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Файл:Economics in Construction. Учебное пособие
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3. Translate words and word combinations in bold and the whole
sentences:
1. All transactions in securities markets связаны c low risks.
2. One can take advantage of a state of imbalance, when выполняется
one of three conditions.
3. Arbitrage deals with ценными бумагами.
4. Arbitrage implies заключение сделок at a profitable price.
5. It is much more risky to use кредит, than your own assets.
6. An asset does never продается at its future price.
7. Производственные рабочие места appear there where requisite
level of political and economic development is very low.
8. An asset does not have незначительных издержек of storage.
9. An arbitrage is a transaction that involves no negative движения
наличности.
10. Every bank customer is eager to have as high процентную ставку as
possible.
11. Операции with stocks and bonds bring to this firm much profit.
12. Риск возрастает when leverage or borrowed money is used.
4. Translate into English:
1.
11
(contribute)
5. Complete the sentences:
1. It is not so hard to make profit if you ....
2. Operations with securities bring ....
3. Arbitrage is the way ....
4. The lowest wages per unit output are ....
5. Arbitrage is the buying and selling of....
4. If you strike a deal it may exploit ....
5. Playing games of chances may lead to ....
6. At present, many manufacturing jobs ....
7. At least one condition should be met if....
8. Modern mainstream in our economy is ....
6. Answer the questions to the text:
1. What are the main financial instruments of arbitrage?
2. When is arbitrage possible?
3. Do arbitrage transactions involve high risks?
4. When do risks become more magnified?
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1.made a name for
himself
a. if smth. recovers erratically, progress is not regular
2.what they are
meant to do
b. the amount you have to spend, after you have paid
taxes
3.boost
c. income paid regularly to investors
4.erratically
d. ending
5.abolition
e. if a country spends more than it earns
6.dividends
f. a stimulus helps something to happen more quickly
7.credible
g. sensible and effective
8.stimulus
h. encouragement
9.deficits
i. what is intended
10.post tax income
j. became very well known
them:
7. Discuss the following:
1. Securities markets are the surest way to earn much money.
2. Why arbitrage (trading) is the most popular contemporary way of
getting profit? Names some Kazan companies, involved in arbitrage
8. Match the words or phrases with their definitions and translate
9. Translate the text in a written form:
There are fourteen signatories to the statement, ten of them Nobel Prize
winners, including the former World Bank chief economist Joseph Stiglitz who
made a name for himself criticizing the International Monetary Fund. The most
pointed criticism is that the proposed tax cuts won't do what they are meant to
do – to provide a boost to the economy which is recovering rather erratically
after a recession in 2001.
In particular the economists say that the proposed abolition of taxes on
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the dividends that companies pay their shareholders is not credible as a short
term stimulus. They also say that the tax cuts will worsen the long term budget
outlook and add to the nation's chronic budget deficits. That in turn will reduce
the country's capacity to invest in schools health and infrastructure. The cuts
would also generate further inequalities in post tax income, they say.
10. Put questions to the words in bold and answer them.
11. Make up your own sentences using the words in bold.
12. Discuss the following:
Tax cuts in Russia. Do we need them? How do taxes influence our life?
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U N I T 2
LIQUIDITY
Liquidity describes the degree to which an
asset or security can be quickly bought or sold in
the market without affecting the asset's price.
Market liquidity refers to the extent to
which a market, such as a country's stock market
or a city's real estate market, allows assets to be
bought and sold at stable prices. Cash is
considered the most liquid asset, while real estate, fine art and collectibles are all
relatively illiquid.
Accounting liquidity measures the ease with which an individual or
company can meet their financial obligations with the liquid assets available to
them. There are several ratios that express accounting liquidity highlighted
below.
Cash is considered the standard for liquidity, because it can most quickly
and easily be converted into other assets. If a person wants a $1,000 refrigerator,
cash is the asset that can most easily be used to obtain it. If that person has no
cash but a rare book collection that has been appraised at $1,000, she or he is
unlikely to find someone willing to trade them the refrigerator for their
collection. Instead, she/he will have to sell the collection and use the cash to
purchase the refrigerator. That may be fine if the person can wait months or
years to make the purchase, but it could present a problem if the person only had
a few days. She/he may have to sell the books at a discount, instead of waiting
for a buyer who was willing to pay the full value. Rare books are an example of
an illiquid asset.
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Market Liquidity. In the example above, the market for refrigerators in
exchange for rare books is so illiquid that, for all intents and purposes, it does
not exist. The stock market, on the other hand, is characterized by higher market
liquidity. If an exchange has a high volume of trade that is not dominated by
selling, the price a buyer offers per share (the big price) and the price the seller
is willing to accept (the ask price) will be fairly close to each other. Investors,
then, will not have to give up unrealized gains for a quick sale. When the spread
between the bid and ask prices grows, the market becomes more illiquid.
Markets for real estate are usually far less liquid than stock markets.
Accounting Liquidity. For an entity such as a person or a company,
accounting liquidity is a measure of ability to pay off debts as they come due. In
the example above, the rare book collector's assets are relatively illiquid and
would probably not be worth their full value of $1,000 in a pinch. In practical
terms, assessing accounting liquidity means comparing liquid assets to current
liabilities, or financial obligations that come due within one year. There are a
number of ratios that measure accounting liquidity, which differ in how strictly
they define "liquid assets."
Source: C.E. Shannon, W. Weaver, The Mathematical Theory of Communication, 2013
GRAMMATICAL NOTES
will not have to give up – не придется отказываться от
have to
-нужно
должен необходимо обязан have
to
to do to be
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«нет необходимости», «нет
нужды», «необязательно делать что-то».
VOCABULARY
liquidity
an account
financial obligations
to appraise
purchase
full value
gain for an entity
in a pinch
a number of ratios
liabilities
entity
define
profit and loss account
accounting liquidity
ratio ,
credit note
liquid assets
1. Give Russian equivalents to the following word combinations:
Can be quickly bought; sold in the market; without affecting the asset's
price; a city's real estate; full value; market a country's stock; market to be
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bought and sold; liquidity measures; financial obligations; to consider the
standard for liquidity; to sell the collection; to sell the books; comparing liquid
assets to current liabilities; at a discount; characterized by; measure accounting
liquidity; the market becomes more illiquid; a measure of ability; to pay off
debts; the rare book collector's.
2. Find in the text and give English equivalents to the following
word combinations:
3. Translate words and word combinations in bold and the whole
sentences:
1. Inventory is обычно считаются менее ликвидными than these
other current assets
2. There are ряд коэффициентов, которые измеряют ликвидность
бухгалтерского учета which differ in how strictly they define "liquid assets",
3. The quick ratio is a liquidity ratio that further refines the current ratio
by measuring the level of the most liquid current assets для покрытия
текущих обязательств.
4. Cash is считаются наиболее ликвидным активом, while real
estate, fine art and collectibles are all relatively illiquid.
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5. Ликвидность рынка ссылается на the extent to which a market,
such as a country's stock market or a city's real estate market.
6. The stock market, on the other hand, is characterized by более
высокой ликвидностью.
7. In practical terms, оценка ликвидности бухгалтерского учета
означает comparing liquid assets to current liabilities, or financial obligations
that come due within one year.
8. The acid-test or quick ratio is чуть более строго.
9. Более пристальный взгляд на формулу indicates that profit
margin is derived from two numbers sales and expenses.
10. Even высоко прибыльные компании can run into trouble if they
do not have the liquidity to react to unforeseen events.
4. Translate into English:
.
,
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.
5. Complete the sentences:
1. means comparing liquid assets to current liabilities
2. Liquidity describes the degree to which
3. are usually far less liquid than stock markets.
4. Cash is considered the most liquid asset, while
5. The stock market is characterized by
6. because it can most quickly and easily be converted into assets.
7. At least one condition should be met if....
8. Modern mainstream in our economy is ....
9. There are several ratios that
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