Учебное пособие Москва Издательство мгту им. Н. Э. Баумана 2014 г

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ТипУчебное пособие
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Text 1A

The Economy and Business

It is difficult nowadays not to have some knowledge of the economy. If you read a good newspaper or watch the news on television, you often come across an item of an economic nature. It may be one about unemployment, inflation or perhaps the balance of payments.

All business organizations are affected to some degree by economic forces, such as the rate of inflation and the amount of skilled labour available.

We can define the economic environment as the factors relating to the state of the economy, which contribute to the framework on which businesses make decisions.

Whatever the size or nature of the business, its activities are subject to economic forces. Clearly, firms will benefit if the economy becomes more prosperous and we enjoy an economic boom; wages rise and customers have more money to spend. Equally, they will suffer if, for example, prices and interest rates rise and products become internationally uncompetitive.

The economy is an immensely complex entity. It comprises millions of buyers (or consumers) and hundreds of thousands of businesses all making decisions to spend, hire labour, use certain machinery, produce more (or less), lend (or borrow) money, provide services and so on. This scenario is then further complicated by the action of the government, which intervenes in the work of the economy for both economic and political reasons. Foreign trade and thus the activity of overseas producers, government and consumers add another dimension, as does the behavior of trade unions and pressure groups. Finally, any attempt to analyze the economy and its operation is further complicated by the involvement of people. This human element means that the economy does not always behave in a predictable manner: people do not always take the highest wage or purchase the best products.

Why is the economy so important? The managers of all enterprises, whether public or private, large or small, manufacturing or service – oriented, have to be aware of what is happening in the economy and of the likely consequences for their businesses. Let us take an example. Before a major retail chain, such as Marks &Spenser, sites a store in a town or city, its management will have to be convinced that the local people will have sufficient income now and in the future to make the new store profitable. The inhabitants’ income level depends on the prosperity of the local and national economy.

Some firms are more susceptible to the difficulties resulting from an economic change than others. If the economy experiences a downturn with rising unemployment and falling consumer expenditure then large businesses are generally better equipped to ride out this rough period because they have greater financial reserves to cover losses. In addition, their greater assets make them more able to arise loan capital than smaller organizations.

Some firms sell products (such as food) or provide services (such as public transport) which are not subject to lessening demand in periods when incomes stagnate or fall, but which do not enjoy rising demand during times when incomes are buoyant.

Some firms sell their goods and services abroad. Factors such as the exchange rate of the national currency are therefore very important to them. Other businesses may sell in exceptionally competitive international markets and inflation in the country, for whatever reason, may cause them acute difficulties as overseas rivals undercut their prices.

The economy affects the sales levels that businesses can expect to reach, the rate of taxation they have to pay, the cost of their labour and raw materials and so on. Its importance cannot be underestimated.


  1. Answer the questions to the text:

  1. Why isn’t it difficult nowadays to have some knowledge of the state of the economy?

  2. Where can you come across economic items?

  3. What processes does the economy affect?

  4. How can we define the word “economic environment”?

  5. Why do managers have to be aware of what is happening in the economy?

  6. Which factors does the inhabitants’ income depend on?

  7. What is the role of the human element in the economy?

  8. What makes large businesses able to raise loan capital?

  9. What products are not subject to lessening demand in periods of stagnation?

  10. Why is the exchange rate of national currency very important to some firms?

2 (A). Look back at the text and find:

  • which adjectives go with: forces, environment, nature, organization, labour, entity, reasons, trade, producers, unions, groups, element, manner, enterprises, chain, income, economy, expenditure, reserves, assets, transport, currency, markets, rivals, levels, materials, consequences;

  • which verbs go with: decision, money, losses, loan capital, demand, economic boom ,labour , machinery, services, another dimension , the best products, a downturn, example, products, acute difficulties, prices, a store;

  • phrasal verbs which mean: cause something; to find something by chance; to be about something ,to be connected with something; to be affected by the other thing; to sell something quickly and for a low price;

  • idiomatic phrases meaning: to be affected by something, to make someone\something experience something.

(B). Translate the collocations and phrasal verbs into Russian.

3. Match each word or word combination with its definition:

1. Cost

a) the spending of something having value

2. a balance of payment

b) a rise in prices caused by an excess of demand over supply

3. a customer

c) a level of smth; a fixed scale;

4. a rate of smth.

d) a person who buys at a shop

5. environment

e) the natural, social and economic condition in which we live and work.

6. to be available

f) the difference between the amount of paid and received money

7. inflation

g) the price paid for something

8. expenditure

h) to grow weaker; to refuse

9. to decline

i) the income received by the State from taxation

10. tax revenues

j) to be ready at hand; ready for use; having force

  1. Choose the correct phrasal verb in an appropriate form to complete each sentence. Some phrasal verbs should be used twice – in two different sentences.

(result from; result in; relate to; come across; depend on; sell off; ride out)

  1. He had __________ most of the best cattle to pay taxes on the property.

  2. Isn’t it time that the talks __________a decision?

  3. The new tax law doesn’t __________land used for farming.

  4. The project’s success _________ the support of everyone concerned.

  5. Job losses __________changes in production.

  6. The store __________their old TV sets to make room for the latest models.

  7. Public opinion can__________ government decisions in Europe.

  8. If you want to advance in the world of business you have to know how __________to the customer.

  9. The unemployment figures __________not necessary __________the rise in prices.

  10. The nations’ troubles __________the government’s stupidity in Albania.

  11. I __________ this old photo in the back of the drawer.

  12. You can always __________our bank, it won’t fail you.

13. When the crisis finally came, they were able to___________ (it).

5. Which of the following sentences are not true according to the text?

  1. We generally find out economic news from science - fiction literature.

  2. The economic environment depends to a large extent on the state of national economy.

  3. The higher the economy is developed, the more profitable the companies are.

  4. All businesses ignore such economic factors as the rate of inflation, overall economic downturn or the amount of competent workforce.

  5. Economic activities become complicated if the government plans a number of economic and political changes.

  6. Economists are interested in the factors that affect prices of goods and services and also resources necessary to produce them.

  7. The customer’s income level has nothing in common with the success of the national economy.

  8. It’s easier for smaller organizations to overcome economic difficulties concerning financial reserves to cover losses, because they have more mobility and flexibility.

  9. Currency and exchange rate factors are rather important for the firms selling abroad.

  10. The economy has great influence on all the spheres of economic factors such as taxation rate, sales revenues, labour cost and others.

6. Match the two halves of the sentences.

1. Russia is rich in raw materials, energy and mineral resources

a. without accurate and timely accounting information.

2. Mr. Brown hasn’t been abroad

b. to people and environment.

3. We sell the equipment at these prices to many customers

c. since May.

4. It’s impossible to manage a business operation

d. which enable the country to develop the national economy.

5. Cash flow is the movement of money

e. abroad.

6. A technology is the knowledge and process the firm uses

f. into and out of an organization.

7.Some companies sell their goods and services

g. to convert input resources into output goods or services.

8. Resource utilization must not cause damage

h. in need of highly – qualified specialists with the fundamental knowledge of national economy.

9.Managers of all enterprises have to be aware

i. what’s happening in the economy.

10. Now our country is in the period of global changes in its economy and we are badly

j. it is in great demand at present.

7. Complete the sentences with some, any, no.

1. I’m sure ___________ of their shareholders will invest in our project.

2. There’s ___________ important economic news in this month’s issue.

3. It’s advisable nowadays to have ___________ knowledge of the state of the economy.

4. ___________ national economy can prosper at the time of the economic downturn.

5. Prices and interest rates have risen to __________ extent recently.

6. ___________attempt to analyze the economy and its operation is affected by the human factor.

7. There will be ________ more brand-new superstores opened this year in out-of-town cites, creating more than 250 new jobs for the booming retailing sector.

  1. Translate into Russian:

  1. Темпы роста инфляции, международный платежный баланс, занятость и безработица должны постоянно оцениваться.

  2. На процветание экономики отрицательно действуют (affect) периодические спады.

  3. Ни у кого никогда не было проблем (trouble) c этим оборудованием.

  4. Экономические факторы влияют на деятельность каждого предприятия в любой стране.

  5. Внешнюю среду организации можно характеризовать как сумму факторов, включающих миллионы потребителей и сотни тысяч организаций, которые принимают решения.

  6. Необходимо понимать, что потребители – это те люди, которые могут интересоваться производимыми организацией товарами и услугами.

  7. Кто из вас поддержал (support) идею продать часть активов компании, когда мы ее обсуждали?

  8. Курс обмена национальной валюты очень важен для предприятий, которые продают свои товары и услуги за рубежом.

  9. Благодаря правильной политике нового руководства предприятия наши изделия становятся конкурентоспособными.

  10. Фирма местного масштаба может рассчитывать (account for) на прибыль, если у местного населения есть достаточный (значительный) доход.

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