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2.A bachelor’s degree (four years of college) with a major in economics, finance and management is sufficient for many entry-level management positions. Most students studying at the university for the first time are undergraduate students. Bachelor’s degrees are generally qualifications for such entry-level jobs as research assistants, trainee positions for management, or sales positions in most areas and corporations, for example, consulting firms or government departments. Typical courses for a Bachelor’s Degree in Economics include:

§ Marketing; § Accounting;

§ International Business; § Statistics and others

3.As positions increase in the amount of responsibility required, the amount

of education required increases as well. Thus, master’s degrees are often needed for higher-level jobs in research or management. Students studying for a Master’s degree are called graduate students (Am. E.) or postgraduate students (Br. E.). The aim of the Master’s Degree program is to train specialists in the various sectors of economics, finance and management. Master’s degree programs typically take one-two years to complete, depending on the program. Most applicants for economist positions will have an advantage if they have a Master’s degree.

4.The Master of Business Administration Degree (M. B. A.) is a professional degree designed to prepare graduates for managerial roles in business and non-profit organizations. Graduates develop the necessary skills and prob- lem-solving techniques that permit them to make an early contribution to management and eventually to move into broad, general management responsibilities at the executive level.

5.However, many top positions require a PhD. It is designed to prepare graduates for careers in the public and private sectors as well as academic institutions. The aim of the Ph. D. program is to equip students with an in-depth knowledge of the core fields of economics as well as provide them with more specialized knowledge of their field of specialization. A doctoral degree typically requires 3-4 years of full-time study to complete after obtaining a master’s degree. A doctoral degree program includes a lengthy dissertation, which involves independent research within the field of study that is usually published upon completion.

1.What degree do undergraduate students study for?

2.What is a second, more specialized degree in economics?

3.What kind of degree is MBA?

4.What is the aim of MBA program?

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5.What is the PhD program designed for?

6.What does a doctoral dissertation involve?

II. Translate paragraphs 3 and 4 of the text into Russian/Belarusian.

III. Make the derivatives using the given suffixes. Translate the words into Russian/Belarusian.

-er: to lead, to produce, to buy, to sell, to manage -tion: to consume, to define, to instruct, to distribute -ful: care, fruit, power, success

-al: education, culture, practice, universe -less: job, help, use, hope

IV. Change the sentences using nouns and pronouns in the plural. Mind the form of the verb.

1.He is a businessman. 2. I received a business letter from the US.

3.The boss told his secretary to send a fax right away. 4. The economy of the country is developing fast. 5. She works as a secretary for our company. 6. A sales representative must be a creative person.

V.State the tense of the verbs in the following sentences.

1.Society makes two kinds of choices: macro and micro choices. 2. The government has set а limit on wage increases. 3. The volume of world trade fell over 4 per cent in 2011, but it rose again in 2012. 4. At present this factory is manufacturing TV sets and microwave ovens. 5. Most applicants for economic positions will have an advantage if they have a Master’s degree. 6. When we came the experts were analyzing the information they had collected.

VI. Put the verbs in brackets into the correct form.

1.Economists predicted that the rate of inflation (to increase) the next year.

2.The early economists believed that the price of commodity (to depend) on the labour which was needed to produce it. 3. The ОРЕС group showed how quickly the balance of economic power (to change) for the last quarter. 4. It is known that Henry Ford (to launch) mass production about a hundred years ago.

5.When we entered the office the managers (to discuss) the ways of company development. 6. World trade (to grow) very rapidly. 7. The man said that he (to set up) his own manufacturing company the previous year.

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VII. Choose the correct pronoun.

1. Graphs help economists understand and explain (some, аnу) abstract ideas. 2. There is (no, аnу) simple answer to most economic questions. 3. (Nothing, anything) that alters prices has an influence оn our lives. 4. After the Second World War the amount of currency that (anybody, any) person could purchase in the UK was limited. 5. (Some, no) country can join the World Trade Organization without the consent of all its member states. 6. (Everybody, each) stood up when the President came into the room. 7. The economists enjoyed (them, themselves) at the conference, which was very informative.

VIII. Put the words in brackets into the correct form.

1. Our production methods have become much (modern). 2. We need to use a (direct) approach than we have been employing. 3. He is (helpful) of all assistants. 4. They had (little) time than they needed to cope with the task. 5. They all work well but the Chief Accountant works (well) of all. 6. This is the (big) company in the market. 7. Unfortunately, the employees of this company are not as (prudent) as they used to be.

TEST II

I. Read the text and answer the questions that follow.

David Ricardo and the Theory of Comparative Advantage

1.David Ricardo, the greatest of the classical economists, was born in 1772. His father, а Jewish immigrant, was а member of the London stock exchange. Ricardo entered his father’s business at the age of 14. In 1793, he married, went into business of his own and quickly made а large fortune.

2.In 1799, Ricardo read Adam Smith’s “The Wealth of Nations” and developed an interest in political economy (as economics was then called). In 1809, his first writings on economics appeared. These were а series of newspaper articles on “The High Price of Billion”. In 1814 he retired from business to devote all his time to political economy.

3.Ricardo’s major work was “Principles of Political Economy and Taxation”. This work contains, among other things, а pioneering statement of the principle of comparative advantage as applied to international trade.

4.Ricardo showed why it was beneficial for both countries, for England to export wool to Portugal and import wine in return, even though both products could be produced with less labour in Portugal.

5.The book covers the whole field of economics as it then existed. Ricardo claimed that the economy was growing toward а future “steady state”.

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6. Ricardo’s book was extremely influential. For more than half а century thereafter, much of economics was an expansion of or а commentary оn Ricardo’s work. Although Karl Marx eventually reached conclusions that differed radically from any of Ricardo’s views, his starting point was Ricardo's theory of value and method of analyzing economic growth.

1.What was David Ricardo?

2.What was Ricardo’s major book? What important statement does this work contain?

3.Ricardo’s book influenced the most famous economist Karl Marx, didn’t it?

4.Did Karl Marx share all Ricardo’s views?

II. Translate paragraphs 3, 4 and 5 of the text into Russian/Belarusian.

III. Make the derivatives using the given suffixes. Translate the words into Russian/Belarusian.

-ity: national, major, possible

-meпt: to develop, to establish, to agree, to move -ship: owner, member, dictator, partner

-able: profit, change, reason, value -ly: near, independent, heavy, general

IV. Change the sentences using nouns and pronouns in the plural. Mind the form of the verb.

1.The delivery will be delayed for approximately five days. 2. Don’t sign the contract. 3. He became the president of a big company. 4. The managing director is out. 5. The firm did not pay duty on time. 6. He works as a foreman at the factory.

V.State the tense of the verbs in the following sentences.

1.Transport system provides the public with important services. 2. The international economy has experienced а basic change lately. 3. After economic integration had grown, more and more nations became economically powerful. 4. The population of most developing nations is growing rapidly. 5. There will be a great rise in the demand for coffee.

VI. Put the verbs in brackets into the correct form.

1. Economists agreed that inflation (to cause) many economic problems bу the end of the previous year. 2. Some experts predicted that undertaken reforms (not to provide) a stable economic growth in the future. 3. The people in the in-

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dustrial countries knew that at that time they (to depend) heavily on imported oil. 4. Economics (to consist) of two main branches: macroeconomics and microeconomics. 5. Economists cannot say that the financial situation in the world (to change) for the better now. 6. The managers of our company (to analyze) the situation in the market for three hours already.

VII. Choose the correct pronoun.

1. All societies develop (no, some) rules for social behavior and economic activity. 2. There is (no, nothing) limit to people’s wants. 3. In economics “the long run” is the time period in which (nothing, anything) can be changed. 4. Price changes of (anything, any) kind create uncertainty in the minds of both, consumers and producers. 5. (Nobody, anybody) can overestimate the value of skilled labour. 6. (Every/Each) student majoring in economics must know what opportunity cost is. 7. The price of (that/those) cars is $6000. (Each/every) of them costs $6000. 8. Both/all Joe and Mick work at the office but none/neither of them enjoy it very much. 9. Could you give me another/the other five minutes to prepare for the meeting. 10. He is a sole proprietor and works by himself/his own.

VIII. Choose the right form of the adjective/adverb.

1. The economic situation is too bad/much worse than we expected. 2. The people in the whole world are frightened/frightening by the financial crisis. 3. Our aims have become much narrow/narrower as the market has become more segmented. 4. Economists monitor prices and compute total output accurate/accurately. 5. The prices are not as high/higher as they were last year. 6. He is the most/more experienced manager I have ever known. 7. It has become easier/easily for them to forecast economic situation.

UNIT II

MICROECONOMICS

Section I. WORD LIST

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Section II. READING MATERIAL

TEXT A. Supply and Demand

Task: read the text and do the tasks that follow.

Microeconomics is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. Microeconomics

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examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the supply and demand of goods and services.

The terms supply and demand refer to the behaviour of people as they interact with one another in markets. A market is defined as an institution or mechanism which brings together buyers – “demanders” and sellers – “suppliers”.

Demand is the amount of the good that buyers are willing and able to purchase. What factors determine the demand for any good? Theyare as following:

Price. The quantity demanded falls as the price rises and rises as the price falls, so the quantity is negatively related to the price. The relationship between price and quantity demanded is true for most goods in the economy and, in fact, is so pervasive that economists call it the law of demand: other things equal (ceteris paribus in Latin), when the price of a good rises, the quantity demanded of the good falls.

Income. A lower income means that you have less to spend in total so you would have to spend less on some goods. If the demand for a good falls when income falls, the good is called a normal good. If the demand for a good rises when income falls, the good is called an inferior good.

Prices of Related Goods. Suppose that the price of frozen yogurt falls. The law of demand says that you will buy more frozen yogurt. At the same time you will probably buy less ice-cream. Ice-cream and frozen yogurt are substitutes, that is pairs of goods that are used in place of each other.

When a fall in one price of one good raises the demand for another good, the two goods are called complements. Complements are often pairs of goods that are used together, such as gasoline and automobiles, computers and software.

Tastes. The most important determinant of your demand is your tastes. If you like ice-cream, you buy more of it.

We now turn to supply that is the amount that sellers are willing and able to sell. What determines the quantity an individual supplies? These are:

Price. Because the quantity supplied rises as the price rises and falls as the price falls, we say that the quantity supplied is positively related to the price of the good. This relationship between price and quantity supplied is called the law of supply: Other things equal, when the price of a good rises, the quantity supplied of the good also rises.

Input prices. The supply of a good is negatively related to the price of the inputs used to make the good.

Technology. By reducing firms’ costs, the advance in technology raises the supply of a good.

Expectations. The amount of goods you supply today may depend on your expectations of the future. For example, if you expect the price of goods to rise

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in the future, you will put some of your current production into storage and supply less to the market today.

Taxes and subsidies. By reducing taxes and increasing subsidies the government provides for the increase of the supply of goods and vice versa.

Ex. 1. Pronounce the international words correctly.

Ex. 2. Complete the table by inserting the missing forms.

Ex. 3. Match the Russian word combinationswith their Englishequivalents:

Ex. 4. Express in one word, use the words for reference below:

1) something that is sold for money; 2) the desire of customers for goods or services which they wish to buy or use; 3)pairs of goods that are used together; 4) pairs of goods that are used in place of each other; 5) to act or have an effect

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on each other; 6) the price to be paid or amount of money needed for sth; 7) that which is put in; 8) the amount of sth that a person or thing produces; 9) to give sb that is needed or useful/to provide sb with sth; 10) to establish a connection between, e. g. ideas, events or situations; to think or associate sth with sth else.

Words for reference: complements, demand, goods, substitutes, to interact (with sth), to relate, output, input, to supply, costs.

Ex. 5. Complete the sentences using the words given below.

1. The government increased prices on several basic____. 2. Computers and software, gasoline and automobiles are____ . 3. _____ for these services is outgoing supply. 4. The new model comes in an exciting _____ of colours. 5. We made a small charge for parking to cover the ____ of hiring the hall. 6. Supply, the quantity of a product that suppliers will provide, is the seller’s side of a

_____ transaction. 7. Manufacturing ____ has increased by 8% for the last two years. 8. They discussed the ____ of additional resources into the scheme.

________________________________________________________________________________________________

Words for reference: input, range, output, demand, goods/commodities, market, compliments, cost.

Ex. 6. Insert the prepositions if necessary.

1. There are some factors which determine demand … a good. 2. They bought the goods … a low price. 3. What is the price … a coffee maker you bought last week? 4. How much money do you usually spend … textbooks during a school year? 5. What affects … your demand … goods and services most of all? 6. They had to put their current production … storage because … the fall

…demand. 7. The company has increased supply … imports. 8. How do consumers respond … a rise of prices … goods and services? 9. The competing motivations of consumers and producers interact to arrive … a price and quantity

…a product that is determined … impersonal market forces. 10. The price of any good adjusts to bring the supply and demand …that good … balance.

Ex. 7. Complete the sentences.

1. Microeconomics considers the behaviour of …. . 2. A market is defined as an institution or mechanism which … . 3. Demand is the amount of the good that buyers … . 4. The law of demand says that … . 5. Ceteris paribus means …

. 6. The good is called an inferior good if … . 7. The good is called a normal good if … . 8. Substitutes are … . 9. Complements are … . 10. The factors which affect the amount of the good that buyers are willing and able to purchase are … . 11. The factors which affect the amount of the good that sellers are willing and able to sell are … . 12. The law of supply says … .

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