ECONOMIC ENVIRONMENT

СЕЛЬСКОХОЗЯЙСТВЕННАЯ АКАДЕМИЯ

Им. В.Р. ФИЛИППОВА

Кафедра иностранных языков

УЧЕБНО-МЕТОДИЧЕСКОЕ ПОСОБИЕ

ПО АНГЛИЙСКОМУ ЯЗЫКУ

ДЛЯ СТУДЕНТОВ II КУРСА

ЭКОНОМИЧЕСКОГО ФАКУЛЬТЕТА

(для аудиторной и самостоятельной работы)

Улан-Удэ

Cодержание:

Lesson 1.

Text A. Economic environment………………………………………………………….…4

Text B. What is business?…………………………………………………………………..7

Lesson 2.

Text A. Three economic issues (what, how, for whom)……………………………………8

Text B. The economic problem……………………………………………………………13

Lesson 3.

Text A. Income and income distribution…………………………………………………..14

Text B. The distribution of income………………………………………………………...17

Lesson 4.

Text A. The economy and economic systems (planned economics)………………………18

Text B. An economic lead over Asia………………………………………………………22

Lesson 5.

Text A. Market economics…………………………………………………………………22

Text B. Pace of Czech reforms. (newspaper item)…………………………………………26

Lesson 6.

Text A. Mixed economics………………………………………………………………….27

Text B. Mixed economics………………………………………………………………….29

Lesson 7.

Text A. Markets……………………………………………………………………………30

Text B. Greek bottler gets into former S.U. (newspaper item)…………………………….34

Lesson 8.

Text A. Inflation……………………………………………………………………………35

Text B. Inflation……………………………………………………………………………37

Lesson 9.

Text A. The impact of inflation on business……………………………………………….38

Text B. Swedish inflation rate rises. (newspaper item)……………………………………41

Lesson 10.

Text A. Money……………………………………………………………………………..42

Text B. Money……………………………………………………………………………..45

Lesson 11.

Text A. The accounting in business………………………………………………………..46

Text B. Forms of accounting……………………………………………………………….51

Lesson 1

Text A

ECONOMIC ENVIRONMENT

Businesses operate in different kinds of environment. All the influences on business come both from external factors and from within the organization.

Businesses are subject to constant change. Changes in the business environment have two impacts upon firms: some changes constrain business activity, making it more difficult for firms to operate, other changes enhance the activities of businesses.

Businesses shape and respond to their environments. Internal and external factors comprise business environment. There are different environments of business such as the Legal environment, the Economic environment, the Competitive, the Social, the Technical environment and others. All the environments of business are interacted with one another. In this article we shall consider the economic environment.

The economy comprises millions of people and thousands of firms as well as the government and local authorities, all taking decisions about prices and wages, what to buy, sell produce, export, import and many other matters. All these organizations and the decisions they take play a prominent part shaping the business environment in which firms exist and operate.

The economy is complicated and difficult to control and predict, but it is certainly important to all businesses. You should be aware that there are times when businesses and individuals have plenty of funds to spend and there are times when they have to cut back on their spending. This can have enormous implications for business as a whole.

When the economy is enjoying a boom, firms experience high sales and general prosperity. At such times, unemployment is low and many firms will be investing funds to enable them to produce more. They do this because consumers have plenty of money to spend and firms expect high sales. It naturally follows that the state of the economy is a major factor in the success of firms.

However, during periods when people have less to spend many firms face hard times as their sales fall. Thus, the economic environment alters as the economy moves into a recession. At that time total spending declines as income falls and unemployment rises. Consumers will purchase cheaper items and cut expenditure on luxury items such as televisions and cars.

Сhanges in the state of the economy affect all types of business thought the extent to which they are affected varies. In the recession of the early 1990s the high street banks suffered badly. Profits declined and in some cases losses were incurred. This was because fewer people borrowed money from banks thus denying them the opportunity to earn interest on loans, and a rising proportion of those who did borrow defaulted on repayment. These so-called “bed debts” cut profit margins substantially.

No individual firm has the ability to control this aspect of its environment. Rather, it is the outcome of the actions of all the groups who make up society as well as being influenced by the actions of foreigners with whom the nation has dealings.

NOTES:

to comprise - включать в себя, составлять;

local authorities - местные органы власти;

to take decisions - принимать решения;

to make decisions - -/-/-/

to play a prominent part - играть значительную роль;

to shape the environment - формировать среду (окружение);

to predict - предсказывать

to forecast - -/-/-/

to be aware - осознавать, понимать, знать;

to cut back on spending - сокращать расходы;

enormous implications - большое значение (влияние);

general prosperity - всеобщее процветание;

to enable smb. to do smth. - делать возможным, позволять кому-либо делать что-либо;

consumer - потребитель;

to alter; to change - изменять(ся);

recession - упадок;

total spending - общие, суммарные расходы;

to decline - снижать(ся);

income - доход;

unemployment - безработица;

to purchase, to buy (bought) - покупать

to cut expenditure - сокращать расходы;

luxury items - предметы роскоши;

to affect= to influence - влиять;

the extent - степень;

to some extent = to some degree - в некоторой степени;

the high street banks - центральные банки;

to suffer badly - сильно пострадать;

profit - прибыль;

to incur losses = to suffer losses - нести убытки, потери;

to borrow from - занимать, брать взаймы;

to deny the opportunity - лишать возможности;

to deny - отрицать;

to earn interest - получить процентный доход;

loans - ссуды, займы;

to default on repayment - не выполнять обязательств по выплате (долгов, процентов);

a debt - долг;

profit margins - размеры прибыли;

the outcome of the actions - результат действий;

to make up society - составлять общество;

to have dealings - иметь торговые (деловые) связи;

environment - окружающая cреда;

impact - влияние, воздействие;

to constrain - сдерживать (деятельность);

to enhance - повышать, увеличивать;

to shape - формировать;

to respond - реагировать, отвечать;

legal - юридический, правовой;

legislation - законодательство, законы;

to legislate - издавать законы;

COMPREHENSION QUESTIONS:

1. Where does business operate?

2. How do changes in the business environment influence business?

3. What does the economy comprise?

4. What is a boom in the country?

5. What characterises the state of the economy at that time?

6. What happens when the economy moves into recession?

7. What are “bad debts”?

8. What happened to some banks in the early 1990-s and why?

VOCABULARY EXERCISES:

Exercise 1. Suggest the Russian equivalents:

Firms experience high sales; the government and local authorities; their sales fall; total spending declines as income falls; luxury items; the high street banks suffered badly; to earn interest on loans; so called “bad debts”, some changes constrain business activity; business environment.

Exercise 2. Replace the underlined words by synonyms:

Losses were incurred; the economy comprises millions of people; the nation has dealing; changes in the state of the economy affect all types of business; profits declined; losses amounted to over $ 100 million.

Exercise 3. Fill in the gaps with the words and expressions from the text:

1. The economy is complicated and difficult to ___.
2. When the economy ___, firms experience high sales and ___.
3. The economic environment ___ as the economy moves into ___.

4. Changes in the state of the economy ___ all types of business.

1. During a ___ fewer people borrowed money from banks, thus ___ to earn interest on ___.
2. So called “bad debts” cut ___ substantially.
3. The economic ___ is ___ of all the groups who make up society as ___ well as ___ of the actions of foreigners with whom the nation ___.

Exercise 4. Find in the text English equivalents for the following:

Играть заметную роль; формировать среду; сокращать расходы на; сократить размеры прибыли; переживать подъем; переживать тяжелые времена; прийти в упадок; доходы падают (2 варианта); нести убытки; состояние экономики; иметь большое значение для бизнеса в целом; отсюда, естественно, следует; лишать возможности; результат действий; не выполнять обязательств по уплате.

Exercise 5. Translate the sentences using all the active possible:

1) Состояние экономики (экономической среды) имеет большое значение для успешной деятельности фирм.

2) Когда экономика находится на подъеме, то фирмы продают больше товаров, что ведет к получению больших прибылей и процветанию.

3) Упадок экономики характеризуется сокращением объема производства и сбыта продукции. Отсюда, естественно, следует, что доходы предприятий снижаются и они несут убытки.

4) Результатом деятельности всех субъектов производства (групп общества) является формирование той или иной экономической среды, в которой развивается бизнес.

5) У фирмы не было возможности увеличить расходы на рекламу, в результате чего она потеряла часть рынка сбыта.

Exercise 6. Agree or disagree using the following expressions:

AgreementDisagreement

- I think so. - I don’t think so.

- Yes, it’s quite right. - I can’t agree with you.

- It may be so. - I’m sorry but you are wrong.

- Right you are. - Sorry, but you are mistaken.

- I fully agree with you. - On the contrary.

- Exactly it. - The other way round.

- It can’t be so.

1. As far as business operates in economic environment, it doesn’t depend on social environment.

2. The economy concerns a great number of people and enterprises as well as the government and local authorities.

3. It is not a problem to control and predict the economy.

4. When the economy is enjoying a boom, consumers purchase cheaper items and cut expenditures on luxury items such as televisions and cars.

5. In early 1990s the high street banks suffered badly, because too many people borrowed money from them.

6. In the recession of the early 1990s banks had no opportunity to earn interests on loans.

Exercise 7. Divide the text into logical parts and make up a plan (to the text A).

Exercise 8. Retell the text according to your plan.

Text B

Exercise 1. Read the text without using a dictionary and answer the following questons:

a) What is business?

b) What affects every business?

c) What components do business studies comprise?

WHAT IS BUSINESS?

What do we mean when we use the term “business” in this book? So when we think about “business” in this book, we mean commercial and industrial establishments and everything that affects them including local government, or national government which passes laws that affect every business, trade unions, the impact of international organization such as the European Community and the International Monetary fund.

Rather, business is a blend of many specialist subjects. Economics is the basis of business. Money is the language of business and needs to be controlled and kept secure. Laws control business and protect society from its worst excesses. Communication is the lifeblood of business. Mathematics and statistics are the key to understanding, describing and solving many of the problems faced by business. We do not need to study each of these deeply - we need a working knowledge of each and to understand the interaction of each of them with the others. The good student of business studies understands the components which comprise business studies and the way in which the elements fit together to provide an integrated approach to the subject.

NOTES:

to pass laws - принимать законы;

the European Community - Европейское сообщество (содружество);

the International Monetary fund - Международный Валютный фонд;

blend - смесь;

to keep secure - надежно защищать;

lifeblood of business - источник бизнеса (предпринимательства);

a working knowledge - практическое знание;

interaction - взаимодействие;

business studies - предмет изучения бизнеса, наука о бизнесе;

fit together - устанавливать, подгонять, собираться;

Exercise 1. Read the text without using a dictionary and answer the following questions:

a) What affects every business?

b) What components do business studies comprise?

Exercise 2. Find in the text the sentence which is the answer to the question: “What is business?”

Lesson 2

Text A

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