English for Economics: Учебное пособие для студентов экономических специальностей вузов
ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ
ВЫСШАЯ ШКОЛА ЭКОНОМИКИ
Пермский филиал
English for Economics
Под редакцией кандидата филологических наук
С. О. Глушаковой, Marcia A. Rauch, M.A. (TESOL EFL
Fellow, sponsored by the Public Affairs Section,
U.S. State Department)
Рекомендовано Научно-методическим советом
по иностранным языкам Министерства образования и
науки Российской Федерации в качестве учебного пособия
для студентов, обучающихся по экономическим специальностям
Пермь 2006
ББК 81.2Англ-923
Авторы-составители:
Антинескул О.Л., Глушакова С.О., Георгиева Н.Ю.,
Егорова И.В., Королева О.Л., Костарева Е.В., Маслова С.М.,
Пахомова О.С., Пермякова Т.М., Рачева И.А., Садикова Т.Б.,
Ухова Т.В., Халезова Е.Н., Шевелева М.С.
English for Economics: Учебное пособие для студентов экономических специальностей вузов / Под ред. Глушаковой С.О., Marcia A. Rauch, M.A. – Пермь: Пермский филиал Государственного университета – Высшей школы экономики, 2006. – 216 с.
ISBN 5-88187-286-X
Целью учебного пособия является обучение аспекту «English for Specific Purposes» на первых двух курсах экономических вузов и факультетов. В задачи обучения входит развитие навыков чтения и перевода текстов общеэкономической направленности. К текстам прилагаются задания, способствующие более глубокому пониманию текстов и содержащихся в них экономических понятий и терминов, закреплению терминологического и понятийного аппарата для дальнейшей работы по ESP. Учебное пособие содержит также набор текстов, объединенных общей тематической направленностью и позволяющих контролировать усвоение базового материала.
Печатается по решению Учебно-методического совета Пермского филиала Государственного университета – Высшей школы экономики.
Рецензенты:
доктор пед. наук Гейхман Л.К., зав. кафедрой
прикладной лингвистики и информационных
технологий образования ПГТУ
доктор фил. наук Кузменкова Ю.Б., зав. кафедрой
английского языка факультета «Менеджмент» ГУ-ВШЭ
ISBN 5-88187-286-X
Ó Коллектив авторов, 2006
Ó Пермский филиал ГУ-ВШЭ, 2006
ПРЕДИСЛОВИЕ
Предлагаемое учебное пособие предназначено для студентов I-II курсов специальностей «экономика» и «менеджмент» специализированного вуза и является результатом опыта преподавания английского языка на факультетах «Экономика» и «Менеджмент» Пермского филиала ГУ-ВШЭ. Пособие рассчитано ориентировочно на 60 часов годовых аудиторных занятий.
Целью данного пособия является развитие навыков чтения и перевода текстов общеэкономической направленности, выработки навыков понимания содержания иноязычного специального текста, которое дополняется формированием умения грамматически и лексически правильно оформлять речевые высказывания в процессе перевода, различных видов коммуникации и профессионального общения.
В рамках указанной цели учебное пособие делится на четыре части. В первой части содержатся аутентичные тексты по экономике. Первым этапом работы с текстами является их чтение и перевод. Второй этап включает выполнение заданий, способствующих более глубокому пониманию текстов и содержащихся в них экономических понятий и терминов. Вторая часть может использоваться при аудиторном контроле и/или самоконтроле студентов. Эта часть предназначена для работы над пониманием англоязычного экономического текста и содержит тексты, аналогичные по тематике текстам первой части, что позволяет контролировать усвоение базового материала.
Тематическое единство и равновеликая сложность заданий составляют внутренний принцип преемственности данного учебного пособия. Кроме того, в третьем разделе задания по чтению составлены с учетом проверки умений студентов находить искомую информацию, оперировать перифразом, сопоставлять данные, критически осмысливать и генерализировать содержание – все эти умения и навыки включены в Европейскую схему компетенций изучающего иностранный язык. К вышеупомянутым разделам прилагается глоссарий экономических терминов. Четвертый раздел учебного пособия представляет собой теоретическую часть с широким диапазоном справочных и практических материалов по грамматическим вопросам перевода. Эта информация, включающая основные правила перевода, необходима для начального этапа работы с пособием – работы по переводу текстов. На первоначальном этапе студенту рекомендуется самостоятельно прочитать и перевести текст, используя справочный материал пособия и словари. В дальнейшем при аудиторной работе могут вноситься необходимые дополнительные коррективы. Преподаватель имеет возможность гибко выстраивать учебный процесс с учетом организационных моментов и конкретных условий обучения.
CONTENTS
Part I. Texts on Economics
Microeconomics and Microeconomics The Future of Economics Economic Systems: Two Important DistinctionsLesson 9
Lesson 10
Lesson 11
Lesson 12
Glossary
Bibliography
Part I. Texts on Economics
THE SCIENCE OF ECONOMICS
Economics, like physics or meteorology, is a science to the extent that it comprises a set of analytical principles that work with consistent… The history of economic thought is replete with writers who sometimes… Although others might present the subject differently, the important point that should be derived from any historical…TASKS
I. Give the English equivalents to:
Родственная дисциплина, факторы производства, обмен, экономическое исследование, в условиях рынка, обеспечивать торговлю, определять стоимость, метод анализа, альтернатива, масштаб, основное направление.
II. Find words with similar meanings in the text:
Resources required for production, to promote commerce, the way people act, academic discussion, economic research, to remain, a related science, the first of two, to develop, a definite set of concepts, a dominant tendency.
III. Answer the following questions:
1. Why can economics be called a science?
2. What kind of science is economics? Why?
3. What other social sciences do you know?
4. What is the difference between economics and other social sciences?
5. What are the two sets of questions connected with modern economics?
6. What questions were addressed by the mainstream economists?
7. Can Marx be regarded as a mainstream economist?
8. What evidence is there that economics continues to develop?
9. What are the main areas of disagreement among contemporary economists?
IV. Are the following statements true or false? Correct the false ones:
1. To build understanding all economists use the same tools as carpenters and printers do.
2. Modern economics studies problems connected only with the market.
3. Economics is based on a set body of principles.
4. There are a lot of authors addressing both sets of questions mentioned in the text.
5. Most scientists agree on the methods and scope of economic research.
V. Render the text in English:
Экономика, подобно родственным социальным наукам (например, социологии), изучает поведение человека. Однако, в отличие от других дисциплин, экономика анализирует поведение человека в условиях рынка. Рынок – это институт, обеспечивающий торговлю и обмен.
Исследованием вопросов, связанных с рынком, занимались многие ученые. Некоторые из них рассматривали проблемы функционирования рынка (данное направление получило название основного, или ортодоксального), другие искали альтернативы рынку. В работах Карла Маркса затрагиваются оба аспекта.
Экономика – постоянно развивающаяся наука: среди экономистов не прекращается полемика по ряду ключевых моментов, таких как место экономики среди других социальных наук, методы экономического исследования и др.
VI. Give a summary of the text.
MACROECONOMICS AND MICROECONOMICS
“Macro” is derived from the Greek word makros meaning “large”. Macroeconomics considers the whole economy from a national point of view. In studying macroeconomics we turn our attention to the major forces acting and interacting within the economy. Macroeconomics in a modern economy is largely a study of government economics. Central and local governments play such a significant role in the formation and application of economic policies that it has become essential for businessmen to appreciate the bases of government economic policy. In former times, and in a very few countries perhaps still today, the free play of market forces was left to decide the level of national income, and the rate of growth of the economy. As a result of this policy of laissez-faire (“let the thing work itself out”) the economy tended to grow in spiral-like movements of business activity. Years of rapid expansion, called “booms”, were followed by years of consolidation and slower progress, called “slumps”. The economy was always growing, but it suffered from cycles of activity spiraling upwards. The more exposed members of society, the poor, and the immigrant, suffered great misery. A cry went out for more conscious control of business activity, and eventually Keynesian* economics showed the way to achieve it.
Under this final group of studies we must consider:
a) The national income; what it is, how it may be increased, and how it may be fairly shared;
b) Business cycles; their causes and cures. This involves a study of deflation, inflation, and equilibrium levels of activity in the economy;
c) Problems associated with full employment, structural unemployment, and regional under-employment;
d) The public sector of the economy; its conflict with the private sector and their reconciliation with one another;
e) Public finance;
f) The balance-of-payments problem presents itself mainly at macroeconomics levels;
g) The international implications of national policies and co-operation with other countries.
Though macroeconomics has been defined as the study of the whole, or of the aggregate, of a national economy, the central problem of it in the second half of the twentieth century is the management of prosperity to maximize individual welfare. In fact, the whole economy stands or falls by what is achieved for the individual. If I am not prosperous, what use is it to me that society as a whole is prosperous? What satisfaction do I get, when I am poor, to know that others are rich? If I am unemployed, high levels of general employment do me no good, and what use is the general security if I am insecure?
The application of economic theory to the aggregate level is a process subject to a reasonably high degree of uncertainty. No one can be absolutely sure what the outcome of a particular macroeconomic policy will be. There is though, in practical terms, every reason for the study of macroeconomics. That a point cannot be made 100% clear ought not to detract from the achievement of a highly probable prediction. Business itself is founded upon the principle of exploiting uninsurable risk. Those who operate businesses ought to appreciate what is likely to happen within the national and international economy so that they can reduce the risk element in their own businesses.
Microeconomic analysis offers a detailed treatment of individual decisions about particular commodities. For example, we might study why individual households prefer cars or bicycles and how producers decide whether to produce cars or bicycles. We can then aggregate the behavior of all households and all firms to discuss total car purchases and total car production. Within a market economy we can discuss the market for cars. Comparing this with the market for bicycles, we may be able to explain the relative price of cars and bicycles and the relative output of these two goods. The sophisticated branch of microeconomics known as general equilibrium theory extends this approach to its logical conclusion. It studies simultaneously every market for every commodity. From this it is hoped that we can understand the complete pattern of consumption, production, and exchange in the whole economy at a point in time.
Microeconomists tend to offer a detailed treatment of one aspect of economic behavior but ignore interactions with the rest of the economy in order to preserve the simplicity of the analysis. A microeconomic analysis of miners’ wages would emphasize the characteristics of miners and the ability of mine owners to pay. It would largely neglect the chain of indirect effects to which a rise in miners’ wages might give rise. When microeconomic analysis ignores such indirectly induced effects it is said to be partial analysis.
TASKS
I. Answer the following questions:
1. What do macroeconomics and microeconomics consider?
2. Why does the study of modern macroeconomics involve governments?
3. Is there any interaction of “general” and “individual” in economics? Give your reasons.
4. Despite a high degree of uncertainty macroeconomics is necessary to study. Do you agree with the statement or not? Explain your point of view.
5. What is the interconnection of macroeconomics and microeconomics?
6. What is known as a “partial analysis”?
7. John Maynard Keynes said that: “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else”. (What do you think Keynes meant by this last statement? Do you agree or disagree? Give the reasons that would support your opinion.)
II. Fill in the blanks using the correct term: microeconomics, macroeconomics, microeconomists or macroeconomists:
1. …is concerned with what actions governments can take to achieve desired ends.
2. …deliberately simplifies the individual building blocks of the analysis in order to retain a manageable analysis of the complete interaction of the economy.
3. …worry about the breakdown of consumer goods into cars, bicycles, televisions, and calculators.
4. …prefer to treat cars, bicycles, televisions, and calculators as a single bundle called “consumer goods”.
5. …ignore interactions of one aspect of economic behavior with the rest of the economy in order to preserve the simplicity of the analysis.
6. The conflict between public and private sectors exists mainly at … levels.
III. Consider which of the following matters might be classified as macroeconomic and which as microeconomic:
1. The size of aggregate output.
2. The assortment of commodities to which resources are devoted.
3. The distribution of the wealth created by the production of cars.
4. The rate of growth of output from one period to another for the economy as a whole.
IV. Match a line in A with a line in B:
| A | B |
| 1. Aggregate | A. the aggregate net product and the sole source of payment for all the agents of production |
| 2. Business cycle | B. the state of having prosperity |
| 3. Boom | C. a decrease in the supply of money usually produced intentionally by a government in order to reduce demand and check rising prices |
| 4. Co-operation | D. a period of increasing business activity |
| 5. Deflation | E. combining in bringing about the result |
| 6. National income | F. regularly recurring rhythms of business activity |
| 7. Welfare | G. bring or come together in a mass |
V. Give a summary of the text.
VI. Render the text in English:
В экономике существуют два основных раздела. В обоих разделах применяются одни и те же основные принципы. Макроэкономика изучает функционирование экономики в целом, сосредоточиваясь на таких вопросах, как инфляция, безработица и рост совокупного выпуска; почему наблюдаются спады и подъемы; почему цены растут быстрее в одном периоде, чем в другом; почему общее число безработных в экономике иногда бывает высоким, а иногда низким. Микроэкономика, наоборот, сосредоточена на изучении функционирования отдельных рынков и их взаимодействия, отдельных экономических элементов – в основном домашних хозяйств и фирм. Упор делается на цены и объемы выпуска конкретных товаров и услуг и на то, как в результате взаимодействия рынков формируется распределение ограниченных ресурсов по миллионам альтернативных направлений использования.
THE FUTURE OF ECONOMICS
The modern word “economics” has its origin in the Greek word oikonomos meaning a steward. The two parts of this word – oikos, a house, and nomos, a manager, show what economics is all about. How do we manage our house, what account of our stewardship can we render to our families, to the nation, to our descendants ?
From Socrates and Aristotle to J. M. Keynes, and Prof. J. K. Galbraith is a span of 2,250 years. It takes us from a slave society, where all but a few were poor, to an affluent democracy. Great changes of taste and fashion have occurred. Socrates rose in the morning, put on his cloak and went out into the public square to engage in conversation and discussion. His needs were few. Today we are obsessed with material wants, and struggle to the beach with a car loaded with deck chairs and aqua-lungs, towing a yacht or a power boat behind us.
Economics is the study of mankind in the everyday business of providing this enormous variety of goods and services. This book has attempted to describe the major aspects of production, distribution and exchange. It is clearly only a beginning to the vast study of specialized aspects of the economy.
Certainly economics is a liberal study. Everyone needs to know some economics, for it explains the framework of prosperity and a liberal life is only possible when prosperity exists. Historically follow the flowering of art, literature and science around the world, and you will find they flourished most where prosperity was to be found. Even today only where the economy is strong can men be spared from production to think sublime thoughts, create beautiful objects, paint immortal pictures, or compose imperishable melodies. The humblest worker in such societies is ennobled by his labour, for it alone makes possible the culture of his times.
Within the last 30 years Thomas Carlyle's characterization of economics as “the Dismal Science” has been invalidated. The new economics can handle the cycles of depression which gave such distress in the early years of the capitalist system. There are still problems to be solved, but reasonable affluence appears to be within the reach of all men if the political and social framework can be adjusted to suit the new situation. No longer do the greatest economists of their age stand aghast at the enormity of the problems. Instead they look blithely and optimistically forward to a future where the stockpiling of consumer goods ceases to be the major preoccupation of men’s minds. When private wealth is assured, social well-being becomes a possibility. We turn from investment in things to investment in man himself.
Part of that investment must include a reappraisal of our attitude to material things. If we are to avoid the exhaustion of the earth’s resources, to preserve natural beauty, to prevent the destruction of our traditional environment and protect what little innocence is left we must examine what economic growth implies for world society. Inevitably controls over economic activity seem bound to increase unless individuals can show restraint. The fullest development of man requires a return to Socratic contemplation of the state of “The Republic”.
TASKS
I. Give the English equivalents to:
Экономический рост, распределение, потребительские товары, материальные потребности, благосостояние, спад, экономический цикл, блага, капиталистическая система, изобилие, услуги, инвестиции, экономическая деятельность.
II. Find words and expressions that mean:
1. a man who is employed to look after a house and lands (old use);
2. a period of time;
3. a prosperous democratic society;
4. to spend much time in communication;
5. to move violently in a certain direction;
6. fast growth in any sphere of life;
7. deathless and timeless things;
8. to adapt to new conditions.
III. Match the terms with their definitions:
| 1. Goods | A. the period that is characterized by high unemployment, low prices, low business activity, etc. |
| 2. Services | B. the dividing up of something among a number of people or places |
| 3. Consumable goods | C. the process of giving and receiving by common agreement |
| 4. Production | D. things in everyday use such as food, clothing, and personal services, such as those of doctors, etc. |
| 5. Distribution | E. the work done by an employee, consultant or helper of any kind |
| 6. Exchange | F. all personal movable property other than money |
| 7. Depression | G. the act of using money to obtain profits |
| 8. Investment | H. the act or process of manufacturing something |
IV. Divide the text into 4 parts and formulate the main idea of each of them.
V. Answer the following questions:
1. Where does the word “economics” come from?
2. How can the word oikonomos be interpreted?
3. How can you describe a slave society and the modern world in terms of prosperity? Give your own examples.
4. What is the aim of business?
5. What are the three components of business?
6. What is the connection between prosperity and a liberal life? Can you explain your point of view?
7. How did Th. Carlyle characterize economics? Do you think Carlyle’s definition is still applicable?
8. Why is it important for us to change our attitude to material things?
VI. Give a summary of the text.
ECONOMIC SYSTEMS: TWO IMPORTANT DISTINCTIONS
Economic systems can be distinguished along many lines, but two are most fundamental. The first is: How is economic activity coordinated – by the market or by the plan?
The question does not, of course, demand an “either, or” answer. Rather the choice extends over a wide range from pure laissez-faire to rigid central planning. Society must decide which decisions it wants made in markets by individual businesses and consumers acting in their own self-interests, and which decisions it wants centrally planned so that businesses and consumers act more “in the national interest”.
The second crucial distinction among economic systems concerns who owns the means of production. Specifically, are they privately owned by individuals or publicly owned by the state? Again, there is a wide range of choice and, to our knowledge, there are no examples of nations at either the capitalist extreme where all property is privately owned or at the socialist extreme where no private property whatever is permitted. For example, while most industries are privately owned in the United States, a few are not. Many business owners face restrictions on what they can do with their capital. Automobile companies must comply with environmental and safety regulations. Private communication and transportation companies may have both their prices and conditions of service regulated by the government. Even in China, where large enterprises are publicly owned, anyone who can afford it can own a car, a bank account, or even a small business.
People tend to merge the two distinctions and think of capitalist economies as those with both a great deal of privately owned property and heavy reliance on free markets. By the same token, socialist economies typically are thought of as highly planned, as were those in the former Soviet bloc.
However, while there is an undeniable association between private ownership in a country and the degree to which it relies on markets, it is a mistake to regard these two features as equivalent. Socialism can exist with markets and capitalism can exist with rigid state planning. So, in thinking abstractly about a society’s choice among economic systems, it is best to keep the two distinctions separate.
History holds examples of planned, capitalist economies-such as Germany under Hitler, Italy under Mussolini, and Argentina under Juan Peron. To a much lesser extent, Japan and the other “Asian tigers” have also planned their capitalist economies-apparently with great success.
TASKS
I. Give the English equivalents to:
Экономическая система, невмешательство, жесткое центральное планирование, средства производства, частная собственность, сталкиваться с ограничениями, правила безопасности, предприятие, частное предприятие, общественное предприятие.
II. Answer the following questions:
1. What are the two fundamental distinctions of economic system?
2. Give examples of the capitalist extreme or the socialist extreme?
3. Are all the industries in the US privately owned?
4. Can socialism exist with markets and can capitalism exist with rigid state planning?
III. Complete the following sentences:
1. The first fundamental distinction among economic systems is…
2. The second crucial distinction among economic systems is…
3. Capitalist economies are based on a great deal of…
4. Socialist economies are thought of as…
IV. Match a line in A with a line in B:
| A | B |
| 1. Important | 1. Account |
| 2. Rigid | 2. Business |
| 3. Small | 3. Regulations |
| 4. National | 4. Market |
| 5. Publicly (privately) | 5. Planning |
| 6. Safety | 6. Interest |
| 7. Bank | 7. Owned |
| 8. Free | 8. Distinction |
V. Are the following statements true or false? Correct the false ones:
1. There are three fundamental distinctions among economic systems.
2. Most industries are privately owned in the US.
3. Business owners don’t face restrictions on what they can do.
4. In China anyone (who can afford it) can own a small business.
5. Socialism can exist with markets.
6. There are examples of nations who are at either a capitalist extreme or at a socialist extreme.
7. Capitalism can’t exist with rigid state planning.
VI. Render the text in English:
Все экономические системы имеют две фундаментальные отличительные черты. Первая: как координируется экономическая система – рынком или планированием. Вторая: кто владеет средствами производства – государство или частные лица. Смешение этих двух характеристик приводит к появлению таких понятий, как абсолютный капитализм и абсолютный социализм. Однако абсолютного капитализма не существует. Так, в капиталистическом США частные компании могут контролироваться и регулироваться государством, а в социалистическом Китае каждый, кто может себе это позволить, имеет право владеть личной машиной, банковским счетом и даже заниматься мелким бизнесом. Социализм может сосуществовать с рынком, а капитализм может иметь строгое государственное планирование, как Германия при Гитлере, Италия при Муссолини, и в более мягкой форме Япония и другие «Азиатские тигры» также планируют свою капиталистическую экономику.
VII. Give a summary of the text.
LABOUR
“Labour” is the supply of human resources, both physical and mental, which is available to engage in the production of goods and services. The supply of labour depends on two things:
- the total labour force available, i.e. the population less any sections of the population who do not work
- the number of hours per week the population is prepared to work
The Working population. The groups who do not work consist of:
Young People. The number of young people available for work varies with the education available. If education is largely a matter of parental instruction and the handing down of techniques from father to son, as in many peasant communities, children will participate in production from an early age. If education is a matter of specialist tuition by professional educators the labour supply will be correspondingly reduced as pupils and students are withheld from the labour force during their schooling.
Retired Persons. The age of retirement affects the supply of labour. If, for example, retirement at the age of 65 is normal, so that perfectly healthy and energetic men and women retire compulsory at that age, the supply of labour is reduced. Many people of retirement age today are quite capable of continuing in productive employment.
The Hours Worked per Year. If the working week is reduced the supply of labour falls, unless the resultant improvement in health enables more efficient labour to take place in the shorter working week. Today reducing the 40-hour week to 35 hours almost certainly lowers the supply of labour. Holiday periods reduce the supply of labour. Some workers prefer extra income to shorter working hours, so that “moonlighting” (doing one job by day and another in the evening) is quite common. “Moonlighting” therefore increases the supply of labour available to entrepreneurs.
The Quality of Labour. More important than the actual supply of labour is the quality of labour. It is skilled, semi-skilled, or unskilled. Skilled labour is labour which has either mastered a particular craft, like toolmaking or printing, or has been professionally trained, like doctors, dentists, lawyers, and accountants. Semi-skilled labour is in some way a misnomer, since the operatives who are described as semiskilled have in fact reached very high degrees of skill over a very limited range of activities. Such labour can be very quickly trained, in from 4 to 6 weeks at the most. Unskilled labour, as its name implies, requires little specialized training.
Skilled labour tends to be more specific than semi-skilled or unskilled labour. The idea of “specificity” is an important one in economics. If a factor of production is specific it can be used in only one particular task: for instance, a dentist must be employed in dentistry if his true talents are to be used. If we take a dentist and turn him into the fields to cut sugar cane we shall be wasting his talents. Of course it may do the dentist a world of good to find out what a hard life the cane-worker leads, but this is no substitute for the efficient use of his services in caring for his patients’ teeth.
Unfortunately, specialization can have some negative consequences. The most significant drawback is the boredom and dissatisfaction many employees feel when they do the same job over and over. Monotony can be deadening. Bored employees may be absent from work frequently, may not put much effort into their work, and may even sabotage the company. Because of these negative side effects, managers have recently begun to search for alternatives to specialization in the design of jobs. The three most common antidotes to the problems that job specialization can breed are job rotation, job enlargement, and job enrichment.
Job rotation is the systematic shifting of employees from one job to another. For example, a worker may be assigned to a different job every week for a four-week period and then return to the first job in the fifth week. The idea behind job rotation is to provide a variety of jobs so that other workers will be less likely to get bored and dissatisfied. Companies that use job rotation include Ford, Xerox, the Prudential Insurance Co. of America, and the US Nissan subsidiary.
In job enlargement, the worker is given more things to do within the same job. For example, under job specialization, each worker on an assembly line might connect three wires to the product as it moves down the line. After job enlargement, each worker might connect five wires. AT&T, IBM, and the Maytag Co. have all experimented with job enlargement.
Job enrichment is perhaps the most advanced alternative to job specialization. Whereas job rotation and job enlargement do not really change the routine and monotonous nature of jobs, job enrichment does. It is, in essence, providing workers with both more tasks to do and more control over how they do their work. In particular, under job enrichment many controls are removed from jobs and workers are given more authority. Moreover, employees are frequently given new and challenging job assignments. By blending more planning and decision making into jobs, job enrichment builds more depth and complexity into jobs. These changes tend to increase the employee’s sense of responsibility and provide motivating opportunities for growth and advancement.
Factors affecting the efficiency of labour include:
1. The general education and background knowledge of the labour force. If it has been born into the television era of an advanced society it will be knowledgeable, adaptable, and sophisticated. If it has only recently left a peasant community it will be unsophisticated, superstitious, nervous, and slow to adapt itself.
2. The general health of labour force. This may be improved by diet, and adequate welfare services of all sorts. A developing nation’s progress may be slow because a fully effective labour force depends on raising the standard of living. This is a slow process and depends on an efficient labour force. We therefore have a vicious circle, which spirals slowly upwards, but at an increasing pace as the years go by.
3. The incentives offered to labour. Where there are few incentives labour will be less efficient. Where the incentives are great labour will apply itself more assiduously.
4. The availability of other factors of high quality. This is the commonest method of increasing the efficiency of labour. If it is backed by good quality land, labour itself will be more efficient. If it is backed by well chosen tools and adequate power supplies, even a poor labour force will be highly productive.
TASKS
I. Give the English equivalents to:
Людские ресурсы, общая рабочая сила, предложение труда, пенсионный возраст, обязательный выход на пенсию, дополнительный доход, работа по совместительству, квалифицированный труд, неквалифицированный труд, полуквалифицированный труд, социальные услуги, повышать уровень жизни, стимул, повышать эффективность труда, высокопродуктивный.
II. Match the terms with their definitions:
| 1. Labour | A. an individual’s working career at a certain age with the expectation that he or she will no longer undertake paid employment. |
| 2. Job enlargement | B. having a second job “on the side” during the normal working hours of his or her main employment. |
| 3. Retirement | C. the monetary and non-monetary elements which together make up a person’s lifestyle. |
| 4. Moon-lighting | D. any form of pay system which rewards an employee or group of workers in such a way as to induce increased effort of production. |
| 5. Standard of living | E. the systematic shifting of employees from one job to another |
| 6. Incentive | F. any competence possessed by someone. In an employment context it often refers to a combination of knowledge and manual dexterity amongst manual workers. |
| 7. Skill | G. one of the three factors of production. The contribution to productive activity made by the workforce both by hand and mentally. H. giving a worker more things to do within the same job. |
III. Answer the following questions:
1. What is labour?
2. What does the supply of labour depend on?
3. What are the main population groups “who do not work”?
4. How does education influence the number of young people available for work?
5. In what way does the age of retirement affect the supply of labour?
6. What are the results of reducing of the working week?
7. What is “moonlighting”? How does it affect the supply of labour?
8. What is more important than the actual supply of labour?
9. What is skilled, semi-skilled, unskilled labour?
10. How do you understand the idea of “specificity”? Give some examples.
11. Enumerate the major factors affecting the efficiency of labour. Speak on each of them.
12. Think of possible disadvantages of job rotation, enlargement and enrichment.
IV. Are the following statements true or false? Correct the false ones:
1. Labour is the supply of physical human resources which is available to engage in the production process.
2. The number of young people available for work depends on the education available.
3. Pupils and students are usually withheld from the labour force if education is a matter of parental instruction.
4. Moonlighting decreases the supply of labour available to entrepreneurs.
5. The quality of labour is as important as the actual supply of labour.
6. Where there are more great incentives, labour will be more efficient.
7. If labour is supported with well-chosen tools and adequate power supplies, it will be highly productive.
V. Render the text in English:
Человеческий капитал включает врожденные способности и талант, а также образование и приобретенную квалификацию. Человеческий капитал создается тогда, когда человек инвестирует в самого себя. Инвестиции в человеческий капитал со временем окупаются, давая отдачу в виде более высокой заработной платы или способности выполнять работу, приносящую большее удовлетворение. Студенты имеют возможность производить огромные инвестиции в образование, а наниматели могут платить образованным людям больше. Высшее образование не увеличивает производительность работника, однако оно свидетельствует о том, что работник обладает качествами, полезными для фирмы. Образование увеличивает доходы, и поэтому инвестиции, вложенные в образование, окупаются. Однако время, проведенное на работе, также приносит свои плоды. Опытный работник гораздо ценнее для своей фирмы, чем новичок. Работники, имеющие некоторый опыт, являются более производительными, чем неквалифицированные; соответственно с приобретаемым опытом растет и оплата.
UNEMPLOYMENT
Not everyone wants a job. Those people who do are called the labor force. The labor force comprises all those people holding a job or registered as being willing and available for work.
The participation rate is the percentage of the population of working age who declare themselves to be in the labor force. The postwar growth of the labor force has been caused less by an increase in the population of working age than by an increase in participation rates, most notably by married women. The unemployment rate is the percentage of the labor force without a job but registered as being willing and available for work.
Of course, some people without a job are really looking for work but have not bothered to register as unemployed. These people will not be included in the official statistics for the registered labor force, nor will they appear as registered unemployed. Yet from an economic viewpoint, such people are unemployed. This is an important phenomenon. Economists used to classify unemployment as frictional, structural, demand-deficient, or classical.
Frictional Unemployment. This is the irreducible minimum level of unemployment in a dynamic society. It includes people whose physical or mental handicaps make them almost unemployable, but it also includes the people spending short spells in unemployment as they move between jobs in an economy where both the labor force and the jobs on offer are continually changing.
Structural Unemployment. In the longer run the pattern of demand and production is always changing. In recent decades industries such as textiles and heavy engineering have been declining in the UK. Structural unemployment refers to unemployment arising because there is a mismatch between skills and job opportunities when the pattern of demand and production changes. For example, a skilled welder may have worked for 25 years in shipbuilding but is made redundant at 50 when the industry declines in the face of foreign competition. That worker may have to retrain in a new skill which is more in demand in today’s economy. But firms may be reluctant to take on and train older workers. Such workers become the victims of structural unemployment.
Demand-deficient Unemployment. This refers to Keynesian unemployment, when aggregate demand falls and wages and prices have not yet adjusted to restore full employment. Aggregate demand is deficient because it is lower than full-employment aggregate demand. Until wages and prices have adjusted to their new long-run equilibrium level, a fall in aggregate demand will lead to lower output and employment. Some workers will want to work at the going real wage rate but will be unable to find jobs. Only in the longer run will wages and prices fall enough to boost the real money supply and lower interest rates to the extent required to restore aggregate demand to its full-employment level, and only then will demand-deficient unemployment be eliminated.
Classical Unemployment. This describes the unemployment created when the wage is deliberately maintained above the level at which the labor supply and labor demand schedules intersect. It can be caused either by the exercise of trade union power or by minimum wage legislation which enforces a wage in excess of the equilibrium wage rate.
The modern analysis of unemployment takes the same types of unemployment but classifies them rather differently in order to highlight the behavioral implications and consequences for government policy. Modern analysis stresses the difference between voluntary and involuntary unemployment.
The natural rate of unemployment is the rate of unemployment when the labor market is in equilibrium. This unemployment is entirely voluntary. A worker is involuntarily unemployed if he or she would accept a job offer at the going wage rate. So, frictional, structural and classical types are voluntary unemployment and demand-deficient is involuntary unemployment.
TASKS
I. Give the English equivalents to:
Рабочая сила, процент рабочих, временная безработица, структурная безработица, классическая безработица, безработица вследствие снижения совокупного спроса, добровольная безработица, вынужденная безработица, структура спроса производства, совокупный спрос, полная занятость, уровень полной занятости, денежная масса, ставка реальной заработной платы, ставка равновесной заработной платы, естественная норма безработицы.
II. Match the terms with their definitions:
| 1. Unemployment | A. the proportion of a country’s total population which makes up the country’s labour force. |
| 2. Unemployment rate | B. a work task or series of work tasks to be performed in order to produce a good or a service. |
| 3. Labour force | C. the pay made to an employee for the use of his or her labour as a factor of production. It is usually paid on a weekly basis and it will depend on the hourly wage rate and the number of hours which constitute the basic working week. |
| 4. Participation rate | D. the money payment made to a worker for each “unit” of his or her labour input, usually measured either on an hourly time basis, or for each unit of output produced. |
| 5. Wage rate | E. unemployment which is due to workers refusing to take paid jobs because they consider that the wage rate for such jobs are too law, particularly in relation to the employment and/or other social security benefits they are currently receiving. |
| 6. Natural rate of unemployment | F. the non-utilization of labour resources, as a result of which the actual output of the economy is below its potential gross national product. |
| 7. Wage | G. the total number of workers available for employment in a country. It comprises those people currently working as employees, the self-employed and people currently unemployed. |
| 8. Job | H. the general rate of unemployment which is consistent with a stable rate of inflation. |
| 9. Voluntary unemployment | I. unemployment which is due to workers being unable to find paid jobs even though they are prepared to work at current wage rates because there are insufficient jobs available due to recession, or because they don’t have the necessary skills to perform available work. |
| 10. Involuntary unemployment | J. the number of unemployed workers expressed as a percentage of a country’s labour force. |
III. Answer the following questions:
1. What is labour force?
2. What is unemployment rate?
3. Who is considered to be unemployed?
4. How do economists classify unemployment?
5. How is functional unemployment characterized?
6. Who becomes a victim of structural unemployment?
7. What does demand-deficient unemployment refer to?
8. How is classical unemployment described?
IV. Are the following statements true or false? Correct the false ones:
1. The labour force only comprises those people holding a job.
2. People who haven’t bothered to register as unemployed will not be included in the official statistics for the registered labour force.
3. Frictional unemployment refers to unemployment arising because there is a mismatch between skills and job opportunities when the pattern of demand and production changes.
4. Demand-deficient unemployment happens when aggregate demand falls and wages and prices have not yet adjusted to restore full employment.
5. Classical unemployment arises when the wage is deliberately maintained below the level at which the labour supply and labour demand schedules intersect.
6. The natural rate of unemployment is the rate of unemployment when the labour market is in disequilibrium.
7. Voluntary unemployment only includes classical unemployment.
V. Render the text in English:
Чтобы измерить безработицу, необходимо знать, сколько людей хотят иметь работу при текущих ставках заработной платы, но в действительности не имеют ее.
Человек, который не работал предыдущую неделю, но был болен, находился в отпуске, бастовал или не мог работать из-за плохой погоды, считается занятым. Человек, ожидающий разрешения возвратиться на работу или приступить к работе на новом месте в течение следующих 30 дней, но не работавший предыдущую неделю, считается безработным.
Существуют три способа потерять работу и стать безработным. Первый – если человека увольняют, поскольку фирма, в которой он работает, закрывается. Второй случай, когда человек временно отстранен от работы. Например, в автомобильной промышленности, когда спрос на автомобили резко понижается, фирма заявляет рабочим, что работы нет, но она надеется нанять их вновь в случае, если спрос возрастет. Третий способ – добровольно оставить работу и стать безработным по собственному желанию.
Безработица растет во время спадов и уменьшается в периоды подъемов и роста экономической активности. Каждый раз, когда наступает спад, доля безработных растет. Как только начинается подъем и расширяется экономическая активность, доля безработных снижается.
SUPPLY AND DEMAND
Demand. If production is undertaken in order to supply the “wants” of mankind demand must be the most basic idea in economics. Every individual demands goods and services. When all the individual demands are put together the resulting composite demand is what the industry must supply if people are to achieve satisfaction. In defining demand economists cannot equate “demand” with “want”, because an industry cannot be expected to supply goods and services without payment. In attempting to discover the demand for a particular commodity we only consider demand that is backed by purchasing power. Man’s wants are unlimited, but his demand for a particular item is very often limited if the price he must pay is too high. The demand for goods or services is therefore that quantity consumers will be prepared to buy at a given price, in a given period of time.
Demand is not fixed, but varies with changing conditions. The demand for silk stockings has been completely altered by the invention of nylon fiber, and the demand for bicycles in advanced nations has been greatly reduced by the development of motor vehicles. The chief factors affecting demand may be divided into the factors affecting the individual consumer or family of consumers and those factors affecting the total demand of the whole market.
Factors Affecting the Demand of Households.
b) The Income of the Household. Family income is always decisive as to whether a commodity is demanded or not. Many families own a car, some own two… c) The Necessity of the Commodity, and its Alternatives if Any. Some goods are… d) The Price of Other Goods. If the price of a commodity is high compared with the price of other goods the demand for…Factors Affecting Supply.
The price of the commodity affects the prospect of profitability of an enterprise. Every entrepreneur is assumed in economics to be engaged in… b) Conditions of Supply. They are the costs of production, the state of technological development (the more advanced the technology, the…TASKS
I. Give the English equivalents to:
Спрос и предложение, покупательная способность, товары и услуги, предприниматель, прибыльность (рентабельность) предприятия, вложенный капитал, расширять производство, поставщики.
II. Give one word from the text which matches the following definition:
A thing used instead of something else; things that are desired; any article that can be bought and sold; a person who buys goods; a person who buys goods that he will use himself; the amount of a particular good or service that will be bought by consumers at a given price; all the money coming in to an individual or a business firm.
III. Explain in your own words:
1. The population is able to back its “wants” with purchasing power.
2. Many families will never be in the car-buying income range.
3. Every entrepreneur must achieve a normal return on capital invested.
4. The great flood of supplies pours onto the market.
IV. Answer the following questions:
1. What is the demand for a particular good or service? Distinguish “demand” from “want”.
2. What is the supply of particular goods or services? What motivates an entrepreneur to supply a commodity or service?
3. What are the determinants of demand and supply?
4. What is the basis of a scale of preferences?
5. What are the seven laws of demand and supply?
V. Are the following statements true or false? Correct the false ones:
1. Man’s wants and demands are unlimited.
2. Price is decided by the interaction of demand and supply.
3. Demand is set.
4. If there is an alternative to a commodity, then it is no longer a necessity.
5. The price of a substitute cannot seriously affect the price of a good.
6. A progressive system of taxation strengthens the purchasing power of consumers.
7. The least preferred items are put on the top of the scale of preferences.
8. Even when a good is free, the amount wanted will be limited.
9. Supply describes the behavior of buyers.
VI. Explain what will happen to the demand for apples if:
1. Workers get a 10% pay raise.
2. The price for oranges and pears has fallen.
3. A health report is published saying that apples should be part of everyone’s diet.
VII. Explain what will happen to the supply of apples if:
1. Workers on farms growing apples get a 10% pay raise.
2. A new type of tree is introduced which produces 50% more apples per acre of apple orchard.
3. The price of pears doubles and stays very high over a number of years.
4. The apple crop is ruined by bad weather.
VIII. Here are some of the laws of supply and demand. Read them very carefully and correct the mistakes where necessary:
1. When the price of a commodity falls the quantity that is demanded will also fall.
2. When the price of a commodity rises the quantity that is supplied will increase.
3. A decreased supply lowers market price.
4. An increased demand raises price and brings about an extension of supply.
IX. Fill in the gaps with the words below:
Free, supply, quantity, fall, purchase, produce, supply, price, rise, quantity
Demand is not a particular __1__ such as six bars of chocolate, but rather a full description of the __2__ of chocolate the buyer would __3__ at every __4__ which might be charged. Even when chocolate is __5__ only a limited amount will be wanted. As the price of chocolate __6__ the quantity demanded __7__ other things being equal. Chocolate cannot be __8__ for nothing. Nobody would wish to __9__ if they received a zero price. Thus, __10__ is the quantity of a good sellers wish to sell at each conceivable price.
X. Render the text in English:
Спрос на некий товар – это количество товара, которое покупатели желают приобрести за некоторый период. Спрос зависит от цены данного товара и прочих факторов, включающих цены других товаров, в особенности альтернативных товаров, а также доходы покупателей и их вкусы. Предложение товара – это количество товара, которое продавцы желают продать за некоторый период. Объем предложения зависит от цены товара и других факторов, прежде всего от цен используемых в производстве ресурсов и имеющихся в распоряжении продавцов производственных технологий. Цена на конечный продукт должна быть достаточно высокой, чтобы покрывать расходы и давать прибыль. Если не будет перспективы прибыли, никто не начнет производство. Как видим, цена играет ведущую роль в модели «спрос – предложение». Как правило, при прочих равных условиях объем спроса на товар увеличивается, когда цена товара падает, и уменьшается, когда цена растет.
WANTS AND UTILITIES
The study of economics begins with understanding human wants. By “want” the economist means the endless succession of material “wants” which are displayed by all living things. Everyone needs air, food, and water to support life. If we live in some climates we need clothing and shelter from the weather. Everyone needs a home to call his own; some territory which is his, by right.
Even when we have these basic “needs”, other more advanced “wants” present themselves. We want comfortable homes, entertainment, education, and transport. As the things we want increase in variety and become more and more sophisticated, the economy becomes more intricate too, until thousands of men are cooperating in different countries to produce the raw materials, designs, and specialized machinery which are necessary for a single thing we “want” – such as an aeroplane or a motor vehicle.
Everyone has an individual scale of preferences, a ladder-like arrangements of things in one’s own mind with the most preferred items towards the top of the scale. Some things never climb up the scale higher than the first few rungs, for they are constantly leapfrogged by other unexpected items. Every father of a family can think of things, often quite essential things, which he has been meaning to buy for years, but repeatedly has to reject for other items which the children need if they are to make the progress he wishes them to make.
What is it that decides the position of an item on a consumer’s scale of preferences? The answer is that preferences are based upon the consumers’ view of utility of a particular good.
Utility is the ability to satisfy wants. The basic needs of mankind are called wants, the means of satisfying these wants are called utilities. The purpose of an economy is to create utilities which will satisfy mankind’s wants.
Total utility is the total satisfaction we derive from the possession of a commodity. Usually total utility will continue to rise as we acquire more and more of the same goods. This would certainly be true, for example, of a collector’s acquisition of antiques. It might not be quite so true of a smoker’s purchases of cigarettes. There might come a point with many commodities where total utility had reached a maximum and a further supply would be a positive nuisance.
Marginal utility is the utility of one unit of a good or service. In fact we have to value it in imaginary “units of satisfaction”. Take the housewife buying bread. Her usual daily supply is two loaves, and each of these loaves will have great utility but the first loaf more than the second.
Diminishing marginal utility sets in as soon as the first loaf is bought; each extra loaf is valued less and less. Another loaf may have negative utility and be a cause of dissatisfaction. We may say then that diminishing marginal utility sets in very soon after we have purchased a normal supply. How does the housewife choose a balanced supply of goods and services? By comparing in her mind the marginal utilities of a further unit of various goods and services, one with another, and choosing the ones which will maximize her family’s satisfaction.
The production of utilities. Satisfaction can be achieved in two ways: by the enjoyment of goods or the enjoyment of services. Goods are tangible items which either satisfy the basic requirements of human life or make that life fuller and richer. Common examples are foods, clothing, housing, furniture, books, television sets, and motor cars. The actual point of satisfaction occurs when we consume the food, or beverage, wear the clothing, make use of the furniture, and so on, so that the name consumer goods is usually applied to these tangible utilities. There is another class of goods, called producer goods. These are goods which do not yield personal satisfaction to consumers but are part of the capital assets of production. A drilling machine, or an assembly line in a factory, are examples of producer goods.
Services are intangible “utilities”, which satisfy our needs by personal attention. The dentist who extracts a painful tooth; the surgeon who sets a broken leg; the television personality who brightens an otherwise dull evening; or the hairdresser who prepares us for a social occasion are examples of people offering personal service. As with goods, there is a class of services which is not directly personal in this way, but forms part of the productive organization. Such services are commercial services; trade, banking, transport, insurance, and communications are the chief examples.
The whole purpose of production, which makes use of producer goods and commercial services in the course of its activities, is to create utilities by providing an endless flow of consumer goods and personal services. In order to achieve this production of utilities the resources available to mankind must be mobilized. These resources are called the factors of production.
TASKS
I. Answer the following questions:
1. What does an economist mean by “want”? Is there a difference between “need” and “want”?
2. What is a scale of preferences?
3. What is the basis of a scale of preferences?
4. What is utility?
5. What is the purpose of economy according to the concept of utility?
6. What are the differences between marginal and total utility?
7. How do you choose “your” supply of goods and services?
8. What are producer goods?
9. What are tangible goods?
10. What are the factors of production?
II. Match the terms with their definitions:
| 1. Utility | A. goods that satisfy personal need rather than those required for the production of other goods |
| 2. Consumer goods | B. total satisfaction derived from the possession of a commodity |
| 3. Wants | C. the ability to satisfy wants |
| 4. Total utility | D. the utility of one unit of a commodity |
| 5. Marginal utility | E. the basic needs of people |
III. Translate the words and word combinations:
Потребительская корзина, удовлетворять потребности, средства, поучать, иерархия потребностей, предельная полезность, общая полезность, уменьшающаяся предельная полезность.
IV. Are the following statements true or false? Correct the false ones:
1. If total utility reaches a maximum, a further supply is a positive nuisance.
2. A drilling machine, or an assembly line in a factory are examples of tangible items.
3. Total utility rises while marginal utility always falls.
4. Consumers base their choice of a supply of goods on the total utility they can obtain.
5. Utility is a subjective concept.
V. Render in the text English:
В экономической теории под полезностью понимается удовлетворение, получаемое потребителем от товаров и услуг, которые он покупает. Представление потребителя о полезности того или иного товара определяет его положение на индивидуальной шкале предпочтений. Поскольку ни один потребитель не может себе позволить все, что ему хочется, то он оказывается перед лицом выбора благ, которые он может позволить себе приобрести. Так выстраивается индивидуальная иерархия потребностей.
Совокупная полезность – это полное удовлетворение, которое мы получаем от обладания товаром. Предельная полезность представляет собой прирост совокупной полезности в результате потребления дополнительной единицы данного блага. Как правило, предельная полезность является убывающей, что означает, что предельная полезность тем меньше, чем большим количеством блага потребитель уже обладает.
VI. Give a summary of the text.
MARKET
A market is where buyers and sellers transact business for the exchange of particular goods and services and where the prices for these goods and services tend toward equality. In order for a market to “clear” or function properly, the quantity of goods and services demanded and supplied must be equal at some given price. At any particular point in time, markets can be in “equilibrium” or “disequilibrium” depending on whether or not aggregate supply equals aggregate demand at the prevailing price. Markets may differ in scope and do not necessarily require buyers and sellers to meet or communicate directly with each other. Business may be transacted through the use of intermediaries as well.
There are two fundamental dimensions of market definition: (i) the product market, where products group together, and (ii) the geographic market, where geographic areas group together. Market definition takes into account both the demand and supply considerations. On the demand side, products must be substitutable from the buyer’s point of view. On the supply side, sellers must be included who produce or could easily switch production to the relevant product or close substitutes. Market definition generally includes actual and potential sellers, that is, firms that can rapidly alter their production processes to supply substitute products if the price so warrants. The rationale for this is that these firms will trend to dampen or curb the ability of firms in the market to raise price above the competitive level.
The location of buyers and sellers will determine whether the geographic market is local, regional, national or international. The exchange of goods and services in the world, or global, market is known as international trade. There are three main benefits to be gained from this type of exchange.
First, international trade makes scarce goods available to nations that need or desire them. When a nation lacks the resources needed to produce goods domestically, it may import them from another country. For example, Saudi Arabia imports automobiles; the United States – bananas; and Japan – oil.
Second, international trade allows a nation to specialize in the production of those goods for which it is particularly suited. This often results in increased output, decreased costs and a higher national standard of living. Natural, human and technical resources help determine which products a nation will specialize in. Saudi Arabia is able to specialize in petroleum because it has the necessary natural resource; Japan is able to specialize in the production of televisions because it has the human resources required to assemble the numerous components by hand; and the United States is able to specialize in the computer industry because it has the technical expertise necessary for design and production.
There are two economic principles that help explain how and when specialization is advantageous. According to the theory of absolute advantage, a nation ought to specialize in the goods that it can produce more cheaply than its competitors or in the goods that no other nation is able to produce. According to the theory of comparative advantage, a nation ought to concentrate on the products that it can produce most efficiently and profitably. For example, a nation might produce both grain and wine cheaply, but it specializes in the one which will be more profitable.
The third benefit of international trade is its political effects: nations that trade together develop common interests which may help them overcome political differences. Economic cooperation has been the foundation for many political alliances, such as the EC (Common Market) founded in 1957.
TASKS
I. Match the terms with their definitions:
| 1. Equilibrium | A. an individual acting as a link between persons or companies |
| 2. Aggregate supply | B. prices now current in the market |
| 3. Aggregate demand | C. a state of balance when all the economic forces present in a situation have an equal influence and there is no tendency to change |
| 4. Prevailing price | D. the total amount of goods and services resulting from adding together all the spending power of people in the complete economy of a country |
| 5. Intermediary | E. the amount of an economic good that will be offered for sale in the market at a certain price or time |
| 6. Substitute | F. the proportion of the total demand (for a product) that is supplied by a particular manufacturer |
| 7. Market share | G. a thing that replaces or can be used in place of something |
II. Answer the following questions:
1. What is a market?
2. When does a market function properly?
3. What are the key points of market definition?
4. How do markets differ in scope?
5. What benefits can be gained from international trade?
6. Why is specialization advantageous?
7. What political changes can economic cooperation lead to?
8. How can we balance market growth and development with conservation of natural resources and protection of the environment?
III. Are the following statements true or false? Correct the false ones:
1. A market is where sellers raise or fix prices and reduce output in order to increase profits.
2. A market functions properly if the quantity of goods and services demanded and supplied is equal at some given price.
3. When a market is in disequilibrium, aggregate supply equals aggregate demand at the prevailing price.
4. Markets are all similar in scope. There are only local markets, where buyers and sellers must meet and communicate directly with each other.
5. To define a market, all you need is to identify the number of companies and products available in the market.
6. Market definition takes into account supply and demand.
7. In defining a market, potential sellers are not considered.
8. Specialization brings about a rise in both output and costs.
9. According to the theory of comparative advantage, a nation should focus on the goods that it can produce more cheaply than its competitors.
10. Economic cooperation is the best way to solve political problems.
IV. Render the following sentences in English:
- Рынок – это механизм, обеспечивающий осуществление обменных операций между продавцом и покупателем.
- Для нормального функционирования рынка необходимо состояние равновесия, когда совокупный спрос равен совокупному предложению.
- В определении рынка учитываются два аспекта: продукция и географическая территория, на которой она реализуется.
- Если фирма является единственным продавцом того или иного вида продукции, она может поднять цены с целью максимизации прибыли.
V. Give a summary of the text.
MARKETS AND MONOPOLIES
A monopoly is a situation where there is a single seller in the market. In conventional economic analysis, a monopoly is taken as the polar opposite… Comparison of a monopoly and perfect competition* reveals that the monopolist… The preceding arguments are purely static and constitute only part of the possible harm resulting from monopoly. It is…TASKS
I. Give the English equivalents to:
Естественная монополия, средние издержки, предельные издержки (краткосрочного/долгосрочного периода), монопсония, олигопсония, производственная технология, экономия от масштаба, совершенная конкуренция, однородные/неоднородные товары, научно-технический прогресс, дуополия, барьеры входа.
II. Match the terms with their definitions:
| 1. Barriers to entry | A. a market with a single buyer who has some influence over the price of his output |
| 2. Franchise | B. factors which prevent the entry of new firms into an industry |
| 3. Economies of scale | C. a situation when a single firm can serve a particular market at lower cost than any combination of two or more firms |
| 4. Monopsony | D. a situation when the average costs per unit of output decrease with an increase in the size of the output produced by a firm |
| 5. Natural monopoly | E. a market consisting of two sellers |
| 6. Duopoly | F. a market with a few buyers |
| 7. Oligopsony | G. privileges |
III. Answer the following questions:
1. What is a monopoly?
2. What is the difference between a monopoly and perfect competition?
3. Who sets prices in a monopolistic market?
4. What are the results of monopolistic behavior in a market?
5. Under what conditions does a monopoly continue to exist?
6. What are the main types of monopolies?
7. What are the distinctive features of a natural monopoly?
IV. Do the following tasks:
1. Describe a monopoly from the standpoint of conventional economic analysis.
2. Compare a monopolistic market to a normal competitive environment.
3. List all the arguments against monopolies and counter arguments in favor of monopolies.
4. Describe the conditions under which monopolies continue to exist.
5. List all kinds of monopolies and describe in what way they differ from each other.
V. Render the text in English:
Монополия характеризуется наличием одного-единственного продавца конкретного товара на рынке. Продавец обладает монопольной властью, если он может повышать цену на свою продукцию путем ограничения своего собственного объема выпуска. Монополистической конкуренции свойственны черты как монополии, так и совершенной конкуренции. Монополистическая конкуренция – это совершенная конкуренция плюс дифференциация продукции. В условиях монополистической конкуренции, как и в условиях совершенной конкуренции, не существует барьеров для входа на рынок новых фирм. Открыть новый ресторан, бензоколонку или аптеку в большинстве крупных городов не составляет труда. Но поскольку барьеры входа отсутствуют, фирмы в монополистически конкурентных отраслях не рассчитывают на получение значительной прибыли в долгосрочном периоде.
MONEY
People practising specialized production must exchange their outputs of goods and services with one another. Until a full money system has been developed, such an exchange is usually carried on by barter. This is the exchange of goods directly for other goods and services. Barter, however, has certain disadvantages. The chief of these are the need for a coincidence of wants, the difficulty of equating values, and the indivisibility of large items.
Money is a solution to the problems of barter, because each commodity or service can be exchanged for money, which can then be used by the new owner to purchase a balanced supply of utilities. Money is any medium of exchange which is generally acceptable.
Types of money.
a) Token coins. These are coins made from metals whose real value is less than the face value of the coin.
b) Paper money. Printed money is more convenient than coins, being lighter to carry and easier to handle in large quantities. One more advantage of paper money is ease in guarding against forgery. The denominations of notes can be arranged to suit price levels in common use.
c) Bank deposits. Amounts placed to the credit of customers’ accounts at banks are the same as money. These deposits can then be transferred from one person to another by means of cheques. So cheques are not money, but only orders to pay money.
Any means of payment which people are forced by law to accept in settlement of a debt is legal tender. Money need not be legal tender and in fact bank deposits, which are money, are not legal tender. If legal tender is not generally acceptable, then it will cease to be money. In Germany at the end of the Second World War, marks, which were legal tender, were often not accepted in payment whereas cigarettes often were.
Money functions as a medium of exchange, a measure of value and store of value.
a) Medium of exchange. This is the chief function of money. It overcomes the need for a coincidence of wants, since everyone “wants” money, which represents a claim against any goods or services which will yield satisfaction.
b) Measure of value. The value of goods and services is measured in terms of money. It is then known as price.
c) Store of value. Wealth can be kept in the form of money. The use of money as a store of value only applies when individuals are storing it; a whole nation could not do so.
The value of money, like the value of anything else, is whatever it can be exchanged for. It is, in effect, its purchasing power. A rise in prices means that the value of money has fallen; a fall in prices, that it has risen. The value of money changes inversely with changes in the price level. It is highly desirable that the value of money should remain stable over the years, otherwise its functions cannot be fulfilled properly.
TASKS
I. Give the English equivalents to:
Совпадение потребностей, законное платежное средство, средство обращения, мера стоимости, средство сбережения, материальные ценности, рост и снижение цены.
II. Match the terms with their definitions:
| 1. Token money | A. the form of money in which a person has a right by law to pay a debt |
| 2. Barter | B. the bank’s liabilities to its customers |
| 3. Legal tender | C. exchange of goods for goods |
| 4. Medium of exchange | D. any convenient and commonly acceptable means of payment |
| 5. Value of money | E. Coins in which the metallic content is less valuable than the face value |
| 6. Bank deposit | F. the quantity of goods and services that money will buy at a certain time |
III. Fill the gaps with the following words: coins, money, barter, legal tender, notes, value:
1. Until a full money system has been developed, trade is usually carried on by … .
2. Money is only a claim against the real goods that have … .
3. … is of no use unless wealth is created.
4. Bank of England notes are … to any amount in the UK.
5. Where devaluation of a currency is possible, foreigners are unwilling to accept the … and … of the country in question.
IV. Answer the following questions:
1. What are the disadvantages of barter?
2. What are the main functions of money?
3. What is meant by the value of money?
4. Why are these functions less effectively performed if money changes in value?
5. What is the correlation between the value of money and prices?
6. What is meant by legal tender?
V. Are the following statements true or false? Correct the false ones:
1. Barter is the exchange of goods for money.
2. Bank deposits and cheques are types of money.
3. Price is the value of goods and services measured in terms of money.
4. Paper money consists of notes issued by commercial banks.
5. One of the advantages of paper money is ease in handling in large quantities.
6. Any type of money can be classified as legal tender.
7. A rise in prices means that the value of money has also risen.
VI. Render the text in English:
C развитием рыночных отношений параллельно с товаром появляются деньги. Деньги – это особый товар, всеобщий эквивалент. Они могут обмениваться на все другие товары и удовлетворять любые потребности их владельцев. Сущность денег проявляется в их функциях.
- Средство обращения. Деньги используются при покупке и продаже товаров и услуг. Как средство обмена деньги позволяют обществу избежать неудобств бартерного обмена.
- Мера стоимости. Общество считает целесообразным использовать денежную единицу в качестве масштаба для соизмерения относительных стоимостей разнородных благ и ресурсов. Мера стоимости – это выражение стоимости товаров в деньгах, которые позволяют идеально оценивать товары до их появления на рынке.
- Средство сбережения. Поскольку деньги представляют собой наиболее ликвидное (то есть такое, которое проще всего истратить) имущество, они являются очень удобной формой хранения богатства. Владение деньгами, за редким исключением, не приносит денежного дохода, который можно получить при сохранении богатства, например, в форме недвижимого имущества или ценных бумаг. Однако деньги имеют то преимущество, что они могут быть безотлагательно использованы для выполнения любого финансового обязательства.
VII. Give a summary of the text.
PRICING
Price is one element of the marketing mix. A business must decide how to price its product. In making this decision it needs to consider:
- what are the prices charged by competitors;
- how prices can be used to increase sales of the product;
- whether the price will cover costs of production.
Competition based pricing. One factor which is likely to influence is the price of similar competitive products. To sell a bottle of Tresor, produced by L’Oreal, at ₤50 a bottle when Chanel № 5 is selling at ₤30 a bottle may lose L’Oreal sales. On the other hand, to sell it at ₤10 might not increase sales because consumers might think that Tresor was a lower quality perfume. Any business needs to think carefully about the price charged by rivals. When a perfume house sets a price which is roughly the same as that set by other perfume houses, it has decided to avoid price competition. Instead, it could attempt to get customers through advertising attractive packaging or other marketing means. On the other hand, some businesses deliberately attempt to undercut their competitors’ prices. In 1993 and 1994, for instance, The Times newspapers deliberately cut its price from 45p to 30p and then to 20p a copy to raise sales.
Market orientated pricing. Whilst thinking about prices charged by competitors, the world’s perfume manufacturers also use a number of other pricing strategies to raise sales and profits. These strategies are called market oriented pricing strategies because they are based on analyzing the market and its characteristics.
Discounts, special offers and sales. To encourage consumers to buy, the perfume houses often run special offers. The price of a bottle of perfume might be lower if another product is bought at the same time. Discounts might be offered at a particular time of the year. Top perfumes are rarely reduced in a sale because this would affect their high class image. However, many other products, like clothes, are sold at a lower price in sales.
Price discrimination. The perfume houses sell perfumes at different prices in different areas of the world. Selling the same product at different prices to different segments of the market is known as price discrimination. The perfume houses attempt to charge what the market will “bear” in order to earn the highest profit possible in each market. If, for example, consumers in the USA were prepared to pay a higher price for a bottle of Chanel №5 than consumers in the Middle East, then Chanel might charge a higher price in the USA.
Penetration pricing. A new competitor to the perfume market might be tempted to use penetration pricing. This is charging a lower price for a product at the start in order to gain market share. Once a product is established in the market, the business would raise its price. This is suitable for products where price is important in influencing spending decisions and where there is a long term market for the product. The problem with using this strategy with perfumes is that price can be linked to quality in the minds of consumers. Consumers may be happy to buy cheap sample bottles, but a low priced bottle of perfume could be seen as low quality.
Creaming. Creaming (or skimming) is the opposite of penetration pricing. It is setting a high price for a product initially and lowing it later on. It is used, for instance, with hi-tech products. When video machines first came out, they cost thousand of pounds. They were bought by companies and enthusiasts who were prepared to pay a high price for a product. However, to create a mass market for the video machines, the manufacturer had to lower the price. Again, a perfume house is unlikely to want to lower prices when a product reaches the maturity stage of its life cycle because price is often linked to image of quality with perfumes.
Cost based pricing. Perfume manufacturers are in business to make a profit. Charging a price similar to competitors is one way to set prices but might lead to losses. Another way would be to base price on costs of production. A retailer like Superdrug might use cost plus pricing. It could calculate the cost of selling a perfume, add a make-up or profit margin for its profit and this would then be the price of the bottle. The cost is the average cost and is made up of:
~ the variable cost – mainly the cost of buying the bottle from the distributor;
~ the fixed cost – such as wages of staff, rent, heating and lighting.
When the price covers both the average fixed and variable costs of the product, the business is said to be full-cost pricing. Sometimes, another competing retailer might run a special offer on a product line. Superdrug might respond by cutting its prices too, below the full-cost price. So long as the new price more than covers the variable cost, it will at least make some contribution towards paying the fixed costs of the business. This contribution might be far more than if Superdrug didn’t cut its price and sales of the product fell dramatically. In 1993, Superdrug was, in fact, in dispute with the major perfume manufacturers. They refused to sell to Superdrug unless Superdrug charged the high prices found in retailers like Harrods. The manufacturers didn’t want perfume to be sold on price. Superdrug said that its prices were based on its costs. If it had lower costs than Harrods, why should it not be allowed to sell at a lower price? The manufacturers won and have forced Superdrug to sell at higher prices than it would like to. This shows that there are many different ways to fix a price for a product.
TASKS
I. Answer the following questions:
1. What is meant by competitive pricing?
2. Why do shops have sales?
3. Why might penetration pricing be a good price strategy to use when launching a new brand of yogurts?
4. Mobile phone networks have used price creaming strategies when setting prices. Explain what this means.
5. What is meant by cost based pricing?
II. Match the terms with their definitions:
| 1. Competition based pricing | A. setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains more market share |
| 2. Cost plus pricing | B. setting a price based on an analysis of the market |
| 3. Creaming or skimming | C. fixing a price by adding a percentage profit margin to the cost of production of the good or service |
| 4. Market orientated pricing | D. the extra which is added to the cost of a product to cover the profit to be made |
| 5. Mark-up or profit margin | E. setting a price based on the charged by competitors for similar products |
| 6. Penetration pricing | F. the percentage added to the cost of production which equals the profit on the product |
| 7. Price discrimination | J. selling product at a high price, sacrificing high sales in order to earn high profits |
| 8. Profit margin | I. setting a different price for the same product in different segments of the market |
III. Give synonyms to the words and expressions from the text:
Effect, keep away from, method, pleasant-looking, example/case, planning of an action, special features, region, part, obtain/get, at the beginning, let.
IV. Render the text in English:
Установить цену нового товара трудно, так как у менеджеров мало данных для оценки потребительского спроса. Чем более новаторский характер имеет товар, тем сложнее оценить реакцию потребителей до появления товара на рынке. При установлении цен на новые товары используют два вида стратегий: «снятие сливок» и «проникновение на рынок».
При стратегии «снятия сливок» устанавливают высокую цену, предусматривая ее возможное снижение по мере появления на рынке конкурентов. Такая стратегия наиболее эффективна, если спрос на товар неэластичен, а компания пользуется патентной защитой.
В рамках стратегии «проникновения на рынок» компания устанавливает низкую цену на новый товар, чтобы предотвратить приход на рынок конкурирующих товаров. Это имеет смысл, если товар не защищен патентом, а спрос на него эластичен. Такой стратегии придерживалась компания «Bausch&Lomb», выйдя на рынок с мягкими контактными линзами в начале 70-х годов. Она проводила агрессивную ценовую политику, устанавливая в отрасли цены на 50% ниже обычных. Когда ее главный конкурент компания «Cooper-Vision» также понизила цены на свои линзы, «Bausch&Lomb» в ответ еще больше снизила цены – до 10-15 долларов.
V. Give a summary of the text.
THE PROBLEM OF INFLATION
Of the large number of definitions of inflation to be brought forward by economists, the simplest and most widely understood is that inflation is a period of rising prices. Further consideration though, reveals that in the United Kingdom some prices have reduced since the Second World War, the examples are color television sets, calculators, etc. Does this mean that there is no inflation? The answer, obviously, is ’’no’’; the measurement of inflation depends upon the general price level and it is perfectly possible for the general price level to rise while specific prices fall.
The general price level must therefore be a form of average. The normal method of calculation is by the use of price index. The best known price index, and the one usually chosen to indicate the level of inflation, is the Index of Retail Prices.
Further points arising from the index are as follows:
· The Inflation Rate
The inflation rate can be calculated by dividing the change in the index of retail prices over the last year by the starting index, and multiplying the result by 100. If we analyze the following table, we can make any calculations.
General Index of Retail Prices in the United Kingdom
| Year | Jan. | Feb. | Mar. | Apr. | May | June |
| 172.4 | 174.1 | 175.8 | 180.3 | 181.7 | 183.8 | |
| 189.5 | 190.6 | 191.8 | 194.6 | 195.7 | 197.2 | |
| 207.2 | 208.9 | 210.6 | 214.2 | 215.9 | ||
| Year | July | Aug. | Sept. | Oct. | Nov. | Dec. |
| 183.8 | 184.7 | 185.7 | 186.5 | 187.4 | 188.4 | |
| 198.1 | 199.4 | 200.2 | 201.1 | 202.5 | 204.2 | |
The calculation for May 1979 is: Inflation Rate =
· The purchasing power of the pound
Until the middle 1960s the rate of inflation was relatively low: 2-3 per cent per annum. So-called creeping inflation took place. Economists found no reason for alarm in this. In fact, after the period of depression between the wars, when for a time prices fell, some commentators were enthusiastic over rising prices. It became generally accepted in economic literature that a period of gradually rising prices was a good thing since it made businessmen optimistic about their chances of profit making. Inflation was welcomed as a sign of growth and prosperity, and no sense of danger prevailed since it was gradual. In more recent years an annual rate of 10 per cent has looked desirable but it highlights an obvious danger: when is gradual inflation no longer gradual? Most people would agree that 25 per cent per annum is too high a rate to be tolerable. But how much could be desirable? Accept inflation as a small friend and it can easily become a large and difficult enemy to deal with. The task is made more difficult by widespread disagreement over the causes of inflation.
Economists of the nineteenth and early twentieth centuries were convinced that a close link existed between the amount of money circulating within an economy and the level of its prices. Increases in the quantity of money were likely to lead to increases in prices. It was expressed in the formal way by the American economist Irving Fisher, using what became known as the Fisher Equation. The modern theorists are still maintaining that the quantity of money has a direct influence upon prices. However, one of the major problems is the uncertainty surrounding the time period which elapses between an increase in money and an increase in prices. Six months to a year and a half is not accurate enough.
During the years when monetarism was out of fashion, changes in the level of aggregate demand were used to explain why inflation occurred. Called demand inflation it takes place when supply cannot respond (i.e. when most of all resources are already employed) and leads to a rise in prices instead of to extra output. Cost inflation assumes that the collective upwards “push” of costs is sufficient to raise the general level of prices even though there has been no noticeable increase in the level of aggregate demand. In order to grasp the idea of cost inflation it is necessary to distinguish between costs in total and costs per unit of output. For example, wage rates – the rates paid to each employee – can rise and yet the wage element in each unit of output can still fall, provided that output per man rises. In such a situation any extra payments are provided for by extra sales. Then inflation is not fueled, since more output is forthcoming and costs per unit should not rise. However, in markets for labor resources the granting of one group often leads to demands that such deals be extended to other groups even though no extra productivity is forthcoming. And that is a source of cost inflation. Yet another explanation for inflation, bottleneck inflation, is a close relative of both demand and cost inflation. Bottleneck inflation assumes rising costs and rising prices long before all resources are fully employed. The basis for this assumption is that specific shortages occur in some areas – bottleneck areas – of the economy where demand is unusually heavy.
The effects of inflation can be classified at three levels: international, insular and personal. Let us examine each in turn.
· International Aspects of Inflation
By definition, trading nations function within an international community. In the international field, inflation rates have to be identical between all trading partners if trading flows are to remain undisturbed. In a world where most governments are making efforts to reduce their domestic rates of inflation, the rate of inflation in a country has come to have particular international significance. The community which lives by trading in finance regards its government’s record with regard to inflation rate as an indication of its ability to control the domestic economy. When inflation rates exceed the tolerances allowed for by a government, selling of that country’s currency often takes place. The currency consequently depreciates. The effect of this is to make inflation even worse, especially if the country concerned is a major importer of raw materials and semi-finished goods. Inflation gets worse because, when a currency floats downwards or is devalued, import prices rise. When disparate rates of inflation exist between nations, cooperation in the monetary field becomes extremely difficult.
· Insular Aspects of Inflation
Consumers soon become accustomed to inflation. The habits of saving for consumption are soon forgotten. As far as consumers are concerned the immediate purchase of goods, especially consumer durables, is the rational course – they have developed inflationary expectations. This means that they expect the present inflation to continue, and perhaps, even to get worse. In such a situation the obvious line of action is to buy now before the price rises. Of course, that only fires inflation. The other aspect is that when inflation persists it becomes increasingly difficult for businessmen and investors to calculate real rates of return on capital expenditures.
· Personal Aspects of Inflation
Inflation influences the behavior of individuals within an economy. Those who depend upon fixed sources of income find that the real value of their income flow is diminished. But there are others who can take advantage of inflation. In times of inflation fixed debt tends to diminish in significance. Hence those who have mortgages find that their incomes rise but the repayments do not and the real cost of borrowing diminishes. Vast numbers thus have at least some vested interest in continued inflation. Yet another way in which inflation affects the behavior of individuals is that it encourages them to find inflation-proof outlets for accumulated funds. Those commodities in fixed, or almost fixed, supply tend to increase in price ahead of the general rate. Such “hedges against inflation” enable a person to escape the worst rigors of an unfavorable economic climate.
The above gives the impression that causes of inflation are simple to understand and easy to regulate. This is far from the truth. In practice many governments seem powerless to reduce inflation to manageable rates. This is probably because real-life inflations are caused by a variety of factors which almost by chance coincide.
TASKS
I. Answer the following questions:
1. What is inflation?
2. How are prices increases measured?
3. Have rising prices always been regarded as a threat to the stability of an economy?
4. Why is inflation now a disadvantage?
5. What might be the consequences of inflation?
6. Are there no explanations for inflation?
7. Is inflation inevitable?
II. Match the terms with their definitions:
| 1. Inflation | A. the kind of inflation that is caused by rising costs of labour and materials, not by increased demand |
| 2. Inflationary gap | B. the lowering of the quality of products in general in order to prevent, and so to hide, an increase in price |
| 3. Creeping inflation | C. a rise in the general level of prices |
| 4. Demand inflation | D. a slow rise in the level of prices of below 2 or 3 per cent per year |
| 5. Cost inflation | E. inflation that would be much greater if the government were to remove controls on prices and wages |
| F. that part of government spending which is not covered by taxes or borrowing from the public, but is met by issuing new paper money | |
| G. an extreme form of inflation, when the money supply is being increased very rapidly, resulting in an increase of over 20% of the price level annually | |
| H. the kind of inflation caused by an excess of demand over supply resulting in a decrease in the value of money | |
| I. a state of inflation that gets worse and worse, because higher prices result in demands for higher wages; and higher wages increase costs and so cause higher prices |
III. Explain the following terms:
1. the level of inflation
2. the output per man
3. consumer durables
4. the government’s record
5. inflationary expectations
6. inflation-proof outlets
7. hedges against inflation
IV. Render the text in English:
Одним из типов инфляции является сдерживаемая инфляция. Она связана с ситуацией, когда спрос превышает предложение. Но влияние на цены путем использования таких инструментов, как контроль за ценами и нормирование (rationing), минимально. Необходимо отметить, что контроль за ценами не связан с причинами инфляции. Это просто попытка сгладить (подавить) симптомы. Избыточный спрос все равно существует, и он будет проявляться в виде очередей, списков и, почти неизбежно, в черном рынке.
V. Give a summary of the text.
BANKING
Banking centers around money and financial services. Virtually any activity involving money or advice about financial matters is undertaken by all the commercial banks. The immediate service offered by the bank is the receipt for deposit of coins, notes and cheques and the cashing of cheques, through current accounts. Coins and notes in circulation have the status of “legal tender” that is to say they must be taken in payment of a debt although the extent to which this applies in the case of coins is deliberately restricted for the sake of convenience.
The most common means of payment, particularly for significant sums of money, is a cheque since it is both safer and more convenient than using cash. However, it is not legal tender and creditors can refuse to accept it if they wish. Normally both national cheques and traveler’s cheques are readily negotiable if the bearer has some means of proving his identity and the creditor can be sure that the cheque will be “honored”. To assist the use of cheques banks now provide their customers with bankers cards which, when used in association with a cheque, will guarantee it up to a stated maximum. If a customer wishes to make payments of large amounts of money by cheque and is not known to the creditor, then he may obtain a “certified cheque” from his bank. Such a cheque is signed by the bank and therefore payment is guaranteed.
Those trading overseas, or in conditions where there may be a significant time lapse between sending out goods and their receipt by the customer, may use a Bill of Exchange as a means of payment. This is really a post-dated cheque which assures the creditor payment but also gives the buyer opportunity to inspect the goods before the transaction is completed. Those whose credit standing is unknown may have to get the Bill “accepted” before a creditor will take it. Such a process guarantees payment and most work of this kind is undertaken by the merchant banks. Because Bills are post dated creditors may have to wait some time for their money. They can overcome this problem by endorsing the Bill and then either discounting it with a Discount House or a bank or passing it on to another trader in settlement of a debt of their own. By the time it comes to maturity a Bill may have passed through several hands and on each occasion it must be endorsed. The commercial banks participate in this activity in two ways: in part by lending money to the discount houses and in part by discounting bills for their own customers.
CENTRAL BANKING: AN OVERVIEW
A major sector of any modern monetary system is the central banking system, which is important to the functioning of the private economy and the… The characteristics of the Modern Central Bank. It is difficult to give a… Monetary control. The most important characteristic of the modern central bank is its control over the monetary system…TASKS
I. Answer the following questions:
1. Why is the central banking system a major sector of any monetary system?
2. How long is the history of modern central banking?
3. What are the functions of a central bank?
4. What does the nature of a central bank depend on?
5. What are the main distinctions between central and commercial banking?
II. Are the following statements true or false? Correct the false ones:
1. The object of central banks in the monetary field is to support the Government’s activities in other fields.
2. Every bank issues its own notes.
3. Private individuals and businesses often deal with central banks.
4. Central bank is a bank officially appointed by law to work closely with the Government.
5. Commercial banks perform the duties of issuing and managing the country’s currency.
6. The commercial banking system is profit motivated.
III. Render the text in English:
Федеральная резервная система была создана в 1913 г. на основании закона, принятого Конгрессом. Наиболее важным органом в Fed является совет управляющих, находящийся в Вашингтоне, федеральный округ Колумбия. Совет состоит из семи членов, каждый из которых назначается на 14-летний срок президентом США. Совет возглавляется председателем, назначаемым из состава управляющих на 4-летний срок.
Fed – это банк банков. Коммерческие банки держат свои депозиты в Fed и осуществляют платежи друг другу через перевод средств с этих депозитов. Fed устанавливает резервные требования для всех банков.
Федеральная резервная система состоит из 12 округов, каждый из которых имеет свой резервный банк. Предоставляя совету материалы по анализу экономической ситуации в каждом из округов, банки тем самым держат совет в курсе событий, происходящих в стране.
IV. Fill in the blanks with proper words or word combinations:
board of directors maximizing profit
public and private influences top executive officers
Federal Reserve bank stockholders
public welfare
The United States is divided into 12 Federal Reserve Districts, each containing a … . A total of 25 branches serve particular areas within the various districts. Blending … , the corporate organization of the Federal Reserve banks resembles that of commercial banks. Each Reserve bank is headed by a … who select the … . Basic differences as compared with commercial banks include the absence of powers held by … in private corporations and orientation toward enhancing … rather than … .
V. Give a summary of the text.
LOANS IN THE UNITED KINGDOM
In the process of social production there can be saved up stocks of money, that are kept in the Treasury, or funds, that can be accumulated by large insurance companies, banks, pension funds as well as by private savers. These stocks could be used to make different loans. Sometimes the government lends this money to various programs in education, medicine, culture, construction, to support small business, etc., the interest rate to be paid being very low. We can instance a special program called Loan Guarantee Scheme aiming at supporting small business in the United Kingdom. At 3% interest the government guarantees 70% of the money lent by the bank to a businessman. More often the funds are used to earn extra profit. The interest rate is determined as the equilibrium price in the loan market, that is that part of the capital market which is concerned with the provision of medium-term and long-term loans to governments, commercial houses and industrial companies, or in the money market for very short-term loans.
Thus, a loan is money lent on condition that interest will be paid at an agreed rate and that the amount lent will be repaid at an agreed time or in an agreed manner. There exist many types of loans in UK economy and each of them has its specific features.
Such loans as balloon and bullet are repaid irregularly. The balloon loan is a loan where the repayments are unevenly distributed throughout the life of the loan. The borrowers usually make larger repayments as soon as they have got a possibility to return money; the larger repayments are known as the “balloons”. When the borrower pays only interest during the life of the loan and then repays all the principal as the final repayment, the loan is called a bullet loan.
There exist loans on mortgage of property. You will pay only interest during the period of the flat loan, the amount borrowed being repaid at the end of the period in cash or by arranging another loan. The table loan is repaid by regular monthly installments, and each consists partly of interest and partly of some of the amount borrowed. Thus at the end of the period of the loan all the interest and the whole of the amount borrowed will have been paid off. The name “table” relates to the table issued by building societies stating the amount of the monthly payments at various rates of interest and for various periods of loan. A building society can make the interest-only-loan to a retired person who pays only interest, leaving the principal to be repaid when the owner sells the house or when he dies.
A bank can lend money to a private person (personal loan) for the purpose of personal expenditure, such as payment of household bills or for buying consumption goods such as a motor car, boat, furniture, etc. Such loans are usually repayable by installments in less than two years and are often made without security; the rate is therefore high.
The hard and the soft loan is made by one country to another on condition that the borrower repays it in the lender’s currency (the hard loan) or the borrower’s currency (the soft loan).
There exist loan or state clubs and societies. A loan club is often a private club whose members, usually low-paid workers in a factory or office, pay regular amounts into a fund from which short-term interest-bearing loans are made to members who request them during the year. Fines are charged for late repayment, and interest is paid to members who deposit money with the club. On a certain date each year, usually just before Christmas, the entire fund is shared out among the members.
These are only a few examples of loans made in the United Kingdom.
TASKS
I. Answer the following questions:
1. What stocks of money can be used to make loans?
2. What conditions should be taken into account to make loans?
3. When is the interest rate very high and when is it very low?
4. When do you pay only interest during the life of the loan?
5. What kinds of loans are made on mortgage of property?
6. Do employees earning low wages have any opportunity to borrow money?
7. Is it beneficial for a lender to make personal loans?
II. Match the terms with their definitions:
| 1. Loan | A. the department responsible for the finances, the management of the monetary system, etc. |
| 2. Interest | B. the power of a business to earn profits |
| 3. Mortgage | C. a state of balance when the total demand is satisfied by the total supply |
| 4. Funds | D. a series of regular payments made under agreement in order to settle a debt |
| 5. Installment | E. an amount of money borrowed by an individual or a company |
| 6. Treasury | F. the thing given as a security |
| 7. Equilibrium | G. a charge paid to a person or organization that has lent you money |
| H. amounts of money |
III. Fill in each blank with one word from the box to illustrate typical collocations:
condition repayments money rates
interest security society business loan
| 1. to support | 2. to pay |
| to run______ | to sell_____ |
| small | compound |
| 3. to lend | 4. to agree on |
| to borrow_____ | to accept______ |
| to deposit | to meet |
| 5. to distribute | 6. to arrange |
| uneven_______ | to make________ |
| monthly | personal |
| 7. various | |
| agreed________ | |
| interest |
IV. Render the text in English:
Как известно, деньги, данные взаймы на условиях, что они будут возвращены или частями, или единовременно и в согласованные сроки, являются займом. Обычно заемщик платит кредитору согласованную процентную ставку, за исключением случаев беспроцентного займа. Существует теория ссудных фондов (loanable-funds theory), согласно которой процентные ставки должны подниматься или падать до тех пор, пока объем денег, который заемщики желают получить в кредит, не совпадет точно с объемами фондов, которые кредиторы хотят в этот период предложить взаймы.
V. Give a summary of the text.
MARKET RESEARCH
Businesses need information if they are to make good decisions. One way of gaining that information is by carrying out market research. There are… Many businesses are product orientated. This means that they design and make a… Businesses can also be market orientаted. This is where they try to find out what consumers want before making the…MARKETING
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that… or? A business function (and a function of non-business enterprises) that often includes elements of sales, advertising,…CONSUMER CHOICE
Economics is about scarcity, about social situations, which require that choices be made. The theory of consumer behavior deals with the way in… The theory of consumer choice has many applications. It enables us to deal… In order to derive the model of choice-making we need to describe first of all the logical structure of the choice…TASKS
I. Answer the following questions:
1. What does the theory of consumer goods enable us to do?
2. What are the components of the logical structure of the choice problem?
3. What is the difference between a substitute and a complement?
4. When do we have an income effect and a substitution effect?
5. How a given level of utility can be preserved?
6. How utility can be preserved?
II. Match the terms with their definitions:
| 1. Objects of consumer choice | A. relates quantity demanded of one good to its own price |
| 2. Engel curve | B. generates an equilibrium where the budget constraint and the highest possible indifference curve are tangential |
| 3. Maximizing consumer utility | C. can be represented by a map of non-intersecting indifference curves |
| 4. Consumer tastes | D. maps quantity demanded of one good against changes in income |
| 5. Budget constraint | E. are goods and services, yielding utility which can be ordered and measured |
| 6. Indifference curves | F. shows how the upper limit of consumption may be allocated among consumption patterns or goods at given prices |
| 7. Demand curve | G. reflect the principle of a diminish marginal rate of substitution |
III. Fill in the gaps:
1. The position of the budget curve is determined by … .
2. Consumer tastes can be represented by a map of … .
3. At constant prices, an increase in income leads to a parallel outward shift in … .
4. Income-consumption and … curves describe how the quantity demanded of a good alters with variations in income and price.
5. …may restrain the choices a consumer can make.
6. In equilibrium … substitution between goods is equal to their ratio of prices.
IV. Render the text in English:
В 19 веке многие экономисты были обескуражены следующей проблемой: почему цена воды, столь необходимой для жизни человека, настолько ниже цены алмазов, имеющих только декоративную функцию? Один простой ответ состоит в том, что алмазы редки, а вода находится в изобилии. Но такой ответ не может быть исчерпывающим, поскольку совокупная полезность, получаемая потребителями от использования воды, выше, чем от использования алмазов. Эта проблема решается в рамках концепции предельной полезности.
Потребители продолжают покупать товар до тех пор, пока отношение его предельной полезности к цене равно этому отношению для других благ. В пределе последний литр воды, который мы выпиваем, дает очень малое приращение полезности, тогда как в пределе последний алмаз, который некто покупает, как правило, делает его очень счастливым.
Чтобы как-то иначе представить суть проблемы, вообразите, что некто, имевший алмаз в один карат, умирает от жажды, и у него появилась возможность купить один литр воды за алмаз. Можете быть уверены, что он с упоением совершил бы эту сделку, потому что в этих условиях предельная полезность воды была бы намного выше предельной полезности алмаза.
Part II. Review Tests
TEST 1. (The Science of Economics; Macroeconomics and Microeconomics; The Future of Economics; Economic Systems: Two Important Distinctions)
I. Match the terms with their definitions:
| 1. Goods | A. a reduction in the level of total spending resulting in lower levels of trade, profits, and prices |
| 2. Boom | B. the raw materials, tools and machines employed in the production process |
| 3. Deflation | C. the branch of economics concerned with aggregates, such as national income, consumption, and investment |
| 4. Market | D. a period of high economic growth |
| 5. Slump | E. commodities that are tangible, usually movable, and generally not consumed at the same time as they are produced |
| 6. Macroeconomics | F. an economic condition characterized by substantial unemployment, low output and investment, etc. |
| 7. Means of production | G. the doctrine of unrestricted freedom in commerce, especially for private interests |
| 8. Laissez-faire | H. an institutional arrangement that fosters trade or exchange |
II. Put the words in the correct order:
1. Restrictions, can, on, business, do, face, with, owners, they, capital, many, their, what.
2. Analysis, commodities, individual, with, decisions, microeconomic, deals, particular, about.
3. Science, of, extent, it, principles, a, economics, to, set, is, analytical, the, comprises, that, a.
4. Studies, every, for, theory, commodity, general, market, simultaneously, equilibrium, every.
5. All, aggregate, we, purchases, discuss, of, behavior, total, the, can, households, and, production, to, firms, and.
6. Needs, it, prosperity, the, know, everyone, explains, to, framework, economics, of, some, because.
III. Fill in the gaps with the words or word combinations in italics:
Market forces, value, depression, business activity, planning, economists, welfare, inputs, economic growth, capitalist, consumer goods, national income, macroeconomics, publicly owned, management.
1. The central problem of … in the second half of the twentieth century is the … of prosperity to maximize individual … .
2. …look forward to a future where the stockpiling of … ceases to be the major preoccupation of people’s minds.
3. In former times, the free play of … was left to decide the level of …, and the rate of … .
4. Modern economics is the study of how … is determined, and how … relate to each other in production.
5. The new economics can handle the cycles of … which caused such distress in the early years of the … system.
6. Even in countries with rigid state …, where large companies are …, those who can afford it can own a small business.
7. In the past economy tended to grow in spiral-like movements of … .
IV. Are the following statements true or false? Correct the false ones:
1. Capitalism can never exist with central planning.
2. The whole economy stands or falls by what is achieved for the individual.
3. The unique feature of economics is that it studies human behavior.
4. Economics shouldn’t be regarded as a set body of principles.
5. Macroeconomics in modern society is largely a study of government economics.
6. Controls over economic activity are likely to decrease in the future.
7. The outcome of any macroeconomic policy is always certain.
8. There is still disagreement about the nature and scope of economic inquiry.
9. Private ownership in a country and its reliance on free markets are equivalent features.
10. As a rule, microeconomists focus on one aspect of economic behavior in order to preserve the simplicity of the analysis.
V. Translate the following sentences into English:
1. Экономика, в отличие от родственных социальных наук, изучает поведение человека в условиях рынка.
2. Предметом макроэкономической теории является функционирование экономики, рассматриваемой как единое целое.
3. Экономика капитализма отнюдь не исключает государственного планирования.
4. Макроэкономическое равновесие представляет собой единственный ценовой уровень, при котором объем предлагаемой на рынке совокупной продукции равен величине совокупного спроса.
5. Экономический рост – это долгосрочная тенденция увеличения реального объема производства.
6. Такие ключевые вопросы, как место экономики в ряду других дисциплин, методы и масштабы экономического исследования и др., до сих пор вызывают оживленные споры.
7. Спад – исходная фаза экономического цикла, характеризующаяся снижением деловой активности, сокращением объемов производства и инвестиций, а также ростом безработицы.
8. Различают два подхода к изучению совокупного предложения: классический (долгосрочный период) и кейнсианский (краткосрочный период).
9. В определенной точке экономического цикла объемы производства достигают максимальных значений, после чего начинается их постепенное снижение, зачастую в результате государственного регулирования.
10. В рамках микроэкономики рассматривается поведение и взаимодействие индивидов, домохозяйств, фирм и функционирование отдельных рынков.
TEST 2. (Labour, Unemployment)
I. Match the terms with their definitions:
| 1. Incentive | A. the systematic shifting of employees from one job to another |
| 2. Labour force | B. the irreducible minimum level of unemployment in a dynamic society |
| 3. Unemployment rate | C. working at a secondary job |
| 4. Sabotage | D. an additional payment made to employees as a means of increasing production |
| 5. Frictional unemployment | E. work requiring little specialized training |
| 6. Moonlighting | F. the total number of workers available for employment in a country |
| 7. Job rotation | G. the deliberate destruction, or damage of equipment, a public service, etc., by dissatisfied employees |
| 8. Unskilled labour | H. the percentage of people without a job but registered as being willing and available for work |
II. Put the words in the correct order:
1. Of, increases, labour, to, moonlighting, supply, entrepreneurs, the, available.
2. Demand, a, leads, output, in, lower, and, fall, to, employment, aggregate.
3. Difference, unemployment, and, stresses, modern, the, involuntary, analysis, between, voluntary.
4. Continuing, are, retirement, of, people, capable, age, employment, in, many, productive, of.
5. Standard, force, fully, the, raising, of, depends, living, a, labour, on, effective.
6. Motivating, and, enrichment, provide, to, advancement, job, opportunities, tends, growth, for.
III. Fill in the gaps with the words or word combinations in italics:
Working hours, specialization, job enlargement, take on, supply, wage rate, skilled, income, competition, quality, train, participation rate, redundant.
1. A lot of … workers may be made … when an industry declines in the face of foreign … .
2. In …, the employee is given more things to do within the same job.
3. More important than the actual … of labour is the … of labour.
4. The … is the percentage of the population of working age who declare themselves to be in the labour force.
5. Some workers prefer extra … to shorter … .
6. Firms are often reluctant to … and … older workers.
7. Some people want to work at the current … but can’t find jobs.
8. The most significant drawback of … is monotony.
IV. Are the following statements true or false? Correct the false ones:
1. Moonlighting is quite common because most people like working late.
2. Frictional unemployment can be reduced.
3. The labour force comprises all those employed or willing to find a job.
4. Where there are few incentives labour is less efficient.
5. Demand-deficient unemployment occurs when aggregate demand exceeds full-employment aggregate demand.
6. Skilled labour tends to be more specific than semi-skilled labour.
7. Structural unemployment is created when the wage is deliberately maintained above the equilibrium wage rate.
8. Labour is the supply of human resources, both physical and mental, which are available to engage in the production of goods and services.
9. Classical unemployment is involuntary.
10. All those people who are looking for work will be automatically included in the official statistics for the labour force, whether or not they have registered as unemployed.
V. Translate the following sentences into English:
1. В состав рабочей силы не включаются две группы населения: лица нетрудоспособного возраста, а также лица, которые по каким-либо причинам не могут или не хотят трудиться.
2. К наиболее серьезным социальным последствиям безработицы относится потеря квалификации.
3. Материальное поощрение дает стимул для повышения производительности труда.
4. Структурная безработица возникает в результате изменений в экономике, приводящих к сокращению спроса на одни профессии и повышению спроса на другие.
5. Безработные – это люди трудоспособного возраста, которые не имеют работы, но активно ее ищут и готовы приступить к работе немедленно.
6. Число фрикционных и структурных безработных в сумме составляет естественный уровень безработицы.
7. В настоящее время многие устраиваются на работу по совместительству, поскольку она приносит дополнительный доход.
8. В сложившихся экономических условиях большинство людей пенсионного возраста стараются по возможности продолжать работу.
9. Существует взаимозависимость между повышением эффективности труда и ростом уровня жизни.
10. Средства, вложенные в образование, со временем окупаются, так как они позволяют человеку найти более интересную и высокооплачиваемую работу.
TEST 3. (Wants and Utilities, Supply and Demand)
I. Match the terms with their definition:
| 1. marginal utility | A. is decided by the interaction of supply and demand |
| 2. price | B. are the basic needs of mankind |
| 3. wants | C. describes the behaviour of sellers |
| 4. total utility | D. is the desire to buy supported by the ability to pay |
| 5. effective demand | E. is the utility of one unit of a good or service |
| 6. supply | F. is the satisfaction we receive from possessing one extra unit of a commodity |
II. Put the words in the correct order:
1. wants, satisfy, which, purpose, economy, to create, mankind’s, the, of, an, is, utilities, will.
2. is, varies, changing, demand, not, but, with, fixed, conditions.
3. the, the, of, of, of, effects, price, enterprise, an, commodity, prospects, profitability.
4. “wants”, “wants”, even, we, these, when, other, present, more, themselves, have, basic, advanced.
5. are, our, by, which, services, attention, intangible, personal, “utilities”, needs, satisfy.
III. Fill in the gaps with the words in italics:
Scale, commodity, goods, price, requirements, scale, substitutes, services, purchasers, competitor.
1. An increased demand raises … .
2. When the price of a … rises the quantity that is supplied will be increased.
3. … are tangible items which either satisfy the basic … of human life or make that life fuller and richer.
4. Scale of preferences is an arrangement of things in one’s own mind with the most preferred items towards the top of the … .
5. Demand is the quantity of goods and … which … are prepared to buy at a given price in a given period of time.
6. If the goods are close … for one another, the price of one will be seriously affected by a lower price of its … .
IV. Are the statements true or false? Correct the false ones:
1. Man’s wants and demands are unlimited.
2. Demand is set.
3. Total utility usually rises while marginal utility always falls.
4. When the price of a commodity rises the quantity that is demanded will be increased.
5. Suppliers don’t vary in their ability to supply.
6. A progressive system of taxation strengthens the purchasing power of consumers.
7. If there is an alternative to a commodity, then it is no longer a necessity.
8. A decreased supply lowers market price.
V. Translate the following terms into English:
1. потребительская корзина
2. предельная полезность
3. человеческие потребности
4. убывающая предельная полезность
5. удовлетворять потребности
6. создавать полезности
7. общая полезность
8. основные требования (запросы) человеческой жизни
9. потребительские товары
10. факторы производства
TEST 4. (Market, Markets and Monopolies)
I. Match the terms with their definitions:
| 1. Equilibrium | A. prices now current in the market |
| 2. Prevailing price | B. a state of balance when all the economic forces present in a situation have an equal influence and there is no tendency to change |
| 3. Patent | C. something which encourages one to greater activity |
| 4. Barriers to entry | D. a market with single buyer who has some influence over the price of his output |
| 5. Incentive | E. protection from being copied or sold by those who do not have a right to do so |
| 6. Franchise | F. factors which prevent the entry of new firms into an industry |
| 7. Monopsony | G. privileges |
| 8. Natural monopoly | I. a market consisting of two sellers |
| 9. Duopoly | J. a situation when a single firm can serve a particular market at lower cost than any combination of two or more firms |
II. Match the two parts of the sentences:
1. Natural monopoly arises out of … .
2. Monopoly is a situation where … .
3. Monopolies can only continue to exist if … .
4. When there are only a few buyers, … .
5. An oligopoly is a market characterized by a small number of firms … .
6. Oligopoly is distinguished from perfect competition because … .
7. When all firms are of (roughly) equal size, … .
8. A market is simply a mechanism, … .
A. …which allows individuals or organizations to trade with each other
B. …the properties of productive technology
C. …who realize they are independent in their pricing and out polices
D. …the oligopoly is said to be symmetric
E. …each firm in an oligopoly has to take into account their independence
F. …there is a single seller in the market
G. …the market is defined as an oligopsony
H. …there are barriers to entry
III. Fill in the blanks with the words or word combinations in italics:
Aggregate supply, geographic areas, scope, aggregate demand, buyers, transacted, dimensions, actual, sellers, products, potential
1. Markets can be in “equilibrium” or “disequilibrium” depending on whether or not … equals … at the prevailing price.
2. Markets may be local, regional, national or international in … and do not necessarily require … and … to meet or communicate directly with each other.
3. Business may be … through the use of intermediaries as well.
4. There are two fundamental … of market definition: the product market, that is, where … group together and the geographic market, that is, where… group together.
5. Market definition generally includes … and … sellers.
IV. Are the following statements true or false? Correct the false ones:
1. When a market functions properly, the quantity of goods and services demanded and supplied must be equal at some given price.
2. Markets are similar in scope. There are only local markets where buyers and sellers must meet and communicate directly with each other.
3. To define a relevant market all you need is to identify the number of companies and products available in the market.
4. Monopolists, being largely immune from competitive pressures, do not have the appropriate incentives to minimize costs or undertake technological change.
5. An oligopoly is a market characterized by a large number of firms who realize they are dependent in their pricing and output polices.
V. Translate the following sentences into English:
1. Рынок – это открытое для всех место, где покупаются и продаются товары или услуги, напрямую или через посредников.
2. Рынок, где спрос на продукцию больше имеющегося предложения, называется рынком продавца, а рынок, где предложение превышает спрос, цены низкие, а условия сделок устанавливаются покупателями, называется рынком покупателя.
3. Монополистическая конкуренция – это ситуация, когда на рынке присутствуют несколько продавцов, каждый из которых способен устанавливать цену, то есть каждый имеет некоторую монополистическую власть.
4. Монопольное положение позволяет фирме сохранять любые сверхприбыли.
5. Цена, при которой предложение товара равно спросу на него, называется равновесной ценой.
6. Цены на аналогичные товары могут отличаться и зависеть от времени и места продажи или его качества.
7. Картель создается для взаимной пользы фирм – членов картеля.
TEST 5. (Money, Pricing, The Problem of Inflation)
I. Match the terms with their definitions:
| 1. Penetration pricing | A. selling a product at a high price, sacrificing high sales in order to earn high profits |
| 2. Creaming (skimming) | B. the quantity of goods or services that money will buy at a certain time |
| 3. Legal tender | C. the bank’s liabilities to its customers |
| 4. Demand inflation | D. selling a different price for the same product in different segments of the market |
| 5. Token money | E. the kind of inflation that is caused by rising costs of labour and materials |
| 6. Price discrimination | F. coins in which the metallic content is less valuable than the face value |
| 7. Cost inflation | G. selling an initial low price for a new product so that it is attractive to customers |
| 8. Bank deposit | H. the form of money in which a person has a right by law to pay a debt |
| 9. Barter | I. the kind of inflation caused by an excess of demand over supply resulting in a decrease in the value of money |
| 10. Value of money | J. exchange of goods for goods |
II. Put the words in the correct order:
1. system, trade, until, has, is, full, a, usually, by, on, carried, barter, developed, money, been.
2. charged, any, needs, carefully, the, by, to think, price, rivals, business, about.
3. be, the, price, must, general, a, form, level, average, of, therefore.
4. acceptable, to be, it, if, tender, is not, legal, generally, will, then, money, cease.
5. is, would, once, in, business, the, a, established, product, raise, its, market, the, price.
6. of, index, the, price, normal, of, method, is, the, calculation, by, use.
III. Fill in the gaps with the words or word combinations in italics:
Money, creaming, value, cost inflation, losses, demand inflation, increases, barter, legal tender, price
1. …is setting a high price for a product initially and lowering it later on.
2. Money is only a claim against the real goods that have … .
3. …assumes that the collective upwards “push” of costs is sufficient to raise the general level of prices.
4. Charging a price similar to competitors is one way to set prices but it might lead to … .
5. …in the quantity of money were likely to lead to increases in prices.
6. If … is not generally acceptable then it will cease to be money.
7. …is one element of the marketing mix.
8. …is of no use unless the wealth is being created.
9. …takes place when supply cannot respond (i.e. when most of all resources are already employed) and leads to a rise in prices instead of to extra output.
10. …entails the necessity of a double coincidence of wants.
IV. Are the following statements true or false? Correct the false ones:
1. Paper money is convertible into gold.
2. Bank deposits, which are money, are not legal tender.
3. A fall in prices means that the value of money has risen.
4. The value of money changes proportionally with changes in the price level.
5. The price of similar competitive products does not influence pricing.
6. When the price covers both the average fixed and variable costs of the product, the business is said to be full-cost pricing.
7. The measurement of the inflation does not depend upon the general price level.
8. The selling of the country’s currency often takes place when inflation rates exceed the tolerances allowed for by the government.
V. Translate the following terms into English:
1. стратегия «снятия сливок»
2. стратегия «проникновения на рынок»
3. ценовая дискриминация
4. индекс розничных цен
5. ползущая инфляция
6. поднимать уровень цен
7. средство сохранения стоимости
8. номинальная стоимость
9. внутренняя (реальная) стоимость
10. законное платежное средство
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TEST 6. (Banking, Central Banking, Loans in the UK)
I. Match the terms with their definitions:
| 1. Legal tender | A. a bank officially appointed by law to work closely with the government |
| 2. Central bank | B. a joint stock bank |
| 3. The balloon loan | C. the form of money in which a person has a right by law to pay a debt |
| 4. Commercial bank | D. a loan where the repayments are unevenly distributed throughout the life of the loan |
| 5. Fund | E. an amount of money borrowed by an individual or a company |
| 6. Loan | F. amounts of money |
II. Put the words in the correct order:
1. The, of, on, to, and, a, its, nature bank, setting, largely, which, according, function, time, vary, central, depends.
2. Loans, as, and, are, irregularly, such, balloon, bullet, repaid.
3. Rate, as, loan, interest, the, is, the, the, in, market, determined, price, equilibrium.
4. “Legal tender”, coins, of, the, in, and, status, notes, have, circulation.
5. Methods, central, banking, objectives, and, widely, commercial, differing, involve, and, functions.
III. Fill in the gaps with the words or word combinations in italics:
Transactions, customer, certified, loan, cheque, cash, cheque, currency, balloon
1. The most common means of payment, particularly for significant sums of money, is the … since it is both safer and more convenient than using … .
2. Central banking is an activity separate from ordinary … banking, because a central bank usually has few … with private customers, dealing primarily with commercial bank and with the national government.
3. If a … wishes to make payments of large amounts of money by … and is not known to the creditor, then he may obtain a “… cheque” from the bank.
4. The hard and the soft … is given by one country to another on condition that the borrower repays it in the lender’s … or the borrower’s currency.
5. The … loan is a loan where the repayments are unevenly distributed throughout the life of the loan.
IV. Are the following statements true or false? Correct the false ones:
1. Paper money consists of notes issued by commercial banks.
2. Coins and bills of every denomination are called legal tender.
3. Central bank is a bank officially appointed by law to work closely with the government.
4. Commercial banking system is profit motivated.
5. Functions of commercial banks are unlimited.
6. Certified cheques are always guaranteed by a bank.
7. Bills of exchange are now used mainly in foreign trade.
8. The interest rate can’t be determined as the equilibrium price in the loan market.
V. Translate the following terms into English:
1. законное платежное средство
2. дорожный чек
3. коммерческий банк
4. выплатить по чеку
5. финансовый агент правительства
6. выпускать банкноты
7. льготный заем
8. заемщик
9. закладная на имущество
10. ссудный процент
TEST 7. (Market Research, Marketing, Consumer Choice)
I. Match the terms with their definitions:
| 1. Market research | A. relates quantity demanded of one good to its own price |
| 2. Secondary data | B. the process of gaining information about customers, competitors and market trends through collecting primary and secondary data |
| 3. Engel curve | C. maps quantity demanded of one good against changes in income |
| 4. Objects of consumer | D. finding out information from secondary data choice |
| 5. Desk research | E. information which already exists |
| 6. Consumer tastes | F. goods and services, yielding utility which can be ordered and measured |
| 7. Field research | G. the process of collecting primary data |
| 8. Demand curve | H. can be represented by a map of non-intersecting indifference curves |
| 9. Marketing | I. the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. |
II. Put the words in the correct order:
1. Prefers, since, the, more, consumer, to, indifference, less, must, downwards, curves, slope.
2. Sale, in, every, a, random, respondent, an, potential, has, of, chance, chosen, equal, being.
3. Reflect, curves, the, indifference, of, principle, a, marginal, diminishing, of, substitution, rate.
4. Can, information, business, which, collect, is, from, sources, available, the, outside, business.
5. Are, goods, if, the, quantity, normal, will, demanded, increase.
6. May, data, collected, primary, be, observation, survey, through, experiment, and.
III. Fill in the gaps with the words or word combinations in italics:
Substitute, accounts, tastes of preferences, equilibrium, budget constraint, primary data, observation, marketing, force, market research
1. The way in which the consumer ranks the alternatives available is called the consumer’s … .
2. The consumer’s … shows how the upper limit on consumption may be allocated among consumption patterns or goods at given prices.
3. Marketing is a … within the organization that encourages socially and ethically responsible behaviour in the market place.
4. There is little universal agreement on the best or right definition of … .
5. Finding out about what consumers want and need, and what makes them buy, is called … .
6. …will give information about the value of sales and costs of production.
7. …are collected through direct investigation.
8. In a two-good world, a good whose quantity purchased moves together with the changes in the price of the other good is called … .
9. Maximizing consumer utility generates an … where the budget constraint and the highest possible indifference curve are tangential.
10. …can’t tell the supermarket anything about why shoppers are behaving in this or that way.
IV. Are the following statements true or false? Correct the false ones:
1. When the product is launched, a carefully researched product stands less chance of failing.
2. Surveys cannot be useful for market research purposes if the questions asked are appropriate.
3. Research involving asking questions of people or organizations is called a questionnaire.
4. Product oriented business develops products which have been researched and designed to meet the needs of consumers.
5. In equilibrium the marginal rate of substitution between goods is equal to their ratio of prices.
6. The cross elasticity of demand measures the proportional change in the quantity demanded of one good to a proportional price of another.
7. The foundation of exchange is creating or adding value for the buyer.
8. To launch a new product is never very costly.
V. Translate the following terms into English:
1. предельная полезность
2. функции маркетинга
3. проводить опрос
4. бороться за покупателей
5. вопросник
6. конкурентные предложения
7. почтовый опрос
8. делать выбор
Part III. Resource Tests
ALTERNATIVE MARKET STRUCTURES
I. Read the text. Some parts of the text have been taken out. These extracts are listed below. Complete each gap with the appropriate extract. One… a) The collective conduct of all the firms in the industry will affect the… b) Some industries tend more to the competitive extreme, and thus their performance corresponds to some extend to…Вводное занятие
- Порядок слов в английском предложении, характеристика членов предложения с точки зрения их местоположения в структуре предложения.
- Особенности системы времен английского глагола, общая характеристика групп времен английского глагола, особенности перевода английского глагола на русский язык в каждой группе времен.
- Многозначность глаголов to be, to have.
Порядок слов простого повествовательного предложения.
Члены предложения
Приступая к чтению и переводу литературы по специальности на английском языке, следует помнить о том, что связи между словами в английском предложении осуществляются не путем изменения формы самих слов (падежных и личных окончаний, как в русском), а с помощью служебных слов, таких как предлоги, вспомогательные глаголы, артикли. Каждое слово в английском предложении несет в себе грамматическую или лексическую информацию.
В отличие от русского предложения (со свободным порядком слов) английское имеет фиксированный (твердый) порядок слов.
Обязательными членами в английском предложении являются подлежащее и сказуемое, поэтому при переводе следует в первую очередь найти сказуемое и подлежащее, а затем остальные члены предложения.
Найти сказуемое достаточно просто, даже если вы не знаете значения ни одного слова в предложении, которое вам нужно перевести. Сказуемое просто определить по наличию окончания или по словам-сигналам, которые его сопровождают.
Внешними признаками английского сказуемого являются:
- окончание -s у глагола в единственном числе, третьем лице во времени Present Simple:
| Profit plays an important role in determining the allocation of resources. | Возможность получения прибыли играет важную роль при размещении ресурсов. |
- окончание -ed у правильных глаголов во времени Past Simple:
| The classical economists regarded money as no more than a medium of exchange. | Экономисты-классики рассматривали деньги всего лишь как средство обмена. |
- наличие глаголов to be, to have в любой из своих форм (am, is, are, was, were, have, has, had), поскольку они будут являться либо самостоятельными сказуемыми при использовании их в качестве смысловых глаголов, либо войдут в состав сказуемого при образовании одного из времен или передаче модального значения:
| Sales are not increasing at the moment. | Продажи сейчас не увеличиваются. |
| (часть сказуемого в Present Continuous) | |
| In many countries economic development has led to periods of rapid population growth. | Во многих странах рост экономики привел к быстрому росту населения. |
| (Часть сказуемого в Present Perfect) | |
| Changes in the rate of interest had a great effect on share prices. | Изменения в процентной ставке существенно повлияли на стоимость акций. |
| (Самостоятельное сказуемое) | |
| We had to replace this piece of equipment. | Мы были вынуждены заменить эту часть оборудования. |
| (Часть модального сказуемого) |
- наличие форм will, would, shall, should, которые вместе со смысловыми глаголами образуют сказуемое:
| When population is growing fast the proportion of the people of the younger age will be increasing. | Когда население быстро увеличивается, в нем увеличивается пропорциональное соотношение людей молодого возраста. |
| (Часть сказуемого в Future Simple) |
- наличие модальных глаголов can, could, must, may, might:
| All shareholders must receive an invitation to the meeting. | Все акционеры должны получить приглашение на собрание. |
| (Часть модального сказуемого) |
Подлежащее в английском предложении обычно расположено слева от сказуемого (перед сказуемым). Иногда отмечают, что с подлежащего начинается предложение, однако это не всегда так, поскольку перед подлежащим может находиться один из второстепенных членов предложения, что обусловлено «привязанностью» предложения в тексте к предыдущему предложению. Во всяком случае, следует помнить, что перед подлежащим никогда не может стоять предлог.
| An increase in price usually means that the production will become more profitable. | Повышение цен обычно означает увеличение прибыли. |
| (An increase – подлежащее данного предложения). |
Дополнение зависит от сказуемого. В английском предложении оно обычно находится справа от сказуемого, непосредственно после него. Чаще всего оно выражается именем существительным или местоимением, но может выражаться и ing-формой глагола. Дополнение может иметь перед собой предлог. На русский язык всегда переводится одним из косвенных падежей.
| Competition between firms will lead to the elimination of noncompetitive ones | Конкуренция между фирмами приведет к уменьшению числа неконкурентоспособных. |
| (Дополнение the elimination выражено существительным с предлогом и переводится на русский существительным в дательном падеже). |
Определение выражает собой признак предмета, т.е. подлежащего или дополнения. При наличии определений мы имеем дело уже не просто с подлежащим или дополнением, а с группой подлежащего и/или с группой дополнения. При этом нужно иметь в виду различие между определением и определителем. В отличие от определения определитель не выражает качественного признака предмета и является служебным словом. Это прежде всего – формальный признак существительного. Наиболее характерными определителями являются артикли, числительные, притяжательные и указательные местоимения. Способы выражения определения весьма разнообразны. Для большего удобства все определения могут быть разделены, в соответствии с занимаемой ими позицией, на две группы – левые и правые определения, то есть стоящие соответственно перед определяемым словом и после него.
| Last year the results were not pleasing | В прошлом году результаты были неутешительны. |
| (Last – определение, относящееся к подлежащему year). |
Обстоятельство выражает признак признака, а не предмета (в отличие от определения). Следовательно, как член предложения обстоятельство может относиться либо к сказуемому (чаще всего), либо к определению. Выражается обстоятельство обычно наречием или существительным с предлогом.
| This can be easily done. | Это можно легко осуществить. |
| This method is very difficult. | Этот метод очень трудоемкий. |
| In his report he presented a new way of this problem solving. | В своем докладе он представил новый путь решения этой проблемы. |
Кроме того, в качестве обстоятельства могут выступать инфинитив и герундий. В отличие от других членов предложения, обстоятельство – в некоторых случаях подвижный член предложения. Если оно выражено существительным с предлогом, оно может перемещаться из начала предложения в конец и наоборот.
Видо-временная система английского глагола представлена тремя группами времен: Simple – Continuous – Perfect. Иногда в отдельную группу выделяют Perfect continuous.
Важно отметить, какое основное действие выражает глагол в каждой группе времен и чем будет характеризоваться перевод глагола в каждой группе на русский язык.
В группе Simple глагол выражает обычное, повторяющееся действие:
| They appraise their employees once a year. | Раз в год они оценивают деятельность своих работников. |
В группе Continuous – длительное действие, действие как процесс. Переводиться глагол будет на русский язык глаголом несовершенного вида (то есть будет отвечать на вопрос: что делать?):
| Economic conditions are changing all the time. | Экономические условия постоянно изменяются. |
В группе Perfect глагол выражает законченное действие к определенному моменту в настоящем, прошедшем или будущем. Соответственно на русский язык глагол будет переводиться глаголом совершенного вида (что сделать?):
| Turnover has increased by 5% this year. | В этом году оборот возрос на 5%. |
Многозначность глаголов to be, to have.
Данный вопрос интересует нас, поскольку эти глаголы участвуют в образовании многих времен, а также в образовании страдательного залога. Они имеют следующие функции:
1. могут выступать в качестве смысловых глаголов и, соответственно, являться самостоятельными сказуемыми в предложении;
2. могут выступать в качестве вспомогательных глаголов при образовании времен группы Perfect (to have) и Continuous (to be), а также в качестве вспомогательного глагола при образовании страдательного залога выступает глагол to be.
3. могут являться заменителями модального глагола must в соответствующих случаях (смотри примеры в признаках сказуемого).
Занятие 1
Случаи отступления от прямого порядка слов
в английском предложении
(инверсии, усилительные конструкции)
Существует несколько случаев отступления от прямого порядка слов, которое вызывается разными причинами, например:
– необходимостью образования вопросительной формы,
– необходимостью особо выделить (усилить) тот или иной член предложения,
– необходимостью улучшить ритм предложения.
Для перевода актуальны два последних случая.
В английских предложениях смысловая насыщенность ослабляется к концу предложения. Поэтому выделяемое слово, если это не нарушает грамматических связей между словами, выносится обычно в начало предложения:
| This mistake we observed in this article. | Именно эту ошибку мы наблюдали во всех его статьях. |
В этом примере дополнение this mistake, которое согласно твердому порядку слов должно стоять после сказуемого, для смыслового выделения вынесено вперед, что дает нам право при переводе добавить усиливающее слово именно.
Отсутствие падежных и личных окончаний, в отличие от русского языка, делает перестановку слов в английском предложении ограниченным. Поэтому для смыслового выделения разных членов предложения, кроме метода простой перестановки слов в предложении (инверсия), используется также метод добавления дополнительных служебных слов (усилительная конструкция it is… that, усилительный do). Остановимся на каждом из способов более подробно:
1. Инверсия – это нарушения прямого порядка слов без внесения дополнительных элементов. Инверсия может быть простой и двойной.
а) при простой инверсии сказуемое (иногда дополнение) выносится в положение перед подлежащим. При переводе порядок слов английского предложения следует сохранять (и иногда использовать усиливающее слово).
| In the article was a new example. | В статье приводился новый пример. |
Подобная инверсия с введением дополнительного элемента there наблюдается в предложениях с оборотом there to be.
б) при двойной инверсии
- во-первых, в начало предложения выносится смысловая часть сложного сказуемого, которая может быть выражена прилагательным, причастием I, причастием II или существительным с предлогом. При этом глагол-связка или вспомогательный глагол (обычно be) стоит после обстоятельства, которое имеется (или подразумевается) в предложениях такого типа.
- во-вторых, подлежащее стоит после глагола be. Перевод следует начинать с обстоятельства (если оно есть), а смысловую часть сказуемого перенести к глаголу be.
| Important for this method is decision-making strategy | Для этого метода важным (фактором) является стратегия принятия решения. |
2. Усилительно-выделительная конструкция it is… that (помимо that могут использоваться which, who, when).
В этом случае для выделения любого члена предложения, кроме сказуемого, используются дополнительные элементы it is и that, которые как бы обрамляют выделяемое слово (ее иногда называют «рамочной» конструкцией). Первый ее элемент – it is – стоит в начале предложения, а второй – that, who, which – может находиться далеко от первого, что затрудняет обнаружение конструкции. Конструкцию (все три служебных слова) заменяют словами типа именно, только, это, как раз и продолжают перевод, сохраняя порядок слов английского предложения.
| It is this last category that is of interest to us. | Именно эта последняя категория представляет для нас интерес. |
| It was not until 1970 that he published. | И только в 1970 он опубликовал свою книгу. |
3. Усилительный глагол do.
Служебное слово – глагол do – используется в утвердительном предложении для усиления значения сказуемого. В этом случае do стоит непосредственно перед смысловым глаголом в форме инфинитива без частицы to и указывает на время, которое при переводе на русский язык переносится на смысловой глагол. Для передачи усиления в русском переводе можно использовать слова действительно, все же, наконец и т.п.
| The value does seem high in the light of this observation. | В свете этого наблюдения данное значение действительно кажется высоким. |
| It did cause some difficulties. | Это все же вызвало некоторые трудности. |
Практическое задание 1
Exercise 1. Translate the sentences, paying attention to the inversion.
1. It was in this country that a large scale of production of synthetic rubber was first organized.
2. It is countries with relatively high wage rates which make the most use of labour-saving machinery.
3. It is the act of spending which influences the prices.
4. It is for this reason that the balance of payments figures is subjected to revision in the months following their original publication.
5. It is because the fixed exchange rate puts the official reserves at risk that most governments favour some more flexible system.
6. It is governmental policies that will help keep interest rates from sinking very far, say bankers here.
7. It is precisely the unreported holdings that have probably been diversified most.
8. It was then that the industrial economies were hit by the first massive price increase.
Занятие 2
- Пассивный залог в английском языке
- Особенности перевода пассивных конструкций
Пассивная форма имеет чрезвычайно широкое распространение в английском научном языке. Следовательно, изучение особенностей английских пассивных конструкций является одним из главных грамматических аспектов перевода.
Пассивную форму (Passive voice) глагола можно отличить от активной (Active) благодаря наличию вспомогательного глагола to be перед причастием II от смыслового глагола – be + Participle II (-ed, 3-я форма).
Глагол be выражает время, число, лицо и обычно не переводится (кроме тех случаев, когда этого требуют нормы русского языка). Причастие II от смыслового глагола переводится в том времени, в котором стоит вспомогательный глагол be.
Пассивной формой (страдательным залогом) мы называем такую конструкцию предложения, при которой подлежащее не является действующим лицом (или предметом), а само подвергается действию со стороны дополнения (при этом дополнение может подразумеваться, не будучи выражено в предложении):
| Microsoft was founded by William H. Gates in 1975. | Компания Майкрософт была основана Уильямом Х. Гейтсом в 1975 г. |
При превращении активного оборота в пассивный прямое дополнение активного оборота становится подлежащим пассивного, а подлежащее активного оборота превращается в дополнение с предлогом by.
Поскольку подлежащее пассивного оборота является объектом действия, в пассивной форме могут употребляться только переходные глаголы, т.е. такие глаголы, действие которых переходит на объект, выраженный прямым дополнением, например:
| He did the work well. | Он сделал эту работу хорошо. |
| The work was done by him well. | Работа была сделана им хорошо. |
До настоящего момента мы имели полную аналогию между английской пассивной формой и русским страдательным залогом. Но существуют и особенности их употребления:
1. В русском языке только прямо-переходные глаголы употребляются в страдательном залоге, а косвенно-переходные принимают форму неопределенно-личной конструкции: о проекте этой компании говорили. В английском языке в пассивной форме могут употребляться оба вида глаголов:
Особенно часто употребляются в пассивной форме следующие косвенно-переходные глаголы:
– to account for объяснять
– to agree upon договориться
– to arrive at достигать чего-либо
– to depend on зависеть от, полагаться на
– to dispose of реализовывать
– to insist on настаивать на
– to laugh at смеяться над
– to listen to слушать
– to look at смотреть на
– to provide for предусмотреть
– to refer to ссылаться на
– to speak of говорить о
– to send for посылать за
– to take care of заботиться о
– to lose sight терять из виду
В пассивной конструкции предлог сохраняет свое место после глагола, но относится к пассивному подлежащему.
| The book is often referred to. | На эту книгу часто ссылаются. |
Перевод таких конструкций должен осуществляться с помощью неопределенно-личной формы. Если же в пассивной конструкции есть упоминание о действующем лице, то мы осуществляем перевод предложения в действительном залоге.
| The book was much spoken about by the economists. | Экономисты много говорили об этой книге. |
2. Второе отличие английской и русской форм страдательного залога заключается в следующем:
В английском языке не только прямое (или предложное косвенное), но и беспредложное косвенное дополнение может стать подлежащим пассивного оборота после некоторых глаголов, типа to give, to pay, to order, to tell, to show и др. Если в активной форме имеется два дополнения – прямое и беспредложное косвенное, то любое из них может выполнять роль подлежащего в пассивном обороте. The company offered him a job (job – прямое дополнение, him – беспредложное косвенное). Такое предложение может быть перестроено в пассивную форму двумя параллельными способами:
- A job was offered to him by the company.
- He was offered a job by the company.
Перевести такие предложения можно двумя способами:
- Неопределенно-личной формой (если нет указания на действующее лицо):
| He was offered a job. | Ему предложили работу. |
- Предложением в действительном залоге (при наличии действующего лица):
| He was offered a job by the company. | Компания предложила ему работу. |
3. Третье отличие английской пассивной формы от русской состоит в том, что некоторые английские переходные глаголы имеют в русском языке эквиваленты в виде непереходных глаголов, например:
– to enter a room войти в комнату
– to join a society вступить в общество
– to follow the man следовать за человеком
– to attend a meeting присутствовать на собрании
Пассивные конструкции с этими глаголами могут переводиться двумя способами:
1. Неопределенно-личной формой (при отсутствии дополнения с предлогом by):
| The product was launched. | Продукт выпустили. |
2. Действительным залогом (при наличии указания на действующее лицо):
| The product was launched by our rivals | Продукт выпустили наши конкуренты. |
Итак, многообразие возможностей передачи на русский язык английской пассивной конструкции можно свести к четырем основным способам перевода.
1. Конструкцией, аналогичной конструкции английского предложения, т.е. с помощью глагола «быть» и краткой формы страдательного причастия (в настоящем времени глагол «быть» опускается):
| This decision was made by CEO. | Решение было принято исполнительным директором. |
2. Глаголами, оканчивающимися на -ся, (-сь):
Решение принималось исполнительным директором.
3. Неопределенно-личным оборотом в действительном залоге:
| Sales representatives were asked to render an account. | Торговых представителей попросили сделать отчет. |
4. Действительным залогом (возможно только при указании на действующее лицо):
| These values are influenced by buyers’ experience. | Опыт покупателей оказывает влияние на эти значения. |
Выбор способа перевода диктуется соображениями стиля.
Практическое задание 2
Exercise 1: Translate into Russian.
1. Most government securities are marketable and may be bought and sold on the Stock Exchange.
2. The precious metals were first used as money on the basis of weight.
3. This question was raised at the last meeting and no conclusion was reached then.
4. These products have been designed by a special team.
5. Based on the total figure, it appears that an error was made in the budget.
6. The price of a product is determined by the interaction of demand and supply.
7. Raw materials and agricultural products are usually sold in open markets, where the influence of cost on supply is much less pronounced.
8. An industry which is being increasingly mechanised may be employing less labour but increasing its output.
9. The gradual trend towards larger enterprises has not been confined to manufacturing industry.
10. Each individual firm may obtain its components and other requirements at relatively low cost because they are being mass produced for the industry.
11. Units of production are officially referred to as establishment.
12. The ordinary share capital of a company is usually referred to as the equity of the company.
13. The output of agricultural products is seriously affected by variations in weather conditions.
14. The management knew what prices were being asked for the commodity in every part of the market.
Занятие 3
Модальные глаголы
Модальные глаголы выражают не действие, а отношение к действию (возможность, вероятность и необходимость его совершения), поэтому никогда не употребляются самостоятельно, а только в сочетании со смысловыми глаголами.
При передаче модальности с английского языка на русский язык следует учитывать, что в русском нет такой разветвленной системы модальных глаголов, но он гораздо богаче модальными частицами и словами, а также модально-временными глагольными формами, которые позволяют выражать любые модальные оттенки мысли. Выбор способа перевода может быть сделан лишь на основе анализа всего контекста. Поскольку английские модальные глаголы многозначны, одному английскому модальному глаголу могут соответствовать либо несколько русских, либо вообще придется отказаться от их использования из-за неточного соответствия основному значению английского глагола и использовать вводные модальные слова и выражения. Например:
| The contract must have been signed | Контракт, должно быть, уже подписан. |
Ниже приводятся модальные глаголы в значениях, наиболее широко употребляемых в финансово-экономических текстах.
Can
1. Предполагаемая возможность выполнения какого-либо действия благодаря:
а) наличию соответствующих объективных условий:
| The plan can be realized now. | План теперь может быть выполнен (вероятно, возможно). |
б) существующим законам
| The agreement can be ratified now. | Теперь соглашение может быть ратифицировано (как это и предусмотрено законом, т.к. все формальности соблюдены). |
2. Сомнение (удивление) в возможности чего-либо:
В вопросительном предложении – can/could + перфектный/неперфектный инфинитив.
| Can/could it really have happened? | Неужели (не может быть; разве может/ могло…) это действительно случилось? |
3. Неуверенность, сомнение (говорящего) в чем-либо:
В отрицательном предложении – can’t/couldn’t have happened.
| This can’t/couldn’t have happened. | Не может быть (вряд ли; маловероятно, чтобы…; едва ли), чтобы это произошло. |
May
1. Допущение возможности осуществления чего-то при определенных условиях.
| The prices may rise again within two weeks. | Возможно (вероятно; может так случиться, что…; пожалуй…), цены вновь поднимутся в течение ближайших двух недель. |
2. Предположение с оттенком неуверенности, сомнения.
May/might + неперфектный инфинитив.
| This proposal may prove to be a solution. | Может быть (не исключено, что…; возможно…; вероятно…; как будто…; словно…) это предложение и окажется решением проблемы. |
Have to
Have to + неперфектный инфинитив. The contract has to be revised. Придется контракт…To be to
Долженствование, обусловленное договоренностью или планом (to be + перфектный инфинитив).
| This contract is to be signed early next week. | Контракт должен быть подписан в начале следующей недели. |
Прошедшая форма модального глагола to be в сочетании с перфектным инфинитивом означает, что планируемое действие не было выполнено.
| The conference was to have started as planned but… | Конференция должна была начаться, как и планировалось, но… |
Must
1. Долженствование в самом широком смысле без какой-либо субъективной или объективной оценки сообщаемого (must + неперфектный инфинитив).
| You mustn’t enter a joint venture unless both parties benefit from the deal. | Вы должны участвовать в деятельности совместного предприятия только при наличии выгоды для обеих сторон. |
2. Большая степень уверенности (вероятности): must + перфектный инфинитив.
| The amendment must have been already approved. | Поправка, должно быть, уже одобрена (очевидно; по всей вероятности; явно; скорее всего). |
Значение большой степени вероятности выражается также сочетаниями «to be sure (certain) +инфинитив» Кроме того, значение предложения, граничащего с уверенностью (но выраженного в несколько смягченной форме), передается в английском языке сочетанием: «will + неперфектный/перфектный инфинитив».
| You will have heard the latest results, I believe. | Я думаю, что Вы, должно быть (конечно же), уже слышали о последних результатах. |
Практическое задание 3
Exercise 1: Translate into English, paying attention to modal verbs.
1. What’s more, Americans may have to endure the squeeze of yet another round of interest rate hikes.
2. Borrowers, he warns, are unlikely to be surprised if the prime rate for commercial firm, falls as low as 15 per cent.
3. The highly visible financial problems of Mexico have called into question the stability of other countries and brought to the fore-front a fear that IMF and World Bank may not be financially equipped to deal with a crises of this kind.
4. Finance ministers from Britain, West Germany, France, Japan and the US are to discuss with the IMF managing director the coordination of their economic policies.
5. The crisis in the Eurocredit market was mitigated by prospect that it may be some time before debt service arrears now exceeding $26 bn can be reduced to manageable proportions.
6. There may still be room for further cuts, and there was some optimism in the City yesterday that further falls may be close, but the banks seem unlikely to take early action.
7. The effect of the latest issue is to lift the bank’s gearing from about 12 per cent to 20 per cent – well within the international ceiling.
8. It will be readily appreciated that this practice in bound to cause frustration among German exporters and banks that cannot be without consequences in the long run.
9. But they (banks) will, more than at present, have to get closer to the realities of the economic world and take calculated risks.
10. Countries with heavy foreign debt must be able to export if they are to service their debt without cutting back.
11. The US officials had repeatedly predicted that US interest rates were likely to climb back to their record levels of about 20 per cent.
Занятие 4
Слова-заместители существительных;
слова-заместители глаголов
Слова-заместители – это служебные слова, которые используются вместо слов, уже упомянутых в данном или предыдущем предложении.
Существуют слова-заместители и для существительных, и для глаголов. При переводе на русский язык предложений с такими словами рекомендуется повторить замененное слово.
Слова-заместители существительных.
Кроме личных местоимений в именительном и объектном падежах, вместо существительных используются и другие слова:
1. mine, ours, his, hers, theirs, yours – это особая форма притяжательных местоимений, которая используется вместо сочетания существительного с притяжательным местоимением:
| Our procedure is more practical than theirs (their procedure). | Наш метод более практичен, чем их (метод). |
2. that, those – используются вместо существительных, которые имеют правое определение, поэтому в английском предложении после that, those следует или предлог (чаще всего of), или причастие (чаще всего Participle II), или прилагательное, а не существительное, как это бывает в случае, если that, those являются указательными местоимениями.
| This point of view is that of a mathematician rather than an economist. | Эта точка зрения является точкой зрения математика, а не экономиста. |
| These results are more reliable than those received by our rivals. | Эти результаты надежнее, чем результаты, полученные нашими конкурентами. |
3. this, these – обычно используются в качестве подлежащего. За ними поэтому следует глагол. Эти слова-заместители заменяют существительное предшествующего предложения. Если при переводе невозможно повторить ранее упомянутые слова, то следует использовать служебные слова типа это, все это, все они, все эти явления и т.д.
| These were some successive changes in price. | Они представляли собой несколько последовательных изменений в цене. |
| This confirms our earlier suggestion. | Это (явление, открытие) подтверждает наше раннее предположение. |
4. one (ones) – обычно заменяет существительное, которое имеет левое определение. Может заменять существительное во мн. числе. Тогда используется форма ones.
| Among the disadvantages the following ones can be mentioned. | Среди недостатков можно упомянуть следующие (недостатки). |
5. the former … the latter – эти слова-заместители имеют значение «первый (из них)… последний (из упомянутых)». Однако во многих случаях в русском предложении следует повторить замененное слово, например:
| The latter procedure is much more complicated than the former one. | Последняя (из упомянутых) процедур сложнее, чем первая. |
Данные слова-заместители обычно употребляются в паре вместо двух существительных. Однако они могут использоваться и отдельно друг от друга, если автора интересует только первый или только последний из всех (необязательно из двух) предметов, явлений, упомянутых ранее.
| In this paper, we shall take the former approach. | В этой статье мы будем использовать первый метод. |
| This latter case is considerably more difficult to represent. | Этот последний случай воспроизвести значительно труднее. |
Слова-заместители глаголов-сказуемых.
1. Do – глагол, который ставится вместо выраженного только смысловым глаголом сказуемого предыдущего предложения. Он обозначает время и согласуется с подлежащим. При переводе следует повторить замененный глагол, особенно в тех случаях, когда времена, обозначенные смысловым глаголом и глаголом-заместителем, не совпадают.
| We will consider the ways to control business activity as Keynesian economics did. | Мы будем рассматривать возможности контроля за деятельностью предпринимательства как рассматривала их кинезианская экономика. |
2. Первый вспомогательный глагол. Если сказуемое является многочленным, то для замены его используется первый вспомогательный глагол, выражающий временную или модальную характеристики. При переводе на русский язык следует повторить смысловой глагол, ставя его в том времени, на которое указывает вспомогательный глагол-заместитель, например:
| As science has evolved so has its meaning. | По мере того как развивается наука, растёт и её значение. |
3. Служебное слово «so». Если сказуемое, которое должно повторяться, является составным и его именная часть выражена прилагательным, существительным или наречием, то в качестве слова-заместителя (смысловой части) используется so. При переводе следует повторить смысловую часть сказуемого. Например:
| These data are very important for theory, and less so for practice | Эти данные очень важны для теории и менее важны для практики. |
Практическое задание 4
Exercise 1: Translate into Russian the following sentences. Mind the difference in the meaning of the word one.
1. In a small country like the UK where there are strong trade unions, one should not expect to find any very great differences in regional wage rates.
2. One cannot draw any conclusions about the effect of a price change unless one knows the cause of the price change.
3. One can see that a fall in price may be associated with an increase or decrease in quantity demanded – it all depends upon what caused the price change.
4. Normally, this period will be a very short one.
5. An increase in the demand for wool by one industry will raise the price and affect the prices of all the other commodities made from wool.
6. Lead and zinc are found in the same ore so that the extraction of one leads to the extraction of the other.
7. One very important example of his relationship is to be found in the transport industry.
8. Where commodities are in joint supply an increase in the demand for one of them will cause a fall in the price of the other.
9. In a perfect market, there will be one and only one market price which is beyond the control of any one buyer or any one seller.
10. At one time most of world’s nickel was obtained from a certain area in the Rockies.
11. One often hears complains from workers in different industries that they “have lost out in recent wage settlements”.
12. As one should expect, total output is much greater when the countries specialize.
13. According to many employers older workers are more reliable and loyal than younger ones.
Exercise 2: Translate the following sentences, paying attention to the words “that/those”.
1. Although there are more male births than female births, the number of females in total population exceeds that of males.
2. These rates are higher than those in most Western European countries.
3. The most widely used indicator of monopoly power is that of the market share.
4. Unofficial strikes are those which do not have full support of trade union.
5. The rate of savings in rich countries is much higher than that in poor countries.
6. The aim of monetary policy are the same as those of economic policy generally.
7. This is due to the greatest element of risk and the fact that administrative cost of small loans are proportionally greater than those for larger loans.
8. The most common definition of an industry is that used in official statistics which groups firms into industries according to physical and technical properties of their principle products.
9. The selling costs of the larger firm will be much greater than those of smaller firm.
10. Internal economies of scale are those which arise from the growth of the firm independently of what is happening to other firms.
11. The separation of ownership and control in the modern corporation results in potential conflicts between owners and managers since the objectives of management may differ from those of the shareholders.
Занятие 5
Неличные формы глагола:
Причастие I, его функции в предложении
Причастие является неличной формой глагола, то есть не выражает категории лица и числа. Поэтому оно не может самостоятельно выполнять функций сказуемого. Временные отличия причастия имеют относительный характер.
Present participle (Participle I) выражает действие, одновременное с действием глагола-сказуемого:
| Discussing the problem of unemployment in this region they understood that it was not the main problem. | Обсуждая проблему безработицы в этом регионе, они поняли, что она не была основной проблемой. |
Perfect participle (Participle II) выражает действие, предшествующее действию глагола-сказуемого:
| Having launched the product, the company realized that it was not properly tested. | Осуществив выпуск продукта, компания поняла, что он был недостаточно испытан. |
Функции причастия в предложении и способы перевода причастия.
1. Составная часть сказуемого, выраженного формой Continuous (в сочетании с глаголом to be) переводится личной формой глагола.
| The advertising campaign is being discussed now. | Рекламная кампания сейчас находится в стадии обсуждения. |
2. Определение ставится перед существительным и переводится причастием.
| The acting business must pay taxes. | Работающее предприятие должно платить налоги. |
3. Определительный причастный оборот (ставится после определяемого слова). Соответствует развернутому придаточному предложению или определительному причастному обороту.
| The article contains several chapters discussing this problem. | а) Статья содержит несколько глав, в которых обсуждается данная проблема. |
| б) В статье содержится несколько глав, обсуждающих тему данной проблемы. |
4. Обстоятельственный причастный оборот времени, причины или образа действия.
Обстоятельственный причастный оборот времени:
Такие обороты соответствуют придаточным предложениям времени, иногда начинаются союзами while и when, которые на русский язык не переводятся.
Эти обороты можно переводить тремя способами:
а) деепричастным оборотом;
б) существительным с предлогом;
в) развернутым придаточным предложением.
| (While) discussing their new project they found a lot of ways for its implementation. | а) Обсуждая их новый проект, они нашли множество путей воплощения его в жизнь. |
| б) При обсуждении их нового проекта они нашли множество путей воплощения его в жизнь. | |
| в) Когда они обсуждали их проект, они нашли множество путей воплощения его в жизнь. |
Обстоятельственный причастный оборот причины.
Эти обороты соответствуют придаточному предложению причины. Они не имеют перед собой союза и могут переводиться:
а) деепричастным оборотом;
б) развернутым придаточным предложением.
| Knowing the complexity of this theory, we discussed its main points with the experts. | а) Зная сложность этой теории, мы обсудили ее основные положения с экспертами. |
| б) Так как мы знали о сложности этой теории, мы обсудили ее основные положения с экспертами. |
Обстоятельственный причастный оборот образа действия.
Переводится деепричастным оборотом.
| They managed to gain this information carrying out market research. | Им удалось получить эту информацию, проводя исследование рынка. |
Практическое задание 5
Exercise 1: Translate, paying attention to Participle I and absolute participle construction.
1. Increasing concern has been expressed about the continued growth in world population.
2. Loan capital is more appropriate to firms operating in stable market.
3. Industries producing steel, paper and chemicals require very large quantities of water and tend to be found near rivers.
4. With increasing numbers entering the working population, expanding industries will have little trouble in recruiting labour.
5. In advanced capitalist societies, advertising is a powerful instrument affecting demand in many markets.
6. Although most of the major money centre banks have emerged from the first phase of the liquidity crisis facing developing countries like Mexico in reasonable shape, the shadow, and some of the risks, remain.
7. Having explored the possible relationship between capacity and expected output, we now examine the behaviour of costs as actual output changes.
8. Having examined the relationships between outputs and costs, we now show how the behaviour of cost may be reflected in the supply curve.
Занятие 6
Причастие II. Его функции в предложении
Причастие II (Past Participle, или III форма глагола) соответствует русским причастиям:
- настоящего времени с окончаниями -мый, -щийся;
- прошедшего времени с окончаниями -нный, -тый, -вшийся. Например: given – даваемый, данный; taken – берущийся, взятый.
Причастие II представляет собой неличную глагольную форму, которая не может выступать в функции самостоятельного сказуемого. Она может лишь входить в состав сказуемого в формах Perfect и Passive.
Обладая свойствами прилагательного и наречия, причастие II, выступая самостоятельно, выполняет в предложении следующие функции:
1. Определение. Обычно в этом качестве занимает место перед определяемым словом; переводится отглагольным прилагательным со страдательным значением:
| The described method is widely used in economics. | Описанный метод широко применяется в экономике. |
Когда причастие выражает глагольное значение, оно занимает место правого определения, т.е. следует за определяемым словом. Такое причастие соответствует русскому придаточному предложению и переводится соответственно:
| We used all the methods recommended. | Мы применили все методы, которые были рекомендованы. |
2. Определительный причастный оборот (т.е. причастие с группой зависимых слов) всегда следует за определяемым словом и переводится:
а) причастным оборотом;
б) придаточным предложением.
| A firm is composed of different parts called departments | а) Фирма состоит из отдельных подразделений, называемых отделами. |
| б) Фирма состоит из подразделений, которые называются отделами. |
3. Обстоятельство. Причастие II употребляется также в функции обстоятельства времени или причины и занимает место до подлежащего (чаще всего с поясняющими словами).
| Considered separately wasn’t difficult, this question. | При отдельном рассмотрении этот вопрос не вызвал затруднений. |
Часто Причастие II в этой функции сопровождается союзами when или if. О способах перевода таких предложений смотри в конспекте предыдущего занятия.
4. Смысловая часть сказуемого.
В этой роли Причастие II стоит после служебных глаголов be и have (которые выражают время, лицо, число) и образует следующие формы:
a) Passive – в этом случае причастие стоит после вспомогательного глагола be, который обычно не переводится:
| Information was collected from internal sources. | Информация собрана на основании внутренних источников. |
b) Perfect – причастие II стоит после вспомогательного глагола have, который не переводится, например:
| Market researchers have used experimental techniques. | Исследователи рынка использовали экспериментальные техники. |
Практическое задание 6
Exercise 1: Translate, paying special attention to rendering Participle II:
1. The quantity of labour derived from a given stock of population depends upon several factors.
2. Put simply, a business process is the set of activities performed to serve a customer.
3. The information obtained is very valuable.
4. Despite their philosophical commitment to private ownership, most of the bankers interviewed applauded the nationalization as a much-needed step to bolster international confidence in Mexico’s banking system.
5. Even when particularly favourable interest rates are arranged, the bank will regularly feel the terms offered are unacceptably high.
6. Foreign trade authorities have not infrequently observed prudent moderation in arriving at decisions observed more or less uniformly throughout the economic community.
7. This is (the answer to the problem) the switching of capital to the US from other parts of the world prompted by concern about the possibility of an international banking collapse.
8. Such interest rates, when combined with falling commodity prices and economic recession in the industrial world, spell serious trouble for developing countries.
9. Already the number of countries forced to ask banks to reschedule their debts is expected to grow.
10. The hoped-for consumer boom, promised by the President, hasn’t materialized yet.
Занятие 7
Причастные обороты: зависимые и независимые
Причастия I и II c относящимися к ним словами образуют причастные обороты, которые можно разделить на две группы – зависимые и независимые.
Зависимые причастные обороты – это такие, в которых перед причастием нет слова, обозначающего действующее лицо или предмет, поэтому при переводе такого оборота придаточным предложением следует повторить подлежащее всего предложения (если оборот играет роль обстоятельства) или ввести слово-заместитель «который» (если оборот играет роль определения). Союз, если его нет перед причастием, подбирается по смыслу, исходя из контекста.
| The idea can be pronounced true if tested by experience. | Идея может быть объявлена верной, если она проверена на опыте. |
| When speaking about the new projects the manager demonstrated different figures. | Когда менеджер говорил о новых проектах, он показывал различные графики. |
Следует помнить о том, что при переводе союзов if, as, when, unless c причастием II придаточным предложением не всегда следует повторять подлежащее. Это происходит в тех случаях, когда такое сочетание соответствует конструкциям с формальным подлежащим it типа as it was mentioned, if it is desired, unless it is stated, в которых опущены слова it is.
| If desired the method of survey may be used together with observation. | Если нужно, метод опроса может быть использован вместе с методом наблюдения. |
| As mentioned above the experiment was a success. | Как упоминалось выше, этот опыт был удачным. |
Независимые причастные обороты – это такие, в которых перед причастием есть слово, обозначающее действующее лицо или предмет, и которое при переводе становится подлежащим придаточного предложения. Пользуясь принятой нами терминологией, к независимым причастным оборотам можно отнести:
а) абсолютный причастный оборот;
б) дополнение с причастием (Complex Object);
в) подлежащее с причастием (Complex Subject).
При переводе этих оборотов придаточными предложениями подлежащее английского предложения не повторяется.
Абсолютный причастный оборот (Absolute Participle Construction).
В этом обороте действие, выражаемое причастием, не обнаруживает прямой связи с подлежащим данного предложения, а имеет свое собственное подлежащее.
Переводятся эти обороты тремя способами:
а) Придаточным предложением времени: Когда (после того как) этапы исследования были определены, проблема решилась.
б) Придаточным предложением причины: Так как этапы исследования были определены, проблема решилась.
в) Самостоятельным предложением, соединенным союзами причем, в то время как, а, но, и. Последний способ перевода выбирается в том случае, когда НПО стоит до запятой.
| The stages of research having been defined, the problem was solved. | а) Когда (после того как) этапы исследования были определены, проблема разрешилась. |
| б) Так как этапы исследования были определены, проблема разрешилась. | |
| Almost all stages of market research are expensive, personal interviews and consumers’ panels being the most expensive of all. | в) Почти все этапы рыночного исследования требуют затрат, но персональное интервью и выбор группы потребителей являются самыми дорогостоящими. |
Соединительный союз подбирается исходя из контекста.
Абсолютный причастный оборот может вводиться словом with, которое не переводится. Кроме того, запятая в этом случае может отсутствовать.
| With the model reconstructed we may start rethinking of the whole process. | Так как модель сконструирована заново, мы можем начать снова обдумывать весь процесс. |
Причастие, как первое, так и второе, образует несколько предикативных конструкций, в которых оно находится в отношениях вторичной предикативности с именным элементом, выраженным, как правило, существительным или местоимением:
Объектный причастный оборот.
Эта конструкция в предложении выступает в функции сложного дополнения. Она употребляется:
1. После глаголов чувственного восприятия (Participle I, Participle II): to see, to feel, to hear, to watch, to notice, to find.
| We found the results of random sampling being very curious. | Мы обнаружили, что результаты случайной выборки являются очень интересными. |
2. После глаголов желания и побуждения к действию (Participle II): to make, to get, to like, to want, to have.
| The company got the information tested. | Компания получила проверенную информацию. |
3. После глаголов умственной деятельности (Participle II): to think, to consider, to know, to understand.
| Pepsi considered this design been the best. | Пепси считала эту форму (упаковки) лучшей. |
Дополнение, стоящее после сказуемого в предложениях с таким оборотом, чаще всего выражено существительным в общем падеже или местоимением в объектном падеже (it, him, her, them, us, me). Следует помнить о том, что при переводе местоимение становится подлежащим придаточного предложения и выражено именительным падежом.
| We know him working at this problem since 2000. | Мы знаем, что он работает над этой проблемой с 2000 г. |
Союз as (если он стоит перед причастием I или II) должен помочь обнаружить оборот, но при переводе опускается.
| They thought the problem of wage increase as being of the importance. | Они считали, что проблема повышения заработной платы была очень важной. |
Следует обратить внимание на предложения данной конструкции, в которых сказуемое выражено глаголом to have.
В этом случае данный глагол имеет значение «заставлять сделать так, чтобы». Это значение можно передать, не переводя сам глагол.
| We have the concept approved. | Мы заставили одобрить концепцию. |
Субъектный причастный оборот.
Эта конструкция в предложении выступает в качестве сложного подлежащего. Она возможна, как правило, только с глаголами чувственного восприятия, при этом они употребляются в страдательном залоге. Порядок слов в предложениях с таким оборотом такой же, как в предложениях с оборотом «подлежащее с инфинитивом» (см. занятие 11), только вместо инфинитива используется причастие I или II, иногда со словом as перед ним.
При переводе предложение с таким оборотом выносится вперед и оформляется в главное (обычно неопределенно-личное) предложение; подлежащее английского предложения становится подлежащим, а причастие – сказуемым придаточного предложения, которое вводится союзами что, чтобы, как. Слово as, если оно есть в английском предложении, не переводится. При переводе причастия глаголом-сказуемым придаточного предложения время его определяется с учетом времени сказуемого и формы причастия.
| Values are considered changing as buyers get more experience. | Считается, что ценности изменяются по мере приобретения покупателями опыта. |
Практическое задание 7
Exercise 1: Translate the sentences, paying attention to Absolute Participle Construction.
1. Other things being equal, an increase in wage rates will increase the cost of labour relative to the costs of the other factors.
2. In order to simplify the analysis we can consider two firms, one being representative of high-cost producers and the other of low-cost producers.
3. Most industries make use of a variety of machines, each machine carrying out a different operation.
4. The selling price must relate to the production cost, which in turn, depends on the quantity sold, this quantity being dependent upon the sales price.
5. It being too late, they decided to stop working.
6. Other things being equal, the demand for commodity will tend to vary directly as the price of its substitute.
7. The installation was atomised last year, its capacity rising by
20 per cent.
8. All the problems having been solved, they went home.
9. The goods having been loaded, the dockworkers left the port.
10. Member nations are required to subscribe to the capital stock of the World Bank, each being given a quota which is related to the member’s national income and position in the world trade.
Exercise 2: Translate the following sentences, paying attention to “Complex Subject” construction.
1. In the industrial nations which account for just under 80 per cent of the oil consumption in the Western world, the savings in the national oil bills can be expected contracting loan demand.
2. Interest rates for long-term bonds are expected being volatile, even the uncertain outlook for a long-term slow-down in inflation.
3. The new administration appears unlikely getting the early upturn in tax revenues, and that means it faces further headaches in balancing the federal budget.
4. Meanwhile the Federal Reserve is understood having told Brazil there is no prospect of a bilateral bridging loan from the US, at least for the time being.
5. But Germany is known being opposed to any idea of extending the scope of embargo provisions.
6. The reference to mutual interest is intended making it clear that when the obligations and burdens on both sides have been considered, both parties must clearly stand to benefit in equal measure from the arrangements.
7. And Delors (Finance Minister), for one, appears being resisting the talk of treating banking as a public service.
Занятие 8
Герундий
Герундий (the gerund) является неличной формой английского глагола, то есть не имеет категории лица, числа, наклонения. Поэтому он не согласуется с подлежащим и никогда не выступает в роли простого глагольного сказуемого. Категория времени у неличных глагольных форм имеет относительный характер. В результате исторического развития герундий обнаруживает тесную связь с существительным. По внешнему виду герундий совпадает с причастием I и отглагольным существительным, однако отличается от них способом перевода и функциями в предложении. Сравните:
1. Герундий:
| Marketing is the process of planning and executing the conception. | Маркетинг – процесс планирования и приведения в действие концепции. |
2. Причастие I:
| Planning and executing the conception we use marketing. | Разрабатывая и приводя в действие концепцию, мы используем маркетинг. |
3. Отглагольное существительное:
| The planning and the executing of the conception is effected by means of marketing. | На планирование и приведение в действие концепции оказывает воздействие маркетинг. |
Здесь мы имеем дело с явлением грамматической омонимии. Внешняя форма герундия полностью совпадает с формой причастия I, что видно из приведенной ниже таблицы.
| Active | Passive | |
| Simple | writing | being written |
| Perfect | having written | having being written |
Простой герундий (в Simple) употребляется, когда действие, которое он называет, протекает одновременно с действием глагола-сказуемого или еще не совершилось.
| We intend using the results of marketing research defining the main concept of management. | Мы намерены использовать результаты исследования рынка при определении основной концепции управления. |
Перфектный герундий выражает действие, которое предшествует действию глагола-сказуемого.
| I know of his having discussed the items of the agreement with the board of directors. | Я знаю, что он обсудил основные положения соглашения с советом директоров. |
Функции герундия в предложении.
Герундий в предложении может выполнять следующие функции:
- подлежащее;
- часть сказуемого;
- дополнение;
- определение;
- обстоятельство.
Формы герундия в русском языке нет, поэтому он при переводе выражается либо начальной формой русского глагола, либо русским существительным.
1. Подлежащее:
| Choosing the market research strategy is a difficult task. | Выбор стратегии использования рынка – трудная задача. |
2. Дополнение:
| Information from outside the business is used for collecting data. | Для сбора данных используется информация, находящаяся вне источников фирмы. |
3. Часть сказуемого:
| Their aim was collecting necessary data. | Их цель состояла в том, чтобы собрать необходимые данные. |
4. Определение (всегда только правое):
| Some companies have the power of taking over smaller firms. | Некоторые компании обладают возможностью поглощения более мелких фирм. |
5. Обстоятельство:
В функции обстоятельства герундий переводится:
а) деепричастием;
б) существительным с предлогом;
в) придаточным предложением:
| After finishing the experiment we discussed its results. | а) Закончив эксперимент, мы обсудили его результаты. |
| б) После завершения эксперимента мы обсудили его результаты. | |
| в) После того как мы завершили эксперимент, мы обсудили его результаты. |
Практическое задание 8
Exercise 1: Translate these sentences into Russian, paying attention to the functions of Gerund.
1. Discounting is the process of buying a security for less than its face value.
2. We discussed opening a new business.
3. He risks losing all his money.
4. His taking part in the development of the new system was a great help to us.
5. We knew nothing about his being sent to London.
6. We knew nothing about his having been sent to London.
7. The control of the money supply is probably one of the most important instruments for regulating total demand in an economy.
8. By increasing the minimum deposit and reducing the period allowed for repayment, the government has a quick-acting method of reducing the demand for consumer durables.
9. The increase in government spending and borrowing will have some effect on the rate of interest.
10. We have succeeded in entering a new competitive market.
Занятие 9
Герундиальные обороты (зависимые и независимые)
Герундий с относящимися к нему словами образует герундиальные обороты, которые обычно начинаются с предлога, притяжательного местоимения или существительного в притяжательном (иногда общем) падеже. Герундиальные обороты можно разделить на две группы: зависимые и независимые.
Зависимые герундиальные обороты – это такие обороты, в которых перед герундием (после предлога) нет слова, обозначающего действующее лицо или предмет. При переводе таких оборотов придаточными предложениями обычно повторяется подлежащее английского предложения, а герундий становится сказуемым. При этом предлог, вводящий герундиальный оборот, становится союзным словом, соединяющим главное предложение с придаточным. Поэтому в русском переводе главное и придаточное предложение соединяются словами то, что в том падеже, который определяется предлогом.
| This method differs from that one by having other parameters. | Этот метод отличается от того тем, что он имеет другие параметры. |
Перевод некоторых предлогов, вводящих герундиальные обороты, союзными словами:
By – тем, что
Of – о том, что
To – тому, что
In – в том, что
In addition to – кроме того, что
In spite of – несмотря на то, что
Besides – кроме того, что
Owing to – благодаря тому, что
Due to – вследствие того, что
Независимые герундиальные обороты – это такие обороты, в которых между предлогом и герундием имеется слово, выражающее лицо (или предмет), совершающее действие, передаваемое герундием. Такое слово может быть притяжательным местоимением или существительным в общем или притяжательном падеже. При переводе оборота придаточным предложением это местоимение или существительное становится подлежащим, а герундий – сказуемым придаточного предложения. Перевод герундиального оборота придаточным предложением начинается с перевода предлога, стоящего перед герундием, например:
| There is unmistakable proof of Gates’ having been right. | Имеются несомненные доказательства того, что Гейтс был прав. |
Если герундиальный оборот играет роль подлежащего (перед герундием нет предлога), то перевод его придаточным предложением следует начинать со слов то, что, например:
| His having made this experiment is a known fact. | То, что он уже провел этот эксперимент, является известным фактом. |
При переводе независимых герундиальных оборотов, в которых перед герундием стоит притяжательное местоимение, это местоимение становится личным местоимением в именительном падеже, то есть подлежащим, например:
| We know of their having been satisfied with CEO’s explanations of the discrepancies. | Мы знаем, что они были удовлетворены объяснениями расхождений, предложенными исполнительным директором. |
Глаголы, после которых обычно используется герундий:
To start, to begin – начинать
To continue, to go on – продолжать
To stop, to give up – прекращать
To aid in – способствовать, помогать
To aim at – иметь целью, стремиться к
To account for – объяснять
To avoid – избегать
To insist on (upon ) – настаивать на
To object to – возражать против
To be responsible for – быть ответственным за, вызывать
To prevent from – мешать, препятствовать
To succeed in – удаваться (что-то сделать)
Практическое задание 9
Exercise 1: Translate these sentences, paying attention to rendering gerundial constructions.
1. No lasting success can be achieved in the fight against inflation without restraining the trend towards growth in the money supply.
2. The mechanism of wage indexation has prevented workers from shouldering part of the real costs produced by higher energy prices.
3. The monetarists recommended slowing down and stabilizing money supply growth in order to restrain inflation.
4. But since the OPEC nations will undoubtedly attempt to offset their revenue losses at least in part by reducing their imports, the current account shortfall should be considered lower in actual fact.
5. Although in the early 80s a certain degree of tightening up in the personnel sector was effected, the basic positive outlook is still unchanged.
6. The large volume of private placements doesn’t seem, however, to be the only, or even the most important reason for the restraint on the part of some investors in subscribing to new issues.
7. Only on receiving slightly more positive interest rate signals from the US financial markets in the second half of the month did activity on the market begin to pick up.
8. To an increasing extent, borrowing is done not for development purposes but for servicing debts and for financing heavy trade deficits caused by unequal terms of trade with big capitalist countries.
9. Business, far from investing, is cutting back plans for expansion.
10. The Euromarket provides an opportunity of raising substantial loans on favourable terms without the credit facility being linked to individual projects.
11. The commission of experts is in favor of maintaining the Swiss banking secrecy law.
Занятие 10
Неличные формы глагола. Инфинитив.
Функции инфинитива в предложении,
употребление в составе сказуемого
Инфинитив (первая форма глагола) является неличной формой глагола, отвечающей на вопросы: что делать? что сделать? Формальным признаком инфинитива является частица to. Инфинитив только называет действие, но не указывает ни лица, ни числа. Он, как все неличные формы, не может согласовываться с подлежащим, следовательно, не может являться самостоятельным сказуемым. Инфинитив, также как и герундий, произошел от существительного и, подобно герундию, может выполнять в предложении функции существительного. Функциональная близость инфинитива и герундия сказывается в том, что во многих случаях возможно употребление одной формы вместо другой.
Выполняя функции существительного, инфинитив вместе с тем имеет и глагольные свойства. В частности, может присоединять прямое дополнение, может определяться наречием и имеет залоговые и временные отличия.
Формы Indefinite выражают действие, одновременное с действием глагола-сказуемого. Они не уточняют связи действия, выражаемого инфинитивом, со временем, поэтому перевод может осуществляться инфинитивом глагола как совершенного, так и несовершенного вида.
| They wanted to introduce a new system. | Они хотели вводить (ввести) новую систему. |
Формы Perfect выражают действие, предшествующее действию глагола-сказуемого, переводятся инфинитивом совершенного вида.
| He was expected to have done his work. | Предполагали, что он уже сделал свою работу. |
Функции в предложении и способы перевода.
1. Подлежащее. В этой роли стоит перед сказуемым в начале предложения и может переводиться неопределенной формой русского глагола или существительным.
| To think otherwise would be a mistake. | Думать по-другому было бы ошибкой. |
| To account for these variations is in principle straightforward. | Объяснение этих изменений в принципе является простым. |
2. Дополнение. Стоит после сказуемого и переводится на русский неопределенной формой глагола.
| We try to minimize the old disadvantages. | Мы стараемся свести к минимуму ранее имевшие место недостатки. |
3. Обстоятельство. Может стоять в начале или в конце предложения. В обоих случаях его следует переводить неопределенной формой глагола с союзами для того чтобы, чтобы. Инфинитив может быть обстоятельством цели или обстоятельством следствия. Если это обстоятельство цели, то оно чаще всего стоит в начале предложения, и ему могут предшествовать союзы in order to, so as, которые помогают безошибочно определить, что перед нами обстоятельство, а не подлежащее. Если это обстоятельство следствия, то инфинитив чаще всего стоит в конце предложения, и ему часто предшествуют слова too, enough, sufficiently, sufficient.
| In order to do a work well one must learn. | Чтобы сделать какую-то работу хорошо, нужно научиться делать это. |
| The term “production” is too complex to be explained in one paragraph. | Термин «производство» слишком сложен, чтобы объяснить его в рамках одного параграфа. |
4. Определение.
В этой роли инфинитив обычно стоит после определяемого слова и обязательно переводится придаточным предложением, вводимым союзом который. При этом следует помнить, что инфинитив в форме Indefinite можно переводить сказуемым в будущем времени и со словами должен, нужно, можно, независимо от времени сказуемого.
| There are many considerations to be taken into account in determining marketing strategy. | Существует много соображений, которые следует принимать во внимание при выборе стратегии маркетинга. |
5. Вводный член предложения.
В этой функции инфинитив стоит обычно в конце предложения, всегда выделяется запятыми и может переводиться или деепричастием, или неопределенной формой глагола.
| To sum up, we shall present the table of results. | Подводя итог (чтобы подвести итог), приведем таблицу результатов. |
Употребление инфинитива в составе сказуемого.
В этом случае он выступает в сочетании со служебными глаголами и может использоваться с частицей to и без нее.
1. Инфинитив с частицей to:
а) стоит после глагола-связки be, который переводится словами значит, заключается в том, чтобы, например:
| Our task is to launch this product in time. | Наша задача заключается в том, чтобы сделать (выпустить) этот продукт вовремя. |
б) стоит после глаголов be и have, которые являются эквивалентами модального глагола must и переводятся словами должен, нужно, можно.
| The question of the procedure is yet to be settled. | Вопрос о методе еще нужно (предстоит) решить. |
2. Инфинитив без частицы to употребляется:
а) для образования будущего времени.
| All such attempts will fail. | Все такие попытки будут неудачными (ни к чему не приведут). |
б) для образования сослагательного наклонения после вспомогательных глаголов и при самостоятельном употреблении в придаточных предложениях.
| This would give rise to economic problem. | Это привело бы к возникновению экономических проблем. |
| It is necessary that the model adequately represent the problem situation. | Необходимо, чтобы модель адекватно представляла ситуацию проблемы. |
в) для образования повелительного наклонения.
| Let us avoid unnecessary complications. | Давайте избегать ненужных осложнений. |
г) после модальных глаголов.
| A decision maker must evaluate the research and its results. | Человек, принимающий решения, должен оценить исследование и его результаты. |
Практическое задание 10
Exercise 1: Translate the following sentences, paying attention to the functions of the infinitive.
1. The purpose of each business process is to offer each customer the right product or service.
2. More than 200 years ago, the economist Adam Smith formulated a theory to describe industrial practices that were already centuries old.
3. There are nation-wide schemes to encourage industrial investment.
4. To obtain a Stock Exchange listing, a company must have at least 25% of its shares held by public.
5. In order to create a supply of loans, people with the necessary financial resources have to be persuaded to loan.
6. Efforts to increase the productive capacity of poorer nations will only be effective if these nations are able to increase their exports.
7. At the last moment they decided not to continue with the negotiations.
8. It is important to carry out these changes as quickly as possible.
9. To encourage our employers to develop their skill is one of the prime concerns of management.
10. We have decided not to advertise this position, but recruit internally.
11. It is impossible for us to accept these terms.
12. The sales director claimed to have found three new customers.
13. After the acquisition they didn’t dare to replace the whole management team immediately.
Занятие 11
Неличные формы глагола. Инфинитивные обороты –
зависимые и независимые
Зависимые инфинитивные обороты – это обороты, в которых перед инфинитивом нет слова, обозначающего действующее лицо или предмет, поэтому при переводе оборота придаточным предложением приходится повторять подлежащее английского предложения, а инфинитив сделать сказуемым.
| I remembered to have studied the causes of this firm’s failure. | Я помню, что я изучал причины, по которым эта фирма потерпела неудачу. |
Независимые инфинитивные обороты – это обороты, в которых перед инфинитивом есть слово, обозначающее действующее лицо или предмет, и которое становится подлежащим в придаточном предложении, а инфинитив – его сказуемым (то есть не зависит от подлежащего).
| We know F.H. Sonnenberg to have written a famous book “Marketing to win”. | Мы помним, что Ф.Х. Соненнберг написал знаменитую книгу «Маркетинг для победы». |
Абсолютный (независимый) инфинитивный оборот.
Порядок слов здесь такой же, как и в причастном абсолютном обороте: есть слово, обозначающее действующее лицо или предмет, за которым стоит инфинитив (а не причастие, как в причастном обороте). При переводе инфинитив становится сказуемым или в форме будущего времени, или со словом должен.
| We asked him to help us, the work to be done in a week. | Мы попросили его помочь нам, т.к. работа должна быть сделана через неделю. |
Встречается такой оборот реже, чем причастный, и запятая перед словом with нередко опускается.
| We shall make the experiment (with) the sample to be taken from another country. | Мы проведем этот эксперимент, причем группа испытуемых будет выбрана в другой стране. |
Сложное дополнение (Complex object).
Данная конструкция состоит из существительного в общем падеже или местоимения в объектном падеже и инфинитива и представляет собой сложное дополнение. Употребляется:
а) После глаголов чувственного восприятия (инфинитив без частицы to): see, hear, feel, watch, perceive, notice, observe.
| We noticed him be the most experienced manager in this company. | Мы заметили, что он является самым опытным менеджером в этой компании. |
Местоимение в объектном падеже при переводе становится русским личным местоимением.
б) После глаголов, выражающих желания, чувства и намерения (инфинитив с частицей to): want, wish, like, hate, desire, intend.
| They wanted Pepsi to get potentially large market with launching that new product – Pepsi Max. | Они хотели, чтобы компания Пепси Кола с помощью выпуска своего нового продукта Пепси Макс вышла на потенциально крупный рынок. |
в) После глаголов умственной деятельности (инфинитив с частицей to): know, believe, think, consider, expect.
| We believe the market research to have helped the business to come to a decision. | Мы полагаем, что исследование рынка помогло компании принять решение. |
г) После глаголов речи (инфинитив с частицей to): ask, order, command, allow.
| The head of the department allowed him to have continued that project. | Начальник отдела разрешил, чтобы он продолжил работу над проектом. |
д) После глаголов, выражающих побуждение к действию (инфинитив без частицы to): let, make, have, get (to).
| She made him solve this problem. | Она заставила его решать проблему. |
Именительный с инфинитивом (Complex subject).
Эта конструкция не имеет аналогии в русском языке, ее компонентами являются подлежащее предложения и инфинитив, которые при переводе связаны как подлежащее со сказуемым. Таким образом, инфинитив переводится на русский язык безличным придаточным предложением или вводными словами, употребляется в следующих случаях:
а) При сказуемом в страдательном залоге, выраженном глаголами речи, умственной деятельности, чувственного восприятия и побуждения: say, report, announce, know, believe, think, find, suppose, see, hear, make.
| He is known to be the most experienced manager in this company. | а) Известно, что он является самым опытным менеджером в этой компании. |
| б) Он, как известно, является самым опытным менеджером в компании. |
б) При сказуемом в действительном залоге, выраженном глаголами happen, seem, appear, prove, chance, turn out.
| He seems to know our business plan in details. | Кажется, он детально знаком с нашим бизнес-планом. |
в) При сказуемом, выраженном сочетанием глагола-связки с прилагательными likely, unlikely, sure, certain.
| He is unlikely to know our business plan in details. | Маловероятно, что он знаком с нашим бизнес-планом в деталях. |
For + существительное + Infinitive.
Как во всех независимых оборотах, в этой конструкции перед инфинитивом есть слово, обозначающее лицо или предмет, и вводится оно предлогом for. Это слово становится подлежащим придаточного предложения (вводимого союзами чтобы или что), в котором инфинитив становится сказуемым, например:
| For this approach to be valuable it must be improved. | Чтобы этот подход имел ценность, его следует усовершенствовать. |
| There is a tendency for the method to be used in all the experiments. | Существует тенденция к тому, чтобы использовать этот метод во всех экспериментах. |
Практическое задание 11
Exercise 1. Translate into Russian, paying attention to the objective infinitive construction.
1. I don’t consider him to be a good manager.
2. The manager considers the results to be unsatisfactory.
3. We expected John to be elected.
4. We expect interest rates to rise next week.
5. We assume the market share of these brewing companies not to have increased.
6. The experts find the demand to turn out to be greater than expected.
7. They proved the demand to have been highly elastic when the market was depressed.
8. We show the small firm to specialize in one product.
9. They believe the larger firms to be able to employ buyers who are experienced in buying particular products.
10. The scientists know the “ownership” of labour to be highly unpopular politically.
Exercise 2. Translate into Russian, paying attention to the subjective infinitive construction.
1. The free market economy is said to be more flexible.
2. The strike is expected to end soon.
3. Complimentarity is said to exist when an increase in the demand of another product.
4. Consumers are assumed to wish to maximize their utility of satisfaction.
5. Firms are assumed to maximize their short-run profits.
6. When an increase in the scale of production yields a more than proportionate increase in output, the enterprise is said to be experiencing economies of scale.
7. The company is said to be losing a lot of money.
8. Goods which are close substitutes for one another are said to be in competitive demand.
9. A good is said to be in composite demand when it is demanded for several different uses.
10. The capitalist system is said to be based upon the principle of competition.
Занятие 12
Перевод официально-деловых материалов.
Перевод латинских фраз.
Перевод официально-деловых материалов включает в себя перевод текстов соглашений, контрактов, договоров. Он требует знания характерных особенностей их построения и передачи.
1. Для официальных документов характерна четкость построения, обеспечивающая логическую последовательность изложения, отграничение одной мысли от другой. Большие по размеру документы делятся на:
Разделы – sections
Подразделы – subsections
Главы – chapters
Статьи – articles
Пункты, параграфы – clauses, items, points, counts, paragraphs
Такие термины, как clause, item, point, count, paragraph, часто не имеют четкой дифференциации значений и при переводе данного документа лишь необходимо придерживаться того, чтобы одному и тому же английскому термину постоянно соответствовал один и тот же русский вариант.
Кроме того, в английском тексте официальных документов часто используются буквенные обозначения разделов или пунктов – а), в), с), d) и так далее. При переводе следует сохранять буквы латинского алфавита, так как это способствует сохранению точности и облегчает ссылки на соответствующий документ при переводе с русского языка на английский язык.
2. Для обеспечения аутентичности перевода необходимо обеспечить не только точную передачу содержания документа, но и точную передачу некоторых моментов, которые на первый взгляд могут показаться формальными. Так, необходимо следить за тем, чтобы в переводе было четкое соответствие официальных названий, принятых в русском и английском языках:
| The USA | США |
| The United Stated of America | Соединенные Штаты Америки |
3. Для исключения возможности разночтений или неправильной интерпретации перевода текста документа переводчик часто прибегает к дословному переводу формулировки текста, что ведет к созданию большого количества штампов, которые быстро становятся традиционными и регулярно употребляются при переводе официально-деловых материалов:
The terms and conditions – сроки и условия
Within the framework – в рамках
The contracting parties – договаривающиеся стороны
Within prejudice to – без ущерба
4. Одна из основных особенностей официально-деловых материалов – стремление в максимально сжатой форме изложить содержание документа, что ведет к изложению в одном предложении самых разнообразных положений. А это, в свою очередь, вызывает появление внутри одного предложения многочисленных инфинитивных и причастных придаточных оборотов. В таких случаях при переводе на русский язык уместно пользоваться дословным переводом.
5. В договорах, контрактах, уставах и других официально-деловых материалах очень часто встречаются случаи употребления глагола shall со 2-м и 3-м лицом единственного числа. При переводе на русский язык в таких случаях употребляется настоящее время, а оттенок долженствования, имеющийся в английском языке, не передается.
6. В связи с обилием традиционных формулировок, исторически складывавшихся в течение длительного времени, для официально-деловых материалов характерно употребление торжественной, а подчас и архаической лексики. При переводе подобных слов нужно использовать соответствующие слова и фразы, имеющиеся в русском языке. Например:
Aforesaid – вышеуказанный
Abovementioned – вышеупомянутый
Herein – при сем, в данном документе
Hereinafter named – здесь и далее именуемый
Передача таких слов, как therein, therewith, there at, there of, there to, зависит от контекста.
7. В английских официальных текстах иногда употребляются латинские и французские слова и фразы, как правило, эти исключения переводятся на русский язык их соответствиями.
Ad hoc – специальный
Bona fide – чистосердечно
Condition sine qua non – непременное условие
En bloc – в целом
Fait accompli – свершившийся факт
Inter a lia – помимо всего прочего
Ipso facto – по самому факту
Mutatis mutandis – с соответствующими изменениями
Modus vivendi – временное решение вопроса
Per capita – на душу населения
Pro tempore – временно
Etc. – и т.д.
Некоторые иноязычные слова и фразы, получившие широкое распространение в разных языках, при переводе на русский язык либо сохраняются в своем иностранном написании, либо транскрибируются. Последний способ является наиболее распространенным. Например:
Status qvo – статус кво
Quorum – кворум
Persona (non) grate – персона (нон) грата
Tabula rasa – табуля раза
Casus belli – казус белли
A priori – априори
De facto – де-факто
Force majeure – форс-мажор
8. Четкость построения официальных текстов находит свое отражение и в унифицированной схеме начала и окончания текста.
Практическое задание 12
Exercise 1: Translate, paying attention to rendering archaic word.
1. The Banks grant to the Borrower upon the terms and subject to the conditions hereof a loan facility in the aggregate amount of … or the equivalent thereof in Deutsche Mark.
2. The Facility is made available severally by each Bank in the amount of its Commitment. The failure of any Bank to carry out its obligations hereunder shall not relieve any other Bank, the Agent or the Borrow of any Bank be liable for the obligations of any other Bank hereunder.
3. The Facility is available to the Borrower only during the Availability Period. Any part of the Facility which remains undrawn and uncancelled on the Termination Date shall be automatically cancelled at the close of business on that date.
4. CONDITIONS PRECEDENT
Notwithstanding anything to the contrary contained or implied in this Agreement, the Borrower shall not be entitled to give notice of its intention to draw any Advance hereunder until all the documents listed in the Second Schedule have been received by the Agent and in from and substance satisfactory to the Agent.
5. The agent shall be under the same obligations and be entitled to the same rights and powers in relation to any sums advanced by it hereunder in its capacity as a Bank as if it were not the Agent nor shall it be obliged by reason of its position as Agent or otherwise to account to any other Bank for any sum received by it for its own account hereunder or for the profit element thereof.
6. It shall not be a defence to a claim by any Bank under this Clause that any increased cost, reduction or payment therein referred to could have been avoided by such Bank.
7. The Borrow will, within forty-five days of the date hereof, pay to the Agent for account of the Managers a management fee in accordance with the terms of the letter dated 8th October, 1975 sent by the Borrower to the Managers.
8. The Borrower may not give any notice of its intention to make a drawing hereunder until all documents listed in the Second Schedule hereto have been in the possession of the Agent in sufficient copies for the Agent and each Bank and in from and substance satisfactory to the Agent for at least five Business Days.
Exercise 2: Translate, paying attention to rendering Latin cliches.
1. Any payment by the Borrower of its obligations under any Note shall discharge pro tanto the Borrower’s obligations under this Agreement and upon due payment or satisfaction by the Borrower of all its obligations under the Notes, or of the corresponding obligations in this Agreement, the same shall be cancelled and forthwith returned to the Borrower.
2. B) Any prepayment of the proportion of any Advance lent by any Bank persuant to Clause 12, 13, or 14 shall reduce pro rata the Borrower’s obligation to repay such Advance under Clause 9 on each subsequent Repayment Date.
3. Its obligations hereunder are and will be direct, unconditional and general obligations of the Borrower and will rank at least pari passu with all other indebtedness and contingent liabilities of he Borrower.
4. Provided, that it shall not be an Event of Default if the Borrower conducts a bona fide dispute in respect of any such indebtedness to settle such dispute.
GLOSSARY
| Aggregate demand | the proportion of the total demand (for a product) that is supplied by a particular manufacturer or brand |
| Aggregate supply | the total amount of goods and services resulting from adding together all the spending power of people in the complete economy of a country |
| Barriers to entry | actors which prevent the entry of new firms into an industry |
| Barter | trade by direct exchange of goods for other goods without using money |
| Bill of exchange | a written order telling one person to pay a certain sum of money to a named person on demand or at a certain time in the future |
| Buying power | the amount of goods and services that money can buy at a given time |
| Capital | accumulated wealth or property, used in the production of further wealth, i.e. one of the factors of production, the others being land and labor |
| Cheque | legally, a bill of exchange drawn on a balance payable on demand |
| Command economy | an economy where the government makes all decisions about production and consumption |
| Commodity | any article (a good or a service) that can be bought or sold |
| Competition based pricing | setting a price based on the prices charged by competitors for similar products |
| Conglomerate firm | a firm that is engaged in a number of unrelated productive activities, e.g. car assembly and the production of bread |
| Conglomerate merger | a merger between firms in unrelated business, e.g. between an automobile manufacturer and a food processing firm |
| Consumer goods | goods that satisfy personal needs rather than those required for the production of other goods |
| Cost inflation | the kind of inflation that is caused by rising costs of labor and materials, not by increased demand |
| Costing estimating | the cost of making goods or fixing the prices they should be sold at to make a profit |
| Cost plus pricing | fixing a price by adding a percentage profit margin to the cost of production of the good or service |
| Creeping inflation | a slow rise in the level of prices of below 2 or 3 per cent a year |
| Demand | the quantity of goods or services which purchasers are prepared to buy at a given price in a given period of time |
| Demand inflation | the kind of inflation caused by an excess of demand over supply resulting in a decrease in the value of money |
| Denomination | a class or unit based on quantity, value or measure |
| Direct foreign investment | investment by companies domiciled in one country in companies a domiciled in another; it usually entails investor control and managerial involvement |
| Discount | a sum of money allowed for immediate payment of a sum due to a later date |
| Discount House | a commercial banking firm that discounts bills of exchange which have been accepted by accepting houses |
| Discouraged worker | a person who has become depressed about the prospects of ever finding a job and decides to stop even trying |
| Distribution | the arrangements and activities needed for getting goods from the manufacturer or importer to the consumer through the channels of distribution which are usually the wholesalers and retailers |
| Duopoly | a market consisting of two sellers |
| Economic activity | the activity relating to commerce and industry |
| Economic growth | the percentage annual charge in the national income of a country or a group of countries |
| Economic theory | that part of the study of economics that examines and explains the working of an economic system and how it is influenced by human behavior, by the natural forces of the world and by man-made institutions such as markets, laws and governments |
| Economies of scale | the long run reduction in average costs that occurs as the scale of the firm’s output is increased |
| Economics | a social science studying human behavior within the context of markets, the study of the natural laws governing the production, distribution and consumption of wealth |
| Economist | a social scientist with special knowledge of economics, such as a teacher or a writer on the subject or a person who is employed by a business organization to forecast movements in prices and in the market demand for various products and services |
| Employment | the use of labor and capital to produce goods and services |
| Employee | a person who works for another person or a business, especially for money |
| Employer | a person or company that hires workers and provides work |
| Entrepreneur | a person, usually the owner, who organizes, finances and manages a commercial or industrial business in the expectation of making a profit |
| Enterprise | a business organization |
| Equilibrium | a state of balance when all the economic forces present in a situation have an equal influence and there is no tendency to change |
| Exchange | the process of giving and receiving |
| Fluctuation | the rising and falling or changing of prices, numbers, rates or amounts |
| Free market economy | an economy in which supply and demand regulates prices, wages, etc., rather than government policy |
| Funds | amounts of money |
| Hidden inflation | the lowering of the quality of products in general in order to prevent, and so to hide, an increase in price |
| Horizontal merger | a merger between firms that produce and sell the same products, i.e. between competing firms |
| Household | a group of individuals whose economic decision-making is interrelated. They enter the market place as buyers or consumers of goods and services produced by firms. They provide factor inputs to firms in order to produce those goods and services |
| Hyper-inflation | an extreme form of inflation, when the money supply is being increased very rapidly, resulting in an increase of over 20% of the price level annually |
| Income | the money of all kinds coming in regularly, especially to a person, family, or organization, such as salary or wages from employment, rent from property, profits from business and fees for professional services |
| Inflation | a rise in the general level of prices |
| Inflationary gap | that part of government spending which is not covered by taxes or borrowing from the public, but is met by issuing new paper money |
| Inflationary spiral | a state of inflation that gets worse and worse, because higher prices result in demands for higher wages; and higher wages increase costs and so cause higher prices |
| Innovation | practical application of an idea that has already been discovered but is only now to be exploited |
| Interest rate | the relation between the payment received by a lender of money and the amount of money lent, expressed as a percentage per period of time |
| Intermediary | an individual acting as a link between persons or companies |
| Labor force or workforce | 1) the total number of people employed by a firm or some other organization to produce goods and services; 2) the total number of people in an economy available to produce goods and services |
| Laissez-fair | loose-rein supervision |
| Legal tender | the form of money in which a person has a right by law to pay a debt and which the creditor must by law accept in settlement of the debt |
| Liabilities | the debt owed by a business to its creditors and to its owner |
| Loan | an amount of money borrowed by an individual or a company |
| Macroeconomics | part of economic study considering the whole economy from a national point of view |
| Market oriented business | a business which develops products which have been researched and designed to meet the needs of customers |
| Mainstream economics | the study of how market works |
| Marginal utility | the utility of one unit of a commodity |
| Market | an institutional arrangement that promotes trade or exchange of goods |
| Market share | the amount of an economic good that will be offered for sale in the market at a certain price or time |
| Market oriented pricing | setting a price based on an analysis of the market |
| Marketing | the action of identifying, satisfying and increasing the buyer’s demand for a company’s products by means such as advertising, sales promotion, pricing, carrying out market research and developing and testing new products |
| Market research | 1) the systematic and objective classification, collection, analysis and reporting of information about a particular marketing problem; 2) the process of gaining information about customers, competitors and market trends through collecting primary and secondary data |
| Mature | in business, especially regarding bills of exchange or insurance in policies, to become due for payment or repayment |
| Merger | an amalgamation or joining of two or more firms into an existing firm or to form a new company |
| Microeconomics | part of economic study oferring a detailed treatment of one aspect of economic behaviour ignoring interactions with the rest of the economy |
| Monetary policy | the control, by the government, of a country’s currency and its system for lending and borrowing money, especially through the supply of money |
| Monetary union | permanently fixed exchange rates within the union, free capital movements and a single monetary authority setting the union’s money supply |
| Money | any article or commodity that is generally acceptable by law and custom as a means of payment |
| Monopoly | a market with a single buyer who has some influence over the price of his input |
| Mortgage | the advance of a loan to a person or business (the borrower/mortgagor) by other persons or businesses; the thing given as a security |
| Multinational enterprise | A firm that owns production, sales and other revenue-generating assets in a number of countries |
| Multiplier effect | denotes the phenomenon whereby some initial increase (or decrease) in the rate of spending will bring about a more than proportionate increase (or decrease) in national income |
| Natural monopoly | a market with a single firm which can serve that market at lower cost than any combination of two or more firms |
| Natural rate of unemployment | the rate of unemployment when the labour market is in equilibrium |
| Non-tariff barriers | differences in national regulations or practices which prevent free movement of goods, services and factors across countries |
| Oligopoly | a market with a small number of sellers |
| Participation rate | the percentage of the population of working age who declare themselves to be in the labour force |
| Payment | a transfer of funds in any form between two parties |
| Prevailing price prices | now current in the market |
| Price | the money value of a unit of a good, service, financial security or assets which a buyer is required to pay a seller to purchase the item |
| Prices and incomes policy | the application of controls on prices and incomes (particularly wages) in order to stop or slow down inflation in an economy |
| Pricing | decision-making process involved in setting a price for a good or a service |
| Primary data | information which has been gathered for a specific purpose through direct investigation such as observation, surveys and through experiment |
| Product oriented business | a business which develops products with little or no market research and which it hopes will prove successful in the market |
| Profit margin | the extra which is added to the cost of a product to cover the profit to be made |
| Production | the making of useful goods and services which are scarce and have a price |
| Production technique | a particular method of combining inputs to make outputs |
| Regional policy | a policy concerned with removing significant imbalances between the regions of an economy in respect of unemployment rates and levels of income per head |
| Regional unemployment | a form of structural unemployment associated with the decline of certain industrial activities |
| Revenue | the money received by a firm from selling its output of goods or services, or money received by government from taxation |
| Resource allocation | a list or complete description of who does what and who gets what |
| Scale of preferences | an arrangement of things in one’s own mind with the most preferred items towards the top of the scale |
| Secondary data | information which already exists, such as accounts and sales records, government statistics, newspaper articles or reports from advertising agencies |
| Shareholders | the individuals and institutions who contribute funds to finance a joint-stock company in return for shares in that company |
| Substitute products | any goods or services that are considered to be economically interchangable by buyers |
| Supply | the total quantity of a good or a service available to the general public |
| Suppressed inflation | inflation that would be much greater if the government were to remove controls on prices and wages |
| Takeover | the acquisition of control of one company by another or occasionally by an individual or group of investors |
| Total utility | total satisfaction derived from the possession of a commodity |
| Trade | the business of buying and selling goods for money or of exchanging goods for goods |
| Transaction | a business deal, especially a sale or a purchase, by business |
| Treasury | the department responsible for the finances, the management of the monetary system, etc. |
| Unemployment rate | the percentage of the labour force without a job but registered as being willing and available for work |
| Utility | the ability to satisfy wants |
| Vertical merger | a merger between firms operating at different stages of production, e.g. from raw materials to finished products to distribution |
| Wage | the money paid, usually in cash each week, to a worker for work done |
| Wants | the basic needs of people |
| Wealth | a stock of goods that are useful, scarce and can be exchanged for a money price |
BIBLIOGRAPHY
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Учебное издание
English for Economics
Учебное пособие для студентов
экономических специальностей вузов
Компьютерная верстка Т. В. Новиковой
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* The British economist, John Maynard Keynes, is one of the most influential economists of the 20th century. In 1936 his book The General Theory of Employment, Interest, and Money transformed the economic thinking of that time.
* Perfect (pure) competition is the complete form of competition. It is the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of the product.
* The social sciences, such as sociology and social psychology can compliment the study of economics as they deal, in part, with the way in which people organize themselves into household and other units.