Анг. язык для 1 курса

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satisfied that the productivity of the borrowing country will be increased and that the prospects for repayment are good.

Voting power in the Bank is determined by the size of each member nation's subscription. Subscriptions, in turn, are based on a formula that takes into account such variables as the value of each nation's foreign trade and its total output. Ultimate power, through weighted voting, rests with the Board of Governors of the Bank. The governors meet annually in September. The day-to-day affairs of the Bank are determined by executive directors who live permanently in Washington, D.C. They hire a president, who, in turn, hires a staff.

In 1954, an International Finance Corporation was established to supplement the World Bank by participating in equity financing in member countries, and in 1960, a third organization, the International Development Association (IDA), was created. These three organizations constitute the World Bank Group.

Exercise 1. Complete the magazine article about investment options with the comparative or superlative forms of the adjectives in brackets (Business Grammar Builder, ex.43)

In this report we’re going to look at the three main types of investments: cash (in bank accounts), bonds (long-term loans that give a fixed rate of return) and stocks (equities). The … (safe) is cash, and the fact that this has less risk than the others means that it also has a … (low) return. If you want a … (good) return you should con-

stocks. They offer the chance of much … (great) profits over the long term, but you might make a loss if the company does badly. The … (bad) case scenario is that the company goes bankrupt and you lose everything. You can reduce the risk by investing in a fund rather than individual stocks. Funds that invest in developed economies are a … (sensible) choice for most people, as the markets have more liquidity and it is … (easy) for the fund manager to buy and sell. But there are also emerging market funds that invest in countries like China, India or Turkey. These markets are only for the … (aggressive) investors of all as they have much … (high) volatility. So what is the … (good) solution? Most financial advisors recommend a balance. In the middle of your career you can afford to have a … (large) part of your investments as stocks, perhaps 60–80%, with some bonds for stability and cash for emergencies. As you get … (near) retirement you should consider switching most of your money to bonds, and increasing your available cash.

The International Monetary Fund

The purpose of the International Monetary Fund (IMF) is to promote international monetary cooperation. The function of the IMF is to facilitate the expansion and balanced growth of international trade, to promote orderly and stable foreign currency exchange markets, and to contribute to balance of payments adjustment.

Much of the IMF's work is centred on annual consultations with each member country to ensure that its national policies in the area of economic growth, price stability, financial conditions, and exchange rates take into account their consequences for the world economy and avoid unfair exchange policies.

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The IMF's charter, embodied in the Articles of Agreement, was agreed upon at the International Monetary and Financial Conference held at Bretton Woods, New Hampshire, in July 1944. In December 1945 the required number of countries had ratified the agreements, and in March 1946 the first meeting of the Board of Governors was held. The IMF commenced operations on March 1, 1947, at its headquarters in Washington, DC

Each member is represented by a governor on the IMF's Board of Governors, most of who are ministers of finance, presidents of the country's central bank, or persons of similar rank. Each member has a quota, which is based on a complex formula that takes account of the country's size and its general importance in world trade and finance.

IMF member countries may utilize the Fund's resources if they find themselves in balance of payments difficulties. Repayments to the IMF are normally to be made within 3 to 5 years, but under the extended facility the country may have up to 10 years to repay the financing provided by the Fund.

Stocks have come (1) … a little since I last contacted you, but in general the economy is healthy and Fed will put (2) … interest rates if growth is too fast. I think they’ll probably put this decision (3) … until the third or fourth quarter. The real danger is with telecoms, which have really fallen (4) … the other sector. Basically, the telecomm sector has run out (5) … steam, at least in the short term. We recommend that you cut (6) … on your exposure to this sector and switch to energy and retailing, which will fit in nicely

(7) … the rest of your portfolio. Institutional investors are likely to fall back (8) … these areas if the current market volatility carries (9) …. I've attached a document with specific suggestions for your portfolio. When you’ve had a chance to go (10) … it let me know. If you agree with my recommendations I’ll get on (11) … our brokers and they'll work

(12)… the commission for buying and selling the stocks. By the way, thanks for dropping

(13)… the other morning. Now I’ll let you get on (14) … your work.\

The Economic Systems of the World.

There are three main economic systems in the world, namely: free market economy, centrally planned economy and mixed economy.

1The market approach is based on private enterprise and private supply of capital. Property is owned by individual citizens or corporations and they have considerable economic freedom of choice. But they are not entirely free, they must obey the law.

2The centrally planned economy is the system where property is owned by the state, and economic decisions are taken collectively by planning committees and implemented through direction of resources either centrally or at local level.

3Mixed economies. By a mixed economy we mean one in which some economic decisions are taken by market mechanism and some collectively. The majority of the countries have mixed economies. It is very difficult to plan ahead in mixed economies; it is difficult to do so even in a rigidly controlled economy because of natural disasters, etc.

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Forms of Ownership

There are three major legal forms of ownership: sole proprietorship, the partnership and the limited company.

A sole proprietorship is a business owned and usually operated by a single individual. Its major characteristic is that the owner and the business are one and the same. The assets, revenues and liabilities of the sole proprietorship are also assets, revenues and liabilities of the owner.

A partnership is an enterprise owned by two or more individuals. An agreement, oral or written, expresses the rights and obligations of each partner. There are three forms of partnerships: general partnerships, limited partnerships, and joint ventures. The most common form is the general partnership, often used by lawyers, doctors, dentists, and chartered accountants.

Limited companies are created by law and are separate from people who own and manage them. Limited companies are also referred to as corporations. The ownership is represented by shares of stock. At annual meetings companies elect a board of directors which has the responsibility of appointing company officers and setting the enterprises objectives.

Exercise 1. Fill in the missing words in the sentences below. Choose from the

a) Rich & Bright was started by Sam Rich and his brother-in-law, Charlie Bright, fifty years ago. It was a successful … . b) But the Socialist Party won an election and the government nationalized the company. It was now managed by a government department. It was … . c) Then the Christian Democrats won an election. The new government sold R & B. It was … . d) But by this time both Sam and Charlie had died. The new owners were banks and pension funds. They were the … . e) Of course, many more people - managers, employees and their families, and clients – also had an interest in the success of the company. These were the … . f) The new management decided to turn some of the business units into separate companies. They became … . g) R & B kept a majority shareholding in all of them. It was the … h) Then the American giant, Monsterbuck, suggested that the two companies work in partnership on a new product. They proposed a … . i) But everyone knew that Monsterbuck really wanted to buy R & B. Monsterbuck wanted a … . j) The R & B management did not want Monsterbuck to buy the company. But Monsterbuck offered the R & B shareholders lots of money and won control. It was a …. k) Now there is news that Monsterbuck and another giant, Megadollar, will join together soon. It will be a very big … .

Exercise 2. Read the short presentation of the management team of this British company.

At the top of the company, the Chairman of the Board is responsible to the shareholders and the day-to-day running is the responsibility of the Chief Executive Officer (CEO), who also has a seat on the Board. Five directors form the senior management com-

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mittee of the company. Going from left to right on the organization chart, we start with the Director of Finance, who runs his division with his Deputy.

Then we have the Director of Operations, who is responsible for production and logistics. The Factory Manager answers directly to him.

Next we have the Director of Marketing, who is also responsible for sales so the National Sales Manager reports to him on the activities of the whole sales team, which is divided into two regions, north and south, each managed by a regional sales manager.

The Director of Human Resources has a Training and Development Manager and a Compensation and Benefits Manager, who look after the day-to-day running of her department.

Finally, the Director of Research and Development runs a small but important division of the company. She too reports directly to the CEO.

Exercise 3. Fill in the missing words in the sentences below. Choose from the

a) My name’s John Power. Power Enterprises belongs to me. I'm the (1) … . I also manage the company myself. I'm the (2) … . b) I’m John Power’s sister. I sit on the Board of his company. I'm a (3) … . c) I’m Mr Power’s secretary. He's my (4) … . d) I hold equity in this company. I am a (5) … . e) John Power is a friend of mine. I have put some of my own money into Power Enterprises. I’m an (6) … . f) I buy things from this company. I’m a (7) … . g) This company buys things from me. I’m a

(8) … . h) I'm the head of a team in the technical department. I’m a team (9) … . i) I have lunch every day with the woman at the desk next to mine. She is my (10) ... j) I’m the marketing director of Power Asia Pacific. Jim Poom is the marketing director of Power Europe. He’s my (11) … . k) I work for Power Enterprises. I head a department of about 50 people. I'm a (12) … .

Exercise 4. Ursula is telling her visitors about where the company is located.

Our (1) … is in London. This is where most of our senior managers work. We also have four (2) …: in Singapore, serving Asia; in Boston, Massachusetts, serving the whole of North America; in Buenos Aires for South America; and in Zurich, for Europe, Africa and the Middle East. We have (3) … in seventeen other countries, and in countries where we do not have our own people we usually have (4) … . Of course, we make a wide range of products but recently we have closed some (5) … and reduced the number of products being made at others. However, distribution is still as local as possible and we have (6) …, depots and distribution centres in almost every country in which we operate. We have also closed some of the smaller (7) … and moved many of our best scientists and technicians to two major centres in France and the United States. We think that staff development is essential to our present and fu-

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ture success and we run more than 5,000 courses for our employees in the fifty (8) … which we have across the world. Well, that's all I want to say about our presence worldwide. Now, if you would like to follow me, first of all I'll show you my (9) … and then we'll start the tour of the (10) … .

Exercise 5. Fill in the missing words in the sentences below. Choose from the

a) I work for a … called Kwikshoe. b) Our main … are sports shoes. c) Kwikshoe is a world … in the tennis shoe sector. d) It has a national market … of 23 %. e) It has 2,500 … in this country. f) It has seven … in different countries. g) Its main … are young people and people who do sport. h) Its main … are in Britain and the USA. i) Its main … are banks and pension funds. j) Its … last year was $1.2 billion. k) Its … last year was $16 million. l) Its … today is $57.

Marketing and Advertizing

Marketing concept includes various elements such as research, planning, new product development, sales, communications, advertising, etc. Marketing involves meeting both the company and the customer's needs.

Marketing studies stages before, during and after production and also following the sales. Marketing provides information about forward demand for the company's products or services, helps to identify and stimulate demand for products and services. In other words, marketing is the art of finding out what the other person wants, then manufacturing it for him.

Research is the basic tool of marketing. Marketing experts have developed techniques for determining the needs of prospective customers. It's done by way of market segmentation. Every market can be divided into segments or, in other words, into separate groups of consumers. First, there are demographic factors like age, income, educational background, occupation, size of family, type of home and neighbourhood, etc. Then there are psychographic factors - the customers' opinions and interests, hobbies, vacation spots, favourite sports, etc. Then a product is compared with the goods already established in the market by quality and quantity standards.

To be a success you must be ahead of your competitors. Consumer marketing should be based on understanding consumer values, wants and needs.

Advertising is an important means of promoting the goods. Mass production requires mass markets, and successful selling under competitive conditions requires two things: that consumers are informed what goods and services are available and that consumers are persuaded to buy them. Advertising sets out to fulfil these two functions of information and persuasion.

Advertising is a part of the marketing strategy. It is a very important and powerful tool. It formulates demand, promotes sales, helps create a market, informs the buyer of the company's products and services and creates the company's image.

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There are specialized firms dealing with advertising. Different kinds of mass media – TV, radio, newspapers, cinema, journals, magazines, and posters are used for advertising goods. Participation in fairs and exhibitions helps promote the goods. Also, special advertising conferences may be helpful. The choice of media for advertising depends on the kind of goods and the local conditions and people's habits. Sometimes TV and radio advertisements are best, in other cases, it may be trade journals or leaflets distributed among the potential buyers.

Exercise 1. Fill gaps in the sentences below with the following words.

a) Marketing is concerned with getting the right (1) … the right (2) … at the right

(3)… . b) Marketing is about meeting consumer (4) … at a (5) … . c) Marketing makes it easier for (6) … to do business with you. d) Marketing aims to find out what people (7) … ; then (8) … and (9) … a (10) … or (11) … that will satisfy those wants; and then determining the best way to (12) … (13) … and (14) … the product or service.

Here is another definition. «Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably».

Which of these definitions is/are most closely related to your view of marketing?

Exercise 2. For each definition choose the correct word or phrase.

a) Providing money to cultural or sporting activities in exchange for advertising rights (promotion, grant aid, sponsorship). b) A business which specializes in giving advice and support to companies about marketing and markets (marketing consultancy, counselling service, company analysts). c) An economy which allows open and reasonably free exchange between private companies (command economy, conservative economy, free market economy). d) A market in which there are too many suppliers producing similar products (saturated market, buyers’ market, heavy market). e) A market in which there are few suppliers producing goods that a lot of people want to buy (weak market, sellers’ market, light market). f) A company which sells more of a particular type of product than its competitors (trend setter, multinational, market leader). g) A person who uses their specialist knowledge of a specific market to try to explain what has happened and predict what will happen (market analyst, forecaster, market broker). h) A specific promotional activity over a limited period of time (campaign, season, trend). i) The activity of moving goods from the producer to the consumer (selling, distribution, orientation). j) The activity of selling goods to other countries (multinational, exporting, exchange distribution). k) The proportion of the total market which one company controls (dominion, market place, market share). l) What a company or organization says it intends to do for its customers (corporate mission, strategic plan, corporate image).

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Exercise 3. Peter Bowen of Citimetal Inc. is talking to Anna James, a marketing consultant. Complete Anna's part of the conversation. Choose from the follow-

Exercise 4. M & T Cables wants to enter a new market. Read the following email to a possible export partner. Fill the gaps in the sentences below with the following words:

analysis demand free goods mix plan research trends

Dear Peter,

Thanks for your letter about marketing our products in the South Pacific region. We certainly do want to sell our (1) … in every (2) … market in the world, but we need to do some market (3) … in your region.

I have four questions to start with:

1 What is the supply and (4) … like at present for our kind of products?

2 What kind of (5) … do you think we should develop in our marketing (6) …? 3 What are the market (7) … in this sector?

4 Can you recommend someone to carry out a detailed market (8) … for us? Please email by return if possible. Thank you! Sandra Sah.

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Exercise 5. SPEAR, a mail order company, is planning a new advertising campaign. Below is an extract from an internal report to senior marketers in the company. Fill gaps in the report with the following words or phrases.

Advertising Plan

Our plan is to sell products through a (1) … and mail order service. We will use a high pressure, (2) … approach. We can attract customers to order the goods by offering special (3) … prizes. Once the catalogue arrives, consumers will order goods which have an instant appeal. We will depend on (4) … . Another approach is to run a long advertising (5) … to increase (6) … of our products. We plan a variety of advertising techniques: this (7) … will consist of television (8) …, newspaper (9) …, and street advertising. We have a good target customer database, so we will use (10) … . We plan to do a (11) … twice, to put extra pressure on those who do not answer the first time. We also have a company (12) … where we advertise our products. Customers can also order goods (13) … .

Exercise 6. Match each strategy with the correct description.

1) generic advertising; 2) below-the-line promotion; 3) AIDA; 4) customeroriented selling; 5) push strategy; 6) above-the-line promotion; 7) hard sell approach;

8)in-store promotion; 9) on-line promotion.

a)Advertising on the Internet

b)A promotion strategy based on getting the consumer's attention and interest, then desire for the product, then action (buying the product).

c)All forms of advertising except mass media advertising

d)Mass media advertising

e)A selling style based on identifying and meeting the customer's needs

f)Advertising for a whole sector, such as tourism or health promotion, rather than for a specific product

g)A sales-oriented selling style, using high pressure and persuasion, discounts and free services

h)A method of sales promotion which uses pressure on distributors or on re-

tailers

i)Advertising at the point of sale

Exercise 7. Choose the correct alternative for each sentence. In one case, both/all of the alternatives are possible.

a) Sending product or service information by post to specific individuals or companies is called … (direct mailing / mail order / postal advertising). b) A selling technique based on making a personal call to an individual or company is called … (personal selling / direct selling). c) A promotion based on advertising in the actual

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shop is … (an in-store promotion / a special offer). d) A promotion method that involves the packaging of a product, such as including a free sample or coupons, is called … (point-of-sale advertising / on-pack promotion). e) Advertising around the playing area at sports grounds is called … (sponsorship / perimeter advertising). f) A promotion method for fast moving consumer goods which involves buying one and getting one free is called … (bargain selling / BOGOF = buy one, get one free). g) Promoting your activities or your company and its products or services on the Internet is called … (online advertising / advertising on the web / Internet advertising). h) Telephoning direct to homes or businesses to try to interest people in your products or services is called … (cold calling/door-to-door selling).

Jobs and Career

Nowadays the profession of an economist has become one the most useful, modern and interesting. Economists find a wide range of careers open to them. Economists are employed in banking, finance, accountancy, commerce, marketing, business administration.

Their statistical and mathematical skills make them well-suited for careers as statisticians, bankers, stockbrokers. Their research and writing skills allow them to become financial journalists, research analysts, and administrative managers.

There is a place for an economist at every plant and factory. An economist exercises different functions. He or she can determine the structure of an enterprise and calculate costs as well as probable profits. An economist analyses the condition of the market and prospects for its development in the future. Having a good command of the economic situation in the region and the demands of the market a person with an economist's diploma may start his own business, or he may become a partner of a joint venture.

To become a good economist one must work hard and get not only theoretical knowledge but also great practical skills. His or her practical use of electronic computers is a must. It is very important for an economist to know a foreign language, especially English. Students majoring in economics study both the principles of macroeconomics course and the principles of microeconomics course. They usually also take a statistics course and a math course, money and banking, law and economics, history of economic thought, etc. Some students major in economics because it is a good chance to get a well-paid job, but surely some find it interesting and stimulating.

My University

«Which University to enter?» is one of the biggest decisions you have to make after leaving school. It determines your entire future life.

This year I entered the Belarusian-Russian University in Mogilev. It is a dynamic modern university with a long history of providing higher education to meet the needs of society and industry. The University is subordinate both to the Ministry of Education of the Republic of Belarus and the Ministry of Education of the Russian Federation. The Belarusian-Russian University was founded in 1961 as the Mogilev MechanicalEngineering Institute and later was reorganized into a university. It is located in the centre of Mogilev. Now it comprises a system of a continuous educational process: Lyceum –

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College of Architecture and Construction – University – Professional Development and Retraining Institute. The total number of students is 12 000. The number of undergraduates at the University is 7500. The University has 8 faculties. It trains engineers and economists in compliance with the Belarusian and Russian educational standards.

Entrance to the University is by centralised testing. Those who pass tests successfully are enrolled in the first course. The basic subjects of this year are Higher Mathematics, Physics, History of Belarus, Belarusian, Russian and a Foreign Language, PT classes, etc. These subjects lay the foundation for specialized subsequent years. The University has a good computer network and our library exemplifies a real investment in supporting our students’ learning.

The University close relationship with industry and commerce benefits students, teachers and the society.

Specialists of the highest qualification are trained through Master and PostGraduate (PhD) courses. The University has a specialized Board for defending theses and awarding the Candidates of Engineering Sciences degrees.

Students from foreign countries are an important part of the Belarusian-Russian University. The University highly values its many international contacts.

The University has 3 Halls of Residence situated within a walking distance from it. There are several sports clubs, providing a wide range of sporting opportunities.

The overall strength of the Belarusian-Russian University and the attractions of the city of Mogilev together offer a strong incentive to live and study here.

Exercise 1. Complete each of the following sentences with «in, on, for».

a) Olga Blanc is … computers. b) She has been working … a big computer company for five years. c) She is based … Paris. d) She works … the external communications department. e) At the moment she is working … the design of the company's website. f) She is responsible … the development of an important part of the site. g) She is very interested … Website design. h) She depends … the web and on personal contacts for new ideas. i) She spends one or two hours every day on the Web getting information … all the latest developments. j) She is happy because there is a big demand … good website designers at the moment.

Exercise 2. You have just agreed your pay with the Board. Fill in the missing

a) Your base … will be $500,000 per year. b) When you are 65, you will get a … of $400,000 per year. c) But you will get many other … as well. d) A … plan gives you shares in the company which you can sell at a profit if the price goes up. e) You have an expensive company …. f) You have unlimited travel and entertainment … . g) You get free … . h) You get free luncheon … which you can use in most restaurants in the city. i) And you get a special … if the company’s sales go up by more than 15 % in the year. j) So your total … next year could be more than a million pounds. Even so, you are thinking about asking for another … soon!