Money as a Unit of Account

The Classical Function of Money

Classical economists modeled the demand for money in terms of its use as a unit of account. Money can be used to denote the value of goods, enabling participants in a transaction to measure the value of the transaction item in a common factor. This reduces transaction costs, especially information costs, as there is less possibility of adverse selection.

Under a barter system with no common unit of accounting, a successful transaction depends on the occurrence of a coincidence of wants. This could be surmounted by one party giving credit to another, that is, for the party to accept payment in kind in the future for a good sold today. Even if there were no credit risk (i.e. payment could be strictly enforced) the selling party would still have to gather information regarding the future worth of the good he is contracted to be paid in.

In addition, the selling party would have to know the values of all goods in the economy, denominated in the values of every other good. This causes the information costs required to trade to rise significantly.

The Price Level

Transactions denominated in a common unit of account would determine prices, and it would then be possible to aggregate these prices into a price level for the economy. Given the price level, it is therefore possible to determine inflation. Here money does not affect the real value of the transactions in the economy. Money would therefore be said to be neutral, if the unit of account function were the only function of money in the economy.

Money under the Unit of Account Function

Put simply, anything that enables transactions to be valued. The definition of money used here can constitute the money stock, bank deposits, etc. There is a slight distinction between the money stock defined under the function of money as a means of exchange and the function of money as a unit of account, as prices need not be defined in the currency used as a means of exchange. However in this case an exchange rate between the currency used as a means of account and the currency used as a means of exchange must be known. The money stock is the amount of money as defined under the means of exchange function.

a coincidence - точное совпадение, одинаковость (содержания, свойств) surmount - преодолевать significantly - в значительной степени denominated - обозначенный номинальной стоимостью a means of - средство для

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Recruitment

Recruitment refers to the process of attracting, screening, and selecting qualified people for a job. For some components of the recruitment process, mid- and large-size organizations often retain professional recruiters or outsource some of the process to recruitment agencies.

The recruitment industry has four main types of agencies: employment agencies, recruitment websites and job search engines, "headhunters" for executive and professional recruitment, and niche agencies which specialize in a particular area of staffing. Some organizations use employer branding strategy and in-house recruitment instead of agencies. Recruitment-related functions are generally carried out by an organization's human resources staff.

The stages in recruitment include sourcing candidates by advertising or other methods, screening potential candidates using tests and/or interviews, selecting candidates based on the results of the tests and/or interviews, and on-boarding to ensure the candidate is able to fulfill their new role effectively.

Headhunters

A "headhunter" is an industry term for a third-party recruiter who seeks out candidates often when normal recruitment efforts have failed. Headhunters are generally considered more aggressive than in-house recruiters or may have pre-existing industry experience and contacts. They may use advanced sales techniques such as initially posing as clients to gather employee contacts as well as visiting candidate offices. They may also purchase expensive lists of names and job titles but more often will generate their own lists. They may arrange a meeting or a formal interview between their client and the candidate and will usually prepare the candidate for the interview, help negotiate the salary and conduct closure to the search. They are frequently members in good standing of industry trade groups and associations. Headhunters will often attend trade shows and other meetings nationally or even internationally that may be attended by potential candidates and hiring managers.

Headhunters are typically small operations that make high margins on candidate placements (sometimes more than 30% of the candidate’s annual compensation). Due to their higher costs, headhunters are usually employed to fill senior management and executive level roles. Headhunters are also used to recruit very specialized individuals; for example, in some fields, such as emerging scientific research areas, there may only be a handful of top-level professionals who are active in the field. In this case, since there are so few qualified candidates, it makes more sense to directly recruit them one-by-one, rather than advertise internationally for candidates. While in-house recruiters tend to attract candidates for specific jobs, headhunters will attract both candidates and actively seek them out as well. To do so, they may network, cultivate relationships with various companies, maintain large databases, purchase company directories or candidate lists and cold call prospective recruits.

Headhunters are increasingly using social media to find and research candidates. This approach is often called social recruiting.

Recruitment -	набор; наём; комплектование личным составом
to ensure - гарантировать, обеспечивать to employ - наниматься, давать работу

a handful - горстка, небольшое количество

a "headhunter - специалист по подбору( поиску) персонала

Text 5

Job Application

Get details on the importance of the job application.

The job application plays a large part in landing a job. Employers request job seekers to fill out forms even if a resume and a cover letter have been submitted, as the application provides the company with legal documentation. It specifies that the candidate knowingly answered questions pertaining to the job and is a legally binding document. Created by those involved with hiring for the company, these specified forms allow applicants to expand further on data included on their resume and provide more detailed personal information. Once the application is completed, the company can begin the background check on the applicant, which can help the candidate become one step closer to securing the job.

Job Applications

A job application is available to candidates if they wish to apply for a job. It reorganizes the information that an applicant might provide on a resume but can provide other data that might be helpful in determining if the candidate should be hired. The application form is created by the company and asks the same questions to each potential employee. This allows the hiring manager to quickly glance down the form and determine which candidates are qualified, which is especially helpful when the hiring pool encompasses numerous candidates.

As an added benefit to employers, according to the United States Department of Labor, applicants should be aware that a company has the option to only offer online job applications or other electronic forms via e-mail or facsimile. However, those with disabilities are given an equal opportunity to apply for jobs, and companies are obligated to accommodate their needs. There are still companies that allow for applications to be completed with pen, so it is best for the candidate to inquire if using online forms might be an issue.

What is Included on Job Applications

There are basic questions on most job applications, which the applicant must answer before being considered for the job. These questions cannot be discriminatory in any matter, which means, according to the Equal Employment Opportunity Commission (EEOC), there cannot be any questions about age, race, sex, religion, national origin or physical characteristics. But some of the questions may include:

Is the employee eligible to work in the United States? This question will not necessarily disqualify a candidate, but is a legal question.

Has the employee ever been convicted of a crime? The question does not ask if the candidate has been charged, but rather convicted. This is important if, for example, the company is a financial institution and the candidate has been convicted of fraud.

Is the candidate able to meet the minimum qualifications of the job? This is to ensure that the candidate is aware of what the job description states.

There are also more specified questions about the job that vary, but these basic questions can help the human resources department or recruiters determine if the applicant can become a candidate. The difference between an applicant and a candidate is that an applicant is someone who has applied for a job position. A candidate is an applicant that meets the minimum job qualifications, has passed the job description requirements and is considered for the position.

to request - просить

to apply for a job - подавать заявление о приеме на работу

to accommodate -

подгонять; приспосабливать

detailed - подробный, детальный, доскональный, обстоятельный

requirements - требования

2)

Контрольная работа № 4

по английскому языку для студентов экономических специальностей

заочного отделения

Вариант 1

IV семестр