Ministry of finance of ukraine

Dnipropetrovsk state finance academy

Yaremchuk L. I.

ENGLISH

FOR FUTURE

BUSINESS ECONOMISTS

Dnipropetrovsk - 2010

MINISTRY OF FINANCE OF UKRAINE

Dnipropetrovsk state finance academy

Yaremchuk L. I.

ENGLISH

FOR FUTURE

BUSINESS ECONOMISTS

Dnipropetrovsk - 2010

Yaremchuk L. I. English for future business economists. – Dnipropetrovsk: DSFA. 2010. – 63p

English for future business economists is a book of texts intended for self-study.

Reviewed by Kuchina N. M., associate professor at the Department of Foreign Languages.

Approved by the meeting of the Department

of Foreign Languages

Record № 12 of 14.06.2010

PREFACE

“English for future business economists” is a book of texts intended for self-study. The goal of book is to develop and improve students’ English language skills in reading. The texts contain important information concerning the importance of business activity in our lives, different methods of classifying business activity, different forms of business ownership, production and costs of production. When reading these texts students will learn about such key components of industrial business as diverse nature of business, resources of business, functions of business, classification of business, production, production control, production functions, costs of production and the major sources of productivity growth.

Each text is followed by pertinent exercises designed to check comprehension and to develop students’ skills in profession-oriented speaking. In addition, the book includes tasks to encourage students to use the economic way of thinking when making business decisions on production. The future business economists will learn how theoretical concepts can be implemented in real decision-making. The texts demonstrate the relation of production to financing, marketing and productivity.

The texts contain numerous examples to facilitate students’ understanding of essential concepts and to demonstrate the usefulness and importance of the theories for decision-making in production. The book is very useful for prospective business economists.

Text 1

What is a business?

The human body requires a minimum of food, drink and protection from the extremes of climate in order to survive. People co-operate in order to satisfy these basic needs, with the family as the most basic economic group. In some societies the amount produced is just enough to keep people alive. These are known as subsistence economies. Other people are more fortunate and are able to produce a surplus in some goods. This surplus may be stored as an insurance against future hardship or traded for goods and services which the society cannot produce for itself.

Very early in human history it was realized that individuals possessed different talents, and that if they concentrated their efforts on the activities in which they excelled the standard of living of the whole community would improve. This specialization also implied that trade would have to take place. The weaver might have had a higher standard of living by concentrating all effort on making cloth. She/He also needed food and shelter which would be provided by other individuals or groups of individuals. The activities in which people engaged were no longer directed towards the satisfaction of all their own needs – and luxuries if they were fortunate – but were concentrated on a relatively narrow range of goods and services which they would exchange with other people. People began to be described by the work they did, a development which is reflected in some British family names, e.g. Cartwright, Weaver, Thatcher, Butcher, Farmer, Smith etc.

The word ‘busy’ is used to describe a person who is engaged in action, i.e. occupied. We tend to be selective in the way we use it. You seldom hear people describe themselves as being busy if they are doing a hobby. The word is used to describe activities people regard as being important to their survival or comfort.

In developed economies very few people attempt to satisfy the full range of their needs and wants by their own direct work. Most people sell their skills as carpenter, teacher, plumber, manager, accountant or lawyer to other people, and use the money they get in return to buy the goods and services they need to live. The activities necessary to provide us with the goods and services we want are carried out in factories, mines, workshops, foundries, shops and offices, where a group of people with different skills can co-operate to produce goods and services for sale to other people. Some people, of course, continue to work from home for a variety of reasons. It may be cheaper, or more convenient, or the amount of work undertaken may not justify a separate workshop or office.

A business may be simply defined as a person or group of people buying in goods and services in order to produce other goods and services for the purpose of sale at a profit.

1. Which of these statements expresses the main idea of the text?

1. Business is the activity of making money by producing or buying and selling goods, or providing services.

2. In developed economies very few people try to satisfy all their needs by their own direct work.

3. We use the word ‘busy’ to describe actions that we consider important.

4. Business is an integral part of the society in which it operates.

2. Find in the text English equivalents of these words and phrases.

1. людський	24. володіти	47. займати місце, посаду
2. вимагати	25. зосереджуватися	48. вибірковий
3. їжа, харч	26. зусилля, напруження	49. вважати, стосуватися
4. захист, охорона	27.переважати; відзначатися	50. виживання
5. крайність	28.поліпшувати(ся)	51.пробувати, намагатися
6. вижити	29. означати, мати на увазі	52. потреби, необхідність
7. співробітничати	30. ткач, ткаля	53. продавати, торгувати
8. задовольняти	31. тканина, полотно	54. уміння
9. потреби	32. притулок, укриття, сховище	55. тесляр
10. основний	33.постачати, забезпечувати	56. водопровідник
11. суспільство (2)	34. займатися чимось	57. бухгалтер, рахівник
12. кількість, загальна сума	35. спрямований на щось	58. юрист, адвокат
13.вироблений, створений	36. задоволення	59. у відповідь
14. живий	37. розкіш, предмет розкоші	60. купувати
15. існування, засоби до існування	38. відносно	61. доводити до кінця
16. бути щасливим	39. обмежений, скрутний	62. шахта, рудник
17. надлишок, залишок	40. асортимент товарів	63. майстерня, цех
18. товар	41. обмінювати(ся)	64. ливарний цех
19. робити запас	42. розвиток	65. зручний, підходящий
20. страхування	43. бути відображеним у чомусь	66. починати, братися за щось
21. труднощі	44. м’ясник	67. виправдовувати, знаходити виправдання
22. послуги	45. коваль	68. намір, мета
23. здійснювати, усвідомлювати	46. володіти	69. вигода, прибуток

3. Are these statements true or false? Correct the false ones.

1. A minimum of food, drink and protection from the extremes of climate is not enough to keep people alive.

2. Some people are fortunate because they fail to produce a surplus in some goods.

3. An excess of goods may not be stored as an insurance against future difficulties.

4. In early history individuals possessed different gifts and they concentrated their efforts on the activities in which they would be able to improve the standard of living of the whole community.

5. The word “busy” is used to describe activities people consider as being unimportant to their survival or comfort.

6. You rarely hear people describing themselves as being busy if they are doing a hobby.

7. In advanced economies a lot of people try to satisfy the full range of their needs and wants by their own hard work.

8. Some people sell their skills in order to buy the goods and services they need to survive.

9. Most people work from home because it may be cheaper or more convenient.

10. People enjoy working in groups because they can co-operate to produce goods and services for sale to other people.

4. Answer the questions.

1. What does an individual require in order to survive?

2. Why do people co-operate?

3. What is a business?

4. What is the main purpose of all business activities?

Text 2.