Structure of a business letter

GRAMMAR: The Sequence of Tenses – Узгодження часів

 

After one of the past forms in the principal clause we find past forms in the subordinate object clause:

1) If the action of the object clause is simultaneous with that of the principal clause, the Past Simple or the Past Continuous is used in the object clause.

He thought I was joking. – Він гадав, що я жартую.

2) If the action of the object clause precedes that of the principal clause, the Past Perfect or the Past Perfect Continuous is used in the object clause.

I understood that she had already left the office. – Я зрозумів, що вона уже пішла з офісу.

3) If the action of the object clause follows that of the principal clause, the Future-in-the-Past is used in the object clause: I was sure we would get this contract. – Я була певна, що ми отримаємо цей контракт.

 

Ex.1. Make the actions in the following object clauses simultaneous with those of their principal clause:

1 He was surprised that I …………… (know) his phone number. 2 I knew the children …………… (hide) somewhere in the room. 3 He told us that he …………… (work) for a large corporation. 4 He said the in-formation …………… (be) rather interesting. 5 We knew that Ann …………… (have) an English class every Wednesday. 6 I knew that they …………… (discuss) my new proposal then. 7 He said that he ……

…… (be) interested in marketing. 8 She said she …………… (be) busy. 9 The customer said that he ……

……… (want) to have a word with me. 10 He explained that he …………… (take) driving lessons.

Ex.2. Make the actions in the following object clauses precede those of their principal clause:

1 I knew that he …………… (go) to London already. 2 He asked me why I …………… (not invite) him to that scientific conference. 3 He said he …………… (not hear) anything about her complaint. 4 She said the secretary …………… (send) the message already. 5 I knew that she …………… (make) an appointment with general manager. 6 He said that he …………… (work) hard all the time. 7 He told her that he …………… (meet) her the year before. 8 I knew that he …………… (be) ill the day before. 9 She thought he …………… (graduate) from the University. 10 Didn't you know that he …………… (establish) a business of his own?

Ex.3. Make the actions in the following object clauses follow those of their principal clause:

1 He told us that his daughter …………… (be) a marketer. 2 She said that she …………… (finish) her report by 6 o'clock. 3 Mr Black said the manager …………… (come back) to New York the following day. 4 The secretary told me that the meeting …………… (take place) the following month. 5 I hoped that he …………… (apologize). 6 She said she …………… (not attend) our meeting on Monday. 7 I asked him when the negotiations …………… (begin). 8 He said that the price …………… (not include) the cost of packing. 9 She decided that she …………… (ring) up there tomorrow. 10 We decided that you …………… (be) able to help us.

Ex.4. Translate into English:

1 Він сказав, що він сьогодні дуже зайнятий. 2 Менеджер повідомив нам, що в нього є важливі новини. 3 Вона запитала, коли я піду за покупками. 4 Він пояснив, що ніколи там не був. 5 Я сподівався, що проведу там всю відпустку. 6 Він проінформував нас, що вони вже обговорили цю небезпечну ситуацію. 7 Шеф сказав, що я повинна відповісти на цей лист негайно. 8 Вона запитала мене, де працює мій брат. 9 Секретарка повідомила, що вже надрукувала цей контракт у двох примірниках. 10 Він знав, що вони вже розробили нову маркетингову стратегію.

 

Writing a business e-mail

 

1 Why do people use e-mail in business? Make a list of reasons.

 

2 Read some 'rules' for writing good business e-mails. Which rules do you follow?

 

How to write an effective e-mail

 

1. Use a subject line that tells the other person what the e-mail is about. Don't just write Information or Your e-mail.

2. If you are writing to someone you don't know start by saying who you are and why you are
writing.

3. Use written greetings (Dear Mr Smith) and endings (Yours sincerely), just as you would in а
letter.

4. Use short, clear sentences.

5. Use paragraphs for different subjects. Leave a space between paragraphs.

6. In business e-mails, always use a formal and polite tone. Don’t be too informal or familiar.

7. Don’t use emoticons, e.g.L, or acronyms, e.g. BTW (by the way).

8. Don't write in CAPITAL LETTERS – this is like shouting.

9. Don't repeat yourself – try not to use the same word more than once in a paragraph.

10. Check your spelling and punctuation - are they correct? If you are worried about your spelling, use a spell check.

 

3 Read the e-mail below from a student to a company about their work experience programme. Which rules in ex 2 does he break?

 

To:	Amanda Lewis, Human Resources Manager
From:	Luigi Ferrara
Subject:	Information
^1 Hello Amanda! ^2 I'm Luigi fromPescara.^3 Can you tell me about your student programme? I know your company takes students who want some work experience in their holidays, and ^4 I want to apply for the programme because I want to get some experience of working in a big multinational company and I also want to practise my English and make it better, because I think it is VERY BAD. Sorry about that!! I want to know more about the program, so ^5 please give me some more information, in particular the dates, the details of the daily work, how much you pay, where I can stay, etc. I study marketing so I would like to work in the marketing department if it is possible. BTW, I'm a 20- year-old student of business living in Italy. Sorry, I forgot to tell you thatJ. ^6 Send me your reply soon. Thanks a lot. Bye. Luigi

4 Look al the phrases in italics (1-6) in the e-mail. Match them with the formal phrases (a-f) below:

 

a Could you send me more information …	d My name is Luigi Ferrara...
b I look forward to hearing from you.	e Dear Ms Lewis
c I am writing to ask about...	f I am interested in applying for...

 

5 Here are some phrases to use in e-mails. Write starting (S), ending (E), saying why you are writing (W) or requesting (R) after each one and the ones in ex 4:

 

1 My name is...	6 Please e-mail me if you need more
2 I’m a student at... (school / college)	information.
3 Dear Amanda (informal)	7 Yours sincerely
4 Thank you for your message.	8 Thank you for your e-mail of 20th August.
5 With best wishes.	9 Please send me details of...

 

6 Rewrite Luigi’s e-mail using the rules in ex 2 and some of the phrases in ex 5.

 

Business across Cultures

 

do's and don'ts spell out (v) superior patience bill cause offence to smb (v) embarrassment

правила поведінки докладно пояснювати начальник, старший терпіння, терплячість рахунок (за послуги, товар, тощо) образити (скривдити) когось збентеження; розгубленість;

gift acceptable bow (v) custom tip be offended polite

подарунок прийнятний вклонятися звичай чайові бути ображеним ввічливий

Before doing business abroad it is important to understand the social and business culture of a country in which you are going to operate. The following are just a few of do's and don'ts for business people visiting a foreign country:

* In the USA, it is polite to look people in the eye, to offer your hand, and to smile;

* In France people shake hands much more than Americans or most Europeans; if you fail to shake hands, you may be considered rude;

* In Japan and Korea bowing, rather than shaking hands, is usual behaviour;

* In Turkey, your coat should be buttoned when you are with superiors;

* Never discuss business over dinner in France;

* Don't pass documents with the left hand in Saudi Arabia;

* Don't expect written contracts in most Moslem countries;

* Don't expect the contract with South Korean businessmen to spell out all the details. Written contracts are typically documents that change as conditions do;

* In Japan it's very important to get everyone's opinion. Patience is a prime factor in their culture. They also avoid saying "no" directly;

* Offer gifts in Japan. The Japanese enjoy giving and receiving beautifully presented gifts;

* Do not bring liquor to an Arab house. For many Arabs, alcohol is forbidden by religious law;

* In China expensive presents are not acceptable and cause great embarrassment. Give a collective gift from your company to theirs;

* In British restaurants a tip is included in the bill. In some Mediterranean countries, such as Greece and Spain, the customer is expected to pay alittle extra for satisfactory service;

* Don't criticize royalty in Great Britain;

* In Arab countries, don't admire an object openly. The owner may feel obligated to give it to you.

Thus, if you are aware of the customs of the country you are visiting, you will not cause offence or be offended.

 

1 What should a businessman know before starting business abroad? 2 In which country is it not recommended to discuss business over dinner? 3 In what countries will you never make written contracts? 4 Where do they change written contracts as conditions do? 5 What is considered polite in the USA? 6 What behaviour is usual in Japan and Korea? 7 In which country do they avoid saying "no" directly? 8 You shouldn't bring liquor to an Arab house. Why? 9 What gifts are not acceptable in China? 10 Should you not criticize royalty in Great Britain? 11 In which country should you shake lands? 12 Is the custom of giving tips still common in many countries? 13. When do you tip and how much?

1 Match words that have a similar meaning:

custom gift operate spell out rude behaviour avoid expensive tip extra

gratuity costly evade impolite conduct explain in detail act habit additional present

2 Match the words and phrases in the box with the correct definition:

1) formal rules for polite behaviour in a society; 2) something done in a society because of tradition; 3) money given to somebody for doing something; 4) rules for behaviour; 5) a person who is higher in rank or importance; 6) an agreement, usually written and signed by those making it; 7) something given freely to another, a present; 8) a king or queen and family; 9) showing bad manners, impolite.

 

3 Choose the correct word from the box to complete the gaps. Translate the sentences into Ukrainian:

 

rude; polite; be aware of; expensive; extras; offended; custom; acceptable; to spell out; superiors; gift; do's and don'ts; tip (2)

 

1 I left the waiter a generous.... 2 It takes time to learn the... for business people visiting a foreign country. 3 My boss gave me a watch as a birthday.... 4 I gave the cab driver a $ 5.... 5 My... in the company have requested that I cut costs. 6 He does not understand the technological process; you will have... it for him. 7 Wearing a shirt without a tie is... dress for dinner here. 8 It is British... to drink tea at four o'clock each afternoon. 9 She was... that we didn't accept her invitation to dinner. 10 The basic service costs $ 100 plus 20 percent for the.... 11 This hotel is more... than I expected. 12 A salesperson must... market prices. 13 It wasn't very... to leave without saying thank you. 14 It was... to walk away while that customer was talking to you.

 

4 Fill in the missing prepositions: (for, in (2), without, on (2), at, through, of (2), from)

 

A guide to doing export business in Japan

· Be prepared... important cultural and language difficulties. This, may seem obvious but some businessmen try to get by... Japan... hiring a good interpreter who can also explain Japanese traditions and customs.

· Trade... personal contact... a senior level. This is more important that trading... price.

· Patience pays dividends. It may take several visits before an order comes....

· Quote... local currency.

· Emphasise your product's country... origin.

· Offer gifts. However, it is not the value... the gift, but the fact it is a present... you that counts.

 

5 Put these statements about customs and culture into the correct order. Translate the sentences:

 

1) clock / bad / a / is / symbol / of / a / luck. (China)

………………………………………………………………………………………………

2) directly / "no" / avoid / they / saying. (Japan)

………………………………………………………………………………………………

3) never / business / must / you / discuss / dinner / over. (France)

………………………………………………………………………………………………

4) luckiest / is / the / number /eight. (China)

………………………………………………………………………………………………

5) responsibility / managers / to / expected / are / full / take. (Saudi Arabia)

………………………………………………………………………………………………

6) always / taught / have / not / been / business / do / to / anyone / but / with / friends / they. (Mexico)

………………………………………………………………………………………………

7) business / do / they / quickly / as / possible / as. (Britain)

………………………………………………………………………………………………

8) you / if / shake / fail / hands / to / may / considered / be / rude / you. (France)

………………………………………………………………………………………………

9) take / they / queues / seriously / very / never / and / jump / line / in. (Britain)

………………………………………………………………………………………………

10) make / people / clear / a / distinction / personal / between / business / and / relationships. (Germany)

………………………………………………………………………………………………

11) titles / required / job / are / generally / talking / to / when / colleagues / business. (Mexico)

………………………………………………………………………………………………

 

What is Economics About?

 

Unlike history, mathematics, English and chemistry, economics is a subject that most students encounter only briefly, sometimes not at all, before they begin college. Economics is a basic discipline, like those just listed. It is not an applied subject like accounting in which specific skills are taught.

Economics has some similarities to mathematics because logical reasoning and mathematical tools are used

in it extensively. It also has some similarities to history because economics studies people as they interact in social groups.

Like chemistry, economics employs the scientific method, although some of economics has a descriptive rather than an analytical flavour. Finally, like English grammar, economics has a few simple rules and principles, but from these principles economics can derive many conclusions.

Economics is the science of making choices. Individuals must decide whether to study another hour or to go for a walk, whether to buy a six-pack of Pepsi or two litres of milk at the grocery, whether to choose fire fighting or teaching as an occupation and whether to play golf or to watch TV for an afternoon of recreation. As a group, people must also choose through their governments whether to build a dam or to repair highways with their taxes, whether to invest money to business or to expand national parks.

The common element in all these decisions is that every choice involves a cost. (Reading this text means that you are not enjoying a bike ride).

In fact, economics is the study of the choice that people make and the actions that they take in order to make the best use of scarce resources in meeting their wants.

Economics is about our everyday life. How do we get our living? Why do we sometimes get more and sometimes less? Are we producing as efficiently as we could? Are we producing the “right things”? What are the “right things”? Who should decide this and why? The study of economics helps us to answer these questions.

 

1 Do school-leavers know much about economics? Why? 2 Is economics a basic discipline or an applied subject? 3 What subjects is economics similar to and how? 4 How can economics be defined? 5 Prove that economics is the science of making choices. 6 Why do people have to make choices very often? 7 What is common about all decision-making?

 

1 Read the following words and try to guess their meaning. Mind the stress!

'group -	'logical -	in'vest -	eco'nomics -
'subject -	'element -	pro'duce -	occu'pation -
'reason -	'finally -	spe'cific -	indi'vidual -
'principle -	re'source -	e'conomist -	ana'lytical -

 

2 Match English and Ukrainian equivalents:

 

an applied subject specific skill a few simple rules to derive conclusions to make a choice to take actions to meet one's wants to use intensively to interact in social groups

a b c d e f g h i

кілька простих правил прикладна дисципліна особливі уміння вживати заходів використовувати інтенсивно задовольняти потреби робити висновки взаємодіяти в соціальних групах робити вибір

 

3 Choose the correct word:

1 Economics is a... discipline.	a) basic	b) natural	c) social
2... is an applied subject.	a) history	b) accounting	c) economics
3 Mathematical tools are used in economics....	a) briefly	b) extensively	c) finally
4 Like other subjects, economics has a few... and principles.	a) rules	b) graphs	c) lines
5 Every choice involves a....	a) investment	b) cost	c) time

 

4 Complete the sentences:

1 Economics is a subject that most students encounter only briefly before they....

2 Economics is not an applied subject in which....

3 It studies people as they....

4 Economics is the science of....

5 Every choice involves....

 

5 Fill in the gaps with: interact, briefly, extensively, make, take, choices, science

 

1 Logical reasoning and mathematical tools are used in economics.... 2 Most students encounter economics only... before they begin college. 3 Economics studies people as they... in social groups. 4 Economics is the... of making.... 5 Economics is the study of the choices that people... and the actions that they....

 

Markets

 

tangible - відчутний на дотик; матеріальний to satisfy desires - задовольнити потреби intangible - невідчутний на дотик; нематеріальний goods, commodity - товар service - послуга to adjust - відрегулювати

demander — споживач supplier — постачальник market allocation — місце на ринку excess supply — перевищення пропозиції to decrease — знижуватися, зменшуватися to eliminate — ліквідувати, знищувати

A market is a set of transactions in which a particular kind of commodity is exchanged, and in which the transactions for this commodity among different individuals and firms are related.

Product markets are divided into two classes: goods and services. A good is something tangible that is produced, and consumed. For example, when you buy an automobile, you are purchasing a good. A service is something intangible that is produced and consumed. When you have someone adjust a carburettor, you are purchasing a service.

Resources are things used to produce goods, services and capital. People come to a market because they want to buy (demanders) or to sell (suppliers). The interaction of demanders and suppliers determines a market price and a market allocation of a particular commodity.

Demand is all combinations of relative price and the quantity of a particular commodity that individuals or firms (demanders) want to purchase in a market.

Excess supply occurs when, at a particular market price, the quantity that suppliers want to provide to the market exceeds the quantity that demanders want to purchase. And excess demand occurs when this quantity is less than the quantity that demanders want to purchase. In an open or free market, the relative price for a commodity will generally decrease when there is excess supply and increase when there is excess demand. Excess demand will be eliminated if the relative price is free to increase.

A market is equilibrium when the quantity that suppliers want to provide to the market at a specific market price is exactly equal to the quantity that demanders want to purchase in the market at the same market price. The importance of equilibrium is that the equilibrium relative price is the only price at which the interests of demanders and suppliers coincide.

I. Give English equivalents of the following:

взаємодія споживачів і постачальників; надмірна(ий) пропозиція/попит; виробляти товари та надавати послуги; розміщення ринку; набір угод; набір стимулів; перерозміщувати товари; задовольняти потреби; значення рівноваги; купувати товар; поділятися на класи; впливати на ринок

II. Fill in the gaps with: excess demand; are divided into; purchasing a service; the importance of equilibrium; the interaction of demanders and suppliers; excess supply; decreases; increases

1. Product markets... two classes: goods and services. 2. When you have someone adjust a carburettor, you are.... 3.... determines a market price and a market allocation of a particular commodity. 4.... occurs when, at a particular market price, the quantity that suppliers want to provide to the market exceeds the quantity that demanders want to purchase. 5.... occurs when, at a particular market price, the quantity that suppliers want to provide to the market is less than the quantity that demanders want to purchase. 6. When there is excess demand, the relative price... and when there is excess supply the relative price.... 7.... is that the equilibrium relative price is the only price at which the interests of demanders and suppliers coincide.

III. Answer the questions:

1 What is a market? 2 Explain the difference between: a good / a service; demanders / suppliers; supply /

demand; excess supply / excess demand. 3 When will excess demand and excess supply be eliminated? 4 What is equilibrium of a market? 5 Why is market equilibrium important?

IV. Translate into English:

1. Розрізняють ринки товарів і ринки послуг. 2. Товар - це щось відчутне на дотик, що виробляється та споживається, часто те, що ми можемо придбати на ринку. 3. Послуга - це щось не відчутне на дотик, що виробляється та споживається, що ми також можемо придбати на ринку. 4. Ресурси - це те, що використовується для виготовлення товару та надання послуг. 5. Взаємодія споживачів і постачальників визначає ринкову ціну та розміщення на ринку. 6. Пропозиція - це поєднання відносної ціни та кількості якогось товару, який фірми або окремі особи хочуть постачати на ринок. 7. Споживання - це поєднання відносної ціни та кількості якогось товару, який фірми або окремі особи хотіли б придбати на ринку. 8. Надмірна пропозиція складається тоді, коли кількість товару, яку постачальник хоче поставити на ринок за ринковою ціною, перевищує кількість, яку споживачі бажають придбати. 9. В умовах вільного ринку відносна ціна на товар буде падати при зростанні пропозиції та підніматися при зростанні попиту.

 

Export and Import

 

visible exports (imports) invisible exports (imports) freight borrow (v) trade surplus trade deficit

експорт (імпорт) товарів невидимий експорт (імпорт) фрахт, перевезення вантажу позичати (у когось - from) надлишок торгового балансу дефіцит торгового балансу

earn (v) purchase (v) the IMF exceed (v) surplus foreign currency

заробляти купувати МВФ перевищувати надлишок іноземна валюта

 

Exporting and importing are two aspects of foreign trade.

Exports are goods and services produced in one country but sold in another. Trade in goods is known as visible exports and trade in services is known as invisible exports. Exports are important because they allow a country to earn foreign exchange which can be used for buying imports from abroad.

Imports are those goods and services which are consumed in one country but which have been purchased from another country. Imports of goods such as food, raw materials, or manufactured goods are known as visible imports; imports of services such as insurance, tourism, freight are known as invisible imports.

Imports are paid for by foreign currency earned by exporters, or by borrowing from foreign governments and agencies like the International Monetary Fund.

If exports exceed imports there is a trade surplus. If imports exceed exports there is a trade deficit.

1 What are the principal aspects of foreign trade? 2 What are exports? 3 What are imports? 4 What do we call visible exports? 5 What do we call invisible exports? 6 Why are exports important? 7 What are imports? 8 What is known as visible imports (invisible imports)? 9 What are imports paid for by? 10 What is a trade surplus? 11 When do we speak about a trade deficit?

1 Match words that have a similar meaning:

 

foreign exchange exceed buy important goods freight

 

transported goods merchandise significant purchase surpass foreign currency

 

2 Match the words and phrases in the box with the correct defi-nition:1) an item, a service, an idea that is sent from one country to another to be sold; 2) an item, a service, an idea that is brought into one country from another; 3) goods, as opposed to services, that are sold to other countries; 4) services such as banking, insurance and tourism that are brought from other countries; 5) an agency of the

United Nations that lends money to encourage trade and economic development in poor countries; 6) a situation where a country exports more goods than it imports; 7) condition in which there are more goods imported than exported; 8) the transport of goods by sea or air.

 

3 Choose the correct word from the box to complete the gaps. Translate the sentences into Ukrainian:

 

Exporting; imports; restrictions; import; invisible exports; visible import; imported; exports; exceeded; purchased.

 

1 She... a new car. 2 Sales of the new product... our estimates.3 Canada... wheat in great quantities. 4 This wine is... from France. 5 Foreign technology is a significant.... 6 This country.... luxury items to Northern Europe. 7 Tourism is the most important part of the Cypriot.... 8 Sixty percent of the goods they... come from Asia. 9 Sometimes governments put... on foreign trade. 10 This... company will be 100 years old next year.

 

4 Fill in the missing prepositions: (of (2), in, at (2), by (3), on (2), for, through, to)

 

A country spends money... goods it imports and gains money... its exports.

Valuable though foreign trade is... keeping domestic prices down... creating competition... home and providing large markets abroad, governments may have to put restrictions... it, which they usually do... subjecting imports... customs duties or... restricting some types... exports.

Customs authorities must make sure that imported goods are not sold... a lower price than that... their country... origin.

 

5 Translate into English:

 

1 Міжнародна торгівля – це основний фактор розвитку співробітництва між різними країнами світу. 2 Експорт та імпорт важливі аспекти міжнародної торгівлі. 3 Експортування – це продаж товарів та послуг в іншу країну. 4 Імпортування - це купівля товарів та послуг в іншій країні. 5 Купівля послуг, таких як страхування, туризм, перевезення вантажу – це невидимий імпорт. 6 Експортери заробляють валюту, якою країна розраховується за імпортні товари. 7 Якщо експорт перевищує імпорт, існує надлишок торгового балансу. 8 Якщо імпорт перевищує експорт, ми говоримо про дефіцит торгового балансу. 9 Експорт товарів – пріоритетний напрям розвитку зовнішньої торгівлі будь-якої країни. 10 Економіка кожної країни значною мірою залежить від зовнішньої торгівлі.

 

Money and its functions

 

crime whale beads coin paper bills value trust

злочин кит намисто; буси монета паперові банкноти ціна, вартість; цінність довіряти

medium of exchange measure of value yardstick bookkeeping store of value retain accumulate

засіб обміну мірило вартості мірило; мірка; критерій бухгалтерія; рахівництво засіб заощадження зберігати; утримувати накопичувати

 

In songs and popular language "money" stands for many things. It's a symbol of success, it's a source of crime, and it makes the world go round.

Money is anything used by a society to purchase goods, services or resources. Different groups of people have used all sorts of objects as money - whale's teeth, stones, beads, gold and silver, for example. Today, the most commonly used objects are metal coins and paper bills.

For money to have value, it must perform certain functions, it must be easy to use, and it must be trusted.

Money has three main functions in any society:

• Serves as a Medium of Exchange. Money, the medium of exchange, is used in one half of almost all exchange. Workers exchange labour services for money. People buy and sell goods in exchange for money.

• Serves as a Measure of Value. Money serves as a measure of value because the prices of all products and resources are stated in terms of money. Money is used as a yardstick for all bookkeeping, budgeting and management.

• Represents a Store of Value. Money is a store of value because it may be held and spent later. It is a means for retaining and accumulating wealth.

 

1 What is money? 2 What objects did different groups of people use as money many years ago? 3 What are the most commonly used objects today? 4 What are the main characteristics of money? 5 What functions must money perform? 6 Why is money used as a medium of exchange? 7 Why does money serve as a measure of value? 8 Why can money be characterized as a store of value? 9 What do you enjoy spending money on? 10 How do you feel about borrowing money? Would you worry about being in debt?

 

1 Match words that have a similar meaning:

purchase value perform exchange represent spend retain accumulate wealth

riches increase keep pay money for smth change symbolise complete worth buy

 

2 Translate the sentences into Ukrainian. Define the part of speech of the underlined words:

 

1 He doesn't have much monetary sense; he's always wasting his money. 2 The government monetized its bonds and spent the money on new projects. 3 That new saleswoman is already a moneymaker for our company. 4 She married a man from a moneyed family. 5 He’s such a money-grubber that he won't answer a question unless you tell him how much you will pay him.

 

3 The words in the box frequently occur before "money". Find combinations that mean:

 

1) money that is being used by the public as opposed to money left in bank accounts; 2) money easily available on loan at a low rate of interest; 3) extra money or high wages paid to people working in dangerous conditions; 4) money that is difficult to borrow because of high interest rates; 5) money that is not circulated or invested and does not earn interest; 6) an item that can be easily exchanged in the

way that money can, although it is not money itself. It includes cheques and postal orders but not banknotes or coins; 7) money lent on condition that it must be repaid immediately if necessary; 8) money offered by someone to show that he/she is honest and truthful and will keep to all agreed terms and conditions; 9) the reward paid by the owners of a rescued ship or goods to the person or organization that saved it / them; 10) change for small purchases; 11) money which is moved from country to country to get the best return; 12) money paid to someone in return for keeping silent about a crime.

4 Match the words and phrases in the box with the correct definition:

1) banknotes; 2) a means of payment, esp. coins and banknotes, given and accepted in buying and selling; 3) a means for retaining and accumulating wealth; 4) a single standard or "yardstick" that is used to assign values to, and compare the values of products and resources; 5) anything that is accepted as payment for products and resources; 6) the

recording of all money received into and paid out of a company in a book or on a computer file; 7) the worth of something in terms of the money or goods for which it can be exchanged; 8) a large amount of money, goods or property.

5 Choose the correct word from the box to complete the gaps. Translate the sentences into Ukrainian:

spent; functions; a yardstick; accumulating; trust; exchange; retained; value; the medium of exchange; money

1 Our central aim is to make.... 2 Credit cards and cheques are increasingly used as.... 3 Returned goods can be exchanged for goods of an equivalent.... 4 You will be given a higher salary in... for doing a more responsible job. 5 I... my business partner completely. 6 She... most of her parents' property, but some went to her children. 7 My savings are... interest. 8 A 10% profit after taxes is widely seen as... for making money in a business. 9 One of the most important... of my job is to see that goods are delivered on time. 10 He... $200 to fix his car.

 

Aggregate supply

supply – постачання aggregate supply – сукупна пропозиція capital goods – засоби виробництва to be productive – щоб бути продуктивною affect – впливати (на)

national income accounting – облік національного доходу keeps track of production – слідкує за economy’s performance – функціонування економіки

Just as economists study the amount of goods and services brought to market by a single producer, they also study the total amount of goods and services produced by the economy as a whole. Thus, they examine aggregate supply – the total amount of goods and services produced by the economy in a given period, usually one year.

A number of factors affect an economy’s aggregate supply. Two of these are the quantity of resources used in production and the quality of those resources. For example, an economy must have an adequate supply of natural resources and capital goods to be productive. It also needs a skilled and highly motivated labour force.

A third factor affecting aggregate supply is the efficiency with which the resources are combined. If they are combined in a productive way, aggregate supply will increase.

In order to measure aggregate supply, statistics must be kept. To keep with this task economists use national income accounting – a system of statistics that keeps track of production, consumption, saving and investment in the economy. National income accounting also makes it possible to trace long-run trends in the economy and to form new public policies to improve the economy.

The most important economic statistics kept in the national income accounts is Gross National Product (GNP). This is the dollar measure of the total amount of final goods and services produced in a year. It is one of the most important and comprehensive statistics kept on the economy’s performance.

 

1 What do economists study? 2 What is aggregate supply? 3 What factors affect an economy’s aggregate supply? 4 When will aggregate supply increase? 5 What must be kept in order to measure aggregate supply? 6 What is national income accounting? 7 What helps to trace long-run trends in the economy and form new public policies? What is it aimed at? 8 What is GNP?

I. Find equivalents:

adequate supply of natural resources keep with a task final goods trace long-run trends in the economy skilled labour force national income accounting capital goods improve the economy aggregate supply total amount of goods and services single producer Gross National Product the quantity and the quality

a b c d e f g h i j k l m

загальна кількість товарів та послуг кваліфікована робоча сила засоби виробництва відповідний (достатній) запас природних багатств сукупна пропозиція поліпшувати стан економіки валовий національний продукт виконувати завдання кількість і якість облік національного доходу окремий виробник готова продукція намічати перспективні напрямки в економіці

II. Match the synonyms:

Adequate, to grow, skilful, to affect, goods, merchandise, amount, trend, to ameliorate, consider, to improve, sufficient, to trace, to increase, to influence, examine, manufacturer, tendency, total, quantity, to track, producer, aggregate, skilled.

III. Fill in the blanks with prepositions or adverbs if necessary:

1 Economists examine aggregate supply – the total amount... goods and services produced... the economy... a given period. 2 A number... factors affect... an economy’s aggregate supply. 3 Two... these are the quantity... resources used... production and the quality... those resources. 4... order to measure aggregate supply, statistics must be kept. 5 One... the factors affecting... aggregate supply is the efficiency... which the resources are combined. 6 The most important economic statistics kept... the national income accounts is Gross National Product. 7 This is the dollar measure... the total amount... final goods and services produced... a year.

IV. Match the terms with their definitions:

1. efficiency	а. Goods ultimately bought and used by consumers.
2. capital goods	b. A measure of the nation’s total output of goods and services per year.
3. services	c. Something created to produce other goods and services.
4. final goods	d. Intangible item of value, such as the work of physicians, lawyers, teachers, actors.
5. labour force	e. A measure of how much we get what we use.
6. Gross National Product	f. All the goods and services provided by the economy.
7. Aggregate Supply	g. A system of statistics, that keeps track of production, consumption, saving and investment in the economy.
8. national income accounting	h. Individuals, 16 years of age or older, working or looking for work.

V. Define which of the following items best completes the statement:

1) The GNP can best be described as a measure of...

a. the nation’s economic welfare b. the value of all goods and services produced in the country

c. the retail value of all market production in the nation d. goods and services produced by the government

2) A nation’s standard of living will rise if...

a. GNP and population increase at the same rate b. GNP increases faster than population

c. population increases faster than GNP d. production and consumption decrease

3) Assume that prices are rising while production remains unchanged. In these circumstances, GNP measured in current dollars will...

a. increase b. remain the same

c. decrease d. cause prices to fall

VI. Complete the following sentences:

1 Economists examine aggregate supply... 2 The factors affecting aggregate supply are... 3 In order to measure aggregate supply... 4 National income accounting is... 5 National income accounting also makes it possible... 6 The most important economic statistics kept in the national income accounts are... 7 GNP is...

VIII. Translate into English:

1 Економісти розглядають сукупну пропозицію як загальну кількість товарів та послуг, вироблених, як правило, за один рік. 2 На сукупну пропозицію впливає кількість цих ресурсів. 3 Щоб бути продуктивною, економіка повинна мати відповідний (достатній) запас природних багатств та засобів виробництва. 4 Третій фактор, який впливає на сукупну пропозицію, – це ефективність, з якою комбінуються ресурси. 5 Розрахунок національного прибутку дає можливість накреслити перспективні напрямки в економіці і виробити нові напрямки державної політики, щоб поліпшити стан економіки. 6 Валовий національний продукт – це вартість у доларах усієї сукупності готової продукції та послуг, вироблених і наданих за рік.

 

Aggregate demand

 

decision-making units – самостійна господарча одиниця, наділена правом приймати рішення aggregate demand – сукупний попит

expenditures – витрати, видатки household–домашнє господарство, сім’я purchases – закупівлі

The economy of any advanced country is very complex. It involves millions of individual decision-making units – individuals, business and governments make billions of decisions daily.

Microeconomics is the branch of economics that deals with decision-making and other behaviour by these individual units. Another branch of economics, known as macroeconomics, deals with large groups or aggregates. Because GNP deals with the output of the country as a whole, it is macroeconomic concept.

As a first step in understanding the macroeconomics we think of the economy as being made up of several different parts called sectors. These sectors represent individuals, business, government and foreign markets. The sum of expenditures of these sectors is known as aggregate demand. When aggregate demand or spending falls over a period of one to two years, the economy tends to go into recession, while a rise in aggregate demand tends to lead to booms in the economy.

One part of the economy is the consumer sector. The basic unit in this sector is the household, which is made up of all persons who occupy a house, flat, or room.

The business or investment sector is made up of proprietorships, partnerships, and corporations. It is the productive sector responsible for bringing the factors of production together to produce output.

The public sector is the part of the economy of a country that is owned or controlled by the government. It includes the local, regional and state levels of government.

The foreign sector includes all consumers and producersoutside the country.

Ukraine, for example, exports aeroplanes and farm products to foreign buyers. It also imports a large number of different items from foreign countries. It makes no difference whether foreign buyers are governments or private investors or if purchases are made from governments or private individuals. They are all part of the foreign sector.

 

1 What does microeconomics deal with? 2 Macroeconomics deals with large groups or aggregates, doesn’t it? 3 Why is GNP considered as macroeconomic concept? 4 What do the sectors of the economy represent? 5 What is the basic unit in the consumer sector? 6 What is the business or investment sector made up of? 7 Is the business sector of the economy responsible for bringing the factors of production together to produce output? 8 What does the public sector include? 9 Does the foreign sector include all consumers and producersoutside Ukraine?

 

I. Match the antonyms:

To export, income, to import, demand, to consume, to produce, supply, private sector, expenditure, buyer, external, microeconomics, public sector, macroeconomics, boom, unlike, native, internal, different, recession, similar, like, foreign, seller.

ІI. Match the terms with their definitions:

1. microeconomics	a. A fall in business activity lasting more than a few months, causing stagnation in a country’s output.
2. macroeconomics	b. Quantity of goods and services produced or provided by a business organization or economy.
3. aggregate demand	c. The study of the individual parts of the economy, with special attention to the market process and how it works.
4. recession	d. The total demand for goods and services in the economy.
5. boom	e. The peak of the business cycle; the economy is expanding and aggregate demand is rising quickly.
6. output	f. The study of the economy as a whole.
7. public sector	g. Regular fluctuations in the level of economic activity in an economy.
8. investment	h. Part of the economy that is owned and controlled by the state, namely central government, local government, and government enterprises.
9. business cycle	i. Using money to purchase real capital (equipment, new tools, industrial buildings) to be used in the production of goods and services.

ІІІ. Define which of the following items best completes the statement:

1 An increase in aggregate demand would most likely mean an increase in spending by...

a. business b. government

c. consumers d. all of them

2 The macroeconomics is:

a. government’s share of the nation’s output b. goods and services that are produced but not sold in the marketplace

c. everything produced in the nation d. none of these

3 Rising unemployment, together with a reduction in business spending and production, is characteristic of..

a. boom b. contraction

c. recession d. expansion

ІV. Fill in the blanks below with the most appropriate terms from the list:

aggregate demand; recession; decision-making; economics; corporations; consumers; items; services; proprietorships; the public sector; producers; goods; booms; the private sector

1 Microeconomics is the branch of ________ that deals with ________ and other behaviour by these individual units. 2 The sum of expenditures of these sectors is known as _________. 3 When aggregate demand or spending falls over a period of one to two years, the economy tends to go into ________, while a rise in aggregate demand tends to lead to ___________ in the economy. 4 The business or investment sector is made up of __________, partnerships, and ___________. 5 In a free market economy, __________ is responsible for allocating most of the resources within the economy. 6 Most _________ and __________ provided by __________ in any economy are allocated on the basis of need rather than on ability to pay. 7 Foreign sector includes all _________ and _______ outside the country. 8 Ukraine imports a large number of different _________ from foreign countries.

V. Complete the following sentences:

1 Microeconomics is.... 2 Macroeconomics deals with.... 3 As a first step in understanding the macroeconomics we think of the economy as.... 4 These sectors represent.... 5 The sum of expenditures of these sectors is known as.... 6 One sector of the macroeconomics is.... 7 The basic unit in this sector is.... 8 Another sector is.... 9 It is the productive sector responsible for.... 10 The public sector includes.... 11 The foreign sector includes....

VI. Translate into English:

1 Мікроекономіка – це галузь економіки, зв’язана із прийняттям рішень та іншими діями самостійних господарських одиниць, які наділені правом приймати рішення. 2 Сума витрат секторів макроекономіки відома як сукупний попит. 3 Основна одиниця споживчого сектору – домашнє господарство. 4 До складу сектору бізнесу або капіталовкладень входять одноосібна власність, партнерство та корпорації. 5 Іще один сектор макроекономіки – це державний сектор, який включає місцевий, регіональний та державний уряд. 6 До складу зовнішнього сектору входять усі споживачі та виробники за межами країни.

VII. Replace the Ukrainian words and phrases by their English equivalents in the correct form:

(Макроекономіка) is the study of the functioning (економіки в цілому), and it deals mainly with the total output and income of the economy, (загальним рівнем занятості), and movements in the average level of all prices. The heart of macroeconomics consists of analyzing the determinants of (сукупної пропозиції) and (сукупного попиту). In the short run, the main problem in macroeconomics is why (сукупний попит) sometimes exceeds (сукупну пропозицію), thereby bringing on (інфляцію), and why aggregate demand sometimes falls short of aggregate supply, thereby bringing on (безробіття) and deflation – or at least less inflation. Over the long run, macroeconomics is concerned primarily with (економічним зростанням) – increases in the productive capacity of the economy and in average (реальним доходом) per person.

 

Structure of a business letter

inquiry - запит	delivery - доставлення
reply to inquiry – відповідь на запит	offer- пропозиція
Letter of credit (L/C) - акредитив	complaint – рекламація, скарга
invoice – рахунок-фактура	intended line – червоний рядок (з абзацу)
Bill of Lading (B/L) - коносамент	form - бланк
Bill of Exchange – трата, переказний вексель	heading- заголовок (листа) salutation- звернення
Letter of Insurance –страховий поліс	subscription- підпис; заключна форма ввічливості
order -замовлення	letterhead – заголовок бланку («шапка»)
shipment- відправлення	recipient – одержувач, адресат
reference – посилання (на автора листа) affix signature – ставити підпис	sender – відправник enclosure – додаток

 

Business letters include all kinds of commercial letters, replies to inquiries, Letters of Credit, invoices, Bills of Lading, Bills of Exchange or drafts, letters of insurance, orders, letters of shipment, letters of delivery, offers, letters of complaints, replies to those mentioned above, etc.

A business letter should be as short as possible, polite, and its language must be simple.

A private business letter is written by hand, each paragraph begins with an indented line. But if a letter is sent by an organization it is typed on the form of this organization. In this case it is not necessary to use indented lines.

A business letter is usually composed of the following elements: heading, date, address, salutation, text, subscription.

A letter can be typed on the organization’s form. Any form has its letterhead printed typographically. The letterhead bears the name of the organization or the firm, sending this letter, its address, address for telegrams, telephone, fax. If you do not use this form, write your address (as a sender) on the upper right side of the letter. Do not indicate your name here, if will follow your signature. Ukrainian names of foreign trade organizations are not translated into foreign languages. They are written with Latin letters. Your telephone number may be written below.

The date is written on the right side above (under your address or under a typographical letterhead of the form). In Great Britain the date may be indicated as follows: 7th April, 2001 or 7 April 2001. In the USA it is usually written like this: April 7, 2001.

As a rule, before or after the address of the recipient a reference is indicated which the sender asks to mention in the reply to the letter. A common reference represents the initials of the person who wrote the letter and those of the typist who typed it. The name and address of the recipient (inside address) is written on the left above.

The salutation is written on the left. If you don’t know the reader’s name, the opening salutation is Dear Sir, Dear Sir or Madam, or Dear Sirs. If you know the reader’s name, the opening salutation is Dear Ms... or Dear Mr.... In the subscription the expression Yours faithfully is usually used if you are not acquainted the persons or Yours sincerely if you write to a man (woman) whom you know at least by correspondence. In American English more common are the expressions Sincerely, Sincerely you