Professional Documents
Culture Documents
Economic English
Economic English
Economic English
Assessment
Learn what your superior thinks, what are your strong points and weak points.
How is each affecting your work performance? Are you a responsible person ?
If you accept responsibility, other people will more readily look to you for
leadership? Being responsible means being accountable and answerable.
Motivation
Money isn't the key motivator for many managers. If you decide you want to
be a manager for status or money, you may fail. Good managers are motivated
by the challenge to organize and run jobs. They feel a sense of
accomplishment when they can get others to do as much or more than they
could do by themselves. They also believe in change. They want to see
progress. They feel unconfortable if problems are not tackled. They do not feel
at ease if they must go along with conditions as they are. Good managers also
have missions. They know their purpose in life.
Career
The more difficult it is for you to plan your career, the more you need to learn
about youself. You need to decide what you want out of life. Your move to a
managerial position will involve your whole family. It can mean a drastic
change in your life style. You will probably give up some of your old friends -
certainly you will be making new ones. You may have to work long hours,
either at the office or at home. Your take-home pay may not increase
significantly at first, yet you may feel it necessary to raise your standard of
life. You must force youself to consider your career and then see what your
next step should be.
Attitude
How you really feel toward management in general should be considered. You
must agree with all the basic goals of management to the extent of seeing the
position as "we" function rather than "they" one, as the manager is responsible
for all the work in the department, and he cannot solely place the blame for the
poor performance on an individual.
Managers must also be willing to acknowledge that they are not perfect and
that they make mistakes. Thus, they avoid conflicting, defensive reactions of
the subordinates.
The best managers have a positive attitude. They are positive about what they
want and what they expect from the others.
Self awareness
Are you aware of the difference between assertiveness and agressiveness? Do
you know when and how to be assertive? A manager who is properly assertive
can make things happen, handle difficult human relations problems, get ideas
across and provide the leadership that will result in achieving organisational
goals.
Interest in subordinates
A mature manager creates an environment in which his subordinates develop
fully. Such a manager is aware that subordinates' problems, both on and off the
job, that affect their performance. So their problemns are his or her problems
too.
Leadership
Management by leadership is the style the most sought after by every
company. This type of manager is sensitive to the feelings of others and
participates with subordinates in discussions leading to department decissions.
Good leadership is not just giving orders. But, efective managers facilitate the
accomplishments of their subordinates. That is true leadership.
Communication
Listening is more than just hearing. In addition, managers must help their
people to do a better job by listening, as it requires an active use of the ears,
eyes and mind. By building trust and iproving two-way communications,
managers are able to get problems out in the open and provide guidance to
solving them.
II. Is It True or False?
1. The best specialists always make the best managers.
TF
2. Training and special courses will help in making a good manager
TF
3. Being responsible means knowing what are your weak and strong points.
TF
4. Good managers are always motivated by money.
TF
5. The more you know about yourself, the easier to plan your career.
TF
6. Positive managerial attitude means "we position" rather than "they position".
TF
7. An agressive manager can make things move and provide the leadership that
will achieve organisational goals.
TF
8. Subordinate problems are their manager's problems too.
TF
9. Management means leadership
TF
10. Learning means an active use of the ears, eyes and mind.
TF
About Getting One's Self Organised
III. Find a title for each paragraph and summarise the main ideas. an you add some
other items on how to get yourself organised?
...............................................
Organised people save time and money, make more money, and have lower
stress and frustration level. There is no right or no wrong way to get organised,
and you only need to change what you are doing if you are not happy with how
you manage your time, paper, information and space. The amount of
information continues to grow at a rapid pace, as do the number of demands on
your time. Organizing systems help you deal with everything from your paper
to your professional responsibilities, and they give you parameters on what
you keep, what to toss, and what to act on.
......................................
Experts in the organizing industry agree that there are no cookie-cutter
solutions. There are many different personality types, work styles, and
environmental influences, so you must find the systems that work best for you.
.............................................
Organizing is a process you cannot achieve in one day. Setting up an
organizing system may be done in a few days, and then you will continuously
maintain it and work on it, one day at a time, in reaction to the world around
you. Change becomes easier, then.
...................................
The best you can do is make decisions about the priorities in your life, have
your sights set on your personal activities to reach these goals. Is what you are
spending time on helping you to accomplish what you want with your life? If
the answer is no, why are you doing it?
....................................
There are several ways: regularly tossing unnecessary papers, scanning
documents and storing them electronically, eliminating subscriptions to unread
publications, and have yourself removed from mailing lists. Sincerely question
whether you need to keep each piece of paper that comes into your life. has it
served its purpose ? Does someone else have it? If needed it again, could you
get it from another source, such as the library or the Internet ?
IV.Listen to the cassette and complete the ideas:
1. As the great Benjamin Franklin said, "time lost is.................................................
2. Time management is a set of relatet common-sense skills their help people
use thur time in....................
3. Keeping an activity log for several days can................................................
4. Meetings should not be held just for the sake of meeting,
only...................................
5. A lot of time is wasted waiting for others or depending on them. Always
confirm appointment and don't arrive more than 5 minutes before. If people keep you
waiting more than 15 minutes, they .....................................................
6. If you travel by plane or by train, do you use that time properly? It might be worth
.....................................................
7. If one carries out tasks that benefit neither him nor are goal-effective, they might
..................
8. The trick of creating time is ...................
By waking up one hour early every day, you can gain 10 workweeks per year.
9. Remember the two-minute rule: if you are confronted with a task that
....................................
10. If you have many places to go, try to schedule all your errands in the same day of
the week. Think of your itinerary before you leave so...................
V. Write a sincere report about your daily program. Would you suggest any
improvements? Why? Why not?
VI. Indicate what activity had been completed and what activity had been continuing
at that time:
1. By the time Helen (reach) the store, she (forget) what she wanted to buy.
2. The balance sheet (be) ready because the accountanant (be ) ill for five days.
3. By the end of the last year they (record) all the financial transactions of the
business.
4. We (wait) for an administrator appointed by the court for more than a
month, but there was still no sign of him.
5. The seeting of the board (go) on when I (decide) to get in.
6. They (treat) the contract as being valid by the time they (sell) goods under it.
7. They already (operate) the allowance from the invoice for early delivery
before the supply company (ship) the goods.
8. When they (draft) the annual report of the company, the shareholders (be
acquainted) already with its details.
9. The secretary (ante-date) the document before she (send) it.
10. They (auction) the piece of art after it (be evaluated) by a specialist.
VII. Put the verbs in brakets in the right form of the Past Tense or Past tense
Continuous:
1. Adam Smith (1723-8o)... the concept of working capital (introduce).
2. He...the origins of wealth creation ... the benefits of free trade.(explain/advocate)
3. He... the economic relationship between the classes: workers, who... their living by
wage labour; capitalists who ... income from profits and landlords whose income ...
from rent.(analyse / earn / derive / derive)
4. Supply and demand in each class ... prices, (determine).
5. The "Marginalists" of the late 19th century ... value against scarcity alone, this
remaining the basis of neoclassical school (define)
6. He always... his agent the commission in time.(pay).
7. Last century these copmpanies ... soft commodities, such as grain, cofee, cocoa,
wool, cotton, jute, rubber on comodity markets.(trade)
8. When we began the meeting the accountants still ... the loss. (calculate)
9. When I called, the new board members .... to setting out the new priorities.(work)
10 When he arrived, I... to debug the program of my PC.(try)
VIII. Rearrange the texts in a logical order. What will be your criteria? Find an
appropriate title for the text:
a) Within the life span of today's old-timers, our society has become a "society of
organizations" In this century, the major social tasks have come to be performed
in and through an organized institution - business enterprises, large and small;
school systems; colleges and universities; hospitals; research laboratories;
governments.
b) Management may be the most important innovation of this century - and the one
the most directly affecting the young educated people in colleges and universities
who will be tomorrow's "knowledge workers" in managed institutions, and their
managers the day after tomorrow.
c) Of course many a large and complex business enterprise started from a one-man
shop. But beyond the first steps growth soon entails more than a change in size.
At some point (and long before the business becomes even 'fair-sized' ) quantity
turns into quality. At this point "owners" no longer run their own business even
if they are the sole proprietors. They are then in charge of a business enterprise -
and if they do not rapidly become managers they will soon cease to be the
owners and be replaced, or the business will go under and disapear.
d) The roots of the disciplines of management go back 15o years. But management
as a function, management as a distinct work, management as a discipline and
area of study - these are all products of this century.
IX. Translate into English:
A.
Oamenii pot fi imediat i uor cntrii de ndat ce consimt s intre pe trmul
dificultilor.(H.Balzac)
Cnd i alegi personalul, f n aa fel nct firma s nu depind de o singur
persoan, cu att mai puin de tine nsui. (Paul Hawken - Cum s dezvoli o
afacere, edit. t i Tehn, 1995)
Cnd intri n afaceri te bucuri de o simpatie pe care poi s o pstrezi tot
timpul; dac nceputul i este cartacterizat de calitate i adevar, nu va trebui s
te opreti, cci nu va fi nevoie. Dar, dup ce ai nceput s nu le mai spui
clienilor adevrul, sau dac nu ai facut-o de la inceput, vei constata ct este de
dificil s te relansezi n afaceri (Paul Hawken)
B.
n Grecia de acum 25 de secole, afacerile bneti se dovedeau deosebit de
rentabile datorit practicrii unor dobnzi excesive. Costul banilor se stabilea
prin nelegerea prilor, de fapt, dup cum impuneau cmtarii. Nici legile lui
Solon nu au domolit principiul dobnzilor libere, fr plafon. Din documentele
rmase rezult c un cmatar socotit moderat, percepea la mprumuturi de o zi
venituri de peste 6o% pe an.
Templele din Grecia s-au ocupat timp de secole de afaceri bneti, dobndind
o considerabil capacitate financiar. Cnd Solon a cptat puteri spre a
reforma statul,
pretutindeni se ntindeau borne marcnd drepturile de ipotec ale aristocrailor
creditori asupra pmnturilor micilor proprietari ajuni datornici. Pentru
neplata obligaiunilor, tot mai muli ajungeau sclavi sau luau calea pribegiei iar
pmntul i puterea se concentrau in mna ctorva imbogii. Solon ngduie
mprumutul i dobnda, ns este desfiinat sclavajul pentru datorii.
UNIT 7 MONEY AND ITS FUNCTIONS
OBJECTIVES:
After studying this unit, students will be able to:
know and explain about the history of money origins and types of money
describe the functions of money
Future and Future in the Past
I. Answer the questions bellow?
1. What is the importance of money in an economic system?
2. How did it appear?
3. What forms of money do you know?
4. What are the functions of money in any economic system?
5. Imagine nowdays human society without money. Write a short composition.
MONEY HISTORY AND FUNCTIONS
A. For thousands of years, gold was the ultimate money. It could buy anything
including hearts. It was wealth and power to be sure, but it was also enchantment,
with a special lusture and reasurring weight and feel. The lure of gold drive ships
across stormy seas and explorers across rugged mountains to places as remote as
Canada's Klondike region near the Arctic Circle.
Gold isn't used as money any more. It still glitters, but it's treated more like soy
beans or pork bellies than a ransom fit for a king.
Money didn't exist in ancient times, so people had to trade with each other - or
barter - to obtain the items they wanted. The first trades were probably animal skins
for grain, or cotton for livestock.
But these exchanges were cumbersome, and some common place commodities,
such as grains, started to assume the role of money. In early Egypt, for exemple,
barley, an important source of food, became the accepted means of payment for
goods and services.
By 700 B.C., though the Egyptians had abandoned barley and adopted gold as
their primary instrument of exchange. A rare and beautiful metal, gold had
become the universal symbol of wealth and power. And, being portable and
durable, it was an ideal form of money.
B. By the l5th century trade and commerce had expanded tremendeously. When
King Croessus of ancient Lydia (now Western Turkey) had gained control of Asia's
richest gold mines for the Pesian Empire, he wanted others to recognise his newfound
power and ordered the first gold coin to be made. Bearing the image of a lion
and a bull, the coin became the standard of exchange for all trade and commerce.
A need appeared for a new, less cumbersome system of making payments. The
goldsmiths met this need. Their system worked this way: people would deposit
their gold coins at their local goldsmith's. In return, the goldsmiths would give
them a receipt. Eventually, the receipt began to circulate as money because
they could always be redeemed for the gold itself.
Gradually, countries came to adopt a form of the goldsmith's system. Their
governments printed currency and backed it up with gold they held in official
reserves. And so the "gold standard" for currencies was born. One of the first
countries to adopt the gold standard was Great Britain in l9l6. It made its
currency the pound, equal in value to an ounce of gold. Then Coinage Act of
l792 first put the young American nation on a "bimetallic standard", backing
the dollar, which was a coin then, both gold and silver.
With the world at war for the first time, people were seeking security, they
exchanged their currency for gold. But governments soon saw their reserves
run seriously low, as a result. By l914 most countries, except the United States,
abandoned the gold standard to protect their reserves.
By the mid l930's, practically all the major nations had abandoned the gold
exchange standard. Governments would accumulate dollars which they could
redeem for gold at the U.S. Treasury.
Of couse, gold will always be the metal of choice for the affluent, who like to
adorn their homes with gold-leaf sinks, bathrooms and picture frames.
Today, gold can be bought and sold in several different forms: coins, bullion
or perhaps just as paper claim to the metal.
There are two types of gold coins: bullion coins and numismatic. The bullion
coins are produced by countries as legal tender, which means they can be spent
as money. Prices are based on the local gold price in London (The "London
Fix").
Numismatic gold coins no longer circulate as money. Their value derives more
from their condition and rarity than their actual gold content.
Many investors hold paper claims to gold in the form of future contracts.
These contracts are nothing more than a commitment to buy or sell gold at a
future time at a pre-agreed price. Typically, the buyer and seller meet at a
commoditiy exchange to work out future contracts.
Today gold has assumed the role of a commodity such as wheat or cotton. And
like any other commodity, its price is determined in a free market by the forces
of supply and demand.
II. Answer the following questions after reading the text:
1. How did gold become the symbol of wealth and power?
2. Explain in what consists the goldsmith's system?
3. What countries were the first to adopt the gold standard?
4. What were the effects of the first world war over the gold resources?
5. Why is gold considered a commoditiy now?
III. Draw out the main ideas of the money history.
IV. Identify the Future in the following text. It is used instead of what tense? Rewrite
the text using appropriate needed tense.
What will make money money? Partly we will determine it by statutes
declaring that certain pieces of paper and metal produced by government will
be money. These notes and coins we call will be "legal tender" and you'll have
to accept it as payment in full for any transaction.
However, part of what we regard as money will be determined by custom. If
you think about how much money (as distinct from wealth) you have, you
won't consider only your holdings or cash and coin - you'll include deposits
you have in your bank.
Whether it's cash or bank deposits, money is an asset for you and
simultaneously a debt for either the bank or the government. That's why credt
cards will be not considered money, but tangible proof that you've been
granted a line of credit (a loan up to a predetermined amount which you can
decide to activate). Because they represent a debt, not an asset they will never
be money.
V. Give synonyms for:
money, standard, value goods, wealth, measure, trade, ingot, stock, interest, revenue,
lend, insurance, allowance, manager, regulation production, monetary unit,
development.
VI. Give adjectives coresponding to the following nouns:
war, money, gold, need, system, receipt, government, standard, coin, contract, price,
market, commitment, investor, demand, environment, rate, finance, insurance,
investment, payment, interest, profit, bank, deposit, indicator, information.
VII. How many of the money words below do you know? Read the definitions, then
fill in each blank with one of the words:
cash; change; cheque; coin; credit card; note
1............Money which is made of paper.
2............Money which is made of metal.
3............What you get if a shirt costs 17.99 and you give the shop assistant
2o.
4............A printed piece of paper which you write on. You can buy things with
this. You can also get money for it at a bank.
5............A plastic card you can use to buy things. You pay the money for what
you bought after one or two months.
6............Coins and paper money.
VIII. Read the following text and draw out the main ideas:
THE SINGLE CURRENCY IS CALLED EURO
The transition to the single currency in Europe takes place in three main
phases, for which definite dates have been fixed:
in early l998 the Heads of States or Governments meeting within the
European Council, in accordance with the procedure laid down in the Maastricht
Treaty name the countries that are to take part in economic and monetary union
(EMU), i.e., those Member States which have achieved a high degree of
convergence.
On January l999 EMU effectivelly starts among the countries concerned,
with the rates of conversion between the euro and the participating
currencies being irrevocably fixed.
by January 2oo2 at the latest, introduction of the new banknotes and coins
will signal the final changeover to the euro as the single currency of the
Member States taking part in EMU.
In early l998 The European Central Bank was to be set in place. The
conditions for conducting the single monetary and exchange rate policy was to
be decided and the production of euro banknotes and coins could begin.
Denominations range from oo.o to 2 euro in the case of coins and from 5oo
euro for banknotes.
The European System of Central Banks becomes operational and is resposible
for framing and implementing the single monetary and exchange rate policy
(setting short-term interest rates in euro). The participating national currencies
will no longer be listed on the foreign exchange markets.
As far as banks and large firms are concerned, the transition to the single
currency will begin chiefly via the single monetary and exchange rate policy,
the capital and the associated settlement systems. Banks will draw up their
customers' account statements in both euro and national currency. They will
take advantage of the time available in order to inform their customers of the
consequences of the switch to the single currency for their financial
transactions. They will step up their staff training efforts to prepare for the
changeover and can also offer certain products in euro, legal and technical
constraints permitting.
Consumers will continue to use chiefly their own national currency because
euro banknotes and coins will not yet be available. Public demand can,
however, swiftly prompt some banks or firms to offer services in euro.
The gradual introduction of dual pricing of goods and services will enable
consumers to get used to the single currency. By developing a "feel" for prices
in the single currency and learning to convert national currencies into euro at a
fixed rate, they will thus realize that they do not stand to lose from the
introduction of the single currency.
IX. Answer the following questions:
1. Can you draw out any advantages and disadvantages of implemententing the
single European currency ?
2. Name some general economic influences of the euro upon our country.
X. Make questions and answers in the future. Use right questions words (where,
when)
make the payment of the commission
a producer is liable for any damage his products cause
you intend to place an order with the company
he plans to settle his debt within one month
the board of directors have a meeting to decide the amount of dividend to be paid
out to the shareholders
the European Community countries decided economic sanctions against Iraq after
the war stopped
XI. Pass the following sentences from Present to Past Tense. Make the necessary
changes:
l. He explains that the balance sheet will be the main document showing the
estate of our business.
2. He says that the new service will enable customers to make payments from
their accounts by credit transfer.
3. He learns that the process of globalisation that enables investment in
financial markets will be carried out on an international basis.
4. They are sure that the goodwill of their company will become a saleable asset.
5. He declared that he will calculate again his gross income.
6. The shop assistant assures us that he will bring any items made of gold,
silver or platinum, stamped with hall mark.
7 The general manager promisses to keep a house journal for all the employees
to inform them about the policy of the company.
8. He explained that the wages of the employees will reflect partly a return of
the human capital for the future.
9. The wholesaler pretends that he will be allowed goods according to the
import licence.
10 The politicians pretend that indexation policy will mitigate the effects of inflation.
XII. Listen to the cassette, fill in the blanks, then translate and learn the unknown
words:
There is nothing particularly unusual about Place Dumon, a... square in
suburban Brussels, ringed by ... shops. Until, that is, you notice how the locals
purchase their ....For they are paying for ... spaces, picking up newspapers at
the Gavilan newsagent, ... to the Antoine's bakery for a ... , and even buying
babies' ... at the Minou's boutique, all without reaching a single note or coin.
The reason is PROTON, Belgium's experiment in...cash. Proton is one of the
several "electronic ..." , being tested around the world. The e-purse, is a chipbased,
or "..." card that stores digital money which, its fans hope, may one day,
replace ...notes and fiddly coins in small purchases.
A smart card is ..., thanks to the sealed information - in high security chip. It
stores one's personal data as individually and characteristically as if it were
one's .... Encrypted with one'personal, absolutely singular code, it makes every
... as secure as if it were in a bank vault. Any attempt to crack this safe causes
the chip to self-destruct, automatically ... the card.
A smart card is .... Everything it knows remains strictly confidential. The chip
makes sure of that - with sophisticated identification procedures and ... that
protects
one's confidential data against unauthorised access. A smart card offers complete
security, which makes it predestined for universal ...: it can be used as an electronic
wallet to pay for purchases, taxi ... or hotel bills.
The chip cards now include a debit-card .... Eventually a single card may
combine the e-purse with credit, debit and ... cards. It is also developing
special telephones that would allow customers to ... their cards at home. If a
banknote is lost, tough ...; if however, a plastic card is misplaced or broken,
the ... on it can be reinbursed because all debits are logged centrally. Central ...
has disadvantages too. Many customers may prefer to move ... cash around
withot their every transfer being logged. In addition, centralised schemes may
prove more costly to operate, making small transactions, including the
purchase of small bits of information and ....over the Internet, uneconomic.
Proton also faces complaints about parochialism, as its chip can hold just one
currency, while Mondex and Visa cards can store value in up to five different
... then there is inter-operability. An ... payment system will allow, say, a
Belgium customer to spend his e-cash in Switzerland. Most pundits think that
important banking institutions will have to pair up in big payment ... .The two
bank-owned groups - Visa and Master Card - are already around busy buying
up purse ... around the world, by taking controlling stakes in the domain, or
absorbing e-cash technologies.
But if the history of credit cards is a guide, no more than two or three of the
smart-card schemes are . to win global acceptance.
strol, newsagent, unique, signature, encryption, cobble, function, doughnut, discrete,
parking, smart, confidential, luck, digital, employment, software, currency, fare,
loyalty, accounting, virtual, crumple, outfit, quaint, balance, wares, reload, bit, void,
network, provider, integrate, likely
XIII. Forms of money:
Choose the correct word to complete the sentences:
l. The pound, the dollar and the leu are called..............
a) cash b) monies c) reserves.
2. The currency that is used in a foreign country is called.............
a) money b) cash c) foreign currency
3. Money that you borrow from a commercial bank is called.................
a) capital b) loan c) subsidy
4. Money in notes and coins is called ..............
a) monies b) capital c) cash
5. The whole amount of money received by a company or a person is.........................
a) income b) wages c) salary
6. The money that you have to receive back when the price is lower than the
denomination of the banknote you give to the shop assistant is called...............
a) cash b) compensation c) change
7. Money earned by someone for a month's (professional) work is called............
a) income b) wages c) salary
8. A manual worker receives.................
a) income b) wages c) salary
9. Retired persons receive ........
a) pension b) aid c) subsidy
10. When setting a new company you need .........
a) loan b) fund c) capital
11. You pay a loan to a bank regularly in.............
a) fee b) income c) instalment
l2. You pay a........... to doctors, lawers, private schools
a) revenue b) fee c) capital
l3. Producers are sometimes helped to sell cheaper through........
a) loans b) reserves c) subsidy
l4. A person can have a part of a business called..........
a) deposit b) budget c) stake
15. Money kept in a .........for paying pensions is called..........
a) fund b) deposit c) budget
XIV. Traduceti in limba engleza:
a)"La frie, frate, la nego, pe cumprate".
"Averea omului nu se afl grmada de bani n lzi, ci n felul; n care tie s-i
foloseasc."
"mbogii-v fiind harnici, economi i cistii".
"Banii care vin prea usor, se duc tot att de usor."
"Uneori dac dai bani cu mprumut i faci un duman secret; refuz-l, vei
avea un duman pe fa."
"Nu cheltui acolo unde poi economisi, dar nu economisi acolo unde trebuie
s cheltuieti."
"Ideea c i cunoaterea poate crea valori economice, este n general absena
din cele mai multe anlize economice; exist, ns, anumite semne c acum
incepe s fie luat n considerare ... Trebuie s cream o teorie a valorii bazat
pe cunoatere, pentru
a nlocui teoria lui Marx despre valoarea bazat pe munc" (John Naisbitt,
Megatendinte, l989)
"Banii sunt o informaie n micare." (idem)
"Informaia este esena problemei. Ea poate descuia ua spre tezaurul numit
succes. Ea ne influenteaz modul de apreciere a realitii i hotrrile pe care le
lum." (Herbert Cohen, Orice se poate negocia, Bucuresti, l995)
Banca este o instituie care i ofer o umbrel cnd este soare i i-o cere
napoi cnd plou.
b) Urmare lrgirii negoului s-a trecut de la sistemul simplist al trocului la
folosirea anumitor mrfuri ca masur a valorii, ca un echivalent general pentru restul
produselor, aa nct s fie facilitat i accelerat circulaia bunurilor ntre
comunitile omeneti. Drept instrumente pentru efectuarea plilor au fost folosite
de-a lungul timpului diferite produse ca vite, blnuri i unele obiecte cu o valoare
simbolic recunoscut, de pild pietre deosebite sau scoici, ajungndu-se pn la
urma la o utilizare generalizat a metalelor, care vor ncepe mai apoi s fie btute ca
monede, pentru o ct mai lesnicioas mnuire. Banii nu vor rmne prea mult vreme
doar mijloace de intermediere ntre participanii la viaa economic. Intruct ofereau
putina s se cumpere orice i oricnd, banii au devenit ntruchiparea bogiei i
puterii, fiind cutati, nmulii i tezaurizai tot mai avid. Un fapt important in
evolutia relaiilor economice i sociale l constituie nendoielnic extinderea
mprumutului; ntr-o prim faza numai de produse destinate consumului, in special
cereale, iar ulterior i de unelte ale muncii i de instrumente bneti. mprumuturile
apar acordate nc de la nceputuri contra unui anumit pre - dobnda - ceea ce
asigur o substanial sursa de ctig creditorilor, respectiv detintorilor de
disponibiliti n mrfuri si bani care ncheiau asemenea tranzacii.
THE FUNCTIONS OF MONEY
XV. Find a title for each fragment:
1..................................
The use of money as a medium of exchange makes possible a great extension
of the principle of specialisation. In an advanced society the use of money allows to
exchange hours of labour of an amazing variety of goods and services: two weeks'
labour for a holiday abroad just as easily as we can exchange it for a piece furniture
or a year's rent on a television set. Such exchanges are taken for granted yet they
would be inconceivable without the use of money.
2................................
The first step in the use of money was probably the adoption of some
commodity as a unit of acoount or measure of value. Money, most likely, came into
use within the barter system as a means whereby the values of different goods could
be compared. The direct exchange of goods for goods raise all sorts of problems
regarding valuation: "How many bushels of corn are equal in volume to one sheep, if
twenty sheep exchange for three cows and one cow exchanges for ten bushels of
corn? This problem of exchange rates is easily solved when all other commodities
are valued in terms of a single commodity which then acts as a standard of value.
Money now serves as such a standard and when all economic goods are given money
values (i.e. prices), we know immediately, the value of one commodity in terms of
any other commodity.
3..........................
Once a commodity becomes universally acceptable, in exchange for goods and
services, it is possible to store wealth by holding stock of this commodity. It is a
great convenience to hold wealth in the form of money.
Consider the problems of holding wealth in the form of some other
commodity, say wheat. It may deteriorate, it is costly to store, it must be insured, and
there will be significant handling costs in accumulating and distributing it. In
addition, its money value may fall while it is being stored. The form of money has
become very apparent in recent years - during periods of inflation when the exchange
value falls.
4.................................
An important function of money in the modern world, where so much business
is concluded on the basis of credit, is to serve as a means of deferred payment. When
goods are supplied on credit, the buyer has immediate use of the goods, but he does
not have to make an immediate payment. He can pay for them, 3, or perhaps 6
months after delivery. In the case of hire purchase contracts, the buyer takes
immediate delivery but pays by means of instalments spread over l, 2, or 3 years.
A complex trading organisation based on a system of credit can only operate
in a monetary eonomy. A seller would be most unlikely to accept any promise to pay
in the future which has expressed in terms of commodity other than money. It will
have no idea how much of that commodity it will need in the future and if it does not
want it,.it will be faced with the trouble and risks involved in selling it. It is prepared
to accept promisses to pay in terms of money, because, whatever the patterns of the
future be, they can be satisfied if it has money.
XVI. Do you know other functions of money? Write a short story if any.
UNIT 8 BANKING
OBJECTIVES:
familiarise with specific professional vocabulary
change of the meaning from general to specific professional
introduce in minimum professional knowledge
passive voice
HISTORY AND ORGANISATION OF BANKING IN ENGLAND
I. Answer the following qestions before reading the text:
1. How do you think that banks appeared?
2. What is their role in market economy ?
3. Is there any diference in banking in a command economy and market economy?
Modern banking has its origin in the finance of foreign trade. In the great
medieval trading states of Venice, Genoa and later Florence, a need arose to
exchange one currency with another and the early changers also began the practice
of acceptance deposits of cash and valuables or safe-keeping. They also undertook
the financing of commerce at the great medieval trade affairs, and they also were
called upon to provide finance of the rulers of the states in which they were
established, and they often became involved in financing the running of their own
and other countries. Because of the power they were seldom popular. Readily
indefiable groups, such as jews, were persecuted and sometimes expelled, and the
laws against usury were strict.
Since modern banking originated in the cities of northern Italy, it is not
surprising that some of its basic vocabulary has Italian roots. The word "bank" itself
comes from the Italian word "banco" meaning a bench. The "bankrupt" has the same
origin and referrs to the practice of breaking the money-changer's bench to indicate
that he was no longer able to honour his obligations and therefore unable to continue
his business.
When the Jews were expelled from England by Edward I in l29o, their place
was taken by the Lombards, who were already established in England. They
became the merchants and the important financiers in many European
countries. The name of "Lombard Street" in the heart of the city of London is
the permanent reminder of the importance of these early times.
The accepting of deposits, the making of loans and the transfer of funds
evolved during the seventeenth century with the growth of the goldsmithsbankers
who had by that time, taken over from the Lombards as major
financiers in England.
Because of the nature of their trade, their premises had to be secured, and even
before the l64o seisure, there is evidence that they accepted coin on deposit
from their customers, issuing receipts for them.
The receipts entitled the holder to the return of his actual deposit, but they later
became promissory notes, giving the holder the promisse that he would be able
to withdraw, on demand, as an equivalent to that deposited.
Gradually, these notes themselves began to circulate among the merchants in
the settlement of their debts. Thus, these receipts became the forerunners of
the modern banknote. Then, the words "on bearer" were added after the name
of the original depositor and they became "bearer instruments", giving them a
greater circulation.
The practice of placing money with goldsmiths with a given notice of required
repayment had emerged, thereby originating what we call today "deposit
accounts". The private banknote came into being, but in the following century
he Bank of England gradually took over the function of exclusive note issuer,
when it appeared as a historical necessity, when the Government of the day
was in need for funds to pursue the war against France.
In l773 the London private bankers also established a Clearing House that
increased the ease of transfer and allowed the individual banks to keep a
smaller total of cash in their tills with which to meet withdrawals and transfers.
The fluctuating economic conditions at the beginning of the 19th century were
attributed to the relatively unrestricted right to issue banknotes and the
problems caused by over-issue, so the Bank Charter Act provided the control
of note issue that eventually led to the Bank of England acquiring a monopoly
of the note issue.
Further developments took place as legislation and other changes brought
about a restructuring in the supply of financial services. Increasing overseas
competition and the freedom of building societies offered a much wider range
of financial services.
This is a far cry indeed from the goldsmiths' shops, woollen mills and mercers'
premises where it all began three hundred years ago.
II. Answer the following questions:
1. Where are placed the origins of the modern banking?
2. What are the roots of the banking vocabulary?
3. Who were the bankers of the world in Middle Ages?
4. Why did they become indesirable persons?
5. The jews were replaced by whom?
6. What was the story of the bank note?
7. What was the role of goldsmiths in banking history?
8. When and why did the Bank Charter Act came into force?
III. Answer the following questions before reading the following text:
1. What role do you think that central banking has in economy?
2. Is important that central banking be autonomous?
3. What are the functions of central banking in the banking system of a country?
Discuss in groups of 3 or 4 and write down the answers.
THE BANK OF ENGLAND
The Bank of England was established in 1694 by Act of Parliament and Royal
Charter as a corporate body; the entire capital stock was acquired by the
Government under the Bank of England Act in l946. The main functions of the
central bank are to execute monetary policy, to act as banker to the
Government, to act as a note-issuing authority and to exercise prudential
supervision over and to provide banking facilities for the banking system. The
central bank is also responsible for arranging government borrowings and
managing the National Debt. The Exchange Equalisation Account and the
register of holdings of the government securities are managed by the Bank of
England, on behalf of the Treasury. It also oversees the soundness of the
financial system as a whole.
As the single note-issuing authority, The Bank of England issues banknotes in
England and Wales, banknotes that are no longer backed by gold, that is
fiduciary. The Scottish and Northern Ireland banks have limited right to
issue notes that are mostly covered by holdings of Bank of England notes.
The Bank of England has also the right to influence money market conditions
through its dealings with the discount houses that appeared and developed in
the nineteenth century as bill brokers for industrialists. The discount houses
hold mainly Treasury, local authority and commercial bills, and negociable
certificates of deposit financed by short-term loans from the banks. For
covering a shortage of cash in the banking system the Bank can release it
either by buying bills from the discount houses
or by lending directly to them. This way the banks can replanish their cash balances
at the Bank by recalling some of their short-term loans to the discount houses.
The main wholesale markets in London for money, foreign exchange and gold
bullion operated by professionals, are also supervised by the same central
Bank.
All the deposit-taking organisations require authorisation from the Bank of
England and are subject of its supervision. The present banking legislation
increased the Bank's power to modify the conduct of banking institutions, to
investigate cases of illegal deposit-taking, to block bank-mergers and
takeovers on prudential grounds. It also enables information to be shared, in
strictly controlled ways, among supervisors in different financial services, and
permits auditors to make reports to the Bank of England about a bank if the
circumstances require it.
The Bank may intervene in the foreign exchange markets to check undue
fluctuations in the exchange value of sterling. As Europe moves towards economic
and monetary union (EMU), we will be hearing more of the likely status of the Bank
of England when it will join The European Central Bank, which has its central office
in Frankfurt and it is independent of instructions.
IV. Finding a title for each fragment, you will identify the principal functions of the
Bank of England:
..............................
The Bank is responsible for arranging government borrowing or repaying debt
and for managing the National Debt. The Bank's principal role in government
finance is to act on the Treasury's behalf to borrow money in the markets and from
the public. The main forms of borrowing are through Tresury Bills, government
bonds (known as gilts or gilt-edged stock) and occasional foreign exchange
borrowings. The bank is responsible for issuing and redeeming these securities and
maintains a register of gilts.
...............................
The Bank is directly involved in executing the Government' monetary policy,
thus providing a framework for non-inflationary economic growth. Unlike some
central banks, the Bank of England cannot act independently of the government: Her
Majesty's Treasury has an important role in providing advice and is closely involved
in implementing government decisions on the appropriate level of interest rates
through dealings in money markets.
.....................................
The Banking Act in 1987 created a Board of Banking Supervision and
increased the Bank's powers to modify the conduct of banking institutions, to
investigate cases of illegal deposit-taking, to block bank mergers and takeovers on
prudential grounds and to require information from banks. The Bank is also
responsible for the supervision of
the main wholesale markets in London for money, foreign exchange and gold
bullion. The Bank may also intervene in the foreign exchange markets to check
undue fluctuations in the exchange value of sterling.
......................................
The Bank has the sole right in England and Wales to issue banknotes which
are no longer backed by gold but by government stock and other securities (known
as the fiduciary issue of notes). Scottish and Northern Ireland banks have limited
rights to issue notes.
....................................
The Bank's money market operations are designed to smooth out fluctuations
in the flow of cash betwen government and the private sector. Shortages of money
are offset by the Bank buying short-dated bills and maturities from the market and
lending funds to the market. When there is a surplus of money, the Bank seeks to
offset this by selling Tresury and other bills. Normally, the pattern of government
and Bank operations results in a shortage of cash in the market each day with the
result that the Bank is the final provider of liquidity in the system and can help to
implement and direct monetary policy by choosing the interest rates at which it
provides funds. When the Bank changes its dealig rate the commercial banks tend to
follow suit promptly and change their own rates from which deposit and lending
rates are calculated.
V. Can you re-build the history of the Central Bank of Romania following the
milestones information ?
1861 - I.C.Bratianu: "As long as we don't have a Central Bank, financial
crisis will not disapear in our country"
1880 - the foundation of the Central Bank
1/3 state shares; 2/3 public subscription
1880-1890 - covered the Independence War
-.discount credits for agriculture
1901-1914 - state shares sold and the bank become entirely private
1914-1918 - finance the IWW
1917- trasfer of the Romanian treasury to Moskow to be sheltered against the
war
- the entire activity of the bank transfered in Iasi
1929-1933 - the leu becomes convertible
1933-1944 - cover the II WW expenses
1946 the bank becomes a subject of nationalisation
1965 - State Bank of The Popular Republic of Romania
1971 - The National Bank of The Socialist Republic of Romania
1991 - The National Bank of Romania
The Functions of the National Bank of Romania
VI. Draw out the functions of the National Bank of Romania in short from the
following:
The structure of the banking system prior to 199o in Romania combined the
functions of a central bank and some functions of a commercial bank.
Together with other state institutions it conceived the drafts of the credit and
cash plans of the economy and monitored their implementation. It organised
the granting of short term credits on the basis of approved plans and extended
credits to entreprises and economic organisations that had accounts with it.
The main monetary and credit objectives were to provide entreprises with
required credit, so that they could meet their plan targets, to provide sufficient
liquidity in the economy, consistent with the planned availability of goods.
Now, the functions of the National Bank of Romania changed and they are
covered by the Statute Law (Law No 34/l99l). Under this status, in order to preserve
the political independence of the central bank, the Governor and the Board of
Administration are appointed by the Parliament, at the recommendation of the Prime
Minister, for an eight year renewable term. They can only be removed by the
Parliament. The Board of Administration (president), the Senior Vice Governor (vice
president), two vice Governors and another five members.
The first article of the Status defines the role of the National Bank formulates
and conducts monetary and credit policy within the framework of the country's
economic and financial policy with the goal of preserving the stability of the national
currency. In order to accomplish this, the National Bank of Romania determines the
money supply in the economy, conducts the foreign exchange policy and supervises
the commercial banks. Clearly, all these are done in the context of developing the
"right" conditions for encouraging and sustaining economic growth. The National
Bank of Romania is also the single institution to issue banknotes and coins, to
manage the international reserves of the country, and grant an advance to the Central
State Budget to cover temporary deficits, amounting up to 1o% of the total approved
budget.
The Board of Administration of the Bank meets regularly. It determines the
broad parameters of the monetary policy and decides on such matters licesing of
banks, introduction of new or changes in existing prudential regulations, actions on
operating banks (extension of special loans, imposition of penalties, etc) and other
policy in internal budgetary matters. District offices play a very active role in
payment settlements.
VII. Answer the questions:
l. What was the role of the central banking in Romania in the command
system, before l989?
2. Is there any change in central banking role in market economy?
VIII. Listen to the cassette. Match the information heard with the one supplied by
the following text; find additional information and write an essey about the role of
banks as information producers in forecasting and implementing economic policies.
The new theories emphasises banks as producers of information needed to
facilitate evaluating risky lending opportunities, signaling the prospective borrower's
creditworthiness. Commercial banks are superior information producers by
evaluating the history of bank deposits for monitoring loans.
The City of London
IX. Answer the questions before reading the text:
1. What do you know about the City of London?
2. What does it represent?
3. Where is it placed?
The City of London remains one of the World's great financial trading centres.
It has undergone fundamental changes to meet the demands of industry and
commerce and the increased "globalisation" of financial services, host to hundreds of
foreign banks, with securities trading revolutionised by new technology, it continues
to offer new services in lending, comodities trading, options and futures.
Within its narrow area, the various markets and specialisations cluster in quite
separate spots, banking here, insurance there, commodities here, shipping over there.
Yet none is far from the others. It is possible to walk from one end of the City to the
other in under twenty minutes and most of the main sections are within five minutes'
walk of each other.
Several parts of the City and its markets can still be visited. But it is no longer
the easy arrangement it used to be. Some City markets, such as the new Lloyd's
building, can and will cope with large numbers of visitors. Others, such as the Bank
of England Museum, the London Metal Exchange, the Baltic Exchange cannot.
Mansion House
The Mansion House is the official residence of the Lord Major of London. It is
also the venue for much of the City's hospitability where guests as the Prime
Minister, Chancellor of the Exchequer, foreign Heads of States are invited to official
banquets, the Lord Major is titular head of the Corporation of London, the City's
governing body, which is responsible through its elected members for the
administration of the City.
Royal Exchange
In the past, the Royal Exchange has housed the City's foreign Exchange
market and Lloyd's. At present it is the home of the Guardian Royal Exchange and
also the London International Financial Futures Exchange.
Bank of England
The nickname given to the Bank of England of "The Old Lady of
Threadneedle Street" was first used in James Gillroy's cartoon of 1797. The Bank
expanded to cover at present a large site in the eighteenth century and it was finally
rebuilt at the beginning of the last century.
London Stock Exchange
Has its origins in the sixteenth century and as the scale of commercial activity
has incresased, especially in the last 150 years, the Exchange has expanded to handle
the increased demand for capital.
Today over 7000 securities are listed on The
London Stock Exchange with a turnover of 1666600. The present building was
opened by the Queen in 1972.
Lloyd's
Lloyd's of London is an international insurance market. Insurance risks are
placed with individuals underwriting members who have personal and unlimited
liability. Curently, there are over 25000 members divided into some 345 syndicates.
.
London Futures and Options Exchange (London FOX)
London FOX is a major international centre for the trading of soft commodities.
These include cocoa, robusta coffee, raw and white sugar, potatoes, grain, soya bean
meal, rice, etc.
Banking
EMoney is at the heart of the City, and so are the banks which deal with money
and, to some extent, even create it. A Bank is not necessary for the basic mechanism
of exchange. What a bank is useful for is the next step in the development: the
creation of credit. Amazingly, despite London being regarded as a major centre, no
definition existed of a bank prior to 1979. At that time a Banking Act was passed
resulting from the secondary banking collapse of the 1980s. The Act defined a bank
and established a two-tier status. The largest banks, providing a comprehensive
range of services, were known as recognised banks, whilst smaller and more
specialised institutions were known as licensed deposit takers. The two-tier system
was abolished by the Banking Act 1987 and now there is a single category of
"authorised institutions" which can vary from Barclays Bank to the financial
subsidiary of Marks and Spencer.
X. Find the following words in the dictionary and place them in the blanks of the
text: margin, render, profit, raise, margin, yield, deal, maturity, investment, charge,
cater, supermarket
Comercial banks, or retail banks ... the service of holding deposits, paying
money at customers' instruction, lending money, ... for investment, exchanging
foreign currency, and so on. The difference between interest rates paid and their
yield ... to the customers represents it .... and it is named spread or ... But when
lending the commercial banks must always find a balance between the yield and the
risk on one hand and liquidity and... of the loans on the other hand. The recent
developments have enabled banks to emphasise and ... for different customers needs,
extending from retail financial services, including counseling advice, to business
develpment needs.
Merchant banks have proved to be some of the more flexible financial British
institutions. They have no longer the financial muscle of the nineteenth century but
they still ... funds for industry on financial markets, finance international trade, issue
and underwrite securities and ... with mergers and takeovers. Similar banks are called
... banks in SUA, rendering services in industry, without offering loans.
In recent years the difference between commercial or retail banks and
merchant or investment banks became lesser and lesser visible. Huge financial
institutions appeared which render services of banking, insurance, stockbroking,
investment advice, making financial ... .
XI. Turn into passive, according to the model.
1. Most people produce goods and services.
Goods and services are produced by most people.
1. Economists study the economic phenomena to discover new tendencies.
2. Economic changes affect our lives
3. He told me how the capitalist system works.
5. He tried to prove how farmers produced more in their country.
XII. Form new words from the words listed below:
exemple: capital - capitalism - capitalist - capitalistic
Note the suffix: - ism - system (noun)
- ist - person (noun)
- istic - about the system or person (adjective)
a) commune, b) social, c) national, d) real, e) individual
XIII. Translate into English:
A.
"Banii sunt o informaie n micare" - John Naisbitt, Megatendinte, 1989
"...Informaia este la fel de important, ba chiar mai important dect pmntul,
munca, materiile prime i capitalul" - Alvin Toffler-Corporaia adaptabil, 1993
"Informaia este esena problemei. Ea poate deschide drumul spre succes. Ea
influeneaz modul de apreciere a realitii i hotrrile pe care le lum." - Herbert
Cohen, Orice se poate negocia - 1995
Informeaz-te dimineaa, ia o decizie la amiaz i treci la aciune a doua zi, dup o
noapte de reflecie - (anonim)
"Morala i economia politic resping deopotriv pe individul care consum fr s
produc." - H.de Balzac-Maxime i cugetri,1979
Cnd ai ndoieli, ntreab, cnd nu ai ndoieli, ntreab.
Ceea ce merit s fie fcut, merit s fie bine fcut. - Cugetri engleze, 1980
Doar cei ce s-au ajutat singuri stiu cum s-i ajute pe alii i s respecte dreptul lor de
a se ajuta singuri. - Cugetri engleze - 1980
Nici o zi fr s tragi o linie. (cugetare latin)
Exist totdeauna motive excelente pentru a nu aciona; numai c, dac motivele
predomin, lucrurile rmn nefcute - G.B.Shaw
B.
Mutaiile produse pe parcursul secoului trecut n sistemul economic al rilor
dezvoltate nu se pot separa de creterea spectaculoas a puterii instituiilor de credit.
Un rol esential n dezvoltarea economic revine capitalului de imprumut, sistemul
bancar i de credit adaptndu-se condiiilor i exercitnd un rol tot mai important n
viaa economic.
Procesul de concentrare a capitalului are ca rezultat constituirea de gigani
economici, din care fac parte uniti de mare capacitate, din diferite ramuri, ceea ce
confer conglomeratelor o deosebit for. Chiar n secolul XIX bncile devin
nucleele, centrele nervoase ale acestor grupri economice extinse treptat la scara
mondial.
Astfel, casa bancar Baring, prezena n afaceri din secolul al XVII-lea,
constituind proprietatea unei singure familii de financiari, se transform n aceast
perioad, dup crahul financiar din 1890 n societatea pe aciuni "Baring Brothers
and Company". Prin absorbiri, participri n lan au aprut Lloyds Bank, care ngloba
nu mai puin de 38 de bnci particulare i 15 societi de banca pe aciuni, Barclays
Bank, care i are originile ntr-o cas cmtreasc din secolul al XVII-lea "Latrei
ancore" i care ajunge, la sfritul secolului XX s-i depeasc toi cocurenii,
axndu-se pe o puternic penetrare n colonii, fiind una dintre forele financiare care
au contribuit la extinderea imperiului britanic, alturi, de exemplu, Compania
Indiilor Orientale transformat n Calcutta Bank, Bombay Bank, Madras Bank, Hong
Kong and Shanghai Banking Corporation, etc.
13 TAPESCRIPTS
_ TAPESCRIPT 1 (Unit II)
I'm going to speak to you today about the oil price shocks that influenced the
world economy several times. We hope we can identify this way, what is going to
come next.
Oil is an important commodity in modern economy. Oil and its derivatives
provide fuel for heating, transport and machinery and are basic inputs for the
manufacture of industrial petrochemicals and many housholds products ranging from
plastic utensils to polyester clothing. From the beginning of this century until 1973
the use of oil increased steadily. Over much of this period the price of oil fell in
comparison with prices of other products. Economic activities was organised on the
assumption of cheap and abundant oil.
In 1973-74 there was an brupt change. The main oil-producing nations, mostly
located in the Middle East, belonging to OPEC corectly anticipated that a substantial
price increase would lead to only a small reduction in sales. Thus, between 1973-
1974
the price of oil trippled from $2.90 to $9 per barrel. Then a more gradual rise
followed between 1974-1978, then there were another sharp increase between 1978
and 1980 from $12 to $30 per barrel. The dramatic price increases of 1973-74 and
78-80 have become known as OPEC oil price shock, not only because they took the
rest of the world by surprise but, also because of the upheaval they inflicted on the
world economy which had previously been organised on the assumption of cheap oil
prices...
_ TAPESCRIPT 2 (Unit III)
I learnt about different ways of delivering speeches and I try to chose the best
one for a promotional presentation in order to improve our sales policy. Which one is
the most suitable for that? Let us decide together.
The memorised speech is considered the most difficult, but the least effective
and excessively formal as it is adressed to a specific audience, in oratory contests, or
when notes are not allowed. It is considered to have the advantage of being a good
training device for memory but it lacks spontaneity and it tends to concentrate on
words rather than ideas.
There is another type, which is called manuscript speech, that must be very
well prepared in advance and it is less formal and isused for scientific papers,
for highly specialised audience. It must be very well organised as it is
concentrated on ideas, rather than words, and it has the advantages of
maintaining partial eye-contact with the audience but the disadvantage of
spontaneity and sometimes the difficulty to be followed.
Referring to Impromptu speech, it needs no planning or preparation in
advance, and it is addressed to groups of informal talks. The main advantage consists
in its originality and use of personal experience and it may be spontaneous. It offers
short time to think about the subject and for expressing conclusions and it may cause
sometimes, mental block.
As for the extemporaneous type of oral presentation, it is also planned in
advance and it is presented in a direct, spontaneous manner making use of only brief
notes. It is usually delivered to a small audience with diverse background and
different levels of knowledge. Due to its careful planning in advance, it is well
organised but spontaneous.
_ TAPESCRIPT 3 (Unit IV)
Professional Training on Internet
The fashion of Internet sites of trainig and consulting forms, is a result of the
development of the information technology. A new kind of service provider
company appeared, the online training information firms.
Sources provide corporation with up-to-date, non biased training information
to reduce search time in locating professional training services. The database
developed to help navigating through the maze of training providers, having a
reliable content, being easily accessible, and comprehensive.
The programs in the database are "first class" training providers who meet the
preset quality standards and expectations, offering a list of preferred vendors,
courses and contacts. The providers are identified and recommended by world-wide
corporations who place a high value on training and education for their emplyees.
When an unfavourable feed-back is received regarding a provider's program,
the issue is discussed with him and documented. Then he is informed if probationary
status. If a third problem is reported, the program is removed from the database.
_ TAPESCRIPT 4 (Unit V)
Capitalism is not without serious flaws. The uneven of wealth has been noted.
The growing pains of Capitalism and the Industrial Revolution caussed massive
socialdislocations,the growth of robust but filth-laden factory towns, classes of
workers who were virtual wage slaves, and many more problems.
By chance, popular democracy was emerging as a social force at the same time
capitalism was in its early stages. The call for political democracy merged with
demands for economic democracy. Socialism, which is one type of political
democracy, was born at the same time as the object of its criticism - the free-market
economy - was taking shape.
But neither socialism, nor one of the development from it called Communism,
are economic systems. They are political arrangements that attempt to do away with
what are perceived as the worst features of capitalism. The erratic nature of the
marketplace is removed and replaced by economic planners who are essentially
political figures. Systems of production and consumption become governmentoperated,
much as in ancient Egypt or Rome.
_ TAPESCRIPT 5 (Unit VI)
What is Time Management?
1. As the great Benjamin Franklin said: "Time lost is never found again."
2. Time management is a set of related common-sense skills that help people
use their time in the most effective and productive way possible.
3. Keeping an activity log for several days can help pin down everything that is done.
4. Meetings should not be held just for the sake of meetings, only when there
are important things to discuss and at a time which doesn't make others waste theirs.
5. Always confirm appointments or dates the day before. Don't try to arrive
more than 5 minutes early. If people keep you waiting for more than 15 minutes, they
may be playing power games.
6. If you travel by plane or by train, it might be worth changing your
reservation to a better class if it allows you to get more things done.
7. If one carries out tasks that benefit neither him nor are goal-effective, they
might be better off not doing them, or delegating them.
8. The trick to create time is getting up at the same time daily. By waking up
one hour early every day, you gain 10 workweeks per year.
9. Remember the two-minute rule: if you are confronted with a task that needs
less than 2 minutes to complete, do it right away.
10. If you have many places to go, try to schedule all your errands in the same
day of the week. Think of your itinerary before you leave so that you don't waste any
time on the road.
_ TAPESCRIPT 6 (Unit VII)
There is nothing particularly unusual about Place Dumon, a cobbed square in
suburban Brussels, ringed by quaint shops. Until, that is, you notice how the locals
purchase their wares. For they are paying for parking spaces, picking up newspapers
at the Gavilan newsagent, strolling to the Antoine bakery for a doughnut, and even
buying babies' outfits at the Minou boutique, all without reaching for a single note or
coin.
The reason is PROTON, Belgium's experiment in virtual cash. Proton is one of
several "electronic purses" being tested around the world. The e-purse is a chipbased
or "smart" card that stores digital money which, its fans hope, may one day
replace crumpled notes and fiddly coins in small purchases.
A smart card is unique, thanks to the sealed information - in high security
chip. It stores one's personal datas individually and characteristically as if it were
one's signature. Encrypted with one's personal, absolutely singular code, it makes
every bit as secure as if it were a bank vault. Any attempt to crack this safe causes
the chip to selfdistruct, automatically voiding the card.
A smart card is discrete. Everything it knows remains strictly confidential. The
chip makes sure of that - with sophisticated identification procedures and encryption
that protects one's confidential data against unauthorised access. A smart card offers
complete security, which makes it predestined for universal employment: it can be
used as an electronic wallet to pay for purchases, taxi fares or hotel bills. The chip
cards now include a debit-card function. Eventually, a single card may combine the
e-purse with credit, debit and loyalty cards. PROTON is also developing special
telephones that would allow customers to reload their cards at home. If a banknote is
lost, tough luck; if, however, a plastic card is misplaced or broken, the balance on it
can be reinbursed because all debits are logged centrally. But central accounting has
disadvantages too. Many customers may prefer to move digital cash around without
their transfer being logged. In addition, centralised schemes may prove more costly
to operate, making small transactions, including the purchase of small bits of
information and software over the Internet, uneconomic. It also faces complaints
about parochialism as its chip can hold just one currency, while Mondex and Visa
can store
value in up to five different currencies. Then there is inter-operability. An integrated
payment system will allow, say,a Belgian customer to spend his e-cash in
Switzerland. Most pundits think that important banking institutions will have to pair
up in big payment networks. The two bank-owned groups - Visa an Master Card -
are already around busy buying up purse providers around the world, by taking
controlling stakes in the domain, or absorbing e-cash technologies.
But if the history of credit cards is a guide, no more than two or three of the
smart-card schemes are likely to win global acceptance.
_ TAPESCRIPT .7.(Unit VIII).
NYSE (New York Stock Exchange) - the oldest (established in 1792) and the
biggest stock exchange in USA, also known as Big Board or The Board". It's
organised as an association with 1366 members - individuals - partners or
members in the board of administration of different financial firms.
Approximately 5000 investors from all over the world operate in this market,
each of them owning a minimum of 100 shares of one of the 15oo companies
listed.
Blue chips: ADD, Du Pont, Eastman Kodak, General Electric, General Motors,
IBM, McDonald's, Philip Moris, Texaco, United Technologies.
The Japonese market is concentrated in two centres: The Tokio Stock
Exchange (holding over 80% of the transactions) and The Osaka Stock Exchange
(with more than 10%) The Tokio Stock Exchange is also known by the locals as
"Kabuto-cho" is placed second world wide after NYSE. It has a few particularities:
-the financial institutions have a lot of power and hold an important percentage
among the biggest companies of Japan.
- the abundance of cash (caused by commercial exeeds and a high rate of
savings) causes a low volume of short time negociated values.
- very low percentage of foreign investors
Blue chips: Mitsubishi, Mitsui, Sumitomo, Toyota, Nissan, Honda, Kodak, Fuji,
Nippon, Life and NTT.
The London Stock Exchange:
Blue Chips: Glaxo, British Telecom, Shell, British Petroleum, Guiness, British Gas,
Hanson, Bat Industries, Smithline Beechum and ICI
ECONOMIC ENGLISH FOR UPPER INTERMEDIATE
_ TAPESCRIPT 9 (Unit XII)
INVESTING INSTITUTIONS IN GREAT BRITAIN
1. The main goal of investment institutions in Great Britain is to collect and
invest savings in securities and other assets.
2. Comprehensive and competitive service is provided domestically and
internationally by the British insurance industry.
3. The insurance industry falls into general insurance for accident and shortterm
life insurance, and long term life insurance.
4. The London insurance market covers 20 per cent of general insurance business.
5. In addition to the British companies and Lloyd's a large number of overseas
copanies are represented.
6. Friendly societies, mutual institutions administered by trustees make also
available insurance.
14 GRAMMAR
VERBS
Verbs are words that allow us to talk about such things as activities, processes,
states of being, and states of mind. They divide into two major groups, according to
the way they are used in a clause. Those in the larger group are called main verbs.
The remainder are auxiliary verbs.
This basket holds quite a lot.
John is reading an essay.
Larry was preparing a talk for next week's class.
The cat feels much happier now.
She forgot that it was her mother's birthday.
Paul owned several houses.
Verb phrase
A verb can be a single word or a group of associated words. When a verb
phrase consists of a single word it is called a simple verb. When the verb is made of
an auxilliary verb and a main verb, this is called compound verb.
he walks he is walking
we had walked we could walk
they had been walking
you might have been walking
MAIN VERBS
These are the verbs that indicate actions and states. Most verbs in English are
main verbs. They are also called lexical words. Main verbs are classified in several
ways:
according to whether they refer to states:
This scarf belongs to me.
I already feel that I have known you for ages.
or actions:
I feel that I have known you for ages.
regular and irregular verbs according to the spelling of their forms:
regular: talk, talks, talking,talked
irregular: swim, swims, swimming, swam, swum
according to whether or not they are followed by an object, that is they are
transitive or intransitive.
I can speak English.
We both read the same books.
She found a short way.
Tell me the truth!
I saw my best friend kissing her.
AUXILLIARY VERBS
These verbs are used in combination with the main verbs in order to allow us
talking about different times or periods od time, different degrees of compection, and
different amounts of certainty or doubt. There are several types ofauxilliary verb.
The primary auxilliaries help to express time, and the modal auxilliaries help to
express certainty and doubt.
TENSE
Verbs enable us to talk about actions and states. They also allow us to talk
about the time when the action or state takes place.
We use tense to talk about the complete form of the verb phrase and the
time scale it expresses.
All main verbs have two simple tenses: the Simple present and the Simple
past. In these tenses the verb is used on its own without any auxilliary verbs.
I walk. I walked.
She sings. She sang.
You bring. You brought.
English verbs also have compound tense forms, when the main verb is
accompanied by one of both of the auxilliary verbs be and have
ASPECT
The compound tenses of the verb express:
two tenses, present and past
two aspects, preogessive and perfect
The term aspect expresses continuing actions, versus completed actions or
states. Simple tenses do not have aspect.
I am walking. I was walking.
He is singing. They were singing.
I have walked. They have walked.
You have come. You had come.
When an auxilliary is added to a main verb to form a compound verb it
expresses:
the continuity of an action by using a form of the auxilliary be+-ing. This is
called the progressive aspect.
I am still studying French.
My friend was living in Bucharest at that time.
James is helping out with the typing.
the completion of an action, by using a form of the auxilliary have + a past
participle, usually -ed,which is called perfect aspect.
I have studied English for four years.
Gloria and James had found their flat by then.
.The two aspects of the verb can be joined so that we can talk about the
duration and the completion of an action in the same verb phrase.
Ihave been studying French for three years.
He had been living in London for three years when I met him.
John has been helping us this week.
TENSE
The tenses alow us to refer to different ways of thinking about the time of an
action or state of being.
SIMPLE TENSES
Simple tenses show moments of time, timeless, states and habitual or repetitive
actions. The Simple Present and the Simple Past of regular verbs are formed by using
the base of the verb.
PROGRESSIVE TENSES
Progressive Tenses show duration or continuity; The Present Progressive and
the Past Progressive are formed either from the present or the past tense of the verb
be + the present participle of the main verb.
It is raining hard this spring.
It was raininyesterday thid time too.
She is eating a hamburger
PERFECT TENSES
Perfect tenses show that an action is completed but has some relevance to the
present time. The Present Perfect and the Past Perfect are formed using respectively
either the present or the past tense of the verb have + the past participle of the main
verb.
Roger here has walked the Victory Way
She told us he had attempted the mountain before but the weather was too
wet.
He has never visited me again from that time.
She had missed the train.
PERFECT PROGRESSIVE TENSES
Perfect Progressive tenses show duretion, completion, and perfect relevance.
Father has been working hard in the garden all day.
My mother has been helping him.
He had been working at McDonald's that summer before going to college.
Bill, who had been acting as an instructor, was promoted to manager.
The present Perfect Progressive and the Past Perfect Progressive are formed
using respectively either the present or past tense of the verb to have+the past
participle of the main verb
OTHER VERB FORMS
Other verb combinations are used for positive or negative statements or to
express degrees of time and probability
My grandma likes freshly ground cofee..
DO YOU LIKE INSTANT COFFEE?
MAY I HAVE SOME CHOCOLATE?
Another use is Future time.
You will be home before you know it.
They will probably meet us at the station
TYPES OF MAIN VERB
VERBS OF ACTION
When we need another verb to describe a new activity, it is possible to adopt
other parts of speech or to invent a new word.
Chris and Debbie were windsurfing all afternoon.
They were guzumped by a buyer with more money.
She is putting on an exhibition of her new dresses,
All the tenses can be used with action verbs.
VERBS OF STATE
I feel unhappy.
I hate quarrels.
I mean you no harm.
This house belonged to us once.
The verbs of state may be verbs of senses: feel, hear, smell, taste
verbs of emotions: adore, fear, like, love, want, wish
verbs of mental activity: believe, expect, forget, mean
verbs of possession: belong, own, possess
Vebs of state are not usually used in progressive tenses. When they are used in
progressive tenses,they change their meaning
I'm just feeling to see if the bone is broken.
We were tasting some French interesting wines.
Some uses of the verb be allow to choose between a state or an action
meaning. The word used as the complement makes an important difference.
BIll is being silly. but not Bill is being tall.
Rupert is being nasty but not Rupert is being intelligent.
The verb seem has a very limited number of adjectives that can be used as its
complement.
Bill seems happy. but not Bill seems tall.
AUXILLIARY VERBS
Auxilliary verbs are used together with a main verb to express tenses and
continuity.
be and have are primary auxilliaries. They are used to construct compound
tenses.
be is used to make Present and Past Progressive tenses and also for the
passive voice.
I am listening to you.
The students were all asking about that.
Susan is liked by all her friends.
Martin was sent to college in London.
have is used to make Present and Past Perfect tenses
George has seen the show already.
Pa had already had dinner when we arrived.
They had not expected, to see me at that party.
do is a supporting auxilliary and is used in forming negative questions and
emphatic statements in clauses which have simple verbs
I DO NOT LIKE YOU AT ALL!
You do like shrimps, I hope ?
Will, may, might and some others are considered modal auxilliaries. They
construct future as a fact or future actions as possible, doubtful, or necessary.
I will go home on Friday.
I may go home on Friday.
I could go home on Friday.
I must go on Friday.
Auxilliaries can be combined together in a single verb phrase , such as: -a
modal + a form of have + a form of be + a form of a main verb.
I could have been making a bad mistake by trusting her.
Mary will have lived in London for over 2 years now.
You must have been given the wrong address.
The first auxilliary verb performs the following functions:
it shows tense
I have finished my work.
She is looking for the book.
it shows number and person agreement with the subject
She has worked too much already.
They have seen the film before.
it will take any negative after it
The baby doesn't want to eat any more.
He has not been doing the same thing all the time.
it can come before the subject to make a question
Do you remember me?
Have you got the right number?
CONTRACTED FORMS
Auxilliaries are very often used in contracted forms. They ususally link the
subject to the main verb into a single form. , e.g. I'm, I've, we've, we'd, john's
(John is or John has).
The contracted negative form auxilliary + n't is common with all the
auxilliaries except am,e.g. hasn't, wouldn't, don't .
We don't want him here.
He hasn't (has not) seen the fish jumping.
I can't (cannot) come.
Contracted forms are more informal than full forms and they are more used in
spoken English than in written English.
Auxilliaries are also used in sentence tags.
It is your car, isn't it?
You are joking, I suppose, aren't you?
Auxilliaries are used to make an addition to a statement., such as:
a positive addition to a positive statement, accompanied by so or too
We considered her to be sincere and so she was.
I told you I'd find it and I have too.
a negative addition to a negative statemenet, accompanied by neither or
nor.
My parents never eat seafood and neither do I.
I don't want to speak to her - neither does he.
I don't understand you, neither can he.
Auxilliaries are used to emphasise when they are not contracted.
She has made an ass of herself!
She did it!
Auxilliaries can represent a short answer to a question when they are on their
own. , and the main verb is not repeated.
Do you like shrimps? No, I don't. or Yes, I do.
BE
The verb be is used as an auxilliary verb and as a main verb as well.Its forms
are: be, am, is, are, was, were, being, been
As an auxilliary verb, be is used to form progressive compound tenses and
passive voice.
Progressive tenses of the main verbs the appropriate form of be, present or
past, followed by the present participle.
The passive voice of a main verb be is used as an auxiliary followed by the
past participle.
The verb be is used as a main verb too and expresses:
feelings and states used in simple tenses with a suitable adjective:
She was delighted with the news, but I am not very happy.
She was very busy so she was not able to see him at the hospital.
people's behaviour in progressive tenses of the verb together with a suitable
adjective
I am not being slow, I am being careful.
You are being very rude.
be + to infinitive can be used to refer to future time in a rather formal use
Our Manager is to visit the new headquarters of the company.
it + be refers usually to time and distance
It is a long way to London from here.
there + is/are indicates the presence of something
There is enough food for all of us.
There are several things to care about.
The interrogative form can make not use of an auxilliary:
Are you happy now?
Is that you?
HAVE
This verb is used as an auxilliary verb and also as a main verb too. It has the
following forms:have, has, having, had
As an auxilliary verb, have makes the Perfect tense of the main verbs,using the
appropriate form of present or past, followed by the past participle of the main verb.
I have studied several possible cases.
I had visited them before I went home.
The negative form is made by adding not or another negative word after the
apropriate form of have. There are also contracted forms.
I have never seen so many people.
She had barely finished the cooking when I came back.
I'd not seen my parents for ages.
We haven't found a hotel to stay for this weekend.
They hadn't worked very hard!
Have as a main verb may state a possession or a relationship. This case,
progressive tenses are not allowed. The negative form is made by adding not or
nothing to make questions.
I have something to tell you.
I haven't anything for you to give.
We have had a nap, so we can leave now.
They had a fine weather.
A form of the verb have in informal British English is have got.It is used in
expressing certain activities including eating and leisure.
My mother hasn't got a sister.
Have you got any time to see me next week?
I haven't got enough money to buy the book.
She was having a rest when I phoned.
The negative and the interrogative forms use do and no contractions and weak
forms are allowed.
I'm having dinner with my family.Come and have dinner with us. No, thank
you. I don't usually have dinner.
We are having lunch together.
DID YOU HAVE A GOOD LUNCH ?
Have got (in the sense of possession) is not used for this meaning.
Have to or have got to may express obligation and they can use progressive
tenses.
You've got to come back, now, you are finished.
Do I have to come with you?
Have you got to choose it ?
I am having to spend less on computer games.
If have is a main verb, it makes Perfect forms like the other verbs.
We have already had lunch.
DO
Do can be a main verb or an auxilliary, that is a supporting verb.It is also used
to avoid repetition.
I do not read this book.
He does not read this book.
I didn'know that you were home.
Do you like skiing ?
Did he pass the exam ?
As an auxilliary verb, do is used:
to form the negative and interrogative of Simple Present and Simple Past
Tense
to form the negative form of Imperative
Don't let me go!
to make an imperative more persuasive:
Do let me see it !
to avoid repeating a main verb in the following situations:
additions:
I like cooking, and so he does.
commands:
Don't run on my nerves! Don't do it!
sentence tags:
He lives in Brussels, doesn't he?
in short answers:
He likes music, I guess. Yes, he does.
The negative form of the verb has contracted form, but not the positive one.
There some meanings of the verb do when it is a main verb: carry out,
perform, fix, provide.
I'll do the reading now.
Our firm doesn't do the catering for planes.
You have been doing well this term.
She felt she had done her best.
This has been done again.
The verb do can also have the meanings of:
habit:
This is what he usually does.
They do the cleaning every day.
behaviour:
I did something awful.
plans:
What are we doing this weekend ?
As a main verb do makes the negative and interrogative as the other main
verbs, with the auxilliary do
What does he do for you?
He didn't do the cleaning well.
Do can also be used with a modal verb:
I will do it for you.
You can do it, but you shouldn't do it.
MODAL VERBS
Modal verbs are considered a particular kind of auxilliaries as they are used
when needed special meanings to the main verb.
to express different degrees of doubt and possibility about the action of the
main verb:
He might not be able to do the repairing.
to express degrees of the future possibility, from the definite future will, to
the possible future may, and the conditional future, could.
I may be not be able to manage the matter.
I think you might have cought my cold.
YOU COULD BEHAVE YOUSELF !
You will be wondering on weekend at the seaside.
I may be late home this evening.
I could bring some good news.
to request or give permision for an action to take place
May I open the window, please?
He can borrow my car, if he needs it.
to express a prohibition when used with a negative
You shouldn't make use of my benevolence.
You cannot drop in his house without letting him know before!
He must not notice your absence.
to make an assumption.
The scandal may be over when we get there.
The flight could be late because of the storm.
He may be back home, at that time.
to express obligation and duty
You must have the cheking out soon.
She ought to tell the bad news.
to refer to characteristic behaviour
She can be very uggly on these occasions.
to add politness to a request which might otherwise sound abrupt
Would you please, shut your mouth?
to make conditional sentences
in reported speech.
All modal verbs can be used for future reference , when they are used with a
time adverbial
I may be late tonight.
Modal verbs can refer to habitual action when they are used with a time
adverbial.
When he was young, he would not miss any weekend trip.
FORMS OF THE MODAL VERBS
Modal verbs have only one base form,valid for Simple Present Tense and they
do not have a to infinitive.They have no -s inflection in the third person singular.
I will be seeing him this week-end.
She may be late for school.
Some of the modal meanings in the past are provided by other verbs. Must is
replaced by had to in the past
You must visit your father in the hospital.
You had to visit him.
There are contracted forms for the modal verbs:
shall/will - 'll. All the negative forms are contracted to to a single word: can't, won't,
wouldn't. There are also other contracted forms, common for spoken English but rare
in written English: he'll, we'll, shan't, they'll.
There are some semi-modal verbs that act sometimes as full main verbs or as
modals
How dare you speak like this?
THE CHILD DARES TO ASK ME TO DO HIS HOMEWORK.!
She need not speak if she does't feel like.
I need a new umbrella.
POSITION
Modal verbs are always placed before any other auxiliary or main verb in the
verb phrase. They are always finite.
Modal verbs are followed by the base form of the verb if there is no other
auxiliary verb present.
May I open the window, please ?
You must think about the consequences of your words!
If one of the auxiliary verbs have or be follows the modal verb, the main verb
will take the appropriate present or past participle form.
You could have read it by yourself!
Helen might be coming too.
In negative sentences not is placed immediately after the modal verb and in
front of all the other verbs.
Mary may not understand you.
I might not do a better cleaning.
Can is not to be combined with the auxiliary have, as the negative form can't
They ca't have borrowed the car.