- •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
Elasticity
Consumers are more sensitive to some price changes than to others. You may not want to buy a car if its price goes up 10 percent. But if the price of salt goes up 10%, you will pay extra amount rather than go without salt. The degree to which changes in price cause changes in quantity demanded is called elasticity of demand. The number of cars demanded changes greatly as car prices change; so the demand for cars is highly elastic. The demand for salt is more inelastic: people buy nearly the same amount even though the price of salt changes. There are two basic reasons for elasticity of demand. The first concerns the relationship between income and the cost of the product. A car, for example, may easily cost 50% of your annual income. Salt probably costs less than 50% of your annual income. The smaller the proportion of your income that a product costs, the more inelastic is its demand. Demand tends to be more elastic if the good is a luxuary rather than a necessity. The second reason why demand is elastic concerns whether or not substitute product is available.
Elasticity, a measure of how much buyers and sellers respond to changes in market conditions, allows to analyze supply and demand with greater precision.
Economists use the term ’elasticity' to describe the responsiveness of one variable (demand) to another variable (price). The degree to which changes in price cause changes in quantity demanded is called the price elasticity of demand. The price elasticity of demand (ED) can be determined as follows:
This is defined as the percentage change in quantity demanded, divided by the percentage change in price.
This value varies between zero and infinity. Three ranges are identified:
elastic, very responsive to price changes - greater than 1;
unit elasticity;
inelastic, not very responsive to price changes - less than 1.
Ex. 1. Based on your understanding of the text, are the following TRUE or FALSE? Explain why.
The concept of elasticity looks at how much one factor changes as a result of some other factor changing.
Elasticity, a measure of how much buyers respond to changes in market conditions, allows to analyze demand with greater precision.
The smaller the proportion of your income that a product costs, the more elastic is its demand.
Elasticity is a planning tool for managers.
Ex. 2. Answer the questions on the text.
What term do economists use to describe the responsiveness of one variable (demand) to another variable (price)?
What is called the price elasticity of demand?
What are two basic reasons for elasticity of demand?
What is the equation of the price elasticity of demand (ED)?
WRITING
Write an essay on the concept of elasticity as a measure of how much buyers and sellers respond to changes in market conditions. Illustrate it with the examples of your own.
TRANSLATION
Translate from English into Russian.
Besides price elasticity of demand the following types of elasticity are particularly useful in a business context:
Income elasticity of demand – the impact a change in income has on the quantity demanded.
Advertising elasticity of demand – the impact a change in the amount spent on advertising has on the quantity demanded.
Cross elasticity of demand – the impact a change in price of one product has on the quantity demanded of a second product.
Elasticity is a planning tool for managers. It allows firms to ask ‘what if’ questions about their products, prices, advertising levels and so on. What will happen to our sales if we increase price by 10 p, or if we increase our advertising costs by 5%?
B. Translate from Russian into English.
Основными элементами рыночного механизма являются спрос, предложение, цена и конкуренция. Спрос – это форма выражения потребности. Объем спроса или количество товаров определяется такими факторами как цена товара или услуги, доходы потребителей, вкусы покупателей, общее число покупателей данного товара и др.
Одним из важнейших факторов, определяющих величину спроса, является цена товара или услуги. Максимальная цена, за которую покупатели готовы купить единицу товара в данный момент, есть цена спроса. Существует обратная связь между ценой и величиной спроса.
Предложение – это количество товаров или услуг, которые предложены для реализации на рынке в определенный промежуток времени. Объем предложения зависит прежде всего от цены. Чем выше цена товара, тем прибыльнее его производство.
LISTENING