- •Федеральное государственное бюджетное образовательное учреждение
- •2. Грамматика (повторение).
- •2. Лексический минимум.
- •1. My Family.
- •2. My Working Day.
- •3. Домашнее чтение.
- •Урок 1.
- •2. Лексический минимум.
- •Урок 2.
- •2. Лексический минимум.
- •Урок 3.
- •1. Грамматика.
- •2. Лексический минимум.
- •Урок 4.
- •1. Грамматика.
- •2. Лексический минимум.
- •Урок 5.
- •1. Грамматика.
- •2. Лексический минимум.
- •Урок 6.
- •1. Грамматика.
- •2. Лексический минимум.
- •Раздел II. Grammar Семинарское занятие 1
- •Семинарское занятие 2
- •Семинарское занятие 3
- •Семинарское занятие 4
- •Семинарское занятие 5
- •Семинарское занятие 6
- •Семинарское занятие 7
- •Семинарское занятие 8
- •Семинарское занятие 9
- •Семинарское занятие 10
- •Раздел 1
- •The layout
- •Megasoft ltd
- •46 High street, wolverhampton, west midlands(1)
- •2. Date: various possibilities
- •5. Body of the letter: Expressions to use
- •6. Ending the letter:
- •7. The close formulae:
- •Раздел 2 e-mail writing
- •Раздел 3 Resume
- •3.1.Read the resume and answer the questions
- •3.2. There are different formats of resume. The main are Chronological and Functional. Read the extracts and decide on the format of the resume it is taken from.
- •3.3. Write resume of both types using the following notes:
- •1. Chronological
- •Very concisely state what job you would like next summary
- •2. Functional
- •Street – City, State Zip - Phone - Email
- •Very concisely state what job you would like next
- •Work history
- •Раздел 4. Responsibilities. Company structures
- •4.3. Find the qualities from the list below necessary for:
- •4.5. Read and translate the text.
- •4.6. Before reading the text about Philips, decide whether you think these statements are true or false.
- •The philips story
- •The philips company
- •4.7. Match the words from the text with their corresponding definitions.
- •4.8. Read the texts about seven people talking about their work and decide which department each one works for.
- •Английский язык профессиональный
- •Раздел 1 Section 1
- •The opportunity cost – альтернативные издержки владения деньгами
- •Exercise1. Find in the text English equivalents for the following
- •Futures markets (hedging) - types of exchanges
- •Weak euro gets little attention
- •Euro helps sterling to rise to 14-year high
- •Russians can now sell precious-metal coins
- •Монета. Бумажные деньги
- •Money and its Functions.
- •Section 2
- •Taxation
- •2. Если налоговое бремя высоко, оно не дает возможности развиваться малому бизнесу.
- •5. Ндс – вид налога с оборота.
- •Balance sheet
- •Политика предоставления кредита и инкассации
- •Раздел 2
- •8. The work of local government.
- •9. Powers and duties of the president.
- •Дополнительный материал
- •I. Сводная таблица основных правил чтения английских гласных букв и буквосочетаний
- •II. Сводная таблица правил чтения некоторых английских согласных букв и буквосочетаний
- •III. Таблица неправильных глаголов
- •IV. Образец примерного резюме resume
- •Education
- •Work experience
- •Professional skills
- •Additional information
Английский язык профессиональный
Раздел 1 Section 1
THE MONEY MARKET. CURRENCIES. THE STOCK EXCHANGE.
Text 1
The money market comprises the demand for money and the money supply. The equilibrium in the money market is such a state of balance when the demand for money from households and businesses is satisfied by the quantity of the money supplied. The equilibrium in the money market is reached by changing bond prices.
People can hold their wealth in various forms — money, bonds, equities, and property. For simplicity we assume that there are only two assets: money, the medium of exchange that pays no interest, and bonds, which we use to stand for all other interest-bearing assets that are not directly a means of payment. As people earn income, they add to their wealth. As they spend, they deplete their wealth.
There is an obvious cost of holding money. The opportunity cost of holding money is the interest one would have gained if he (she) had held bonds. It naturally follows that people will hold money rather than bonds only if there is a benefit to offset this cost, only if holding money is more profitable than holding bonds. It may happen only when interest rates on bonds are too low to make it profitable to hold bonds.
Suppose the money market is in equilibrium when the interest rate on interest-bearing assets (e.g. Treasury bills and other securities) is 6% and the amount of money demanded is $200 ml. Now suppose the interest rate goes down, say, to 4%. In this case interest-bearing assets are no longer profitable as they can't earn a sufficient return. Hence the demand for money will rise and will lead to a temporary lack of money in the money market. If they lack money, households and businesses are likely to sell bonds they possess for cash. That will cause an increase in the bond supply, which lowers bond prices and rises interest rates on interest-bearing assets. With a higher interest rate the amount of money people are willing to have in hand will decrease again. Consequently, the money supply will adjust to a current demand to reflect new higher interest rate.
Conversely, the increase in the money supply creates its temporary surplus, which results in the demand for bonds and bond prices going up. The interest rate falls thus restoring balance in the money market, but at a new lower interest rate.
Notes to the text
equities (syn. ordinary shares, equity shares, ordinary stocks) - обыкновенные акции
to deplete - истощать, исчерпывать
to offset – возмещать
The opportunity cost – альтернативные издержки владения деньгами
Treasury bills - казначейские векселя
consequently - следовательно, поэтому
conversely - наоборот
temporary surplus - временный избыток, излишек
Exercise1. Find in the text English equivalents for the following
равновесие денежного рынка; временная нехватка (избыток) денег; иметь на руках; быть в равновесии; восстанавливать равновесие; достичь равновесия; активы (облигации), приносящие процентный доход; увеличивать богатство; исчерпывать (истощать) богатство; альтернативные издержки владения деньгами; компенсировать издержки.
Exercise 2. Answer the questions
1. Explain in your own words the term "opportunity costs". What is the opportunity cost of holding money?
2. What's the equilibrium in the money market? How can it be reached?
3. How does the money market work?
4.How should people divide their wealth at any instant between money and bonds to gain the best profits possible and not to incur losses?
Exercise 3. Translate into English
1. Для экономики плох как недостаток, так и избыток денег, так как первый ведет к снижению расходов во время упадка, а последний - к обесценению денег и снижению их покупательной способности во время инфляции.
2. Денежный рынок объединяет спрос и предложение денег для определения равновесной ставки процента.
3. Равновесие денежного рынка устанавливается посредством изменения цен на облигации. С изменением цен на облигации процентные ставки меняются в обратном направлении. При равновесной ставке процента цены на облигации постоянны, а спрос и предложение денег равны-
4. Уменьшение предложения создает временную нехватку денег на денежном рынке. Люди и учреждения пытаются получить больше денег путем продажи облигаций. Поэтому предложение облигаций увеличивается, что понижает цену на облигации и поднимает процентную ставку.
5.Увеличение предложения денег создает временный их избыток, в результате чего увеличивается спрос на облигации и цена на них становится выше. Процентная ставка падает, и на денежном рынке восстанавливается равновесие.
Text 2
THE TOKYO STOCK EXCHANGE
Before reading Text 2 think of your ideas that might be related to the topic “The Stock Exchange” ( use your prior knowledge or experience).Write all your suggestions on the blackboard. Try to categorize them. Read the text, adding new information to your scheme.
Governments and business enterprises often issue securities to the investing public to finance their expenditures. To make it easier for them to raise new money, however, there must be a "secondary" market where investors can acquire or dispose of securities at prices that are fair and equitable. The Tokyo Stock Exchange, by providing a marketplace for securities, plays a vital role in the securities market.
The market of the Exchange is a two-way, continuous auction market where buy and sell orders directly interact with one another. A transaction is made when the buyer bidding at the highest price and the seller offering at the lowest price agree on a figure which is acceptable to each.
For the purpose of providing a fair and efficient marketplace, the Exchange not only provides a host of rules and regulations but also employs modern electronic and communications technology for trading.
The Tokyo Stock Exchange thus facilitates government and corporate financing by enabling people everywhere to have their investment decisions in listed securities executed quickly and conveniently. In doing so, it also contributes to the growth of the nation's economy.
Transactions on the Tokyo Stock Exchange are made only in such securities that are listed on the Exchange.
Companies have found many benefits in listing their securities on the Exchange: a greater number of shareholders; appearance of the company's name in the financial pages and stock tables of the press; and a substantial cost advantage in raising new capital.
When the Exchange receives an application for listing from a company, it carefully examines the applicant to ensure that the company is eligible for listing in the light of public interests and protection of investors. If the Exchange decides to list the company, it then seeks an approval from the Minister of Finance.
After a company joins the Exchange's listed company roster, the company is required by the Exchange to disclose financial and other material information about it promptly and in an accurate manner. Particularly, the Exchange gives great importance on timely disclosure of corporate information which may affect prices of the company's securities. The philosophy behind the Exchange's listing requirements is simply this: the investor who owns, buys or plans to buy listed securities is entitled to information about the company which will help him to make his investment decisions intelligently.
It is essential that all trading on the Exchange is conducted fairly and smoothly. The Tokyo Stock Exchange has therefore laid down detailed rules for trading, at the heart of which stand the principles of market concentration and auction. The principle of market concentration means the centralization of all stock orders on the stock exchange. This is designed to ensure fair price formation. The principle of auction is the basis of trading practice. It consists of price priority and time precedence. Under the price priority, the lowest-priced offer is given priority over all other offers, and the highest-priced bid has priority over all other bids. The time precedence is that when two buy or sell orders are received at the -same price, the trade goes to the order placed first.
The whole procedure of trading is conducted under rigid surveillance to ensure fair price formation.
Exercise 1. Summarise the main points under the following headings:
The role of the Stock Exchange
Listing of the securities
The main principles of the Stock Exchange
Exercise 2. Complete the sentences.
1). The Exchange must be sure that the company is …….for listing its securities.
a) eligible b) going c) protecting
2).All principles are designed to ensure fair price….. .
a) making b) formation c) building
3).…… is public sale at which goods are sold to the person making the highest bids ( offers).
a) auction b) market c) Stock Exchange
4). The company that has listed its securities should ….. financial and other material information.
a). Close b). Disclose c). Examine
5). Bonds and stocks are the main types of the …. that are traded on the Stock Exchange.
a).valued papers b).securities c). Companies
Exercise 3. Find English equivalents in the text:
выпускать ценные бумаги и облигации; подходящий; назначать цену; предлагать по цене; заключать сделки; рыночная концентрация; взаимодействовать ; приемлемый ( подходящий) для каждого; в основе ; ценообразование.
Exercise 4.Sum up the Text using your scheme only
Make some other researches into this topic. Try to find more about Stock Exchanges in different countries, their history and activity.
Text 3