Task 1. Read the text and answer the questions in written form.

David Ricardo, the greatest of the classical economists, was born in 1772. His father, a Jewish immigrant, was a member of the London stock exchange. Ricardo entered his father’s business at the age of 14. In 1973, he married and went into business of his own. The young Ricardo quickly made a large fortune.

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 a series of newspaper articles on “The High Price of Billion”. In 1814 he retired from business to devote all his time to political economy.

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

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

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

Ricardo’s book was extremely influential. For more than half a century thereafter, much of economics was an expansion of or a commentary on 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. To what did he devote himself after retiring from business?

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

Management

Vocabulary

to assert – утверждать, заявлять

to avoid – избегать

authority – власть, полномочия

board– правление

completion – завершение

employee – работник, служащий

executive– администратор, руководитель

executive director – директор-распорядитель

program director – руководитель программы

financial controls – финансовые средства управления

goal– задача

human resources – трудовые ресурсы

leadership– руководство

manager -глава, управляющий, специалист по менеджменту

financial manager – финансовый менеджер

first-line managers – руководство низшего звена

functional manager – функциональный руководитель

general manager – генеральный управляющий, директор предприятия

marketing manager – менеджер по маркетингу

middle managers – руководство среднего звена

personnel manager – начальник отдела кадров

product manager – руководитель, ответственный за производство

product line manager – управляющий предметно-производственной специализацией

project manager – руководитель проекта

top (executive) manager – высший исполнительный руководитель

sales manager – заведующий отделом продаж

management- управление, заведование, руководство

top management – высшее исполнительное руководство

managerial– управленческий

nonprofit organization – некоммерческая организация

objective– цель

practitioner – практик, профессионал

profit-making organization – коммерческая организация

project planning – планирование проекта

promotions planning – планирование продвижения продукта на рынок

skills – навыки

subordinate – подчиненный

to oversee – надзирать, следить, смотреть

to pursue – добиваться

to refer to – иметь отношение, относиться

to supervise – наблюдать, надзирать, заведовать