Учебно-методическое пособие по работе с темой "COUNTRY PROFILE". Дедова С.А. - 30 стр.

o services (distributive trades, financial, business, pro-                          shares. Some of these are fixed interest loans with dividends,
  fessional and scientific, catering and tourism, national                          some are gilt-edged securities. This can be a risky way to save if
  and local government).                                                            there is a stock market crash.
• K is for key industries: those essential to the economic wel-                 •   T is for taxation: the Government’s main means of regulating its
  fare of a nation, such as oil in OPEC countries, precision                        budget. Direct taxation concerns people’s income; indirect
  engineering in Germany, grain in Canada, textiles in South                        taxes are levied on goods and services.
  East Asia, electronic goods in Japan.                                         •   U is for underemployment: the overmanning of a plant, the re-
• L is for liquidity: gold and foreign exchange reserves are known                  sult of restrictive labour practices still common today. Higher
  as international liquidity, supervised to some extent by the                      efficiency means fewer jobs.
  IMF (International Monetary Fund).                                            •   V is for visible trade, as opposed to invisible trade. Visible ex-
• M is for monetarism: Professor Milton Friedman's brainchild,                      ports are goods: invisible exports are services which are the ba-
  concentrating on the control of money supply to conquer in-                       sis of an international transaction.
  flation.                                                                      •   W is for: Why bother about X,Y and Z?
• N is for nationalised industries: state-owned corporations,
  struggling in Britain to break even and cover their costs, of-          2. Read short passages about economic difficulties and negative practices
  ten having to be propped up by the Exchequer. Though often                 and trade and cooperation. Pay close attention to the bold-typed words.
  natural monopolies, they sometimes face competition from
                                                                          I. If an economy if badly affected by war, we may refer to it as a war-torn
  the private sector. During the eighties, several nationalised
                                                                          economy. Economies in a bad state are often referred to as ailing econo-
  industries in Britain were privatised.
                                                                          mies. Devaluation / revaluation of the currency may be necessary (reduc-
• O is for output: the output per employee multiplied by the
                                                                          tion / increase in value against other currencies). Economies may go into
  number of employees gives a company or a nation’s productiv-
                                                                          recession and not come out of / emerge from recession for several years.
  ity. Britain’s low rate of increase in this respect (often hardly       A country may suffer from a slump in prices for its goods (serious
  any growth) used to be blamed on many things: poor industrial           fall/collapse in prices). Fiscal measures (measures concerning taxes, etc.)
  relations, the Common Market (EEC), world recession, and,               may be used to boost the economy (give the economy a lift) when it is in
  most of all, on old capital equipment that the too slowly ex-
                                                                          recession.
  panding workforce had to use. There was some improvement
                                                                          II. Free trade agreement often cause disputes between countries, espe-
  in the eighties, however.                                               cially when one country thinks the other is engaged in restrictive prac-
• P is for protectionism: a policy restricting free trade, encourag-      tices. Occasionally, trade wars erupt, and sanctions or embargoes are
  ing the purchase of domestic products by imposing some form             imposed on countries, and may not be lifted for long periods. On the other
  of import control or duty (tariffs).                                    hand European countries closely related economically and enjoying good
• Q is for import quotas: import restrictions. This is one way to         relations have entered into monetary union and have a single currency.
  reduce the deficit on current account, and regulating the vol-
  ume of imports allowed in.                                              Now try to do this vocabulary quiz.
• R is for pay restrain: some kind of incomes policy attempting to
  limit the size of wage increases or, in a wage freeze, to stop                1) What kind of war can break out between countries concerning
  them completely. Which is fairer: a percentage increase across                   imports and exports?
  the board or a fixed sum for everyone?                                        2) Which two verbs are used with sanctions and embargoes to mean
• S is for Stock Exchange: the source of most long-term credit in                  (a) ‘placing’ and (b) ‘removing’?
  Britain, as it is the centre for the buying and selling of stocks and
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