13. Answer the questions on the text.

1. What does the discipline of Public Finance study?

2. Why is the purview of public finance considered to be threefold?

3. What circumstances are necessary for the efficient allocation of goods and services by private markets?

4. Give examples of private market inefficiency.

5. What is market failure?

6. When can market failure appear? What can it be caused by?

7. What is government failure?

8. Why does government budgeting often result in inefficient practices?

9. How should private sector programs be designed?

10. How can government pay for spending?

11. When does deficit appear?

12. What makes total public debt?

13. How can government reallocate income?

14. What is the public choice approach in economics?

UNIT 2. MANAGEMENT

Interpretations of Management

There is a variety of views about this term. Traditionally, the term “management” refers to the set of activities, and often to the group of people, involved in four general functions, including planning, organizing, leading and coordinating activities. All these four functions are highly integrated and interrelated.

Some writers, teachers and practitioners say that the above view is rather out-of-date and that management needs to focus more on leadership skills, e.g., establishing vision and goals, communicating the vision and goals, and guiding others to accomplish them. They also say that leadership must be more facilitating, participative and empowering in how visions and goals are established and carried out. Some people say that this really isn’t a change in the management functions but a new look at certain aspects of management.

Another common view is that “management” is getting things done through others. Yet another view, quite apart from the traditional view, asserts that the job of management is to support employees’ efforts to be fully productive members of the organizations.

To most employees, the term “management” probably means the group of people (executives and other managers) who are primarily responsible for making decisions in the organization. In nonprofit organizations, the term “management” might refer to all or any of the activities of the board, executive director and/or program directors.

Vocabulary

management – управление, руководство. менеджмент

term – термин

to refer to – иметь отношение, относиться; касаться

activity – деятельность

to involve – привлекать, вовлекать

function – функция

planning – планирование

organizing – организация (процесс)

leading – руководство, управление

coordinating – координирование

interrelated – взаимосвязанный

practitioner – практик, профессионал

view – точка зрения, мнение, взгляд

to focus on – сосредоточивать, фокусировать внимание на

skill – умение; навык

to establish / set a goal – поставить цель, задачу

vision – видение, мировоззренческая концепция

to communicate – говорить, сообщать

to accomplish / to achieve a goal – достигать цели

to carry out – выполнять, проводить в жизнь, осуществлять

common – общепринятый, распространённый

to assert – утверждать, заявлять

to support – поддерживать, содействовать

effort – усилие, попытка

employee – работник, служащий, работающий по найму

executive - должностное лицо, руководитель, администратор (какого-л. учреждения)

to be responsible for – быть ответственным / отвечать за

to make / take a decision – принимать решение

profit – выгода, прибыль

nonprofit / not-for profit – некоммерческий

profit / profit making organization – коммерческая организация

board – правление, руководство

board of directors – совет директоров

executive director – исполнительный директор; управляющий

program director - руководитель программы