VI. Translate the sentences from Ukrainian into English.

1. Статистика - це наука про різні соціально-економічні явища та процеси. 2. Кількісна характеристика є визначною рисою статистики. І Слово "статистика" походить від латинського слова „статус", що означає стан речей. 4. Кількісна сторона суспільних явищ пов'язана з їх якісним змістом. 5. Статистика вивчає явища, які повторюються у просторі або з плином часу. 6. Статистика вивчає масовий характер суспільних явищ. 7. Статистика - це суспільна наука, що обробляє і вивчає кількісні показники розвитку суcпільного виробництва та суспільства, їх співвідношення та зміни. 8. Розвиток статистики починається з утворення держави. 9. Статистика займається кількісною характеристикою речей. 10. Статистична теорія розглядає категорії цієї науки, методи і засоби аналізу. 11.Економічна статистика вивчає явища і процеси, які відбуваються у народному господарстві.

 

VII. Read and translate the meanings of the following terms. Translate the sentences with them.

Capital - 1) is the total value of the land, building, machinery, etc. (assets) belonging to a business less the sum of any debts it has; 2) is money that is used to start a business; 3) is money that is lent or borrowed with interest charged on it.

1. The company has grown rapidly but needs more capital to obtain further growth. 2. They set up business with a starting capital of $ 200.000. 3. How much capital do you need to borrow?

Benefit - 1) is money that the government gives to people who are ill, disable or unemployed; 2) is money, goods given to an employee in addition to his/her normal salary; 3) is a profit, gain, future good.

1. Are you entitled to claim benefit? 2. He has got job with a good salary and a range of benefits. 3. I've had the benefit of a good education. 4. A charge in the law would be to everyone's benefit.

 

VIII. Translate the following extract in written form:

History indicates that no single indicator is able to accurately forecast the future direction of the economy. However, several economic variables tend to reach high or low prior to the peak of a business expansion or the trough of an economic recession. Such variables are called leading indicators.

To provide more reliable information on the future direction of the economy, economists have devised an index of 12 leading economic indicators. The indicators included in the index are: length of an average work week in hours; average weekly claims for unemployment compensation: new orders placed with manufacturers; percent of companies receiving slower deliveries from suppliers; net new business formations; contracts and order for plant and equipment; permits for new housing starts; change in manufacturing inventories; change in sensitive material prices; stock prices; money supply; change in credit outstanding.

Each component in the series is standardized and weighted. The weight attached to each variable is based on its past performance as an indicator of macroeconomic turns.

 

IX. Translate the sentences into Ukrainian:

1. We foresee that our competitor has a different policy. 2. The company realizes its policy and always sticks to it. 3. A policy is a document containing the contract made between an individual and an insurance company. 4. Our Production Manager is busy talking to the Executive Vice-President. 5. The clerk was busily engaged in writing business letters. 6. I am occupied with the translation of the article "Priority of Working Relationship". 7. The head of the Supervision Council was occupied in supervising the activity of these bodies. 8. They do only good for people. They have never done any harm to the business. 9. The Manager said that the Research Department had already performed the marketing research concerning this new product. 10. It motivated the Chief of Credit Department to execute the plan. 11. Michael got a promotion because he always executed commands, orders and the will of the Chief Executive.

 

X. Read and translate the sentences with the emphatic construction:

1. It is the creditor who wants to obtain security. 2. It is the unsecured credit transaction that involves a maximum of risk to the creditor. 3. It is a contract for security that minimizes a creditor credit risks. 4. It was John Maynard Keynes who advocated stabilizing the economy by the use of fiscal policy. 5. It was capital that made such gains possible.

 

XI. Translate the sentences. Pay attention to the singular and plural forms of the underlined nouns:

1.Under the contract the prices for goods and services were stipulated. 2.Factors of production are used to produce goods and services to meet our requirements in everyday life. 3. Supply refers to the quantity of products that manufacturers or owners are willing to sell at different prices. 4.Demand refers to the quantity of products that people are willing to buy at different prices. 5. A free market economy is one in which decisions about what to produce and in what quantities are decided by the market, that is, by buyers and sellers negotiating prices for goods and services.

 

XII. Read the text and answer the questions.

1.What is statistical method?

2.Who are users of statistics?

 

STATISTICS FOR ALL

Statistics. Numerical facts systematically collected; science of collecting, classifying and using statistics (Oxford Dictionary).

The term "statistics" is used to denote collections of numerical data and to refer to the technique of statistical analysis.

Statistical method is a branch of mathematics, using the processes of reasoning which make up scientific method in general. Many expert statisticians are mathematicians by training.

A knowledge of statistical method is not only essential for those who present statistical arguments. According to R.G.Allen it is needed by those on the receival end. The economist, administrator or politician requires statistics to support his arguments and to illuminate the problems he handles.

The ordinary citizen may also refer to many books and articles which employ statistics. It is more than reading the text or looking at statistical tables and charts. The ordinary readers must be able to understand what statistical data mean, appreciate their limitations and criticize their use. As R.G.Allen in "Statistics for Economists" points out such readers must follow the middle course between the extremes of the cynic who thinks statistics can prove nothing and the uncritical believer in the veracity of every figure.

The ordinary user of economic and social statistics gets material ready made from an official and private publication. In most cases he gets it in the rough and adapts to his needs. Very seldom the ordinary user collects his own data at source.

It is like buying a suit in a shop or making it through a tailor, not going back to the sheep or by weaving wool yarn into cloth.

 

But, unlike the purchaser of the suit, the user of statistics must know how his material has been collected and processed. Not to make errors he has the right to discover how the data needed by him are being made, classified, put up into tables and presented to him, in a word, the ordinary user wants to have reliable statistical data.

 

XIII. Read and remember some English idioms useful for businessmen:

1. Facts are stubborn (things)/facts are a stubborn thing - you can’t go against the facts; факти - вперта річ.

2. A baker's dozen - thirteen; тринадцять.

 

PART II

SUPPLEMENTARY READING

 

TEXT 1

NATURAL ECONOMY

Each village was self-sufficient, that is, most of the necessities of life were produced in the village itself. The needs of the villagers were few and simple. Food, clothing and shelter were their basic needs.

Arable-farming and cattle-breeding satisfied the needs of the people in the way of foodstuffs, clothing and footwear. Wool from the sheep was spun into yarn and woven into rough cloth in the peasant's hut. The hides of the і cattle were made into leather for shoes and harness. The trees provided wood which was used in the building of houses and in making furniture and wagons. Smaller branches from the trees were cut and used as firewood.

In the village there was a forge where a blacksmith made and mended tools and weapons. There was also a wheelwright's workshop and a mill. Nearly every village had a stream which worked the mill and gave the people water.

There was very little trading at that time. There were no shops - the village artisans produced goods only to order; the farmers were not skilful, і heir crops were very poor, and they had not much to sell. The villagers had little or no money, and very little need for it, since they themselves produced most of what they wanted. Yet there were some things which the villagers could not produce. Iron and salt had to be brought in from outside.

Roads were very poor; there was seldom anything better than a muddy Hack between one village and the next. If goods had to be sent from one part of the country to another, they were carried on pack-horses or pack-mules. People did not travel very much. It is very likely that a person born in a village, lived in it all his life and died in it without ever having once left it. They knew nothing of what was going on in the world. To them the village was the world.

A travelling pedlar sometimes called at the village. He was always warmly welcomed. Everybody would gather round him eager to see what he had in his pack. Nails and needles and thread, salt and tar could be bought from the pedlar. Sometimes he had toys for the children.

Thus, natural economy, that is, a system under which every village was self - sufficient and produced all the necessities of life for consumption and not for sale, predominated in Britain in early medieval times. In the VIII-IX centuries the Anglo-Saxons sold only some surplus above their personal consumption.

 

TEXT 2

PRICES

All products and services have prices. Any price depends on different factors, for example, credit terms, delivery, trade-in-allowance, quality etc. How are prices set?

Through most history, prices were set by buyers and sellers communicating with each other: sellers asked for a higher price than they expected to get, and buyers offered less than they expected to pay. So, through deal-making process they settled a reasonable price.

The necessity of setting one price for all buyers arose with the development of large-scale retailing at the end of the 19th century. In modern business a price is the only element in the marketing mix that produces revenue: the other elements represent cost.

Companies handle pricing in a variety of ways. In small companies prices are often set by top management rather than by the marketing or sales department. In large companies pricing is typically handled by divisional and product-line managers. In industries where pricing is a key factor (aerospace, oil companies, railroads), companies often establish a pricing department to set prices or assist others in determining appropriate prices. This department reports either to the marketing department or top department. Others who influence the pricing are sales managers, production managers, finance managers and accountants.

TEXT 3

THE STRUCTURE OF A COMPANY

Organization structure in business is very important. People in a company, its employees hold different positions.

The relationship between those employees with different positions makes organization structure.

At present most firms are divided into three major parts:

1) capital (shareholders), 2) management, 3) labour.

Let us take a typical company. There is a director who is a senior manager. He sits on the Board under the authority of the President. The Board decides what company policy and expenditure must be.

The chief executive officer (CEO) is the link between the Board and senior management.

As for middle managers, they run departments of a firm. They account to senior management for their area of work done.

There is a difference between executive directors and non-executive ones. The directors who run their firm on day-to-day basis are called executive directors. Those who sit on the Board and do not run the firm directly are called non-executive directors. In modern American English they use also the term inside directors for executive and outside directors for non-executive ones.

TEXT 4

ADVERTISING

In business they spend billions on advertising. Products and services are advertised through mass media including radio broadcasts, television, newspapers and magazines. They are also advertised through billboards, handbills, circulars, skywriting, through space advertising, booklets, give­aways and so on.

In small business they prepare their own copy and give it to newspapers, as a rule, or they mail circulars or form letters all by themselves.

In big business, however, they employ the whole army of specialists in the field of advertising. They work out advertising programmes, provide means for advertising purposes, discuss and solve many advertising problems with the owner or management of a company. As a rule, they advertise to sell their products and services through various advertising mass media.

To-day there are many types of advertising. We can classify the most popular of them: 1) television advertising; 2) radio advertising; 3) space advertising (newspapers, periodicals, house walls); 4) stores advertising (including special departments); 5) mail advertising (letters, calendars, catalogues, circulars, booklets, give-aways); 6) position advertising (street­car, train, bus, window cards, billboards).

What is an effective advertisement? It is one that attracts your attention. It is such an advertisement which keeps an honest information about a product or a service. It often has a clever and interesting picture or drawing, skilful use of colours. It is also put in the right place.

Apart from attracting your attention a good advertisement must hold your interest. What is more, a really effective advertisement induces action. You simply go and buy this very product. In a word, a good advertisement sells the product or the service.

TEXT 5

MONEY

All values in the economic system are measured in terms of money. Our goods and services are sold for money, and that money is in turn exchanged for other goods and services. Coins are adequate for small transactions, while paper notes are used for general business. There is additionally a wider sense of the word "money", covering anything which is used as a means of exchange, whatever form it may take. Originally, a valuable metal (gold, silver or copper) served as a constant store of value, and even today the American dollar is technically "backed" by the store of gold which the US government maintains. Because gold has been universally regarded as a very valuable metal, national currencies were for many years judged in terms of the so-called "gold standard". Nowadays however national currencies are considered to be as strong as the national economies which support them.

The value of money is basically its value as a medium of exchange, or, as economists put it, its "purchasing power". This purchasing power is dependent on supply and demand. The demand for money is reckoned as the quantity needed to effect business transactions. An increase in business requires an increase in the amount of money coming into general circulation. But the demand for money is related not only to the quantity of business but also to the rapidity with which the business is done. The supply of money, on the other hand, is the actual amount in notes and coins available, its value decreases, and it does not buy as much as it did, say, five years earlier. This condition is known as "inflation".

TEXT 6

HRYVNYA

Since Ukraine became independent its government has pledged to introduce a new currency - the hryvnya - to replace the "coupon", a paper currency that has served as a temporary medium of exchange. This pledge became more concrete, when the country passed its first post-Soviet constitution, a document which, among other things, mandated the hryvnya introduction. This mandate was fulfilled during the first half of September 1996 when the National Bank of Ukraine began issuance of 1, 2, 5, 10, 20, 50 and 100 hryvnya denominations, and coins of 1, 2, 5, 10, 25 and 50 kopecks.

To protect the new currency from counterfeiting and to enable people to distinguish the genuine article from a fake, the NBU has installed the following protective devices on hryvnya banknotes:

1. Water marks - transparent lines showing Ukraine's state emblem, the trident - which are distributed evenly over the banknote and can be seen against the light. (1,2, 5, 10, 20 banknotes).

2. Water marks - showing the portrait on a white field in transparent lines which repeat the portrait shown on the face of the banknote and can be seen against the light. (50s, 100s).

3. Protective band - a vertical dark stripe 0.8 mm wide, which can be seen against the light. The word "УКРАЇНА" will be visible through a magnifying glass. (50s, 100s).

4. Microtext - words or numerals that are shown repeatedly and can be seen through a magnifying glass. (Is, 2s, 5s, 10s, 50s, 100s).

5. Overlapping picture - pictures that are placed at the same place on the either side of a banknote and which superimpose exactly when seen against a light source. (50s, 100s).

6. Relief elements—palpable elements on the banknote's surface. (2s, 5s, 10s, 20s, 50s, 100s.)

7. Help for the blind—a relief element placed in the lower left corner of a banknote, which can be felt by the finger tips and varies depending on the banknote's denomination. (50s, 100s.)

K. Coded drawing—a drawing which changes depending on the viewing angle. (2s, 5s, 10s, 20s, 50s, 100s.)

TEXT 7

BOOKKEEPING

Bookkeeping is an essential accounting tool. A small business or company may employ only one bookkeeper, who records all of the financial data by hand; large organizations may employ many bookkeepers, who use electronic and mechanical equipment for a large part of their work. Each organization has its own bookkeeping requirements, but all systems operate on the same basic principles. The bookkeepers themselves must be accurate, good in math, and meticulous; that is, they must be very careful to record each detail in its proper place.

About 3,000 B.C., the Sumerians, the Egyptians, and other peoples of the Middle East developed the first known business records. The results of tax collections, farming harvests, and the transactions of merchants were recorded by means of written numbers. The Romans, too, were prolific keepers of records. Indeed, Roman numerals were used in many parts of Europe until the fifteenth century A.D. The stimulus for modern bookkeeping came with the introduction of Arabic, or Hindu-Arabic, numerals and the decimal system in the twelfth century A.D. Most people today use Arabic numerals.

The two basic systems of bookkeeping are double-entry and single-entry. The double-entry method was perfected by the merchants of Venice during the fifteenth century and is still used today. The basic principle of double-entry bookkeeping is that every transaction has a twofold effect. In other words, a value is received and a value is yielded or parted with. Both effects, which are equal in amount, must be entered completely in the bookkeeping records.

An account is a record of the financial transactions that concern one item or a group of similar items. The account includes categories of financial data for each area of interest during a specific period: the value at the beginning of a period, changes in value during the same period, and the value at the end of a period. The broad areas of interest can be labeled assets, liabilities, and net worth. Income and expense accounts are totaled at regular intervals, and the resulting profit or loss is posted to a capital account.

TEXT 8

WHY MANAGEMENT IS NEEDED

Management is needed whenever people work together in an organization and to reach organizational objectives. The objective of most firms and companies is to provide services for people and to make a profit for the owners. If the firm stops giving service, people will no longer patronize it. If there are no profits, the company will soon be unable to perform the needed service.

To achieve objectives, managers need to maintain the balance among the conflicting demands of the stakeholders of an organization. Stakeholders are all those, who have a stake in an organizational success, including employees, owners, customers, creditors and others. Owners seek a satisfactory return on their investment; employees want good pay and comfortable working conditions; management must also please his customers, for without them the company will have little purpose; creditors, suppliers, trade associations should also be considered. So, management must balance the interests of different groups.

Management is also needed to achieve efficiency and effectiveness. Efficiency is the ability to get things done correctly. An efficient manager is the one, who gets higher output relative to the inputs (labour, materials, money, machines and time). Effectiveness is the ability to choose the most suitable goals and proper steps to achieve them. That is, effective managers select the right things to do and the right methods for getting them done.

TEXT 9

MANAGING DIRECTOR

Managing Director is the person appointed by the Board of Directors to be responsible for the management team that runs a business on a day-to-day basis. The managing director will also be a member of the Board, and this will be important in passing policy decisions down to management and providing information from management to the Board. The managing director might have worked his/her way up the company, or might have been appointed from outside the company if the directors wished to bring new blood to the management team. He/she will be an employee of the company possibly also owning shares in the company.

Management techniques. A variety of approaches that have been introduced into decision-making help to improve the quality of the final outcome. Some are based on taking a certain approach to decision-making, e.g. management by objectives or human relations management. Other approaches are based on the use of models and statistical techniques, such as forecasting methods, operations research and ratio analysis. These techniques are used as aids to decision-making and still require managers to weigh up the results in the light of other experience.

The good team, positive working relationship within the company, competent managers, the proper chosen management techniques introducing right decision-making - all these taken together make a successful company.

TEXT 10