商务英语阅读（下册）（第二版） unit 15 世界经济

UnitFifteenTeachingObjectives了解世界经济的状况了解世界经济强国的情况了解中国在世界经济中的位置了解世界经济的未来开展TeachingEmphasescurrentaccountdrivingforcesbadloansdemographicproblemglobalizationContentTextFastReadingIFastReadingIITEXTTheFutureofWorldEconomyPre-readingquestions1.Whatdoyouthinkoftheworldeconomyatpresent?2.DoyouthinkChinawillleadtheworldeconomyinthecomingfuture?Stateyourreasons.UPPREV.NEXTItwasreported,theworldeconomygrewslightlyfrom2004,ledbytheextraordinaryboominChinaandveryhighgrowthinmostotherthirdworldcountries.AmericaandJapanalsohadfairlystronggrowth,althoughWesternEuropehadamoredismalperformance.Peopleintheworldareworrying:Canthegoodtimeslast?Oristheworldeconomyheadingforacrisis?Analystsaidtheworldeconomicboomhasbeendrivenbytwofactors.One,itissaidtheeconomicgrowthisdrivenbyagradualliberalizationofworldtradeandaliberalizationofmajorthirdworldeconomieslikeChinaandIndia.Theincreasedliberalizationofworldtradehasincreasedthescopeofinternationaldivisionoflaborandpermanentlyhelpedraisegrowthintheworldasawholeandinparticularinthird-worldcountries.AnotherreasonfortheincreasedgrowthinemergingeconomiesisthefreemarketreformsimplementedtherewithacountrylikeChinatransformingitselfintotheeconomictrackwithaseeminglyendlesssupplyofcheapbutcompetentlabor.Tobetterunderstandtheprospectsfortheworldeconomy,maybeweshouldanalyzethestrengthsandweaknessesofthefourmaineconomicpowerhousesoftheworld:theUnitedStates,theEuropeanUnion,Japan,andChina，astheyarethemaindrivingforcesintheworldeconomy.AmericaneconomyTheAmericaneconomy'sstrongsideisthatitismarket-orientedeconomy,withtaxratesandregulationbeingfarlessburdensomethaninthemajorEuropeaneconomiesandJapan.Italsohaswell-developedfinancialmarketsandinstitutionsforhighereducation.ThishelpsAmericatoremaintherichestcountryintheworld(apartfromtinyLuxembourg)andtoout-performmostotherrichcountries.TheAchilles'heeloftheUSeconomyisitsover-dependencyoncheapcredit.Inthespringof2000theUSexperienceditslargeststockpricebubblesincethe1920swithvaluationsoftechnologystockssetatludicrouslyhighlevels.Thisbubblewasdrivenbyrapidmoneysupplygrowthandwasaccompaniedbyasharpincreaseintheprivatesectordebtburdenandcurrentaccountdeficit,bothofwhomreachednewrecordlevels.Ontheonehand,wecanbefairlyoptimisticabouttheUSeconomy;ontheotherhand,theimbalancescreatedbytheFed'scheapmoneypoliciescanmakeasharprecessioninthemedium-termoutlook,andifthislikelysharprecessionwillinduceanextremelydestructiveresponseintheformofprotectionism,highertaxesandspending,orhighinflation,itcouldmakethelong-termoutlookmorepessimistic.EuropeaneconomyEuropehasforalongtimelaggedbehindAmericaandmostothercountriesingrowth,oratleast,theEuropeanUnionasawhole.AwidespreadmythisthatthecauseofEurope'seconomicproblemsisitstootightmonetarypolicybytheEuropeanCentralBank.InsteadthecauseofEurope'sweakgrowthhastwo,toahighextentconnected,roots.OneisitshighgovernmentspendingandregulatoryburdenwhichisfarmoreburdensomethaninAmericaandChina.AndthesecondistherapidlyagingpopulationinEuropeasawholeandparticularlyinGermanyandItaly.UnlesstheEuropeanpoliticianstakedrasticmeasurestostopthedemographicimplosion,boostemployment,andraisetheretirementage,thisproblemwillcontinuetogetworsewithtime.TheoutlookfortheEuropeaneconomyisthereforeprettypessimistic.JapaneseeconomyJapanwasforalongtimetherisingstarintheworldeconomy,greatlyoutperformingbothEuropeandAmerica.Butafterthegreatstock-andrealestatebubbleinJapaninthelate1980scrashed,theJapaneseeconomyhasbeenstagnatingwithgrowthratesevenlowerthaninEurope.Thishasbeenlargelybecausethebankingsystemhasbeeninhibitedbythegreatmassofbadloans.TheJapaneseauthoritieshavebeenunwillingtotakeontheshort-termpainassociatedwithliquidatingthebadloansandhaveinsteadgottenaprolongedstagnation.JapanalsosharesmanyofEurope'sproblems.WhileJapanhasamuchlightertaxburdenthanEurope,itsregulatoryburdenis,ifanything,worse.AndtheinflexibleeconomicstructurecreatedbythehighregulatoryburdenhasmadethereallocationofresourcesfromtheinefficientcompaniescreatedbytheinflationaryboommoredifficultthaninAmerica.ForthisreasonthehighregulatoryburdencreatesmuchmoreofaproblemforJapan.JapanalsofacesanevenworsedemographicproblemthanEurope.Japanhasmorepeopleaged65orolderthanpeopleyoungerthan20.Thiswillcreateanenormousfiscalburdenanddecreasethesupplyofbothlaborandcapital.OnebrightspotintheJapaneseeconomyistheriseofChina.ThegeographicalproximityofChinameansthattheJapanesestandtobenefitmorethanwesterneconomiesfromtheincreasingdivisionoflaborwiththatcountry.ChinahasalreadysurpassedAmericaasitsgreatesttradingpartner.ItsmediumtermoutlookhoweveriscloudedbyapossiblecrisisinAmericaanditsrepercussionsonChinaandtherestoftheworld.Andthedemographiccollapseandthefallingsupplyoflaborandcapitalitimplieswillputanincreasingburdenontheeconomy.ChineseeconomySinceDengXiaoping,Chinahasstartedtoliberalizeitseconomyandasaresulthasexperiencedextraordinarilyhighgrowth.AccordingtoofficialGDPstatisticsconvertedatcurrentexchangerates,China'seconomyisstillsmallerthanthatofBritain.YetChinaisthebiggestconsumerofcoal,steel,andmanyothercommoditiesandthesecondbiggestconsumerofoil(afterAmerica).Itisalsothethirdlargesttraderintheworld,afterAmericaandGermany.ChinaisclearlyalreadymuchmoreimportantfortheworldeconomythanBritainandwillbecomeevenmoreimportantinthefuture.ThereiseveryreasontobelievethatChinawillcontinueitsextraordinarygrowthrateforatleastthecomingdecade.China'soutlookisverygood.OtheremergingeconomiesTherearesomeotherfairlylargeemergingeconomieslikeIndia,Brazil,andRussia.TheyhavemanysimilaritieswiththatofChinaastheyhavealsostartedtoliberalizetheireconomies,somethingwhichhashelpedboosttheirgrowthrates.Fortheworldeconomyasawhole,weshouldintheshort-termoutlookexpectthecurrentboomtocontinuebutatthepriceofaggravatingtheglobaleconomicimbalances.Inthelongerterm,wewilllikelyseeagreatshiftintheworldeconomywithChinaandotheremergingeconomiesincreasinginimportancewhileEuropeandJapangraduallydeclineinimportance.Globalizationandtradeliberalizationarebringingtheworldcountriesandcompaniesclosertogether,Chinacannotdevelopinisolationfromtheworld.Interdependenceisthedefiningcharacteristicsofthe21stcentury.Languagepointsemergingeconomies新兴经济体hoseregionsoftheworldthatareexperiencingrapidinformationalizationunderconditionsoflimitedorpartialindustrialization.,e.g.Brazil,Russia,IndiaandChinaUPPREV.NEXTLanguagepointsdrivingforces------n.someoneorsomethingthatstronglyinfluencespeopleorsituationsandmakethemdosomethingorchange驱动力，主动力e.g.Hawksworthwasthedrivingforcebehindtheproject.UPPREV.NEXTLanguagepointsmarket-orientedmarketeconomy以市场为导向的经济，市场化的经济，市场经济Thenationaleconomyisnotablymoremarket-orientedandsocialized.国民经济市场化、社会化程度明显提高。UPPREV.NEXTLanguagepointsoutperform-----v.toperformbetterorbemoresuccessfulthansomeoneorsomethingelse做得比……好，胜过e.g.SpanishstudentsoutperformedU.S.studentsinscience.西班牙学生理科比美国学生好。UPPREV.NEXTLanguagepointsAchilles'heel唯一致命的弱点(传说阿基里斯除脚踵外全身刀枪不入)UPPREV.NEXTLanguagepointsludicrouslyludicrous----adj.completelyunreasonable,stupid,orwrong;ridiculous可笑的，滑稽的，愚蠢的e.g.Theywanttwomilliondollarsforthehouse?That’sludicrous.ludicrously----adv.滑稽地，可笑地UPPREV.NEXTLanguagepointscurrentaccount经常工程,国际收支差额中最重要的工程，包括商品贸易收支、效劳贸易收支和单方面转移。单方面转移有汇款、年金和赠与。如果经常工程下的货币收入总额大于货币支出总额，便是经常工程顺差〔currentaccountsurplus〕，反之是逆差〔currentaccountdeficit〕。UPPREV.NEXTLanguagepointsFedFederalReserve,美联储,是根据?美国联邦储藏法?于1913年12月成立，主要是为了调节和改善困惑美国多年的周期性货币恐慌的问 题 快递公司问题件快递公司问题件货款处理关于圆的周长面积重点题型关于解方程组的题及答案关于南海问题 。美联储的组织结构是根据?美国联邦储藏法?按照不同地区在私营企业和政府部门，以及在银行、商人以及公众之间分权的要求而形成的，主要包括：联储银行、美联储董事局、联邦公开市场委员会、联邦参谋委员会以及3000多家商业银行。UPPREV.NEXTLanguagepointsEuropeanCentralBank(ECB)欧洲央行,根据1992年?马斯特里赫特条约?的规定于1998年7月1日正式成立的，其前身是设在法兰克福的欧洲货币局。欧洲央行的职能是“维护货币的稳定〞，管理主导利率、货币的储藏和发行以及制定欧洲货币政策；其职责和结构以德国联邦银行为模式，独立于欧盟机构和各国政府之外。欧洲中央银行是世界上第一个管理超国家货币的中央银行。它不接受欧盟领导机构的指令，不受各国政府的监督。是唯一有资格允许在欧盟内部发行欧元的机构，1999年1月1日欧元正式启动。欧洲中央银行的组织机构主要包括执行董事会、欧洲央行委员会和扩大委员会。UPPREV.NEXTLanguagepointsdemographicimplosion-----populationdecline人口减少Synonym:-----demographiccollapseAntonym:demographicexplosion/populationexplosion人口爆炸UPPREV.NEXTLanguagepointsstagnate-----v.tostopdevelopingormakingprogress不开展，停滞e.g.astagnatingeconomy-----n.stagnationeconomicstagnation经济停滞UPPREV.NEXTLanguagepointsbadloans不良贷款。指借款人未能按原定的贷款协议按时归还商业银行的贷款本息，或者已有迹象说明借款人不可能按原定的贷款协议按时归还商业银行的贷款本息而形成的贷款。我国曾经将不良贷款定义为呆帐贷款、呆滞贷款和逾期贷款〔即一逾两呆〕的总和。我国自2002年全面实行贷款五级分类 制度 关于办公室下班关闭电源制度矿山事故隐患举报和奖励制度制度下载人事管理制度doc盘点制度下载 ，该制度按照贷款的风险程度，将银行信贷资产分为五类：正常、关注、次级、可疑、损失。不良贷款主要指次级、可疑和损失类贷款。也称作：呆账，过期未还的贷款UPPREV.NEXTLanguagepointsliquidate清算，是指清理已解散法人尚未了结的事务，使法人归于消灭的程序，它分为破产清算与非破产清算。liquidatebadloans，不良贷款清收。UPPREV.NEXTLanguagepointsregulatoryburden监管负担regulatory-----adj.controllinge.g.1.aregulatorybody/organization管理机构2.regulatoryburden管理费用3.TheCommissionisthereforeadoptinganewapproachwhichwillconsidertheoverallregulatoryburdeninspecificareasbeginningwiththeautomotive,wasteandconstructionsectors.UPPREV.NEXTLanguagepointsreallocation-----n.distributingagain再分配thereallocationofresourceUPPREV.NEXTLanguagepointsproximity-----n.nearnessindistanceortime[+to]接近，临近e.g.Wechosethehouseforitsproximitytotheschool.UPPREV.NEXTLanguagepointsrepercussions----n.[plural]theeffectsofaneventoraction,especiallybadeffectsthathappenmuchlater反响，影响e.g.Thegovernmentismakingamajorefforttodealwithpovertyanditsrepercussions.UPPREV.NEXTLanguagepointsaggravate-----v.tomakeabadsituation,anillness,oraninjuryworse使恶化，加剧，加重e.g.Cuttingdowntheoldforestsmayaggravateglobalwarming.砍掉老林子会加剧全球温暖化。UPPREV.NEXTI.Answerthefollowingquestionsbasedonthetext.1.Whatarethefactorsforeconomicboom?Twofactors.Oneisliberalizationofworldtrade,anotherisfreemarketreforms.ReferenceI.Answerthefollowingquestionsbasedonthetext.2.Whocontrol(s)thefutureoftheworldeconomy?Fourmaineconomicpowerhousesoftheworld:theUnitedStates,theEuropeanUnion,Japan,andChina.ReferenceI.Answerthefollowingquestionsbasedonthetext.3.WhatistheoutlookofAmericaneconomy?Long-termoutlookmaybepessimistic.ReferenceI.Answerthefollowingquestionsbasedonthetext.4.WhatistheoutlookofEuropeaneconomy?Prettypessimistic.ReferenceI.Answerthefollowingquestionsbasedonthetext.5.CanJapanbenefitfromChineseincreasingeconomy?Why?Yes.ThegeographicalproximityofChinameansthattheJapanesestandtobenefitmorethanwesterneconomiesfromtheincreasingdivisionoflaborwiththatcountry.ReferenceII.Readthefollowingtermsandmatcheachwithitsproperdefinition.1.economicboom2.market-oriented3.currentaccount4.Deficit5.Inflation6.monetarypolicy7.badloan8.liquidate9.Commodity10.tradingpartnera.inadequacyorinsufficiencyb.rapideconomicexpansionc.theoverallgeneralupwardpricemovementofgoodsandservicesinaneconomyd.marketsensing,relatinganddetermininge.Thenetflowofcurrenttransactions,includinggoods,services,andinterestpayments,betweencountries.f.pastdueloansandinactiveoverdraftsforwhichcollectionofinstallmentsand/orinterestsaredoubtful,becauseofthedeteriorationinthefinancialpositionoftheborrower.g.aproductthatisboughtandsoldh.acountrythatbuysyourgoodsandsellstheirgoodstoyoui.tocloseabusinessorcompanyinordertopayitsdebtsbysellingeverything,esp.atverylowpricesj.Theregulationofthemoneysupplyandinterestratesbyacentralbank,suchastheFederalReserveBoardintheU.S.,inordertocontrolinflationandstabilizecurrency.1.b2.d3.e4.a5.c6.j7.f8.i9.g10.hIII.TranslatethefollowingpassageintoChinese1.Theworldeconomicboomhasbeendrivenbytwofactors.One,itissaidtheeconomicgrowthisdrivenbyagradualliberalizationofworldtradeandaliberalizationofmajorthirdworldeconomieslikeChinaandIndia.Theincreasedliberalizationofworldtradehasincreasedthescopeofinternationaldivisionoflaborandpermanentlyhelpedraisegrowthintheworldasawholeandinparticularinthird-worldcountries.AnotherreasonfortheincreasedgrowthinemergingeconomiesisthefreemarketreformsimplementedtherewithacountrylikeChinatransformingitselfintotheeconomictrackwithaseeminglyendlesssupplyofcheapbutcompetentlabor.2.Globalizationandtradeliberalizationarebringingtheworldcountriesandcompaniesclosertogether,Chinacannotdevelopinisolationfromtheworld.Interdependenceisthedefiningcharacteristicsofthe21stcentury.1、世界经济的繁荣由两大因素驱动：世界贸易的逐步自由化、主要第三世界国家如中国和印度的经济自由化。世界贸易的进一步自由化扩大了劳动力国际分工的范围，最终拉动了整个世界的经济增长，尤其是第三世界国家。新兴经济快速增长的另一个原因，是市场自由化改革使像中国这样的国家步入了经济轨道，这些国家拥有似乎取之不尽的廉价且胜任工作的劳动力。2、经济全球化与贸易自由化将世界上的国家与公司拉到了一起。中国的开展离不开世界。二十一世纪的主要特点是相互依赖共同开展。ReferenceIV.PleaseputthefollowingsentencesintoEnglish.1、美国经济的致命弱点是对廉价信贷的过度依赖。2、欧洲经济开展长时间以来落后于美国和很多其他国家。3、日本面临比欧洲糟糕得多的人口问题。4、中国是煤炭、钢铁和很多其他商品的最大消费国。1.TheAchilles'heeloftheUSeconomyisitsover-dependencyoncheapcredit.2.EuropehasforalongtimelaggedbehindAmericaandmostothercountriesingrowth.3.JapanfacesanevenworsedemographicproblemthanEurope.4.Chinaisthebiggestconsumerofcoal,steel,andmanyothercommodities.ReferenceFastReadingIDevelopingCountriesShapingFutureofWorldAgricultureTradeUPPREV.NEXTProductionandconsumptionoffarmproductsareexpandingfasterindevelopingcountriesthanindevelopedeconomies.Butanew,jointreportbytheOECDandtheUN’sFoodandAgricultureOrganizationsaysproductivitygrowthinthepoorestnationsisnotkeepingpacewiththefoodneedsoftheirrisingpopulations.Becauseofthis,thepoorestdevelopingcountrieswillbeincreasinglydependentonworldmarketsfortheirfoodsecurityandsomorevulnerabletointernationalpricefluctuations,accordingtotheOECD-FAOAgriculturalOutlook2006-2021.Toimprovedomesticproductioncapacityinthesecountries,greaterinvestmentineducation,trainingandinfrastructuredevelopmentisneeded.ThereportaddsthatBrazil,IndiaandChinaareofincreasingimportanceinshapingthefutureofworldagriculturaltrade.Indevelopingcountriesasawholerisingincomesandincreasingurbanizationarecausingchangestopeople’sdiets.Thisleadstogreaterdemandandimportsformeatandprocessedfoodsparticularly,butalsofortheanimalfeedneededfortheirproduction.GrowingmarketopportunitiesincertaindevelopingcountriesarecoupledwithashiftinproductionandexportoffarmcommoditiesawayfromOECDcountriesandmoretowardsotherdevelopingeconomies.Thisisexpectedtoincreaseoverthenext10yearsandasaresult,globalcompetitionamongexporterswillgettougher,thereportsays.Thetraditionalmainwheatexporters–Argentina,Australia,Canada,theEuropeanUnionandtheUS--arelikelytomaintaintheirdominantpositions,butoutputfromUkraineandKazakhstaniscreatinggrowingcompetition.TheUSisexpectedtoremainthelargestwheatexporteroverthecomingyears,butitsmarketshareislikelytofall.Similartrendsprevailinothercommoditymarkets,withrapidlygrowingexportsfromLatinAmericancountriesinparticular.Thereportestimatesthataverageyieldsforwheatandcoarsegrainssuchasmaizeshouldrisebyaround1.0%ayeargloballybetween2006and2021.Wheatoutputby2021isexpectedtobe13percenthigherthanin2005.Coarsegrainproductionisestimatedtoriseby18percentoverthesameperiod.Inacontextofassumedstrongenergyprices,productionofbio-energyfromcoarsegrainsandothercerealsaswellasfromoilseedsandsugarisexpectedtogrow,creatingadditionaldemandforthesecommodities.Growthisexpectedtocontinueininternationalmeatmarketsinthemediumterm,buttheyremainvulnerabletoanimaldiseaseoutbreaksinkeysupplyingcountries.PotentialfurtheroutbreaksofBSE(madcowdisease),footandmouthdisease,andavianinfluenzawillchallengemarketsandaffecttradingpatterns,requiringgreaterinternationalattentionandcooperation.Continuedproductivitygrowthandincreasedcompetitionininternationaltradeareexpectedtooffsetrisingdemand.Worldagriculturalcommodityprices,adjustedforinflation,aremostlyexpectedtocontinue–albeitslowly-theirlong-termdeclinetowards2021.I.DeterminewhetherthefollowingstatementsareTrueorFalseaccordingtothetext.Write“T〞fortrueand“F〞forfalseinthebrackets.1.()Productionandconsumptionoffarmproductsareexpandingfasterindevelopedeconomiesthanindevelopingcountries.2.()Productivitygrowthinthepoorestnationsiskeepingpacewiththefoodneedsoftheirrisingpopulations.3.()Thepoorestdevelopingcountriesaremorevulnerabletointernationalpricefluctuations.4.()Brazil,IndiaandAmericaareofincreasingimportanceinshapingthefutureofworldagriculturaltrade.5.()Averageyieldsforwheatandcoarsegrainssuchasmaizeshouldrisebyaround1.0%ayeargloballybetween2006and2021.1.F2.F3.T4.F5.TII.Choosethebestanswertocompleteeachofthesentences.1.Toimprovedomesticproductioncapacityindevelopingcountries,greaterineducation,trainingandinfrastructuredevelopmentisneeded.A.investB.investmentC.marketD.increaseII.Choosethebestanswertocompleteeachofthesentences.2.Thetraditionalmainexporters–Argentina,Australia,Canada,theEuropeanUnionandtheUS--arelikelytomaintaintheirdominantpositionsA.maizeB.grainC.wheatD.cerealII.Choosethebestanswertocompleteeachofthesentences.3.Productionofbio-energyfromgrainsandothercerealsaswellasfromoilseedsandsugarisexpectedtogrow.A.coarseB.processedC.cultivatedD.growingII.Choosethebestanswertocompleteeachofthesentences.4.Growthisexpectedtocontinueininternationalmarketsintheterm.A.wheat/mediumB.meat/longC.maize/longD.meat/mediumII.Choosethebestanswertocompleteeachofthesentences.5.Continuedandincreasedcompetitionininternationaltradeareexpectedtooffsetrising.A.productivitygrowth/demandB.productivitygrowth/supplyC.economicgrowth/supplyD.economicgrowth/demandFastReadingIIFiveFutureTrendsandtheWorldEconomyUPPREV.NEXTNodoubtaboutit--theUSwilllosemostofitscompetitiveadvantagesoverthecomingdecades,anditmightevenloseitsleadershiprole.Thishasalottodowithchangingworldsupremacycycles,withthefactthattheUSeconomyhasbecomeaserviceeconomyratherthanmanufacturingeconomy.Theworldisexperiencingdeflation,dueto5bigfactorscalledthe"5O's":OverProduction.Everycountryintheworldisaproducernow.AfterW.W.IItheUSAwasthesupremeproducerforawhile,butnowdozensofcountrieshavethesamemanufacturingabilities.Today,anycountrycanmanufactureavarietyofproductsthatusedtobeUS-sourced,anditdoesn'thavetobuytheequipmentfromtheUS,nordoesithavetobuythefinishedgoodsfromtheUS.WhereastheUSmarketisprimarilyareplacementmarketforTV's,radios,phones,carsandthelike,inmostAsiancountriesamiddleclasshasdevelopedthatneedsallthesethingsasfirsttimepurchases,butthesecountriesdon'tneedtoimportthemfromtheUSsincetheycanmakethemthemselves.Basically,therearenowmoreproducts/servicesintheworldthancanbeconsumed.OvertheyearstheUSAhasexportedtechnologyandeducationtodevelopitscompetitorsandhasalsofundedthisoverproductionbybuyingoverseasproducts.Smartentrepreneursinthesecountrieshaveusedthismoneytobuilduptheirproductionfacilities.OverCapacity.It'snotjustoverproductionhittingus,butthefactthatthereisnowaworldwideglutofproductionfacilitiesandovercapacitythatputsadamperontheworldwideeconomy.Sincemorecanbeproducedthanallofuscanabsorb,withsupplyexistinggreaterthandemand,hewhocansupplytherequiredqualityofproductsatthelowestproductioncosts(translatethatintolaborcosts)wins.Hence,deflationintheworldwillaccelerateaswillincreasingexportsbythelowcostproducers.OverPopulation.Withover6billionpeopleintheworld,companiescanfreelyexploitthislaborpoolwithoutanyregardstogeography.Sowheredoyougoifyouwanttomakeafactory?Tothelowestcostbuthighesteducatedandhardworkingproducer.SoundslikeChinaandIndiaandotherAsiancountries.(Ofcoursein20yearsAfricamaybethelowcostproducer)OnlinePurchasing.Peoplecannowtypeinafewwordsinaninternetsearchandfindthelowestcostproducerforalmostanythingintheworld.Thinkofthecompetitivepressurethatputsoncosts.Thatwasimpossibleinthepre-Interneteraasitmighttakeyouyearsjusttobeabletofindoneortwosuppliersofwhatyouneed.Nowyoucanfinddozensofpotentialsuppliersinaninstant.Result?Fallingpriceseverywhereforeverything.OpenMarkets.Allmarketsarenowopenandcompetingwitheachothersincetariffsnolongerprotectanyone.It’saborderlessworldnowwheregoodsandservicesflowfreely,unboundbytheoldprotectionistrules.Asaresultthelowestcostproducerwins.Thoseareafewofthebigtrendsintheworld.IsitanywonderthatChinaandIndiaarerising?IftheUSdoesn'tgetitsacttogetherandstartactinglikearespectedleaderwould,itmightevenloseitsleadershipposition.IftheUSfailstoadapt,thenextbiggestproducerandconsumer(China?)ismorethanhappytoriseupandcalltheshots.I.Answerthefollowingquestionsbasedonthetext.1.WhywilltheUSlosemostofitscompetitiveadvantages,evenitsleadershiprole?Becauseofthechangingworldsupremacycycles,theUSeconomyhasbecomeaserviceeconomyratherthanmanufacturingeconomy.ReferenceI.Answerthefollowingquestionsbasedonthetext.2.Whatarethefactorsthatmaketheworldexperiencedeflation?5O’s.Overproduction,Overcapacity,Overpopulation,Onlinepurchasing,Openmarkets.ReferenceI.Answerthefollowingquestionsbasedonthetext.3.Whatleadstooverproduction?De