Vocabulary exercises

Ex 1 Practice the reading of the following words and say what Russian words help to quess their meaning:

pharmaceutical, automobile, machine, client, restaurant, company, psychographic, coupon, commercial, centre, type, technique

Ex.£. Below is a list of words derived from the same stem. Indicate the parts of speech, read the words aiourf. Then choose a suitable word for each blank in the sentences below.

compete ( ) competing ( ) competitor ( )

competition ( ) competitive ( ) competitively ( ) competently ( ) competence ( ) competent ( ) competitiveness ( )

1. They suggested three ... programmes. 2. A democracy should be ruled by the men most ... to rule it 3. This люиШ enable British shipbuilders ... on equal tertm with foreign yards. 4. Part of the reason for the drop in sales is ... from overseas suppliers. 5. He carried out his mission with his usual ... . 6. General Motors has definitely succeeded in designing a ... car for the 1990s. 7. Why should we put such an emphasis on industrializm and ...? 8. He did the work roughly but ,, .9. The firm is not really a direct... in any significant markets. 10. The banks would be allowed to pay ... high rates.

Ex.3, Read the following groups of words and translate them.

1. diversify - diversified - diversity

2. value - values - valuable - valuables - to value - evaluate

3. satisfy - satisfaction - satisfactory (mark) - satisfying (results)

4. to market - marketer - marketable - marked (improvements)

1. to supply - supplier - supply and demand - large supplies - to be in short suppiy

5. direct (mail, ties) - directly (from the factory) - to direct - direction

Ex.4. Complete the chart below and mark the stress:

L___Verb__^	Noun	Adjective	Person
__ diversify	diversity	diversified	-
,			competitor
.,	value
__satisfy_			-
•		marketable
	supply	-

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Ex.5. Make up nouns from the following verbs and translate them into Russian: divide define depend describe determine

decide decline demand distribute

Ex.6. Supply necessary prepositions:

that reason . this end a high price such a way which extent other words one hand

9. 10. 11 .

12. 13.

1. to be engaged ... product development

2. to be guided ... two principles

3. depend ...

4. appeal... customers' tastes

5. divide the market... segments

6. switch ... new products

14 ... the same time

Ex.7. Find English equivalents for Russian verbs: выяснять, искать, догоняг составлять /состоять из...

(use «make», «look», «find», «catch») Ex.8. Give synonyms:

operate (in different fields) -

perform (the function) -

principal -

complex -

current (suppliers) -

rival -rapid -wide range -items -deliveries -

A

product promotion marketing provide undertake set negotiate

В

vehicle benefit development selling objective actions

Ex.9. Match the adjectives /verbs in A with the nouns in B:

A	В
multiple	customer
competitive	products
ultimate	prices
tangible	choice
prospective	boundaries
compelling	goal
clear cut	offer

Ex.10. Fill in the gaps in the sentences with the words from the box.

cash and carry chain discount loss leader middlemen overheads retail stock control turnover wholesaler

chain ~ сеть магазинов

discount - скидка

loss leader - товар, продаваемый в убыток

overheads - накладные расходы

stock control - учёт товарных запасов

1. a is something sold very cheaply to encourage customers to come into a shoo' once they are in, they may buy other things at profitable prices.

2. The amount of money taken (without tax deductions) or the amount of goods

3°Deciding how many items should be ordered, and when, is a matter of

4. A number of shops belonging to one company is a ...

5. A retailer buys his goods at a ... and sells them at a ... price to produce profit.

6. A retailer buys his stock from.... The retailer is the... between the manufacturer or wholesaler and the customer.

7. The everyday name for a warehouse from which a retailer collects the goods

himself is a...

8. The costs of running a retail operation caused by lighting, heating, rent, wages,

etc., aretts ....

Ex.11. This diagram shows the marketing process from start to finish. Insert the six missing words in their correct positions. consumer costing development distribution research strategy

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• Study the meanings of the word need: (n) 1, необходимость

a need for - необходимость в чём-либо

a need to do smth - необходимость сделать что-то

• There's a great need for a new book on the subject.

• I feel a need to talk to you about it.

• There is no need to do this work now

2. потребность ("needs = basic necessities or requirements)

- I have enough (money) to satisfy my needs.

3. нужда (= poverty)

- A friend in need is a friend indeed.

(v) 1. нужно, требуется (- require, want, lack)

• I need to consult a dictionary. - Мне нужно заглянуть в словарь.

• I'll need your help. - Мне потребуется твоя помощь. Compare:

We need great funds to build a nuclear power station. Great funds are needed to build a nuclear power station. The needed funds may be supplied by ... 2. needn't (= don't have to) - не обязательно, не нужно ~ You needn't finish that work today.

- She needn't have come in person - a letter would have been enough. - Ей не обязательно было приходить, достаточно было бы прислать письмо.

Translate the following sentences;

1. What do you need to take with you on holiday? 2.1 didn't need to go to the bank - I borrowed some money from Mary. 3. A dog needs to be taKen out for a walk every day. 4. Will we need to show our passports? 5. She needs to have access to our files. 6. If she wants anything, she need only ask. 7. ! need hardly tell you that the work is dangerous. 8. Nobody need be afraid of catching the disease. 9. The garden doesn't need any watering - it rained last night. 10. Don't go. I may need you. 11. Britain is self-sufficient in wheat, but it needs to import butter. 12. Companies need to be engaged in product development, if' they want to grow and make profits.

• Study the meanings of the word way.

Memorize the following phrases where the word way is used mainly in the meaning способ /образ действия.

Say which of them are used in the texts about marketing.

1. in this way - так, таким образом

2. in such a way (that) - так (что /чтобы)

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3. in a different way (= differently) - по-другому

4. in different ways - по-разному, разными путями /способами

5. by way of - путём, посредством

6. be under way - вестись, делаться

(Preparations are under way for the international conference.)

7. a way out - выход (из положения)

8. the way she speaks - (то,) как она говорит

9. in any way - в любом случае

10. in no way - ни в коем случае (Не is in no way inferior to you.)

11. By the way, ...-кстати, между прочим

12. In a way - в какой-то степени, в известном смысле (Do you know her? - In a way, yes.)

Comprehension and discussion

I. Answer the questions to the texts:

A. 1. What do we call salesmanship?

2. What is marketing?

3. What is necessary for marketing to work well?

4. What is needed if a company wishes to grow and make profit?

B. 5. What activities does marketing consist of?

6. What are two basic principles of marketing?

7. What do marketing operations include?

8. Is satisfying customer needs the only objective of a firm?

9. What groups of goods is it customary to organize marketing sectors into?

10. What consumer goods do you know? Whom are these goods bought by?

11. How do we understand the expression «business-to-business» marketing? When is it used?

12. What kinds of services do you know?

13. How does market research help a marketer?

14. What is market segmentation? How is it done?

15. What should one do if one wants to win the market?

16. What are the main stages of the product life cycle?

17. What does the length of product life cycle depend upon?

18. What does the price depend on?

19. How can the prices be determined?

20. Where could the place to see the product be?

21. What are exhibitions and fairs held for?

22. What forms of marketing communication does promotion include?

23. Why is it difficult to market a product for the first time?

- Using the diagram in ex. 11, describe marketing process from start to finish.

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Unit 4 MANAGEMENT

1. Write down your idea of Management.

2. Interview your friends on what their idea of Management is.

Ш. Study the dictionary definitions of Management below; underline the similiarities and circle the differences.

Longman dictionary of contemprorary English:

1. the act of managing, esp. a business or money

2. skill in dealing with (usu.) a person

3. the people who are in charge of a firm, industry, etc., considered as one body

Webster's new collegiate dictionary:

1. the act or art of managing: the conducting or supervising of smth.

2. use of means to accomplish an end

3. capacity for managing: executive skill

4. the collective body of those who manage or direct an enterprise

Newnes dictionary of business terms:

1. the carrying out of policies laid down by determining what results are to be accomplished, planning how these results are to be accomplished, building up the required organization, and controlling out these tasks

2. the people responsible for carrying out these tasks

IV Compare dictionary definitions with your first thoughts of Management and say which of them correspond to the following.

1 управление (планирование, регулирование, контроль); руководство; менеджмент

2. организация производства

3. дирекция; администрация

V Make use of the above definitions to translate the following word collocations:

business management debt - investment -

cash ~ company ~ contract -corporate -factory /plant -

day-to-day - income tax ~

financial - job -

general economic ~ joint -

inventory /stock ~ personnel ~

sales -

Management and organizational structure

Topical vocabulary

начальник отдела кадров

персонал, штат

руководить предприятием

качества руководителя

принимать решения

принятие решения

оперативное руководство

начальник производства

контролер

мастер

управляющий по торговле

штатный, вспомогательный отдел

иметь дело с

управлять персоналом

ставить цели

personnel manager

personnel (= staff)

to operate (= run) a business

management skills (= - qualities)

to make decisions

decision making

operating management

production superintendent

supervisor

foreman

sales manager

staff department

to deal with

to handle the staff

to establish (= to formulate) goals

Text

Management has as many definitions as there are managers. Some, like personnel manager, concern mainly with human activities. Others, such as financial manager, show a preference for the quantative aspects. Somewhere in between is the managing directory general manager.with an rtegrated and balanced viewpoint - a bird's-eye-view* - looking at the business objectively as a whole.

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In practical business,management is the art and science of getting* things done through other people To operate a successful business you need strong ] management skills.

Management includes those personnel who have the nrht to make decisions that affect company's affairs.

Organization is the means by which management cooidinates the efforts of employees to attain the company's objectives. Organization involves* structure. An organizational structure is a framework enabling management to delegate and control the responsibility of individuals and departments. Historically,line structure is the oldest type of organization structure. The main idea of it is direct vertical relationships between the positions and tasks of each level. When a business grows in size and becomes more complex, there is a need for specialists to do specific work. In such case administration may organize staff departments, j The activities of the staff departments include accounting, personnel, credit and i advertising.

Levels of management

There are three management levels:top management, middle management and j operating management.

Top management includes the president, vice-presidents /directors, and the general manager. Middle management includes department managers, plant managers and production superintendents. Operating management includes supervisors, foremen, etc.

Decision making

The most important responsibility of a manager at any level is decision making. It is often said that decisions are the motor of business. Successful management i is a matter of* skill in choosing from alternatives. Decision making can be broken into five components:

1. recognizing the problem,

2. defining and analyzing the problem,

3. evaluating alternative solutions,

4. choosing the favourable solution and

5. implementing the approach chosen.

Systematic decision making can be hard work, particularly if you are dealing with complicated situations.

Management functions are:

Planning. The process of establishing organizational goals and a strategy for their accomplishment is known as the planning function. Organizing. Once goals and strategies have been formulated, organizing makes things happen as planned.

Directing. This is the motivational function. An organized effort requires complete cooperation and, in directing operations, management seeks to obtain a high level of production from employees through motivation and proper guidance.

»- тьр rcntrol function monitors the achievement of goals and compares Controlling.^ м с ^^ _{projected in p}|_{anning as we}|i as actual performance in actual results

past period^ ^ _{of fjndjng tne rjght pefson for egch job}

Staffing, i nib ^ ^ ^^ _{functjon Cnangingtimes requ}ire new approaches, , technology demands new procedures. Finding new and better ways о handling the staff, and getting additional money are only some of SecreaVve tasks managers often deal with.

"bird's~"eve^:view - взгляд с высоты птичьего полета

to get /make smb do smth - заставить, убедить кого-либо сделать что-то

involves - зд. предполшает наличие, имеет

is a matter of - это вопрос (дело)

Vocabulary exercises .,..'- ;

Ex.1. Translate groups ot derivatives

manage - manageable - management - manager - managing (director)

finance - financial - financier

decide - decidedly - decision (making) - decisive

respond - response - responsive - responsible - responsibility

advertise - advertisement - advertising - advertiser

Ex.2. Give English equivalents to the word collocations below:

управление коммерческими предприятиями, общее хозяйственное руководство, оперативное управление, руководство фирмы /корпорации / акционерного общества, дирекция завода, управление предприятием, управление финансовой деятельностью, управление запасами, управление портфелем ценных бумаг по поручению клиента, управление сбытом, руководство кадрами, организация труда, контроль и регулирование дол­говых отношений, контроль и регулирование денежных операций (в фирме, банке), ведение (банком) налоговых дел клиента

Ex.3. Use proper prepositions: in / with /at/ as / into / for . . •

to be concerned any level to look...

to break down ... ... a whole to be known ... to deal...

Ex.4. Match the verbs /adjectives with the nouns

to make resources organizational technology

to attain authority financial solution

to invest orders general structure

to give business favourable resources

to operate decision advancing manager

to have objective available

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DOWN

8. enterprise

9. decision

10. objective

11. to manage

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Ex.5. Look through the text for synonyms to the following words:

carry out - deal with - personnel -

control - operation - directing -

monitor- guidance- achieve -

be responsible for - run (an enterprise) -

Ex.6, Translate from Russian into English

1. Организационная структура нашего предприятия сложна.

2. Существует три уровня управления.

3. Важно оценить альтернативные решения.

4. Главная задача руководителя заключается в том, чтобы скоординИ' ровать усилия служащих для достижения цели.

5. Принять правильное решение порой бывает сложно.

Ex.7. Unjumble the words. Comment on the functions of the «Infinitive» 1) a, you, business, management, to, skills, strong, operate, successful, need, To operate...

2)

efforts, to, the, coordinates, objectives, of, attain, the, employees, management, the, Management...

3)

high, production, of, seeks, and, proper, level, from, through, management, a, guidance, employees, motivation, obtain, of, Management, to

Ex.8. Complete the crossword puzzle ACROSS

ID

1. responsibility

2. complicated

3. real

4. (management) quality

5. to accomplish

П I МП I

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6. executive

7. staff

12. make smb. do smth

Discussion

questions

1 What definitions of managers do you know?

2. What is the oldest type of organizational structure? Make its graphic illustration.

3. Can you name some of the staff departments?

4. What are the levels of management?

5. What is the most important responsibility of a manager?

6. What functions do executives perform?

Management qualities

I. Translate into English.

Предприниматель и менеджер

Предпринимательство - это род деятельности, связанный с инновациями, новыми продуктами, услугами, рынками, новой системой управления. Орга­низуя новое дело, предприниматель вкладывает собственные средства и принимает на себя личный риск. Для предпринимателя важны такие каче­ства как

• независимость,

• высокая работоспособность и упорство,

• способность к оправданному риску.

Однако для менеджера этих качеств недостаточно. Он должен:

• уметь работать с людьми,

• обладать знаниями в области распорядительства,

• быть лидером.

В развитых странах управлению производством придаётся огромное зна­чение.

Структура занятых в США: 3,5% - промышленные рабочие, 1 ,5% - сельско­хозяйственные рабочие; 30% - занятые в сфере услуг; 65% - инфраструк­турный персонал: менеджеры, специалисты, работающие а управлении, пециалисты, работающие е информационном обслуживании.

П. Below is the conversation between the interviewer and other members of the ane/ (комиссии) who are to decide on the successful candidate for a department

reading the dialogue, look at the table below and mark in the first ^{Jmn tne th}ree qualities you consider to be the most important for a true ger. (Use 1,2,3 to indicate the order).

Then read the dialogue and mark on the table the opinions of the three interviewees.

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	you	John Renolds	Mark Pritchard	Susan Staintol
Communicative skill				J
Adaptability				J
Creativity				J
Sensitivity to others				j
Stamina
Foreign language skill				J
Authority
Leadership

Interviewer: I'd like to ask each of you in turn what you consider to be the three most important qualities for a good manager. Perhaps we could hear youn ideas first, Mr Renolds.

Renolds: Well, I think that at present the most important quality is tha ability to deal with other people. I know we are a manufacturing industry, but I feel very strongly that we also have a great responsibility towards our personnel.! Secondly...weli, let me see. Yes, in my opinion the second most important quality must be the ability to talk to our personnel about their jobs, their futures, their problems, etc. To be able to relate to them, you know. And thirdly...well...I suppose I'd put adaptability as the third most important quality. I think that fits in with tha other two points I mentioned to give my idea of a good manager.

Interviewer: Well thank you for your opinion, Mr Renotds. Perhaps we could hear your views now, Mr Pritchard.

Pritchard: Well, I consider the present situation requires a rather different approach to the whole question of management and therefore different qualities for managers. I believe that a good manager is one who can persuade people that his way is right. Isn't that why he is a manager? Getting people to accept his decisions and to follow his leadership - that, in my view, is the mark of a good manager. Secondly, I feel that he should be firm with his people - that's howl they'll come to respect him. And thirdly ... I'm of the opinion that he should be physically fit. In this day and age the pressures and strains are sc great that only the fittest can survive, and those are the ones who should be the managers. Mentally competent - of course - but physically competent, also.

Interviewer: Well, thanks, Mr Pritchard. Could we hear what you tnink, Mrs Stainton.

Stainton: Yes, certainly. I think my views probably represent a mixture or] synthesis of my collegues' opinions. The most important quality is, in my opinion, the ability to think flexibly - to find new answers and new solutions. Secondly, I feel that as managers we should be able to handle people, as I'm sure that for the company, good labour relations means a happy and secure future. But this doesn't mean that we should be too lenient nor too dogmatic.The third quality should be, in my view, the ability to direct and control people effectively.

Interviewer: Well, thank you for your opinions.

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Find in the above conversation definitions to each management quality indicated in the table.

IV Choose the three qualities you consider to be most important for a good manager- Give youf opinions to the other members of the group. Discuss the qualities you have chosen.

What is Important for a good manager?

V Read the dialogue between the Managing Director (MD) and the Personnel Manager (PM). On reading the dialogue make up a list of things managers need

to know.

MD: John, we must think about specialized management-training courses for

our junior managers. PM: Yes, our promising younger people need to learn about management

structures. MD: They need to know how to take decisions and the results of these

decisions. PM: And, of course, accounting for managers is essential. And they must

know how to read the balance sheet. MD: Without it, they will never manage successfully, and they won't know

anything about stock control, costing, pricing ... you name it. PM: Yes, cost and price decisions depend on knowing this. MD: Of course, that's not the only thing they need to know. New technology

means that they need to know about things like computer systems. PM: What else?

MD: Communications, for example. PM: Yes, and I think that the sales and marketing departments need managers

with this background,

Ш: Even the distribution managers could benefit, too. PM: Perhaps we should only appoint managers with a Harvard MBA*!

MBA = Master of Business Administration - магистр в области управления бизнесом

VI. Read the text. Then read the clues and complete the crossword.

All the words can be found in the text. The numbers in brackets show how many letters there are in the word.

Each department in a division of a company relies on budgeting to make the company's affairs profitable. A profit target is set, and the unit price of the goods (which depends on how much they cost to make and for how much they can be sold) is determined by this; the managers report how well this target has been met; the price of the goods leaving the factory (or ex works) is adjusted.

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Only after this has been done can the various departments in the company execute the orders.

Many businesses fail because they fall into the trap of ignoring their cash­flow, often because they allow too generous credit terms. The accounts department should make sure that a stop is put on the credit granted to bad payers. The smooth running of the company depends on a good relationship between the boss and the people who work on the shop-floor.

Senior managers, of course, must pass some of their tasks over to the other people - they simply cannot do it all. This delegation of some jobs is essential, and the ability to do it well is one of the measures of good management.

division - подразделение

budgeting - фин.планирование

to set a target - поставить (плановое) задание

to meet the target - выполнить задание

unit price - цена единицы товара

ex works price - отпускная цена (без стоимости доставки с предприятия)

to fail - терпеть неудачу

fall into the trap - зд. допускать ошибку

cash-flow - наличность

smooth running - хорошее руководство/ работа

delegation-делегирование (передача полномочий)

shop-floor - зд, рабочие {в цехе)

measures - зд. критерии

ACROSS

I. This depends on production costs, profit margins, and market sensitivity (5)

3. Each item (4)

4. Word used for everything a company does (7)

5. The price of the goods depends on the (4) of their production

8. A good manager is good at this; he does not try to do everything himself (10)

I1. Something which is aimed at (6)

DOWN

1. Not only must a company make money, it must be_ __ (10)

2. Each _(8) will usually have a senoir manager and be organized in its

own way

_(9) and, if senior management agrees, (7) customers' orders, or they may

6. Smaller than 2 down (10)

7. Each 2 and 6 down does its own

control its own financial affairs.

lose their jobs because the company may fail. 10. Workers do this to managers (6)

9. The workers in a company must__

VII. Give extensive answers to the following questions:

1. What business and personal qualities do you appreciate in a manager?

2. What is an image of an ideal manager for you?

3. What should be done to become a true manager?

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I

A

Unit 5 EXCHANGES

Topical vocabulary

exchange stock exchange stock market *stock(s)

*share 'equity

securities

gilt-edged securities (gilts)

• обмен, торговля; биржа

• фондовая биржа

• рынок капитала, фондовый рынок

• 1. ценные бумаги, сертификаты акций, облигаций 2. акционерный капитал корпораций

• 1. часть, доля; пай (во взаимном фонде) 2. акция, ценная бумага

- 1. капитал компании

2. обыкновенная акция

bond grade to grade

supply and demand listed securities listed companies

listing

free economies

• ценные бумаги

• правительственные ценные бумаги с государствен­ ной гарантией, считаются наиболее надежными инвестиционными активами

• облигация, ценная бумага с фиксированным доходом

• класс, сорт, сортировка

• разместить товар на товарных биржах по сортам и качеству. Градация позволяет торговать товарами без дополнительной проверки.

• предложение и спрос

• котируемые (на бирже) ценные бумаги

• компании, акции которых котируются на фондовой бирже

• «листинг», допуск ценной бумаги к официальной котировке

• страны с рыночной экономикой

* Strictly speaking, the term «stock» is used for stock market holdings which pay a fixed rate of interest (like gilts). However in day-to-day language, the words «stocks», «shares», «equities» and «securities» mean pretty much the same thing.

привлечь капитал различные виды инвестиций инвесторы физические лица юридические лица холдинг-компании

дилеры, уполномоченные вести операции с ценными бумагами

• сведения о том, сколько времени, где велась торговля

-данные о финансовом состоянии •финансировать

- покрыть

to raise capital investment products investing public individual investors institutional investors securities firms dealers with assigned responsibility

trading history

financial record

to fund

to fund shortfall

Text A

Exchange is the marketplace for buying and selling both the securities and commodities. The way in which an exchange is organized and operates is determined by the type of dealings that take place every trading day. According to this therti sis two main types of exchanges - the Commodity Exchange and the Stock Exchange.

Commodity Exchange is the marketplace where goods are bought and sold according to grades or standards and on the basis of standard contract terms. Commodity Exchanges usually deal in raw r,iaterra!s and some ite^s of produce, such as cotton, wfteat, vegetable oils etc, as these goods can be accurately graded and the grades practically remain unchanged every year. And Commodity Exchanges are called accordingly: the Wheat Exchange, the Metal Exchange and so on. Prices at these exchanges are determined by a complex interaction of factors. It may be said that the main factors governing prices are the interaction of supply and demand, the quality of the goods offered, the terms of contracts.

Stock Exchange is the marketplace where listed securities can be traded Smciently. Most free economies nave stock markets which provide companies with a means of raising capita! from investors in order to finance their businesses. Tney provide a wide variety of investment products to meet the varying needs and goals of the investing public.

Stock Exchange brings together those wanting to raise capital (whether justry or government) with those who wish to invest. It is made up of a broad ectrum of participants including listed companies, individual investors, ntuttonal investors, securities firms and dealers with assigned responsibility.

The most famous and oldest Stock Exchanges that have a long history ^! the London Stock Exchange, the NYSE (New York Stock Exchange) and

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the Tokyo StocK Exchange. Each year many domestic and overseas companies turn to them to raise capital for their businesses or to have their shares morJ widely traded. The stocks of the largest and best-known companies are listed on these Stock Exchanges.

Companies raise money through the issue of shares on the Exchange'A market. To be admitted to the exchange, they apply for a place on the «Official List». To do this, a company must give as complete picture of itself as possible! its trading history and financial record, management and business prospects. ]

Stock market prices in a particular country are affected by stock markelj prices elsewhere in the world. They are determined by the constant interplay ofl supply and demand.

The following basic types of securities are listed and traded on thej Exchange:

domestic equities and overseas equities - ordinary shares, issued by ]

domestic or overseas companies;

gilts - securities, issued by any country's government to raise money tol

fund any shortfall in public expenditures;

bonds - fixed-interest stocks, usually issued by companies or local

authorities. They entitle the owner to regular interest payments and the

repayment of a fixed sum at a given date in the future.

Text В

Topical vocabulary

• капитал компании, (Р(.)ценные бумаги

• капитал компании

• обыкновенные акции

• привилегированные акции

• фондовый рынок, рынок капиталов

- размещать на рынке

• «рынок быков» (рынок с тенденцией к повышению курсов акций)

• «рынок медведей» (рынок с тенденцией к снижению курсов акций)

• рынок некотируемых ценных бумаг при лондонской фондовой бирже

открытый рынок, на котором могут торговать все желающие

1. stock

corporation stock

common stock

preferred stock 2. stock market

to place on the market

«bull market»

«bear market»

Unlisted Securities Market (USM)

open market

внебиржевой рынок бумаг

OTC (over-the--counter market)/ /off-board market

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получать выгоду от чего-либо некоммерческая организация обязательства

ч to profit by smth/doing smth not-for-profit organization

4. commitments = obligations

5. a member broker

- член биржи

' exchange member account executive rr (registered representative)

делить, разделять принимать участие в чём-либо

особо надёжная ценная бумага

6. to share (costs, idea)

to share in smth

7. «blue chip»/ /gilt-edged security

The stock market. To some it's a puzzle. To others, it's a source of profit. It is the financial centre of the country, because it reflects any change in the economy. It is sensitive to interest rates, inflation and political events. In a very real sense, it has its fingers on the pulse of the entire world.

Taken in its broadest sense, the stock market is also a control centre because it is here that the giant businesses and institutions come to make and change their financial commitments. The stock market is also a place of individual opportunity.

The phrase «the stock market» means many things, in its narrowest sense it is a place where listed securities can be bought and sold efficiently, but it is often used to refer to the biggest and most important stock markets such as NYSE, AMEX {the American Stock Exchange), the London Stock Exchange and some others.

The Exchange is a non-for profit corporation run by a board of directors. It is merely the market place where the public, acting through member-brokers, can buy and sell at prices set by supply and demand.

ft costs money to become an Exchange member. On the NYSE, for example, there are about 650 seats. The seats can be bought and sold (the Price of a seat amounts to $650 000). Before you are permitted to buy a seat you ^mi-ist pass a test that stricktly checks your knowledge of the securities industry as well as your experience.

There is a lot to be said about securities. It is an instrument that signifies ^: ownership position in a corporation stock. People who own securities are rterred to as investors or, respectively, stockholders (shareholders) and tondholders. In other words a share of stock is a share of business.

Listed securities are the essence of any stock exchange. They allow all

'esters, both iarge and small, to participate in the growth and vitality of the

nomy, giving them the opportunity to share in economic growth world-wide.

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