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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
26 Economic growth, 27 Economic growth, 28 Unemployment, 29 Unemployment, 30 Unemployed and employed
Economic growth represents the expansion of a nation’s production- possibility frontier (or PPF).
PPF shows the maximum amounts of production, that can be obtained by an economy, given the technological knowledge and quantity if inputs available.
Economic growth is not just an abstract concept. It is vital for the citizens of a country because economic growth, in terms of growth of output per capita, means growing real wages and rising living standards.
Economic growth usually proceeds slowly. Even the most prosperous economies only grow 2-3 per cent a year. Nevertheless economic growth rates like compound interest - a steady growth rate of 2 per cent each year will result in a significantly larger and healthier economy in only ten years.
Economists usually study economic growth over long periods of time. For example, economic historians have discovered that over the last century the average annual growth rate for the Japanese economy is less than two points larger than Great Britain’s. This small difference has resulted in Japan’s emergence as an international economic powerhouse. Meanwhile, Great Britain has fallen from its position as the world’s strongest economy to one that is struggling.
Vocabularythe annual rate of increase – щорічний рівень (тариф) зростання
expansion – розширення
production-possibility frontier – кордон (межа можливостей виробництва)
amounts of production – обсяги виробництва
vital – життєво важливий
to proceed – діяти, чинити
prosperous economies – процвітаючі економіки
the average annual growth rate – середній річний рівень росту.
І. Complete the sentences using the text:1. Economic growth may be defined as … .
2. Economic growth represents … .
3. Economic growth is vital for … .
4. Economic growth usually proceeds … .
5. Economists usually study economic growth over… .
II. Answer these questions, basing your answers on the text:1. How may economic growth be defined?
2. How is it usually measured?
3. What does economic growth represent?
4. What does production possibility frontier show?
5. Is economic growth an abstract concept?
6. Economic growth usually proceeds slowly, doesn’t it?
7. How do economists usually study economic growth?
8. What have economic historians discovered?
III. Say whether these statements are true or false and if they are false, say why.1. Economic growth may be defined as an increase in the total output of a nation over a period of time.
2. Economic growth represents the expansion of a nation production - possibility frontier.
3. Economic growth is an abstract concept.
4. One goods measure of economic growth is real per capita GNP.
5. Economic growth usually proceeds quickly.
6. Economists usually study economic growth over long periods of time.
7. Economists have discovered that over the last century the average annual growth rate for the Japanese economy is less than two points larger than Great Britain's.
Книга: Англійська для економістів - Гаращенко
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