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Text 1AThe Economy and BusinessIt 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. Exercises
2 (A). Look back at the text and find:
(B). Translate the collocations and phrasal verbs into Russian. 3. Match each word or word combination with its definition:
(result from; result in; relate to; come across; depend on; sell off; ride out)
13. When the crisis finally came, they were able to___________ (it). 5. Which of the following sentences are not true according to the text?
6. Match the two halves of the sentences.
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.
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