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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
27 Economic growth
The stock of capital equipment grows when business invests in tools, machinery, buildings and facilities. In the United States investment in capital goods has been a steady 10 percent of GNP for the past three years. But during the same time period, the Japanese have invested over 16-19 percent of their GNP in capital goods. It helps explain why the Japanese economy is growing faster than the U.S. economy.
Investment can be aimed at increasing productive capacity or at research and development (R&D). R&D can be used to develop new products (product innovation) or to develop new processes to cut the cost of production and improve productivity. Both product and process innovation are important.
The U.S. spends twice as much on product innovation than on process innovation. The Japanese do just the opposite. They spend twice as much on process innovation as they do on product innovation. This may be one reason why the Japanese are beating the U.S. in the ability to develop a better mousetrap and bring that mousetrap to the market faster than we do.
The Japanese and other foreign competitors do not just build a cheaper mousetrap because they have lower labour costs. Half of American trade deficit world-wide comes from industries overseas that pay their workers more than the same industries in the U.S. pay their workers. Process innovation leads to reduced manufacturing costs which can be an important reason for increased market share and profits.
Vocabulary
a growing labour force – зростання робочої сили
productivity – продуктивність праці
previous decades – попередні десятиліття
capital goods – засоби виробництва
the stock of capital equipment – фонд (запас) засобів виробництва
to be aimed at – бути націленим на
product innovation – оновлення продукту
to cut the cost of production – знизити вартість виробництва
to improve productivity – покращити продуктивність
mousetrap – мишоловка
to reduce manufacturing сosts – зменшити виробничі витрати
process innovation – процес оновлення.
І. Complete the sentences using the text:1. Economic growth can occur as a result of … .
2. The stock of capital equipment grows when … .
3. Investment can be aimed at … .
4. The U.S. spends twice as much on … .
5. Process innovation leads to … .
II. Answer these questions, basing your answers on the text:1. What can occur as a result of a growing labour force, additions to the nation’s stock of capital equipment, and improved productivity?
2. Why is the United States labour force not growing as fast as in previous decades?
3. The rate women are entering the work force is slowing, isn’t it?
4. When does the stock of capital equipment grow?
5. What helps explain why the Japanese economy is growing faster than the U.S. economy?
6. What can investment be aimed at?
7. Does the U.S. spend twice as much on product innovation or on process innovation?
8. Process innovation leads to reduced manufacturing costs, doesn’t it?
III. Say whether these statements are true or false and if they are false, say why.
1. The "baby boom" generation has already entered the work force.
2. The USA has invested over 19 per cent of GNP in capital goods for the past three years.
3. R & D can be used to develop product innovation or to develop process innovation.
4. The Japanese spend twice as much on product innovation than on process innovation.
5. The Japanese are beating the USA in the ability to develop a better product as they spend twice as much on process innovation as on product innovation.
6. Half of American trade deficit world-wide comes from industries overseas.
7. Industries overseas pay their workers less than the same industries in the USA do.
8. Reduced manufacturing costs can be an important reason for increased market share and profits.
Книга: Англійська для економістів - Гаращенко
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