What sectors can the British economy be divided into? What does each deal with?

British economy can be divided into three main sectors:

1. Primary industries)that deal with providing raw materials and food from the land and the sea (energy resources, agriculture, forestry, fishing and water supply) — 13%.

2. Manufacturing industries that deal with making finished goods from raw materials (electronics, aerospace, chemical, plas­tics, paper and printing industries) — 22%.

3. Service industries that deal with providing a wide variety of services (banking, insurance, computing, tourism etc) — 65%.

Why is the country self-sufficient in energy?

By successfully exploiting oil and gas from the North Sea Britain has become self-sufficient in energy.

What mineral resources does the country possess?

Great Britain possess such mineral resources as iron ore, tin, limestone, salt, china clay, gypsum, and lead.)

What is British agriculture known for?

The British agriculture is known for its high efficiency and productivity according to European standards and based on mod­ern technology and research.

What are British farms engaged in?

three-fifths of farms are engaged in dairy or beef cattle breeding and sheep-raising.

Production of what goods does manufacturing cover?

It is a broad category of output covering pro­duction of textiles, wood and metal products, paper, plastics, rub­ber, vehicles, machinery and equipment, and a host1 of other pro­duced goods.

What new industries has Britain made important advances in?

Britain has made important advances in electronics and telecommunications equipment, air­craft and aircraft engines, radio-isotopes and new medicines.

Why does Great Britain remain one of the most highly industrialized countries of the world?

Thanks to the increasing use of intensive methods and modern technologies Great Britain remains one of the most highly industrialized countries of the world.

Why is electronic data-processing equipment growing? What are the main electronic consumer goods produced in the UK?

Electronic data-processing equipment is a growing industry. Britain has originated a lot of advanced technologies in micro­electronics. The main electronic consumer goods produced are tel­evision sets with an increasing proportion of widescreen and dig- italsets, electronic control equipment

What can you say about the central bank of England? What is it responsible for?

The Bank of England, as the central bank, was nationalized in 1946 and is the bank of issue in England and Wales. It is respon­sible for the monetary policy of the country and also manages the country’s foreign exchange and gold reserves.

What is the basic unit of currency in Britain? What did the British government decide about euro?

The pound sterling (&1) is the basic unit of currency in Britain. the British government decided-not to adopt the euro and to keep the pound as its currency.

Why does government support and promote tourism?

Government supports and promotes tourism? Because it employs about 1.5 milliqn (7%) of the workforce and contributes about 3.5% to the GDP.

What can you say about the London Underground?

the system serves 275 stations, with more than 500 trains running during peak periods.The underground provides reliable public transportation for an impressive number of commuters across a larger metropolitan area.Glasgow, Liverpool, Tyne and Wear, Manchester, and Sheffield have their own urban rail system“.

MONEY

What is money?

moneyis anything that is generally accepted in payment for goods and services, and debts and makes the trading process simpler and more efficient.

What money are people most familiar with?

Nowadays the money people are most familiar with is currencythat people use almost daily.

What is currency?

Currency is legal tender.This means the law requires that it must be accepted in settlement of debts. Currency refers to all coins and paper money issued by the central bank of a nation and held by the public within a country.

modern money should have the following characteristics:

Ø Stability.The value of money should be more or less the same today as tomorrow. In societies where the value of money fluctuates people will store it in the hope its value will increase, or spend it immediately thinking it will be worth less tomorrow.

Ø Portability. Modern money has to be small enough and light enough for people to carry. It especially relates to checkbooks. Check can be written in almost any amount.

Ø Durability. Money has to have a reasonable life expectancy. So, durability means that modern money is made of a very high quality material that makes it possible to be in circulation over a long period of time.

Ø Uniformity. Equal denominations of money should have the same value.

Ø Divisibility. One of the principal advantages of money is its ability to be divided into parts. In other words, it is easy to make change for a large denomination.

Ø Recognizability.Money should be easily recognized for what it is and hard to copy.

Since money is best defined in terms of what it does, the economists describe money in terms of its three basic functions - the needs it fulfills in every society. Money serves these functions regardless of its name or form – U.S. dollar, Japanese yen, Ukrainian hryvna.

How does money function?

The most important and the most easily understood function of money is to serve as a medium of exchange. afunction ofa measure of valuemoney, astore of value.