Market Economy advantages

ЗАДАНИЕ

По дисциплине «Английский язык»

Студентам заочного отделения факультета экономики и права

По специальностям 1-25 01 07 Экономика и управление на предприятии,

Маркетинг», 1-25 01 10 «Коммерческая деятельность»

Для самостоятельной подготовки к сессии

Учебный год

 

Теоретическая часть (знание грамматического материала будет проверяться в форме тестовых заданий во время сессии).

Студенты должны повторить следующие разделы грамматики английского языка:

Существительное. Образование форм множественного числа. Притяжательный падеж. Исчисляемые и неисчисляемые существительные. Употребление артикля. Существительное в роли определения и его перевод на русский язык.

Местоимения. Личные местоимения (I, you, he, she, it, we, they). Притяжательные местоимения (my/mine, your/yours, her/hers, his, its, our/ours, their/theirs). Указательные местоимения (this – these, that – those). Вопросительные местоимения. Неопределенные и отрицательные местоимения (some, any, no) и их производные. Возвратные местоимения (myself, yourself, herself, himself, itself, ourselves, yourselves, themselves, oneself).

Количественные слова и выражения (much/many, little/few, a little/a few, a lot of/ lots of, a great deal of, plenty of и др.)

Прилагательные и наречия. Способы образования сравнительной и превосходной степени. Сравнительные конструкции.

Видовременные формы английского глагола в активном и пассивном залоге. Present Simple Vs. Present Continuous; Past Simple Vs. Past Continuous; Past Simple Vs. Present Perfect; Present Simple Vs. Future Simple. Страдательный залог: утвердительные и отрицательные формы, способы образования вопроса, типы вопросов, ключевые слова.

Простые неличные формы глагола. Причастие I и причастие II: образование, перевод на русский язык, функции (определение, обстоятельство, составная часть видовременной формы). Герундий. Инфинитив.

Модальные глаголы (can, may, must, should) и их эквиваленты (be able to, be allowed to, have to, be to).

Наиболее употребительные предлоги

 

Практическая часть (тексты для домашнего чтения)

Дома со словарем прочитать пять текстов. Незнакомые слова и выражения из каждого текста выписать в тетрадь по абзацам. Во время сессии при сдаче домашнего чтения тетрадями с новыми словами можно пользоваться, нельзя пользоваться готовым переводом.

 

Text 1. National Economy

Text 2. Belarusian economy

Text 3. Markets

Text 4. Market Economy advantages

Text 5. Management

 

 

Текст 1

National Economy

 

National economy is the study of how a nation, rather than an individual, can be made wealthy.

Basic national economy indicators are: Gross Domestic Product, Gross National Income, International Trade, Official Development Assistance (ODA) and Financial Flows, National Savings, The National Poverty Rate.

Gross domestic product (GDP) measures the total output of goods and services for final use occurring within the domestic territory of a given country. Gross domestic product at purchaser values (market prices) is the sum of gross value added by all resident and nonresident producers in the economy plus any taxes and minus any subsidies not included in the value of the products.

Gross National Income or GNI, current dollars is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. 

International Trade

Exports and Imports of goods and services represent the value of all goods and other market services provided to or received from the rest of the world.

They include the value of merchandise, freight, insurance, transport, travel, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. Balance of trade is the net exports (exports minus imports) of goods and services for a particular country. It includes all transactions between residents of a country and the rest of the world involving a change in ownership of general merchandise, goods sent for processing and repairs, nonmonetary gold, and services.

National Savings (as a percent of Gross National Income)

Gross national savings is equal to gross domestic savings (gross domestic product minus final consumption) plus net income and net current transfers from abroad.

 

Notes to the text

1. Gross Domestic Product – внутренний валовой продукт

2. Gross National Income – валовой национальный доход

3. International Trade – международная торговля

4. Official Development Assistance – официальная помощь в целях развития

5. Financial Flows – финансовые потоки

6. National Savings – национальные сбережения

7. The National Poverty Rate – процентная доля бедных в общем населении

 8. gross value – валовая стоимость

9. resident producer – предприятие- резидент страны

10. net receipts – чистая сумма денежных поступлений, чистый доход

11. property income – доход от имущества; доход от собственности; имущественный доход

12. merchandise – товар

13. nonmonetary gold – немонетарное золото, золото в неденежной форме

14. current transfers – текущие трансферты

Текст 2

Belarusian economy

 

Belarus has a relatively well-developed industrial base. The country also has a broad agricultural base and a high education level.

Peat, the country's most valuable mineral resource, is used for fuel and fertilizer and in the chemical industry. Belarus also has deposits of clay, sand, chalk, dolomite, phosphorite, and rock and potassium salt.

Although not rich in minerals, Belarus has been found to have small deposits of iron ore, nonferrous metal ores, dolomite, potash (for fertilizer production), rock salt, phosphorites, refractory clay, sand for glass production, and various building materials. Belarus also has deposits of industrial diamonds, titanium, copper ore, lead, mercury, bauxite, nickel, vanadium, and amber.

Forests cover about a third of the land, and lumbering is an important occupation. Potatoes, flax, sugarbeets, rye, oats, and wheat are the chief agricultural products. Dairy and beef cattle, pigs, and chickens are raised. Belarus has only small reserves of petroleum and natural gas and imports most of its oil and gas from Russia.

The main branches of industry produce tractors and trucks, earth movers for use in construction and mining, metal-cutting machine tools, agricultural equipment, motorcycles, chemicals, fertilizer, textiles, and consumer goods. The chief trading partners are Russia, Ukraine, Poland, and Germany.

Belarus specializes mainly in machine building and instrument building (especially tractors, large trucks, machine tools, and automation equipment), in computers and electronics industry and in agricultural production.

 

Notes to the text

1. amber – янтарь

2. earth mover – экскаватор

 

Текст 3

Markets

 

A market is any one of a variety of different systems, institutions, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy. It is an arrangement that allows buyers and sellers to exchange things. Markets vary in size, range, geographic scale, location, types and variety of human communities, as well as the types of goods and services traded. Some examples include local farmers’ markets held in town squares or parking lots, shopping centers and shopping malls, international currency and commodity markets, legally created markets, and illegal markets such as the market for illicit drugs.

Types of markets

Although many markets exist in the traditional sense – such as a marketplace – there are various other types of markets and various organizational structures to assist their functions.

Financial markets facilitate the exchange of liquid assets. Most investors prefer investing in two markets, the stock markets and the bond markets.

Currency markets are used to trade one currency for another, and are often used for speculation on currency exchange rates.

The money market is the name for the global market for lending and borrowing.

A market can be organized as an auction, as a private electronic market, as a commodity wholesale market, as a shopping center, as a complex institution such as a stock market, and as an informal discussion between two individuals.

Most markets are regulated by state laws and regulations. While barter markets exist, most markets use currency or some other form of money.

Market economy or free market economy functions primarily depending upon the forces of the market, namely demand and supply. The institution of the market allocates and distributes commodities based on the principle of price determined by the interaction of the forces of the market.

 

Notes to the text

1.commodity market – товарный рынок

2. liquid assets – ликвидные активы, средства

3. stock markets – фондовая биржа

4. bond markets – рынок облигаций

5. currency markets – валютный рынок

6. exchange rate – обменный курс

7. wholesale market – оптовый рынок

8. demand – спрос

9. supply –  предложение

Текст 4

Market Economy advantages

 

The advantages of a market economy can be summarized as:

Buyers are free to purchase any commodity which they like and in whatever amounts. The seller of a good or its producer can also produce whichever product they want to and also increase the capacity of any individual commodity depending upon the forces of the market. Producers are free to undertake the risks and rewards associated with increase in production. There is no state intervention in the functioning of the forces of the market.

The biggest advantage that a market-oriented economy enjoys is the determination of a unique price determined by the demand and supply in absence of any monopolistic or oligopolistic influences. The decision of what to produce, for whom to produce and in what quantities is taken by the market forces and not determined by the state. 

The role of the state is limited to ensuring proper transparency in the prices charged by the sellers of the concerned commodity. Prices also have the function to allocate and distribute a country’s resources.

In a perfect world, the free market leads to complete efficiency bringing about the optimal distribution of a country’s resources. This would only happen in a state of equilibrium or when demand equals supply and there is a unique price for every commodity in question. But in a practical world which is imperfect by nature, prices are never at equilibrium and very volatile depending upon the vagaries of the market forces. This generally harms people living below the poverty line or those in the low income group. It is impossible for them to pay high prices in cases of demand shortage and thus the free market model is not a viable option in developing countries which has a large number of the poor.

 

Notes to the text

1. to undertake – предпринимать, совершать

2. state intervention –  вмешательство государства

3. transparency – прозрачность, незаметность внутренней структуры для пользователя

4. volatile – изменчивый, переменный

5. vagaries – превратности

 

Текст 5

Management

 

Management is the process of leading and directing all or part of an organization, often a business, through the deployment of resources (human, financial, material, intellectual or intangible).

Modern management as a discipline began in the 19th century. Classical economists, such as Adam Smith and John Stuart Mill, provided a theoretical background to resource allocation, production and pricing issues.

By the middle of the 19th century, Robert Owen, Henry Poor, and M. Laughlin introduced the human element with theories of worker training, motivation, and organizational structure.

The first comprehensive theories of management appeared around 1920. Henri Fayol and Alexander Church described various branches of management and their interrelationships. In the early 20th century, Walter Scott applied the principles of psychology to management, while other writers, such as Elton Mayo, Max Weber, approached the phenomenon of management from a sociological perspective.

Modern management consists of a number of separate branches, including human resource management, operations or production management, strategic management, marketing management, financial management, and information technology management.

Marketing management is the practical application of marketing techniques. It is the analysis, planning, implementation, and control of programs designed to create, build, and maintained mutually beneficial exchanges with target markets. The marketing manager has the task of influencing the level and composition of demand in way that will achieve organizational objectives.

 

Notes to the text

1. deployment – распределение

2. intangible – нематериальный

3. interrelationship – взаимосвязь

4. implementation – выполнение, реализация

5. target market – целевой рынок

 


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