- •Белорусский государственный университет
- •Предисловие
- •1. Profession of an economist
- •Vocabulary Focus
- •1. K p. A. – one thousand per annum.
- •Ex. 3. Express in one word.
- •Comprehension
- •Degrees in Economics
- •Basic Courses
- •Supporting Courses
- •Required Courses Year 1
- •Questions
- •Outstanding Economists
- •The Founder of Economics
- •David Ricardo (1772–1823)
- •John Maynard Keynes (1883-1946)
- •Writing
- •Study the biographical data of Michael Del and Ingvar Kamprad, find the information about famous businessmen and write it down as in the examples that follows the tables.
- •Michael Dell
- •Timeline
- •Ingvar Kamprad Timeline
- •Example
- •Translation a. Translate into Russian. Woman’s Place in Management
- •B. Translate into English.
- •Listening
- •Speaking
- •Vocabulary academic adj – 1. Университетский; академический; учебный; 2. Чисто теоретический; 3. Фундаментальный (в противоположность прикладному)
- •Salary n – жалованье, оклад self-employed adj – обслуживающий свое собственное предприятие; работающий не по найму
- •2. Economics as a science
- •2.1. Economics and Economic Methods
- •Economics: the Study of Scarcity and Choice
- •Vocabulary Focus
- •Opportunity Cost
- •Satisfying People’s Wants
- •Methodology
- •Economic Theory and Models
- •Speaking Discuss the following questions.
- •Vocabulary
- •Economic systems
- •Vocabulary Focus
- •Translation a. Translate the text from English into Russian. Classification of Countries
- •Vocabulary
- •3. The macroeconomy
- •3.1. Gross domestic product
- •Gross Domestic Product
- •Vocabulary Focus
- •Questions
- •Writing
- •Speaking
- •Vocabulary
- •3.2. InflAtion
- •Meaning and Measurement of Inflation
- •Vocabulary Focus
- •Demand-Pull and Cost-Push Inflation
- •Does it Cost More to Laugh?
- •Writing
- •Consumer Price Index Criticism
- •Vocabulary
- •3.3. Economic business cycles and unemployment
- •Economic Business Cycles
- •Vocabulary Focus
- •Comprehension
- •Unemployment
- •Types of Unemployment
- •W.H. Philips and the Philips Curve
- •Vocabulary
- •3.4. Banking discovering connections
- •Reading
- •Vocabulary Focus
- •Comprehension
- •Commercial Banks of Britain
- •Banking in the usa
- •Banking and Monetary System of the Republic of Belarus
- •The Paris Club
- •Listening Student Banking
- •Student Banking
- •Application for Credit
- •Vocabulary
- •3.5. Money and monetary policy
- •Reading
- •Money and its Functions
- •Vocabulary Focus
- •Comprehension
- •Classical Economics
- •Keynesian Economics
- •Monetarism
- •Instruments of Monetary Policy
- •Monetary Policy during the Great Depression
- •Listening Central Banking
- •Talking with Paul Volker
- •Vocabulary
- •Glossary
- •3.6. Fiscal policy
- •Fiscal Policy
- •Discretionary fiscal policy
- •Vocabulary Focus
- •Other Issues in Fiscal Policy
- •The Role of Government
- •Writing
- •Transition and the Changing Role of Government
- •Budgets and Fiscal Policy
- •Briefing on Personal Taxation
- •Vocabulary
- •4. The microeconomy
- •4.1. Supply and demand
- •Supply and Demand
- •Vocabulary Focus
- •Equilibrium: Mr.Demand, Meet Mr.Supply
- •Equilibrium
- •Elasticity
- •Ex. 2. Answer the questions on the text.
- •Negotiating on the Phone
- •North Holland Dairy Cooperative, Volendam, Postbus 4550nl-4452
- •Jan van Geelen
- •Vocabulary
- •4.2. Market structure
- •Monopoly
- •Vocabulary Focus
- •Comprehension
- •Three Pricing Strategies
- •Market Leaders, Challengers and Followers
- •Vocabulary
- •5. The global economy
- •5.1. International trade
- •International Trade
- •Vocabulary Focus
- •Comprehension
- •The Arguments for and against Free Trade
- •The Banana Wars
- •The Legacy of Adam Smith and David Ricardo
- •Listening
- •Vocabulary
- •5.2. Global market and developing nations discovering connections
- •The World’s Economies
- •Industrialized nations: Growing and Growing Old
- •Newly Industrialized Nations: Getting Going
- •Developing Nations
- •Vocabulary Focus
- •To develop, development, developed, developing
- •Comprehension
- •Economic Cooperation
- •Case study
- •B. Scanning for Information
- •Airbus Industrie
- •The Boeing Company
- •C. Interpreting Information
- •Multinational Corporations and Globalization: the Pros and Cons
- •Translation
- •Vocabulary
- •6. Business administration
- •6.1. Company structure discovering connections
- •Reading
- •Forms of Business Organization
- •Vocabulary Focus
- •Comprehension
- •Flotation
- •Describing Company Structure
- •Is made up of is diveded into
- •Listening
- •Interview with Willhite
- •Vocabulary
- •6.2. Management
- •Nature of Management
- •Vocabulary Focus
- •A. Introduction to the problem
- •B. Scanning for Information
- •Beginning the Business
- •Text b Business Principle: Supermarket Shopping Should Be Fun To Stew Leonard, the distinction between a supermarket and an amusement park is slight, and not necessarily useful.
- •Business Principle: Listen to the Customer
- •Stew Leonard’s Fact Sheet
- •Look at the Stew Leonard's Approach to Supermarket Sales. What do you think about his ideas of running the business. Stew Leonard's Approach to Supermarket Sales
- •Principles of Management
- •What Makes a Good Manager?
- •Семь заповедей бизнесмена
- •Vocabulary
- •Glossary
- •6.3. Accounting
- •What is Accounting?
- •Vocabulary Focus
- •Accounting and Financial Statements
- •The Accounting Profession
- •Business Documents
- •The Balance Sheet
- •Income Statement
- •Bookkeeping
- •Role Play
- •Project X
- •Vocabulary
- •6.4. Marketing
- •Concept of Marketing
- •Vocabulary Focus
- •Building a Brand
- •The brand name
- •B. Scanning for Information
- •The Creation of Levi Jeans
- •Other Levi Strauss Products
- •Text c Why New Products Are Needed
- •Levi Strauss & Co. Product History
- •C. Discussion
- •Writing
- •Marketing Information System
- •You are discussing a new product with your marketing manager. You may use the dialogue below as a model.
- •Vocabulary
- •6.5. Advertising
- •Advertising
- •Vocabulary Focus
- •Comprehension
- •How Companies Advertise
- •Ad advertising campaign advertising standards advertisement advertising budget advertising agencies print
- •Designing an Advertising Campaign Putting the Problem in Perspective: Applying Business Concepts
- •E. Fieldwork
- •Every Day ups Are Trusted To Reliable Deliver 12 Million Shipments Worldwide
- •Vocabulary
- •Glossary
- •Список использованной литературы
- •Contents
Vocabulary Focus
Ex. 1. Match the words from A with their synonyms from B.
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Ex. 2. The text contains a number of common verb-noun partnerships (e.g. to store money, to make purchases... ). Match up the verbs and nouns below to make common collocations.
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1) consume |
a) prices |
2) exchange |
b) interest |
3) quote |
c) money |
4) keep |
d) goods and services |
5) bear |
e) payment |
6) deferred |
f) accounts |
7) serve |
g) as a store of value |
Ex. 3. Match the Russian word-combinations with their English equivalents.
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Comprehension
Ex. 1. Complete the sentences.
Commodity money is…
Fiat money is …
In modem economies, fiat money is supplemented by …
Money is the medium through which…
The unit of account is the unit in which…
Money is a store of value because…
A standard of deferred payment or a unit of account…
In a barter economy, the seller and the buyer each must want something…
Ex. 2. Choose the correct answer:
1. A direct exchange of fish for corn is an example of:
storing value.
a modern exchange method.
barter.
a non- coincidence of wants.
2. Which of the following is a store of value?
Money market mutual fund share.
Repurchase agreement.
All of the above are a store of value.
None of the above are a store of value.
3. Anything can be money if it acts as a:
unit of account.
store of value.
medium of exchange.
all of the above.
Ex. 3. Say whether the following is true or false.
Money eliminates the need for barter.
Any item can successfully serve as money.
Money is said to be liquid because it is immediately available to spend for goods.
Ex. 4. Answer the questions.
What example of commodity money is given in the text?
What is fiat money?
What is fiat money supplemented by in modern economies?
In what way does society enforce the use of fiat money?
Why can a bank deposit serve as an example of IOU money?
How are goods exchanged in a barter economy?
Why is trading expensive in a barter economy?
What else can be used instead of money as a store of value?
What are the four functions of money? What do they imply?
Text 2
Read the text and and think of a proper title for it.
Monetary policy is a central government policy with respect to the quantity of money in the economy, the rate of interest and the exchange rate.
Let us consider the demand and supply for money.
Why do people hold (demand) currency and checkable deposits (M1), rather than putting their money to work in stocks, bonds, real estate, or other nonmoney forms of wealth? John Maynard Keynes, in his 1936 work entitled The General Theory of Employment, Interest, and Money, gave three important motives for doing so: transactions demand, precautionary demand, and speculative demand.
The transactions demand for money is the stock of money people hold to pay everyday predictable expenses. The desire to have "walking around money" to make quick and easy purchases is the principal reason for holding money. Without enough cash, the public must suffer forgone interest.
People have a second motive to hold money, called the precautionary demand for money. The precautionary demand for money is the stock of money held to pay unpredictable expenses. This is the "mattress money" people hold to guard against those proverbial rainy days.
The third motive for holding money is the speculative demand. The speculative demand for money is the stock of money held to take advantage of expected future changes in the price of bonds, stocks, or other non-money financial assets. It is the so called “betting money.
As the interest rate falls, the opportunity cost of holding money falls, and people increase their speculative balances.
Money supply comes in many forms, including currency, demand deposits, time deposits, and plastic money.
The narrowest commonly used measure of money M1 consists of currency (bills, coins, money orders and travelers checks) and current accounts (AmE -checking accounts).
A broader measure M2 includes M1 plus saving accounts.
When the money supply increases, people have more money to spend, and demand for goods and services increases. As demand increases, businesses hire additional workers to increase output. This is an economic growth scenario. But, if output does not keep pace with demand, prices increase. When prices rise continuously, inflation results. This tends to cause problems for people whose incomes do not increase at a rate consistent with inflation.
Ex. 1. Match the Russian word combinations in with their English equivalents.
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B |
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Ex. 2. Match the kind of demand for money in A with the stock of money people hold B and the definitions that follow.
A |
B |
1) The transactions demand for money |
a) “betting money” |
2) The precautionary demand for money |
b) “walking around money” |
3) The speculative demand for money |
c) “mattress money” |
The stock of money people hold to pay unpredictable expenses.
The stock of money people hold to take advantage of expected future changes in the price of bonds, stocks, or other non-money financial assets.
The stock of money people hold to pay everyday predictable expenses.
Ex. 3. Choose the correct answer.
1. The stock of money people hold to pay everyday predictable expenses is the:
transactions demand for holding money.
precautionary demand for holding money.
speculative demand for holding money.
store of value demand for holding money.
2. The stock of money people hold to take advantage of expected future changes in the price of bonds, stocks, or other nonmoney financial assets is the:
unit-of-account motive for holding money.
precautionary motive for holding money.
speculative motive for holding money.
transactions motive for holding money.
3. Which of the following statements is true?
The speculative demand for money at possible interest rates gives the demand for money curve its upward slope.
There is an inverse relationship between the quantity of money demanded and the interest rate.
According to the quantity theory of money, any change in the money supply will have no effect on the price level.
All of the above.
Ex. 4. Discuss the following questions with your parner.
Why do people hold (demand) currency and checkable deposits (M1), rather than putting their money to work in stocks, bonds, real estate, or other nonmoney forms of wealth?
What’s the main reason for having ‘walking around money’?
What are the consequences of lacking cash?
What is the precautionary demand for money based on?
What do precautionary balances help to avoid?
What is the speculative demand for money held for?
Why do people prefer to invest in stocks and bonds when the interest rate is high?
What happens to the opportunity cost of holding money when the interest rate falls?
What does a demand for money curve represent?
What does the money supply of the U.S. consist of?
What measures can be taken to regulate the money supply?
What may happen if output does not keep pace with demand?
Text 3
Read the text and compare the macroeconomic theories of different schools of economic thought. Explain the difference between the Keynesian and the monetarist views on how an increase in the money supply causes inflation. Note the similarity between the classical and the monetarist schools.