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Vocabulary Focus
Ex. 1. Revise all the texts from unit Profession of an Economist and complete the spidergram. You may use the same technique to revise the vocabulary of Economic Systems.
Business
Economist
Government Financial
entrepreneurauditorlecturerScience and academic

Science – writer, researcher; government - analyst, distributor, member of government’s economic division; business – insurance agent, investor, consulter and lots of other professions;
Ex. 2. Check the knowledge of your vocabulary on Module 1 by giving the English equivalents for the following word combinations:
приобрести профессию экономиста (to qualify as an economist); заниматься коммерцией (to engage in business); чисто теоретическое доказательство (academic argument); доход от налогов/налоговые поступления (tax revenue); частный предприниматель (a private entrepreneur); обнаруживать способность (to show a flair);
независимый предприниматель (independent enterpreneur); управлять работой (to manage work); предоставить дополнительные льготы (to provide with additional facilities); ограниченные ресурсы (limited resources); удовлетворить неограниченные потребности (to satisfy unlimited wants); быть связанным с производством (to be associated with production); производство, распределение и потребление товаров (production, distribution and consumption of goods); торгово-промышленная деятельность (commercial and industrial activity); альтернативные издержки (opportunity cost);
с)экономическая модель (economic model); экономика переходного периода (transition economy); средства производства (means of production); индивидуальное домохозяйство (individual household); экономическая система (economic system); подход, ориентированный на рынок (market-oriented approach).
Ex. 3. Imply the acquired vocabulary while translating the sentences into English. Mind there might be more than one option.
Экономическое образование – это подготовка специалистов по планированию, учету и финансам. (Economic education includes training people, who specialize in scheduling, accounting and finances.)
Цель изучения теории – это ее практическое применение в реальных жизненных ситуациях. (The goal of learning theoretical postulates is their practical use in real life situations.)
Многие страны ставят целью развитие и рост экономики страны, но лишь немногие достигают этой цели. (A lot of countries have a goal of economic development and growth, but only a few reach this goal.)
Экономика изучает факты повседневной жизни. (Economics studies the facts of our everyday life.)
Народное хозяйство Великобритании основано на частной собственности. (National economy of Great Britain is based on private property.)
Quiz
A. Questions 1–14 are incomplete sentences. Beneath each sentence you will see four words or phrases, marked a), b), c), and d). Choose the one word or phrase that best completes the sentence.
One of the most difficult decisions is choosing what to do for a … .a) salary;
b) living; c) employee;
d) work.
She has always wanted to follow a definite …
company;
training; business;
career.
She likes the company because it trains its … .employers;
crew; staff;
persons.
Working for IBM as a manager he gained useful … .experiences;
experienced; experience;
experiencing.
She is so … on getting to the top of her profession and she never lets anything get in her way.
willing;
desperate; eager;
intent.
He proved to be distinctly … to working in a position of responsibility.
incompatible;
inapt; unfit;
unsuited.
They started the business in … of making a lot of money quickly, but things didn’t work out that day.
expectation;
belief; certainty;
likelihood.
I’d like to start my own business, but I’m not sure how to … about it.
come;
bring; go;
see.
He has been with the company for 30 years, but the management has now decided to … with his services.
discard;
dispense; disuse;
dismiss.
Eventually he … up the courage to ask for a pay rise.
plucked;
grabbed; grasped;
snatched.
11.She took the course with … to improving her employment prospects.
regard;
view; consideration;
relation.
Despite having a low income, she manages to … .get by;
keep up; live on;
stand for.
She was on her … throughout the interview because she didn’t want to say anything stupid.
defence;
lookout; caution;
guard.
What was is that … you to change career so suddenly?
moved; resulted; с) originated; d) drew.
B. Choose the correct option.
Among the various definitions of economics, which of the following is most widely used?
The study of exchange (with or without money) between people.
The study of how production and consumption activities are organized.
The study of wealth.
The study of how people choose to use scarce or limited productive resources to produce various commodities and distribute them to various members of society for consumption.
Which of the following is not a distinguishing feature capitalism?
Freedom of enterprise.
Government control of industry.
Freedom of consumer choice.
Competition.
The circular flow model of capitalism illustrates…
how the prices of resources, goods, and services are I determined.
how competition achieves economic efficiency under capitalism.
how resources are allocated.
how households and firms interact through markets.
Targeting Grammar
Ex. 1. Identify the countable and uncountable nouns in the list below. Give their singular/plural forms if possible.
Economy – economies (countable and uncountable), economics (uncountable), money (uncountable), profit – profits (countable and uncountable), loss – losses (countable and uncountable), stimulus – stimuli (countable and uncountable), debt – debts (countable and uncountable), machinery (uncountable), machine – machines (countable and uncountable), production (uncountable), product – products (countable and uncountable), spokesman – spokesmen (countable), statistics (countable and uncountable), inflation (uncountable), benefit – benefits (countable and uncountable), wages – wage (countable), salary – salaries (countable), cost – costs (countable and uncountable), goods (uncountable), business – businesses (countable and uncountable), inventory – inventories (countable and uncountable), fortune – fortunes (countable and uncountable), staff (countable and uncountable), headquarters (countable).
Ex. 2. Add articles, if necessary, in the following business quotes. Find some other business quotes and prepare an exercise on articles for other students to do it in the class.
International business may conduct its operations with scraps of paper, but(1) the ink it uses is human blood. (Eric Ambler, 1909, British novelist.)
It is (8) the interest of commercial (9) - world that wealth should be found everywhere. (Edmund Burke, 1729 – 1797, Irish philosopher and statesman).
(10) A Client is to me (11) a mere unit, (12) a factor in (13) a problem. (Sir Arthur Conan Doyle).
It is very vulgar to talk about one’s business. Only (14) - people like stockbrokers do that, and then merely at dinner parties. (Oscar Wilde, 1854 – 1900, Anglo – Irish playwright and author).
What’s good for (15) the country is good for General Motors, and vice versa. (Charles Wilson, 1890 – 1961, US industrialist, Secretary of Defence).
Other business quotes (мои цитаты):
Business is ... (a) combination of war and sport. (Andre Maurois)
... (An) economist’s guess is liable to be as good as anybody else’s. (Will Rogers)
Corporation: ... (an) ingenious device for obtaining profit without ... (-) individual responsibility. (Ambrose Bierce)
Every day I get up and look through ... (the) Forbes list of the richest people in America. If I’m not there, I go to ... (-) work. (Robert Orben)
I want to put a ding in ... (the) universe. (Steve Jobs)
Ex. 3. Test your skills in translating the sentences. Pay attention to nouns with articles.
Это исследование проводилось несколько лет назад. (This research was conducted a few years ago.)
Как объясняется спад в производстве на данный момент? (How the recession in production is being explained at the moment?)
За успехом фирмы наблюдали по всей стране. (The company’s success was being watched all over the country.)
Имея дело со статистическими данными, необходимо учитывать все возможные факторы. (When you are dealing with statistics, you need to consider all possible factors.)
Необходимо, чтобы бизнес-образование стало частью университетского учебного плана. (It is essential that business education should become part of university curriculum.)
Quiz
In questions 1–10 each sentence has four underlined words or phrases. Identify the one underlined word or phrase marked A),B),C) or D) that must be changed and correct the mistake.
The first major book (A)on economics “An Inquiry (B)into the Nature and Causes of the Wealth of Nations” (C)was published with great (D) (success) in 1776.
According to (A)(the) great American economist Paul, (B)every economic society (C)has to answer three (D)fundamental questions: What, How, and For whom.
We (A)could define economics (B)as (a) human science which studies the (C)relationships among scarce resources and the various uses (D)who compete for these resources.
(A)A business becomes profitable when (B)it makes more money (C)than the sum (D)of (its) expenses.
The government (A)is making (B)every effort (C)to avert (D)an economic (crisis).
(A)The focus of (B)economics (C)is (D)the production and (distribution) of goods and services.
J.P. Morgan (A)had (B)a reputation (C)(for) being a prudent (D)businessman.
An American college (A)typically offers (B)a blend of (C)(natural) and social sciences and (D)humanistic studies.
The work performed (A)by these officers (B)(is) not (C)worth our paying (D)them any longer.
(A)The (number) of women earning (B)Master’s Degrees (C)has risen sharply in (D)recent years.
Text A
Ex. 1. Scan the text and choose the best answer to the questions 1–5.
1.Iacocca graduated from Lehigh University with a degree in …
a) business administration; c) management;
b) industrial engineering; d) economics.
2.According to the passage Iacocca began a career at Ford Motor Company …
a) in a company's sales force; c) as an engineer;
b) in product development; d) at design department of Ford automobiles.
3.The passage suggests that a successful manager should be…
a) competent; c) persuasive;
b) highly educated; d) all of the above.
4.Which of the following jobs Lee Iacocca did not perform…
a)was involved in the Ford
Mustang design; c)rebuilt the entire Chrysler company;
b)asked for a loan guarantee
from the Congress; d)participated in the elections.
5.In order to remember the correct spelling of his name, Iacocca, Chrysler Corporation employees devised the mnemonic…
a)I am crying over covered
copper aid; c)I Am Chairman Of Chrysler Corporation Always;
b) iron amber copper of crystal automobile; d)I am Chairman of Coca-Cola Association.
Text B
Ex. 1. After reading the text, choose the best answer to each question. Answer all questions on the basis of what is stated or implied in that text. You may refer back to the text.
1.What is the main idea of the text?
a)As the only woman canner in the business, Tillie attracted much attention.
b)Tillie named their company Flotill Products, Incorporated, using his first name and her nickname.
c)Tillie Lewis was a self-made woman. She introduced the Italian tomato industry to the United States.
d)People may become highly successful in their work if they have their own ideas, work to make these ideas a reality and learn by doing.
2.Tillie Lewis was a self-made woman.
She made her clothes herself.
She was successful through her own actions.
She introduced the Italian tomato industry to the United States
She lived in a flat alone.
3.Pomodori is a special kind of …
fruit. tomato.
train. vine.
4.Tillie was a successful business woman in …
a)selling products on a grocery store;
b)growing, preserving and selling pomodori;
c)railway business;
d)selling stocks and bonds on commission.
5.In her youth Tillie lived with …
her parents;
her father, who ran a drug store;
her father, who ran a music store;
alone.
6.Tillie decided that … might grow in California.
grapes;
pomodori; vine;
rice.
7.At night Tillie went to …
clubs;
her divorced husband;
business school;
a driving course.
8.The farmers had been so doubtful the pomodori would grow that they had not been willing to …
use all their land for the new crop;
plant them;
take care of them;
buy the seeds.
9.Why was 1932 a successful year for her?
She got $12,000.00 for selling stocks and bonds on commission.
She was selling her own stocks and bonds.
She commissioned $12,000.00.
She started her own business with pomodori.
10.What idea came to her mind when one day a steam boiler stopped working?
She got them fixed.
She borrowed a new steam boiler from the railway company.
She bought a new one.
Borrowed two locomotives from the railway company instead.
Ex. 2. Find in the text the paragraphs which contain the answers to the following. Put down the number of the paragraph next to the question.
How did the idea of growing Italian tomatoes pop into her head? (2)
What role did Florindo del Gaizo play in her life? (5)
How did Tillie come up with the name of her company Flotill Products, Inc.? (7)
When did she begin to establish consumer recognition of her brand name? (10)
What led Tillie to produce the first artificially sweetened canned food? (10)
Summary
Text A
Iacocca was born in Allentown to Nicola and Antoinette Iacocca.
Iacocca graduated from Lehigh University with a degree in industrial engineering. He then began a career at Ford Motor Company as an engineer and later as a sales force. Iacocca was involved with the design of the Ford Mustang. Eventually, he became the president of the Ford Motor Company, but in 1978, was forced to leave the company.
Iacocca then joined Chrysler and began rebuilding the entire company. In a desperate position Iacocca approached the United States Congress and asked for a loan guarantee. After receiving it, Chrysler released a small, inexpensive car, and it sold rapidly. In addition, Chrysler released the minivan. The company turned around quickly and was actually able to repay the government-backed loans.
Iacocca also was responsible for Chrysler's acquisition the profitable Jeep division. He continues to serve on the board of the foundation.

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