Английский язык в профессиональной сфере (стр. 2 )

1.  __________________ before ______________ .

2.  __________________ after ________________ .

3.  __________________ when _______________ .

4.  _________________ if ___________________ .

5.  _________________ till __________________ .

6.  _________________ until _________________ .

7.  _________________ as soon as _____________ .

4. Using the following models compile sentences of your own. Don’t forget to use vocabulary words.

1.  You probably know how to ______________________ .

2.  You probably know that _________________________ .

3.  Generally speaking ______________________________.

4.  ________________________ in stead of _____________.

5.  Since _________________________________________ .

6.  It’s possible to __________________________________ .

7.  It’s impossible to ________________________________ .

8.  It is not possible _________________________________ .

9.  It may be necessary to _____________________________ .

5. Translate the sentences, define the tense form of the predicate and compose special questions.

1.  One advantage of this approach is that it factors in unexpected expenses.

2.  Lenders look for a total debt load of no more than 36 percent of income.

3.  You need to get the rest of installment debt down to between 8 percent and 10 percent of your total income.

4.  You’ll probably see some great ways to save.

5.  It has been possible to get a mortgage with only 5 percent down.

6.  He always made payments by the due date.

7.  This figure includes your mortgage, which typically ranges between 25 – 28 percent of income.

8.  She has decided on a certain amount a month she wants to save.

9.  We will have got a better rate and a lower overall cost.

10.  At that moment they were writing down everything they spent for one month.

6. Guess what is meant.

1.  A piece of paper that you are given which shows that you have paid for something.

2.  A person or organization that lends money to people on condition that they pay it back.

3.  The sum total of all the money you owe: mortgage, student loans, credit cards, even loans from friends and family.

4.  A legal arrangement by which you borrow money from a bank or similar organization in order to buy a house, and pay back the money over a period of years.

5.  A service (such as a supply of electricity or water) that is provided to the public.

6.  A first payment that you make when you buy something with an agreement to pay the rest later.

7.  A small plastic card that is used to buy things that you agree to pay for later.

8.  The day by which something must be done or paid.

9.  A document that says how much money you owe for something you have bought or used.

10.  Money that is earned from work, investments, business, etc.

7. Fill in the gaps with the appropriate word. Translate the sentences.

lenders, down payment, total debt load, mortgage, interest rates, utilities, bill, income, bills, bill, earns, due date, job

1.  Farming is his main source of …… .

2.  Even on two incomes, we're having a hard time keeping up with our …. .

3.  He ….. a good income as a consultant.

4.  He paid the telephone …. .

5.  I've been having a hard time paying the bills since I lost my … .

6.  The waiter gave us our …. .

7.  Add the amount I now owe to what I already owe and I will pay the … later.

8.  Tomorrow's the …. for our electricity bill. (the bill must be paid by tomorrow)

9.  She made a 10 percent … on the car.

10.Many of these people are in danger of having their … shut off for nonpayment. (of no longer getting electricity, water, etc., in their homes because they have not paid their bills)

11.They've taken out a 30 year …. (they will pay for their house over a period of 30 years).

12.Several … are offering very attractive …. at the moment.

8. Translate into English.

1.  Маргарет собирает чеки, чтобы составить бюджет того, что она потратила за последние три месяца. Она точно (for sure) знает сколько платит за аренду и коммунальные услуги.

2.  Джек ищет вторую работу. Он хочет увеличить свой доход.

3.  Сергей оплатил свои счета до установленной даты.

4.  Невозможно разобраться со своим бюджетом.

5.  Кэйт добилась снижения процентной ставки.

6.  Света создала хорошую кредитную историю, так как всегда своевременно платила.

7.  Я внесу большую сумму, если получу стипендию вовремя.

8.  Они не смогли внести очередной взнос по кредиту, который брали на обучение.

9.  К предсказуемым затратам добавляются еще и непредвиденные расходы.

10.  У тебя более высокая процентная ставка по кредиту, потому что ты работаешь здесь всего полгода.

9. Answer the questions.

1.  What one should do to develop a budget?

2.  What is an advantage of creating a budget of what one has spent?

3.  What is the difference between unexpected expenses and predictable costs?

4.  What is the highest percent of one’s income the lenders look for for a total debt load?

5.  How much of total income does installment debt usually constitute?

6.  What is the way to find where you can save?

7.  How can you increase your income?

8.  What are the ways of getting a better rate and a lower overall cost?

9.  Is it possible to create a house fund? What can you do to save? Do you have your own way of saving money?

10.  Why is it important to make payments by the due date and to pay off the entire balance promptly?

Overview of Techniques and Sectors of the Financial Industry

An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary such as a bank, or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary earns the difference for arranging the loan.

A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity.

Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance) and by a wide variety of other organizations, including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments and methodologies, with consideration to their institutional setting.

Finance is one of the most important aspects of business management and includes decisions related to the use and acquisition of funds for the enterprise.

In corporate finance, a company's capital structure is the total mix of financing methods it uses to raise funds. One method is debt financing, which includes bank loans and bond sales. Another method is equity financing - the sale of stock by a company to investors. Possession of stock gives the investor ownership in the company in proportion to the number of shares the investor owns. In return for the stock, the company receives cash, which it may use to expand its business or to reduce its debt. Investors, in both bonds and stock, may be institutional investors - financial institutions such as investment banks and pension funds - or private individuals, called private or retail investors.

Vocabulary

overview – обзор

entity – юридическое лицо

to exceed – превышать

excess – дополнительный, излишний, избыточный

on the one hand – с одной стороны

on the other hand – с другой стороны

to raise – повышать, увеличивать

to borrow – занимать, одалживать

borrowing – заемные операции, заем, кредит

borrower – заемщик

financial intermediary – финансовый посредник

bond market – рынок ценных бумаг с фиксированной ставкой

receive – получать, принимать

to arrange – договариваться, устраивать

to aggregate - cобирать, объединять, соединять, группировать

to accept – принимать, признавать, акцептировать

a wide variety – широкий выбор

to achieve the goal - добиваться цели

appropriate - соответствующий, подходящий

with consideration to – учитывая

consideration – рассмотрение, рассуждение

institutional setting – общественный институт

business management – управление коммерческими предприятиями

relate to – установить связь, определять соотношение между

acquisition – приобретение

capital structure –структура капитала

debt financing – финансирование путем получения займов, погашение долга путем займа

equity financing – финансирование путем выпуска акций, финанс-е за счет собственных средств

possession – владение, обладание

ownership – собственность, владение, право собственности

to expand – расширять, развивать, увеличивать

institutional investors – учреждения-вкладчики, инвестор – юридическое лицо

private investors – частный инвестор

pension funds – пенсионный фонд

retail investors – мелкий инвестор

1. Write the transcription of the words, translate and read them correctly.

overview raise goal

technique intermediary pension

entity receive achieve

exceed arranging appropriate

aggregate coordinate deposit

consideration accept possession methodology acquisition share

2. Practice the reading of the following groups of words

an entity lend or invest gives the method is or retail goals of each selling equity structure is

whose income number of shares mix of financing use of appropriate use and acquisition investor ownership receives interest decreasing or increasing

income exceeds its expenditure are achieved retail investors variety of other finance is used investor owns each of the above

3. Define the tense form of the predicate and translate the sentences. Transform them into negative.

1.  The lender receives interest.

2.  The financial intermediary earns the difference for arranging the loan.

3.  A bank aggregates the activities of many borrowers and lenders.

4.  Banks allow borrowers and lenders, of different sizes, to coordinate their activity.

5.  In return for the stock, the company receives cash.

4. Define the tense form of the predicate and translate the pile general questions to the following sentences.

1.  The income of the entity exceeded its expenditure.

2.  The income of the entity decreased last year.

3.  The lender found a borrower.

4.  The bank has just accepted deposits from lenders.

5.  Financial intermediary has reached the goal.

5. Pick all adjectives from the text, translate them and write the degrees of comparison.

6. Look through the last paragraph of the text, pick out the words ending in “s” and explain what it (the ending) means.

7. Put the following pairs of words into the possessive case where it possible.

Lender/share, financial intermediaries/goal, schools and non-profit organizations/finance, entity/income, retail investors/deposits, bonds/owner, borrower/cash, institutional investors/ ownership.

8. Guess the words which are hidden in

dietmeraineris nodetasirinoc nequhitec nerotodiac

naiqitiusoc pateraporip garnirang nuredipetex

9. Look through the text and pick out irregular verbs. Write their forms.

pose your own sentences using the words from the vocabulary list. Begin your sentences with:

On the one hand__________________ .

On the other hand __________________ .

11. Look through the text and pick out sentences with passive predicate. Define the tense form and translate them into Russian. Transform these sentences into active.

12. Answer the questions on the text

1.  What does an entity usually do with its excess income?

1.  What can an entity whose income is less than its expenditure do to raise capital?

2.  What is the role of a financial intermediary? What does he earn for his work?

3.  What are the main activities of the bank?

4.  What categories of finance do you know?

5.  How can they achieve their goals?

6.  Why is finance considered to be one of the most important aspects of business management?

7.  What financing methods does a company use to raise funds?

8.  Who can function as investor?

13. Translate into English

1.  Государственные финансы составляют часть финансовой системы страны.

2.  В Международной финансовой индустрии в предыдущие месяцы произошло увеличение активов в фондах, инвестирующих в страны развивающихся рынков.

3.  Этот рост, с одной стороны, отражал желание крупных международных инвесторов диверсифицировать валюту (diversify currency) своих вложений и уменьшить объемы вложений в американские активы, чтобы избежать падения их стоимости в случае ослабления (depreciation) доллара.

4.  С другой стороны, желание инвестировать в страны развивающихся рынков является индикатором надежд на то, что роль этих стран, особенно стран БРИК (BRIC — Brazil, Russia, India, China)., в ближайшие годы возрастет и это откроет перед их экономиками новые перспективы.

5.  Многие инвесторы сейчас исследуют перспективы проектов в этих странах.

6.  Они ожидают, что именно их экономики возьмут на себя роль мотора экономического роста при новом экономическом порядке, который будет складываться после кризиса.

7.  Банки готовы снижать процентные ставки для тех предприятий, которые испытывают финансовые трудности.

8.  Чтобы понять, почему российские банки идут на уступки (make concessions to) своим заемщикам и каков масштаб проблемы просроченных кредитов (overdue credit), достаточно взглянуть на показатели (index) прибыли российских компаний.

9.  В современных условиях предприятия самостоятельно распределяют прибыль.

10.  Одним из способов увеличения капитала предприятия и привлечения дополнительных средств является эмиссия ценных бумаг (capital issue, issue of securities).

pile a dialogue on the text. Use conversational phrases.

1.  There is one other little thing I‘d like to add here. – Мне бы хотелось еще добавить к сказанному.

2.  I’d like to draw your attention to … - Мне бы хотелось обратить ваше внимание на …

3.  Excuse me for interrupting you but … - Простите, что я вас перебиваю, но…

4.  I didn’t’t quite catch what you said. – Мне не совсем понятно, что вы сказали.

5.  I wonder if you’d mind telling us … - Не могли бы вы рассказать нам

6.  We can’t deny the fact that … - Мы не можем отрицать тот факт, что…

Corporate Finance

Corporate finance is the field of finance dealing with financial decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize corporate value managing the firm's financial risks. Although it is in principle different from managerial finance which studies the financial decisions of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms.

The discipline can be divided into long-term and short-term decisions and techniques. Capital investment decisions are long-term choices about which projects receive investment, whether to finance that investment with equity or debt, and when or whether to pay dividends to shareholders. On the other hand, short term decisions deal with the short-term balance of current assets and current liabilities; the focus here is on managing cash, inventories, and short-term borrowing and lending (such as the terms on credit extended to customers).

The terms corporate finance and corporate financier are also associated with investment banking. The typical role of an investment bank is to evaluate the company's financial needs and raise the appropriate type of capital that best fits those needs. Thus, the terms “corporate finance” and “corporate financier” may be associated with transactions in which capital is raised in order to create, develop, grow or acquire businesses.

Vocabulary

tool – средство, метод, орудие

primary goal – основная задача

value – ценность, важность

alone - только

applicable – применимый, подходящий, соответствующий

capital investment - вложения капитала

debt – заемный капитал, долговое обязательство

current liabilities – краткосрочные обязательства

inventories - материально-производственные запасы

current assets – текущий капитал, оборотные средства

to extend credit – предоставлять кредит

investment banking – инвестиционный банк,

to evaluate – оценивать, вычислять, давать оценку

1. Train the pronunciation of the words.

field maximize value technique

analysis applicable evaluate discipline

choice current managerial acquire

cheque liabilities enterprise associated

2. Guess what is meant! (the words are from the text)

1.  a business or company

2.  a device or implement, especially one held in the hand, used to carry out a particular function

3.  a thing used to help perform a job

4.  make as large or great as possible; make the best use of something

5.  appropriate

6.  a person concerned in the management of large amounts of money on behalf of governments or other large organizations

7.  a bank that purchases large holdings of newly issued shares and resells them to investors

8.  form an idea of the amount, number, or value of; assess

9.  an instance of buying or selling something; the action of conducting business

10.  amounts due to be paid to creditors within twelve months

11.  buy or obtain (an asset or object) for oneself; learn or develop

12.  a sum of money paid regularly (typically annually) by a company to its shareholders out of its profits

13.  assets which a company does not use on a continuous basis, such as stocks and debts, but which can be converted into cash within one year

14.  money in coins or notes, as distinct from cheques, money orders, or credit

15.  the material or monetary worth of something

3. Put disjunctive questions to the following sentences and special questions to the underlined words.

1.  The terms corporate finance and corporate financier are also associated with investment banking.

2.  The discipline can be divided into long-term and short-term decisions and techniques.

3.  The terms “corporate finance” and “corporate financier” may be associated with transactions in which capital is raised in order to create, develop, grow or acquire businesses.

4. Translate into English.

1.  Вы уже решили какой проект будем финансировать?

2.  Акционеры ждут выплаты дивидендов.

3.  Основная цель коммерческого предприятия – получение прибыли.

4.  Мы провели анализ предыдущих лет работы компании и полагаем, что в этом проекте следует использовать заемный капитал.

5.  Оборотные средства компании позволяют ей заниматься деловыми операциями данного типа.

6.  Банк предоставил кредит с высокой процентной ставкой.

7.  Финансирование этого проекта позволит нам максимально увеличить прибыль компании.

8.  Термин «оборотные средства» относится к мобильным активам предприятия, которые являются денежными средствами (cash assets) или могут быть обращены в них в течение года или одного производствен­ного цикла.

9.  Оборотные средства могут быть охарактеризованы с различ­ных позиций.

10.  В процессе производственной деятельности происходит по­стоянная трансформация отдельных элементов оборотных средств.

11.  Предприятие покупает сырье и материалы, производит продукцию, затем продает ее, как правило, в кредит, в результате образуется дебиторская задолженность (receivables), которая через некоторый промежуток времени превращается в денежные средства

12.  Циркуляционная природа текущих активов имеет ключевое значение в управлении оборотным капиталом.

13.  Прямой связи (direct link) между оборотными средствами и креди­торской задолженностью (receivables) нет, однако считается, что у здорового предприятия текущие активы должны превы­шать текущие обязательства.

14.  Если денежные средства, дебиторская задолженность и производственно-материальные за­пасы имеют низкие уровни, то веро­ятность неплатежеспособности (inability to pay) или нехватки (lack of) средств для ведения (to carry out) рентабельной (profitable) деятельности велика.

plete the dialogue and translate it into English.

- Я начинаю изучать экономику. Завтра у меня первая лекция по финансам. Интересно (I wonder) что нам будут рассказывать.

- Думаю, о видах финансов. Бывают … .

- Интересно, чем они отличаются?

- Личные финансы – это …, финансы организации - …, государственные финансы - … .

- Меня больше интересуют финансы организации. Я хочу быть финансистом на предприятии. Что изучает наука корпоративное финансирование?

- Она занимается … . Основная цель корпоративного финансирования - … .

- А чем отличается корпоративное финансирование от административных финансов?

- Административные финансы занимаются … . Кстати, корпоративные финансы делятся на … .

- Что относится к долгосрочным, а что к краткосрочным операциям?

- Например, … относятся к долгосрочным операциям. А краткосрочные подразумевают … .

- Ты не мог бы объяснить мне, что такое текущий капитал и краткосрочные обязательства?

- … . Еще с термином корпоративное финансирование связаны инвестиционные банки, потому что они занимаются увеличении ем капитала, а корпоративные финансы подразумевают совершение операций, которые позволяют увеличить капитал, чтобы … .

Public Finance

Public finance is a field of economics concerned with paying for collective or governmental activities, and with the administration and design of those activities. The field is often divided into questions of what the government or collective organizations should do or are doing, and questions of how to pay for those activities. The broader term, public economics, and the narrower term, government finance, are also often used.

The purview of public finance is considered to be threefold: governmental effects on efficient allocation of resources, distribution of income, and macroeconomic stabilization

The proper role of government provides a starting point for the analysis of public finance. In theory, under certain circumstances private markets will allocate goods and services among individuals efficiently. If private markets were able to provide efficient outcomes and if the distribution of income were socially acceptable, then there would be little or no scope for government. In many cases, however, conditions for private market efficiency are violated. For example, if many people can enjoy the same good at the same time, then private markets may supply too little of that good. National defense is one example of non-rival consumption, or of a public good.

"Market failure" occurs when private markets do not allocate goods or services efficiently. The existence of market failure provides an efficiency-based rationale for collective or governmental provision of goods and services. Externalities, public goods, informational advantages, strong economies of scale, and network effects can cause market failures. Public provision via a government or a voluntary association, however, is subject to other inefficiencies, termed "government failure."

Under broad assumptions, government decisions about the efficient scope and level of activities can be efficiently separated from decisions about the design of taxation systems. In this view, public sector programs should be designed to maximize social benefits minus costs (cost-benefit analysis), and then revenues needed to pay for those expenditures should be raised through a taxation system that creates the fewest efficiency losses caused by distortion of economic activity as possible. In practice, government budgeting or public budgeting is substantially more complicated and often results in inefficient practices.

Government can pay for spending by borrowing (for example, with government bonds), although borrowing is a method of distributing tax burdens through time rather than a replacement for taxes. A deficit is the difference between government spending and revenues. The accumulation of deficits over time is the total public debt. Deficit finance allows governments to smooth tax burdens over time, and gives governments an important fiscal policy tool. Deficits can also narrow the options of successor governments.

Public finance is closely connected to issues of income distribution and social equity. Governments can reallocate income through transfer payments or by designing tax systems that treat high-income and low-income households differently.

The Public Choice approach to public finance seeks to explain how self-interested voters, politicians, and bureaucrats actually operate, rather than how they should operate.

Vocabulary

concerned with – связанный (с чем-либо), занятый (чем-либо)

design – проектирование, планирование, план, расчет

broad – широкий

narrow – узкий

to narrow – уменьшать, ограничивать, сужать

purview – компетенция, сфера действия

threefold – втройне, состоящий из 3 частей

effect – цель, результат, действие, воздействие

efficient – эффективный, целесообразный

efficiently – эффективно, производительно, рационально

efficiency – эффективность, производительность, рентабельность

distribution of income – распределение дохода

allocation – ассигнование, распределение, размещение

allocate –ассигновать, распределять, размещать

reallocate – перераспределять

proper – истинный, настоящий,

provide – обеспечивать, предусматривать, снабжать

circumstances – обстоятельства, материальное и финансовое положение

under circumstances – при данных обстоятельствах

private market – рынок частных заказов

outcomes – долгосрочные результаты

acceptable – приемлемый, допустимый, подходящий

scope – поле деятельности.

violate – нарушать, преступать, изменять

enjoy – наслаждаться, вкушать, обладать

supply – снабжать, поставлять

national defense – национальная оборона

non-rival consumption – неконкурентное потребление

public good – общественные блага, общественные интересы

market failure – проявления неэффективности рыночного механизма, дефект рыночного регулирования

occur – встречаться, возникать, происходить, случаться

existence – существование, наличие

rationale – логическое обоснование, основная причина

public provision – государственное обеспечение товаров и услуг, производимых в частном секторе

provision – обеспечение, снабжение

externalities – факторы внешнего порядка

advantage – преимущество, превосходство, выгода, польза

economy of scale – экономия, обусловленная ростом масштаба производства

network effects – эффект сетевой выгоды, сетевой эффект

cause – порождать, вызывать

public provision – государственное обеспечение товаров и услуг, производимых в частном секторе

via – через, с помощью, по причине

voluntary association – добровольное объединение

however – однако, впрочем, тем не менее, не смотря на

be subject to – быть подверженным, подлежать, подпадать под действие

inefficiency – неэффективность, неспособность, нерентабельность

government failure - проявления неэффективности государственного регулирования

assumption – предположение, допущение

separate – отделять, разделять, выделять

public sector – государственный сектор, общественный сектор, бюджетная сфера

taxation system – система налогообложения

public sector – государственная служба, бюджетная сфера

social benefits – общественная польза, выгода; пособие по соц. страхованию

benefits – льготы, услуги, суммарные выгоды, экономический эффект

cost-benefit analysis – анализ затрат, оценка экономической эффективности

revenues – доходные статьи, выручка, доходы

losses – потеря, ущерб, убыток

distortion – искажение, деформация

budgeting – планирование бюджета денежных средств

substantially – по существу, значительно, в основном

complicated – сложный, запутанный

result in – приводить к, повлечь за собой

government bonds – государственные ценные бумаги, правительственные облигации

tax burden – налоговое бремя

replacement – замена, возмещение

accumulation – накопление

over time – в течении продолжительного периода

deficit finance – дефицитные финансовые операции

smooth – сглаживать, выравнивать, устранять

fiscal policy – фискальная политика, бюджетно-налоговая политика

options – выбор, право выбора, вариант действий

successor – преемник, последователь

social equity – социальная справедливость

transfer payments – трансфертные платежи, передаточные платежи; средства на социальное обеспечение; дотация

treat – обращаться, относиться

household – домашнее хозяйство, семья

approach – подход, принцип

self-interested – корыстный, эгоистичный, движимый личными интересами

voter – избиратель

actually – фактически, на самом деле

operate - действовать

1. Train the pronunciation of the words.

design resources circumstances association

designed violate supply occur

designing allocation existence voluntary

however allocate revenue burden

view reallocate efficient narrow

purview threefold efficiency stabilization

externalities substantially inefficiency successor

acceptable enjoy non-rival failure

rationale distortion accumulation assumption

issue politician bureaucrat smooth

2. Read and translate the sentences. Define the tense form of the predicates. Form general questions to them and give short negative answers.

1.Public finance concerns payments for collective and governmental activities.

2.The terms public economics and government finance are often used.

3.The purview of public finance is considered to be threefold.

4.The proper role of government has provided a starting point for the analyses of public finance.

5.Private markets will allocate goods and services among individuals efficiently.

6.Conditions for private market efficiency were violated.

7.Many people can enjoy luxurious goods.

8.Private markets allocated goods and services efficiently.

9.Government is providing goods and services efficiently.

10.  Many factors can cause market failure.

11.  Public provision is subject to some inefficiencies.

12.  The revenue needed to pay for expenditures should be raised.

13.  Public budgeting often results in inefficient practices.

14.  Deficit can narrow the options of successor governments.

3. Recollect grammar theory on modal verbs and do the tasks.

a) Read and translate the sentences paying attention to the use of modal verbs.

1.  The field is often divided into questions of what the government or collective organizations should do or are doing, and questions of how to pay for those activities.

2.  If many people can enjoy the same good at the same time, then private markets may supply too little of that good.

3.  Externalities, public goods, informational advantages, strong economies of scale, and network effects can cause market failures.

4.  Public sector programs should be designed to maximize social benefits minus costs, and then revenues needed to pay for those expenditures should be raised through a taxation system that creates the fewest efficiency losses caused by distortion of economic activity as possible.

5.  Government can pay for spending by borrowing, although borrowing is a method of distributing tax burdens through time rather than a replacement for taxes.

6.  Deficits can also narrow the options of successor governments.

7.  Governments can reallocate income through transfer payments or by designing tax systems that treat high-income and low-income households differently.

8.  The Public Choice approach to public finance seeks to explain how self-interested voters, politicians, and bureaucrats actually operate, rather than how they should operate.

9.  If private markets were able to provide efficient outcomes and if the distribution of income were socially acceptable, then there would be little or no scope for government.

b) Compare the sentences and explain the difference.

1.  Collective organization should pay for those activities.

2.  Collective organization is able to pay for those activities.

3.  Collective organization is allowed to pay for those activities.

4.  Collective organization is to pay for those activities.

5.  Collective organization has to pay for those activities

c) Translate the verbs avoiding repetition of them in English. Try to use modal equivalents instead of modal verbs from the original sentences (to be able to, to be allowed to, to have to, to be to). Translate these sentences into Russian.