living standard of the family. If this effect is replicated in each household overall economic development will be achieved.
2. Economic development leads to improvements in many sectors of a nation. There are a variety of indicators that economist use to measure the level of economic development in a country. The indicators are: declining poverty rates, increasing literacy rates, declining infant morbidity and increasing life expectancy. Economic development has to be supported by the whole nation from economists, politicians, and also civilians. Thus it can be concluded that, economic development leads to the creation of more opportunities in the sectors of education, health sector, research, human development and environmental conservation. It equally implies an increase in the per capita income of every citizen.
3. Development economics is a branch of economics that focuses on how to improve the economies of developing countries. Its major concern is the development of third world economies. Development in such countries is met by improving the basic amenities to promote the welfare of its citizen and to maintain a certain set standard of living for all its citizens. The sectors that should be improved according to the development economists are Health sector, education, employment, and inflation, domestic and international economic policies. This branch of economics is specially tailored to the developing country to help them transform into a prosperous nation through progressive economics.
From: http://www.whatiseconomics.org/
Module II
Markets
Unit 1
Warming Up Activity
1. Translate the dates from Russian into English:
25 ноября 2015 г., 28 июля 2000 г., 18 января 1987 г., 13 августа 2014 г., 3 сентября 1965 г., 10 февраля 1995 г., 30 декабря 1879 г., 21 марта 2012 г., 25 апреля 2013 г., 22 октября 2011 г., 16 мая 2007 г., 11 июля 1948 г.
2. Say the time in English:
18.30; 13.45; 18.15; 04.03; 00.20; 17.10; 07.25; 16.35; 15.00; 19.32; 09.40; 14.55; 06.46; 12.00; 23.37; 11.25; 20.30; 22.10; 01.40; 19.45; 00.50;
14.15.
3. Say figures in words:
223; 45 779; 986; 64 987 076; 758; 4 567; 97,34; 517; 87 490; 2 450.003; 873; 873 340 900; 693. 608; 520 064; 9 154,01; 36 716; 183 204; 1 404 183.
Reading
4. Read the text.
Goldman: Why Europe will outperform
The ECB’s likely cuts come as the US Federal Reserve is widely expected to implement its first hike to its benchmark rate in nine years at its December meeting. That's likely to strengthen the dollar as it will increase expected returns in the US.
With US interest rates set to rise and Europe's likely headed lower, certain assets on the continent look like a good bet, Goldman Sachs said.
It’s staying overweight European equities and local-currency credit on a three-month basis to position for “tailwinds” from the European Central Bank (ECB) and the currency.
“We expect the ECB to ease further at the December meeting to counter downside risks to inflation,” Goldman said in a note Wednesday, forecasting the deposit rate to be lowered by 10 basis points to negative 30 basis points. It also expects the bank to extend its quantitative easing (QE) program through the end of the third quarter of 2017.
A basis point is 1/100th of a percentage point.
That’s likely to weaken the euro as funds flow out of the currency and toward assets offering better-than-negative returns.
The ECB’s likely cuts come as the US Federal Reserve is widely expected to implement its first hike to its benchmark rate in nine years at its December meeting. That’s likely to strengthen the dollar as it will increase expected returns in the US.
Historically, when European and US monetary policy diverged like this, “European equities have pretty consistently outperformed their US counterparts past the first Fed rate hike and the outperformance gets particularly pronounced after 12 months,” Goldman said.
There are certainly signs the ECB could step up its game. ECB President Mario Draghi has hinted that that the bank could look to ramp up or extend its 1 trillion euro (USD 1.1 trillion) quantitative easing program.
At the moment, the ECB purchases 60 billion euros worth of assets each month and has committed to doing so until at least September 2016.
The next monetary policy meeting and subsequent media conference with Draghi is set for December 3 in Frankfurt, when an announcement on expanded asset purchases is hotly anticipated.
It is also possible that the central bank might cut the interest rate on its deposit facility further into negative territory. The rate is currently negative 0.2 percent, meaning that private banks are effectively charged for parking money with the ECB.
The bank is underweight on US equities and bonds.
“A weaker euro is likely to serve as a strong catalyst for outperformance of European versus US equities,” it said.
Another factor that may help to boost the Europe over US play: positioning for the monetary policy divergence appears to be light so far, Goldman said, citing action in risk reversals, Goldman said.
It tips one of the most direct plays on the divergence between monetary policies in US and Europe is to just short the euro. Its 12-month forecast for the euro is for it to fetch USD 0.95, but that might be reached sooner if the ECB moves aggressively in December, Goldman said. The euro was fetching USD 1.0611 in early European trade Thursday.
From: http://www.moneycontrol.com/news/european-markets/goldman:-why-europe-will-outperform_4357441.html
5. Find English equivalents to the following words and expressions from the text:
6. Make an English annotation of the text (100–120 words).
7. Translate your English annotation into Russian.
8. Find Russian equivalents to the following words and expressions:
Adj. + market: competitive market, active market, booming market, bullish market, lively market, strong market, thriving market, bull market, rising market, depressed market, dull market, sluggish market, weak market, bear market, falling market, steady market, buyer’s market, seller’s market.
Verb + market: put sth. on market, come on/onto market, develop market, break into market, get into market, penetrate market, capture market, corner market, monopolize corner market, supply corner market, flood corner market, loose corner market, depress corner market, play corner market.
Phrases with market: be in the marker for something, the bottom’s dropped/fallen out of the market, a gap in the market, the bottom/lower/ top/upper end of the market.
9.
