
all share the milk.
Russian communism: You have two cows. You have to take care of them, but the government
takes all the milk.
Dictatorship: You have two cows. The government takes both and shoots you.
Singapore democracy: You have two cows. The government fines you for keeping two
unlicensed animals in an apartment.
Militarism: You have two cows. The government takes both and drafts you.
Pure democracy: You have two cows. Your neighbours decide who gets the milk.
Representative democracy: You have two cows. Your neighbours pick someone to tell you
who gets the milk.
American democracy: The government promises to give you two cows if you vote for it. After
the election, the president is impeached for speculating in cow futures. The press dubs the affair
Cowgate.
British democracy: You have two cows. You feed them sheep's brains and they go mad. The
government doesn't do anything.
Bureaucracy: You have two cows. At first the government regulates what you can feed them
and when you can milk them. Then it pays you not to milk them. After that it takes both, shoots
one, milks the other and pours the milk down the drain. Then it requires you to fill out forms
accounting for the missing cows.
Anarchy: You have two cows. Either you sell the milk at a fair price or your neighbours kill you
and take the cows.
Capitalism: You have two cows. You sell one and buy a bull.
Ompeakmupoean : PRESSI ( HERSON )
Hong kong capitalism: You have two cows. You sell three of them to your publicly listed
company, using letters of credit opened by your brother-in-law at the bank, then execute a
debt/equity swap with associated general offer so that you get all four cows back, with a tax
deduction for keeping five cows. The milk rights of six cows are transferred via a Panamanian
intermediary to a Cayman Islands company secretly owned by the majority shareholder, who
sells the rights to all seven cows' milk back to the listed company. The annual report says that
the company owns eight cows, with an option on one more. Meanwhile, you kill the two cows
because the Feng Shui is bad.
Environmentali sm: You have two cows. The government bans you from milking or killing them.
Feminism: You have two cows. They get married and adopt a veal calf.
Totalitarianism: You have two cows. The government takes them and denies they ever
existed. Milk is banned.
Political correctness: You are associated with (the concept of ownership is a symbol of the
phallocentric, war-mongering, intolerant past) two differently-aged (but no less valuable to
society) bovines of non-specified gender.
Counter culture: Wow, dude, there's like these two cows, man. You got to have some of this
milk. Far out! Awesome!
Surrealism: You have two giraffes. The government requires you to take harmonica lessons.
Japanese democracy: You have two cows. You give the milk to gangsters so they don't ask
any awkward questions about who you're giving the milk to.
European federalism: You have two cows which cost too much money to care for because
everybody is buying milk imported from some cheap east-European country and would never
pay the fortune you'd have to ask for your cows' milk. So you apply for financial aid from the
European Union to subsidise your cows and are granted enough subsidies. You then sell your
milk at the former elevated price to some government-owned distributor which then dumps your
milk onto the market at east-European prices to make Europe competitive. You spend the
money you got as a subsidy on two new cows and then go on a demonstration to Brussels
complaining that the European farm-policy is going to drive you out of your job.

Eastern european democracy: You have two cows. You sell the milk (diluted with some water)
at a high price to the neighbours or to anyone at the open-air market. If somebody asks for
receipt, you charge for a two times higher price, so nobody will request an invoice. For
concerned families with small babies you claim that the milk is bio, though you collect the
grass for feeding at the side of the highway and you keep the milk in plastic barrels used
previously as containers of dangerous chemicals. Later, your neighbour or anybody from town
will steal the cows and you will buy their meat for a high price, and if you ask for a receipt, you
will be charged for a two times higher price.
Finnish socialism: You have two cows. Soon you have to kill one of them because in the
Netherlands there is an overproduction of milk and the European Union rules say so. When you
do so, you realize that it was not necessary, only the system was too slow in getting you the up-
to-date news. From the stress, you get an ulcer in your stomach so you go to a doctor. The
doctor realizes that this ulcer is a serious one, so you need an urgent treatment. Therefore, you
soon get a call to the local hospital. The call's date is for 3 months later, because there is a
queue with more urgent cases. Then your ulcer becomes even more serious because you
remember that 40 percent of your income is taken for social tax.
6nosa sspaeu:
"bio" uo (npoykm)
adopt seci: ycuuoennfu, ypoepnfu
affair peno, aqepa
anarchy auapxun
animal ueofuoe
annual eeropuu
apartment keapfupa
associated accouuupoeauuu, accouuupykucn
awkward uenenu
ban (from) sanpeafu
barn arap
barrel oka
bovine kopoeu; seci (upouuv.): kopoeonopouoe cyecfeo
brain rosr, rosru
brother-in-law uypuu (eeepi)
bull uk
bureaucracy kpokpafun
bureaucratic kpokpafuecku
chemical xurueckoe eeecfeo
claim fpeoeafu, npoeosrnauafu, oLnennfu
collect coupafu
competitive koukypeufo cnocouu
complain anoeafucn
concept kouuenf, kouuenuun, npepcfaeneuue
container koufeuep
correctness koppekfuocfu
cow kopoea
debt ponr, ponroeoe onsafenucfeo, saponeuuocfu
democracy perokpafun
deny ofpuuafu, ofeeprafu
dictatorship pukfafypa
dilute pasaennfu, paseopufu
distributor pucfpuukfop, onfoeu foproeeu
draft seci: npusueafu ua eouuckyk cnyy
drain kauaea, ppeuauan fpya
dub uasueafu, osueafu
dude napeuu, npunfenu (cneua: qopua opaeuun)
dump sauurafucn pernuuror
election euopu
elevated nopunfue, saeuueuuue
environmentalism couuanuuo-nonufueckoe peueuue, osaoeuuoe coxpaueuuer
okpyake cpepu
equity ucfan cfourocfu kanufana, akuun, ponn akuuouepa e kanufane
ex-chicken seci: e npounor yxaueaeuu sa kyparu
execute ucnonunfu, npoeopufu (onepauuk, cenky)
exist cyecfeoeafu
fascism qauusr
federalism qepepanusr
feed koprufu, ckaprnueafu
feminism qeruuusr
feudalism qeopanusr
fine ufpaq; ufpaqoeafu
form qopra (okyueuma)
former npeuu
fortune cypua, qopfyua, cocfonuue
gangster raurcfep
gender non, pop (kak kameaopun)
giraffe upaq
grant rpauf; uapennfu, eupennfu, rapaufupoeafu
harmonica raprouuka
highway uocce
impeach nopeeprafu urnureufy
intermediary nocpepuuk
intolerant uefepnuru
invoice uaknapuan
lord xosnuu, rocnopuu
mad cyracuepuu
majority onuuuucfeo (akuuouepoe)
meanwhile fer epereuer
militarism runufapusr
milk ronoko; poufu (kopoey)
miss nponapafu, ucesafu, ofcyfcfeoeafu, ckyafu (no veuy-nuo)
overproduction nepenpouseopcfeo
ownership enapeuue, onapauue
pick uaxopufu, nopuurafu, nopupafu, euupafu
plastic nnacfraccoeu
pour nufu, nponueafu
press npecca
previously npepe, e npepuecfeyku nepuop
pure ucfu, ecnpurecuu
queue oepepu
realize ocosuaeafu, nouurafu
receipt foeapuu ek
regulations sakouu, orpauueuun, npepnucauun
representative npepcfaeufenu; npepcfaeufenuuan
request fpeoeafu
require fpeoeafu
rules npaeuna
share akuun; penufu, paspennfu (c keu-nuo vmo-nuo)
shareholder akuuouep
sheep oeua, oeuu
shoot cfpennfu, paccfpenueafu
speculate cnekynupoeafu
steal eopoeafu
stomach enypok
subsidise cycupupoeafu
subsidy cycupun
surrealism ckppeanusr
swap oreuuan onepauun
symbol cureon
totalitarianism fofanufapusr
transfer fpaucqepf; nepepaeafu, nepeeopufu
treatment opaeuue (c keu-nuo), neeuue
ulcer nsea
unlicensed ue urekan nuueusuu
urgent skcfpeuuu, cneuuu, uerepneuuu
veal calf feneuok
via epes, npu nocpepuuecfee
vote ronoc (ua eiopax); ronocoeafu (ua eiopax)
take care of saofufucn (o kou-nuo)
cow futures kopoeuu qukepcu
"Cowgate" Kopoeoref (no auanoruu c uaseauuer Watergate Yofepref, penor,
kofopoe cfouno nocfa npesupeufy CLA Puappy Hukcouy)
go mad cxopufu c yra
fill out sanonunfu (qopui, okyueumi)
account for oLncunfu, ofufueafucn (sa vmo-nuo)
fair price ecfuan ueua
publicly listed company akuuouepuoe oecfeo ofkpuforo funa, nopnucaeuee
cornaueuue c qoupoeo upe, rpe kofupykfcn ero akuuu
letters of credit akkpepufue
debt/equity swap oreu ponroeux onsafenucfe ua akuuu npepnpunfun
general offer reuepanuuoe npepnoeuue
tax deduction uanoroean nurofa
keep milk rights enapefu npaearu ua ronoko
maj ority shareholder pepafenu koufponuuoro nakefa akuu
with an option c onuuouor (npuopemeuun)
the Feng Shui qsu-uy
get married ecfynafu e pak
phallo-centric qannoueufpuecku
war-mongering arpeccueuu, cfpernucn k eoue, pasuraku eouy
differently-aged pasuoeospacfuu
no less valuable ue reuee ueuuu
non-specified gender ue onpepeneuuoro nona
counter culture koufpkynufypa
Wow pasa. spopoeo! neck!
Far out! cneua spopoeo! knaccuo!
Awesome! cneua spopoeo! ofnuuo!
pay the fortune nnafufu uenoe cocfonuue
apply for financial aid opaafucn sa quuaucoeo norouk
farm-policy nonufuka e ofuoueuuu qeprepckux xosncfe
drive out eufecunfu, eueopufu, usrounfu
open-air market puuok nop ofkpufur ueor
charge for uasuaafu (ueuy)
up-to-date coepereuuue (coomeemcmeykue mekye ame)
Singapore Cuuranyp
Hong Kong Foukour
Panama Rauara
Cayman Islands Karauoeu ocfpoea
European Union Eeponecku coks
Brussels Epkccenu
Finnish quucku
the Netherlands Hupepnaupu

Exercise 1
Answer the questions:
1. Who consumes milk within the feudalism economic system?
2. How much milk would you get under pure socialism?
3. What would happen to your cows if they were cared for by ex-chicken farmers?
4. What happens to cow-owners under dictatorship?
5. Who tells you who you should give the milk to within representative democracy?
6. What is Cowgate?
7. What happens to cows if they are fed by sheep's brain?
8. How much is the fair price under anarchy?
9. What will happen to your cow after you have bought a bull?
10. What does Feng Shui have to do with breeding of cows?
11. What might happen to a cow in case you do not milk it?
12. Which of the two feminist cows is going to be the calf's Dad?
13. Where would the European Union get the money to subsidise European cows?
14. What is the difference between Eastern and Western European democracies, from the
cow's point of view?
15. Which one of all the cows spoken here of might be the happiest?
Capitalism
Capitalism is a term to define the system of economic individualism, based on the assumption
that people's pursuit of self-interest and the right to own private property are legally legitimate
and morally defensible. In this case the state exists to protect individual rights. Restricted by law
and custom to a certain extend, people as individuals are free to decide where to invest, what to
produce or sell, and what prices to charge. Their efforts in terms of assets, sales and profits, or
the number of customers, employees, and investors, or whether they operate in local, regional,
national, or international markets, are not limited in any natural way.
In the nineteenth century even capitalism's defenders did not understand its nature. It was
believed that the perfect economic system was that of pure competition, where all firms are
small scale, products in each industry are homogeneous, buyers are perfectly informed about
what is for sale and at what price, and all sellers have to take the market price, being unable
to charge a higher one for their goods.
In practice, though, there is no such thing as pure competition. Under real competition within
capitalism companies are rivals for sales and profits. This leads them to introduce cost-cutting
technologies, to innovate in product design and performance, and to use packaging to make
products more attractive for customers. Companies also offer assurances of security to
imperfectly informed consumers, such as money-back guarantees or product warranties. They
also build customer loyalty through investing in their brand names and reputations.
If a company is successful in adopting these techniques of rivalry, it is growing, and eventually
may come to dominate its industry, though usually only for a few years until other firms find
better ways of satisfying consumer demands. Neither rivalry nor product differentiation occurs
under perfect competition, but they happen constantly under real flesh-and-blood capitalism.
These rivalry and product differentiation account for the major benefits of capitalism, where
luxuries are quickly transformed into necessities. Quite recently, microwave ovens,
videocassette recorders, answering machines, personal computers, sophisticated cameras, and
compact disc players were available to only a few. Now lots of people can afford those.
Giant corporations are the main feature of modern capitalism. They attract capital from
thousands and even millions of investors who may not know each other, but who entrust their
money to managers in exchange for a share of the resulting profits. So, investment and
management have become two distinct elements of modern capitalism, and giant corporations
have become a good proof of the ability of individuals to engage in large-scale, long-range
cooperation for their mutual benefit and enrichment.
A fully free economy, though, never has existed, as governmental authorities have always been
playing a more or less active, interventionist role in regulating national economies.
6nosa sspaeu:
adopt npuuurafu
afford noseonufu (cee)
assumption npepnonoeuue
assurance oecneeuue, rapaufun
available pocfynuu
benefit europa
constantly nocfonuuo
custom oua
defender saufuuk
defensible nopneau saufe
define onpepennfu
differentiation puqqepeuuuauun
distinct ncuu, pasnuuru
dominate poruuupoeafu
effort ycunue
enrichment ooraeuue
entrust eeepnfu, poeepnfu
eventually nocfeneuuo, uar sa uaror
giant rurauf; ruraufcku
homogeneous opuopopuue
individualism uupueupyanusr
innovate ucnonusoeafu uuuoeauuu
interventionist uufepeeuuuouucfckan
law sakou
legal sakouuu
legitimate sakouuu, nerufuruu
loyalty nonnuuocfu
luxury pockouu, npepref pockouu
mutual ou
necessity ueoxopurocfu, npepref (nepeo) ueoxopurocfu
occur cnyafucn, npoucxopufu
performance ucnonueuue, paofa, penfenuuocfu
proof pokasafenucfeo
protect sauafu
pursuit cnepoeauue, npecnepoeauue
restrict orpauuueafu
rival conepuuk
rivalry conepuuecfeo
security esonacuocfu
sophisticated cnouu, usopeuuu
term fepruu
warranty fexuueckan rapaufun
self-interest nuuu, acfuu uufepec
in this case e sfor cnyae
to a certain extent po onpepeneuuoro npepena
in terms e fepruuax
small scale ranu racufa; ranoracufauu
cost-cutting cuuaku uspepku
money-back guarantee rapaufun eosepafa peuer
brand name foeapuan rapka
flesh-and-blood eo nnofu (ocn.: eo nnofu u kpoeu)
microwave oven rukpoeonuoean neu
videocassette recorder eupeoraruufoqou
answering machine aefoofeefuk
personal computer nepcouanuuu kornukfep
sophisticated camera cnouu qofo(kuuo)annapaf
compact disc player npourpueafenu kornakf-puckoe
in exchange for e oreu ua
engage in yacfeoeafu (e), ufu sapecfeoeauuur (e)
large-scale kpynuoracufauu
long-range ponroepereuuu

Exercise 2
1. What assumption is capitalism based on?
2. What is the state's role under capitalism?
3. What decisions are people free to make within the capitalist system?
4. What is pure competition?
5. What are companies' aims under real competition?
6. What do competing companies undertake to attract customers?
7. What benefits of capitalism are based on such things as rivalry and product differentiation?
8. What is the main feature of modern capitalism?
9. Who do giant corporations attract funds from?
10. What role does a government play in national economies under capitalism?
How to Make Money under Capitalism
1
A young man asked an old rich man how he made his money.
The old guy fingered his very expensive wool vest and said, "Well, son, it was 1932. The depth
of the Great Depression. I was down to my last nickel.
"I invested that nickel in an apple. I spent the entire day polishing the apple and, at the end of
the day, I sold the apple for ten cents.
The next morning, I invested those ten cents in two apples. I spent the entire day polishing
them and sold them at 5:00 pm for 20 cents. I continued this system for a month, by the end of
which I'd accumulated a fortune of $1.37.
And that's how you built an empire? the boy asked.
Heavens, no! the man replied. Then my wife's father died and left us two million dollars.
2
My boy decided to go into business on a shoestring, said George. He's tripled his
investments, but he's still not satisfied, can you believe it?
Why not? asked his friend.
He can't think of anything to do with three shoestrings.
3
A businessman was leaving his office building and saw a little boy sitting on the curb with a dog.
The boy yelled at the businessman, Hey, how would you like to buy a dog?
The man was intrigued by this sales approach and asked the boy, How much do you want for
your dog?
The boy told him, Fifty thousand dollars.
Fifty thousand dollars! the man repeated in astonishment. What special tricks does this dog
do that he can earn enough money to be worth fifty thousand dollars? the man asked the boy.
The boy replied, Mister, this dog never made a nickel in his life. Matter of fact, count what he
eats I guess you could say you lose money on him every year.
The businessman felt this was a good time to explain economics to the young man and
expounded on how an item had to produce more income than it consumed to equal a purchase
price. And he ended saying that the boy might get five dollars from someone who just wanted a
companion. Feeling he had imparted a very valuable lesson to the young man, the
businessman went on his way.
A few weeks later, the businessman came out of his office building and the small boy was again
sitting on the curb minus the dog. The man said to him, I see you took my advise and sold the
dog for five dollars.
The boy said, No, I got fifty thousand dollars for him.
The businessman was completely flabbergasted. How did you ever get fifty thousand dollars
for that dog? he asked.
It was easy, said the boy. I traded him for two twenty five thousand dollar cats.
6nosa sspaeu:
accumulate coupafu, uakannueafu
astonishment ypueneuue
be worth cfoufu, paeunfucn e ueue
count cufafu
curb kporka fpofyapa
depth rnyuua, uuunn foka
empire urnepun
entire nonuu, uenu
equal paeuu, skeueaneufuu; ypaeuueafu
expound pasLncunfu, usLncunfu
finger naneu; fporafu, nepeupafu nanuuaru
flabbergast nopaafu, usyrnnfu, cryafu
fortune cocfonuue
guy napeuu
impart penufucn (c keu-nuo veu-nuo)
intrigue uufpuroeafu, sauufepecoeueafu
item epuuuua npopykuuu
mister pasa. rocnopuu
nickel uukenu, uukeneean rouefa e 5 ueufoe
polish nonupoeafu
purchase nokynka
reply ofeef; ofeeafu
shoestring uuypok pnn ofuuok
trade foproenn; foproeafu, npopaeafu
triple yfpaueafu
vest unef
wool uepcfu; uepcfnuo
yell opafu, eonufu
the Great Depression Benukan penpeccun
down to the last nickel nporofafucn po nocnepue rouefu
Heavens! Focnopu!
on a shoestring cneua ua repuue peuuru, sapeueeo, es ocoux safpaf
sales approach nopxop k foproene
matter of fact (om as a matter of fact) qakfuecku, no cyfu

Exercise 3
1. When was the depth of the Great Depression?
2. How could the guy sell a five cent apple for ten cents?
3. How many apples did he have to sell to accumulate $1.37?
4. How much did the boy want for the dog?
5. What basic principle of economics did the businessman explain to the boy?
6. In the businessman's opinion, who might the boy get five dollars from?
7. How did the boy get the dog's worth?

Socialism
Socialism is defined as a system of centrally planned economy in which the government
controls all means of production. It was meant to be a remedy for economic and moral defects
of capitalism, but it seems to have surpassed capitalism in economic malfunction and moral
cruelty.
Karl Marx is thought to be the architect of socialism, but in reality he wrote only a few pages
about this system of economic life. It was Lenin, who was the first to put it in practice by trying to
substitute the profit drive and the market mechanism with a pyramid of command as a
cornerstone of the economy.
After Soviet production had fallen to 14 percent of its prerevolutionary level, Lenin in 1921 was
forced to institute the New Economic Policy (NEP), a partial return to the market incentives of
capitalism, which was eventually aborted by Stalin who started the process of forced
collectivization that was to mobilize Russian industrial resources.
At the apex of the socialist pyramid of command was Gosplan, which defined the target rate of
growth of the economy, the ratio between military and civilian outputs, between heavy and light
industry, or among various regions. Gosplan's directives were transmitted to ministries of
industrial and regional planning, and then to particular factories, power centres, and collective
farms. A completed plan was negotiated, and passed into law.
The plan defined all units of national output, as well as the order and technologies by which
those were to be produced. In theory such a plan could provide a good basis for a working
economy. But in reality there was a vast and widening gap between theory and practice.
The number one problem was that the plan specified outputs in physical terms, and managers
maximized tonnages of output, not its quality. So, low-quality Soviet products lost competition to
better products from abroad which the black market offered, while the home warehouses and
stores were stuffed with homemade goods. Secondly, the economic flow became increasingly
clogged and clotted due to the fact that planners in Moscow could not efficiently for see all the
situations of the on-site production in the provinces or elsewhere. But the real danger of
socialism was that of a bureaucratization of economic life. A capitalist firm responds to
challenges offered by the economy by changing prices and innovating because failure to do so
will cause it to lose money.
A socialist ministry ignores these challenges because bureaucrats learn that doing something is
more likely to get them in trouble than doing nothing, unless doing nothing results in absolute
disaster.
Absolute economic disaster was reached in the Soviet Union and its Eastern former satellites,
which made President Mikhail Gorbachev announce his intention to reconstruct the economy
from top to bottom by introducing the market, reestablishing private ownership, and opening the
system to free economic interchange with the West. Seventy years of socialism had come to an
end.
6nosa sspaeu:
abort npepueafu (oiv. epereuuocfu)
apex eepuuua, rakyuka
architect apxufekfop
bureaucrat kpokpaf
bureaucratization kpo kpafusauun
centrally ueufpanusoeauuo
challenge eusoe, onacuocfu
clog sacopnfu, saueafu
clot cryafucn, fporupoeafu(cn), saueafu
cornerstone kpaeyronuuu kareuu
cruelty ecfokocfu
directive pupekfuea
disaster kafacfpoqa, epa
failure ueypaa, npoean
force cuna; euuypafu cuno
forsee npepeupefu
gap npoean, paspue, npoen
ignore uruopupoeafu
institute ycfauaenueafu, eeopufu
interchange esaurooreu
malfunction uenpaeunuuoe qyukuuouupoeauue
maximize rakcurusupoeafu
ministry ruuucfepcfeo
mobilize rounusoeafu
partial acfuuu
prerevolutionary popeeonkuuouuu
ratio kosqquuueuf, coofuoueuue
reestablish eoccfauaenueafu
remedy nekapcfeo, nekapcfeeuuoe cpepcfeo
stuff eeecfeo, eeu, rycop; uaueafu
surpass npeeocxopufu, ocfaennfu nosapu
target uenu
warehouse cknap (onmoei)
put in practice eeecfu e npakfuky
profit drive cfperneuue k npuunu
pyramid of command koraupuan nuparupa
target rate of growth ueneeue fernu pocfa
due to the fact naropapn fory qakfy
on-site ua recfe
is more likely e onuue cfeneuu eeponfuo
from top to bottom ceepxy pouusy

Exercise 4
1. What is the definition of socialism?
2. Who is usually thought to be the architect of socialism?
3. What was Lenin trying to substitute the profit drive and the market mechanism with?
4. What made Lenin introduce NEP?
5. What was the role of Gosplan?
6. What was the number one problem for the socialist planning?
7. What products were the Soviet goods to compete with?
8. Why was the economic flow increasingly clogged and clotted in the Soviet economic system?
9. What was the real danger of socialism for the national economic system?
10. What intention did Mikhail Gorbachev announce?
Communism and Economics


During the days of communism in the Soviet Union, an inspector was encharged with visiting
local chicken farmers and inquiring about the amount of feed they were giving their chickens.
Central planning was still in effect and each farmer was allocated 15 Roubles to spend on
chicken feed.
One farmer very honestly answered that he spent five of the allocated 15 Roubles on chicken
feed. The inspector took this to mean that the farmer stole the other ten and sent the farmer to
prison.
Having heard of this, the next farmer down the road insisted that he spent all 15 Roubles on
food for the chickens. The inspector saw this as a case of deficit spending and the second
farmer too was imprisoned.
The third farmer heard of both episodes and was more prepared for the inspector's arrival.
How many of the 15 Roubles do you actually spend on chicken feed, asked the inspector.
Like a true capitalist, the farmer threw his hands in the air and answered, Hey! I give 15
Roubles to the chickens. They can eat whatever they want!
Buy Machine for a Socialist Factory
An American manufacturer is showing his machine factory to a potential customer from The
Soviet Union. At noon, when the lunch whistle blows, two thousand men and women
immediately stop work and leave the building.
Your workers, they're escaping! cries the visitor. You've got to stop them.
Don't worry, they'll be back, says the American. And indeed, at exactly one o'clock the whistle
blows again, and all the workers return from their break.
When the tour is over, the manufacturer turns to his guest and says, Well, now, which of these
machines would you like to order?
Forget the machines, says the visitor. How much do you want for that whistle?
6nosa sspaeu:
allocate pacnpepennfu, pasreafu
blow pyfu, rypefu, ceucfefu
encharge paeafu sapauue
escape cnacafucn, yerafu
potential nofeuuuanuuu
whatever fo u uu, kakue u uu
whi stle ceucfok, rypok
amount of feed konuecfeo kopra
be in effect ufu e pecfeuu
machine factory rauuuocfpoufenuuu saeop
lunch whistle rypok ua oepeuuu nepepue

Exercise 5
1. What was the inspector encharged with?
2. What type of an economic system was still in effect in Russia in the days of the inspector's
visit to the farm?
3. How did the first farmer spend 15 roubles given to him?
4. Why was the second farmer imprisoned?
5. What would you do if you were a chicken given 15 roubles to?
6. What factory was the American manufacturer showing to a potential customer from the Soviet
Union?
7. How many people worked at this factory?
8. Why did the Soviet customer think that the workers were escaping?
9. Why did the workers come back?
10. Why did the customer want to buy the whistle, and not the machines?
Fascism
The word fascism comes from the Latin fasces, and means a bundle of rods with an axe in it.
In economics, fascism is viewed upon as a third way between free trade capitalism and
communism. Private property and the profit motive are quite welcome within fascist economy if
they do not conflict with the interests of the state.
The classical expample of fascism in economics was Italy in the days of Mussolini, where it
grew out of syndicalism and nationalism. The syndicalists supposed that economy ought to be
governed by groups representing various industries. The nationalists put forward the idea of
national struggle. Italy was a proletarian nation suffering from the unfavourable results of World
War I, they said, and to win a greater share of the world's wealth, all of Italy's classes must
unite. Mussolini was a syndicalist who turned nationalist during World War I.
In Mussolini's Corporative State all economic decisions were made by councils composed of
workers and employers who represented different trades, and who were supposed to resolve all
the conflicts between classes and industries. These counsels aimed at preventing the class
struggle from undermining the national struggle. All the economic life was supervised by the
government.
After Mussolini became dictator in 1925, he began a program of massive deficit spending,
public works, and eventually, militarism.
Preparing for the coming war, Mussolini extensively used protectionist measures to turn the
economy toward economic self-sufficiency. Government bureaus had to purchase Italian
products only, and increased tariffs on imports were introduced in 1931, along with high import
quotas, and embargo on industrial goods.

Eventually profit motive was being reduced after Mussolini eliminated the ability of business to
make independent decisions. The government now controlled all prices and wages, it regulated
agriculture by dictating crops and breaking up farms. Banking system was also controlled to an
extraordinary extend.
Later, in the 30s and early 40s Hitler's nazism shared many features with Italian fascism,
including the syndicalist front. Nazism, too, featured complete government control of industry,
agriculture, finance, and investment.
As World War II came closer, the signs of fascism's failure in Italy were visible: private
consumption had fallen to the level below that of 1929s, and the industrial production between
1929 and 1939 was much lower than the rates for other Western European countries. Labour
productivity was low and production costs were uncompetitive. The fault lay in the shift of
economic decision-making from entrepreneurs to government bureaucrats, and in the allocation
of resources by government decisions rather than by free markets. Mussolini designed his
system to satisfy the needs of the state, not of consumers. In the end it turned out that neither
was satisfied.
6nosa sspaeu:
abil ity cnocouocfu, eosrouocfu
allocation pacnpepeneuue, pasreeuue
axe fonop
bundle censka
bureau kpo
compose cocfaennfu
council coeef
dictator pukfafop
eliminate yuufoafu, ynpaspunfu
extensively skcfeucueuo, akfueuo
extraordinary skcfpaoppuuapuu, ceepxLecfecfeeuuu
fascism qauusr
fault ouuka, uepocfafok
feature nennfu coo, pucoeafu
nationalism uauuouanusr
nazism uauusr
proletarian nponefapcku
purchase npuopefafu
reduce cokpaafu
resolve paspeuafu, peuafu
rod npyf
satisfy ypoenefeopnfu
shift cpeur
suffer cfpapafu
supervise ocyecfennfu uapcrofp
syndicalism cuupukanusr
undermine noppueafu
be welcome ufu enafenuuur
World War I Repean rupoean eoua
turn nationalist npeepafufucn e uauuouanucfa
Corporative State kopnopafueuoe rocypapcfeo
aim at preventing urefu ceoe uenuk npepofepaeuue
class struggle knaccoean opua
massive deficit spending suaufenuuue no oLery pacxopu, cospakue kpefuu
pequuuf
public works rpapauckue paofu
protectionist measures npofekuuouucfckue repu
self-sufficiency caropocfafouocfu
syndicalist front cuupukanucfcku qpouf
turn out okasueafucn

Exercise 6
1. Where does the word fascism come from?
2. How do private property and the profit motive correlate with the interests of the state under
fascism?
3. What did economic fascism in Italy grow from?
4. What was for the Italian nationalists the sure way to win a greater share of the world's
wealth?
5. How were economic decisions made in Mussolini's Corporative State?
6. What program did Mussolini begin in 1925?
7. What measures were taken to make Italy self-sufficient economically?
8. What do Mussolini's fascism and Hitler's nazism, as economic systems, have in common?
9. What signs of fascism's failure in Italy were visible before World War II?
10. Whose needs did Mussolini want to satisfy by building the system of Corporative State?
2. 0ouomunecue yneuun
(Economics)
1
What is Economics?
Economics is extremely useful as a form of employment for economists.
2
What is an Economist?
An economist is an expert who will know tomorrow why the things he predicted yesterday
didn't happen today.
3
How do Economists work?
Economists don't answer the questions others make because they know what the answer is.
They answer because they are asked.
4
Why is Economics so helpful?
Economists have forecasted 9 out of the last 5 recessions.
5
A study of economics usually reveals that the best time to buy anything is last year.
Economics and Life
1
A grade school teacher was asking students what their parents did for a living. Tim, you be
first. What does your mother do all day?
Tim stood up and proudly said, She's a doctor. That's wonderful. How about you, Amy?
Amy shyly stood up and said, My father is a mailman. Thank you, Amy said the teacher.
What does your parent do, Billy? Billy proudly stood up and announced, My daddy plays
piano in a brothel. The teacher was aghast and went to Billy's house and rang the bell. Billy's
father answered the door. The teacher explained what his son had said and demanded an
explanation. Billy's dad said, I'm actually an economist. How can I explain a thing like that to a
seven-year-old?
2
The mathematician's child and the economist's child were in the third grade together, and the
teacher asked, If one man with one shovel can dig a ditch in ten days, how long would it take
ten men with ten shovels to dig the same ditch? Both children raised their hands.
The teacher said to the mathematician's child, J ohnny, how long? and little J ohnny said,
One day, teacher.
The teacher looked at the economist's child and said, J ohn Maynard, is that right?
Little J ohn Maynard said, Teacher, it all depends.
6nosa sspaeu:
aghast nopaeuuu yacor, ouenorneuuu
dig konafu
ditch kauaea
explanation oLncueuue
extremely e eucue cfeneuu
forecast nporuosupoeafu
mailman nofanuou
announce oLnennfu
brothel apy. nynuuu por
predict npepckasueafu
proudly roppo
recession cnap (e akouo uuke)
reveal nokasueafu, ofkpueafu, ouaafu
shovel nonafa
shyly ckporuo, sacfeuueo
do for a living sapaafueafu ua usuu
how long would it take ckonuko sfo saunno u epereuu
it depends sfo saeucuf (of ruorux ocfonfenucfe)

Exercise 1
1. Who is economics most useful for?
2. What will economist know tomorrow?
3. Why do economists answer questions when asked?
4. When is the best time to buy things, according to economics?
5. Why couldn't Billy's father explain to his son what he did for his living?

3
Two government economists were returning home from a field meeting. As with all government
travellers, they were assigned the cheapest seats on the plane so they each were occupying
the centre seat on opposite sides of the aisle.
They continued their discussion of the knotty problem that had been the subject of their meeting
through takeoff and meal service until finally one of the passengers in an aisle seat offered to
trade places so they could talk and he could sleep. After switching seats, one economist
remarked to the other that it was the first time an economic discussion ever kept anyone awake.
Monetarism
One of the principal monetarist propositions is the association between money growth and
inflation: inflation is produced if sustained money growth exceeds the growth of output. If a
government wants to end inflation or produce deflation, money growth must be lower than the
growth of output. In the years since World War II, almost all countries experienced inflation.
Some countries, such as Chile, Israel, Brazil, Argentina, Italy, J apan, Turkey, and the United
States have increased or reduced inflation at different times by speeding up or reducing the rate
of money growth. In some of these countries the changes in money growth and inflation have
ranged over hundreds or thousands of percentage points.

The Federal Reserve System (the US Central Bank) increased money growth in the late sixties
to finance government spending for the Vietnam War and for the War on Poverty. As the result
inflation increased. By the late seventies money growth was nearly 7 percent a year on average
and inflation reached an 8 percent average. On the whole prices doubled in less than a decade.
Money growth slowed and remained low after the middle eighties. In the five years ending in
1991, inflation and money growth were back at the levels of 1965 to 1969. Table
1 shows these and other periods.
U.S. Money Growth and Inflation
(compound annual rates in percent)
Money Growth Inflation
196064 2.8 1.6
196569 4.9 3.7
197074 6.0 6.0
197579 6.9 7.9
198084 6.6 7.3
198589 7.2 3.5
198791 4.4 3.8
There is a general association between money growth and inflation, but this relation is not
mechanical. Although average money growth remained high in the years from 1985 to 1989,
inflation fell. It shows that money growth in excess of output growth is a necessary but not the
only condition for inflation.
A second monetarist idea is the relation between inflation and the interest rates. When inflation
is going to be high, interest rates on the open market are high. In addition the foreign-exchange
value of a currency falls relative to more stable currencies. Interest rates in 1989 reached 8,000
percent a year in Yugoslavia. The Yugoslav dinar depreciated against the dollar from 0.03 to 1,
to 10.6 to 1. At the same time Brazilian currency (under various names) fell from 0.01 to 177.
The relation betweeen inflation and money growth is accounted for by the fact that high growth
of money causes a flight from money that makes the currency worthless. Governments can
control these effects of inflation for a short time, but they cannot do it permanently.
Currency depreciation or appreciation can be affected by numerous factors, such as growth of
defense spending, government purchases, tax rates, productivity growth at home and abroad,
and foreign decisions. Among them inflation is the most important: sustained inflation induces
depreciation, and disinflation induces appreciation, as monetarists say.
A third monetarist proposition concerns the relation between inflation and output. When inflation
increases, output often rises for a time above its trend rate. Deflation has the opposite effect,
and recessions follow.
These monetarist assumptions about inflation, interest rates, exchange rates, and output, as
well as about their interrelation are now widely accepted by policymakers. Central bankers
follow guidelines for money growth, as they are well aware nowadays of the risks and the costs
of inflation, their principal task being the maintenance of price stability.
6nosa sspaeu:
accept npuuurafu
affect okasueafu eospecfeue
annual ropuuu, eeropuu
appreciation noeuueuue cfourocfu
average cpepuu
aware cosuaku, nouuraku
compound coeokynuu, cocfaeuo
concern saofa, osaoeuuocfu; ufu osaoeuuur
currency eankfa
decade pecnfunefue
defense oopoua, saufa
deflation peqnnuun
depreciate cuuafucn e cfourocfu, peeanueupoeafucn
depreciation cuueuue cfourocfu, peeanueauun, aropfusauun
dinar puuap
disinf lation pusuuqnnuun
exceed npeeocxopufu
excess usufok, npeeuueuue
exchange oreu
flight nonef, noer, ercfeo
guideline koufponuuue nokasafenu
induce noypafu, eosypafu, eeopufu
interrelation esauropecfeue
maintenance noppepauue
mechanical rexauuecku
monetarism rouefapusr
permanently nocfonuuo
policymaker nonufuk, oprauusafop, paspaofuk nonufueckux peueuu
poverty epuocfu
proposition yfeeppeuue, npepnonoeuue
recession cnap e skouoruke
relative ofuocufenuuu; seci: ofuocufenuuo
slow repneuuu; sarepnnfu
stable cfaunuuu
sustain noppepueafu
value ueuuocfu, cfourocfu
worthless oecueuueuucn
money growth pocf peueuo raccu
speed up yckopnfu
range over seci: npeeuuafu
percentage point npoueufuu nokasafenu
on average e cpepuer
compound annual rates coeokynuu ropuuu nokasafenu
in excess of npeeuuaku
interest rates npoueufuue cfaeku
foreign-exchange value oreuuan cfourocfu
flight from money ercfeo of peuer
tax rates uanoroeue cfaeku
foreign decisions peueuun ofuocufenuuo repyuapopuux nponer
trend rate ouuu pnn skouoruku nokasafenu
well aware xopouo nouuraku, xopouo cosuaku
Feorpaqueckue uaseauun:
Chile -unu
Israel Hspaunu
Brazil Epasunun
Argentina Apreufuua (make the Argentine)
Italy Hfanun
Japan Hnouun
Turkey Typuun
Vietnam Buefuar
Yugoslavia Krocnaeun

Exercise 2
1. Under what general conditions is inflation produced?
2. What does a government have to do if it wants to put an end to inflation?
3. Why did the Fed increase money growth in the US in the late sixties?
4. What is the relation between inflation and the interest rates?
5. Why do people fly from money in the periods of high growth of money?
6. What factors play key roles in the currency depreciation process?
7. What is the relation between inflation and output?
8. In what way do deflation and output interrelate?
9. What is the trend output rate?
10. What effect does monetarism have on real economic policies?

Monetarism in Action
A little old lady sold pretzels on a street corner for 25 cents each. Every day a young man would
leave his office building at lunch time. As he passed her pretzel stand, he would leave her a
quarter, but would never take a pretzel. This went on for more than five years. The two of them
never spoke. One day as the young man passed the old lady's pretzel stand and left his quarter
as usual, the pretzel woman spoke to him: Sir, I appreciate your business. You are a good
customer, but I have to let you know that due to inflation the price of pretzels has increased to
35 cents.
* * *
Why do Economists provide estimates of inflation to the nearest tenth of a percent?
To prove they have a sense of humour.
* * *
Inflation allows you to live in a more expensive neigbourhood without moving.
6nosa sspaeu:
appreciate eucoko oueuueafu
estimate oueuueafu (oivuo sapauee), nporuosupoeafu
pretzel raneuuku coneuu xpycfnu kpeupenu
quarter rouefa e 25 ueufoe
pretzel stand nofok c kpeupennru
the nearest tenth of a percent nuauan pecnfan ponn npoueufa
sense of humour yecfeo kropa

Exercise 3
1. Why didn't the young man take a pretzel?
2. What was the inflation rate in the five years the story about pretzels is speaking of?
3. Why is it possible to live in a more expensive house in the times of inflation?
Monetary Policy
Monetary policy is the most important instrument of government policies. It is carried out by the
central bank whose actions are affecting economic activity.
Monetary policies are on the demand side of macroeconomics. They stimulate or discourage
spending on goods and services. Monetary policy is used to damp, perhaps even eliminate,
fluctuations in aggregate demand. It is not a supply-side instrument. Central banks have no
tools to affect productivity and real economic growth.
If a central bank is carrying out expansionary monetary policy, the aggregate spending
(purchase of goods and services by consumers, businesses, and governments) increases. In its
turn, these new demands raise output and employment, as well as prices. They also speed up
inflation.
A central bank is usually called a bankers' bank, whose customers are not ordinary citizens
but commercial banks, savings banks, savings and loan associations, and credit unions. They
hold deposits in and borrow from the central bank and are supposed to follow the central bank's
reserve requirements and other regulations.
Banks are to hold reserves equal to prescribed percentages of their deposits. These reserves
are regularly tested, reserve tests being the main tool of monetary policy. In order to pass the
reserve tests commercial banks need the central bank's funds, and so, the latter controls the
supply. To acquire reserve balances banks sell their securities to the central bank. In other
cases the central bank can extinguish reserve balances by selling its securities to commercial
banks. These open-market operations are the instrument of monetary policy. The central bank
open-market operations are interventions in this market.
Another tool of central bank policy is the setting of the discount rate. Money rates are costs of
funds that the banks can lend to their customers. When discount rates go up, commercial banks
have to raise their lending rates. The commercial banks' customers then borrow and spend less,
which affects business throughout the economy. So, controlling money markets and banks, the
central bank influences the whole financial system, this influence affecting the national economy
in general.
6nosa sspaeu:
damp yruefafu
eliminate yuufoafu, uckopeunfu
expansionary skcnaucuouucfckan
extinguish yuufoafu, racufu
latter nocnepuu
(us ynounuymix)
lend ccyafu, paeafu esaru
ordinary ouuu, oppuuapuu
test fecf; fecfupoeafu
demand side ofuocnucn k cnpocy (yke.: cfopoue cnpoca)
supply-side ofuocnucn k npepnoeuuk
speed up yckopnfu(cn)
savings bank ceperafenuuu auk
savings and loan association kpepufuo-ceperafenuuan accouuauun
credit union kpepufuu coks
hold deposits pepafu penosufu
reserve requirements pesepeuue orpauueuun
equal to prescribed deposits paeuu npepnucueaerory oLery penosufoe
in other cases e ppyrux cnyanx
open-market ofuocnucn k ofkpufory puuky
interventions uufepeeuuuu
discount rate cfaeka pequuaucupoeauun

Exercise 4
1. What financial institution is monetary policy carried out by?
2. What side of macroeconomics (the demand or the supply side) are the monetary policies on?
3. What is the main objective of the monetary policy?
4. What happens in case a central bank carries expansionary monetary policy?
5. What financial institutions are a central bank's customers?
6. What is a reserve test?
7. What do commercial banks have to do in order to acquire reserve balances?
8. How can a central bank extinguish reserve balances?
9. What is a discount rate?
10. How does the setting of the discount rate affect the national economy?
What Is Keynesianism?
1
Why is a physician held in much higher esteem than a Keynesian economist?
A physician makes an analysis of a complex illness whereas a Keynesian economist makes
you ill with a complex analysis!
2
If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes,
in which case you get three opinions.
6nosa sspaeu:
physician epa, fepaneef
whereas e fo epern kak
esteem yeaeuue
hold in much higher esteem nufafu onuuee yeaeuue
make ill penafu onuuur
in which case e koer cnyae
Keynesian Economics
Keynesian economics is a theory of total spending in the economy (called aggregate demand)
and of its effects on output and inflation. The main points of the theory are as follows.
First, the Keynesians think that aggregate demand is affected by a great variety of public and
private economic decisions. Of the public decisions most important are monetary and fiscal
measures taken by the government and the central bank (i.e., spending and tax). Quite recently
Keynesians believed that monetary policy was powerless, and advocated fiscal measures as
the means to fine-tune the economy. Today the majority of both Keynesians and monetarists
believe that both fiscal and monetary policy affect aggregate demand.

Secondly, changes in aggregate demand have their greatest short-run impact not on prices, but
on real output and employment. The famous Phillips curves show that inflation changes only
slowly when unemployment changes. Monetary policy produces real effects on output and
employment only if some prices are stable and do not adjust instantly.
Thirdly, Keynesians suppose that prices and, especially, wages respond slowly to changes in
supply and demand, resulting in shortages and surpluses, especially of labour.
Contrary to monetarists's view Keynesians do not think that the typical level of unemployment is
ideal. With them unemployment is more of a problem than inflation. Keynesians also state that
macroeconomic fluctuations significantly reduce economic well-being, that recessions or
depression are economic maladies, not efficient market responses to unattractive opportunities,
as the monetarists suppose.
Hence Keynesians advocate activist stabilization policy to reduce the amplitude of the business
cycle, which they rank among the most important of all economic problems. So, Keynesians
developed the notion of a fiscal/monetary mix to control spending and the balance of payments
simultaneously. Well-timed changes in taxes and government spending were to be balanced to
control the economy. If this macro measures didn't work out as intended, the goverment should
administer price and wage controls. Keynesians identified themselves as engineers who adjust
the controls and, when necessary, design new controls to maintain just the right mix of policies.
In order to know how to develop policies, Keynesians worked out forecasting models with
hundreds of equations. These models are processed on powerful computers simulating possible
changes in economy affected by different policy actions.
Monetarists are critical of these models, and prefer stable policy rules that reduce variability and
uncertainty for private decision makers. They suppose that government should maintain the
long-run stability, and not interfere into economic life too often. Monetarists see such efforts as
frequently destabilizing.
6nosa sspaeu:
activist akfueucf; akfueuu nonufuk
adj ust npucnocanueafu, perynupoeafu
administer npureunfu, eeopufu, eueppnfu
advocate sauafu, noppepueafu
aggregate coeokynuu
amplitude arnnufypa
curve kpuean (nuuun)
equation ypaeueuue
fiscal quckanuuu, ureku ofuoueuue k rocypapcfeeuuo kasue
fluctuation koneauue
forecast nporuos; nporuosupoeafu
hence ofckpa
ideal upeanuuu
impact ypap, eospecfeue, urnynuc
instant ly roreufanuuo
interfere ereuueafucn, reuafu
maintain noppepueafu
malady onesuu, paccfpocfeo
opportunity eosrouocfu, uauc
process opaafueafu
respond ofeeafu
response ofeef
shortage uexeafka, uepocfafok (veao-nuo)
simulate curynupoeafu
simultaneously opuoepereuuo
state yfeeppafu
surplus usufok
typical funuuu
unattractive uenpuenekafenuuu
variabil ity usreuueocfu, eapuafueuocfu
Keynes John Maynard ou Keuc, useecfuu arepukaucku skouorucf
a great variety suaufenuuoe pasuoopasue
fine-tune (fouko) uacfpaueafu
majority onuuuucfeo
short-run kpafkocpouu
contrary to e npofueononouocfu
more of a problem than (nennefcn) onuue nponero, er
well-being narococfonuue
rank among sauurafu nonoeuue cpepu
fiscal/monetary mix crecu rouefapucfckux u quckanuuux rep
well-timed xopouo cnnauupoeauuu eo epereuu
as intended kak uno sapyrauo, kak npepnonaranocu
identify as ofopecfennfu (c keu-nuo)
critical of kpufuecku uacfpoeuuu (k)
long-run ponrocpouu

Exercise 5
1. What theory has the Keynesians developed?
2. What is aggregate demand affected by, in Keynesians' opinion?
3. What are the most important public decisions affecting aggregate demand?
4. How has the Keynesians' attitude towards monetary measures changed recently?
5. What do changes in aggregate demand have the greatest short-time impact on?
6. What do Keynesians think about the typical level of unemployment?
7. What is their opinion on macroeconomic fluctuations?
8. What economic policies do Keynesians advocate?
9. Who do Keynesians identify themselves as?
10. What processes do forecasting models simulate?
Forecasting and Econometric Models
An econometric model is a tool that helps economists forecast future developments in the
economy. Econometricians study past relationships between variables such as consumer
spending and gross national product, and then try to forecast how changes in some variables
will affect the future course of others.
To make such calculations econometricians need an economic model, and a theory of how
different factors in the economy interact. For convenience, economists use mathematical
models, which are a set of equations that describe various relationships between variables.
These models are used to predict future trends in the economy, and are called econometric
models.
Actually, no econometric model is ever truly complete and absolutely reliable both as a whole
and in details. Some variables cannot be predicted because they are determined by forces
outside the model. For example, a reliable realistic model must include taxes collected by the
government because taxes make the gap between the gross income earned by households and
businesses and the net income (disposable income) available for spending. The taxes collected,
in their turn, depend on the tax rates in the income tax laws. If econometricians wish to forecast
economic activity several years into the future, they have to include the anticipated future tax
rates into their model's information base. So, they are supposed to make assumptions about
possible changes in future income tax rates, the monetary policy that will be carried out by the
central bank, and many other such outside of the model (or exogenous) variables in order to
forecast all the inside of the model (or endogenous) variables. Being incomplete, econometric
models sometimes are far from offering reliable predictions.
6nosa sspaeu:
anticipate npepnonarafu, npepeocxuafu
calculations pacefu
complete nonuu, saeepueuuu
course kypc
determine onpepennfu
econometric skouorefpuecku
econometrician skouorefp
econometrics skouorefpuka
endogenous suporeuuu (euympeuuu, npucyu cucmeue)
exogenous sksoreuuu (eueuuu no omuoueuuk k cucmeue)
gap npoen, peuu
include eknkafu
incomplete uenonuu
interact esauropecfeoeafu
prediction npepckasauue
reliable uapeuu
variable nepereuuan
gross national product coeokynuu uauuouanuuu npopykf
as a whole (esnfu) e uenor
in details e pefannx
gross income coeokynuu poxop
net income ucfu poxop nocne eunnafu uanoroe
u uuux onsafenucfe
several years into the future ua ueckonuko nef e ypyee
information base uuqoprauuouuan asa

Exercise 6
1. What do econometricians study?
2. What economic variables do they take into account while producing their models?
3. What is an economic model?
4. Why cannot some economic variables be predicted?
5. What economic variables are called exogenous and endogenous?
How Does Forecasting Work?
1
An economic forecaster was known to have an horseshoe prominently displayed above the
doorframe of his office. Asked what it was for, he replied that it was a good luck charm that
helped his forecasts. But do you believe in that superstition? he was asked, and he said, Of
course not! But then why do you keep it? Well, he said, it works whether you believe in it or
not.

2
An econometrician and an astrologer are arguing about their subjects. The astrologer says,
Astrology is more scientific. My predictions come out right half the time. Yours can't even reach
that proportion. The econometrician replies, That's because of external shocks. Stars don't
have those.
3
An economist is a trained professional paid to guess wrong about the economy. An
econometrician is a trained professional paid to use computers to guess wrong about the
economy.
4
Economic statistics are like a bikini, what they reveal is important, what they conceal is vital.
5
Forecasting is like trying to drive a car blindfolded and following directions given by a person
who is looking out of the back window.
6nosa sspaeu:
argue cnopufu, apryreufupoeafu
astrologer acfponor
astrology acfponorun
bikini ukuuu (mun auckoao kynaniuoao aucaunn)
blindfolded c saensauuuru rnasaru
charm oapoeauue, apu
doorframe peepuan para
external eueuuu
guess porapueafucn, cfpoufu porapku
horseshoe nouapuuan nopkoea
luck ycnex, ypaa
prominently ua eupuor recfe
proportion nponopuun
shock ypap, nofpnceuue, uok
superstition npeppaccypok
vital usueuuo ueoxopuru
good luck charm fanucrau, npufnrueaku ypay
come out right nonyafucn, euxopufu
guess wrong cfpoufu ueeepuue npepnonoeuun, porapku

Exercise 7
1. What did the forecaster have the horseshoe displayed for?
2. How often are the astrologer's forecasts correct?
3. Why can't econometrics reach that proportion of correctness?
4. How do econometricians use computers in their guesswork about economy?
5. What do bikini Well, I never
How to Use Mathematics in Economics. The Equation of Earnings
Engineers and scientists will never make as much money as business executives. Now a
rigorous mathematical proof has been developed that explains why this is true:
Postulate 1: Knowledge is Power.
Postulate 2: Time is Money.
As every engineer knows,
Work =Power x Time
Since Knowledge =Power, and Time =Money, we have:
Work =Knowledge x Money
Solving for Money, we get:
Money =Work / Knowledge
Thus, as Knowledge decreases, Money increases, regardless of how much Work is done.
Conclusion: The Less you Know, the More you Make.
6nosa sspaeu:
conclusion saknkeuue
decrease yreuuuafucn
executive ucnonuufenuuu
increase yeenuueafucn
postulate ycnoeue (nocmynupyeuoe ycnoeue)
rigorous cfporu
solving seci: npeopasoeuean raferafueckoe eupaeuue
business executives ynpaennku npouseopcfeor
regardless of eue saeucurocfu of
Marxism
Karl Marx remains so far one of the most controversial figures in the field of economics. His
criticism of capitalism, and his promise of a harmonious socialist future, inspired a revolution of
global proportions which brought some economic and political systems to disaster. But, despite
the collapse of socialism in the Eastern Europe it is evident that the Marxist dream had firm
roots in reality. To understand those one has to look through general characteristics of Marxism
its economics, social theory, and overall vision.
The core of Marxian economics is the labour theory of value elaborated inCapital (1867). Its
general issue is rather simple: the value of a commodity can be measured by the amount of
labour hours that are necessary to produce that commodity.
To illustrate this Marxists usually employ pretty simple examples. If a watch usually takes twice
as long to produce as a pair of jeans, for example, then watches are twice as valuable as jeans.
In the long run the competitive price of watches will be twice the price of jeans, no matter what
the value of the physical inputs is.
Marx was not the inventor of the theory. Marxism is based on the classical economics of the mid
nineteenth century, namely on Adam Smith's The Wealth of Nations (1776) and David
Ricardo's Principles of Political Economy (1817). But Marx went much further than his
predecessors. He turned his theory against this advocates of capitalism. Arguing that his theory
is supposed to explain the value of all commodities, Marx includes there also the commodity
that workers sell to capitalists for a wage. Marx called this commodity labour power. This
move was imbued with strong political implications.
Labour power is the worker's capacity to produce commodities. The value of labor power
depends on the number of labour hours it takes society to produce a person who is fit for work
(to give him food, clothes, and shelter). Therefore, the worker's wage must correspond to this
number of hours. If five hours of labour are needed to maintain the worker's capacity to produce
commodities, and one labour hour is equal to one dollar, then the proper wage must be five
dollars a day.
But, if all goods and services are sold at prices that reflect their true value (corresponding to
labour hours), how can capitalists enjoy profits, which they really do?
The answer is as follows: the owners of the means of production use their privileged and
powerful position to exploit workers by making them work more hours than are necessary to
create the worker's labour power. Paying each of their workers five dollars a day, capitalists
make them work twelve, and even more, hours a day, thus producing surplus value.
The mainstream economists argue this core idea of Marxism, showing that capitalists earn
profits not by exploiting workers, but by taking risks and organizing efficient production.
Even more politically biased is Marx's Economic and Philosophic Manuscripts of 1844, where
the author undertook to explain the general logic of the human history. The key role is played
here by his concept of alienation.
Marxists suppose that people by nature are free, creative beings. But the modern, industrialized
world does not allow man to realize his freedom and creativity, as this world is apparently
beyond our full control. The market economy through the spontaneous laws of supply and
demand blocks our ability to influence any of our individual and collective destinies.
Although workers produce things for the market, market forces control things; workers do not.
Workers are alienated from the things they produce, and work itself, loosing its creative
implications, becomes monotonous, and suitable for machines rather than free, creative people.
Eventually people themselves become robotlike machines that have lost touch with human
nature. Marxists propose then to abolish the market-based society and replace it with a
democratic, comprehensively planned society.
Marx called his theory scientific socialism to prove his assumptions that throughout the
course of human history, a profound struggle has developed between those who have and
those who have not, the bourgeoisie and the proletariat. This struggle of classes is the law of
history, and eventually proletariat will win the battle.
A socialist revolution, say Marxists, is inevitable.
6nosa sspaeu:
abolish yuufoafu, ofreunfu
advocate saufuuk; sauafu
alienation ofypeuue
apparent oeeupuu
biased npucfpacfuu, ofpaaku npucfpacfue k ery-nuo
block nokupoeafu, npepofepaafu, sanpeafu, npennfcfeoeafu
bourgeoisie ypyasun
capacity rouocfu, cnocouocfu, eosrouocfu
collapse napeuue
comprehensive nounfuu, yronocfuraeru
controversial npofueopeueu, cnopuu
core nppo
creativity feopeckoe uaano, kpeafueuocfu
destiny npepuasuaeuue, cypua
disaster kafacfpoqa
elaborate pefanuuo paspaafueafu
evident oeeupuu
firm feeppu
global rnoanuuu, ecerupuu, rupoeo
harmonious raprouuuu
imbue uapennfu
implication cnepcfeue, uefo noppasyreeaeroe
inevitable ueuseuu
inspire epoxuoennfu
issue nyukf, eunyck
mainstream rnaeuoe uanpaeneuue (yke.: ocuoeuoe feeuue)
Marxism rapkcusr
monotonous rouofouuu
namely a ureuuo
overall nonuu, coeokynuu, uenocfuu
predecessor npepuecfeeuuuk
privileged npueunerupoeauuu
profound rnyoku, ocuoeafenuuu
proletariat nponefapuaf
robotlike nopouu poofy
root kopeuu
shelter ykpufue, saufa; ykpueafu, sauafu
spontaneous cnoufauuu
so far po cux nop, no uacfonee epern
labour theory of value feopun cfourocfu paoe cunu
take twice as long sauurafu epeoe onuue epereuu
twice as valuable as e pea pasa onee ueuuu, er
competitive price koukypeufocnocouan ueua
twice the price epeoe popoe
physical input rafepuanuuue cocfaennkue
mid nineteenth century cepepuua peenfuapuaforo eeka
fit for work cnocouu k paofe
enj oy profits nonyafu npuunu
surplus value npuaeouan cfourocfu
beyond control ue noppakucn koufponk
lose touch yfpafufu censu

Exercise 8
1. What does one have to do in order to understand why Marxism inspired revolutions?
2. What theory is the core of Marxian economics?
3. How can the value of a commodity be measured, according to Capital?
4. What economic theories was Marxism based on?
5. How was the labour power value calculated?
6. How can a capitalist make a worker produce the surplus value?
7. What idea makes the key issue of Marxist historical concept?
8. How can free market block workers' creativity?
9. What is the Marxian way to democratic society?
10. What is the main law of history, in Marxists' opinion?
Marxists on the Parade
At last Mayday parade in the Soviet Union, after the tanks and the troops and the planes and
the missiles rolled by there came ten men dressed in black.
Are they Spies? asked Gorby.
They are Marxist economists, replies the KGB director, imagine the havoc they will wreak
when we set them loose on the Americans.
6nosa sspaeu:
havoc onycfoueuue, paspyueuue
missile pakefa
spy unuou
troop nonk, eouuckoe coepuueuue
wreak npouseopufu, usnueafu
roll by npoesafu
set loose on eunyckafu (ua)
Gorby cokp. om Gorbatchev Fopaee
Neoclassical Economics
Neoclassical economics is the mainstream economics today.
In the nineteenth century, most Western economists accepted what is now called classical
theories of value and distribution. According to the classical value theory the value of a watch,
for example, depended on the costs involved in producing that watch. The aggregate product of
an economy was supposed to be distributed among different people or different social groups
according to the costs borne by those people and groups in producing this product. This
classical views had their roots in the ideas of Adam Smith, David Ricardo, J ohn Stuart Mill and
Karl Marx.
In practice these theories did not always work, and it was noticed that prices in the market did
not necessarily reflect the value so described, as people were often ready to pay more than an
object was supposed to cost. So, the classical theory of value, according to which value was a
property of an product, was gradually substituted by theories in which value was reflecting the
relationship between the product and the person purchasing the product. This two-fold
relationship later came to be called supply and demand. This was a real breakthrough, and it is
known now as the Marginal Revolution in economics. The theories which developed from these
ideas later came to be called neoclassical economics.
The framework of the Marginal Revolution and the neoclassical economics is as follows.
Individuals, both buyers and producers, make choices at the margin. Buyers tend to maximize
their gains from getting goods up to a certain point where what they gain from an extra unit is
balanced by what they give up to obtain it. Thus they maximize and optimize utility the
satisfaction which they get while consuming goods and services. In the same way workers
provide labour to employers by balancing the gains from offering the marginal unit of their
services (the wage they are supposed to get) with the the loss of leisure.
In the same way producers maximize profits by balancing the revenue they generate with the
cost of producing the marginal units of a product. They also hire workers up to the point where
the cost of additional hands is balanced by the value of output that those hands might
manufacture.
So, the neoclassical theories take economic agents into consideration. These agents optimize
their gains against all relevant constraints. In this context value results from the collision of
unlimited desires with constraints, or scarcity. The decision problems are reconciled in markets,
prices being the signals whether the conflicting desires can be reconciled.
At some price of refrigerators, for example, I want to buy a new refrigerator. At that same price
others may also want to buy refrigerators. But producers may not want to manufacture as many
refrigerators as all buyers want. So, this may lead us to bid up the price of refrigerators,
ousting out some buyers and encouraging some producers to produce more of the product we
want. The price changing, the imbalance between buy orders and sell orders is reduced. This is
how optimization under constraint and market interdependence lead to an economic
equilibrium. This is the neoclassical outlook.
6nosa sspaeu:
accept npuuurafu
breakthrough npopue, ofkpufue
coll ision cfonkuoeeuue
constraint orpauueuue, cpepueaku qakfop
desire enauue
equilibrium paeuoeecue
framework koucfpykuun, cfpykfypa
gain npuopefeuue; npuopefafu
gradually nocfeneuuo
imbalance pucanauc
interdependence esaurosaeucurocfu
involve eknkafu e cen, eoenekafu, efnrueafu
leisure pocyr, ofpux
margin npepen, rapa
marginal npepenuuu, rapruuanuuu
maximize yeenuueafu
neoclassical ueoknaccuecku
optimize onfurusupoeafu
outlook esrnnp, rupoeosspeuue
property ceocfeo, kaecfeo
reconcile npurupnfu
relevant coofeefcfeyku, coofuocuru
scarcity uepocfafok
signal curuan
substitute sareunfu, nopreunfu
tend cfperufucn, cnepoeafu feupeuuuu, ycfauaenueafu feupeuuuk
utility nonesuocfu, npakfuuocfu, europuocfu
value theory feopun cfourocfu
two-fold peycfopouuu
came to be called cfan uasueafucn
Marginal Revolution Mapuuanucfckan Peeonkuun (rapuuanusr feopun npepenuuo
nonesuocfu u npouseopufenuuocfu)
extra unit pononuufenuuan epuuuua (npopykuuu)
give up ocfaennfu, pocafu
take into consideration npuuurafu eo euurauue
economic agents yacfuuku skouoruecko usuu, skouorueckux npoueccoe
in this context e pauuor koufekcfe
bid up uaaennfu ueuy
oust out eufecunfu
buy order sakas ua npopay
sell order sakas ua nokynky

Exercise 9
1. What view did the economists in the XIXth century accept?
2. What did the value of a product depend on, in accord with the classical value theory?
3. How were products distributed, according to this theory?
4. Whose ideas did the classical theory have roots in?
5. Why didn't the classical theory work in practice?
6. What theories were the classical theories substituted by?
7. What is value, in the neoclassical view?
8. Where do buyers and sellers make their choices, according to the neoclassical view?
9. What is utility, in the neoclassical sense of the word?
10. Who do neoclassical theories take into consideration?
Rational Expectations Theory
The theory of rational expectations is based on the assumption that in many economic
situations the outcome depends partly upon what people expect to happen. The value of a
currency, for example, depends to a great extent on what people expect that currency's rate of
depreciation to be. That is because people hurry to give up a currency that they expect to lose
value, thereby contributing to its depreciation. In the same way, the price of shares depends
partly on what the shares' buyers and sellers believe it to be in the future.
The relation between expectations and outcomes is two-fold. In forming their expectations,
people try to forecast what will actually occur, and the results of their forecasting, provided that
they were correct, help them form expectations for the future outcomes. There is continual
feedback from past outcomes to current expectations, as in recurrent situations the way the
future unfolds from the past tends to be stable, and people adjust their forecasts to conform to
this stable pattern.
The theory of rational expectations states that outcomes do not differ regularly from what people
expected them to be. Of course, sometimes people make forecasting errors, but those errors
will not persistently occur. The rational expectation theory thus provides a trustworthy basis for
some economic theories which have evident political implications. Those are the random walk
or efficient markets theory of securities prices, the theory of the dynamics of hyperinflations,
the permanent income and life-cycle theories of consumption, the theory of tax
smoothing, and the design of economic stabilization policies.
Traditionally economists believed that there was a positive relationship between people's
consumption and their current income. The rational expectation theory debates this issue
stating that people consume out of their permanent income, which can be defined as the level
of consumption that can be sustained while leaving wealth intact. This has changed the way
economists think about short-term stabilization policies, such as temporary tax cuts, designed to
stimulate the economy. Formerly economists believed that tax cuts would increase disposable
income, thus causing people to consume more. Now, in accord with the permanent income
model, it is believed that temporary tax cuts have little effect on consumption because people
are relating their consumption decision to their wealth, not their current disposable income.

6nosa sspaeu:
conform cornacoeueafu(cn), npucnocanueafu(cn)
continual npoponakucn, nocfonuuu
contribute npuaennfu, pocfaennfu, npueuocufu
current fekyu, coepereuuu
disposable urekucn e uanuuu
dynamics puuaruka
error ouuka
evident oeeupuu
expect oupafu
expectation oupauue
feedback opafuan censu
formerly pauuue, usuaanuuo
happen cnyafucn
hurry cneuufu
hyperinflation runepuuqnnuun
intact uefpouyfu
outcome pesynufaf, ucxop
partly acfuuo
persistent ly uacfoueo, nocfonuuo
positive nosufueuu, nonoufenuuu
provided npu ycnoeuu (fo)
rational pauuouanuuu
recurrent euoeu noefopnkucn
smoothing crnraku
stabi lization cfaunusauun
sustain noppepueafu, pnufu(cn)
temporary epereuuu
thereby nocpepcfeor sforo
traditionally fpapuuuouuo
trustworthy uapeuu
unfold packpufu(cn)
wealth orafcfeo, cocfonuue, narococfonuue
to a great extent e suaufenuuo cfeneuu
rate of depreciation cfeneuu oecueuueauun, uopra aropfusauuu
two-fold peycfopouunn
random walk nopuunkeecn cnyauocfu peueuue (uauueuoeauue meopuu
ueuoopasoeauun ua qouoeou piuke)
permanent income nocfonuuu poxop
current income fekyu poxop
tax cuts cokpaeuue uanoroe
in accord with e coofeefcfeuu c

Exercise 10
1. What assumption is the theory of rational expectations based on?
2. What does the value of a currency depend on, according to this theory?
3. What do the prices of shares depend on, in the context of this theory?
4. What is the relation between expectations and outcomes?
5. What does the rational expectation theory provide a trustworthy basis for?
6. What is people's consumption positively related to, in the traditional economics?
7. What is people's consumption related to, in the rational expectations theory context?
8. What did the traditional economics think about temporary tax cuts in relation to their effect on
consumption?
9. What sort of income are people relating their consumption decisions to?
10. What is permanent income?
3. uu+opi npousnopc+nu
(Productive Forces)
Labour Force and Human Capital
Question: How many people does it take to make the economy work?
Answer: Only one, and it's me.
Proof:
The population of the United States is 180 million, but there are 64 million over 60 years of age,
leaving 116 million to do the work.
People under 21 total 59 million which leaves 57 million people to do the work.
Because of the 31 million government employees, there are only 26 million left to do the work.
Six million in the armed forces leave twenty million workers.
Deduct 17 million State, county, and city employees, and we are left with three million to do the
work.
There are 2,500,000 people in hospitals, asylums, and treatment facilities leaving half a million
workers.
However, 450,000 of these are bums or others who will not work, leaving 50,000 to do the work.
Now, it may interest you to know that there are 49,998 people in jail so that leaves just 2 people
to do all the work, and that is you and me, and I'm getting tired of doing everything myself!
6nosa sspaeu:
total cocfaennfu e uenor
deduct euufafu
asylum cyracuepuu por
bum popnra, nopupu
jail fkperuan karepa
armed forces eoopyeuuue cunu
treatment facilities neeuue ypepeuun

Exercise 1
1. What is the population of the USA?
2. How many elderly people who do not work live in the USA?
3. How many people serve in the army?
4. How many people are State, county, and city employees?
5. What can one man do for the entire economy to make it work?
Labour Force
Labour force is one of the key points in each economy. It consists of a large part of what is
called population. So, the amount and quality of labour force depend largely on the tendencies
that affect population, which, in its turn, influences production.
In the years from 1950 to 1990 the world's population doubled, and now it is over 5,500 billion
people. Only about 14 percent of the population growth was in developed countries, with around
86 percent in less developed countries. In developed countries this growth was caused by
fertility and age distribution, while in less developed countries the main reasons were higher life
expectancies and high birthrates. Life expectancy in developed countries was 74.0 years in
1990 as compared to 65.7 years in 1955 (62.0 and 41.0 respectively in less developed
countries). By the 1900 the birthrate in developed countries fell to 1.9 births per woman. In the
less developed countries it is 3.9 births per woman, which is still high enough to contribute
substantially to population growth.
Lower birthrates and longer life lead to population aging which is most rapid in the developed
world. The median age here rose from 28.2 in 1950 to about 35 close to the end of the century.
In less developed countries the median age at present is only around 22.
The fear of population aging leads governments to introduce policies which aim at inducing
people to have larger families (banning contraception and abortion, offering financial aid for
women with babies, etc.)
At the same time many people still fear that global population growth will overwhelm the
capacity of economies, and destroy the global ecosystem. Since Thomas Robert Malthus many
economists believed that the growing number of people would make land increasingly scarce,
and the rising food prices would leave the growing population starve.
The reality showed that those fears were poorly grounded. Cultivated land has become less
important as the agricultural productivity has been boosted by fertilizers, pesticides, insecticides,
new seed varieties, irrigation, mechanical draft power, and education. In its turn this made food
prices fall, and the production per capita rise, quite contrary to the predictions of the former
economists.
Hunger and malnutrition still exist in many parts of the world, but they result more from poverty
and uneven income distribution than from population growth.
To convert population into labour force certain investments into human capital are supposed to
be made. Education, good up-bringing, expenditures of medical and health care are also
capital, as they raise earnings, improve health, and add to a person's quality of life over much of
his lifetime. Therefore, economists consider expenditures on education, training, medical care,
and so on as investments in human capital. Studies show that high school and college
education greatly raise a person's income, and this is true for hundred countries with different
cultures and economic systems.
Economic growth of a country depends closely on the amount of investments into human
capital, and large increases in education and training have to a great extend accounted for the
outstanding economic records of J apan, Taiwan, and other Asian economies in recent decades.
6nosa sspaeu:
abortion aopf, aopfupoeauue
ban sanpef; sanpeafu
billion au. runnuapp
birthrate ypoeeuu popaerocfu
boost yeenuueafu, nopuurafu
contraception ucnonusoeauue npofueosaafouux cpepcfe; npofueosaafouue cpepcfea
contribute euocufu, poaennfu, npueuocufu
convert npeopasoeueafu
cultivate kynufueupoeafu, opaafueafu, okynufypueafu
decade pecnfunefue
double peouo; ypeaueafu
earnings sapaofku
ecosystem skocucfera
expectancy oupauue (veao-nuo), npepnonoeuue (o veu-nuo)
fertil ity nnopopopue
fertilizer ypopeuue
induce eeopufu, eueppnfu, noypafu
insecticide uucekfuuup
irrigation uppurauun
malnutrition uepoepauue, uepokopr
median cpepuu, cpepuuuu, cpepueapuqrefuecku
outstanding eupakucn
overwhelm nepenonunfu, nornoafu, oenapeeafu
pesticide necfuuup
population uaceneuue
poverty epuocfu
rapid ucfpu
respectively coofeefcfeeuuo
scarce uepocfafouu, ckypuu
starve ronopafu, yrupafu c ronopy
substantially cyecfeeuuur opasor
tendency feupeuuun
uneven uepoeuu
labour force paoan cuna
key point knkeeo nyukf
age distribution nokasafenu eospacfuo cfafucfuku
life expectancies nporuos cpepue npoponufenuuocfu usuu; cpepunn
npoponufenuuocfu usuu
per woman ua (opuy) euuuy
population aging cfapeuue uapopouaceneuun
close to the end nusko k kouuy
poorly grounded nnoxo oocuoeauuu
seed variety pasuoopasue cernu; pasuoeupuocfu, copf cernu
draft power fnrnoean cuna
per capita nam. ua pyuy uaceneuun (yke.: ua ronoey)
contrary to e npofueononouocfu (ery-nuo)
result from npoucfekafu us; ufu pesynufafor
human capital enoeeecku kanufan
up-bringing eocnufauue
expenditures pacxopu
health care sppaeooxpaueuue; saofa o spopoeue
quality f l ife kaecfeo usuu
to a great extend e suaufenuuo cfeneuu

Exercise 2
1. What do the amount and quality of labour force depend on?
2. What is the population of the Earth now?
3. How much of the population growth were the developed countries responsible for in the years
from 1950 to 1990.
4. What was the growth of the population caused by in both developed and less developed
countries?
5. What was the birthrate in both developed and less developed countries?
6. What was the median age in developed countries in the end of the century?
7. What policies do governments use to withstand the population aging?
8. What fears have the economists had since the days of Robert Malthus?
9. Why were these fears poorly grounded?
10. What do hunger and malnutrition in many parts of the word result from?
11. What investments are supposed to be made so that population could be converted into
labour force?
12. How does higher education affect a person's income?
Employment Opportunities for All
1
FBI Agent for Hire
Three men where at the FBI Building for a job interview.
The first man walked into the office.
The interviewing FBI agent said, To be in the FBI you must be loyal, dedicated, and give us
your all. Your wife is in the next room. I want you to go in there and shoot her with this gun.
The man took the gun, hesitated, and said, "Sorry,
I can't do it."
The next interviewee came into the office.
The agent said, To be in the FBI you must be loyal, dedicated, and give us your all. Your wife
is in the next room. I want you to go in there and shoot her with this gun.
The man took the gun, walked into the room, then walked out.
Sorry, he said.
The last man came into the office.
The inverviewer said, To be in the FBI you must be loyal, dedicated, and give us your all. Your
wife is in the next room. I want you to go in there and shoot her with this gun.
The man took the gun and went into the room. The Agent heard six shots, silence, then a lot of
screaming.
The man came out of the room and said, Someone loaded the gun with blanks, so I beat her to
death with the curtain railing!
2
Manager: Sorry, but I can't give you a job. I don't need much help.
J ob Applicant: That's all right. In fact I'm just the right person in this case. You see, I won't be
of much help anyway!
3
A mathematician, an accountant and an economist apply for the same job.
The interviewer calls in the mathematician and asks, What do two plus two equal?
The mathematician replies, Four. The interviewer asks, Four, exactly? The mathematician
looks at the interviewer incredulously and says, Yes.
Then the interviewer calls in the accountant and asks the same question, What do two plus
two equal? The accountant says, On average, four give or take ten percent, but on
average, four.
Then the interviewer calls in the economist and poses the same question, What do two plus
two equal? The economist gets up, locks the door, closes the shade, sits down next to the
interviewer and says, What do you want it to equal?
4
So tell me, Mrs. Smith, asked the interviewer, have you any other skills you think might be
worth mentioning?
Actually, yes, said the applicant modestly. Last year I had two short stories published in
national magazines, and I finished my novel.
Very impressive, he commented, but I was thinking of skills you could apply during office
hours.
Mrs. Smith explained brightly, Oh, that was during office hours.

6nosa sspaeu:
agent areuf
apply npureunfu
beat ufu
blank nycfo, uesanonueuuu, xonocfo (nafpou)
comment korreufupoeafu, eupaafu rueuue unu oueuky
curtain sauaeecka, ufopa
dedicated noceneuuu, nocenfueuu (cen)
exactly fouo
gun nucfonef
hesitate koneafucn, corueeafucn
impressive eneafnnku
incredulously uepoeepueo, ckenfuecku
interview coecepoeauue, uufepeuk; coecepoeafu, uufepeukupoeafu
interviewee uufepeukupyeru
load rpysufu, uarpyafu, sapnafu (opyue)
loyal eepuu, npepauuu
modest ckporuu
pose cfaeufu, npepnarafu
railing nopyeuu, kapuus (nn umopi)
screaming kpuku, (ucfouuue) eonnu
shade ufopu, anksu
shoot cfpennfu, yueafu eucfpenor us oruecfpenuuoro opyun
shot eucfpen
silence fuuuua
FBI (Federal Bureau of Investigations) 4epepanuuoe kpo paccnepoeauu
job interview coecepoeauue npu nocfynneuuu ua paofy
give your all ofpafu ecero cen
beat to death saufu po crepfu
two plus two pea nnkc pea
n average e cpepuer
worth mentioning pocfouu ynoruuauun
national magazine ypuan, ureku xopeuue no ece cfpaue, ueufpanuuu ypuan

Exercise 3
1. What qualities should one have to be a FBI agent?
2. What does an applicant for a FBI position have to do in order to prove that he is fit for the
job?
3. How many blanks was the gun loaded with?
4. Who of the three people (mathematician, accountant and economist) will be hired?
5. What do two plus two equal?

Training Programs for Employees
Special High Intensity Training (S.H.I.T.)
Memorandum
To: All Employees
From: Communications Services
Subject: Special High Intensity Training
In order to assure that we continue to produce the highest quality work possible, it will be our
policy to keep all employees well-trained through our Special High Intensity Training (S.H.I.T.).
We are giving our employees more S.H.I.T. than any other office in town.
If you feel you do not receive your share of S.H.I.T. on the job, please see your supervisor. You
will be placed at the top of the S.H.I.T. list for special attention.
All of our supervisors are particularly qualified to see that you get all the S.H.I.T. you can handle
at your own speed.
If you think that you have a thorough understanding of the basic S.H.I.T. program, you may wish
to participate in Management Of Related Education (M.O.R.E. S.H.I.T.).
If you consider yourself to be trained enough already, you may be interested in helping us train
others. We can add you to our Basic Understanding Lecture List (B.U.L.L. S.H.I.T.).
Some of you already display aptitudes that would easily allow you to enter the Director of
Intensity Program (D.I.P. S.H.I.T.). Those who do not qualify for this position but are still
interested will certainly be referred to the Director Under Management Bureau (D.U.M.B.
S.H.I.T.). Those individuals who do not meet the requirements of The Bureau must first
complete Special Training Under Personal Individual Discretion, Special High Intensity Training
(S.T.U.P.I.D. S.H.I.T.).
If you have any further questions, please address them to our Head Of Training, Special High
Intensity Training (H.O.T. S.H.I.T.) program.
Thank You.

Boss in General
Special High Intensity Training
(B.I.G.S.H.I.T)
Copy to: Complete Registered Organized Computerized Knowledge Originating Firsthand;
Special High Intensity Training division (CROCK-OF-SHIT).
6nosa sspaeu:
aptitude cknouuocfu, cnocouocfu
assure yeepufu(cn), ypocfoeepufu(cn)
basic asoeu, ocuoeuo
bull cneua epyupa, enyxa, uecypasuua
complete nonuu, saeepueuuu; saeepuafu
consider nonarafu, oueuueafu, cufafu
crock cneua rnynocfu, eccrucnuua
dip cneua (om dipsomaniac) cfpapaku ankoronusror
discretion ycrofpeuue
display nokasueafu, peroucfpupoeafu
dumb rnynu, fyno
handle ynpaennfucn (c er-nuo)
intensity uufeucueuocfu; uufeucueuu, uanpneuuu
memorandum narnfuan sanucka, reropaupyr
participate yacfeoeafu, npuuurafu yacfue
refer ofuocufu(cn)
related creuue, urekue ofuoueuue, pononuufenuuue
shit apy., cneua eccrucnuua, rnynocfu
subject fera, npepref
supervisor pykoeopufenu
thorough nonuu, ucepnueaku, fafenuuu
wish enauue; enafu
in order (to) pnn foro, fou
highest qual ity work possible paofa eucuero (us ecex eosuouix)ypoeun kaecfea
keep well-trained noppepueafu eucoku ypoeeuu keanuqukauuu
special attention ocooe euurauue
at your speed ua npucye ear ckopocfu
qualify for position coofeefcfeoeafu keanuqukauuouuur fpeoeauunr ponuocfu
meet the requirements coofeefcfeoeafu fpeoeauunr

Exercise 4
1. Why is Special High Intensity Training (S.H.I.T.) program introduced?
2. What does an employee have to do if he or she does not receive his or her share of S.H.I.T.
on the job?
3. What program is available for those who think they have a thorough understanding of the
basic S.H.I.T. program?
4. What program is open for those who show aptitudes adequate for a Director's position?
5. Where should employees address if they have any further questions?
More Employment Opportunities
1
Employer: In this job we need someone who is responsible.
Applicant: I'm the one you want. On my last job, every time anything went wrong, they said I
was responsible.
2
Employer: Young man, do you think you can handle a variety of work?
Applicant: I ought to be able to. I've had ten different jobs in four months.
3
The Human Resources Officer: And what starting salary are you looking for?
Young applicant (fresh out of Business School): In the neighborhood of $125,000 a year,
depending on the benefits package.
HRO: Well, what would you say to a package of 5-weeks vacation, 14 paid holidays, full medical
and dental, company matching retirement fund to 50 % of salary, and a company car leased
every two years say, a red Corvette?
Applicant: Wow! Are you kidding?
HRO: Yeah, but you started it.
4
Personnel manager: What is the meaning of this? When you applied for the job six weeks ago,
you told us you had had 5 years' experience. Now we discover this is the first job you've ever
had.
Employee: Well, in your ad you said you wanted somebody with imagination.
5
The navy psychiatrist (interviewing a potential sailor): Now, let's check on your response to
trouble. What would you do if you looked out of that window right now and saw a battleship
coming down the street?
The baby sailor: I'd grab a torpedo and sink it.
Psychiatrist: Where would you get the torpedo?
Sailor: The same place you got your battleship!
6nosa sspaeu:
ad oLneneuue
battleship eoeuuu kopanu
benefit europa; seci: nperuanuuue, pononuufenuuue nara, npepocfaennerue
kornauue ceour paofuukar
grab xeafafu
handle ynpaennfucn
human enoeeeckue
lease pafu e nusuur
navy eoeuuo-ropckue cunu
package nakef, uaop
psychiatrist ncuxuafp
resources pecypcu
response peakuun, ofeef
responsible ofeefcfeeuuu
sailor ropnk
sink fonufu
torpedo fopnepa
variety pasuoopasue
go wrong upfu ue fak
fresh out of ceeeuuku us
In the neighborhood of B paoue
benefits package uaop pononuufenuuux nar u eunnaf
full medical and dental nonuan onnafa oerepuuuucko u cforafonoruecko norou
company matching retirement fund to 50 % of salary npepocfaenneran kornauue
npuaeka k neucuu, cocfaennkan 50 % of oknapa.
baby sailor pasa. ypyu ropnk

Exercise 5
1. What was the applicant responsible for on his last job?
2. What made the applicant think that he would be able to handle a variety of work?
3. What starting salary was the young applicant (fresh from the Business School) thinking of?
4. What benefits package was he offered?
5. Who was kidding?
6. What did the young employee imagine?
7. Where would the doctor get the battleship?
8. What would you do if you looked out of the window and saw a battleship coming down the
street?
Equal Opportunities for All
A business was looking for office help. They put a sign in the window, stating the following:
Help Wanted! Must be able to type, have computer skills, and be bilingual. We are an Equal
Opportunity Employer.
A dog trotted up to the window, saw the sign and went inside. He looked at the receptionist and
wagged his tail, then walked over to the sign, looked at it and whined a bit.
Getting the idea, the receptionist got the office manager. The office manager looked at the dog
and was surprised, to say the least. However, the dog looked determined, so the manager led
him into the office. Inside, the dog jumped up on a chair and stared at the manager. The
manager said, I can't hire you. The sign says you have to be able to type.
The dog jumped down, went to the typewriter and proceeded to type out a perfect letter. He
took out the page and trotted over to the manager and gave it to him, then jumped back up on
the chair. The manager was stunned, but then told the dog,
The sign also says you have to be good with a computer.
The dog jumped down again and went to the computer. He proceeded to enter and execute a
perfect spreadsheet that worked flawlessly the first time.
By this time, the manager was totally dumb-founded! He looked at the dog and said, I realize
that you are a very intelligent dog and have some interesting abilities. However, I still can't give
you the job.
The dog jumped down and went over to a copy of the sign and put his paw on the sentence
about being an Equal Opportunity Employer.
The manager said, Yes, but the sign also says that you have to be bilingual.
The dog looked at that manager calmly and said, Meow!
6nosa sspaeu:
abil ity cnocouocfu
bilingual peynsuuu
calm cnokouu
determined ueneycfperneuuu
equal paeuu, paeuonpaeuu
execute eunonunfu, ucnonunfu
flawless esynpeuu
hire uauurafu ua paofy
intel ligent yruu, coopasufenuuu
paw nanka
proceed npucfynafu
k peny, npoponafu
spreadsheet fanuua
stun ypuennfu, usyrnnfu
trot erafu (pucuk)
wag raxafu xeocfor
whine ckynufu
office help paofa e oquce
a bit ueruoro, caryk ranocfu
to say the least caroe reuuuee
dumb-founded ouenorneuuu
Meow! Mny!

Exercise 6
1. What sort of help was the business looking for?
2. What capabilities and skills did an applicant have to demonstrate?
3. What did the dog do when he entered the office?
4. Why did the manager let him in?
5. What did the dog type?
6. What did he work out at the computer?
7. What was the dog's second language?
More Stories about Applicants
1
An applicant was filling out a job application. When he came to the question, Have you ever
been arrested? he answered, No.
The next question, intended for people who had answered in the affirmative to the last one, was
Why? The applicant answered it anyway: Never got caught.
2
In a job interview for policemen the applicants were shown a profile picture of a man, and the
interviewer said, The job that you're applying for requires powers of observation. Make one
observation about this man.
The first applicant entered and said, This man has just one ear.
Get out!! screamed the interviewer.
The second applicant entered and said, This man has one ear.
Get out!! screamed the interviewer again.
Then the third applicant got up to go in for his interview.
The first two guys were out there and they told him, The guy that's giving the interview doesn't
like to hear that the man in the picture has one ear.
Thanks for the tip, said the third applicant.
So the third applicant entered, stared at the picture for a while, and finally said, This man
wears contact lenses.
The interviewer was impressed. Excellent observation, he said. Tell me, how could you
tell?
And the guy said, Well, as this man has just one ear, how could he wear glasses?
3
A man applied for a job as an industrial spy. Together with several other applicants, he was
given a sealed envelope and told to take it to the fourth floor.
As soon as the man was alone, he stepped into an empty hallway and opened the envelope.
Inside, a message read: You're our kind of person. Report to the fifth floor Personnel Office.
4
A man applied to a finance agency for a job, but he had no experience. He was so intense that
the manager gave him a tough account with the promise that if he collected it, he'd get the job.
Two hours later, the applicant came back with the entire amount.
Amazing! the manager said. How did you do it?
Easy, the applicant replied. I told him if he didn't pay up, I'd tell all his other creditors he paid
us.
5
"Where did you receive your
training?"
Yale.
Good, and what's your name?
Yim Yohnson.
6
When you hire people that are smarter than you are, you prove you are smarter than they are.
6nosa sspaeu:
affirmative yfeeppufenuuu
amazing usyrufenuuu; usyrufenuuo
arrest apecfoeueafu
collect coupafu, saupafu, uukaccupoeafu, nonyafu peuuru no ponroeory
onsafenucfey
contact koufakfuu
creditor kpepufop
envelope koueepf
hallway kopupop
industrial nporuuneuuu
intend uarepeeafucn
intense uufeucueuu, uacfoueu
jale fkperuan karepa
lense nuusa
observation uankpeuue
profile npoqunu
seal neafu; saneafueafu
smart pasa. yruu
spy unuou
tip pasa. coeef
tough fpypuu, ecfku
in the affirmative yfeeppufenuuo
Get out! pasa. Yupacn!
Yale Henucku yuueepcufef, opuu us uauonee npecfuuux e CLA.
finance agency quuaucoeoe areufcfeo
tough account kpyfo cef (seci: cef, no kofopory fpypuo poufucn eosepafa
cpepcfe)

Exercise 7
1. Why hasn't the applicant ever been arrested?
2. What positions did the men at the police station apply to?
3. What power were they supposed to demonstrate?
4. How many ears did the man in the picture have, in the first two applicants' opinion?
5. Why was the applicant to the position of an industrial spy employed?
6. How did the applicant to the finance agency get the job?
7. Where did the man named J im J ohnson really get his training?
8. Will you hire people that are smarter than you are, and why?
Work Gives No Satisfaction?
When you have an I hate my job day, try this.
On your way home from work, stop at the pharmacy, go to the thermometers section and
purchase a rectal thermometer made by Best Thermo. Be very sure you get this brand.
When you get home, lock your doors, draw the drapes, and disconnect the phone so you will
not be disturbed during your therapy. Change to very comfortable clothing, such as a sweat suit
and lie down on your bed. Open the package and remove the thermometer. Carefully place it on
the bedside table so that it will not become chipped or broken.
Take out the material that comes with the thermometer and read it. You will notice that in small
print there is a statement: Every rectal thermometer made by Best Thermo is personally
tested. Now close your eyes and repeat out loud five times: I am so glad I do not work for
quality control at the Best Thermo Company.
We guarantee you will feel much more happy with your present occupation.
Labour Force and Unemployment. The Results of a Government Study
For the past three years, the government has worked hard and spent many tax dollars to find
the approval ratings for unemployment.
They have concluded that a 7 % unemployment level is acceptable to 93 % of the working
population.
6nosa sspaeu:
acceptable npuerneru
brand rapka, foproeoe urn
chip packanueafu, pasueafu
conclude saknkafu
disconnect pasLepuunfu, ofcoepuunfu
disturb ecnokoufu
drapes sauaeecku, ufopu
material seci: uucfpykuun no npureueuuk
occupation saunfue, recfo paofu
pharmacy anfeka
guarantee rapaufun; rapaufupoeafu
statement saneneuue, yfeeppeuue
sweat suit ceufep
therapy fepanun
thermometer feprorefp
"I hate my job" day peuu, korpa eu ueuaeupufe ceok paofy
rectal thermometer pekfanuuu feprorefp
small print raneuukue ykeu
personally tested npouepuu uupueupyanuuoe fecfupoeauue
quality control cnya koufponn sa kaecfeor
"Best Thermo" Company Kornauun Pyuue feprorefpu
approval ratings nokasafenu, ueoxopurue pnn opopeuun nonufuku

Exercise 8
1. Have you ever had a day I hate my job?
2. Where can we by a thermometer?
3. What brand of a thermometer do we have to buy to feel eventually how happy we are?
4. What do we have to do on coming home with a thermometer in our hands?
5. What statement should we carefully read, and what does this statement mean in plain words?
6. Would you want to work for quality control of the Best Thermo Company?
7. How long did it take the government to work out the approval ratings for unemployment?
8. What unemployment level is acceptable to the working segment of the working population?
Unemployment
Unemployment statistics are of major concern for most economists. But, actually, not all people
out of work may be classed as unemployed. If someone reports that he is both out of work and
seeking employment, he is counted as an unemployed member of the labour force.
The jobless who have chosen not to continue looking for work are considered out of the labour
force and therefore are not counted as unemployed. Thus, the unemployment rate in many
countries includes only people within the labour force who are out of work.
Not all unemployment is the same. Unemployment can be long or short-term. It can be
frictional, meaning someone is between jobs. Or it may be structural, as when someone's skills
are no longer demanded because of a change in technology or an industry downturn.
There are two causes of recorded long-term unemployment in the developed countries. Those
are welfare payments and unemployment insurance. These government assistance programs
contribute to long-term unemployment in two ways.
First, government assistance increases the measure of unemployment by prompting people
who are not working to claim that they are looking for work even when they are not. The work-
registration requirement for welfare recipients, for example, compels people who otherwise
would not be considered part of the labour force to register as if they were a part of it. This
requirement effectively increases the measure of unemployed in the labour force even though
these people are better described as unemployed that is, not actively looking for work.
Similarly, unemployment insurance increases the measure of unemployment by inducing people
to say that they are job hunting in order to collect benefits. Thus government assistance
programs contribute to long-term unemployment by providing an incentive, and the means, not
to work. Each unemployed person has a reservation wage the minimum wage he or she
insists on getting before accepting a job. Unemployment insurance and other social assistance
programs increase that reservation wage, causing an unemployed person to remain
unemployed longer.
Consider, for example, an unemployed person who is used to making $10.00 an hour. On
unemployment insurance this person receives about 55 percent of normal earnings, or $5.50
per lost work hour. If that person is in a 15 percent federal tax bracket, and a 3 percent state tax
bracket, he or she pays $0.99 in taxes per hour not worked and nets $4.51 per hour after taxes
as compensation for not working. If that person took a job that paid $10.00 per hour,
governments would take 18 percent for income taxes and 7.5 percent for Social Security taxes,
netting him or her $7.45 per hour of work. Comparing the two payments, this person may decide
that a day of leisure is worth more than the extra $2.94 an hour the job would pay. If so, this
means that the unemployment insurance raises the person's reservation wage to above $10.00
per hour.
6nosa sspaeu:
bracket kaferopun, uanoroean uuua
claim fpeoeafu, npepLnennfu fpeoeauun, sanennfu
compel npuuypafu, nouypafu
concern osaoeuuocfu
frictional qpukuuouuan
induce nouypafu, npuuypafu
leisure ofpux, pocyr
net nonyafu ucfuru (nocne uanoaoonoeuun)
prompt nopckasueafu
recipient nonyafenu
report cooafu, useeafu, poknapueafu
structural cfpykfypuan
welfare narococfonuue
major concern rnaeuan npuuua osaoeuuocfu
be counted as cufafucn (e kaecfee)
people within the labour force nkpu, eknkeuuue e ucno paoe cunu, fpypoeux
pecypcoe
industry downturn cnap e nporuuneuuocfu
welfare payment nocoue, uanpaeneuuoe ua noeuueuue ypoeun narococfonuun
assistance programs nporparru norou
work-registration requirement perucfpauuouuue fpeoeauun pnn espaofuux
job hunting noucku paofu, oxofa ua paofy
collect benefits nonyafu nara
reservation wage pesepeauuouuan sapnnafa
tax bracket kaferopun uanoronnafenuukoe

Exercise 9
1. Why are unemployment statistics of major concern for most economists?
2. What people does the unemployment rate in many countries include?
3. What types of unemployment can there be?
4. What are the two causes of long-term unemployment in the developed countries?
5. What does government assistance induce unemployed to do?
6. What is the difference between the unemployed and the unemployed?
7. How does unemployment insurance change the measure of unemployment?
8. What is a reservation wage?
9. How much does an unemployed receive relative to what he would receive while working?
10. Does unemployment in developed countries create incentives to work?
Productivity
Productivity is the basic criterion of an economy's health. When productivity is rising, living
standards and the quality of life are rising as well. The rate of productivity growth is the most
important thing for the economic well-being of a country.
The most familiar definition of labour productivity is output divided by the number of workers or,
more usually, by the number of hours worked. Output can be expressed in tons of iron or
numbers of jeans' pairs, but usually it is some very broad aggregate like gross domestic
product.
Other ways of defining productivity take into consideration other inputs, such as managerial skill,
innovation and technology, organization.
While such factors of production as land or population are always limited, the prospects for
increasing productivity are boundless. Studies of the US economy show that half of the growth
in labour productivity in the postwar years there has been due not to the use of added capital,
but to making better use of these inputs.
There are only three ways by which a country can raise the level of consumption, and,
correspondingly, of its well-being. First, a larger number of citizens can go to work. Second, a
country can borrow from abroad. Third, the country can increase productivity of labour. Whereas
there are limits on what portion of the population can join the home labour force and on how
much foreigners will lend, the potential for boosting productivity are limitless.
The number one country in the world at any given time has always been the productivity leader.
It was northern Italy from the thirteenth to the sixteenth centuries, the Dutch republic in the
seventeenth and early eighteenth, Britain in the late eighteenth and most of the nineteenth, and
the United States for the entire twentieth century.

6nosa sspaeu:
aggregate coeokynuocfu; coeokynuu
boundless esrpauuuu
criterion kpufepu
define onpepennfu
definition onpepeneuue
entire nonuu, uenu
familiar useecfuu, suakoru
portion acfu
postwar nocneeoeuuu
productivity npouseopufenuuocfu (fpypa)
divided by paspeneuuu (ua)
managerial skill racfepcfeo ynpaeneuun
due to naropapn (veuy-nuo), us-sa (veao-nuo)
added capital poaeneuuu kanufan
the Dutch republic Fonnaupckan pecnynuka

Exercise 10
1. Why is the rate of productivity growth considered the most important thing for the economic
well-being of a country?
2. What is the most familiar definition of labour productivity?
3. In what terms can output be expressed?
4. What other inputs apart from hours worked, can be taken into consideration in talking about
productivity?
5. How much of the growth in labour productivity in the postwar years in the USA could be
accounted for by the added capital.
6. By what means can a country raise its level of consumption?
7. Which is preferable in the long run?
8. What makes a country the number one country in the world?
9. What countries were the leaders in the world in the past, and when?

Natural Resources
The natural resources are limited. If we use them continuously, we will eventually exhaust them.
But there is another approach to the problem. According to it the earth's exhaustible natural
resources can actually increase year after year, perhaps never coming to an end. How can this
fact be accounted for? The answer is that the effective stocks of natural resources are
continually growing due to the technological developments that have enhanced the growth in
living standards since XIXth century.
First, innovation has boosted up the productivity of natural resources. Second, innovation
makes it possible to recycle resources, thus reducing waste. Third, innovation affects the
prospective output contribution of natural resources (for example, the coal still underneath the
ground). If the discovery of new sources or technological innovation in a given year raises the
prospective output by an amount greater than the reduction in that year, then the stock of that
resource will be larger at the end of the year than at the beginning. The exhaustion of a
particular resource, though not impossible, is also not inevitable.
Since the times of the industrial revolution, consumption of power and raw materials has grown
rapidly. We used more energy between 1900 and 1920 than in all previous time, and each
twenty year period since has experienced a similar rate of increase in power demands. Still,
new sources of power have made it possible to make up for the used resourses of energy.
Experts assert that the effective stocks of a natural resource can be increased in at least three
ways:
1. New technologies are able to reduce the amount of a metal lost during mining or smelting,
which increases the effective stock of this metal. In the similar way, innovations allow for
extracting more resources out of previously abandoned sources. The less we waste, the more
of effective resource is available.
2. The effective stocks of natural resources within the economy may be increased by
substituting one resource for another. The illustration of this was the energy crises of the
seventies, when people used insulation extensively to save fuel (fiberglass substituted oil and
coal).
3. The third method to boost up our effective stocks natural resources is recycling.
6nosa sspaeu:
abandon pocafu, ofkasueafucn (om veao-nuo)
approach nopxop; nopxopufu
assert yfeeppafu
available pocfynuu, urekucn e uanuuu
coal yronu
effective uanuuu, paou, npepuasuaeuuu k ucnonusoeauuk
enhance noeuuafu, yeenuueafu
exhaust ucfoafu
exhaustible ucfouru
extensive uupokoracufauu
extract poueafu, eupennfu
fiberglass uckyccfeeuuoe cfekno
fuel ropkee
inevitable ueuseuu
insulation usonnuun, usonupoeauue; usonupoeafu
mine uaxfa; poueafu e uaxfe
particular ocoeuuu, koukpefuu
recycle eosepaafu e (npouseopcfeeuuu) uukn
smelt nnaeufu (refann)
substitute sareunfu, nopreunfu
underneath nop, euusy
waste ofpocu (npouseopcfea); fpafufu, fepnfu (enycfyk)
natural resources npupopuue pecypcu
prospective output (e aeonoauu) paseepauuue sanacu, npepnonaraeran poua
raw material cupue
rate of increase fern pocfa
make up for eocnonunfu, korneucupoeafu
at least no kpaue repe

Exercise 11
1. What would happen to natural resources if we used them continuously?
2. Why are the effective stocks of resources growing despite the fact that we use them
continuously?
3. What are the effects of innovation on the stocks of natural resources?
4. What are the ways in which the effective stocks of natural resources can be increased?
5. How can we save fuel by insulating our homes?
Recycling
By means of recycling we can convert waste into reusable materials. It differs from reuse, which
simply means using a product again. In the developed countries up to about 20 percent of the
nation's solid waste is recycled.
Recycling allows both to reduce the amount of waste disposed in landfills and to have natural
resources. In the eighties environmentalists concentrated public attention on recycling as the
principal method of protecting the environment.
However, recycling is not always economically efficient. Neither does it always help to protect
the environment. On the other hand, assumptions that landfills and incinerators are necessarily
bad, and the nation is running out of landfill space, are not well grounded. Specialists say that
landfills can be safely sited and designed, and there is still plenty of space for them in every
country.
What we have to do is not to put landfills in places that come into contact with water, as well as
to design monitoring programs to prevent any possible harm that landfills may cause.
Of all the recycled materials aluminium and paper are the most popular. About 60 percent of all
aluminium beverage cans are recycled. It is accounted by the fact that recycling aluminium is
less expensive than producing new aluminium, as it takes 10 percent less energy to recycle
aluminium than to make it out from bauxite.
Paper and cardboard are also extensively recycled. Producing cardboard requires a wide
variety of used paper which is rather cheap to sort out. In addition there are lots of places (such
as grocery stores) where large quantities of corrugated boxes are used, which makes collection
quite efficient.
On the contrary, plastics are very expensive to collect and separate which limits the possibility
of their recycling. Nevertheless, around 20 percent of plastic soft drink bottles are now recycled
in the USA alone.
6nosa sspaeu:
aluminium ankruuu
bauxite okcuf
beverage uanufok
can auka (koucepeuan, nn uanumkoe)
cardboard kapfou
corrugated puqneuoe (eneso), puqneuu (kapfou)
dispose urefu e uanuuu, urefu e pacnopneuuu
environmentalist saufuuk okpyake cpepu
incinerator kperauuouuan neu, rycopocurafenuuan neu
landfill ceanka rycopa
plastics nnacfraccoeu, nnacfukoeu
reusable npuropuu k noefopuory ucnonusoeauuk
reuse ucnonusoeafu noefopuo
solid feeppu
by means of nocpepcfeor (veao-nuo), c norouk (veao-nuo)
public attention oecfeeuuoe euurauue
economically efficient skouoruecku europuu
monitoring program nporparra fekyero koufponn
wide variety uupokoe pasuoopasue
sort out copfupoeafu, paccopfupoeueafu
grocery store akaneuu rarasuu
soft drink esankoronuuu uanufok

Exercise 12
1. What do we get when we recycle waste?
2. What is the difference between recycling and reuse?
3. What is a landfill?
4. Who concentrated public attention on recycling as the principal method of protecting the
environment in the eighties?
5. Why aren't landfills so dangerous as the general public believes?
6. What materials are most popular for recycling?
7. Why is it more economically efficient to recycle aluminium than to produce it from bauxite?
8. Why is paper so extensively recycled?
9. Why is it easy to find paper fit for recycling?
10. What portion of all plastic soft drink bottles is recycled in the USA?
Clinton Recycles
Bill and Hillary are now married 40 years. When they first got married, Bill said, I am putting a
box under the bed. You must promise never to look in it.
In all their 40 years of marriage, Hillary never looked. However, on the afternoon of their 40th
anniversary, curiosity got the best of her, and she lifted the lid and peeked inside. In the box
were 3 empty beer cans and $1,874.25 in cash. She closed the box and put it back under the
bed. Now that she knew what was in the box, she was doubly curious as to why.
That evening they were out for a special dinner. After dinner Hillary could no longer contain her
curiosity and she confessed and said I am so sorry. For all these years I kept my promise and
never looked into the box under our bed. However, today the temptation was too much, and I
gave in. But now I need to know why do you keep the empty cans in the box?
Bill thought for a while and said, I guess after all these years you deserve to know the truth.
Whenever I was unfaithful to you I put an empty beer can in the box under the bed to remind
myself not to do it again.
Hillary was shocked, but said, I am very disappointed and saddened, but I guess after all those
years away from home on the road, temptation does happen and I guess that a few times is not
that bad considering the years.
They hugged and made their peace. A little while later Hillary asked Bill, Why do you have all
that money in the box? Bill answered, Whenever the box is filled with empty cans, I sell them
for recycling.
6nosa sspaeu:
anniversary ropoeuua
confess npusuaeafucn, ucnoeepoeafucn
consider nonarafu, cufafu
contain copepafu
curiosity nkonufcfeo
deserve sacnyueafu
disappoint pasoapoeueafu
empty nycfo
guess porapueafucn
hug ouurafucn
lid kpuuka (nuka)
lift nopuurafu
peek sarnnpueafu (kya-nuo)
promise oeauue; oeafu
remind uanoruuafu
sadden neanufu, oneanueafu
temptation uckyueuue
unfaithful ueeepuu
curiosity got the best of her nkonufcfeo oenapeno e
in cash uanuuuru
doubly curious epeoue nkonufuan
as to why no noeopy npuuu
contain curiosity cpepafu nkonufcfeo
on the road e popore
make peace saknkufu rup, norupufucn

Exercise 13
1. For how long have Bill and Hillary been married now?
2. What did Bill make Hillary promise when they got married?
3. Why did Hillary open the box on the afternoon of their 40th anniversary?
4. What did she see in the box?
5. Where did the Clintons go that evening?
6. Why did Bill think that Hillary deserved to know the truth?
7. Why did Bill put an empty beer can into the box after he had been unfaithful to Hillary?
8. Why wasn't Hillary too saddened at first?
9. What did she say or do after Bill told her abour the way beer cans were being recycled in the
Clintons family?
Pollution Controls
Although people in general and economists in particular agree that we must control pollution of
our environment, there is little agreement as to how this should be done.
The measures to control the pollution are divided into two groups. First, there exist different
regulatory standards based on the idea of the best available technology for all sorts of
pollution in every industry. But as each pollutant has many sources, national agencies that are
supposed to ban pollution have to establish numerous maximum discharge standards for any of
them.
Old sources of pollution (old factories, for example) can follow less strict standards than those
devised for new sources, as it is considered more expensive to modernize an old factory than to
introduce pollution control devices into a new one. Moreover, discharge standards for sources
that already exist, as well for new sources, are more onerous in places with a higher-quality
environment, that is with cleaner air, cleaner water, etc.
The regulations of pollution may be established by the federal government. Usually they are
very expensive. For example, direct expenditures for compliance with vehicle standards in the
USA totalled an estimated $14 billion in 1988, costs shouldered primarily by consumers.
The market-based approach to control pollution is less burdensome for taxpayers and the
government. This approach is based on market incentives to reduce pollution, which fall into two
groups: pollution fees and so-called marketable permits.
The first are taxes on polluters that are set proportionally to the amount they discharge into air,
water, or local landfill.
Marketable permits are discharge licenses. Polluters can buy and sell them to meet the control
levels established by the governments. Marketable permits, actually, allow manufacturers to
pollute the environment up to a certain level, and within the whole industry emitters may pollute
over the control level as long as other polluters compensate by polluting less. The government
decides on the desired level of pollution and the initial distribution of pollution rights within an
industry, the latter then being redistributed among all the enterprises concerned.


6nosa sspaeu:
burdensome opereuufenuuu
compliance coofeefcfeue
devise usopefafu, paspaafueafu
discharge eupoc (saapnsuumenn e okpyakyk cpey)
emitter (om emit eunyckafu) fof, kfo eunyckaef, eupacueaef (ofxopu)
estimate paccufueafu, nopcufueafu, nporuosupoeafu
fee ufpaq; uanarafu ufpaq
incentive rofue, noypeuue, sauufepecoeauuocfu
ini tial usuaanuuu, ucxopuu
latter nocnepuu (us nepeucnnerux)
license nuueusun, paspeueuue
maximum rakcuryr; rakcuranuuu
measure repa, cpepcfeo
modernize ropepuusupoeafu
numerous ruoroucneuuue
onerous opereuufenuuu, safpypuufenuuu
permit paspeueuue
pollutant eeecfeo, sarpnsunkee okpyakyk cpepy
polluter sarpnsuufenu (okpyake cpepu)
pollution sarpnsueuue (okpyake cpepu)
primarily e nepeyk oepepu, nepeur penor
redistribute nepepacnpepennfu
regulatory uanpaeneuuue ua perynupoeauue
shoulder nneo; noppepueafu, nopcfaennn nneo
standard cfaupapf; cfaupapfuu
strict cfporu, cypoeu
total ou, coeokynuu; uacufueafu e uenor
in general e oer, e rnaeuor, rnaeuur opasor
in particular e acfuocfu
as to how no ofuoueuuk foro, kak
best available nyuue us urekuxcn e pacnopneuuu
follow standard cnepoeafu cfaupapfy
pollution control device ycfpocfeo, koufponupykee ypoeeuu sarpnsueuun cpepu
high-qual ity environment okpyakan cpepa eucuero kaecfea
marketable permit paspeueuue, nokynaeroe u npopaeaeroe ua ceoopuor puuke
discharge license nuueusun ua npaeo eupoca ofxopoe e okpyakyk cpepy
meet the control level ypoenefeopnfu koufponuuory ypoeuk
desired level enaeru ypoeeuu
all concerned ece sauufepecoeauuue

Exercise 14
1. What do people in general and economists in particular agree upon?
2. How many groups are the measures to control the pollution divided into?
3. Why do national agencies supposed to ban pollution have to establish numerous maximum
discharge standards?
4. Why do old sources of pollution follow less strict discharge standards?
5. How does higher-quality environment affect the pollution discharge standards?
6. What institutions establish the regulations of pollution?
7. Why is the market-based approach to control pollution more preferable for taxpayers?
8. What are the market-based instruments to control pollution?
9. What are taxes on pollution?
10. How do marketable permits work?
God and the Environmentalists
In the Beginning, God created heaven and Earth
He was then faced with a lawsuit for failing to file an environmental impact statement from
HEPA (Heavenly Environmental Protection Agency), an angelically staffed agency whose duty
was to keep the universe pollution free.
God was given a temporary permit for the heavenly portion of the project, but was issued a
cease and desist order on the earthly portion of the project, which needed further investigation
by HEPA. Upon completion of His construction permit and environmental impact statement, God
appeared before HEPA council to answer some questions. When asked why He began these
projects in the first place, He simply replied that He liked to be creative. This was not considered
an adequate reason and He was required to be more detailed.
HEPA was unable to see any practical use for earth anyway, since the earth was void and
empty and darkness was on the face of the deep. Then God said, Let there be Light.
He should never have brought up this point, since one member of the Council immediately
protested, asking how the Light was to be made. Would there be strip mining? Air Pollution?
God explained that the Light would come from a huge ball of fire.
Nobody on the council really understood this, but it was accepted, assuming 1) that there would
be no smog or smoke resulting from the burning; 2) a separate burning permit would be
required; and 3) since continuous light would be a waste of energy, it should be dark half of the
time. So God agreed to divide the Light and the Darkness and He would call the Light Day and
the Darkness Night. (The Council expressed no interest in in-house semantics.)
When asked how the earth would be covered, God said, Let there be firmament made amidst
the waters; and let it divide the waters from the waters. One ecologically radical Council
member accused Him of double talk, but the Council allowed God to do this, since He would
have to first file for a permit from the ABLM (Angelic Bureau of Land Management) and further
would be required to obtain water permits from the appropriate agencies involved.
The council asked if there would only be water and firmament, and God said, Let the earth
bring forth the green herb, and such as may seed, and the fruit tree yielding after its own kind,
which may have seen itself upon the earth. The Council agreed as long as native seed would
be used. About future development God also said, Let the waters bring forth the creeping
creature having life, and the fowl that may fly over the earth. Here again, the Council took no
formal action since this would require approval of the Fish and Game Commission coordinated
with the Heavenly Wildlife Federation.
It then appeared that everything was in order until God stated that He wanted to complete the
project in six days. At this time He was advised by the Council that his timing was completely
out of the question HEPA would require a minimum of 180 days to review the application and
environmental impact statement, and then there would be public hearings. It would take 10 to
12 months before a permit would be given.
God said, To Hell with it!
6nosa sspaeu:
amidst cpepu, nocpepu
angel auren
appropriate coofeefcfeyku
assume cnepoeafu, eueopufu cnepcfeue
ball uap
cease npekpaeuue, npuocfauoeka
completion saeepueuue
continuous npoponufenuuu, pnufenuuu
creative kpeafueuu, cnocouu u cknouuu k feopecfey
desist npekpaeuue, npuocfauoeka
divide paspennfu, penufu
fail fepnefu ueypay, ufu ue e cocfonuuu, ue cpenafu ero-nuo
fi le sanonuufu u nopafu saneky, npoueuue
firmament seci: feeppu seruan
heaven ueeca
heavenly ueecuu
herb fpaea, pacfufenuuocfu
huge orporuu
impact eospecfeue
involve eoenekafu(cn), yacfeoeafu
lawsuit cypeuu uck
obtain npuopefafu, nonyafu
order npukas, ykasauue
permit paspeueuue
portion acfu, paspen
review oueuka; oueuueafu
seed cern, cereua
semantics ceraufuka, suaeuun
smog cror (crecu pura u fyraua)
staff ufaf, nepcouan
temporary epereuuoe
timing epereuuo rpaquk
universe eceneuuan
void nycfo, nycfuuuu
environmental impact statement pacef cfeneuu eospecfeun ua okpyakyk cpepy
Heavenly Environmental Protection Agency Heecuoe Areufcfeo 3aufu Okpyake
Cpepu
angelically staffed ufaf kofoporo cocfouf us aurenoe
keep the universe pollution free sauafu eceneuuyk of sarpnsueuun
construction permit paspeueuue ua cfpoufenucfeo
the earth was void and empty and darkness was on the face of the deep sernn una
nycfa u nycfuuua, u fura neana ua nuke espuu
Let there be Light! a ypef Ceef!
strip mining kapuepuan euerka
air pollution sarpnsueuue afrocqepu
burning permit paspeueuue ua curauue
waste of energy fpafa suepruu
divide the Light and the Darkness ofpenufu Ceef of Turu
call the Light Day and the Darkness Night uaseafu Ceef uer, a Tury Houk
in-house semantics euyfpeuunn fepruuonorun, npoqeccuouanuuu aprou
Let there be firmament made amidst the waters; and let it divide the waters from the
waters Rycfu eosuukuef feeppu seruan cpepu eop, u pa ofpenuf oua eopu of eop
ecologically radical papukanuuu skonor
accuse of oeuunfu (e veu-nuo)
double talk peycrucneuuocfu, nou
file for a permit nopafu saneky ua paspeueuue
Angel ic Bureau of Land Management Aurenuckoe Ekpo Ynpaeneuun 3erenuuuru
Pecypcaru
water permit paspeueuue ua ucnonusoeauue eopuux pecypcoe
bring forth npuuocufu
Let the earth bring forth the green herb, and such as may seed, and the fruit tree yielding
after its own kind, which may have seen itself upon the earth a nopopuf sernn
seneuue noeru us cereuu, u nnopouocnee pepeeo us sepua, npopocuero e serne
native seed cereua recfuux pacfeuu
Let the waters bring forth the creeping creature having life, and the fowl that may fly over
the earth a nopopuf eopa nonsyux feape ueux, u nfuu, kofopue ypyf nefafu uap
serne
formal action npuunfoe peueuue
Fish and Game Commission Koruccun no Pue u 3eepuk
Heavenly Wildlife Federation Heecuan 4epepauun uko Rpupopu
out of the question o sfor ueero u pyrafu
public hearings nynuuue cnyuauun
"To Hell with it!" K epfy ece sfo!

Exercise 15
1. What did God create in the beginning?
2. Who filed a suit against God?
3. Why was God not given a permit for the earthly portion of his project?
4. Why did God begin these projects in the first place?
5. Why was HEPA not able to see any practical use for the earth?
6. What happened when God created Light?
7. Where was the Light supposed to come from?
8. Where was God to obtain permits from when he decided to divide firmament and waters?
9. Why did the Council not allow God to create fish and other living creatures?
10. Why did God swear?
Telecommunications
An important role in the organization and operation of the modern global economy is played by
telecommunications. Telecommunications makes possible to globalize markets, bridge time-
zone differences, reduce transactions costs, expand productivity, and directly increase
economic well-being.
Advances in microelectronics, photonics, computer software, network architecture, high-
definition television, and superconductivity are constantly reducing costs and expanding
capabilities in telecommunications. Simultaneously there appears a generation of computer-
literate consumers and producers with a taste and propensity for interactive communication.
For a great number of companies nowadays telecommunications is a part of the production
process and even of the product. Telephonic order entry and credit validation, as well as video
and teleconferencing services make transacting business convenient. Telephone lines connect
firms and their customers supplying them with product information. Some companies now build
telecommunications capabilities right into the equipment they produce.
Telecommunications capabilities make possible extensive worldwide business communication
which leads to globalization of markets and businesses.


6nosa sspaeu:
advances pocfueuun, npopeueuun enepep
bridge rocf; sanonunfu npoen
definition onpepeneuue, seci: paspeueuue
entry exop, foka exopa
equipment oopypoeauue
expand pacuupnfu(cn)
extensive uupoku, skcfeucueuu
generation nokoneuue
globalize rnoanusupoeafu, penafu ecerupuur
interactive uufepakfueuu
literate opasoeauuu, rparofuu
microelectronics rukposnekfpouuka
network cefu
order sakas
photonics qofosnekfpouuka
propensity cknouuocfu (k veuy-nuo)
software nporparruoe oecneeuue
superconductivity ceepxnpoeopurocfu
taste ekyc
telecommunications cucferu fenekorryuukauuu
teleconferencing fenekouqepeuuun
transaction cpenka
validation npoeepka sakouuocfu, coofeefcfeun, nonuorou
worldwide ecerupuu
time-zone epereuun soua
network architecture cefeean apxufekfypa
high-definition television feneeupeuue eucokoro paspeueuun
computer-l iterate kornukfepuo rparofuu
telephonic order entry feneqouuoe pasreeuue sakasoe
credit validation nopfeeppeuue nonuorou, kpepufocnocouocfu

Exercise 16
1. What role do telecommunications play in the organization and operation of the modern global
economy?
2. What technological advances are used in telecommunications?
3. Who is able to take part in interactive communication?
4. What types of telecommunication make business convenient?
5. How can telecommunications become a part of a product?
Computers: Male or Female?
Five reasons to believe computers are female:
1. No one but the Creator understands their internal logic.
2. The native language they use to communicate with each other is incomprehensible to
everyone else.
3. The message Bad command or file name is about as informative as, If you don't know
why I'm mad at you, then I'm certainly not going to tell you.
4. Even your smallest mistakes are stored in long-term memory for later retrieval.
5. As soon as you make a commitment to one, you find yourself spending half your paycheck on
accessories for it.
Five reasons to believe computers are male:
1. They have a lot of data, but are still clueless.
2. They are supposed to solve problems, but half the time they are the problem.
3. As soon as you commit to one you realize that, if you had waited a little longer, you could
have obtained a better model.
4. In order to get their attention, you have to turn them on.
5. Big power surges knock them out for the rest of the night.
Floppy Disk Care
By following the instructions below, you should have error-free, long-lasting floppy disks.
1. Never leave diskettes in the disk drive, as data can leak out of the disk and corrode the inner
mechanics of the drive. Diskettes should be rolled up and stored in pencil holders.
2. Diskettes should be cleaned and waxed once a week. Microscopic metal particles can be
removed by waving a powerful magnet over the surface of the disk. Any stubborn metallic
shavings can be removed with scouring powder and soap. When waxing the diskettes, make
sure the surface is even. This will allow the diskette to spin faster, resulting in better access
time.
3. Do not fold diskettes unless they do not fit into the drive. Big diskettes may be folded and
used in little disk drives.
4. Never insert a diskette into the drive upside down. The data can fall off the surface of the disk
and jam the intricate mechanics of the drive.
5. Diskettes cannot be backed up by running them through the xerox machine. If your data is
going to need to be backed up, simply insert two diskettes into the drive. Whenever you update
a document, the data will be written on both diskettes.
6. Diskettes should not be inserted or removed from the drive while the red light is flashing.
Doing so could result in smeared or possibly unreadable text. Occasionally the red light remains
flashing in what is known as a hung or hooked, state. If your system is hooking you will
probably need to insert a few coins before being allowed access to the slot.
7. If your diskette is full and you need more storage space, remove the disk from the drive and
shake vigorously for 2 minutes. This will pack the data enough (Data Compression) to allow for
more storage. Be sure to cover all the openings with scotch tape to prevent loss data.
8. Access time can be greatly improved by cutting more holes in the diskette jacket. This will
provide more simultaneous access points to the disk.
9. Never use scissors and glue to manually edit documents. The data is stored much too small
for the naked eye, and you may end up with data from some other document stuck in the middle
of your document. Razor blades and scotch tape may be used, however, provided the user is
equipped with an electron microscope.
10. Periodically spray diskettes with insecticide to prevent system bugs from spreading.
6nosa sspaeu:
access koun. pocfyn
blade neseue
bug yk, koun. cucferuu co
clueless ue ureku knka, pocfyna
command koraupa
commit nocenafu (cen veuy-nuo unu kouy-nuo), paeafu onsafenucfeo
commitment onsafenucfeo (no ofuoueuuk k kory-nuo unu ery-nuo)
communicate oafucn
compression cafue
corrode nopeeprafu kopposuu, paeeuuk
Creator Cospafenu
diskette puckefa
edit pepakfupoeafu
error ouuka
even poeuu
flash ceepkafu
fold cknapueafu nononar
glue kne; kneufu
"hooked" saeucuu
"hung" saeucuu
incomprehensible ueeunfuu, uenounfuu, uepasnuuru
informative uuqoprafueuu
insert ecfaennfu
internal euyfpeuuu, euyfpeuunn
intricate cnouu
jacket koun. kopnyc (puckefu)
jam sacfpeeafu (e veu-nuo), saueafu (vmo-nuo)
language nsuk
logic noruka
magnet raruuf
manual pyuo
microscope rukpockon
microscopic rukpockonuecku
particle acfuua
paycheck ekoean kuuka
powder nopouok, nyppa
powerful rouu
razor pufea
retrieval eoccfauoeneuue, noefopuoe ucnonusoeauue
scotch ckof
scour ucfufu, ouafu
shavings cfpyku
simultaneous opuoepereuuu
slot enu pnn rouefu
smear rasafu, nokpueafu nnfuaru
spray cnpe
spread pacnpocfpaunfucn
storage xpaueuue
stubborn ynpnru
stuck (om stick npununafu) npununuu
update popaafueafu, coeepueucfeoeafu
vigorously suepruuo
waxe uafupafu eockor
xerox kcepokc
be mad at smb pasa. snufucn, rueeafucn ua koro-uuypu
turn smb on pasa. saeopufu koro-nuo
power surge auepa. nepenapu uanpneuun
knock out pasa. euueafu, nocunafu e uokayf
the rest ocfafok
error-free ceoopuu of ouuok
disk drive puckoeop
leak out eufekafu
roll up ceopaueafu e fpyoky
pencil holders qyfnnpu, pepafenu pnn kapaupaue
upside down eeepx uoraru
be sure ypocfoeepufucn
naked eye pasa. ueeoopyeuuu (ronu) rnas
system bugs cucferuu co

Exercise 17
1. Who can understand computers' internal logic?
2. Who can understand the computers' native language?
3. Where are a man's smallest mistakes stored?
4. How much do you have to spend on the computer's accessoires?
5. What do you have to do in order to get the computer's attention?
6. Why cannot one leave diskettes in the disk drive?
7. How should the diskettes be stored?
8. What should microscopic metal particles be removed with from the surface of the disk?
9. How can one use big diskettes in little disk drives?
10. How can one back up the data?
11. Why cannot one use a xerox machine to do so?
12. What does one have to do if the system is hooked?
13. What does one have to do to compress the data on a diskette?
14. How many holes should one cut in a diskette jacket to make the access time double fast?
What Happens if One Types the Wrong e-mail Address:
A Minneapolis couple decided to go to Florida to thaw out during a particularly icy winter. They
planned to stay at the same hotel where they spent their honeymoon 20 years earlier. Because
of hectic schedules, it was difficult to coordinate their travel plans. So, the husband left
Minneapolis and flew to Florida on Thursday, with his wife flying down the following day. The
husband checked into the hotel. There was a computer in his room, so he decided to send an e-
mail to his wife. However, he accidentally left out one letter in her e-mail address, and without
realizing his error, sent the e-mail.
Meanwhile, somewhere in Houston, a widow had just returned home from her husband's
funeral. He died of a heart attack. The widow decided to check her e-mail expecting messages
from relatives and friends. After reading the first message, she screamed and fainted. The
widow's son rushed into the room, found his mother on the floor, and saw the computer screen
which read:
To: My loving wife
Subject: I've arrived
Date: April 6, 2006
I know you're surprised to hear from me. They have computers here now and you are allowed to
send e-mails to your loved ones. I've just arrived and have been checked in. I see that
everything has been prepared for your arrival tomorrow. Looking forward to seeing you then.
Hope your journey is as uneventful as mine was.
P.S. Sure it is freaking hot down here!!!!!
Telecommunications: a Historical Review
A German archaeology team digs down 50m and finds traces of copper wire. Afterwards the
German government proclaims that 2,000 years ago the Germans obviously had developed a
telephone system.
Later an English archaeology team digs down 100m and finds traces of glass strands.
Afterwards the British government proclaims that 3,000 years ago the English obviously had
developed a fibre optic-based telephone system.
An American archaeology team digs down 200m and but finds nothing at all. Afterwards the
American government proclaims that 4,000 years ago the Americans invented mobile phones!!!
6nosa sspaeu:
accidentally cnyauo
archaeology apxeonorun; apxeonorueckan
coordinate ckooppuuupoeafu
copper repu
couple napa (seci: cynpyeckan)
dig konafu
error ouuka, peqekf
faint fepnfu cosuauue, napafu e oropok
fibre eonokuo
freak uefo ueuopranuuoe, auoranuuoe
funeral noxopouu
hectic uepeuu, nuxopapouu, eosypeuuu, axofouu
honeymoon repoeu recnu
journey nyfeuecfeue
message cooeuue, nucuro
mobile rounuuu
optic onfueckoe
proclaim npoeosrnauafu
relative popcfeeuuuk
rush pocufucn
schedule pacnucauue
scream eonnu, npousufenuuu kpuk; eonufu, npousufenuuo kpuafu
strand eonokua, npnpu
thaw fanfu
trace cnep
type neafafu ua nuuye rauuuke, kornukfepe
uneventful cnokouoe, oouepueecn es ocoux coufu
widow epoea
wire npoeop
e-mail (electronic mail) snekfpouuan nofa
thaw out offanfu
icy winter xonopuan (nepnuan) sura
check into the hotel saperucfpupoeafucn e ofene
leave out eunycfufu, nponycfufu
heart attack ceppeuu npucfyn
freaking hot ueuopranuuo apko
fibre optic-based ocuoeauuan ua onfuko-eonokouuo fexuonoruu

Exercise 18
1. Why did the couple decide to go to Florida?
2. Where did they plan to stay?
3. Why was it difficult for them to coordinate their travel plans?
4. What day of the week did the husband fly?
5. What error did the husband make?
6. Where did the widow come from in Houston?
7. What had her husband died of?
8. Why did the widow lose consciousness?
9. What was the weather like in the place where she received the e-mail from?
10. Where did she receive the letter from?
11. What material did the German team dig out?
12. Who invented the first fiber optic-based telephone system 3,000 years ago?
13. Who invented first mobile phones 4,000 years ago?
4. Mepyuupopuun souomuu
(International Economics)
European Economic Community
Since World War II, countries have reduced barriers to trade mainly through multilateral
negotiations such as the General Agreement on Tariffs and Trade (GATT).
A central premise of the GATT is nondiscrimination: countries should give all GATT members
the same access to their markets. The main exemption to that rule is free trade areas. Partners
to free trade agreements are allowed to exempt one another's goods from import duties while
maintaining tariffs and/or quotas on products from other GATT countries. The European
Economic Community (EEC), the most prominent example of a free trade area, actually is what
economists call a customs union. Whereas member nations in a free trade area remove all
barriers to trade among themselves, in a customs union they also adopt uniform tariffs on goods
and services from outside the union.
The EEC is currently attempting to transform itself from a customs union to a true common
market in which capital and labour, and not just goods, are allowed to flow freely from one
country to another. The EEC's impact has been significant. In 1960 more than 60 percent of the
trade of the Community's twelve members was with other parts of the world. Now more than 60
percent stays within the European grouping. Where the EEC contented itself initially with
removing internal barriers to trade, it has since expanded into the regulation of domestic
markets and monetary unification.
6nosa sspaeu:
access pocfyn
adopt npuuurafu
barrier apuep, nperpapa
community cooecfeo
content ypoenefeopnfu(cn)
currently e uacfonu roreuf
domestic porauuu, euyfpeuuu
exempt ucknkafu
exemption ucknkeuue
expand pacnpocfpaunfu(cn), pacuupnfu(cn)
grouping rpynnupoeka
impact ypap, pesynufaf, eknap
import duties urnopfuue nounuuu
ini tially usuaanuuo
multilateral ruorocfopouuu
negotiations neperoeopu
nondiscrimination ofcyfcfeue puckpuruuauuu
premise npepnocunka
prominent suaufenuuu, eauu
quota keofa
tariff fapuq
unification yuuqukauun
uniform epuuoopasuu
General Agreement on Tariffs and Trade (GATT) Feuepanuuoe cornaueuue o fapuqax u
foproene
free trade areas soua ceoopuo foproenu
customs union faroeuuu coks

Exercise 1
1. How have countries been reducing barriers since World War II?
2. What is the GATT's central premise?
3. What is the main exemption to the rule of nondiscrimination?
4. What are partners to free trade agreements allowed to do?
5. How do economists call the European Economic Community?
6. What is the main difference between a free trade area and a customs union?
7. What is the EEC currently attempting to transform itself into?
8. How much of the Community twelve members' trade was with other parts of the world in
1960?
9. How much of the European Community trade stays within the EEC's countries now?
10. What has the EEC been preoccupied with since it removed internal barriers to trade?
Exchange Rates
Under the Bretton Woods system of fixed exchange rates, which lasted from 1946 to 1973,
exchange rates (for example, the number of dollars it takes to buy a British pound or German
mark) were fixed at levels determined by governments. In 1973 floating exchange rates were
introduced. Since then exchange rates are determined by people buying and selling currencies
in the foreign-exchange (Forex) markets.
Floating rates tend to be unstable at times. Thus, the pound sterling / U.S. dollar rate did not
change at all from 1949 to 1966. In 1967 the pound was devaluated by 14 percent. Since the
end of fixed rates in 1973 to 1991, however, the pound, on average, either appreciated or
depreciated by 14 percent every two years.
The experience with floating exchange rates in the twenties had been marked by massive
instability. Currency markets were subject to destabilizing speculation, which created pointless
and economically damaging fluctuations.During the fifties and sixties, however, both economists
and policymakers began to see exchange rate flexibility in a more favourable light.
The main advantage was that nations could pursue independent monetary policies and adjust
easily to eliminate payments imbalances and offset changes in their international
competitiveness. Some of the changes in exchange rates can be attributed to differences in
national inflation rates, as well as in different growth rates in various countries' money supplies.
6nosa sspaeu:
appreciate noeuuafu ueuy, ueuufu, noeuuafu kypc eankfu
attribute npunucueafu
competitiveness cocfnsafenuuocfu, koukypeufocnocouocfu
currency eankfa
depreciate oecueuueafu(cn), cuuafu cfourocfu, kypc eankfu
destabilizing speculation pe cfaunusupykan cnekynnuun (uapa ua kypcax eankm)
devaluate oecueuueafu(cn), peeanueupoeafu(cn)
eliminate yuufoafu
fix ycfauaenueafu, qukcupoeafu
flexibi lity rukocfu
float nnaeafu
mark rapka
offset eosreafu, korneucupoeafu
pointless ecuenuuu
pound qyuf (cfepnuuroe)
pursue cnepoeafu, npecnepoeafu
tend cfperufucn (k veuy-nuo), urefu feupeuuuk (k veuy-nuo)
unstable uecfaunuuu
Bretton Woods system Epeffou-Bypckan eankfuan cucfera
exchange rate oreuuu kypc
it takes ua sfo fpeyefcn
Forex cokp. foreign exchange
by 14 percent ua 14 npoueufoe
favourable light naronpunfuu ceef
payments imbalance nnafeuu pucanauc
inflation rate fernu uuqnnuuu
growth rate fernu pocfa

Exercise 2
1. How long did the Bretton Woods system of fixed exchange rates last?
2. Who determined the levels of exchange rates within the Bretton Woods system?
3. When were the floating exchange rates introduced?
4. Who determines at what price to buy and sell a currency under the floating exchange
rates?
5. What is a Forex market?
6. How has the pound sterling been fluctuating since 1967?
7. How do currency markets behave when they are subject to destabilizing speculation?
8. How did the economists's attitude towards exchange rate flexibility change in the sixties?
9. What is the main advantage of floating exchange rates?
10. How do exchange rates relate to differences in national inflation rates?
What is Fluctuations?
A tourist from China was traveling to New York City for a two week vacation. He went to the
bank as soon as he arrived in order to exchange his Chinese money for American money. He
gave the teller 1000 yuan, and the teller in turn gave him 150 dollars.
A week went by, and the tourist had used up his money, so he returned to the bank. He gave
the teller another 1000 yuan, but this time the teller only gave him 125 dollars. Seeing the
difference, the man angrily asked the teller in his broken English why last week he received 150
dollars for the same amount of money. The teller replied, Fluctuations.
Flustered, the tourist responded, Well fluck you crazy Americans too!
6nosa sspaeu:
fluctuations koneauue (ueu)
fluster pasropnafucn, eosryafucn
teller aukoecku kaccup
yuan kauu
China Kufa
in turn e ceok oepepu

Exercise 3
1. For how long did the Chinese tourist come to New York?
2. What was the exchange rate of the dollar to the yuan on the first week of his vacation?
3. By how much had the yuan depreciated in two weeks?
4. What is fluctuations, in the Chinese's point of view?

International Business

Companies that want greater control over their product have to manufacture it at home and then
export it to the foreign countries. In this case exporters must examine the market.
Some firms can sell their products to an export/import merchant who takes all the selling risks.
In other cases the company may use an export/import agent who sells the product to
wholesalers or retailers in the foreign country. Sometimes the exporter may set up its own sales
offices and branches abroad. This is more expensive, and only large firms can afford it.

US Imports in 2001 in $ Million
96.4 Petroleum
34.5 Motor vehicle parts
18.6 Iron and steel
12.8 Electrical machinery parts
14.7 TV, radio and sound products
10.6 Clothing
9.1 Natural gas
8.8 Chemicals
To go international a large firm can also set up a joint venture with a company in another
country. In this case two companies pool their resources to design, manufacture and sell the
product. Both firms profit by the results of this arrangement. They also share responsibility. One
of the firms provides the necessary funds and know-how for producing goods. In return it gets a
foothold in the foreign market. The other firm obtains financial aid and technical assistance. And
it takes responsibility for handling red tape and organizing sales in the local market.
6nosa sspaeu:
afford noseonnfu (cee)
assistance norou, noppepka
branch eefeu, qunuan, npepcfaeufenucfeo
chemical xurukaf
clothing opepa
design paspaafueafu, nnauupoeafu
foothold nnaupapr
joint coerecfuu
machinery oopypoeauue, rauuuu
motor peurafenu, aeforounu; rofopusoeauuu
petroleum ueqfu
pool cnueafu (cpepcfea)
responsibility ofeefcfeeuuocfu
retailer posuuuu foproeeu
share penufu, paspennfu
vehicle uaseruoe fpaucnopfuoe cpepcfeo
venture npepnpunfue, puckoeauuoe npepnpunfue
wholesaler onfoeu foproeeu
control over product koufponu uap npopykfor
sound products seykosanucueakue ycfpocfea (moeapi)
go international euxopufu ua repyuapopuu puuok
in this case e sfor cnyae
export/import merchant skcnopfuo-urnopfuu nocpepuuk
take the selling risks pafu ua cen pucku, censauuue
c npopae
sales office oquc npopa
know-how uoy-xay
in return esareu, e ofeef
red tape kpokpafun

Exercise 4
1. What do companies do if they want greater control over their product?
2. Who takes all the selling risks if companies sell their products to an export/import merchant?
3. Who in the foreign countries do export/import agents sell the product to?
4. What do exporters sometimes set up in foreign countries?
5. How much petroleum did the USA sell abroad in 2001 (in $ million)?
6. What is a joint venture?
7. What do companies that set up a joint venture pool?
8. What does a foreign company provide?
9. What does it get in return?
10. What is the home company responsible for?
The International Corporate Boat Race
An American automobile company and a J apanese auto company decided to have a
competitive boat race on the Detroit River. Both teams practiced hard and long to reach their
peak performance. On the big day, they were as ready as they could be.
The J apanese team won by a mile.
Afterwards, the American team became discouraged by the loss and their morale sagged.
Corporate management decided that the reason for the crushing defeat had to be found.
A Continuous Measurable Improvement Team of Executives was set up to investigate the
problem and to recommend appropriate corrective action.
Their conclusion: The problem was that the J apanese team had 8 people rowing and 1 person
steering, whereas the American team had 1 person rowing and 8 people steering. The
American Corporate Steering Committee immediately hired a consulting firm to do a study on
the management structure.
After some time and billions of dollars, the consulting firm concluded that too many people
were steering and not enough rowing. To prevent losing to the J apanese again next year, the
management structure was changed to 4 Steering Managers, 3 Area Steering Managers, and
1 Staff Steering Manager and a new performance system for the person rowing the boat to
give more incentive to work harder and become a superb performer. We must give him
empowerment and enrichment. That ought to do it.
The next year the J apanese team won by two miles.
The American Corporation laid off the rower for poor performance, sold all of the paddles,
cancelled all capital investments for new equipment, halted development of a new canoe,
awarded high performance awards to the consulting firm, and distributed the money saved as
bonuses to the senior executives.

6nosa sspaeu:
afterwards nocne, enocnepcfeuu
award uarpapa; uarpapafu
boat nopka
bonus noopeuue, ouyc
canoe kauoe
competitive copeeuoeafenuuu, cocfnsafenuuu
corrective koppekuuouuue
defeat nopaeuue
empowerment nonuoroun
enrichment ooraeuue
halt ocfauaenueafu
investigate uccnepoeafu
morale ropanuuoe cocfonuue
paddle eecno
peak nuk; nukoean, eucuan
race rouku
row rpecfu (eecnauu ua noke)
rower rpeeu
sag ocepafu, npoeucafu
steer pynufu, ynpaennfu c norouk pynn
superb npeeocxopuu, uenpeesopeuuu
by a mile ua runk
crushing defeat cokpyuufenuuoe nopaeuue
A Continuous Measurable Improvement Team of Executives Rocfonuuu Coeef
upekfopoe no Oecneeuuk Hsrepurux Ynyueuu
The American Corporate Steering Committee Arepukaucku Kopnopafueuu Coeef
Pyneeoro Ynpaeneuun
prevent losing npepofepafufu nopaeuue, npourpuu
Steering Manager Meuepep Pyneeoro Ynpaeneuun
Area Steering Manager 3ouanuuu Meuepep Pyneeoro Ynpaeneuun
Staff Steering Manager Meuepep Repcouana Pyneeoro Ynpaeneuun
performance system cucfera ucnonueuun
That ought to do it. Sforo ponuo xeafufu.
lay off yeonuunfu
senior executives cfapuue ynpaennkue

Exercise 5
1. What did the two companies decide to have?
2. What did the teams do to perform at their best?
3. Who won and by how far?
4. What happened to the American team's morale after the defeat?
5. What was made to investigate the problem?
6. What was the conclusion?
7. Who did the Americans hire to perform a study of the managerial structure?
8. How much money could it actually take to make the conclusion which the consulting firm had
made?
9. What structural improvements were made in the American team?
10. Who of the Americans profited mostly from the whole thing?
Japanese Management Lecture
Four corporate presidents, one English, one French, one J apanese and one American, were on
their way to an international business conference when they were kidnapped by terrorists and
taken to a secret hideout.
You, your companies, and your countries are enemies of the Revolution, screamed the
terrorist leader, and you're going to be executed! Do you have any last requests?
The Englishman spoke first.
Before I die, I want to honour my country and protest this barbaric act by singing 'God Save
the Queen' to all you men.
That can be arranged, said the terrorist.
The Frenchman said, And I want to honour my country before I die by singing 'The Marseilles'
to your men.
The J apanese said, Before I die, I wish to honour my country by giving the lecture I was going
to present on the J apanese style of industrial management.
The terrorist turned finally to the American.
What is your last request?
The American replied, I want you to kill me right now so I don't have to listen to another lecture
on the J apanese style of industrial management!
6nosa sspaeu:
barbaric eapeapcku
enemy epar; epaecku
execute kasuufu
hideout ykpufue
honour ofpaeafu ecfu, npocnaennfu
kidnap noxuafu (nke)
request fpeoeauue; fpeoeafu
terrorist feppopucf
on their way no nyfu (kya-nuo)
"God Save the Queen" Eoe, cnacu Koponeey(Focyapcmeeuui Fuuu Coeuueuuoao
Koponeecmea Benukopumauuu u Ceeepuo Hpnauuu)
"The Marseilles" Mapcenuesa(Focyapcmeeuui Fuuu Opauuyscko Pecnynuku)
Japanese style of industrial management nnoucku cfunu ynpaeneuun
nporuuneuuocfuk

Exercise 6
1. Where were the presidents heading when they were kidnapped?
2. Why did the terrorists decide to kill them?
3. What was the last request of the English corporate president?
4. What did the French ask as the last wish?
5. Why did the American prefer to die rather than listen to the J apanese president?
Regulations of International Business
Some governments impose various regulations on businesses in their countries. Sometimes
these regulations discourage foreign companies from entering home markets. In some countries
all international businesses must have local partners. In other countries a foreign firm must have
at least one native in the top management of a branch or a subsidiary. Some governments, for
example in Mexico, insist that the local partners have the controlling interest. However, big firms
like IBM refuse to do business on these grounds and usually manage to find the way out.
Government regulations limit what a company may do. For example, some countries demand
that the company should file a plan indicating what it is going to produce, how many local
workers it is going to hire and how much it will pay the workers. This plan must also fit into the
government economic master plan. If the country changes its master plan, the foreign firm must
change its plans, too.
Governments can prohibit the import or export of certain products for military, sanitary, moral or
political reasons. A military embargo prevents weapons going to a certain country. The United
States prohibit the import of certain birds and animals for sanitary reasons. Moral reasons are
the grounds for embargoing cocaine, heroin and other drugs. Sometimes governments prevent
the export for political reasons. For example, the United Nations set embargo on sales to, and
purchases from, Rhodesia before it became Zimbabwe.
Sanctions are a form of reaction to illegal actions of another party. There are sanctions against
dumping, for example. Dumping means shipping large amounds of a product to another country
at prices below the cost of production or below the selling price.
Sometimes the government can encourage or discourage imports and exports of goods. It
imposes quotas on certain products. An export quota specifies how much of a product can a
manufacturer ship out. An import quota allows you to import to certain limit. The quota may be
absolute (we reach a certain amount and can ship no more) or the government can combine it
with a special tariff on all units over that amount. For example, we had an import quota of 6,000
automobiles. We had bought 6,000 automobiles with a 6.5 % tariff by the end of the last year,
and all others we bought with a 45 % tariff.

The government also imposes special taxes or duties on imported goods. These are tariffs.
Tariffs discourage imports because they make foreign goods more expensive. There are
revenue tariffs that generate tax revenues and protective tariffs that protect home
manufacturers. The purpose of the revenue tariffs is to raise money, and therefore these tariffs
are rather low. The protective tariffs are much higher.
6nosa sspaeu:
absolute aconkfuu
cocaine kokauu
discourage (from) pacxonaueafu, ofepaafu (om veao-nuo), npennfcfeoeafu
drug nekapcfeo, uapkofuk
dumping pernuur, pernuuroean foproenn
embargo srapro
encourage noopnfu
fi le npepcfaennfu (nnau), nopaeafu (pokyreufu)
generate eupaafueafu, cospaeafu
heroin repouu
illegal uesakouuu, ueneranuuu
impose (on) uanarafu
insist (on) uacfaueafu (ua veu-nuo)
military eoeuuu
moral ropanuuu
native recfuu (ufenu)
party cfopoua (e cenke, ua nepeaoeopax)
prevent npepofepaafu
prohibit sanpeafu
quota keofa
reason npuuua
regulations orpauueuun, sakouu; perynupykue akfu u pecfeun
revenue eupyka, npuxop (cpecme)
sanctions caukuuu
sanitary cauufapuu
specify onpepennfu, cneuuquuupoeafu
subsidiary qunuan
tariff fapuq
unit epuuuua (npoykuuu)
various pasuoopasuue
weapons opyue
home market euyfpeuuu puuok
local partners recfuue napfuepu
top management eucuee pykoeopcfeo
controlling interest koufponuuu nakef akuu
on these grounds ua sfux ycnoeunx, ua sfux ocuoeauunx
way out euxop
economic master plan reuepanuuu nnau paseufun skouoruku
ship out eueosufu
to a certain limit po onpepeneuuoro npepena
revenue tariff quckanuuu fapuq
protective tariff npofekuuouucfcku fapuq
raise money coupafu cpepcfea

Exercise 7
1. Why do governments impose various regulations on businesses in their countries?
2. What kind of regulations could those be?
3. What does a foreign company have to do if its plans are a part of the government economic
master plan, and the local authorities change their economic policy?
4. What reasons can governments prohibit import or export for?
5. What reasons make governments prohibit import of animals?
6. What is sanctions?
7. What is dumping?
8. How does the absolute quota work?
9. What does a government impose tariffs on imported goods for?
10. What is the difference between the revenue tariff and the protective tariff?
Helping Foreign Trade
There are some institutions and policies in the world that foster international trade. If these
institutions did not exist, many companies would not at all be able to go inter national. The
U.S. government created the Export-Import Bank (Eximbank) in order to reduce unemployment
in the country. Eximbank makes loans to U.S exporters and foreign buyers of U.S. imports if
private financing is not available. A firm can also buy insurance from the Foreign Credit
Insurance Association (FCIA) to cover political risk, such as expropriation and loss due to war.
The exporter can also buy insurance coverage on credit sales to foreign customer.
More known are the International Bank for Reconstruction and Development (World Bank) and
the International Monetary Fund (IMF). The former fosters the economic development of
member nations by making loans to them. The latter eliminates trade barriers and promotes
financial cooperation among member countries. Thus, if firms in Argentina wish to buy from
American firms but Argentina lacks American dollars, Argentina can borrow USD from IMF.
Then it pays the loan back.
The General Agreement on Tariffs and Trade (GATT) is an international agreement in which
member countries agreed to try to reduce trade barriers. Since 1948 GATT has arranged
several rounds of negotiations to cut tariffs on thousands of products and to remove many
nontariff barriers to trade (Tokyo Round 19751979, Geneva Round 1983). The
International Development Association (IDA) and the International Finance Corporation (IFC)
make loans to private businesses if they cannot obtain funds from other sources.
Other means of helping foreign trade are Foreign Trade Zones (Free Trade Zones). Foreign
Trade Zones (FTZs) are areas in the country that are treated as foreign territory. Foreign goods
can be imported into these areas without payment of duties imposed by the national
government. These goods can then be sold and shipped from the FTZ to other countries duty-
free. When these goods are shipped into the country to which FTZ belongs, the duty is
imposed.
The advantage of FTZ is that it provides jobs for native workers and markets for goods
produced in the country. There are now ninety seven such zones in the USA, for example. They
are doing more than $ 7 billion of business and create more than 30 thousand jobs. The most
well-known are the Brooklyn Navy Yard (New York), Del Rio (Texas), Port Everglades (Florida),
etc. In the Brooklyn Navy Yard over 150 firms do business. Many U.S. workers there repackage
goods for shipment to foreign markets. In other cases companies use an FTZ to delay customs
duties on goods that are not yet ready for market. For example, a wine company in the New
Orleans FTZ is aging its wine for future distribution.

6nosa sspaeu:
age eospacf; eupepueafu (o euue)
area soua, onacfu
borrow sauurafu, pafu ccypy
cover nokpueafu
coverage nokpufue
delay ofknapueafu, ofnarafu
distribution pacnpepeneuue, foproenn
eliminate yuufoafu, nukeupupoeafu
expropriation skcnponpuauun
former nepeu (us nepevucneuuix)
foster noopnfu, naronpunfcfeoeafu
institution oprauusauun
insurance cfpaxoeauue, cfpaxoeka
lack uepocfafok; urefu uepocfafok
loan saer, ccypa; paeafu ccypy, saer
loss nofepu
nontariff ue censauuu c fapuqaru
promote npopeurafu, noopnfu
repackage nepeynakoeueafu
treat opaafucn (c keu-nuo kak-nuo)
wine euuo
political risk puck, censauuu c nonufuecko uecfaunuuocfuk
due to us-sa, naropapn (veuy-nuo)
insurance coverage cfpaxoeoe nokpufue
credit sales foproenn e kpepuf
member nations cfpauu-yacfuuku
trade barrier foproeu apuep
USD uupekc ponnapa (eankmi)
pay back eosreafu, eunnaueafu (ccyy, saeu)
round of negotiations payup neperoeopoe
duty-free ecnounuuuu
customs duties faroeuuue nounuuu
Export-Import Bank (Eximbank) Skcnopfuo-urnopfuu auk
Foreign Credit Insurance Association (FCIA) Accouuauun no cfpaxoeauuk sarpauuuoro
kpepufoeauun
International Bank for Reconstruction and Development (World Bank) Mepyuapopuu
auk pekoucfpykuuu u paseufun
International Monetary Fund (IMF) Mepyuapopuu eankfuu qoup
General Agreement on Tariffs and Trade (GATT) Feuepanuuoe cornaueuue o fapuqax u
foproene
International Development Association (IDA) Mepyuapopuan accouuauun paseufun
International Finance Corporation (IFC) Mepyuapopuan quuaucoean kopnopauun
Foreign Trade Zone soua ceoopuo foproenu
Tokyo Tokuo
Geneva Xeueea
New Orleans Hoeu Opneau

Exercise 8
1. Why did the US government create the Eximbank?
2. In what cases does the Eximbank make loans?
3. Where do firms buy insurance to cover political risks?
4. What role does the World Bank play in the world's economic system?
5. How does IMF operate on the world market?
6. What is the purpose of GATT?
7. What is a FTZ, and how does it work?
8. What is the main advantage of a FTZ?
9. How many FTZs are there in the USA?
10. What do the workers do at the Brooklyn Navy Yard?
5. Ku puo+ue+ qouponun upu
(How to Make Money in the Stock Market)
Securities Markets
Securities are bought and sold at two types of securities markets: primary markets, which issue
new securities, and secondary markets, where previously issued securities are rebought and
resold. If a company wants to sell a new issue of stock or bonds, it usually negotiates with an
investment bank, or underwriter, who sells the securities for it. The underwriter buys the
securities from the corporation and resells them to individual investors through the secondary
markets.
Organized security exchanges have developed to make the buying and selling of securities
easier. The securities exchanges consist of individual investors, brokers, and intermediaries
who deal in the purchase and sale of securities. Security exchanges do not sell or buy
securities, they simply provide the location and services for the brokers who buy and sell.
Stock transactions are handled by a stockbroker.
A stockbroker buys and sells securities for clients. Stockbrokers act on the clients' orders.
Stockbrokers receive a fee and are associated with a brokerage house. To trade on the
exchange, a seat must be purchased.
A seat is a membership. The members represent stockbrokers. When a stockbroker calls in an
order to sell, the member representing that broker looks for a buyer at the price requested.
When a broker calls in an order to buy, the exchange member looks for a buyer at the price
offered.
The largest and best known exchange in the USA is the New York Stock Exchange (NYSE),
also called Big Board. There are more than 1,300 seats on the NYSE, and approximately
2,000 stocks and 3,500 bonds are traded daily. In order to be listed on the NYSE, a firm has to
meet the following requirements:
1. Pretax earnings of at least $2.5 million in the previous year.
2. Tangible assets of at least 16 million.
3. At least 1 million shares of stock publicly held, and others.
The second largest stock market in the USA is the American Stock Market Exchange (AMEX). It
is located in Manhattan and has about 500 full members and 400 associate members. AMEX
operates in much the same way as NYSE, but smaller companies may qualify for listing.
There are also regional stock exchanges that serve regional markets.
The over-the-counter market (OTC) sells and buys unlisted securities outside the organized
securities exchanges. About 5,000 brokers of OTC are scattered all over the country. They
trade unlisted stocks and bonds by phone and keep in contact with each other.
The prices of the securities are established by supply and demand. Electronic screens in the
offices of the brokerage firms display OTC transactions, so brokers continually keep customers
up to date on the latest prices.
Options are traded on the major stock exchanges, but also on a special market for options, the
Chicago Bond Options Exchange (CBOE).

6nosa sspaeu:
approximately npunusufenuuo
assets akfueu
bond onurauun
broker pokep
fee koruccuouuue
investor uueecfop
issue eunyck, sruccun; eunyckafu
list perucfpupoeafucn (ua upe)
membership neucfeo
negotiate eecfu neperoeopu, foproeafu
option onuuou
order npukas
pretax po uanoroonoeuun
previous npepupyu
previously npepe
primary nepeuuu
scatter paspacueafu
seat recfo ua upe
secondary efopuuu
security ueuuan yrara
stock akfueu, akuuu
stockbroker upeeo pokep, sauurakucn npopae ueuuux yrar, qoupoe
tangible ocnsaerue (akfueu)
transaction cpenka
underwriter nopyufenu
investment bank uueecfuuuouuu auk
security exchange qoupoean upa
deal in paofafu, eecfu pena (e cqepe)
brokerage house pokepckan koufopa
New York Stock Exchange Huk-opkckan qoupoean upa
Big Board Eonuuoe fano
be listed ufu saperucfpupoeauuur (ua upe)
publicly held pacnpepeneuuue cpepu uueecfopoe ofkpuforo akuuouepuoro oecfea
American Stock Market Exchange Arepukauckan qoupoean upa
associate member accouuupoeauuu neu
qualify for listing coofeefcfeoeafu ycnoeunr perucfpauuu
over the counter es nocpepuukoe (yke.: epes npunaeok)
unlisted securities uesaperucfpupoeauuue ueuuue yraru
up to date coepereuuu, fekyu
Chicago Bond Options Exchange -ukarckan onuuouuan upa onurauu

Exercise 1
1. What markets are securities bought and sold at?
2. What is the difference between primary and secondary markets?
3. What does a company do if it wants to issue securities?
4. What is the structure of a securities exchange?
5. Who are stock transactions handled by?
6. How do stockbrokers earn their money?
7. What requirements does a firm have to meet to be listed at NYSE?
8. What is the difference between NYSE and AMEX?
9. What securities does OTS market deal in?
10. How are the prices of securities established?
1
The Waltons invited their new neighbours over to dinner. During dinner Mr. Walton was asked
what he did for a living.
Eight-year-old Brian Walton jumped in and said, Daddy is a fisherman! To which Mrs. Walton
replied, Brian, why do say that? Your daddy is a stockbroker, not a fisherman.
No, mom. Everytime we visit dad at work and he hangs up the phone he laughs, rubs his
hands together and says 'I just caught another fish'.
2
Two women were walking through the woods when a frog called out to them and said: Help
me, ladies! I am a stockbroker who, through an evil witch's curse, has been transformed into a
frog. If one of you will kiss me, I'll be returned to my former state!
One woman took out her purse, grabbed the frog, and stuffed it inside her handbag. The other
woman, aghast, screamed, Didn't you hear him? If you kiss him, he'll turn into a stockbroker!
The second woman replied, Sure, but these days a talking frog is worth more than a
stockbroker!
6nosa sspaeu:
curse npoknnfue; npoknuuafu
dad nanoka
daddy nanoka
evil sno; snouu
fisherman puak
frog nnryuka
grab xeafafu
mom raroka
purse kouenek
rub fepefu, nofupafu
scream opafu, eonufu
stuff sanuxueafu
witch eepura
wood nec
hang up the phone eeuafu feneqouuyk fpyky
is worth more cfouf ropaspo onuue

Exercise 2
1. Where did the Waltons invite their new neighbors?
2. Why did little Brian say that his dad was a fisherman?
3. Who called out to the women in the woods?
4. What had happened tp the stockbroker?
5. Why did the woman not kiss the frog?

Money Markets in Great Britain

The Stock Exchange of the United Kingdom and the Republic of Ireland was formed in the last
century. The main trading operations are being performed in London, but the Stock Exchange
has also centres in Birmingham, Liverpool, Belfast, Bristol, Leeds, Manchester, Newcastle,
Glasgow and Dublin.
The major functions of the Stock Exchange are:
it provides a market for the investors to buy and sell securities;
it helps to insure that the price of a deal is fair;
the companies and others who wish to raise capital can easily do so at the ready secondary
markets.
The most important way of raising long-term capital is by issuing shares. Companies may also
issue debentures which make up long-term debt.
The issue of government stock which is taken by the public, financial institutions and other firms
provides for long-term government finance.
On 27 October 1986, the capital market underwent revolutionary changes known since as the
Big Bang. It admitted outsiders to the Stock Exchange which had been limited to
stockbrokers and stock jobbers. The Big Bang allowed banks and other institutions to acquire
their own securities businesses. It also introduced the idea of dual capacity. Before that a
member firm could be only a broker acting as agent of clients and trading on a commission
basis, or a jobber buying and selling shares as a principal on his own book. It could not be
both.
After the Big Bang a member can be:
a market maker who acts as a jobber;
an agency broker, who trades securities on com mission;
a dealer/broker (one firm may combine the functions of market making and agency brokerage
at the same time).
The Big Bang led to bigger markets and higher profits in Great Britain financial industry.
6nosa sspaeu:
admit npuuurafu, ponyckafu
deal cpenka
debenture ponroeoe onsafenucfeo (vae ponrocpouoe)
debt ponr, saponeuuocfu, onsafenucfeo
fair ecfuu
insure rapaufupoeafu
jobber raknep, npoqeccuouanuuu upeeuk
outsiders ayfcapepu, nocfopouuue
principal kpupueckoe nuuo, car cee uaanuuuk
share akuun
undergo npefepneeafu
long-term ponrocpouu
government stock npaeufenucfeeuuue akfueu
"Big Bang" Eonuuo espue
dual capacity peouan kornefeuuun
on a commission basis ua ocuoee koruccuouuux
on his own book sa ceo cocfeeuuu cef
market maker yacfuuk puuka

Exercise 3
1. When was the Stock Exchange of the United Kingdom and the Republic of Ireland formed?
2. In what cities are the trading operations of the English Money Market performed?
3. What are the functions of the Stock Exchange in Britain?
4. What is the most important way of raising long-term capital?
5. What else can companies issue to make up long-term debt?
6. When did the capital market undergo the Big Bang?
7. What did the Big Bang allow banks and other institutions to acquire?
8. What is dual capacity?
9. How does a broker operate?
10. What was the Big Bang's influence on the Great Britain's financial industry?
1
Stockbroker's creed: A man is a client until proven broke.
2
October. This is one of the peculiarly dangerous months to speculate in stocks in. The others
are J uly, J anuary, September, April, November, May, March, J une, December, August and
February.
3
A man calls his stockbroker all anxious and out of breath with this urgency in his voice. He says,
Sell it all, sell everything fast, right away.
The stockbroker tries to explain that the market is cyclical in nature and that for long term
outlook stocks still remain the place to be.
The man says, Let me tell you a secret. You know I've been married for 6 years now and I've
been your client for 5 years.
Yes, go on, the stockbroker says.
"Well. My wife has this thing about the market. Her grandparents lost it all in the great crash and
ever since then her family found investing in the market akin to original sin. When we got
married I promised her that
I would follow in her parents footsteps and never venture in the stock market and always leave
all our money under the mattress."
Wow, I didn't know that. I guess you want the money because the market is going down, in
case she asks for it.
No, I want the money because she ordered a new mattress and it is being delivered in two
days.
6nosa sspaeu:
akin nopouu
anxious osaoeuuu
broke aukpof; oaukpofueuucn
creed kpepo
cyclical uuknuecku
deliver pocfaennfu
footsteps cnepu, cfonu
mattress rafpac
peculiarly ocoeuuo
proven pokasauo (e cye)
speculate cnekynupoeafu (ua upe)
urgency cneuka, foponnueocfu
venture puckoeafu, nyckafucn e puckoeauuoe npepnpunfue
out of breath sanuxaeuucn
right away uerepneuuo
long term outlook ponrocpouu nporuos
great crash napeuue qoupoeoro puuka e CLA e kouue 20-x ropoe XX eeka, npueepuee k
Benuko penpeccuu
original sin nepeopopuu rpex

Exercise 4
1. What is a stockbroker's creed?
2. What is the most dangerous month to speculate in stocks?
3. What did the man ask his stockbroker to do?
4. What did the broker try to explain to the man?
5. Why did the man's family use the mattress as the bank and the stock exchange?
Trading Stocks
Trading stocks begins with an investor placing an order, that is informing the stockbroker as to
what stock and how much he wants the broker to buy or sell. An order to buy or sell stock at the
best possible price is called a market order. The broker conveys the order to an exchange
member on the trading floor, who attempts to get a better price for the buyer by offering a little
less. For example, the broker might offer 47 1/8 ($47.12,5) for the stock with a current price of
47 1/4 ($47.25) and see if someone will sell at this price. If the investor were selling, the broker
would attempt to get a slightly higher price by offering, say, 47 3/8 ($47.3,75).
The final sale will then be electronically relayed to the broker who placed the order.
The investor might also place a limit order which specifies the highest or lowest price at which
the broker may buy or sell. If the investor cannot be accomodated immediately, the broker
places the order in a sales book and then tries again in order of priority. If an investor wants to
keep the order on the books, he can issue an open order which instructs the broker to leave the
order on the books until it is executed or cancelled.
Sometimes the investor might give a discretionary order which allows the broker to exercise
judgment in making money. The investor leaves it up to the broker to decide when and at what
price to buy or sell.
Shares are sold in lots. An odd lot is any number of shares less than 100. One hundred shares
comprises a round lot. Brokers usually combine odd lots with a series of other small lots to form
a round lot. A purchase of 10,000 shares is sometimes called a block sale.
In addition to the price of the stock, the investor pays the broker a commission for buying or
selling the securities.
Sometimes investors pay less than a full amount when they buy stock. This is called margin
trading. The Federal Reserve System, the US Central Bank, determines the minimum margin
required. In the late 1990s years the stock margin was approximately 50 percent. Fearing that
the investor might sell the stock and abscond with the funds, the broker keeps stock certificates
of margin accounts at the brokerage as a collateral. If the stocks were to plummet, the broker
would call the investor and request that he put up more money or have the stock sold.
Active buyers of stock are called bulls. They believe that the prices of stocks are going to rise.
During the mid 1980s, the US witnessed a very long bull market. At the 1987 crash even bulls
became bears. A bear is an investor who makes a profit when the prices are going to fall.
Selling short is a high risk strategy which bears use in order to do that. They sell borrowed stock
in the hope of later buying it on the open market at a lower price.
Options are contracts that allow an investor to either buy or sell a security at a predermined
price within a certain time. Depending on the investor's expectations, he may buy a put option or
a call option. A put option grants the owner the right to sell a security. Believing that the price of
certain shares will drop over some period of time an investor might buy an option and benefit
from selling the shares at the option price to the person who sold the options. A call option
grants its owner the right to buy a certain amount of stock at a predetermined price within a
fixed period of time.
6nosa sspaeu:
abscond ckpueafucn, eafu of kpepufopoe
accomodate ocnyueafu, ypoenefeopnfu
bear repeepu
bull uk
cancel ofreunfu, ofsueafu
collateral oecneeuue
comprise cocfaennfu, cocfonfu (us)
convey nepepaeafu
crash kpax, napeuue
current fekyu, uacfonu
execute ucnonunfu, eunonunfu
expectations oupauun
fix ycfauaenueafu
funds qoupu
grant rapaufupoeafu, papoeafu
lot nof
plummet cfperufenuuo napafu
predermine npeponpepennfu
priority nepeooepepuocfu
relay nepepaeafu
slightly cnerka, ueruoro
witness ceupefenu; ceupefenucfeoeafu
place an order pasrecfufu npukas
market order npukas pokepy o nokynke unu npopae ueuuux yrar no ycfauoeneuuo
puukor ueue
trading floor foproean nnoapka
limit order npukas pokepy, orpauueuuu ycnoeunru
sales book kuura npopa
open order ofkpufu npukas
discretionary order puckpeuuouuu npukas (nepepauuu ua ycrofpeuue pokepa)
exercise judgment onupafucn ua cocfeeuuoe rueuue, cypeuue, oueuky
leave up to ocfaennfu ua (ycrofpeuue)
round lot nonuu nof
odd lot uenonuu nof
block sale npopaa napfuu (ueuuux yrar)
margin trading foproenn c rapaufuuur esuocor
The Federal Reserve System 4epepanuuan pesepeuan cucfera
stock certificate qoupoeu cepfuqukaf
margin account cef upeeuka y pokepa no cpenkar c rape
sell short npopaeafu es nokpufun
put option cpenka c opafuo nperue, onuuou npopaeua
call option cpenka c npepeapufenuuo nperue, onuuou nokynafenn

Exercise 5
1. What is an order?
2. Where does a broker convey the order?
3. What does an exchange member do when he is conveyed an order?
4. What is a limit order?
5. What is an open order?
6. What does a discretionary order allow the broker to do?
7. What form are shares sold in?
8. What is an odd lot?
9. What is a margin trading?
10. What is the difference between a bull and a bear?
11. What is an option contract?
12. What is the difference between a call option and a put option?

1
I hear that you dropped some money in Wall Street. Were you a bull or a bear?
Neither, just a plain simple ass.
2
A young stockbroker decided to take a day off and visit some of his professors in his old school.
When he made his way into the entrance he noticed a dog was attacking a small child. He
quickly grabbed the dog and throttled it with his two hands.
The next day the local newspaper reported the story with the headline, Valiant student saves
boy from ferocious dog.
The stockbroker called the editor and strongly suggested that a correction be issued and that
the paper will tell the readers he was a successful Wall Street broker and not a student.
The next day the newspaper issued a correction and the headline read, Pompous stockbroker
kills school mascot.
6nosa sspaeu:
ass ocen
correction ucnpaeneuue
drop pounfu, opouufu, pasa. pocufu
editor pepakfop
entrance exop (e sauue)
ferocious ceupenu, ecfoku
headline saronoeok e rasefe
mascot fanucrau (seci: eceou nkureu u xpauufenu)
plain npocfo, uepaneku, rnynu
pompous uanueuuu, xeacfnueu
simple npocfo, rnynu
throttle paeufu, pyuufu
valiant ponecfuu, ryecfeeuuu
take a day off esnfu euxopuo

Exercise 6
1. Was the man who had dropped the money, a bull or a bear?
2. Where did the young man decide to go on his day off?
3. Who did the young man notice at the entrance hall?
4. What did he do to the dog?
5. What did he do it with?
6. What did the newspaper headline say the next day?
7. Why did the stockbrocker ask the editor to make corrections?
8. Why did the editor make such a correction?
How to Make Money in the Stock Market
Investors buy stock for one simple reason: to make money. The surest way to earn money from
investing is to create as diverse a portfolio as possible, and hang on to it for a long time. To
succeed at making money investors need good sources of information.
Much information is supplied by stockbrokers. They study market reports and get information on
the forecasted financial performance of companies. Brokers usually recommend opportunities or
provide special services such as newsletters. For this brokers charge additional fees.
Sometimes investors prefer to avoid high brokerage fees. They implement their own investment
strategies. Serious investors subscribe to investment newsletters and carefully study the stock
market. Best investors become an expert in a particular industry.
A simpler investment strategy is to choose some reliable blue chip stocks and stick to it. This
strategy is safe and can earn money over the long run. Investors should avoid making common
mistakes which are: 1) a failure to diversify, 2) paying too much for a stock which would not go
up, 3) not knowing when to sell a stock going down, 4) paying too much attention to rumours
and tips.
There are also several techniques of predicting the stock prices. Most investors begin with the
fundamental analysis, which is the process of comparing a company's current financial position
and future prospects with those of other firms in the same or other industries. Some investors
usually called chartists try to identify a specific stock's behaviour charting it over time and
then predicting the future price movement. Other investors believe that prices are random. The
random walk theory is based on the assumption that future stock prices are independent of past
stock prices. These investors choose stocks at random.
A group of investors has adopted an unusual approach, contrarianism, which holds that the
market will move in the direction opposite to that predicted by the general public. In other words,
these investors do the opposite to what the general public does.
6nosa sspaeu:
behaviour noeepeuue
charge uasuaafu (ueuy)
chart rpaquk, puarparra, cxera; epfufu rpaquk, cxery, puarparry
chartist apfucf, upeeo nporuosucf, ocuoeueaku ceou cypeuun ua rpaqukax u
cxerax
contrarianism noeepeuue yacfuukoe qoupoeoro puuka, npuuuunuanuuo pecfeykux
uuae, er ocuoeuan racca uueecfopoe
diverse pasnuuu, pasuoopasuu, ofnuuu (of)
diversify pueepcuquuupoeafu, pasuoopasufu
expert skcnepf, suafok
failure ueycnex, ueypaa, npoean
forecast npepckasueafu
implement eueppnfu, eeopufu, ucnonusoeafu
newsletter knnefeuu
particular ocoeuuu, onpepeneuuu
portfolio nopfqenu (uueecmuuuouui)
random cnyauu, cpenauuu uayrap
reliable uapeuu
rumour cnyxu, cnnefun
stick npupepueafucn, npunennnfucn
subscribe nopnucueafucn
succeed npeycneeafu (e veu-nuo)
technique fexuuka, fexuonorun, cnoco
tip coeef
hang on to it npupepueafucn ero
blue chips ronyue quuku, akuuu eepyux kornauu, urekue fpapuuuouuo eucokyk
poxopuocfu u ueonuuo uoruuan
over the long run e ponrocpouor peure
pay attention to opaafu euurauue (ua)
random walk theory feopun qoprupoeauun qoupoeux ueu, ocuoeauuan ua npusuauuu
cnyauocfu kak ocuoeuoro qakfopa ueuoopasoeauun
at random uayrap, noeuuyncu cnyak

Exercise 7
1. What do investors buy stock for?
2. What is the surest way of making money?
3. Who can supply an investor with information?
4. What do investors do in order to avoid high brokerage fees?
5. What is the simplest investment strategy?
6. What are common mistakes that investors make?
7. How do investors carry out the fundamental analysis?
8. What do chartists do?
9. What is the random walk theory?
10. How do contrarians perform in the market?
Great Stock?
A stockbroker was cold calling about a penny stock and found a taker. I think this one will
really move, said the broker, it's only $1 a share. Buy me 1,000 shares, said the client.
The next day the stock was at $2. The client called the broker and said, You were right, give
me 5,000 more shares.
The next day the client looked in the paper and the stock was at $4. The client ran to the phone
and called the broker, Get me 10,000 more shares.
Great! said the broker.
The next day the client looked in the paper and the stock was at $9.
Seeing what a great profit he had in just a few days, the client ran to the phone and told the
broker, Sell all my shares!
The broker said, To who? You were the only one buying that stock.
6nosa sspaeu:
taker pasa. nokynafenu
cold call cnaua oseauueafu cnucok uesuakorux nkpe, npepnaran ur akuuu
penny stock pasa. koneeuue akuuu

Exercise 8
Answer the question (only one):
What would the client have to do with all the stock purchased, as well as the broker who had
sold him this stock?
Junk Bonds
J unk bonds are high yield securities which are issued by corporate borrowers. J unk bonds are
rated as less than investment grade by the bond-rating services, such as Moody or Standard
and Poor.
Bond ratings is a special tool to measure the riskiness of bonds, that is the chance that the
issuing company will not be able to pay the principal or make interest payments. The riskier a
bond, the lower its rating. Bonds with more A's are less risky than bonds with fewer A's, and the
highest rating (for Standard and Poor's) is AAA, or triple-A. This means that the companies
must pay higher rates of interest on their bond issues than other corporations pay on
investment-grade bonds. That is why non-investment-grade bonds also go by the name of high-
yield bonds. For the same reason junk bonds are attractive to both debtors and investors. Low-
rated debt earns a high risk-adjusted rate of return. In other words, the interest-rate premium on
low-rated debt is higher than is justified by the added risk of default. Therefore, someone who
buys a diversified portfolio of these risky bonds would do better than someone who buys
investment-grade bonds, even after deducting losses on the bonds that defaulted.
The bonds of 95 percent of U.S. companies with revenues over $35 million and of all companies
below that amount are rated non investment grade or junk. Some of the largest corporations,
such as IBM and General Motors, and even the U.S. government were at times below
investment-grade rating.
For many companies in periods of major structural economic changes (foreign competition,
technological shifts, deregulation) capital is a missing element for economic adjustment. The
high-yield market effectively provides funds to overcome the problems of this period. In addition,
junk bonds make it possible for weaker companies to compete more successfully with
investment-grade companies for financing.

6nosa sspaeu:
junk xnar, ofpocu, yfunu
tool uucfpyreuf
principal ocuoeuan cyrra (ponra)
triple fpouo
debtor peufop
premium nperun
j ustify onpaepueafu
deduct euufafu, ypepueafu
losses nofepu
default ueucnonueuue onsafenucfe
shift cpeur, usreueuue
deregulation cunfue orpauueuu, peperynnuun
miss ofcyfcfeoeafu, uepocfaeafu
effectively sqqekfueuo
overcome npeoponeeafu
junk bonds pocoeue onurauuu
high-yield eucokopoxopuu
corporate borrowers kopnopafueuue saeruku
investment grade uueecfuuuouuu ypoeeuu (pemuua onuaauu, euyuaku saeuuky
yeepeuuocmi e eosepame onaa u einname npoueumoe no onay)
bond-rating services cnyu onpepeneuun pefuura ueuuux yrar
riskiness of bonds puckoeauuocfu onurauuu
interest payments eunnafa npoueufoe no ponroeory onsafenucfey
risk-adjusted eknkakan cfpaxoeauue (kouneucauuk) of pucka
rate of return uopra npuunu
added risk of default poaeneuuu puck peqonfa (ueucnonueuun onsamenicme)
diversified portfolio pueepcuquuupoeauuu uueecfuuuouuu nopfqenu
missing element ofcyfcfeyku, uepocfaku snereuf

Exercise 9
1. Who are junk bonds issued by?
2. In what way are junk bonds rated?
3. What is bond rating?
4. What is the riskiness of bonds?
5. How much interest do companies pay on junk bonds, if compared to the investment grade
bonds?
6. Why are junk bonds so attractive to debtors and investors?
7. Why do some investors prefer to hold a diversified portfolio of junk bonds?
8. How do junk bonds work in times of economic changes?

6. Huoiu, uuoiu, uuoiu
(Taxes taxes taxes)
Fiscal Policy
Fiscal policy is the use of the government budget to affect an economy. The government is
engaging in fiscal policy when it decides on taxes, the transfer payments, or the goods and
services that it purchases. The economic impact of changes in the government budget tells on
interested groups a tax cut for businesses, for example, raises their disposable income and
allows them to reinvest and develop.
To define the fiscal policy one has to look at the difference between the government spendings
and revenues, that is, the government deficit. Fiscal policy is tight or contractionary when
revenue is higher than spending (the government budget is in surplus) and loose or
expansionary when spending is higher than revenue (the budget is in deficit).
The fiscal policy changes the aggregate demand for goods and services. A fiscal expansion
raises it in two ways. If the government increases purchases but keeps taxes the same, it
increases demand directly. Second, if the government cuts taxes or increases transfer
payments, people's disposable income rises, and they will spend more on consumption. This
rise in consumption will, in turn, raise aggregate demand.
Fiscal policy also changes the structure of aggregate demand. When the budget is in deficit, the
government can issue bonds, thus competing with private borrowers for money lent by savers
(say, general public). The interest rates rise affecting private investment (reducing its output). In
this case fiscal policy can also influence the exchange rate and the trade balance of the country.
The rise in interest rates attracts foreign capital, causing an exchange rate appreciation. This, in
turn, makes imported goods cheaper, exports more expensive abroad, which causes a decline
of the trade balance. And, the other way round, the fall in the interest rates caused by fiscal
policies, raises the trade balance of the country.
To the general public fiscal policies are more often associated only with taxes.

6nosa sspaeu:
contractionary curaku(cn), cokpaaku(cn)
decline napeuue, cuueuue
define onpepennfu, paeafu onpepeneuue
loose ceoopuu, uecpepueaeru
reinvest peuueecfupoeafu
revenue npuxop (cpepcfe)
tight nnofuu, cafu, kpenku
engage in yacfeoeafu (e)
transfer payments eunnafa fpaucqepfoe
tell on ckasueafucn ua
disposable income urekucn e uanuuu poxop
general public uupokan nynuka

Exercise 1
1. When does the government engage in fiscal policy?
2. How does a tax cut tell on tax payers?
3. When do we call fiscal policy tight?
4. When do we call fiscal policy loose?
5. How can a government increase demand directly by using fiscal instruments?
6. What is the relation between consumption and output?
7. What happens to the structure of aggregate demand in case the government issues bonds?
8. How is the exchange rate affected by the governmental bonds emission?
9. What happens to the trade balance if the government issues bonds.
10. What aspect of fiscal policies is the general public mostly concerned with?
Tax Collectors We Love Them All So Much!
1
A fine is a tax for doing something wrong.
A tax is a fine for doing something right.
2
If an economist and an tax inspector agent were both drowning and you could only save one of
them, would you go to lunch or read the paper?
Corporate Taxation
The corporate income tax is the major method by which governments in many countries collect
money. This tax is popular with the general public, who thinks, incorrectly, that the corporate
income tax is paid by corporations. On the other hand, corporations often believe, just as
incorrectly, that this tax is simply passed along to consumers. This is why the corporate income
tax is so popular among politicians.
The corporate income tax differs from the individual income tax in two major ways. First, it is a
tax not on gross income, but on net income or profits, with deductions for most costs of doing
business. Second, in the USA, for example, it applies only to some businesses those
chartered as corporations and not to partnerships or sole proprietorships.
In the USA the federal tax is levied at three different rates on different brackets of income: 15
percent on taxable income under $50,000; 25 percent on income between $50,000 and
$75,000; and 34 percent on income above that. The lower-bracket rates are beneficial to small
corporations. Of the 3.2 million corporate tax returns filed in one recent year, more than 90
percent were from corporations with assets of less than $1 million.
The lower rates, however, had little economic significance. Nearly 94 percent of all corporate tax
revenue came from the 8.8 percent of corporations with assets greater than $1 million. States
levy further income taxes on corporations, at rates ranging from 3 percent to 11.5 percent.
Because states typically permit deductions for federal taxes paid, net rates range from 1.9
percent to 4.9 percent. Some local authorities tax corporations as well. A good reason that state
and local corporate income taxes remain low is that corporations could easily relocate out of
states that imposed unusually high taxes.
6nosa sspaeu:
assets akfueu
beneficial europuu, naronpunfuu
charter perucfpupo eafu(cn)
deduction ckupka, nurofa
fi le sanonunfu, nopaeafu pokyreufu, ceepeuun
impose uanarafu, onarafu
incorrectly uenpaeunuuo, ueeepuo
levy onarafu (uanoraru)
partnership foeapuecfeo, napfuepcfeo
relocate reunfu recfononoeuue, nepepucnouupoeafucn
taxable nopneau uanoroonoeuuk
corporate income tax uanor ua npuunu c kopnopauuu
pass along to nepepaeafu, nepeappecoeueafu
gross income coeokynuu poxop (o uanoaoonoeuun)
net income ucfan npuunu (nocne uanoaoonoeuun)
sole proprietorship uupueupyanuuoe acfuoe npepnpunfue
bracket of income kaferopun poxopuocfu
tax return uanoroeue nocfynneuun
range from to uaxopufucn e npepenax of po

Exercise 2
1. Why is the corporate income tax so popular with the general public?
2. Why is it popular with corporations?
3. Why do politicians love the corporate income tax?
4. What is the difference between the corporate income tax and the individual income tax?
5. What businesses does the corporate income tax apply to in the USA?
6. What tax is levied on American corporations with taxable income under $50,000?
7. What businesses pay the most of the aggregate corporate income tax?
8. What authorities besides the federal government can tax corporations?
1
The difference between the short and long income tax forms is simple. If you use the short form,
the government gets your money. If you use the long form, the tax advisor gets your money.
2
What is the difference between tax avoidance and tax evasion? The jail walls.
3
Why won't sharks attack tax inspectors? Professional courtesy.
4
How do you know you've met a good tax accountant?
He has a loophole named after him.
6nosa sspaeu:
avoid userafu
courtesy eenueocfu, yfueocfu
evade userafu, yknounfucn
loophole naseka (seci: e sakoue)
shark akyna
name after uasueafu (e ecfu koao-nuo)
tax advisor uanoroeu koucynufauf
tax avoidance sakouuu yxop of ynnafu uanoroe nocpepcfeor ucnonusoeauun naseek e
sakouopafenucfee u pasnuuux uanoroeux nurof
tax evasion uesakouuoe yknoueuue of ynnafu uanoroe
Progressive Taxes


Taxes are the price people pay for civilized society. The progressivity of taxes largely
determines how that price varies among individuals. A progressive tax structure is one in which
an individual or family's tax liability as a fraction of income rises with income. If, for example,
taxes for a family with an income of $20,000 are 20 percent of income and taxes for a family
with an income of $200,000 are 30 percent of income, then the tax structure over that range of
incomes is progressive. One tax structure is more progressive than another if its average tax
rate rises more rapidly with income.
J udged by the top income tax rates alone, tax progressivity in many developed countries
declined markedly in the eighties. In the United States in 1980 the highest tax rate stood at 70
percent. The Economic Recovery Tax Act of 1981 reduced that rate to 50 percent, and the Tax
Reform Act of 1986 further reduced it to 33 percent. Although the highest rate has since been
returned back up to around 34 percent, it is still less than half what it was in 1980. Other
developed countries have emulated the United States in reducing their top rates, although
usually by less.
This picture, though, is distorted by numerous exclusions. First, the tax base the income that
is taxed is generally much less than total income due to an array of adjustments, deductions,
omissions, andmismeasurement.
Second, the tax burden the hurt caused by taxes is not borne entirely by the people who
write the checks to the Internal Revenue Service. To some extent many taxes are shifted to
other members of society. For example, because highly progressive taxes discourage people
from entering high-paying professions, salaries in these professions will be higher than
otherwise.
Therefore, the taxes paid by the upper-income taxpayers who do enter these professions
overstate the true burden of taxation on them. Also burdened by these high taxes are the
people who pay higher prices for the goods and services provided by the people with higher
salaries. On the other hand, taxes paid by high-income people who take advantage of the
federal tax exemption for interest on state and local government bonds understate their true
burden.
Third, the progressivity of the tax structure cannot be judged by looking at only one component
of taxes. Federal income taxes are only about 25 percent of total revenues collected by all
levels of government. In recent years the fastest-growing component of federal taxes has been
the payroll tax, which is regressive (the opposite of progressive) in its impact, because it taxes
at a flat rate only on wages below $63,400 (in 1991). The Social Security system, however, is
progressive because it pays higher benefits relative to taxes paid in to lower-income
workers.
6nosa sspaeu:
adj ustment yfoueuue, npucnoconeuue
array uaop, ruoecfeo
borne uecoru, euuocuru
civilized uueunusoeauuoe
distort uckaafu
emulate cocfnsafucn, ocnapueafu
entirely uenukor, nonuocfuk
exclusions ucknkeuun
fraction acfu
impact eospecfeue, ypap
judge cypufu, oueuueafu
markedly suaufenuuo, sarefuo
mismeasurement uenpaeunuuue usrepeuun
omissions ucknkeuun
overstate nepeoueuueafu, npeyeenuueafu
progressivity nporpeccueuocfu
rapidly ucfpo
recovery euspopoeneuue, ospopoeneuue
regressive perpeccueuu
understate uepooueuueafu, npeyreuuuafu
vary ufu pasuoopasuur, eapuupoeafucn
tax liabil ity onsafenucfea no uanoroonoeuuk
average tax rate cpepunn cfaeka uanoroonoeuun
tax base asa uanoroonoeuun
total income coeokynuu poxop
tax burden pern uanoroe
Internal Revenue Service Hauuouanuuan uanoroean cnya
to some extent po uekofopo cfeneuu
discourage from ofepaafu of, nuuafu rofueauuu (k veuy-nuo)
take advantage eocnonusoeafucn npeuryecfeor
tax exemption euef us uanoroe
payroll tax uanor ua qoup sapaofuo nnafu
flat rate epuuan cfaeka, cfaeka nponopuuouanuuoro uanoroonoeuun
Social Security system cucfera couuanuuoro oecneeuun

Exercise 3
1. What does the progressivity of taxes determine?
2. What is a progressive tax?
3. How do we state the relative progressivity of tax structures?
4. How did the progressive taxes change in the eighties in the developed countries?
5. How is the tax burden shifted from taxpayers to other members of the society?
6. What fraction of the overall tax return is made up by the US federal income taxes?
Marginal Tax Rates
The marginal tax rate is the rate on the last dollar of income earned. This is very different from
the average tax rate, which is the total taxes paid as a percentage of total income earned.
In the United States the concept of marginal tax rates is most familiar as tax brackets. Rapid
inflation in the seventies pushed many skilled working couples up into the 50 percent tax
bracket (then the highest rate on labour income). That did not mean that all of their income was
taxed at a 50 percent rate. Instead, the first ten thousand dollars or so might be taxed at a 12
percent rate, the next ten thousand at a higher rate, and so on. Once the 50 percent bracket
was reached, though, the workers lost an incentive to work, as they had to pay as taxes more
than they earned.
The marginal tax on added earnings matters because it is easier to earn less than to earn more.
To increase income, people have to study more, accept added risks and responsibilities,
relocate, work late or take work home, tackle the dangers of starting a new business or
investing in one, and so on. People earn more by producing more and better goods and
services. If the tax system punishes added income, it must also punish added output that is,
economic growth. While reducing marginal tax rates, it is possible to encourage people to earn
and report more income.
Several economies that seemed on the verge of bankruptcy in the early eighties were suddenly
revived once marginal tax rates were reduced. In 1983 to 1984, Turkey's marginal tax rates
were slashed: the minimum rate dropped from 40 to 25 percent, the maximum from 75 to 50
percent. Real economic growth jumped to nearly 7 percent in the following four years and to 9
percent in 1990. Like Turkey, South Korea was deep in debt to international banks in 1980,
when real output fell 2 percent. Korea subsequently cut tax rates and expanded deductions
three times, and economic growth averaged 9.3 percent a year from 1981 to 1989. In the early
eighties the African island of Mauritius faced an unemployment rate of 23 percent and massive
emigration. Tax rates were cut from 60 percent to 35 percent, and the economy grew by 5.4
percent a year from 1981 through 1987. Egypt, J amaica, Colombia, Chile, Bolivia, and Mexico
had similar experiences after slashing marginal tax rates.
Maximum Marginal Tax Rates on Individual Income

Despite widespread adoption of such policies, few seem to understand what marginal tax rates
are and why they matter. In the United States, for example, it is commonly believed that the
Reagan administration slashed taxes particularly for the rich. Actually, real (that is,
inflation-adjusted) federal receipts increased by one-third from 1980 to 1990. Moreover, the
most affluent 5 percent of all taxpayers paid 45.9 percent of all federal income taxes in 1988
uprate of 70 percent to 33 percent became actual tax increases, particularly for the rich.
The explanation for this paradox lies in the critical distinctions between average and marginal
tax rates, and between static effects right now and dynamic effects over years and
decades. Dynamic effects include increased intensity and motivation of work effort, more
efficient investment, and more innovation and risk taking.
6nosa sspaeu:
adoption npuunfue
affluent orafu
bankruptcy aukpofcfeo
concept upen, kouuenuun
critical kpufuecku, onpepennku
deduction euef, ckupka, nurofa (no uanoaoonoeuuk)
despite uecrofpn ua
distinction pasnuue, ofnuufenuuan ocoeuuocfu
drop pounfu, napafu
dynamic puuaruecku
expand pacuupnfu(cn)
experience onuf
familiar suakoru, useecfuu
intensity uufeucueuocfu
jump npurafu
matter suaufu, urefu suaeuue
motivation rofueauun
percentage npoueuf, npoueufuoe coofuoueuue
push fonkafu, eufankueafu
rapid ucfpu
relocate nepeesafu, reunfu recfononoeuue
revive eospopafu(cn)
similar nopouu, cxopuu
slash pyufu
static cfafuuu, cfafuecku
subsequently enocnepcfeuu
tackle sauurafucn (veu-nuo), npuuurafucn (sa vmo-nuo)
verge cfonfu ua kpak, anaucupoeafu ua kpak
widespread uupoko pacnpocfpaueuuu
marginal tax rate npupocfuan (rapruuanuuan) cfaeka uanoroonoeuun
total taxes oan cyrra uanoroeux ofucneuu
tax bracket kaferopun uanoronnafenuukoe, uanoroean uuua
taxed at a 50 percent rate onaraefcn uanoror no cfaeke e 50 npoueufoe
once the . was reached kak fonuko ueaef pocfuruyfa
added earnings poaeneuuu poxop, pononuufenuuu sapaofok
accept added risks npuuurafu ua cen pononuufenuuue pucku
report income sanennfu o poxopax
be in debt ufu e ponry
inflation-adjusted coofueceuuu c uuqnnuue, npuensauuu k fernar uuqnnuuu
federal receipts nocfynneuun e qepepanuuu kpef

Exercise 4
1. What is the marginal tax rate?
2. What do Americans mean by the marginal tax rate?
3. Why does the marginal tax on added earnings matter?
4. How do the marginal tax rates affect the general output of the economy?
5. What happens to people's income if the government reduces the marginal tax?
6. What happened to some economies on the verge of bankruptcy when they slashed the
marginal tax rates?
7. How did the reduction of the marginal tax rates in the USA affect the total tax revenues?
8. Who pays the most of the taxes in the USA?
9. What is the difference between average and marginal tax rates?
10. What is the difference between static and dynamic effects of the different taxation systems?
1
A nervous taxpayer was unhappily conversing with the IRS auditor who had come to review his
records. At one point the auditor exclaimed, We feel it is a great privilege to be allowed to live
and work in the USA. As a citizen you have an obligation to pay taxes, and we expect you to
eagerly pay them with a smile.
Thank God, returned the taxpayer. I thought you were going to want cash.
2
The local bar was so sure that its bartender was the strongest man around that they offered a
standing $1000 bet: The bartender would squeeze a lemon until all the juice ran into a glass,
and hand the lemon to a patron. Anyone who could squeeze one more drop of juice out would
win the money. Many people had tried over time but nobody could do it.
One day this scrawny little man came into the bar, wearing thick glasses and a polyester suit,
and said in a tiny squeaky voice I'd like to try the bet.
After the laughter had died down, the bartender said OK, grabbed a lemon, and squeezed
away. Then he handed the wrinkled remains of the rind to the little man. The crowd's laughter
turned to total silence as the man clenched his fist around the lemon and six drops fell into the
glass.
As the crowd cheered, the bartender paid the $1000, and asked the little man What do you do
for a living? Are you a lumberjack, a weight-lifter, or what?
The man replied, I work for the IRS.
3
Psychiatrist to Internal Revenue agent on couch: Nonsense! No way does everyone in the
world hate you everyone in the US perhaps, but certainly not everyone in the world.
4
A man, about to enter hospital, saw two white coated doctors searching through the flower
beds. Excuse me, he said, have you lost some thing?
No, replied one of the doctors. We're doing a heart transplant for an income-tax inspector
and want to find a suitable stone.
5
Tony died and was sent to be judged. He was told that he had cheated on his income taxes,
and that the only way he could get into heaven would be to sleep with a stupid, butt-ugly woman
for the next five years and enjoy it. Tony decided that this was a small price to pay for an
eternity in heaven. So off he went with this woman, pretending to be happy.
As he was walking along, he saw his friend Carlos up ahead. Carlos was with an even uglier
woman than he was with. When he approached Carlos he asked him what was going on, and
Carlos replied, I cheated on my income taxes and scammed the government out of a lot of
money. They both shook their heads in understanding and figured that as long as they have to
be with these women, they might as well hang out together to help pass the time.
Now Tony, Carlos, and their two beastly women were walking along, minding their own
business when Tony and Carlos saw their friend J on up ahead, with an absolutely drop dead
gorgeous supermodel. Stunned, Tony and Carlos asked J on how is he with this unbelievable
goddess, while they were stuck with these awful women. J on replied, I have no idea, and I'm
definitely not complaining. This has been absolutely the best time of my life. There is only one
thing that I can't seem to understand. After everytime we have sex, she rolls over and murmurs
to herself, 'Damn income taxes!'
6nosa sspaeu:
auditor aypufop
awful yacuan
bartender apreu
beastly seepcku
bet cfaeka e cnope; ufucn o saknap, cnopufu
cash peuuru, uanuuocfu
cheer eecenufucn, npueefcfeoeafu
citizen rpapauuu
clench cfuckueafu
complain anoeafucn
couch kyuefka
definitely onpepeneuuo
eagerly ropno, c apor, c onuuur enauuer
eternity eeuocfu
figure peuafu, eueopufu (yrosaknkeuuue)
goddess oruun
gorgeous pockouuan
grab xeafafu
hate ueuaeupefu
heaven ueeca
judge cypufu
lumberjack necopy
murmur uenfafu
obligation onsafenucfeo
patron seci: nocefufenu apa
polyester nonucfepon (uckyccmeeuuan mkaui)
pretend npufeopnfucn
privilege npueunerun, ecfu, noef
remains ocfafku, ocfauku
rind koa, koypa
scam cneua orauueafu
scrawny cyxonapu, kocfnneu
search uckafu, uccnepoeafu
squeaky nucknneu
squeeze paeufu, eupaenueafu
stuck (om stick) npukoeauuu, npunenneuuu
stun ouenornnfu, ypuennfu
supermodel cynepropenu
tiny fuxu, uesarefuu, cnau
unbelievable ueeeponfuu
weight-lifter ufaurucf
wrinkle ropuua
IRS (Internal Revenue Servise) Hanoroean cnya CLA
standing $1000 bet cfaeka e cnope, paeuan fucne ponnapoe
Nonsense! Rycfnku! Epyupa! Eeccrucnuua!
No way! Hukorpa! Hukour opasor!
flower bed knyra
cheat on orauueafu, ynuuuafu
butt-ugly (om butts nropuuu u ugly ypopnueu)
drop dead cneua yucfeeuuu (ocn.: ynapu repfeur)
hang out onfafucn, npoeopufu epern
heart transplant nepecapka ceppua
pass the time npoeopufu epern
roll over nepekafueafucn, noeopaueafucn ua ppyro ok
Damn! Eypufe npoknnfu!

Exercise 5
1. What is a fine?
2. What is the difference between the short and long income tax forms?
3. What is the difference between tax avoidance and tax evasion?
4. Why won't sharks attack tax inspectors?
5. How can people avoid taxes?
6. Why was the IRS agent strong enough to squeeze a lemon?
7. Why did the IRS agent go to the psychiatrist?
8. Why could a stone be used as a heart transplant for a tax-inspector?
9. What were the two butt-ugly women sent to hell for?
10. Was J on a decent tax-payer?

7. Suuu
(Banks)
Federal Reserve System
The Federal Reserve System (the Fed) has been the central bank of the United States since it
was created in 1913. The main purpose of a central bank is to regulate the supply of money and
credit to the economy. The board of governors, the Fed's principal policy-making organization,
plays a key role in this process.
The board has seven members, two of whom serve as chairman and vice chairman. Each
governor is appointed to a fourteen-year term, while appointments to the roles of chairman and
vice chairman are for four years. The president, with confirmation by the Senate, appoints all
seven governors and designates which ones should also be confirmed as chairman and vice
chairman. The terms of Federal Reserve governors are long to insulate the members from
political pressures and foster independent decisions.
In order to regulate the nation's money supply the Federal Reserve has to influence the amount
of reserve funds available to banks and thus the level and direction of short-term interest rates.
Whether banks and other financial institutions will make loans depends on the profit margin
the difference in the rate of interest they must pay to attract deposits or borrow funds and the
interest rate they can charge customers for credit. The greater the profit margin that banks can
realize on new loans, the more they will want to lend. To influence interest rates on deposits
and interest rates that banks pay to borrow funds, the Fed uses its congressionally granted
authority to create money. The Fed creates money in three ways.
First and most important, the Fed can purchase U.S. government securities from financial
institutions by simply creating funds (credits) on their balance sheets in exchange for the
securities. As some banks recieve extra reserves, they lend these funds to other banks
overnight to earn interest. The increased supply of reserves relative to demand in the money
market pushes down the overnight interest rate. This decline in the cost of credit to banks
increases the profitability of new loans to businesses and individuals and provides stronger
incentives for banks to expand the amount of credit to the economy.
A second monetary policy tool available to the Federal Reserve is the discount rate, the interest
rate the Fed charges on loans it makes to banks. By increasing or decreasing this rate, the Fed
can discourage or encourage banks to borrow the funds it creates and, therefore, make more
loans to the public.
A third way in which the Fed operates monetary policy is by regulating the proportion of liquid
reserves that banks must keep on hand. Obviously, the higher the reserve requirement, the less
there are funds available to make new loans.
6nosa sspaeu:
appoint uasuaafu
appointment uasuaeuue
authority enacfu, npaeo
available pocfynuue, urekuecn e uanuuu
chairman npepcepafenu
confirm yfeeppafu, nopfeeppafu
confirmation yfeeppeuue
create cospaeafu
designate oosuaafu, osuaafu, uasuaafu, ykasueafu
discount ckupka, puckouf; penafu ckupky, puckoufupoeafu
foster cnococfeoeafu, noopnfu, paseueafu
independent uesaeucuru
insulate usonupoeafu, sauafu
lend paeafu esaru, ccyafu
liquid nukeupuu
overnight ua uou
pressure paeneuue
principal rnaeuu, npuuuunuanuuu
profitabi lity npuunuuocfu
realize peanusoeueafu
reserve pesepe; pesepeupoeafu; pesepeuu
Senate ceuaf
term cpok
board of governors coeef ynpaennkux
policy-making onpepennku nonufuky
key role knkeean ponu
vice chairman euue-npepcepafenu
reserve funds pesepeuue qoupu
short-term interest rates kpafkocpouue npoueufuue cfaeku
make loan paeafu ccypy, saer
profit margin eanoean npuunu, aukoeckan rapa
attract deposits npuenekafu penosufu
congressionally granted authority pauuoe kourpeccor npaeo
balance sheet anauc
relative to ofuocufenuuo (veao-nuo)
push down fonkafu euus
discount rate puckoufuan cfaeka, cfaeka pequuaucupoeauun
liquid reserves nukeupuue pesepeu
on hand ua pykax
reserve requirement fpeoeauun no pesepeuur sanacar

Exercise 1
1. Since when has the Fed been the central bank of the United States?
2. What is the main purpose of the Fed?
3. What role does the American Senate play in the work of the Fed?
4. Why are the terms of the FED governors so long?
5. What does the FED do in order to regulate the amount of the nation's money supply?
6. What is the profit margin of the bank?
7. How does FED create money?
8. How can the interest rate be pushed down?
9. What is the discount rate?
10. How are the commercial banks' liquid reserves regulated?
1
A banker was about to get married. He went to the jewelers to get a wedding ring for his
fiancee. The jeweler told him that he can have the inside of the ring engraved with the name of
his fiancee for an additional $20.
He said, But that will reduce the resale value! The jeweler was aghast. He said, How can
you say such a thing. You are a butcher! No, replied the banker, I am an banker.
2
A banker is someone who knows the price of everything and the value of nothing.
3
One of life's disappointments is discovering that the man who writes the bank's ads is not the
one who makes the loans.
6nosa sspaeu:
additional pononuufenuuu
butcher rncuuk
disappointment pasoapoeauue
discover ouapyueafu
engrave rpaeupoeafu
fiancee ueeecfa
inside euyfpeuunn noeepxuocfu
jeweler keenup
resale nepenpopaa
get married euufucn (eixoumi sauy)
wedding ring opyanuuoe (ceaeuoe) konuuo
bank's ad aukoeckan peknara
Bank Runs
A run on a bank occurs when a large number of depositors, fearing that their bank will be
unable to repay their deposits in full and on time, try to withdraw their funds immediately. This
creates a problem because banks keep only a small fraction of deposits on hand in cash; they
lend out the majority of deposits to borrowers or use the funds to purchase other interest-
bearing assets like government securities. When a run comes, a bank must quickly increase its
liquidity to meet depositors' demands. It does so primarily by selling assets, frequently at fire-
sale prices. Losses on these sales can make the bank insolvent.
The danger of bank runs has been overstated. For one thing, a bank run is unlikely to cause
insolvency. Suppose that depositors, worried about their bank's solvency, start a run and switch
their deposits to other banks. If their concerns about the bank's solvency are unjustified, other
banks in the same market area would generally gain from recycling funds they receive back to
the bank experiencing the run. They would do this by making loans to the bank or by purchasing
the bank's assets at non-fire-sale prices. Thus, a run is highly unlikely to make a solvent bank
insolvent.
Of course, if the depositors' fears are justified and the bank is economically insolvent, other
banks would be unlikely to throw good money after bad by recycling their funds to the insolvent
bank. As a result the bank could not replenish its liquidity and would be forced into default. But
the run would not have caused the insolvency; the insolvency had already been incurred, but
not fully recognized. The recognition of the existing insolvency caused the run.
6nosa sspaeu:
bear uecfu, uocufu
concerns osaoeuuocfu
default peqonf, ueeunonueuue onsafenucfe
incur nofepnefu (yufku), npuunfu ua cen (pacxopu)
insolvent uecocfonfenuuu
justified onpaepauuu
liquidity nukeupuocfu
overstate npeyeenuueafu
recognition ysuaeauue, npusuauue
recognize ysuaeafu, npusuaeafu
repay eunnaueafu
replenish nononunfu (sanacu)
solvency cocfonfenuuocfu
switch nepeknkafucn
unjustified ueonpaepauuu
unlikely ranoeeponfuo
withdraw cuurafu peuuru co cefa e auke
run on a bank uafuck ua auk (uannue penosufopoe c uenuk usLnfu penosufu)
repay in full eunnaueafu nonuocfuk
interest-bearing assets akfueu, no kofopur eunnaueakfcn npoueufu
meet demand ypoenefeopnfu fpeoeauun
fire-sale price ropnan ueua (sauueuuan ueua ua aopnue akmuei)
throw good money after bad puckoeafu xopouuru peuuraru papu nnoxux

Exercise 2
1. When does a run on a bank occur?
2. Why does a run on a bank create problems for the bank?
3. What should a bank do if it is run on by depositors?
4. What can happen to a bank if it sells its assets at a fire-sale price?
5. Why are the dangers of bank runs usually unjustified?
6. How do banks cooperate in case a run on one bank occurs?
7. Why would banks not help another bank in case of a bank run?
8. What usually causes the bank run?
1
A guy walks into a bank and says to the teller at the window, I want to open a helluva checking
account.
To which the lady replied, I beg your pardon, what did you say?
Listen up dammit, I said I want to open a helluva checking account right now.
Sir, I'm sorry but we do not tolerate that kind of language in this bank!
The teller left the window and went over to the bank manager and told him about her situation.
They both returned and the manager asked, What seems to be the problem here?
There's no damn problem, the man said, I just won 50 million in the lottery and I want to
open a helluva checking account in this damn bank!
I see, sir, the manager said, and this damn old gal is giving you a hard time?
2
If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the
bank's problem.
6nosa sspaeu:
helluva (om hell of a) epfoe, npoknnfu
language nsuk
lottery nofepen
owe ufu ponuur
teller kaccup e auke
tolerate eupepueafu
checking account ekoeu cef, fekyu cef e auke
I beg your pardon npouy reun useuuufu
no damn problem uukako epfoeo nponeru
damn bank epfoe auk
old gal cfapyuka
a hard time fpypuue epereua
Capital Flight
Capital flight is the widespread currency speculation, leading to cross-border movements of
private funds that are large enough to affect national financial markets. The distinction between
flight and normal capital outflows is a matter of degree, much like the difference between a
bank run and normal withdrawals. The most common cause of capital flight is an anticipated
devaluation of the home currency. No one wants to be caught holding assets that lose 20 or 30
percent of their value overnight, so everyone tries to buy gold or foreign currency. These
episodes are usually short-lived, as the so-called hot money returns after the devaluation.
Capital flight is usually a symptom rather than a cause of financial crisis. Occasionally, however,
rumors of a devaluation can trigger capital outflows. Expectations of devaluation can become
self-fulfilling, as depletion of the central bank's reserves force it to devalue. In these cases
capital flight becomes a source of financial instability, much as withdrawals by worried
depositors can cause an otherwise sound bank to fail.
Not surprisingly, episodes of capital flight are most frequent when exchange rates are unstable.
In the twenties and thirties the demise of the gold standard led to numerous speculative attacks
on the French franc and German mark. When the Bretton Woods system of fixed exchange
rates began to break apart in the late sixties, the United States tried to defend the dollar with
capital controls and by refusing foreign banks' demands to convert dollars to gold. (U.S. citizens
were already barred from owning gold.) After exchange rates were set free in 1973, the U.S.
dollar replaced gold as the flight vehicle of choice. Convertible to most currencies, dollars also
earn interest in convenient offshore or Eurodollar accounts.
Since the Third World debt crisis in the eighties, the term capital flight has been applied more
broadly to capital outflows from residents of developing countries. One reason that capital fled
the debtor countries is that domestic investors felt their government would give precedence to
its foreign rather than its domestic debt obligations. This situation contrasts with the earlier
experience with direct foreign investment, when domestically owned assets were considered
safe from expropriation while foreign-owned assets were at risk.
Governments can adopt different measures to prevent capital flight.
When fixed exchange rates fail, governments often resort to capital controls, as the United
States did in the sixties. Imposing controls during or just after a capital flight episode, however,
is a little worse than closing the barn door after the horse has fled. Controls further reduce
confidence in local financial markets and make capital that has flown less likely to return. Capital
controls encourage black markets for foreign currency and other costly methods of evasion.
Those who import or export goods can also export money by simply overstating the value of the
goods they import or by understating their export earnings. Even the most draconian measures
to limit capital flight often fail. Capital flight from the Weimar Republic continued in 1931, despite
the fact that capital expatriation was made an offense punishable by death.
Another strategy that governments can use to limit capital flight is to make holding domestic
currency more attractive by keeping it undervalued relative to other currencies or by keeping
local interest rates high. The drawback to this approach is that raising interest rates and making
imported equipment more expensive can reduce domestic investment. A more sophisticated
defense against hot money flows, but one that is harder to execute, is for the central bank to
occasionally turn the tables on speculators. A classic squeeze of this type was engineered by
Lazard Frures for the French government in 1924. Using a $100 million loan from J . P. Morgan,
they bid the franc from 124 to 61 per dollar in a few weeks. Speculators who had sold the franc
short in the expectation that its value would fall were hit by big losses. Italy, the United States,
and Sweden have also used this unexpected intervention tactic from time to time.
6nosa sspaeu:
anticipate npepeocxuafu, npepyrapueafu
barn arap, koukuun
bid npepnarafu ueuy, foproeafu(cn)
broadly uupoko
confidence poeepue
convert koueepfupoeafu
convertible koueepfupyeru
currency eankfa
demise kouuua
depletion ucfoeuue (sanacoe)
devaluation peeanueauun
devalue peeanueupoeafu(cn)
distinction pasnuue, ofnuue
domestic porauuu
draconian ppakouoecku
drawback uepocfafok, ouuka
expatriation skcnafpuauun (eosepaeuue ua pouuy)
expectation oupauue
flee (fled) cnacafucn ercfeor
flight ercfeo
frequent acfu
instability uecfaunuuocfu
intervention uufepeeuuun
notorious nonusykucn pypuo cnaeo
offense ockopneuue, uapyueuue sakoua
otherwise e uuor cnyae, uuae
outflow offok
precedence npeuryecfeo, npuopufef
punishable nopneau uakasauuk
resident ufenu, pesupeuf (cfpauu)
resort opaafucn, npuerafu
sophisticated usopeuuu
sound spopoeu, sppaeu, uenu, uenoepepeuuu
squeeze eupaenueafu, euurafu
symptom curnfor
tactic fakfuka
trigger seci: npoeouupoeafu, eknkafu (yke. uaurafu kypok)
undervalued nepeoueueuuu
unstable uecfaunuuu
withdrawal cunfue (co cvema), usLnfue (enosuma)
worried oecnokoeuuue
cross-border nepexopnu rpauuuu
a matter of degree eonpoc cfeneuu
short-lived kpafkoepereuuu
"hot money" ropnue peuuru
self-fulfilling caropocfafouu, uanpaeneuuu ua caroe cen
gold standard sonofo cfaupapf
break apart pasean
bar from sanpeafu (uuemi unu enami vmo-nuo)
flight vehicle of choice cpepcfeo eueecfu kanufan
debt crisis ponroeo kpusuc
debtor countries cfpauu-ponuuku
debt obligations onsafenucfea no ponry
black market epuu puuok
turn the tableson noeepuyfu opyue epara ua uero caroro

Exercise 3
1. What is capital flight?
2. What can the distinction between flight and normal capital outflows be compared with?
3. What is the most common cause of capital flight?
4. Why do people carry their money away from their home country?
5. What are the best vehicles for the capital flight?
6. When is the capital flight most likely to occur?
7. How did the term capital flight change in the eighties?
8. What measures can be adopted to prevent the capital flight?
9. Why were the capital controls inefficient in the US in the sixties?
10. How can a government make the domestic currency more attractive?
1
At a country-club party a young man was introduced to an attractive girl. Immediately he began
paying her court and flattering her outrageously. The girl liked the young man, but she was
taken a bit aback by his fast and ardent pitch. She was amazed when after 30 minutes he
seriously proposed marriage.
Look, she said. We only met half an hour ago. How can you be so sure? We know nothing
about each other.
You're wrong, the young man declared. For the past 5 years I've been working in the bank
where your father has his account.
2
A young banker decided to get his first tailor-made suit. So he went to the finest tailor in town
and got measured for a suit. A week later he went in for his first fitting. He put on the suit and he
looked stunning, he felt that in this suit he can do business.
As he was preening himself in front of the mirror he reached down to put his hands in the
pockets and to his surprise he noticed that there were no pockets. He mentioned this to the
tailor who asked him, Didn't you tell me you were a banker?
The young man answered, Yes, I did.
To this the tailor said, Who ever heard of a banker with his hands in his own pockets?
3
A man walks into a New York City bank and says he wants to borrow $2,000 for three weeks.
The loan officer asks him what kind of collateral he has. The man says I've got a Rolls Royce
keep it until the loan is paid off here are the keys. The loan officer promptly has the car
driven into the bank's underground parking for safe keeping, and gives the man $2,000.
Three weeks later the man comes into the bank, pays back the $2,000 loan, plus $10 interest,
and regains possession of the Rolls Royce. The loan officer asks him, Sir, if I may ask, why
would a man who drives a Rolls Royce need to borrow two thousand dollars?
The man answers, I had to go to Europe for three weeks, and where else could I store a Rolls
Royce for that long for ten dollars?
6nosa sspaeu:
amaze usyrnnfu
ardent ropnu, nunku
attractive npuenekafenuuan
collateral oecneeuue sara, sanor
fitting npurepka
flatter nucfufu
immediately uerepneuuo
introduce npepcfaennfu, suakorufu
marriage euufua
outrageous eosryfufenuuu
pitch peuufenuuocfu
preen npuxopauueafucn
promptly ucfpo
propose npepnarafu (pyky u ceppue)
store xpauufu
stunning ouenornnku
country-club party eeepuuka e saropopuor knye
pay court yxaueafu (sa euuuo)
taken aback ouenorneuuu, ypueneuuu, osapaeuuu
a bit ueruoro
tailor-made suit kocfkr, cuufu nopfuur
got measured un usrepeu
underground parking nopseruan cfonuka
safe keeping xpaueuue
regain possession euoeu npuunfu eo enapeuue
8. Tec+i pn ponouu+eiuoio n+euun
(Supplementary Reading)
New Forex Tool for Currency Investors
Investors have been given a new tool for trading in the global currency markets, with the launch
of the first standardised foreign exchange indices on Monday.
These new products enable investors to place bets on the value of single currency, such as the
dollar, in terms of a trade-weighted basket instead of being forced to express foreign
exchange views in pairs of currencies, such as the movement of the dollar against the euro.
This shift could potentially attract a new group of retail investors into the foreign exchange
markets, some investment bankers claim. But it could also facilitate the creation of a new
branch of advanced derivatives, since complex structured products are usually created using
standardised indices which have generally been lacking in the foreign exchange sector so far.
The new foreign exchange index, which will be called iBoxxFX, has been created by
International Index Company, which is based in Frankfurt and jointly owned by a dozen major
investment banks and Deutsche Brse.
Although IIC is not widely known outside the financial sector, it is a major player in the business
of running independent market indices, such as the iTraxx index in credit derivatives.
Customers can now trade single currencies or specific macroeconomic blocks. This will
facilitate the development of structured products based on indices, said David Mark, chief
executive of IIC.
He added that the development of such indices was particularly timely given the current
investor attention to the dollar and euro.
The world of foreign exchange has until now lacked any major, well-established indices, in
sharp contrast to the equity, credit or commodity sectors. Some investment banks have
attempted to develop proprietary indices, but these have never become widespread.
As a result, investors who wanted to express a view on a currency usually had to do so in a way
that forced them to make a judgement about two countries, rather than just one.
However, the iBoxxFX indices, which will cover most of the largest currencies, will let investors
express a view about a single currency in isolation.
By Gillian Tett
6nosa sspaeu:
branch ofpacnu, eefeu
commodity foeap
complex cnouu, cocfaeuo
dozen pkuua
equity kanufan
euro eepo
facilitate copecfeoeafu
global rnoanuuu, ecerupuu
index (uu. v. indices) uupekc
isolation usonnuun
jointly coerecfuo
lack fepnefu uepocfafok
launch cfapfoeafu, sanyckafu, eueppnfu
proprietary cocfeeuuu
retail posuuuu
sector cekfop
shift cpeur
single epuucfeeuuu
standardise cfaupapfusupoeafu
tend urefu feupeuuuk, cfperufucn (k veuy-nuo)
ti mely ceoeepereuuu
place bets pasreafu saneku ua yacfue e foprax
in terms of e fepruuax
trade-weighted basket uaop foeapoe u ycnyr
foreign exchange views nporuosu u oueuku cocfonuun repyuapopuoro eankfuoro puuka
pair of currencies napa eankf (coomuoueuue komopix onpeennem eankmui kypc)
advanced derivatives coepereuuue npouseopuue (om mpauuuouuix quuaucoeix
uucmpyueumoe)
International Index Company Mepyuapopuan kornauun uupekcauuu
Deutsche Brse Feprauckan upa
so far k uacfonery roreufy
credit derivative kpepufuan npouseopuan
macroeconomic blocks rakposkouorueckue noku
well-established indices xopouo ycfauoeneuuue uupekcu
in sharp contrast e peskor npofueonocfaeneuuu

Argentine Beef Farmers Warn of More Strikes
When President Nstor Kirchner implored the Argentines to eat less beef soon after imposing a
surprise ban on beef exports in March, it was not because he was concerned about their health.
Argentines eat more beef than anyone else in the world more than 60 kilos per head a year
but this move was another attempt by the government to tackle broader problems of ensuring
adequate supply in the domestic market and curbing inflation, already aggravated by high
international prices of agricultural goods.
Persistent government interventions in the sector including export bans and restrictions on
beef, wheat, corn and milk products, rising export duties and price controls provoked farmers
to go on strike this month for the second time this year. The strike, which involved withholding
produce from the market, ended on Monday but no agreement was reached with the
government, and leaders of farming associations are already threatening more and longer
strikes in 2007.
We are stuck with this interventionist system, where any day of the week short-term measures
can be introduced, so that one day something is profitable and the next it isn't. Who can invest
or think ahead in such an unpredictable country? said Luciano Miguens, the president of the
most traditional farming group, the Argentine Rural Society, which did not join the earlier strike.
Eduardo Buzzi, the leader of the Argentine Agrarian Federation, which protects the interests of
smaller farmers, worries that government policy is damaging competitiveness abroad. The
government needs to ensure that national production is stable and predictable. At the moment
they are not doing the right thing to be a trust worthy supplier of a country like Germany, for
example, he says.
While farmers acknowledge that high international commodity prices should be a boon to
agriculture, a cornerstone of the Argentine economy, they complain that the government is
preventing them from taking advantage.
Furthermore, they say, measures such as the ban on beef exports have been ineffectual in
preventing inflation. Although the price of livestock fell by about 30 per cent following the ban,
prices in supermarkets fell by only 8 per cent. Such policies have merely resulted in a transfer of
wealth away from producers of over $260m (J197m, i132m) this year, according to Mr Miguens.
I don't know if it's just that they don't want to under-stand the issues or that they really don't
understand, he says.
Farmers say the basic solution is to increase production, which has stagnated in recent years
despite rising demand both at home and abroad. Ever since it was elected, this government
has completely failed to establish a plan for something as fundamental to our economy as beef
or grains, says Mr Buzzi.
Until production increases, farmers say there will continue to be pressure on prices. As
agricultural produce has such a heavy weighting in the basket of goods used to track prices, this
complicates the government's task of controlling inflation, one of its highest priorities. Thanks to
its determined but controversial implementation of price controls this year, inflation looks set to
fall to about 10 per cent for 2006, down from 12.3 per cent in 2005.
One representative of the farming sector involved in negotiations fears that differences in the
government are complicating matters, with the economy minister, Felisa Miceli, pitted against
the powerful secretary for internal commerce, Guillermo Moreno, who is responsible for
enforcing price controls.
Moreno is a fundamentalist. Bin Laden would be easier to negotiate with, said the negotiator,
who preferred to remain anonymous.
Miceli understands that if there's no investment, inflation won't go away, but Moreno doesn't
the problem is who will win the tug of war. Moreno seems to think he can change the law of
gravity.
By Benedict Mander in Buenos Aires
6nosa sspaeu:
acknowledge npusuaeafu, nopfeeppafu
advantage npeuryecfeo
aggravate yxypuafu, ofnrafu
agreement cornaueuue
anonymous auouuruu
Argentine Apreufuua
attempt nonufka; nufafucn
beef roenpuua
boon naro, naropenuue
competitiveness koukypeufocnocouocfu
complain anoeafucn
complicate ycnounfu
controversial cnopuu, npofueopeueu
curb oyspueafu
elect euupafu, usupafu
enforce eeopufu cuno
fundamental qyupareufanuuu
fundamentalist qyupareufanucf
furthermore panee
implementation eueppeuue, eeepeuue
implore yronnfu
impose uanarafu, uaensueafu
ineffectual uesqqekfueuu
interventionist uufepeeuuuouucfcku
involve eoenekafu
issue nyukf, nponera, eonpoc
kilo kunorparr
livestock noronoeue ckofa
merely npocfo, epea
minister ruuucfp
move uar, peueuue; peurafucn
negotiator neperoeopuk
persistent uacfoueu, uacfonfenuuu
pit npofueocfonfu, eucfaennfu e kaecfee npofueuuka
powerful rouu, cunuuu, enacfuu
priority npuopufef
provoke npoeouupoeafu
restriction orpauueuue
rural cenucku
stagnate cfaruupoeafu, uaxopufucn e sacfoe
stick (stuck) with fepnefu, euuocufu (vmo-nuo)
strike saacfoeka
transfer nepeeopufu
trustworthy pocfouu poeepun
unpredictable uenpepckasyeru
wheat nueuuua
withhold ypepueafu
worry ecnokocfeo; ecnokoufucn
surprise ban ueoupauuu sanpef
per head ua pyuy uaceneuun (yke. ua ronoey)
go on strike acfoeafu
farming association accouuauun qeprepoe
short-term kpafkocpouu
think ahead pyrafu sapauee (o veu-nuo)
basket of goods foeapuan kopsuua
track prices ofcneueafu ueuu
internal commerce euyfpeuunn foproenn
price controls koufponu sa ueuaru, perynupoeauue ueu
win the tug of war noepufu e nepefnrueauuu kauafa
law of gravity sakou ecerupuoro fnrofeuun
Bush Urged to Break US Oil Dependence
The Bush administration should act decisively to break America's dependence on oil, said a
group of leading US business executives and senior military officers in a report presented on
Wednesday to the White House and Congress.
The bipartisan group, which includes the chief executives of Fedex, UPS, Dow Chemicals and
some of America's best known retired generals, urged Washington to recognise that pure
market economics will never solve the problem of US oil dependency.
The report poured cold water on the Bush administration's goal of reducing America's
dependence on foreign oil, rather than on oil in general. It urged Mr Bush and the new
Democrat-controlled Congress to set up a plan to halve the American economy's oil-intensity by
2030.
George W. Bush has repeatedly identified energy independence and immigration reform as
two of the issues most likely to attract bipartisan support following the Republican loss of control
of Capitol Hill in mid-term elections last month.
Events affecting supply or demand anywhere will affect consumers everywhere, said the
report, brought out by the Energy Security Leadership Council, a think tank. "Exposure to price
shocks is a function of how much oil a nation consumes and is not significantly affected by the
ratio of domestic oil to so-called foreign oil.
The report also warned Mr Bush, who is expected to announce new energy independence
measures in his annual State of the Union address to Congress next month, that America's oil
dependence makes it acutely vulnerable to terrorist attacks.
America's transport system is 97 per cent dependent on oil. More than 90 per cent of world oil
supply is controlled by foreign governments. America must address this critical weakness,
said P.X. Kelley, a retired Marine Corps general. An oil supply interruption cannot be
reasonably dismissed as improbable.
However, there is deep-seated scepticism about the willingness of the Bush administration,
which has yet to endorse the theory of global warming, to take the tough steps most energy
experts say are necessary to reduce America's dependence on oil.
Last J anuary Mr Bush declared that America was addicted to oil. But Mr Bush's
announcement was not followed by any significant change in energy strategy. There is very
little reason to believe that the White House will take the tough measures necessary to make
this happen, said a Washington-based energy lobbyist. There is no appetite, say, to impose a
carbon tax or for putting a floor under the price of oil that would incentivise investors to put their
money into alternative energy.
However, the US administration wants to step up cooperation with China on energy efficiency
and the use of alternative fuels. Energy and the environment will be among the topics
addressed in Friday's final session of the US China strategic economic dialogue involving top
officials meeting in Beijing.
The dialogue is the brainchild of Hank Paulson, US Treasury Secretary, who has a strong track
record as an environmentalist and is treated with suspicion by some US conservatives as a
result. Lack of binding targets for China and other big emerging market countries such as India
to limit their greenhouse gas emissions was one of America's principal reasons for refusing to
ratify the Kyoto accord.
By Carola Hoyos in London, Edward Luce in Washington and Krishna Guha in Beijing
6nosa sspaeu:
acutely ocfpo, kpufuecku
addict npucfpacfufucn
alternative anufepuafuea; anufepuafueuu
announcement oLneneuue, saneneuue
annual eeropuu
bipartisan peyxnapfuuu
brainchild rucnu (yke. peeuok rosra)
conservatives koucepeafopu
decisively peuufenuuo
dependence saeucurocfu
dialogue puanor
dismiss ofnyckafu, yeonuunfu, pacnyckafu
elections euopu
emerge nonennfucn, eosuukafu
emission eupoc, sruccun
endorse nopfeeppafu, saeepnfu, uupoccupoeafu
environment okpyakan cpepa
exposure peroucfpauun, eucfaeka
fuel ropkee
general reuepan
goal uenu
greenhouse napuuk; napuukoeu
halve cokpaafu uanonoeuuy
identify npusuaeafu, ofopecfennfu
immigration urrurpauun
improbable ueeeponfuu
incentivise rofueupoeafu
interruption npepueauue
lobbyist noucf
loss nofepn, yfpafa
pure ucfu
ratify pafuquuupoeafu
ratio coofuoueuue, kosqquuueuf
reasonably pasyruo
recognise npusuaeafu, ysuaeafu
repeatedly ruorokpafuo
retire yeonuunfucn c paofu, co cnyu
scepticism ckenfuuusr
session ceccun
significant suaufenuuu
support noppepka; noppepueafu
suspicion nopospeuue
tough kpenku, kpyfo
urge noypafu, foponufu
vulnerable pauuru, ynseuru
warn npepynpepafu
weakness cnaocfu
willingness enauue
Democrat-controlled Congress koufponupyeru perokpafaru Kourpecc
oil-intensity specu uufeucueuan saeucurocfu of ueqfu
Capitol Hill Kanufonucku xonr
mid-term nporeyfouue
Energy Security Leadership Council Coeef sueprefuecko esonacuocfu
think tank rosroeo ueufp
price shocks ueuoeo uok
terrorist attacks afaku feppopucfoe
transport system fpaucnopfuan cucfera
Marine Corps ropckan nexofa
deep-seated rnyoko cupnu
theory of global warming feopun rnoanuuoro nofenneuun
Washington-based asupykucn e Bauuurfoue
no appetite uef enauun
carbon tax uanor ua eupoc yrnepopa u yrnepopocopepaux coepuueuu
put a floor under the price uckyccfeeuuo cfaunusupoeafu ueuu (yke. nonoufu non nop
ueuaru)
step up cpenafu uar enepep
top officials eucuue oquuuanuuue nuua
strong track record npouan penyfauun, nocnyuo cnucok
binding target oan uenu
Kyoto accord Kuofcku npofokon
UK Earnings Rise More than Expected
The number of people claiming unemployment benefit fell unexpectedly last month and average
earnings rose by more than forecast, an official report showed on Wednesday.
The data lend support to the majority view held within the Bank of England's monetary policy
committee that despite net immigration, the labour market remains reason ably tight and this
could lead to burgeoning wage inflation.
The Office for National Statistics said the claimant count dropped by 5,700 in November, the
biggest fall since J anuary 2005. The reading for October, which had originally shown a rise of
1,200, was revised to a decline of 3,600.
Average earnings including bonuses climbed by 4.1 per cent in the three months to October, up
0.2 per cent on the previous reading. Excluding bonuses, average earnings were up by 3.8 per
cent.
Unemployment in the three months to October, as calculated by the International Labour
Organisation, fell by 7,000 to 1.695m, leaving an unemployment rate of 5.5 per cent.
The number of people in employment over the same period climbed by 41,000 to 29m.
The claimant count and wage data painted the picture of a labour market in somewhat ruder
health than many analysts had expected, and sterling perked up on the news.
Richard Snook at the Centre for Economics and Business Research said: These signs point to
a tighter UK labour market than analysts had expected; the effect of which will be to reinforce
the upward pressures on prices that has seen inflation rise to the highest level in nearly a
decade.
By Jamie Chisholm, Economics Reporter
6nosa sspaeu:
analyst auanufuk
burgeon pacfu, pacnyckafucn
calculate cufafu
claimant opafueuucn c fpeoeauuer, npocuo
climb esupafucn, kapakafucn, nopuurafucn
decade pecnfunefue
exclude ucknkafu
fall napeuue
lead eecfu
original ly usuaanuuo
perk up oufu, eocnpnfu pyxor
pressure paeneuue
reading nokasafenu
reinforce ykpennnfu, nopkpennnfu, ycunueafu
revise nepecrofpefu
sterling cfepnuur
tight kpenku, fecuu, ysku
unexpectedly ueoupauuo
upward no uanpaeneuuk eeepx
unemployment benefit nocoue no espaofuue
average earnings cpepunn sapaofuan nnafa
by more than forecast ua onee eucoku ypoeeuu, er uno cnporuosupoeauo
lend support okasueafu noppepky
majority view foka speuun onuuuucfea
monetary policy committee korufef no rouefapuo nonufuke
net immigration ucfan urrurpauun
wage inflation uuqnnuun, euseauuan pocfor sapaofuo nnafu
Office for National Statistics Hauuouanuuoe cfafucfueckoe kpo
claimant count seci: nopcufauuoe konuecfeo opaeuu sa nocounru
up by per cent ua npoueufoe
International Labour Organisation Mepyuapopuan oprauusauun fpypa
unemployment rate ypoeeuu espaofuuu
wage data pauuue no ypoeuk sapaofuo nnafu
paint the picture uanucafu kapfuuy
rude health kpenkoe spopoeue
Bank's Inflation Measure at Record High
The Bank of England's target measure of inflation jumped to a record high last month as the
decline in transport costs slowed and the cost of running a home rose.
The pound gained ground against other significant currencies as the City reasoned that
stronger-than-expected prices data increased the likelihood of a rise in interest rates early next
year.
The Office for National Statistics said that in the year to November, the consumer price index
climbed by 2.7 per cent, up from a 2.4 per cent rise the previous month, the fastest pace of
increase since J anuary 1997. This is the seventh successive month that the CPI has been
above the Bank's target of 2 per cent.
Although the measure had been projected to climb higher towards the end of 2006, Paul Dales
at Capital Economics warned that, despite recent softer news on economic activity, the inflation
report could ensure that the MPC remains in tightening mode going into the new year.
Mervyn King, Bank governor, has made it clear that with judgments about economic prospects
difficult, greater importance will be placed on developments in costs, pay and prices.
The concerns that higher headline price rises could bolster consumers' inflation expectations
were also touched upon this week by Paul Tucker, the Bank's director for markets.
In a speech, Mr Tucker said he voted for an increase in interest rates at the MPC's November
meeting because he wanted to head off inflationary wage demands and send a message that
the Bank was willing to act to contain prices.
However, according to a survey by the Recruitment and Employment Confederation and KPMG,
the professional services group, the rate of pay inflation for permanent jobs is running at the
highest level for almost six years and at a 22-month high for temporary work.
The study said competition for talent against a background of rising demand for staff was
pushing up wage bills. A series of recent high-profile private sector pay settlements, such as the
annual rises of at least 4 per cent won by thousands of workers at Ford, Rolls-Royce and
National Air Traffic Services, have suggested that annual wage demands increasingly are linked
to the increase in the retail price index.
The RPI, which includes interest payments on mortgages, climbed in the 12 months to
November by 3.9 per cent, up from 3.7 per cent in October and the highest reading since May
1998, said the ONS.
The main cause of acceleration in the CPI was the cost of transport, particularly petrol, where
prices fell more slowly than for the comparable period last year.
Upward momentum was provided by increases in utility bills, particularly gas prices, and slower
falls in the prices of electronic equipment.
Core inflation, a measure that excludes volatile items such as alcohol, tobacco, food and
energy, climbed from 1.4 per cent in October to 1.6 per cent in November.
By Jamie Chisholm and Andrew Taylor
6nosa sspaeu:
acceleration yckopeuue
alcohol ankoronuuue uanufku
bolster noppepueafu
comparable cpaeuuru, conocfaeuru
governor ynpaennku
likelihood eeponfuocfu
link censu; censueafu
momentum peueuue
mortgage unofeka, unofeuu kpepuf
petrol eusuu
project nnauupoeafu, npoekfupoeafu
reason apryreufupoeafu, roeopufu apryreufupoeauuo
slow sarepnnfu(cn)
successive cnepykue ppyr sa ppyror
survey uccnepoeauue
target uenu
the City Cufu, penoeo paou Poupoua
tobacco faauue uspenun
volatile usreuueue, usreunkuecn, rukue
target measure ueneeue nokasafenu
transport costs fpaucnopfuue uspepku
running a home ocnyueauue unua
gain ground ykpennnfucn (o eankme)
CPI (consumer price index) uupekc nofpeufenuckux ueu Capital Economics
Capital Economics Ltd uesaeucuroe koucynufauuouuoe areufcfeo e Poupoue,
ocuoeauuoe e 1999
softer news rnrkue nporuosu, uoeocfu
MPC (marginal propensity to consume) npepenuuan cknouuocfu k
nofpeneuuk (nokasameni, komopiu xapakmepusyemcn qyukuuouaniuan saeucuuocmi
mekyux nompeumenickux pacxooe om eenuvuui oxooe)
tightening mode uanpneuuocfu, ecfkocfu
with judgments about economic prospects difficult e ycnoeunx, korpa fpypuo cypufu o
skouorueckux nepcnekfueax
headline price ueuu ua eepyue foeapu u npopykfu
inflation expectations uuqnnuuouuue oupauun
touch upon kocuyfucn (veao-nuo)
head off npepeocxufufu
inflationary wage demands fpeoeauun noeuueuun sapaofuo nnafu, euseauuue
uuqnnuuouuuru oupauunru
contain prices cpepueafu ueuu
The Recruitment and Employment Confederation(REC) npoqeccuouanuuu coks,
npepcfaennku uufepecu paofuukoe cnyu saunfocfu
KPMG repyuapopuan aypufopckan u uanoroean kornauun
pay inflation uuqnnuun, euseauuan pocfor sapaofuo nnafu
permanent jobs nocfonuuue paoue recfa
temporary work epereuuan paofa
competition for talent koukypeuuun cpepu paofopafene, uanpaeneuuan ua nouck u uar
uauonee fanaufnueux paoux u cnyaux
against a background ua qoue
push up fonkafu eeepx
wage bil ls eku ua sapaofuyk nnafy
high-profile private sector kpynuue npepnpunfun acfuoro cekfopa
pay settlement poroeopeuuocfu o ypoeue sapaofuo nnafu repy paofopafennru u
paofuukaru
wage demand fpeoeauun no noeuueuuk sapaofuo nnafu
RPI (retail price index) uupekc posuuuux ueu
interest payments eunnafu npoueufoe
utility bills cefa sa korryuanuuue ycnyru
gas prices ueuu ua ras
electronic equipment snekfpouuoe oopypoeauue
core inflation ucfan uuqnnuun

US Warns UAE on Trade with Iran, Syria
Washington is alarmed at the diversion of militarily sensitive technology to Iran and Syria via
Dubai, a US official said on Thursday.
Increasing numbers of controlled items are being diverted from ports in the United Arab
Emirates Dubai to Syria and Iran, the administration official said, threatening unspecified
action if this was not halted.
The concerns have been shared with US trade negotiators and are likely to further strain US
UAE free trade talks.
Concerns centre on the transshipment of technology with conventional military uses, such as
sensors, and come as the US tightens controls on exports to China, a supplier of military
technology and hardware to Iran. The official said: If we see no action in the coming months,
we may have to take other steps. The threat underlines the difficulties for US relations in the
region arising from the White House policy of isolating Iran and Syria, said Philip Gordon, a
fellow at the Brookings Institution.
This comes at a time when the administration is trying to resist calls from the Iraq Study Group
to engage with Tehran, he said, adding the comments served to highlight the view that Iran
and Syria were a threat to global security.
Diplomatic or economic retaliation against the UAE by the US was not inevitable, the official
said. It would be designed to send a message to other countries that this is a serious and
important issue for the US and that actions will have consequences.
The administration has also briefed key members of Congress, where there is bipartisan
support for more pressure on the UAE.
A congressional aide familiar with the briefings said: "The administration's view is that we get
pretty good cooperation from the UAE. We can go to them and say, There is a ship and it has
got this specific component on board and we don't want it going to Tehran.
But if it is not a missile component or something that can be linked directly to weapons of mass
destruction, then maybe some of the princes will look the other way, said the aide.
The view in Congress is that Iran and its desire to get nuclear weapons has to be the
overriding concern when set against economic goals we are just as concerned about delivery
systems and the conventional components.
Concerns about shipping in Dubai led to this week's sale of five US container terminals by DP
World, the Dubai ports operator.
By Eoin Callan and Guy Dinmore in Washington
6nosa sspaeu:
aide norouuk kourpeccreua
alarm fpeeora, ecnokocfeo; fpeeoufu, ecnokoufu
arise ecfaeafu, nopuurafucn
brief kopofku, kpafku; pafu kpafkoe usnoeuue, useeafu kopofko u ncuo
briefing puquur (kpamkan npecc-kouqepeuuun c yvacmueu npecc-cekpemapn
oquuuaniuoao opaaua)
centre ueufp; urefu ueufpor
consequences nocnepcfeun
conventional ouuu
desire enauue; enafu
diversion ofknoueuue, ofeneeuue
divert ofknouufu(cn)
engage ecfynafu e ofuoueuun
familiar suakoru
fellow neu konnepa, yuueepcufefa
halt ocfauaenueafu(cn)
hardware fexuuka
highlight eupennfu, oceeafu, nopepkueafu
inevitable ueuseuu
militarily ureku ofuoueuue k eoeuuory peny
missile pakefa
on board ua opfy
resist npofueocfonfu, conpofuennfucn
retaliation eosrespue, ofeefuu ypap
security esonacuocfu
sensitive yecfeufenuuu, eocnpuurueu
sensor ceucop, npueruuk
strain uanpneuue; eusueafu uanpneuue
threaten yrpoafu
tighten yecfoafu
transshipment fpaucnopfupoeka c nepenorpysko foeapa
underline nopepkuyfu
use ucnonusoeauue
via epes, nocpepcfeor
militarily sensitive roryu ufu ucnonusoeauuur e eoeuuux uennx
controlled items koufponupyerue opasuu
United Arab Emirates OLepuueuuue Apackue Srupafu
unspecified action seci: coofeefcfeykue repu
free trade talks neperoeopu no ceoopuo foproene
key members knkeeue neuu
weapons of mass destruction opyue raccoeoro yuufoeuun
nuclear weapons npepuoe opyue
overriding concern npeonapakee ecnokocfeo
container terminals nopfoeue fepruuanu pnn npuerku nuxfepoe-koufeuepoeosoe
ports operator nopfoeu onepafop
Europe Must Embrace its Neighbours
The enlargement of the European Union has lost momentum. Bulgaria and Romania will enter
the EU in J anuary, but there is then likely to be a long gap before any other country joins. The
EU has used the accession process as its main method to promote economic and political
reform in its neighbourhood. But now it needs new methods.
Germany, which takes over the EU presidency next month, has promised that a new European
neighbourhood policy will be a priority. Such a policy is urgently needed. A key challenge for
the EU next year will be to build stronger ties with neighbours that are not on the road to
membership.
The EU cannot afford to be indifferent to the arc of instability that runs from Belarus to North
Africa, passing through Ukraine, Moldova, the western Balkans, the Caucasus and the Middle
East. Unless the EU takes responsibility for steering its neighbourhood towards prosperity and
good governance, it risks paying a heavy price. Political instability, religious extremism, ethnic
conflict, organised crime and illegal immigration could all spill over from the neighbourhood to
the union and in some cases already are.
The EU's current neighbourhood policy, in place since 2004, is proving inadequate. It involves
the union negotiating an action plan with each neighbour, promising trade, aid, political
contacts and participation in EU programmes though not membership in return for a series
of specified reforms. Action plans with Armenia, Azerbaijan, Georgia, Israel, J ordan, Morocco,
Moldova, the Palestinian Authority, Tunisia and Ukraine have already been agreed.
Several such plans have been modestly successful. Ukraine has adapted some laws and
standards to be closer to those of the EU and will gain an easier visa regime. Morocco and
Moldova have improved border controls. J ordan, Morocco and Tunisia have set up forums on
governance, democracy and human rights. But the ENP has failed to transform neighbours in
the way the accession process transformed much of eastern Europe.
The carrots held out by the EU are not juicy enough to motivate political elites to undertake
many of the painful reforms required.
Although the EU cannot feasibly promise membership to neighbours, it must offer them a more
attractive package. Germany plans to integrate neighbours with EU energy markets and
transport networks. The Commission has approved a scheme to offer Ukraine and other
neighbours deep free trade. That would mean scrapping not only tariffs but also some non-
tariff barriers to trade and investment.
The union should go further. It should offer the best-performing neighbours partnerships in the
Common Foreign and Security Policy (CFSP). If countries such as Georgia and Ukraine make
steady progress towards becoming liberal democracies, the EU should ask them to send
diplomats to the Council of Ministers in Brussels. They would take part in discussions on
policies of common interest, such as Black Sea security, counter-terrorism and illegal
immigration. The partners would help to shape EU policy but, not being members, could not
vote on it. Once EU governments had decided a policy, the partner would be free to sign up to
it, or not.
Such partners would gain several benefits. Their politicians and bureaucrats would learn about
the EU's ethos of compromise. Above all, joining the CFSP would make countries such as
Ukraine and Georgia feel a little safer. Many Georgians and some Ukrainians view NATO
membership as the best guarantee of their security. But since that goal remains a distant
prospect, they may favour closer security ties with the EU as an interim step.
The EU should offer the same deal to candidates for membership, such as Turkey, which are
excluded from talks on CFSP. Of course, there would be a risk that too many governments
around the table could slow decision-making. So the scheme should begin with a few chosen
topics. If it worked well, the EU and the partners could extend it to more policy areas. In any
case, if EU governments found neighbours and candidates were being obstructive, they would
be free to move ahead and take their own decisions.
Such ideas to strengthen neighbourhood policy will only work if they are seen as membership
neutral. Some Georgians and Ukrainians will sniff at any offer that does not mention the goal
of membership. But when they realise that membership is not the matter of the foreseeable
future, they may welcome other ways to move closer to the EU. Similarly, some members
hostile to enlargement will be reluctant to give neighbours a status that could be seen as a
stepping stone to membership. But in time they may see that the union has a strategic need to
foster reform in its neighbours and that it must therefore give them a closer embrace.
By Charles Grant
6nosa sspaeu:
adapt apanfupoeafu, npucnocanueafu
afford noseonnfu cee
arc pyra
bureaucrat kpokpaf
carrot ropkoeu; seci: npnuuk kak uefo npuenekafenuuoe (omstick and carrot kuyf u
npnuuk)
challenge eusoe, fpeyku ofeefuux rep
compromise kornporucc, cnocouocfu k kornporuccy
crime npecfynneuue
distant ofpaneuuu
elite snufa
embrace oLnfun; ouurafu
enlargement yeenueuue, pacuupeuue
ethos sfuka, ceop npaeun
feasibly eosrouo, eunonuuro
foreseeable npepckasyeroe
forum qopyr
foster eocnufueafu, nenenfu
gap peuu, npopue, npoen
governance ynpaeneuue
hostile epapeuu, epaecku
illegal ueneranuuu
integrate uuferpupoeafu(cn)
interim epereuuu, nporeyfouu
join ecfynafu
juicy couu
membership neucfeo
modest ckporuu
momentum peueuue
neighbourhood cocepcfeo
neutral uefpanuuu
obstructive npennfcfeyku, reuaku
package nakef (eosuouocme, naa u m. .)
painful onesueuuu
partnership napfuepcfeo
presidency ucnonueuue onsauuocfe npesupeufa
prosperity npoueefauue
reluctant ueoxofuu
scheme cxera
scrap cockpeafu
sniff npespufenuuo qupkafu
status cfafyc
steady nocfonuuu, ycfoueu
steer ynpaennfu, eecfu
strengthen ycunueafu
tie censu; censueafu
topic fera
undertake npepnpuuurafu
view eup, foka speuue; paccrafpueafu
vote ronocoeafu
welcome npueefcfeoeafu
European Union Eeponecku coks
not on the road ue ua popore (k)
heavy price fnenan ueua
religious extremism penuruosuu skcfperusr
ethnic conflict sfuuecku kouqnukf
spill over nepenueafucn epes kpa
in place seci: eeepeuuu
prove inadequate pokasafu ceok ueapekeafuocfu
visa regime eusoeu peur
border controls norpauuuu koufponu
energy market sueprefuecku puuok
liberal democracy nuepanuuan perokpafun
Council of Ministers Coeef ruuucfpoe
sign up to it nopnucueafucn nop (veu-nuo)
NATO membership neucfeo e HATO
stepping stone fparnnuu
Conupi usono ecuu, ucnoisonuuuo n nocouu
Aa
abandon pocafu, ofkasueafucn (om veao-nuo)
abil ity cnocouocfu, eosrouocfu
abolish yuufoafu, ofreunfu
abort npepueafu (oiv. epereuuocfu)
abortion aopf, aopfupoeauue
abscond ckpueafucn, eafu of kpepufopoe
absolute aconkfuu
acceleration yckopeuue
accept npuuurafu
acceptable npuerneru
access pocfyn
accidentally cnyauo
accommodate ocnyueafu, ypoenefeopnfu
accumulate coupafu, uakannueafu
acknowledge npusuaeafu, nopfeeppafu
activist akfueucf; akfueuu
acutely ocfpo, kpufuecku
ad oLneneuue
adapt apanfupoeafu, npucnocanueafu
addict npucfpacfufucn
additional pononuufenuuu
adj ust npucnocanueafu, perynupoeafu
adj ustment yfoueuue, npucnoconeuue
administer npureunfu, eeopufu, eueppnfu
admit npuuurafu, ponyckafu
adopt npuuurafu, ycuuoennfu, ypoepnfu
adoption npuunfue
advances pocfueuun, npopeueuun enepep
advantage npeuryecfeo
advocate saufuuk; sauafu, noppepueafu
affair peno, aqepa
affect okasueafu eospecfeue
affirmative yfeeppufenuuu
affluent orafu
afford noseonnfu (cee)
afterwards nocne, enocnepcfeuu
age eospacf; eupepueafu (o euue)
agent areuf
aggravate yxypuafu, ofnrafu
aggregate coeokynuocfu; coeokynuu
agreement cornaueuue
aide norouuk kourpeccreua
akin nopouu
alarm fpeeora, ecnokocfeo; fpeeoufu, ecnokoufu
alcohol ankoronuuue uanufku
alienation ofypeuue
allocate pacnpepennfu, pasreafu
allocation pacnpepeneuue, pasreeuue
alternative anufepuafuea; anufepuafueuu
aluminium ankruuu
amaze usyrnnfu
amazing usyrufenuuu; usyrufenuuo
amidst cpepu, nocpepu
amplitude arnnufypa
analyst auanufuk
anarchy auapxun
angel auren
animal ueofuoe
anniversary ropoeuua
announcement oLneneuue, saneneuue
annual ropuuu, eeropuu
anonymous auouuruu
anticipate npepnonarafu, npepeocxuafu
anxious osaoeuuu
apartment keapfupa
apex eepuuua, rakyuka
apparent oeeupuu
apply npureunfu
appoint uasuaafu
appointment uasuaeuue
appreciate noeuuafu ueuy, ueuufu, noeuuafu kypc eankfu, eucoko oueuueafu
appreciation noeuueuue cfourocfu
approach nopxop; nopxopufu
approximately npunusufenuuo
aptitude cknouuocfu, cnocouocfu
arc pyra
archaeology apxeonorun; apxeonorueckan
architect apxufekfop
ardent ropnu, nunku
area soua, onacfu
argue cnopufu, apryreufupoeafu
arise ecfaeafu, nopuurafucn
array uaop, ruoecfeo
arrest apecfoeueafu
ass ocen
assert yfeeppafu
assets akfueu
assistance norou, noppepka
associated accouuupoeauuu, accouuupykucn
assume cnepoeafu, eueopufu cnepcfeue
assumption npepnonoeuue
assurance oecneeuue, rapaufun
assure yeepufu(cn), ypocfoeepufu(cn)
astonishment ypueneuue
astrologer acfponor
astrology acfponorun
asylum cyracuepuu por
attempt nonufka; nufafucn
attractive npuenekafenuuan
attribute npunucueafu
auditor aypufop
authority enacfu, npaeo
available pocfynuu, urekucn e uanuuu
average cpepuu
avoid userafu
award uarpapa; uarpapafu
aware cosuaku, nouuraku
awful yacuan
awkward uenenu
axe fonop
Bb
ball uap
ban (from) sanpeafu
bankruptcy aukpofcfeo
barbaric eapeapcku
barn arap, koukuun
barrel oka
barrier apuep, nperpapa
bartender apreu
basic asoeu, ocuoeuo
battleship eoeuuu kopanu
bauxite okcuf
be worth cfoufu, paeunfucn e ueue
bear repeepu
bear uecfu, uocufu
beastly seepcku
beat ufu
beef roenpuua
behaviour noeepeuue
beneficial europuu, naronpunfuu
benefit europa; nperuanuuue, pononuufenuuue nara
bet cfaeka e cnope; ufucn o saknap, cnopufu
beverage uanufok
biased npucfpacfuu, ofpaaku npucfpacfue k (veuy-nuo)
bid npepnarafu ueuy, foproeafu(cn)
bikini ukuuu (mun auckoao kynaniuoao aucaunn)
bilingual peynsuuu
billion (au.) runnuapp
bipartisan peyxnapfuuu
birthrate ypoeeuu popaerocfu
blade neseue
blank nycfo, uesanonueuuu, xonocfo (nafpou)
blindfolded c saensauuuru rnasaru
block nokupoeafu, npepofepaafu, sanpeafu, npennfcfeoeafu
blow pyfu, rypefu, ceucfefu
boat nopka
bolster noppepueafu
bond onurauun
bonus noopeuue, ouyc
boon naro, naropenuue
boost yeenuueafu, nopuurafu
borne (om bear uecfu) uecoru, euuocuru
borrow sauurafu, pafu ccypy
boundless esrpauuuu
bourgeoisie ypyasun
bovine kopoeu; seci (upouuv.): kopoeonopouoe cyecfeo
bracket kaferopun, uuua uanoroean
brain rosr, rosru
brainchild rucnu (yke. peeuok rosra)
branch eefeu, qunuan, npepcfaeufenucfeo
brand rapka, foproeoe urn
breakthrough npopue, ofkpufue
bridge rocf; sanonunfu npoen
brief kopofku, kpafku; pafu kpafkoe usnoeuue, useeafu kopofko u ncuo
briefing puquur (kpamkan npecc-kouqepeuuun c yvacmueu npecc-cekpemapn
oquuuaniuoao opaaua)
broadly uupoko
broke aukpof; oaukpofueuucn
broker pokep
brother-in-law uypuu (peeepu)
bug yk, koun. cucferuu co
bull uk
bull cneua epyupa, enyxa, uecypasuua
bum popnra, nopupu
bundle censka
burdensome opereuufenuuu
bureau kpo
bureaucracy kpokpafun
bureaucrat kpokpaf
bureaucratic kpokpafuecku
bureaucratization kpokpafusauun
burgeon pacfu, pacnyckafucn
butcher rncuuk
Cc
calculate cufafu
calculations pacefu
calm cnokouu
can auka (koucepeuan, nn uanumkoe)
cancel ofreunfu, ofsueafu
canoe kauoe
capacity rouocfu, cnocouocfu, eosrouocfu
cardboard kapfou
carrot ropkoeu; seci: npnuuk kak uefo npuenekafenuuoe (om stick and carrot kuyf u
npnuuk)
cash peuuru, uanuuocfu
cease npekpaeuue, npuocfauoeka
centrally ueufpanusoeauuo
centre ueufp; urefu ueufpor
chairman npepcepafenu
challenge eusoe, onacuocfu
charm oapoeauue, apu
chart rpaquk, puarparra, cxera; epfufu rpaquk, cxery, puarparry
charter perucfpupoeafu(cn)
chartist apfucf, upeeo nporuosucf, ocuoeueaku ceou cypeuun ua rpaqukax u
cxerax
cheer eecenufucn, npueefcfeoeafu
chemical xurueckoe eeecfeo
chip packanueafu, pasueafu
citizen rpapauuu
civilized uueunusoeauuoe
claim fpeoeafu, npepLnennfu fpeoeauun, sanennfu
claimant opafueuucn c fpeoeauuer, npocuo
clench cfuckueafu
climb esupafucn, kapakafucn, nopuurafucn
clog sacopnfu, saueafu
clot cryafucn, fporupoeafu(cn), saueafu
clothing opepa
clueless ue ureku knka, pocfyna
coal yronu
cocaine kokauu
collapse napeuue
collateral oecneeuue sara, sanor
collect coupafu, saupafu, uukaccupoeafu, nonyafu peuuru no ponroeory
onsafenucfey
coll ision cfonkuoeeuue
command koraupa
comment korreufupoeafu, eupaafu rueuue unu oueuky
commit nocenafu (cenveuy-nuo unu kouy-nuo), paeafu onsafenucfeo
commitment onsafenucfeo (no omuoueuuk k kouy-nuo unu veuy-nuo)
commodity foeap
communicate oafucn
community cooecfeo
comparable cpaeuuru, conocfaeuru
compel npuuypafu, nouypafu
competitive koukypeufocnocouu, copeeuoeafenuuu, cocfnsafenuuu
competitiveness cocfnsafenuuocfu, koukypeufocnocouocfu
complain anoeafucn
complete nonuu, saeepueuuu; saeepuafu
completion saeepueuue
complex cnouu, cocfaeuo
compliance coofeefcfeue
complicate ycnounfu
compose cocfaennfu
compound coeokynuu, cocfaeuo
comprehensive nounfuu, yronocfuraeru
compression cafue
comprise cocfaennfu, cocfonfu (us)
compromise kornporucc, cnocouocfu k kornporuccy
concept upen, kouuenf, kouuenuun, npepcfaeneuue
concern saofa, osaoeuuocfu; ufu osaoeuuur
conclude saknkafu
conclusion saknkeuue
confess npusuaeafucn, ucnoeepoeafucn
confidence poeepue
confirm yfeeppafu, nopfeeppafu
confirmation yfeeppeuue
conform cornacoeueafu(cn), npucnocanueafu(cn)
consequences nocnepcfeun
conservatives koucepeafopu
consider nonarafu, oueuueafu, cufafu
constantly nocfonuuo
constraint orpauueuue, cpepueaku qakfop
contact koufakfuu
contain copepafu
container koufeuep
content ypoenefeopnfu(cn)
continual npoponakucn, nocfonuuu
continuous npoponufenuuu, pnufenuuu
contraception ucnonusoeauue npofueosaafouux cpepcfe; npofueosaafouue cpepcfea
contractionary curaku(cn), cokpaaku(cn)
contrarianism noeepeuue yacfuukoe qoupoeoro puuka, npuuuunuanuuo pecfeykux
uuae, er ocuoeuan racca uueecfopoe
contribute euocufu, poaennfu, npueuocufu
controversial npofueopeueu, cnopuu
conventional ouuu
convert npeopasoeueafu
convertible koueepfupyeru
convey nepepaeafu
coordinate ckooppuuupoeafu
copper repu
core nppo
correction ucnpaeneuue
corrective koppekuuouuue
correctness koppekfuocfu
corrode nopeeprafu kopposuu, paeeuuk
corrugated puqneuoe (eneso), puqneuu (kapfou)
couch kyuefka
council coeef
count cufafu
couple napa (seci: cynpyeckan)
course kypc
courtesy eenueocfu, yfueocfu
cover nokpueafu
coverage nokpufue
cow kopoea
crash kpax, napeuue
create cospaeafu
creative kpeafueuu, cnocouu u cknouuu k feopecfey
creativity feopeckoe uaano, kpeafueuocfu
Creator Cospafenu
creditor kpepufop
creed kpepo
crime npecfynneuue
criterion kpufepu
critical kpufuecku, onpepennku
crock cneua rnynocfu, eccrucnuua
cruelty ecfokocfu
cultivate kynufueupoeafu, opaafueafu, okynufypueafu
curb kporka fpofyapa
curiosity nkonufcfeo
currency eankfa
current fekyu, coepereuuu
currently e uacfonu roreuf
curse npoknnfue; npoknuuafu
curtain sauaeecka, ufopa
curve kpuean (nuuun)
custom oua
cyclical uuknuecku
Dd
dad nanoka
daddy nanoka
damp yruefafu
deal cpenka
debenture ponroeoe onsafenucfeo (vaeponrocpouoe)
debt ponr, ponroeoe onsafenucfeo, saponeuuocfu
debtor peufop
decade pecnfunefue
decisively peuufenuuo
decrease yreuuuafucn
dedicated noceneuuu, nocenfueuu (cen)
deduct euufafu, ypepueafu
deduction euef, ckupka, nurofa (no uanoaoonoeuuk)
default peqonf, ueeunonueuue onsafenucfe
defeat nopaeuue
defender saufuuk
defense oopoua, saufa
defensible nopneau saufe
define onpepennfu, paeafu onpepeneuue
definitely onpepeneuuo
definition onpepeneuue
deflation peqnnuun
delay ofknapueafu, ofnarafu
deliver pocfaennfu
demise kouuua
democracy perokpafun
deny ofpuuafu, ofeeprafu
dependence saeucurocfu
depletion ucfoeuue (sanacoe)
depreciate oecueuueafu(cn), cuuafu cfourocfu, kypc eankfu; peeanueupoeafucn
depreciation cuueuue cfourocfu, peeanueauun, aropfusauun
depth rnyuua, uuunn foka
deregulation cunfue orpauueuu, peperynnuun
deserve sacnyueafu
design paspaafueafu, nnauupoeafu
designate oosuaafu, osuaafu, uasuaafu, ykasueafu
desire enauue; enafu
desist npekpaeuue, npuocfauoeka
despite uecrofpn ua
destiny npepuasuaeuue, cypua
determined ueneycfperneuuu
devaluate oecueuueafu (cn), peeanueupoeafu(cn)
devaluation peeanueauun
devalue peeanueupoeafu(cn)
devise usopefafu, paspaafueafu
dialogue puanor
dictator pukfafop
dictatorship pukfafypa
differentiation puqqepeuuuauun
dig konafu
dilute pasaennfu, paseopufu
dinar puuap
dip (om dipsomaniac) cneua cfpapaku ankoronusror
directive pupekfuea
disappoint pasoapoeueafu
disappointment pasoapoeauue
disaster kafacfpoqa, epa
discharge eupoc (saapnsuumenn e okpyakyk cpey)
disconnect pasLepuunfu, ofcoepuunfu
discount ckupka, puckouf; penafu ckupky, puckoufupoeafu
discourage (from) pacxonaueafu, ofepaafu (om veao-nuo), npennfcfeoeafu
discover ouapyueafu
discretion ycrofpeuue
disinf lation pusuuqnnuun
diskette puckefa
dismiss ofnyckafu, yeonuunfu, pacnyckafu
display nokasueafu, peroucfpupoeafu
disposable urekucn e uanuuu
dispose urefu e uanuuu, urefu e pacnopneuuu
distant ofpaneuuu
distinct ncuu, pasnuuru
distinction pasnuue, ofnuufenuuan ocoeuuocfu
distort uckaafu
distribution pacnpepeneuue, foproenn
distributor pucfpuyfop, onfoeu foproeeu
disturb ecnokoufu
ditch kauaea
diverse pasnuuu, pasuoopasuu, ofnuuu (of)
diversify pueepcuquuupoeafu, pasuoopasufu
diversion ofknoueuue, ofeneeuue
divert ofknouufu(cn)
divide paspennfu, penufu
domestic porauuu, euyfpeuuu
dominate poruuupoeafu
doorframe peepuan para
double peouo; ypeaueafu
dozen pkuua
draconian ppakouoecku
draft seci: npusueafu ua eouuckyk cnyy
drain kauaea, ppeuauan fpya
drapes sauaeecku, ufopu
drawback uepocfafok, ouuka
drop pounfu, opouufu, pasa. pocufu
drug nekapcfeo, uapkofuk
dub uasueafu, osueafu
dude napeuu, npunfenu (cneua; qopua opaeuun)
dumb rnynu, fyno
dump sauurafucn pernuuror
dumping pernuur, pernuuroean foproenn
dynamic puuaruecku
dynamics puuaruka
Ee
eagerly ropno, c apor, c onuuur enauuer
earnings sapaofku
econometric skouorefpuecku
econometrician skouorefp
econometrics skouorefpuka
ecosystem skocucfera
edit pepakfupoeafu
editor pepakfop
effective uanuuu, paou, npepuasuaeuuu k ucnonusoeauuk
effectively sqqekfueuo
effort ycunue
elaborate pefanuuo paspaafueafu
elect euupafu, usupafu
elections euopu
elevated nopunfue, saeuueuuue
eliminate yuufoafu, ynpaspunfu, nukeupupoeafu
elite snufa
embargo srapro
embrace oLnfun; ouurafu
emerge nonennfucn, eosuukafu
emission eupoc, sruccun
emitter (om emit eunyckafu) fof, kfo eunyckaef, eupacueaef (ofxopu)
empire urnepun
empowerment nonuoroun
empty nycfo
emulate cocfnsafucn, ocnapueafu
encharge paeafu sapauue
encourage noopnfu
endogenous suporeuuu (euympeuuu, npucyu cucmeue)
endorse nopfeeppafu, saeepnfu, uupoccupoeafu
enemy epar; epaecku
enforce eeopufu cuno
engage ecfynafu e ofuoueuun
engrave rpaeupoeafu
enhance noeuuafu, yeenuueafu
enlargement yeenueuue, pacuupeuue
enrichment ooraeuue
entire nonuu, uenu
entirely uenukor, nonuocfuk
entrance exop (e sauue)
entrust eeepnfu, poeepnfu
entry exop, foka exopa
envelope koueepf
environment okpyakan cpepa
environmentalism couuanuuo-nonufueckoe peueuue, osaoeuuoe coxpaueuuer
okpyake cpepu
equal paeuu, skeueaneufuu, paeuonpaeuu; ypaeuueafu
equation ypaeueuue
equilibrium paeuoeecue
equipment oopypoeauue
equity kanufan, ucfan cfourocfu kanufana, akuun, ponn akuuouepa e kanufane
error ouuka, peqekf
escape cnacafucn, yerafu
esteem yeaeuue
estimate oueuueafu (oivuo sapauee), paccufueafu, nopcufueafu, nporuosupoeafu
eternity eeuocfu
ethos sfuka, ceop npaeun
euro eepo
evade userafu, yknounfucn
even poeuu
eventually nocfeneuuo, uar sa uaror
evident oeeupuu
evil sno; snouu
exactly fouo
exceed npeeocxopufu
excess usufok, npeeuueuue
exchange oreu
ex-chicken seci: e npounor yxaueaeuu sa kyparu
exclude ucknkafu
exclusions ucknkeuun
execute eunonunfu, ucnonunfu, npoeopufu (onepauuk, cenky), kasuufu
executive ucnonuufenuuu
exempt ucknkafu
exemption ucknkeuue
exhaust ucfoafu
exhaustible ucfourue
exist cyecfeoeafu
exogenous sksoreuuu (eueuuu no omuoueuuk k cucmeue)
expand pacnpocfpaunfu(cn), pacuupnfu(cn)
expansionary skcnaucuouucfckan
expatriation skcnafpuauun (eosepaeuue ua pouuy)
expect oupafu
expectancy oupauue (veao-nuo), npepnonoeuue (o veu-nuo)
expectations oupauun
expenditures pacxopu
experience onuf
expert skcnepf, suafok
explanation oLncueuue
exposure peroucfpauun, eucfaeka
expound pasLncunfu, usLncunfu
extensive uupoku, uupokoracufauu, skcfeucueuu
extensively skcfeucueuo, akfueuo
external eueuuu
extinguish yuufoafu, racufu
extract poueafu, eupennfu
extraordinary skcfpaoppuuapuu, ceepxLecfecfeeuuu
extremely e eucue cfeneuu
Ff
facilitate copecfeoeafu
fail fepnefu ueypay, ufu ue e cocfonuuu, ue cpenafu ero-nuo
failure ueypaa, npoean
faint fepnfu cosuauue, napafu e oropok
fair ecfuu
fall napeuue
familiar useecfuu, suakoru
fascism qauusr
fault ouuka, uepocfafok
feasibly eosrouo, eunonuuro
feature nennfu coo, pucoeafu
federalism qepepanusr
fee koruccuouuue, ufpaq; uanarafu ufpaq
feed koprufu, ckaprnueafu
feedback opafuan censu
fellow neu konnepa, yuueepcufefa
feminism qeruuusr
ferocious ceupenu, ecfoku
fertil ity nnopopopue
fertilizer ypopeuue
feudalism qeopanusr
fiancee ueeecfa
fiberglass uckyccfeeuuoe cfekno
fibre eonokuo
figure peuafu, eueopufu (yuosaknkveuuue)
fi le sanonuufu u nopafu saneky, npoueuue, pokyreufu, ceepeuun
fine ufpaq; ufpaqoeafu
finger naneu; fporafu, nepeupafu nanuuaru
firm feeppu
fiscal quckanuuu, ureku ofuoueuue k rocypapcfeeuuo kasue
fisherman puak
fitting npurepka
fix ycfauaenueafu, qukcupoeafu
flabbergast nopaafu, usyrnnfu, cryafu
flash ceepkafu
flatter nucfufu
flawless esynpeuu
flee (fled) cnacafucn ercfeor
flexibi lity rukocfu
flight nonef, noer, ercfeo
float nnaeafu
fluster pasropnafucn, eosryafucn
fold cknapueafu nononar
foothold nnaupapr
footsteps cnepu, cfonu
force cuna; euuypafu cuno
forsee npepeupefu
foreseeable npepckasyeroe
form qopra (okyueuma)
former nepeu (us nepevucneuuix)
formerly pauuue, usuaanuuo
fortune cypua, qopfyua, cocfonuue
forum qopyr
foster noopnfu, cnococfeoeafu, naronpunfcfeoeafu, eocnufueafu, nenenfu
fraction acfu
framework koucfpykuun, cfpykfypa
freak uefo ueuopranuuoe, auoranuuoe
frequent acfu
frictional qpukuuouanuuan
frog nnryuka
fuel ropkee
fundamental qyupareufanuuu
fundamentalist qyupareufanucf
funds qoupu
funeral noxopouu
furthermore panee
Gg
gain npuopefeuue; npuopefafu
gangster raurcfep
gap peuu, npopue, npoen
gender non, pop (kak kameaopun)
general reuepan; rnaeuu
generate eupaafueafu, cospaeafu
generation nokoneuue
giant rurauf; ruraufcku
giraffe upaq
global rnoanuuu, ecerupuu, rupoeo
globalize rnoanusupoeafu, penafu ecerupuur
glue kne; kneufu
goal uenu
goddess oruun
gorgeous pockouuan
governance ynpaeneuue
governor ynpaennku
grab xeafafu
gradually nocfeneuuo
grant rpauf; uapennfu, eupennfu, rapaufupoeafu, papoeafu
greenhouse napuuk; napuukoeu
grouping rpynnupoeka
guess porapueafucn, cfpoufu porapku
guideline koufponuuue nokasafenu
gun nucfonef
guy napeuu
Hh
hallway kopupop
halt ocfauaenueafu(cn)
halve cokpaafu uanonoeuuy
handle ynpaennfucn (c veu-nuo)
happen cnyafucn
hardware fexuuka
harmonica raprouuka
harmonious raprouuuu
hate ueuaeupefu
havoc onycfoueuue, paspyueuue
headline saronoeok e rasefe
heaven ueeca
heavenly ueecuu
hectic uepeuu, nuxopapouu, eosypeuuu, axofouu
hence ofckpa
herb fpaea, pacfufenuuocfu
heroin repouu
hesitate koneafucn, corueeafucn
hideout ykpufue
highlight eupennfu, oceeafu, nopepkueafu
highway uocce
hire uauurafu ua paofy
homogeneous opuopopuue
honeymoon repoeu recnu
honour ofpaeafu ecfu, npocnaennfu
horseshoe nouapuuan nopkoea
hostile epapeuu, epaecku
hug ouurafucn
huge orporuu
human enoeeecku
hurry cneuufu
hyperinflation runepuuqnnuun
Ii
ideal upeanuuu
identify npusuaeafu, ofopecfennfu
ignore uruopupoeafu
illegal ueneranuuu
imbalance pucanauc
imbue uapennfu
immediately uerepneuuo
immigration urrurpauun
impact ypap, eospecfeue, urnynuc, eknap
impart penufucn (c keu-nuo, veu-nuo)
impeach nopeeprafu urnureufy
implement eueppnfu, eeopufu, ucnonusoeafu
implementation eueppeuue, eeepeuue
implication cnepcfeue, uefo noppasyreeaeroe
implore yronnfu
impose uanarafu, onarafu, uaensueafu
impressive eneafnnku
improbable ueeeponfuu
incentive rofue, noypeuue, sauufepecoeauuocfu
incentivise rofueupoeafu
incinerator kperauuouuan neu, rycopocurafenuuan neu
include eknkafu
incomplete uenonuu
incomprehensible ueeunfuu, uenounfuu, uepasnuuru
incorrectly uenpaeunuuo, ueeepuo
increase yeenuueafucn
incredulously uepoeepueo, ckenfuecku
incur nofepnefu (yimku), npuunfu ua cen (pacxoi)
independent uesaeucuru
index (uu. v. indices) uupekc
individualism uupueupyanusr
induce eeopufu, eueppnfu, noypafu
industrial nporuuneuuu
ineffectual uesqqekfueuu
inevitable ueuseuu
informative uuqoprafueuu
ini tial usuaanuuu, ucxopuu
ini tially usuaanuuo
innovate ucnonusoeafu uuuoeauuu
insert ecfaennfu
inside euyfpeuunn noeepxuocfu
insist (on) uacfaueafu (ua veu-nuo)
insolvent uecocfonfenuuu
inspire epoxuoennfu
instant ly roreufanuuo
institute ycfauaenueafu, eeopufu
institution oprauusauun
insulate usonupoeafu, sauafu
insulation usonnuun, usonupoeauue
insurance cfpaxoeauue, cfpaxoeka
insure rapaufupoeafu
intact uefpouyfu
integrate uuferpupoeafu(cn)
intel ligent yruu, coopasufenuuu
intend uarepeeafucn
intense uufeucueuu, uacfoueu
intensity uufeucueuocfu
interact esauropecfeoeafu
interactive uufepakfueuu
interchange esaurooreu
interdependence esaurosaeucurocfu
interfere ereuueafucn, reuafu
interim epereuuu, nporeyfouu
internal euyfpeuuu
interrelation esauropecfeue
interruption npepueauue
intervention uufepeeuuun
interventionist uufepeeuuuouucfcku
interview coecepoeauue, uufepeuk; coecepoeafu, uufepeukupoeafu
interviewee uufepeukupyeru
intolerant uefepnuru
intricate cnouu
intrigue uufpuroeafu, sauufepecoeueafu
introduce npepcfaennfu, suakorufu
investigate uccnepoeafu
investor uueecfop
invoice uaknapuan
involve eknkafu e cen, eoenekafu, efnrueafu
irrigation uppurauun
isolation usonnuun
issue eunyck, sruccun, nyukf, nponera, eonpoc; eunyckafu
item epuuuua npopykuuu
Jj
jacket koun. kopnyc (puckefu)
jam sacfpeeafu (e veu-nuo), saueafu (vmo-nuo)
jeweler keenup
jobber raknep, npoqeccuouanuuu upeeuk
join ecfynafu
joint coerecfuu
jointly coerecfuo
journey nyfeuecfeue
judge cypun; cypufu, oueuueafu
juicy couu
jump npurafu
junk xnar, ofpocu, yfunu
justified onpaepauuu
j ustify onpaepueafu
Kk
kidnap noxuafu (nke)
kilo kunorparr
L
lack uepocfafok; urefu uepocfafok
landfill ceanka rycopa
language nsuk
latter nocnepuu (us nepevucnneuix)
launch cfapfoeafu, sanyckafu, eueppnfu
law sakou
lawsuit cypeuu uck
lead eecfu
lease pafu e nusuur
legal sakouuu
legitimate sakouuu, nerufuruu
leisure pocyr, ofpux
lend paeafu esaru, ccyafu
lense nuusa
levy onarafu (uanoraru)
license nuueusun, paspeueuue
lid kpuuka (nuka)
lift nopuurafu
likelihood eeponfuocfu
link censu; censueafu
liquid nukeupuu
liquidity nukeupuocfu
list perucfpupoeafucn (ua upe)
literate opasoeauuu, rparofuu
livestock noronoeue ckofa
load rpysufu, uarpyafu, sapnafu (opyue)
loan saer, ccypa; paeafu ccypy, saer
lobbyist noucf
logic noruka
loophole naseka, seci: e sakoue
loose ceoopuu, uecpepueaeru
lord xosnuu, rocnopuu
loss nofepn, yfpafa
losses nofepu
lot nof
lottery nofepen
loyal eepuu, npepauuu
loyalty nonnuuocfu
luck ycnex, ypaa
lumberjack necopy
luxury pockouu, npepref pockouu
Mm
machinery oopypoeauue, rauuuu
mad cyracuepuu
magnet raruuf
mailman nofanuou
mainstream rnaeuoe uanpaeneuue (yke. ocuoeuoe feeuue)
maintenance noppepauue
majority onuuuucfeo (akuuouepoe)
malady onesuu, paccfpocfeo
malfunction uenpaeunuuoe qyukuuouupoeauue
malnutrition uepoepauue, uepokopr
manual pyuo
margin npepen, rapa
marginal npepenuuu, rapruuanuuu
mark rapka
markedly suaufenuuo, sarefuo
marriage euufua
material seci: uucfpykuun no npureueuuk
matter suaufu, urefu suaeuue
mattress rafpac
maximize rakcuranuuo yeenuueafu
maximum rakcuryr; rakcuranuuu
meanwhile fer epereuer
measure repa, cpepcfeo
mechanical rexauuecku
median cpepuu, cpepuuuu, cpepueapuqrefuecku
membership neucfeo
memorandum narnfuan sanucka, reropaupyr
merely npocfo, epea
message cooeuue, nucuro
microelectronics rukposnekfpouuka
microscope rukpockon
microscopic rukpockonuecku
militarily uren ofuoueuue k eoeuuory peny
military eoeuuu
milk ronoko; poufu (kopoey)
mine uaxfa; poueafu e uaxfe
minister ruuucfp
ministry ruuucfepcfeo
mismeasurement uenpaeunuuue usrepeuun
miss nponapafu, ucesafu, ofcyfcfeoeafu, ckyafu (no veuy-nuo)
missile pakefa
mister pasa. rocnopuu
mobile rounuuu
mobilize rounusoeafu
modernize ropepuusupoeafu
modest ckporuu
mom raroka
momentum peueuue
monetarism rouefapusr
monotonous rouofouuu
moral ropanuuu
morale ropanuuoe cocfonuue
mortgage unofeka, unofeuu kpepuf
motivation rofueauun
motor peurafenu, aeforounu; rofopusoeauuu
move uar, peueuue; peurafucn
multilateral ruorocfopouuu
murmur uenfafu
mutual ou
Nn
namely a ureuuo
nationalism uauuouanusr
native recfuu (ufenu)
navy eoeuuo-ropckue cunu
nazism uauusr
necessity ueoxopurocfu, npepref (nepeo) ueoxopurocfu
negotiate eecfu neperoeopu, foproeafu
negotiations neperoeopu
negotiator neperoeopuk
neighbourhood cocepcfeo
neoclassical ueoknaccuecku
net ucfu, ueffo; ucfu poxop; nonyafu ucfuru (nocne uanoaoonoeuun)
network cefu
neutral uefpanuuu
newsletter knnefeuu
nickel uukenu, uukeneean rouefa e 5 ueufoe
nondiscrimination ofcyfcfeue puckpuruuauuu
nontariff ue censauuu c fapuqaru
notorious nonusykucn pypuo cnaeo
numerous ruoroucneuuue
Oo
obligation onsafenucfeo
observation uankpeuue
obstructive npennfcfeyku, reuaku
obtain npuopefafu, nonyafu
occupation saunfue, recfo paofu
offense ockopneuue, uapyueuue sakoua
offset eosreafu, korneucupoeafu
omissions ucknkeuun
onerous opereuufenuuu, safpypuufenuuu
opportunity eosrouocfu, uauc
optic onfueckoe
optimize onfurusupoeafu
option onuuou
order npukas, ykasauue, sakas
original ly usuaanuuo
ordinary ouuu, oppuuapuu
otherwise e uuor cnyae, uuae
outcome pesynufaf, ucxop
outflow offok
outlook esrnnp, rupoeosspeuue
outrageous eosryfufenuuu
outsiders ayfcapepu, nocfopouuue
outstanding eupakucn
overall nonuu, coeokynuu, uenocfuu
overcome npeoponeeafu
overnight ua uou
overproduction nepenpouseopcfeo
overstate nepeoueuueafu, npeyeenuueafu
overwhelm nepenonunfu, nornoafu, oenapeeafu
owe ufu ponuur
ownership enapeuue, onapauue
Pp
package nakef (eosuouocme, naa u m. .), uaop
paddle eecno
painful onesueuuu
partial acfuuu
participate yacfeoeafu, npuuurafu yacfue
particle acfuua
particular ocoeuuu, koukpefuu, onpepeneuuu
partly acfuuo
partnership foeapuecfeo, napfuepcfeo
party cfopoua (e cenke, ua nepeaoeopax)
patron seci: nocefufenu apa
paw nanka
paycheck ekoean kuuka
peak nuk; nukoean, eucuan
peculiarly ocoeuuo
peek sarnnpueafu (kya-nuo)
percentage npoueuf, npoueufuoe coofuoueuue
performance ucnonueuue, paofa, penfenuuocfu
perk up oufu, eocnpnfu pyxor
permanently nocfonuuo
permit paspeueuue
persistent uacfoueu, uacfonfenuuu
persistent ly uacfoueo, nocfonuuo
pesticide necfuuup
petrol eusuu
petroleum ueqfu
pharmacy anfeka
photonics qofosnekfpouuka
physician epa, fepaneef
pick uaxopufu, nopuurafu, nopupafu, euupafu
pit npofueocfonfu, eucfaennfu e kaecfee npofueuuka
pitch peuufenuuocfu
plain npocfo, uepaneku, rnynu
plastic nnacfraccoeu
plastics nnacfracca
plummet cfperufenuuo napafu
pointless ecuenuuu
policymaker nonufuk, oprauusafop, paspaofuk nonufueckux peueuu
polish nonupoeafu
pollutant eeecfeo, sarpnsunkee okpyakyk cpepy
polluter sarpnsuufenu (okpyake cpepu)
pollution sarpnsueuue (okpyake cpepu)
polyester nonucfepon (uckyccmeeuuan mkaui)
pompous uanueuuu, xeacfnueu
pool cnueafu (cpepcfea)
population uaceneuue
portfolio nopfqenu (uueecmuuuouui)
portion acfu, paspen
pose cfaeufu, npepnarafu
positive nosufueuu, nonoufenuuu
postulate ycnoeue (nocmynupyeuoe ycnoeue)
postwar nocneeoeuuu
pound qyuf (cfepnuuroe)
poverty epuocfu
powder nopouok, nyppa
powerful rouu, cunuuu, enacfuu
precedence npeuryecfeo, npuopufef
predecessor npepuecfeeuuuk
predermine npeponpepennfu
preen npuxopauueafucn
premise npepnocunka
premium nperun
prerevolutionary popeeonkuuouuu
presidency ucnonueuue onsauuocfe npesupeufa
press npecca
pressure paeneuue
pretax po uanoroonoeuun
pretend npufeopnfucn
pretzel raneuuku coneuu xpycfnu kpeupenu
previous npepupyu
previously npepe, e npepuecfeyku nepuop
primarily e nepeyk oepepu, nepeur penor
primary nepeuuu
principal rnaeuu, npuuuunuanuuu; ocuoeuan cyrra (ponra)
priority nepeooepepuocfu, npuopufef
privilege npueunerun, ecfu, noef
privileged npueunerupoeauuu
proceed npucfynafu k peny, npoponafu
process opaafueafu
proclaim npoeosrnauafu
productivity npouseopufenuuocfu (fpypa)
profile npoqunu
profitabi lity npuunuuocfu
profound rnyoku, ocuoeafenuuu
progressivity nporpeccueuocfu
prohibit sanpeafu
project nnauupoeafu, npoekfupoeafu
proletarian nponefapcku
proletariat nponefapuaf
prominent suaufenuuu, eauu
prominently ua eupuor recfe
promise oeauue; oeafu
promote npopeurafu, noopnfu
prompt nopckasueafu
promptly ucfpo
proof pokasafenucfeo
propensity cknouuocfu (k veuy-nuo)
property ceocfeo, kaecfeo
proportion nponopuun
propose npepnarafu (pyky u ceppue)
proposition yfeeppeuue, npepnonoeuue
proprietary cocfeeuuu
prosperity npoueefauue
protect sauafu
proudly roppo
prove pokasafu
proven pokasauo (e cye)
provide npepocfaennfu, cuaafu, oecneueafu
provoke npoeouupoeafu
punishable nopneau uakasauuk
purchase nokynka; npuopefafu
pure ucfu, ecnpurecuu
purse kouenek
pursue cnepoeafu, npecnepoeafu
pursuit cnepoeauue, npecnepoeauue
push fonkafu, eufankueafu
Qq
quarter rouefa e 25 ueufoe
queue oepepu
quota keofa
Rr
race rouku
railing nopyeuu, kapuus (nn umopi)
random cnyauu, cpenauuu uayrap
rapid ucfpu
rapidly ucfpo
ratify pafuquuupoeafu
ratio kosqquuueuf, coofuoueuue
rational pauuouanuuu
razor pufea
reading nokasafenu
realize ocosuaeafu, nouurafu, peanusoeueafu
reason npuuua; apryreufupupoeafu, roeopufu apryreufupoeauuo
reasonably pasyruo
receipt foeapuu ek
recession cnap (e akououuke)
recipient nonyafenu
recognise npusuaeafu, ysuaeafu
recognition ysuauue, npusuauue
recognize ysuaeafu, npusuaeafu
reconcile npurupnfu
recovery euspopoeneuue, ospopoeneuue
recurrent euoeu noefopnkucn
recycle eosepaafu e (npouseopcfeeuuu) uukn
redistribute nepepacnpepennfu
reduce cokpaafu
reestablish eoccfauaenueafu
refer ofuocufu(cn)
regressive perpeccueuu
regulations orpauueuun, sakouu; perynupykue akfu u pecfeun
regulatory uanpaeneuuue ua perynupoeauue
reinforce ykpennnfu, nopkpennnfu, ycunueafu
reinvest peuueecfupoeafu
related creuue, urekue ofuoueuue, pononuufenuuue
relative popcfeeuuuk; ofuocufenuuu
relay nepepaeafu
relevant coofeefcfeykue, coofuocurue
reliable uapeuu
religious penuruosuu
relocate reunfu recfononoeuue, nepepucnouupoeafu(cn)
reluctant ueoxofuu
remains ocfafku, ocfauku
remedy nekapcfeo, nekapcfeeuuoe cpepcfeo
remind uanoruuafu
repackage nepeynakoeueafu
repay eunnaueafu
repeatedly ruorokpafuo
replenish nononunfu (sanacu)
report cooeuue, poknap; cooafu, useeafu, poknapueafu
representative npepcfaeufenu; npepcfaeufenuuan
request fpeoeauue; fpeoeafu
require fpeoeafu
resale nepenpopaa
reserve pesepe; pesepeupoeafu; pesepeuu
resident ufenu, pesupeuf (cfpauu)
resist npofueocfonfu, conpofuennfucn
resolve paspeuafu, peuafu
resort opaafucn, npuerafu
resources pecypcu
respectively coofeefcfeeuuo
respond ofeeafu
response ofeef
responsibility ofeefcfeeuuocfu
responsible ofeefcfeeuuu
restrict orpauuueafu
restriction orpauueuue
retail posuuuu
retailer posuuuu foproeeu
retaliation eosrespue, ofeefuu ypap
retire yeonuunfucn c paofu, co cnyu
retrieval eoccfauoeneuue, noefopuoe ucnonusoeauue
reusable npuropuu k noefopuory ucnonusoeauuk
reuse ucnonusoeafu noefopuo
reveal nokasueafu, ofkpueafu, ouaafu
revenue eupyka, npuxop (cpepcfe)
review oueuka; oueuueafu
revise nepecrofpefu
revive eospopafu(cn)
rigorous cfporu
rind koa, koypa
rival conepuuk
rivalry conepuuecfeo
robotlike nopouu poofy
rod npyf
root kopeuu
row rpecfu (eecnauu ua noke)
rower rpeeu
rub fepefu, nofupafu
rules npaeuna
rumour cnyxu, cnnefun
rural cenucku
rush pocufucn
Ss
sadden neanufu, oneanueafu
sag ocepafu, npoeucafu
sailor ropnk
sanctions caukuuu
sanitary cauufapuu
satisfy ypoenefeopnfu
scam cneua orauueafu
scarce uepocfafouu, ckypuu
scarcity uepocfafok
scatter paspacueafu
scepticism ckenfuuusr
schedule pacnucauue
scheme cxera
scotch ckof
scour ucfufu, ouafu
scrap cockpeafu
scrawny cyxonapu, kocfnneu
scream eonnu, npousufenuuu kpuk; eonufu, npousufenuuo kpuafu
screaming kpuku, eonnu (ucmouuie)
seal neafu; saneafueafu
search uckafu, uccnepoeafu
seat recfo ua upe
secondary efopuuu
sector cekfop
security esonacuocfu; ueuuan yrara
seed cern, cereua
semantics ceraufuka, suaeuun
Senate ceuaf
sensitive yecfeufenuuu, eocnpuurueu
sensor ceucop, npueruuk
session ceccun
shade ufopu, anksu
share akuun; penufu, paspennfu (c keu-nuo vmo-nuo)
shareholder akuuouep
shark akyna
shavings cfpyku
sheep oeua, oeuu
shelter ykpufue, saufa; ykpueafu, sauafu
shift cpeur, usreueuue
shit apy., cneua eccrucnuua, rnynocfu
shock ypap, nofpnceuue, uok
shoestring uuypok pnn ofuuok
shoot cfpennfu, yueafu eucfpenor us oruecfpenuuoro opyun
shortage uexeafka, uepocfafok (veao-nuo)
shot eucfpen
shoulder nneo; noppepueafu, nopcfaennn nneo
shovel nonafa
shyly ckporuo, sacfeuueo
sign nopnucueafu
signal curuan
significant suaufenuuu
silence fuuuua
similar nopouu, cxopuu
simple npocfo, rnynu
simulate curynupoeafu
simultaneous opuoepereuuu
single epuucfeeuuu
sink fonufu
slash pyufu
slightly cnerka, ueruoro
slot enu pnn rouefu
slow repneuuu; sarepnnfu
smart pasa. yruu
smeare rasafu, nokpueafu nnfuaru
smelt nnaeufu (refann)
smog cror (crecu pura u fyraua)
smoothing crnraku
sniff npespufenuuo qupkafu
software nporparruoe oecneeuue
solid feeppu
solvency cocfonfenuuocfu
solving seci: npeopasoeuean raferafueckoe eupaeuue
sophisticated cnouu, usopeuuu
sound spopoeu, sppaeu, uenu, uenoepepeuuu
speculate cnekynupoeafu (ua upe)
spill nufu(cn)
spontaneous cnoufauuu
spray cnpe
spread pacnpocfpaunfucn
spreadsheet fanuua
spy unuou
squeaky nucknneu
squeeze eupaenueafu, euurafu, paeufu
stabi lization cfaunusauun
stable cfaunuuu
staff ufaf, nepcouan
stagnate cfaruupoeafu, uaxopufucn e sacfoe
standard cfaupapf; cfaupapfuu
standardise cfaupapfusupoeafu
starve ronopafu, yrupafu c ronopy
state yfeeppafu
statement saneneuue, yfeeppeuue
static cfafuuu, cfafuecku
status cfafyc
steady nocfonuuu, ycfoueu
steal eopoeafu
steer pynufu, ynpaennfu c norouk pynn
sterling cfepnuur
stick npupepueafucn, npunennnfucn
stick (stuck) with fepnefu, euuocufu (vmo-nuo)
stock akfueu, akuuu
stockbroker upeeo pokep, sauurakucn npopae ueuuux yrar, qoupoe
stomach enypok
storage xpaueuue
store xpauufu
strain uanpneuue; eusueafu uanpneuue
strand eonokua, npnpu
strengthen ycunueafu
strict cfporu, cypoeu
strike saacfoeka
structural cfpykfypuu
stubborn ynpnru
stuff eeecfeo, eeu, rycop; uaueafu, sanuxueafu
stun ouenornnfu, ypuennfu
stunning ouenornnku
subject fera, npepref
subscribe nopnucueafucn
subsequently enocnepcfeuu
subsidiary qunuan
subsidise cycupupoeafu
subsidy cycupun
substantially cyecfeeuuur opasor
substitute sareua; sareunfu, nopreunfu
succeed npeycneeafu (e veu-nuo)
successive cnepykue ppyr sa ppyror
suffer cfpapafu
superb npeeocxopuu, uenpeesopeuuu
superconductivity ceepxnpoeopurocfu
supermodel cynepropenu
superstition npeppaccypok
supervise ocyecfennfu uapcrofp
supervisor pykoeopufenu
support noppepka; noppepueafu
surpass npeeocxopufu, ocfaennfu nosapu
surplus usufok
surrealism ckppeanusr
survey uccnepoeauue
suspicion nopospeuue
sustain noppepueafu, pnufu(cn)
swap oreuuan onepauun
switch nepeknkafucn
symbol cureon
symptom curnfor
syndicalism cuupukanusr
Tt
tackle sauurafucn (veu-nuo), npuuurafucn (sa vmo-nuo)
tactic fakfuka
taker pasa. nokynafenu
tangible ocnsaerue (akfueu)
target uenu
tariff fapuq
taste ekyc
taxable nopneau uanoroonoeuuk
technique fexuuka, fexuonorun, cnoco
telecommunications cucferu fenekorryuukauuu
teleconferencing fenekouqepeuuun
teller aukoecku kaccup
temporary epereuuu
temptation uckyueuue
tend cfperufucn (k veuy-nuo), urefu feupeuuuk (k veuy-nuo)
tendency feupeuuun
term cpok, fepruu
terrorist feppopucf
test fecf; fecfupoeafu
thaw fanfu
therapy fepanun
thereby nocpepcfeor sforo
thermometer feprorefp
thorough nonuu, ucepnueaku, fafenuuu
threaten yrpoafu
throttle paeufu, pyuufu
tie censu; censueafu
tight kpenku, fecuu, ysku
tighten yecfoafu
ti mely ceoeepereuuu
timing epereuuo rpaquk
tiny fuxu, uesarefuu, cnau
tip pasa. coeef
tobacco faauue uspenun
tolerate eupepueafu
tool uucfpyreuf
topic fera
torpedo fopnepa
total ou, coeokynuu; uacufueafu e uenor
totalitarianism fofanufapusr
tough kpenku, fpypuu, kpyfo
trace cnep
trade foproenn; foproeafu, npopaeafu
traditionally fpapuuuouuo
transaction cpenka
transfer fpaucqepf; nepepaeafu, nepeeopufu
transplant fpaucnnaufaf, onepauun no fpaucnnaufauuu ceppua
transshipment fpaucnopfupoeka c nepenorpysko foeapa
treat opaafucn (c keu-nuo kak-nuo)
treatment opaeuue (c ker-nuo), neeuue
trigger seci: npoeouupoeafu, eknkafu (yke. uaurafu kypok)
triple fpouo; yfpaueafu
troop nonk, eouuckoe coepuueuue
trot erafu (pucuk)
trustworthy pocfouu poeepun
type neafafu ua nuuye rauuuke, kornukfepe
typical funuuu
Uu
ulcer nsea
unattractive uenpuenekafenuuu
unbelievable ueeeponfuu
undergo npefepneeafu
underline nopepkuyfu
undermine noppueafu
underneath nop, euusy
understate uepooueuueafu, npeyreuuuafu
undertake npepnpuuurafu
undervalued uepooueueuuu
underwriter nopyufenu
uneven uepoeuu
uneventful cnokouoe, oouepueecn es ocoux coufu
unexpectedly ueoupauuo
unfaithful ueeepuu
unfold packpufu(cn)
unification yuuqukauun
uniform epuuoopasuu
unit epuuuua (npopykuuu)
universe eceneuuan
unjustified ueonpaepauuu
unlicensed ue ureku nuueusuu
unlikely ranoeeponfuo
unpredictable uenpepckasyeru
unstable uecfaunuuu
update popaafueafu, coeepueucfeoeafu
upward no uanpaeneuuk eeepx
urge noypafu, foponufu
urgency cneuka, foponnueocfu
urgent skcfpeuuu, cneuuu, uerepneuuu
use ucnonusoeauue
utility nonesuocfu, npakfuuocfu, europuocfu
Vv
valiant ponecfuu, ryecfeeuuu
validation npoeepka sakouuocfu, coofeefcfeun, nonuorou
value ueuuocfu, cfourocfu
variabil ity usreuueocfu, eapuafueuocfu
variable nepereuuu
variety pasuoopasue
various pasuoopasuue
vary ufu pasuoopasuur, eapuupoeafucn
vehicle uaseruoe fpaucnopfuoe cpepcfeo
venture npepnpunfue, puckoeauuoe npepnpunfue; puckoeafu, nyckafucn e puckoeauuoe
npepnpunfue
verge cfonfu ua kpak, anaucupoeafu ua kpak
vest unef
via epes, npu nocpepuuecfee
view eup, foka speuun; paccrafpueafu
vigorously suepruuo
visa eusa
vital usueuuo ueoxopuru
void nycfo, nycfuuuu
volatile usreuueu, usreunkucn, ruku
vote ronoc (ua eiopax); ronocoeafu (ua eiopax)
vulnerable pauuru, ynseuru
Ww
wag raxafu xeocfor
warehouse cknap (onmoei)
warn npepynpepafu
warranty fexuueckan rapaufun
waste ofpocu (npouseopcfea); fpafufu, fepnfu (enycfyk)
waxe uafupafu eockor
weakness cnaocfu
wealth orafcfeo, cocfonuue, narococfonuue
weapons opyue
weight-lifter ufaurucf
welcome npueefcfeoeafu
welfare narococfonuue
whatever fo u uu, kakue u uu
wheat nueuuua
whine ckynufu
whi stle ceucfok, rypok
wholesaler onfoeu foproeeu
widow epoea
willingness enauue
wine euuo
wire npoeop
wish enauue; enafu
witch eepura
withdraw cuurafu peuuru co cefa e auke
withdrawal cunfue (co cefa), usLnfue (penosufa)
withhold ypepueafu
witness ceupefenu; ceupefenucfeoeafu
wood nec
wool uepcfu; uepcfnuo
worldwide ecerupuu
worried oecnokoeuuue
worry ecnokocfeo; ecnokoufucn
worthless oecueuueuucn
wreak npouseopufu, usnueafu
wrinkle ropuua
Xx
xerox kcepokc
Yy
yell opafu, eonufu
yuan kauu
Hcnoisonuuuie n nocouu conocone+uuun, umemmue +epmuuooiunecu
c+u+yc
"hot money" ropnue peuuru
accept added risks npuuurafu ua cen pononuufenuuue pucku
account for oLncunfu, ofufueafucn (sa vmo-nuo)
added capital poaeneuuu kanufan
added earnings poaeneuuu poxop, pononuufenuuu sapaofok
added risk of default poaeneuuu puck peqonfa (ueucnonueuun onsamenicme)
advanced derivatives coepereuuue npouseopuue (om mpauuuouuix quuaucoeix
uucmpyueumoe)
age distribution nokasafenu eospacfuo cfafucfuku
aim at preventing urefu ceoe uenuk npepofepaeuue
air pollution sarpnsueuue afrocqepu
all concerned ece sauufepecoeauuue
amount of feed konuecfeo kopra
answering machine aefoofeefuk
apply for financial aid opaafucn sa quuaucoeo norouk
approval ratings nokasafenu, ueoxopurue pnn opopeuun nonufuku
armed forces eoopyeuuue cunu
as a whole (esnfu) e uenor
assistance programs nporparru norou
associate member accouuupoeauuu neu
at random uayrap, noeuuyncu cnyak
attract deposits npuenekafu penosufu
average earnings cpepunn sapaofuan nnafa
balance sheet anauc
bar from sanpeafu (uuemi unu enami vmo-nuo)
basket of goods foeapuan kopsuua
be in debt ufu e ponry
be in effect ufu e pecfeuu
be listed ufu saperucfpupoeauuur (ua upe)
benefits package uaop pononuufenuuux nar u eunnaf (couuaniui nakem)
best available nyuue us urekuxcn e pacnopneuuu
beyond control ue noppakucn koufponk
bid up uaaennfu ueuy
binding target oan uenu
black market epuu puuok
block sale npopaa napfuu (ueuuux yrar)
blue chips ronyue quuku, akuuu eepyux kornauu, urekue fpapuuuouuo eucokyk
poxopuocfu u ueonuuo uoruuan
board of governors coeef ynpaennkux
bond-rating services cnyu onpepeneuun pefuura ueuuux yrar
border controls norpauuuu koufponu
bracket of income kaferopun poxopuocfu
brand name foeapuan rapka
brokerage house pokepckan koufopa
burning permit paspeueuue ua curauue
business executives ynpaennku npouseopcfeor
buy order sakas ua npopay
call option cpenka c npepeapufenuuo nperue, onuuou nokynafenn
carbon tax uanor ua eupoc yrnepopa u yrnepopocopepaux coepuueuu
charge for uasuaafu (ueuy)
cheat on orauueafu, ynuuuafu
check into the hotel saperucfpupoeafucn e ofene
checking account ekoeu cef, fekyu cef e auke
claimant count seci: nopcufauuoe konuecfeo opaeuu sa nocounru
class struggle knaccoean opua
cold call cnaua oseauueafu cnucok uesuakorux nkpe, npepnaran ur akuuu
collect benefits nonyafu nara
compact disc player npourpueafenu kornakf-puckoe
company matching retirement fund to of salary npepocfaenneran kornauue
npuaeka k neucuu, cocfaennkan % of oknapa.
competition for talent koukypeuuun cpepu paofopafene, uanpaeneuuan ua nouck u uar
uauonee fanaufnueux paoux u cnyaux
competitive price koukypeufocnocouan ueua
compound annual rates coeokynuu ropuuu nokasafenu
computer-l iterate kornukfepuo rparofuu
congressionally granted authority pauuoe kourpeccor npaeo
construction permit paspeueuue ua cfpoufenucfeo
contain prices cpepueafu ueuu
container terminals nopfoeue fepruuanu pnn npuerku nuxfepoe-koufeuepoeosoe
control over product koufponu uap npopykfor
controlled items koufponupyerue opasuu
controlling interest koufponuuu nakef akuu
core inflation ucfan uuqnnuun
corporate borrowers kopnopafueuue saeruku
corporate income tax uanor ua npuunu c kopnopauuu
cost-cutting cuuaku uspepku
counter culture koufpkynufypa
credit derivative kpepufuan npouseopuan
credit sales foproenn e kpepuf
credit union kpepufuu coks
credit validation nopfeeppeuue nonuorou, kpepufo cnocouocfu
crushing defeat cokpyuufenuuoe nopaeuue
current income fekyu poxop
customs duties faroeuuue nounuuu
customs union faroeuuu coks
deal in paofafu, eecfu pena (e cqepe)
debt crisis ponroeo kpusuc
debt obligations onsafenucfea no ponry
debt/equity swap oreu ponroeux onsafenucfe ua akuuu npepnpunfun
debtor countries cfpauu-ponuuku
demand side ofuocnucn k cnpocy (yke.: cfopoua cnpoca)
desired level enaeru ypoeeuu
discharge license nuueusun ua npaeo eupoca ofxopoe e okpyakyk cpepy
discount rate puckoufuan cfaeka, cfaeka pequuaucupoeauun
discretionary order puckpeuuouuu npukas (nepeauui ua ycuompeuue pokepa)
disk drive puckoeop
disposable income urekucn e uanuuu poxop
diversified portfolio pueepcuquuupoeauuu uueecfuuuouuu nopfqenu
double talk peycrucneuuocfu, nou
down to the last nickel nporofafucn po nocnepue rouefu
draft power fnrnoean cuna
dual capacity peouan kornefeuuun
duty-free ecnounuuuu
ecologically radical papukanuuu skonor
economic agents yacfuuku skouoruecko usuu, skouorueckux npoueccoe
economic master plan reuepanuuu nnau paseufun skouoruku
economically efficient skouoruecku europuu
electronic equipment snekfpouuoe oopypoeauue
e-mail (electronic mail) snekfpouuan nofa
energy market sueprefuecku puuok
engage in yacfeoeafu (e), ufu sapecfeoeauuur (e)
enj oy profits nonyafu npuunu
environmental impact statement pacef cfeneuu eospecfeun ua okpyakyk cpepy
equal to prescribed deposits paeuu npepnucueaerory oLery penosufoe
error-free ceoopuu of ouuok
ethnic conflict sfuuecku kouqnukf
exchange rate oreuuu kypc
exercise judgment onupafucn ua cocfeeuuoe rueuue, cypeuue, oueuky
export/import merchant skcnopfuo-urnopfuu nocpepuuk
extra unit pononuufenuuan epuuuua (npopykuuu)
fair price ecfuan ueua
farming association accouuauun qeprepoe
farm-policy nonufuka e ofuoueuuu qeprepckux xosncfe
federal receipts nocfynneuun e qepepanuuu kpef
fibre optic based ocuoeauuan ua onfuko-eonokouuo fexuonoruu
file for a permit nopafu saneky ua paspeueuue
fill out sanonunfu (qopui, okyueumi)
finance agency quuaucoeoe areufcfeo
fine-tune (fouko) uacfpaueafu
fire-sale price ropnan ueua (sauueuuan ueua ua ropnue akfueu)
fiscal/monetary mix crecu rouefapucfckux u quckanuuux rep
fit for work cnocouu k paofe
flat rate epuuan cfaeka, cfaeka nponopuuouanuuoro uanoroonoeuun
flight from money ercfeo of peuer
follow standard cnepoeafu cfaupapfy
foreign decisions peueuun ofuocufenuuo repyuapopuux nponer
foreign exchange views nporuosu u oueuku cocfonuun repyuapopuoro eankfuoro puuka
foreign-exchange value oreuuan cfourocfu
Forex cokp. foreign exchange
formal action npuunfoe peueuue
free trade area soua ceoopuo foproenu
free trade talks neperoeopu no ceoopuo foproene
full medical and dental nonuan onnafa oerepuuuucko u cforafonoruecko norou
gain ground ykpennnfucn (o eankme)
gas prices ueuu ua ras
general offer reuepanuuoe npepnoeuue
go international euxopufu ua repyuapopuu puuok
go on strike acfoeafu
gold standard sonofo cfaupapf
government stock npaeufenucfeeuuue akfueu
great crash napeuue qoupoeoro puuka e CLA e kouue 20-x ropoe xx eeka, npueepuee k
Benuko penpeccuu
grocery store akaneuu rarasuu
gross income coeokynuu poxop (o uanoaoonoeuun)
gross national product coeokynuu uauuouanuuu npopykf
growth rate fernu pocfa
headline price ueuu ua eepyue foeapu u npopykfu
health care sppaeooxpaueuue; saofa o spopoeue
high-definition television feneeupeuue eucokoro paspeueuun
highest qual ity work possible paofa eucuero (us ecex eosuouix) ypoeun kaecfea
high-profile private sector kpynuue npepnpunfun acfuoro cekfopa
high-qual ity environment okpyakan cpepa eucuero kaecfea
high-yield eucokopoxopuu
hold deposits pepafu penosufu
home market euyfpeuuu puuok
human capital enoeeecku kanufan
in details e pefannx
in excess of npeeuuaku
in exchange for e oreu ua
in terms e fepruuax
industry downturn cnap e nporuuneuuocfu
inflation expectations uuqnnuuouuue oupauun
inflation rate fernu uuqnnuuu
inflation-adjusted coofueceuuu c uuqnnuue, npuensauuu k fernar uuqnnuuu
inflationary wage demands fpeoeauun noeuueuun sapaofuo nnafu, euseauuue
uuqnnuuouuuru oupauunru
information base uuqoprauuouuan asa
insurance coverage cfpaxoeoe nokpufue
interest payments eunnafa npoueufoe no ponroeory onsafenucfey
interest rates npoueufuue cfaeku
interest-bearing assets akfueu, no kofopur eunnaueakfcn npoueufu
internal commerce euyfpeuunn foproenn
investment grade uueecfuuuouuu ypoeeuu (pemuua onuaauu, euyuaku saeuuky
yeepeuuocmi e eosepame onaa u einname npoueumoe no onay)
it depends sfo saeucuf (om uuoaux ocmonmenicme)
job hunting noucku paofu, oxofa ua paofy
job interview coecepoeauue npu nocfynneuuu ua paofy
junk bonds pocoeue onurauuu
keep the universe pollution free sauafu eceneuuyk of sarpnsueuun
keep well-trained noppepueafu eucoku ypoeeuu keanuqukauuu
key members knkeeue neuu
key point knkeeo nyukf
key role knkeean ponu
know-how uoy-xay
labour force paoan cuna
labour theory of value feopun cfourocfu paoe cunu
large-scale kpynuoracufauu
law of gravity sakou ecerupuoro fnrofeuun
lay off yeonuunfu
letters of credit akkpepufue
liberal democracy nuepanuuan perokpafun
life expectancies nporuos cpepue npoponufenuuocfu usuu; cpepunn
npoponufenuuocfu usuu
limit order npukas pokepy, orpauueuuu ycnoeunru
liquid reserves nukeupuue pesepeu
local partners recfuue napfuepu
long-term outlook ponrocpouu nporuos
long-range ponroepereuuu
long-run ponrocpouu
lunch whistle rypok ua oepeuuu nepepue
machine factory rauuuocfpoufenuuu saeop
macro-economic blocks rakposkouorueckue noku
major concern rnaeuan npuuua osaoeuuocfu
maj ority shareholder pepafenu koufponuuoro nakefa akuu
majority view foka speuun onuuuucfea
make loan paeafu ccypy, saer
make peace saknkufu rup
managerial skill racfepcfeo ynpaeneuun
margin account cef upeeuka y pokepa no cpenkar c rape
margin trading foproenn c rapaufuuur esuocor
marginal tax rate npupocfuan (rapruuanuuan) cfaeka uanoroonoeuun
market maker yacfuuk puuka
market order npukas pokepy o nokynke unu npopae ueuuuux yrar no ycfauoeneuuo
puukor ueue
marketable permit paspeueuue, nokynaeroe u npopaeaeroe ua ceoopuor puuke
massive deficit spending suaufenuuue no oLery pacxopu, cospakue kpefuu
pequuuf
meet demand ypoenefeopnfu fpeoeauun
meet the control level ypoenefeopnfu koufponuuory ypoeuk
publicly held pacnpepeneuuue cpepu uueecfopoe ofkpuforo akuuouepuoro oecfea
member nations cfpauu-yacfuuuu
microwave oven rukpoeonuoean neu
mid-term nporeyfouue
militarily sensitive roryu ufu ucnonusoeauuur e eoeuuux uennx
missing element ofcyfcfeyku snereuf, uepocfaku snereuf
monetary policy committee korufef no rouefapuo nonufuke
money growth pocf peueuo raccu
money-back guarantee rapaufun eosepafa peuer
monitoring program nporparra fekyero koufponn
national magazine ypuan, ureku xopeuue no ece cfpaue, ueufpanuuu ypuan
native seed cereua recfuux pacfeuu
natural resources npupopuue pecypcu
net immigration ucfan urrurpauun
net income ucfu poxop nocne eunnafu uanoroe u uuux onsafenucfe
network architecture cefeean apxufekfypa
no less valuable ue reuee ueuuu
non-specified gender ue onpepeneuuoro nona
nuclear weapons npepuoe opyue
odd lot uenonuu nof
office help paofa e oquce
on a commission basis ua ocuoee koruccuouuux
on his own book sa ceo cocfeeuuu cef
on-site ua recfe
open order ofkpufu npukas
open-air market puuok nop ofkpufur ueor
open-market ofuocnucn k ofkpufory puuky
oust out eufecunfu
over-the-counter es nocpepuukoe (yke. epes npunaeok)
over-the-long run e ponrocpouor peure
pair of currencies napa eankf (coomuoueuue komopix onpeennem eankmui kypc)
pay back eosepaafu, eunnaueafu (ccyy, saeu)
pay inflation uuqnnuun, euseauuan pocfor sapaofuo nnafu
pay settlement poroeopeuuocfu o ypoeue sapaofuo nnafu repy paofopafennru u
paofuukaru
pay the fortune nnafufu uenoe cocfonuue
payments imbalance nnafeuu pucanauc
payroll tax uanor ua qoup sapaofuo nnafu
penny stock pasa. koneeuue akuuu
people within the labour force nkpu, eknkeuuue e ucno paoe cunu, fpypoeux
pecypcoe
per capita (nam.) ua pyuy uaceneuun (yke. ua ronoey)
per head ua pyuy uaceneuun (yke. ua ronoey)
percentage point npoueufuu nokasafenu
performance system cucfera ucnonueuun
permanent income nocfonuuu poxop
permanent jobs nocfonuuue paoue recfa
personal computer nepcouanuuu kornukfep
physical input rafepuanuuue cocfaennkue
place an order pasrecfufu npukas (sakas)
place bets pasreafu saneku ua yacfue e foprax
policymaking onpepennku nonufuky
political risk puck, censauuu c nonufuecko uecfaunuuocfuk
pollution control device ycfpocfeo, koufponupykee ypoeeuu sarpnsueuun cpepu
poorly grounded nnoxo oocuoeauuu
population aging cfapeuue uapopouaceneuun
ports operator nopfoeu onepafop
power surge (auepaemuka) nepenapu uanpneuun
price controls koufponu sa ueuaru, perynupoeauue ueu
price shock ueuoeo uok
profit drive cfperneuue k npuunu
profit margin eanoean npuunu, aukoeckan rapa
prospective output (e aeonoauu) paseepauuue sanacu, npepnonaraeran poua
protectionist measures npofekuuouucfckue repu
protective tariff npofekuuouucfcku fapuq
public attention oecfeeuuoe euurauue
public hearings nynuuue cnyuauun
public works rpapauckue paofu
publicly listed company akuuouepuoe oecfeo ofkpuforo funa, nopnucaeuee
cornaueuue c qoupoeo upe, rpe kofupykfcn ero akuuu
put a floor under the price uckyccfeeuuo cfaunusupoeafu ueuu (yke. nonoufu non nop
ueuaru)
put option cpenka c opafuo nperue, onuuou npo paeua
pyramid of command koraupuan nuparupa
qualify for listing coofeefcfeoeafu ycnoeunr perucfpauuu
qualify for position coofeefcfeoeafu keanuqukauuouuur fpeoeauunr ponuocfu
quality control cnya koufponn sa kaecfeor
quality f l ife kaecfeo usuu
raise money coupafu cpepcfea
random walk nopuunkeecn cnyauocfu peueuue (uauueuoeauue meopuu
ueuoopasoeauun ua qouoeou piuke)
random walk theory feopun qoprupoeauun qoupoeux ueu, ocuoeauuan ua npusuauuu
cnyauocfu kak ocuoeuoro qakfopa ueuoopasoeauun
range over seci: npeeuuafu
rate of depreciation cfeneuu oecueuueauun, uopra aropfusauuu
rate of increase fern pocfa
rate of return uopra npuunu
raw material cupue
red tape kpokpafun
regain possession euoeu npuunfu eo enapeuue
religious extremism penuruosuu skcfperusr
repay in full eunnaueafu nonuocfuk
report income sanennfu o poxopax
reservation wage pesepeauuouuan sapnnafa
reserve funds pesepeuue qoupu
reserve requirements pesepeuue fpeoeauun, orpauueuun
revenue tariff quckanuuu fapuq
risk-adjusted eknkakan cfpaxoeauue (kouneucauuk) of pucka
riskiness of bonds puckoeauuocfu onurauuu
round lot nonuu nof
round of negotiations payup neperoeopoe
RPI (retail price index) uupekc posuuuux ueu
running a home ocnyueauue unua
run on a bank uafuck ua auk (uannue penosufopoe c uenuk usLnfu penosufu)
safe keeping xpaueuue
sales book kuura npopa
sales office oquc npopa
savings and loanassociation kpepufuo-ceperafenuuan accouuauun
savings bank ceperafenuuu auk
security exchange qoupoean upa
seed variety pasuoopasue cernu; pasuoeupuocfu, copf cernu
self-interest nuuu, acfuu uufepec
self-sufficiency caropocfafouocfu
sell order sakas ua nokynky
sell short npopaeafu es nokpufun
senior executive cfapuue ynpaennkue
ship out eueosufu
short-run kpafkocpouu
short-term kpafkocpouu
short-term interest rates kpafkocpouue npoueufuue cfaeku
small scale ranu racufa; ranoracufauu
so far k uacfonery roreufy
soft drink esankoronuuu uanufok
sole proprietorship uupueupyanuuoe acfuoe npepnpunfue
sophisticated camera cnouu qofo(kuuo)annapaf
sort out copfupoeafu, paccopfupoeueafu
sound products seykosanucueakue ycfpocfea (foeapu)
speed up yckopnfu(cn)
spill over nepenueafucn epes kpa
stock certificate qoupoeu cepfuqukaf
strong track record npouan penyfauun, nocnyuo cnucok
style of industrial management cfunu ynpaeneuun nporuuneuuocfuk
supply-side ofuocnucn k npepnoeuuk
surplus value usufouan cfourocfu
surprise ban ueoupauuu sanpef
syndicalist front cuupukanucfcku qpouf
system bugs cucferuu co
take the selling risks pafu ua cen pucku, censauuue c npopae
target measure ueneeue nokasafenu
target rate of growth ueneeue fernu pocfa
tax advisor uanoroeu koucynufauf
tax avoidance sakouuu yxop of ynnafu uanoroe nocpepcfeor ucnonusoeauun naseek e
sakouopafenucfee u pasnuuux uanoroeux nurof
tax base asa uanoroonoeuun
tax bracket kaferopun uanoronnafenuukoe, uanoroean uuua
tax burden pern uanoroe
tax cuts cokpaeuue uanoroe
tax deduction uanoroean nurofa
tax evasion uesakouuoe yknoueuue of ynnafu uanoroe
tax exemption euef us uanoroe
tax liabil ity onsafenucfea no uanoroonoeuuk
tax rates uanoroeue cfaeku
tax return uanoroeue nocfynneuun
taxed at a percent rate onaraefcn uanoror no cfaeke e npoueufoe
telephonic order entry feneqouuoe pasreeuue sakasoe
temporary work epereuuan paofa
terrorist attacks afaku feppopucfoe
the nearest tenth of a percent nuauan pecnfan ponn npoueufa
theory of global warming feopun rnoanuuoro nofenneuun
think tank rosroeo ueufp
time-zone epereuuaTn soua
top management eucuee pykoeopcfeo
top officials eucuue oquuuanuuue nuua
total income coeokynuu poxop
total taxes oan cyrra uanoroeux ofucneuu
tough account kpyfo cef (seci: cef, no kofopory fpypuo poufucn eosepafa
cpepcfe)
track prices ofcneueafu ueuu
trade barrier foproeu apuep
trade-weighted basket uaop foeapoe u ycnyr
trading floor foproean nnoapka
transfer payments eunnafa fpaucqepfoe
transport costs fpaucnopfuue uspepku
transport system fpaucnopfuan cucfera
treatment facilities neeuue ypepeuun
trend rate ouuu pnn skouoruku nokasafenu
turn the tables on noeepuyfu opyue epara ua uero caroro
twice as valuable as e pea pasa onee ueuuu, er
twice the price epeoe popoe
unemployment benefit nocoue no espaofuue
unemployment rate ypoeeuu espaofuuu
unlisted securities uesaperucfpupoeauuue ueuuue yraru
unspecified action seci: coofeefcfeykue repu
up by per cent ua npoueufoe
up-to-date coepereuuue (coomeemcmeykue mekye ame)
utility bills cefa sa korryuanuuue ycnyru
value theory feopun cfourocfu
vice chairman euue-npepcepafenu
videocassette recorder eupeoraruufoqou
visa regime eusoeu peur
wage bil ls eku ua sapaofuyk nnafy
wage data pauuue no ypoeuk sapaofuo nnafu
wage demand fpeoeauun no noeuueuuk sapaofuo nnafu
wage inflation uuqnnuun, euseauuan pocfor sapaofuo nnafu
waste of energy fpafa suepruu
water permit paspeueuue ua ucnonusoeauue eopuux pecypcoe
weapons of mass destruction opyue raccoeoro yuufoeuun
welfare payment nocoue, uanpaeneuuoe ua noeuueuue ypoeun narococfonuun
well-established indices xopouo ycfauoeneuuue uupekcu
wide variety uupokoe pasuoopasue
with an option c onuuouor (npuopefeuun)
work-registration requirement perucfpauuouuue fpeoeauun pnn espaofuux

Миловидов В.А. - Английский Разговорный Язык. Практическое Пособие По Развитию Устной Речи

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Миловидов В.А. - Английский Разговорный Язык. Практическое Пособие По Развитию Устной Речи

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