Английский для экономистов (учебник английского языка) (Д. А. Шевчук). Английский язык для экономистов учебник


глоссарий и полезные ресурсы ‹ Инглекс

По данным организации Oxfam, 82% мирового богатства сосредоточено в руках 1% населения Земли. Даже если вы не входите в круг этих счастливчиков, вы точно имеете дело с деньгами каждый день. Поэтому надеемся, что наша шпаргалка по английскому для экономистов будет вам полезна.

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Английский для экономистов: глоссарий + 47 полезных ресурсов

Если вы работаете в финансовом секторе, рекомендуем изучить наш краткий экономический словарь по банковскому делу, финансам и бухучету, налогообложению и аудиту. Для представителей других профессий может быть интересен раздел про инвестиции, криптовалюту и профессиональные жаргонизмы экономистов.

Рекомендуем изучить наши тщательно отобранные ресурсы даже тем из вас, кто не занят в финансовом секторе. Они помогут вести учет персональных финансов, изучить мир брокеров по фильмам и всегда держать руку на пульсе, не дожидаясь перевода новостей о современной экономической ситуации на русский.

Краткий словарь экономических терминов

Давайте рассмотрим базовую терминологию английского для экономистов. В начале нашего финансово-экономический словаря представлены общие термины из экономической теории, которую многие из нас начали изучать еще в школе. Далее — узкоспециализированные отраслевые понятия для работников банков, бухгалтерий и аудиторских компаний. На закуску — краткий крипто-словарь на злобу дня и профессиональный сленг.

Базовая терминология

Начнем с азбуки экономической теории: изучим самые необходимые термины.

Слово/Словосочетание Перевод
a seller продавец
a buyer покупатель
profit and loss прибыль и убытки
a margin маржа
costs:
  • fixed costs
  • variable costs
издержки, затраты:
  • постоянные издержки
  • переменные издержки
a market рынок
competition конкуренция
efficiency эффективность
an exchange обмен
trade торговля
an advantage преимущество, выгода
a disadvantage недостаток, ущерб
purchasing power покупательская способность
demand спрос
supply предложение
a demand curve кривая спроса
a supply curve кривая предложения
an incentive побуждающий мотив
a production possibilities curve (PPC) кривая производственных возможностей
tax налог
duty пошлина
duty free беспошлинный
a subsidy субсидия
an absolute price абсолютная цена
a relative price относительная цена
a price floor минимальная цена
the equilibrium price равновесная цена
a price level уровень цен
a consumer price index индекс потребительских цен
a minimum wage минимальный размер оплаты труда
surplus излишек, избыток
shortage нехватка, дефицит
a government budget государственный бюджет
gross domestic product (GDP) валовой внутренний продукт (ВВП)
gross national product (GNP) валовой национальный продукт (ВНП)
foreign national debt государственный внешний долг
The World Trade Organization (WTO) Всемирная торговая организация (ВТО)
gold and currency reserves золотовалютные резервы
inflation инфляция
devaluation девальвация
a commodity bundle / a market basket потребительская корзина
unemployment безработица
the poverty line черта бедности
financial crisis финансовый кризис

Профессии в сфере экономики и финансов

Теперь давайте рассмотрим наиболее распространенные профессии в экономическом секторе.

Слово/Словосочетание Перевод
an economist экономист
an accountant бухгалтер
a business analyst бизнес-аналитик
a financial advisor финансовый консультант
an investment counselor (adviser) инвестиционный консультант
a comptroller финансовый контролер
a tax officer / a tax inspector налоговый инспектор
a broker брокер
a certified public accountant (Am.E.), a chartered accountant (Br.E.) аудитор
an actuary актуарий (специалист по страховым расчетам)
a treasurer казначей
a bank clerk банковский служащий
a chief financial officer (CFO) финансовый директор

Банковское дело (banking)

Рассмотрим ключевые термины для работы в банке.

Слово/Словосочетание Перевод
a stock market рынок ценных бумаг, фондовый рынок
an interest процент
an interest rate процентная ставка
capitalization капитализация
the capitalization rate процентная ставка, используемая при капитализации дохода
a refinancing rate ставка рефинансирования
an encashment инкассация
the International Monetary Fund Международный валютный фонд
a credit rating рейтинг кредитоспособности
creditworthiness кредитоспособность
a credit history кредитная история
a mortgage loan ипотечное кредитование
a payment guarantor поручитель по платежам
a fine (a penalty) пеня, штраф
a general lien право на арест имущества должника
forgery подделка (банкнот, купюр)
a default дефолт

Финансы и бухгалтерский учет (finance and accounting)

Учитывать доходы и расходы, сводить дебет с кредитом на английском языке поможет подборка слов для бухгалтеров.

Слово/Словосочетание Перевод
bookkeeping бухгалтерия
financial planning финансовое планирование
accounting analysis, financial analysis финансовый анализ
accounting/accountancy бухгалтерский учет
financial statements (a financial report) финансовая отчетность (финансовый отчет)
an accounting period отчетный период
an annual report годовой отчет
a balance sheet балансовый отчет
a cash flow statement отчет о движении наличных денежных средств
a fiscal year финансовый год
account reconciliation сверка бухгалтерских счетов
assets активы
liabilities пассивы
financial risk management управление финансовыми рисками
types of accounting ratios:
  • liquidity ratios
  • profitability ratios
  • market value ratios
  • activity analysis ratios
виды бухгалтерских коэффициентов:
  • коэффициенты ликвидности
  • коэффициенты рентабельности
  • коэффициенты рыночной стоимости
  • коэффициенты анализа деятельности компании
record keeping:
  • accounts receivable
  • accounts payable
  • inventory records
  • payroll records
  • petty cash records
бухгалтерская документация:
  • дебиторские счета
  • кредиторские счета
  • учет товарно-материальных ценностей/запасов
  • зарплатные ведомости
  • представительские расходы, подотчетные суммы

Налогообложение и аудит (taxation and auditing)

Перейдем к лексике для специалистов налоговой сферы.

Слово/Словосочетание Перевод
a tax declaration налоговая декларация
a tax payer налогоплательщик
a fiscal period налоговый период
a tax base объект налогообложения
a tax holiday налоговая льгота
a tax rate налоговая ставка
direct taxes прямые налоги
indirect taxes косвенные налоги
an income tax
  1. налог на прибыль предприятий
  2. подоходный налог
value added tax (VAT) налог на добавленную стоимость (НДС)
a tax counsel советник по вопросам налогообложения
an audit team ревизионная группа
audit accounts отчетность, прошедшая аудиторскую проверку
a tax haven «налоговый рай», оффшорная зона,территория с льготным режимом налогообложения
to levy облагать налогом

Бизнес и инвестиции (business and investment)

Представляем бизнес-словарь из сферы торговли и инвестиций.

Слово/Словосочетание Перевод
stocks and shares акции и облигации
a shareholder акционер
a stock exchange фондовая биржа
a venture fund венчурный фонд
an investment portfolio инвестиционный портфель
flotation акционирование
a nominal value номинальная стоимость
a share price slump обвал курсов акций
a bull market «рынок быков», рынок с тенденцией на повышение
a bear market «рынок медведей», рынок с тенденцией на понижение
an advisory company консалтинговая компания
a boom and a bust подъем и спад (в развитии компании)
illegal business нелегальный бизнес
shadow economy теневая экономика
to accumulate capital приумножать капитал
to tie up a block of shares вкладывать деньги в пакет акций
to turn bankrupt обанкротиться

Криптоиндустрия (crypto industry)

Вот мы и добрались до актуальнейшей темы — криптоиндустрии. Так как многие понятия заимствованы из английского, мы решили привести не только перевод, но и краткое толкование.

Слово/Словосочетание Перевод
a cryptocurrency криптовалюта (цифровая валюта, которая создана и контролируется криптографическими методами)
fiat currency, fiat money фиатные деньги (валюта, которую правительство устанавливает в качестве законного платежного средства)
a blockchain блокчейн (цифровой реестр, в котором хранится информация обо всех транзакциях, сделках и заключенных контрактах)
a smart сontract умный контракт, смарт-контракт (компьютерный алгоритм для заключения и поддержания коммерческих контрактов в системе блокчейн)
a token токен (цифровая акция компании)
a token holder держатель токена
mining майнинг (процесс добычи токенов)
сloud mining облачный майнинг (добыча токенов в облачном сервисе)
an initial coin offering (ICO) первичное размещение токенов на бирже
сrypto-bounty крипто-баунти (оказание услуг в обмен на бесплатные токены)

Профессиональные жаргонизмы

Некоторые понятия из профессионального сленга англоязычных экономистов нам чужды. Поэтому мы решили объяснить их подробнее — так будет легче запомнить.

Слово/Словосочетание Перевод
a kickback взятка, «откат»
a skint человек без гроша в кармане
turnover текучесть кадров
a bankster (banker + gangster) коррумпированный банкир
nom-nomics «ном-номика» — сокращенный и более аппетитный вариант названия экономики :-)
a hard sell жесткая продажа — агрессивная стратегия маркетинга товара
leverage финансовый леверидж (финансовый рычаг, финансовое плечо)
a chainsaw consultant эксперт со стороны, привлеченный для сокращения численности сотрудников, при этом «оставляя руки руководства чистыми»

Полезные ресурсы

Перейдем к полезным ресурсам, которые сделают вашу работу еще продуктивнее.

Учебные пособия:

  • Economics by R. Arnold — пособие от университета штата Калифорния. Главное удобство — термины выделены голубым шрифтом и вынесены в колонку слева. Так запоминать слова намного проще. В рубрике Economics 24/7 вы найдете статьи по занимательной экономике, подкрепленные жизненными и историческими примерами. В конце каждой главы есть разделы Chapter summary и Key terms and concepts с краткой выжимкой информации и основными определениями.
  • The Economics Book: Big Ideas Simply Explained by DK — книга рассказывает о развитии экономической мысли, начиная аж с Аристотеля. Ключевая фишка — материал подан в виде красочной инфографики, что упрощает понимание сложных экономических терминов. Среди авторов и консультантов пособия замечены сотрудник Всемирного банка, участник предвыборной кампании Обамы, а также советник при казначействе Великобритании.
  • Macmillan Guide to Economics by L. Raitskaya and S. Cochrane — учебное пособие от издательства Macmillan, составленное на английском языке в соавторстве с русскоязычным преподавателем МГИМО Лилией Раицкой. В учебнике предусмотрены специальные разделы для развития разных языковых навыков, в том числе и аудирования.
  • Professional English in Use Finance by I. MacKenzie — учебник популярной серии о профессиональном английском от издательства Кембриджского университета.
  • English for the Financial Sector by I. MacKenzie — здесь собраны не только базовые термины из финансового сектора, также есть упражнения на развитие языковых навыков.
  • Oxford English for Careers: Finance by R.Clark and D. Baker — оксфордское пособие с разделами про личные финансы, банковское дело, внутренние финансы компании, бухгалтерское дело и аудит, страхование и риски и т. д.

Словари:

  • Financial Dictionary by Farlex — 8000 экономических терминов, собранные для вас финансовым экспертом Харви Кэмпбеллом и профессором университета Дьюка Полом Стичем.
  • A Dictionary of Finance and Banking — учебное пособие и по совместительству словарь от издательства Oxford Press.
  • The Forbes Financial Glossary — глоссарий от всемирно известного экономического журнала.

Инструменты для работы:

  • Financial Management — множество шаблонов для разного рода финансовых документов в Excel и Word.
  • Top Excel Templates for Accounting — шаблоны разных видов документов для бухгалтеров в Excel-файлах.
  • AuditNet — шаблоны для аудиторов.

Онлайн-журналы:

  • Forbes — знаменитый финансовый журнал, без которого этот материал не сложился бы. У Forbes есть статьи, среди которых наиболее популярны списки Forbes Lists, электронные книги, подкасты и видео — интервью с предпринимателями и материалы о богатейших людях планеты.
  • The Economist — британский экономический журнал с массой разделов под любые ваши потребности: видео, подкасты, приложение для iOS и Android, рассылка, инфографика World in Figures, материалы об альтернативной истории в целом и экономической мысли в частности The World If, а также потрясающе удобно поданная визуальная информация The Economist Films.
  • McKinsey Quarterly — одно из самых авторитетных бизнес-изданий в англоязычном мире. И это неудивительно: статьи выходят с 1964 года, и McKinsey Quarterly до сих пор держит марку. Подпишитесь на рассылку, скачайте приложение для iOS или Android и получайте полезные материалы.
  • Bloomberg Businessweek — деловой журнал от издательства Bloomberg. У журнала есть впечатляющее разнообразие приложений, собственное радио и ТВ.
  • Harvard Business Review — журнал, посвященный бизнесу и экономике. Советуем подписаться на один или несколько типов рассылки, особенно интересным для вас будет раздел Finance & Economy. Важная фишка — регулярные вебинары и собственные подкасты. У Harvard Business Review есть также богатая видеоколлекция, которая состоит из интервью, мини-лекций и анимированных роликов.
  • The Wall Street Journal — после выхода фильма «Волк с Уолл-стрит» на планете не осталось человека, который бы не слышал о Уолл-стрит и одноименном бизнес-журнале. Для вас наиболее интересными будут статьи из Real Time Economics, исследования и опросы из Economic Forecasting Survey, а также видеобиблиотека.

Блоги:

  • The Undercover Economist — блог британского экономиста Тима Харфорда, журналиста Financial Times. Простым языком он объясняет экономику как для профессионалов, так и простых смертных. Вы можете подписаться на рассылку, послушать подкасты на BBC Radio, а также посмотреть его выступления на TED.
  • Economics One — блог профессора экономики Стэнфордского университета. Он пишет статьи по макроэкономике, денежно-кредитной политике и международной экономике.
  • Robert Reich — блог бывшего министра труда США Роберта Рейча, который публикует статьи на политические и экономические темы. Здесь также много видеофайлов, в которых Роберт объясняет реалии экономического мира. Наиболее часто встречающаяся тема — налоговая система.
  • Dealbreaker — новости финансового рынка в юмористической подаче. Несмотря на карикатурные иллюстрации и остроумные высказывания, автор блога дает читателю проверенные факты без воды.
  • Calculated Risk — Билл МакБрайд ведет этот блог с 2005 года. Это постоянная и единственная работа автора, поэтому поиску, отбору и проверке информации он уделяет все свое время.

Видеоблоги:

  • Financial Times — видеоканал известной деловой газеты.

  • YaleCourses — записи лекций Йельского университета, среди которых мы бы выделили два плейлиста: Financial Markets освещает финансовые рынки, а Capitalism: Success, Crisis and Reform — все аспекты капитализма.
  • Corporate Finance Institute — лекции от Института корпоративных финансов.

  • Investors Archive — Илон Маск, Стив Джобс, Уоррен Баффет и другие успешные бизнесмены рассказывают о предпринимательстве, капитале и инвестициях.

  • The Financial Diet — видеоблог, посвященный заботе о личных финансах, планированию бюджета, инвестициям и построению карьеры.

  • Financial Education — блог об инвестициях, стартапах и способах накопить деньги. Вся информация основана на личном опыте автора.

Аудиоподкасты:

  • Подкасты The Financial Times: FT Hard Currency посвящены валюте, FT Banking Weekly — банковской системе, а FT Money Show — личному финансовому менеджменту.
  • Macro Voices — интервью и авторские комментарии о событиях в мире макроэкономики и финансов от управляющего хедж-фондом Эрика Таунсенда.
  • Something More with Chris Boyd — финансовое ток-шоу.
  • Rebank: Banking the Future — подкасты о взгляде на банковскую систему через призму современных реалий и технологий.

Дистанционные курсы:

  • Онлайн-курсы на популярных платформах: edX, Udemy, Coursera, Lynda.com (курсы от Linkedin).
  • Лондонская школа бизнеса и финансов проводит краткосрочные онлайн-курсы, закончив которые вы получите заветный сертификат. Интересующий вас раздел называется Finance, Accounting & Reporting.
  • Оксфордский университет предлагает курсы, посвященные экономике и политике. Описание каждого курса сопровождается вводной аудиозаписью от лектора и списком программы, разделенным на юниты.

Международные экзамены:

  • Chartered Financial Analyst (CFA) — сертификат выдается одноименной ассоциацией инвестиционных аналитиков. Получить его могут финансовые аналитики, успешно сдавшие экзамены и имеющие релевантный опыт.
  • Association of Chartered Certified Accountants (ACCA) — программа дополнительного образования для бухгалтеров от ассоциации профессионалов бухгалтерского дела и корпоративных финансов.
  • Certified Internal Auditor (CIA) и Certified Financial Services Auditor (CFSA) — сертификаты выдаются аудиторам американским Институтом внутренних аудиторов.
  • Chartered Institute of Management Accountants (CIMA) — сертификат для топ-менеджеров и управленцев, занятых в финансовом секторе.

Фильмы и сериалы:

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Английский для экономистов (учебник английского языка). UNIT 3. MANAGEMENT (Д. А. Шевчук)

If the leader is good, the followers will be good.

Your vocabulary

Management

– the control and organizing of a business or other organization;

– those stuff within the firm who exert control over its activities on behalf of owners.

Top management

includes the chief executive of an organization, his or her deputy or deputies, the board of directors and the managers in charge of the divisions or departments of the organization.

Middle management

consists of the managers to whom top management delegates the day-to-day running of the organization.

Managing director

– company director responsible for the day-to-day running of a company. Second in the hierarchy only to the chairman, if there is one; the managing director is the company’s chief executive.

Manager

– a person controlling or administrating a business or part of a business.

Ex. 1. Do you know the meaning of the following derivatives? Show it with the help of your own sentences.

to manage; manageable; management; manager; manageress; managerial.

Translate the following sentences. Pay attention to the words in italics.

1. The reserved the right to make managerial decision.

2. What you need is advice from your bank manager.

3. I wish you could manage the time to come and to talk to us.

4. Private banks are being nationalized, and are to be managed with workers’ participation.

5. They are part of my management team.

6. The baby can be greatly influenced by the parents’ management.

7. She has been working as the manageress of a bookshop.

8. It is perfectly manageable task to tackle systematically.

Ex. 2. Write down a synonym for each of the words on the left. Choose the one on the right. In what do they differ?

Ex. 3. The following words can be classified into 5 groups. What are they? Show the difference in their meaning with the help of your own sentences.

Choice, have, solve, dilemma, own, profit, posses, variant, cope with, to process, option, tackle, problem, handle, return, predicament, gain, alternative.

Ex. 4.Match the definitions with the words given below.

fee, executive, insure, skill, capacity, profile, applicant, charisma, ensure, guideline, superior.

1. Ability to do something well.

2. Short biographical or character sketch.

3. Payment made for professional advice or services.

4. Person or body with managerial or administrative responsibility.

5. Make certain.

6. Secure compensation in the event of loss or damage by advance regular payments.

7. In a higher position; of higher rank.

8. Principle directing action.

9. Power to certain, receive, experience, or produce.

10. The ability to attract, influence, and inspire people by your personal qualities.

11. Someone who formally asks to be given something, such as a job or a place at a college or university.

Ex. 5. Give the Russian equivalents to the following.

Involved in management; production oriented; impose regulations, ever-more-complex environment; encompasses both science and art; business executives; code of conduct; develop the body of knowledge; with respect to the second criterion; the issue is much less clear-out; is consistent with their interest; self-interest or concern for others; decision-making machinery; cross-cultural skills; consulting fee; character attributes; compare against the places set earlier; authority.

Ex. 6. Translate the following text into Russian in written form.

People working for a company are referred as its workforce, employees, staff, or personnel and are on its payroll.

In some context, especially more conservative ones, employees and workforce refer to those working on the shopfloor of a factory actually making things. Similarly, staff is sometimes used to refer only to managers and office-based workers. This traditional division is also found in the expressions white-collar and blue-collar.

Another traditional division is that between management and labor.

Personnel departments are usually involved in finding new staff and recruiting them, hiring them, or taking them on, in a process of recruitment. Someone recruited is a recruit, or in American English only, a hire.

They are also involved when people are made to leave the organization, or fired. These responsibilities are referred to, relatively informally, as hiring and firing. If you leave the job voluntarily, you quit.

Middle-managers are now most often mentioned in the context of re-engineering, delaying, downsizing, or rightsizing: all these expressions describe the recent trend for companies to reduce the numbers of people they employ, often by getting rid of layers of managers from the middle of hierarchy.

An organization that has undergone this process is lean and its hierarchy is flat.

Read the text once again and in turn explain, in your own words, the meaning of the following terms:

1. workforce, employee, staff, personnel, a recruit, a hire, layer, labour.

2. white-collar, blue-collar.

3. to recruit, to employ, to hire.

4. to fire, to quit, to get rid of.

Do you know any other synonyms to the words given above?

LET’S READ AND TALK

TEXT 1 

ART OR SCIENCE? 

Management is the art and science of making appropriate choices. To one degree or another, we are all involved in managing and are constantly making decisions concerning how to spend or use our resources.

Like most things in our modern, changing world, the func–tion of management is becoming more complex. The role of the manager today is much different from what itwas one hundred years, fifty years or even twenty-five years ago. At the turn of the century, for example, the business manager's objective was to keep his company running and to make a profit. Most firms were production oriented. Few constraints affected management's decisions. Governmental agencies imposed little regulations on business. The modern manager must now consider the environment in which the organisation operates and be prepared to adopt a wider perspective. That is, the manager must have a good understanding of management principles, an appreciation of the current issues and broader objectives of the total economic poli–tical, social, and ecological system in which we live, and he must posses the ability to analyze complex problems.

The modern manager must be sensitive, and responsive tothe environment – thatis he should recognize andbe able to evaluate the needs of the total context in which his business functions, and he should act in accord with his understanding.

Modern management must posses the ability to interact in an ever-more-complex environment and to make decisions that will allocate scarce resources effectively. A major part of the manager’s job will be to predict what the environment needs and what changes will occur in the future.

Organizations exist to combine human efforts in order to achieve certain goals. Management is the process by which these human efforts are combined with each other and with material resources. Management encompasses both science and art. In design–ing and constructing plans and products, management must draw on technology and physical science, of course, and, the behavioral sciences also can contribute to management. However much you hear about «scientific management» or «management science», in handling people aid managing organizations it is necessary to draw on intuition and subjective judgment. The science por–tion of management is expanding, more and more decisions can be analyzed and programmed, particularly with mathematics. But although the artistic side of management may be declining in its proportion of the whole process it will remain central and critical portion of your future jobs. In short:

• Knowledge (science) without skill (art) is useless, or dangerous;

• Skill (art) without knowledge (science) means stagnancy and inability to pass on learning;

Like the physician, the manager is a practitioner. As the doctor draws on basic sciences of chemistry, biology, and physiology, the business executive draws on the sciences of mathematics, psychology, and sociology.

1. The function of management is becoming more complex. Why?

2. What must management possess nowadays?

3. Management encompasses both science and art. In what can we see it?

TEXT 2 

PRINCIPLES OF THE MANAGEMENT

Different scholars offer different sets of principles of management. The most famous are the following fourteen. But the main principle should be read as follows: «there is nothing rigid or absolute in management affairs, it is all a question of proportion». Accordingly if you view the following list of these principles as a set of important topics and sometimes applicable guidelines for managers, you will be keeping close to the spirit in which they were originally suggested.

1. Division of work. Within limits, reduction in the number of tasks a worker performs or the number of responsibilities a manger has can increase skill and performance.

2. Authority. Authority is the right to give orders and enforce them with reward or penalty. Responsibility is accountability for results. The two should be balanced, neither exceeding nor being less than the other.

3. Discipline. Discipline is the condition of compliance and commitment that results from the network of stated or implied understandings between employees and managers. Discipline is mostly a result of the ability of leadership. It depends upon good supervisors at all levels making and keeping clear and fair agreements concerning work.

4. Unity of command. Each employee should receive orders from one superior only.

5. Unity of direction. One manager and one plan for each group of activities having the same objective is necessary to coordinate, unify, and focus action.

6. Subordination of individual interests to general interest. Ignorance, ambition, selfishness, laziness, weakness, and all human passion tend to cause self-serving instead of organization-serving behavior on the job. Managers need to find ways to reconcile these interests by setting a good example and supervising firmly and fairly.

7. Remuneration of personnel. Various methods of payment may be suitable, but amounts should reflect economic conditions and be administered to reward well-directed effort.

8. Centralization. Like other organisms, organizations need direction and coordination from a central nervous system. But how much centralization or decentralization is appropriate depends upon the situation. The degree of centralization that makes best use of the abilities of employees is the goal.

9. Scalar chain (line of authority). The scalar chain is the chain of command ranging from the top executive to the lowest ranks. Adhering to the chain of command helps implement unity of direction, but sometimes the chain is too long, and better communications and better decisions can result from two or more department heads solving problems directly rather than referring them up the chain until a common superior is reached.

10. Order. Both equipment and people must be well chosen, well placed, and well organized for a smooth-running organization.

11. Equity. Kindliness and justice will encourage employees to work well and be loyal.

12. Stability of tenure of personnel. Changes in employee assignments will be necessary, but if they occur too frequently they can damage morale and efficiency.

13. Initiative. Thinking through a plan and carrying it out successfully can be deeply satisfying. Managers should set aside personal vanity and encourage employees to do this as much as possible.

14. Esprit de corps. Build teamwork.

1. Dwell on the importance of each principle in the work of a manager. Try to exemplify your answer.

TEXT 3 

SCIENTIFIC MANAGEMENT

No one has had more influence on managers in the 20th century than Frederick W.Taylor, an American engineer. He set a pattern for industrial work which many others have followed, and although his approach to management has been criticized, his idea are still of practical importance.

Taylor founded the school of Scientific Management just before the 1914-18 war. He argued that work should be studied and analyzed systematically. The operations required to perform a particular job could be identified, then arranged in a logical sequence. After this was done, a worker’s productivity would increase, and so would his/her wages. The new method was scientific. The way of doing a job would no longer be determined by guesswork and rule-of-thumb practices. If the worker followed the prescribed approach, his/her output would increase.

Taylor’s solutions to the problems were based on his own experience. When he was with Bethlehem Steel, Taylor criticized management and workers. He conducted many experiments to find out how to improve their productivity. He felt that managers used not the right methods and the workers did not put much effort into their job. They were always ‘soldiering’ – taking it easy. He wanted both groups to adopt a new approach to their work. The new way was as follows:

1. Each operation of a job was studied and analyzed;

2. Using the information, management worked out the time and method for each job, and the type of equipment to be used;

3. Work was organized so that the worker’s only responsibility was to do the job in the prescribed manner;

4. Men with the right physical skills were selected and trained for the job.

The weakness of his approach was that it focused on the system of work rather than on the worker. With this system a worker becomes a tool in the hands of management. Another criticism is that it leads to de-skilling – reducing the skills of workers. And with educational standards rising among factory workers, dissatisfaction is likely to increase. Finally, some people think that it is wrong to separate doing from planning. A worker will be more productive is he/she is engaged in such activities as planning, decision-making, controlling and organizing.

1. Give some information about F.W Taylor and his contribution to management.

2. Speak for and against his principles.

TEXT 4 

MANAGEMENT BY OBJECTIVES

Management by objectives (MBO) is a system which was first described by Peter Drucker in 1954. Since then, MBO has attracted enormous interest from the business world, and its principles have been applied in many of the world’s largest companies.

P. Drucker emphasized that an organization and its staff must have clear goals. Each individual must understand the goals of the enterprise he/she works for, and must make contribution to them. It is also vital that the individual knows what his/her manager expects of her. An individual must know what sort of results he/she is expected to achieve.

If an organization uses MBO approach, it must pay careful attention to planning. A special feature of MBO is that the subordinate participates with the manager in developing objectives.

Various kinds of MBO systems are used in organizations. Here is an example of how a programme might work in a company. The programme consists of several stages. First, the subordinate’s job is defined. Next, his/her current performance is evaluated. Then, new objectives are developed by the subordinates and their managers. Finally, the programme is put into action. Later, there are periodic reviews of the person’s performance, and his/her progress is checked.

The subordinates and the manager discuss the objectives and make plans for achieving them. The manager may help in some way, perhaps by providing more training for the subordinate or buying more modern machines. From time to time, the subordinate and the manager meet to discuss progress. It is vital that the manager receives feedback from the subordinate on performance and achievements.

There are many benefits of MBO. The system helps the subordinates to see clearly their role in the organization. They have a say in how their job is performed, and what goals should be. Workers feel more responsible and motivated. MBO is a good technique for assessing and individual’s performance. People are judged on results, rather than on the personal feelings and prejudices of the managers.

The main limitations of the system are that it is time-consuming and may create a lot of paperwork. In practice, MBO programmes are often fully supported by managements. This could be because managers are not always skilled at interviewing and giving guidance.

1.Who is the ‘father’ of MBO?

2. What are the principles of the system?

3. How does the programme work?

4. What are the benefits and limitations of the system?

TEXT 5 

Read the text. What is the main idea of the text? Divide it into logical parts. Define the key-sentence of each part.

No school, professor or book can make you a manager. Only you can do this, and you can become a manager only by managing. Of course, you can learn the skills that are extremely helpful, particularly in such clearly defined areas as accounting, statistics, law, and finance. But this will not make you a manager. Experience is the only teacher. Experience is, however, is not the uniformly effective teacher. An old aphorism criticizes the person who has worked for 20 years but has only reexperienced the first year 20 times. Learning is not automatic. What schools can do, and what books can do is to provide you with some insights and intellectual tools to be applied against your experience. Most of you are practical people; certainly most managers are. You are concerned about doing things than about thinking about them. You are more concerned with action than with contemplation. Most business students and managers are uneasy about theory. It is abstract and difficult, too unrelated to real problems, it seems, ‘too academic’ and just ‘too theoretical’. But theory is very important because you and all men and women of action are also theorists. No matter how pragmatic you consider yourself, no matter how rooted in reality a manager views himself, you and he operate on theories. You all possess your own theories about motivation, authority, objectives and change. You will need them – and you will have them whether you know it or not. You will be a better manager if you are aware of your assumptions and you examine them periodically and modify them when necessary. Nothing is as practical as a good theory. A great deal of management theory and practice must be described as ‘common sense’. For the objectives of management may be defined as the formulation of priorities and plans.

TEXT 6

MANAGEMENT AS A PROFESSION 

The criteria necessary for professional status include three major components:

– An acceptable level of competence in a specified field of knowledge.

– The placing of the interests of society before personal interests in carrying out functions of the profession.

– A code of conduct as behavior imposed upon members and usually enforced internally.

If we examine the field of managementin light of thesecharacteristics, what shall we find out?

Thereis no question that management as a discipline has developed a body of knowledge, which is becoming more and more sophisticated part of the curriculum in many academic institu–tions. Research in the field, particularly in the quantitative and behavioral areas, shows promise of making even more signi–ficant advances in the future. More and more academic institu–tions offering business programs are devoting their primary attention to graduate education in the area of management, with a particular emphasis on both theoretical and practical research. A growing number of business schools are making efforts to integrate faculty move closely with members of the business community so as to apply research findings to actual business problems.

Конец ознакомительного фрагмента.

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Читать книгу Английский для экономистов (учебник английского языка) Дениса Шевчука : онлайн чтение

Шевчук Денис АлександровичАНГЛИЙСКИЙ ДЛЯ ЭКОНОМИСТОВ (учебник английского языка)

ПРЕДИСЛОВИЕ (Introduction)

Данное пособие предназначено для студентов экономических специальностей вузов, а также для широкого круга лиц, использующих английский язык в своей практической деятельности в сфере экономики и бизнеса. Пособие рассчитано на лиц, обладающих знанием нормативной грамматики английского языка и имеющих словарный запас в 2000-2500 лексических единиц.

По своей структуре пособие представляет собой серию разделов, организованных по тематическому принципу. Тематика и характер учебных материалов, представленных в учебнике, обеспечивают формирование у студентов профессионального словаря, а также навыков чтения и говорения в рамках профессиональной тематики. Каждый раздел (Unit) – это самостоятельный комплекс, имеющий унифицированную структуру и состоящий из следующих частей: YOUR VOCABULARY, LET’S READ AND TALK, SPEAK AND WRITE.

YOUR VOCABULARY включает в себя языковые упражнения, основной целью которых является выработка лексических навыков, обеспечивающих готовность студента к включению в последующую деятельность, а также подготовка к работе с текстами, поскольку все отрабатываемые лексические единицы взяты из текстов раздела LET’S READ AND TALK. Кроме того, часть упражнений (на подстановку предлогов, пропущенных слов, раскрытие скобок) представляют собой законченные тексты и являются полноценным источником информации, которая может быть использована при обсуждении темы.

Тексты для чтения предназначены прежде всего для формирования речевых навыков по заданной теме. Вначале это происходит на базе содержания текстов, а затем переносится на обсуждение темы в целом. Тексты подобраны из аутентичных источников и представляют собой отрывки из научной и научно-популярной литературы. Предлагаемые тексты могут использоваться для обучения различным видам чтения.

Вопросы и задания, предлагаемые в SPEAK AND WRITE, носят репродуктивный и продуктивный характер. Выполнение заданий требует от студентов концентрации внимания на адекватности употребления лексических и грамматических средств, логичности и четкости изложения. Формирование речевых навыков происходит в условно заданных речевых ситуациях. Наряду с вопросно-ответными заданиями, требующими расширенного ответа или выражения мнения, предлагаются задания проблемного характера, интеллектуально насыщенные, развивающие умение творчески мыслить. От студента требуется не только точное знание того или иного вопроса, но и умение увязать в канву ответа свой личный опыт и наблюдения. Поскольку большая часть заданий может выполняться как устно, так и письменно, автор сочла возможным включить в Appendix рекомендации по написанию эссе.

Автор не предлагает строгих методических рекомендаций по использование данного пособия, поскольку кроме специальных вузов оно может быть применимо в самых разных условиях учебного процесса и преподаватель сам может определить конкретные методические приемы в зависимости от уровня подготовки студентов, целей обучения и количества часов, отводимых на работу с тем или иным разделом. Разделы могут изучаться в предлагаемой последовательности или выборочно. Это же касается и выполнения заданий в рамках раздела: их выбор определяется практическими задачами и конкретными условиями каждого учебного заведения. Определенная избыточность лексических упражнений, текстового материала продиктована желанием обеспечить большую вариативность и мобильность в адаптации к нуждам каждой конкретной аудитории. В полном объеме пособие ориентировано на студентов, занимающихся по углубленной программе.

The master-economist must possess a rare combination of gifts. He must be a mathematician, historian, statesman, philosopher – in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought.

He must study the present in light of the past for the purpose of the future.

No part of man’s nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician.

J.M. Keynes

We are beginning our work. And I’d like to start with the text devoted to a WORD. Whatever you do in your life, wherever you work be careful about and sensitive to the WORD. It’s your main tool.

Your boss has a bigger vocabulary than you have.

That's one good reason why he's your boss.

This discovery has been made in the word laboratories of the world. Not by theoretical English professors, but by practical, hard-headed scientists who have been searching for the secret of success.

After a host of experiments and years of testing they have found out:

• That if your vocabulary is limited your chances of success are limited.

• That one of the easiest and quickest ways to get ahead is by consciously building up your knowledge of words.

• That the vocabulary of the average person almost stops growing by the middle twenties.

• That from then on it is necessary to have an intelligent plan if progress is to be made. No hit-or-miss methods will do.

It has long since been satisfactory established that a high executive does not have a large vocabulary merely because of those opportunities of his positions. That would be putting the cart before the horse. Quite the reverse is true. His skill in words was a tremendous help in getting him his job.

It has been discovered that the one and only common characteristic of outstandingly successful people is an extensive knowledge of the exact meaning of English words.

Vocabulary is one indication of intelligence. Learning power measurably sharpens when vocabulary increases. Here is the proof.

Two classes in a high school were selected for an experiment. The ages and background of the members of both groups were the same, and each group represented a similar cross section of community. One, the control class, took the normal courses. The other class had an additional, special, and rigorous vocabulary training. At the end of the period the grades of the students in the vocabulary class surpassed the grades of the members of the control group, not only in English, but in every other subject, including mathematical and sciences.

Words are the tools of thinking. It naturally follows, then, that the more words you have at your command, the clearer and accurate your thinking will be.

Words are medium of exchange, the coin with which you do business with all those around you. With words you relate people, communicate your feelings and thoughts to them, persuade them, control them. In short, through words you shape your own destiny, for your words are your personality; your vocabulary is you.

How do words treat you? Are you comfortable with them? Do they easily come to you? When you write and speak, do your words paint the sort of picture of you that will do you the most good in the highly competitive world? Does your language usually present a true reflection of your mind, your emotions, and your personality? Or does it sometimes betray and blur your thoughts? Do people occasionally misunderstand you? Or can you compel them to listen, react, obey?

From now on we want you to look at words intently, to be inordinately curious about them and to examine them syllable and syllable, letter by letter. They are your tools of understanding and self-expression. Collect them. Keep them in condition. Learn how to handle them. Develop a fastidious, but not a fussy, choice. Work always toward good taste in their use. Train your ear for their harmonies.

We urge you not to take words for granted just because they have been part of your daily speech since childhood. You must examine them.

Words are not dead things. They are fairly wriggling with life. They are exciting and mysterious tokens of our thoughts, and like human beings, they are born, come to maturity, grow old and die, and sometimes they are even reborn in a new age. A word, from its birth to its death, is a process, not a static thing.

Words, like living trees, have roots, branches, and leaves. If the roots are the origin of words and the branches are the word families that stem out of them, the leaves of this language tree would be the words themselves and their meaning.

Like everyone else, you want certain things from life. No matter what those benefits are, or what particular way you have chosen to go about getting them, you know that your first and most effective means will be the words you use.

In short, the satisfaction and the success you get out of life depend very greatly on the skill with which you communicate your needs, your desires, your opinions to others.

Words are explosive. Phrases are packed with TNT. A single word can destroy a friendship, can start or end a mortal battle, can land a large order. The right words in the mouth of clerks have quadrupled the sales of a department store. The wrong words used by a campaign orator have lost an election. Words have changed the direction of history. Words can also change the direction of your life.

Один из способов тренировать ин. язык – обучать иностранцев русскому языку, русской литературе, философии и истории России (для чего стоит повышать их знание).

Денис Шевчук

Замечено, что многие люди не знают элементарных правил русского языка, например:

1. Количество кавычек всегда должно быть четным, как скобки в математике.

Рядом стоящие кавычки могут быть двух видов – «…» и «…» (лапки и елочки).

Правильно: «слова „слова“» или «слова „слова“»

Неправильно: «слова»» и "слова «слова»

Эти ошибки есть даже в названиях крупных фирм и некоторых статьях и книжках.

2. Если в конце предложения есть информация в скобках, точка ставится после скобок, не ставится перед скобками и внутри перед закрывающей скобкой.

Правильно: слова (слова).

Неправильно: слова. (слова.)

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UNIT 1ECONOMY

Менеджер – наемный управленец, начальник!

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а максимум специалист!

Денис Шевчук

Your vocabulary

Economy

– a system according to which the money, industry, and trade of a country or region are organized.

– a country’s economy is the wealth that it gets from business and industry.

– careful spending or the use of things in order to save money.

– large-size packages of goods which are cheaper than the normal sized packages on sale.

Economic

– concerned with economics and with the organization of the money, industry, and trade of a country, region, or social group.

– relating to services, businesses, etc. that produce a profit.

Economical

– something that is economical does not require a lot of money to operate.

– using the minimum amount of time, effort, language, etc. that is necessary.

Economics

– the study of the production of wealth and the consumption of goods and services in a society, and the organization of its money, industry, and trade.

Economist

– an expert or student of economics.

Economize

– save money by spending it very carefully and not buying expensive things.

Economic Institution

– a physical or mental structure that significantly influences economic decisions

Economic policy

– an action (or inaction) taken, usually by government, to influence economic events.

Economic model

– simplified representation of reality.

Positive Economics

– the study of what is, and how the economy works.

Normative Economics

– the study of how the economy should be, from society’s standpoint.

Ex. 1. To show that you understand the words given above, choose the best word to complete the following sentences. Add noun, verb or adverb endings if necessary.

1. Home … is a subject studied at school and college in which students are taught how to run a house well and efficiently.

2. New England’s … is still largely based on manufacturing.

3. All Western … are competing against each other.

4.These businesses contribute hundreds of millions of pounds to the … of the country.

5. I switched off the lights as an … measure.

6. If you make …, you take action in order to save money, by not spending it on unnecessary things.

7. You’ll have to travel … class.

8. Buy our new … packs of 100.

9. If you are really going to buy a car, we’ll have to … on other things.

10. In his works he explains the ideas of the great English … J.M. Keynes.

11. She thought of herself as an … wife.

12. This system was extremely … because it ran on half-price electricity.

13. What has gone wrong with the … system during the last ten years?

14. The book is very … written, but very warm.

15. … is the oldest of social sciences.

Ex. 2. Look at the following derivatives. Use your knowledge of English and logical reasoning to explain the meaning of each word below.

system, systematic, systematically, systematize, systemic

Use these words in the following sentences.

1. The police made a .... search of the building.

2. You need some … in your work if you want to succeed.

3. I wish they’d organize themselves more … .

4. … insecticides spread all through a plant and kill any insects that feed on it.

5. This method helps … the information received.

Ex. 3. Add appropriate words where there are blanks in the sentences below and you’ll get the definitions of the words in bold. Some words can be used in their different meanings.

imply, convey, standpoint, overall, range, scarce, free, available, utility, rate, output, environment, artifact, discretion

1. The … is the total set of outside forces surrounding and shaping the behaviour of the organization and its members.

2. To … information, ideas, feelings, etc. means to cause them to be known or understood by someone.

3. Someone or something that is … is not restricted, controlled by rules, customs, or other people.

4. An … is an object that is made by a person.

5. The … of something is the total area or extent within which it can operate effectively, and beyond which it is no longer effective.

6. If something is …, there is not very much of it, and there may be enough for those who want or need it.

7. If something is …, you can have it or use it without paying for it.

8. If you … people or things, you arrange them in a line or in lines.

9. If you … that something is the case, you suggest that it is the case without actually saying so.

10. The … at which something happens is the speed at which it happens over a period of time.

11. The … of something is how useful and practical it is.

12. … is used to describe a situation in general, including everything but not considering the details.

13. The … of taxation is the level of it.

14. If something is …, you are able to use it or obtain it.

15. A … is an important service such as water, electricity, or gas provided for everyone.

16. If you … something highly, you consider that it is important.

17. Someone who is … is not busy and is therefore free for you to talk to.

18. A … is a particular way of looking at or thinking about an event, situation, or idea.

19. Someone’s … is the amount of something that they make or produce.

20. … is the quality of behaving in a quiet and controlled way without drawing attention to yourself or giving away personal or private information.

Ex. 4. Give synonyms to the following words. Be ready to give your own examples to show the difference in their meanings.

Affect, effect, aggregate, change, demand, allocate, borrow, income, seek, require, fair, refer to, scarcity, ultimate, restrict.

Ex. 5.  Give the opposite meaning to each word. Make up your own sentence with each word.

Push, appear, diverse, lend, facilitate, available, output, fair, increase, completely, complicate.

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

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

Ex. 7. Make the following words negative.

Regard, responsible, desirable, respective, checked, doubt, certainty.

Ex. 8. Read the following definitions. Can you guess the word they all refer to?

1. A company or a business.

2. Something new, difficult, or important that you do or try to do.

3. A system of business, especially one in a particular country.

4. The ability to think of new and effective things to do, together with an eagerness to do them

(You can find the word in text 1, paragraph 1).

Now check your understanding. Insert the missing words. Translate the sentences into Russian.

1. He said he had doubts about the whole … .

2. This has done much to damage national … .

3. They are known to be the men of …, energy, and ambition.

4. I admire their … in trying to start up a new business.

5. This company is one of the largest … of this kind.

Ex. 9. Study the following words and word-combinations. What are their Russian equivalents?

to aim at, to arrange (for), game plan, to go ahead, a means to an end, on purpose, to set up, to tackle, to take action (on), to take steps, to take the initiative.

Translate the following sentences into Russian.

1. Our products are aimed at working mothers.

2. Let’s arrange for a meeting now. How about Friday, nine o’clock, your office?

3. OK, so we have arranged for finance and now we can go ahead with marketing.

4. The game plan for this morning’s meeting is to finish ordinary business in the first half hour, then take time out for coffee, so that, in the second half, we can zero in on the all-important question of new product development.

5. We use special offers in order to attract bigger orders – in other words, as a means to an end.

6. We have to reduce our overhead expenses. This will lead to job losses in some departments – an unpleasant fact, I’m afraid, but the end justifies the means.

7. Although everyone has to be at the meeting on time, the chairman will be a few minutes late, as usual, He does this on purpose, just to let everyone know who’s who in charge.

8. The company was set up ten years ago.

9. The government is doing all it can do to tackle the problems of housing and unemployment.

10. We need to take firm action, now, on the reduction in our market share – before matters get worse.

11. In the course of the next day or so, we shall be taking steps to put our plans into action.

12. For this job, we’re looking for someone with a go-ahead attitude, a self-starter, someone who’s prepared to take and maintain the initiative.

13.

Ex. 10. Look at the following Latin words. They may be helpful in your work with the texts on Economics and Business.

e.g. exempli gratia for example

i.e. id est that is

etc. et cetera and so on

viz. vide licet namely

c circa about, around (time)

v vide see

et al et ali and others

per se in itself

qua as

vice versa the reverse

ad hoc for this particular purpose

vs versus opposed

via 1.through

2.with the help of

per capita per head

ceteris paribus other things equal

ad valorem according to value

Ex. 11. What do the following words have in common and what do they differ in?

 Matter, problem, dilemma, trouble, alternative, predicament, difficulty.

Ex. 12. Translate into Russian in written form.

In 1776, the Scottish professor of philosophy, Adam Smith, published The Wealth of Nations. In this book, the first systematic study of capitalism, Smith described his principle of the “invisible hand”. This principle states that each person, pursuing his or her self-interest without interference by government, will be led, as if by an invisible hand, to achievethe best good for society.

Self-interest drives people to action, but alone it is not enough. People must understand the effects of their decision and their economic well-being. They must think rationally if they are to make the right decisions.

Because of this, economists long ago introduced the concept of economic man. This notion holds that each person is motivated by economic forces. In other words, each person will always attempt to obtain the greatest amount of satisfaction for the least amount of sacrifice or cost. This satisfaction may take the form of greater profits for a businessperson, higher wages or more leisure time for a worker, and greater pleasure from goods purchased for a consumer.

Of course, these assumptions are not entirely realistic. People may be motivated by forces other than self-interest. Nevertheless, the idea of economic man does deserve as a reasonable approximation of the prevailing pattern of economic behaviour in a capitalistic society. And in economics, as in other social sciences, reasonable approximations are often the best that can be made.

LET’S READ AND TALK

1. What is meant by the word «system»? How do you understand it?

2. What systems do you know? Give your examples.

3. To what systems do you belong?

TEXT 1

WHAT IS SYSTEM?

Everybody is familiar with the word system and uses it in everyday language. We speak of heating systems, communication systems, economic systems, and transportation systems. We talk of cultural and social systems. The word system is used because it conveys the idea that these things are made up of parts and that the parts somehow interact with each other for some purpose or reason.  A system is an organized or complex whole – an assemblage or combination of thingsor parts performing asa complex or unitary whole.

This definition implies several ideas. First is the concept ofinterdependency. If a change occurs in one part or set of parts, it affects all other parts of the system. This affect on each part may be direct or indirect.

A second implication of the definition of a system is the concept of wholism. This means that the system should be considered as a functioning whole. Changes in parts of the system and in the functioning of elements of the system should be considered from the standpoint of the system’s overall performance.

A third concept implied by the definition is synergism. This refers to the interactive effect of the parts of the system working together. The actual interaction of the parts creates an effect which is greater than the effect of the parts acting separately.

We’ve started our work with this small text about a system because we want you to bear in mind and apply the systematic approach to everything you see, hear, read or discuss, for everything in this world belongs to this or that system. While reading the texts pay attention to the economic and business terms. They’ll become the basis of your professional vocabulary.

TEXT 2

HISTORY OF ECONOMICS

In the 1500s there were few universities. Those that existed taught religion, Latin, Greek, philosophy, history, and mathematics. No economics. Then came the Enlightenment (about 1700) in which reasoning replaced God as the explanation of why things were the way they were. Pre-Enlightenment thinkers would answer the question, “Why am I poor?” with, “Because God wills it.” Enlightenment scholars looked for a different explanation. “Because of the nature of land ownership” is one answer they found.

Such reasoned explanations required more knowledge of the way things were, and the amount of information expanded so rapidly that it had to be divided or categorized for an individual to have hope of knowing a subject. Soon philosophy was subdivided into science and philosophy. In the 1700s, the sciences were split into natural sciences and social sciences. The amount of knowledge kept increasing, and in the late 1800s and early 1900s social science itself split into subdivisions: economics, political science, history, geography, sociology, anthropology, and psychology. Many of the insights about how the economic system worked were codified in Adam Smith’s The Wealth of Nations, written in 1776. Notice that this is before economics as a subdiscipline developed, and Adam Smith could also be classified as an anthropologist, a sociologist, a political scientist, and a social philosopher.

Throughout the 18th and 19th centuries economists such as Adam Smith, Thomas Malthus, John Stuart Mill, David Ricardo, and Karl Marx were more than economists; they were social philosophers who covered all aspects of social science. These writers were subsequently called Classical economists. Alfred Marshall continued in that classical tradition, and his book, Principles of Economics, published in the late 1800s, was written with the other social sciences in evidence. But Marshall also changed the question economists ask; he focused on the questions that could be asked in a graphical supply-demand framework. In doing so he began what is called neo-classical economics.

For a while economics got lost in itself, and economists learned little else. Marshall’s analysis was downplayed, and the work of more formal economists of the 1800s (such as Leon Walras, Francis Edgeworth, and Antoine Cournot) was seen as the basis of the science of economics. Economic analysis that focuses only on formal interrelationships is called Walrasian economics.…….

1. The text you’ve read gives a very brief view of the history of Economics. What other names (schools, theories) can you give to continue the story?

TEXT 3

Read the text. Define the main idea of each paragraph.

THE ECONOMIC SYSTEM

There are many forms of economic order, ranging from the mixed private enterprise system to partially or completely controlled economies. Regardless of their form, however, economic system is the system that a society uses for allocation and distribution of scarce resources. Private enterprise means that decisions about what and how much to produce are left to the discretion of owners and managers. In controlled economies such decisions are the responsibility of some governmental agency. There is, of course, no economy today that is completely free of governmental influence, nor is this condition necessarily undesirable. There are many beneficial services and protections available from government. The question then is a matter of degree. Irrespective of the form of economic order, it performs certain valuable functions in the life of organizations of all types.

Among the functions of the economic order the most important one is to provide some means of resource allocation. In a private enterprise this function is basically performed by the price mechanism. This simply means that demand for and supply of goods and services interact to set their market price. In the case of regulated utilities, there are governmental agencies such as public service commissions that determine the rates that may be charged by utility companies. These rates are set at the level that will allow a fair return on investments made by the companies. This form of regulated monopoly is considered, on balance, preferable to unchecked competition. This is true because of efficiency reasons. In taking actions in the area of employment, government is attempting to control the economy in such a fashion as to help the business community operate at the level of production that will yield full employment.

Without a system of distribution economy simply could not exist. A major part of this distribution system is credit. Economy flourishes on credit or extended methods of payment. Such a system literally affects every link in the distribution chain from the supplier of raw materials to the ultimate consumer. Without this vital financing function being performed, the economy would doubtless be forced to a lower order of production.

Economic goals for a nation include price stability, full employment, economic growth, and equitable distribution of income. Price stability contributes to the efficient allocation of resources and facilitates long-term planning. Full employment means that jobs are available for those seeking work. Higher standards of living require increased output per person (economic growth per capita). An equitable distribution of income means that the fruits of the economy are divided in a way that seems fair to the majority of the people. With the long-run trend toward a more sophisticated, highly integrated economic system, it is becoming increasingly important for an individual decision maker to be aware of the macroeconomic environment.

1. What is a system?

2. What are three main concepts of a system? What do they imply?

3. What is an economic system?

4. What functions does economic order perform?

5. What do economic goals for a nation usually include?

TEXT 4

Read the text. Make up the plan and retell the text using your plan.

PROLOGUE TO ECONOMICS

There is almost universal agreement that economies are becoming more complex every year and that an understanding of how an economy works is more important than ever before. For someone who is just beginning to study economics, the task indeed appears to be a difficult one. Economics is the study of the way in which mankind organizes itself to solve the basic problem of scarcity. All societies have more wants than resources, so that a system must be devised to allocate these resources between competing ends. In a very real sense, the complexity of the economy makes it difficult to decide exactly where to start. Simultaneously, production is taking place, goods and services are being allocated, and a great number of market participants are being motivated by a diverse set of goals. In addition, there is the complex financial system in which individuals, firms, and governments borrow and lend funds.

Economics is divided into two major branches: macroeconomics and microeconomics. Macroeconomics is the study of behavior of the economy as a whole with emphasis on the factors that determine growth and fluctuations in output, employment, and the level of prices. Macroeconomics studies broad economic events that are largely beyond the control of individual decision makers and yet affect nearly all firms, households, and other institutions in the economy. Specialists in macroeconomics are particularly interested in understanding those factors that determine inflation, unemployment, and growth in the production of goods and services. Such an understanding is necessary in order to develop policies that encourage production and employment while controlling inflation.

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