The Concept of Business

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Basics of Economics is a business course aimed at developing reading comprehension and speaking skills for lower intermediate to intermediate level correspondence students. It is also intended for upper secondary school students, University students, young adults, and others who have studied English for some time but who want to get some knowledge of business English.
Basics of Economics contains 10 units organized around basic business topics. The topics and vocabulary covered correspond to the Standard Syllabus for Foreign Languages taught in the Republic of Belarus.

Оглавление

Preface
The Concept of Business 5
Economics 9
Types of Companies 14
Careers in Business 20
V. Management 21
VI. Factory Production 33
VII. Marketing 39
VIII. Advertising 44
IX. Commerce 49
X. Finance and Accounting. 53

Reference Literature 59

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3. The newspaper didn’t provide an opportunity for Kim Jackson to move to the international desk and she left the job.

4. Most people do not want to pursue a career; they want just to go to work.

5. The difference between a career and a job is about 20 hours a week.

6. To understand careers we must look only at people’s work histories or resumes.

7. Individual career planning normally entails four steps.

 

  1. Find Russian equivalents to the following phrases in the second column.

 

1. market research

2.Personnel Manager

3. Sales Manager

4. give one’s special insight into

5. be reluctant

6. life span

7. job experiences

8. blue collar

9. career opportunities

10. making decisions

11. action planning

12. follow-up

13. mid-career

14. commitment of valued employees

15. coping with stress

16. flexible work force

a) справляться с напряжением;

b) продолжительность жизни;

c) последующая работа (деятельность)

d) начальник отдела кадров;

e) делающий что-л. с большой неохотой, по принуждению;

f)начальник сбыта;

g) обязательства ценных работников;

h)трудовой опыт;

i)исследование рынка;

j) сeредина карьеры;

k) "синий воротничок", производственный рабочий;

l)обратить особое внимание;

m) возможности карьерного роста;

n)принятие решение;

o) легко приспосабливающаяся рабочая сила;

p) планирование действий.


 

  1. Choose the appropriate translation of the following sentences.

 

1. There are now five broad fields or areas of business that offer exciting careers.

a) Есть теперь пять широких полей или области бизнеса, которые предлагают захватывающие карьеры.

b) В бизнесе существует пять широких областей или сфер, предлагающих захватывающую карьеру

    1. To some people, having a career requires successful movement up the corporate ladder, marked by boosts in salary and status.

a) Для некоторых людей карьера – это успешное продвижение вверх по корпоративной лестнице с повышением в заработке и статусе.

b) Некоторым людям, имея карьеру требует успешного движения корпоративная лестница, отмеченная повышениями в заработке и статусе.

3. A career is the sequence of jobs a person holds over a life span and the person's attitudes toward involvement in those job experiences.

a) Карьера – последовательность рабочих мест, занимаемых человеком в течение жизни, и его отношение к вовлеченности в рабочий процесс.

b) Карьера - последовательность рабочих мест, человек держит за продолжительность жизни и отношения человека к причастности в тех опытах работы.

  1. Other issues of concern to individual career planning are mentors and coping with stress.

a) Другие проблемы беспокойства к индивидуальному планированию карьеры - наставники и справляющийся с напряжением.

b) Другие проблемные моменты в планировании личной карьеры связаны с наставниками и преодолением стресса.

 

  1. Make an outline of the text consisting of 5-8 sentences.

 

    1. Retell the text according to its outline.
    2.  

V. Management

 

  1. Go through the following vocabulary notes to avoid difficulties in understanding and find these words in the text.

 

integration

укрупнение

ensure

 обеспечивать

objectives

цели

integrate

объединять

staffing

кадровое обеспечение

establish

устанавливать

directing

управление

essential

существенный

hire

нанимать

get rid of

избавиться

guiding

управляющий

accomplish

выполнять

performance

исполнение

make adjustments

приспособиться

deserve

заслуживать

mention

упоминать

authority

власть

layer

уровень

top management

высший уровень управления

middle management

средний уровень управления

supervisory

контролирующий

chief executive officer (CEO)

главный исполнительный директор

human resources manager

начальник отдела кадров,

implement

осуществлять

tool

орудие, средство

equipment

оборудование


 

  1. Match the words in the left column with the definitions in the right column.

 

1. Management

2. subordinate

3. staff

4. Clarification

5. Planning

6.Organizing

7. Directing

8. Controlling

9. performance

10. feedback

a) to offer or suggest (information, ideas, etc.) in reaction to an inquiry, experiment, etc.

b) the act, process, or art of performing

c) under the authority or control of another

d) a group of people employed by a company, individual, etc

e) to form (parts or elements of something) into a structured whole; coordinate

f) the technique, practice, or science of managing, controlling or dealing with

g) to regulate, conduct, or control the affairs of

h) a detailed scheme, method, etc., for attaining an objective

i) to command, direct, or rule

j) making smth. clear or easy to understand


 

  1. Read the statements and decide whether they are true (T) or false (F).

 

  1. Management is the effective and efficient integration and coordination of resources to achieve desired objectives.
  2. Managers have to perform several functions: planning, organizing, staffing, directing, and controlling.
  3. Every manager should think about how to hire the best employees and how to get rid of those who can’t work efficiently.
  4. Managers can make adjustments if something goes wrong.
  5. The management pyramid may consist of many layers but the most common ones are top management, and supervisory management (or lower-level management).
  6. The middle managers are the chief executive officer (CEO), the chief financial officer, the marketing director, the human resources manager, the production manager, and others.
  7. The lower-level managers are responsible for implementing the strategies and plans developed by top management.
  8. Many university graduates usually start their careers at the top management.
  9. Managers should have technical job skills, human relations skills, and analytical skills to perform their tasks.

 

  1. Read the text and check up your answers in ex. III.

 

Management is the effective and efficient integration and coordination of resources to achieve desired objectives. Managers are those people who are responsible for ensuring that this happens. A manager integrates and combines human, capital, and technological resources in the best way possible to ensure that the company’s objectives are achieved.

It is common knowledge that managers have to perform several functions: planning, organizing, staffing, directing, and controlling.

The first function – planning – is connected with decisions about what to produce, how to finance your business, where to market the goods or services, and what resources to use.

Organizing – the second function – is concerned with establishing relationships among tasks, activities, and people in the company. It is also related to structuring your business.

Staffing is the third essential function. Every manager should think about how to hire the best employees and how to get rid of those who can’t work efficiently.

As for directing, this function is about guiding and motivating employees to accomplish the company’s objectives. Here it’s critical to remember about being a leader, because if you are not one, it will be very difficult for you to direct your staff correctly.

And lastly comes controlling which means monitoring and evaluating the company’s performance. This function is important because it gives you an opportunity to make adjustments if something goes wrong. At the same time controlling is closely connected with planning as long as it shows if the manager has achieved the objectives or not.

To my mind, one important thing that deserves mentioning is the management pyramid. In short, it’s a structure of authority relationships among the managers. The pyramid may consist of many layers but the most common ones are top management, middle management, and supervisory management (or lower-level management).

As far as top managers go, they are mainly responsible for setting the direction and strategy of their business. They are the chief executive officer (CEO), the chief financial officer, the marketing director, the human resources manager, the production manager, and others.

Then go the middle managers who are responsible for implementing the strategies and plans developed by top management. They might be regional managers, sales managers, plant and department managers, and so on. Their tasks are hiring employees, designing jobs, purchasing materials, choosing equipment, etc.

As for supervisory management (or lower-level managers), they mainly supervise and coordinate work of non-management employees (office clerks and workers). One interesting fact is that many university graduates usually start their careers at this particular level.

There are three basic skills that managers should have to perform their tasks. They are technical job skills, human relations skills, and analytical skills. Let me tell you about each of them in turn.

First, technical skills; they are connected with the manager’s ability to understand and use the specific tools, knowledge, and techniques in their work. Second, human relations skills, which are about socializing with your subordinates, motivating and directing them in order to improve performance. And third, analytical skills, that relate to understanding the whole organization, analysing and evaluating information, and making appropriate plans and decisions.

 

 

  1. Answer these questions using the active vocabulary of the text.

 

  1. What is management?
  2. What are managers?
  3. What are the functions of management?
  4. Controlling is connected with decisions about what to produce, how to finance your business, where to market the goods or services, and what resources to use, isn’t it?
  5. Who should think about how to hire the best employees and how to get rid of those who can’t work efficiently?
  6. What function means monitoring and evaluating the company’s performance?
  7. What layers of management do you know?
  8. What skills should managers have to perform their tasks?

 

VI. Match the halves of the phrases from the text.

 

1.desired

a)relationships

2.responsible for

b)the objectives.

3.market

c)management

4.establishing

d)the direction

5.structure

e)ensuring

6.accomplish

f)your subordinates

7.lower-level

g)the goods or services

8.setting

h)their tasks

9.socializing with

i)objectives

10.perform

j)your business.


 

VII. Find Russian equivalents to the phrases in ex. VI.

 

a)выполнять задачи

f)находить рынок сбыта товаров и услуг

b)установить отношения

g)ответственннй за обеспечение

c)общаться с подчиненными

h)достичь целей

d)устанавливать направление

i)руководители низкого ранга

e)искомые результаты

j)систематизировать свою деятельность


 

VIII. Make an outline of the text consisting of 5-8 sentences.

 

IX. Retell the text according to its outline.

 

VI. Factory Production

 

  1. Go through the following vocabulary notes to avoid difficulties in understanding and find these words in the text.

 

bring about

осуществлять; вызывать

disarmingly

обезоруживающий

owe

быть в долгу (перед кем-л.)

gain

добывать, выигрывать

sleek

гладкий

stretch

растягивать

appropriate

должный

technique

технические приемы

brazier

жаровня

bountiful

щедрый

glow

сверкать

competent

осведомлённый

convince

убеждать

viable

жизнеспособный

incredible

маловероятный

mahogany

красное дерево

interpret

объяснять

upsurge

подъём


 

  1. Match the words in the left column with the definitions in the right column.

 

    1. production
    2. contribution
    3. standard of living
    4. division of labor
    5. production line
    6. run
    7. mass production
    8. batch production
    9. job production

a) producing of smth. individually;

b) something given, such as money or ideas;

c) a continuous flow of producing smth.;

d) a level of subsistence or material welfare of a community, class, or person;

e) the creation or manufacture for sale of goods and services with exchange value;

f) distribution of work among workers;

g) the amount of work performed in a period of time;

h) producing of smth. in large quantities.

i) creating a significant number of similar items


 

  1. Read the text Part 1 and explain the highlighted words.

 

Part 1

Over two hundred years ago, Adam Smith introduced some ideas which were to bring about a world revolution. If we enjoy a high standard of living in modern society, we owe much to this Scottish economist and philosopher. If we enjoy driving in sleek motor cars, wearing fashionable shoes, or flying away to distant places for exciting holidays, we should perhaps give an occasional vote of thanks to the man who made it all possible.

What then was Adam Smith's contribution? Like so many ideas which have earth-shattering effects, his was a disarmingly simple notion. He watched workers practicing their craft of pin making. One man would heat the strip of metal, stretch it out, cut off an appropriate length, shape it, cool it and finally smooth and shine it. Smith drew attention to the advantages which could be gained if these various tasks were performed by different workers. Let one be responsible for keeping the brazier glowing and preparing the metal. Another for stretching and cutting. Another for shaping. Another for finishing. He described this technique as the Division of Labor, whereby workers perform short work-cycles, repeating the same actions again and again and again. Smith convinced the world that specialization could solve the problems of poverty and want.

What was the result? The Industrial Revolution, specialization became the order of the day. Productivity was increased to an incredible degree. For Britain, where the revolution started, there was an upsurge in prosperity which made them the richest country in the nineteenth century world. British trains and railway lines spread out like a spider's web across the world, opening up the great continents of America, Asia, Africa and Australasia. British ships built of iron and steel were used to carry the new bountiful cargoes (including human beings) from every corner of the world, to every corner of the world.

The revolution is not over. It is still with us, but now it is a worldwide phenomenon. Everywhere, factories producing large numbers of more or less identical units are in continuous production. What were called mass-production lines yesterday are called robotic production lines today. If anything, the pace of change is increasing. And if these techniques have brought us prosperity, they have also brought us a trail of misery in overcrowded towns, boring jobs and, worst of all, unemployment.

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