Переведите следующие слова и выражения на английский язык.

1. материальные активы
2. подотчетность
3. механизм ценообразования
4. выручка
5. оборотный (рабочий) капитал
6. переменная
7. курс (цена) акции
8. расходы
9. финансовый отдел
10. составление бюджета

 

Переведите следующие слова и выражения на русский язык.

1. to predict with reasonable accuracy
2. overhead expenses
3. business budgeting
4. mathematical models
5. profit
6. financial models
7. human resources department
8. financial spreadsheet
9. inputs and outputs
10. compile budget

 

4.Выберите правильный вариант ответа.

1. The budget of a company is usually compiled:	a) every week b) every month c) annually
2. ……… is a fundamental tool to predict with reasonable accuracy whether the event will result in a profit, a loss or will break-even:	a) budget  b) financial model c) overhead expense
3. Traditionally the ……….. compiles the company's budget:	a) manager b) accountant c) Finance department
4. When a company owns some material things they are called:	a) liabilities b) tangible assets c) intangible assets
5. The managers involved in the budget process have:	a) responsibility b) duties c) accountability

 

6.Ответьте на вопросы.

1. What is a budget?

2. What should the budget contain?

3. Who compiles the budget?

4. What two basic approaches are used in budgeting?

5. How often is budget compiled?

 

7. Choose the correct word:

1) I am a student of (economy, economics) now. 2) At school I didn't study the (economy, economics) of Great Britain. 3) I hope he'll make a good (economist, economy). 4) There are many (economic, economical) problems in the world. This car is very (economic, economical). 5) I try to spend money and time (economical, economically). 6) This car (economize, economizes) fuel.

 

Translate the definition of the term the economy given at the end of the text.

Economic man

There is an assumption in economic theory that individuals act rationally in specifying their objectives and then take decisions which are consistent with those objectives. Thus, the businessman will set a goal of profit maximization and will adjust his output and price to achieve his goal. The consumer will try to maximize his utility or satisfaction and will determine his purchases in the light of his tastes for products and the relative prices of those products. Here is an illustration of rational consumer choice:

good Y

О                                  good X

 

The graph demonstrates why a consumer's indifference curves cannot cross. Indifference curves II and 1₁1₁ show a consumer’s preference between two products, X and Y.

Point A on indifference curve II represents a higher level оf satisfaction to the consumer than point В on indifference curve 1₁1₁, because point A represents more of both products than point B.

Yet point С lies on both curves. This suggests that the consumer will prefer the combination of goods indicated by point A to the combination represented by point В and will regard them as equal at point С.

If the consumer is rational, such an inconsistent set of preferences would not arise; thus indifference curves do not intersect.

The business cycleshows fluctuations in the level of economic activityalternating between period of depression and boom conditions. The business cycle is characterised by four phases:

(a) depression, a period of rapidly falling aggregate demand accompanied by very low levels of output and heavy unemployment;

(b) recovery, an upturn in aggregate demand accompanied by rising output and a reduction in unemployment;

(c) boom, aggregate demand reaches and then exceeds substantial output levels, as the peak of the cycle and full employment are reached;

(d)  recession, the boom comes to an end, and is followed by recession. Aggregate demand falls, bringing with it falls in output and employment.

 

TEST

Rewrite these sentences in reported speech:

51.a.i.1. “You’ve never looked so beautiful as you looked tonight,” he said to his wife.

 

1. He told to his wife she had never looked so beautiful as she looked that night.

2. He said his wife she had never looked so beautiful as she looked tonight.

3. He said his wife she had never looked so beautiful as she had looked tonight.

4. He told his wife she had never looked so beautiful as she had looked that night.

 

2. “Don’t tell me any more if it upsets you,” Colin said to his brother.

 

1. Colin said to his brother not told him any more if it upset him.

2. Colin said to his brother didn’t tell him any more if it upset him.

3. Colin told his brother not to tell him any more if it upset him.

4. Colin told his brother not to tell him any more if it upseted him.

 

3. “Do you take sugar?” Lady Kitty asked Arnold.

 

1. Lady Kitty asked Arnold if he took sugar.

2. Lady Kitty asked Arnold did he take sugar.

3. Lady Kitty told Arnold he took sugar.

4. Lady Kitty told Arnold if he took sugar.

 

4. “I spoke to him on the telephone two months ago,” she said.

 

1. She told she had spoken to him on the telephone two months later.

2. She said she had spoken to him on the telephone two months before.

3. She told she spoke to him on the telephone two months ago.

4. She said she spoke to him on the telephone two months later.

 

5. “I’ll have another talk with Dick tomorrow myself,” said the doctor

 

1. The doctor said he would have another talk with Dick the next day.

2. The doctor said he will have another talk with Dick the previous day.

3. The doctor told he had another talk with Dick the day after tomorrow.

4. The doctor said he would have another talk with Dick the day after tomorrow.

 

Complete the sentences using can/be able to:

6.The girl fell into the river but fortunately we…rescue her.

1. to have been able to

2. been able to

3. could

4. were able to

 

7. Ben…smuggle the knife on board the plane without being detected by the security system.

1. could

2. was able to

3. have been able to

4. could to

 

8. Despite yesterday’s snowfalls, we…drive to work in less than an hour.

1. could able to

2. had been able to

3. could

4. were able to

 

9. This year our sales figure are…last year.

1. worse than

2. the worst

3. worst

4. the baddest

 

10. It’s impossible to choose between these two products. One is… the other.

1. the best

2. better than

3. as good as

4. the better

 

11. We’re only a small company. We’re not …the market leader in our sector.

1. as large as

2. larger than

3. larger as

4. the largest

 

12. The Titanic …to New York when it … an iceberg.

1. travelled…hit

2. was travelling…hit

3. was travelling…was hitting

4. travelled…was hitting

 

13. I have not seen Alan for ages. When I last …him, he…to find a job in London.

1. saw…was trying

2. saw…tried

3. saw..tryed

 

14. Alice felt very pleased with herself. She…what she…

1. had found…looked for

2. was finding…was looking for

3. found..looked for

4. had found…was looking for

 

15. She… into the station only to find that the train…

1. walked…had left

2. had walked…had left

3. walked…had been leaving

4. had walked…was leaving

 

UNIT VIII

TYPES OF RESOURCES

You know now that there are several causes of growing production among which modern economists attribute special importance to resources.

Resources are things that can be used to provide the means to satisfy wants — in other words, they are not resources until people are able to use them. Because human wants are very diverse and extend from basic physical requirements such as food and shelter, through to ill-defined aesthetic needs, resources encompass a vast range of items. It is the intellectual resources of a society — its ideas and technologies — that determine which aspects of the environment meet that society’s needs, and therefore become resources. In the I9^th century, uranium was simply a curiosity used only in the manufacture of coloured glass. Today, with the advent of nuclear technology, it is a vital energy resource. Though minerals such as coal and iron ores tend to dominate the perception of resources, the concept also embraces less tangible things such as beautiful landscapes and pleasant climates.

Resources are often categorized into human resources, such as labour supplies and skills, and natural resources, such as climate, fossil fuels, and water. Natural resources are divided into those which are non-renewable and others that can be replenished (renewable). Non-renewable resources are things like coal, copper ores, and diamonds, which exist in strictly limited quantities. Once consumed, they will not be replenished within the time-span of human history. In contrast, water supplies, timber, food crops, and solar power and similar resources can, if managed properly, provide a steady yield virtually forever. These are termed replenishable or renewable resources, which may, in turn, be continuous (where supply is largely independent of people’s actions) or flow (where supply is dependent on people’s actions). However, inappropriate use of renewable resources can lead to their destruction, as, for example, when a fishery or forest is over-utilized and totally consumed.

Demands for resources are made by present-day societies are causing concern among many people, who consider that the present and future demands of industrial societies cannot be sustained for more than a century or two, and that once a resource base fails to meet a society’s needs that society will collapse.

However this view is not universally held, and other authorities contend that such analyses misunderstand the nature of resources. Resources for future generations will, they believe, be determined by the level of knowledge of future societies, and cannot be properly assessed by our current perceptions. As knowledge increases, new technologies will emerge, enabling materials that are currently of little importance to become valuable resources. The resource base can therefore expand as societies become better able to harness their environment to meet their needs.

Minerals are substances with a regular atomic structure and a composition that lies within defined limits. The term is also used to mean any material that is extracted from the earth.

Crops are plants grown for human use. Over 80 crops are grown worldwide, providing people with the majority of their food, and supplying fibres, rubber, pharmaceuticals, dyes, and other materials. Four main groups of crops are readily idenifmble: food crops, forage crops, fibre crops, and miscellaneous crops.

Commodities are essentially things produced for sale. They may be consumer goods like radios, or producer goods such as copper bars. Commodity markets deal in raw or semi-raw materials that can be stored for considerable periods without deterioration. They developed to their present form in the 19th century, when industrial growth facilitated trading in large, standardized quantities of raw materials. Most markets encompass trading in «commodity futures», which is trading for delivery several months ahead. Major commodity markets exist in Chicago, Tokyo, London, and elsewhere. Most trade relates to cereals and metals. «Softs» is a term used for most materials other than metals.

 

Vocabulary

diverse	разнообразный
requirements	требования
shelter	жилище
encompass	охватывать
determine	определять
curiosity	любопытство
advent	появление
embrace	охватывать
tangible thing	материальная вещь
fossil fuels	ископаемое топливо
exist	существовать
quantity	количество
time - span	отрезок времени
timber	лесоматериал
inappropriate	нецелесообразный
demand	спрос
authorities	органы власти
contend	утверждать
assess	определить, оценить
perceptions	восприятие
increase	увеличиваться
emerge	появляться
harness	использовать
defined limits	определенный предел
extract	добывать
crops	зерновые культуры
pharmaceuticals	лекарственные препараты
dyes	красители
deterioration	ухудшение состояния или качества
delivery	доставка

 

Vocabulary exercises

1.Which of the following statements are true/false according to the text? Correct the false sentences:

1. Resources are things that can be used to provide the means to satisfy wants — in other words, they are resources until people are able to use them.
2. In the I8^th century, uranium was simply a curiosity used only in the manufacture of coloured glass.
3. Natural resources are divided into those which are non-renewable and others that can be replenished (renewable).
4. Non-renewable resources are things like coal, copper ores, and diamonds, which exist in strictly unlimited quantities.
5. Appropriate use of renewable resources can lead to their destruction, as, for example, when a fishery or forest is over-utilized and totally consumed.
6. Demands for resources are made by present-day societies are causing concern among many people, who consider that the present and future demands of industrial societies cannot be sustained for more than a century or two, and that once a resource base fails to meet a society’s needs that society will grow.
7. Resources for the past generations will, they believe, be determined by the level of knowledge of future societies.
8. Crops are plants grown for human use.
9. Over 80 crops are grown in our country, providing people with the majority of their food, and supplying fibres, rubber, pharmaceuticals, dyes, and other materials.
10. Commodities are essentially things produced for sale.
11.  Commodity markets deal in raw or semi-raw materials that can be stored for considerable periods without deterioration.
12. Most trade relates to cereals and crops.

 

2. Fill in the gaps with the words and expressions from the text:

1. Resources are things that can be used to provide the means to _____ wants — in other words, they are not resources until people are able to _____ them.

2. Because human wants are very _____ and extend from basic physical requirements such as food and _____, through to ill-defined aesthetic needs, resources encompass a vast _____ of items.

 3. Today, with the advent of _____ technology, it is a vital _____ resource.

4. Though minerals such as coal and iron _____ tend to dominate the perception of resources, the concept also embraces less _____ things such as beautiful landscapes and pleasant climates.

5. Resources are often categorized into _____ resources, such as ______ supplies and skills, and natural resources, such as climate, fossil _____, and water.

6. Natural resources are _____ into those which are non-renewable and others that can be replenished (_____).

7. Non-renewable resources are things like coal, copper ores, and diamonds, which exist in strictly limited _____.

8. As knowledge _____, new technologies will emerge, enabling materials that are currently of little importance to become _____ resources.

9. Minerals are substances with a _____ atomic structure and a composition that lies within defined _____. The term is also used to mean any material that is _____ from the earth.

 10. Over 80 crops are _____ worldwide.

11. Commodity markets deal in raw or semi-raw _____ that can be stored for considerable periods without _____.

12. Most markets encompass trading in «_____ _____», which is trading for delivery several months ahead.

 

3. Find in the text English equivalents for the following:

ископаемое топливо
требования
требования
природные ресурсы
количество
окружающая среда
урожай
общество
добывать из земли
зерновые
кормовые культуры
на продажу
сырье
товары

 

4.Translate into Russian:

non-renewable
replenished
meet that society’s needs
renewable resources
water supplies
authorities
rubber
fibre crops
miscellaneous
semi-raw materials
copper bars

 

5.Read the text:

Retailers and wholesalers

All the firms can be grouped into wholesalers and retailers. The figure below shows how they fit into the various stages in the production of chocolate.

The wholesaler buys goods in bulk from producers and sells them in small quantities to retailers. In doing so he helps production, relieves manufacturers and retailers of the risk of a fall in demand, e.g. fashion changes. The holding of stocks is in itself a valuable economic function evening out prices resulting from temporary changes in demand and supply.

 

Do you know these words?

Retailer	розничный торговец
A retailer is a tradesman              who sells by retail	Розничный торговец – это торговец товаром в розницу
wholesaler	оптовый торговец
to fit	подходить, соответствовать
to buy (bought, bought)	покупать
to sell (sold, sold)	продавать
in bulk	навалом, в массе
q uantity	количество
to relieve smb of smth	освобождать кого-либо от чего-либо
supply	предложение
supplies	запасы
to hold (held, held)	держать, проводить
stocks	запасы
temporary	временный

 

6.Read these groups of words and translate them into Russian:

to sell – seller – sale – sales – salesman,

wholesale – wholesales – wholesale business – wholesale price – wholesale seller – wholesaler,

retail business – retail price – retail dealer.

 

7. Combine two sentences using and in doing so, as in the example:

The wholesaler buys goods in bulk. It helps production. →

The wholesaler buys goods in bulk and in doing so he helps production.

1) The wholesaler buys goods in bulk. It relieves the manufacturer of various risks.

2) The wholesaler sells goods in small quantities to retailers. It helps retail business.

3) The wholesaler sells goods in small quantities to retailers. It relieves the retailer of various risks.

Have another look at the text and...

8.Write down a few short sentences defining the term wholesaler and translate them into Russian.

9.Compare your definition with the following one:

Wholesalers – intermediaries between producers and retailers. The main functions of wholesalers are breaking bulk (buying in large packages and selling in smaller ones), warehousing, delivery, and the provision of credit.

 

10.Translate the text into Russian:

Newspaper item to translate: H & M market conditions improving

Hennes & Mauritz, the international fashion retailer, yesterday reported stronger-than-expected sales growth in July and said market conditions were improving in its US stores.

Sales in July were 18 per cent above the same month a year earlier, and, although the company didn't release like-for-like figures, it said that it had only increased the number of stores by 10 per cent during the period.

The company also said it did not expect any material impact from the floods in Europe – Austria and Germany account for more than a third of sales – which had closed some stores.

Leif Persson, chief financial officer, said the sales increase had been broadly the same across most countries. The group has more than 800 stores in Europe and the US.

In the past year, the company has worked to cut inventories to reduce the need for discounted sales. 'We have probably had the right garments in the shops and we have been able to display them well. We have not had a lot of old garments around and this gives the new item a better visibility, Mr Persson said.

H & M entered the US market in March 2000 and has struggled with costs and lower-than-expected sales. Mr Persson said growth in the first half had been 'a little bit slower' than in the rest of the group, but that it was 'getting better all the time'.

Earlier this year, the company said it was halving the pace of its US expansion in order to focus on existing stores. It now has 34 in the US and is expected to open another eight or nine before the end of the year.

Sagra Maceira de Rosen, analyst at JP Morgan, said: H & M typically outperforms higher-priced rivals in weak market conditions as shoppers seek cheaper purchases.

11.Write an essay on one of these topics using the material of the lesson and other English/Russian sources:

1) Market schema and conditions,

2) Growing production and clusters,

3) Producing and selling cars.

 

TEST

1. Choose the correct variant:

1. TheUSA is... а union о f 50 states.

А) а constitutional republic;

В) а presidential republic;

С) а federal republic;

D) а constitutional monarchy;

Е) а republic;

2. Т h е USA consists о f....

А) 49 states and the state of the Hawaii Islands;

В) 50 states and the District of Columbia;

С) 49 states and the District of Columbia;

D) 51 states;

Е) 15 states.

3. The population о f the United States is over 250 million people, including тоге than 22 million...

А) Europeans;

В) Spaniards;

С) Hispanics;

D) Italians;

Е) Africans.

4. Though mainly... in origin, Americans аге derived from nearly all races and nations.

А) European and Indian;

В) Spanish and European;

С) European and African;

D) English and Spanish;

Е) African and Russian.

5. English is... language

А) the official and predominant;

В) the official and preferred;

С) the first minority and preferred;

D) the first minority;

Е) the second official.