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3. Fill in the gaps with the words and expressions from the text

1. The money market comprises…and… __.

2. The equilibrium in the money market is such…when the demand for money from…is satisfied by the quantity of… .

3. The equilibrium in the money market is reached by… .

4. Money is the medium of…that….

5. We use bonds to stand for all other… that are not directly…..

6. As people earn income, they…their wealth. As they spend, they…their wealth.

7. … of holding money is the interest one…if he (she)…bonds.

8. People will hold money rather than bonds only if holding money is…than holding bonds, that is when…on bonds are…to make it profitable to… .

9. In case the interest rate goes down…are no longer profitable as they can't… .

10. The demand for money will rise and will lead to…in the money market.

11. If they lack money, households and businesses are likely to…they possess… .

12. If there is an increase in the bond supply, it will… bond prices and …interest rates on… .

13. The money supply will…to a current demand to…a new higher interest rate.

14. The increase in the money supply creates its …, which results in … .

4. 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?

5. Translate into English using all the possible active words

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.

Personnel Management

The Personnel Department is concerned with the provision and maintenance of a workforce. There are two dimensions to the task. The first is to ensure that employees are available in the right numbers, at the right time and with the necessary skills for the jobs that need to be done. This is the dimension of quantity. The second dimension relates to the quality of the workforce and is evidenced by the workers’ enthusiasm and motivation. Highly motivated workers will be more productive.

The personnel function in an organization has many facets. There will have to be contact with line and departmental managers to ascertain staffing requirements. Applicants for jobs will need to be interviewed and recommendations made for appointments. Procedures will need to be developed for upgradings and promotions as well as selection. After staff have been appointed induction programs will need to be organized so that the new recruits can fit in as efficient members of the team as soon as possible. Further training may be necessary, either in the firm (on-job) or at college (off-job). Such programs need to be arranged to fit in with the normal work schedules.

The whole framework of pay is obviously of concern to personnel, including salary scales, overtime and bonus payments where appropriate. The calculations are complicated somewhat by flexible working hours which give staff the opportunity to choose their own attendance times within certain limits. There is generally a core time during which all staff are expected to be present.

The Personnel Department has an overall responsibility for carrying out the policies of the Board of Directors in relation to staffing, but is also expected to help in the formulation of that policy. A vital area of involvement would be the negotiations with trade unions and the shop stewards, listening to grievances and attempting to cope with them, but also attempting to anticipate them. The Department should be concerned with all matters of welfare, from lighting and heating through to safety and personal hygiene.

No matter how automated production becomes, the roles of people are central in every business. The most expensive equipment is ineffective in the hands of careless or disgruntled workers and the Personnel Department carries the main responsibility for ensuring that morale is high in the organization.

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