Graphics

TimeFigure 2. Phases of the Business Cycle

VOCABULARY business cycle AmE (syn. trade cycle, cycli-

NOTES cal fluctuations, economic fluctuations,

trade-cycle) - економічний цикл recession (syn. contraction, downturn) -спад ділової активності depression (syn. trough, slump) - різке падіння, депресія expansion (syn. recovery, upturn) -пожвавлення

peak (syn. boom, prosperity) - пік; бум; різке піднесення ділової активності

decline - зниження, погіршення, занепад to lay off- звільнювати працівників undercut - збивати ціни; продавати за цінами, нижчими, ніж у конкурентів to bottom out - перебувати на найнижчому рівні shrinkage - скорочення persistent - постійний, стійкий to creep - підкрадатися, повзти to utilize - використовувати capacity - потужність

1. The names for the axes on a graph: vertical axis or у axis - вертикальна вісь horizontal axis or x axis - горизонтальна вісь

2. The different types of lines in graphs: solid line - пряма лінія broken line - перервана лінія dotted line - пунктирна лінія

curve - крива

undulating line - хвиляста лінія

fluctuating line - ламана лінія

PART I. ECONOMICS

3. The different types of graphics: line graph - лінійний графік flowchart - ланцюгова діаграма pie chart - секторна діаграма segment - сегмент, сектор histogram/bar chart - стовпчикова діаграма table - таблиця

column - стовпчик

row - лінійка

plan - план

diagram - схема, діаграма

drawing, illustration - малюнок,

ілюстрація

XERCISES I. Answer the following questions.

1. What do we call 'business cycle"?

2. What is recession?

3. What happens in economy during depression?

4. What characterises period of recovery?

5. Describe economic activity during prosperity period.

II. Trade cycle. Complete the definitions with the words from the box.

prices	depression	events	moves	activity
recession	series	boom	demand	recovery
capacity	falling	business	GNP	financial
within	unemployment	investment	cycle	severe

Cycle - a period of time in which a (1)_____ of events happening in a certain order is

completed, and then happens again and again with the (2)_____ coming each time in the

same order and generally (3)____ a similar length of time.

Trade cycle - a cycle in time during which trade (4)_____ from a state of high activity - (5)

__ - through a running-down period - contraction, downswing, (6)_______, downturn - to a

state of low activity - (7)____, stagnation -, then upward again when business improves -

(8)___, revival - until there is a return to high (9)_______ once more. The whole (10)_____

then begins again.

Boom - the part of the (11)____ cycle that follows recovery, in which economy is working

at full (12)___. (13)____ demand, (14)____, and wages rise, while unemployment falls. If

government control of the economy is not sufficiently tight, a boom can lead to a recession and ultimately to a slump.

Depression - an extended or (15)____ period of recession. Depressions occur infrequently

and some economists believe they occur in long (about 50-year) cycles (Kondratieff waves). The most recent Great Depression occurred in the 1930s. Depressions are usually

associated with falling prices and large-scale involuntary (16)______. They are often

preceded by major (17) crashes, e.g. the Wall Street crash of 1929.

Recession - a slowdown or fall in the rate of growth of (18)_____. Economic growth usually

follows a cycle from boom to recession and back again. Recession is associated with
falling levels of (19)____. rising unemployment, and sometimes (20)_____ prices.

III. Should the Government Intervene in the Business Cycle?

A. Complete the text below using these words.

boom money supply

demand output

employment price

equilibrium recession

interest rates saving

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