English-russian dictionary of business terms 6 страница
I. Suggest the Russian equivalents
withdrawals, which are not passed on as speiiding with UK firms; a number of factors are thought to determine the level of savings; job security; another factor is social change; generations placed great store by saving; will remove those funds from the domestic circular flow and will cause a decrease; direct (indirect, corporation, income) taxes; the tax revenue; taxation of this kind reduces the incentive to work and so dampens the spirit of enterprise; the tax burden
II. Replace the parts in italics by synonyms
with the likely result that...; decisions are taken in response to economic uncertainty; alternatively; consume durable goods; UK inhabitants; if the authorities fail to spend this tax revenue; will cause a decrease on the level of economic activity; earnings from exports have been insufficient, if imports increase due to the growth of industry; substantially, because of the belief that.
III. Fill in the gaps with the words and expressions from the text
1. Interest rates influence the saver's decision since they represent on his savings.
2. Previous generations saving in order to carry out major purchases.
3. Expenditures on goods and services imported from abroad those
funds from__________ and will cause in the level of economic activity.
4. If imports of raw materials increase due to the growth of , then this indicates .
5. Funds are withdrawn from the__________ by the government, which two types of tax.
6. Indirect taxes include VAT and .
7. Direct taxes reduce__________ to work and so dampen in the economy.
8. The government has transferred from direct to indirect taxes.
IV. Find in the text English equivalents for the following
доходы от сбережений; очевидно, что...; подталкивать, побуждать; в конце концов; это означает рост экономики; на том основании, что; налог на добавленную стоимость; акцизный сбор; восполнять
V. Find English explanations
the return on one's savings; taxes (direct, indirect, income, corporation, on wealth, VAT); excise duties; the tax revenue
VI. Answer the questions
1. What are withdrawals? Name their forms.
2. When do people decide to save?
3. What is the reason for purchasing imports?
4. Why can buying imports be hanriful?
5. What are direct and indirect taxes?
6. Why did the Conservative government reduce direct taxes in the 1980s and increase indirect ones?
7. Make conclusions from the Circular Flow Model.
VII. Translate into English using all the active possible
1. В ответ на увеличение правительством налогов предприниматели приняли решение поднять цены на потребительские товары. Подобное налогообложение явно не способствует развитию торговли.
2. Считается, что на решение покупать или не покупать импортные товары влияет целый ряд факторов: цены, качество и т. д.
3. Выпуская хорошие товары, предприниматели побуждают население покупать их, а не откладывать деньги, что может привести к падению уровня экономической активности.
4. Многие люди, пытавшиеся получить большой процент со своих денег, положенных на депозит в разные сомнительные банки, оказались обманутыми.
5. В некоторых странах акцизный сбор с продажи алкогольных напитков является очень доходной статьей.
6. В России налог на добавленную стоимость был введен в январе 1992 года.
7. Изъятия - это часть национального дохода, которая не используется населением для покупки потребительских благ, произведенных в стране. Изъятия состоят, таким образом, из сбережений, чистых налогов и затрат на покупку импортных товаров. Изъятия равны инъекциям.
Unit 15.
INFLATION (ИНФЛЯЦИЯ)
Inflation is generally defined as a persistent rise in the general price level with no corresponding rise in output, which leads to a corresponding fall in the purchasing power of money.
In this section we shall look briefly at the problems that inflation causes for business and consider whether there are any potential benefits for an enterprise from an inflationary period.
Inflation varies considerably in its extent and severity. Heme, the consequences for the business community differ according to circumstances. Mild inflation of a few per cent each year may pose few difficulties for business. However, hyperinflation, which entails enormously high rates of inflation, can create almost insurmountable problems for the government, business, consumers and workers. In post-war Hungary, the cost of living was published each day and workers were paid daily so as to avoid the value of their earnings falling. Businesses would have experienced great difficulty in costing and pricing their production while the incentive for people to save would have been removed.
Economists argue at length about the causes of, and "cures" for, inflation. They would, however, recognize that two general types of inflation exist:
* Demand-pull inflation
* Cost-push inflation
Demand-pull Inflation. Инфляция спроса
Demand-pull inflation occurs when demand for a nation's goods and services outstrips that nation's ability to supply these goods and services. This causes prices to rise generally as a means of limiting demand to the available supply.
An alternative way that we can look at this type of inflation is to say that it occurs when injections exceed withdrawals and the economy is already stretched (i.e.little available labour or factory space) and there is little scope to increase further its level of activity.
Cost-push Inflation. Инфляция издержек
Alternatively, inflation can be of the cost-push variety. This takes place when firms face increasing costs. This could be caused by an increase in wages owing to trade union militancy, the rising costs of imported raw materials and components or companies pushing up prices in order to improve their profit margins.
VOCABULARY NOTES
a persistent rise неуклонный, постоянный подъем
with no corresponding rise in output не сопроюждаюшийся подъемом производства
briefly коротко, кратко
potential benefits потенциальные выгоды
varies considerably in its extent and severity бывает разной по длительности и остроте
hence следовательно
mild inflation мягкая, низкая инфляция
may pose few difficulties особых проблем не представляет
entails enormously high rates of inflation означает (ведет к) громадный рост инфляции
insurmountable неисчислимые, колоссальные
at length и сейчас
to pull тянуть
demand-pull inflation инфляция, вызванная превышением спроса над предложением, инфляция спроса
to push толкать
cost-push inflation инфляция, вызванная ростом издержек производства, инфляция издержек
to occur происходить
to outstrip обгонять, опережать, превосходить
to stretch натягивать, напрягать
little available labour мало рабочей силы
there is little scope мало возможностей
owing to trade union militancy благодаря воинственности профсоюзов
in order to improve their profit margins чтобы увеличить прибыль (размеры прибыли)
Assignments
I. Suggest the Russian equivalents
inflation varies considerably in its extent and severity; mild inflation of a few%; rate of inflation; insurmountable problems: demand-pull (cost-push) inflation; the economy is already stretched
II. Replace the parts in italics by synonyms
a persistent rise; hence; may pose few difficulties; which entails enormously high rates;at length; inflation occurs when; little scope to increase its level of activity; firms face increasing costs; owing to trade union mihtancy
III. Fill in the gaps with the words and expressions from the text
1. Inflation varies considerably in its and .
2. Mild inflation may few difficulties for business.
3. Businesses would have experienced great difficulty in and their
production while for people to save would have been removed.
4. Demand-pull inflation occurs when for a nation's goods and services
____________ that nation's ability to these goods and services.
5. An alternative way that we can look at this type of inflation is to say that it occurs when injections___ withdrawals.
6. An increase in costs for firms, for example, can be caused by an increase in wages trade union mihtancy.
IV. Find in the text English equivalents for the following
повышение (падение) спроса (покупательной способности) и т. д.; гиперинфляция; запросы опережают возможности экономики предложить товары и услуги; воинственность профсоюзов; уровень прибыли
V. Translate into English using all the active possible
Следует отличать инфляцию спроса от инфляции, обусловленной ростом издержек. Суть инфляции спроса иногда объясняют одной фразой: "Слишком много денег охотятся за слишком малым количеством товаров". Теория инфляции, обусловленной ростом издержек, объясняет рост цен такими факторами, которые приводят к увеличению издержек на единицу продукции.
Unit 16.
THE IMPACT OF INFLATION ON BUSINESS
(ВЛИЯНИЕ ИНФЛЯЦИИ НА БИЗНЕС)
Inflation can adversely affect business in a number of ways:
1. Accounting and financial problems. Трудности бухгалтерского учета и финансирования
Significant rates of inflation can cause accounting and financial problems for businesses. They may experience difficulty in valuing assets and stocks, for example. Such problems can waste valuable management time and make forecasting, comparisons and financial control more onerous.
2. Falling sales. Снижение объема продаж
Many businesses may experience falling sales during inflationary periods for two broad reasons. Firstly, it may be that saving rises in a time of inflation. We would expect people to spend more of their money when prices are rising to avoid holding an asset (cash), which is falling in value. However, during the mid-1970s, when industrialized nations were experiencing high inflation rates, savings as a proportion of income rose! It is not easy to identify the reason for this, but some economists suggest that people like to hold a relatively high proportion of their assets in a form which can be quickly converted into cash when the future is uncertain. Whatever the reason, if people save more they spend less and businesses suffer falling sales. The economic model predicts that if savings rose the level of activity in the economy would fall. Clearly, if this happened we would expect businesses to experience difficulty in nraintaining their levels of sales.
Businesses may be hit by a reduction in sales during a time of inflation for a second reason. As inflation progresses, it is likely that workers' money wages (that is, wages unadjusted for inflation) will be increased broadly in line with inflation. This may well take a worker into a higher tax bracket and result in a higher percentage of his or her wages being taken as tax. This process, known as fiscal drag, will cause workers to have less money available to spend on firms' goods and services. The poverty trap has a similar impact. As money wages rise, the poor may find that they no longer qualify for state benefits to supplement their incomes and at the same time they begin to pay income tax on their earnings. Again, this leaves less disposable income to spend on the output of firms. Finally, it may be that the wages of many groups are not index-linked and so they rise less quickly than the rate of inflation, causing a reduction in spending power and demand for goods and services.
Once again, the economic model can be used to predict that increases in the level of taxation will increase withdrawals, lowering the level of economic activity and depressing firms' sales.
Not all businesses will suffer equally from declining demand in an inflationary period. Those selling essential items, such as food, may be little affected whilst others supplying less essential goods and services, such as foreign holidays, may be hard hit.
3. High interest rates. Высокие процентные ставки
Inflation is often accompanied by high interest rates. High interest rates tend to discourage investment by businesses as they increase the cost of borrowing funds. Thus, investment may fall. Businesses may also be dissuaded from undertaking investment programmes because of a lack of confidence in the future stability and prosperity of the economy. This fall in investment may be worsened by foreign investment being reduced as they also lose some confidence in the economy's future.
Such a decline in the level of investment can lead to businesses having to retain obsolete, inefficient and expensive means of production and cause a loss of international competitiveness. Finally, a fall in investment can lower the level of economic activity, causing lower sales, output and so on. Thus, to some extent, businesses can influence the economic environment in which they operate.
4. Higher costs. Рост издержек производства
During a bout of inflation firms will face higher costs for the resources they need to carry on then business. They will have to pay higher wages to their employees to compensate them for rising prices. Supplies of raw materials and fuel will become more expensive as will rents and rates. The inevitable reaction to this is that the firm has to raise its own prices. This will lead to further demands for higher wages as is called the wage-price spiral. Such cost-push inflation may make the goods and services produced by that enterprise internationally less competitive in terms of price. An economy whose relative or comparative rate of inflation is high may find that it is unable to compete in home or foreign markets because its products are expensive. The economic model tells us that a situation of declining exports and increasing imports will lower the level of activity in the economy with all the consequent side-effects.
VOCABULARY NOTES
impact удар, влияние, воздействие
waste valuable management time может уходить много драгоценного времени
make more onerous сделать более затруднительным
to avoid holding an asset чтобы избавиться от наличности
whatever the reason какова бы ни была причина
businesses may be hit by фирмы (предприятия) могут пострадать от
wages unadjusted for inflation заработная плата без учета уровня инфляции
a higher tax bracket следующая группа, категория (напр., при группировке налогоплательщиков по доходу)
fiscal drag финансовый тормоз экономического роста с помощью налоговых изъятий
they no longer qualify for они больше не подпадают под...
to supplement their incomes что является дополнением к их доходу
this leaves less disposable income из-за этого остается меньше средств
index-linked индексированный
a reduction in spending (syn. buying, purchasing) power снижение покупательной способности
declining demand падение спроса
tend to discourage investment не способствуют инвестированию
may also be dissuaded from могут также отказаться от...
a lack of confidence недостаток (отсутствие) уверенности
this fall in investment may be worsened by foreign investment being reduced это падение уровня инвестирования может стать еще сильнее, если сократятся иностранные инвестиции
can lead to businesses having to retain может привести к тому, что фирмам (предприятиям) придется сохранить
a bout (syn. period, spell) of inflation период инфляции
less competitive in terms of price менее конкурентоспособный в смысле цены
Assignments
I. Suggest the Russian equivalents
difficulty in valuing assets and stocks; to avoid holding an asset; wages unadjusted for inflation; increased in line with inflation; this may well take a worker into a higher tax bracket; fiscal drag; poverty trap; wages are not index-linked; spending power; the cost of borrowing funds; the wage-price spiral; in terms of price
II. Replace the parts in italics by synonyms
broad reasons; to identify the reason for this; businesses may be hit by a reduction in sales; wages unadjusted for inflation; in line with; to supplement incomes; will increase withdrawals depressing firms' sales; may be dissuaded from undertaking...
III. Fill in the gaps with the words and expressions from the text
1. Accounting and financial problems can waste_ and make _,
and_ more_ .
2. Businesses may be by a reduction in sales.
3. The process, known as , will cause workers to have less money available.
4. If the wages are not , they rise less quickly than the rate of inflation.
5. Those selling , such as food, may be little affected in an inflationary period.
6. High interest rates tend to by businesses.
7. The fall in investment may be by foreign investment being reduced.
8. Firms will have to pay higher wages to their employees to rising prices.
IV. Find in the text English equivalents for the following
делать что-либо затруднительным; периоды инфляции; назвать причину чего-либо; превратить в наличные; распространяться на кого-либо (о государственных льготах); доход, остающийся после уплаты налогов; товары первой необходимости; компенсировать кому-либо что-либо
V. Translate into English using all the active possible
1. Концепция инфляции спроса предполагает, что если экономика стремится к высокому уровню производства и занятости, то умеренная инфляция необходима. Однако сторонники концепции инфляции издержек утверждают, что умеренная инфляция, которая может сначала сопутствовать оживлению экономики, потом, нарастая как снежный ком, превратится в более жестокую гиперинфляцию (чрезвычайно быстрые темпы роста инфляции, которая оказывает разрушительное действие на объем национального производства и занятость).
Unit 17.
CAN INFLATION BE BENEFICIAL
(МОЖЕТ ЛИ ИНФЛЯЦИЯ БЫТЬ БЛАГОТВОРНОЙ)?
We would be simpmying the impact of inflation on business if we suggested that all effects were unfavourable. There is a school of thought, which argues that a low and stable rate of increase in the price level can be beneficial. It believes that a steady rise in money profits produces favourable expectations and induces investment as firms seek to expand. This action expands the economy as a whole. Paradoxically, inflation can also reduce the costs of businesses in the short run. Many enterprises incur costs, which are fixed for some period of time - for example, the rent of a factory may be fixed at a particular figure for a few years. At a time when the selling price of the firm's product, and hence its sales income, is rising this cost will be falling in real tenns and thus stimulating the business.
There is a further argument that firms may be persuaded to borrow heavily in a period of inflation since the burden of repaying loans is reduced by inflation. If inflation is mnning annually at 10 per cent, for example, then the real value of the repayments of the loan will fall by approximately that amount each year. This may serve to encourage investment which, since it is an injection into the circular flow, will promote the level of activity. However, in these circumstances interest rates are likely to be high.
Government will accept that low rates of inflation are likely to exist in many economies. Inflation rates of 5 per cent or below are not considered to be too great a problem, especially if competitor nations are suffering similar rates.
In spite of the above, the conclusion must be drawn that inflation is, in general, harmful to business and its environment. Indeed, many economists would contend that inflation is the fundamental evil as its presence leads to lack of competitiveness and therefore relatively high unemployment and low rates of growth. This viewpoint has gained in credence in government circles over the last few years. It is for this reason that its control lias been a major objective of government economic policy throughout the 1980s and early 1990s.
VOCABULARY NOTES
beneficial выгодный, приносящий доход
unfavourable (ant. favourable) неблагоприятный
there is a school of thought, which argues that существует мнение, что
and induces investment as firms seek to expand и способствует росту капиталовложений, так как фирмы (предприятия) расширяются
in the short run очень быстро
incur costs, which are fixed for some period of time несут расходы, которые в течение какого-то периода являются неизменными
a further argument еще один аргумент
to borrow heavily - брать взаймы большие суммы repaying loans - выплата займов to contend - настаивать, утверждать
this viewpoint has gained in credence эта точка зрения получила большое распространение
a major objective главная цель
Assignments
I. Suggest the Russian equivalents
a steady rise in money profits produces favourable expectations; this cost will be falling in real terms; this viewpoint has gained in credence in government circles.
II. Replace the parts in italics by synonyms
a steady rise in money profits induces investment as firms seek to expand; rates are not considered to be ...; the conclusion must be drawn
III. Fill in the gaps with the words and expressions from the text
1. A steady rise in money profits produces and induces as firms seek to expand.
2. There is a __ argument that firms may be to borrow heavily in a period of inflation.
3. Many economists would_____________ that inflation is the fundamental .
4. This viewpoint has in government circles over the last few years.
IV. Find in the text English equivalents for the following
стимулировать капиталовложения; устанавливать цену; брать взаймы крупные суммы; настаивать, утверждать; страдать от подобного уровня
Assignments to the whole text
I. Increase your vocabulary
a) Find in the text all word-combinations with the verb "to experience" and translate them. Think of your own examples with these combinations. What other word-combinations with this verb do you know? Give examples.
b) Find in the text the words expressing the English for:
"понижать(ся)" and "повышать(ся)";
"привести" and "вызвать".
Write out the word-combinations with them and use these in your own sentences. Give synonyms to each word-combination you found in the text. What other words expressing the same meaning do you know?
II. Find English explanations or paraphrase
the economy is stretched; fiscal drag; state benefits; not index-linked wages; selling essential items; borrowing funds; a bout of inflation; wage-price spiral; a school of thought
III. Make a written translation of the paragraph beginning wiiH "Businesses may be hit by..." ("Falling sales").
IV. Draw the scheme to mentioned cases of the impact of inflation on businesses related in "Falling sales", "High interest rates" and "Higher costs". For example: saving rises-spending falls-sales fall.
V. Answer the questions
1. Give the definition of inflation. What can you add to it?
2. The extent and severity of inflation.
3. Types of inflation (short characteristics). Are there any others?
4. Demand-pull inflation. Name countries with this type of inflation.
5. Cost-push inflation. Name countries with this type of inflation.
6. The impact of inflation on business (in brief):
* accounting and financial problems;
* falling sales;
* high interest rates.
How can businesses influence the economic environment?
7. Do you believe in the advice to borrow heavily in a period of inflation? Give your reasons.
8. Can inflation be beneficial?
9. What other factors not mentioned in this unit can cause inflation?
10. What "cures" for inflation do you know and can suggest?
VI. Translate into English using all the active possible
1. В прошлом месяце уровень инфляции составил 1%, а в нынешнем он, возможно, по официальным данным составит 0%.
2. Данный взгляд на уровень инфляции не отражает официальной точки зрения.
3. В периоды острой инфляции льготы, которые обычно распространяются на определенные слои населения, значительно сокращаются.
4. Падение спроса на товары первой необходимости в связи с их ухудшившимся качеством привело к относительно мягкой инфляции в несколько процентов.
5. Низкий процент инфляции не считается слишком большой проблемой для государства и даже может способствовать увеличению капиталовложений.
Unit 18.
MONEY AND BANKING (ДЕНЬГИ И БАНКОВСКОЕ ДЕЛО)
Money and its Functions. Деньги, их функции
Although the crucial feature of money is its acceptance as the means of payment ormedium of exchange, money has other functions. It serves as a standard of value, a unit of account, a store of value and asa standard of deferred payment. We discuss each of the functions of money in turn.
The Medium of Exchange. Средство обращения
Money, the medium of exchange, is used in one-half of almost all exchange. Workers exchange labour services for money. People buy and sell goods in exchange for money. We accept money not to consume it directly but because it can subsequently be used to buy things we do wish to consume. Money is the medium through, which people exchange goods and services.
To see that society benefits from a medium of exchange, imagine a barter economy.
A barter economy has no medium of exchange. Goods are traded directly or swapped for other goods.
In a barter economy, the seller and the buyer each must want something the other has to offer. Each person is simultaneously a seller and a buyer. In order to see a film, you must hand over in exchange a good or service that the cinema manager wants. There has to be a double coincidence of wants. You have to find a cinema where the manager wants what you have to offer in exchange.
Trading is very expensive in a barter economy. People must spend a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Since time and effort are scarce resources, a barter economy is wasteful. The use of money - any commodity generally accepted in payment for goods, services, and debts - makes the trading process simpler and more efficient.
Other Functions of Money. Другие функции денег
Money can also serve as a standard of value. Society considers it convenient to use a monetary unit to determine relative costs of different goods and services. In this function money appears as the unit of account, is the unit in which prices are quoted and accounts are kept.
In Russia prices are quoted in roubles; in Britain, in pounds sterling; in the USA, in US dollars; in France, in French francs. It is usually convenient to use the units in which the medium of exchange is measured as the unit of account as well. However there are exceptions. During the rapid German inflation of 1922 - 1923 when prices in marks were changing very quickly, German shopkeepers found it more convenient to use dollars as the unit of account. Prices were quoted in dollars even though payment was made in marks, the German medium of exchange.
The situation in Russia nowadays reminds of that of in Germany.
Money is a store of value because it can be used to make purchases in the future.
To be accepted in exchange, money has to be a store of value. Nobody would accept money as payment for goods supplied today if the money was going to be worthless when they tried to buy goods with it tomorrow. But money is neither the only nor necessarily the best store of value. Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value. Since money pays no interest and its real purchasing power is eroded by inflation, there are almost certainly better ways to store value.
Finally, money serves as a standard of deferred payment or a unit of account over time. When you borrow, the amount to be repaid next year is measured in pounds sterling or in some other hard currency. Although convenient, this is not an essential function of money. UK citizens can get bank loans specifying in dollars the amount that must be repaid next year. Thus the key feature of money is its use as a medium of exchange. For this, it must act as a store of value as well. And it is usually, though not invariably, convenient to make money the unit of account and standard of deferred payment as well.
Different Kinds of Money. Различные виды денег
In prisoner-of-war camps, cigarettes served as money. In the 19th century money was mainly gold and silver coins. These are examples of commodity money, ordinary goods with industrial uses (gold) and consumption uses (cigarettes), which also serve as a medium of exchange. To use a commodity money, society must either cut back on other uses of that commodity or devote scarce resources to producing additional quantities of the commodity. But there are less expensive ways for society to produce money.