aggregate   availability behave

exports                   long run     predict

required     short run    trend

1. The price of a flight often depends on the … of seats.

2. Technology is making it easier and easier to … changes in the weather.

3. When talking about the … we mean the total.

4. Some people … very differently when they go abroad.

5. The … means in the next few weeks or months.

6. The … means in the coming years or decades.

7. China's … include all kinds of manufactured goods.

8. A lot of raw materials … for manufacturing are imported.

9. Prices are still following a … to increase.

Now read the text again and match each paragraph with the correct heading.

PARAGRAPH 1      

PARAGRAPH 2      

PARAGRAPH 3      

PARAGRAPH 4      

PARAGRAPH 5      

A What aggregate demand includes

B Two types of aggregate supply curve

C The relationship between aggregate demand and price

D Why are aggregate supply and demand important to governments?

E What causes aggregate demand to shift?

ВАРИАНТ 7

Money

The cash we use every day is something we take for granted, but for thousands of years people traded without it. Before money was invented, people used a system called bartering. Bartering is simply swapping one good for another. Imagine that you have milk, for example, and you want eggs. You simply find someone who has eggs and wants milk - and you swap! However, you can see that this isn't a very convenient way to trade.

First of all, you can't be sure that anyone will want what you've got to offer. You have to hope that you'll be lucky and find someone who has what you want and that he or she wants what you've got. The second problem with bartering is that many goods don't hold their value. For example, you can't keep your milk for a few months and then barter it. Nobody will want it!

After some time, people realised that some goods held their value and were easy to carry around and to trade with. Examples were metals like copper, bronze and gold and other useful goods like salt. These are examples of commodity money.

With commodity money, the thing used for buying goods has inherent value. For example, gold has inherent value because it is rare, beautiful and useful. Salt has inherent value because it makes food tasty. If you could buy things with a bag of salt, it meant you could keep a store of salt and buy things anytime you needed them. In other words, commodity money can store value.

Using commodity money was much more convenient than ordinary bartering, but it still had drawbacks. One of these drawbacks is that commodity money often lacks liquidity. Liquidity refers to how easily money can circulate. There is obviously a limit to how much salt you can carry around! There's another problem with commodity money: not everyone may agree on the value of the commodity which is used as money. If you live by the sea, salt may not be so valuable to you. Money needs to be a good unit of account. In other words, everyone should know and agree on the value of a unit. This way, money can be used to measure the value of other things.

The solution is to create a kind of money that does not have any real intrinsic value, but that represents value. This is called fiat money. The coins and notes that we use today are an example of fiat money. Notes don't have any inherent value - they are just paper. However, everyone agrees that they are worth something. More importantly, their value is guaranteed by the government. This is the reason why pounds and dollars and the world's other currencies have value.

Переведите на английский язык:

1.    До того как появились наличные деньги, которые сегодня люди принимают как должное, основной системой расчётов была система обмена, или бартера.

2.    Первыми товарными деньгами были металлы, соль и другие ценные товары. Такие деньги не обладали ликвидностью, т.е. способностью свободно циркулировать, но сохраняли стоимость.

3.    Бумажные деньги не обладают внутренней стоимостью, а только представляют стоимость.

4.    Если вы сберегаете деньги, то можно хранить их под кроватью в коробке, что небезопасно и неразумно, или положить их на счёт в банке. Деньги на счету приносят проценты.

5.    Главная услуга, которую любой банк оказывает своим клиентам, — предоставление кредита. Банки — самые надёжные кредиторы.

6.    Если клиент не возвращает кредит, банк использует проценты для покрытия убытков. Хотя большинство клиентов возвращает кредиты, процент служит формой защиты.

7.    Клиенты банков могут в любое время снять деньги со счетов, поскольку любой банк держит часть сбережений, полученных от клиентов, в качестве резерва.

Money