Английский язык для экономических специальностей (English for economists)

In a competitive market, producers constantly strive to reduce their production costs as a way to increase profits. The increased efficiency that allows them to reduce their costs also enables producers to sell their goods at a lower price. Thus, by promoting efficiency, competition leads to lower prices.

Competition also motivates producers to improve the quality and increase the variety of goods and services. Consumers soon learn which brand offers the best value, and that firm will earn greater profits than its competitors. Similarly, producers in a competitive market must constantly look for new and attractive goods and services to win a larger share of the market.

As firms compete for consumer’s dollar in a market, their efforts lead to the production of a variety of better-quality products at the lowest possible prices. And since we are all consumers, it follows that competition benefits us all.

Text B. Competition in Many Markets: An Example.

On weekends during the school year and in the summer, David Scott works in a small local hardware store. When he began his job, as a sophomore, he was a stock clerk, and he thought himself lucky to have any job. Each year there had been a lot of competition for jobs in his city, especially in May and June when college students entered the local job market. In the spring of his senior year David decided to be more selective about where he worked and how much he earned. He decided to ask his boss for a raise to become a supervisor of the younger employees at the store.

He told his boss that since he learned the computer-assisted inventory and ordering system and other special skills he was more valuable, and should be paid accordingly. He hinted that he might seek employment elsewhere. Another store in town was advertising for someone with his skills.

David’s boss, Jay Richards, the entrepreneur who had established the small hardware store two years earlier, faced competition every day. Since starting his business, he had been in competition with other buyers and sellers in the marketplace. He competed with other buyers when he purchased the land for his store. He competed with other borrowers when he applied for his bank loan. He competed every week for the best deals on the goods he bought from his wholesalers. Jay knew that he also had to compete for customers with other hardware stores.

One of his major expenses was labor. He had to keep his labor costs down to meet his other expenses and earn a profit. He knew that David would cost him more, but he decided to pay him the higher wage because David had acquired skills that made him more productive. Jay reasoned that David’s experience and knowledge would help the business to save money in the long run.

Supply and Demand.

David was also free to sell his labor somewhere else. He could have competed with others for another job. From the newspaper ad he knew at least one other job was available. Maybe there were others. He wasn’t sure. He also wasn’t sure about the supply of other workers with his skills. He wondered whether he would get the raise and promotion if there were lots of people who could do the job.

David’s boss was also free to interview and hire other workers. In their own ways David and Jay were both trying to get what each thought would be best. They were competing.

Profit Motive and Competition.

Competition drives Jay Richards to do what he can to reduce costs and increase sales in order to increase profits. Of course, his competitors will be doing this too. They also want to earn the greatest profits. The profit motive (the efforts to maximize profits) is free enterprise’s most important incentive.

II. Exercises on the Text:

3. Text A. Give English equivalents to:

производители пытаются сократить издержки производства; дает возможность производителям продавать свои товары; путем повышения эффективности; конкуренция побуждает производителей; эта фирма получит большую прибыль; искать новые и привлекательные товары и услуги; конкуренция приносит пользу всем нам.

4. Text B. Ask questions for these answers (work in pairs):

1.                David Scott usually works on weekends during the school year in summer.

2.                He was a stock clerk.

3.                It was in May and June because college students entered the local job market.

4.                He was going to become a supervisor of the younger employees at the store.

5.                He learned the computer-assisted inventory and ordering system and other special things.

6.                Another store in town was advertising for someone with his skills.

7.                He had established the small hardware store two years earlier.

8.                He had been in competition with other buyers and sellers.

9.                When he purchased the land for his store.

10.           Yes, he did. He competed with other borrowers.

11.           Yes, he did. He knew that he also had to compete for customers.

12.           Because David had acquired skills that made him more productive.

5. Combine the words into sentences. Translate them into Russian.

1.                could, his labor, David, else, sell, somewhere.

2.                one other job, knew, from the newspaper ad, he, was available, at least.

3.                who, there, many people, were, the same job, do, could.

4.                entrepreneurs, always, and, competing, employees, are.

5.                wanted, to reduce, in order to increase, Jay Richards, costs, and, profits, increase sales.

6.                incentive, the profit motive, most important, is free, enterprise’s.

III. Grammar Exercises

1.                I hope your friend will come and see us on Sunday.

2.                I hoped...

3.                This statistician thinks he will get the latest data.

4.                This statistician thought...

5.                My friend is sure his profession is better than mine.

6.                My friend was sure...

7.                I think they televise international economic events.

8.                I thought...

9.                The manager believes that the work was done thoroughly.

10.           The manager believed ... and so he didn’t check it himself.

11.           Mother was sure that her son made good progress at the institute.

12.           Mother was sure ... since the holiday.

13.           We are afraid the firm won’t earn great profits.

14.           We were afraid...

15.           I am happy they call me up now and then.

16.           I was happy...

7. Translate the following sentences paying attention to the Sequence of Tenses:

1.                I asked Mr. Olegov where he lived.

2.                He said that he lived in Moscow.

3.                He told me that he worked at a large plant and described where the plant was.

4.                I told him that I knew the plant because I had worked there for about two years.

5.                I said that I didn’t work there any longer because I was studying at the Institute of Finance and Economics.

6.                Mr. Olegov asked me if I knew the economists working at the plant.

7.                I told him that I knew most of them.

8.                He told me that the plant had greatly increased its production and was producing almost three times more goods than four years ago.

9.                The other day the manager was asked if he would introduce the new machine constructed by one of the workers with the help of the engineers.

10.           He answered that he would do it as soon as the tests were completed.

Indirect Speech.

При обращении прямой речи в косвенную происходит следующая замена наречий места, времени и указательных местоимений.

Special Questions

General Questions

8. Put the verbs in brackets into their correct forms:

1.       I thought that you (to arrive) at some decision.

2.       I believed that a long-term loan (to be) absolutely necessary for that program.

3.       I didn’t know if you (to apply) for this job.

4.       They said they (to work) seven hours a day.

5.       Did he say that there (to be) a lot of problems with this agreement?

6.       The manager said that we (to need) to reduce the amount of corporate income tax.

9. Change the direct speech into indirect speech:

1.       The manager asked, «Does this project require long term financing?»

2.       The director asked, «Are we repaying debts in due time?»

3.       He asked, «Did this debt carry interest?»

4.       The head of the company asked the Board of Directors, «Are we able to repay the loan?»

5.       The manager asked the customer, «Can you wait a little longer?»

6.       The customer asked, «Were the terms specified in any agreement?»

10. Translate the following sentences:

1.       Markets provide a kind of economic polling booth for buyers to cost their votes for the goods and services they want.

2.       Promotion is a key part of marketing because it is the way business get their messages to consumers.

3.       Economists focus on the way in which individuals, groups, enterprises and governments seek to achieve efficiently any economic objective they select.

4.       Let’s suppose that you recently managed to save enough to buy the CD player you always wanted.

11. Translate the sentences:

1.       The railways of Russia are much longer than those of England.

2.       The climate of the Crimea is warmer then that of the Ural.

3.       Our resources of oil are greater than those of Poland.

4.       The rivers in the West of our country are not so long as those in the Eastern part.

12. Translate the following. Try to understand the meaning of suffixes:

Example:      watch (N) - watchful (A)

                   наблюдение - наблюдательный

                   life (N) - lifeless (A)

                   жизнь - безжизненный

1. a sleepless night; 2. moonless night; 3. childless family; 4. helpless people; 5. wonderful evening; 6. a starless black sky; 7. a watchful man; 8. landless farmers; 9. a jobless man; 10. a powerful monopoly; 11. a hopeful project; 12. a painful problem.

13. Translate English jokes.

The young candidate for admission to the navy was being given a test to determine his general education. One of the questions puts to him was: «What kind of animals eat grass?» The young man fidgeted and looked out of the window, but apparently could think of no answer.

«Come, come», said the admiral who was examining him, «Surely, you can answer a simple question like that: what kinds of animals eat grass?»

The boy brightened up. «Animals!» he exclaimed, «I thought you said admirals.»

Unit 9

Grammar: 1. Passive Voice.

2. Пассивные конструкции характерные для английского языка.

3. Формы инфинитива.

I. Language Practice

1. Practise the fluent reading and correct intonation:

— Helölo, Tom!

— Helølo, Nick ö. Here you ø are at last. `What have you been doing ö all this `time?

— You ö see. I’ve been `awfully ø busy `all this ö week. I’ve `got a ö new job.

— `What `sort of ö job?

— I’m an `assistant at a ö lab.

— ,Congratuö`lations, old ø chap! The `work must be very ö interesting.

— Oh ö yes, it ö is.

— `What is the ö `salary?

— The ø same as `that of `all the ö other assistants. `Quite enough to ø live on and to ö put by a little.

2. Read and translate. Mind stress and pronunciation in the following nouns and verbs.

export         import         progress                record         transport

`expo:t n      `impo:t n     `proulres n `reko:d n     `tr nspo:t n

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