Text. Read the text at home Write out and translate the words you don't know.

Economics and the Economy?
Economics is the study of how society decides what, how and whom to produce. Every group of people must solve three basic
problems of daily living: what goods and services to produce, how to produce these goods and services and for whom to produce these goods and services.
In many ways, we are all the part of the world economy. When we drink our imported coffee in the morning, when we use a foreign-made videocassette recorder, or when we travel abroad on holiday, we are participating in the growing world of international trade and finance. And it is not only as a consumer of foreign goods and serv¬ices that we are part of the world economy.
The world economy is made up of all those interaction among people, businesses, and governments that cross international borders, even the illegal ones. Basically, whatever crosses an international border — whether goods, services, or transfers of funds — is part of the world economy. Food imports, automobile exports, investments abroad, even the trade in services such as movies or tourism contrib¬ute to each country's international economic activity.
By goods we mean physical commodities such as steel, cars, and strawberries. By services we mean activities which can be consumed or enjoyed only at the instant they are produced. In exceptional cir¬cumstances, society may find that some of the questions about what, how, and for whom to produce have already been answered; until the arrival of Man Friday, Robinson Crusoe need not worry about the for whom question. In general, however, society must answer all three question.

IV. Answer the questions.
1 Are we all part of the world economy?
2 When are we participating in the growing world of interna¬tional trade?
3. What is the wor d economy made up of?
4. Is the world economy made up only of legal interactions?
5. What can contribute to country's international economic ac¬tivity?

V. Translate the following sentences into English.
1 Импорт продуктов, экспорт автомобилей, иностранные инвестиции являются частью внешней экономической деятель¬ности любой страны.
2. Так или иначе мы все являемся частью мировой экономики.
3. Мировая экономика состоит из всех тех взаимоотношений между людьми, различными формами бизнеса и государствами которые пересекают международные границы, даже если эти взаимоотношения являются незаконными.
4. Когда мы утром пьем наш импортный кофе или уезжаем за границу во время отпуска мы все принимаем участие в растущем мире международной торговли и финансов.

VI. Retell the text
Read and translate the letter.
To the Manager
Bank for Foreign Economic Affairs
Moscow
Your ref: Unknown Ourref: OC/CC/NA

Dear Sir, . 8th November 2003
Our Number: BCD FOR/...(please quote ) Amount: GBP 941.10 Sent: 7th October 2003 Tenor: Payable at Sight Drawee: V/O Medexport
We would advise that we cannot trace the receipt from you of any acknowledgement for the above mentioned collection, dispatched by airmail on 7* October 2003. Pleas confirm that the bill has been presented for payment, advising when the relevant proceeds may be expected in London.
Should the bill remain unpaid, please advise us immediately giving drawers reason for refusal.
If unpaid please confirm that protest action has been taken in ac¬cordance with our original instructions.
Yours faithfully, p.p. Manager Lloyds Bank

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