Unit 7 Company structure (b) Departments

1. Most large companies have different departments. Look at the extracts from the documents below and match them with the appropriate department. Can you think of some other departments?

1. Sales and Marketing department ____.

2. Financial (Finance) department ____.

3. Legal Department ____.

4. Human Resources department ___.

5. Communications department ___.

6. Research and Development department___.

2. Where do these people usually work?

1. Accountants work in the _______ department.

2. Scientists often work in the _________ department.

3. Sales people ___________.

4. Lawyers ________.

5. PR people _________.

6. Training Managers __________.

3 (12). Listening. At a budget meeting four managers talk about their departments. Listen and complete the table below.

	1	2	3	4
Department			Human Resources
Staff		12 (5+7)
Office
Activity	Software research
Other information

4. Listen again and complete these sentences.

1. We __________ a __________ with ______ companies in the USA, so we ______ a lot of our _________ on _________.

2. We are __________ for _______ purchases, raw material, components, and other _____________.

3. ________ _________ six _______ _______ in the department, plus Director.

4. We are _________ ________ ________ internal and external communications and public relations.

5. Speaking. Think about your department or the department you’d like to work in. Draw an organization chart. Use the phrases from the box below to give a short presentation about your department.

Describing your department 1. Describing the activity of the department. My department deals with / is responsible for marketing etc. We organize research / tests etc. We work with customers / suppliers / subsidiaries etc. 2. Describing the staff. There are _______ people in the department. Sam Johnson is in charge of / responsible for _________. I am one of the managers / engineers etc. 3. Describing the equipment. We have a large office / three labs etc. We use computers / fax / e-mail etc. We have a well-equipped laboratory etc.

6. Read the text and explain the words in bold. A Market

A market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy. It is an arrangement that allows buyers and sellers to exchange things. Markets vary in size, range, geographic scale, location, types and variety of human communities, as well as the types of goods and services traded. Some examples include local farmers’ markets held in town squares or parking lots, shopping centers and shopping malls, international currency and commodity markets, legally created markets such as for pollution permits, and illegal markets such as the market for illicit drugs.

In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction. Market participants consist of all the buyers and sellers of a good who influence its price. This influence is a major study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. There are two roles in markets, buyers and sellers. The market facilitates trade and enables the distribution and allocation of resources in a society. Markets allow any tradable item to be evaluated and priced. A market emerges more or less spontaneously or is constructed deliberately by human interaction in order to enable the exchange of goods and services.

There are various types of markets and various organizational structures to assist their functions.

Financial markets facilitate the exchange of liquid assets. Most investors prefer investing in two markets, the stock markets and the bond markets. Futures markets, where contracts are exchanged regarding the future delivery of goods are often an outgrowth of general commodity markets.

Currency markets are used to trade one currency for another, and are often used for speculation on currency exchange rates.

The money market is the name for the global market for lending and borrowing.

Prediction markets are a type of speculative market in which the goods exchanged are futures on the occurrence of certain events. They apply the market dynamics to facilitate information aggregation.

Vocabulary

arrangement – зд. механизм

currency market – валютный рынок

commodity market – товарный рынок

transaction – сделка

supply – предложение

demand – спрос

allocation – распределение

to evaluate – оценивать

liquid assets – ликвидные активы

bond market – рынок облигаций

futures market – фьючерсный рынок

futures – фьючерсные сделки

7. Give Russian equivalents:

institution, human community, illegal market, to influence price, tradable item, delivery of goods, prediction market.

8. Choose words from the list to fill in the gaps, then use them to make sentences:

geographic, market, tradable, liquid, commodity, human

1. _____ markets	4. _____ communities
2. _____ item	5. _____ scale
3. _____ assets	6. _____ participants

9. Fill in the gaps with the words and expressions from the text:

1. A market is an arrangement that _____ .

2. A market is any structure that allows _____ to exchange any types of goods, services and information.

3. Markets allow any _____ to be evaluated and priced.

4. Most investors prefer investing in two markets: _____ .

5. Currency markets are often used for _____ on currency exchange rates.

10. Answer the questions:

1) What is a market?

2) How do markets vary?

3) What is a transaction?

4) Who are market participants?

5) What are the functions of a market?

6) What markets facilitate the exchange of liquid assets?

7) What is a futures market?

8) What are currency markets used for?

9) What is the money market?

10) What is a prediction market?

11. Talk about a market and types of markets.