3. Banking

All bank operations (banking) and the methods of controlling them are part of the credit system of any country. Banks and other financial institutions fulfill the role of financial intermediation between different businesses and individuals, the savers and the borrowers. The success or failure of bankers depends on their ability to identify the financial services which public demands, produce those services efficiently and sell them at competitive prices. They must constantly develop the service menu of banks and attract new customers. They offer different savings and checking accounts to businesses and individuals, transfer funds to and from many banks throughout the world, make bookkeeping of checking accounts, cash checks and look after their depositors' savings, exchange foreign currencies and ensure trust services. Bankers deal with the complexities of insurance, taxation, and investments

Answer the following questions:

1. What does an economist deal with?

2. What is the aim of economists?

3. What economic must the managers have?

4. What do the marketers plan?

5. Is marketing management one of the leading branches of modern activity?

6. Who is in charge of finance?

7. What do the accountants design?

8. What do the auditors prepare and analyze?

9. What role do banks and other financial institutions fulfill?

10. What do the bankers deal with?

Exercises in word study

Ех. 1. Act as an interviewer. Let the rest of the group speak about why and how they decided to study Economics (Marketing, Finance, Accounting)

1) if anybody or anything influenced their choice;

2) when they finally made up their minds;

3) what attracts them in the work;

4) what they consider its advantages and disadvantages;

5) how long his father (any relatives/friends) has been in business (trade, tourism, banking, public catering, etc.);

6) if they ever regretted having taken up the job;

7) what is the most rewarding feature of their job;

8) what advice she or he can give to young people taking up their career;

9) what is his/her line.

Ex. 2. Say what you have learnt about:

1) the subject matter of economics;

2) the demand and supply as economic terms;

3) fields of activity economists, managers, marketers, entrepreneurs deal with

4) their duties and responsibilities

5) the functions performed by top management;

6) the role and importance of finance and accounting;

7) the specialists who are in charge of finance, accounting, auditing;

8) accounting as an information system;

9) the role of accounting in the decision making process;

10) the services offered by commercial banks to businesses and individuals;

11) the role of financial institutions as financial intermediaries;

12) the specialists engaged in public catering, hotel management and tourism;

13) the services offered by hotels, restaurants, and travel agencies;

14) the duties and responsibilities of commodity experts;

15) wholesale and retail trade;

16) the ways of protecting consumers' rights;

17) customs control and clearance.

Ex. 3. Translate the following sentences paying special attention to economic terms:

1. Economics is the most important subject at the University of Trade and Economics.

2. Those engines consume so much energy that they are not economical.

3. Our economists note economic growth in Ukraine.

4. The national economy is in transition now.

5. He economized by decreasing day-to-day spending.

6. In the long run it is an economy to buy goods from a wholesaler.

7. I think they sell their house at an economic price.