Exercise 8. Speak about basic types of economic systems in the world

B R I T I S H E C O N O M Y

I. Read and learn the following words and phrases:

manufacture – производство

manufactured goods – промышленные товары

manufacturing – обрабатывающая промышленность

to employ – заниматься, предоставлять работу

employment – занятость

unemployment – безработица

trade – торговля

per head of population – на душу населения

mining – угледобывающая промышленность

agriculture – сельское хозяйство

to depend on – зависеть от

raw materials – сырье

wool – шерсть

woolen – шерстяной

leather – кожа, кожаный

cotton – хлопок

timber – лесоматериал

oil – нефть

unprofitable – невыгодный

expensive – дорогой

cheap – дешевый

cattle farming – разведение крупного рогатого скота

to be rich in smth – быть богатым чем-либо

natural resources – природные богатства

II. Read the text:

B R I T A I N’ S E C O N O M Y

British economy is continuing to grow. Growth has taken place across a broad front.

Britain lives by manufacture and trade. It has an open economy in which international trade plays a vital part. The country is one of the world’s largest exporters of manufactured goods per head of population. It produces high quality electronic equipment, woolen goods, leather goods, consumer goods, chemicals, precision instrument and other articles, requiring skilled labour.

It is unprofitable for British economy to produce cheap commodities and semi finished goods because Great Britain is not rich in natural resources and depends on imports. After World War II the country has lost its colonies which used to supply it with cheap raw materials. And now it has to import timber, cotton, oil, various metals, fruit and farm products.

Great Britain is mainly an industrial country so most of its population is employed in mining, manufacturing and building. The leading industries are also shipbuilding, textile, electronic, chemical, aircraft industries and some others. The largest industrial centers are: London, Manchester, Liverpool, Glasgow, Sheffield, Birmingham.

Britain was rich in forests but most of the forests were cut down to make more room for cultivation. The greater part of land is used for cattle and sheep farming; most of the farms are small.

British economy is based primarily on private enterprise. Private sector accounts for 82 per cent of output and 79 per cent of employment.

The current economic climate is characterized by falling unemployment and low interest rates. Government economic polices are designed: 1) to help businesses and individuals generate economic growth; 2) to create a stable economic environment with permanently low inflation; 3) to allow markets to operate efficiently.

III. Do the following exercises: