Text study - раздел Философия, Учебно-методическое пособие «Economics and Plant Management»
A Basic Understanding Of Economics Is Essential If We Are To ...
A basic understanding of economics is essential if we are to be well informed citizens.
It is characteristic of any society that while wants of people are growing constantly, the economic resources required to satisfy these wants are limited and scarce. Economic resources may be classified as material resources (raw materials and capital) and labour resources (labour force and entrepreneurship). Scarcity of resources makes it necessary to save them. As a result any economic system is trying to find most of utilizing resources for the production of goods and services.
Economic environment is determined by the economic policies of the government, fiscal and monetary policies being the major factors.
Economics is the social science that studies the production, distribution and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law).
Areas of economics may be classified in various ways, but an economy is usually analyzed by use of microeconomics or macroeconomics. Macroeconomics examines the economy as a whole. It deals with the performance, structure and behavior of a national or regional economy as a whole.
In contrast, microeconomics is primarily focused on the activity of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets.
The science of economics is based upon the facts of our everyday lives. The great American economist Paul said that every economic society has to answer three fundamental questions, what how and for whom. What? What goods are to be produced with the scarce resource: clothes, food, cars, submarines, television sets? How? We have basic resources of labour, land, how should we combine them to produce the goods and services which we want? For whom? Once we have produced goods and services we then have to decide how to distribute them among the people and the economy.
Modern economics has tried to take account not only of the output of economic goods but also of economic such as pollution (ecological economics).
Welfare economics is a branch of economics that uses microeconomic techniques to determine the allocative efficiency within an economy and the income distribution associated with it. It examines the economic activities of the individuals that comprise society.
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Language practice
I. Mind the use of the words: economy, economics, economic, economical, economize.
1. 5,3 million people contribute to the economy of Belarus. Britain’s economy
Word list
Tertiary – третий, в-третьих; community services – коммунальные службы, услуги; emergency services – экстренные службы (полиция, пожарные); to result from - вытекать, происходить в результате, быть
Text study
Organizations in the economy are classified according to what they produce or provide:
– primary: extractive industries such as the “3 Fs” − f
II. Complete the sentences below using the information of the text
1. Organizations that manufacture products or construct roads, buildings are called … . 2. Private … firms are owned by individuals who hope to make a profit. 3. Land, …, … and enterprise are facto
IV. Answer the following questions
1. According to what are organizations in the economy classified? 2. What can you say about primary organizations? 3. What do secondary organizations do? 4. What kind of services do tertiary organi
II. Complete the blanks
1. An economist cannot … what will happen in future in the economic domain. 2. Economic laws are true under certain given … . 3. Economic laws tell the direction of … which is expected. 4. Complex
Language practice
I. Mind the following words and phrases.
1. Сoin, credit, currency, purchasing power, constant store of value, measure, commodity, inflation, transaction, rapidity, pr
Language practice
I. Mind the use of the words: requirements, deposit, check clearing, reserves, assets.
1. Central bank imposes reserverequirements. 2. Commercial banks promise to p
Language practice
I. Mind the use of the words: vary, variable, varied, various, variety, variation.
1. Conditions on that market are stable and do not vary very much from year t
Language Practice
I. Mind the following words and phrase.
Exhibit, exhibition, exposition, exhibitor, exposure, display, attendance, showcase, show, dedicate, agent, examine, hold, merc
Language Practice
I. Mind the following words advertising, advertisement, publicity, public relations, ads, brand, promote, trademark.
1. Advertising means making a product or service known to
Word list
Legal structure – правовая, законодательная структура; objective – цель, задача; to be associated with – быть связанным с, относиться к; profit – прибыль, доход, польза; profit motive – стимул к по
Text study
Organizations in the UK economy can be classified according to their choice of legal structure, the sector in which they operate, and their business objectives.
Two key con
Language practice
I. Match the words their definitions.
a) liability 1) one who shares something with another
b) business 2) a general inclination, direction or
Word list
Profit – прибыль, доход, польза, выгода; turnover – товарооборот, оборачиваемость; market share – доля рынка; expansion – увеличение, рост, развитие; reinvesting – реинвестирование;
Text study
The size of a firm can be measured in different ways. Popular bases are:
– profit;
– t
Language practice
I. Match the words their definitions.
a) profit
1) material wealth in the form of money or property
Word list
Production costs – заводская себестоимость, издержки производства; fixed costs – фиксированные расходы; output – выпуск, объём производства, выработка, производительность; rent – арендная плата; sa
Text study
One important way to classify production costs is to divide them into fixed and variable. Fixed costs do not change as output changes: examples include facto
Word list
Accounting – бухгалтерское дело, учёт, расчёт, начисление; account – счёт, учёт; accountant – бухгалтер, счетовод, учётчик; ledger – бухгалтерская книга, регистрационный журнал; sal
Balance Sheet
Purpose: To show the firm’s financial position.
Contents: Assets (items owned by the firm) and Liabilities (items owed by the firm): capital expenditure.
A
Language practice
IMatch the words to their definitions.
a) Sales Ledger
1) it is the main liquidity ratio
Word list
Human relations – взаимоотношения между членами коллектива; efficient – эффективный, умелый, квалифицированный; workforce – рабочая сила, трудовые ресурсы; recruit – нанимать на раб
Text study
All firms depend for their survival on a contented and efficient workforce: its human resource. A firm’s Personnel function manages its human resources.
I. Match the words to their definitions.
a) staff
1) a formal agreement between two or more parties
b) vacancy
2) one in charge of managing an enterprise or busin
Word list
Marketing function – маркетинговая функция; consumer – потребитель; to promote – продвигать, раскручивать, содействовать продаже; market research – изучение возможностей рынка; fiel
Text study
The marketing function has two key roles to play in a firm.
– It collects and analyses data from the firm’s markets and from its consumers.
– It promotes and suppo
Language practice
I. Match the words to their definitions.
a) market
1) a person who buys services or goods
IV. Answer the following questions
1. How many key roles does the marketing function have? 2. What does collecting and analyzing data involve? 3. How are data collected? 4. What research collects original data exclusively for this r
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