Basic terms in foreign trade

     Countries buy and sell various goods as well as various services. Goods bought from abroad, such as food, cars, machines, medicines, books and many others, are called visible imports. Goods sold abroad are called visible exports.

      Services, such as insurance, freight, tourism, technical expertise
and others, are called invisible imports and invisible exports. The total amount of money a country, makes including money from visible and invisible exports, for a certain period of time, usually for a year, is Gross National Product, or GNP .
The difference between a country’s total earnings or GNP, and its total expenditure is called its balance of payments.

     The difference between what a country receives for its visible exports and what it pays for its visible imports is its balance of trade. If a country sells more goods than it buys, it will have a surplus. If a country buys more than it sells, it will have а deficit.

 

Exercises:

№ 1. Find the definitions of the following terms in the text and write them down:

 

    visible imports

    invisible imports

    GNP

    balance of payment

 

    balance of trade

    a surplus

    a deficit

 

№ 2. Underline the correct word in the brackets:

1. Goods sold to other countries are (visible, invisible) exports.

2. Services sold to other countries are invisible (imports, exports).

3. The difference between total earnings of a country and its total expenditure is called its balance of (payments, trade).

4. The difference between a country’s GNP and its total expenditure is called its balance of (payments, trade).

5. If a country sells more goods than it buys it will have a (deficit, surplus).

 

№ 3. Complete the sentences:

         If a country buys more goods than it sells it will have a ….

    Gross National Product is the total amount ….

    Gross Domestic product is ….

    Invisible exports and import are ….

   A country’s trade balance is ….

 

 

Тема: “Европейский экономический союз”.

Words:

to establish to be established to join to join smb./ smth. enormous duty free of duty customs to contribute to contribute to smth.

образовывать, создавать   быть образованным, созданным   присоединять (ся) присоединиться к кому-либо/ чему-либо   огромный   пошлина* беспошлина   таможенные пошлины*   вносить долю вносить долю во что-либо

regulation council cart justice cart of justice headquarters to be located in … relative output

положение, постановление   совет   суд   правосудие, юстиция   суд   центральный орган, штаб-квартира   быть расположенным в…   относительный   выпуск

Text:

THE EUROPEAN ECONOMIC COMMUNITY

     The European Economic Community, or the Common Market, or the EEC was established in 1957. The original six member countries of the Community were France, West Germany, Belgium, Italy, Luxembourg and the Netherlands. Then a few other countries joined the Community. Britain, together with the Irish Republic and Denmark, joined the E.E.C. on 1st January, 1973.

     Now the Community forms an enormous trading area of almost 250 million people, and accounts for two fifths of the

world's trade.

     The membership allows imports to enter member countries either free of duty or at lower customs duties.

All member countries contribute to a common budget for certain purposes, based on relative total output of goods and services, or gross national product.

         Under the Community regulations, people of member countries may freely enter another member state to travel or to work there.

    The Community has the following institutions:

 

• The European Parliament

 

• The Council of Ministers

 

• The Court of Justice

 

 

     The headquarters of the European Economic Community are located in Brussels, Belgium.

Exercises:

№ 1. Find the answers in the text:

1. When was the E.E.C. established?

2. What countries established the E.E.C.?

3. How many people live in the E.E.C.?

4. What privileges do E.E.C. citizens have, coming to those countries?

5. Where are the E.E.C. headquarters?

 

№ 2. Agree or disagree:

1. It is a good privileged when imports to any country are free of duty.

2. It is a very positive factor when people can freely enter any other country.

3. It would be a very good thing if our country joined the E.E.C. or the European Union.

 

№ 3. Write the words in the sentences:

          The headquarters of the European Economic Community are … in Brussels,

    Belgium.

     The … was established in 1957.

     Then a few other countries … the community.

      Britain, together with the Irish Republic and Denmark, joined the E.E.C. on 1 st

      January, 1973.

      The cart of …  .

 

 

Тема: “Английские  банкноты  и  монеты”.

Words:

money banknote coin currency to authorize government cashier Chief Cashier to feature scientist discovery law gravitation law duke

деньги   банкнота   монета   валюта   уполномочивать   правительство   кассир главный кассир   показывать, помещать   учёный   открытие   закон закон тяготения   герцог

to issue issue to mint denomination circulation to be in circulation face on the face figure in figure inscription to promise bearer to bear demand on demand signature

выпускать выпуск   чеканить   достоинство   обращение быть в обращении   лицевая сторона на лицевой стороне   цифра цифрами   надпись   обещать   предъявитель нести   требование по требованию   подпись

 

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