Английский для экономистов (учебник английского языка) - Денис Шевчук

 In a simplistic … in which individuals or families produce primarily for their own …, economy-wide phenomena are of little importance. On the other hand, the complex financial … and production process that characterizes an advanced economy in the 1980s requires individual decision makers … both the current economic environment and forecasts of the economic environment. Decisions that require an understanding of the overall functioning of the economy … business decisions such as whether firm should sell bonds or stock to raise new … and individual decisions such as whether to change jobs or purchase a new home. Whether a person «wears the hat» of an entrepreneur, a business …, or a head of a household, it is important to be aware of the … of the economy as a whole. Specific factors that determine the advisability of these and other decisions are studied as part of … .

Ex. 14. Add an appropriate preposition to each of the following sentences where indicated.

1. This refers … the interactive effect of the parts of the system working together.

2. They decorated the house regardless … cost.

3. Economic forms range … the mixed private enterprise … completely controlled economies.

4. Everyone, irrespective …means or occupation, shall have an equal opportunity.

5. This function is basically performed … the price mechanism.

6. This simply means that demand … and supply … goods and services interact.

7. Gradual change is preferable …sudden, large-scale change.

8. Such a system affects … every link in the distribution chain.

9. They have to satisfy their wants and needs … the consumption of such products and services.

10. It has also made it easier …the same time.

11. The political system is coupled … the economic system.

12. Organization must have access .. modern technology.

13. All organizations depend … supply of labour force.

14. The economic system is concerned … the allocation of scarce resources.

15. We must try to cope … our problems.

16. The entrance door gives access … the living room.

Ex. 15. Open the brackets.

The Price System

Who (to tell) workers where (to work) or what occupation to choose? Who (to declare) haw many cars should (to produce) and how many homes should (to built)? Who (to specify) the predominant style of women’s dresses or men’s suits?

The greater the degree of competition the more these matters (to decide) impersonally and automatically by the price system or the market system. This may ( to view) as a system of rewards and penalties. Rewards (to include) profits for firms and people who (to succeed). Penalties (to include) losses, or probably bankruptcy, for those who (to fail). The price system (to be) fundamental to the traditional concept of market economy.

The price system basically (to operate) on the principle that everything that (to exchange) – every good, every service, and every resource – (to have ) its price. In a free market with many buyers and sellers, the prices of these things (to reflect) the quantities that sellers (to make) available and the quantities that buyers (to wish) (to purchase).

Thus, if buyers (to want) (to purchase) more of a certain good than suppliers (to have) available, its price (to rise). This (to encourage) suppliers (to produce) and (to sell) more of it. On the other hand, if buyers (to want) (to purchase) less of a certain good than suppliers (to prepare) (to sell), its price (to fall). This (to encourage) buyers (to purchase) more of it.

This interaction between sellers and buyers in a competitive market, and the resulting changes in prices, (to be) what most people (to refer) to by the familiar phrase “supply and demand”.

1.Read the text once again and answer the following question: “What role does the price system play in the market economy?”

Ex. 16. Study the following words and word combinations. They are used when you are to describe different trends of economic development. Consult a good dictionary and put down all their derivatives. Make your own sentences using these words. You can do it in the form of a question to your partner.

increase, raise, put up, step up, extend, expand, rise, grow, soar, boom;

decrease, drop, put down, cut, reduce, fall, go down, decline, collapse, slump; remain stable, hold, maintain, stay constant.

to stand at

to reach a peak of

dramatic(ally)

rapid(ly)

quick(ly)

vast(ly)

huge(ly)

enormous(ly)

substantial(ly)

considerable(ly)

significant(ly)

moderate(ly)

gradual(ly)

slight(ly)

a little

slow(ly)

Ex. 17. A picture is worth 1000 words. Economists, being efficient, like to present ideas in graphs, which are a type of picture. But graph is worth 1000 words only if a person looking at it knows the graphical language (graphish). Study the following information to be able to read any graph. Find the Russian equivalents for the highlighted words.

Graphs are used in two ways: 1. to present an economic model or theory which focus on hypothetical relationships; 2. to present real-world data visually. Actually, these two ways of using graphs are related. They are both ways of presenting visually the relationship between two things.

Graphs are built around a number line, or axis (axes, pl). Axes are called vertical and horizontal. We can plot the information on two axes. When we connect two points we have a line. Even if the line is straight, economists call any such line drawn on a graph a curve. A curve can bea linear curve, a downward-sloping curve, an upward-sloping curve, a nonlinear curve.

Economists use the following graphs in presenting actual economic data:

Line graph Bar graph

Flow chart Pie chart

Ex. 18. Give the English equivalents to the following.

Приобретает все возрастающее значение; альтернативные издержки; при таких условиях; который должен быть принесен в жертву; постарается быть самодостаточным; тарифы; квоты на импорт; условия торговли; нетарифные барьеры; навязывать ограничения; защитить отечественную промышленность; таможенные пошлины; налог на единицу товара; в определенный период; установить более высокий стандарт качества на товары.

Ex. 19. Translate the following sentences into English.

1.Это следует рассматривать с точки зрения действия всей системы. 2.Одна из ее функций – эффективное размещение ресурсов. 3.Рыночная цена – результат взаимодействия спроса и предложения на товары и услуги. 4.Экономика не может существовать без системы распределения. 5.Все решения – это отражение всех компонентов культуры. 6.Когда мы говорим о государственном секторе, мы подразумеваем бюрократический аппарат. 7. Если происходит нарушение закона, они знают, что у них есть защита. 8.Чтобы успешно конкурировать, организация должна иметь доступ к современным технологиям. 9.Все организации зависят от предложения рабочей силы. 10.Руководитель должно четко реагировать на все изменения в деловой среде. 11.В конечном итоге, успех организации определяют потребители.

Ex. 20. Let’s review the core concepts of economics. Translate the following into Russian.

1. Economics is the study of how people, individually and collectively, allocate their limited resources to try to satisfy their unlimited wants.

2. Scarcity occurs because human wants exceed the production possible with our limited time and resources.

3. A good is any item or service that satisfies a human want and, in so doing, adds to human happiness.

4. Production entails using technology to apply energy to materials in ways that make the materials more valuable, or that otherwise help satisfy human wants.

5. Labour resources are the physical and mental talents that people can make available for production.

6. Opportunitycost is the value of the best alternative surrendered when a choice is made.

7. Absolute prices are prices in terms of some monetary unit.

8. Relative prices are the prices of goods or resources in terms of each other, and are computed by dividing their absolute prices by one another.

9. Economic efficiency is achieved when we produce the combination of outputs with the highest attainable total value, given our limited resources.

10. Inputs are resources used in the production process, such as labour and raw or semifinished materials.

11. Outputs are transformed materials; the results of production.

12. Demand is the quantity of a specific good that people are willing and able to

buy during a specific period, given the choices available.

13. Supply refers to the quantity of a specific good that sellers will provide under alternative conditions during a given period.

14. Market equilibrium occurs at the price-quantity combination where the quantities demanded and supplied are equal.

15. Asurplus is the excess of the quantity supplied over quantity demanded when the price is above equilibrium.

16. Gross Domestic Product (GDP) is the total market value of goods and services produced within a country during some period, usually one year.

17. Gross National Product (GNP) is the value of all output produced by resources owned by the citizens of a country.

18. Economic growth is a positive quantitative change in an economic system; occurs when a society acquires greater productive capacity that can be used for consumption or investment.

19. Capital is all physical improvements made to natural resources that facilitate production, including buildings and all machinery and equipment.

20. Wealth is the value of the assets owned by an individual or a group of individuals.

SPEAK AND WRITE

1.Why is it important to view organizations open systems interacting with their environment?

2. Do you know any closed systems? Give some examples.

3. Give your own examples of the environmental influence on a business / on an individual.

4. Prepare a short report on the biography of a famous economist.

5.What would happen to standards of living in your country if all foreign trade were prohibited? How significant do you think this would be? In what areas would this impact be the strongest?

6.Does everything have a price? Are there some things you would not do regardless of price? Remember: prices and money are not synonyms; prices may be nonmonetary.

7. Summarize the information of the Unit to be ready to speak on Economics. The first step to be done is to write the plan of your future report.

8. Choose any question (problem, topic) relating to Economics and prepare a 5-7 minute report. Refer to different additional sources to make your report instructive, interesting and informative.

UNIT 2

BUSINESS ORGANIZATION

The world is a chain, one links another.

Your vocabulary

Business

– work relating to the production, buying, and selling of goods and services;

– an organization which produces and sells goods, or which provides a service;

– important matters that you have to discuss or deal with.

Businessman, Businesswoman – a person engaged in trade or commerce.

Business cycle

– process by which investment, output, and employment in an economy tend to fluctuate up and down in a regular pattern causing boom and depression, with recession and recovery as intermediate stages.

Organization

– a large group of people that has particular aims.

Organizer

– the person who makes all the arrangements for something and makes sure that happens as planned.

Ex. 1. Study the following words and word combinations and translate the sentences given below into Russian. Consult a good dictionary if necessary.

mean business, none of one’s business, go out of business, businesslike, be busy with, have no business to do, be in business, like nobody’s business, mind one’s own business

1. Mother has busied herself with our affairs for too long.

2. When traveling on business I take my tiny travel kit.

3. Let’s get down to business.

4. She had no business to publish his letters to her.

5. 50% of these stores were not in business five years ago.

6. They are working away like nobody’s business.

7. Umbrella sellers went out of business.

8. Stop teaching me! It’s none of your business.

9. Listen to me! I mean business!

10. The visit to Copenhagen was brisk and businesslike.

Ex 2. The words given below are the synonyms to the word organization. In what do they differ? Give your own definition to each of them.

Institution, council, body, entity, fund, trust, party, club, society, association, league, federation, union.

Ex. 3. Match thewords listed below with the dictionary definitions which follow.

accountability, effort, pattern, requirement, accomplish, existence, consumer, foster, affect, establish, benefit, involve

1. Create or set it up in a way that is intended to be permanent.

2. Help its development or growth by encouraging people to do or think about it.

3. Something that you must do or possess in order to be allowed to do some other thing.