- •Донецький національний університет економіки і торгівлі імені Михайла Туган-Барановського
- •Economics Today
- •Content
- •Texts for Individual Reading
- •Передмова
- •Unit 1. What does economics study?
- •Vocabulary.
- •What does economics study?
- •Money price human wants scarcity
- •What does economics study?
- •Pronouns
- •Unit 2. Different Economic systems.
- •Vocabulary.
- •Different economic systems
- •Outstanding economists.
- •Unit 3. Economics as a social science.
- •Vocabulary.
- •Try to explain the above mentioned economic notions as you understand them, by your own words.
- •Economics as a social science.
- •Economics as a social science
- •Outstanding economists
- •Unit 4. Economics as a policy.
- •Vocabulary.
- •Economics as policy.
- •Economics and policy
- •Outstanding economists.
- •Unit 5. Main economic concepts.
- •Vocabulary.
- •Main economic concepts.
- •Outstanding economists.
- •2. Define:
- •Unit 6. Market, Supply and Demand.
- •Vocabulary.
- •Market, supply and demand
- •What money can’t buy
- •Outstanding economists.
- •Unit 7. Prices and their formation.
- •Vocabulary.
- •Price and its formation.
- •Past Tenses
- •When prices draw us.
- •Outstanding Economists.
- •2. Value:
- •Unit 8. Taxes and Taxation.
- •Vocabulary.
- •Taxes and taxation
- •Past Tenses Past Perfect Simple
- •Past Perfect Continuous
- •Will Germany Start Tax Reform?
- •Crackdown on “alcohol disorder zones”
- •Outstanding economists.
- •Sources of government revenue
- •Public spending
- •Unit 9. Business organization.
- •Vocabulary.
- •Forms of business ownership in the u.S.A.
- •The Formal Organization.
- •Up and Down of People Express
- •Burr’s Business
- •3. Necessity:
- •Unit 10.
- •Forms of business small business
- •I. Can you stick with it?
- •How to make business plan.
- •The Passive Voice
- •Unit 11. Franchising.
- •Vocabulary.
- •Franchising.
- •Evaluate your franchise opportunities.
- •Mc’Donald’s : burger and fries a la français.
- •Invest:
- •5. Tax:
- •Unit 12.
- •International Trade.
- •International trade.
- •How to avoid business blunders abroad.
- •Vocabulary to Text 2.
- •Advertising.
- •Vocabulary:
- •Answer the questions:
- •Economic theories.
- •Vocabulary:
- •Answer the questions:
- •Main economic concepts.
- •Vocabulary:
- •Answer the questions:
- •Management.
- •Vocabulary:
- •Answer the questions:
- •Marketing.
- •Vocabulary:
- •Answer the questions:
- •Types of economic systems.
- •Vocabulary:
- •Vocabulary:
- •Practical Tasks:
- •Text 2. Classical Theories.
- •Vocabulary:
- •Practical Tasks:
- •Text 3. The Meaning of Management.
- •Vocabulary:
- •Practical Tasks:
- •What is you understanding of management?
- •Vocabulary:
- •Practical Tasks:
- •Text 5. Management Activities.
- •Vocabulary:
- •Practical Tasks:
- •Text 6. Classical Theories.
- •Vocabulary:
- •Practical Tasks:
- •Text 7. Fayol's Principles of Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 8. F.W.Taylor and Scientific Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 9. The Principles of Scientific Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 10. Scientific Management after Taylor.
- •Vocabulary:
- •Practical Tasks:
- •Text 1. Comments on the Scientific Management School.
- •Text 2. L.F.Urwick.
- •Text 3. E.F.L.Brech.
- •Text 4. Max Weber and the Idea of Bureaucracy.
- •Text 5. Bureaucracy.
- •Text 6. Bureaucracy after Weber.
- •Questions for Discussions to texts 1-6.
- •Nobel prize winners.
- •1975: Nobel Prizes.
- •Money in our everyday life quotations. Attitudes to money.
- •Giving away money.
- •Money and everyday life.
- •Money and the family.
- •Money at work.
- •Money madness.
- •Possessions.
- •The economic model.
- •The psychology of money.
- •The very rich.
- •Young people, socialisation and money.
- •Poetry.
- •I have some fe a rainy day underneath me bed,
- •Is dis culture yours, cause it is not mine
- •It could do good but it does more bad
- •The coin speaks.
- •The hardship of accounting.
- •The millionaire.
- •Keys unit 1.
- •Comprehension check.
- •Unit 2.
- •Comprehension check.
- •Unit 3.
- •Comprehension check.
- •Unit 4.
- •Comprehension check.
- •Unit 5.
- •Comprehension check.
- •Unit 6.
- •Comprehension check.
- •Unit 7.
- •Train and check yourself
- •Unit 8.
- •Unit 9.
- •Comprehension check.
- •Fill in the chart
- •Unit 10.
- •Unit 11.
- •Comprehension check.
- •Unit 12.
- •Keys to the texts for individual reading
- •Economics Today
Invest:
The Wall Street giant announced that it would start … in talent and technology again after several years of heavy cost-cutting.
Bank of America reported about 11% profit increase after improvements in consumer lending and … banking.
franchise:
Before starting your … business, try the pilot course and select the future … .
The lessons learned from the pilot course will prove invaluable to the success of your … network.
The … lends his trademark or trade name and his business system to the franchise.
proliferate:
… of talk shows in our TV is simply the blind keeping up with western fashion.
The number of franchise businesses … quickly nowadays.
deplete:
Resources which can be used only once such as coal, oil, minerals are called … resources.
The … of bank reserves lead bankruptcy.
5. Tax:
The collection of taxes on the same income by two countries is called double … .
Usually the accountants use all the legal options the tax code allows in order to minimize the income subject to … .
6. depend:
Franchising does have some drawbacks and one of them is the lack of … .
Don’t make the franchisee too … on the contract, allow innovations in the business.
While preparing a marketing plan don’t forget that it is greatly … on the country, culture and requirements of organization.
7. fraud:
If you are proposed a famous Swiss watch for a hundred of dollars be sure it’s a fake and the deal will be … .
Success in doing business abroad often depends on ability to anticipate cultural differences and recognize a … .
The … managed to use secret information and get access to the vaults of repository.
Outstanding Economists.
Exercise 4. Read the information about Nobel Prize Winners. Put the verbs in the sentences in the right form.
Kahneman’s main findings
concern decision-making under uncertainty, where he has demonstrated
how human decisions may systematically depart from those predicted
by standard economic theory.
D
In his own experimental work,
he has demonstrated the importance of alternative market
institutions, e.g., how the revenue expected by a seller depends on
the choice of auction method. Smith has also spearheaded
“wind-tunnel tests”, where trials of new, alternative market
designs – e.g., when deregulating electricity markets – are
carried out in the lab before being implemented in practice.
Vernon L.Smith
1. Traditionally, economic theory(rely)on the assumption of a "homo œconomicus", whose behavior (govern)by self-interest and who(be)capable of rational decision-making.
2. Economics is also(regard)as a non-experimental science, where researchers – as in astronomy or meteorology – (have)to rely exclusively on field data, that is, direct observations of the real world.
3. During the last two decades, however, these views(undergo)a transformation.
4. Controlled laboratory experiments(emerge)as a vital component of economic research and, in certain instances, experimental results(show)that basic postulates in economic theory (modify).
5. This process(generate)by researchers in two areas: cognitive psychologists who(study)human judgement and decision-making and experimental economists who(test)economic models in the laboratory.
6. The Nobel Prize of 2002(award)to the innovators in these two fields: Daniel Kahneman and Vernon Smith.
Exercise 5. Translate into English:
Більшість підприємств малого бізнесу – це підприємства, взаємопов’язані з власником і його способом життя, що призначені забезпечити власнику нормальне проживання (існування).
Швидко зростаючі підприємства – це ризиковий бізнес з амбітними цілями і завданнями.
Люди, що розпочинають свій бізнес, повинні мати прозорливість, наполегливість, відданість, уміння слухати й чути поради, швидко відновлювати фізичні й духовні сили.
Підприємства малого бізнесу надають робочі місця, створюють нові товари й послуги, забезпечують потреби потужних корпорацій, постачають спеціальні товари й послуги.
Свій бізнес ви можете розпочати з нуля, придбати діючий концерн або вкласти гроші у франчайзингове підприємство.
Для успіху в малому бізнесі необхідні ділові можливості, відповідна структура володіння, гарний план, відповідне фінансування, сучасні методи ведення бізнесу.
Підприємства, взаємопов’язані з власником і його способом життя, можуть існувати за рахунок власних заощаджень, позиків у друзів і родичів, банківських позик.
Франчайзер має низку переваг, як-от: малий ризик, поширене визнання марки, масова реклама, фінансова допомога, навчання, підтримка.
Проте франчайзер має відраховувати щомісячну плату франчайзеру-власнику, стримувати власну незалежність, обмежувати сумнівні угоди, і, найголовніше, мати значний стартовий капітал.
Exercise 6. Revise your knowledge of the lesson and speak on the following:
Differentiate between lifestyle businesses and high growth ventures.
Name four characteristics of people who succeed in operating their own business.
Name four important functions of small business in the economy.
Identify three ways of getting into business for yourself.
Name five factors that are critical for success of a small business.
List four sources of financing for lifestyle businesses.
Exercise 7. Think and comment on the following statements:
I’m contra globalization, i.e. americanization, that’s why I’m against McDonald’s.
I support globalization.