The Issue of Inflation

The Issue of Inflation. Infinitive Constructions.

Lesson 6.

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*Task I. Learn the vocabulary:

Refer to – стосуватися

Causes – причини

Raw materials – сировина

Fuel – паливо

Necessitate – робити необхідним, викликати

Chase - слідувати

Condition – умова, стан

Demand-pull inflation – інфляція попиту (викликана перевищенням попиту над пропозицією)

Cost-push inflation – інфляція витрат на виробництво (викликана ростом витрат виробництва)

Task II. Pay your attention to the translation of the following word-combinations:

General rise in prices, price level of gods and services, causes of inflation, cost-push inflation, to raise prices, cost of labour, raw materials, to necessitate, demand-pull inflation, to refer to the condition, available services, the amount of money

**Task III. Read and translate the text:

Inflation basically refers to a general rise in the price level of goods and services over time. There are any causes of inflation, according to economists. Two of the most important are:

cost-push inflation and demand-pull inflation.

Cost-push inflation refers to the fact that business people raise prices when the costs of various factors of production go up. For example, increase in the cost of labour, machinery, raw materials, fuels, and credit necessitate higher prices.

Demand –pull inflation refers to a condition in which buyers want to buy more goods and services than are available at the time. The demand of goods and services is related to the amount of money in the economy. If the supply of money increases faster than the production increases, the result is inflation. This is called “too much money chasing too few goods”

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*Task IV. Give the equivalents to the following in English:

Рівень цін на товари та послуги, причини інфляції, піднімати ціни, витрати на фактори виробництва, вартість праці, сировина, пальне, викликати підвищені ціни, стосуватися кількості грошей

**Task V. Answer the questions on the text:

1. What does the issue of inflation refer to?

2. What are the main causes of inflation?

3. How can you define cost-push inflation?

4. What necessitates high prices?

5. What does demand-pull inflation refer to?

6.

***Task VI Definition of the key terms

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