Economic Considerations. English through Content: Applied Economics

145 Pages·2006·17.989 MB·English

by  Thomas Kral (ed.)

Economic Considerations
English through Content:
Applied Economics
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Economic Considerations
English through Content: A pplied Economics
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Thomas Krai
Editor
ECONOMIC CONSIDERATIONS
English Through Content: Applied Economics
Thomas Krai, Editor
First published in 1994
Second printing in 1996
by the Materials Development and Review Branch
English Language Programs Division
United States information Agency
Washington, DC
This printing published in 2006
by the Office of English Language Programs
Bureau of Educational and Cultural Affairs
United States Department of State
Washington, DC
Office of English Language Programs
Bureau of Educational and Cultural Affairs
United States Department of State
Washington, DC
http://englishprograms.state.gov/
F O R E W O R D
FOREWORD to the Third Printing
The materials reproduced in this publication are excerpts from the Junior Achievement
textbook Applied Economics, and are provided courtesy of JA Worldwide™, (Junior
Achievement), the world’s largest organization dedicated to educating young people
about business, economics, and free enterprise. JA programs are taught by volunteers in
class and after school at locations throughout the United States and in 96 countries.
Founded in 1919, Junior Achievement has provided quality economic programs to
more than 60 million young people. JA programs span grades K-12, and focus on seven
key content areas: business, citizenship, economics, entrepreneurship, ethics/character,
financial literacy, and career development. JAs nearly 214,000 classroom volunteers
around the world come from all walks of life to reach students in inner cities, suburbs,
and rural areas. These dedicated individuals are the backbone of the organization.
For more information about JA Worldwide programs, visit JA online at www.ja.org or
address mail to: Vice President of Product Development, JA Worldwide Headquarters,
One Education Way, Colorado Springs, CO 80906.
The abbreviated material in this publication is intended to acquaint English students
to the language of business and does not constitute a full JA program.
Pamela Casteel
Junior Achievement Worldwide
FOREWORD to the First Printing
The materials reproduced in this publication are excerpts from the Junior Achievement
Applied Economics textbook and are provided courtesy of Junior Achievement
International, headquartered in Colorado Springs, Colorado, USA. Junior Achievement
is the world’s oldest, largest, and fastest-growing economic education organization.
Founded in 1919, Junior Achievement has provided quality economic programs to
more than 20 million young people thanks to the dedication and voluntary support
of business and education leaders. The abbreviated material in this publication is
intended to acquaint English students to the language of business but does not
constitute a full Junior Achievement program. Applied Economics is a full-semester
course on the fundamentals of market economics for high school and university
students and is accompanied by hands-on entrepreneurship activities; business and
management computer simulations, and regular contact with a volunteer business
consultant in the classroom as a mentor and role model. As of July 1994, there
are Junior Achievement programs in economics available for kindergarten through
12th grade as well as after-school programs in more than 80 countries. For more
information about Junior Achievement programs, please contact: Junior Achievement
International, 2780 Janitell Road, Colorado Springs, CO 80906, Tel: [phone],
Fax: [phone].
Samuel Taylor
Junior Achievement International
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A C K N O W L E D G M E N T S
ACKOWLEDGMENTS for the Third Printing
This third printing of Economic Considerations has new photographs, graphics,
and statistics. Many thanks go to Marsha Ford, David Hamill, Joann Stern, and
Patricia Sullivan for their contributions.
October 2006
ACKOWLEDGMENTS for the First Printing
APPLIED ECONOMICS: TEXT, 3rd edition and APPLIED ECONOMICS: STUDY GUIDE,
3rd edition. Copyright Third Edition July 1990. Junior Achievement Inc. Colorado
Springs, Colorado USA.
The text of this publication, or any part thereof, may not be reproduced or transmitted
in any form or by any means, electronic or mechanical, including photocopying,
recording, storing in any information retrieval system, or otherwise, without prior
written permission of the publisher.
Special thanks are due to Marguerite Ann Snow and Kathleen Krai for reviewing the
manuscript and providing useful suggestions on language-related activities. Thanks
also go to Shalita Jones for her help in preparing the manuscript and to Cynthia
Lacovey and Cynthia Malecki for their assistance in obtaining the photographs and
illustrations for use in the text.
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T O T H E T E A C H E R
ECONOMIC CONSIDERATIONS is a content-based text for advanced level students of
English as a foreign language. Language enhancement activities have been added
to the readings and exercises taken from the Junior Achievement program Applied
Economics to accommodate the needs of learners of English. While authentic
language has been maintained, a vocabulary study section has been added to each
chapter treating both the technical and subtechnical terms that are used in the
readings. Group work activities have been developed to give students the opportunity
to practice their communicative skills both in speaking and in writing.
Collaborating with a partner or working as a member of a small group, students
will consider different topics in economics while improving their vocabulary and
their reading, speaking and writing skills in English. Working together, they will be
asked to interpret graphs and tables and to react to or find solutions for a variety of
problem situations set forth in the readings.
A bibliography provides suggestions for further reading in economics. A glossary of
terms taken from the field of economics and international trade is included at the
end of the text.
ECONOMIC CONSIDERATIONS is intended to serve as a supplementary text for
advanced level EFL courses in Business English. Various chapters or activities within
a chapter may be used to complement or extend the focus of the main textbook. With
careful lesson planning, ECONOMIC CONSIDERATIONS can be integrated into an
on-going course for business students to broaden their perspective of economics and
to increase their communicative skills in English.
Thomas Krai
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A creative economy is thefuel of magnificence.
—Ralph Waldo Emerson
Don't opposeforces, use them.
—Buckminster Fuller
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T A B L E O F C O N T E N T S
Chapter 1
What is Economics?................................................................... 1
Chapter 2
Supply, Demand and Market Price..................................... 13
Chapter 3
The Entrepreneur in Market Economies.......................... 33
Chapter 4
Production and Marketing .................................................... 51
Chapter 5
The Role of Labor in Business............................................. 63
Chapter 6
The Role of Government in Market Economies........... 79
Chapter 7
The Global Economy....................................................................101
Bibliography....................................................................................123
Glossary..............................................................................................125
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A wise man should have money in his head, but not in his heart. —Jonathan Swift
C H A P T E R 1
What is Economics?
GETTING STARTED
Working in groups of four, consider the issues below. After you have reached some
conclusions, share your ideas with the whole class.
1. The dictionary defines economics as “the study of the production of wealth and
the consumption of goods and services in a society.” List five economic issues
relating to production and consumption that your national or local government
has to deal with today.
2. John Maynard Keynes, one of the most influential economists of the twentieth
century said, “The ideas of economists and political philosophers, both when
they are right and when they are wrong, are more powerful than is commonly
understood. Indeed the world is ruled by little else.”
What do you think Keynes meant by this statement? Do you agree or disagree?
Give reasons to support your opinion.
VOCABULARY STUDY
The italicized words in the sentences below are found in this chapter. Study the
sentences. Then identify the part of speech and write your own definition for the
word on the line provided.
EXAMPLE.
He acquired his wealth in the steel industry,
acquire ( V 1 GAIN POSSESSION OF_________________
1. The government will allocate more of its budget to health care,
allocate ( )_________________________________________________________
2. An alternative to putting one’s savings into a bank is investing in stocks and bonds,
alternative ( )____________________________________________________
3. A high tax was placed upon luxury commodities.
commodities ( )___________________________________________________
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