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МЕТОДИЧЕСКОЕ ПОСОБИЕ “ENGLISH FOR ECONOMISTS”
Содержание - Иностранные языки
01.10.2021 08:33

Грищук Артём Валерьевич, ассистент кафедры «Иностранные языки» Севастопольский Государственный Университет, г. Севастополь. 
Данное методическое пособие предназначено для поддержки аудиторных занятий и самостоятельной работы студентов по заявленной дисциплине. Методическое пособие обладает структурой, позволяющей гибко использовать материалы для разного уровня подготовки студентов. Оно содержит материал, охватывающий важнейшие темы грамматики английского языка, необходимые для понимания экономического текста и построения высказываний общей и специализированной направленности. Разделы пособия включают разнообразные разноуровневые по сложности задания, которые преподаватель может применить аудиторно и дистанционно для студентов.

 


 

МЕТОДИЧЕСКОЕ ПОСОБИЕ “ENGLISH FOR ECONOMISTS”

 

Аннотация: Данное методическое пособие предназначено для поддержки аудиторных занятий и самостоятельной работы студентов по заявленной дисциплине.

Методическое пособие обладает структурой, позволяющей гибко использовать материалы для разного уровня подготовки студентов. Оно содержит материал, охватывающий важнейшие темы грамматики английского языка, необходимые для понимания экономического текста и построения высказываний общей и специализированной направленности. Разделы пособия включают разнообразные разноуровневые по сложности задания, которые преподаватель может применить аудиторно и дистанционно для студентов.

Важнейшие цели и задачи разработки определяются действующей рабочей программой дисциплины. Материал способствует

1) формированию умений, развивающих способность и готовность к речевой коммуникации письменного и устного иноязычного общения.

2) получению практических навыков работы с иноязычными текстами различного характера.

Планируемые результаты обучения (с преобладанием аудиторной работы):

Знать:

- лексические единицы, относящихся к общему языку, интернациональной лексике и экономической терминологии;

- грамматические правила и модели, позволяющие понимать достаточно сложные тексты и правильно, грамотно строить собственную речь в разнообразных видовременных формах и в различной модальности;

- нормы и представления, принятые в иной культуре, их сходства и различия в сравнении с родной языковой культурой.

Уметь:

- применять полученные теоретические знания по фонетике, словообразованию, грамматике на практике;

- самостоятельно читать оригинальную литературу по специальности и быстро извлекать из нее необходимую информацию;

- вести научную беседу с использованием профессиональной терминологии и выражений речевого этикета;

Владеть:

- системой сведений об изучаемом языке по его уровням: фонетика, лексика, состав слова и словообразование, морфология, синтаксис простого и сложного предложения;

- навыками изучения текстов литературного, информативного и общенаучного характера;

- приемами и методами перевода текста по специальности;

- навыками сопоставлять языковые реалии родного языка и изучаемого иностранного языка с целью грамотно переводить устные и письменные тексты с одного языка на другой;

В целом материал данного методического пособия направлен на формирование компетенции, определяемой как способность к коммуникации в устной и письменной формах на русском и иностранном языках для решения задач межличностного и межкультурного взаимодействия.

 

Unit 1

Ex.1 Read the text. Fill in the gaps with the missing words given below.

Regional, inception, tangible, international, inter-governmental, was expanded, infrastructural, prospects, socio-economic, Islamic State, aspirations, has developed

Economic Cooperation Organization (ECO), is an 1……. regional organization established in 1985 by Iran, Pakistan and Turkey for the purpose of sustainable 2……. development of the Member States. ECO is the successor organization of 3……. Cooperation for Development (RCD) which remained active from 1964 up to 1979. In 1992, the Organization 4……. to include seven new members, namely: 5……. of Afghanistan, Republic of Azerbaijan, Republic of Kazakhstan, Kyrgyz Republic, Republic of Tajikistan, Turkmenistan and Republic of Uzbekistan. Since its 6……. the member states have been collaborating to accelerate the pace of regional development through their common endeavors. Besides shared cultural and historic affinities, they have been able to use the existing 7……. and business links to further fortify their resolve to transfer their hopes and 8……. into a 9……. reality. The ECO region is full of bright trading 10…….. Despite its young age, it 11……. into a thriving regional organization. Its 12……. stature is also growing and many regional countries and international organizations have shown their interest in seeking an observer status with it.

 

Ex.2 Add an appropriate preposition to each of the following sentences where indicated.

Organizational controls

An organization can best achieve its objectives when its members require a minimum 1… supervision because they are competent and goal-oriented. Nevertheless, even 2… optimal conditions of individual commitment and self-control, organizations need formal controls. The control function of organizations consists 3… the following:

1. Establishing standards 4… which all aspects of organizational life are evaluated.

Most organizations have formal standards relating 5… spending, production, sales, product quality, safety, inventory, personnel selection, acceptable employee behavior, and so forth.

2. Establishing feedback system by which actual performance is compared 6… predetermined standards.

These are best exemplified 7… management reports which show, often 8… a daily basis, expected and actual performance.

3. Taking appropriate action to ensure that substandard performance is improved and that standards will be met 9… the future.

It is common practice to refer 10… the standards and feedback systems as controls although it should be obvious that they serve a control function only 11… managerial action is involved. They are not a substitute 12… supervision, but they minimize requirements for personal supervision.

 

Ex.3 Read the text. Fill in the gaps with the following words.

Financial accounting, financial statements, Chartered Accountant, double-entry, provides, measurement, classified, adherence, stakeholders, entries, resource allocation, auditing, practitioners, record-keeping, equal

Accountancy (British English) or accounting (American English) is the 1……., disclosure or provision of assurance about information that helps managers and other decision makers make 2……. decisions. 3……. is one branch of accounting and historically has involved processes by which financial information about a business is recorded, 4……., summarized, interpreted, and communicated. 5……., a related but separate discipline, is the process whereby an independent auditor examines an organization's 6……. in order to express an opinion (with reasonable but not absolute assurance) as to the fairness and 7……. to generally accepted accounting principles, in all material respects.

8……. of accountancy are known as accountants. Officially licensed accountants are recognized by titles such as 9……. (UK) or Certified Public Accountant (US).

Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other 10……. such as shareholders, creditors, or owners. The day-to-day 11……. involved in this process is known as book-keeping.

At the heart of modern financial accounting is the 12……. book-keeping system. This system involves making at least two 13……. for every transaction: a debit in one account, and a corresponding credit in another account. The sum of all debits should always 14……. the sum of all credits. This 15……. an easy way to check for errors.

 

Ex.4 Read the text and be ready to discuss each point of cultural values with their meanings

ORGANIZATIONAL CLIMATE

Although the concept of organizational climate is somewhat nebulous, it is valuable in understanding several aspects of organizational behavior. Organizational climate is the overall favourability of member attitudes and perceptions with reference to specific activities and featuresof an organization.

Organizations tend to have their specific culture: a peculiar mix of values, attitudes, norms, habits, traditions, behaviors and rituals. Some organizations are well aware of their culture and regard it as a powerful strategic tool, used to orient all units and individuals toward common goals, mobilize employee initiative, ensure loyalty, and facilitate communication. They aim at creating a culture of their own and making sure that all employees understand it and adhere to it. The specific cultural values of an organization may concern, for example:

1. the organization’s mission and image

2. seniority and authority

3. the treatment of people

4. the importance of different management positions and functions

5. work organization and discipline

6. decision making process

7. circulation and sharing of information

8. communication pattern

9. ways of handling the conflicts

10. performance evaluation

11. socialization patterns

12. management and leadership style

13. identification with the organization

a) concern for people and their needs, equitable treatment or favouritism, privileges, respect for individual rights, training and developing opportunities, how people are motivated

b) who decides; who has to be consulted; individual or collective decision making; need to reach consensus

c) desire to avoid conflict; preference for informal or formal ways; involvement of higher management

d) paternalism; authoritative, consultative or participative style; flexibility and adaptability

e) high technologies, innovative spirit, superior quality

f) authority of personnel department; importance of different vice-presidents’ positions; respective role and authority of research and development

g) employees amply or poorly informed; information readily shared or not

h) confidential or public; by whom carried out; how results are used

i) manager and stuff adherence to company objectives and policies; enjoying working with organization

j) respect for seniority; seniority as a criterion of authority

k) voluntary versus imposed discipline; punctuality; use of time clocks; flexibility in changing roles at work; use of new forms of work organization

l) preference for oral or written communication; rigidity or flexibility in using established channels, use of meetings; who is invited to what meeting; established behaviour in the conduct of meeting

m) who socializes with whom during and after work; facilities such as separate dining rooms or reserved clubs

 

Ex.5 Insert the missing words given below.

Communicates, rational, deeply embedded, freedom, perceive, consciously, universally, aptitudes, set goals, motivation, totally determined, strongly influenced, awareness, rights, personality traits, frustrated, indisputable, assumption, responsible, optimally

PEOPLE IN ORGANIZATION

If there is any one characteristic of people which is 1……. valid and important, it is that they differ. To say that all persons are created equal is a statement of human 2……. under the law. It 3……. nothing at all about human nature. As a matter of fact, people differ greatly in intelligence, 4……., physical strength, manual dexterity, knowledge, skill, interests, 5……., motivation, and many other attributes which potentially influence behavior and productivity.

We are 6……. – but only to a point. We plan, 7……., think, reason, and live by creeds and values. But we also become 8……. and behave in ways that can be perceived as rational only by someone who understands all our 9……., sometimes conflicting needs, aspirations, and perceptions. In many situations our 10……. is unconscious so that not even we understand our own actions.

The fact that one’s environment strongly influences behavior is 11…….. A number of prominent psychologists have assumed that human 12……. is an illusion. Human choices are thought to be 13…….. This, of course, is an 14…….. Many people do not subjectively 15……. themselves in this way. It is significant that behavior and expectations are 16……. by what a person believes to be true. Individuals feel 17……. for their actions. Also, people 18……. believe that their choices are real, regardless of any 19……. of philosophical arguments to the contrary. Organizations cannot function 20……. without these pragmatic assumptions.

 

Ex 6. Consult the dictionary and find the root words to the following:

Help, participate, contribute, allocate, mean, equitable, prevent, assemble, perform, imply, consider, scarce, benefit, value, societal, vary, certainly, compete.

 

Ex 7. Look at suffixes of nouns and adjectives. Form the missing words in the columns and translate the resulting words.

Nouns: -ness, -ion, -ation, -ment, -ance, -ition

Adjectives: -al, -y, -ly, -ful, -ous, -tific

1) Adjective                                                          Noun

1.                                                                           luck

2.                                                                         happiness

3.                                                                    wonderful                                  

4.                                                                           speed 

5.                                                                        greedy                                          

6.                                                                             friend

7.                                                                            science

8.                                                                    traditional                              

9.                                                                             science

10.                                                                             ill

11.                                                                            truth

12.                                                                           profession

13.                                                                             business

14.                                                                           healthy                                        

15.                                                                               wealth

 

2) Noun                                                                     Verb

1.                                                                            investigate

2.                                                                               invite

3.                                                                          discussion                                

4.                                                                              appear

5.                                                                               organize

6.                                                                                 relax

7.                                                                         competition                            

8.                                                                                invent

 

Ex 8. Open the brackets.

The Price System

Who (1. to tell) workers where (2. to work) or what occupation to choose? Who (3. to declare) haw many cars should (4. to produce) and how many homes should (5. to built)? Who (6. to specify) the predominant style of women’s dresses or men’s suits?

The greater the degree of competition the more these matters (7. to decide) impersonally and automatically by the price system or the market system. This may (8. to view) as a system of rewards and penalties. Rewards (9. to include) profits for firms and people who (10. to succeed). Penalties (11. to include) losses, or probably bankruptcy, for those who (12. to fail). The price system (13. to be) fundamental to the traditional concept of market economy.

The price system basically (14. to operate) on the principle that everything that (15. to exchange) – every good, every service, and every resource – (16. to have) its price. In a free market with many buyers and sellers, the prices of these things (17. to reflect) the quantities that sellers (18. to make) available and the quantities that buyers (19. to wish) (20. to purchase).

Thus, if buyers (21. to want) (22. to purchase) more of a certain good than suppliers (23. to have) available, its price (24. to rise). This (25. to encourage) suppliers (26. to produce) and (27. to sell) more of it. On the other hand, if buyers (28. to want) (29. to purchase) less of a certain good than suppliers (30. to prepare) (31. to sell), its price (32. to fall). This (33. to encourage) buyers (34. to purchase) more of it.

This interaction between sellers and buyers in a competitive market, and the resulting changes in prices, (35. to be) what most people (36. to refer) to by the familiar phrase “supply and demand”.

 

Unit 2

Ex 1. Fill in the gaps with the following words

Prison, social science, state line, precise, complex, distributes, psychology, certainty, income taxes, predictions, government, interaction, sales tax, deals with, behavior

AN INEXACT SCIENCE

Economics is the study, description, and analysis of the ways in which a society produces and 1…….. In economics, the term goods and services refers to everything that is produced in the economy—all products and services, including 2…….. “services,” such as national defense and the 3…….. system.

Economics is one of the social (as opposed to natural or physical) sciences, as are 4…….. and anthropology. Social sciences examine and explain human 5……... Because of this, the findings and knowledge produced by a 6…….. generally cannot be as exact or predictable as those of a physical science, such as physics or chemistry.

For instance, if you put water in a saucepan on a stove, you know with 7…….. that it will boil when it reaches 212° Fahrenheit. But if you are the governor of a state and you raise the state 8…….., you cannot be certain about the effect it will have. And you won’t be able to answer any of the following basic questions: How much money will the tax raise? In order to avoid the tax, will people take more of their business across the 9……..? Will they shop more often on the Internet, where there is no sales tax (yet)? Will companies in the state experience lower sales and generate lower corporate 10…….. as a result?

Economics 11…….. these kinds of questions, but it seldom comes up with totally 12…….. explanations or correct 13……... Why? Because human 14…….. in the economic realm is as 15…….. and mysterious as it is in any other sphere of life.

 

What Is Economics and Who Cares?

The good news, however, is that economics can tell us the likely results of a sales tax. In addition, as a scientific discipline, economics provides extremely useful analytical tools and frameworks for understanding human behavior in the areas of getting and spending money, which (let's face it) occupies the majority of most people's waking hours.

Economics deals with fundamental, often life-or-death issues. That is why economics is important. Its challenge lies in its mysteries: We don't know when the next expansion or recession will come. We don't know if a federal tax cut will help the economy grow. We don't know which new technologies should be encouraged and which ones won't pan out (не преуспеют). And, tragically, we don't know how to overcome poverty, hunger, crime, and other evils rooted in economic reality. But economics is the branch of the social sciences most concerned with these matters, and it is the one that's well equipped to help us deal with them.

Economics provides a framework for understanding government policies, business developments, and consumer behavior here and abroad. It provides a rich context for making decisions in your business, professional, and financial life. The economy is to business as the ocean is to fish. It is the environment in which business operates. The more you know about this environment, the better you will function as a manager, analyst, and decisionmaker.

 

Ex.2 Match the parts of the sentences.

ECONOMICS

1. can predict

2. provides context

3. deals with

4. is well equipped to help us

5. is concerned with human behavior

 

a) understand government policies, business development, and consumer

behaviour.

b) in the areas of getting and spending money.

c) the likely results of economic activity.

d) fundamental, often life-to-death issues.

e) for making decision in your business, professional and financial life.

 

Ex.3Read and the part of the interview and fill in the words.

Constants, forecasting, patterns, variables, similarities

I: What kind of “models” are we talking about here?

A: Well, that’s a good question, because of course the basic idea of chaos theory is that there aren’t any models as such – there aren’t guaranteed forms, but rather 1__________________ of change and development.

I: Doesn’t that mean that 2___________________ is impossible?

A: No, but it certainly makes it more of a challenge. Mandelbrot, who did the experiment with stock exchange prices, for example, noted that although the outcomes were variable, there were in fact certain 3_______________. What we have to do is make sure we know what these are and take into account all the possible 4___________________.

I: But do economics and finance work in the same way as weather conditions or the movement of plants?

A: Well, no, of course not – but there are certain underlying 5_____________. In the past, people thought of these things as “linear systems”, now we know they’re not.

 

Ex.4 Match 1-7 with a-g to make meaningful phrases.

1 to provide                         a) the type of economic system

2 to satisfy                           b) the central authority

3 to determine                     c) goods and services

4 to rely                               d) the income

5 to obey                             e) people’s wants

6 to evaluate                       f) to work hard

7 to encourage                 g) on the same tools and methods

 

BUSINESS BOOKS

Keeping up with developments in your professional field is getting more and more difficult. It used to be enough to read a few trade magazines, attend the occasional conference and subscribe to a professional website. Nowadays, though, it seems this is not enough.

Many people involved in business today will have heard of long tails, black swans, freakonomics and one-minute managers. However, if you haven’t read the right books and don’t know the jargon, a “long tail” is a way of describing sales patterns, a “black swan” is an unusual but high-impact event, “freakonomics” is a way of describing unusual economic effects and the “one-minute manager” is a good time manager.

Books on the subject of business, and the jargon (or specific language) they produce have now become a business in themselves. Most bookshops now have several shelves filled with books suggesting all sorts of revolutionary theories which will change the way you do business, manage your time or do your accounting procedures. Many of these books claim they can make you rich and successful.

There are now books which tell you how to persuade people and close the deal, how to read and use body language, how to unlock the secrets of international markets, how to go global and stay green, or list the 25 principles of success, the ten ways to make yourself a better manager, the 100 richest people in the world.

As well as these books, there is another style of business book: the biography or autobiography of the successful business person. These days, it seems, no one can become the CEO (Chief Executive Officer) of even a small company without putting pen to paper and telling the story of their rise to the top, especially if they have a personal tragic story to overcome, or some fantastic ideas to share. In one of these books, a fairly well-known CEO says “Everything I know about business, I’ve learned myself” which makes me wonder why people would buy his book.

Some of these books sell by the thousands, often appearing in the bestseller lists alongside blockbusting works of fiction. Who is buying them, and what do they learn? Are these books essential tools for the modern workplace, or just a way for publishers to make money?

Undoubtedly some books do become vital textbooks for students of business at any level, and some of the biographies can hold valuable lessons for any aspiring or practicing entrepreneurs. However, the accusation that many of these books are creating unnecessary jargon, words and terms which complicate, not simplify, the world of business, also seems true.

 

Ex.5 Choose the best ending.

1. According to the article, being more informed in your profession

a) is becoming more complex.

b) has never been easy.

c) means reading a lot of magazines.

d) is now done through the internet.

2. If you haven’t read certain business books.

a) you won’t be able to do your job properly.

b) you won’t understand what your colleagues are talking about.

c) you won’t know certain new terms.

d) you won’t use terms correctly to describe things.

3. Many bookshops

a) have books full of radical ideas.

b) will help you to become successful.

c) stock a lot of business books.

d) are successful businesses.

4. Books are available

a) about all kinds of business subjects.

b) about management.

c) which will improve your career prospects.

d) which will make you a successful person.

5. According to the article

a) many company directors have written their life stories.

b) it is necessary to have good ideas to write a book.

c) it is necessary to have had personal difficulties before you can be successful.

d) biographies of famous people are useless.

6. Some business books

a) are made into films.

b) are very commercially successful.

c) are works of fiction.

d) only helps publishing companies.

 

Ex 6. Open the brackets.

Economic Individualism – Laissez-Faire

In the late seventeenth century, Louis XIV (1 to reign) as King of France. His finance minister, Jean Baptiste Colbert, (2 to ask) a manufacturer by the name of Legendre how the government might (3 to help) business. Legendre’s reply (4 to be) “laissez nous faire” (5 leave) us alone. The expression (6 to become) a watchword and motto of market economy.

Today we (7 to interpret) laissez-faire (8 to mean) that absence of government intervention (9 to lead) to economic individualism and economic freedom. Under laissez-faire conditions, people’s economic activities (10 to be) their own private affairs. As consumers, they (11 to be) free (12 to spend) their incomes as they (13 to choose). As producers, they (14 to be) free (15 to purchase) the economic resources they (16 to desire) and (17 to use) these resources as they (18 to wish).

In reality, economic freedom (19 to be subject) almost always to restraints imposed by society for the protection and general welfare of its citizens. Prohibitions against force and fraud (20 to be) examples. Can you (21 to give) some others? Can you (22 to explain) why such restraints (23 to be) necessary?

 

Ex 7. Read the text and translate the words in bold type into Russian

Personal investing

We have some unit trusts – shares in investment companies that put money from small investors like me into a range of companies. One type of unit trust here in the UK is in the form of an ISA – an individual savings account – but there are many other financial products available for savers.

My husband and I have life insurance which would pay out if either of us dies. This is just one of the insurance policies that we have.

I pay contributions into a private pension, which will give me a regular income for my retirement when I stop working. I’ve never joined a company pension scheme and the government state pension is very small!

I’m lucky: I recently received a windfall, an unexpected one-off increase in the value of my pension fund, when my pension company was demutualized.

‘Some financial institutions now offer all these financial products.

 

Unit 3

Ex 1. Fill in the gaps with the following words.

Subnational, circulation, tendentious, pre-monetary, realm, levy imposed, corvee labor, in kind, public finance, medieval, secessionist movements, taxation systems, hot dispute, political authority, sophisticated

A tax is a compulsory charge or other 1……. on an individual or a legal entity by a state or a functional equivalent of a state (e.g., tribes, 2……. or revolutionary movements). Taxes could also be imposed by a 3……. entity.

Taxes may be paid in cash or in kind or as 4…….. In modern capitalist 5……., taxes are designed to encourage the most efficient 6……. of goods and services and are levied in cash. 7……. and corvee taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The means of taxation, and the uses to which the funds raised through taxation should be put, are a matter of 8……. in politics and economics, so discussions of taxation are frequently 9……..

10……. is the field of political science and economics that deals with taxation.

11……. has been used to raise capital throughout history. In many 12……. societies, such as the Incan empire, taxes were owed in labor. Taxation in labor was the basis of the Feudal system in 13……. Europe.

In more 14……. economies such as the Roman Empire, tax farming developed, as the central powers could not practically enforce their tax policy across a wide 15……..

 

Ex 2. Open the brackets.

Income tax is commonly a progressive tax because the tax rate 1(to increase) with increasing income. For this reason, it generally 2(to advocate) by those who think that taxation should be borne more by the rich than by the poor, even to the point of 3(to serve) as a form of social redistribution. Some critics characterize this tax as a form of punishment for economic productivity. Other critics 4 (to charge) that income taxation 5(to be) inherently socially intrusive because enforcement 6(to require) the government to collect large amounts of information about business and personal affairs, much of which 7(to consider) proprietary and confidential.

Income tax fraud is a problem in most, if not all, countries 8(to implement) an income tax. Either one fails to declare income, or 9(to declare) nonexistent expenses. Failure to declare income is especially easy for non-salaried work, especially those 10(to pay) in cash. Tax enforcement authorities fight tax fraud 11(to use) various methods, nowadays with the help of computer databases. They may, for instance, look for discrepancies between 12(to declare) revenue and expenses along time. Tax enforcement authorities then target individuals for a tax audit – a more or less 13 (to detail) review of the income and tax-deductible expenses of the individual.

Income tax may 14(to collect) from legal entities (e.g., companies) as well as natural persons (individuals), although, in some cases, the income tax on legal entities 15 (to levy) on a slightly different basis than the income tax on individuals and may be called, in the case of income tax on companies, a corporation tax or a corporate income tax.

 

Suppliers and outsourcing

Dyson has its own manufacturing operation, but it works with its suppliers – companies that provide materials and components. Some companies refer to their suppliers as partners.

The company uses subcontracting – which means using outside suppliers to provide components and services. In other words, it uses outsourcing rather than doing these activities in-house – within the company.

 

Ex 3. Match the sentence beginnings (1–6) with the correct endings (a–f) containing expressions from the information opposite.

1 The computer manufacturer is cutting back on in-

2 The poor standard of some subcontractors’

3 Retail giants Sharks Ltd have decided to

4 Late deliveries from outside

5 Gruma has manufacturing

6 Lilly and its partners

 

a) maintenance is worrying train operating companies.

b) spent $157 million on the Cymbalta advertising campaign.

c) house production work in a bid to reduce costs and increase eff iciency.

d) outsource canteen and cleaning services, to focus better on its buying and selling activities.

e) suppliers are causing delays in production, the Azco group claims.

f) operations on five continents, and its products are sold in more than 50 countries.

 

Ex 4. Fill in the gaps with the following words.

Appearance, issue, receipts, modern checks, convenient, origins, modern sense, human civilization, coins, granaries, coinage, determine, deposited, withdrawal, linked

There are numerous myths about the 1……. of money. The concept of money is often confused with 2…….. Coins are a relatively modern form of money. Their first 3……. was probably in Asia in the 7th century BC. And whether these coins were used as money in the 4……. has also been questioned.

To 5……. the earliest use of money, we need to define what we mean by money. We will return to this 6……. shortly. But with any reasonable definition the first use of money is as old as 7…….. The early Persians 8……. their grain in state or church granaries. The 9……. of deposit were then used as methods of payment in the economies. Thus, banks were invented before 10…….. Ancient Egypt had a similar system, but instead of receipts they used orders of 11……. – thus making their system very close to that of 12…….. In fact, during Alexander the Great’s period, the 13……. were 14……. together, making checks in the 3rd century BC more 15……. than British checks in the 1980s.

 

Ex 5. Open the brackets.

In common usage capitalism 1(to refer) to an economic system in which the means of production privately 2(to own) and operated in order to generate capital, and where investment and the production, distribution and prices of commodities (goods and services) 3(to determine) mainly in a free market, rather than by the state. The means of production usually 4(to operate) in pursuit of profits.

Capitalism 5(to contrast) with feudalism, where land is owned by the feudal lords, who 6(to collect) rent from private operators; socialism, where the means of production 7(to own) and used by the state; and communism, where the means of production is owned and used by the community collectively.

An economy with a large amount of intervention - which may 8(to include) state ownership of some of the means of production - in combination with some free market characteristics sometimes 9(to refer) to as a mixed economy, rather than a capitalist one. Some economists 10(to oppose) all or almost all state control over an economy. By some definitions, all of the economies in the developed world are capitalist, or mixed economies 11(to base) on capitalism. Others see the world 12 (to integrate) into a global capitalist system, and even those nations which today resist capitalism, operate within a globalized capitalist economy.

Anders Chydenius 13(to be) first who 14(to propose) free trade and industry and to lay out the principles of liberalism in 1765, eleven years before Adam Smith. Yet, Adam Smith 14 (to become) more famous as the intellectual father of capitalism.

 

Ex 6. Open the brackets. Choose the right variant.

The concept of the quantity theory of money (QTM) 1(to begin) in the 16th century. As gold and silver inflows from the Americas into Europe 2(to mint) into coins, there was a resulting rise in inflation. This 3(to lead) economist Henry Thornton in 1802 to assume that more money equals more inflation and that an increase in money supply necessarily 4(not mean) an increase in economic output. Here we look at the assumptions and calculations underlying the QTM, as well as its relationship to monetarism and ways the theory 5(to challenge).

The quantity theory of money 6(to state) that there is a direct relationship between the quantity of money in an economy and the level of prices of goods and services 7(to sell). According to QTM, if the amount of money in an economy 8(to double), price levels also double, causing inflation (the percentage rate at which the level of prices 9(to rise) in an economy). The consumer therefore 10(to pay) twice as much for the same amount of the good or service.

Another way to understand this theory is to recognize that money 11(to be) like any other commodity: 12(to increase) in its supply 13 (to decrease) marginal value (the buying capacity of one unit of currency). So an increase in money supply 14(to cause) prices to rise (inflation) as they 15(to compensate) for the decrease in money’s marginal value.

 

Ex 7. Choose the proper word from two variants in brackets.

Globalization and the Butterfly Effect

The butterfly effect concept 1(has become/became) important in the finance world as globalization continues to increase and capital markets connect. Volatility in one small area of the international markets 2(could/can) grow rapidly and bleed into 3(other/another) markets, and a hiccup in one corner of the international markets can have global consequences. Improvements in technology and wider access to the Internet 4(has increased/increased) the degree to which international markets influence each other. This 5(led/has led) to more episodes of extreme market volatility.

The butterfly effect has become well-known in popular culture, and the concept 6(have/has) clear applications to finance. It and chaos theory 7(may/might) provide a partial explanation for the unpredictability of capital markets.

Origin and Meaning of Butterfly Effect

The phrase “the butterfly effect” 8(has been/was) first coined during a scientific meeting in 1972. Scientist Edward Lorenz 9(gave/has given) a talk on his work regarding weather prediction models. The phrase 10(suggested/suggests) that the flap of a butterfly’s wings in Japan could create a small change in the atmosphere that 11(might/may) eventually lead to a tornado in Texas.

Lorenz 12(has studied/studied) how small differences in initial values 13(led/has lead) to large differences in weather models at the Massachusetts Institute of Technology. In 1961, he 14(entered/had entered) an initial condition in a weather model as 0.506, rather than the precise number of 0.506127, which 15(resulted/had resulted) in a completely different and unexpected weather pattern.

 

Ex.8 Open the brackets

The phenomenon of globalization 1(to begin) in a primitive form when humans first settled into different areas of the world; however, it 2(to show) a rather steady and rapid progress in recent times and has become an international dynamic which, due to technological advancements, 3(to increase) in speed and scale, so that countries in all five continents have been affected and engaged.

What Is Globalization?

Globalization 4(to define) as a process that, based on international strategies, 5(to aim) to expand business operations on a worldwide level, and 6(to precipitate) by the facilitation of global communications due to technological advancements, and socioeconomic, political and environmental developments.

The goal of globalization 7(to be) to provide organizations a superior competitive position with lower operating costs, 8(to gain) greater numbers of products, services and consumers. This approach to competition 9(to gain) via diversification of resources, the creation and development of new investment opportunities by 10(to open) up additional markets, and 11(to access) new raw materials and resources. Diversification of resources is a business strategy that 12 (to increase) the variety of business products and services within various organizations. Diversification 13(to strengthen) institutions by lowering organizational risk factors, 14(to spread) interests in different areas, taking advantage of market opportunities, and 15(to acquire) companies both horizontal and vertical in nature.

 

Unit 4.

Ex 1. Fill in the gaps with the following words.

Wealth, german, form of production, economic class, business investment, etymology, cattle, novelist, widespread, capitalist class, capitalis, derive, owners, evidenced, usage

The 1……. of the word capital has roots in the trade and ownership of animals. The Latin root of the word capital is 2……., from the proto-Indo-European kaput, which means “head”, this being how 3……. was measured. The more heads of 4……., the better. The terms chattel (meaning goods, animals, or slaves) and even cattle itself also 5……. from this same origin.

The first use of the word “Kapitalist”, “capitalist” was in the Communist Manifesto in 1848 by Marx and Engels, however, “kapitalismus,” the 6……. word for “capitalism” was not used. The first use of the word “capitalism” is by 7……. Thackeray in 1854, by which he meant ownership of a large amount of capital. In 1867 Proudhon used the term “capitalist” to refer to 8……. of capital, and Marx and Engels refer to the “capitalist 9…….” (“kapitalistische Produktionsform”) and in Das Kapital to “Kapitalist”, “capitalist” (meaning a private owner of capital). By the early 20th century the term had become 10……., as 11……. by Max Weber's use of the term in his The Protestant Ethic and the Spirit of Capitalism in 1904, and Werner Sombart's 1906 Modern Capitalism.

Under the Marxist theory of ideology, a dominant 12……. is believed to have its own ideology serving its class interests. The ideology of the “13…….” or bourgeois also came to be known as “capitalism”, giving the word another meaning. This 14……. has been adopted outside of Marxist circles, and today many economic liberals self-describe as “capitalists”, even if they are not personally involved in 15……..

 

Ex 2. Open the brackets.

The notion of a “free market” where all economic decisions 1(to regard) transfers of money, goods, and services take place on a voluntary basis, free of coercive influence, commonly 2(to consider) to be an essential characteristic of capitalism. Some individuals contend, that in systems where individuals 3(to prevent) from 4(to own) the means of production (including the profits), or coerced to share them, not all economic decisions 5(to be) free of coercive influence, and, hence, are not free markets. In an ideal free market system none of these economic decisions involve coercion. Instead, they 6(to determine) in a decentralized manner by individuals trading, bargaining, cooperating, and competing with each other. In a free market, government may 7(to act) in a defensive mode to forbid coercion among market participants but 8(not engage) in proactive interventionist coercion. Nevertheless, some authorities claim that capitalism 9(to be) perfectly compatible with interventionist authoritarian governments, and/or that a free market can exist without capitalism.

A legal system that 10(to grant) and protects property rights provides property owners the entitlement to sell their property in accordance with their own valuation of that property; if there are no willing buyers at their 11(to offer) price they have the freedom to retain it. According to standard capitalist theory, as 12(to explain) by Adam Smith, when individuals make a trade they value what they 13 (to purchase) more than they value what they are giving in exchange for a commodity. If this were not the case, then they would not make the trade but retain ownership of the more valuable commodity. This notion 14(to underlie) the concept of mutually-beneficial trade where it 15(to hold) that both sides tend to benefit by an exchange.

 

Wikinomics

Wikinomics: How Mass Collaboration Changes Everything is a book by Don Tapscott and Anthony D. Williams. In it, they explain that Wikinomics is a form of mass collaboration, where companies have large numbers of people working together on the internet to solve problems and develop products. This is totally unlike current business methods and the authors predict that it will be a key to business success in the future. It is like an extreme form of outsourcing (see Unit 17). They say that customers who contribute to the design and development of products should be called prosumers – they work together to make things in a process of peer collaboration and co-creation.

 

Ex 3. Match the sentence beginnings (1–6) with the correct endings (a–f). The sentences all contain words and expressions from the text opposite.

1 Wikinomics describes a scenario where the post-industrial age

2 Students are enthusiastic and positive about their many informal attempts

3 One goal of co-creation is to find a balance between the traditional emphasis on value extraction

4 Linux, Wikipedia, YouTube and Facebook are all examples of mass collaboration.

5 It would be a mistake to think of outsourcing as simply an economic transaction;

6 In the prosumer society we can deduce that all the consumers

 

a) at peer collaboration as a way of coping with a new learning environment.

b) Specifically, thousands of programmers contribute to Linux and over 75,000 people are writing and editing articles on Wikipedia.

c) will naturally become the producers of the commodities which they want to produce.

d) from consumers and the new stress on value creation with consumers.

e) is being transformed by allowing more people to put their intellectual muscle to the wheel.

f) it is a universal tendency, like gravity, that exerts a pull on everything.

 

Ex 4. Fill in the gaps with the following words.

Credit unions, limited liability, ownership rights, authority, hierarchical, productive capacity, corporation, perpetual, share trading, resided, sole proprietorships, virtual, shareholders, votes, legal limits

In capitalist economies, a predominant proportion of 1……… has belonged to companies, in the sense of for-profit organizations. This include many forms of organizations that existed in earlier economic systems, such as 2……… and partnerships. Non-profit organizations existing in capitalism include cooperatives, 3……… and communes.

More unique to capitalism is the form of organization called 4………, which can be both for-profit and non-profit. This entity can act as a 5……… person in many matters before the law. This gives some unique advantages to the owners, such as 6……… of the owners and 7……… lifetime beyond that of current owners.

A special form of corporation is a corporation owned by 8……… who can sell their shares in a market. One can view shares as converting company 9……… into a commodity - the ownership rights are divided into units (the shares) for ease of trading in them. Such 10……… first took place widely in Europe during the 17th century and continued to develop and spread thereafter. When company ownership is spread among many shareholders, the shareholders generally have 11……… in the exercise of 12……… over the company in proportion to the size of their share of ownership.

To a large degree, authority over productive capacity in capitalism has 13……… with the owners of companies. Within 14……… and the financial means available to them, the owners of each company can decide how it will operate. In larger companies, authority is usually delegated in a 15……… or bureaucratic system of management.

 

Ex 5. Open the brackets. Choose the right variant.

Businesses 1(to structure) in different ways to meet different needs. The simplest form of business 2(to call) an individual or sole proprietorship. The proprietor 3(to own) all of the property of the business and is responsible for everything. For legal purposes, with this kind of business, the owner and the company 4(to be) the same. This 5(to mean) the proprietor gets to keep all of the profits of the business, but must also pay any debts. Another kind of business 6(to be) the partnership. Two or more people 7(to go) into business together. An agreement usually 8(to need) to decide how much of the partnership each person controls. One kind of partnership 9(to call) a limited liability partnership. These 10(to have) full partners and limited partners. Limited partners may not 11(to share) as much in the profits, but they also have less responsibility for the business. Doctors, lawyers and accountants often 12(to form) partnerships to share their risks and profits. Partnership 13 (to exist) only for as long as the owners remain alive. The same 14(to be) true of individual proprietorships. But corporations 15(to design) to have an unlimited lifetime.

 

Ex 6. Choose the proper word from two variants in brackets.

Our first step in devising a front-end customer strategy 1(was getting/has get) a clear picture of the real, addressable market for a 2(gave/given) business – not the entire universe of potential customers but 3(those/these) whose needs we could realistically serve, given the capabilities and products we had on hand.

When we 4(begin/began) the analysis at Thomson Financial, in 2001, we used third-party reports to build estimates of our market size, as most firms do. The traditional, or at least readily available, data 5(split/splits) an approximately $15 6(billions/billion) financial-information market into three broad categories: firms on the 7(buy/buying) side (those investing in company stock), firms on the sell side (those selling company stock), and corporate clients (those issuing stock). Those market segments 8(were/was) so general that they were not all that useful. They 9(didn’t/don’t) help us understand where we were strongest or where we had the most opportunity to grow.

To get a clearer view, Thomson Financial recast the market by breaking it down into new segments we 10(believe/believed) more closely reflected the ultimate users of 11(our/their) financial products – groups such as institutional equity advisers, fixed-income advisers, and investment 12(banks/bankers). We began by hypothesizing which people used our products and services 13(most/more) frequently. While that sounds a little basic, customer segmentations 14(are/were) categorized more by sales channel or geography and much 15 (less/more) so by end user.

 

Список использованной литературы

1Агабекян И.П., Коваленко П.И. РусскоАнглийский для экономистов: словарь / И. П. Агабекян, П.И. Коваленко. — Ростов на Дону: Издание 4-е. Серия «Высшее образование», 2004. 413 с.

2. Жданова И. Ф. Русско-английский словарь. Финансы, налоги, аудит: словарь / И. Ф.Жданова, М. В.Скворцова. — Москва : Филоматис, 2003. 496 с.

3. Bill Mascull. Business vocabulary in use Intermediate // Cambridge University Press. 2004. 174 p.

 
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