1. How can banks' activities be divided? What do they deal with? (Dwell on each item.)
2. What are quasi-regulatory responsibilities of central banks?
3. How do central banks act in event of a crisis?
4. What do the economic functions of banks include?
5. In what form do banks issue money?
6. What is netting and settlement of payments? (Dwell on netting and settlement of payments)
7. What is credit intermediation? (Dwell on credit intermediation)
8. What is credit quality improvement? (Dwell on credit quality improvement)
9. What is maturity transformation? (Dwell on maturity transformation)
Тopic 10
Management
Management in business and human organization activity, in simple terms means the act of getting people together to accomplish desired goals. Management comprises planning, organizing, resourcing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources.
Management can also refer to the person or people who perform the act(s) of management.
The verb manage comes from the Italian maneggiare (to handle — especially a horse), which in turn derives from the Latin manus (hand). The French word mesnagement (later ménagement) influenced the development in meaning of the English word management in the 17th and 18th centuries.
Mary Parker Follett (1868–1933), who wrote on the topic in the early twentieth century, defined management as "the art of getting things done through people". One can also think of management functionally, as the action of measuring a quantity on a regular basis and of adjusting some initial plan; or as the actions taken to reach one's intended goal. This applies even in situations where planning does not take place. From this perspective, Frenchman Henri Fayol considers management to consist of five functions:
1. planning
2. organizing
3. leading
4. co-ordinating
5. controlling
Some people, however, find this definition, while useful, far too narrow. The phrase "management is what managers do" occurs widely, suggesting the difficulty of defining management, the shifting nature of definitions, and the connection of managerial practices with the existence of a managerial cadre or class.
One habit of thought regards management as equivalent to "business administration" and thus excludes management in places outside commerce, as for example in charities and in the public sector. More realistically, however, every organization must manage its work, people, processes, technology, etc. in order to maximize its effectiveness. Nonetheless, many people refer to university departments which teach management as "business schools." Some institutions (such as the Harvard Business School) use that name while others (such as the Yale School of Management) employ the more inclusive term "management."
Speakers of English may also use the term "management" or "the management" as a collective word describing the managers of an organization, for example of a corporation. Historically this use of the term was often contrasted with the term "Labor" referring to those being managed.
Management operates through various functions, often classified as planning, organizing, leading/motivating and controlling.
Vocabulary
| accomplish | Совершать, достигать, совершенствовать |
| goal | Цель, задача |
| encompass | Окружать, заключать |
| perform | Исполнять, выполнять |
| measuring | Измеряя |
| quantity | Количество |
| narrow | Узкий, тесный, подробный |
| existence | Существование, наличие, существо |
| charity | Милосердие, благотворительность |
| refer | Направлять, обращаться |
| employ | Служба, работа по найму, нанимать |
| corporation | Корпорация, акционерное общество |
| various | Различный, разный |
| optimum | Наиболее благоприятные условия |
| recruitment | Набор, пополнение |
| staffing | Укомплектовывать штаты |
| skill | Искусство, мастерство |
| feedback | Обратная связь |
Questions:
1. What is management?
2. What does management comprise?
3. What does resourcing encompass?
4. Where does the word “management” come from?
5. How did Mary Parker Follett define management?
6. What functions does management consist of according to Frenchman Henri Fayol?
7. What does the phrase "management is what managers do" mean?
8. Can the term “management” be used as equivalent to "business administration"?
9. How does management operate?
10. What is planning? (Dwell on this item.)
11. What is organizing? (Dwell on this item.)
12. What is staffing? (Dwell on this item.)
13. What is leading/motivating? (Dwell on this item.)
14. What is controlling? (Dwell on this item.)
Тopic 11
Contract
A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. Contract law is based on the Latin phrase pacta sunt servanda (pacts must be kept). Breach of contract is recognised by the law and remedies can be provided. Almost everyone enters into contracts every day. Sometimes written contracts are required, such as when buying a house. However, most contracts can be and are made orally, like buying a law textbook, or purchasing coffee at a shop. Contract law can be classified, as is habitual in civil law systems, as part of a general law of obligations (along with tort, unjust enrichment or restitution).
According to legal scholar Sir John William Salmond, a contract is "an agreement creating and defining the obligations between two or more parties".
The most important feature of a contract is that one party makes an offer for an arrangement that another accepts. This can be called a 'concurrence of wills' or 'ad idem' (meeting of the minds) of two or more parties. There must be evidence that the parties had each from an objective perspective engaged in conduct manifesting their assent, and a contract will be formed when the parties have met such a requirement. An objective perspective means that it is only necessary that somebody gives the impression of offering or accepting contractual terms in the eyes of a reasonable person, not that they actually did want to form a contract.
Contrary to common wisdom, an informal exchange of promises can still be binding and legally as valid as a written contract. A spoken contract should be called an oral contract, which might be considered a subset of verbal contracts. Any contract that uses words, spoken or written, is a verbal contract. Thus, all oral contracts and written contracts are verbal contracts. This is in contrast to a "non-verbal, non-oral contract," also known as "a contract implied by the acts of the parties", which can be either implied in fact or implied in law.
Vocabulary
| exchange | обмен |
| promise | обещание |
| refrain | воздерживаться |
| breach | нарушение |
| remedy | Средство судебной защиты |
| habitual | обычный |
| obligations | обязательства |
| important feature | Важная особенность |
| offer | предложение |
| arrangement | Соглашение, договоренность |
| evidence | Основание, очевидность |
| requirement | Требование, необходимое условие |
| wisdom | мудрость |
| valid | Действительный, имеющий силу |
| consider | Рассматривать, обсуждать |
| imply | Значить, подразумевать |
| enforceable | Осуществимый, обеспечиваемый |
| thus | Так, таким образом |
Questions:
1. What is a contract?
2. What Latin phrase is contract law based on?
3. Is breach of contract recognized by the law?
4. How can contracts be made?
5. How can contract law be classified?
6. What is a contract according to legal scholar Sir John William Salmond?
7. What is a 'concurrence of wills'?
8. What does an objective perspective mean?
9. Can an informal exchange of promises be binding and legally as valid as a written contract?
10. What is a verbal contract?
11. What is a "non-verbal, non-oral contract"?
Примеры статей для перевода на экзамене
Исходя из того, что одной из форм контроля знаний студентов является ознакомление с содержанием текста статьи по экономической тематике и изложение его содержания на русском языке, ниже приводятся статьи объемом 1500 печатных знаков, которые будут представлены на экзамене по английскому языку.
Работа с текстом статьи предполагает выполнение ряда требования:
- понять общее содержание всего текста;
- прочитать и письменно перевести указанный выделенный курсивом отрывок (600 печ. знаков) со словарем за 35 минут;
- вести беседу с преподавателем на иностранном языке по пройденным темам устной речи.
MARKETS
The function of a market requires that both parties expect to become better off as a result of the transaction. Markets are efficient when the price of a good or service attracts as much demand as the market can currently supply. The chief function of a market is to adjust prices to accommodate fluctuations in supply and demand. An economic system in which goods and services are exchanged by market functions is called a market economy. An alternative economic system in which non-market forces determine prices is called planned economy or command economy. The attempt to combine socialist ideals with the incentive system of a market is known as market socialism.
There are various types of markets and organizational structures to assist their functions. A market can be organized as an auction, as a shopping center, as a complex institution such as a stock market, and as an informal discussion between two individuals.
In economics, a market that runs under laissez-faire policies is a free market. It is “free” in the sense that the government makes no attempt to intervene through taxes, subsidies, minimum wages, price ceilings, etc. Markets may be distorted by a seller or sellers with monopoly power, or a buyer with monophony power. The level of organization or negotiation power of buyers, markedly affects the functioning of the market. Markets where price negotiations do not arrive at efficient outcomes for both sides are said to experience market failure.
‘Market’, Wikipedia
TIPS FOR A YOUNG MANAGER
The first steps to becoming a really great manager are simply common sense; but common sense is not very common. The major problem when you start to manage is that you do not actually think about management issues because you do not recognize them. Things normally go wrong not because you are stupid but only because you have never thought about it. Management is about pausing to ask yourself the right questions so that your common sense can provide the answers.
When you gain managerial responsibility, your first option is to do what is expected of you. You are new at the job, so people will understand. You can learn (slowly) by your mistakes and probably you will try to devote as much time as possible to the rest of your work (which is what your were good at anyway). Those extra little “management” problems are just common sense, so try to deal with them when they come up.
Your second option is far more exciting: find an empty telephone box, put on a cape and bright-red underpants, and become a Super Manager. When you become a manager, you gain control over your own work; not all of it, but some of it. You can change things. You can do things differently. You actually have the authority to make a huge impact upon the way in which your staff works. You can shape your own work environment.
‘What makes a great manager’, www. project-management-blog.com/2006/05/
CITY GOVERNMENT
City government is a system of governmental institutions that serve an urban area or urban municipality. Modern cities are almost always contained within the boundaries of national states, and their governments form parts of a larger constitutional regime that usually includes state or provincial governments and a national government.
A city government’s most important functions are to provide law enforcement and fire prevention; elementary and secondary education; water supply, sewage, and refuse collection and disposal; construction, maintenance, and lighting of the streets; regulation of building safety and housing standards; the provision of public housing; various welfare services for the needy; health protection, medical care environmental services. Cities also provide museums, parks, playgrounds, and other recreational facilities. Public-utility services that supply water, electricity, gas, and public transport may be provided by a city government or by commercial companies regulated by the government.
City planning is another important function. City governments typically achieve their land-planning goals by enacting zoning laws that govern the use of land and buildings, the density of population, and the height, bulk, and spacing of structures. Planning also involves the use of subdivision controls, which subject the initial laying-out of vacant land to public regulation.
‘City Government’, Encyclopedia Britannica
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