D* Vocabulary

D.l. Read and learn new words.

surplus (n) — an amount of something that is more than what is wanted, needed or used

visibles (n) — imports and exports of goods

balance (n) — accounting the difference between the total amounts of money coming into and going out of an account in a particular period of time

insurance (n) — an arrangement in which a company collects premiums from a person or organization and in return agrees to pay them a sum of money if they are involved in an accident, have something stolen, or cause harm or injury to others

clearing bank — a bank which is a member of the clearing-house (an institution where claims by various banks against each other are offset; this greatly reduces the need for transfers of funds between banks)

consumption (n) —- the amount of goods and services used in a particular period of time

bonded warehouse — also Customs warehouse; a warehouse in which imported goods are stored until taxes on them have been paid tax (n) — an amount of money that you must pay to the government on your income, property, goods, etc.

fine (n) — money that someone has to pay as a punishment captive warehouse — wholesaling company stock, servicing only their own firms

D.2. Fill in the prepositions.

1. International specialization pays countries to concentrate ... the production of particular goods and services.
2. The United Kingdom buys ... other countries ... several reasons.
3. The incomes of workers result... a higher standard of living.
4. The balance of payments ... current account... a country.
5. Exporters sell goods ... credit.
6. Some banks can help ... the exchange of foreign currency and ... receiving money ... and paying money ... other countries.
7. Tax can be paid ...
   goods, which leave the warehouse.
8. A deficit... the balance of payment may be turned ... surplus.
9. An American firm receives interest... a UK bank.
10. The invisible balance is usually ... surplus.
11. Some countries specialize ... the production of goods.

D.3. Give corresponding words to the following definitions.

1. Due to it countries concentrate on the production of particular goods and services.
2. It is the production of more goods and services than a country needs for its consumption.
3. It is the buying and selling of goods between countries.
4. They are national organizations of firms providing similar goods and services.
5. These establishments can help with the exchange of foreign currency and with receiving and paying money.
6. These organizations can give information to exporters.
7. They can be owned by importers, different companies, etc.
8. They check different vehicles to make sure that goods are not smuggled into the country.
9. It is a complete ban placed on certain goods.
10. They are taxes placed on imports to make them more expensive.
11. The aim of this organization is that taxes should not be placed on goods moving between some countries.

D.4. Find an appropriate word or expression in the list below to complete each sentence.

balance of trade specializes              transport              banking

embargo              visibles              tax              bonded

services              euro              insurance              yen

1. When a country ... it concentrates on the production of certain goods or services.
2. ... is the name given to the trade in goods.
3. Another name for the visible balance is the ... .
4. Invisibles is the name given to the trade in ... .
5. Two examples of invisibles are ... and ....
6. The units of currency of West Germany and Japan are the ...
   and the ... .
7. The ECGD provides ... for exporters.
8. HM Customs and Excise control... warehouses.
9. A tariff is a ... placed on imports.
10. An ... is a complete ban on imports.

4. 5. Translate from Russian into English using the active vocabulary.

1. Страны вынуждены принимать участие в международной торговле, которая заключается в покупке и продаже товаров между странами.
2. Доходы рабочих увеличиваются, что влияет на повышение жизненного уровня.
3. Когда товары перевозятся на большие расстояния, существует риск повреждения или воровства.
4. Клиринговые банки могут помочь в обмене иностранной валюты и получении денег из других стран.
5. Товары, за которые должны быть уплачены налоги, могут храниться на таможенном складе.
6. Если товары забирают со склада до уплаты налога, то владелец склада должен заплатить большой штраф.
7. С импорта взимаются налоги, которые приносят правительству деньги на расходы.
8. Эмбарго — полный запрет, установленный на определенные товары.
9. Если правительство может сократить стоимость импорта, тогда дефицит платежного баланса может быть превращен в излишек.