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МИНИСТЕРСТВО ОБРАЗОВАНИЯ РОССИЙСКОЙ ФЕДЕРАЦИИ

ВСЕРОССИЙСКИЙ ЗАОЧНЫЙ ФИНАНСОВО-ЭКОНОМИЧЕСКИЙ ИНСТИТУТ

АНГЛИЙСКИЙ ЯЗЫК

ДЛЯ БУДУЩИХ ЭКОНОМИСТОВ

Учебно-методическое пособие

Для студентов I курса, обучающихся

по направлениям 521600 «Менеджмент» (бакалавр),

521600 «Экономика» (бакалавр)



МОСКВА 2011

Учебно-методическое пособие составил:

специалист по УМР Галанов Н.В.
Учебно-методическое издание одобрено на заседании

Научно-методического совета ВЗФЭИ


Проректор, председатель НМС, профессор Д.М. Дайитбегов

Содержание

Введение………………………………………………………………………...…5


Unit 1. Organisational structure …………………………………………...………6

Part 1…………………………………………………………………………..6

Part 2…………………………………………………………………………..8

Part 3……………………………………………………………………...….10


Unit 2. Microeconomics ……………………………………………….…………11

Part 1……………………………………………………………………..…..11

Part 2………………………………………………………………………....13

Part 3………………………………………………………………………....15


Unit 3. Supply and demand ………………………………………………………16

Part 1………………………………………………………………………....16

Part 2……………………………………………………………………..…..19

Part 3………………………………………………………………………....21


Unit 4. Market failure ……………………………………………………….……22

Part 1……………………………………………………………………..…..22

Part 2………………………………………………………………………....24

Part 3……………………………………………………………………...….26


Unit 5. Budget…………………………………………………………………….27

Part 1………………………………………………………………….……..27

Part 2…………………………………………………………………….…..29

Part 3………………………………………………………………………...31


Unit 6. Monetary policy ……………………………………………………….…32

Part 1………………………………………………………………………...32

Part 2………………………………………………………………………...34

Part 3……………………………………………………………………..….36


Unit 7. Inflation………………………………………………………………...…37

Part 1………………………………………………………………….……..37

Part 2………………………………………………………………………...39

Part 3……………………………………………………………………..….71


Unit 8. Marketing and sales ………………………………………………………42

Part 1………………………………………………………………………....42

Part 2………………………………………………………………………....44

Part 3……………………………………………………………………...….47


Unit 9. Price…………………………………………………………………….…48

Part 1………………………………………………………………..………..48

Part 2………………………………………………………………………...50

Part 3………………………………………………………………………...53


Unit 10. Market………………………………………………………………...…54

Part 1………………………………………………………………….……..54

Part 2…………………………………………………………………….…..56

Part 3………………………………………………………………………...58

Полезные фразы для написания письма……………………………………….59

Словарь………………………………………………………………………..….64

Список литературы………………………………………………………..…….70
Введение
Пособие разработано на основе современных аутентичных материалов и является профессионально ориентированным. Особое внимание уделяется экономической лексике.

В пособии приводятся упражнения на развитие таких видов речевой деятельности как говорение, аудирование, чтение и письмо. В конце пособия приведены полезные фразы для написания письма, а также словарь экономических терминов. При выполнении заданий, следует использовать указанные компьютерные обучающие программы, приведенные в списке литературы.

После прочтения текста и его обсуждения требуется высказать собственное мнение по содержанию текста. В упражнениях использованы слова для активного усвоения.

Данное учебно-методическое пособие может быть использовано как при работе в аудитории, так и для дистанционного обучения и индивидуальной работы.

Пособие может быть использовано на занятиях по английскому языку на 1 курсе бакалавриата.

Unit 1

Part 1
Прочитайте и переведите текст.
1. Organisational structure
Every organisation made up of more than one person will need some form of organisational structure.

The way in which a company is organised can be illustrated for a packaging company. The company will be owned by shareholders that choose directors to look after their interests. The directors then appoint managers to run the business on a day-to-day basis. The Managing Director has the major responsibility for running of the company, including setting company targets and keeping an eye on all departments.

The Distribution Manager is responsible for controlling the movement of goods in and out of the warehouse, supervising drivers and overseeing the transport of goods to and from the firm.

The Production Manager is responsible for keeping a continuous supply of work flowing to all production staff and also for organising manpower to meet the customers' orders.

The Sales Manager is responsible for making contact with customers and obtaining orders from those contacts.

The Company Accountant controls all the financial dealings of the company and is responsible for producing management accounts and financial reports.


Other organisations will have different structures. For example most organisations will have a marketing department responsible for market research and marketing planning. A customer services department will look after customer requirements. A human resources department will be responsible for recruitment and selection of new employees, employee motivation and a range of other people focused activities. In addition there will be a number of cross-functional areas such as administration and Information Technology departments that service the functional areas of the company. These departments will provide back up support and training.

Organisations are structured in different ways:

1. by function as described above,

2. by regional area - a geographical structure e.g. with a marketing


manager North, marketing manager South etc.,

3. by product e.g. marketing manager crisps, marketing manager drinks, etc.,

4. into work teams, etc.,

Reporting in organisations often takes place down the line. An employee might be accountable to a supervisor, who is accountable to a junior manager, who is then accountable to a senior manager - communication and instructions can then be passed down the line.


1. Соотнесите слова и их определения.


1. shareholder

a. someone whose job is to manage part or all of a company or other organization

2. market

b. someone who owns shares in a company or business

3. accountant

c. the job of hiring people

4. recruitment

d. a place to buy and sell things

5. manager

e. someone whose job is to keep and check financial accounts


2. Переведите следующие слова и выражения на английский язык.


1. руководитель отдела продаж

6. назначать

2. начальник отдела сбыта

7. отдел информационных технологий

3. рабочая группа

8. отдел обслуживания клиентов

4. руководитель отдела маркетинга

9. начальник производственного отдела

5. акционер

10. получать заказы



3. Переведите следующие слова и выражения на русский язык.


1. provide back up support

6. organisational structure

2. employee

7. work teams

3. senior manager

8. shareholder

4. junior manager

9. human resources department

5. set company targets

10. market research


4. Выберите правильный вариант ответа.
1. …….controls all the financial dealings of the company.

a) Senior Manager b) Accountant c) Sales Manager


2. The ……. is responsible for keeping a continuous supply of work flowing to all production staff.

a) Production Manager b) Sales Manager c) Distribution Manager


3. The ……. has the major responsibility for running of the company.

a) Distribution Manager b) Managing Director c) Production Manager


4. A human resources department is responsible for recruitment of new ……..

a) employers b) directors c) employees


5. A marketing department is responsible for ………

a) recruitment b) market research c) promotion


5. Ответьте на вопросы.
1. What is organizational structure?

2. Who are directors chosen by?

3. What is the function of a human resources department?

4. What are the main departments needed for a company to function properly?

5. What department is responsible for servicing the functional areas of the company?
6. Выполните КОПР №2 «Группа времен Simple», подтемы «Настоящее простое (Present Simple)», «Прошедшее простое (Past Simple)».


Part 2
1. Прочитайте незнакомые слова перед прослушиванием текста.
May I take a message? – Могу я что-либо передать?

software products – программные изделия

after-sales service – гарантийное и постгарантийное обслуживание
2. Прослушайте текст «Business Communications» (для прослушивания кликните один раз на приведенную ниже ссылку, удерживая клавишу «Ctrl», после загрузки страницы нажмите на кнопку проигрывателя).

Ссылка для прослушивания: http://esl-lab.com/tc1/tc1.htm


3. Выберите правильный вариант ответа.
1. Why can't Elaine Strong answer the phone?

A. She's in a meeting

B. She's out of the office

C. She's talking with another customer


2. What does caller want the secretary to send?

A. information on after-sales service

B. a picture of the newest computers

C. a list of software products


3. What time should the secretary send the material?

A. 2:30 PM

B. 3:30 PM

C. 5:00 PM


4. What is the caller's name?

A. Cordell

B. Kordel

C. Kordell


5. What is the caller's telephone number?

A. 560-1287

B. 560-1828

C. 560-2187


4. Выразите свою точку зрения.
1. An automobile company decides to open a new dealership in a foreign country. The manager is asked to choose all the possible positions and vacancies for a new dealership. What staff should be hired, what departments should be established?
2. You are an applicant at the interview applying for a position of human resources manager at a clothes shop. You are asked to enumerate the responsibilities of a distribution manager, production manager, sales manager and an accountant. What responsibilities can you mention?
3. Do you think working abroad is essential for a successful career? Why / Why not?
При ответе используйте фразы:


To my mind …

In my experience …

In my opinion …

As far as I understand …

On the one hand, …on the other hand

From my point of view …

If my memory serves me right …

If I am not mistaken …

It seems to me that …

Personally, I think …

My personal view is that …

I am sure/certain/convinced that …

The fact is that …

This proves that …

It is obvious that …

There is no doubt that …


Part 3
Ответьте на письмо, используя нижеприведенные задания. Используйте раздел «Полезные фразы для написания письма» приведенный в конце пособия. При написании ответа используйте нижеприведенное письмо в качестве образца.
You are a Director of Sales department. One of your salesmen sent you a request for promotion to the position of a sales manager. Your task is:
a) thank Mr. Watkins for his letter;

b) express Mr. Watkins the idea that you agree with his request to promote him to the position of a sales manager and give reasons for that;

c) settle the time for meeting in order to discuss all the details.



REQUEST FOR PROMOTION

17.01.2011

Tom Wilson


Electronics ltd.
12 South Street,
Sheffield, UK
125367

Dear Mr. Wilson,

As you know, I am very happy to work and contribute to Electronics ltd. under your authority.
Allow me to mention an opportunity I see for greater profits.
I'm confident that you will agree that my efforts as your salesman have been successful to the company; my sales in dollars for the past year were roughly $425,000, which far surpassed the $250,000 goal we anticipated at our year-end meeting twelve months ago.
I would like you to know that I believe I can be of even more benefit to you and Electronics ltd. as your Sales Manager.
Having had four years of experience in selling our computer software, I have gained a clear idea as to what our customers' needs are and how we can meet them. I know how we can increase sales dramatically and I can inspire our sales team to do precisely that. As your Sales Manager, I truly believe that we can achieve in excess of $10,000,000 in sales by the year 2012.
I understand that you are a very busy person. I will thus be delighted to meet with you at any time you please to discuss my request.

Cordially,

Dave Watkins



Unit 2

Part 1
Прочитайте и переведите текст.
2. Microeconomics
Microeconomics, like macroeconomics, is a fundamental method for analyzing the economy as a system. It treats households and firms interacting through individual markets as irreducible elements of the economy, given scarcity and government regulation. A market might be for a product, say fresh corn, or the services of a factor of production, say bricklaying. The theory considers aggregates of quantity demanded by buyers and quantity supplied by sellers at each possible price per unit. It combines these together to describe how the market may reach equilibrium as to price and quantity or respond to market changes over time.

Such analysis includes the theory of supply and demand. It also examines market structures, such as perfect competition and monopoly for implications as to behavior and economic efficiency. Analysis of change in a single market often proceeds from the simplifying assumption that relations in other markets remain unchanged, that is, partial-equilibrium analysis. General-equilibrium theory allows for changes in different markets and aggregates across all markets, including their movements and interactions toward equilibrium.

Here economists distinguish between Production theory, Opportunity cost, Economic efficiency, and Production-possibility frontier.

In microeconomics, production is the conversion of inputs into outputs. It is an economic process that uses inputs to create a commodity for exchange or direct use. Production is a flow and thus a rate of output per period of time. Distinctions include such production alternatives as for consumption (food, haircuts, etc.) vs. investment goods (new tractors, buildings, roads, etc.), public goods (national defense, small-pox vaccinations, etc.) or private goods (new computers, bananas, etc.), and "guns" vs. "butter".



Opportunity cost refers to the economic cost of production: the value of the next best opportunity foregone. Choices must be made between desirable yet mutually exclusive actions. It has been described as expressing "the basic relationship between scarcity and choice.". The opportunity cost of an activity is an element in ensuring that scarce resources are used efficiently, such that the cost is weighed against the value of that activity in deciding on more or less of it. Opportunity costs are not restricted to monetary or financial costs but could be measured by the real cost of output forgone, leisure, or anything else that provides the alternative benefit.

Inputs used in the production process include such primary factors of production as labour services, capital (durable produced goods used in production, such as an existing factory), and land (including natural resources). Other inputs may include intermediate goods used in production of final goods, such as the steel in a new car.



Economic efficiency describes how well a system generates desired output with a given set of inputs and available technology. Efficiency is improved if more output is generated without changing inputs, or in other words, the amount of "waste" is reduced. A widely-accepted general standard is Pareto efficiency, which is reached when no further change can make someone better off without making someone else worse off.
1. Соотнесите слова и их определения.


1. market

a. a situation in which there is not enough of something

2. scarcity

b. the act of buying and using products

3. goods

c. the process of making or growing things to be sold

4. consumption

d. the place where people buy and sell goods

5. production

e. things that are produced in order to be sold


2. Переведите следующие слова и выражения на английский язык.


1. редкие ресурсы

6. оптимальные издержки

2. факторы производства

7. государственное регулирование

3. спрос и предложение

8. совершенная конкуренция

4. предел производственных возможностей

9. экономическая эффективность

5. равновесие

10. вмененные потери


3. Переведите следующие слова и выражения на русский язык.


1. production theory

6. mutually exclusive actions

2. inputs and outputs

7. market changes

3. goods and services

8. real cost

4. monopoly

9. buyers and sellers

5. market structure

10. public goods


4. Выберите правильный вариант ответа.
1. A fundamental method for analyzing the economy as a system is …….

a) government regulation b) microeconomics c) production theory


2. Labour services, capital and land are called ……..

a) production process b) costs c) factors of production


3. The market may reach ……….. when price and quantity balance.

a) equilibrium b) balance c) equation


4. ………. is the conversion of inputs into outputs.

a) distribution b) consumption c) production


5. …….. include new buildings, trucks, roads, etc.

a) investment goods b) public goods c) private goods


5. Ответьте на вопросы.
1. What is microeconomics?

2. What does economic efficiency describe?

3. What is production?

4. How can a market reach equilibrium?

5. What do factors of production include?
6. Выполните КОПР №2 «Группа времен Simple», подтема «Будущее простое время (Present Simple)».

Part 2
1. Прочитайте незнакомые слова перед прослушиванием текста.
queue – очередь

be under warranty – быть на гарантийном обслуживании

be at wit's end – быть в тупике

ultimate – последний, окончательный


2. Прослушайте текст «Computer Sales and Repairs» (для прослушивания кликните один раз на приведенную ниже ссылку, удерживая клавишу «Ctrl», после загрузки страницы нажмите на кнопку проигрывателя).

Ссылка для прослушивания: http://esl-lab.com/computer/computer-rd1.htm


3. Выберите правильный вариант ответа.
1. What is the man's main problem with his computer?

A. It crashes a lot

B. His computer has a virus

C. It has a lot of junk software


2. What is the issue with the computer warranty?

A. The warranty has expired since he bought the computer

B. The warranty isn't valid because didn't register the computer

C. The warranty doesn't cover software issues and problems


3. What can we infer from the first company's response to the caller?

A. They sent the man the wrong computer in the first place

B. The company doesn't provide warranties for their products

C. They are understaffed to handle customer complaints


4. Which of the following is a main selling point for the second company being advertised?

A. Their products are the newest on the market

B. The computers are cheaper than those sold by competitors

C. The company manufactures secure and trustworthy machines


5. What is the name of the second company?

A. Turbo Command

B. Turvo Computers

C. Turban Camando



4. Выразите свою точку зрения.
1. What everyday problems do people who work at finance departments of international companies have?

2. How often do you work on a computer? How does computer help you at your work / study?

3. What are some common computer problems that people encounter when running their machines, and what issues can cause them? When you encounter such problems, what do you do to resolve them: seek help from a friend, consult a computer store, or read a computer book or magazine?
При ответе используйте фразы:


To my mind …

In my experience …

In my opinion …

As far as I understand …

On the one hand, …on the other hand

From my point of view …

If my memory serves me right …

If I am not mistaken …

It seems to me that …

Personally, I think …

My personal view is that …

I am sure/certain/convinced that …

The fact is that …

This proves that …

It is obvious that …

There is no doubt that …



Part 3
Напишите письмо-приглашение используя нижеприведенные задания. Используйте раздел «Полезные фразы для написания письма» приведенный в конце пособия.
You are a Chief Executive Officer of Welldone Computer Corporation. On 12.06.2011 your company holds a business conference dedicated to the issues of Computer Technologies in Economics.
a) write an invitation letter to your partner Jack Halary who works for CompUtair ltd. as a Financial Director;

b) ask him to take part in the conference;

c) express your hope for the future cooperation.

Unit 3

Part 1
Прочитайте и переведите текст.
3. Supply and demand

The supply and demand model describes how prices vary as a result of a balance between product availability and demand. The graph depicts an increase (that is, right-shift) in demand from D1 to D2 along with the consequent increase in price and quantity required to reach a new equilibrium point on the supply curve (S).

Prices and quantities have been described as the most directly observable attributes of goods produced and exchanged in a market economy. The theory of supply and demand is an organizing principle for explaining how prices coordinate the amounts produced and consumed. In microeconomics, it applies to price and output determination for a market with perfect competition, which includes the condition of no buyers or sellers large enough to have price-setting power.

For a given market of a commodity, demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good. Demand is often represented by a table or a graph showing price and quantity demanded (as in the figure). Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good, given income, prices, tastes, etc. A term for this is 'constrained utility maximization' (with income and wealth as the constraints on demand). Here, utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred.

The law of demand states that, in general, price and quantity demanded in a given market are inversely related. That is, the higher the price of a product, the less of it people would be prepared to buy of it (other things unchanged). As the price of a commodity falls, consumers move toward it from relatively more expensive goods (the substitution effect). In addition, purchasing power from the price decline increases ability to buy (the income effect). Other factors can change demand; for example an increase in income will shift the demand curve for a normal good outward relative to the origin, as in the figure.

Supply is the relation between the price of a good and the quantity available for sale at that price. It may be represented as a table or graph relating price and quantity supplied. Producers, for example business firms, are hypothesized to be profit-maximizers, meaning that they attempt to produce and supply the amount of goods that will bring them the highest profit. Supply is typically represented as a directly-proportional relation between price and quantity supplied (other things unchanged). That is, the higher the price at which the good can be sold, the more of it producers will supply, as in the figure. The higher price makes it profitable to increase production. Just as on the demand side, the position of the supply can shift, say from a change in the price of a productive input or a technical improvement.



Market equilibrium occurs where quantity supplied equals quantity demanded, the intersection of the supply and demand curves in the figure above. At a price below equilibrium, there is a shortage of quantity supplied compared to quantity demanded. This is posited to bid the price up. At a price above equilibrium, there is a surplus of quantity supplied compared to quantity demanded. This pushes the price down. The model of supply and demand predicts that for given supply and demand curves, price and quantity will stabilize at the price that makes quantity supplied equal to quantity demanded. Similarly, demand-and-supply theory predicts a new price-quantity combination from a shift in demand (as to the figure), or in supply.

For a given quantity of a consumer good, the point on the demand curve indicates the value, or marginal utility, to consumers for that unit. It measures what the consumer would be prepared to pay for that unit. The corresponding point on the supply curve measures marginal cost, the increase in total cost to the supplier for the corresponding unit of the good. The price in equilibrium is determined by supply and demand. In a perfectly competitive market, supply and demand equate marginal cost and marginal utility at equilibrium.



Other applications of demand and supply include the distribution of income among the factors of production, including labour and capital, through factor markets. In a competitive labour market for example the quantity of labour employed and the price of labour (the wage rate) depends on the demand for labour (from employers for production) and supply of labour (from potential workers).

1. Соотнесите слова и их определения.



1. producer

a. the idea that the price of goods and services depends on how much of something is being sold and how many people want to buy it

2. surplus

b. the usefulness of something

3. supply and demand

c. more than is needed

4. labour

d. a company, country or person that makes goods

5. utility

e. practical work, especially that which involves physical effort



2. Переведите следующие слова и выражения на английский язык.


1. рыночная экономика

6. рыночное равновесие

2. предельная полезность

7. факторы производства

3. рынок труда

8. эффект замещения

4. предельная стоимость

9. закон спроса

5. рынок с совершенной конкуренцией

10. распределение доходов



3. Переведите следующие слова и выражения на русский язык.


1. demand-and-supply theory

6. profit-maximizers

2. demand for labour

7. purchasing power

3. income effect

8. perfect competition

4. product availability

9. law of demand

5. normal good

10. supply curve


4. Выберите правильный вариант ответа.
1. ……… describes individual consumers as rationally choosing the most preferred quantity of each good, given income, prices, tastes, etc.

a) supply theory b) market equilibrium c) demand theory


2. The point on the demand curve indicates ………. to consumers for a given customer good.

a) marginal utility b) supply c) perfect competition


3. The quantity of labour employed and the price of labour (the wage rate) depends on the ………..

a) purchasing power b) demand for labour c) income effect


4. The …………. describes how prices vary as a result of a balance between product availability and demand.

a) normal good b) demand for labour c) supply and demand model


5. Producers, for example business firms, are hypothesized to be ………….

a) market b) profit-maximizers c) consumers


5. Ответьте на вопросы.
1. What does the supply and demand model describe?

2. What do factors of production include?

3. When does market equilibrium occur?

4. What does demand theory describe?

5. What are profit-maximizers?
6. Выполните КОПР №3 «Группа времен Progressive (Continuous)», подтемы «Особенности правописания», «Употребление».
Part 2
1. Прочитайте незнакомые слова перед прослушиванием текста.
literacy – грамотность

deadline – конечный срок

apply – подавать заявление
2. Прослушайте текст «English Language Center» (для прослушивания кликните один раз на приведенную ниже ссылку, удерживая клавишу «Ctrl», после загрузки страницы нажмите на кнопку проигрывателя).

Ссылка для прослушивания: http://esl-lab.com/elc/elcrd1.htm


3. Выберите правильный вариант ответа.
1. Which was NOT mentioned as part of the purpose of the English Language Center?

A. to help international students prepare to enter institutions of higher learning

B. to teach students how to use English in their daily lives and at work

C. to provide work opportunities for graduating students in the community


2. What is one course taught at the English Language Center?

A. business English

B. US Culture

C. TOEFL
3. If the Fall semester begins on August 29th, by what date should one apply to the program?

A. May 29th

B. June 29th

C. July 29th
4. What is the tuition for a full-time student?

A. $2030


B. $2300

C. $2013
5. Which one was NOT mentioned as part of the application packet a student must send to the center?

A. sponsorship form

B. high school transcripts

C. application fee

4. Выразите свою точку зрения.
1. Tell in a few words what the theory of demand and supply is.

2. Imagine you are a Product Manager of a computer corporation. Two years ago the goods of your company were sold in large amount on the market. Now your sales are very poor. Think what you can do to increase sales.

3. How do you understand the expression “Where there is demand, there is supply”?
При ответе используйте фразы:


To my mind …

In my experience …

In my opinion …

As far as I understand …

On the one hand, …on the other hand

From my point of view …

If my memory serves me right …

If I am not mistaken …

It seems to me that …

Personally, I think …

My personal view is that …

I am sure/certain/convinced that …

The fact is that …

This proves that …

It is obvious that …

There is no doubt that …



Part 3
Ответьте на нижеприведенное письмо. Используйте раздел «Полезные фразы для написания письма» приведенный в конце пособия.


05.02.2011

Sergey Sakharov
RusInvestment ltd.

12 Prospect Mira,


Moscow, Russia,
425450
Dear Mr. Sakharov,
We are glad to send you the information on the forthcoming Detroit Auto Show exhibition that will take place on 11 - 24 March 2011 upon your request (see the attached file). You will have opportunity to see new models and concept cars and make investments to develop concept cars for future sale.
Please let us know if you would like to take part in this event so that we could send you the invitation letter to get the visa ready and book a room at the hotel.
Also we would like to you to let us know what group discussion you would like to take part in:

- Investment in Concept Cars;

- Investment in Car Market;

- Hybrid Automobiles Investment;

Best regards,

Stuart Field

Chiefe Executive of Detroit Auto Show

16 West Street,

Detroit, USA

546789





Unit 4

Part 1
Прочитайте и переведите текст.
4. Market failure
Pollution can be a simple example of market failure. If costs of production are not borne by producers but are by the environment, accident victims or others, then prices are distorted.

The term "market failure" encompasses several problems which may undermine standard economic assumptions. Although economists categorise market failures differently, the following categories emerge in the main texts.



Natural monopoly, or the overlapping concepts of "practical" and "technical" monopoly, is an extreme case of failure of competition as a restraint on producers. The problem is described as one where the more of a product is made, the greater the unit costs are. This means it only makes economic sense to have one producer.

Information asymmetries arise where one party has more or better information than the other. The existence of information asymmetry gives rise to problems such as moral hazard, and adverse selection, studied in contract theory. The economics of information has relevance in many fields, including finance, insurance, contract law, and decision-making under risk and uncertainty.

Incomplete markets is a term used for a situation where buyers and sellers do not know enough about each other's positions to price goods and services properly. Based on George Akerlof's article, the paradigm example is of a dodgy second hand car market. Customers without the possibility to know for certain whether they are buying a "lemon" will push the average price down below what a good quality second hand car would be. In this way, prices may not reflect true values.

Public goods are goods which are undersupplied in a typical market. The defining features are that people can consume public goods without having to pay for them and that more than one person can consume the good at the same time.

Externalities occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices. For example, air pollution may generate a negative externality, and education may generate a positive externality (less crime, etc.). Governments often tax and otherwise restrict the sale of goods that have negative externalities and subsidize or otherwise promote the purchase of goods that have positive externalities in an effort to correct the price distortions caused by these externalities. Elementary demand-and-supply theory predicts equilibrium but not the speed of adjustment for changes of equilibrium due to a shift in demand or supply.

In many areas, some form of price stickiness is postulated to account for quantities, rather than prices, adjusting in the short run to changes on the demand side or the supply side. This includes standard analysis of the business cycle in macroeconomics. Analysis often revolves around causes of such price stickiness and their implications for reaching a hypothesized long-run equilibrium. Examples of such price stickiness in particular markets include wage rates in labour markets and posted prices in markets deviating from perfect competition.



Macroeconomic instability, addressed below, is a prime source of market failure, whereby a general loss of business confidence or external shock can grind production and distribution to a halt, undermining ordinary markets that are otherwise sound.

Some specialised fields of economics deal in market failure more than others. The economics of the public sector is one example, since where markets fail, some kind of regulatory or government programme is the remedy. Much environmental economics concerns externalities or "public bads".



Policy options include regulations that reflect cost-benefit analysis or market solutions that change incentives, such as emission fees or redefinition of property rights.
1. Соотнесите слова и их определения.


1. insurance

a. money provided by a bank or other institution to help buy or do something

2. finance

b. protection against something bad happening

3. decision-making

c. someone who buys goods or services

4. customer

d. an advantage, improvement, or help that you get from something

5. benefit

e. the process of making important decisions



2. Переведите следующие слова и выражения на английский язык.


1. рыночная цена

6. внешние факторы экономической деятельности

2. совершенная конкуренция

7. естественная монополия

3. государственный сектор

8. рыночная неэффективность

4. негибкость цены

9. несовершенный рынок

5. общественные товары (блага)

10. издержки производства



3. Переведите следующие слова и выражения на русский язык.


1. external shock

6. business cycle

2. macroeconomic instability

7. undermine markets

3. wage rates

8. consumption

4. information asymmetry

9. restraint on producers

5. second hand car market

10. good quality


4. Выберите правильный вариант ответа.
1. ………… is a situation where buyers and sellers do not know enough about each other's positions to price goods and services properly.

a) business cycle b) competition c) incomplete market


2. …………. occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices.

a) emission fees b) externalities c) wage rates


3. ……… is a prime source of market failure.

a) macroeconomic instability b) consumption c) restraint on producers


4. ………. arise where one party has more or better information than the other.

a) information asymmetries b) external shocks c) restraint on producers


5. ………… are goods which are undersupplied in a typical market.

a) private goods b) personal goods c) public goods


5. Ответьте на вопросы.
1. When does market failure happen?

2. What is information asymmetry?

3. What is cost-benefit analysis?

4. What are public goods?

5. What is incomplete market?
6. Выполните КОПР №3 «Группа времен Progressive (Continuous)», подтемы «Present Progressive (Continuous) Tense», «Past Progressive (Continuous) Tense».

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