THREE ECONOMIC ISSUES (ТРИ ВОПРОСА

THREE ECONOMIC ISSUES (ТРИ ВОПРОСА ЭКОНОМИКИ)
Three economic issues
Economics is the study of how people choose to allocate scarce resources to satisfy their unlimited wants. The main problem in economics is the question of allocating scarce resources between competing uses. In this section three economic issues are discussed to show how society allocates its scarce resources between competing uses. In this connection the question what, how and for whom to produce is of great significance.
The oil price shocks
Oil is an important commodity in modem economies. Oil and its derivatives provide fuel for heating, transport, and machinery, and arc basic inputs for the manufacture of industrial petrochemicals and many household products ranging from plastic utensils to polyester clothing. From the beginning of this century until 1973 the use of oil Increased steadily. Over much of this period the price of oil fell in comparison -with the prices of other products. Economic activity was organized on the assumption of cheap and abundant oil.
In 1973 – 74 there was an abrupt change. The main oil-producing nations, mostly located in the Middle East but including also Venezuela and Nigeria, belong to OPEC — the Organisation of Petroleum Exporting Countries. Recognizing that together they produced most of the world's oil, OPEC decided in 1973 to raise the price at which this oil was sold. Although higher prices encourage consumers of oil to try to economize on its use, OPEC countries correctly forecast that cutbacks in the quantity demanded would be small since most other nations were very dependent on oil and had few commodities available as potential substitutes for oil. Thus OPEC countries correctly anticipated that a substantial price increase would lead to only a small reduction in sales. It would be very profitable for OPEC members.
Oil prices are traditionally quoted in US dollars per barrel. Fig. 1 shows the price of oil from 1970 to 1986. Between 1973 and 1974 the price of oil tripled, from $2,90 to $9 per barrel. After a more gradual rise between 1974 and 1978 there was another sharp increase between 1978 and 1980, from $12 to $30 per barrel. The dramatic price increases of 1973 – 79 and 1980 – 82 have become known as the OPEC oil price shocks, not only because they took the rest of the world by surprise but also because of the upheaval they inflicted on the world economy, which had previously been organized on the assumption of cheap oil prices.
People usually respond to prices in this or that way. When the price of some commodity increases, consumers will try to use less of it but producers will want to sell more of it. These responses, guided by prices, are part of the process by which most Western societies determine what, how and for whom to produce.Consider first how the economy produces goods and services. When, as in the 1970s, the price of oil increases six-fold, every firm will try to reduce its use of oil-based products. Chemical firms will develop artificial substitutes for petroleum inputs to their production processes; airlines will look for more fuel-efficient aircraft; electricity will be produced from more coal-fired generators. In general, higher oil prices make the economy produce in a way that uses less oil.
Oil price ($ per barrel)

Figure 1. The price of oil. 1970 – 86
How does the oil price increase affect what is being produced? Finns and households reduce their use of oil-intensive products, which are now more expensive. Households switch to gas-fired central heating and buy smaller cars. Commuters form car-pools or move closer to the city. High prices not only choke off the demand for oil-related commodities; they also encourage consumers to purchase substitute commodities. Higher demand for these commodities bids up their price and encourages their production. Designers produce smaller cars, architects contemplate solar energy, and research laboratories develop alternatives to petroleum in chemical production. Throughout the economy, what is being produced reflects a shift away from expensive oil-using products towards less oil-intensive substitutes. The for whom question in this example has a clear answer. OPEC revenues from oil sales increased from $35 billion in 1973 to nearly $300 billion in 1980. Much of this increased revenue was spent on goods produced in the industrialized Western nations. In contrast, oil-importing nations had to give up more of their own production in exchange for the oil imports that they required. In terms of goods as a whole, the rise in oil prices raised the buying power of OPEC and reduced the buying power of oil-importing countries such as Germany and Japan. The world economy was producing more for OPEC and less for Germany and Japan. Although it is the most important single answer to the 'for whom' question, the economy is an intricate, interconnected system and a disturbance anywhere ripples throughout the entire economy,
In answering the 'what' and 'how' questions, we have seen that some activities expanded and others contracted following the oil price shocks. Expanding industries may have to pay higher wages to attract the extra labour that they require. For example, in the British economy coal miners were able to use the renewed demand for coal to secure large wage Increases. The opposite effects may have been expected if the 1986 oil price slump had persisted.
The OPEC oil price shocks example illustrates how society allocates scarce resources between competing uses.
A scarce resource is one for which the demand at a zero price would exceed the available supply. We can think of oil as having become more scarce in economic terms when its price rose.
VOCABULARY NOTES
to allocate resources – распределять ресурсы
scarce resources – ограниченные, скудные ресурсы
scarcity – дефицит
to satisfy unlimited wants – удовлетворять неограниченные потребности
competing uses – конкурирующие сферы использования
to be of great significance – иметь большое значение
commodity (syn. good) – товар, предмет широкого потребления
modern economy – современная экономика
oil and its derivatives – нефть и нефтепроизводные
to provide fuel for heating and transport – обеспечивать топливом систе­мы теплоснабжения и транспорт
basic inputs – основные составляющие
to range from... to... – от... до...
plastic utensils – изделия из пластика
polyester clothing – одежда из синтетических тканей
to increase [-z], v. steadily – постоянно увеличиваться
increase [-s], n. – увеличение
over much of this period – большая часть этого периода
in comparison with (syn. as compared with) – по сравнению с
on the assumption of – исходя из предположения (допущения)
abundant oil – нефть, имеющаяся в изобилии, избытке
an abrupt change – резкое изменение
oil-producing nations – страны, производящие нефть
to be located in – располагаться в
to belong to – принадлежать
OPEC (the Organization of Petroleum Exporting Countries) – ОПЕК (Организация стран – экспортеров нефти)
to raise the price – повышать цену
(о encourage consumers – побуждать, поощрять потребителей
to economize on its use – экономить на использовании
to forecast correctly – правильно прогнозировать
cutbacks in quantity demanded – сокращения требуемого количества
to be dependent on oil – быть зависимым от нефти
to be available (syn. to be in stock; ant. to be out of stock) – иметься в наличии potential substitutes – потенциальные (возможные) заменители
to anticipate – предсказывать, предвидеть, прогнозировать
substantial price increase [-s] – существенное, значительное повышение цен
to lead (led, led) to (syn. to cause, to entail, to result in) – привести к
reduction in sales – сокращение продаж
to be profitable for – быть прибыльным, выгодным
OPEC members — страны – члены ОПЕК.
to quote prices in US dollars per barrel – назначать, котировать цены в долларах США за баррель
to triple ['tripl] – возрастать в три раза, утраивать
a gradual rise – постепенное увеличение
sharp, dramatic increase – резкое повышение
to take by surprise – застать врасплох
upheaval [i:] – переворот
to inflict upheaval on the world economy – наносить удар по (причинять ущерб) мировой экономике
to respond to prices – реагировать на цены
a producer – производитель
to determine what, how and for whom to produce – определять что, как и для кого производить
to increase six-fold – возрастать в шесть раз
oil-based products – нефтепродукты
artificial substitutes for petroleum – искусственные заменители бензина production processes – производственные процессы
fuel-efficient aircraft – самолет с экономичным расходом топлива
oil-intensiv

Результаты (русский) 1:

ТРИ ЭКОНОМИЧЕСКИХ ВОПРОСОВ (ТРИ ВОПРОСА ЭКОНОМИКИ)Три экономических вопросовЭкономика является изучение как люди предпочитают выделять дефицитные ресурсы для удовлетворения их неограниченное хочет. В экономике главной проблемой является вопрос о распределении ограниченных ресурсов между конкурирующими видами использования. В этом разделе три экономические вопросы обсуждаются показать, каким образом общество распределяет свои скудные ресурсы между конкурирующими видами использования. В этой связи вопрос что, как и для кого производить имеет большое значение.Резкие колебания цен на нефтьНефть является важным товаром в модем экономикой. Нефти и ее производных обеспечивают топлива для отопления, транспорта и техники и дуги основные материалы для изготовления промышленных нефтехимии и многих бытовых изделий, начиная от пластиковой посуды полиэстер одежда. С самого начала этого века до 1973 года использование нефти увеличивался. В течение большей части этого периода цена на нефть снизилась в сравнении-с цен на другие товары. Экономическая деятельность была организована исходя из дешевых и обильные нефти.In 1973 – 74 there was an abrupt change. The main oil-producing nations, mostly located in the Middle East but including also Venezuela and Nigeria, belong to OPEC — the Organisation of Petroleum Exporting Countries. Recognizing that together they produced most of the world's oil, OPEC decided in 1973 to raise the price at which this oil was sold. Although higher prices encourage consumers of oil to try to economize on its use, OPEC countries correctly forecast that cutbacks in the quantity demanded would be small since most other nations were very dependent on oil and had few commodities available as potential substitutes for oil. Thus OPEC countries correctly anticipated that a substantial price increase would lead to only a small reduction in sales. It would be very profitable for OPEC members.Oil prices are traditionally quoted in US dollars per barrel. Fig. 1 shows the price of oil from 1970 to 1986. Between 1973 and 1974 the price of oil tripled, from $2,90 to $9 per barrel. After a more gradual rise between 1974 and 1978 there was another sharp increase between 1978 and 1980, from $12 to $30 per barrel. The dramatic price increases of 1973 – 79 and 1980 – 82 have become known as the OPEC oil price shocks, not only because they took the rest of the world by surprise but also because of the upheaval they inflicted on the world economy, which had previously been organized on the assumption of cheap oil prices.People usually respond to prices in this or that way. When the price of some commodity increases, consumers will try to use less of it but producers will want to sell more of it. These responses, guided by prices, are part of the process by which most Western societies determine what, how and for whom to produce.Consider first how the economy produces goods and services. When, as in the 1970s, the price of oil increases six-fold, every firm will try to reduce its use of oil-based products. Chemical firms will develop artificial substitutes for petroleum inputs to their production processes; airlines will look for more fuel-efficient aircraft; electricity will be produced from more coal-fired generators. In general, higher oil prices make the economy produce in a way that uses less oil.Oil price ($ per barrel)Figure 1. The price of oil. 1970 – 86How does the oil price increase affect what is being produced? Finns and households reduce their use of oil-intensive products, which are now more expensive. Households switch to gas-fired central heating and buy smaller cars. Commuters form car-pools or move closer to the city. High prices not only choke off the demand for oil-related commodities; they also encourage consumers to purchase substitute commodities. Higher demand for these commodities bids up their price and encourages their production. Designers produce smaller cars, architects contemplate solar energy, and research laboratories develop alternatives to petroleum in chemical production. Throughout the economy, what is being produced reflects a shift away from expensive oil-using products towards less oil-intensive substitutes. The for whom question in this example has a clear answer. OPEC revenues from oil sales increased from $35 billion in 1973 to nearly $300 billion in 1980. Much of this increased revenue was spent on goods produced in the industrialized Western nations. In contrast, oil-importing nations had to give up more of their own production in exchange for the oil imports that they required. In terms of goods as a whole, the rise in oil prices raised the buying power of OPEC and reduced the buying power of oil-importing countries such as Germany and Japan. The world economy was producing more for OPEC and less for Germany and Japan. Although it is the most important single answer to the 'for whom' question, the economy is an intricate, interconnected system and a disturbance anywhere ripples throughout the entire economy,In answering the 'what' and 'how' questions, we have seen that some activities expanded and others contracted following the oil price shocks. Expanding industries may have to pay higher wages to attract the extra labour that they require. For example, in the British economy coal miners were able to use the renewed demand for coal to secure large wage Increases. The opposite effects may have been expected if the 1986 oil price slump had persisted.The OPEC oil price shocks example illustrates how society allocates scarce resources between competing uses.A scarce resource is one for which the demand at a zero price would exceed the available supply. We can think of oil as having become more scarce in economic terms when its price rose.VOCABULARY NOTESto allocate resources – распределять ресурсыscarce resources – ограниченные, скудные ресурсыscarcity – дефицитto satisfy unlimited wants – удовлетворять неограниченные потребностиcompeting uses – конкурирующие сферы использованияto be of great significance – иметь большое значениеcommodity (syn. good) – товар, предмет широкого потребленияmodern economy – современная экономикаoil and its derivatives – нефть и нефтепроизводныеto provide fuel for heating and transport – обеспечивать топливом систе­мы теплоснабжения и транспорт
basic inputs – основные составляющие
to range from... to... – от... до...
plastic utensils – изделия из пластика
polyester clothing – одежда из синтетических тканей
to increase [-z], v. steadily – постоянно увеличиваться
increase [-s], n. – увеличение
over much of this period – большая часть этого периода
in comparison with (syn. as compared with) – по сравнению с
on the assumption of – исходя из предположения (допущения)
abundant oil – нефть, имеющаяся в изобилии, избытке
an abrupt change – резкое изменение
oil-producing nations – страны, производящие нефть
to be located in – располагаться в
to belong to – принадлежать
OPEC (the Organization of Petroleum Exporting Countries) – ОПЕК (Организация стран – экспортеров нефти)
to raise the price – повышать цену
(о encourage consumers – побуждать, поощрять потребителей
to economize on its use – экономить на использовании
to forecast correctly – правильно прогнозировать
cutbacks in quantity demanded – сокращения требуемого количества
to be dependent on oil – быть зависимым от нефти
to be available (syn. to be in stock; ant. to be out of stock) – иметься в наличии potential substitutes – потенциальные (возможные) заменители
to anticipate – предсказывать, предвидеть, прогнозировать
substantial price increase [-s] – существенное, значительное повышение цен
to lead (led, led) to (syn. to cause, to entail, to result in) – привести к
reduction in sales – сокращение продаж
to be profitable for – быть прибыльным, выгодным
OPEC members — страны – члены ОПЕК.
to quote prices in US dollars per barrel – назначать, котировать цены в долларах США за баррель
to triple ['tripl] – возрастать в три раза, утраивать
a gradual rise – постепенное увеличение
sharp, dramatic increase – резкое повышение
to take by surprise – застать врасплох
upheaval [i:] – переворот
to inflict upheaval on the world economy – наносить удар по (причинять ущерб) мировой экономике
to respond to prices – реагировать на цены
a producer – производитель
to determine what, how and for whom to produce – определять что, как и для кого производить
to increase six-fold – возрастать в шесть раз
oil-based products – нефтепродукты
artificial substitutes for petroleum – искусственные заменители бензина production processes – производственные процессы
fuel-efficient aircraft – самолет с экономичным расходом топлива
oil-intensiv

Результаты (русский) 3:

три экономических вопросов (ТРИ ВОПРОСА ЭКОНОМИКИ)
три экономические вопросы: экономика является изучение того, каким образом распределить ограниченные ресурсы для удовлетворения их не хочет.основные проблемы в экономике, является вопрос о распределении ограниченных ресурсов между конкурирующими видами использования.в этом разделе три экономические вопросы обсуждаются, чтобы показать, насколько общество распределяет свои скудные ресурсы между конкурирующими видами использования.в связи с этим вопросом, что, как и для кого производить имеет огромное значение.
скачков цен на нефть: нефть является важным сырьевых современной экономики.нефть и нефтепродукты обеспечивают топлива для отопления, транспорт и машины,и дуги основных исходных материалов для производства промышленной продукции, и многие бытовые товары, начиная от пластиковой посуды на синтетике одежду.с начала этого века до 1973 года использования нефти растет.за этот период цены на нефть снизились по сравнению с цен на другие продукты.экономическая деятельность была организована исходя из дешевой нефти.
в 1973 - 74 наблюдается резких изменений.основных нефтедобывающих стран, расположенных в основном на ближнем востоке, но и в том числе также венесуэла и нигерии, принадлежащих опек (организация стран - экспортеров нефти.признавая, что вместе они производят больше нефти,опек решила в 1973 году поднять цену, по которой эта нефть была продана.хотя более высокие цены на нефть, чтобы потребители пытаются сэкономить на ее использование, страны опек правильно предсказывают, что сокращение количества потребовал будет небольшим, поскольку большинство других наций, были очень зависит от добычи нефти и еще нескольких сырьевых товаров в качестве потенциальных заменителей нефти.