Scarcity is the imbalance between our desires and the means of satisfying those desires. The problem of scarcity is faced by rich as well as poor societies. That's why it is the fundamental economic problem. The importance of scarcity as a unifying topic in economics is highlighted by the fact that many economists would define their discipline in the following way: Economics is the study of how human beings make choices to use scarce resources as they seek to satisfy their seemingly unlimited wants.
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.
5. During a __ fewer people borrowed money from banks, thus __ to earn interest on __
Методические указания к практическому занятию №1
Цель занятия: развивать понимание содержание текста и умение отвечать на вопросы.
Методические указания: работа со словарем, самостоятельное изучение объекта, перевод.
Тема практического занятия №2. Bases of economics.
VOCABULARY NOTES
to measure – измерять, рассчитывать, оценивать
economic activity – экономическая деятельность
is no exception in this respect – в этом отношении не является исключением
important items – важные вопросы, проблемы
to relate to – относиться к чему-либо, иметь отношение; рассказывать
by highlighting the adverse effects on... - в первую очередь освещая неблагоприятное влияние на...
householder – домовладелец, домохозяин
household – домашнее хозяйство
mortgage – закладная
data – данные
on a wide range of aspects – по самым разнообразным аспектам
statistics are available to show – статистика показывает
trade balance – торговый баланс
BASES OF ECONOMICS
Economic theories simplify reality to allow us to understand basic economic forces and how individuals cope with the problems of scarcity. We can observe actions and their consequences. Observation and description are not sufficient, for understanding and ultimately predicting actions. Theory establishes relationships between cause and effect. We use it to interpret actions and outcomes so we can explain the process by which the actions were undertaken and the outcomes achieved. The purpose of theory in all scientific analysis is to explain the causes of phenomena we observe. To conduct economic analysis we frequently need to engage in abstraction. This involves making assumptions about the economic environment and human motivation that simplify the real world enough to allow us to isolate forces of cause and effect. Any theory is a simplification of actual relationships.
A successful theory provides insights into the physical or social relationships it studies. Economic theories are developed to explain such important observable quantities as the production, prices and consumption of goods and services, the employment of workers, and levels of saving and investment.
Economic variables are quantities that can have more than one value. For example, the price of an item is an economic variable representing what we must give up in exchange for each unit of that item. Price is an economic variable because it can go up or down as changes occur in the economy. А г economic theory or price seeks to determine the causes for changes in the price of an item.
An economic model is a simplified way of expressing how-some sector of the economy functions. An economic model contains assumptions that establish relationships among economic variables. We use logic, graphs, or mathematics to determine the consequences of the assumptions. In this way we can use the model to make predictions about how a change in economic conditions results in changes in decisions affecting economic variables. Economists often use the term "model" as a synonym-for theory.
Fill in the gaps with the words and expressions from the text
1. The headlines in newspapers often __ economic data and __ for individuals and businesses.
2. The statistics tell us whether the economy is working __ using all or nearly all, __ resources of labour, machinery and other factors of production or whether these resources are being __.
3. Economists use the term __ to describe the value of a nation's output during a year.
4. Although these statistics can be __ in assisting managers, they should __ with __ when __ the future trend of the economy.
Методические указания к практическому занятию №2
Цель занятия: развивать понимание содержание текста и умение отвечать на вопросы.
Методические указания: работа со словарем, самостоятельное изучение объекта, перевод.
Тема практического занятия №3. Economic integration and business
VOCABULARY NOTES
to allocate resources – распределять ресурсы
scarce resources – ограниченные, скудные ресурсы
scarcity – дефицит
to satisfy unlimited wants – удовлетворять неограниченные потребности
competing uses – конкурирующие сферы использования
to be of great significance – иметь большое значение
commodity (syn. good) – товар, предмет широкого потребления
modern economy – современная экономика
oil and its derivatives – нефть и нефтепроизводные
to provide fuel for heating and transport – обеспечивать топливом системы теплоснабжения и транспорт
basic inputs – основные составляющие
to range from... to... – от... до...
plastic utensils – изделия из пластика
polyester clothing – одежда из синтетических тканей
to increase [-z], v. steadily – постоянно увеличиваться
increase [-s], n. – увеличение
over much of this period – большая часть этого периода
in comparison with (syn. as compared with) – по сравнению с
on the assumption of – исходя из предположения (допущения)
abundant oil – нефть, имеющаяся в изобилии, избытке
an abrupt change – резкое изменение
oil-producing nations – страны, производящие нефть
ECONOMIC INTEGRATION AND BUSINESS
Business functions
The main aim of any business is to maximise profits in order to give the best possible return to the owners for the money they have invested in the company. They achieve this aim through the functions of production and marketing.
Production
The main function of production is to satisfy human wants. This also refers to commercial producers, not only to industrial producers. The term production also includes those members of the community, who increase the efficiency of production, such as bankers, transporters, insurers, doctors, teachers, etc.
Marketing
The marketing function of business aims to anticipate consumer demand in order that the right products are manufactured. Marketing promotes sales to the consumer.
Employment
A further function of business is the provision of employment. The more businesses that exist, and the more successful they are, the greater the number of personnel needed, although technological developments cause a reduction in the number of employees needed, and many of the traditional areas of employment have been transformed. Nowadays there is a growing demand for the production of consumer goods, and a growth in the service industries, which results a rising need in the number of employees.
Internal structure
The internal structure of a business is influenced by its size. The small business is organised fairly simply, while the larger company has a more complex structure and more divisions.
Small firms
They employ fewer people, therefore they cannot easily be organised into separate units or departments. The workers tend to be less specialised and need to have a wider range of skills. They are required to carry out a wider variety of tasks therefore work in a small firm is more interesting and satisfying.
Large organisations
These are generally private or public companies owned by shareholders and governed by a board of directors elected by the shareholders. The board appoints a managing director to oversee the day-to-day running of the business and to ensure that policies formulated by the board are carried out effectively. A company secretary is also appointed to deal with legal matters.
Departmental organisation
Large firms are able to divide their organisations into separate specialist departments. The number and type of departments vary depending on the type of firm. The main types are:
Accounts (payments, invoices, money flow, wages…) Sales (plan and organise selling; sales representatives…) Advertising (encourage custom; advertising agency…) Administration (co-ordinating the activities, centralised filing, typing pool, mail room…) Personnel (finding and dismissing employees, resignations, training, welfare of persons..) Production (co-ordinate production; progress chasers, quality controllers…) Transport (firm’s own fleet of vehicles, organise transport…) Purchasing (bought items, orders, quotations, terms of purchase…) Legal (contracts, guarantees, insurance, compensation; company secretary…)Business growth
Most of the firms try to increase in size. It may be achieved through internal growth, but also by combining with other firms to form a larger organisation.
Mergers
Mergers or amalgamations occur when two or more firms combine to operate under a single name and control. The most common way of forming a merger is when a company absorbs the other by a ‘take-over’ bid. In order to obtain control of another company, the firm may buy up the voting shares of the company on the open market. When two or more companies merge integration is said to have taken place.
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