Английский язык для экономических специальностей (English for economists)

Английский язык для экономических специальностей (English for economists)

David was also free to sell his labor somewhere else. He could have competed with others for another job. From the newspaper ad he knew at least one other job was available. Maybe there were others. He wasn't sure. He also wasn't sure about the supply of other workers with his skills. He wondered whether he would get the raise and promotion if there were lots of people who could do the job.

David's boss was also free to interview and hire other workers. In their own ways David and Jay were both trying to get what each thought would be best. They were competing.

Profit Motive and Competition.

Competition drives Jay Richards to do what he can to reduce costs and increase sales in order to increase profits. Of course, his competitors will be doing this too. They also want to earn the greatest profits. The profit motive (the efforts to maximize profits) is free enterprise's most important incentive.

II. Exercises on the Text:

3. Text A. Give English equivalents to:

производители пытаются сократить издержки производства; дает возможность производителям продавать свои товары; путем повышения эффективности; конкуренция побуждает производителей; эта фирма получит большую прибыль; искать новые и привлекательные товары и услуги; конкуренция приносит пользу всем нам.

4. Text B. Ask questions for these answers (work in pairs):

David Scott usually works on weekends during the school year in summer.

He was a stock clerk.

It was in May and June because college students entered the local job market.

He was going to become a supervisor of the younger employees at the store.

He learned the computer-assisted inventory and ordering system and other special things.

Another store in town was advertising for someone with his skills.

He had established the small hardware store two years earlier.

He had been in competition with other buyers and sellers.

When he purchased the land for his store.

Yes, he did. He competed with other borrowers.

Yes, he did. He knew that he also had to compete for customers.

Because David had acquired skills that made him more productive.

5. Combine the words into sentences. Translate them into Russian.

could, his labor, David, else, sell, somewhere.

one other job, knew, from the newspaper ad, he, was available, at least.

who, there, many people, were, the same job, do, could.

entrepreneurs, always, and, competing, employees, are.

wanted, to reduce, in order to increase, Jay Richards, costs, and, profits, increase sales.

incentive, the profit motive, most important, is free, enterprise's.

III. Grammar Exercises

I hope your friend will come and see us on Sunday.

I hoped...

This statistician thinks he will get the latest data.

This statistician thought...

My friend is sure his profession is better than mine.

My friend was sure...

I think they televise international economic events.

I thought...

The manager believes that the work was done thoroughly.

The manager believed ... and so he didn't check it himself.

Mother was sure that her son made good progress at the institute.

Mother was sure ... since the holiday.

We are afraid the firm won't earn great profits.

We were afraid...

I am happy they call me up now and then.

I was happy...

7. Translate the following sentences paying attention to the Sequence of Tenses:

I asked Mr. Olegov where he lived.

He said that he lived in Moscow.

He told me that he worked at a large plant and described where the plant was.

I told him that I knew the plant because I had worked there for about two years.

I said that I didn't work there any longer because I was studying at the Institute of Finance and Economics.

Mr. Olegov asked me if I knew the economists working at the plant.

I told him that I knew most of them.

He told me that the plant had greatly increased its production and was producing almost three times more goods than four years ago.

The other day the manager was asked if he would introduce the new machine constructed by one of the workers with the help of the engineers.

He answered that he would do it as soon as the tests were completed.

При обращении прямой речи в косвенную происходит следующая замена наречий места, времени и указательных местоимений.

8. Put the verbs in brackets into their correct forms:

1. I thought that you (to arrive) at some decision.

2. I believed that a long-term loan (to be) absolutely necessary for that program.

3. I didn't know if you (to apply) for this job.

4. They said they (to work) seven hours a day.

5. Did he say that there (to be) a lot of problems with this agreement?

6. The manager said that we (to need) to reduce the amount of corporate income tax.

9. Change the direct speech into indirect speech:

1. The manager asked, «Does this project require long term financing?»

2. The director asked, «Are we repaying debts in due time?»

3. He asked, «Did this debt carry interest?»

4. The head of the company asked the Board of Directors, «Are we able to repay the loan?»

5. The manager asked the customer, «Can you wait a little longer?»

6. The customer asked, «Were the terms specified in any agreement?»

10. Translate the following sentences:

1. Markets provide a kind of economic polling booth for buyers to cost their votes for the goods and services they want.

2. Promotion is a key part of marketing because it is the way business get their messages to consumers.

3. Economists focus on the way in which individuals, groups, enterprises and governments seek to achieve efficiently any economic objective they select.

4. Let's suppose that you recently managed to save enough to buy the CD player you always wanted.

11. Translate the sentences:

1. The railways of Russia are much longer than those of England.

2. The climate of the Crimea is warmer then that of the Ural.

3. Our resources of oil are greater than those of Poland.

4. The rivers in the West of our country are not so long as those in the Eastern part.

12. Translate the following. Try to understand the meaning of suffixes:

Example: watch (N) - watchful (A)

наблюдение - наблюдательный

life (N) - lifeless (A)

жизнь - безжизненный

1. a sleepless night; 2. moonless night; 3. childless family; 4. helpless people; 5. wonderful evening; 6. a starless black sky; 7. a watchful man; 8. landless farmers; 9. a jobless man; 10. a powerful monopoly; 11. a hopeful project; 12. a painful problem.

13. Translate English jokes.

The young candidate for admission to the navy was being given a test to determine his general education. One of the questions puts to him was: «What kind of animals eat grass?» The young man fidgeted and looked out of the window, but apparently could think of no answer.

«Come, come», said the admiral who was examining him, «Surely, you can answer a simple question like that: what kinds of animals eat grass?»

The boy brightened up. «Animals!» he exclaimed, «I thought you said admirals.»

Unit 9

Grammar: 1. Passive Voice.

2. Пассивные конструкции характерные для английского языка.

3. Формы инфинитива.

I. Language Practice

1. Practise the fluent reading and correct intonation:

-- Hello, Tom!

-- Hello, Nick . Here you are at last. `What have you been doing all this `time?

-- You see. I've been `awfully busy `all this week. I've `got a  new job.

-- `What `sort of job?

-- I'm an `assistant at a lab.

-- ,Congratu`lations, old chap! The `work must be very  interesting.

-- Oh yes, it is.

-- `What is the `salary?

-- The same as `that of `all the other assistants. `Quite enough to live on and to put by a little.

2. Read and translate. Mind stress and pronunciation in the following nouns and verbs.

export import progress record transport

`expo:t n `impo:t n `proures n `reko:d n `tr nspo:t n

eks`po:t v im`po:t v pr`gres v ri`ko:d v tr ns`po:t v

conflict increase outlay produce retail

`knflikt n `inkri:s n `autlei n `prdju:s n `ri:teil n

kn`flikt v in`kri:s v aut`lei v pr`dju:s v ri:`teil v

3. Listen to the speaker; read and memorize the following words and phrases:

partnership - компания, товарищество

common law - общее право

civil law - гражданское право

to be entitled - иметь право

to provide - предусматривать

dormant partner - пассивный партнер

to be liable for smb's debts - нести ответственность за чьи-либо долги

obligations - обязательство

incur - нести, навлекать на себя что-либо

to invisage [in`vizi] - рассматривать

shareholder - акционер

board of directors - правление директоров

regime [rei`i:m] - зд. система правления

managing director - директор-распорядитель

to authorize - уполномачивать

to appoint - назначать

general supervision - общий надзор

issue - выпуск

share - акция

bond - облигация

borrowing - заем

executing officer - управляющий делами

treasurer - амер. заведующий

to confide to - поручать кому-либо

remuneration - оплата, заработная плата

to dismiss - увольнять

to vest powers - наделять полномочиями

Text. Management and Control of Companies

The simplest form of management is the partnership. In Anglo-American common-law and European civil-law countries, every partner is entitled to take part in the management of the firm's business, unless he is a limited partner; however, a partnership agreement may provide that an ordinary partner shall not participate in management, in which case he is a dormant partner but is still personally liable for the debts and obligations incurred by the other managing partners.

The management structure of companies or corporations is more complex. The simplest is that envisaged by English, Belgian, Italian, and Scandinavian law, by which the shareholders of the company periodically elect a board of directors who collectively manage the company's affairs and reach decisions by a majority vote. Under this regime it is common for a managing director (directeur gйnйral, direttore generale) to be appointed, often with one or more assistant managing directors, and for the board of directors to authorize them to enter into all transactions needed for carrying on the company's business, subject only to the general supervision of the board and to its approval of particularly important measures, such as issuing shares or bonds or borrowing. The U.S. system is a development of this basic pattern. By the laws of most states it is obligatory for the board of directors elected periodically by the shareholders to appoint certain executive officers, such as the president, vice president, treasurer, and secretary. The latter two have no management powers and fulfill the administrative functions that in an English company are the concern of its secretary; but the president and in his absence the vice president have by law or by delegation from the board of directors the same full powers of day-to-day management as are exercised in practice by an English managing director.

The most complex management structures are those provided for public companies under German and French law. The management of private companies under these systems is confided to one or more managers (gйrants, Geschдftsfьhrer) who have the same powers as managing directors. In the case of public companies, however, German law imposes a two-tier structure, the lower tier consisting of a supervisory committee (Aufsichtsrat) whose members are elected periodically by the shareholders and the employees of the company in the proportion of two-thirds shareholder representatives and one-third employee representatives (except in the case of mining and steel companies where shareholders and employees are equally represented) and the upper tier consisting of a management board (Vorstand) comprising one or more persons appointed by the supervisory committee but not from its own number. The affairs of the company are managed by the management board, subject to the supervision of the supervisory committee, to which it must report periodically and which can at any time require information or explanations. The supervisory committee is forbidden to undertake the management of the company itself, but the company's constitution may require its approval for particular transactions, such as borrowing or the establishment of branches overseas, and by law it is the supervisory committee that fixes the remuneration of the managers and has power to dismiss them.

The French management structure for public companies offers two alternatives. Unless the company's constitution otherwise provides, the shareholders periodically elect a board of directors (conseil d'administration), which "is vested with the widest powers to act on behalf of the company" but which is also required to elect a president from its members who "undertakes on his own responsibility the general management of the company," so that in fact the board of directors' functions are reduced to supervising him. The similarity to the German pattern is obvious.

Dutch and Italian public companies tend to follow the German pattern of management, although it is not expressly sanctioned by the law of those countries. The Dutch commissarissen and the Italian sindaci, appointed by the shareholders, have taken over the task of supervising the directors and reporting on the wisdom and efficiency of their management to the shareholders.

II. Exercises on the Text:

4. Give Russian equivalents to:

every partner is entitled to take part in; a partnership agreement may provide; he is a dormant partner; personally liable for debs and obligations; who collectively manage the company's affairs; by a majority vote; under this regime; to enter into all transactions; approval of particular important measures; issuing shares or bonds; by the law of most states; to appoint certain executive officers; to fulfill the administrative functions; the same full powers of day-to-day management;

the management of private companies; in the case of public companies; a two-tier structure; supervisory committee; two-third shareholder representatives and employees; the affairs of the company; which can require information or explanations; to forbid to undertake the management; approval for particular transactions; establishment of branches overseas; to fix remuneration ; to offer two alternatives; on behalt of the company; the similarity is obvious; it is not expressly sanctioned by the law; reporting on the wisdom and efficiency.

5. Ask questions for these answers (work in pairs):

Every partner is entitled to take part in the management of the firm's business.

The management structure of companies or corporations is more complex.

The company periodically elects a board of directors.

They reach decisions by a majority vote.

Particularly important measures are issuing shares or bonds or borrowing.

Yes, it is. The U.S. system is a development of this basic pattern.

The board of directors appoints certain executive officers.

The treasurer and secretary fulfill the administrative functions.

The most complex management structures are in Germany and France.

It is confided to one or more managers.

German law imposes a two-tier structure in the case of public companies.

The affairs of the company are managed by the management board.

It must report to the supervisory committee.

The supervisory committee is forbidden to undertake the management of the company itself.

It fixes the remuneration of the managers.

The French management structure offers two alternatives.

Yes, it is. A board of directors «is vested with the widest powers to act on behalt of the company».

The board of director's functions are reduced to supervising the company.

They have taken over the task of supervising the directors.

6. Read, translate and analyze the scheme:

III. Grammar Exercises

7. State the tense and voice form of the verbs:

can be divided; are owned; will be used; was provided; has been expanded; is made; might have been obtained; shall be asked; is being done; have been translated; should be called; were being built; was followed; had been closed; will have been helped; would have been called.

8. Translate the sentences into Russian:

1. Don't put on that funny hat. You will be laughed at. 2. I hope my work will be approved of. 3. Our professor is always attentively listened to. 4. In producing these things the new synthetic material has been made use of. 5. His words were not taken notice of. 6. Will the results of our work be referred to by? 7. The proposal was objected to by. 8. She has always been well spoken of. 9. All the new data have been looked through with great attention. 10. Where have you been? You have been looked for everywhere.

9. Give the corresponding passive construction:

1. They will insist on your arrival. 2. They told us very interesting news. 3. They do not allow people to own this plot of land. 4. They asked me to take part in this conference, but I refused. 5. This boy told a lie once, therefore nobody believes him now. 6. They speak much of every new achievement in computer programmes. 7. I don't think you pay much attention to the obligations of your company. 8. Nobody wondered at the excellent results of this business enterprise. 9. Have you sent for the managing director? 10. They gave us all necessary information. 11. I looked for the warranty card everywhere, but I could not find it anywhere. 12. This executive officer took great care of the advertising of their products.

10. Translate the following into Russian:

Since the beginning of that extraordinary era of economic progress ushered in by the Industrial Revolution, old ways of conducting business have been modified, and new forms of business organization have been introduced.

Unless an activity is specifically prohibited by law, no line of business is closed to an owner.

Unless a limited partnership has been established, all parties equally share the burden of loss and debts.

Some products are marketed most effectively by direct sale from manufacturer to consumer.

Simple transactions are completed by clerks.

Displays must be supplied and set up, and cooperative advertising programs may be worked out.

Store clerks should be trained in a knowledge of the manufacturer's products.

The production plan must be made to meet fluctuating market demands.

Workers must be hired, trained, and assigned in synchronization with the changing production processes and schedules.

Commodity analysis studies the ways in which a product or product group is brought to market.

Forms of the Infinitive

11. Define the form of the Infinitive:

to manage; to be informed; to have been over; to be improving; to have been entering; to be investigated; must be raining; shall discuss; to have been taken.

12. a) Form verbs using the suffix -en:

wide, deep, broad, strength, length, sharp, moist.

b) Form verbs from the following nouns using the suffix -ize:

victim, sympathy, patron, character, organ.

c) Form nouns from the following nouns and adjectives using the suffix -ism:

race, communist, capital, social, feudal, nominal.

13. Read the text and retell it in Russian:

Paul Samuelson (1915-) And Milton Friedman (1912-)

Two Views of the Proper Role of Government in the Economy

Paul Samuelson and Milton Friedman are two of America's most distinguished economists. In recognition of their achievements, Samuelson was awarded the Nobel Prize in Economics in 1970 and Friedman in 1976. Both spent most of their professional lives on the faculty of major universities (Samuelson at the Massachusetts Institute of Technology, and Friedman at the University of Chicago). Given their similarities, one would think that the two would also hold similar views on economic issues. Nothing could be further from the truth. And, some of their sharpest differences center on the question of what ought to be the proper role of government in the economy.

Classical economists in the tradition of Adam Smith had long recognized the need for government to provide goods and services that would not or could not be provided by the private sector (like national defense). But they urged that this participation be kept to a minimum.

But Samuelson argued that too many of the problems the classical economists wanted to leave to the marketplace were not subject to its influence. These externalities, affecting things like public health, education, and environmental pollution, were not subject to the laws of supply and demand. Consequently, it was up to government to establish goals for the economy and use its powers to achieve them.

Milton Friedman sees things differently. Like the classical economists of old, he regards supply and demand as the most powerful and potentially beneficial economic forces. The best that government can do to help the economy, in Friedman's view, is to keep its hands off business and allow the market to "do its thing." The minimum wage laws are a case in point. Whereas Samuelson endorses minimum wage laws as a means of helping workers at the bottom of the income ladder, Friedman would argue that by adding to unemployment, they harm the very people they were designed to help. That is, he explains, by increasing labor costs, minimum wage laws make it too expensive for many firms to hire low-wage workers. As a result, those who might otherwise be employed are laid off.

On the one hand, Samuelson endorses the concept of government-sponsored programs such as public housing and food stamps as a means of reducing poverty. Friedman, on the other hand, would prefer to give the poor additional income and allow them to use the funds to solve their problems without government interference. To apply this concept, Friedman suggested the "negative income tax." The graduated income tax takes an increasing amount in taxes as one's income rises. The negative income tax would apply a sliding scale of payments to those whose income from work fell below a stated minimum.

Unit 10

Grammar: 1. Функции инфинитива.

2. Инфинитив в функции определения и обстоятельства.

I. Language Practice

1. Practise the fluent reading and correct intonation:

Asking the Way.

-- Excuseme, `can you `tell me the `way to Tra`falgar Square?

-- Certainly. `Go `down Regent Street | into Piccadilly Circus | and `then `go `down the Haymarket.

-- Excuse me, sir, | but `would you `tell me where Hyde Park is?

-- I really have no idea. I'm also a stranger here. You'd `better ask the policemen over there. He'll give you `all the infor`mation you want.

-- `Would you `mind telling me `how I can `get best from here to `Hyde Park?

-- Oh, | that's a pretty `long way from here. Go as `far as the next corner | and `wait for a `bus with «Hyde Park» on it.

-- Excuse me, | `can you `tell me the `way to Hyde Park?

-- Certainly. It's about `fifteen `minutes' run by `bus 9 from here. If you `tell the conductor, | he'll `put you down there.

-- `One moment, sir. `Can I `get to `Hyde `Park by the Underground?

-- Sure. `Take the Underground | from Mansion, House.

-- Excuse me, | `am I right for Farringdon Road?

-- No, madam. You are `going the wrong way. In fact, | in the opposite direction.

-- No. You'll `have to `go back to the `bottom of `this road, | take the first `turning on your left (`turn to the left), and `walk straight on as `far as the `third cross-to-ads. You `can't `possibly miss it.

2. Listen to the speaker; read and memorize the following words and phrases:

to survive - выжить

internal funds - внутренние средства

expenses - расходы

depreciation - амортизация

replacing assets - замененные средства

wear out - изнашивать

retained earnings - нераспределенная прибыль

external funds - внешние средства

to borrow - брать взаймы

proprietorship - собственность

Text. The Sources of Business Funds

In many ways, money is to business what water is to plants. Plants need water to begin life, to survive and to grow. Similarly, firms need money to begin operations, to meet their day-to-day expenses and to expand. Most of the money used by business comes from the sale of its products and services. Since these funds come from within the firm they are described as internal funds. The rest must come from outside, or external sources.

Internal Funds. As a firm sells its products or services, it receives money, which it uses to meet its expenses. One of these expenses, depreciation, represents the cost of replacing assets (like tools, machinery, and buildings) that wear out. Typically, businesses use internal funds to cover the cost of depreciation.

The funds that remain after paying expenses are a firm's profits or earnings. Although the owners or stockholders could take it all for themselves, in most instances some portion of the profits will be retained by the business. Since its "retained earnings," along with the sum it set aside for depreciation came from within the firm, they are known as internal funds. About 60 to 70 percent of a business firm's financing come from its internal sources.

External Funds. Sales do not remain constant from one season, or month or week to the next. There are times when more money comes in to a business than is needed to pay its bills. Similarly, at other times there is not enough money coming in to cover operating costs. When this happens, there are only four things that the firm can do:

dip into savings,

borrow,

sell shares of stock (if it is a corporation) or seek additional capital from the owners (if it is a partnership or proprietorship),

reduce spending.

II. Exercises on the Text:

3. Give English equivalents to:

во многих случаях; чтобы покрыть каждодневные расходы; большая часть денег; остальные должны исходить извне; поскольку фирма продает свою продукцию или услуги; чтобы покрыть издержки за амортизацию; в большинстве примеров; выделять на амортизацию; они известны как внутренние фонды; бывают времена; когда это происходит; продать долю в акционерном капитале.

4. Complete as in the text and translate into Russian:

1. In many ways, money is to business what ... 2. Plants need water ... 3.Similarly, firms need money ... 4. The rest must come from outline, or ... 5. As a firm sells its products or services, it receives money which it uses ... 6. Typically, business use internal funds...7.The funds that remain after paying expenses are ... 8. About 60 or 70 percent of a business firm's financing comes... 9. There are times when more money comes in to a business than ... 10. Similarly, at other times there is not enough money coming in ...

5. Sum up what the text says about:

money is to business;

the sources of coming money from;

the usage of internal funds

the four things that the firm can do

III. Grammar Exercises

6. State the forms and functions of the infinitive. Translate the following:

1. To complete a journey round the sun requires nearly 29 1/2 years. 2.Steel output is to go up in the next years. 3. To prolong this discussion is to waste time. 4. I only want to be given my chance. 5. Does this mean that to think is the same thing as to utter words? 6. This record, one may assume, is to serve some subsequent purpose. 7. To move in space calls for quite new concepts of energy. 8. He linked to be looked upon as businessman. 9. Then an incident occurred to disturb the monotony of life. 10. I have turned aside to discuss these matters.

7. Translate the following into Russian paying attention to the Infinitive as an attribute:

1. There is one more phenomenon to be involved into this solution. 2. The data to be analysed involve knowledge of production management's methods. 3. Dalton's atomic theory was the first to make successful use of the old Greek theory of atoms in chemistry. 4. The traditional role of science is to make people healthy and the world a brighter place to live in. 5. The Sun is the first object to be studied by rocket astronomy. 6. All the attempts to confirm this suggestion have failed. 7. She gave him a list of a few books to be read. 8. I was present at an experiment - perhaps, the thousandth to have taken place.

8. Translate the following into Russian paying attention to the Infinitive as an adverbal modifier:

1. Laws were not made to be broken, laws were made to stay within. 2.Sometimes you retreat in order to advance. 3. The foreperson was too busy to see anyone. 4. He was so weak as to unable to work. 5. The executives found the problem too difficult to solve. 6. It's still too early to speak about the efficiency of this method. 7. In these areas the land is too unproductive to support a flourishing agricultural population. 8. The results of voting are enough to generate discussion on the pages of learned periodicals.

9. Read and translate the dialogue:

Jay Richards is consulting his financial adviser:

Jay: As a matter of fact, I'm thinking of starting an automobile agency. Could you tell me how I should finance this business?

Adv: Sure, Jay. If you've got some money of your own, you can operate on a cash basis: no credit given, no money borrowed. But a firm of this kind is usually a short lived one.

Jay: Shall I get credit from the bank then?

Adv; Not necessarily. You may just as well go to any insurance company and they will be only glad to help you, or at least they will try to show it.

Jay: Suppose I get their money to construct a building. But I'll need a lot more money to pay for the tools and equipment.

Adv: Oh, that's not a problem either. The car manufacturers will pay for it on a credit basis. And of course, you will get a loan from the bank to pay other expenses.

Jay: But that will mean a lot of money! How shall I pay it back?

Adv: Don't worry! The more money you invest the more rapid the progress you will make. You will certainly have idle money very soon. But do not let it stay idle. Invest and get profit out of it.

Jay: O.K. Thanks for the advice. I'll call in later for more details, if you don't mind.

Adv: Of course I don't. I'll be glad to see you any time of the day.

10. Form abstract nouns with the help of given suffixes:

1. noun + -age

coin, cover, pilot, parent, pack, percent,

2. noun/adjective + -dom

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