Consumption, take account of, manager, state, environment, include,
Capital, macroeconomics, economy
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 whereindicated
.
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 youare 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.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; определенный период; установить более высокий стандарт качества на товары.
SPEAK AND WRITE
2. Prepare a short report on the biography of a famous economist.
3. 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.
4. 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
MANAGEMENT
Vocabulary
Management
the control and organizing of a business or other organization;
those stuff within the firm who exert control over its activities on behalf of owners.
Top management
includes the chief executive of an organization, his or her deputy or deputies, the board of directors and the managers in charge of the divisions or departments of the organization.
Middle management
consists of the managers to whom top management delegates the day-to-day running of the organization.
Managing director
company director responsible for the day-to-day running of a company. Second in the hierarchy only to the chairman, if there is one; the managing director is the company’s chief executive.
Manager
a person controlling or administrating a business or part of a business.
Ex. 1.Do you know the meaning of the following derivatives? Show it with the help ofyour own sentences.
to manage; manageable; management; manager; manageress; managerial.
Task.Translate the following sentences. Pay attention to the words in italics.
1 They reserved the right to make managerial decision.
2 What you need is advice from your bank manager.
3. I wish you could manage the time to come and to talk to us.
4. Private banks are being nationalized, and are to be managed with workers’
participation.
5. They are part of my management team.
6. The baby can be greatly influenced by the parents’ management.
7. She has been working as the manageress of a bookshop.
8. It is perfectly manageable task to tackle systematically
Ex. 2.Match the synonyms :
1. choice a) affect
2. objective b) present
3; current c) own
4. predict d) target
5. happen e) process
6.handle f) option
7. influence g) give
8..posses h) obtain
9. grant i) foresee
10.get j) occur
Ex. 3.Match the definitions with the words given below.
fee, executive, insure, skill, capacity, profile, applicant, charisma, ensure, guideline, superior.
Ability to do something well.
Short biographical or character sketch.
Payment made for professional advice or services.
Person or body with managerial or administrative responsibility.
Make certain.
Secure compensation in the event of loss or damage by advance regular payments.
In a higher position; of higher rank.
Principle directing action.
Power to certain, receive, experience, or produce.
The ability to attract, influence, and inspire people by your personal qualities.
Someone who formally asks to be given something, such as a job or a place at a college or university.
Ex. 4.Give Russian equivalents to the following:
Involved in management; production oriented; impose regulations, ever-more-complex environment; encompasses both science and art; business executives; code of conduct; develop the body of knowledge; with respect to the second criterion; the issue is much less clear-out; is consistent with their interest; self-interest or concern for others; decision-making machinery; cross-cultural skills; consulting fee; character attributes; compare against the places set earlier; authority.
Ex. 5.Translate the following text into Russian in written form.
People working for a company are referred as its workforce, employees, staff, or personnel and are on its payroll.In some context, especially more conservative ones, employees and workforce refer to those working on the shopfloor of a factory actually making things. Similarly, staff is sometimes used to refer only to managers and office-based workers. This traditional division is also found in the expressions white-collar and blue-collar. Another traditional division is that between management and labor. Personnel departments are usually involved in finding new staff and recruiting them, hiring them, or taking them on, in a process of recruitment. Someone recruited is a recruit, or in American English only, a hire. They are also involved when people are made to leave the organization, or fired. These responsibilities are referred to, relatively informally, as hiring and firing. If you leave the job voluntarily, you quit. Middle-managers are now most often mentioned in the context of re-engineering, delaying, downsizing, or rightsizing: all these expressions describe the recent trend for companies to reduce the numbers of people they employ, often by getting rid of layers of managers from the middle of hierarchy. An organization that has undergone this process is lean and its hierarchy is flat.
Task: Read the text once again and exxplain, in your own words, the meaning of the following words:
nouns - workforce, employee, staff, personnel, a recruit, a hire, layer, labour.
white-collar, blue-collar;
verbs - to recruit, to employ, to hire. to fire, to quit, to get rid of.
READ AND TALK
T E X T 1
ART OR SCIENCE?
Management is the art and science of making appropriate choices. To onedegree or another, we are all involved in managing and are constantly making decisions concerning how to spend or use our resources. Like most things in our modern, changing world, the function of management is becoming more complex. The role of the manager today is much different from what it was one hundred years, fifty years or even twenty-five years ago. At the turn of the century, for example, the business manager's objective was to keep his company running and to make a profit. Most firms were production oriented. Few constraints affected management's decisions. Governmental agencies imposed little regulations on business. The modern manager must now consider the environment in which the organisation operates and be prepared to adopt a wider perspective. That is, the manager must have a good understanding of management principles, an appreciation of the current issues and broader objectives of the total economic political, social, and ecological system in which we live, and he must posses the ability to analyze complex problems. The modern manager must be sensitive, and responsive to the environment - that is he should recognize and be able to evaluate the needs of the total context in which his business functions, and he should act in accord with his understanding. Modern management must posses the ability to interact in an ever-more-complex environment and to make decisions that will allocate scarce resources effectively. A major part of the manager’s job will be to predict what the environment needs and what changes will occur in the future. Organizations exist to combine human efforts in order to achieve certain goals. Management is the process by which these human efforts are combined with each other and with material resources. Management encompasses both science and art. In design-ing and constructing plans and products, management must draw on technology and physical science, of course, and, the behavioral sciences also can contribute to management. However much you hear about "scientific management" or "management science", in handling people aid managing organizations it is necessary to draw on intuition and subjective judgment. The science portion of management is expanding, more and more decisions can be analyzed and programmed, particularly with mathematics. But although the artistic side of management may be declining in its proportion of the whole process it will remain central and critical portion of your future jobs. In short: Knowledge (science) without skill (art) is useless, or dangerous; Skill (art) without knowledge (science) means stagnancy and inability to pass on learning; Like the physician, the manager is a practitioner. As the doctor draws on basic sciences of chemistry, biology, and physiology, the business executive draws on the sciences of mathematics, psychology, and sociology. The function of management is becoming more complex. Why? What must management possess nowadays? Management encompasses both science and art. In what can we see it?
T E X T 2
PRINCIPLES OF MANAGEMENT
Different scholars offer different sets of principles of management. The most famous are the following fourteen. But the main principle should be read as follows: "there is nothing rigid or absolute in management affairs, it is all a question of proportion". Accordingly if you view the following list of these principles as a set of important topics and sometimes applicable guidelines for managers, you will be keeping close to the spirit in which they were originally suggested.
Division of work. Within limits, reduction in the number of tasks a worker performs orthe number of responsibilities a manger has can increase skill and performance.
Authority. Authority is the right to give orders and enforce them with reward orpenalty. Responsibility is accountability for results. The two should be balanced, neither exceeding nor being less than the other.
Discipline. Discipline is the condition of compliance and commitment that results fromthe network of stated or implied understandings between employees and managers. Discipline is mostly a result of the ability of leadership. It depends upon good supervisors at all levels making and keeping clear and fair agreements concerning work.
Unity of command. Each employee should receive orders from one superior only.
Unity of direction. One manager and one plan for each group of activities having thesame objective is necessary to coordinate, unify, and focus action.
Subordination of individual interests to general interest. Ignorance, ambition,selfishness, laziness, weakness, and all human passion tend to cause self-serving instead of organization-serving behavior on the job. Managers need to find ways to reconcile these interests by setting a good example and supervising firmly and fairly.
Remuneration of personnel. Various methods of payment may be suitable, butamounts should reflect economic conditions and be administered to reward well-directed effort.
Centralization. Like other organisms, organizations need direction and coordinationfrom a central nervous system. But how much centralization or decentralization is appropriate depends upon the situation. The degree of centralization that makes best use of the abilities of employees is the goal.
Scalar chain (line of authority). The scalar chain is the chain of command rangingfrom the top executive to the lowest ranks. Adhering to the chain of command helps implement unity of direction, but sometimes the chain is too long, and better communications and better decisions can result from two or more department heads solving problems directly rather than referring them up the chain until a common superior is reached.
Order. Both equipment and people must be well chosen, well placed, and wellorganized for a smooth-running organization.
Equity. Kindliness and justice will encourage employees to work well and be loyal.
Stability of tenure of personnel. Changes in employee assignments will be necessary,but if they occur too frequently they can damage morale and efficiency
Initiative. Thinking through a plan and carrying it out successfully can be deeplysatisfying. Managers should set aside personal vanity and encourage employees to do this as much as possible.
Esprit de corps. Build teamwork.
Task. Dwell on the importance of each principle in the work of a manager. Try to exemplify your answer..
T E X T 3