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- •Белорусский государственный университет
- •Предисловие
- •1. Profession of an economist
- •Vocabulary Focus
- •1. K p. A. – one thousand per annum.
- •Ex. 3. Express in one word.
- •Comprehension
- •Degrees in Economics
- •Basic Courses
- •Supporting Courses
- •Required Courses Year 1
- •Questions
- •Outstanding Economists
- •The Founder of Economics
- •David Ricardo (1772–1823)
- •John Maynard Keynes (1883-1946)
- •Writing
- •Study the biographical data of Michael Del and Ingvar Kamprad, find the information about famous businessmen and write it down as in the examples that follows the tables.
- •Michael Dell
- •Timeline
- •Ingvar Kamprad Timeline
- •Example
- •Translation a. Translate into Russian. Woman’s Place in Management
- •B. Translate into English.
- •Listening
- •Speaking
- •Vocabulary academic adj – 1. Университетский; академический; учебный; 2. Чисто теоретический; 3. Фундаментальный (в противоположность прикладному)
- •Salary n – жалованье, оклад self-employed adj – обслуживающий свое собственное предприятие; работающий не по найму
- •2. Economics as a science
- •2.1. Economics and Economic Methods
- •Economics: the Study of Scarcity and Choice
- •Vocabulary Focus
- •Opportunity Cost
- •Satisfying People’s Wants
- •Methodology
- •Economic Theory and Models
- •Speaking Discuss the following questions.
- •Vocabulary
- •Economic systems
- •Vocabulary Focus
- •Translation a. Translate the text from English into Russian. Classification of Countries
- •Vocabulary
- •3. The macroeconomy
- •3.1. Gross domestic product
- •Gross Domestic Product
- •Vocabulary Focus
- •Questions
- •Writing
- •Speaking
- •Vocabulary
- •3.2. InflAtion
- •Meaning and Measurement of Inflation
- •Vocabulary Focus
- •Demand-Pull and Cost-Push Inflation
- •Does it Cost More to Laugh?
- •Writing
- •Consumer Price Index Criticism
- •Vocabulary
- •3.3. Economic business cycles and unemployment
- •Economic Business Cycles
- •Vocabulary Focus
- •Comprehension
- •Unemployment
- •Types of Unemployment
- •W.H. Philips and the Philips Curve
- •Vocabulary
- •3.4. Banking discovering connections
- •Reading
- •Vocabulary Focus
- •Comprehension
- •Commercial Banks of Britain
- •Banking in the usa
- •Banking and Monetary System of the Republic of Belarus
- •The Paris Club
- •Listening Student Banking
- •Student Banking
- •Application for Credit
- •Vocabulary
- •3.5. Money and monetary policy
- •Reading
- •Money and its Functions
- •Vocabulary Focus
- •Comprehension
- •Classical Economics
- •Keynesian Economics
- •Monetarism
- •Instruments of Monetary Policy
- •Monetary Policy during the Great Depression
- •Listening Central Banking
- •Talking with Paul Volker
- •Vocabulary
- •Glossary
- •3.6. Fiscal policy
- •Fiscal Policy
- •Discretionary fiscal policy
- •Vocabulary Focus
- •Other Issues in Fiscal Policy
- •The Role of Government
- •Writing
- •Transition and the Changing Role of Government
- •Budgets and Fiscal Policy
- •Briefing on Personal Taxation
- •Vocabulary
- •4. The microeconomy
- •4.1. Supply and demand
- •Supply and Demand
- •Vocabulary Focus
- •Equilibrium: Mr.Demand, Meet Mr.Supply
- •Equilibrium
- •Elasticity
- •Ex. 2. Answer the questions on the text.
- •Negotiating on the Phone
- •North Holland Dairy Cooperative, Volendam, Postbus 4550nl-4452
- •Jan van Geelen
- •Vocabulary
- •4.2. Market structure
- •Monopoly
- •Vocabulary Focus
- •Comprehension
- •Three Pricing Strategies
- •Market Leaders, Challengers and Followers
- •Vocabulary
- •5. The global economy
- •5.1. International trade
- •International Trade
- •Vocabulary Focus
- •Comprehension
- •The Arguments for and against Free Trade
- •The Banana Wars
- •The Legacy of Adam Smith and David Ricardo
- •Listening
- •Vocabulary
- •5.2. Global market and developing nations discovering connections
- •The World’s Economies
- •Industrialized nations: Growing and Growing Old
- •Newly Industrialized Nations: Getting Going
- •Developing Nations
- •Vocabulary Focus
- •To develop, development, developed, developing
- •Comprehension
- •Economic Cooperation
- •Case study
- •B. Scanning for Information
- •Airbus Industrie
- •The Boeing Company
- •C. Interpreting Information
- •Multinational Corporations and Globalization: the Pros and Cons
- •Translation
- •Vocabulary
- •6. Business administration
- •6.1. Company structure discovering connections
- •Reading
- •Forms of Business Organization
- •Vocabulary Focus
- •Comprehension
- •Flotation
- •Describing Company Structure
- •Is made up of is diveded into
- •Listening
- •Interview with Willhite
- •Vocabulary
- •6.2. Management
- •Nature of Management
- •Vocabulary Focus
- •A. Introduction to the problem
- •B. Scanning for Information
- •Beginning the Business
- •Text b Business Principle: Supermarket Shopping Should Be Fun To Stew Leonard, the distinction between a supermarket and an amusement park is slight, and not necessarily useful.
- •Business Principle: Listen to the Customer
- •Stew Leonard’s Fact Sheet
- •Look at the Stew Leonard's Approach to Supermarket Sales. What do you think about his ideas of running the business. Stew Leonard's Approach to Supermarket Sales
- •Principles of Management
- •What Makes a Good Manager?
- •Семь заповедей бизнесмена
- •Vocabulary
- •Glossary
- •6.3. Accounting
- •What is Accounting?
- •Vocabulary Focus
- •Accounting and Financial Statements
- •The Accounting Profession
- •Business Documents
- •The Balance Sheet
- •Income Statement
- •Bookkeeping
- •Role Play
- •Project X
- •Vocabulary
- •6.4. Marketing
- •Concept of Marketing
- •Vocabulary Focus
- •Building a Brand
- •The brand name
- •B. Scanning for Information
- •The Creation of Levi Jeans
- •Other Levi Strauss Products
- •Text c Why New Products Are Needed
- •Levi Strauss & Co. Product History
- •C. Discussion
- •Writing
- •Marketing Information System
- •You are discussing a new product with your marketing manager. You may use the dialogue below as a model.
- •Vocabulary
- •6.5. Advertising
- •Advertising
- •Vocabulary Focus
- •Comprehension
- •How Companies Advertise
- •Ad advertising campaign advertising standards advertisement advertising budget advertising agencies print
- •Designing an Advertising Campaign Putting the Problem in Perspective: Applying Business Concepts
- •E. Fieldwork
- •Every Day ups Are Trusted To Reliable Deliver 12 Million Shipments Worldwide
- •Vocabulary
- •Glossary
- •Список использованной литературы
- •Contents
The Legacy of Adam Smith and David Ricardo
Economists have long understood the principle of comparative advantage. Here is how the great economist Adam Smith put the argument:
It is a maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy. The tailor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not attempt to make his own clothes but employs a tailor. The farmer attempts to make neither the one nor the other, but employs those different artificers. All of them find it for their interest to employ their whole industry in a way in which they have some advantage over their neighbours, and to purchase with a part of its produce, or what is the same thing, with the price of part of it, whatever else they have occasion for.
This quotation is from Smith’s 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, which was a landmark in the analysis of trade and economic interdependence.
Smith’s book inspired David Ricardo, a millionaire stockbroker, to become an economist. In his 1817 book, Principles of Political Economy and Taxation, Ricardo developed the principle of comparative advantage as we know it today. His defence of free trade was not a mere academic exercise. Ricardo put his economic beliefs to work as a member of the British Parliament, where he opposed the Corn Laws, which restricted the import of grain.
The conclusions of Adam Smith and David Ricardo on the gains from trade have held up well over time. Although economists often disagree on questions of policy, they are united in their support of free trade. Moreover, the central argument for free trade has not changed much in the past two centuries. Even though the field of economics has broadened its scope and refined its theories since the time of Smith and Ricardo, economists’ opposition to trade restrictions is still based largely on the principle of comparative advantage.
Translate from Russian into English.
Сравнительное преимущество – основополагающий принцип свободной торговли.
Преподаватель объяснил разницу между видимым и невидимым экспортом и импортом.
Всемирная торговая организация была учреждена в 1995 году в целях развития свободной торговли.
Ограничение внешней торговли может касаться не только экспорта, но и импорта.
Введение ограничений на импорт иностранной продукции – средство защиты отчественного производителя, исползуемое правительствами многих стран.
Listening
You will hear Ajit Singh, Professor of Economics at Cambridge University, talking about free trade and unemployment.
A. Listen to the first part of the interview, and then listen a second time and complete the following sentences.
Formerly, the less developed countries were against free trade because …
Countries like South Korea and Malaysia are competitive today because they’ve been able to …
Free trade is disruptive; in other words …
The advantage of free trade is that …
People in industrial countries can only put up with the disruption caused by free trade if …
B. Listen to the second part of the interview and answer these questions.
What would African countries need to do if they wanted to develop a car industry?
What does Ajit Singh say could lead to full employment in the rich countries?
What does he say will be the consequence if mass unemployment continues?
Does he foresee an end to mass unemployment?
SPEAKING
A.
Read the dialogue, identify how each speaker makes himself sound ‘nice’. Act the conversation out.
Rusconi: |
Jupiter Products. Tony Rusconi speaking. |
Garcia: |
Hello, this is Al Garcia. |
Rusconi: |
Hello, Mr Garcia. How are you? |
Garcia: |
Fine, thanks. I’m phoning about our delivery next week. |
Rusconi: |
Ah, yes, good. I was just about to call you. Er … could you tell me when we can expect the consignment to arrive in our warehouse? |
Garcia: |
Yes, as far as I know, the trucks should arrive late Thursday or early Friday, it depends on traffic and weather. Er … what time will you accept deliveries? |
Rusconi: |
The latest time we can start unloading is 4 pm, but we can start as early as 7.30 am. Could you tell me whose trucks are delivering the goods? |
Garcia: |
Yes, certainly. Two of them will be ours, and the others are on hire from Alpha Transport. |
Rusconi: |
Let me just make a note of that. Can you tell me how you spell Alpha? |
Garcia: |
Yes, of course. It’s A-L-P-H-A. |
Rusconi: |
Fine. And I’d also like to know how many trucks will be coming. |
Garcia: |
Ah … there will be five altogether. |
Rusconi: |
Can you tell me if they will arrive on the same day? |
Garcia: |
I’m not entirely sure, but as two will be setting off half a day early, they should arrive Thursday. The other three will arrive towards midday Friday. Could you let me know how long it will take to unload each truck? |
Rusconi: |
Yes, each truck will take about an hour. I think you should know that we can’t unload more than two trucks at a time. |
Garcia: |
I see, well, thanks for letting me know that. I wonder if you can tell me what’ll happen if one of the trucks arrives later and can’t be unloaded on Friday? Do you know if it can be unloaded on Saturday? |
Rusconi: |
I’m afraid I don’t know, it might have to wait till Monday. You’d have to ask our warehouse manager about that. |
Garcia: |
Could you just remind me what his name is again? |
Rusconi: |
Yes, of course. He’s Mr Ferrari. |
Garcia: |
Ah, and can you tell me his number? |
Rusconi: |
Yes, it’s 345 9800 extension 71. |
Garcia: |
Good. Thank you very much. It’s nice to talk to you. Goodbye. |
Rusconi: |
Bye now, Mr Garcia. |
B.
Role-play
Divide into two groups – economists and the government.
The government use arguments to advocate trade restrictions.
The economists prove the benefits of free trade.
C.
Do you agree that people’s tastes today are more homogeneous? Why? Which products do you know of that are found in most parts of the world today?
What does your country export and import? What are the reasons for this?
Which countries are your major trading partners?
Which ‘uneconomic’ (or internationally uncompetitive) sectors, if any, do you think should be protected in your country?
Would total free trade result in the creation of jobs, or in unemployment, in your country?