Хорижий тил Фанидан мустақил таълимни ташкил этиш бўйича

SELF-STUDY 1
TASK 1.1 Read the following text and give definitions to the underlined phrases.
Political strategy in the face of globalization
Politicians can make two basic responses:
Being in favour of market forces and deregulation. In this case, politicians will try to make their labour markets more flexible, for example by making it easier to hire and fire people. They will lower taxes to encourage private investment and private spending. They will cut red tape (-- bureaucracy) to make it easier to start a new business. They will encourage free trade.
Being in favour of subsidies and protectionism. In this case, politicians will try to protect the job security and social benefits of people who already have a job. They will support high taxes in order to pay for social programs and other government spending. They will try to protect national businesses and jobs with measures such as tariffs (= taxes) and quotas (= limits) on imports.
Measuring and analysing global trade
When analysing trade, important concepts are:
Balance of trade. This is the difference between a nation's imports and exports. If a country exports more to its trading partners than it imports, then it has a 'trade surplus'. Otherwise it has a 'trade deficit’.
Balance of payments. This is a much wider measure - it includes imports and exports of goods as above, but also includes services and investments.
Exchange rates. Currencies (dollars, euros, yen, etc) fluctuate against each other according to supply and demand. If the value of a currency falls, exports increase (because they become cheaper for overseas customers) and foreign investment is stimulated (because domestic assets are cheaper for foreigners). On the other hand, imported goods become more expensive, and consumers feel this as a drop in their living standards.

TASK 1.2 Vocabulary