17.8.2. Commentary and Notes to Text 17.8.1

1. сырьевая направленность — a primary products trend (orientation), raw materials orientation

2. энергоносители — mineral resources used as sources of power, power resources

3. окупаемость — recoupment

4. ориентация — orientation, trend

5. глубокая переработка — deep refining

6. переработка (нефти) — refining

7. машинотехническая продукция (машиностроительная) — mechanical engineering products

8. в размере (в процентах)... — in the order of...

9. экспортный потенциал — export potential, export capacity

10. в одностороннем порядке — unilaterally (in one-sided way), one-sidedly

11. таргетинг — targeting

17.9. Oral Practice. Round Table

Hold a business exchange of opinions.

The proper analysis of the economic situation in the world and the main commodity markets is

necessary for any nation, branch (industry), or firm.

In this unit we have concentrated on classification signs (features) of commodity markets and

the estimated figures characterizing their market situation.

Now try to answer the following questions:

1. Do you share the views supporting the necessity of preserving a primary products export orientation

of Russia?

2. Where is the recoupment of capital investments better: in mechanical engineering and electronics

or in primary products industry? Why do you think so? Give your reasoning.

3. What is the targeting? Is it used against Russia?

17.10. Written Practice

Summarize the unit in a paragraph of about 300-350 words.

U n it 18. Stock Market. Stock Exchange

18.1. Preview Basic notions

This unit will cover the most general features stock (share)of the stock market,

objectively far more b complex than the markets foor pnrodducts

and s e r v i cmaerkset. aceghnx

We are going to get the knowledge of the p r i m a r y a n d lsiestcondary

markets in which s e c u r i t i e s a r e s o l d ; twr ae narsea gcotini og nto a cquaint

o ur se lv es w it h v ar io us c om p o net nets onf thde s t eo c k r m s a r bkiellt.

A little bit more attention will b e g i v e n t o t h e mstoockr tegxcahganege. sitsercu

iednx

b roker18.2. Warm-up

Before you start reading the unit think and try to answer the following questions:

1. What do we know about the stock market? What is a stock (share)? What is a bond?

2. How are stocks traded in the primary and secondary markets?

3. What components of the stock market are known to you?

4. What is a stock exchange like?

18.3. Rapid Reading (skimming, scanning, reading for general understanding

of the basic Text 18.4)

Work in pairs or small groups.

1. Quickly skim the text to find the paragraph in which the stock market is called paper economy:

2. Find the paragraph in the text which says where securities are traded.

3. Scan the text to find that part of it where you can read about the New York Stock Exchange. Tell

your partner or the group what you have learnt about its functioning.

256

local decline for October 1987 was 769 points. Although the point and dollar drops were far larger

than those of 1929, the loss in terms of percentage of the market was smaller.

A few days after the crash of 1987, the journalist James J. Kilpatrick told his readers: “Those of

us who know nothing about the stock market will never understand it. That puts us right in the

same class with economists and brokers who know all about the stock market.” He was not exaggerating.

The stock market — or, more broadly, the securities industry — is far more complex than

the markets for products and services. The stock market has been called the paper economy because