Modern world economy

Modal verbs.

Modern World Economy.

Lesson I.

The World Economy. European Community and the Economy of Ukraine.

Unit III.

Translate the following sentences into Ukrainian paying attention to the Subjective Infinitive Construction (Complex Subject.)

Translate into Ukrainian paying attention to the Objective Infinitive Construction (Complex Object).

Task VII The use of the Infinitive and Infinitive Constructions.

1. He wanted us to make investment into his project. 2. We expected the prices to rise in September. 3.We suppose him to be a good manager. 4. We do not consider the situation to be a critical one. 5. The government expected the inflation not to be so severe. 6. We expect you to show good results. 7. The new equipment set at the plant made the productivity to increase. 8. We know him to have graduated from the collage two years ago. 9. Everybody knows this company to be replacing worn-out machinery. 10. We know this condition to be an important in our cooperation.11. We thought him to have paid taxes.

1. This company is said to be a comparative newcomer in the Stock Exchange. 2. Electronic equipments have been proved to save millions of man and machine hours. 3. Prices are known to play rationing effect 4. Vacuum tubes appear to perform such functions as: rectification, amplification, detection, modulation and others. 5. The President’s elections are expected to bring some changes in economic situation of the state. 6. The production of foods are reported to have been increased. 7. Skilled workers have been proved to do jobs better and more economically than unskilled. 8.This curve is assumed to show the change in cars demand 9. Microeconomics is considered to be the main concept of economic theory. 10.Consumers incomes are unlikely to grow up so it’s rather difficult for suppliers to make great profits.

***Task VII. Can you characterize the current inflation in Ukraine? What other economic issues are evident now? Give the examples and illustrate your judgment.

Контрольні питання

* Другий рівень – середній. Знати слова та словосполучення з теми та вміти використовувати в реченнях; знати основні поняття та правила.

** Третій рівень – достатній. Знати основні визначення, поняття та правила. Вміти використовувати їх в зв’язному мовленні. Відповідати на питання.

*** Четвертий рівень – високий. Визначати проблемні питання. Вміти логічно та вільно висловлюватися в межах вивчених тем.

*Task I. Learn the new vocabulary:

single – цілий, єдиний

linkages – зв’язки

trade – торгівля

investment – вклад

to spread – розширюватися

boundary – кордон

to carry on – проводити

engage – займатися

favourable – сприятливий

to exceed – перевищувати

correlation – співвідношення

to process – переробляти

to transfer – переміщати

the capacity – здатність

self-sustaining growth – самопідтримуюче зростання

joint venture – спільне підприємство

arrangements – угоди, домовленості

*Task II. Read the following word- combinations. Translate them into Ukrainian.

A single economic unit, closer linkages, through trade, capital investment, financial institutions, multinational institutions, across national boudaries, to carry banking activities, to engage in world trade, favourable balance of trade, a correlation between the economic development, heavy importers of machinery, finished goods, raw materials, manufactured goods, original suppliers, to rely on transfers, the capacity of self-sustaining growth, in the form of foreign aid, the resent expansion in export, closely related to foreign investments, contractual arrengements.

Task III. Recollect your knowledge of the use of Participle. Translate the following sentences:

1. Developing countries usually import machinery and finished goods from the developed ones.

2. Buying raw materials the industrially developed nations process them and sell back manufactured goods.

3. When mobilizing resources for its development, a country must rely on transfers of foreign resources until it achieves the capacity of self-sustaining growth.

4. Newly industrializing countries need foreign investment of transnational corporations.

5. Spreading their activities across national boundaries, international banks carry on their activities.

6. When processed, the products and goods may be sold for prices ten times higher than the material cost.

7. Having been closely related to foreign investment the developing countries expand in exports of manufactures.

**Task IV. Read and translate the text

The world economy is increasingly becoming a single economic unit. Individual national economies are developing closer linkages through trade, capital investment, and financial institutions. Multinational corpo­rations spread their activities across national boundaries, and the interna­tional banking system carries on banking activities throughout the world. As nations engage in world trade, some of them end up with a favour­able balance of trade, in which exports exceed imports} and others have unfavorable balance of trade, in which imports exceed exports. There is a correlation between the economic development of a nation and the status of its balance of trade. Developing countries are generally heavy import­ers — especially of machinery, equipment, and various types of finished goods. Exports in a nation's early stages of economic growth generally consist largely of raw materials from the nation's natural resources.

Buying raw materials from the developing countries, the industrially de­veloped nations process them and then sell the manufactured goods back to the original suppliers for prices ten times higher than the materials cost.

When mobilizing resources for its development, a country must rely on transfers of foreign resources until it achieves the capacity for self-sustaining growth. Besides the capital flows in the form of foreign aid, the transmission of technology, ideas and knowledge are other special types of resource transfer.

The recent expansion in exports of manufactures from the newly in­dustrializing countries has been closely related to foreign investment by multinational or transnational corporations (TNCs).

The United States is the largest home country for TNCs and the sec­ond largest host country for foreign direct investment,

A variety of forms of participation of TNCs in foreign economies are: joint ventures, licensing, management contracts, franchising, international subcontracting and a number of other contractual arrangements.

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

Окремі економічні системи; багатонаціональні корпорації; сировина; тісні зв’язки; за допомогою торгівлі та інвестування; поширювати діяльність через кордони; (не) сприятливий баланс торгівлі; експорт перевищує імпорт; імпортери обладнання та машин; готові товари; економічне зростання; країни, що розвиваються, та розвинені країни; обробляти сировину; постачальники обладнання; здатність само підтримуючого зростання; іноземна допомога; пряме капіталовкладення; контрактна угода.

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

1. Why is economics increasingly becoming a single economic unit? Comment on your ideas.

2. How do economies develop closer linkages?

3. What is the difference between favourable and unfavourablre balance of trade?

4. What goods do developing countries usually import and export?

5. What must a developing country rely on?

6. What are the forms of transnational corporations?

Task VI. The use of modal verbs and their equivalents:

Can – could to be able to (was, were able)

May – might to be allowed, to be permitted

Must - have to (had to), to be

Should

Ought(to) to be obliged

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