Сахалинский институт железнодорожного транспорта –

филиал Федерального государственного бюджетного

образовательного учреждения высшего образования
«Дальневосточный государственный университет путей сообщения»

А.П. Севостьянов
И.И. Литвинов
А.Р. Тараканов

АНГЛИЙСКИЙ ЯЗЫК В СФЕРЕ ЭКОНОМИКИ

И ЭКОНОМИЧЕСКОЙ БЕЗОПАСНОСТИ

Учебное пособие

Рекомендовано Дальневосточным региональным

учебно-методическим центром в качестве учебного пособия
для студентов, обучающихся по специальности
38.05.01 «Экономическая безопасность» вузов региона

Москва 2019
УДК 811.111(075.8)
ББК 81.432.1я73
С 28
Рецензенты:
канд. экон. наук, доцент
А.Н. Бурыкин;
канд. филол. наук, доцент
М.В. Нестерова;
канд. филол. наук, доцент
Л.С. Торопова

Севостьянов А.П., Литвинов И.И. и др.

С 28 Английский язык в сфере экономики и экономиче-
ской безопасности: Учебное пособие / А.П. Севостьянов,
И.И. Литвинов, А.Р. Тараканов. – М.: Издательство
«Спутник +», 2019. – 299 с.

ISBN 978-5-9973-5188-5

Учебное пособие подготовлено в соответствии с Федеральным государ-

ственным образовательным стандартом высшего образования и предназначено
для студентов, обучающихся по специальности 38.05.01 «Экономическая без-
опасность» языковых и неязыковых вузов.
Цель пособия – научить студентов читать и понимать профессионально-
ориентированные материалы по специальности, развивать навыки профессиональ-
ной речи, создать основу для развития навыков говорения по изученной тематике.
Пособие состоит из трех тематических модулей, включающих учебно-
методические материалы по вопросам экономики и экономической безопасно-
сти. Аутентичные тексты содержат лексико-грамматические аспекты делового
и профессионального английского языка, в т.ч. активную лексику, для эффек-
тивного запоминания которой используется система Key Terms Quiz. Разделы
Review and Discussion Questions дают обучающимся возможность самостоятель-
но переработать полученные языковые знания с их дальнейшим использованием
в типичных деловых и профессиональных речевых ситуациях.
Пособие может быть также полезно преподавателям и лицам, работаю-
щим в сфере экономики и экономической безопасности.

УДК 811.111(075.8)
ББК 81.432.1я73

Отпечатано с готового оригинал-макета.

ISBN 978-5-9973-5188-5 © Севостьянов А.П.,
Литвинов И.И.,
Тараканов А.Р., 2019
 TABLE OF CONTENT

Предисловие (Preface) 4
Chapter I. ECONOMICS 7
Unit I Economics 8
Unit II Microeconomics 19
Unit III Macroeconomics 34
Unit IV Economic Stability 48
Unit V Managing the Economy 66
Unit VI Economics in the 21st Century 77
Chapter II. ECONOMIC SECURITY 93
Unit VII Economic and National Security 94
Unit VIII Economic Security of a Company 108
Unit IX Financial Security 121
Unit X Human Resource Security 137
Unit XI Information Security 153
Unit XII Energy Security 169
Chapter III. KEYS TO EXERCISES 185
Appendix I Glossary of Key Terms in Economics and Economic 192
Security
Алфавитный указатель русскоязычных эквивалентов, 277
размещенных в глоссарии
Литература 290

3
 ПРЕДИСЛОВИЕ (PREFACE)

К новым экономическим реалиями XXI века, требующим

глубокого осмысления, анализа и учета, ученые и экономисты-
практики относят, в первую очередь, глобализацию экономики, ее
интернационализацию, интеграцию и экономическую кооперацию.
В условиях гиперконкуренции на мировых рынках значительно
возросла роль экономической безопасности, обеспечивающей
достаточный уровень социального, политического и оборонного
существования и прогрессивного развития страны, предприятия и
отдельно взятой личности, а также неуязвимость и независимость их
экономических интересов по отношению к возможным внешним и
внутренним угрозам и воздействиям.
Практика показывает, что наибольший успех в глобальной
системе экономических связей, обеспечивающей оптимальное
взаимодействие всех участников международных сделок, достигается
путем использования единой системы коммуникации и универсального
международного экономического языка, в качестве которого на
сегодняшний день в силу ряда причин выступает английский язык
делового и профессионального общения.
Практический опыт работы с учебно-справочной литературой,
специализированными словарями и глоссариями показал, что
современные учебные и учебно-методические пособия, словари и
справочники по экономической тематике отстают от современного
состояния мировой экономической мысли. Исходя из этого, данное
учебное пособие, по замыслу авторов, представляет собой попытку
предложить свой подход, основанный на интегративном методе
обучения английскому языку студентов и специалистов в области
экономики и экономической безопасности, при котором тема изучается
на английском языке, причем изучение языка для специальных целей
(далее – ЯСЦ) превалирует.
Цель учебного пособия – формирование профессиональных
компетенций обучающихся при практическом использовании
английского языка в конкретных речевых ситуациях в сфере
экономики и экономической безопасности, т.к. в настоящее время в
полной мере не удовлетворяются потребности рынка труда в
специалистах со знанием экономического английского языка, равно как
и в компетентных переводчиках-лингвистах, способных обслуживать
потребности профессионального общения в сферах экономики и
экономической безопасности. В этой связи учебное пособие
«Английский язык в сфере экономики и экономической безопасности»
предназначено, прежде всего, для студентов экономических и
лингвистических специальностей языковых и неязыковых вузов, а
также слушателей курсов дополнительного профессионального

4
образования и является составной частью концепции подготовки
специалистов и переводчиков, работающих в области экономики и
экономической безопасности. Содержание пособия охватывает
основные разделы языковой системы, направленные на развитие и
совершенствование основных речевых компетенций обучающихся –
чтения, письма, аудирования и говорения в естественных и
искусственно созданных профессиональных речевых ситуациях в
рамках экономики и экономической безопасности. Особое внимание
уделено вопросам официально-делового перевода в отрасли.
Структурно пособие состоит из трех тематических модулей
(глав). Главы I и II (Chapter I: Units I-VI; Chapter II: Units VII-XII)
содержат учебно-методические материалы по вопросам современного
состояния дел в сфере глобальной экономики и экономической
безопасности. Аутентичные тексты раскрывают лексико-
грамматические аспекты делового и профессионального английского
языка, включая краткие тематические словари активной лексики, для
эффективного запоминания которой используется система специальных
вопросников Key Terms Quiz. Вопросы после текстов (Review and
Discussion Questions) предоставляют обучающимся возможность
переработать полученные языковые знания и использовать их в
типичных деловых и профессиональных речевых ситуациях.
Особое внимание в пособии уделено аудированию деловой и
профессиональной речи. Каждый из опорно-тематических модулей
содержит аутентичные аудио- и видео тексты, отражающие реалии
делового и профессионального английского языка, закрепленные
системой упражнений в рамках Программы компьютерной поддержки,
являющейся неотъемлемой частью настоящего учебного пособия,
которую, в свою очередь, можно рассматривать в качестве отдельного
интерактивного учебного пособия.
Глава III (Chapter III) включает систему ключей по вопросам
пройденного материала, что позволяет использовать пособие при
самостоятельном обучении.
В настоящее пособие в качестве Приложения включен англо-
русский глоссарий ключевой терминологической лексики изучаемой
системы глобальной экономики и экономической безопасности, в
котором каждая из терминоединиц снабжена кратким толкованием ее
значения на английском и русском языках, что в значительной степени
сближает англо- и русскоязычную картину мира в указанных сферах
коммуникации. При этом постраничный алфавитный указатель
русскоязычных эквивалентов позволяет работать с глоссарием в
русско-английском формате.
Представленные в пособии материалы прошли апробацию на
практических занятиях студентов и слушателей Сахалинского
института железнодорожного транспорта, Сахалинского гуманитарно-

5
технологического института, Сахалинского государственного
университета, а также среди сотрудников компаний, обучавшихся по
дополнительным профессиональным программам в рамках курсов
повышения квалификации под общим наименованием «Современный
английский язык делового и профессионального общения».
Авторы выражают искреннюю и глубокую признательность
своим рецензентам, чья поддержка и дружеское участие
способствовали составлению и подготовке к публикации настоящего
пособия: Александру Николаевичу Бурыкину, кандидату
экономических наук, доценту Технологического нефтегазового
института Сахалинского государственного университета, Маргарите
Владимировне Нестеровой, кандидату филологических наук, доценту
Сахалинского гуманитарно-технологического института, Тороповой
Людмиле Сергеевна, кандидату филологических наук, доценту
Дальневосточного государственного университета путей сообщения.
Авторский коллектив надеется, что данное учебное пособие
поможет заинтересованным лицам овладеть основами современного
английского языка делового и профессионального общения, научиться
ориентироваться в типичных речевых ситуациях и с помощью
полученных знаний реализовать себя в производственно-коммерческой
сфере деятельности. Пусть процесс познания полезного и нового
доставит вам массу положительных эмоций.

В добрый путь!
Good luck!

6
CHAPTER I

ECONOMICS

7
 Unit I

ECONOMICS

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

ECONOMIC CHALLENGERS FACING

CONTEMPORARY BUSINESS

When we examine the exchanges that companies and societies make

as a whole, we are focusing on the economic systems operating in different
nations. These systems reflect the combination of policies and choices a
nation makes to allocate resources among its citizens. Countries vary in the
ways they allocate scarce resources.
Economics, which analyzes the choices people and governments make
in allocating scarce resources, affects each of us, because everyone is involved
in producing, distributing, or simply consuming goods and services. In fact,
your life is affected by economics every day. Whether you buy tickets to a
NASCAR race or decide to stay home and watch TV instead, you are making
an economic choice. Understanding how the activities of one industry affect
those of other industries, and how they relate in the overall economic status of
a country, is an important part of understanding economics.
The choices you make actually may be international in scope. If you
are in the market for a new car, you might visit several dealers in a row on
the same street – Ford, Chrysler, Honda, Hyundai, and General Motors. You
might decide on Hyundai – a Korean firm – but your car might very well be
manufactured in the United States, using parts from all over the world.
Although firms sometimes emphasize the American origin of their products
in order to appeal to consumers’ desire to support the U.S. economy, many
items are made of components from a variety of nations. Businesses and not-
for-profit organizations also make economic decisions when they choose
how to use human and natural resources; invest in equipment, machinery,
and buildings; and form partnerships with other firms.
Economists refer to the study of small economic units, such as
individual consumers, families, and businesses, as microeconomics. The
study of a country’s overall economic issues is called macroeconomics
(macro means “large”). Macroeconomics addresses such issues as how an
economy uses its resources and how government policies affect people’s
standards of living. The substitution of ethanol for gasoline or biodiesel for
diesel fuel has macroeconomic consequences – affecting many parts of the
U.S. economy and suppliers around the world. Macroeconomics examines
not just the economic policies of individual nations, but the ways in which
those individual policies affect the overall world economy. Because so much

8
business is conducted around the world, a law enacted in one country can
easily affect a transaction that takes place in another country. Although
macroeconomic issues have a broad scope, they help shape the decisions that
individuals, families, and businesses make every day.
We begin with the microeconomic concepts of supply and demand and
their effect on the prices people pay for goods and services. We explain the
various types of economic systems, along with tools for comparing and
evaluating their performance. Then we examine the ways in which
governments seek to manage economies to create stable business
environments in their countries. Then the final section looks at some of the
driving economic forces currently affecting people’s lives.
(Based on: David L. Kurtz. Boone and Kurtz Contemporary Business)

ACTIVE VOCABULARY

business (entrepreneur) деловая (предпринимательская)

environment
consuming goods and services
distribution method
economic conditions
economic forces
economics (economy)
economic system
equilibrium price
law of supply and demand
macroeconomics
market
market economy (economics)
material and technical basis
microeconomics
NASCAR (National Association
of Stock Car Auto Racing)
not-for-profit organization
partnership
stable business environments
standards of living
to allocate scarce resources
to make a decision
to make an economic choice
to manage economy
transaction (deal, bargain)
world economy
среда
потребительские товары и услуги
способ распределения
экономические условия
экономические факторы (силы)
экономика
экономическая система
равновесная цена
закон спроса и предложения
макроэкономика
рынок
рыночная экономика
материально-техническая база
(основа)
микроэкономика
Национальная ассоциация гонок
серийных автомобилей
некоммерческая организация
партнерство (товарищество)
устойчивое окружение бизнеса
уровень жизни (жизненные
стандарты)
распределять ограниченные ресурсы
принимать решение
делать экономический выбор
управлять экономикой
сделка (транзакция)
мировая экономика

9
II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ЭКОНОМИЧЕСКАЯ СРЕДА БИЗНЕСА

Субъекты предпринимательства формируются и функционируют

в той или иной деловой среде, которая определяет их позиции и
порядок действий.
Деловая среда – определенная территориальная и
содержательная целостность, благоприятствующая или
препятствующая развитию предпринимательской деятельности.
Часть деловой среды, включающую совокупность условий, в которых
действует предприниматель, закономерно выделять в качестве
предпринимательской среды. В рыночной экономике, где
предприниматель выступает одной из ключевых фигур, деловая среда
становится, в сущности, предпринимательской.
Предпринимательская среда включает внутреннюю среду
организации (фирмы) и внешнюю среду (условия). Основные
взаимосвязанные элементы внутренней среды: миссия организации
(предназначение, философия и смысл существования), цели и задачи
деятельности, материально-техническая база, структура, состав и
взаимоотношения персонала. Внешняя среда – это совокупность
условий, факторов и обстоятельств, которые окружают
предпринимателя и действуют на него. Внешняя среда представляет
собой неконтролируемые факторы, воздействующие на предприятие.
Она подразделяется на две части: среда косвенного воздействия и среда
прямого воздействия. К среде прямого воздействия относятся
конкуренты, потребители, поставщики, посредники. К среде
косвенного воздействия относятся экономическая среда, природная
среда, правовая, техническая и технологическая среда.
Многие специалисты и руководители считают экономическую
среду наиболее важной в плане развития бизнеса. Экономические
условия определяются комплексом факторов, формирующих порядок
ценообразования, уровень цен и степень эквивалентности
межотраслевого обмена продуктами труда. В значительной мере
экономические условия определяются развитостью инфраструктуры
бизнеса, наличием банков, оптовых и розничных рынков и т.д.
(Based on: Brandt S. Entrepreneuring)

10
III. LISTENING/WATCHING:

ECONOMICS NOT SUCH A DISMAL SCIENCE

FOR HIGH SCHOOL STUDENTS

1. Before you listen to the following broadcast match the expressions in

the left column with their translation in the right one.

1. high school student a) прибыль на инвестиции

2. economics
3. federal government
4. report card
5. to take an economics
class
6. market economy
7. to deposit money in
bank
8. unemployment rate
9. checking account
10. commercial bank
11. to pay the bank's
expenses
12. bank's vault
13. to withdraw funds
(money)
14. to return on investment
b) учащийся средней школы
c) экономика
d) отзывать (изымать) деньги (средства)
e) федеральное правительство;
федеральные власти
f) банковское хранилище
g) табель успеваемости (отчет школы
перед родителями)
h) выбирать обучение экономике
i) рыночная экономика
j) вкладывать (класть на счет) деньги в
банк
k) оплачивать банковские расходы
(издержки)
l) уровень безработицы
m) текущий счет в банке
n) коммерческий банк

2. Listen to the text; answer the questions below using the

abovementioned key words.

1. How much do American high school students know about economics?

What is the role of economics in our everyday life?
2. What was the main reason for the federal government to measure
economic understanding among high school students? What were the
results of such measurement?
3. What were the three major areas the students answered the questions
in? What were the results of such study? When will the next
economics testing take place?
4. Let’s answer one of the test questions with the American students. So
what does happen to most of the money deposited in checking
accounts at a commercial bank? Check the variants: a) it is used to pay
the bank's expenses; b) it is loaned to other bank customers. c) it is
kept in the bank's vault until depositors withdraw the funds. d) it is

11
 paid to owners of the bank as return on their investment. Which is the
correct answer?

3. Listen to the text again; check your answers; name the main idea and
retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. The collection of institutions, laws, and activities that

govern economic relationships among people in a
society.
2. The social science of allocating scare resources.
3. Refers to buyers’ willingness and ability to purchase
products.
4. Refers to sellers’ willingness and ability to provide
goods and services in the marketplace.
5. The study of “small” economic units.
6. A branch of science which deals with broader issues,
like the overall operation of the country’s economy
and government policies in that sphere.
7. In classical and neo-classical economics means any
structure that allows buyers and sellers to exchange
any goods, services and information.
8. Recognizing that a problem exists, identifying it,
evaluating alternatives, selecting and implementing an
alternative, and following up.
9. The exchange of goods or services for money is a
10. A proper territorial and informal integrity favoring or
preventing any

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. In fact, your life is affected by economics every day.

2. Countries are similar in the ways they allocate scarce resources.
3. Economics affect each of us, because everyone is involved in producing,
distributing, or simply consuming goods and services.
4. The choices you make actually may be international in scope.
5. Businesses and not-for-profit organizations never make economic
decisions when they choose how to use human and natural resources.

12
6. Macroeconomics addresses such issues as how an economy uses its
resources and how government policies affect people’s standards of
living.
7. Economists refer to the study of small economic units, such as individual
consumers, families, and businesses, as macroeconomics.
8. The study of a country’s overall economic issues is called
microeconomics (micro means “large”).
9. Because there is no so much business the world, a law enacted in one
country can’t easily affect a transaction that takes place in another
country.
10. Macroeconomics examines not just the economic policies of individual
nations, but the ways in which those individual policies affect the overall
world economy.

VI. REVIEW AND DISCUSSION QUESTIONS

1. What does the term economic system mean under the process of its
operation in different nations? What is an allocation of scarce resources
in this connection? Do different countries vary in the ways they allocate
scarce resources?
2. Define the term economics under the choices people and governments
make in allocating scarce resources. Does this process affect each of us?
What does the term economic choice mean in this connection?
3. Describe a situation in which you have had to make an economic choice
in an attempt to balance your wants with limited means. What factors
influenced on your decision? Suppose the following story of the
American writer Kate Chopin will help you to answer this question.
Read and translate the text and be ready to discuss it within our classes.

A PAIR OF SILK STOCKING

Little Missus Sommers one day found herself the unexpected owner of
fifteen dollars. It seemed to her a very large amount of money. The way it
filled up her worn money holder gave her a feeling of importance that she
had not enjoyed for years. The question of investment was one she
considered carefully. For a day or two she walked around in a dreamy state
as she thought about her choices. She did not wish to act quickly and do
anything she might regret. During the quiet hours of the night she laid awake
considering ideas. A dollar or two could be added to the price she usually
paid for her daughter Janie's shoes. This would guarantee they would last a
great deal longer than usual. She would buy cloth for new shirts for the
boys. Her daughter Mag should have another dress. And still there would be
enough left for new stockings - two pairs per child. What time that would
save her in always repairing old stockings! The idea of her little family

13
looking fresh and new for once in their lives made her restless with
excitement.
The neighbors sometimes talked of the "better days" that little Missus
Sommers had known before she had ever thought of being Missus Sommers.
She herself never looked back to her younger days. She had no time to think
about the past. The needs of the present took all her energy.
Missus Sommers knew the value of finding things for sale at reduced
prices. She could stand for hours making her way little by little toward the
desired object that was selling below cost. She could push her way if need
be. But that day she was tired and a little bit weak. She had eaten a light
meal? – No! She thought about her day. Between getting the children fed and
the house cleaned, and preparing herself to go shopping, she had forgotten to
eat at all!
When she arrived at the large department store, she sat in front of an
empty counter. She was trying to gather strength and courage to push
through a mass of busy shoppers. She rested her hand upon the counter. She
wore no gloves. She slowly grew aware that her hand had felt something
very pleasant to touch. She looked down to see that her hand lay upon a pile
of silk stockings. A sign nearby announced that they had been reduced in
price. A young girl who stood behind the counter asked her if she wished to
examine the silky leg coverings.
She smiled as if she had been asked to inspect diamond jewelry with
the aim of purchasing it. But she went on feeling the soft, costly items. Now
she used both hands, holding the stockings up to see the light shine through
them. Two red marks suddenly showed on her pale face. She looked up at
the shop girl. "Do you think there is any size eights-and-a-half among
these?" There were a great number of stockings in her size. Missus Sommers
chose a black pair and looked at them closely. "A dollar and ninety-eight
cents," she said aloud. "Well, I will buy this pair." She handed the girl a five
dollar bill and waited for her change and the wrapped box with the stockings.
What a very small box it was! It seemed lost in her worn old shopping bag.
Missus Sommers then took the elevator which carried her to an upper
floor into the ladies' rest area. In an empty corner, she replaced her cotton
stockings for the new silk ones.
For the first time she seemed to be taking a rest from the tiring act of
thought. She had let herself be controlled by some machine-like force that
directed her actions and freed her of responsibility. How good was the touch
of the silk on her skin! She felt like lying back in the soft chair and enjoying
the richness of it. She did for a little while. Then she put her shoes back on
and put her old stockings into her bag. Next, she went to the shoe
department, sat down and waited to be fitted.
The young shoe salesman was unable to guess about her background.
He could not resolve her worn, old shoes with her beautiful, new stockings.
She tried on a pair of new boots. She held back her skirts and turned her feet

14
one way and her head another way as she looked down at the shiny, pointed
boots. Her foot and ankle looked very lovely. She could not believe that they
were a part of herself. She told the young salesman that she wanted an
excellent and stylish fit. She said she did not mind paying extra as long as
she got what she desired.
After buying the new boots, she went to the glove department. It was a
long time since Missus Sommers had been fitted with gloves. When she had
bought a pair they were always "bargains," so cheap that it would have been
unreasonable to have expected them to be fitted to her hand. Now she rested
her arm on the counter where gloves were for sale. A young shop girl drew a
soft, leather glove over Missus Sommers's hand. She smoothed it down over
the wrist and buttoned it neatly. Both women lost themselves for a second or
two as they quietly praised the little gloved hand.
There were other places where money might be spent. A store down
the street sold books and magazines. Missus Sommers bought two costly
magazines that she used to read back when she had been able to enjoy other
pleasant things. She lifted her skirts as she crossed the street. Her new
stockings and boots and gloves had worked wonders for her appearance.
They had given her a feeling of satisfaction, a sense of belonging to the well-
dressed crowds. She was very hungry. Another time she would have ignored
the desire for food until reaching her own home. But the force that was
guiding her would not permit her to act on such a thought.
There was a restaurant at the corner. She had never entered its
doors. She had sometimes looked through the windows. She had noted the
white table cloths, shining glasses and waiters serving wealthy people. When
she entered, her appearance created no surprise or concern, as she had half
feared it might. She seated herself at a small table. A waiter came at once to
take her order. She ordered six oysters, a chop, something sweet, a glass of
wine and a cup of coffee. While waiting to be served she removed her
gloves very slowly and set them beside her. Then she picked up her
magazine and looked through it.
It was all very agreeable. The table cloths were even more clean and
white than they had seemed through the window. And the crystal drinking
glasses shined even more brightly. There were ladies and gentlemen, who
did not notice her, lunching at the small tables like her own. A pleasing piece
of music could be heard, and a gentle wind was blowing through the
window. She tasted a bite, and she read a word or two and she slowly drank
the wine. She moved her toes around in the silk stockings. The price of it all
made no difference. When she was finished, she counted the money out to
the waiter and left an extra coin on his tray. He bowed to her as if she were a
princess of royal blood.
There was still money in her purse, and her next gift to herself
presented itself as a theater advertisement. When she entered the theater, the
play had already begun. She sat between richly dressed women who were

15
there to spend the day eating sweets and showing off their costly clothing.
There were many others who were there only to watch the play. It is safe to
say there was no one there who had the same respect that Missus Sommers
did for her surroundings. She gathered in everything - stage and players and
people - in one wide sensation. She laughed and cried at the play. She even
talked a little with the women. One woman wiped her eyes with a small
square of lace and passed Missus Sommers her box of candy. The play was
over, the music stopped, the crowd flowed outside. It was like a dream
ended. Missus Sommers went to wait for the cable car. A man with sharp
eyes sat opposite her. It was hard for him to fully understand what he saw in
her expression. In truth, he saw nothing - unless he was a magician. Then he
would sense her heartbreaking wish that the cable car would never stop
anywhere, but go on and on with her forever.

4. What do the terms microeconomics and macroeconomics mean under

the framework of world economic system? What are the general features
in common and differences between them?
5. What do the terms goods and services mean in economics? What do the
terms economic and non-economic goods mean in this connection? In
order to understand the theme under discussion better read and translate
the following text and be ready to discuss it within our classes.

GOODS AS A MEAN FOR SATISFACTION

OF NEEDS AND WANTS

Let us know to understand what are the goods in detail and their role
in fulfilment of wants. Goods in economics refer to any commodity or
anything which can satisfy needs or wants of a consumer. Goods may be
produced from agriculture, construction, manufacturing, and all mining
activities.
Classification of goods. Although in economic theory all goods are
considered tangible, in reality so surpluses on goods such as information
only are intangible farms. On the basis of tangibility goods can be classified
further as tangible goods and intangible goods.
Tangible goods. These goods can be seen and felt by touching or
smelling. They can be stored in warehouses for a long period. They can be
manufactured with a help of standardized mass production facilities in
automated plants. Cars, computer, potato chips, football and clothes are few
examples of tangible goods.
Intangible goods. Intangible goods are those that cannot be seen,
touched or smelled. However they can be experienced being neither stored in
any warehouse nor can be manufactured in any mass production facility.
They are needed to be concealed as a point of sale itself. In most cases they
are offered by customizing as the consumers must meet goodwill, patents,

16
copyrights and all kinds of services like medical advice, banking, transport,
communication are few examples of intangible goods.
Demand and supply. Demand and supply are the factors governing
goods prices. In other words, availability of goods and their uselessness with
people determine the prices of goods. In view of price to be paid two types
of goods are: economic goods and non-economic goods.
Economic goods. These are the goods which bear some price. These
goods are scared in nature and that is why this price is charged on the
purchase. These goods also have an exchange value. For example, car,
basket, candy, gold, silver, and bungalow.
Non-economic goods. There is no price tag attached to these goods.
They are provided by nature in plenty. Therefore they do not have any
exchange value. They are also known as free goods. Sunshine, air, and
rainfall are the examples of free goods. At the same time it needs to be
remembered that extreme exploitation of these resources is a major cause of
the sun today.
To summarize, the idea of want can be examined from many
perspectives. Want can be considered as a desire or alternatively want can be
studied in a non-secular, spiritual, moralistic or religious way. In economics
a want is something that is desired. It is said that every person has unlimited
wants but limited resources. Thus, people cannot have everything they want
and must look for the most affordable alternatives. Wants are often
distinguished from needs.
A need is something that is necessary for survival, such as food and
shelter, whereas want is simply something that a person would like to have.
An important part of the economics is the distribution of resources or goods
so that people’s wants are met. This is especially true in times of scarcity
when there are not enough resources, goods or services.

6. What does the term economic management (governance) mean? What

are the main methods of managing the economy in order to create stable
business environment? Describe them briefly. Hope the following media
broadcast will help you when answering. Read and translate the text and
be ready for its discussion from the positions of economics and
linguistics:

NOBEL RECOGNIZED RESEARCH INTO

ECONOMIC GOVERNANCE

Economists usually study markets. Now, two Americans have won the
Nobel Prize in economics for not studying markets. They will share almost
one and a half million dollars for their analysis of economic governance.
This is the study of how economic activity is governed within companies,
communities and other groups.

17
 The winners are Elinor Ostrom of Indiana University in Bloomington
and Oliver Williamson of the University of California, Berkeley. The prize
in economic sciences has gone to sixty-three men since it was first awarded
forty years ago. Elinor Ostrom is the first woman. And, like other winners
over the years, her training is not limited to economics. She is a professor of
political science and of public and environmental affairs. Today, economic
theory suggests that good resource management requires ownership, either
private or public. If not, the thinking goes, and then self-interest will lead to
overuse and destruction of shared resources. Ecologist Garrett Hardin
described this idea in nineteen sixty-eight as "the tragedy of the commons."
Elinor Ostrom showed how local decision making can lessen the
tragedy. Her research has deepened understanding of how people balance
their needs with those of others who depend on the same resources. She
studied communities like farmers in Southern California who depended on a
common water supply. She documented how people who use resources often
develop ways to share them. One example is forest management.
Elinor Ostrom: "One of the absolutely key, most important variables
as to whether or not a forest survives and continues is whether local people
monitor each other and its use. Not officials, locals."
Oliver Williamson has studied big companies and found that they
often are better than markets at doing complex jobs. Under his theory,
businesses act as structures for conflict resolution. For example, companies
that own their suppliers can avoid long-term contracts and disputes over
prices. This can make production more efficient and make better use of
limited resources. But businesses can also abuse their power. Professor
Williamson says the best way to deal with this is not by limiting the size of
companies, but through industry regulation. The Royal Swedish Academy of
Sciences said economists need to do more than study markets and prices.
The Nobel judges urged more research like the kind they recognized with
this year's award.

7. What does the term economic force mean? What is a role of economic
forces within a process of currently affecting people’s lives?
8. Prepare the oral composition “Economics in our Life” Let’s discuss it
within our classes.

18
 UNIT II

MICROECONOMICS

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

MICROECONOMICS: THE FORCES

OF DEMAND & SUPPLY

Think about your own economic activities. Think about your

family’s economic activities. When you were growing up, your
parents might have owned a home or rented an apartment. You might
have taken a family vacation. Each of these choices relates to the study
of microeconomics. They also help determine both the prices of goods
and services and the amounts sold. Information about these activities is
vital to companies because their survival and ability to grow depends
on selling enough products priced high enough to cover costs and earn
profits. The same information is important to consumers who must
make purchase decisions based on prices and the availability of the
goods and services they need.
At the heart of every business endeavor is an exchange between a
buyer and a seller. The buyer recognizes that he or she needs or wants
a particular good or service – whether it’s a hamburger or a haircut –
and is willing to pay a seller for it. The seller requires the exchange in
order to earn a profit and stay in business. So the exchange process
involves both demand and supply. Demand refers to the willingness and
ability of buyers to purchase goods and services at different prices. The
other side of the exchange process is supply, the amount of goods and
services for sale at different prices.

Factors Driving Demand

For most of us, economics amounts to a balance between what

we want and what we can afford. Because of this dilemma, each person
must choose how much money to save and how much to spend. We
must also decide among all the goods and services competing for our
attention. Demand is driven by a number of factors that influence how
people decide to spend their money, including price and consumer
preferences. It may also be driven by outside circumstances or larger
economic events. In general, as the price of a good or service goes up,
people buy smaller amounts. In other words, as price rises, the quantity

19
demanded declines. At lower prices, consumers are generally willing to
buy more of a good.

Factors Driving Supply

Important economic factors also affect supply, the willingness and

ability of firms to provide goods and services at different prices. Just as
consumers must decide about how to spend their money, businesses must
decide what products to sell, and how. Sellers would prefer to charge higher
prices for their products. Businesses need certain inputs to operate
effectively in producing their output. These factors of production include
natural resources, capital, human resources, and entrepreneurship. Natural
resources include land, building sites, forests, and mineral deposits. Capital
refers to resources such as technology, tools, information, physical facilities,
and financial capabilities. Human resources include the physical labor and
intellectual inputs contributed by employees. Entrepreneurship is the
willingness to take risks to create and operate a business. Factors of
production play a central role in determining the overall supply of goods and
services.

How Demand and Supply Interact

Separate shifts in demand and supply have obvious effects on

prices and the availability of products. In the real world, changes do not
alternatively effect demand and supply. Several factors often change at
the same time – and they keep changing. Sometimes such changes in
multiple factors cause contradictory pressures on prices and quantities. In
other cases, the final direction of prices and quantities reflects the factor
that has changed the most. Demand and supply can affect employment
as well as products. The point where the two curves meet identifies the
equilibrium price, the prevailing market price at which you can buy an
item. The forces of demand and supply can be affected by a variety of
factors. The most important variable among them is the larger economic
environment.
(Based on: David L. Kurtz. Boone and Kurtz Contemporary Business)

ACTIVE VOCABULARY

availability of goods and доступность товаров и услуг

services
consumer потребитель
consumer preference потребительское предпочтение
demand спрос
demand curve кривая спроса

20
economic environment экономическое окружение (вся
совокупность внешних факторов)
entrepreneurship предпринимательство
equilibrity (equilibrium) равновесие
equilibrium price равновесная цена
factors of production средства производства (ресурсы)
financial capabilities финансовые ресурсы (возможности)
haircut стрижка
input входящий продукт
law of supply and demand закон спроса и предложения
microeconomics микроэкономика
output исходящий (конечный) продукт
overall supply всестороннее обеспечение
price цена (стоимость)
purchase decision решение о закупке (покупке)
stock exchange фондовая биржа
supply предложение
supply curve кривая предложения
to cover costs покрывать расходы
to drive a demand стимулировать спрос
to drive a supply стимулировать предложение
to earn profits извлекать (получать) прибыль
to make an economic choice делать экономический выбор
to take risk брать на себя риск (рисковать)

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ЭКОНОМИКА: СПРОС И ПРЕДЛОЖЕНИЕ

Спрос и предложение, пожалуй, самое фундаментальное понятие,

и оно является основой рыночной экономики. Спрос – это то, сколько
(количество) товара или услуги желают приобрести покупатели. Объем
спроса является количеством товара, которое люди готовы купить по
определенной цене. Предложение показывает, сколько товара рынок
может предложить. Объем предложения значит, сколько товара
производители готовы поставить по определенной цене. Цена является
отражением спроса и предложения. Отношения между спросом и
предложением лежат в основе силы, стоящей за распределением
ресурсов. В теории рыночной экономики, спрос и предложение
распределяют ресурсы наиболее эффективным способом. Как?
Рассмотрим ближе закон спроса и закон предложения.

21
 Закон спроса гласит, что, если все другие факторы остаются
равными, то чем выше цена товара, тем меньше людей будут покупать
это товар. Другими словами, чем выше цена, тем ниже величина
спроса. Объем товара, которые покупатели приобретают по более
высокой цене, мал, потому что, как цена товара растет, покупка
становится непривлекательной. В результате, люди, естественно не
будут покупать продукт, который заставит их отказаться от
потребления других товаров.
Закон предложения, как и закон спроса, демонстрирует объем
товара, который будет продаваться по определенной цене. Но в отличие
от закона спроса, кривая предложения направлена вверх. Это означает,
что чем выше цена, тем выше объем предложения. Производители
поставляют больше по более высокой цене, потому что продажи
большего количества товара по более высокой цене даст больше
прибыли.
Равновесие, равновесная цена. Когда спрос и предложение
равны (т.е. когда кривые спроса и предложения пересекаются)
экономика, как говорят, находится в состоянии равновесия. На этот
момент, распределение товаров происходит наиболее эффективно,
потому что количество товаров, которое производится, точно такое же,
как и количество товаров, которое потребляется. Таким образом, все
(физические лица, фирмы или страны) удовлетворены текущим
экономическим положением. По данной цене, поставщики продают все
товары, которые они произвели, а потребители получают все товары, в
которых они нуждаются. В реальной экономике, например, на
работающей бирже, равновесие может быть достигнуто только в
теории, так как цены на товары и услуги постоянно меняются в связи с
колебаниями спроса и предложения.
(Based on: Tom Wilson. What do Demand and Supply Mean?)

III. LISTENING/WATCHING:

FACTORS OF PRODUCTION

1. Before watching the following video match the expressions in the

left column with their translation in the right one.

1. limited resources a) кофейные зерна

2. unlimited wants
3. coffee beans
4. raw materials
5. coffee-making machine
6. cash register
b) предпринимательство
c) нанимать персонал
d) кофемашина/кофеварка
e) контрольно-кассовый аппарат
f) предприниматель

22
7. cash transaction
8. physical capital
9. human capital
10. production capacity
11. to find this confuse
12. investment capital
13. to equate
14. to hire people (personnel)
15. entrepreneur
16. entrepreneurship
g) инвестиционный капитал
h) исходные материалы/сырье
i) физический (основной) капитал
j) ограниченные ресурсы
k) отождествлять
l) кассовая операция
m) приводить в замешательство
n) производственные мощности
o) неограниченные потребности
p) трудовой (человеческий) капитал

2. Listen to the text; answer the questions below using the

abovementioned key words.

1. What is the central theme of economic discussion according to the

text?
2. What are the resources in economics? What are the main relationships
between limited resources and unlimited wants?
3. Well, in economics, when we talk about resources it has to be
productive meaning that you can use these resources to produce
something, don’t it so?
4. Suppose, you want to sell some coffee to people. What do you need in
such case? What does the term raw materials mean in this
connection?
5. What does the term capital mean? What are the major differences
between physical capital and human capital? What does the term
production capacity mean under the discussion of human capital?
Can we consider your knowledge of how to make some coffee as a
type of human capital?
6. In our everyday life we often equate money to capital. But can we
consider money as an economic capital? Why do you think so? What
is a role of money in economics and in our everyday life?
7. What do the terms entrepreneur and entrepreneurship mean? Can
we consider entrepreneurship as a kind of resource? Without
entrepreneurs no business can be started, cannot it?
8. OK! I hope your coffee business is successful. Before you start it,
don’t forget, there are four types of resources. What are they namely?

3. Listen to the text again; check your answers; name the main idea and
retell the story.

23
IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. A person whose wants are satisfied by producers of

goods or providers of services.
2. Buyers’ willingness and ability to purchase goods and
services.
3. Sellers’ willingness and ability to provide goods and
services in the marketplace.
4. Graph of the amount of a product that buyers will
purchase at different prices.
5. Graph that shows the relationship between different
prices and quantities that sellers will offer for sale
regardless of demand.
6. The study of “small” economic units.
7. The amount by which the price received for goods is
greater than the costs; the difference between a firm’s
revenues and expenses involved in generating these
revenues
8. All people employed in producing goods and services.
9. Everything useful as a production input in its natural
state.
10. Funds that finance the operation of any business.
11. A medium of exchange that functions as a unit of account
and a store of value.
12. Taking risks setting up and operating a business.
13. The prevailing market price at which you can buy an
item.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. Each of the choices of small economic units relates to the study of

macroeconomics.
2. Information about sellers’ activities is important to consumers who
must make purchase decisions based on prices and the availability of
the goods and services they need.
3. Supply refers to the willingness and ability of buyers to purchase goods
and services at different prices.
4. At the heart of every business endeavor is an exchange between a
buyer and a seller.

24
5. In general, as the price of a good or service goes up, people buy larger
amounts of products smaller amounts.
6. For most of us, economics amounts to a balance between what we
want and what we can afford.
7. Businesses need certain inputs to operate effectively in producing their
output.
8. Factors of production include natural resources, capital, human
resources, and entrepreneurship.
9. Entrepreneurship is the willingness to avoid any risks to establish and
run a business.
10. The point where the two supply and demand curves meet each other
identifies as a big elephant.

VI. REVIEW AND DISCUSSION QUESTIONS

1. What does the term microeconomics mean under the process of

exchange between a buyer and a seller?
2. “At the heart of every business endeavor is an exchange between a
buyer and a seller.” Comment on this statement, please. What are
the roles of a buyer and a seller within such process?
3. What does the term demand mean under the process of exchange?
What are the general factors driving the demand? What is a major
dilemma of a buyer under the demand curve? What does the term
consumer preference mean in this connection?
4. What does the term supply mean under the process of exchange?
What are the general factors driving the supply. What are the
relationships between a seller and a consumer under the supply
curve?
5. A seller or a manufacturer needs some certain inputs to operate
effectively in producing their output. What is a role of factors of
production within such process? What kinds of resources does it need
in order to earn profits? Let’s discuss the problem of resources in
details:
5.1. What is a role of natural resources within a production
process? Read and translate the following video script and be ready
to discuss it within our classes.

NATURAL RESOURCES

Resources are what we require to live. And since we live on the earth
we get our resources from the earth. We call those natural resources. And
there are a lot of different types of natural resources. It could be an air you
breathe. The water you drink. The soil you grow up your crops in as well as
minerals, metals, energy, plants, animals. And all of these we’re getting from

25
our environment. We could break all of those natural resources into two
types. We have what we are called renewable and nonrenewable resources.
Wind is an example of energy that’s renewable. As the sun shines on the
earth the air starts to move around and we’re going to be able to generate
energy from that. Nonrenewable resources are resources that don’t come
back within our life. And so oil is an example of that. Oil contains energy
that was stored millions years ago from ancient rain forests. And if we use
that up, it’s gone. It’s not going to come back at least within our lifetime.
Another thing you should understand about natural resources is that
they’re not uniformly distributed on our planet. They are going to be mixed
up. And so where do humans live? We’re living where we can get as many
of the resources as we can possibly find. But we are not going to have all of
the resources there. And so if you look at the distribution of humans on our
planet we are going to find that we’re living in areas where you can get
enough food. Enough water. But we don’t get all of our resources. So we
have to kind of trade and ship those around on our planet.
This map right here shows the population, in other words, the cities
that have high population. Each of the red dots on this map represents a city
with at least a million people. We call those mega cities. And what we’re
finding is that as you get more and more people on our planet they’re
requiring more and more resources. And so we have really balance our use
of nonrenewable resources, especially, if they have some detrimental cause.
And we think that fossil fuels are really driving the economics right now.
And what are the benefits of coal and oil? They’re relatively cheap. We
stored energy along time ago. And now we can kind of each of cash in on
that. The problem is that we have costs associated with nonrenewable
resources:
Number one, they’re not going to last forever and the number two, a
lot of them have unintended consequences. As we burnt fossil fuels we’re
putting greenhouse gasses into the atmosphere. And that over time is going
to increase a temperature. And then we’re going to have costs associated
with that. And so what we’re seeing in switch from nonrenewable to
renewable resources. And that’s being driven by two things:
Number one is technology. Solar energy wasn’t very effective and it
was really expensive you know decades ago. But that’s changing really
quickly. And things like geothermal, hydroelectric, wind generation is
generating more energy. And it’s more valuable resource. And it will be over
time.
We’ll also have to use regulations. In other words when you put things
into atmosphere they’re not really being penalized for that. You’re putting
carbon into atmosphere. It’s going to have some unintended consequences in
the future. And so we’ll have to use wise regulations and increasing
technologies to shift from nonrenewable to renewable resources.

26
 5.2. What does the term capital mean from an economic point of
view? Nominate the major elements of capital and describe them
briefly. Can we consider money as a part of economic capital? What
is a role of money in economy and in our everyday life? Hope the
following text will help you to understand the problem under
discussion better. Read and translate the following story of an
American writer Washington Irving and be ready to discuss it within
our classes.

THE DEVIL AND TOM WALKER

Before we begin our story, let us go back three hundred years to the
late sixteen hundreds. In those years, one of the most famous men in the
world was Captain William Kidd. Captain Kidd was a pirate. He sailed the
seas, capturing any ships he found. He and his men took money from these
ships. Captain Kidd hid this money in different places. Captain Kidd was
captured by the English in Boston, Massachusetts and executed in the year
seventeen-oh-one. From that time on, people all over the world searched in
many places for Captain Kidd's stolen money.
The people who lived in Massachusetts in the seventeen hundreds
believed Captain Kidd buried some of his treasure near Boston. Not far from
Boston was a small river which ran into the Atlantic Ocean. An old story
said that Captain Kidd had come up this river from the ocean. Then he
buried his gold and silver and jewels under a big tree. The story said that this
treasure was protected by the devil himself, who was a good friend of
Captain Kidd.
In the year seventeen twenty-seven, a man named Tom Walker lived
near this place. Tom Walker was not a pleasant man. He loved only one
thing – money. There was only one person worse than Tom. That was his
wife. She also loved money. These two were so hungry for money that they
even stole things from each other. One day, Tom Walker was returning home
through a dark forest. He walked slowly and carefully, so that he would not
fall into a pool of mud. At last, he reached a piece of dry ground. Tom sat
down on a tree that had fallen. As he rested, he dug into the earth with a
stick. He knew the story that Indians had killed prisoners here as sacrifices to
the Devil. But this did not trouble him. The only devil Tom was afraid of
was his wife.
Tom's stick hit something hard. He dug it out of the earth. It was a
human skull. In the skull was an Indian ax. Suddenly, Tom Walker heard an
angry voice: “Don't touch that skull!” Tom looked up. He saw a giant sitting
on a broken tree. Tom had never seen such a man. He wore the clothes of an
Indian. His skin was almost black and covered with ashes. His eyes were big
and red. His black hair stood up from his head. He carried a large ax. The
giant asked, “What are you doing on my land?” But Tom Walker was not

27
afraid. He answered, “What do you mean? This land belongs to Mister
Peabody.”
The strange man laughed and pointed to the tall trees. Tom saw that
one of the trees had been cut by an ax. He looked more closely and saw that
the name Peabody had been cut into the tree. Mr. Peabody was a man who
got rich by stealing from Indians. Tom looked at the other trees. Everyone
had the name of some rich, important man from Massachusetts. Tom looked
at the tree on which he was sitting. It also had a name cut into it – the name
of Absalom Crowninshield. Tom remembered that Mister Crowninshield
was a very rich man. People said he got his money as Captain Kidd did – by
stealing ships. Suddenly, the giant shouted: “Crowninshield is ready to be
burned! I'm going to burn many trees this winter!”
Tom told the man that he had no right to cut Mister Peabody's trees.
The stranger laughed and said, “I have every right to cut these trees. This
land belonged to me a long time before Englishmen came to Massachusetts.
The Indians were here. Then you Englishmen killed the Indians. Now I show
Englishmen how to buy and sell slaves. And I teach their women how to be
witches.”
Tom Walker now knew that the giant was the Devil himself. But Tom
Walker was still not afraid. The giant said Captain Kidd had buried great
treasures under the trees, but nobody could have them unless the giant
permitted it. He said Tom could have these treasures. But Tom had to agree
to give the giant what he demanded. Tom Walker loved money as much as
he loved life. But he asked for time to think.
Tom went home. He told his wife what had happened. She wanted
Captain Kidd's treasure. She urged him to give the Devil what he wanted.
Tom said no. At last, Misses Walker decided to do what Tom refused to do.
She put all her silver in a large piece of cloth and went to see the dark giant.
Two days passed. She did not return home. She was never seen again.
People said later that Tom went to the place where he had met the giant. He
saw his wife's cloth hanging in a tree. He was happy, because he wanted to
get her silver. But when he opened the cloth, there was no silver in it – only
a human heart. Tom was sorry he lost the silver, but not sorry he lost his
wife. He wanted to thank the giant for this. And so, every day he looked for
the giant. Tom finally decided that he would give the giant what he wanted
in exchange for Captain Kidd's treasure.
One night, Tom Walker met the giant and offered his soul in exchange
for Captain Kidd's treasure. The Devil now wanted more than that. He said
that Tom would have to use the treasure to do the Devil's work. He wanted
Tom to buy a ship and bring slaves to America. As we have said, Tom
Walker was a hard man who loved nothing but money. But even he could
not agree to buy and sell human beings as slaves. He refused to do this. The
Devil then said that his second most important work was lending money.
The men who did this work for the Devil forced poor people who borrowed

28
money to pay back much more than they had received. Tom said he would
like this kind of work. So the Devil gave him Captain Kidd's treasure.
A few days later, Tom Walker was a lender of money in Boston.
Everyone who needed help – and there were many who did – came to him.
Tom Walker became the richest man in Boston. When people were not able
to pay him, he took away their farms, their horses, and their houses. As he
got older and richer, Tom began to worry. What would happen when he
died? He had promised his soul to the Devil. Maybe. . . maybe. . . he could
break that promise. Tom then became very religious. He went to church
every week. He thought that if he prayed enough, he could escape from the
Devil.
One day, Tom took the land of a man who had borrowed money. The
poor man asked for more time to pay. “Please do not destroy me!” he said.
“You have already taken all my money!” Tom got angry and started to shout,
“Let the Devil take me if I have taken any money from you!” That was the
end of Tom Walker. For just then, he heard a noise. He opened the door.
There was the black giant, holding a black horse. The giant said, “Tom, I
have come for you.” He picked up Tom and put him on the horse. Then he
hit the horse, which ran off, carrying Tom.
Nobody ever saw Tom Walker again. A farmer said that he saw the
black horse, with a man on it, running wildly into the forest. After Tom
Walker disappeared, the government decided to take Tom's property. But
there was nothing to take. All the papers which showed that Tom owned land
and houses were burned to ashes. His boxes of gold and silver had nothing in
them but small pieces of wood. The wood came from newly cut trees. Tom's
horses died, and his house suddenly burned to ashes.

5.3. What does the term labor resources mean within a production
process? Nominate the major elements of labor management on the
basis of the following video script. Read and translate the text and be
ready to discuss it within our classes.

HUMAN RESOURCE MANAGEMENT

Human resource management (HRM or simply HR) is the

management of human resources. It is designed to maximize employee
performance in service of an employer's strategic objectives. HR is primarily
concerned with the management of people within organizations, focusing on
policies and on systems. HR departments are responsible for overseeing
employee benefits design, employee recruitment, training and development,
performance appraisal, and rewarding (e.g., managing pay and benefit
systems). HR also concerns itself with organizational change and industrial
relations, that is, the balancing of organizational practices with requirements
arising from collective bargaining and from governmental laws.

29
 HR is a product of the human relations movement of the early 20th
century, when researchers began documenting ways of creating business
value through the strategic management of the workforce. It was initially
dominated by transactional work, such as payroll and benefits
administration, but due to globalization, company consolidation,
technological advances, and further research, HR as of 2015 focuses on
strategic initiatives like mergers and acquisitions, talent management,
succession planning, industrial and labor relations, and diversity and
inclusion.
Human Resources are a business field focused on maximizing
employee productivity. Human Resources professionals manage the human
capital of an organization and focus on implementing policies and processes.
They can be specialists focusing in on recruiting, training, employee
relations or benefits. Recruiting specialists are in charge of finding and
hiring top talent. Training and development professionals ensure that
employees are trained and have continuous development. This is done
through training programs, performance evaluations and reward programs.
Employee relations deal with concerns of employees when policies are
broken, such as harassment or discrimination. Someone in benefits develops
compensation structures, family leave programs, discounts and other benefits
that employees can get. On the other side of the field are Human Resources
Generalists or Business Partners. These human resources professionals could
work in all areas or be labor relations representatives working with
unionized employees. In startup companies, trained professionals may
perform HR duties. In larger companies, an entire functional group is
typically dedicated to the discipline, with staff specializing in various HR
tasks and functional leadership engaging in strategic decision-making across
the business. To train practitioners for the profession, institutions of higher
education, professional associations, and companies themselves have
established programs of study dedicated explicitly to the duties of the
function. Academic and practitioner organizations may produce field-
specific publications. HR is also a field of research study that is popular
within the fields of management and industrial/organizational psychology,
with research articles appearing in a number of academic journals, including
those mentioned later in this article.
Businesses are moving globally and forming more diverse teams. It is
the role of human resources to make sure that these teams can function and
people are able to communicate cross culturally and across borders. Due to
changes in business, current topics in human resources are diversity and
inclusion as well as using technology to advance employee engagement. In
the current global work environment, most companies focus on lowering
employee turnover and on retaining the talent and knowledge held by their
workforce. New hiring not only entails a high cost but also increases the risk
of a newcomer not being able to replace the person who worked in a position

30
before. HR departments strive to offer benefits that will appeal to workers,
thus reducing the risk of losing corporate knowledge.

5.4. What does the term entrepreneurship mean within a production

process? Can we consider it as a resource? Prove your point of view
on the basis of the following broadcast transcript. Read and translate
the text and be ready to discuss it within our classes.

ENTREPRENEURS CHANGE THE WORLD

“Entrepreneur” is a French word that means someone who does

something. An entrepreneur is someone who attempts to organize resources
in new and more valuable ways and accepts full responsibility for the result.
Entrepreneurs bring a new product, service or idea to market. For more than
a century, entrepreneurs have changed the world. American Bill Gates is
perhaps the world's best-known entrepreneur. He did not invent personal
computers. But his operating system made computers easy to use. It also
brought the new technology to millions of people around the world.
Wendell Cochran is a journalism professor at American University in
Washington, D.C. He says the Internet is a very helpful tool for
entrepreneurs. That is because it provides information to anyone, anywhere.
Craig Newmark is an example of another American entrepreneur. Thirteen
years ago, Mister Newmark created an Internet message service for the
investment company where he worked. Today, his web site, Craig's List, has
users in more than five hundred fifty cities and fifty countries. They can buy
and sell goods, find a job or a place to live.
Modern technology has made it easier for entrepreneurs around the
world to succeed. However, they still have problems getting money to start
businesses and deal with government restrictions in many countries. In
Venezuela, for example, monetary exchange controls and a leadership
hostile to free markets make it difficult to do business. Santiago Alvarez is a
businessman in Caracas. He says it is difficult to get all the permits
necessary to start a business.
In India, Sunil Mittal overcame different problems to build a
successful telecommunications company. He says the end of central
economic planning by the country's government helped his company
succeed. SUNIL MITTAL: “With thirty, thirty-five million dollars that I
could access, we went on to build India's largest telecom company.” Today,
Bharti Airtel has thirty thousand employees. The Bharti Group has become
India's second largest corporation.
Brent Goldfarb is a business professor at the University of Maryland.
He says all kinds of people work to become entrepreneurs. However, he says
most entrepreneurs do not get rich. Most earn less than if they were working
for someone else. That was true for Pakistani entrepreneur Ashore Hafeez.

31
He opened his first Tandoori restaurant in Islamabad in nineteen ninety-
three. He has advice for other entrepreneurs: “You have to work very hard.
And you cannot do it alone. You have to have a very good team with you.”
In Iraqi Kurdistan, Suhela Kakil Raza is a mother of four. She began
making women's clothes about a year ago. But there were problems finding a
place to open her store in her city, Irbil. She had to find an area in Irbil
where men did not go. This would permit Sunni Muslim women to come out
and buy her products. Now, Suhela Kakil Raza has four employees and she
wants to expand. She says she dreams of having a factory. She would also
like to operate a school to train her female workers.
In South Africa, Mthuli Ncube is the director of the entrepreneurship
institute at the University of the Witwatersrand. He says the African
continent does not have enough entrepreneurs who are prepared to take risks.
However, the most successful black entrepreneur in South Africa, Richard
Maponya, has been taking risks for a long time to build successful
businesses. Now in his eighties, Mister Maponya recently opened a huge
shopping center in Soweto, near the city of Johannesburg.
Donald Trump is one of America's most successful property
developers. He says entrepreneurs must think big and take action. He says
they also must study new information, learn to negotiate and enjoy
competition.
In many developing countries, small loans are known as micro-credit
or micro-financing. They have helped entrepreneurs get the money they need
to start a business. Special attention is now being given to female
entrepreneurs. They have had to beat many cultural barriers to get financing.
In Bangladesh, the Grameen Bank lends small amounts of money, mainly to
women. And almost all of these small business loans are repaid. Grameen
was the first bank in the developing world to lend money to poor people who
wanted to be entrepreneurs. Muhammad Yunus started the Grameen Bank.
He and the bank won the Nobel Peace Prize in two thousand six.
Grameen's micro-financing has expanded the idea of entrepreneurship
to many people. For them, entrepreneurship is about raising chickens and
cows or making clothes to help feed their families. For example, Margaret
Okoth sells food at a market in Nairobi, Kenya. She is using low-interest
micro-loans from an organization in her village. MARGARET OKOTH:
“[The cooperative] has recently increased its limit so that you can borrow
eighty thousand [shillings]. And if you take out that big a loan you'll really
see your business grow.” Margaret Okoth's area at the market was destroyed
in violence after the Kenyan election. But loans permitted her to rebuild. The
money also helped her balance her business with her other job, as a wife and
mother of twelve children.
Now, large lenders like the World Bank are supporting the ideas of the
Grameen Bank in discussions with developing countries. Dahlia Khalifa is a
business expert at the World Bank's International Finance Corporation. She

32
says getting the necessary financing is the biggest barrier for female
entrepreneurs in African countries. But she says discrimination against
women goes even further. In many places, women are not permitted to sign
an agreement or to represent themselves in court.
Many countries have policies that make it hard for entrepreneurs to
start businesses. In Russia, for example, people often have to make secret
payments to government officials to influence their decisions on business
permits. Other entrepreneurs say they have to deal with government
processes that are slow and difficult. Alexei Protsky has a chemical
company. He says he has to deal with unnecessary rules and reporting
requirements. He says dealing with too much paperwork means a loss of
time and reduction in productivity for his company.
Every year, the World Bank rates countries on the ease of starting a
business. The Bank examines the processes involved in getting permits,
getting credit, paying taxes and enforcing agreements. World Bank specialist
Dahlia Khalifa says some governments are reforming and changing their
business laws. The World Bank said Egypt was the top reformer last year,
followed by Croatia, Ghana, Macedonia and Georgia. The bank says Egypt
reduced the amount of money needed to start a business. Egypt also eased
rules that used to delay building permits.
Schools and universities around the world are teaching
entrepreneurship. For example, in China and India, thousands of people are
attending graduate schools of business where entrepreneurship is taught.
Such programs in the developing world are influenced by those in the United
States. At some American universities, business students are required to start
a business before they complete their study program. Elaine Allen teaches
entrepreneurship at Babson College in Boston, Massachusetts. She says she
meets with groups of college students before they learn about financial rules.
The groups are given two thousand dollars and told to start a business. At the
end of the year, she says, almost all of them make a profit. Often the profits
are as much as fifty or sixty thousand dollars. They donate this money to
non-profit organizations. These students are on their way to becoming
entrepreneurs of the future.

6. How do demand and supply interact under the framework of the

Law of Supply and Demand? What do the terms demand and
supply curves mean in this connection? What does the term
equilibrium price mean within a process of demand and supply
interaction?
7. Prepare the oral composition “Law of supply and demand in our life.”
Let’s discuss it within our classes.

33
 UNIT III

MACROECONOMICS

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

MACROECONOMICS: ISSUES FOR

THE ENTIRE ECONOMY

Macroeconomics is the study of a country’s overall economic issues.

Each nation’s policies and choices help determine its economic system.
But the political, social, and legal environments differ in every country.
In general, however, these systems can be classified into three categories:
private enterprise systems; planned economies; or combinations of the
two, referred to as mixed economies. As business becomes an
increasingly global undertaking, it is important to understand the primary
features of the various economic systems operating around the world.

Capitalism: the Private Enterprise System

Most industrialized nations operate economies based on the private

enterprise system, also known as capitalism or a market economy.
A private enterprise system rewards businesses for meeting the needs and
demands of consumers. Government tends to favor a hands-off attitude
toward controlling business ownership, profits, and resource allocations.
Instead, competition regulates economic life, creating opportunities and
challenges that businesspeople must handle to succeed. Competition is a
battle among businesses for consumer acceptance. The relative
competitiveness of a particular industry is an important consideration
for every firm because it determines the ease and cost of doing
business within that industry. Four basic types of competition take
shape in a private enterprise system: pure competition, monopolistic
competition, oligopoly, and monopoly.

Planned Economies: Socialism and Communism

In a planned economy, government controls determine business

ownership, profits, and resource allocation to accomplish government
goals rather than those set by individual firms. Two forms of planned
economies are communism and socialism.
Socialism is characterized by government ownership and
operation of major industries such as communications. Socialists argue

34
that major industries are too important to a society to be left in private
hands and that government-owned businesses can serve the public’s
interest better than private firms. However, socialism allows private
ownership in industries considered less crucial to social welfare, such as
retail shops, restaurants, and certain types of manufacturing facilities.
Scandinavian countries such as Denmark, Sweden, and Finland have
many socialist features in their societies, as do some African nations and
India.
The writings of Karl Marx in the mid-1800s formed the basis of
communist theory. Marx believed that private enterprise economies
created unfair conditions and led to worker exploitation because business
owners controlled most of society’s resources and reaped most of the
economy’s rewards. Instead, he suggested an economic system called
communism, in which all property would be shared equally by the
people of a community under the direction of a strong central
government.

Mixed Market Economies

Private enterprise systems and planned economies adopt

basically opposite approaches to operating economies. In reality,
though, many countries operate mixed market economies, economic
systems that draw from both types of economies, to different degrees.
In nations generally considered to have a private enterprise economy,
government-owned firms frequently operate alongside private
enterprises.
The proportions of private and public enterprise can vary widely
in mixed economies and the mix frequently changes. Dozens of
countries have converted government-owned and operated companies
into privately held businesses in a trend known as privatization.
Governments may privatize state-owned enterprises in an effort to raise
funds and improve their economies. The objective is to cut costs and run
the operation more efficiently.
(Based on: David L. Kurtz. Boone and Kurtz Contemporary Business)
ACTIVE VOCABULARY

competition
cut-throat competition
economic system
government ownership
hands-off attitude
industrialized nation
(country)
конкуренция
конкуренция не на жизнь, а на смерть
экономическая система
государственная собственность
позиция невмешательства
развитая (индустриально-развитая)
страна

35
macroeconomics
manufacturing facilities
mixed economy
monopolistic competition
planned economy
private enterprise system
(capitalism or market
economy)
private ownership (property)
profits
pure competition
resource allocation
social welfare
to cut costs
to meet the needs and
demands of a consumer
макроэкономика
производственные мощности
смешанная экономика
монополистическая конкуренция
плановая (командно-административная)
экономика
система частного предпринимательства
(капитализм или рыночная экономика)
частная собственность
прибыль
чистая (идеальная) конкуренция
распределение ресурсов
общественное благосостояние
сокращать (урезать) расходы
соответствовать (отвечать) потребностям
и предложению потребителя

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ТИПЫ ЭКОНОМИЧЕСКИХ СИСТЕМ

Американское общество основано на рыночной экономике, т.е.

обмене товаров и услуг на деньги. Можно предположить при этом, что
рыночная экономика – единственный нормальный способ организации
экономической деятельности. Но эта точка зрения ошибочна. Когда мы
взглянем беспристрастно на экономические системы, то увидим
множество различий между ними.

Демократический социализм

Теория социалистической экономики в демократических странах

не представляет собой четко определенной идеологии, и правительства
таких стран не берут за основу какую-то одну точно
сформулированную модель. Скорее демократический социализм –
это совокупность различных политических теорий, которые
основываются (в различной степени) на общественной собственности
на средства производства и распределении товаров.

36
 Коммунизм

Как политический идеал коммунизм представляет собой

социальную, политическую и экономическую систему, при которой вся
собственность принадлежит обществу. При этом предполагается, что
общество всеобщего изобилия свободно от эксплуатации; в нем живут
труженики, в этом обществе нет противоречия между умственным и
физическим трудом. На практике «коммунистическая» экономика – это
незыблемое политическое господство одной партии, строгий контроль,
подробные долгосрочные планы, а не стихия свободного рынка.

Подход Линдблома

Некоторые экономисты, которых не удовлетворяют названия

«капитализм», «социализм» и «коммунизм», пытались создать
альтернативные модели. Например, Хоузлитц выделил два типа
взаимодействия между политической и экономической системами:
автономный и зависимый. В первом случае государство не
вмешивается в экономическую деятельность. Во втором случае
государство оказывает на нее давление или осуществляет контроль.
Этот контроль может осуществляться путем прямого владения
собственностью и повседневного управления государственными
органами и всеми процессами производства. Государство может
владеть собственностью и осуществлять общий политический контроль
(как это имеет место в Великобритании). Применяя такой подход,
Линдблом классифицировал рыночные системы, исходя из
следующего:
 являются ли они государственными или частными по своей
сущности?
 доминируют ли в них потребители или планирующие органы?
Таким образом, он выделил четыре основных категории. Во-
первых, существуют традиционные системы частного
предпринимательства (какие сложились в Западной Европе и Северной
Америке), которые руководствуются главным образом интересами
потребителей. Во-вторых, имеются системы частного
предпринимательства – правительство облагает его налогом,
субсидирует или покупает готовую продукцию. Хотя они остаются
частными, на них в значительной мере воздействуют планирующие
органы. Ярким примером такой системы служит «оборонка» США. В-
третьих, государственное предпринимательство, в котором цена
регулируется спросом. В-четвертых, существует государственное
предпринимательство, подчиненное плану.
(Based on: H. Smelzer. Sociology)

37
III. LISTENING/WATCHING:

AN INTRODUCTION TO ECONOMIC SYSTEMS

1. Before watching video match the expressions in the left column with
their translation in the right one.

1. market economy a) находящийся в частном владении

2. mixed economy b) экономическое сплошное пространство
3. centrally planned c) частная собственность
economy d) общественные ценности
4. traditional economy e) стимулировать принятие
5. individual consumer экономического решения
6. publicly owned f) государственная интервенция
7. to make a decision (вмешательство)
8. privately owned g) быть у (во) власти
9. influence decision h) влиять на принятие решения
making i) рыночная экономика
10. government j) принадлежащий государству
intervention (обществу)
11. economic continuum k) смешанная экономика
12. values of a society l) традиционная экономика
13. to be in a power m) принимать решение
14. to drive economic n) индивидуальный потребитель
decision making o) командно-административная экономика
15. private property

2. Listen to the text; answer the questions below using the

abovementioned key words.

1. What does the term economic system mean according to the present
text?
2. What are the major economic systems in nowadays global world?
Nominate them, please.
3. What is a traditional economy under the framework of a modern
business? Do the Bushmen in Kalahari Desert use some machines?
What do they use?
4. What does the term centrally planned economy mean? Do individual
consumers have any influence on economic decisions making? What
is a role of a government under such economic system? Give some
examples of countries where such economic model is used.
5. What does the term mixed economy mean under the framework the
world economics? What are the roles of the private and governmental
ownerships within a mixed economic model?

38
 6. What does the term market economy mean? Who is a user of the
resources within a market economic system? What do the terms
private property and government intervention mean in this
connection? How do individual consumers drive economic decision
making within such system?
7. What does an economic continuum mean within different economic
systems? What is a role of values of society and current government
under the framework of different economic systems?

3. Listen to the text again; check your answers; name the main idea and
retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. Study of a nation’s overall economic issues, such

as how an economy maintains and allocates
resources and how a government’s policies affect
the standards of living of its citizens.
2. An economic system founded on the principle that
competition among firms determines their success
or failure in the marketplace and that this
competition, in turn, best serves the needs of
society.
3. A battle among businesses for consumer
acceptance.
4. Market structure in which large numbers of
buyers and sellers exchange homogeneous
products and no single participant has a significant
influence on price.
5. Market structure in which large numbers of buyers
and sellers exchange heterogeneous products so
each participant has some control over price.
6. Market situation in which relatively few sellers
complete and high start-up costs form barriers to
keep out new competitors.
7. Market situation in which a single seller
dominates trade in a good or service for which
buyers can find no close substitutes.
8. Economic system in which government controls
determine business ownership, profits, and

39
 resource allocation to accomplish government
goals rather than those set by individual firms.
9. An economic system characterized by government
ownership and operation of major industries such
as communications.
10. An economic system in which all property would
be shared equally by the people of a community
under the direction of a strong central government.
11. An economic system that draws from both types
of economies, to different degrees.
12. Conversion of government-owned and operated
companies into privately held business.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. In general economic systems can be classified into three categories:

private enterprise systems; planned economies; or combinations of
the two, referred to as mixed economies.
2. Macroeconomics is the study of small and families’ economic units.
3. Within a private enterprise system government tends to favor a hands-
off attitude toward controlling business ownership, profits, and
resource allocations.
4. Competition is a battle among businesses for consumer acceptance.
5. In a planned economy, private individuals control the business
ownership, profits, and resource allocation to accomplish individual
goals.
6. Socialism is characterized by private ownership and operation of
major industries such as communications.
7. Scandinavian countries such as Denmark, Sweden, and Finland have
many socialist features in their societies, as do some African nations
and India.
8. Karl Marx suggested an economic system called capitalism, in which
all property would be shared equally by the people of a community
under the direction of a strong central government.
9. In nations generally considered to have a private enterprise
economy, government-owned firms have no rights to operate
alongside private enterprises.
10. Private enterprise systems and planned economies adopt basically
opposite approaches to operating economies.

40
VI. REVIEW AND DISCUSSION QUESTIONS

1. What does the term macroeconomics mean under the international

process of the production exchange?
2. Each nation’s policies and choices help determine its economic system
under the framework of macroeconomics. What does the term
economic system mean in this connection? What types of economic
systems do you know? Nominate and describe them briefly.
3. What does the term private enterprise system (capitalism or market
economy) mean under the framework of different economic systems?
Why do the most industrialized (developed) countries operate their
economies on the basis of market economic sectors? What is a role of
governments within such systems?
4. Competition is a yardstick of the private enterprise system. What does it
mean? “Competition is the mechanism that guarantees the private
enterprise system will continue to offer goods and services that provide
high living standards and sophisticated lifestyle”. Comment on this
statement, please.
5. “The competition leads to the new inventions and innovations.”
Comment on this statement on the basis of the following video script.
Read and translate the text and be ready to discuss it within our classes.

COMPETITION HEATS UP FOR ELECTRIC VECHICLES

Competition to produce the most fuel efficient vehicles is shifting into

overdrive after General Motors announced triple digit miles-per-gallon
ratings for its new hybrid-electric vehicle. Analysts say renewed interest in
environmentally sound, ultra-efficient vehicles has opened a myriad of
opportunities for manufacturers. One small company in Colorado is
convinced it can give the big automakers a run for the money
General Motors made a big splash this month when it announced its
new electric vehicle, the Chevy Volt, will go an astounding 230 miles per
gallon (more than 97 kilometers per liter). Company CEO Fritz Henderson
believes the new line of gas-electric hybrids is the company's ticket back to
profitability.
"A car that gets triple digit fuel economy, we believe, can and will be,
a game changer for us," said Henderson. Now in production, the Chevy Volt
is expected to launch in 2010. Industry analyst Rebecca Lindland says there's
a lot riding on the new car. "It is very important that it be a homerun for
them because they have put a lot of their reputation into this vehicle," said
Rebecca Lindland.
But GM will have plenty of competition. Nissan is set to unveil its
new, all-electric Leaf next year, and Honda is expected to roll out a new
hybrid gas-electric called Insight. Although they can't compete with the

41
Volt's fuel efficiency, the price tag – between $10,000 to $15,000 less –
could win converts. And there's also homegrown competition.
Coda, a new company based in Colorado, is promoting a new vehicle
that can maintain speeds of 130 kilometers per hour for more than 160
kilometers without using gasoline. The company has received $45 million in
stimulus funds to jump start production. Colorado Governor Bill Ritter was
among the first to test drive the prototype. This is the first Colorado
company the Department of Energy has provided loan guarantee money,"
said Bill Ritter. “It means they believe in the concept.” Company officials
hope to put 20,000 of the battery-powered cars into production this year. At
about $35,000 apiece, Governor Ritter says the Coda produces no emissions
and takes only six hours to charge. “You take that car and it goes to
someone's garage,” he said. “That person plugs it in, their energy's delivered
to their home through solar or wind or geothermal, and there are zero
emissions as part of operating that vehicle.”
But with so many fuel-efficient vehicles vying for attention, analysts
say green vehicles are just part of the solution for the ailing auto industry.
After the worst sales slump in decades, General Motors is targeting another
emerging market with plans to build a compact car that will sell for about
$4,000. No word yet if the low-cost vehicles will be sold in the U.S.

6. There are four general types of competition under the framework of the
private enterprise system. What are they? Describe them briefly on the
basis of the following text. Read and translate the text and be ready to
discuss it within our classes.

CAPITALISM AND COMPETITION

Four basic types of competition take shape in a private enterprise

system: pure competition, monopolistic competition, oligopoly, and
monopoly.
Pure competition is a market structure, like that of small-scale
agriculture or fishing, in which large numbers of buyers and sellers
exchange homogeneous products like sugar, rice, and wheat, and no
single participant has a significant influence on price. Instead, prices are
set by the market as the forces of supply and demand interact. Firms can
easily enter or leave a purely competitive market because no single
company dominates. Also, in pure competition, buyers see little
difference between the goods and services offered by competitors.
The fishing industry is a good example of pure competition. As
weather and ocean conditions affect seafood supplies, the prices for this
commodity rise or fall according to the laws of supply and demand. The
clams and mussels that one fishing boat gathers off the coast of New
England are virtually identical to those gathered by others. The region’s

42
notorious “red tide” of algae sometimes contaminates part of the
season’s supply of shellfish just when summer tourists want them the
most – and prices skyrocket.
Monopolistic competition is a market structure, like that for
retailing, in which large numbers of buyers and sellers exchange
differentiated (heterogeneous) products, so each participant has some
control over price. Sellers can differentiate their products from
competing offerings on the basis of price, quality, or other features. In
an industry that features monopolistic competition, it is relatively easy for
a firm to begin or stop selling a good or service. The success of one
seller often attracts new competitors to such a market. Individual firms
also have some control over how their goods and services are priced.
One example of monopolistic competition is the market for pet
food. Consumers can choose from private-label (store brands such as
Walmart’s Ol’Roy) and brand-name products such as Purina in bags,
boxes, and cans. Producers of pet food and the stores that sell it have
wide latitude in setting prices. Consumers can choose the store or brand
with the lowest prices, or sellers can convince them that a more expensive
offering, for example the Fromm brand, is worth more because it offers
better nutrition, more convenience, or other benefits.
An oligopoly is a market situation in which relatively few sellers
compete and high start-up costs form barriers to keep out new
competitors. In some oligopolistic industries, such as paper and steel,
competitors offer similar products. In others, such as aircraft and
automobiles, they sell different models and features. The huge
investment required to enter an oligopoly market tends to discourage new
competitors. The limited number of sellers also enhances the control
these firms exercise over price. Competing products in an oligopoly
usually sell for very similar prices because substantial price competition
would reduce profits for all firms in the industry. So, a price cut by one
firm in an oligopoly will typically be met by its competitors. However,
prices can vary from one market to another, as from one country to
another.
The final type of market structure is a monopoly, in which a
single seller dominates trade in a good or service for which buyers can
find no close substitutes. A pure monopoly occurs when a firm
possesses unique characteristics so important to competition in its
industry that they form barriers to prevent entry by would-be
competitors. There are a number of companies once thought to
dominate their respective markets, but disruptive technology, a new
technology that unexpectedly replaces an existing one, has changed
that. PayPal’s e-commerce payment system, Google’s search engine,
Facebook’s social networking plat- form, and Apple’s iTunes no longer
dominate their respective markets as they once did.

43
 Many firms create short-term monopolies when research
breakthroughs permit them to receive exclusive patents on new
products. In the pharmaceuticals industry, drug giants such as Merck and
Pfizer invest billions in research and development programs. When the
research leads to successful new drugs, the companies can enjoy the
benefits of their patents: the ability to set prices without fear of
competitors undercutting them. Once the patent expires, generic
substitutes enter the market, driving down prices.

7. Because a monopoly market lacks the benefits of competition, many

governments regulate monopolies. For example, the U.S. government
prohibits most pure monopolies through antitrust legislation such as
the Sherman Act and the Clayton Act. What do you know about such
legislation? Hope the following broadcast transcript will help you to
understand the problem under discussion better. Read and translate
the text and be ready to discuss it within our classes.

COMPETITITON DRIVES INDISTRIAL

GROWTH IN THE LATE 1800s

The eighteen eighties were years of important change in American

business and industry. Twenty years after the Civil War, the United States
had become one of the leading industrial nations of the world. As the number
of factories increased, so did competition between businessmen. Some
industrialists cooperated with their competitors to reduce competition. But
this did not always succeed. There was no way to enforce their agreements.
In eighteen seventy-nine, a new form of business organization was
developed – the trust. In a trust, stock owners of many competing companies
give control of their stock to a committee, or group, of trustees. The trustees
operate all the companies as one and pay profits to the stockholders. The
profits would be high, because there would be no competition to drive down
prices.
One of the first trusts was formed by John D. Rockefeller in the oil
industry. The stockholders of seventy-seven oil companies gave control of
their stock to nine trustees of Rockefeller's Standard Oil Company. The nine
men controlled ninety per cent of the nation's oil production. The success of
the Standard Oil Company led to the creation of trusts in other industries.
Soon there was a sugar trust, a salt trust, a steel trust, even a whisky trust.
These huge corporations represented hundreds of millions of dollars. This
great wealth made them very powerful. Former President Cleveland, himself
a friend of business, warned of a growing danger. “Corporations,” he said,
“should be carefully-controlled creatures of the law and servants of the
people. Instead, they are fast becoming the people's masters.”

44
 The public began to demand government controls of the trusts.
Farmers claimed that prices were too high, and they blamed the trusts.
Workers said their unions could not negotiate with the new industrial giants.
Small businessmen charged that trusts were too powerful. They said the
trusts could destroy them. Public demands for action led the governments of
fifteen states to pass anti-trust laws. But the state laws could do nothing.
Most of the trusts were nationwide corporations which did business in many
states. Public protest was so great that both parties in the eighteen eighty-
eight elections promised to pass a federal law against trusts.
A number of such bills were proposed. One offered by Senator John
Sherman, a Republican, was approved by Congress. President Benjamin
Harrison signed it into law in eighteen ninety. The Sherman Anti-trust Law
sounded severe. It said it was illegal for a trust or any other organization to
interfere with interstate commerce – trade among the states. It was also
illegal for any person or organization to form a monopoly – to get control of
a whole industry. The law ordered harsh punishment for any person found
guilty of these crimes. It sounded like a strong law. But it was not. It was
written in a very general way that left the courts to decide what the law
really said. Opponents of the Sherman Anti-Trust Bill said its purpose was
not to destroy trusts, but to make the public believe that trusts would be
destroyed. During President Harrison's administration, only eight
corporations were accused of violating the new anti-trust law. Of the eight,
only one was found guilty ... and only in a very limited way. The first
company charged was the Whisky Trust. A court dismissed the case. It said
the government failed to prove that the trust had interfered with interstate
commerce.
A few years later, the government asked the courts to break up the
huge sugar trust which controlled ninety-eight percent of the sugar-
producing industry. The Supreme Court refused to do so. It said that it was
true the trust had formed a monopoly in the sugar-producing industry. But it
said the monopoly was in manufacturing – not in trade or interstate
commerce. Therefore, said the high court, the sugar trust was legal and did
not violate the anti-trust law.
Industrial trusts helped to reduce competition among American
companies. High tariffs also gave some protection from competition with
foreign companies. But business leaders were not satisfied. They demanded
even higher taxes on imports to further reduce competition. So, Republican
Congressman William McKinley of Ohio proposed a new tariff bill – one
that would raise import taxes higher than ever before. The tax already was
about thirty-eight percent on most imported products. The new measure
would raise it to almost fifty percent.
Not everyone in the Harrison administration supported the high tariff
measure. Secretary of State [James] Blaine wanted to increase trade between
the United States and other countries. He warned that new, high tariffs would

45
destroy those plans. Blaine also opposed the bill because he felt it would hurt
the Republican Party politically. In a letter to Congressman McKinley,
Blaine said the bill would anger the farmers by adding as much as eight
percent to the price of shoes for their children. “Such movements as this for
protection,” said Blaine, “will move the Republican Party only into speedy
defeat.”
Most western and southern congressmen opposed the tariff bill,
because it would mean higher prices to the people of their states. But the bill
could not pass without the support of some of them. So, supporters of the
tariff bill offered a deal. If westerners voted for the tariff measure, then
eastern lawmakers would support a silver purchase bill that the westerners
wanted. The bill, known as the Sherman Silver Purchase Act, would have the
government buy four-and-one-half-million ounces of silver each month. The
government would pay for the silver with paper money – treasury notes –
which could be exchanged for gold or silver money.
Western mines were producing huge amounts of silver. By selling it to
the government, the mining interests hoped to keep the price of silver from
falling. Western interests spoke in Congress now with a much stronger
voice. In eighteen eighty-nine and eighteen ninety, six western territories
became states. This added twelve more western representatives in the Senate
and others in the House. The deal was agreed to. Both the McKinley Tariff
Bill and the Sherman Silver Purchase Bill were approved by Congress and
signed by President Harrison. As expected, the price of imported goods rose.
And the people blamed the Republicans.
In the congressional elections of eighteen ninety, the Republican Party
suffered heavy losses. The Republican majority in the Senate was cut to
eight. And not all the Republican senators would support the party on every
issue. The Republicans lost control in the House of Representatives. Only
eighty-eight were elected to house seats. Democrats elected two hundred
thirty-five Representatives. Voters also elected nine House members and two
Senators from a new political organization – the People's Party.
The new party was born in farming areas of the west and south. It was
a party of protest, formed by men who refused to support either of the two
old parties. Years before, farmers had united in agricultural organizations
they called “Granges.” A national grange had been formed. During hard
times, the Grange organized political action groups to help elect officials
who were friendly to farmers. But as farm conditions improved, the Granges
began to disappear. A few years later, farmers began to build new
organizations. Like the Granges, they began as social and economic groups.
By the late eighteen eighties, many of these groups had united into two
large organizations. One, with more than one million members, was the
Southern Alliance. The other, with fewer members, was the National
Farmers' Alliance. Members of the two groups began to unite for political
action.

46
8. What does the term planned economy mean under the framework of
economic system? What is a role of government within a centrally
planned economy? Scandinavian countries such as Denmark, Sweden,
and Finland have many socialist features in their societies, don’t
they? There are two forms of planned economies. What are they?
Describe briefly socialism and communism economic systems? What
are the general features in common and differences between them?
9. Private enterprise systems and planned economies adopt basically
opposite approaches to operating economies. In reality, though,
many countries operate mixed market economies. What does it
mean? What does the term privatization mean in this connection?
10. Describe the main advantages and disadvantages of democratic
socialism and communism. Describe the Lindblome’s approach to the
economic system classifications. What other types of such
classifications do you know?
11. Prepare the oral composition, “Economic systems and their role within
the international business processes.” Let’s discuss it within our classes.

47
 UNIT IV

ECONOMIC STABILITY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

EVALUATING ECONOMY’S PERFORMANCE

Ideally, an economic system should provide two important

benefits for its citizens: a stable business environment and sustained
growth. In a stable business environment, the overall supply of
needed goods and services is aligned with the overall demand for these
items. No wild fluctuations in price or availability make economic
decisions complicated. Consumers and businesses not only have access
to ample supplies of desired products at affordable prices but also have
money to buy the items they demand. Growth is another important
economic goal. An ideal economy incorporates steady change directed
toward continually expanding the amount of goods and services
produced from the nation’s resources. Growth leads to expanded job
opportunities, improved wages, and a rising standard of living.

Flattering the Business Cycle

A nation’s economy tends to flow through various stages of a

business cycle: prosperity, recession, depression, and recovery. As
recent events show, during a recession – cyclical economic contraction
that lasts for six months or longer – consumers frequently postpone
major purchases and shift buying patterns toward basic, functional
products carrying low prices. Businesses mirror these changes in the
marketplace by slowing production, postponing expansion plans,
reducing inventories, and often cutting the size of their workforces.
If an economic slowdown continues in a downward spiral over an
extended period of time, the economy falls into depression. Many
Americans have grown up hearing stories about their great-grandparents
who lived through the Great Depression of the 1930s, when food and
other basic necessities were scarce and jobs were rare. In the recovery
stage of the business cycle, the economy emerges from recession and
consumer spending picks up steam. Gradually, the concerns of
recession begin to disappear, and consumers start eating out at
restaurants, booking vacations, and purchasing new cars again.

48
 Productivity and Gross Domestic Product

An important concern for every economy is productivity.

Productivity describes the relationship between the number of units
produced and the number of human and other production inputs
necessary to produce them. Productivity is a widely recognized measure
of a company’s efficiency. In turn, the total productivity of a nation’s
businesses has become a measure of its economic strength and
standard of living. Economists refer to this measure as a gross domestic
product (GDP) – the sum of all goods and services produced within its
boundaries.

Unemployment

People need money to buy the goods and services produced in an

economy. Because most consumers earn that money by working, the
number of people in a nation who currently have jobs is an important
indicator of how well the economy is doing. Economists refer to a
nation’s unemployment rate as an indicator of its economic health. The
unemployment rate is usually expressed as a percentage of the total
workforce actively seeking work but currently unemployed. The total labor
force includes all people who are willing and available to work at the going
market wage, whether they currently have jobs or are seeking work. In this
connection discouraged workers are individuals who want to work but have
given up looking for jobs, while underemployed workers are individuals who
have taken lower-paying positions than their qualifications would suggest.
Unemployment can be grouped into the four categories: frictional, seasonal,
cyclical, and structural.
(Based on: David L. Kurtz. Boone and Kurtz Contemporary Business)
ACTIVE VOCABULARY

affordable price приемлемая (сходная) цена

ample supplies достаточные запасы
business cycle цикл деловой активности (бизнес-цикл)
consumer spending потребительские расходы
cyclical unemployment цикличная безработица
discouraged worker человек, переставший искать работу (форма
скрытой безработицы)
downward spiral тенденция к снижению
economic slowdown экономический спад
frictional unemployment фрикционная безработица
GDP (gross domestic ВНП (внутренний валовый продукт)
product)
overall demand общий (полный) спрос

49
overall supply общий объём предложения (товара на
рынке)
productivity производительность (факторов
производства)
recession рецессия (спад производства)
recovery stage стадия возрождения
reducing inventories уменьшение товарных запасов
rising standard of living подъем жизненного уровня
(благосостояния)
seasonable сезонная безработица
unemployment
structural unemployment структурная безработица
sustained growth устойчивый экономический рост
to fall into depression впадать в депрессию
total labor force общая численность рабочей силы
unemployment безработица
unemployment rate уровень безработицы

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ЭКОНОМИЧЕСКИЙ КРИЗИС

Экономический кризис – нарушение равновесия между спросом

и предложением на товары и услуги. Профессор Оксфордского
университета, историк Филипп Кей считает, что первый в мировой
истории кризис разразился еще в Римской империи в 88 году до нашей
эры. Основные виды – кризис недопроизводства и кризис
перепроизводства.
Кризис недопроизводства, как правило, вызывается
внеэкономическими причинами и связан с нарушением нормального
хода (экономического) воспроизводства под влиянием стихийных
бедствий или политических действий (различных запретов, войн и т.п.).
Кризис перепроизводства, известный так же как «циклический»
кризис появляется в рыночной индустриальной экономике,
первоначально в Англии в XVIII веке.
В классической марксистской трактовке периодические кризисы
либеральной капиталистической экономики обусловлены нарушением
пропорциональности развития, в частности, неравномерностью
потребительского спроса. Причины возникновения кризиса
перепроизводства описаны в “Капитале” Карла Маркса. Квинтэссенция
марксистского взгляда на кризисы перепроизводства такова: владелец
бизнеса (капиталист, корпорация) стремится к получению большей

50
прибыли и в связи с этим целенаправленно сокращает издержки
(затраты) производства, в том числе путем сокращения затрат на оплату
труда. Это решается путем увеличения норм выработки,
высвобождения работников и замены их труда машинами. Однако
работники – это члены общества, то есть потребители товаров. Таким
образом, постоянно увеличивается количество произведенных товаров
и при этом снижается покупательная способность граждан. Неизбежно
наступает фаза, когда произведенные товары некому покупать.
Необходимо время для рассасывания нереализованных товарных
запасов, после чего возможно новое оживление экономического
развития. Цикличность инвестиционного и потребительского спроса
становится основой волнообразного экономического цикла
либеральной рыночной экономики.
Удачную трактовку терминов, аналогичных по своей сути, дал
известный ученый-экономист середины XX века Мюррей Ротбард:
«В былые времена мы страдали от периодических экономических
кризисов, внезапное начало которых называлось «паникой», а затяжной
период после паники назывался «депрессией». Самой известной
депрессией нового времени является, конечно же, та, что началась в
1929 году с типичной финансовой паники и продолжалась вплоть до
начала Второй мировой войны. После катастрофы 1929 года
экономисты и политики решили, что это больше никогда не должно
повториться. Чтобы успешно и без особых хлопот справиться с этой
задачей, понадобилось всего лишь исключить из употребления само
слово «депрессия». С того момента Америке больше не пришлось
испытывать депрессий.
(Based on: Murray N. Rothbard. Economic Depressions: Their Cause and
Cure)

III. LISTENING/WATCHING:

SIMILARITIES, BUT ALSO BIG DIFFERENCES,

BETWEEN TODAY’S CRISIS AND 1930s

1. Before you listen to the following broadcast match the expressions in

the left column with their translation in the right one.

1. Great Depression a) казначейство; министерство финансов

2. Dow Jones Industrial b) ипотечный кредит (заклад под залог
Average недвижимости)
3. stock-market c) Федеральная резервная система (США)
4. mortgage loan d) «Великая депрессия» (экономический
5. to withdraw the кризис 30х годов прошлого века)

51
 money from banks e) фондовая биржа (рынок)
6. Federal Deposit f) изымать денежные средства (вклады) из
Insurance Corporation банков
7. bank deposit g) безработица
8. unemployment h) ФКСД (Федеральная корпорация по
9. Federal Reserve страхованию депозитов)
System i) наличие ссудного капитала
10. money supply j) индекс Доу-Джонса для акций
11. Treasury промышленных компаний
12. credit availability k) банковский вклад; депозит
l) денежная масса (запасы)

2. Listen to the text and answer the questions below using the
abovementioned key words.

1. What do you know about the Great Depression in the United States?
What were the main reasons for it?
2. What does Dow Jones Industrial Average mean? What other indexes
do you know? What is the mechanism of such indexes within the stock
markets?
3. What are the main reasons of nowadays economic crisis? Compare it
with the Great Depression. What are the main features in common and
differences between them?
4. “Each economic crisis stars from failing the financial system”. Prove
such statement using the materials of the text listened.
5. What are the main reasons of bank system bankruptcy? What should be
the main measures of government and central bank system in order to
prevent such failure?
6. Define the term unemployment. What is its role within the time of
economic crisis? Which measures were performed by President
Franklin Delano Roosevelt and US Congress in order to minimize the
unemployment rate within the Great Depression?
7. Which policy mistakes did increase the effects of the Depression?
Which measures should be performed by nowadays businesses and
government authorities if order to reduce the crisis consequences?

3. Listen to the text again; check your answers; name the main idea and
retell the story.

52
IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. A pattern of ups and downs in the economy

(economic fluctuations).
2. Cyclical economic contraction that lasts for six
months or longer.
3. A period of recovery after a recession when
business and consumer spending increase.
4. Relationship between the number of units
produced and the number of humans and the
other production inputs necessary to produce
them.
5. The sum of all goods and services produced
and sold within a country’s boundaries during
a specific time period, such as a year.
6. A period of rising prices when the purchasing
power of the money is failing.
7. All the people 16 years of age or older who are
currently employed or are looking for work.
8. Those who have been without work for so long
that they have simply quit looking.
9. Percentage of the total workforce actively seeking
work but currently unemployed.
10. An unemployment which applies to members of
the workforce who are temporally not working
but are looking for jobs.
11. Joblessness of workers in a seasonal in a
seasonal industry.
12. People who are out of work because of cyclical
contraction in the economy.
13. People who remain unemployed for long periods
of time, often with little hope of finding new jobs
like their old ones.
14. A measure of the quantity and quality of goods
and services one can by with money; the value of
money.

53
V. CHECK YOUR UNDERSTANDING
State whether the following statements are TRUE or FALSE:

1. In non-stable business environment, the overall supply of needed

goods and services is aligned with the overall demand for these
items.
2. Wild fluctuations in price or availability make economic decisions
complicated.
3. An ideal economy incorporates steady change directed toward
continually expanding the amount of goods and services produced
from the nation’s resources.
4. Economic growth leads to expanded job opportunities, improved
wages, and a rising standard of living.
5. A recession is a cyclical economic contraction that lasts for a year or
longer.
6. If an economic slowdown over an extended period of time, the
economy falls into depression.
7. Gross domestic product (GDP) is the sum of all goods and services
produced all over the world.
8. Productivity describes the relationship between the number of
units produced and the number of human and other production
inputs necessary to produce them.
9. Discouraged workers are individuals who don’t want to work but have
given up looking for jobs.
10. Economists refer to a nation’s unemployment rate as an indicator of its
economic health.

VI. REVIEW AND DISCUSSION QUESTIONS

1. Ideally, an economic system should provide two important benefits

for its citizens? What are they? Describe them briefly.
2. What are the general requirements of the overall supply and
demand within an ideal stable business environment? Are there any
wild fluctuations in price or availability to make economic decisions
within such situation in the market?
3. What does the term economic stability mean under the framework
of domestic and international levels?
4. What are the major indicators that the economists use in order to
measure economic stability? Nominate and describe them briefly.
5. What does the term GDP (gross domestic product) mean? Nominate
its major elements and describe them briefly. What is a role of GDP
under the framework of productivity? What does the term
productivity mean in this connection?

54
6. What do the terms unemployment and full employment mean?
What are the general features in common and differences between
them? What major types of unemployment do you know? Nominate
and describe them briefly on the basis of the following text. Read
and translate the text and be ready to discuss within our classes.

UNEMPLOYMENT

Economists refer to a nation’s unemployment rate as an indicator

of its economic health. The unemployment rate is usually expressed as
a percentage of the total workforce actively seeking work but currently
unemployed. The total labor force includes all people who are willing
and available to work at the going market wage, whether they currently
have jobs or are seeking work. The U.S. Department of Labor, which
tracks unemployment rates, also measures so-called discouraged
workers and underemployed workers. Discouraged workers are
individuals who want to work but have given up looking for jobs.
Underemployed workers are individuals who have taken lower-paying
positions than their qualifications would suggest. Unemployment can be
grouped into the four categories: frictional, seasonal, cyclical, and
structural.
Frictional unemployment is experienced by members of the
workforce who are temporarily not working but are looking for jobs.
This pool of potential workers includes new graduates, people who have
left jobs for any reason and are looking for other employment, and former
workers who have decided to return to the labor force.
Seasonal unemployment is the joblessness of people in a seasonal
industry. Construction workers, farm laborers, fishing boat operators,
and landscape employees may contend with bouts of seasonal
unemployment when conditions make work unavailable.
Cyclical unemployment includes people who are out of work
because of a cyclical contraction in the economy. During periods of
economic expansion, overall employment is likely to rise, but as growth
slows and a recession begins, unemployment levels commonly rise. At
such times, even workers with good job skills may face temporary
unemployment. Workers in high-tech industries, air travel, and
manufacturing have all faced unemployment during economic
contraction.
Structural unemployment applies to people who remain
unemployed for long periods of time, often with little hope of finding
new jobs like their old ones. This situation may arise because these
workers lack the necessary skills for available jobs or because the skills
they have are no longer in demand. For instance, technological
developments have increased the demand for people with computer-

55
related skills but have created structural unemployment among many
types of manual laborers or workers who may have been injured and
unable to return to work.

7. What does the term business cycle mean under the framework of
nation’s economic trends? What are its general stages? Describe
them briefly, please.
8. What is prosperity or boom as a stage of business cycle within a
framework of economic relationships between sellers and buyers
(supply and demand)?
9. What does the term recession mean under the framework of
business cycle? How long does it usually last? What is a position of
sellers and buyers in the market place within this period of time?
Prepare a short story about the recession for businesses and ordinary
people on the basis of the following broadcast transcript. Read and
translate the text and then discuss it within our classes.

TRYING TO LIVE WITH A RECESSION IN THE

WORLD’S LARGEST ECONOMY

VOICE ONE: A lot of people have thought for months that the United
States is in a recession. But the economy is not officially in a recession until
a private research organization says it is. Guess what? Last Monday the
National Bureau of Economic Research announced that the United States has
been in a recession for the past year. Economists on the Business Cycle
Dating Committee met by conference call on Friday, November twenty-
eighth. They decided that economic activity reached a high point in
December of two thousand seven. It peaked after eight years of expansion.
The United States was last in a recession from March to November of two
thousand one. Some economists say the current recession could last into two
thousand ten. But how long, and how bad, it will be is really anyone's guess.
VOICE TWO: The United States has the world's largest economy.
Japan has the second largest. It, too, is in a recession, officially announced
on November seventeenth. That was four days after Germany confirmed a
recession in its economy, the largest in Europe. One way to measure an
economy is by the value of goods and services produced within a country –
its gross domestic product. The latest estimate shows that America's G.D.P.
fell by half a percent between July and September. It also shrank at the end
of last year. But in between it grew. Recessions are commonly defined as at
least six months in a row of decrease in G.D.P. The committee does not use
this definition. Instead it uses a number of different reports to identify a
recession. The economic crisis began with the collapse of property values,
the bursting of the housing bubble in the United States. Investments built on
high-risk mortgage loans became “toxic”. No one wanted to trust banks that

56
owned them. Credit markets froze. Governments around the world have had
to intervene aggressively to support their financial systems.
VOICE ONE: Barack Obama has to wait until January twentieth to
become president. But he has already moved faster than most newly elected
presidents to name his economic team. He wants to get an early start on an
economic recovery plan big enough to contain the recession. His goal is to
save or create two and a half million jobs by January of two thousand eleven.
He wants Congress to have legislation ready for him to sign into law soon
after he takes office.
VOICE TWO: Last Tuesday president-elect Obama met with the
nation's governors in Philadelphia, Pennsylvania. He said he wants their help
in designing his economic recovery plan. State and local governments are
collecting less tax money as a result of falling property values, rising
unemployment and other problems. Most of the fifty states are required to
balance their budgets. Most are now facing deficits. So that means they have
to cut services or raise taxes, or both.
Last Monday, Governor Arnold Schwarzenegger declared a “fiscal
emergency” in California. He acted under a constitutional amendment passed
by state voters in two thousand four. It requires California to balance its
budget. The declaration lets the governor call a special meeting of the
legislature to pass measures within forty-five days to deal with the budget
crisis. He wants a combination of spending cuts and tax increases in the
nation's most populous state. Early estimates show that over the next
eighteen months, California's budget deficit could reach twenty-eight billion
dollars. That is more than double the current shortfall. Governor
Schwarzenegger warned that without quick action, California could be out of
money in February.
VOICE ONE: Motorists are happy at the drop in fuel prices. But
economically speaking, there is not much else to be happy about. Stock
prices climb one day, then fall the next. Investments and retirement savings
have shrunk. The economic downturn has millions of people worried about
keeping their jobs and their homes. Americans have cut back on spending,
and not just for things like travel and entertainment, or new cars. Some are
limiting medical and dental care to only the services they need most. They
may be saving money, but also taking a risk.
VOICE TWO: One family trying to save money is the Jeffries of
Carbondale, Colorado. Sarah Jeffries and her husband, Wayne, have two
children: a son, age five, and a daughter, age two. Wayne Jeffries is a
manager for a construction company. Sarah says other builders in the area
are letting workers go because of weak demand. She says her husband's
company has projects through the middle of next year. But no one knows
what will happen after that.
VOICE ONE: Fear of losing a job is a big reason why people are
looking to save money. Sarah Jeffries says she buys things only when the

57
price has been reduced. She gets all the children’s clothes from used clothing
stores. She says the family does not eat at restaurants as much as they used
to. Sarah also says she looks for money-saving coupons to use at the grocery
store because of high food prices. And she makes an extra effort not to waste
any food. One or two times a week the Jeffries has what they call “picnic
night”. That is, the kids call it picnic night. To the parents, it provides a way
to use foods left over from meals earlier in the week. But Sarah serves the
leftovers on plates on a blanket on the floor, and says the children love it.
VOICE TWO: Saving money is also a goal this holiday season at the
Jeffries’ house. Sarah says the family used to spend about one thousand five
hundred dollars on Christmas gifts and decorations each year. But this year,
she says they will spend between seven and eight hundred dollars. One way
they are cutting back is by reducing the number of gifts they buy. Sarah and
Wayne generally exchange Christmas gifts with each other and with her
parents and brother who live in the area. This year, the adults have all
decided not to buy each other gifts. Instead, they are each putting fifty
dollars toward a Nintendo Wii video-game system that they plan to share.
VOICE ONE: Personal spending is a big part of the American
economy. It represents about seventy percent of the gross domestic product.
For many businesses, anywhere from twenty-five to forty percent of their
sales all year normally come during the winter holiday season. The shopping
season traditionally begins on the day after Thanksgiving. The day is called
“Black Friday”. The name comes from the tradition of recording profits in
black ink and losses in red. Black Friday is when stores hope to return to the
black for the year.
VOICE TWO: Many stores now open before sunrise and offer extra
special deals for early shoppers on Black Friday. The National Retail
Federation found that almost one-fourth of shoppers this year arrived at
stores by five o'clock in the morning. Black Friday used to be the biggest
shopping day of the year. And it still may be the day when the largest
number of shoppers visit stores. An estimated seventy-four million people
visited stores and Web sites on Black Friday this year. But Black Friday is
no longer necessarily the day when shoppers spend the most money.
VOICE ONE: With the economy down, shoppers are thinking
carefully before making holiday purchases and looking for the best values.
Black Friday this year was better than expected. But stores were offering big
price reductions – sacrificing profits, and possibly risking their futures.
VOICE TWO: Americans are better known for spending money than
for saving it. But now, some are trying to save by reducing the debt they owe
on credit cards. Others are trying to avoid taking on new debt. Still others
have had their credit limits reduced as a result of the financial crisis. The
Coinstar company reports that almost one-fourth of Americans say they are
paying for purchases with cash more often than they did a year ago. Using

58
cash, they say, helps them manage their money better and reduce credit card
debt.
VOICE ONE: Recently we asked some shoppers at the big Potomac
Mills Mall, south of Washington, D.C., how the economy is affecting their
lives. Erica Scott lives in Culpeper, Virginia:
ERICA SCOTT: “We have our own business. So, we’re feeling it
there. Calls are slowing down. So, we’re just trying to cut back wherever we
can. We’ve had to let a few employees go. We do a lot of contracts with the
Virginia Department of Transportation and they’ve cut back on their
contracts, so we’ve had to cut back. We’re eating out less, cutting more
coupons out, shopping for cheaper gas, going to outlet malls instead of
normal malls ...”
VOICE TWO: Some shoppers are waiting to see how the economy
does under the new administration. Dennis Aanderud of Spotsylvania,
Virginia, put it this way:
DENNIS AANDERUD: “My wife would like to get a large-screen
TV, and maybe a car. We’re just going to wait and see which way things are
going. Things are in a very volatile situation right now and I think people are
just waiting to look and see what President-elect Obama does.”

10. If an economic slowdown continues in a downward spiral over an

extended period of time, the economy falls into depression or trough.
What does the term depression mean in this connection? What do you
know about Great Depression in the USA? Prepare a short story about
it on the basis of the following broadcast transcript. Read and
translate the text and then we’ll discuss it within our classes.

THE GREAT DEPRESSION: FEAR TOOK HOLD

AS AN ECONOMY CAME APART

The stock market crash of nineteen twenty-nine marked the beginning

of the worst economic crisis in American history. Millions of people lost
their jobs. Thousands lost their homes. During the next several years, a large
part of the richest nation on earth learned what it meant to be poor. Hard
times found their way into every area, group, and job. Workers struggled as
factories closed. Farmers, hit with falling prices and natural disasters, were
forced to give up their farms. Businessmen lost their stores and sometimes
their homes. It was a severe economic crisis – a depression.
Nobel Prize winner John Steinbeck, one of America's greatest writers,
described the depression this way: “It was a terrible, troubled time. I can't
think of any ten years in history when so much happened in so many
directions. Violent change took place. Our country was shaped, our lives
changed, our government rebuilt.” Said John Steinbeck: “When the stock

59
market fell, the factories, mines, and steelworks closed. And then no one
could buy anything. Not even food.”
An unemployed auto worker in the manufacturing city of Detroit
described the situation this way: “Before daylight, we were on the way to the
Chevrolet factory to look for work. The police were already there, waving us
away from the office. They were saying, “Nothing doing! No jobs! No jobs!”
So now we were walking slowly through the falling snow to the employment
office for the Dodge auto company. A big, well-fed man in a heavy overcoat
stood at the door. “No! No!” he said. There was no work.” One Texas farmer
lost his farm and moved his family to California to look for work. “We can't
send the children to school,” he said, "because they have no clothes.”
The economic crisis began with the stock market crash in October,
nineteen twenty-nine. For the first year, the economy fell very slowly. But it
dropped sharply in nineteen thirty-one and nineteen thirty-two. And by the
end of nineteen thirty-two, the economy collapsed almost completely. The
gross national product is the total of all goods and services produced. During
the three years following the stock market crash, the American gross national
product dropped by almost half. The wealth of the average American
dropped to a level lower than it had been twenty-five years earlier. All the
gains of the nineteen twenties were washed away. Unemployment rose
sharply. The number of workers looking for a job jumped from three percent
to more than twenty-five percent in just four years. One of every three or
four workers was looking for a job in nineteen thirty-two.
Those employment numbers did not include farmers. The men and
women who grew the nation's food suffered terribly during the Great
Depression. This was especially true in the southwestern states of Oklahoma
and Texas. Farmers there were losing money because of falling prices for
their crops. Then natural disaster struck. Year after year, little or no rain fell.
The ground dried up. And then the wind blew away the earth in huge clouds
of dust. “All that dust made some of the farmers leave,” one Oklahoma
farmer remembered later. “But my family stayed. We fought to live. Despite
all the dust and the wind, we were planting seeds. But we got no crops. We
had five crop failures in five years.”
Falling production. Rising unemployment. Men begging in the streets.
But there was more to the Great Depression. At that time, the federal
government did not guarantee the money that people put in banks. When
people could not repay loans, banks began to close.
In nineteen twenty-nine, six hundred fifty-nine banks with total holdings of
two hundred million dollars went out of business. The next year, two times
that number failed. And the year after that, almost twice that number of
banks went out of business. Millions of persons lost all their savings. They
had no money left.
The depression caused serious public health problems. Hospitals
across the country were filled with sick people whose main illness was a lack

60
of food. The health department in New York City found that one of every
five of the city's children did not get enough food. Ninety-nine percent of the
children attending a school in a coal-mining area reportedly were
underweight. In some places, people died of hunger.
The quality of housing also fell. Families were forced to crowd into
small houses or apartments to share costs. Many people had no homes at all.
They slept on public streets, buses, or trains. One official in Chicago
reported in nineteen thirty-one that several hundred women without homes
were sleeping in city parks. In a number of cities, people without homes built
their houses from whatever materials they could find. They used empty
boxes or pieces of metal to build shelters in open areas.
People called these areas of little temporary houses “Hoovervilles”.
They blamed President Hoover for their situation. So, too, did the men
forced to sleep in public parks at night. They covered themselves with pieces
of paper. And they called the paper “Hoover blankets”. People without
money in their pants called their empty pockets “Hoover flags”. People
blamed President Hoover because they thought he was not doing enough to
help them. Hoover did take several actions to try to improve the economy.
But he resisted proposals for the federal government to provide aid in a
major way. And he refused to let the government spend more money than it
earned. Hoover told the nation: “Economic depression cannot be cured by
legislative action or executive decision.” Many conservative Americans
agreed with him. But not the millions of Americans who were hungry and
tired of looking for a job. They accused Hoover of not caring about the
common citizen. One congressman from Alabama said: “In the White
House, we have a man more interested in the money of the rich than in the
stomachs of the poor.”
On and on the Great Depression continued. Of course, some
Americans were lucky. They kept their jobs. And they had enough money to
enjoy the lower prices of most goods. Many people shared their earnings
with friends in need. “We joined our money when we had some,”
remembered John Steinbeck. “It seems strange to say that we rarely had a
job,” Steinbeck wrote years later. There just weren't any jobs. But we didn't
have to steal much. Farmers and fruit growers in the nearby countryside
could not sell their crops. They gave us all the food and fruit we could carry
home.
Other Americans reacted to the crisis by leading protests against the
economic policies of the Hoover administration. In nineteen thirty-two, a
large group of former soldiers gathered in Washington to demand help. More
than eight-thousands of them built the nation's largest Hooverville near the
White House. Federal troops finally removed them by force and burned their
little shelters.

61
11. What do you know about Franklin D. Roosevelt and his role within the
process of overcoming Great Depression? Prepare a short story about
this famous man on the basis of the following text. Read and translate
the text and then we’ll discuss it within our classes.

FRANKLIN D. ROOSEVELT: ONE OF THE GREATEST

PRESIDENTS IN AMERICAN HISTORY

Franklin Delano Roosevelt was one of the most influential presidents

in American history. He was elected president four times. He served more
than twelve years, longer than any other president. He led the nation through
its worst economic crisis, and through one of its worst wars. Franklin
Roosevelt was first elected president in nineteen thirty-two. As the
Democratic candidate, he defeated President Herbert Hoover. Americans
were suffering through a terrible economic depression. About twenty-five
percent of American workers had lost their jobs. They had no money. They
had no hope. They waited in long lines to receive free food. Americans did
not know if the new president could end the economic crisis.
The new president, Franklin Roosevelt, was fifty-one years old. His
family name was well known to the American public. Theodore Roosevelt, a
distant relation, had been president of the United States thirty years before.
Franklin Delano Roosevelt was born in eighteen eighty-two to a rich and
important family in Hyde Park, New York. He was the only child of James
and Sara Roosevelt. His mother tried to control Franklin's life as long as she
lived. His father made sure his son had the best of everything. But he also
taught Franklin that being rich brought with it the responsibility of helping
people who were not so lucky.
Franklin married Eleanor Roosevelt in nineteen-oh-five. They were
distant relations. In the next eleven years, they had six children. In nineteen
ten, Mister Roosevelt was elected to the New York state legislature. He
showed he had great political skills as a state senator. His next job was in the
federal government as assistant secretary of the navy under President
Woodrow Wilson. Then in nineteen twenty, he was the Democratic Party's
unsuccessful candidate for vice president.
In nineteen twenty-one, Franklin Roosevelt suffered a personal
tragedy. He was with his family at their summer home. He began feeling
very tired. Then he felt severe pain in his back and legs. He could not move.
For weeks, he was forced to lie on his back. His doctors discovered that he
was a victim of the disabling disease polio. He lost the use of his legs.
Franklin Roosevelt was thirty-nine years old. He had always been an active
man who loved sports. But now he would never walk again without help.
Many Americans thought the sickness would end Franklin Roosevelt's
political dreams. But they were wrong. He showed an inner strength that
people respected. He was elected governor of New York State in nineteen

62
twenty-eight and re-elected two years later. Franklin Roosevelt always
appeared strong and friendly in public. He loved to laugh and enjoy life. But
his friendly face hid a strong will. Throughout his life, Mister Roosevelt
worked hard to improve life for the common man. He believed government
had the power and responsibility to improve the lives of its citizens.
The music, “Happy Days Are Here Again”, was played during
Franklin Roosevelt's presidential campaign in nineteen thirty-two. A large
majority of voters decided that maybe he could make that song comes true.
On Inauguration Day in nineteen thirty-three, the nation waited to hear what
the new president would say about the economic future of their country. This
is what he said: “This great nation will endure as it has endured, will revive
and will prosper. So, first of all, let me assert my firm belief that the only
thing we have to fear is fear itself.”
President Roosevelt promised to end the Depression. He promised to
put Americans back to work. He said the federal government would take an
active part in creating jobs. During the next three months, he led Congress in
passing more major new programs than the nation had seen for many years.
President Roosevelt called his reform program “The New Deal”. These are
some of the programs created during this time: A National Recovery
Administration allowed companies to cooperate to increase production.
A Works Progress Administration provided jobs for unemployed workers.
A Civilian Conservation Corps put young men to work protecting the
nation's natural resources. The Tennessee Valley Authority built dams,
cleared rivers, expanded forests and provided electricity in the southeastern
part of the country.
In nineteen thirty-five, Congress passed two laws that would change
the lives of working Americans for years to come. The National Labor
Relations Act strengthened the rights of workers and gave more power to
labor unions. The Social Security Act created a federal system to provide
money for workers after they retired. Franklin Roosevelt became one of the
most loved and most hated presidents in the history of the country. The
majority of Americans believed he was trying to save the country and protect
common people. Opponents charged he was giving the federal government
too much power and destroying private businesses.
Franklin Roosevelt tried to establish a close relationship with the
American people. He became known by the first letters of his full name –
FDR. He talked to the American people by radio to explain what actions
were being taken and what he planned for the future. These radio broadcasts
helped him gain widespread support for his programs. President Roosevelt
ran for re-election in nineteen thirty-six. He defeated the Republican
candidate Alfred Landon by one of the largest majorities in the nation's
history.
President Roosevelt died on April twelfth, nineteen forty-five, in
Warm Springs, Georgia. Winston Churchill wrote about the day he heard the

63
news of the death of his close friend: “I felt as if I had been struck with a
physical blow. My relations with this shining man had played so large a part
in the long, terrible years we had worked together. Now that had come to an
end. And I was overpowered by a sense of deep and permanent loss.”
Millions of people around the world joined Winston Churchill in mourning
the death of America's thirty-second president, Franklin Delano Roosevelt.

12. It is rather difficult process to leave the recession. But market systems
have a remarkable ability to rebound. After some time of recession and
even depression, the economy begins to recover. It enters the expansion
or recovery phase of business cycle. But, at what cost? What do you
know about this process? Hope the following broadcast record will help
you to understand all difficulties of such situation. Read and translate the
text and be ready for its further discussion from the positions of economy
and linguistics:

ECONOMY STABILIZED BUT PROBLEMS PERSIST

Despite inheriting what he called a “mess” the President pledged to do

everything in his power to fix the “broken” U.S. economy. Based on key
indicators, the President appears to have succeeded in stabilizing the worst
financial crisis since the Great Depression. But financial experts say the
improving economic picture hides a troubling statistic: that nearly one in five
Americans has lost a job or has given up looking for full time work
altogether. When a record crowd gathered outside the U.S. Capitol on a crisp
January morning in 2009, financial markets were in freefall, and the U.S.
economy was shedding 600,000 jobs a month.
Many braved the cold to witness history, some seeking reassurance in
a time of great difficulty. “Today, I say to you that the challenges we face
are real. They are serious and they are many. They will not be met easily or
in a short span of time. But know this, America: they will be met,” the
President said. By the time the President had become the 44th president of the
United States, the Great Recession had already claimed more than three
million jobs. In one year, that number would double. The auto industry was
failing, banks had become reluctant to lend and Americans were losing their
homes in record numbers. To make matters worse, consumers, the main
drivers of the U.S. economy, were in no mood to spend.
But a year later, economist Alice Rivlin says aggressive actions taken
by the President’s administration, appear to have stopped the bleeding. “He
was handed an extraordinarily difficult situation and I think he's done very
well in that context,” Rivlin said. To avert an economic collapse, the
administration moved forward with a controversial plan to bail out banks
deemed too big to fail. The Federal Reserve slashed interest rates to promote
lending. And then, despite heated objections from Republicans, Congress

64
approved a nearly $800 billion stimulus program to stabilize the financial
system and kick start job growth. “I think all of those things have accounted
for the fact that the freefall did not continue and the economy is leveling off
and we hope, improving into the next year,” Rivlin said.
Indeed, Wall Street has reflected a growing confidence, ending the
year with its biggest gain since 2003. Banks that received money from the
Troubled Asset Relief Program reaped unexpected profits and repaid billions
in loans, resulting in a record 46 billion dollar profit for the Federal Reserve.
But, at what cost? A year after the president took office, unemployment has
reached double digits and the nation's deficit hit a record $1.4 trillion.
“There was too much spending on it, in my view,” conservative policy
analyst Ron Haskins at the Brookings Institution said. Haskins gives the
president a “D” for his spending policies even though he admits it may have
averted a bigger disaster. “It's a dangerous precedent for the government to
get so heavily involved in the economy and so it concerns me, but the
financial system did not go under,” he said.
Haskins cites the nation's rising jobless rate as proof that government
can't fix everything. “Unemployment is probably going to be the least happy
outcome of the year,” he said. “We're probably, it looks now, like we'll
continue to bump along maybe even have some bad months and
unemployment is not going to recover as it has in some past recessions.”
But others say Mr. President deserves credit for meeting the challenge. “A
year ago I thought the forecast of economists who were saying we'll be back
into positive growth territory by the end of the year might be optimistic. But
it turned out, they were right,” Rivlin said. “We did get back into positive
growth territory by the end of the year so it wasn't quite as disastrous as I
feared it might be.”
Even if U.S. economic output expands in 2010 and more Americans
head back to work, both critics and supporters of the president say the nation
faces a more serious challenge to future economic viability: a rapidly
growing deficit and a national debt estimated at more than $12 trillion. That's
the number 12 followed by 12 zeroes, or roughly $40,000 for every man,
woman and child living in the United States.

13. Prepare the oral composition, “Economic stability as the main element of
living standards.” Let’s discuss it within our classes.

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 UNIT V

MANAGING THE ECONOMY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

MANAGING THE ECONOMY’S PERFORMANCE

Government can use both monetary policy and fiscal policy in

its efforts to fight unemployment, increase business and consumer
spending, and reduce the length and severity of economic recessions.
For instance, the Federal Reserve System can increase or reduce
interest rates, and the federal government can enact tax cuts and
rebates, or propose other reforms.

Monetary policy

A common method of influencing economic activity is a

monetary policy, government actions to increase or decrease the
money supply and change banking requirements and interest rates to
influence spending by altering bankers’ willingness to make loans.
An expansionary monetary policy increases the money supply in an
effort to cut the cost of borrowing, which encourages business decision
makers to make new investments, in turn stimulating employment and
economic growth. By contrast, a restrictive monetary policy reduces the
money supply to curb (вызывать) rising prices, overexpansion, and
concerns about overly rapid economic growth.

Fiscal Policy

Governments also influence economic activities by making

decisions about taxes and spending. Through revenues and expenses, the
government implements a fiscal policy. This is the second technique that
officials use to control inflation, reduce unemployment, improve the
general standard of living, and encourage economic growth. Increased
taxes may restrict economic activities, while lower taxes and increased
government spending usually boost spending and profits, cut
unemployment rates, and fuel economic expansion. To create jobs and
increase GDP, an ongoing discussion of reducing corporate taxes – a way
to stimulate investment and spending – remains.

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 The Federal Budget

Each year, the president proposes a budget for the federal

government, a plan for how it will raise and spend money during the
coming year, and presents it to Congress for approval. A typical federal
budget proposal undergoes months of deliberation and many
modifications before receiving approval. The federal budget includes a
number of different spending categories, ranging from defense and
Social Security to interest payments on the national debt. The decisions
about what to include in the budget have a direct effect on various
sectors of the economy.
During a recession, the federal government may approve increased
spending on interstate highway repairs to improve transportation and
increase employment in the construction industry. During prosperity,
the government may allocate more money for scientific research toward
medical breakthroughs. The primary sources of government funds to
cover the costs of the annual budget are taxes, fees, and borrowing.
Both the overall amount of these funds and their specific combination
has major effects on the economic well-being of the nation. One way
governments raise money is to impose taxes on sales, income, and other
sources. But increasing taxes leaves people and businesses with less
money to spend.
Taxes don’t always generate enough funds to cover every spending
project the government hopes to undertake. When the government
spends more than the amount of money it raises through taxes, it creates
a budget deficit. To cover the deficit, the U.S. government borrows
money by selling Treasury bills, Treasury notes, and Treasury bonds to
investors. All of this borrowing makes up the national debt. If the
government takes in more money than it spends, it is said to have a
budget surplus. A balanced budget means total revenues raised by taxes
equal the total proposed spending for the year. Achieving a balanced
budget – or even a budget surplus – does not erase the national debt.
Congress continually debates how to use revenues to reduce its debt.
(Based on: David L. Kurtz. Boone and Kurtz Contemporary Business)

ACTIVE VOCABULARY

altering вносить изменения (реконструировать)

balanced budget сбалансированный (бездефицитный)
бюджет
budget surplus профицит бюджета (бюджетные
излишки)
consumer spending потребительские расходы
expansionary monetary стимулирующая монетаристская

67
policy политика
FED (Federal Reserve Федеральная резервная система (выполняет
System) функции Центробанка США)
fiscal policy фискальная (финансово-бюджетная)
политика
interest payments выплаты по процентам
interest rate процентная (учетная) ставка
monetary policy монетаристская (валютно-кредитная)
политика
money supply денежная масса
national debt национальный (государственный) долг
rebate ценовая скидка (уступка в цене)
restrictive monetary ограничительная кредитная политика
policy
social security социальное (общественное) обеспечение
tax cuts снижение (сокращение) налогов
to cut costs сокращать (урезать) расходы
to impose (to levy) taxes облагать налогами
to encourage economic стимулировать экономический рост
growth (развитие)
to make loans предоставлять кредиты (выдавать ссуды)
treasury bills краткосрочные казначейские билеты
(векселя)
treasury bonds казначейские бонды или боны
(долгосрочные казначейские обязательства)
treasury notes среднесрочные казначейские обязательства
(векселя или облигации)

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

МОНЕТАРИЗМ

Монетаризм – макроэкономическая теория, согласно которой

количество денег в обращении является определяющим фактором
развития экономики. Одно из главных направлений неоклассической
экономической мысли. Возник в 1950-е годы в США в рамках
Чикагской школы как ряд эмпирических исследований в области
денежного обращения. Это учение отводило деньгам определяющую
роль в колебательном движении экономики. В центре внимания
монетаристов находится проблема связей между денежной массой и
объемом производства. По их мнению, банки – ведущий инструмент
регулирования экономических процессов. Вызываемые ими изменения

68
на денежном рынке трансформируются в изменения на рынке товаров и
услуг.
Основоположником монетаризма является Милтон Фридмен,
который рекомендовал совсем отказаться от последовательной
денежно-кредитной политики, всё равно приводящей к циклическим
колебаниям и придерживаться тактики постоянного наращивания
денежной массы. Главным своим достижением в экономической теории
сам Фридман считает «Теорию потребительской функции», в рамках
которой утверждается, что люди в своем поведении учитывают не
столько текущий доход, сколько долгосрочный. Фридман также
известен как последовательный сторонник классического либерализма.
В своих книгах «Капитализм и свобода» и «Свобода выбора» он
доказывает нежелательность государственного вмешательства в
экономику. Концепция Фридмана опирается на количественную
теорию денег. Потребность в деньгах объясняется их высокой
ликвидностью, но обладание деньгами как таковыми дохода не
приносит. Потребность в деньгах – это спрос на деньги. Он
относительно стабилен. Предложение – то количество денег, которое
находится в обращении. Оно изменчиво, задается извне, регулируется
Центральным банком.
Главная функция денег, по мнению монетаристов – служить
финансовой основой и важнейшим стимулятором экономического
развития. Причина инфляции – избыток денежной массы. При этом
монетаристы выделяют два вида инфляции: ожидаемая (нормальная) и
непредвиденная (не соответствующая прогнозам).
Взгляды Фридмана (как и вообще Чикагской школы экономики)
подвергаются резкой критике марксистами, которые считают его
виновным в негативных явлениях в экономике Чили во время
диктатуры Пиночета и в России во время президентства Ельцина. По их
мнению, полностью свободный рынок приводит к обнищанию
огромного большинства людей, невиданному обогащению крупных
корпораций; вывод из-под контроля государства системы образования
приводит к превращению школы в бизнес, при котором полноценное
образование становится недоступным для многих граждан, сходная
ситуация наблюдается и в медицине.
(Based on: Milton Friedman and Anna Schwartz. A Monetary History of the
USA)

69
III. LISTENING/WATCHING:

TOOLS OF TRADE

1. Before you listen to the following broadcast match the key words
and expressions in the left column with their translation in the right
one.

1. Federal Reserve System a) Федеральный комитет по операциям

(FED)
2. military spending
3. energy prices
4. to raise target interest rates
5. open market operations
6. government securities
7. bonds, bills and notes
8. to pay interest(s)
9. Treasury bonds
10. The Open Market
Committee of the Federal
Reserve
11. money supply
12. to drive down interest
rates
13. drive interest rates up
14. discount window
на открытом рынке ФРС
b) дисконтное окно (возможность
получения ссуды в центральном
банке)
c) повышать целевые процентные
ставки
d) операции на открытом рынке
e) облигации, векселя и авизо
f) выплачивать проценты (банковские)
g) облигации Казначейства
h) денежные запасы
i) снижать процентные ставки
j) повышать процентные ставки
k) государственные ценные бумаги
l) Федеральная резервная система
(центральный банк США)
m) военные расходы
n) цены на энергоносители

2. Listen to the text; answer the questions below using the

abovementioned key words.

1. What does the term Federal Reserve System (Fed) mean? Which is
the role of Fed within the economic system of US?
2. Which are the major trade tools of Fed at the open market of US?
Which major functions of the Open Market Committee of the Federal
Reserve do you know? Describe them briefly on the basis of the
above listened text.
3. Which types of government securities do you know? Describe them
briefly on the basis of the text.
4. What does the term money supply mean? Which results of Fed’s
driving down interest rates can be produced in the marketplace?
5. Which results can be produced in the marketplace in case of driving
interest rates up?

70
 6. What does the term discount window mean? What are the special
interest rates that the Fed really does control? Is this Fed’s rate
program profitable for large and small banks?
7. The central bank can change the amount of money that banks are
required to keep with the Federal Reserve itself. What does
increasing the Fed’s reserves mean for the money supply?
8. Do you think that banking system is of great importance for the
national economy? Prove your opinion.

3. Listen to the text again; check your answers; name the main idea and
retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. The total amount of money held by all persons and

organizations in a given country at a particular time.
2. A group of twelve US local banks that together
form the central banking authority of the nation.
3. Government actions to increase or decrease the
money supply and change banking requirements
and interest rates to influence bankers’ willingness
to make loans.
4. Government actions to increase the money supply
in an effort to cut the costs of borrowing, which
encouraged business decisions makers to make new
investments, in turn stimulating employment and
economic growth.
5. Government actions to reduce the money supply to
curb rising prices, overexpansion, and concerns
about overly rapid economic growth.
6. Government spending and taxation decisions
designed to control inflation, reduce
unemployment, improve the general welfare of
citizens, and encourage economic growth.
7. Organization’s plan for how it will raise and spend
money during a given period of time.
8. Situation in which the government spends more
than amount of money it raises through taxes.
9. Money owed by government to individuals,
businesses, and government agencies who purchase

71
 Treasury bills, notes and bonds sold to cover
expenditures.
10. Excess funding that occurs when government
spends less than the amount of funds raised through
taxes and fees.
11. Situation in which total revenues raised by taxes
equal the total proposed spending for the year.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. Government can use both monetary policy and fiscal policy in its
ef f or ts to fight unemployment, increase business and consumer
spending.
2. The Federal Reserve System cannot increase or reduce interest rates,
and the federal government cannot enact tax cuts and rebates, or
propose other reforms.
3. A common method of influencing economic activity is a monetary
policy, private proprietor’s a c t i o n s to increase or decrease the
money supply.
4. An expansionary monetary policy increases the money supply in an
effort to cut the cost of borrowing, which encourages business
decision makers to make new investments, in turn stimulating
employment and economic growth.
5. A restrictive monetary policy increases the money supply to curb
rising prices, overexpansion, and concerns about overly rapid
economic growth.
6. Governments cannot influence economic activities by making
decisions about taxes and spending.
7. Through revenues and expenses, the government implements a fiscal
policy.
8. The federal budget includes a number of different spending
categories, ranging from defense and Social Security to interest
payments on the national debt.
9. During a recession, the federal government may not approve
increased spending on interstate highway repairs to improve
transportation and increase employment in the construction
industry.
10. During prosperity, the government may allocate more money for
scientific research toward medical breakthroughs.

72
VI. REVIEW AND DISCUSSION QUESTIONS

1. What is monetary policy as a method of influencing economic

activity? Describe the mechanism of its action? What does the term
money supply mean in this connection?
2. There are two types of monetary policies? What are they? Nominate
and describe them briefly. What do the terms expansionary and
restrictive monetary policies mean in this connection? What are the
general features in common and differences between them?
3. What is a fiscal government policy within a process of influencing the
economic activity? What do the terms revenues and expenses mean in
this connection? Tell us a short story about fiscal year on the basis of the
following broadcast transcript.

FISCAL YEAR

Our first Economics Report is about a timely subject. Have you ever
wondered what a fiscal year is? A fiscal year is simply a way to record and
report financial activity. It is the same length as a calendar year. In fact,
many businesses begin their fiscal year on January first. The fiscal year for
the United States government starts on October first and ends September
thirtieth. Other fiscal years begin in April or July. The American Institute of
Certified Public Accountants begins its fiscal year on August first.
Accountants add up earnings and losses at the end of a fiscal year.
These numbers are needed to know how much is owed for taxes, and how
much is left for the next budget. Congress is supposed to approve federal
spending for the coming fiscal year by October first. This does not always
happen. The President gave Congress his spending plan for fiscal two-
thousand-fourteen on February third. That was only the beginning. Both the
House of Representatives and the Senate must write and vote on their own
budget resolution. This is a general plan for spending.
Then, a conference committee meets. Members from both houses are
on this committee. They approve a final budget resolution which goes to a
vote in both houses. But this is not the end of the process. Committees in
both houses must also approve the exact amount of money for each program.
This is called appropriations. Under the committees are subcommittees that
make decisions about areas like education and defense. Bills to permit
spending then go to the full House and Senate for a vote. The appropriations
process often takes place at the same time as the budget resolution process.
Government offices can close if the president has not signed a new budget
by October first. But Congress can pass a continuing resolution, like the one
now in place. Continuing resolutions provide money for government
operations at current levels until a budget is completed. All this cannot take

73
too much time. Only four months into the new fiscal year, the president must
give Congress a new budget and the whole process starts over again.

4. Although the financial statements focus on what has occurred in the past,
they are the basis for planning in the future. What does the term budget
mean in this connection? What are the primary purposes of budget?
Explain the main functions of a firm’s budget.
5. Each year, the president proposes a budget for the federal government
and presents it to Congress for approval. What does the term federal
budget mean in this connection? What is its role for the developing a
country’s economy? What are the major provisions of such document?
What do the terms budget deficit, budget surplus, and balanced
budget mean? Hope the following broadcast report will help you to
understand the problem under discussion better. Read and translate the
text and be ready for its discussion from the positions of budgeting and
linguistics:

THE PRESIDENT PROPOSES $3.5 TRILLION

BUDGET FOR 2010

The president on Thursday proposed his first budget to Congress. He

wants to let the previous administration's tax cuts for the wealthiest
Americans end next year, replaced by a middle-class tax cut. His other
proposals include six hundred thirty-four billion dollars over ten years for
health care reform. But he hopes to raise billions through a system in which
businesses that release greenhouse gases would buy and trade pollution
permits.
In all, his plan calls for three and a half trillion dollars in federal
spending for the two thousand ten budget year starting in October. It also
predicts for this year the biggest deficit, as a share of the economy, since
World War Two: one trillion seven hundred fifty billion dollars. But the
president says he inherited a trillion-dollar deficit. And he says his team has
already identified two trillion dollars in reductions to help cut the deficit in
half within four years. Targets include war spending and direct payments to
large agricultural businesses.
Republicans say the budget is too big and that the proposed tax
increase on the wealthy would hurt small businesses. The new president gave
his first speech to Congress Tuesday night.
The President: “We will rebuild, we will recover, and the United
States of America will emerge stronger than before.” He discussed the seven
hundred eighty-seven billion dollars in spending and tax cuts that he signed
into law last week.
The President: “Over the next two years, this plan will save or create
three-point-five million jobs. More than ninety percent of these jobs will be

74
in the private sector – jobs rebuilding our roads and bridges, constructing
wind turbines and solar panels, laying broadband and expanding mass
transit.” He also discussed his budget plan for next year, saying Congress
will need to sacrifice some programs but think long term.
The President: “That is why, even as it cuts back on programs we don't
need, the budget I submit will invest in the three areas that are absolutely
critical to our economic future: energy, health care and education.”
To answer for the opposition, the Republicans chose Bobby Jindal, the
young governor of Louisiana and the son of Indian immigrants. He said
Republicans want to work with the president. But he said Democrats in
Congress chose “irresponsible” spending over tax cuts, as Republicans
proposed for the economic recovery plan.
Bobby Jindal: “It includes three hundred million dollars to buy new
cars for the government, eight billion dollars for high-speed rail projects,
such as a “magnetic levitation” line from Las Vegas to Disneyland, and one
hundred forty million dollars for something called “volcano monitoring”.
Instead of monitoring volcanoes, what Congress should be monitoring is the
eruption of spending in Washington, D.C. Stock prices in the United States
hit twelve-year lows this week.

6. What does the term regional or state (in the US) budget mean for
economic development of any territory. What are the major problems of
regional budgets within a period of recession? Hope the following
broadcast transcript will help you to understand the problem under
discussion better. Read and translate the text. Let’s discuss it from the
positions of budgeting and linguistics within our classes.

CALIFORNIA GETS A BUDGET

The recession may be easing, but American states are still feeling the
pain. Most of the fifty states began their budget year July first. Almost all
states require balanced budgets. Already, some predict new deficits.
Congress included state aid in the two-year stimulus plan approved in
February. But states have had to find other ways to fill budget holes. The
recession has hit especially hard in California, home of the world's eighth
largest economy and one out of eight Americans. On Tuesday, Governor
Arnold Schwarzenegger signed a new budget to solve his state's deficit. But
spending cuts in the eighty-five billion dollar budget might still not be
enough to solve long-term problems. This was what Governor
Schwarzenegger said last week when he proudly announced a deal with
lawmakers.
ARNOLD SCHWARZENEGGER: “The budget that would have no
tax increases, a budget that is cutting spending – we deal with the entire
twenty-six billion dollar deficit, around fifteen billion dollars in cuts that we

75
are making.” That was in addition to fifteen billion in cuts passed in
February.
But the Republican governor angered some Democrats when he
vetoed several additional spending items before he signed the budget. The
money will be held as an emergency reserve. The governor himself
compared the budget to the old Western movie “The Good, the Bad and the
Ugly”.
Education faces the biggest reductions. Prisons and health care also
face big cuts. California's finances have become so bad, this month the state
began to buy goods and services with promises to pay later. Now, California
has a budget. The state can seek loans to pay its bills until more tax money
comes in later this year.
But California also has the lowest credit rating of any state. All of the
rating agencies still rate California as worthy of investment. However,
downgrades have increased its borrowing costs. Some people blame
Californians themselves for the current troubles of the Golden State. There is
debate over “budget by ballot” – putting tax questions to popular votes.
Voters in the last few years, and most recently in May, have rejected several
ballot measures that would have raised taxes. California may rewrite its tax
system. The state depends heavily on income tax. But those revenues fall
sharply in bad economic times. Critics say even with the budget agreement,
California is still in trouble. They say some of the cost cuts are simply
accounting tricks that cannot be repeated next year.

7. Prepare the oral composition “The role of budgeting in economic activities

within a recession”. Let’s discuss it within our classes.

76
 UNIT VI

ECONOMICS IN THE 21ST CENTURY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

GLOBAL ECONOMIC CHALLENGERS

OF THE 21ST CENTURY

Businesses face a number of important economic challenges in the 21st

century. As the economies of countries around the globe become
increasingly interconnected, governments and businesses must compete
throughout the world. To maintain global competitiveness, government and
business will need to address several challenges. The annual World
Economic Forum meeting identifies global risks in the following five
categories: economic, environmental, geopolitical, societal, and
technological. The top risks by likelihood include (1) chronic fiscal
imbalances; (2) rising greenhouse gas emissions; (3) water supply crises;
and (4) mismanagement of population aging.
No country is an economic island in today’s global economy.
Not only is an ever-increasing stream of goods and services crossing
national borders, but a growing number of businesses have become true
multinational firms, operating manufacturing plants and other facilities
around the world. Even small firms can take advantage of the global
workforce, if they are savvy about applying technology and
understanding cultural differences.
As global trade and investments grow, events in one nation can
reverberate around the globe. But despite the risks of world trade,
global expansion can offer huge opportunities to national firms. With
their residents accounting for just over 1 in every 22 of the world’s
more than 7 billion people, growth-oriented national companies
cannot afford to ignore the world market. National businesses also
benefit from the lower labor costs in other parts of the world, and
some are finding successful niches importing goods and services
provided by foreign firms. Still, it is extremely important to keep
close track of the foreign firms that supply their products. A number
of companies have tried having their goods manufactured in China
because production costs are significantly lower than they would be in
the United States. But there have been so many product recalls of
Chinese-made goods during the past several years – ranging from
toys and pet food to construction drywall and drinking glasses – that

77
the U.S. Consumer Products Safety Commission (CPSC) has opened
an office in Beijing. The goal is to provide the CPSC with closer
observation and better communication between U.S. and Chinese
firms.
National firms must also develop strategies for competing with
each other and with foreign firms to meet the needs and wants of
consumers overseas. In the huge and fragmented beverage industry,
experts predict that the Japanese and Chinese markets for healthy soft
drinks, including juice-based and tea-based drinks, will grow
significantly over the next few years. There are three modern trends of
global economy at the turn of the 21st century: 1) internationalization,
2) globalization and 3) economic integration.
1. Internationalization is a trend that is closely related to the process
of production growth and socialization of public relations.
2. The highest stage of internationalization is globalization, which
means interdependence not only between particular countries, but also
between the whole regions of the world.
3. Economic integration is a unification of different countries on the
basis of their socio-economic and governmental structures. The basis of
economic integration is high level of economic internationalization,
strengthening labor specialization, increasing the role of scientific and
technical achievements and national economies transparency.
All of these trends in their close connection determine the major ways
of global economy of 21st century. Here's what the CEO of the Sakhalin oil
and gas megaproject Ian Craig said: “Our project is a result of huge efforts
by 25 thousand people here of 45 different nationalities: Gazprom (Russia)
with its tremendous onshore oil and gas experience; Shell (UK) with its
technology, and Mizui and Mizubishi (Japan) with their huge knowledge of
the world LNG markets. And all these efforts within our everyday
communication process are united under one and the same umbrella of
English as an international global language.”
(Based on: David L. Kurtz. Boone and Kurtz Contemporary Business)

ACTIVE VOCABULARY

at the turn of the 21st на рубеже 21 века

century
beverage industry
CEO (Chief Executive
Officer)
consumer spending
CPSC (Consumer
Products Safety
Commission) USA
промышленность безалкогольных напитков
первое исполнительное лицо компании
(генеральный директор)
потребительские расходы
Комиссия по безопасности
потребительских товаров (США)

78
economic challengers экономические вызовы
FED (Federal Reserve Федеральная резервная система (выполняет
System) функции Центробанка США)
fiscal imbalances налогово-бюджетные диспропорции
global competitiveness глобальная конкурентоспособность
global workforce международная рабочая сила
greenhouse gas emissions выбросы парниковых газов
labor costs стоимость рабочей силы
onshore oil and gas опыт работы в наземном бурении нефти и
experience газа
social security социальное (общественное) обеспечение
tax cuts снижение (сокращение) налогов
to cut costs сокращать (урезать) расходы
to impose (levy) taxes облагать налогами
to encourage economic стимулировать экономический рост
growth (развитие)
to keep close track of следить за кем-либо
(on)
to meet the needs and соответствовать запросам и потребностям
wants of consumers потребителей
to take advantage (of) воспользоваться чем-либо
World Economic Forum Мировой экономический форум в Давосе

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

НОВЫЕ ЭКОНОМИЧЕСКИЕ РЕАЛИИ:

УГРОЗЫ И ВЫЗОВЫ XXI ВЕКА

Новыми экономическими реалиями XXI века, которые требуют

осмысления, анализа и учета в теоретических концепциях и теориях,
являются глобализация, гиперконкуренция, институциональная
революция в ведущих странах мира, перманентный экономический и
экологический кризис, гипертрофированные тенденции в
распределении благ богатых и бедных, усиливающаяся роль науки,
знаний, компетенций, а также рост усложненности, неопределенности,
нелинейности, непрогнозируемости будущего.
Глобализация – это процесс экономической, политической,
технологической, культурной, информационной интеграции на
глобальном уровне. Экономическими следствиями глобализации
являются:
 формирование глобальной мегаэкономической системы;

79
  выход на национальные рынки мощных гиперкорпораций с
капитализационной стоимостью в десятки и сотни миллиардов
долларов, что превышает ВВП многих крупных государств.
В настоящее время в мире более 300 000 транснациональных
(ТНК) и многонациональных (МНК) корпораций. Но лишь на долю 300
крупнейших ТНК и МНК приходится более 50% мирового ВВП. Ми-
ровое сообщество никогда ранее не сталкивалось с такой расстановкой
сил в мировом хозяйстве, и в настоящее время нет однозначной оценки
сложившегося положения. Концентрация мировой экономической
мощи в руках всего 300 крупнейших ТНК и МНК создает новую
ситуацию на мировых и национальных рынках, которая
квалифицируется как гиперконкуренция. Это такое состояние рынков,
когда рынкам любого уровня противостоят мировые сетевые структуры
глобального уровня. Экономическая наука пока не предложила теории
гиперконкурентных рынков в силу сложности их описания для
различных геоэкономических условий.
К числу новых реалий современной экономики относится и
усложнение экономических систем по природе входящих в нее
элементов, отношений, связей и взаимодействий по вертикали и
горизонтали, системное переплетение крупных корпораций с мелким
бизнесом с созданием большого разнообразия институциональных
форм и институциональных отношений. Современная экономика – это
конкурентная динамика огромных планово-управляемых структур в
сочетании с массой мелких производителей и их ассоциаций. Она
регулируется не только фондовой биржей, но и с помощью налоговой,
дотационной, таможенной политики с использованием федеральной
резервной системы и системы госзаказов, с определенной монополией
внешней торговли.
Еще одной тенденцией XXI века становится превращение науки,
научных исследований и разработок в непосредственную
производительную силу. Наука становится важнейшим фактором
экономического развития. До 90% прироста ВВП развитых стран
обеспечивается инновациями, основанными на новых знаниях.
Современный инновационный процесс реализует синергию
объединения науки, промышленности и финансового капитала. Как
следствие, имеет место взрывной рост производительности труда за
счет непрерывно развивающегося процесса перехода от одной
инновации к другой (реинжиринга бизнес-процессов).
(Based on: B.L. Kuznetsov and S.B. Kuznetsova. New Economic Realities:
Threats and Challengers of the 21st Century)

80
III. LISTENING/WATCHING:

TECHNOLOGICAL ADVANCES ALONE

CANNOT SAVE THE ENVIRONMENT

1. Before watching the following video match the key words and
expressions in the left column with their translation in the right
one.

1. to release a study a) Папа (римский) Бенедикт

2. consumption b) сеть однотипных универсальных магазинов,
3. sustainability торгующих широким ассортиментом товаров
4. awareness по ценам ниже средних.
5. garden stores c) обосновать необходимость
6. to make a case d) цепочка поставок
7. to have a positive e) ожиревшие одиночки
impact f) следовать экологически чистым практикам
8. Wal-Mart (направлениям)
(Walmart) g) экологически безопасное, рассчитанное на
9. supply chain долгосрочную перспективу социально-
10. to follow green экономическое развитие
practices h) потребление
11. environmentalist i) осведомлённость/понимание
12. Pope Benedict j) защитник окружающей среды
13. money doesn't k) «за деньги счастья не купить»
buy happiness l) иметь положительный эффект (влияние)
14. in the backdrop m) выпускать обозрение
15. consumerism n) захлестывать, побеждать
16. obese o) на фоне (напр., художественного сюжета
individuals фильма)
17. overwhelming p) потребительство
q) магазины по продаже товаров сельского
хозяйства и садоводства

2. Listen to the text; answer the questions below using the

abovementioned key words.

1. Every year the environmental research group Worldwatch Institute

in Washington releases a study called “State of the World”. What
are the main themes of such study? What is a major problem of this
year study? What do the terms consumption, sustainability, and
environmental damage mean in this connection?

81
 2. What is Chris Flavin? What is his theory about the relationships
between businesses and environment? What are the general changes
in favor of environment already taking place? What is a role of
Hollywood movies, like Avatar, in this process?
3. On the basis of the text tell us a short story about positive impact of
mega-chain Wal-Mart on the supply chain of its products.
4. What is an opinion of Patrick Michael from the conservative Cato
Institute subject to environmental issues around consumption? What
are the predictions of environmentalists according to Patrick Michael?
5. What is an opinion of religious leaders, like Pope Benedict, subject
to the problems of consumerism? What does the term consumerism
mean in this connection?
6. Erick Assadourian insists that money doesn't buy happiness. What
does it mean? Do you agree with Assadourian’s ideas? Prove your
own point of view on the basis of the text.
7. Mr. Assadourian says the global economy must change to a
sustainable system now – before social issues and ecological
degradation become overwhelming. Do you agree with him? What
are your own ideas subject to economic sustainable system at the
turn of 21st century?

3. Listen to the text again; check your answers; name the main idea
and retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. All-profit-seeking activities and enterprises that

provide goods and services necessary to an
economic system.
2. A social study about scare resource allocation and
about the behavior of people in the society.
3. The ability of a product, company or country to
compete in market economy.
4. A person, product, company, country, etc. that is
competing with another.
5. Application to business (economy) of knowledge
based on discoveries in science, inventions, and
innovation.
6. All the people 16 years of age or older who are
currently employed or are looking for work.

82
 7. Something that is made to be sold.
8. The cost of manufacturing or producing an article,
including the price paid for raw materials.
9. Something that is necessary for survival, such as
food and shelter.
10. Something that a person would like to have.
11. An economic trend that is closely related to the
process of production growth and socialization of
public relations.
12. Unification of different countries on the basis of
their socio-economic and governmental structures.
13. Interdependence not only between particular
countries, but also between the whole regions of
the world.
14. The highest official of a business organization
responsible for running it properly and profitably.
15. Methane gas (CH4) that has been compressed and
super cooled into a liquid.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. Businesses don’t face a number of important economic challenges in the

20th century.
2. As the economies of countries around the globe become increasingly
interconnected, governments and businesses must compete only in their
own countries.
3. The annual World Economic Forum meeting identifies global risks in the
following five categories: economic, environmental, geopolitical,
societal, and technological.
4. The top risks by likelihood include (1) chronic fiscal imbalances; (2)
rising greenhouse gas emissions; (3) water supply crises; and (4)
mismanagement of population aging.
5. Any country is an economic island in today’s economic systems.
6. As global trade and investments grow, events in one nation can
reverberate around the globe.
7. But despite the risks of world trade, global expansion can offer
huge opportunities to na ti o n al firms.
8. Internationalization is not a trend that is closely related to the process of
production growth and socialization of public relations.
9. The highest stage of internationalization is globalization, which means
interdependence not only between particular countries, but also between
the whole regions of the world.

83
10. The basis of economic integration is a low level of economic
internationalization, strengthening labor specialization, increasing the
role of scientific and technical achievements and national economies
transparency.

VI. REVIEW AND DISCUSSION QUESTIONS

1. No country is an economic island in today’s global economy. Businesses

face a number of important economic challenges in the 21st century.
What are the main reasons of such world economic situation? What
does the term global competiveness mean in this connection?
2. The annual World Economic Forum meeting identifies global
challengers in five categories. What are they? Describe them briefly.
3. What are the top risks under the framework of modern economies?
Nominate and describe them briefly. What does the term economic
or business risk mean in this connection? What are the general
ways of dealing such risks? Hope the following text will help you to
understand the problem under discussion better. Read and translate
the text and be ready to discuss it within our classes.

RISK MANAGEMENT

Risk is the uncertainly about loss or injury. The business firm’s list of
risk-filled decision is long. The factory of warehouse faces the risk of fire,
burglary, water damage, and physical deterioration. Accidents, judgments due
to lawsuits, and nonpayment of bills by customers are other risks. Generally
two major types of risks exist in economics: speculative risk and pure risk.
In the case of speculative risk, the firm or individual has the chance
of making either a profit or a loss. Purchasing shares of stock on the basis of
the latest hot tip can result in profits or losses. Expansion of operations in a
new market may mean higher profits or the loss of invested funds.
Pure risk, on the other hand, involves only the chance of loss.
Automobile drivers, for example, always face the risk accidents. Should they
occur the drivers (and others) may suffer financial and physical loss? If
accidents do not occur, however, there is no gain. Insurance often is used to
protect against the financial loss resulting from pure risk.

Dealing with Risk

Because risk is an unavoidable part of business, management must

find ways of dealing with it. Recognition of its presence is an important first
step. Once this occurs, the manager has four methods available for dealing
with risk: avoiding it, reducing its frequency and/or severity, self-insuring
against it, or shifting the risk to insurance companies.

84
 Avoiding risk. Some firms are willing to take high risks for
potentially high rewards, while others are unwilling to risk the costs involved
in developing new and untried products. Although avoiding risk may ensure
profitability, it stifles innovation and, as a result, the risk-averse companies
are rarely leaders in the industry.
Reducing risk. Many types of risk can be reduced or even eliminated
by removing hazards or taking preventive measures. Many companies
develop safety programs to educate employees about potential hazards and
the proper methods of performing certain dangerous tasks. All these actions
can reduce the risk involved in business operations, but they cannot
eliminate risk entirely. Most major business insurers assist their clients in
avoiding or minimizing risk by offering them a thorough review prepared by
their loss-prevention experts. These safety and health professionals evaluate
the customers’ work environments and recommend procedures and
equipment to help firms minimize worker injuries and property losses.
Self-insurance against risk. Instead of purchasing insurance against
certain kinds of pure risk, some multiplanes, geographically scattered firms
accumulate funds to cover possible losses. A self-insurance fund is a
special fund created by setting aside cash reserves on a periodic basis to be
drawn upon only in the event of a financial loss resulting from the
assumption of a pure risk. The regular payments to the fund are invested in
interest-bearing securities, and losses are charged to it. These funds typically
are accompanied by risk-reducing programs aimed at minimizing losses.
Shifting risk to insurance company. Also steps can be taken to avoid
or reduce risk, the most common method of dealing with it is to shift it to
others in the form of insurance – the process by which a firm, for a fee,
agrees to pay another firm or individual a sum of money stated in a written
contract when a loss occurs. The fee the insured party pays the insurance
company for coverage against losses is called a premium. Thus, insurance is
the substitution of a small known loss – the insurance premium – for a larger
unknown loss that may or may not occur. In the case of life insurance, the
loss – death – is a certain; the uncertainty is the date of occurrence.

4. What do you know about greenhouse gas emissions? Can we

consider them as one of the most dangerous risks over the modern
economy? Hope the following broadcast transcript will help you to
understand the issue under discussion better. Read and translate the
text and be ready to discuss it within our classes.

85
 NEW PLAN AIMS FOR FAIRNESS IN
CARBON EMISSION CUT

While industrialized countries have historically produced most of the

carbon dioxide emissions now altering the Earth's climate, the developing
countries' share increases every year. Tensions between these two groups
continue to be a major obstacle to setting global emission targets, as seen at
the G8 summit this week. But analysts say there are signs of progress. A
novel proposal from a private research group offers polluters in both
developed and developing worlds a more equitable way to help save the
planet.

Assigning Blame and Responsibility

According to Annie Petsonk of the non-profit Environmental Defense

Fund, "Industrialized countries say: “Well, we're not going to cap our
emissions until major emitting developing countries agree to follow suit,”
and developing countries say, “We're not going to do this, because we didn't
cause most of this problem in the first place.”
Petsonk says this week's G8 summit of the largest industrialized
nations managed to bring these high-income countries one step closer to
agreement. “They are committing collectively to reduce industrialized
countries' emissions 80 percent by 2050. That's a lot, but 2050 is far away,”
she said. “Developing countries have said you need to do much more.” The
G8 said, in addition, “Well, we all need together to reduce our emissions as a
world 50 percent by 2050… The developing countries have not embraced
that yet.”
According to most experts, the tremendous economic growth of some
of the largest developing countries makes their participation in a new climate
pact essential. Petsonk claims, “We're now at a point where if we don't get
action from both the industrialized countries and the major developing
country emitters, it will not be possible to avert more than 2 degrees of
warming, the level that many, many scientists have signified would be
dangerous.”

An Attempt to Find a More Equitable Approach

While government leaders continue to argue about how developing

countries should be incorporated into the United Nations' climate treaty,
Shoibal Chakravarty of the Princeton Environmental Institute thinks their
focus should be on one glaring fact. “Ten percent of the world actually
produces 50 percent of the world's emissions,” he says. Chakravarty and his
colleagues have published a paper in the Proceedings of the National
Academy of Sciences that puts the burden for emission curbs on those

86
polluters who emit the most, regardless of where they live. The Princeton
researcher explains, “If, for example, in 2030 you want the world's emissions
to reduce from 42 to 30 billion tons, that's equivalent to saying that nobody
should be emitting more than 10.8 or 11 tons of carbon dioxide per year.”
“The method then produces a national target for each country,
dependent solely on the number of people in that country who are above this
figure of, in this case, 10.8 tons of CO2 per year,” Chakravarty says. In
addition to providing a more equitable way of assigning responsibility for
emission targets, Chakravarty claims this method could be used to fairly
adjust developing nations' responsibilities over time.
“Some developing countries like India, China, Brazil would grow at a
much faster rate… so they would have a much larger number of these high
emitters 20 years from now,” he says. “This provides an automatic
mechanism for distributing the work of emissions reductions among
countries as they get richer and as they have more of a capacity to handle
emissions reductions.”
Most current proposals for setting emissions targets are based instead
on the average emissions per capita of each country. Chakravarty claims this
gives an unfair advantage to those who produce a lot of carbon dioxide but
live in poor countries. “For example, if you take some countries, the average
emissions could be very low… but you could still have a significant minority
of very high emitters,” he maintains. “In equal per capita, some of these
people would get a free pass, because the emissions would be based on just
the average emissions of that country.”

Concerns about the New Approach

Chakravarty's emission-reduction model has its critics. Michel den

Elzen of the Netherlands Environmental Assessment Agency points to one
issue. “The main problem I have with this type of approach is…it's more
data intensive than the usual approaches,” he says. Highlighting a different
concern, Aubrey Meyer of the Global Commons Institute says, “It's an
attempt to come at it from the political end… not to come at it from the
scientific or the logical end.” Meyer suggests that the Princeton researchers'
method may not take into account overall accumulation of carbon dioxide in
an effective manner. Annie Petsonk argues that whatever the method,
something needs to be done quickly. “The Earth is warming. We're seeing it
happen now, in our lifetime,” she says. “2009 is our best chance for us, for
our children, for their children… If we let this chance slip, it will be very
difficult to get as good a chance again.” World leaders will convene for the
next round of climate talks this December in Copenhagen.

5. What do you know about the world water supply crises? Can we
consider it as one of the most dangerous risks over the modern

87
 economy? Hope the following broadcast transcript will help you to
understand the problem under discussion better. Read and translate
the text and be ready to discuss it within our classes.

ENVIRONMENT

Julian Wright manages a guest house on the Mekong River's banks at

Khon Kaen in northern Thailand. Wright says there are more sand banks
visible in the river than in past years. “I couldn't pronounce it being
absolutely the lowest but it's certainly the lowest I've ever seen. The hopper
that collects water from the town might find itself beached, and then we
might find we have a running water problem,” he said. The Mekong runs
through China's southern Yunnan Province, through parts of Burma,
Thailand and Laos, and then moves through Cambodia and Vietnam before
reaching the sea.
Severe Water Shortages

This year, the dry season in Southeast Asia has been far drier than
normal. And the southern Chinese provinces of Yunnan, Guizhou, and
Sichuan are suffering a severe drought. Over 20 million people face water
shortages with some 6.5 million hectares of crops affected. “This is a one in
50-year occurrence – with a return period of 50 years – so it's quite severe,”
says Ian Makin, an engineer and senior water resources management
specialist with the Asian Development Bank. “Now the problem comes is
that in the dry season most people that are cropping in the Mekong Basin are
using pumps and when the water level drops further than normal they can't
let water out into their fields and they're struggling to keep the crop alive.”
In towns, water resource officials have asked communities to conserve
water. Barges and ferries normally plying the river have been forced to halt
services, because in some areas, the river is nearly dry. And in low-lying
areas in Vietnam's fertile Mekong delta, the drought means salty ocean water
can move onto farm land, damaging the soil.

Damming the Mekong River

Environmental and rights organizations in Thailand say dams on

waterways in southern China contribute to the river's low levels. The Save
the Mekong Coalition, an alliance of environmental groups, criticizes
China's management of the river and dams built in China. “It's not a natural
drought – but it's also the impact from the large scale infrastructure which is
the dam upstream and the fishermen and farmers have been suffering from
the change of the eco-system of the Mekong River very much. And they
suspect that this is because of the way the damming upstream controls the
water flow,” said Pianporn Deetes, a coalition spokeswoman.

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 China has completed the Xiaowan hydroelectric dam, the second
largest hydro-electric station in the country, on the upper reaches of the
Mekong. Eight others are being built in Yunnan Province. Jeremy Bird heads
the Mekong River Commission, made up of Cambodia, Laos, Thailand, and
Vietnam. He dismisses concerns about the dams and blames the drought for
the low water levels. “Looking at the flow records that we have, we see no
reason to suggest any operation of those projects upstream has made the
situation worse. In fact, there's some evidence to suggest that if those dams
had not been in place then the lower water levels may have been experienced
even earlier in January,” said Bird.

Possible Water Conflicts

Sensitivities over the Mekong's flows have led to talks between China
and Thailand on how the dams may affect water levels. Chinese officials
reject claims the dams contribute to low water levels. Early next month,
China will attend a summit of leaders from Mekong River nations in
Bangkok. The leaders hope to find ways to better manage the river.
There are fears that rising populations will mean increased use of the
Mekong for drinking water, farming, fishing and transportation. Smith
Dhanrmasaroja, head of Thailand's National Disaster Warning Center, thinks
Southeast Asia may eventually face conflicts over water.
“Of course they will fight. Each country they will fight for water. We
will have a war, a water war in this region and people when they need to
water to drink you know they will fight for everything. So conflict between
Lao, Thai, Myanmar, Kampuchea (Cambodia), that thing is going to happen
– we will wait and see,” he said.
In a report released this week, the United Nations Economic and
Social Commission for Asia and the Pacific expressed similar concerns
about water security in the region. The report warns that water shortages in
the region are likely to be exacerbated by climate change.

6. Despite the risks of world trade, global expansion can offer huge
opportunities to n a t ion al firms. What are the general advantages
and disadvantages of national firms under the framework of the
modern economy? Should national firms develop strategies for
competing with each other and with foreign firms? What is the main
purpose of such strategies?
7. There are three modern trends of modern economy at the turn of the 21st
century. What are they? Describe them briefly. What do the terms
internationalization, globalization and economic integration mean in
this connection?
8. All of these trends in their close connection determine the major
economic projects of the 21st century. What does the term megaproject

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 mean in this connection? Hope the following text will help you to
understand the problem under discussion better. Read and translate the
text and be ready to discuss it within our classes.

MEGAPROJECT

A project in economy, business and science is a collaborative

enterprise, frequently involving research or design that is carefully planned
to achieve a particular aim. The word project comes from the Latin word
projectum from the Latin verb proicere, “to throw something forwards”
which in turn comes from pro-, which denotes something that precedes the
action of the next part of the word in time (paralleling the Greek πρό) and
iacere, “to throw”. The word "project" thus actually originally meant
“something that comes before anything else happens”. When the English
language initially adopted the word, it referred to a plan of something, not to
the act of actually carrying this plan out. Something performed in accordance
with a project became known as an “object”. This use of “project” changed
in the 1950s with the introduction of several techniques for project
management. Use of the word “project” evolved slightly to cover both
projects and objects.
A megaproject (sometimes also called as a “major program”) is an
extremely large-scale investment project. Megaprojects are typically defined
as costing more than US$1 billion and attracting a lot of public attention
because of substantial impacts on commitments, environment, and budgets.
Megaprojects can also be defined as “initiatives that are physical, very
expensive, and public.” Care in the project development process may be
needed to reduce any possible optimism bias and strategic mispresentation.
Megaprojects include bridges, tunnels, highway, railroads, airports, sea
ports, power plants, dams, wastewater projects, Special Economic Zones
(SEZ), oil and natural gas extraction projects, public building, informational
technology systems, aerospace projects, and weapons systems.
Megaproject is a complex net of contracts and other legal obligations,
each of which must be carefully considered. A contract is the exchange of a
set of obligations between two or more parties, but it is not so simple a
matter as trying to get the other side to agree to as much as possible in
exchange for as little as possible. Legal advisors in the beginning of a project
seek to identify ambiguities and other potential sources of trouble in the
contract structure, and to present options for preventing problems.
Throughout the process of the project, they work to avoid and resolve
conflicts that arise.

9. Prepare the oral composition about one of the international megaprojects

on the basis of the following text as an example. Let’s discuss it within
our classes.

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 OIL AND GAS MEGAPROJECT

I am Ian Craig – Chief executive of Sakhalin Energy. We are here in

South of Sakhalin in Aniva Bay with the heart of the Project behind us – the
LNG plant and export oil terminal. And that what the visitors see when they
come to the island. But the story starts much further to north 8 hundred
kilometers north of here, where we have the oil and gas reservoirs. These
reservoirs are not particularly unusual about from the size. They have about
4 billion barrels of oil equivalent. But they are on the north-east of the island
and near we have sea ices moving from about 6 months over a year, which
proposes a real challenge for the development.
We have three oil and gas platforms. Each of them has the equipment
to resist the loads of the removing ice. We are drilling the wells which
include the largest oil and gas fields in Russia. But this sea ice movement
prevents us from having normal oil and gas export activities using sea
tankers. It is not just possible. So, we elected to have an export point here in
the south of the island.
The oil and gas goes from the platforms through subsea flow lines
below the sea bottom. On sore they go through onshore processing facilities.
They condensate the mixtures within the oil. They then go through onshore
pipeline. If it were in UK this is the equivalent that we have platform just
offshore the Aberdeen. The onshore pipeline starts from there and the LNG
facility is in London.
The oil and gas go to a storage tanks too large as 100 cubic meters per
each of them and then they go a tanker loading unit (point) in the Bay just
over my shoulder. There we load oil tankers and they sail for the variety of
the markets in the world. A big production will be producing over one
hundred and fifty barrels per day and that will give us roughly a hundred
tankers movement a year. The gas has to be treated before we can refrigerate
it. We remove any traces of water. We remove also any other cuttings in
order not to damage the system of downstream. And then we refrigerate the
gas in two steps:
1. first of all – to mines 50 degrees and then
2. down to mines 160 degrees. This requires a lot of power. And here
we have an advantage because the colder the climate the less power you
need to generate the same volume of LNG. So, we can make more LNG in
winter period than we can in summer. And that is what the market demands.
So, the LNG (- 160 degrees) shrinks in volume to 1 and 6 hundred in its size.
It is also stored to storage tanks 100 cubic meters each and many can be
shipped to carriers like one behind me. This is about 1 hundred and 40
thousand cubic meters of LNG or 65 thousand tons. Our capacities are about
9.5 million tons annual – 160 ships per a year. Most of these ships will be
supplied by our customers. They all bring the vessels over here to take the

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cargo. This one is working for us for 20 years. This is a Russian LNG career
operated by Sovcomflot and here we are. So, 150 ships a year LNG and 100
oil tankers from the oil terminal itself. This is can be a very busy port from
the Russian new ports.
When you see what was achieved here over the years, it feels me that
it is a men’s period of proud. It’s a result of huge efforts by 25 thousand
people here at the peak of the island. 45 different nationalities make the
project like this and you can never anticipate all the problems. You have to
be able to adopt them and learn them in some other areas as you go along.
And that’s what we have to do here – to overcome the challengers. We’ve
been helped by the strengths of joint venture: Gazprom with it tremendous
onshore oil and gas experience, Shell with its technology and LNG optional
development, and Mizui and Mizubishi with huge knowledge of the LNG
markets. When you see our overcoming together you realize just what it
takes us to develop project such as this one in the certain environment. It’s
very challenging but it also very, very satisfied. The world will need the
projects like this in order to meet the world’s demand. And I like to think the
work we’ve done here – this blend of national expertise and international
resources – is perhaps a normal for future projects like this.

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 CHAPTER II

ECONOMIC SECURITY

93
 UNIT VII

ECONOMIC AND NATIONAL SECURITY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

THE MAJOR CONCEPTS OF NATIONAL

ECONOMIC SECURITY

The changes in the international environment necessitate new

approaches to comparative assessment of the level of political, economic and
military security in different countries of the world community. The
relevance of this is confirmed by a number of circumstances, internal and
external.
First, there is the desire of some States, especially the US, to
complement its superiority and economic leverage over other countries to
achieve their political interests.
Secondly, the increasing problem of balance between positive and
negative sides of globalization. Thus, the primary task of any state of the
world at present is achievement of such level of economic security, which
would guarantee internal stability, active participation in the international
division of labor and at the same time national sovereignty.

The Concept of Economic Security of the State

The concept of national security is defined as the state of protection

of vital interests of person, society and state from internal and external
threats. The vital interests are represented as a set of needs, the satisfaction
of which reliably ensures the existence and possibility of progressive
development of personality, society and state. Thus, economic security is an
integral part of national security. The economic security can be represented
as the state of protection of national economy from external and internal
threats, which ensures the progressive development of society, its economic
and socio-political stability, despite the presence of adverse external and
internal factors.
The state economic security is a complex socio- economic concept,
reflecting a wide range of ever-changing conditions of material production,
internal and external threats to the country's economy. In this regard, it
should also be noted that for the state (and for society and for the individual)
does not exist of absolute economic security, there are situations when there
are no external and internal threats to the national economy. It is obvious that

94
the economic security of a nation is determined primarily by the condition of
productive forces and socio-economic relations, the extent of use of
achievements of scientific and technological progress in the sector structure
of foreign trade. In this regard, it can be argued that the material basis of
economic security of the state are developed productive forces capable of
ensuring the expanded reproduction and the civilized life of citizens. The
state's economic security is closely linked with the concepts of
“development” and “sustainability” of the economy.
The development of the national economy is one of the components of
economic security. If the economy does not develop, the state has
dramatically reduced the possibility of resistance to negative external and
internal influences.
The stability of the national economy as a single system means
strength and reliability of its elements, economic and organizational links
between them, and the ability to withstand internal and external loads. It is
obvious that the main factors of economic security of the country are: its
geographical location; natural resources; industrial and agricultural potential;
the degree of socio-demographic development and, finally, the quality of
public leadership. The USA, Russia, Japan, China, the EU and several other
countries in the world occupy a leading position in the world industrial
capacity, agricultural production, natural resources, favorable geographical
position, which helps to ensure their economic security. However, they
sometimes differ sharply on its industrial potential, mineral resources, socio-
demographic development, as well as the nature of state regulation of the
economy that largely determines the differences in the level of protection of
their national economy.
(Based on: David A. Baldwin. The Concept of Security)

ACTIVE VOCABULARY

comparative assessment сравнительная оценка (сравнительный

economic leverage
economic security is an
integral part of national
security
external and internal threats внешние и внутренние угрозы
industrial capacity
international division of
labor
labor costs
level of protection of
national economy
анализ)
экономическое воздействие (со стороны
государства)
экономическая безопасность является
неотъемлемой частью национальной
безопасности
производственная мощность отрасли
международное разделение труда
стоимость рабочей силы
уровень защиты (защищённости)
национальной экономики

95
material production материальное производство
national (state) economic национальная (государственная)
security экономическая безопасность
national sovereignty национальный суверенитет
(независимость)
nature of state regulation существо государственного
регулирования
productive forces продуктивные или производительные силы
social security социальное (общественное) обеспечение
sustainability устойчивое сбалансированное развитие
to ensure economic обеспечивать экономическую безопасность
security
to withstand internal and выдерживать внутренние и внешние
external loads нагрузки
vital interests жизненно-важные интересы
world community мировое сообщество

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ЭКОНОМИЧЕСКАЯ БЕЗОПАСНОСТЬ В СИСТЕМЕ

НАЦИОНАЛЬНОЙ БЕЗОПАСНОСТИ

Экономическая безопасность (далее – ЭБ) – это состояние

экономики, обеспечивающее достаточный уровень социального,
политического и оборонного существования и прогрессивного развития
страны, неуязвимость и независимость ее экономических интересов по
отношению к возможным внешним и внутренним угрозам и
воздействиям.
Национальная экономическая безопасность (далее – НЭБ) –
защищенность жизненно важных интересов личностей (граждан),
общества и государства, а также национальных ценностей и образа
жизни от широкого спектра внешних и внутренних угроз, различных по
своей природе (политических, военных, экономических,
информационных, экологических и др.). НЭБ имеет: внутреннюю
материально-вещественную основу; достаточно высокий уровень
развития производительных сил, способный обеспечить существенно
важную долю натуральных и стоимостных элементов расширенного
воспроизводства национального продукта; внутреннюю социально-
политическую основу экономической безопасности; достаточно
высокий уровень общественного согласия в отношении долгосрочных
национальных целей, делающий возможными выработку и принятие

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стратегии социального и экономического развития, претворяемый в
жизнь через государственную политику, устойчиво поддерживаемый
большинством народа.
По мере интернационализации производства национальная
экономическая безопасность все более тесно связывается с
международной экономической безопасностью. Экономическая
безопасность, проявляясь в сферах влияния других видов национальной
безопасности – социальной, политической, военной, экологической,
правовой, технологической, культурной, интеллектуальной,
информационной, демографической, генетической, психологической и
др., проникая в них и взаимодействуя с ними, в свою очередь,
аккумулирует в себе их воздействие, оставаясь при этом основой
(базисом) национальной безопасности.
Рассмотрим категорию «национальной безопасности (силы)
государства». Наиболее обобщенным среди всех исследований,
пожалуй, являются разработки японских ученых, которые по заказу
Национального управления экономического планирования подготовили
концепцию «комплексной национальной силы». Индекс «комплексной
национальной силы» состоит из двух крупных составных частей,
включающих разнообразные компоненты.
Центральное место в показателе «комплексной национальной
силы» занимает категория «способность вносить вклад в
международное сообщество». Здесь имеются в виду финансово-
экономические, научно-технические и политико-дипломатические
возможности государств инициировать создание и развитие
международных социальных и экономических проектов, систем,
организаций, корпораций. Составляющие этого показателя следующие.
1. Базовый потенциал, состоящий, в свою очередь, из
экономической силы; финансовой мощи; науки и технологии.
2. Возможности реализации базового потенциала в мировом
масштабе, включающие в себя: валютно-финансовые ресурсы;
консенсус по вопросам международной политики; способность
эффективно действовать на международной арене.
Вторая категория показателя «комплексной национальной силы»
раскрывает «способность к выживанию» в кризисных и экстремальных
международных условиях. Она состоит из следующих компонентов:
1) географические условия; 2) численность населения; 3) природные
ресурсы; 4) экономическая сила; 5) оборонительные силы;
6) национальная мораль; 7) дипломатия и сотрудничество в области
обороны.
(Based on: L.Р. Gaponenko. Economic Security)

97
III. LISTENING/WATCHING:

WHAT IS THE MEANING OF THE TERM

NATIONAL SECURITY

1. Before watching the following video match the key words and
expressions in the left column with their translation in the right
one.

1. national security a) военная мощь

2. power projection
3. economic power
4. military might
5. economic security
6. security threat
7. natural disasters and events
8. environmental damage
9. critical infrastructure
10. to protect the nation from
external and internal threats
11. intelligent services
12. counterintelligence service
b) угроза безопасности
c) природные катаклизмы
d) демонстрация сил и средств
e) национальная безопасность
f) разведывательные (секретные)
службы
g) вред окружающей среде
h) объекты жизнеобеспечения
i) контрразведывательная служба
j) экономическая мощь (независимость)
k) экономическая безопасность
l) защищать нацию (государство) от
внешних и внутренних угроз

2. Listen to the text; answer the questions below using the

abovementioned key words.

1. What does the term national security mean? Describe the major
element of national security concept on the basis of the above listened
text. What do the terms political power, diplomacy, economic
power, military might mean in this connection?
2. The national security concept developed mostly in the United States
after World War II was focused initially on military might. What is the
major idea of nowadays national security concept? What is a role of
economic security within this concept?
3. What does the term security threat mean under the framework of
national security concept? Which types of such threats do you know?
Describe them briefly on the basis of the text.
4. What are the general measures taken to ensure national security?
Nominate and describe them briefly on the basis of the text.

3. Listen to the text again; check your answers; name the main idea
and retell the story.

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IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. The state of protection of vital interests of person,

society and state from internal and external threats.
2. A set of needs, the satisfaction of which reliably
ensures the existence and possibility of progressive
development of personality, society and state.
3. The state of protection of national economy from
external and internal threats, which ensures the
progressive development of society, its economic
and socio-political stability, despite the presence of
adverse external and internal factors.
4. A complex socio- economic concept, reflecting a
wide range of ever-changing conditions of material
production, internal and external threats to the
country's economy.
5. As a single system means strength and reliability
of its elements, economic and organizational links
between them, and the ability to withstand internal
and external loads.
6. A stated intention to inflict injury, damage, or
other hostile action on someone.
7. The total amount of money held by all persons and
organizations in a given country at a particular
time.
8. Those materials and substances (resources) from
which a product is manufactured or produced.
9. Goods (durables as well as non-durables) and
services directly satisfying the needs of consumers
and/or the general public.
10. The annual total value of goods and services
provided by a country.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. The unification of international environment necessitates new approaches

to comparative assessment of the level of political, economic and
military security in different countries of the world community.

99
2. There is a desire of some States, especially the US, to complement its
superiority and economic leverage over other countries to achieve their
political interests.
3. The primary task of any state of the world at present is achievement of
such level of economic security, which would not guarantee internal
stability, active participation in the international division of labor and at
the same time national sovereignty.
4. The concept of national security is defined as the state of breach of vital
interests of person, society and state from internal and external threats.
5. The vital interests are represented as a set of needs, the satisfaction of
which reliably ensures the existence and possibility of progressive
development of personality, society and state.
6. An economic security is a different part of national security.
7. The economic security can be represented as the state of protection of
national economy from external and internal threats, which ensures the
progressive development of society, its economic and socio-political
stability, despite the presence of adverse external and internal factors.
8. The state economic security is a single concept, reflecting a narrow
range of ever-changing conditions of material production, internal and
external threats to the country's economy.
9. The development of the national economy is one of the components of
economic security.
10. The stability of the national economy as a single system means strength
and reliability of its elements, economic and organizational links
between them, and the ability to withstand (выдерживать) internal and
external loads.

VI. REVIEW AND DISCUSSION QUESTIONS

1. The changes in the international environment necessitate new

approaches to comparative assessment of the level of political,
economic and military security in a country. What are the major
internal and external factors which confirm the relevance of it? What
do the terms superiority and economic leverage mean in this
connection?
2. What do the terms national security and state’s (national) economic
security mean within a process of protection of vital interests of person,
society and state from internal and external threats? Can we consider
economic security as an integral part of national security in this
connection? Improve your opinion on the basis of the key text.
3. Is there an absolute economic security under the framework of
state’s security? What are the general conditions which determine
primarily each economic situation? What do the terms productive
forces and socio-economic relations mean in this connection?

100
4. The state's economic security is closely linked with the economic
concepts of development and sustainability. What do these terms
mean under the framework of economic security? Describe them
briefly.
5. The economic security can be represented as the state of protection of
national economy from some threats. What does the term economic
threat mean in this connection? What two general categories of
economic threats do you know? Describe them briefly on the basis of
the following text.

THE THREATS TO THE ECONOMY

The threats to the economy are complex, they are caused by the slow
pace of the growing economic potential of the state, and an amplifying lag in
the technological development, the level and quality of life of the population,
the lack of appropriate measures to regulate the redistribution of property,
inefficient use of resources, reduced ability to withstand adequately the risks
and challenges associated with the changes in the global markets, the world
of globalization and informatization. The activities of public authorities at all
levels should be aimed at the localization, prevention and counteraction of
following economic security threats.
Internal threats.
1. The population rundown and its aging that lead to a significant
employment potential reduction of the state and growth of demographic
burden on a decreasing working age population.
2. Low level of social institutions, restricting many poor people an
access to the health care system, education and culture, and on this basis, the
deterioration of the physical and mental health; the negative impact of socio-
economic conditions of the population, an increased incidence of a
significant part of the population, uncomfortable living conditions, reduction
and deterioration of the human diet structure, poor ecological environment,
heavy workload of women in public manufacture, etc.
3. Unjustified substitution of managerial functions by domineering
position, reducing professionalism and imperfection of federal, regional and
municipal authorities systems, resulting in an imperfect legislation and low
legal, financial and contractual discipline and concealment of income tax
evasion, corruption in management, lack of adequate legislation and judicial
system, the delay in the establishment of the most important institutions of a
market economy, including federal and regional innovation systems.
4. Criminalization of the economy, rise in organized crime, its
penetration into the major sectors of the economy due to the weakening of
state control, a high level of crime in the information and knowledge
economy, exacerbation of social problems – drug abuse, prostitution,
vagrancy, etc.

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 5. Unstable state of financial-monetary circulation and credit and
banking system due to the following factors:
 Violation of the interindustry balance in the national economy;
 The destruction and the continuing instability in the financial-
monetary, credit and banking systems after economic-systemic crisis in
1998;
 Continuing possibility of sharp fluctuations in the foreign exchange
and stock markets, endangering the destabilization of the entire monetary
sphere;
 Narrow monetary base and weak saturation of the national
economy with the money supply, which makes it difficult to invest and
lend to the economy, reduces the efficiency of the functioning of the
securities market, and limits the development of the financial sector;
 Linking the money supply to an influx of foreign currency;
 Instability of the current account surplus due to the influence of
the world prices for raw materials and, accordingly, foreign exchange
earnings to the domestic currency market;
 Insufficiently favorable investment climate, causing capital flight;
 Low level of capitalization of the banking sector and the
effectiveness of corporate governance, poor credit borrowers, inadequate
legal framework to protect the rights of the creditor;
6. Low investment activity and the predominance of capital
investments in the mediation and financial performance at the expense of
production;
7. High level of internal and external public debt, etc.
External threats.
1. High dependence of the economy and all its major areas on
foreign economic conditions, on political and economic decisions of
integration groupings of foreign countries and international financial and
trade organizations, infringing interests of the country in the field of
economics. Factors determining the threat of foreign economic sphere are
as follows:
• Prevailing fuel and raw material orientation of the exports, the
loss of the traditional market channels for military and engineering
products;
• The predominance of the consumer goods and food import while
the share of machinery, equipment and modern technology is decreasing;
this increases the dependence of the economy on the foreign economic
conditions;
• The transition of the key production sectors and leading
enterprises, which ensure the national security of the state, to the control
of non-residents and conversion of these productions in a direction that is
contrary to the interests of the development of the national economy;

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  Dependence on the international financial organizations and
foreign countries in connection with the external debt obligations;
 Dependence of the national monetary system on the international or
national currencies and the balance of payments of other countries;
2. High level of external public debt, the associated increase in the
budget spending on it in quenching, as well as the increased attempts to
use it to influence the adoption of the economic and political decisions;
3. Acquisition of the enterprises by foreign companies with intention
to drive domestic production both externally and internally out of the market
and, as a consequence, their conquest of the domestic market for many
types of consumer goods, and the dependence on the imports of many
products, including the goods of strategic importance, such as food and
components for mechanical engineering, etc.

6. The structure of a state’s economic security is of great importance for

the development of national economies. What are its major composite
structural elements in this connection? Describe them briefly on the
basis of the following text.

THE STRUCTURE OF A STATE’S

ECONOMIC SECURITY

Composite structural elements of economic security of the state

include, but not limited to the technological, techno-industrial, monetary,
raw materials, energy, environmental, information and environmental
components.
Technological component of economic security determines that the
state of scientific and technical potential of the country, which ensures the
competitiveness of national goods and services in the markets of knowledge-
intensive (high-tech) products, but also ensures self-development in shortest
possible time the latest technological solutions that define the leading
breakthroughs in the civil industries and defense production.
World practice shows that the technological component of economic
security is only possible if the national economy on the path of innovative
development. The US innovation system is characterized by: well-defined
objectives on a national scale for innovative development of national
economy; large in comparison with other countries spending on research and
development (R & D) on creation of innovative technologies, etc.
Considerable attention to the development of knowledge-intensive
industries pays China. In recent years, the country has made significant
progress in its quest to attain technological parity with leading States of the
world. In 2014 the share of R & D expenditures amounted to 1.2 % of GDP.
Monetary component can be defined as the ability of the state to get,
to place and use domestic and foreign loans and investments, and to pay him

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within, ensuring sustainable functioning of its monetary system and the
satisfaction of public needs in unfavorable external and internal economic
conditions. World experience shows that the sustainability of economic
growth and economic security of the state is possible only if the type of
investment development of national economy. Each country has its own
implements this type, but almost always respected optimum ratio giving
maximum effect to the state's economy.
Food and raw materials involve the security of the country's
economy respectively food and raw materials in the sizes required for the
effective functioning of the national economy. The provision of food to
population is the most important factor of economic security of the state. The
most important measure to ensure food and raw material component of the
economic security of the United States, Canada and other postindustrial
countries is the financial support of the agriculture from the state budget,
support and lobbying of agricultural exports.
Energy component of the economic security of the state implies the
physical stability of energy supplies for domestic consumption and the
national economy to adapt to the new world prices on them. One of the main
problematic issues here is the creation of a diversified structure of energy
imports and energy resources and introduction of energy saving
technologies. The solution to this problem at the state level makes it possible
to prevent the threats associated with energo defitsita in the national
economy.
The energy component of the economic security of the state also
involves the definition, identification and classification of events the
occurrence of which is directly or indirectly likely to prejudice the
development of the fuel and energy complex (FEC). In this regard, among
other problems, decreasing the energy security of the state, include:
depreciation of capital assets, the gap of domestic and world energy prices,
the pace and scale of nationalization and privatization in industry, the growth
of accidents at the enterprises of fuel and energy complex of the country.
Environmental component involves the state of the national
economy, which are prevented or timely resolve contradictions between
society and the environment, do not apply the damage to the economic
potential of the state. The solution to the problem of environmental pollution
is closely linked to the restriction of human activities and primarily with
neutralization of anthropogenic impacts on natural ecological systems, the
ozone layer of the atmosphere, the earth, its bowels, superficial and
underground waters, atmospheric air, forests and other vegetation, fauna,
microorganisms, genetic Fund and natural landscapes. In this regard, the
government's role is to ensure the preservation of the natural potential of the
country (region, world) for ensuring the possibility of their economic
growth.

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 Information component involves the mutual exchange of industrial,
scientific-technical and other information within the business complex of the
state and with foreign partners, which will be guaranteed: reliable
information exchange; increasing the share of intangible assets in national
wealth; the increase in “specific weight” of information in the final cost of
the produced domestic product; and the secret of production technology. An
axiom is a proposition that a country that has superiority in the information
support of the national economy, the forces and means of information
warfare, can rely on leadership in economic and military-political fields, to
have a strategic and economic advantage. In 60-70th years of XX century the
economy of Japan and some other countries of East Asia were able to carry
out a rapid breakthrough due to the higher level of working with
information – development of information management and the
establishment of business information networks. This leadership remains
today.
Thus, consideration of the structure and component parts of economic
security of the state provides an opportunity to determine the factors
influencing this type of national security in modern conditions. In this
connection it is also become obvious that the economic security is a critical
function of the state. As the specific direction of state economic policy, it
covers the system of relations between economic entities to meet the
economic needs of the society and has the goal of finding optimal ways of
solving economic problems.

7. What are the general indicators of the national economic security?

Nominate and describe them briefly on the basis of the following
text.

THE INDICATORS OF THE NATIONAL

ECONOMIC SECURITY

To interpret the content and the essence of the concept of economic

security a system of criteria is used, but to assess the level of the latter in the
modern conditions it is more essential to use thresholds instead of the
parameters of their limits. Threshold-exceeding is considered an obstacle
towards the economic growth and development, resulting in the emergence
of negative trends in the sphere of economic security. Economic security
thresholds are presented as quantitative parameters, forming the boundary
between risk and no-risk zones in the various sectors of the economy. The
analysis of existing approaches allows formulating some principles for
economic security thresholds, namely:
- Economic security thresholds are subject to a dynamic change
because of economic and social trends and paradigms;

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 - The growing problems of economic security during the crisis, and as
a consequence, the constant revision of the limit values;
- An impact of the productive forces in a given country or region of
natural and geographical factors, the state of society, etc. on the dynamic
development of the thresholds system the economic indicators.
- In accordance with the theory of social stability within a systemic
approach for assessing the level of economic security and performance
analysis of the limit values, one should use the entire set of parameters. Most
of the leading experts in the field of economic security specify the following
evaluative parameters:
- Quality of life (per capita GDP, the level of income inequality, the
availability of material goods and services for major groups, employability
of the population, environmental conditions, etc.);
- Dynamism and adaptability of the economic mechanism as well as
its dependence on external factors (inflation, deficit of consolidated budget,
the effect of external economic factors, the stability of the national currency,
internal and external liabilities);
- Economic growth rate (the dynamics and structure of national
production and income, the growth rate of industrial production, sectoral
structure of the economy and dynamics of individual industries, the size of
investment, etc.);
- Threshold of decline in economic activity, output growth, investment
and financial processes, exceeding which endangers the economic
development of the state, its scientific and technological progress and
competitiveness of the economy, maintaining the required level of the
potential of the country (defense, scientific, technical, of innovation,
investment and educational qualification);
- Threshold reduction welfare, level and quality of life, exceeding
which leads to serious negative social situation, social tension in society, the
probability of conflict, leak productive “human capital” into more socially
favorable regions;
- Threshold of reducing the costs of preservation and development of
natural ecological potential, exceeding which entails the emergence of the
threat of environmental disasters, destruction of ecosystems, loss of natural
resources as a factor of economic growth, as well as harm to life and health
of citizens.
According to a number of practitioners and scholars the following
thresholds of economic security in the manufacturing sector may be also
taken into consideration:
- GDP as a whole of the national average;
- GDP per capita of the mean in terms of GDP countries of the
average GDP worldwide;
- The proportion of manufacturing, engineering in total industrial
production of the country;

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 - The share of imports in domestic consumption, including food;
- The share of new products in total output;
- Investments of GDP, etc.
Thresholds indicators of living standards of the population may be
presented through the following parameters: the proportion of the citizens
with incomes below the subsistence minimum; life expectancy; relation
between income of the most profitable and of low-income groups; the
unemployment rate in total population of the country. To assess the
economic security from the perspective of the financial condition, you can
use the following criteria: the volume of domestic debt, external debt budget
deficit; the volume of foreign currency in cash.

8. Prepare the oral composition “Economic security as an integral part of a

national security.” Let’s discuss it within our classes.

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 UNIT VIII

ECONOMIC SECURITY OF A COMPANY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

ECONOMIC SECURITY OF AN ENTERPRISE

By economic security of the enterprise (ESE) we mean the state of

protection of its vital interests from internal and external threats to ensure
its stability in the present and future. There are several functional
components of ESE: technological component; intellectual and human
resources component; financial component; political and legal component;
environmental component; the power component, etc.
Financial component is the most important, as the financial stability
of the company says about their own financial resources, the level of their
use, the direction of placement. Financial stability is closely linked with the
efficiency of production, as well as the outcomes of the enterprise. The
reasons for the loss of an economic entity financial stability are: reduction of
production volume, unprofitable operations, high production costs, poor
planning and asset management, force majeure. To maintain the stability
necessary to use a financial strategy that is planning for specific tasks and
ways of their realization in the financial-economic activity of enterprise
(company, organization). You can select the following strategic objectives:
to improve their products, reducing costs, achieving efficiency at the lowest
cost, providing a sufficient level of profitability.
Intellectual and human resource component. In the current
economic conditions the level of economic security to a large extent depends
on the skill and professionalism of staff. Therefore, the company should be
created a flexible management structure, organized system of recruitment,
hiring, training and motivation of employees. Management personnel of the
enterprise must constantly analyze the state's economic security, and it
should also be trained in crisis situations.
Technical and technological component. By providing economic
security management needs to analyze whether the company used
technology with modern international standards, what technologies are used
in other enterprises manufacturing similar products, to search for internal
reserves to improve the technology used, to monitor new developments.
Political and legal component. The process is carried out like:
analysis of threats to the negative influences; assessment of current levels of
support; planning of complex activities to raise that level. The negative

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impact can be divided into internal and external. In analyzing the domestic
impact should be considered as sufficient qualification level of workers' legal
services (юридические услуги), at what level funded legal support. When a
negative external effect causes of instability can be political (military
conflicts, economic and political blockade, etc.), and legislative and legal.
Information component. An organization or entity shall be composed
of certain services that deal with the accumulation and protection of
information. The purpose of these services is to accumulate all the necessary
information concerning the activities of an entity (the information about all
types of markets, the necessary technical information on trends in national
and world economy). After accumulating the data should be analyzed and
the results of this analysis should be a forecast of trends in scientific,
technical, economic and political processes in the enterprise. The enterprise
must be organized in a strict system of access to information that would
include the following: provision of password entry in the database system:
registration, appointment and change of passwords; definition of access
rights groups and individuals, that is the definition of allowable operations
on data; testing of data protection; fixation of unauthorized access to
information; a study of emerging cases of violation of data protection and
implementation of measures to prevent them.
The environmental component. In order for a business entity is
protected from losses arising due to penalties for violation of environmental
regulations, the closure of markets for products companies in other countries
with more stringent standards of environmental cleanliness of the goods, he
must adhere to national and international standards of minimum acceptable
content of harmful substances, entering the environment, as well as to
monitor the environmental parameters of their products.
The power component. The company shall be protected physically,
that is, must be protected by his staff, particularly managers, property. The
Security Service should be always ready to overcome any critical situation
caused by a criminal motives and conduct of unfair competition from other
businesses.
After analyzing all the functional components, it can be concluded that
to ensure the economic security of the enterprise (organization, firm) from
the influence of subjective and objective reasons, management must make
decisions with the same speed with which adverse changes occur, and be
able to foresee them.
(Based on: Jody Taylor. Presentation on Economic Security of Enterprise)

ACTIVE VOCABULARY

asset management управление активами предприятия

economic entity экономический (хозяйствующий) субъект
права

109
efficiency of production эффективность производства
ESE (economic security of экономическая безопасность
the enterprise) предприятия
external and internal threats внешние и внутренние угрозы
financial resources финансовые ресурсы
financial stability of the финансовая стабильность компании
company
force majeure форс-мажор (обстоятельства
непреодолимой силы)
harmful substances вредные вещества
industrial capacity производственная мощность отрасли
labor costs стоимость рабочей силы
legal services юридические услуги
nature of state regulation существо государственного
регулирования
password entry ввод пароля (вход по паролю)
production costs себестоимость продукции (издержки)
production volume объем производства
productive forces продуктивные или производительные
силы
profitability рентабельность (прибыльность)
protection of information защита информации
Security Service служба безопасности предприятия
skill and professionalism of навыки и профессионализм персонала
staff предприятия
state's economic security национальная (государственная)
экономическая безопасность
to ensure the economic обеспечивать экономическую
security of the enterprise безопасность предприятия
to make decisions принимать решения
unfair (cut-throat) нечестная конкуренция (конкуренция не на
competition жизнь, а насмерть)
violation of environmental нарушение экологического
regulations законодательства

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ЭКОНОМИЧЕСКАЯ БЕЗОПАСНОСТЬ ПРЕДПРИЯТИЯ

Экономическая безопасность предприятия – это состояние

защищенности жизненно важных интересов предприятия от
внутренних и внешних угроз, формируемое руководством и

110
коллективом предприятия путем реализации мероприятий правового,
экономического, организационного, инженерно-технического и
социально-психологического направлений. В определении
экономической безопасности предприятия главное то, что:
• состояние защищенности имеет динамический характер;
• внутренние угрозы не менее опасны, чем внешние;
• система экономической безопасности предприятия должна
взаимодействовать на правовой основе с государственной системой
обеспечения безопасности.
Предпринимательская деятельность связана с решением
организационных вопросов, правовыми и экономическими
проблемами, техническими аспектами, кадровыми и т.д. Особенно
сложно управлять деятельностью крупного предприятия, имеющего
широкие деловые связи и значительное число контрагентов:
поставщиков, кредиторов, клиентов. По линиям внутренних и внешних
связей предприятия могут реализовываться угрозы его экономической
безопасности. Для обеспечения максимальной степени защиты от этих
угроз и необходима деятельность, которая должна иметь системный
характер. Основными элементами экономической безопасности
предприятия являются:
финансовые элементы экономической безопасности предпри-
ятия могут быть определены как совокупность работ по обеспечению
максимально высокого уровня платежеспособности предприятия и
ликвидности его оборотных средств, наиболее эффективной структуры
капитала предприятия, повышению качества планирования и
осуществления финансово-хозяйственной деятельности предприятия по
всем направлениям стратегического и оперативного планирования и
управления технологическим и кадровым потенциалом предприятия,
его основными и оборотными активами с целью максимизации
прибыли и повышения уровня рентабельности бизнеса;
информационные элементы экономической безопасности
предприятия включают в себя основные функции информационно-
аналитического отдела предприятия, выполнение которых необходимо
для достижения приемлемого уровня обеспечения безопасности
предприятия;
кадровые элементы обеспечения экономической безопасности
предприятия включают в себя работу с персоналом предприятия,
нацеленную на предотвращение угроз негативного воздействия за счет
недостаточной квалификации сотрудников, слабой организации
системы управления персоналом, подбора, обучения и мотивации
сотрудников предприятия.
Основная сущность технико-технологических элементов
заключается в том, насколько уровень используемых на данном пред-

111
приятии технологий (производственной или непроизводственной
сферы) соответствует лучшим мировым образцам;
правовые элементы состоят в эффективном и всестороннем
правовом обеспечения деятельности предприятия, четком соблюдении
им и его персоналом всех правовых норм действующего за-
конодательства;
под силовыми элементами понимается физическая безопасность
персонала и руководства предприятия; сохранность имущества
предприятия от негативных воздействий, угрожающих потерей этого
имущества или снижением его стоимости; обеспечение инфор-
мационной безопасности предприятия; проведение предупредительных
действий к источникам возможных угроз внешней среды предприятия.
Уровень экономической безопасности предприятия базируется на
том, насколько эффективно службам предприятия удается пре-
дотвращать угрозы и устранять ущербы от негативных воздействий на
различные элементы экономической безопасности. Источниками таких
негативных воздействий могут быть осознанные или неосознанные
действия людей, предприятий, органов государственной власти,
предприятий-конкурентов, а также стечения объективных
обстоятельств (состояние финансовой конъюнктуры на рынках данного
предприятия, форс-мажорные обстоятельства и т.д.).
Угрозы экономической безопасности – это потенциальные или
реальные действия физических или юридических лиц, нарушающие
состояние защищенности субъекта предпринимательской деятельности
и способные привести к прекращению его деятельности либо к
экономическим и другим потерям.
Угрозой экономической безопасности предпринимательства
может быть не всякое действие, имеющее негативные последствия. Так,
не следует считать угрозой экономической безопасности предприятия
деятельность его руководства по вложению средств в ценные бумаги
(государственные или частные), внедрению новых организационных
форм, организации производства совершенно нового товара. Все эти
управленческие решения рискованны и могут иметь негативные
экономические последствия вследствие того, что может резко
измениться конъюнктура на рынке ценных бумаг, потребности
населения, либо новые организационные формы не оправдают себя. Но
нужно иметь в виду, что, в конечном счете, все это направлено на
достижение основной цели предприятия, на его дальнейшее развитие.
Структура службы экономической безопасности специфична для
различных субъектов предпринимательской деятельности. Она зависит
от размера предприятия, характера деятельности, роли кон-
фиденциальной информации (коммерческой тайны) и т.п.
(Based on: David A. Baldwin. The Concept of Economic Security)

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III. LISTENING/WATCHING:

AMTRAK’S EMERGENCY MANAGEMENT AND

CORPORATE SECURITY DEPARTMENT

1. Before watching the following video match the key words and
expressions in the left column with their translation in the right
one.

1. commitment to safety a) сеть национальных транспортных дорог

and security
2. to respond to an incident
3. to ride trains
4. critical infrastructure
5. EM (emergency
management)
6. first responders
7. emergency management
agency
8. Emergency Manager
9. ambassador
10. corporate security
11. vulnerability
12. security audit
13. incident response team
14. national transportation
network
b) группа по расследованию происшествия
c) управление при чрезвычайных
обстоятельствах
d) служба по чрезвычайным ситуациям
e) объекты жизнеобеспечения
f) уязвимость
g) ездить (передвигаться) на поездах
h) корпоративная безопасность
i) первый эшелон (лица) реагирования
j) руководитель группы действий в
чрезвычайной обстановке
k) специальный представитель (посол)
l) обязательство в отношении вопросов
безопасности
m) реагировать на несчастный случай
n) аудит (проверка) безопасности

2. Listen to the text; answer the questions below using the

abovementioned key words.

1. What is AMTRAK within a system of national railroads network?

What did they form in 2012 in order to demonstrate a commitment of
safety and security?
2. What is Susan Reinertson? What is her opinion subject to the
establishment of EMCS department at Amtrak?
3. What do the terms emergency management and emergency manager
mean under the framework of a company’s economic security? What
are the general responsibilities of emergency managers within a
structure of EMSC department at Amtrak?
4. What does the term corporate security mean under the framework of
economic security of an entity? What do the terms vulnerability and
security audit mean in this connection?

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 5. What does the term incident response team mean within the whole
system of a company’s economic security? What are the general
responsibilities of the members of such teams?

3. Listen to the text again; check your answers; name the main idea
and retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. The state of protection of its vital interests from

internal and external threats to ensure its stability in
the present and future.
2. A set of needs, the satisfaction of which reliably
ensures the existence and possibility of progressive
development of personality, society and state.
3. Any type of subject of law which pays taxes (any
types of legal or natural persons).
4. The cost of manufacturing or producing an article,
including the price paid for raw materials.
5. An unexpected and unavoidable event out of
control of any of the parties to the contract (war,
upheaval, disaster, etc.) that causes or allows a
contract to be changed or cancelled if it has a force
majeure clause.
6. A stated intention to inflict injury, damage, or other
hostile action on someone.
7. Planning for specific tasks and ways of their
realization in the financial-economic activity of
enterprise (company, organization).
8. All things owned by a person or business that have
some money value and can be used to pay debts,
produce goods and make profit.
9. A complex socio-economic concept, reflecting a
wide range of ever-changing conditions of material
production, internal and external threats to the
country's economy.
10. Information assets subject to the company’s
products, plans and strategies for customers and
their needs.

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 11. Legally prohibited type of competitions in the
market place.
12. The process of recognizing that a problem exists,
identifying it, evaluating alternatives, selecting and
implementing an alternative, and following up.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. By economic security of the enterprise (ESE) we mean the state of

protection of its vital interests from internal and external threats to ensure
its stability in the present and future.
2. There are several functional components of ESE: technological
component; intellectual and human resources component; financial
component; political and legal component; environmental component;
the power component, etc.
3. Financial stability is not closely linked with the efficiency of production,
as well as the outcomes of the enterprise.
4. To maintain the stability is not necessary to use a financial strategy that
is planning for specific tasks and ways of their realization in the
financial-economic activity of enterprise (company, organization).
5. You can select the following strategic objectives: to improve their
products, reducing costs, achieving efficiency at the lowest cost,
providing a sufficient level of profitability.
6. In the current economic conditions the level of economic security to a
large extent doesn’t depend on the skill and professionalism of staff.
7. Management personnel of the enterprise don’t have to analyze the state's
economic security, and it shouldn’t also be trained in crisis situations.
8. By providing economic security management needs to analyze whether
the company used technology with modern international standards, what
technologies are used in other enterprises manufacturing similar
products, to search for internal reserves to improve the technology used,
to monitor new developments.
9. An organization or entity shall be composed of certain services that deal
with the accumulation and protection of information.
10. The company shall not be protected physically, that is, must not be
protected by his staff, particularly managers, property.

VI. REVIEW AND DISCUSSION QUESTIONS

1. In order to formulate an economic security system each company should

provide the general principles of its economic activities. What are they?
Describe them briefly on the basis of the following text.

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 STATEMENT OF COMPANY’S GENERAL ECONOMIC
AND BUSINESS PRINCIPLES

1. Objectives. The objective of the Company is to commercially develop,

operate and market the hydrocarbon resources and associated infrastructure
governed by the Sakhalin licences for the sustainable benefit of shareholders,
the Russian Federation, the Sakhalin Oblast and the wider community.
2. Responsibilities. Company recognises six areas of responsibility:
a) To Shareholders. To protect shareholders’ investment and provide an
acceptable return.
b) To the Russian Party. To respect its obligations towards the Russian
Federation and the Sakhalin Oblast and to protect its rights under the
Production Sharing Agreement entered into by Company and those parties
c) To Customers. To win and maintain customers by developing and
providing products and services that offer value in terms of price, quality,
safety and environmental impact, which are supported by the requisite
technological, environmental and commercial expertise.
d) To Employees. To respect the human rights of its employees, to provide
its employees with good and safe conditions of work and good and
competitive terms and conditions of service, to promote the development and
best use of human talent and equal opportunity employment, and to
encourage the involvement of employees in the planning and direction of
their work, and in the application of these principles within Company. It is
recognised that the commercial success depends on the full commitment of
all employees.
e) To those with whom we do business. To seek mutually beneficial
relations with contractors and suppliers and to promote the application of
these principles in so doing. The ability to promote these principles
effectively will be an important factor in the decision to enter into or remain
in such relationships.
f) To Society. To conduct its business as a responsible corporate member of
society, to observe the laws of the Russian Federation and the other countries
in which Company operates, to express support for fundamental human
rights in line with the legitimate role of business and to give proper regard to
health, safety and the environment consistent with Company’s commitment
to contribute to sustainable development. These six areas of responsibility
are seen as inseparable. Therefore it is the duty of management to
continuously assess the priorities and discharge its responsibilities as best it
can on the basis of that assessment.
3. Economic Principles. Profitability is essential to discharging these
responsibilities and staying in business. It is a measure both of efficiency and
of the value that customers place on Company’s products and services. It is
essential to the allocation of the necessary corporate resources and to support
the continuing investment required to develop and fully exploit Company’s

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business opportunities. Without profits and a strong financial foundation it
would not be possible to fulfil the responsibilities outlined above. Criteria for
investment decisions are not exclusively economic in nature, but also take
into account social and environmental considerations and an appraisal of the
security of the investment.
4. Business integrity. Company insists on honesty, integrity and fairness in
all aspects of their business and expects the same in its relationships with all
those with whom they do business. The direct or indirect offer, payment,
soliciting and acceptance of bribes in any form are unacceptable practices.
Employees must avoid conflicts of interest between their private financial
activities and their part on the conduct of company business. All business
transactions on behalf of Company must be reflected accurately and fairly in
the accounts of the company in accordance with established procedures and
will be subject to audit.
5. Political Activities
a) of Companies. Company acts in a socially responsible manner within the
laws of the Russian Federation and the other countries in which it does
business in pursuit of its legitimate commercial objectives. Company does
not make payments to political parties, organisations or their representatives
or take any part in party politics. However when dealing with governments,
Company has the right and the responsibility to make its position known on
any matter which affects itself, its employees, its customers, or its
shareholders. Company also has the right to make its position known on
matters affecting the community where it has a contribution to make.
b) of Employees. Where individuals wish to engage in activities in the
community, including standing for election to public office, they will be
given the opportunity to do so where this is appropriate in the light of local
circumstances.
6. Health, Safety and Environment. Consistent with its commitment to
contribute to sustainable development, Company has a systematic approach
to health, safety and environmental management in order to achieve
continuous performance improvement. To this end, Company manages these
matters as any other critical business activity, sets targets for improvement,
and measures, appraises and reports performance.
7. The Community. The most important contribution Company can make
to the social and material progress of the Sakhalin Oblast and the Russian
Federation is in performing its basic activities as effectively as possible. In
addition Company takes a constructive interest in societal matters which may
not be directly related to the business. Company will also provide some
assistance to the communities in which it operates through donations
programs and encouraging direct employee involvement targeted at
contributing to enhancing health, education and culture within the
community.

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8. Competition. Company supports free enterprise. It seeks to compete
fairly and ethically and within the framework of applicable competition
laws; it will not prevent others from competing freely with it.
9. Communication. Company recognises that in view of the importance of
the activities in which it is engaged and their impact on the local economy
and individuals, open communication is essential. To this end, Company has
comprehensive corporate information programmes and provides full relevant
information about its activities to legitimately interested parties, subject to
any overriding considerations of business confidentiality and cost.

2. What do we mean under the term economic security of the enterprise?

Can we consider ESE as an integral part of national economic security in
this connection? What are the general functional components of ESE?
Let’s review these components in details and describe them briefly on
the basis of the following review and discussion questions.
2.1. Why do we consider the financial component as the most important
one for the enterprise economic security? What do the terms financial
stability of the company, financial resources and efficiency of
production mean in this connection? What are the general ways to
achieve the sufficient level of the company’s profitability under the
system of its economic security? What are the major reasons for the loss
of an economic entity financial stability in such situations?
2.2. In the current economic conditions the level of economic security
to a large extent depends on the skill and professionalism of staff. Do
you think so? What is the role of the personnel within a process of
company’s economic activities? What is the role of management
personnel under the framework of the company’s structure? Should
they constantly analyze the state's economic security and also be trained
in crisis situations?
2.3. What does technological component mean within a process of
providing economic security of the company? What are the
management general responsibilities under the process of monitoring
the new technical and technological features in order to survive in new
economic conditions?
2.4. An organization or business entity shall be composed of certain
services that deal with the accumulation and protection of information.
What does the term confidential information mean in this connection?
What are the general measures in order to protect the necessary
information accumulated inside the company? What does the term
password entry in the database system mean in this connection?
2.5. What is the role of the environment component within a whole
structure of economic security of the company? What does the term
harmful substance mean in this connection?

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 2.6. What is the role of the power component within a whole
structure of economic security of the company? The company shall be
protected physically. What does it mean? What does the term Security
Service (department) mean in this connection? What are the general
purposes of such security structure?
3. What does the term Safety Management and Security system (SMS)
mean under the framework of the whole system of the company’s
economic security system? Prepare the short story of SMS system of
any business entity you like on the basis of the following text subject to
the Railway Safety Management system. Let’s discuss it within our
classes.

RAILWAY SAFETY MANAGEMENT SYSTEM

The Safety Management System (SMS) means the organization and

arrangements established by an infrastructure manager or a railway
undertaking to ensure the safe management of its operations. The SMS
includes all rules developed and implemented for the purposes of a given
entity (i.a. internal regulations, procedures, and workplace instructions)
regulating the operations of the entity with regard to safety (i.a. the division
of responsibilities within the entity, including the responsibility of the
management to train staff in the appropriate skills for carrying out particular
tasks, and resources management) and facilitating the secure arrangement of
relationships with other entities, including relations with the infrastructure
manager and other railway undertakings, and with subcontractors.
The solutions adopted within the SMS is an enterprise’s capability to
continuously identify threats in all aspects of its activities, including threats
resulting from cooperation with other entities (e.g. the undertaking’s
cooperation with the infrastructure manager), cooperation with
subcontractors (e.g. services in terms of infrastructure or vehicle
maintenance, traction services and staff outsourcing) and managing the risks
associated with such threats. Appropriately developed and efficient SMS
procedures, on the one hand, should facilitate the active implementation of
risk management measures (solutions implemented by enterprises making it
possible to reduce the identified risk to an acceptable level), and, on the
other hand, monitoring the effectiveness of the applied solutions and the
continuous upgrading of the adopted procedures, instructions and
regulations, in order to maintain the required level of safety of the performed
activities. Safety management systems are created on an obligatory basis by
railway undertakings and infrastructure managers on the basis of the criteria
stipulated in the common safety method for assessing conformity.

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 SMS Structure

The basic elements of the Safety Management System cover:

 Risk management procedures for all risk factors associated with
the performed activities, provided maintenance services and supplied
materials, the involvement of contractors and suppliers, and third-party
actions;
 Procedures for the division of responsibilities and for control
measures at various levels of management;
 Procedures related to the quantitative and qualitative objectives of
an organization in terms of maintaining and improving safety and plans and
procedures developed to meet these objectives;
 Procedures aimed at meeting the requirements of existing and new
technical and operating standards and other requirements;
 Change-management and risk-assessment procedures in the event
of changes in the conditions of the activities carried out in line with the
requirements of the common safety method on risk evaluation and
assessment;
 Procedures for the system for managing staff skills;
 Procedures aimed at ensuring access to information and information
recording;
 Procedures for reporting, investigating and analyzing accidents,
incidents and events which can potentially lead to accidents, and procedures
for implementing the guidelines issued by relevant entities (event
investigation commissions, the National Railway Accident Investigation
Committee, the President of UTK);
 Procedures aimed at implementing internal audits of safety
management systems and at monitoring the effectiveness of the applied
solutions and their continuous upgrading on the basis of the requirements of
the common safety method for monitoring.

4. Prepare the oral composition “ESE as an integral part of a national

economic security”. Let’s discuss it within our classes.

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 UNIT IX

FINANCIAL SECURITY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

FINANCIAL COMPONENT OF ECONOMIC SECURITY

Financial component of the economic security probably is the most

important, as the financial stability of the company and state says about their
own financial resources and the level of their use. Financial stability is
closely linked with the efficiency of production, as well as the outcomes of
the economic entities. So, the financial system may be the main protecting
object within the whole economic security system.

Financial System

The greatest benefit of an economy is to provide the most desirable

consumer goods and services in the most desirable amounts – what is known
as the efficient allocation of economic resources. To produce these consumer
goods and services requires capital in the form of labor, land, capital goods
used to produce a desired product or service, and entrepreneurial ability to
use these resources together to the greatest efficiency in producing what
consumers want most. The efficient allocation of economic resources is
achieved by a financial system that allocates money to those people and for
those purposes that will yield the greatest return. The financial system is
composed of the products and services provided by financial institutions,
which includes banks, insurance companies, organized exchanges, and the
many other companies that serve to facilitate economic transactions.
Virtually all economic transactions are effected by one or more of these
financial institutions.

Payment System

While money as currency is a convenient means of payment between

individuals, it is not so convenient for banks, businesses, and other
organizations, such as governments, that require and pay out large amounts
of money and to have records of their transactions for accounting and tax
purposes. Hence, payment systems have evolved to increase the efficiency of
money flow and recordkeeping. Checks were the first major financial
innovation that simplified payments. The use of checks, which is not money

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but rather part of the payment system, is a legal document in which the payer
of the check promises to pay the payee of the check.

Financial Risk

There is always financial risk whenever a person pays out money in

the hope of gaining more back at some future date. This can occur when a
lender lends to a borrower by buying a bond, when a person buys stock in a
company in the hope that it will increase in value, or when a person saves
money at a bank to earn interest. Hence, another goal of a financial system is
to allow people to reduce risk by offering to act as an intermediary or to
offer products that offset the potential risk. So, banks take on much of the
risk of lending out savers' money by acting as the intermediary between
lender and borrower, and financial markets offer many products that can
offset risk, such as buying a put to protect against the decline of a stock, or
entering into a futures contract that can protect both the buyer and the seller
of a commodity from adverse price moves.

Financial Markets

Financial markets consists of all products and services that are

offered for sale in exchange for interest, potential capital gains, or for the
protection of financial risk, which includes the products and services offered
by banks, insurance companies, and other financial institutions, and by
marketplaces. Financial markets provide liquidity, which allows investors to
quickly convert their financial assets to cash at relatively low cost. Financial
markets must also be fair; otherwise, people would be less willing to lend or
invest. So, the financial system must create fair markets and maintain their
fairness through the enforcement of rules, regulations, and laws that help to
level the playing field.

Economic Stability

Economies work best when they are stable. When the financial
system falters, so does the economy. There is no better illustration of this
than the current credit crisis brought on by excessive speculation and
excessive risk-taking by banks, hedge funds, and other major financial
institutions. Governments around the world were forced to inject trillions of
dollars into their banking systems so that they would not collapse, and to
get credit flowing again. For without credit, businesses stop hiring and start
laying off people. People stop spending to conserve money, which causes
businesses to contract further, with more layoffs, and more consumers
tightening, and so on. A contracting economy also reduces tax receipts for
governments and causes them to cut spending, especially if they do not

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have the power to print money as the central governments do. Raising taxes
in a contracting economy only hurts the people more, and forces them to
spend even less.
Hence, a major goal of financial systems is to provide economic
stability. Central banks have the major role of keeping the economy stable or
stabilizing it if it falters. Central banks accomplish this by effecting
monetary policies, such as adjusting the cost of money through key interest
rates or by controlling the quantity of money in the economy. So, the
financial system can be viewed simply as a means of managing the flow of
financial information. Modern technology is greatly increasing its efficiency,
and will continue to do so well into the future. Traditional services will
become faster and more secure, and new products and services will be
developed to better serve the needs of the people.
(Based on: C. Paramasivan and T. Subramanian. Financial Management)

ACTIVE VOCABULARY

capital goods товары промышленного назначения

central bank центральный банк
consumer goods and потребительские товары и услуги
services
contracting economy застойная экономика
currency валюта (национальная денежная единица)
economic entity экономический (хозяйствующий) субъект
права
economic stability экономическая стабильность (устойчивость)
economic transactions хозяйственные сделки
efficient allocation of эффективное распределение экономических
economic resources ресурсов
efficiency of production эффективность производства
entrepreneurial ability предпринимательская способность
financial institutions кредитно-финансовые учреждения
financial markets финансовые рынки (напр., ценных бумаг)
financial resources финансовые ресурсы
financial stability финансовая стабильность компании
financial system финансовая система
force majeure форс-мажор (обстоятельства непреодолимой
силы)
hedge fund хеджевый фонд (хедж-фонд)
laying off сокращение (по экономическим причинам)
monetary policy монетаристская (кредитно-денежная)
политика
money flow поток денежных средств
nature of state regulation существо государственного регулирования

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organized (stock) фондовая биржа
exchange
payment system платежная система (система платежей)
price moves движение цен
recordkeeping бухгалтерский учёт
return (on investments) прибыль (на инвестиции)
tax receipts налоговые поступления (доходы)
to cut spending сокращать (урезать) расходы
to earn interest получать процентный доход

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ФИНАНСОВАЯ БЕЗОПАСНОСТЬ

Финансовая безопасность – это защищенность финансовых

интересов на всех уровнях финансовых отношений; определенный
уровень независимости, стабильности и стойкости финансовой
системы страны в условиях влияния на нее внешних и внутренних
дестабилизирующих факторов, которые составляют угрозу финансовой
безопасности; способность финансовой системы государства
обеспечить эффективное функционирование национальной
экономической системы и постоянное экономическое возрастание.
Финансовая безопасность государства – основное условие
его способности осуществлять самостоятельную финансово-
экономическую политику в соответствии со своими национальными
интересами. Финансовая безопасность государства состоит в
способности:
 обеспечивать устойчивость экономического развития
государства, платежно-расчетной системы и основных
финансово-экономических параметров;
 нейтрализовать воздействие мировых финансовых кризисов
и преднамеренных действий мировых факторов (государств,
транснациональных корпораций и др.), теневых (кланово-
корпоративных, мафиозных и др.) структур на национальную
экономическую и социально-политическую систему;
 предотвращать крупномасштабную утечку капиталов за
границу, «бегство капитала» из реального сектора экономики;
 наиболее оптимально для экономики страны привлекать и
использовать средства иностранных заимствований;
 предотвращать преступления и административные право-
нарушения в финансовых правоотношениях (в том числе
легализацию – отмывание – доходов, полученных преступным путем).

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Финансовая система должна иметь определенный запас прочности на
случай непредвиденных и чрезвычайных обстоятельств, для того
чтобы государственные органы могли оперативно и своевременно
отреагировать на возникновение угроз и нейтрализовать факторы,
способствующие их развитию и предотвратить потенциальные
социально-экономические потери.
Финансовая безопасность предприятия – это состояние его
защищенности от негативного влияния внешних и внутренних угроз,
дестабилизирующих факторов, при котором обеспечивается устойчивая
реализация основных коммерческих интересов и целей уставной
деятельности. Сущность финансовой безопасности предприятия
состоит в его способности самостоятельно разрабатывать и
проводить финансовую стратегию в соответствии с целями общей
корпоративной стратегии, в условиях неопределенной и конкурентной
среды. Главное условие финансовой безопасности предприятия –
способность противостоять существующим и возникающим
опасностям и угрозам, стремящимся причинить финансовый ущерб
предприятию или нежелательно изменить структуру капитала, или
принудительно ликвидировать предприятие. Для обеспечения этого
условия предприятие должно поддерживать финансовую
устойчивость, равновесие и гибкость при принятии финансовых
решений.
Финансовая устойчивость и финансовая безопасность
предприятия неразрывно связаны между собой, взаимовлияют и
взаимодополняют друг друга. Выражаясь образно, можно сказать,
что они представляет собой две стороны одной медали. Финансовая
устойчивость – необходимое, но недостаточное условие финансовой
безопасности предприятия. Однако, если условие, что
предприятие, обладающее финансовой безопасностью, обладает и
финансовой устойчивостью, верно, то обратное утверждение не будет
справедливым.
Следовательно, обеспечение финансовой безопасности может
быть только на основе финансово устойчивого развития предприятия,
в котором созданы условия для реализации такого финансового
механизма, который способен адаптироваться к изменяющимся
условиям внутренней и внешней среды. При таком подходе к
финансовой устойчивости предприятия особое значение приобретают
уровни финансовой устойчивости, так как для финансовой
безопасности предприятия важен не абсолютный, а рациональный
уровень финансовой устойчивости. Источниками отрицательных
влияний на финансовую безопасность предприятия могут быть:
 сознательные или бессознательные действия отдельных
должностных лиц и субъектов хозяйствования (органов
государственной власти, международных организаций, конкурентов);

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  стечение объективных обстоятельств (состояние
финансовой конъюнктуры на рынках данного предприятия, научные
открытия и технологические разработки, форс-мажорные
обстоятельства и т. п.).
Главной целью финансовой безопасности предприятия является
обеспечение его продолжительного и максимально эффективного
функционирования и высокого потенциала развития в будущем.
(Based on: E.V. Karanina. Financial Security (the State and Organization
Levels)

III. LISTENING/WATCHING:

STOCK MARKET: THE BUSINESS OF INVESTING

1. Before listening to the following broadcast match the key words

and expressions in the left column with their translation in the right
one.

1. stock exchange a) неожиданная удача (незапланированное,

(market) но столь желанное поступление
2. share (stock) денежных активов)
3. broker b) Нью-йоркская фондовая биржа; табло с
4. Big Board (New York курсом ценных бумаг
Stock Exchange) c) Американская фондовая биржа
5. Little Board (American d) повышение цен/курсов на рынке
Stock Exchange) e) рынок с понижательной тенденцией
6. bull market f) фондовая биржа
7. bear market g) идти к банкротству (разорению)
8. to go belly up h) брокер; маклер; посредник, агент
9. windfall i) акция

2. Listen to the text and answer the questions below using the
abovementioned key words.

1. Define the terms share and stock. What is the main difference
between them? Can you sell and/or buy them singly? Who is the
main assistant within the process of selling or buying the shares?
2. Where can you buy and/or sell shares of the companies? What does
the term stock exchange mean in this connection?
3. What do the terms Big Board and Little Board mean? Describe
them briefly. What do you know about the history of the New York
Stock Exchange?
4. Define the terms bull market and bear market. What can you tell
about the prices within the frameworks of such markets? How did

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 an English dictionary of the sixteen hundreds interpret the phrase
“To sell a bear”? Tell the etymological history of both bear and
bull within the market frameworks.
5. In the modern world, a company that does not earn enough profit is
said to go belly up. What does it mean?
6. All investors are hoping for a windfall. What does this term mean?
Where did the word windfall come from?
7. What is the role of stock exchange within a whole national security
system?

3. Listen to the text again; check your answers; name the main idea
and retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. The protection of financial interests at all levels of

financial relations; a certain level of independence,
stability and stability of the financial system of the
country under the influence of external and internal
destabilizing factors.
2. The efficiency of production, as well as the
outcomes of the economic entities on the basis of
their financial systems.
3. Any type of subject of law which pays taxes (any
types of legal or natural persons).
4. A state of a company’s protection from the negative
impact of external and internal threats, destabilizing
factors, which ensures the sustainable
implementation of the main commercial interests
and objectives of the statutory activities.
5. An unexpected and unavoidable event out of
control of any of the parties to the contract (war,
upheaval, disaster, etc.) that causes or allows a
contract to be changed or cancelled if it has a force
majeure clause.
6. A system composed of financial institutions
including banks, insurance companies, organized
exchanges, and the many other companies that
serve to facilitate economic transactions.

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 7. Planning for specific tasks and ways of their
realization in the financial-economic activity of
enterprise (company, organization).
8. A direction in writing to a bank to pay a stated sum
of money on demand to a named person or
organization.
9. The markets which facilitate the exchange of liquid
assets. Most investors prefer investing in two
markets, the stock markets and the bond markets.
10. A market where securities are bought and sold
under fixed rules, but at prices controlled by supply
and demand.
11. One of a number of titles of ownership in a
company; it confers on its owner a legal right to the
part of the company's profits (usu. by payment of a
dividend) and to any voting rights.
12. A stock market or currency market where prices
are rising.
13. A stock market or currency market where prices
are falling.
14. An economy which reduces tax receipts for
governments and causes them to cut spending,
especially if they do not have the power to print
money as the central governments do.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. Financial security is not an important component of the national

economic security system.
2. The financial system may be the main protecting object within the whole
economic security system.
3. The lowest benefit of an economy is to provide the most desirable
consumer goods and services in the most desirable amounts – what is
known as the non-efficient allocation of economic resources.
4. Financial stability is closely linked with the efficiency of production, as
well as the outcomes of the enterprise.
5. To maintain the stability is necessary to use a financial strategy that is
planning for specific tasks and ways of their realization in the financial-
economic activity of enterprise (company, organization).
6. The efficient allocation of economic resources is achieved by a financial
system that allocates money to those people and for those purposes that
will yield the lowest return.

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7. The financial system is never composed of the products and services
provided by financial institutions, which includes banks, insurance
companies, organized exchanges, and the many other companies.
8. The use of checks, which is not money but rather part of the payment
system, is a legal document in which the payer of the check promises to
pay the payee of the check.
9. The financial system must create cut-throat markets and maintain them
through the absence of rules, regulations, and laws that can’t help to level
the playing field.
10. Economies work best when they are stable. When the financial system
falters, so does the economy.

VI. REVIEW AND DISCUSSION QUESTIONS

1. Financial component probably is the most important element of the

economic security. Do you think so? Prove your own opinion on the
basis of the text. What does the term financial stability mean in this
connection? Does it closely connected with the efficiency of production
and financial resources, as well as the outcomes of an entity? What
does the term economic (business) entity mean in this connection?
2. What does the term financial system mean under the framework of the
whole nation and enterprise economic security systems? What are the
general goals of the financial system in order to establish financial
security of a country and/or enterprise?
3. What do the terms market and financial market mean under the
framework of financial security system? What general types of economic
markets do you know? Nominate and describe them briefly on the basis
of the following text.

MARKETS

Traditional marketplace is a physical arena where buyers and sellers

meet and the traded items are present, ready to change hands. Virtual
market is an arena where buyer and seller are not present and trade via
intermediates and electronic information.
Markets may be any of a variety of different systems, institutions,
procedures, social relations and infrastructures whereby persons are
coordinated, goods and services are exchanged and which form part of the
economy. Markets vary as to size, range, geographic scale, location, types
and variety of human communities and goods and services. Some examples
include local farmers’ markets held in town squares or parking lots, boot car
sales, international currency and commodity markets, and legally created
markets such as for pollution permits, free trade areas or the European
Community’s Common Market.

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 In classical and neo-classical economics, the concept of a market is
any structure that allows buyers and sellers to exchange any goods, services
and information. The exchange of goods or services for money is a
transaction. A market consists of all the buyers and sellers of a good who
influences its price. This influence is the objective of economists and has
given rise to several theories and models in economics concerning the basic
market forces of supply and demand. There are two roles in markets, buyers
and sellers. The market facilitates trade and enables the distribution and
allocation of resources in a society. Markets allow any tradable item to be
evaluated and priced. A market emerges more or less spontaneously or is
constructed deliberately by human interaction in order to enable the
exchange of rights of services and goods. The historical origin of markets is
the physical marketplaces which would often develop into small
communities, towns and cities.

Types of Markets

Although many markets exist in the traditional sense – such as a

marketplace – there are various other types of markets and various
organizational structures to assist their functions.
Financial markets are the markets, which facilitate the exchange of
liquid assets. Most investors prefer investing in two markets, the stock
markets and the bond markets. NYSE, AMEX, and the NASDAQ are the
most common stock markets in the US. Futures markets, where contracts
future delivery of goods are exchanged, these are often and outgrowth of
general commodity markets.
Currency markets are used to trade one currency for another, and are
often used for speculation on currency exchange rates. The money market is
the name for the global market for lending and borrowing.
Production markets are a type of speculative market in which the
goods exchanged are futures on the occurrence of certain events. They apply
the market dynamics to facilitate information aggregation.
A market can be organized as an auction, as a private electronic
market, as a shopping center, as a complex institution such as a stock market,
and as an informal discussion between two individuals. Markets of varying
types can spontaneously arise whenever a party has interest in a good or
service that some other party can provide. Hence there can be a market for
cigarettes in correctional facilities, another for chewing gum in a playground,
and yet another for contracts for the future delivery of a commodity. There
can be black markets, where a good is exchanged illegally and virtual
markets, such as eBay, in which buyers and sellers do not physically interact.
There can also be markets for goods under a command economy despite
pressure to repress them.

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 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.
Market prices may be distorted by a seller or sellers with monopoly power,
or a buyer with monopsony power. Such price distortions can have an
adverse effect on market participant's welfare and reduce the efficiency of
market outcomes. Also, 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.

4. What does the term payment system mean under the framework of
financial markets? While money as a currency is a convenient mean of
payment between individuals, it is not so convenient for other financial
institutions? What other instruments of payment and saving do you
know? Nominate and describe them briefly on the basis of the following
broadcast transcript? What do the terms money flow, check, share
(stock), bond mean in this connection?

GETTING STARTED AS AN INVESTOR

Stocks, bonds, land – people invest in different things and for different
reasons. But all investors share the same goal. They want to get more
money out of their investment than they put into it. The money they invest
today provides capital for future growth in the economy. But people can
watch their own financial future take a wild ride as markets rise and fall. So
investors have to decide how much risk they are willing to take and for how
long.
One choice for people who want a low-risk investment is the money
market. Usually individuals do this through money market mutual
funds. Mutual funds are investment pools. They gather the money of many
investors. Money market mutual funds earn interest from short-term loans to
government and businesses. But the return to investors is low because little
risk is involved.
Notes and bonds are loans, too. They have terms from two to thirty
years. The longer the term of a loan, the greater the risk that the investment
will not be repaid. So notes and bonds usually pay higher interest rates than
short-term bills or commercial paper. Millions of people invest in bonds and
other debt-based products. This is true especially as people get older and
want to reduce the level of risk in their investments. But over time, debt-
based investments have traditionally provided lower returns than
stocks. Stock is a share of ownership in a business.
Common stock gives investors a vote on company issues and
leadership. It might also pay a small percentage of its value, a dividend, one

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or more times a year. Not all stocks pay dividends. Some are valued more
for their growth. Technology stocks, for example, rarely pay dividends.
Preferred stock is different from common stock. Holders of
preferred stock have no vote on company issues, but they also have less
risk. They get paid a stated dividend before the company even considers
paying dividends on common stock.
Investing in stocks of individual companies can be very risky. Bad
news can quickly cut their value. Instead, many people invest in stock
mutual funds so their money goes into many different stocks. Balanced
funds mix stocks and bonds to spread risk – and capital – even more.

5. What does the term financial institution mean under the framework of
financial security system? What major institutions do you know?
Nominate and describe them briefly on the basis of the following text.
What do the terms bank and central bank mean in this connection?

FINANCIAL INSTITUTIONS

Traditionally, the financial system has been divided into two

categories: deposit institutions which accept deposits from customers and
members and provide some form of checking account and non-deposit
institutions.

Central Banks

These are institutions which control the banking of the entire country;
they work together with the government to control the country’s economy.
The central bank of the Unite Kingdom is the Bank of England, in the USA
it is the Federal Reserve System, in single currency Europe the European
Central Bank, etc. The central bank has number of different functions:
 To issue banknotes and coins, the country’s currency. These notes
and coins are legal tender in the country where they are produced; this means
that traders in that country may not refuse them when they are offered as
payment.
 To look after the country’s gold reserves.
 To make sure that the country’s currency keeps its value.
 To act as bankers for the government and the other banks.
 To keep inflation under control. Inflation happens when there is a
lot more money (in the form of banknotes and credits) available than there
are goods for sale (in the other words, when demand for the goods exceeds
supply). When this happens, prices increase sharply and often. To stop it, the
central bank needs to take money out of circulation, for example by
increasing interest rates (this makes borrowing more expensive and means

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that fewer people will apply for credit), and by increasing the amount of
money which all banks have to deposit with central bank.

Commercial Banks

Commercial banks are profit-making businesses that hold the

deposits of individuals, business firms, and non-profit organizations in the
form of checking or saving accounts and use these funds to make loans to
individuals and business. They also generate funds by selling certificates of
deposit, by borrowing from the Federal Reserve System, and by charging a
variety of fees for their services. These funds then are loaned to individuals,
business firms, and non-profit organizations. By charging higher interest
rates to borrowers than they pay to depositors and others who provide funds
for lending, the banks generate revenue to be used in converting their
operating expenses and earn profit.

Bank Safety and Security

Most family histories include stories of money lost due to a bank

failure. To increase confidence in the security of financial institutions and to
prevent the so-called “runs” on banks by depositors seeking to withdraw
their deposits in times of economic crisis, specialized federal insurance
programs have been created for most commercial banks, thrifts, and credit
unions.
The primary technique for guaranteeing the safety and soundness of
commercial banks is the use of unannounced inspections of individual
institutions at least once a year by bank examiners. A bank examiner is a
trained representative who inspects the financial records and management
practices of each insured financial institution. During the examination,
which may take from a week to several months, the following areas are
evaluated: ability of the bank’s management, level and sources of earnings,
adequacy of properties pledged to secure loans made by the bank, capital,
and current level of liquidity.

6. What does the term financial risk mean under the framework of
financial security system? What types of financial risks do you know?
What are the general ways of dealing financial risks? Hope the following
text will help you understand the problem under discussion better. Read
and translate the text and be ready to discuss it within our classes.

FINANCIAL RISKS

Financial risks create the possibility of losses arising from the failure to
achieve a financial objective. The risk reflects uncertainty about foreign

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exchange rates, interest rates, commodity prices, equity prices, credit quality,
liquidity, and an organization’s access to financing. These financial risks are not
necessarily independent of each other. Financial risks can be subdivided into
distinct categories:
Market risks are the financial risks that arise because of possible losses
due to changes in future market prices or rates. The price changes will often
relate to interest or foreign exchange rate movements, but also include the price
of basic commodities that are vital to the business.
Credit risks are the financial risks associated with the possibility of
default by counter-party. Credit risks typically arise because customers fail to
pay for goods supplied on credit. Credit risk exposure increases substantially
when a firm depends heavily upon a small number of large customers who have
been granted access to a significant amount of credit. The significance of credit
risk varies between sectors, and is high in the area of financial security, where
short- and long-term lending is fundamental to the business.
Financing, liquidity and cash flow risks. Financing risks affect an
organization’s ability to obtain ongoing financing. An obvious example is the
dependence of a firm on its access to credit from its bank. Liquidity risk refers
to uncertainty regarding the ability of a firm to unwind a position at little or no
cost, and also relates to the availability of sufficient funds to meet financial
commitments when they fall due. Cash flow risks relate to the volatility of the
firm’s day-to-day operating cash flow.

Risk Management System

The core elements of a financial risk management system are: risk

identification and assessment; development of a risk response; implementation
of a risk control strategy and the associated control mechanisms; review of risk
exposures (via internal reports) and repetition of the cycle.
Risk identification and assessment. The first stage is to identify the
risks to which the organization is exposed. Risk identification needs to be
methodical, and to address the organization’s main activities and their
associated risks. Risk identification may be carried out via questionnaires,
surveys, brainstorming sessions, or a range of other techniques such as incident
investigation, auditing, root cause analysis, or interviews. The aim is to use staff
expertise to identify and describe all the potential financial risks to which the
organization may be exposed.
The scale of each identified risk is then estimated, using a mix of
qualitative and quantitative techniques. After this, risks are prioritized. The
resulting risk ranking should relate directly back to overall corporate
objectives. A commonly used approach is to map the estimated risks against a
likelihood/impact matrix. Often, both likelihood and impact would be
classified into high, medium, or low. The more likely the outcome, and the
bigger the impact, the more significant the risk would become. And it is

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especially important to identify and assess those risks that have the potential
to severely jeopardize the organization’s ability to achieve its objectives, or
even to threaten its very survival.
Risk response. The organization needs to respond to the risks it has
identified. An example would include setting out a policy defining the
organization’s response to a particular risk, and explain how that policy fits in
with its broader objectives. The organization should take account of the
effectiveness of alternative possible responses. This requires that it be possible
to identify the level of “gross” risk prior to a response, and the level of “net”
risk left after it. The organization should also take account of the costs and
prospective benefits of alternative responses, as well as take account of how
any response would relate to its risk appetite and its ability to achieve its
strategic objectives.
Internal strategies imply a willingness to accept the risk and manage it
internally within the framework of normal business operations. An example
would be a decision to use the customer’s currency for pricing of all exports,
and using internal netting processes to manage currency exposures.
Risk sharing strategies relate to strategies that mitigate or share risks
with an outside party. An example would be a forward contract, which “locks
in” a particular future price or rate. This prevents losses from unfavorable
currency movements, but locks the buyer into a fixed future exchange rate.
Another example is a joint venture.
Risk c ontrol implementation. Having selected a risk response, the
next stage is to implement it and monitor its effectiveness in relation to the
specified objectives. Implementation includes allocating responsibility for
managing specific risks and, underlying that, creating a risk-aware culture in
which risk management becomes embedded within the organizational language
and methods of working.
Review of risk exposures. The control loop is closed when the
effectiveness of the risk controls is evaluated through a reporting and review
process. This leads to a new risk identification and evaluation process. This
process itself has three main components:
1) Review process should include a regular review of risk forecasts, a
review of the management responses to significant risks, and a review of the
organization’s risk strategy. It should also include the establishment of an early
warning system to indicate material changes to the risks faced by the
organization.
2) Internal reporting to the board or senior management group might
include (a) review of the organization’s overall risk management strategy; and
(b) reviews of the processes used to identify and respond to risks, and of the
methods used to manage them. It should also include an assessment of the costs
and benefits of the organization’s risk responses, and an assessment of the
impact of the organization’s risk management strategy on the risks it faces.

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 3) External reporting. External stakeholders should be informed of the
organization’s risk management strategy, and be given some indication of how
well it is performing. This basic framework for risk management can now be
applied to each of the different categories of financial risk, namely: market,
credit, financing, liquidity, and cash flow risks.

7. Prepare the oral composition “Financial system as an integral part of

national and company’s economic security”. Let’s discuss it within our
classes.

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 UNIT X

HUMAN RESOURCE SECURITY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

EMPLOYEES STILL THE BIGGEST THREAT

TO ENTERPRISE SECURITY

Time and time again it has been found that the greatest
vulnerabilities in enterprise security rest in the hands of business’
employees. According to SWOT analysis when strengths and
opportunities of the company mesh it has leverage in the marketplace.
The combination of outside threats with inside strengths is called
vulnerability of a company. In fact, one recent study in the U.K.
found that 75% of large organizations suffered staff-related security
breaches in 2015, with 50% of the worst breaches caused by human
error. So as employees stand as the first line of defense against security
breach, their habits may simultaneously act as the greatest threat to
enterprise security. There are several ways that employees endanger
business security, whether there is malicious intent or not. Some risky
behaviors include sharing files over the cloud, accidentally downloading
malicious apps, clicking on phishing links, reusing passwords,
participating in online games, or simply just listening to music. It is
important to remember that cybercriminals will find any gateway to
access sensitive information.
One study that looked at employee habits found that 63% of
employees use their work device for personal reasons such as online
banking, social media, and shopping. This same study also found that 94%
of employees connect their laptops or mobile devices to public Wi-Fi
networks and 69% handle work-related data on these networks. Additionally,
businesses tend to overlook the danger in employees’ personal mobile
devices. A different study that polled 588 security professionals at Global
2,000 companies reported that 3% of employee mobile devices are infected
with malware, translating into an average of more than 1,700 infected
devices in the workplace that are connected to the company’s network. The
study found that the top three targets of malware are health care,
manufacturing, and financial services.
1) Human error. It could be as simple as clicking on a phishing
email. Mistakes can be costly, from misaddressed emails to stolen devices to
confidential data sent to insecure home systems.

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 2) Leaked passwords. Employees who want to steal competitive
information, or sell data, or have a vendetta against the company can be real
threats.
3) Hijacked identities. Often leveraged data from social media
accounts. Phishing scams that lead to access to the company server.

What Needs to be Done?

Security pros at We Live Security suggest that enterprise security stems

from a cyber security program detailing how your business approaches
outsider and insider threats. To help build a strong foundation, they suggest
the following framework for better security online.
Boost employee awareness: It is no longer enough for people to be
cyber-aware – an entire workforce needs to understand how easy it is to
make mistakes and where vulnerabilities exist. The absence of knowledge
means that there is no reference point to consult if in doubt; as such, issues
are likely to materialize.
Back up your data: Nothing is foolproof. For instance, while the
ansomware Locky is an external threat, it is also an internal one distributed
by emails with attachments. A Trojan is embedded in the document, and
once opened, it executes its payload. Therefore, backups are essential, and
preferably stored in an external hard drive so that in the case of breach; you
are prepared with a copy.
Document what is and isn’t acceptable: Detailing what is and
isn’t permissible on paper is vital in establishing boundaries of best
practice in the workplace. For example, some organizations may find it
acceptable for employees to take home their laptops; others might
consider it inappropriate. Additionally, businesses must discuss their
response plan in the case of employee transgressions whether it is
warnings, fines, etc. Of course, this will vary with any given enterprise,
but is nonetheless important in how you view and deal with deliberate or
accidental violations.
These three guidelines provide a strong foundation for enterprise
security, but businesses must take it upon themselves to continuously build
upon this framework. Continuous endpoint monitoring allows security teams
to respond quickly to attacks that start with employees and fend off
malicious breach, while continued employee education about advancing
threats in cyber security may change the employee behaviors that may
endanger a company’s sensitive information. Employees don’t have to be
vulnerability to enterprise security, and with proper attention, this first line
of defense can become harder to breach.
(Based on: Sara Drury. Employees Still the Biggest Threat to Enterprise
Security)

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 ACTIVE VOCABULARY
accessing and posting to sites доступ и размещение на сайтах
awareness информированность, бдительность
background checks проверка анкетных и профессиональных
данных
Code of Conduct кодекс корпоративной этики
company’s policy политика компании
cyber criminals киберпреступники
cyber security кибербезопасность – защита
компьютерных и Интернет систем
employees conduct поведение работников
endanger подвергать опасности
endpoint monitoring мониторинг конечных устройств таких
как, мобильные телефоны, планшеты и
ПК
enterprise security экономическая безопасность
предприятия
data security защита цифровых данных, баз данных
guidelines рекомендации, инструкции
human error человеческий фактор, ошибка
работника
HR (human resource) отдел по работе с персоналом, отдел
department кадров
law enforcement здесь – органы правопорядка
leaked password пароль, ставший достоянием окружения
legal action судебное преследование
malicious apps вредоносные приложения
malicious intent преступное намерение, злой умысел
malware вредоносная программа
outsider and insider threats внешние и внутренние угрозы
phishing фишинг (вид мошенничества)
phishing email (message) мошенническое сообщение с целью
хищения личных данных
physical security физическая безопасность
security breaches ущерб для безопасности предприятия
sensitive information информация с ограниченным доступом
sharing files over the cloud иметь доступ к файлам, загруженным в
облако
SWOT (strengths, СВОТ анализ (анализ сильных и слабых
weaknesses, opportunities сторон, возможностей и угроз)
and threats) analysis
to back up здесь – делать резервные копии
to download загружать информацию в компьютер
vendetta (against) личная вражда
vulnerability уязвимость; слабое место

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II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ГОРЯЧИЕ ПРАВОВЫЕ И ЭТИЧЕСКИЕ ПРОБЛЕМЫ

Деловая этика – это моральные правила, которые говорят вам, что

хорошо и что плохо в деловой ситуации. Деловая этика помогает
решать предприятию вопросы собственной безопасности на рынке
товаров и услуг. Нет легких ответов на этические дилеммы. Каждый из
менеджеров должен стараться, чтобы: 1) иметь хорошо развитое
чувство совести и 2) делать так, как вам она вам подсказывает,
пользуясь политиками вашей компании. При этом вы должны быть в
курсе «горячих тем», которые часто дискутируются в современной
правовой сфере и деловой этике в рамках обеспечения экономической
безопасности предприятия:
 Преступления белых воротничков – это факт деловой жизни.
Миллиарды долларов пропадают ежегодно, и виной тому подделки,
растраты, кражи оборудования и материалов, ложные претензии по
страхованию, взяточничество и различные махинации. Покупатели,
поставщики и владельцы акций расплачиваются за это. Если вы узнаете
о такой деятельности, сразу дайте знать руководителю службы
безопасности или правового отдела.
 Конфликты интересов возникают, когда вы должны играть
две противоположные роли в одной ситуации. Например, если вы
совладелец компании, которая может стать поставщиком у вашего
теперешнего работодателя, у вас начинается конфликт интересов. Как
можете вы быть объективными, когда речь идет о том, кто должен стать
поставщиком, если вы будете иметь прибыль в зависимости от
решения? Когда вы сталкиваетесь с конфликтом интересов, лучше
всего проинформировать человека, ответственного за ситуацию, или
отказаться от одной из ваших ролей.
 Дискриминация, основанная на религии, этнической или
расовой принадлежности, возрасте, семейном положении или
сексуальных приоритетах, должна быть изжита и на правовой, и на
этической почве. Многие из нас, если мы честны с собой, понимаем,
что имеем предрассудки до какой-то степени. Цель состоит в том,
чтобы знать о них и не позволять им влиять на наше поведение или
отношения с другими людьми, особенно на работе. Фактически,
большое количество компаний видят все преимущества смешанного
рабочего коллектива, потому что благодаря тому, что рынок становится
более разнообразным, компании, в которых служат разные люди, будут
лучше обслуживать его.

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 Как у работника, у вас есть обязательства перед начальником,
подчиненными, равноправными сотрудниками, держателями акций,
покупателями и поставщиками. У вас есть также обязательства перед
обществом. Большие компании часто обвиняются сторонними от
бизнеса людьми в жадности, коррумпированности и безличности. Но
это может быть правдой только в том случае, если деловые люди не
делают того, что считают правильным и честным. Миллионы и
миллионы людей в бизнесе, о большинстве из которых никогда не
напишут в средствах массовой информации, уже доказали, что вы
можете хорошо справиться с работой менеджера. Основой тому должно
служить соблюдение правил честного ведения бизнеса и норм деловой
этики.
Общество создает законы, чтобы управлять поведением людей.
Деловое законодательство регулирует операции в бизнесе, такие как
контракты, а также вопросы, касающиеся монополий, трудоустройства
и налогообложения. В стране законы могут быть приняты
законодательными органами, которые издают кодексы и уставы, и
судебными властями, которые издают прецедентное право. В то время,
как большинство людей недолюбливают судебные разбирательства и
постараются обойтись без их помощи, решив дело путем переговоров,
судебные процессы проводятся потому, что они являются
альтернативой жестокости и несправедливости. Основные ключи
закона включают в себя защиту потребителя, контракты,
трудоустройство и ответственность за продукцию. Как менеджер вы не
обязаны разбираться в правовых вопросах, но вы должны здраво
мыслить и отличать правильное от неправильного. Кроме того,
пользуйтесь правовой помощью, когда она вам нужна, будьте
осторожны в том, что подписываете, и наймите адвоката, если он есть у
противной стороны.
(Based on: Tom Gorman. Complete Idiot’s Guide to MBA)

III. LISTENING/WATCHING:

CORPORATE CRIME

1. Before you listen to the following broadcast match the key words
and expressions in the left column with their translation in the
right one.

1. business fraud a) совершать преступление

2. to commit a crime b) выплачивать деньги без отражения в
3. to face the бухгалтерской отчетности (в конверте)
consequences c) фальсифицировать финансовую

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4. “hard time” отчетность
5. corporate d) быстро терять деньги; резко идти к
responsibility law банкротству (от полёты с резким
6. to “make a killing” снижением)
7. to “nose-dive” (nose- e) идти к банкротству («всплывать брюхом к
down flying) верху»)
8. ledger (main book) f) сталкиваться с последствиями
9. cash cow g) бухгалтер; счетовод; человек, ведущий
10.to go belly up расчеты
11.“something is fishy” h) прибыльная компания; продукт,
12.whistle-blower пользующийся спросом
13. bean counter i) мошенничество в бизнесе
j) быть выгнанным с работы «с треском»
14. to cook the books k) «делать большие деньги»
15. to pay “under the l) главная бухгалтерская книга; гроссбух
table” m) «что-то в этом подозрительно»
16. to get canned (to get n) агент; информатор
sacked; to get booted; to o) закон об ответственности каждого члена
get the boot; to get корпорации
kicked etc.) p) время нахождения в тюрьме

2. Listen to the text; answer the questions below using the

abovementioned key words.

1. What does business fraud mean? “Every corporate official who has
chosen to commit a crime can expect to face the consequences”.
Comment on this statement. What does the hard time mean in this
connection?
2. Explain the meaning of the word combinations to make a killing
and to nose-dive relating to the financial scandals where investors
and employees get cheated out of money.
3. “Our company was always in the black”, which means in good
financial condition. “And now suddenly we're in the red”, which is
in bad financial condition. Explain the meaning of the words in the
black and in the red on the basis of their etymology.
4. What does the term cash flow mean? When does the profitable
company do belly up? What does the term expression to go belly up
mean?
5. What does the term fishy mean within the framework of accounting
activities? What does the term whistle-blower mean in this
connection? How did the members of the company know that the
bean accountant cooked the companies’ books and paid himself
under the table? What do the underlined jargon words mean in
sphere of financing a company?

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 6. What was the result of the story for such bean accountant? What does
the slang words get canned, get sacked, get booted, get the boot, get
kicked mean?
7. What is your own opinion subject to the corporate crime? Define the
term corporate or business law and ethics in this connection.

3. Listen to the text again; check your answers; name the main idea
and retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. The combination of outside threats with inside

strengths.
2. Threats that come from people within an
organization.
3. Protection of vital interests of an enterprise
from internal and external threats to ensure its
stability in the present and future.
4. A system of rules describing company’s
policies and employees’ behavior.
5. A part of security dealing with computers and
Internet and protecting an organization from
malicious access to the computer systems.
6. A security dealing with protection of physical
objects.
7. Checks dealing with prospective employee’s
criminal and employment histories.
8. A person who works for an employer.
9. Monitoring of employees’ devices, such as:
desk top computers, mobile phones, etc.
10. A department which is responsible for
recruitment and controlling an enterprise
personnel.
11. Programs boosting employees’ understanding
of a company policy, potential threats and
liabilities.
12. Standards and values of business conduct.
13. A situation when an employee's personal
interest interferes in any way with the main
interests of the company (employer).

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 14. Resumptive term for meals, entertainment,
non-cash gifts, discounts or promotional items
which employee may accept or offer when
such acceptance or offer is directly connected
with business discussions.
15. An official of government, an official of a
government instrumentality, a candidate for
political office, an official of a political party
and a political party.
16. An act or acts of deception that could result in
gain, profit or advantage to an employee, or
harm or loss to another person or entity.
17. US Legal Act which prohibits payments or
gifts to government officials outside of the
United States for the purposes of obtaining or
retaining business, even if the payment or gift
is legal in the host country.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. Enterprises suffer more from outsider threats, than the insider ones.
2. Very few of employees use their work devices for personal reasons at the
work place.
3. Human error plays a great role in enterprises security breaches.
4. Background checks are essential for the enterprises overall security.
5. HR Departments have nothing to do with a security control.
6. Before an employee is hired, your HR department is responsible for
making sure the prospective employee meets your company’s standards,
not only in education and employment history but also in criminal and
financial areas.
7. There will be no violations of a Company’s policies, if all the employees
are familiarized with an enterprise’s Code of Conduct.
8. If an incident happens, your HR department is responsible for working
with management to investigate and deal with any violations.
9. The endpoint monitoring means checking an employees’ criminal history.
10. An area where your HR department’s responsibility is critical is cyber
security.

VI. REVIEW AND DISCUSSION QUESTIONS

1. What does the term human resource security mean under the framework
of a company’s economic activities? Employees within this process are
considered as the biggest threat to enterprises? Confirm such statement

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 on the basis of statistics from the text. Why do you think it happens like
this? What does the term company’s vulnerability mean in this
connection?
2. There are two types of threats – outsider and insider ones? Give definition
to both of them and tell which one is more dangerous and why.
3. There are several ways that employees endanger business security. What
are the top targets of a company’s secrets? What do the terms human
error, leaked password, and hijacked identity mean in this
connection?
4. What needs should be done in order to ensure the company’s security
system against its own employees? Using the example of the framework
for better security online from the text describe three major guidelines
which can provide a strong foundation for enterprise security.
5. What does the term HR Department mean under the framework of a
company’s security system? What is its role within ensuring economic
security in a company? Prepare a short story subject to this problem on
the basis of the following text. Read and translate the text and be ready to
discuss it within our classes?

THE ROLE OF HR DEPARTMENT IN CORPORATE SECURITY

In today’s world of digital transformation, mobile business,

interconnectivity, and remote workforces, there’s one word that must be top
of mind for any organization: Security. Especially when employees and
proprietary business data begin to mix. It is not all about malicious hackers
or ransomware attacks, either. Here’s the thing, and it’s something that we
tend to forget as we go about our busy workdays. Employees are prone to
human error. They’re human beings, not machines, after all. In this
connection the objective of Human Resources Security is to ensure that all
employees (including contractors and any user of sensitive data) are
qualified for and understand their roles and responsibilities of their job duties
and that access is removed once employment is terminated. The three areas
of Human Resources Security are:
1. Prior to employment: This topic includes defining roles and
responsibilities of the job, defining appropriate access to sensitive
information for the job, and determining depth of candidate’s screening
levels – all in accordance with the company’s information security policy.
During the phase, contract terms should also be established.
2. During employment: Employees with access to sensitive
information in an organization should receive periodic reminders of their
responsibilities and receive ongoing, updated security awareness training to
ensure their understanding of current threats and corresponding security
practices to mitigate such threats.

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 3. Termination and change of employment: To prevent unauthorized
access to sensitive information, access must be revoked immediate upon
termination/separation of an employee with access to such information. This
also includes the return of any assets of the organization that was held by the
employee.
You may ask what the HR department has to do with security. The
answer is that your HR department is responsible for making sure that your
company’s policies are followed. This means that they must make sure that
all employees are aware of your rules, security policies, and procedures, as
well as disciplinary measures to be taken in the event of a violation. It also
means that if an incident happens, your HR department is responsible for
working with management to investigate and deal with any violations. This
includes cyber security, physical security, data security, employee conduct,
and much more. It all begins when your HR department is recruiting
potential employees and continues for as long as they are employed.
Recruitment. HR department should conduct background checks that
include criminal histories and credit reports. Before an employee is hired,
HR department is responsible for making sure the prospective employee
meets your company’s standards, not only in education and employment
history but also in criminal and financial areas. After securing written
permission from the prospective employee, HR department should conduct
background checks that include criminal histories and credit reports. These
are especially important if the position being filled involves working with
cash, checks, invoices, bookkeeping, or sensitive data.
Violations. HR department is responsible for instigating and leading
an investigation, notifying law enforcement when appropriate, and taking
disciplinary action if warranted. Even if you have all security features in
place, there may come a time when you have a violation of your policies. If
this happens, HR department takes center stage. It is responsible for
instigating and leading an investigation into the situation, notifying law
enforcement when appropriate, and taking disciplinary action, if warranted.
It must do this in order to prevent other employees from ignoring the rules as
well as to protect your company from possible legal action. In extreme cases
involving employee theft or fraud, HR representatives must contact law
enforcement officials and press charges against the violators.
Disciplinary process. There should be a formal disciplinary process
for employees who have committed a security breach. A formal disciplinary
process must be established by the organization in relation to employees who
have violated the organization security policies and procedures. Disciplinary
processes should aim to be a deterrent to employees who might otherwise be
inclined to disregard security policies and procedures. Where appropriate,
discipline should be in line with the relevant employment act conditions. For
employees not covered under this, discipline should be in line with contract
terms and conditions.

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6. Once an employee is hired, HR department is now tasked with making
sure all employees are aware of the company’s security rules. This is
commonly called a Code of Conduct. What does it mean under the
framework a company’s security policies? What are its general
provisions? Describe them briefly on the basis of the following text
adopted from the Dynegy Code of Business Conduct and Ethics. Read
and translate the text and be ready to discuss it within our classes.

NORTH STAR BUSINESS CONDUCT AND ETHICS CODE

A conflict of interest exists when an employee's personal interest

interferes in any way with the main interests of the company. A conflict
situation can arise when an employee takes actions or has interests that may
make it difficult to perform his or her company work objectively and
effectively. Conflicts of interest may also arise when an employee or a
member of an employee's family receives improper personal benefits as a
result of the employee's position in the company. Loans to, or guarantees of
obligations of, an employee or an employee's family member may create
conflicts of interest. It is almost always a conflict of interest for a company
employee to work simultaneously for a competitor, customer or supplier.
Employees are not allowed to work for a competitor as a consultant or board
member. The best practice is to avoid any direct or indirect business
connection with the company competitors, customers or suppliers, except on
the behalf of the company.

Trade and Antitrust

It is the company policy to comply with both the letter and the spirit of
all applicable trade and antitrust laws and regulations. The company
employees must avoid any action that is a violation of trade and antitrust
laws. Generally, antitrust laws prohibit the following conduct:
 Price Discrimination. Price discrimination involves selling the
same product at different prices to different customers when that price
difference might have an adverse effect on competition. In general, we
should treat all customers the same. Legal counsel can provide guidance in
our pricing practices.
 Price Fixing. Price fixing includes oral, tacit or implied agreements
or understandings among competitors about prices. Almost any
communication among competitors, relating in any way to prices, may result
in a price-fixing charge.
Antitrust and trade regulation laws in various countries may differ.
However, the company policy is to comply with all applicable laws and to
compete fairly in every jurisdiction.

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 Gifts, Gratuities and Other Business Courtesies

Restrictions on receiving Gratuities. Employees may, within

limitations, accept meals, entertainment, non-cash gifts, discounts or
promotional items (collectively, “gratuities”) of modest value (generally less
than $100 USD) when such acceptance is directly connected with business
discussions. Such items must be lawful, unsolicited, infrequently provided
and in accordance with customary and acceptable business practices.
Acceptance of gratuities having a value greater than $100 USD is
permissible only with written approval of the employee's Senior Vice
President. Neither employees nor their family members may ever accept any
gift of cash, cash equivalents, credit cards, loans or securities from any
person or firm doing, or seeking to do, business with NS unless such
activities meet the guidelines contained in this Policy and Code.
Restrictions on offering gratuities. Except for published or customary
product discounts or other contractual incentives, NS employees are not to
give, offer or promise, directly or indirectly, anything of value to any
representative of a customer, potential customer, financial institution,
government employee or other party in connection with any transaction or
business that the company may have with such party, without the approval of
the appropriate Senior Vice President. Meals and entertainment, such as golf
outings, may be appropriate if they are infrequent, in accordance with
customary and acceptable business practices and approved by the
appropriate management. Employees must ensure that all expenditures are
properly documented and aligned with the company Expense Reporting
Guidelines.
Special restrictions with respect to government officials. Regardless
of geographic location, no NS employee or consultant may give or offer
anything of value to a foreign government official in order to obtain or retain
business. The US Foreign Corrupt Practices Act (FCPA) prohibits payments
or gifts to government officials outside of the United States for the purposes
of obtaining or retaining business, even if the payment or gift is legal in the
host country. The promise, offer or delivery to an official or employee of the
government, of a gift, favor or other gratuity in violation of these rules not
only violates the company policy, but also could be a criminal offense. State
and local governments, as well as foreign governments, may have similar
rules.

Theft and Fraud

Honesty and integrity form the basis of the NS firm stance against theft
and fraud. When employees commit theft or fraud against the company,
everyone with a vested interest in the company is affected. NS does not
tolerate theft or fraud of any kind and investigates and prosecutes offenders.

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Fraud is defined as an act or acts of deception that could result in gain, profit
or advantage to an employee, or harm or loss to another person or entity. All
employees are required to report suspected theft or fraudulent acts within the
company using the methods described in the section Guidance on Identifying
and Resolving Issues.
(Based on: Dynegy Code of Business Conduct and Ethics)

7. Let’s put a close look on some Code of Conduct general provisions.

Answer the following employee’s questions from the position of the
company’s top manager and give him or her advice in order to maintain
the highest standards of legal and ethical conduct.
7.1. Conflict of interest.
7.1.1. I am a company employee. I am thinking about taking a second job
to earn some extra cash. What problem could I face?
7.1.2. My family and I are very active supporters of a local charity and
believe that a company should make a corporate contribution. Is this a
conflict of interests?
7.1.3. I work with number of outside companies that provide services to
the company. Our contract for landscaping services is up for renewal.
We are thinking about asking other companies to submit bids. My
brother-in-law owns a gardening company. Can I help him?
7.2. Antitrust and fair trade practices.
7.2.1. One of my closest friend works for our competitors. We play golf
together, our families vacating together, and we attend the same trade
shows. Am I in violation of any antitrust laws or fair trade practices?
7.2.2. I believe one of our competitors exaggerates its capabilities and
services. This puts us at a disadvantage. How can I set the record
straight?
7.2.3. A supplier left a document in my office that is related to the
products of one of our competitors. Can I keep a copy or share this
information with others so that we know what the competitor is thinking
about?
7.3. Gifts, Gratuities and Other Business Courtesies.
7.3.1. Can we keep a gift of candy and fruit that our work group received
from a long-standing vendor at holiday time?
7.3.2. May I pay for the lunch of a government official with whom we
are discussing interpretations of the company regulations?
7.3.3. A consulting firm offered four tickets to the baseball game with a
value of $100 per ticket. Does this mean that I can’t go? What if I give
the tickets to my staff instead?
7.3.4. Frank is a salesman for a heavy equipment supplier. On behalf of
our company I do business with his company. He knows that I am an
amateur photographer. He sent me an expensive camera. Can I keep it?

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 7.4. Theft and fraud.
7.4.1. Someone in my workgroup agreed to spend $300,000 on
consulting services that were budgeted for next year but only has
spending authority up to $200,000. He asked me to issue two separate
purchase orders so that he can avoid asking his boss for approval. What
should I do?
7.4.2. When it comes down to it, I’m a salesperson. Like everybody else,
I have mouths to feed at home and have to make my numbers every
quarter. I work with some of the same customers every quarter, and
know about how much they are going to purchase from us. Why can’t I
just book my sales ahead of time? Aren’t they as good as sold?

8. What do the terms bribery and corruption mean under the framework of
a company’s security policies? What are the general features in common
and differences between them? What does the term FCPA (Foreign
Corrupt Practices Act), 1978 mean in this connection? Let’s discuss the
general provisions of this legal act on the basis of the following FCPA
abstract.

FOREIGN CORRUPT PRACTICES ACT

U.S. firms seeking to do business in foreign markets must be familiar

with the Foreign Corrupt Practices Act (FCPA). In general, the FCPA
prohibits corrupt payments to foreign officials for the purpose of obtaining
or keeping business. The Department of Justice is the chief enforcement
agency, with a coordinate role played by the Securities and Exchange
Commission (SEC). The Office of General Counsel of the Department of
Commerce also answers general questions from the exporters concerning the
FCPA basic requirements and constraints.
The antibribery provisions of the FCPA make it unlawful for a person,
and certain foreign issuers of securities, to make a corrupt payment to a
foreign official for the purpose of obtaining or retaining business for or with,
or directing business to, any person. Since 1998, they also apply to foreign
firms and persons who take any act in furtherance of such a corrupt payment
while in the United States.
The FCPA also requires companies whose securities are listed in the
United States to meet its accounting provisions. These accounting
provisions, which were designed to operate in tandem with the antibribery
provisions of the FCPA, require corporations covered by the provisions to
make and keep books and records that accurately and fairly reflect the
transactions of the corporation and to devise and maintain an adequate
system of internal accounting controls.

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 Basic Prohibition. The FCPA makes it unlawful to bribe foreign
government officials to obtain or retain business. With respect to the basic
prohibition, there are some elements which must be met to constitute a
violation of the Act:
A. Who. The FCPA potentially applies to any individual, firm, officer,
director, employee, or agent of a firm and any stockholder acting on behalf
of a firm. Individuals and firms may also be penalized if they order,
authorize, or assist someone else to violate the antibribery provisions or if
they conspire to violate those provisions.
B. Corrupt intent. The person making or authorizing the payment
must have a corrupt intent, and the payment must be intended to induce the
recipient to misuse his official position to direct business wrongfully to the
payer or to any other person. You should note that the FCPA does not
require that a corrupt act succeed in its purpose. The offer or promise of a
corrupt payment can constitute a violation of the statute. The FCPA prohibits
any corrupt payment intended to influence any act or decision of a foreign
official in his or her official capacity, to induce the official to do or omit to
do any act in violation of his or her lawful duty, to obtain any improper
advantage, or to induce a foreign official to use his or her influence
improperly to affect or influence any act or decision.
C. Payment. The FCPA prohibits paying, offering, promising to pay
(or authorizing to pay or offer) money or anything of value.
D. Recipient. The prohibition extends only to corrupt payments to a
foreign official, a foreign political party or party official, or any candidate
for foreign political office. A foreign official means any officer or employee
of a foreign government, a public international organization, or any
department or agency thereof, or any person acting in an official capacity.
You should consider utilizing the Department of Justice's Foreign Corrupt
Practices Act Opinion Procedure for particular questions as to the definition
of a foreign official, such as whether a member of a royal family, a member
of a legislative body, or an official of a state-owned business enterprise
would be considered a foreign official.

Third Party Payments

The FCPA prohibits corrupt payments through intermediaries. It is

unlawful to make a payment to a third party, while knowing that all or a
portion of the payment will go directly or indirectly to a foreign official. The
term knowing includes conscious disregard and deliberate ignorance. The
elements of an offense are essentially the same as described above, except
that in this case the recipient is the intermediary who is making the payment
to the requisite foreign official.
Intermediaries may include joint venture partners or agents. To avoid
being held liable for corrupt third party payments, U.S. companies are

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encouraged to exercise due diligence and to take all necessary precautions to
ensure that they have formed a business relationship with reputable and
qualified partners and representatives. Such due diligence may include
investigating potential foreign representatives and joint venture partners to
determine if they are in fact qualified for the position, whether they have
personal or professional ties to the government, the number and reputation of
their and their reputation with the U.S. Embassy or Consulate and with local
bankers, clients, and other business associates. In addition, in negotiating a
business relationship, the U.S. firm should be aware of so-called red flags,
i.e., unusual payment patterns or financial arrangements, a history of
corruption in the country, a refusal by the foreign joint venture partner or
representative to provide a certification that it will not take any action in
furtherance of an unlawful offer, promise, or payment to a foreign public
official and not take any act that would cause the U.S. firm to be in violation
of the FCPA, unusually high commissions, lack of transparency in expenses
and accounting records, apparent lack of qualifications or resources on the
part of the joint venture partner or representative to perform the services
offered, and whether the joint venture partner or representative has been
recommended by an official of the potential governmental customer.

9. Prepare the oral composition “HR resource security”. Let’s discuss it

within our classes.

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 UNIT XI

INFORMATION SECURITY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

INFORMATION SYSTEMS SECURITY

As computers and other digital devices have become essential to

business and commerce, they have also increasingly become a target for
attacks.

The Information Security Triad

Confidentiality. When protecting information, we want to be able to

restrict access to those who are allowed to see it; everyone else should be
disallowed from learning anything about its contents. This is the essence of
confidentiality. For example, federal law requires that universities restrict
access to private student information. The university must be sure that only
those who are authorized have access to view the grade records.
Integrity is the assurance that the information being accessed has not
been altered and truly represents what is intended. Just as a person with
integrity means what he or she says and can be trusted to consistently
represent the truth. Information integrity means information truly
represents its intended meaning. Information can lose its integrity through
malicious intent, such as when someone who is not authorized makes a
change to intentionally misrepresent something. An example of this would
be when a hacker is hired to go into the university’s system and change a
grade. Integrity can also be lost unintentionally, such as when a computer
power surge corrupts a file or someone authorized to make a change
accidentally deletes a file or enters incorrect information.
Availability means that information can be accessed and modified by
anyone authorized to do so in an appropriate timeframe. Depending on the
type of information, appropriate timeframe can mean different things. For
example, a stock trader needs information to be available immediately, while
a sales person may be happy to get sales numbers for the day in a report the
next morning. Companies such as Amazon.com will require their servers to
be available twenty-four hours a day, seven days a week. Other companies
may not suffer if their web servers are down for a few minutes once in a
while.

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 Tools for Information Security

In order to ensure the confidentiality, integrity, and availability of

information, organizations can choose from a variety of tools. Each of these
tools can be utilized as part of an overall information-security policy.
Authentication. The most common way to identify someone is
through their physical appearance, but how do we identify someone sitting
behind a computer screen? Authentication can be accomplished by
identifying someone through one or more of three factors: something they
know, something they have, or something they are. For example, the most
common form of authentication today is the user ID and password. In this
case, the authentication is done by confirming something that the user knows
(their ID and password). Identifying someone through their physical
characteristics is called biometrics.
Access control. Once a user has been authenticated, the next step is to
ensure that they can only access the information resources that are
appropriate. This is done through the use of access control. Access control
determines which users are authorized to read, modify, add, and/or delete
information. Here we will discuss two access control models: the access
control list (ACL) and role-based access control (RBAC).
For each information resource that an organization wishes to manage,
a list of users who have the ability to take specific actions can be created.
This is an access control list, or ACL. ACLs are simple to understand and
maintain. However, they have several drawbacks. The primary drawback is
that each information resource is managed separately, so if a security
administrator wanted to add or remove a user to a large set of information
resources, it would be quite difficult. This has led to an improved method of
access control, called role-based access control, or RBAC. With RBAC,
instead of giving specific users access rights to an information resource,
users are assigned to roles and then those roles are assigned the access.
Intrusion detection systems. Another device that can be placed on
the network for security purposes is an intrusion detection system, or IDS.
An IDS does not add any additional security; instead, it provides the
functionality to identify if the network is being attacked. IDS can be
configured to watch for specific types of activities and then alert security
personnel if that activity occurs. IDS is an essential part of any good security
setup.
Physical security. An organization can implement the best
authentication scheme in the world, develop the best access control, and
install firewalls and intrusion prevention, but its security cannot be complete
without implementation of physical security. Physical security is the
protection of the actual hardware and networking components that store and
transmit information resources. To implement physical security, an

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organization must identify all of the vulnerable resources and take measures
to ensure that these resources cannot be physically tampered with or stolen.
As computing and networking resources have become more and more
an integral part of economics and business, they have also become a target of
criminals. The state and organizations must be vigilant with the way they
protect their resources and INFO.
(Based on: David T. Bourgeois. Information Systems for Business and
Beyond)

ACTIVE VOCABULARY

access control контроль доступа

ACL (access control list) список управления доступом
authentication проверка личности пользователя
availability доступность (информации)
biometrics биометрия (голос, клавиатурный почерк
пользователя и др.)
confidentiality конфиденциальность (неразглашение
сведений)
digital devices цифровые устройства
essence of confidentiality сущность конфиденциальности
hacker хакер (взломщик кодов ПО)
IDS (intrusion detection СОВ (система обнаружения вторжений)
system)
information integrity достоверность (целостность, сохранность)
информации
information security информационная безопасность
information-security policy стратегия защиты информации от
несанкционированного доступа
malicious intent злоумышленное намерение (умысел)
physical security непосредственная (физическая) защита
RBAC (role-based access ролевое управление доступом
control)
security administrator администратор системы защиты
security setup функция защищённой настройки
stock trader биржевой маклер
timeframe таймфрейм (временной срок (рамки))
to be vigilant проявлять бдительность
to disallow не допускать
to enter information вводить информацию (напр., в компьютер)
to have access иметь право доступа (доступ)
to restrict access ограничивать доступ
user ID идентификатор пользователя
user password пароль пользователя

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II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ИНФОРМАЦИОННАЯ БЕЗОПАСНОСТЬ

Конфиденциальная экономическая и/или бизнес информация

входит в сферу повышенного интереса конкурентов. Доступ к
конфиденциальной информации и ее изменение могут нанести
существенный урон финансовому положению как государства в целом,
так и любого субъекта права этого государства.
Информационная безопасность – это защищенность
информации и поддерживающей инфраструктуры от случайных или
преднамеренных воздействий естественного или искусственного
характера, чреватых нанесением ущерба владельцам или пользователям
информации. Для того чтобы освоить основы обеспечения
информационной безопасности, необходимо владеть понятийным
аппаратом. Раскрытие некоторых ключевых терминов не самоцель,
важно формирование начальных представлений о целях и задачах
защиты информации.
Под безопасностью информации понимается такое ее состояние,
при котором исключается возможность просмотра, изменения или
уничтожения информации лицами, не имеющими на это права, а также
утечки информации за счет специальных устройств перехвата
(уничтожения) при передаче между объектами вычислительной
техники.
Защита информации – это совокупность мероприятий,
направленных на обеспечение конфиденциальности и целостности
обрабатываемой информации, а также доступности информации для
пользователей.
Конфиденциальность – сохранение в секрете критичной
информации, доступ к которой ограничен узким кругом пользователей
(отдельных лиц или организаций).
Целостность – свойство, при наличии которого информация
сохраняет заранее определенные вид и качество.
Доступность – такое состояние информации, когда она
находится в том виде, месте и времени, которые необходимы
пользователю, и в то время, когда она ему необходима.
Цель защиты информации является сведение к минимуму
потерь в управлении, вызванных нарушением целостности данных, их
конфиденциальности или недоступности информации для
потребителей. Приведенная совокупность определений достаточна для
формирования общего взгляда на построение системы
информационной безопасности.

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 Принципы построения системы
информационной безопасности

Современный опыт решения проблем информационной

безопасности показывает, что для достижения наибольшего эффекта
при организации защиты информации необходимо руководствоваться
рядом принципов. Наиболее важным является принцип непрерывности
совершенствования и развития системы информационной
безопасности. Суть его заключается в постоянном контроле
функционирования системы, в выявлении ее слабых мест, возможных
каналов утечки информации и несанкционированного доступа,
обновлении и дополнении механизмов защиты в зависимости от
изменения характера внутренних и внешних угроз, обосновании и
реализации на этой основе наиболее рациональных методов, способов и
путей защиты информации.
Не менее значим принцип комплексного использования всего
арсенала имеющихся средств защиты во всех структурных элементах
производства и на всех этапах технологического цикла обработки
информации. Комплексный характер защиты информации обусловлен
действиями злоумышленников. Здесь правомерно утверждение, что
оружие защиты должно быть адекватно оружию нападения.
Кроме того, наибольший эффект достигается в том случае, когда
все используемые средства, методы и мероприятия объединяются в
целостный механизм – систему информационной безопасности. Только
в этом случае появляются системные свойства, не присущие ни одному
из отдельных элементов системы защиты, а также возможность
управлять системой, перераспределять ее ресурсы и применять
современные методы повышения эффективности ее функционирования.
Таким образом, систему информационной безопасности можно
определить как организованную совокупность органов, средств,
методов и мероприятий, обеспечивающих защиту информации от
разглашения, утечки и несанкционированного доступа. Важнейшими
условиями обеспечения безопасности являются законность,
достаточность, соблюдение баланса интересов личности и организации,
высокий профессионализм представителей службы информационной
безопасности, подготовка пользователей и соблюдение ими всех
установленных правил сохранения конфиденциальности, взаимная
ответственность персонала и руководства, взаимодействие с
государственными правоохранительными органами. Без соблюдения
этих условий никакая система информационной безопасности не может
обеспечить требуемого уровня защиты.
(Based on: A.N. Asaul. Entrepreneurship’s Organization)

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III. LISTENING/WATCHING:

INFORMATION LITERACY.
WHY IS IT IMPORTANT?

1. Before watching the video match the key words and expressions in
the left column with their translation in the right one.

1. information age a) разделять ответственность

2. available to
3. to make decision
4. information literacy
5. problem solving skills
6. litigation
7. to be fired
8. to be enticed
9. no money downed
mortgage
10. to ignore potential risks
11. borrower
12. loan with low initial rates
13. to trust blindly (in)
14. mortgage broker
15. real estate bubble
16. financial meltdown
17. in the aftermath
18. weapon of mass
destruction
19. former CIA Director
20. to share responsibility
21. new mindset
b) принимать решение
c) разбирательство в суде
d) быть уволенным
e) быть соблазненным (обманутым)
f) доступный (кому-либо)
g) информационная грамотность
h) бывший директор ЦРУ
i) пузырь (бум) на рынке недвижимости
j) новый взгляд (образ мышления)
k) игнорировать потенциальные риски
l) заемщик (берущий ссуду)
m) заем с низкими начальными
ставками
n) вследствие (как следствие)
o) оружие массового поражения
p) информационная эра/век информации
q) навыки решения проблем
r) слепо верить (в)
s) ипотечный брокер
t) финансовый обвал (крах)
u) ипотека, не обеспеченная деньгами

2. Listen to the text and answer the questions below using the
abovementioned key words.

1. What does the term information literacy mean under the framework
of informational age? Why do today’s employers expect recent
graduators to possess deep critical thinking and problem solving
skills? What is the foundation for these abilities?
2. What were the results of a California consulting firm litigation? What
can you learn from this example? How do you frame an information
need? Where do you get your information and how do you use it?
3. Another example. In the years between 2000 and 2007 US
homebuyers were enticed by no money down mortgages. What was a

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 role of information within a process of this financial meltdown?
What does the term real estate bubble mean in this connection?
4. What was a role of doubtful information within a process of George
Bush’s making decision to invade Iraq? Did they found any weapons
of mass destruction in Iraq? What were the results of such decision?
5. Information and critical thinking abilities are essential keys to your
personal success. Do you agree with such statement? Prove your
own point of view on the basis of the text listened to.
6. What are the general methods of collecting veridical information?
7. What is a role of information literacy within a whole national or
company’s security system?

3. Listen to the text again; check your answers; name the main idea
and retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. Any information that includes trade secrets,

technology, information pertaining to business
operations and strategies, and information
pertaining to customers, pricing and marketing.
2. The assurance that the information being accessed
has not been altered and truly represents what is
intended.
3. The situation when information can be accessed
and modified by anyone authorized to do so in an
appropriate timeframe.
4. The most common way to identify someone
through his/her physical appearance. The main its
form today is the user ID and password.
5. Identifying someone through his/her physical
characteristics.
6. Control that determines which users are authorized
to read, modify, add, and/or delete information.
There are two its models: ACL and RBAC.
7. A system that provides the functionality to identify
if the network is being attacked. Such system can
be configured to watch for specific types of
activities and then alert security personnel if that
activity occurs.

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 8. The protection of the actual hardware and
networking components that store and transmit
information resources.
9. A method of physically limiting the path to
protected information (media, equipment, etc.).
10. A method of information protection through its
cryptographic closure. This is the only reliable
method for transferring data over long channels
11. A method of information protection in which the
probability of unauthorized access becomes
minimal.
12. Such information protection when the users and
the employees of the system are compelled to
comply with the rules for dealing with protected
information – its processing, transmission and use.
Otherwise they are subject to material or
administrative liability.
13. A method of information protection under which
the user and staff are urged not to violate the
prescribed order, observing the established moral
and ethical norms (regulated and unwritten).
14. A malicious threat to an organization that comes
from people within the organization, such as
employees, former employees, contractors or
business associates, who have inside information
concerning the organization's security practices,
data and computer systems.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. As computers and other digital devices have become essential to business

and commerce, they have also increasingly become a target for attacks.
2. When protecting information, we want to be able to restrict access to
those who are allowed to see it.
3. Information can find its integrity through malicious intent, such as when
someone who is not authorized makes a change to intentionally
misrepresent something.
4. Availability means that information cannot be accessed and modified by
anyone authorized to do so in an appropriate timeframe.
5. Depending on the type of information, appropriate timeframe can mean
different things. For example, a stock trader needs information to be
available immediately, while a sales person may be happy to get sales
numbers for the day in a report the next morning.

160
6. Each of the information security tools cannot be utilized as part of an
overall information-security policy.
7. Authentication can be accomplished by identifying someone through one
or more of three factors: something they know, something they have, or
something they are.
8. The most common form of authentication today is the user ID and
password.
9. IDS adds additional security; it does not provide the functionality to
identify if the network is being attacked.
10. An organizational security can be completed without implementation of
physical security.

VI. REVIEW AND DISCUSSION QUESTIONS

1. What does the term information mean in its broad sense and under the
framework of economic security system? What does the term
information literacy mean in this connection?
2. What do the terms confidentiality and privacy mean under the
framework of the security system of the company? What does
confidential information mean in this connection? Hope the following
text adopted from the Dynegy Code of Business Conduct will help you
understand the problem under discussion better. Read and translate the
text. Let’s discuss it within our classes.

CONFIDENTIALITY AND PRIVACY

The protection of confidential information is crucial to the success of

the company. Aspects of our business are built on information. These are all
information assets of the company. Any other information that has value
provides competitive advantage and is not generally available to the public.
Confidential information can be presented or stored in many forms
including, but not limited to: documents on paper, information passed on by
voice, information on hard drives and other electronic storage media, charts
and graphic presentations, audio and video tapes, and email. In any form, the
confidential information must be protected. The company software
confidential business information is entrusted to our employees and partners
to enable them to do their jobs successfully. This confidential information
belongs to the company and is to be used solely for company purposes.
Keeping our proprietary business information and trade secrets confidential
is essential for our success and growth.
Keeping our customers’, suppliers’ and partners’ business information
confidential is essential to maintaining our reputation and our relationship
with them. It is the policy of the company to protect its confidential business
information and that of other companies entrusted to the company software.

161
 Disclosing Confidential Information Properly. Often the company
business requires us to share confidential information with people outside
our company. The company legal department has produced confidentiality
agreements to use with vendors, customers, consultants, partners and
contractors. Employees are responsible for ensuring these agreements are
signed and properly executed before divulging confidential information to
these outside parties. Confidential information can only be disclosed to
people outside of the company when these agreements are in place. You may
have access to company confidential or proprietary information that must be
protected from disclosure. The examples include:
- Customer or consumer data;
- Financial information;
- Business plans;
- Intellectual property;
- Pricing;
- Safety and security processes and methods;
- Organizational charts and staffing plans;
- Policies and/or procedures, etc.
Answer the following employee’s questions from the position of top
manager and give him/her advice on behalf of the company:
2.1. Our company is using local contractor to provide catering at an all-
office event. I like their work and may want to use them for my
daughter’s wedding. Can I look at their pricing information to
determine how expensive they are?
2.2. One of my close friends is starting a consulting company and asked
for a copy of our organizational charts and personnel policies. He
explained that this could give him some informal benchmarking
advice. May I help him out?
2.3. Once my former employees has contacted me to provide an
employment reference. What can I say?

4. What does the term illegal informational brokering mean under the
framework of informational security system? What are the general
features in common and differences between confidential information
and informational brokering within a contracts execution? Why should
the Contractor mention all the cases when the information is not
considered as a confidential one? Hope the following contract texts will
help you understand the theme under discussion better. Read and
translate the following texts. Let’s discuss them within our classes.

CONFIDENTIAL INFORMATION

Contractor's Duty of Confidentiality. Contractor shall hold in confidence

all business and technical information that is made available to Contractor,

162
directly or indirectly, by Company or developed or acquired by Contractor in
performing Work under each Order (collectively "Confidential
Information"), except:
a) information which is or becomes, without fault of Contractor, part of the
public domain;
b) information which Contractor can show was received by Contractor from
an independent third party that is under no obligation to Company or any
Affiliate regarding the information;
с) information which Contractor can show was already in Contractor's
possession at the time the information was made available to Contractor,
directly or indirectly, from Company or any Affiliate.
Additionally, if so required by Law or valid legal or regulatory process,
Contractor may disclose Confidential Information, but only following notice
by Contractor to Company of the requirement to disclose and reasonable
cooperation with any attempt by Company to maintain the confidentiality of
such Confidential Information.
Contractor's Use of Confidential Information. Contractor shall not,
without the prior written approval of Company as appropriate, use the
Confidential Information which Contractor is required to keep confidential
hereunder for any purpose other than the performance of Work under an
Order.
Contractor's Information. Company shall have no obligation of confidence
with respect to any information disclosed to Company by Contractor, and
Company shall be free to use or disclose any or all of the information
contained in any drawing, record or other document to third parties without
accounting to Contractor therefore; unless, however, such information is
specifically covered by a separate, written confidentiality agreement between
Company, as applicable, and Contractor. In the absence of any such separate
confidentiality agreement, Contractor shall not place any restrictive notices
on any information, no matter the form of its recording that Contractor
provides to Company hereunder.

Illegal Informational Brokering

Warranty and Representation. Contractor and Company are aware of a

practice (referred to in this Article as “Illegal Information Brokering”) where
certain parties approach contractors, subcontractors, vendors or other
suppliers, and offer confidential information or illicit influence in order to
obtain business through corruption of competitive bidding processes.
Contractor recognizes that the practice of Illegal Information Brokering or
any other corruption of the contract award process is not permitted by
Company and Contractor warrants and represents that it has not and will not
utilize Illegal Information Brokering in connection with this Agreement or
any Order.

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Notification. Contractor agrees that it will promptly notify Company’s
Materials Manager or Controller if anyone approaches Contractor for the
purpose of Illegal Information Brokering concerning this Agreement or any
Order or any other related business interest of Company. Company
undertakes that such notice and any related information provided by
Contractor will be treated with the utmost discretion. Company also
undertakes that it will handle this Agreement with extra security measures,
as appropriate, in order to prevent any contractor, subcontractor or other
supplier from gaining any unfair advantage subsequent to such notice.

5. What does the term insider’s information mean under the framework of
illegal informational brokering? Why the insiders are considered as more
dangerous persons than the outsiders? How the insiders may use
information they steal? Hope the following video script will help you
describe this problem better. Translate the text and be ready to discuss it
within our classes.

INSIDER’S THREATS

An insider’s threat is a malicious threat to an organization that

comes from people within the organization, such as employees, former
employees, contractors or business associates, who have inside information
concerning the organization's security practices, data and computer systems.
The threat may involve fraud, the theft of confidential or commercially
valuable information, the theft of intellectual property, or the sabotage of
computer systems.
Insiders may have accounts giving them legitimate access to computer
systems, with this access originally having been given to them to serve in the
performance of their duties; these permissions could be abused to harm the
organization. Insiders are often familiar with the organization's data and
intellectual property as well as the methods that are in place to protect them.
This makes it easier for the insider to circumvent any security controls of
which they are aware. Physical proximity to data means that the insider does
not need to hack into the organizational network through the outer perimeter
by traversing firewalls; rather they are in the building already, often with
direct access to the organization's internal network. Insider threats are harder
to defend against than attacks from outsiders, since the insider already has
legitimate access to the organization's information and assets.
An insider may attempt to steal property or information for personal
gain, or to benefit another organization or country. The threat to the
organization could also be through malicious software left running on its
computer systems by former employees, a so-called Logic bomb.
Insider threat is an active area of research in academia and
government. The CERT Coordination Center at Carnegie-Mellon

164
University maintains the CERT Insider Threat Center, which includes a
database of more than 850 cases of insider threats, including instances of
fraud, theft and sabotage; the database is used for research and
analysis. CERT's Insider Threat Team also maintains an informational blog
to help organizations and businesses defend themselves against insider
crime.
Intent-based access control (IBAC), a novel access control model first
proposed by Abdul-Aziz Almehmadi, is an access control system that detects
the intention of the user requesting access answering the question “Why?”
access is being requested as opposed to current access control systems that
asks “Who?” is requesting access. IBAC is designed to prevent the insider
threat as opposed to the current access control systems that are designed to
prevent the outsider threat. IBAC is a risk-based access control that assesses
risk of access based on the detected intent and the motivation level towards
executing that intent. IBAC takes advantage of the robustness of P300-based
Concealed Information Test to detect intent of access and uses the brain
signals to detect the motivation level. The access control system has been
used on 30 participants with 100% detected intentions of access and all mal-
intent users being rejected access before they commit their mal-intended
action.
A report published in July 2012 on the insider threat in the
U.S. financial sector gives some statistics on insider threat incidents: 80% of
the malicious acts were committed at work during working hours; 81% of
the perpetrators planned their actions beforehand; 33% of the perpetrators
were described as “difficult” and 17% as being “disgruntled”. The insider
was identified in 74% of cases. Financial gain was a motive in 81% of cases,
revenge in 23% of cases, and 27% of the people carrying out malicious acts
were in financial difficulties at the time.
The US Department of Defense Personnel Security Research Center
published a report that describes approaches for detecting insider threats.
Earlier it published ten case studies of insider attacks by information
technology professionals. Forensically investigating insider data theft is
notoriously difficult, and requires novel techniques such as stochastic
forensics.

6. When protecting information, we want to be able to restrict access to

those who are allowed to see it. What is an information security triad
in this connection? What do the terms integrity and availability mean
under the framework of information security system?
7. In order to ensure the confidentiality, integrity, and availability of
information, organizations can choose from a variety of tools. Each of
these tools can be utilized as part of an overall information-security
policy. What are the general tools for information security? Nominate
and describe them briefly on the basis of the following questions.

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 7.1. What does the term authentication mean under the framework of
user’s identification? Authentication can be accomplished by identifying
someone through one or more of three factors. What are they? Nominate
and describe them briefly. What do the terms user ID, password and
biometrics mean in this connection?
7.2. What does the term access control mean under the framework of
user’s identification? What are the two general access control models?
What do the terms access control list (ACL) and role-based access
control (RBAC) mean in this connection? Describe the general role
functions of ACL and RBAC within a process of access control. What
does the term security administrator mean within such process?
7.3. Another device that can be placed on the network for security
purposes is an intrusion detection system (IDS). What are the main
functions of this system under the framework of information security
setup? Can we consider IDS as an essential part of a good security
system?
7.4. The company’s information security cannot be complete without
implementation of physical security. What does it mean for the
company’s security system? Describe the general mechanisms of
physical security.

8. While working in the Internet, we get a lot of useful information and do

not think that our data are under the great threat. What are the major
problems of data protection under the framework of Internet? What are
the major principles of data security? What are the general methods of
data protection? Hope the following text will help you to understand the
problems under discussion better. Read and translate the text and be
ready to discuss it within our classes.

PROTECTING YOUR DATA IN THE INTERNET

In the era of digital technology development, the problem of

information security is very acute. Undoubtedly, the Internet world network
has contributed to the emergence of a large number of positive moments in
our lives. However, it is becoming increasingly difficult for us to keep any
confidential data, as all of them are more or less accessible to all members of
the Internet community. In the field of information protection in particular
and computer security in general, three main groups of problems are the
most relevant:
1. Breach of confidentiality. These actions can cause significant
damage to the owner’s interests as all the information storing and processing
in the computer network, can be of great importance to him.
2. Misinformation, misrepresentation of the message integrity or its
substitution. In the course of such actions, the valuable owner’s information

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or the valuable information about him may be lost, corrupted, deleted or
altered as a result of unauthorized access, and the damage may be much
greater than the breach of confidentiality.
3. Data theft and copyright infringement. As a rule, because of the
commission of similar crime, the owner of information data is caused not
only moral, but also material damage.

Principles of Data Security

When considering the problems of information security, we often

emphasize the importance of information security systems being presented
as a set of tools, methods and measures to protect information. The creation
of such systems is based on the certain principles.
1. The principle of a systematic approach to the construction of
information security system. This principle is an optimal combination of
interconnected organizational, physical, hardware, software and other
properties used at all stages of the technological cycle of information
processing.
2. The principle of continuous development of the security system.
This principle is very important and relevant for the entire information
security system. As we know, the ways of damage and harm to servers and
computer systems are constantly being improved. Accordingly, the methods
and ways of information protection should also be developed. The
continuous development of the system only will contribute to the effective
protection of the system and the networks.
3. The principle of economic feasibility of the protection system. This
principle is based on the fact that the possible damage from the impact of the
threat will exceed the cost of creating and maintaining of the information
security system.

Methods and Ways of Data Protection

In modern practice, we know a huge number of different methods and

ways to prevent information leakage or loss, but mainly six basic
technologies of data protection are used:
1) obstacle is a method of physically limiting the path to protected
information (media, equipment, etc.);
2) the method of access control is the protection of the information
resources by controlling the use of each of them (the information resources
include database elements, software and hardware);
3) masking is a method of information protection through its
cryptographic closure. This is the only reliable method for transferring data
over long channels;

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 4) regulation is a method of information protection in which the
probability of unauthorized access becomes minimal;
5) coercion is such information protection when the users and the
employees of the system are compelled to comply with the rules for dealing
with protected information – its processing, transmission and use. Otherwise
they are subject to material or administrative liability;
6) motivation is a method of information protection under which the
user and staff are urged not to violate the prescribed order, observing the
established moral and ethical norms (regulated and unwritten).

9. Prepare the oral composition “Information security systems”. Let’s

discuss it within our classes.

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 UNIT XII

ENERGY SECURITY

I. Read and translate the following text and be ready for its discussion
on the basis of active vocabulary, key terms quiz, review and
discussion questions.

ENERGY SECURITY AND POLICY

Energy is one of the basic necessities of modern human life, industry,

and transportation. The public intervention in energy is justified by the
importance of energy in relation to economic development, the
distribution of wealth within and among countries, the international
balance of power and national security, and the process of social change.
Therefore, it seems that energy security is connected with the socio-
economic development of the welfare state.
Since the energy situation varies in each country, or even between
one region and another within a country, the actual policy or risk
management tools are wide ranging, namely: diversification of supply,
sources and demand, security enhancement stockpiling, demand control,
energy efficiency, pricing and vertical integration. It is important to
note three characteristics of the nature of energy policy.
Firstly, energy policy tools are not necessarily universally valid for
each pillar of energy policy. Some tools work for one of the pillars but not
always for the others. For instance, global warming could enhance energy
security because it would reduce heating energy needs, create an Arctic
sea transport route, make permafrost areas available for energy
exploration, and biomass would grow faster. Thus, the essence of a
robust energy policy involves balancing these pillars, and prioritization of
one over another is often necessary, depending on specific energy
challenges a country faces.
Secondly, it is also important to understand that energy policy itself
evolves, depending on external changes. Energy security can be aggravated
or improved over time. Thus, energy security is not always the first
priority even in different areas of the same country. For instance, it is
arguable that, as the shale revolution is expected to turn the US into a net
exporter by 2020, security of international energy supply will be side-
lined and the security of demand aspect could emerge in the country.
Thirdly, there is no clear cut energy security policy distinction
between producing/exporting and consuming/importing countries, simply
because almost all countries both produce and consume energy to a varied
extent. Therefore, it is sometimes the case where a country faces a dilemma
as to whether security of supply or demand is the priority. A lot of energy

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exporting countries faces this dilemma, since their domestic energy demand
is increasing rapidly.

The Ambiguity of Energy Security Concept

Despite many governments’ emphasis on the importance of energy

security, there is no consensus about what energy security is supposed to
mean. As a result, there are a number of definitions of energy security. In
other words, “where countries stand on energy security depends on where
they sit”. The scientists found as many as 45 different definitions of
energy security, although these definitions share a great deal of similarity
among them. According to the Oxford English Dictionary, energy is the
strength and vitality required for sustained physical or mental activity
and/or power derived from the utilization of physical or chemical
resources, especially to provide light and heat or to work machines.
Security means, the state of being free from danger or threat. If one wishes
to follow the origin of the words in a straightforward way, that is
combining “energy” and “security”, energy security should merely mean
stable energy flow. This was probably the case during the mid-20th century,
but not anymore. The flood of definitions tend to have meanings beyond
stable energy flow, which arguably stems from the multi-dimensional,
evolving, and easily politicized nature of energy security and energy itself.
The most distinctive difference in energy security concepts is found
between energy importers and exporters, resulting from the emphasis on
security of supply for the former and security of demand for the latter. One
should remember, however, many producing/exporting countries also face
energy insecurity of domestic supply. As the nature of energy related
challenges evolve over time, so does the concept of energy security. It is
assumed that until the 1970s, the concept mainly emphasized the
physical availability of energy, especially oil. It was after the oil crises that
the concept started to be mentioned in terms of price level, in either
“affordable” or “fair” contexts. Likewise, the more global warming issues
are recognized by governments (especially since 1990s), the more
explicitly sustainability is mentioned in relation to energy security.
Today, a typical definition of supply security is the continuous
availability of energy in varied forms, in sufficient quantities, and at
reasonable prices. An example of demand security is stable commercial
relations with their customers, whose purchases often provide a
significant part of their national revenues. Similarly, some scientists
analyze the essence of energy demand security, and state it is stable and
secure revenue for development. These definitions coincide with stable
energy flow, but, not surprisingly, there is no agreement about what
reasonable prices are for importers and exporters.
(Based on: Energy Charter Secretariat. International Energy Security)

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 ACTIVE VOCABULARY

ambiguity неоднозначность (неопределенность)

Arctic sea transport Арктический морской путь
route
distribution of wealth распределение национального богатства
domestic energy внутренний спрос на электроэнергию
demand
domestic supply отечественные (внутренние) поставки
economic разностороннее развитие экономики
diversification
energy efficiency эффективность использования энергии
energy exploration изыскание источников энергии
energy flow энергетический поток
energy policy энергетическая политика
energy security энергетическая безопасность
global warming всемирное (глобальное) потепление
integral part неотъемлемая часть
national revenues государственные доходы (прибыль)
national (state) security национальная (государственная) безопасность
nature of energy policy суть (существо) энергетической политики
net exporter нетто-экспортёр товара
permafrost area район вечной мерзлоты
pillar основополагающий элемент
physical availability физическая доступность
risk management tools инструменты управления рисками
security of supply надежность (безопасность) энергопоставок
shale revolution сланцевый переворот в энергетике
supply security гарантия (безопасность) поставок
sustainability ресурсосбалансированность
to face a dilemma столкунуться с дилеммой (стоять перед
выбором)
welfare state государство всеобщего благосостояния

II. Translate the following text from Russian into English and be ready
for its discussion on the basis of active vocabulary, key terms quiz,
review and discussion questions:

ЭНЕРГЕТИЧЕСКАЯ БЕЗОПАСНОСТЬ – НЕОТЪЕМЛЕМАЯ

ЧАСТЬ НАЦИОНАЛЬНОЙ БЕЗОПАСНОСТИ

Сложность и масштабность энергетических проблем

современности выдвигает энергетическую безопасность в ряд наиболее
важных составляющих национальной безопасности. В XXI веке данная

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проблема приобретает особую актуальность, что обусловлено, с одной
стороны, истощением разведанных запасов природных
энергоносителей, а с другой, постоянным увеличением потребления
топлива и различных видов энергии. При этом энергетическая
безопасность может быть внешней и внутренней, и в своей основе она
имеет три базовых понятия: «энергетические интересы»,
«энергетические угрозы» и «энергетическая защита». Отсюда,
энергетическая безопасность – это внутреннее и внешнее состояние
или положение страны, при котором:
• отсутствуют реальные и потенциальные угрозы энергетическим
интересам государства и отдельных потребителей, возникающие
в процессе добычи, переработки, транспортировки и использования
природных энергоресурсов и получаемых на их основе всех видов
энергии, а в случае возникновения угроз – система мер по обеспечению
охраны или защиты энергетических интересов с целью устранения
или минимизации негативных последствий;
• поддерживается требуемый уровень жизнеобеспечения
общества и государства за счет оптимизации топливно-энергетического
баланса и рационального потребления имеющихся энергоресурсов;
• обеспечиваются необходимые условия как для надежного
функционирования и развития энергетики, промышленности
и транспортного комплекса страны, так и для достойной
жизнедеятельности общества и каждого из его членов.
Энергетические интересы государства и его граждан являются,
безусловно, жизненно важными и долгосрочными. Суть энергетических
интересов, в конечном итоге, сводится к рациональному
использованию имеющихся энергоресурсов и получаемых за их счет
всех видов энергии, а также к производству, сохранению и накоплению
энергетического потенциала и энергоресурсов высокого качества, в том
числе и за счет альтернативных источников получения энергии. Особая
роль в системе энергетических интересов принадлежит научно-
техническому прогрессу, поскольку именно он определяет уровень
развития энергетики, промышленности и транспортной системы страны
и, в конечном итоге, благосостояние граждан, подлинную
независимость, международный авторитет и экономическую мощь
любого государства.
Угрозы энергетической безопасности государства и его
гражданам бывают реальные и потенциальные, они могут исходить
как изнутри страны, так и извне. Внутри страны – от отдельных
физических и юридических лиц (и государства в целом), деятельность
которых значительно снижает, а в отдельных случаях и исключает
производство, накопление и рациональное использование топливно-
энергетических ресурсов, внедрение результатов научно-технического
прогресса, тормозит поступательное развитие энергетики,

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промышленности и транспортного комплекса, например за счет
необоснованного завышения стоимости сырья, энергоносителей и всех
видов энергии. Извне – деятельность других государств, с одной
стороны, делающая энергоресурсы инструментом политического
и экономического давления, а с другой, приводящая к возникновению
различных кризисов, в том числе и топливно-энергетических, а иногда
и к военному противостоянию.
Под энергетической защитой понимаются различные
мероприятия по обеспечению энергетической безопасности страны,
а также меры, направленные на выявление, оценку и устранение
реальных и потенциальных энергетических угроз. Очевидно, что меры,
связанные с предупреждением угроз энергетическим интересам,
следует считать пассивной защитой или пассивным обеспечением
энергетической безопасности. В то же время меры, направленные
на ограничение и ликвидацию последствий появившихся угроз
энергетическим интересам, можно назвать активной защитой
или активным обеспечением энергетической безопасности.
К факторам, препятствующим обеспечению энергетической
безопасности, следует отнести неравномерность распределения запасов
энергоресурсов по регионам планеты, возрастание внутренних
и внешних террористических угроз, в том числе и энергетическим
интересам отдельных стран и народов.
В качестве благоприятствующих факторов можно считать
относительно теплые зимы последних 25 лет; достаточный уровень
накопленных запасов энергоносителей, открытие новых
месторождений энергоресурсов, увеличение доли использования
альтернативных и возобновляемых источников энергии, разработку,
внедрение и применение безотходных и ресурсосберегающих
технологий и др. Следует отметить, что повышение значимости той
или иной группы указанных факторов неизбежно приводит к усилению
или ослаблению национальной безопасности через ее энергетическую
составляющую.
(Based on: E. Dubrovin and I. Dubrovin. Energy and National Security)

III. LISTENING/WATCHING:

WHERE ENERGY COMES FROM?

1. Before watching the video match the key words and expressions in
the left column with their translation in the right one.

1. fossil fuels a) органические останки

2. organic remains b) сейсмическая разведка
3. seabed (sea bed) c) слои породы

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4. seismology
5. rock layers
6. to drill the wells
7. drilling rig
8. production platform
9. pipeline
10. National Grid
11. positively charged central
nucleus
12. negatively charged
electron
13. flow of electrons
14. power station
15. electrical current
16. nuclear energy
17. disposal of byproducts
18. renewable source of
energy
19. supply and demand
d) буровая установка
e) возобновляемый источник энергии
f) ядерная или атомная энергия
g) трубопровод
h) поток электронов
i) электрический ток
j) добывающая платформа
k) негатрон или негативно заряженный
электрон
l) спрос и предложение
m) единая энергосистема
n) положительно заряженное
центральное ядро
o) электростанция
p) удаление/утилизация отходов
q) ископаемые виды топлива
r) морское дно
s) бурить скважины

2. Listen to the text and answer the questions below using the
abovementioned key words.

1. What does the term fossil fuel mean? There are three major fossil
fuels. What are they? How were they formed within a process over
millions of years? What do the terms seabed and organic remains
mean in this connection?
2. Is it possible to artificially create vibration on the surface? How can
we do it? What do the terms seismology and controlled explosions
mean in this connection?
3. What are we going to confirm while drilling the wells from a drilling
rig? If there is enough oil and/or gas the drilling rig is replaced by a
production platform. What is the main purpose of the production
platform within a process of oil and/or gas production? What does
the term pipeline mean in this connection?
4. How is electricity made from energy resources? What does the term
power station mean in this connection?
5. What does the tern electricity generator mean under the process of
electricity production? It can be powered in a number of ways?
Nominate and describe them briefly on the basis of the text.
6. What is a National Grid’s role within a process of delivering gas
and electricity to many millions of people across Great Britain and
northern eastern US? What does the phrase “National Grid must
balance supply and demand on a minute by minute basis”?

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 7. What are the general National Grid’s functions that insure the security
and quality of energy supply across the whole supply system? What is
a role of the term energy security within such process?

3. Listen to the text again; check your answers; name the main idea
and retell the story.

IV. KEY TERMS QUIZ:

Insert the necessary terms using the basic terminology from the above-
stated texts; translate them into Russian. Think out and reproduce some
examples using such key terms.

1. Government interference in energy justified by

the importance of energy in relation to economic
development, the distribution of wealth within
and among countries, the international balance of
power and national security, and the process of
social change.
2. The strength and vitality required for sustained
physical or mental activity and/or power derived
from the utilization of physical or chemical
resources, especially to provide light and heat or
to work machines.
3. The state of being free from danger or threat.
4. The combination of the words “energy” and
“security”, which should merely mean stable
energy flow.
5. The continuous availability of energy in varied
forms, in sufficient quantities, and at reasonable
prices.
6. Stable commercial relations with the customers,
whose purchases often provide a significant part
of their national revenues.
7. The vital and long-term interests, the essence of
which boils down to the rational use of available
energy resources including alternative sources of
energy.
8. A stated intention to inflict injury, damage, or other
hostile action on the energy security system.
9. A set of various measures to ensure the country's
energy security, as well as measures aimed at
identifying, assessing and eliminating real and
potential energy threats.

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 10. A situation in the marketplace when a country
produces all of its own energy, which was true
for the U.S. prior to 1950.
11. A situation in the marketplace when a country
allows imported energy, but only if the imported
energy does not create vulnerability. It allows oil
imports, but does not allow the imports to create
economic, political or military vulnerability.
12. An agreement that allows an energy supplier to
interrupt shipments with agreed customers at
agreed times.

V. CHECK YOUR UNDERSTANDING

State whether the following statements are TRUE or FALSE:

1. Energy is one of the basic necessities of modern human life, industry,

and transportation.
2. The public intervention in energy isn’t justified by the importance of
energy in relation to economic development, the distribution of
wealth within and among countries.
3. Energy security is never connected with the socio-economic development
of the welfare state.
4. Energy policy tools are not necessarily universally valid for each pillar
of energy policy. Some tools work for one of the pillars but not
always for the others.
5. Global warming could not enhance energy security because it would not
reduce heating energy needs, create an Arctic sea transport route, and
make permafrost areas available for energy exploration.
6. Energy security is not always the first priority even in different areas
of the same country.
7. There is a clear cut energy security policy distinction between
producing/exporting and consuming/importing countries, simply
because almost all countries don’t produce and consume energy to a
varied extent.
8. There are no cases where a country faces a dilemma as to whether
security of supply or demand is the priority.
9. A lot of energy exporting countries faces this dilemma, since their
domestic energy demand is increasing rapidly.
10. The scientists found as many as 45 different definitions of energy
security, although these definitions share a great deal of similarity
among them.

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VI. REVIEW AND DISCUSSION QUESTIONS

1. Prepare a brief story of energy security under the framework of

international energy system on the basis of the following text adopted
from the current documents of Energy Charter Secretariat (ECS). Read
and translate the text and be ready to discuss it within our classes.

BRIEF HISTORY OF INTERNATIONAL

ENERGY SECURITY

Energy security has often been an issue in energy policy for the past
100 years. It is often cited how Winston Churchill or Georges Clemenceau
regarded oil supply security as essential to fuel their armies for World War I.
Controlling the oil supply was a major aim for Germany and Japan to invade
USSR and Indonesia, respectively, during World War II. For these wars,
energy security was equivalent to national security. It was vital to secure oil
supply to fuel warships, tanks, and fighter planes.
In 1950s and 1960s, world energy demand more than doubled, driven
by North America, Western Europe, the Soviet Union, and Northeast Asia.
In these regions, economic growth, living standard improvement,
motorization, and electrification pushed energy demand in all demand
sectors. The international oil supply system was controlled by the western oil
majors. While those companies supplied cheap oil in a relatively stable
manner, oil exporting countries were increasingly discontent with the
distribution of wealth from oil exports and formed the Organization of
Petroleum Exporting Countries (OPEC) in 1960. While security of energy
supply was not a high policy priority in developed countries, the majority of
the population in many developing countries did not even have access to
modern energy, especially electricity. Although air pollution was becoming a
major concern in many industrialized countries, global warming discussion
remained in the realm of academia.
The 1970s could be described as the beginning of an energy insecurity
era. This was caused by, needless to say, two oil crises. In the first oil crisis
in 1973, oil embargoes by the Organization of Arab Petroleum Countries
(OAPEC) shook the oil importing countries to the core. Many OPEC
counties gradually nationalized their oil assets throughout the decade. The
second oil crisis shot up international oil prices above $30/bbl, about
$100/bbl in today’s value. Oil insecurity resulted in various reactions in
importing countries. Energy demand growth stalled, the inflation rate rose
significantly, and the era of high economic growth was over at least in the
Western World. Importing countries started to implement various
countermeasures under the name of energy security policy, such as energy
efficiency, diversification, stockpiling, and energy investment in domestic
and foreign areas. The International Energy Agency (IEA) was established in

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1974 by the Organization of Economic Cooperation and Development
(OECD) countries in response to the Arab oil embargo in 1973. Energy
security was now on a high priority issue on the policy agenda in view of its
significance for the whole economy.
Meanwhile, in terms of energy sources, international energy
security still largely meant oil security. Energy access issues in
developing countries had not improved to any significant extent. The
awareness of climate change issues remained low. Energy security of
supply was alleviated in the 1980s, especially in the latter half of the
decade, helped both by supply expansion and also lower demand due to
high energy prices stemming from the oil crises. Global oil imports
decreased by 25% during the first half of the decade. Oil was significantly
replaced by nuclear and natural gas, especially for power generation.
OPEC lost control over oil prices, and pricing was increasingly market
oriented. Some oil exporting countries started to enter the downstream
market in importing countries, the first sign of attempts to manage
international demand security. Energy access issues in the developing
countries remained largely unchanged. In rural areas in India, for
example, only 15% of the population used electricity in 1983.
Recognizing that the earth’s temperature is rising, the Intergovernmental
Panel on Climate Change (IPCC) was founded by the World Health
Organization (WHO) and United Nations Environment Programmer
(UNEP) in 1988 to provide a scientific view on climate change.
The 1990s started with the Gulf War and the fall of the Soviet
Union. The limited impact of the war on the world energy market
fostered optimism in relation to energy security. The collapse of the
USSR, however, resulted in devastating economic and social
consequences in the countries of the former Soviet Union. At the end of
the Cold War there was a need to overcome economic divisions
especially in energy sector; for this and other reasons the Energy
Charter process was initiated. In terms of domestic energy industries,
the 1990s saw the trend towards privatization and liberalization of
energy industries and markets, initiated by the US and the UK in the
1980s.
While national oil companies (NOCs), especially in the Middle
East, continued expanding their integration into importing countries via
asset acquisition and other business deals, a similar strategy was
adopted by Russia’s Gazprom in the European gas market. Therefore,
security of energy demand remained an issue for some exporting
countries. Power demand in non-OECD countries grew much faster than
that of the OECD countries, although 63% of electricity was still
consumed in OECD countries. Global warming issues were gradually
institutionalized throughout the decade. The Kyoto Protocol, the first

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international treaty that set binding obligations on industrialized countries
to reduce emissions of greenhouse gases, was adopted in 1997.
Energy insecurity again became widely discussed in the early
2000s. The 9/11 terror attacks set the tone of the era, and soon led to the
wars in Afghanistan and Iraq. More recently, the Arab Spring and the
“Islamic State” have created further tensions and instability. Rising
marine energy transport, and later the confrontation over Iran’s nuclear
program raised concerns over the so-called “sea-lane issues” at transport
chokepoints such as the Hormuz and Malacca Straits. Energy security
concerns also expanded beyond oil supply. The Fukushima nuclear
accident in 2011 raised a fundamental question about nuclear as a
countermeasure for both energy independence and GHGs reduction.
Meanwhile, energy security in the US has substantially improved thanks to
the shale revolution. On the other hand, with intensifying market
liberalization schemes aimed at achieving an internal gas market in the
EU, Russia is concerned about the security of gas demand.

2. According to the Great Britain former Prime Minister Winston

Churchill’s statement, the energy security is an equivalent to national
security. Moreover, it means a country’s national independence. Do you
agree with such statements? What do the terms national security and
energy independence mean in this connection? Prove you own point
of view subject to the problem of national security and independence on
the basis of the following article of the American journalist Ron
Bengtson. Read and translate the text and be ready to discuss it within
our classes.

ENERGY INDEPENDENCE

The idea of energy independence was not a myth then, nor is it a myth
today. Energy independence is a fact of America’s past and a vision of
America’s future. An achievable goal requiring sustained political will.
Energy independence does not require zero imports, but it does require zero
dependence on imports that could directly or indirectly place the U.S. in a
position of economic, political or military vulnerability. Energy
independence can be thought of as either absolute or strategic.
Absolute energy independence means a country produces all of its
own energy, which was true for the U.S. prior to 1950.
Strategic energy independence means a country allows imported
energy, but only if the imported energy does not create vulnerability.
Strategic energy independence allows oil imports, but does not allow the
imports to create economic, political or military vulnerability.
In order to understand the difference between absolute and strategic
independence, it is important to recognize that importing a commodity does

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not create dependence. Dependence only occurs when the imported
commodity creates vulnerability for the importing nation. In order for a
commodity to create vulnerability, the commodity must be of strategic value
regarding its potential to injure the importing country economically or
militarily, if the exporting country deliberately cuts off supply.
Strategic energy independence can be achieved through an alliance of
nations that share mutual interests. Economic and military interdependence
between nations can produce a powerful global force for good, but only if
the members of the alliance share basic cultural values and a commitment to
protect the freedoms of their people.
There is nothing inherently wrong with energy interdependence in
regard to importing oil. But anyone who values freedom must ask: where is
the oil money going? What is the oil money being used for? Is there a
connection between the flow of oil money into the Middle East and the flow
of terrorism out of the Middle East?
The USA is the world’s largest consumer of oil; the dramatic
reduction in U.S. oil consumption resulting from the energy independence
policies in effect following the Arab oil embargo and prior to Reagan’s
presidency had caused a surplus of oil on the world market, which ultimately
forced the global price of oil down. It would be accurate to say that every
U.S. President after Jimmy Carter has called for energy independence, but
nothing has come of it, because commitments to the global economy –
global free trade policies – beginning with the Reagan administration have
discouraged the USA from “acting in its own self-interest” as a nation.
The USA is the only country in the world that imposes that limitation
on itself. It is a self-defeating limitation reminiscent, metaphorically, of
how the British Army fought the American Continental Army during the
American Revolution, where the British soldiers stood in the open, on
principle, wearing bright red uniforms while the colonial soldiers shot at
them from behind trees. The American colonies won their independence
because they acted, as a nation, in their own self-interest, willing to do
whatever it took to accomplish their goal – Independence. Imagine that the
year is 1775 and Thomas Jefferson is pondering the issue of America’s
independence from Great Britain. What might he have been thinking?
On November 29, 1775 Thomas Jefferson wrote to John Randolph:
“There is not in the British empire a man who more cordially loves a union
with Great Britain than I do. But, by the God that made me, I will cease to
exist before I yield to a connection on such terms as the British Parliament
proposes; and in this, I think I speak the sentiments of America.”
On December 1, 1775 American Continental Army General Charles
Lee wrote to British General Burgoyne: “You ask me, in your letter, if it
is independence at which the Americans aim? I answer no; the idea never
entered a single American's head until a most intolerable oppression
forced it upon them...”

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 Now imagine that Great Britain’s King George III has just received a
signed copy of the United States Declaration of Independence. What are his
first thoughts? How dare they? Or, perhaps, a strategy of propaganda to
convince the rebels that independence is a myth, with grave warnings of the
“dangerous delusions” of independence.
Forward to recent history – a relevant comparison: in October 1973
OPEC oil-producing countries, led by Libya and Saudi Arabia, cut off oil
supplies to the United States causing massive fuel shortages and
unprecedented fuel prices. The purpose of the embargo was to force
political concessions from the United States. Before the embargo,
Americans had never thought of energy independence. The Arab oil
embargo was the beginning of America’s submission to a foreign tax in the
form of commodity price fixing and resource supply manipulation on a
global scale. This intolerable oppression, forced upon Americans by a
foreign power, created what has become America’s quest for energy
independence.

3. Despite many emphasis on the importance of energy security, there is

no consensus about what energy security is supposed to mean. As a
result, there are a number of definitions of energy security, although all
these definitions share a great deal of similarity among them. Give
your own definition of the term energy security and explain its meaning
from the position of the current concept of energy security and
linguistics. What do the terms energy, security and ambiguity mean in
this connection?
4. The most distinctive difference in energy security concepts is found
between energy importers and exporters, resulting from the emphasis on
security of supply and security of demand. What do the terms supply
security and demand security mean under the framework of energy
security concepts? What do the terms national revenues, stable energy
flow, reasonable prices, and sustainability mean in this connection?
5. It is important to note three characteristics of the nature of energy
policy. What are they? Nominate and describe them briefly.
6. Since the energy situation varies in each country the actual energy policy
and/or risk management tools are wide ranging. What does the term
energy policy tool mean in this connection? Which of them do you
know? Nominate the most important tools and describe them briefly on
the basis of the following text. Read and translate the text and be ready to
discuss it within our classes.

MAIN TOOLS FOR ENERGY SECURITY

Diversification is certainly one of the common policy tools to

address supply security, and it has three forms: diversification of energy

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sources (alternative energy development), of suppliers/consumers, and of
supply routes. Traditionally, alternative energy development almost always
aimed at decreasing dependency on oil, especially after the oil crises, and
particularly in the power and industry sectors. The development of
nuclear, coal and natural gas were often encouraged to replace oil.
While importing countries diversify their energy sources for the sake of
supply security, exporting countries do that to reduce the instability of
export earnings. Recently, in the face of air pollution and climate change,
the policy emphasis is on renewables. However, it is clear that some
energy diversifications create unwanted effects in other pillars of energy
policy. Replacing gas for coal in power generation will result in more
GHG emission, unless expensive carbon capture and storage (CCS) is
used. Uncoordinated renewable developments could undermine power grid
stability.
Supply Expansion measures can be applied to both domestic and
overseas resource development. Domestic resource development is one
of the first policies that an importer might consider when aiming to
mitigate energy insecurity. If domestic resource development is not enough
to meet energy demand, an energy consumer may turn to foreign
resources. Although importers could simply use the spot market to secure
supply, overseas equity investment, often combined with long-term
contracts, is perceived by some governments (especially in Asia) to be an
effective strategy for enhancing security of the energy supply.
Security enhancement measures, possibly associated with military
options, are recognized as part of a supply security policy. It is often
argued that military expenditure and periodic military activities are
necessary conditions for a continued flow of and, particularly, access to
Middle East oil. Since the 9/11 terrorist attack, energy importers are
increasingly aware of the vulnerability of energy supply infrastructure.
The US has undertaken the most comprehensive measures in terms of
protecting their energy infrastructure. The EU considers transport and the
energy sectors as being amongst the immediate priorities for any action
against threats. Within the energy sector, oil and gas production, refining,
treatment, storage and distribution by pipelines, electricity generation and
transmission, and production and storage/processing of nuclear substances
are also pointed out as critical infrastructure.
Stockpiling strategy reserves of oil has been adopted for decades
in many OECD countries. Indeed, one of the main aims of establishing the
IEA by the OECD was the coordination of oil stockpiling within its
member countries. Oil stockpiling in IEA countries and the IEA
emergency response mechanism were first set up in 1974. Today, IEA’s
member countries are required to hold oil stocks equivalent to at least 90
days of net oil imports, either by industry or a combination of industry

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and a public entity, i.e. by the government and/or agency established to
fulfil this role.
Demand Control concerns two elements: energy efficiency and
interruptible contracts.
Energy efficiency is a traditional countermeasure to tackle energy
insecurity for importers, a classic example being Japan’s Energy
Conservation Law of 1979. The US Energy Policy Act 2005 provides a
$1.3 billion tax reduction for conservation and energy efficiency. The
EU regards energy efficiency as the most immediate element within a
European energy security policy, and targets improving energy efficiency
by 20% by 2020.
An interruptible contract is an agreement that allows an energy
supplier to interrupt shipments with agreed customers at agreed times. The
IEA values interruptible contracts for natural gas, because they can offer
flexibility at a lower cost compared to storage. While this type of contract
is widely incorporated in North America and Western Europe for gas
and electricity, it can be regarded as a last resort to minimize the impact of
an energy supply cut. In the case of an emergency the supply to
interruptible consumers, and especially to large scale industry users or
power plants, would be cut in order to keep non-interruptible consumers
(typically household users) supplied.
Energy subsidies are not necessarily categorized as a policy tool to
enhance energy security, since they are often in place to allow energy
flows to low income population, rather than protecting existing flows.
Nevertheless, since some countries argue that the reduction of energy
poverty should be included in the energy security concept, it can be
mentioned briefly. Energy subsidies are intended either to make energy
products affordable or to make energy production economically feasible.
It is estimated that fossil-fuel consumption subsidies worldwide
amounted to $409 billion in 2014. Oil products (LPG, gasoline, diesel,
kerosene), electricity, and natural gas are the main fuels for consumer
subsidies, especially in energy rich, exporting countries.
Energy trade and pricing. While many of the policy tools listed
above aim at lowering the mutual dependence of energy exporters and
importers, energy trade will still be a dominant instrument for energy
consumers to secure supplies and for producers to gain revenues.
Whether the relationship between exporters and importers meets the
requirement of security of supply and security of demand respectively
depends on the terms and condition of such energy trade, in particular the
commercial contracts concluded their duration and the pricing formulas.
Vertical integration and asset swaps. Some argue that “asset
swaps” deserve support as a policy tool for energy producing and
consuming countries and businesses in order to address risks associated
with security of supply and demand. The “Conceptual Approach” of the

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Russian President envisaged a joint “promotion of mutual exchange of
energy business assets within investment activities”. Vertical integration
is generally accepted as a tool to mitigate price and volume risks in
energy trade. However, recently the concept of “asset swaps” has
suffered some serious setbacks.

7. Prepare the oral composition “Energy security as an integral part of

national independence”. Let’s discuss it within our classes.

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 CHAPTER III

KEYS TO EXERCISES

Chapter I. ECONOMICS

Unit I. Economics

Listening/watching: 1b; 2c; 3e; 4g; 5h; 6i; 7j; 8l; 9m; 10n; 11k; 12f; 13d;
14a.

Key Terms Quiz (KTQ): 1. economic system; 2. economics; 3. demand; 4.

supply; 5. microeconomics; 6. macroeconomics; 7. market; 8. decision
making; 9. transaction; 10. business environment

Check your understanding: 1. True; 2. False; 3. True; 4. True; 5. False; 6.

True; 7. False; 8. False; 9. False; 10. True.

Unit II. Microeconomics:

Listening/watching: 1j; 2o; 3a; 4h; 5d; 6e; 7l; 8i; 9p; 10n; 11m; 12g; 13k;
14c; 15f; 16b

KTQ: 1. consumer; 2. demand; 3. supply; 4. demand curve; 5. supply curve;

6. microeconomics; 7. profit; 8. human resources (HR); 9. natural resources;
10. capital; 11. money; 12. entrepreneurship; 13. equilibrium price

Check your understanding: 1. False; 2. True; 3. False; 4. True; 5. False; 6.

True; 7. True; 8. True; 9. False; 10. False.

Unit III. Macroeconomics:

Listening/watching: 1i; 2k; 3o; 4l; 5n; 6a; 7m; 8c; 9h; 10f; 11b; 12d; 13g;
14e; 15c.

KTQ: 1. macroeconomics; 2. private enterprise system (capitalism, market

economy); 3. competition; 4. pure competition 5. monopolistic competition;
6. oligopoly; 7. monopoly; 8. centrally-planned economy; 9. socialism; 10.
communism; 11. mixed economy; 12. privatization.

Check your understanding: 1. True; 2. False; 3. True; 4. True; 5. False; 6.

False; 7. True; 8. False; 9. False; 10. True.

185
Unit IV. Economic Stability:

Listening/watching: 1d; 2j; 3e; 4b; 5f; 6h; 7k; 8g; 9c; 10l; 11a; 12i.

KTQ: 1. business cycle; 2. recession; 3. recovery stage (expansion); 4.

productivity; 5. GDP (gross domestic product); 6. inflation; 7. total labor
force; 8. discourage workers; 9. unemployment rate; 10. frictional
unemployment; 11. seasonal unemployment; 12. cyclical unemployment; 13.
structural unemployment; 14. purchasing power.

Check your understanding: 1. False; 2. False; 3. True; 4. True; 5. False; 6.

True; 7. False; 8. True; 9. False; 10. True.

Unit V. Managing Economy:

Listening/watching: 1l; 2m; 3n; 4c; 5d; 6k; 7e; 8f; 9g; 10a; 11h; 12i; 13j;
14b.

KTQ: 1. money supply; 2. FED (Federal Reserve System); 3. monetary

policy; 4. expansionary monetary policy; 5. restricted monetary policy; 6.
fiscal policy; 7. budget; 8. budget deficit; 9. national debt; 10. budget surplus;
11. balanced budget.

Check your understanding: 1. True; 2. False; 3. False; 4. True; 5. False; 6.

False; 7. True; 8. True; 9. False; 10. True.

Unit VI. Economics in the 21st Century:

Listening/watching: 1m; 2h; 3g; 4i; 5q; 6c; 7l; 8b; 9d; 10f; 11j; 12a; 13k;
14o; 15p; 16e; 17n.

KTQ: 1. business; 2. economics (economy); 3. competitiveness; 4.

competitor; 5. technology; 6. labor force; 7. product; 8. production cost; 9.
need; 10. want; 11. internationalization; 12. economic integration; 13.
globalization; 14. CEO (Chief Executive Officer); 15. LNG (liquefied
natural gas).

Check your understanding: 1. False; 2. False; 3. True; 4. True; 5. False; 6.

True; 7. True; 8. False; 9. True; 10. False.

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 Chapter II. ECONOMIC SECURITY

Unit VII. Economic and National Security:

Listening/watching: 1e; 2d; 3j; 4a; 5k; 6b; 7c; 8g; 9h; 10l; 11f; 12i.

KTQ: 1. national security; 2. vital interests; 3. economic security; 4. state

(national) economic security; 5. stability of national economy; 6. threat; 7.
money supply; 8. raw materials; 9. consumer goods; 10. GDP (gross
domestic product).

Check your understanding: 1. False; 2. True; 3. False; 4. False; 5. True; 6.

False; 7. True; 8. False; 9. True; 10. True.

Unit VIII. Economic Security of a Company:

Listening/watching: 1l; 2m; 3g; 4e; 5c; 6i; 7d; 8j; 9k; 10h; 11f; 12n; 13b;
14a.

KTQ: 1. ESE (economic security of the enterprise); 2. vital interests; 3.

economic (business) entity; 4. production costs; 5. Force Majeure; 6. threat;
7. financial strategy; 8. assets; 9. state’s (national) economic security; 10.
confidential information; 11. unfair (cutthroat) competition; 12. decision
making.

Check your understanding: 1. True; 2. True; 3. False; 4. False; 5. True; 6.

False; 7. False; 8. True; 9. True; 10. False.

Unit IX. Financial Security:

Listening/watching: 1f; 2i; 3h; 4b; 5c; 6d; 7e; 8g; 9a.

KTQ: 1. financial security; 2. financial stability; 3. economic (business)

entity; 4. financial security of an enterprise; 5. Force Majeure; 6. financial
system; 7. financial strategy; 8. cheque (check); 9. financial markets; 10.
stock exchange (market); 11. share (stock); 12. bull market; 13. bear market;
14. contracting economy.

Check your understanding: 1. False; 2. True; 3. False; 4. True; 5. True; 6.

False; 7. False; 8. True; 9. False; 10. True.

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Unit X. Human Resource Security:

Listening/watching: 1i; 2a; 3f; 4p; 5o; 6f; 7d; 8l 9h; 10e; 11m; 12n; 13g;
14c; 15b; 16j.

KTQ: 1. vulnerability; 2. insider threats; 3. enterprise economic security;

4.Code of Conduct; 5. cyber security; 6. physical security; 7. background
checks; 8. employee; 9. endpoint monitoring; 10. HR (human resource)
department; 11. employees’ awareness programs; 12. business ethics; 13.
conflict of interest; 14. gratuities; 15. government official; 16. fraud; 17.
FCPA (Foreign Corrupt Practices Act), 1978.

Check your understanding: 1. False; 2. False; 3. True; 4. True; 5. False; 6.

True; 7. False; 8. True; 9. False; 10. True.

Words into action:

7.1. Conflict of interest.
7.1.1. I am a company employee. I am thinking about taking a second job to
earn some extra cash. What problem could I face?
(A: First you need to consider if your second job will conflict with your
schedule at the company. Second, be certain that you will have the energy to
devote your best efforts to your primary job at NS and your part-time work
elsewhere. Finally, make certain that your “other” employer is not a
competitor or supplier).
7.1.2. My family and I are very active supporters of a local charity and
believe that a company should make a corporate contribution. Is this a
conflict of interests?
(A: Probably not. But to be sure, forward your request to your Management.
Let them decide whether or not it is appropriate for the company to support
this charity).
7.1.3. I work with number of outside companies that provide services to the
company. Our contract for landscaping services is up for renewal. We are
thinking about asking other companies to submit bids. My brother-in-law
owns a gardening company. Can I help him?
(A: It is perfectly acceptable to tell a family member that the company will
solicit bids (объявлять тендер) for landscaping services. When the time
comes for the Request for Proposals (1) объявление о принятии
предложений (на выполнение заказа); 2) условия подряда (в
объявлении)) to be send around, your brother-in-law is welcome to submit a
bid if he meets our qualifications. Under no circumstances should you share
information with him about selection process. If your brother-in-law submits
a bid, you should disclose this to your supervisor and other management.
Then, you should excuse yourself from the review and selection process.)

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7.2. Antitrust and fair trade practices.
7.2.1. One of my closest friend works for our competitors. We play golf
together, our families vacating together, and we attend the same trade shows.
Am I in violation of any antitrust laws or fair trade practices?
(A: No. A person relationship alone does not constitute violation of Antitrust
Laws or fair trade practices. Nonetheless, you should use caution talking
about our business when you are with your friends. Never discuss price or
terms of any company contracts, deals, or trades. Be clear that these kinds of
discussions are off limits because they could jeopardize both companies.
Even jokes can be misinterpreted.)
7.2.2. I believe one of our competitors exaggerates its capabilities and
services. This puts us at a disadvantage. How can I set the record straight?
(A: You can control only how you represent NS to our customers. Describe
and demonstrate the benefits of our approaches, but do so honesty.)
7.2.3. A supplier left a document in my office that is related to the products
of one of our competitors. Can I keep a copy or share this information with
others so that we know what the competitor is thinking about?
(A: No. This document may be confidential and cannot be disclosed without
proper authorization. If you use this information, you will violate our Code
and values and possibly expose the company and yourself to a lawsuit. Upon
discovering this document, you should immediately contact the Legal
Department so the document can be promptly returned or destroyed.)
7.3. Gifts, Gratuities and Other Business Courtesies.
7.3.1. Can we keep a gift of candy and fruit that our work group received
from a long-standing vendor at holiday time?
(A: Yes. You may keep a gift of candy and fruit that our group received from
a long-standing vendor at holiday time.)
7.3.2. May I pay for the lunch of a government official with whom we are
discussing interpretations of the company regulations?
(A: You should check with Government Affairs prior to offering to pay for a
government official’s meal or any other type of expense. There are limits on
the value of meal that government officials may accept. We may be required
to report this type of expenditure to the government.)
7.3.3. A consulting firm offered four tickets to the baseball game with a
value of $100 per ticket. Does this mean that I can’t go? What if I give the
tickets to my staff instead?
(A: Our policy on gifts, hospitality, and entertainment does not prohibit you
from going to the ball game, but you must first obtain your supervisor’s
approval on the Gift, Hospitality, and Entertainment Approval form and
forward a copy to the management before you keep the tickets for yourself or
for your staff.)
7.3.4. Frank is a salesman for a heavy equipment supplier. On behalf of our
company I do business with his company. He knows that I am an amateur
photographer. He sent me an expensive camera. Can I keep it?

189
(A: No. You must return the camera. Thank Frank for the thoughtful gift, but
explain that you cannot accept it because it could appear that your business
judgment would be influenced unduly by this gift. You should disclose the
situation to your supervisor and the management.)
7.4. Theft and fraud.
7.4.1. Someone in my workgroup agreed to spend $300,000 on consulting
services that were budgeted for next year but only has spending authority up
to $200,000. He asked me to issue two separate purchase orders so that he
can avoid asking his boss for approval. What should I do?
(A: Do not issue two purchase orders to cover one transaction. Your co-
worker may be trying to circumvent our Delegation of Authority and get
around one of our internal controls. You should speak up and discuss the
situation with your supervisor or the Legal department, or call the Integrity
Helpline.)
7.4.2. When it comes down to it, I’m a salesperson. Like everybody else, I
have mouths to feed at home and have to make my numbers every quarter. I
work with some of the same customers every quarter, and know about how
much they are going to purchase from us. Why can’t I just book my sales
ahead of time? Aren’t they as good as sold?
(A: You cannot book a sale you have not made. You cannot record a
transaction where legal title has not passed. No matter how certain you are
that your customer has a choice. It’s against our Code and the law for you to
record a sales transaction as final if it has not been really been executed.)

Unit XI. Information Security:

Listening/watching: 1p; 2f; 3b; 4g; 5q; 6c; 7d; 8e; 9u; 10k; 11l; 12m; 13r;
14s; 15i; 16t; 17n; 18o; 19h; 20a; 21j.

KTQ: 1. confidential information; 2. information integrity; 3. availability;

4. authentication; 5. biometrics; 6. access control; 7. IDS (intrusion
detection system); 8. physical security; 9. obstacle; 10. masking; 11.
regulation; 12. coercion; 13. motivation; 14. insider threat.

Check your understanding: 1. True; 2. True; 3. False; 4. False; 5. True; 6.

False; 7. True; 8. True; 9. False; 10. False.

Words into action:

2.1. Our company is using local contractor to provide catering at an all-
office event. I like their work and may want to use them for my daughter’s
wedding. Can I look at their pricing information to determine how expensive
they are?
(A: No. This is not an appropriate use of information. Contractors trust the
company to keep their pricing information confidential. If you would like to

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use this caterer, you may. However, ask him or her to contact you outside of
working hours. Do not seek special treatment based on your affiliation with
the company).
2.2. One of my close friends is starting a consulting company and asked for
a copy of our organizational charts and personnel policies. He explained that
this could give him some informal benchmarking advice. May I help him
out?
(A: No. We do not provide this kind of information to outside third parties.
You should check first with our Legal Department or Human Resources
before you provide any information about our internal structure and
organization).
2.3. Once my former employees has contacted me to provide an
employment reference. What can I say?
(A: We do not provide reference information about current or former
employees – other than their names, job title, and dates of employment.
Always refer inquires for references to your Human Resources Business
Partner. Only Human Resources may deal this information. You can provide
a personal character reference, but do not refer to the company or use the
company name in any way).

Unit XII. Energy Security:

Listening/watching: 1q; 2a; 3r; 4b; 5c; 6s; 7d; 8j; 9g; 10m; 11n; 12k; 13h;
14o; 15i; 16f; 17p; 18e; 19l.

KTQ: 1. public intervention; 2. energy; 3. security; 4. energy security; 5.

supply security; 6. demand security; 7. energy interests; 8. energy security
threats; 9. energy protection; 10. absolute energy independence; 11. strategic
energy independence; 12. interruptible contract.

Check your understanding: 1. True; 2. False; 3. False; 4. True; 5. False; 6.

True; 7. False; 8. False; 9. True; 10. True.

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 APPENDIX I
GLOSSARY
OF KEY TERMS IN ECONOMICS
AND ECONOMIC SECURITY
A
Absolute interest means full Абсолютное владение означает
and complete ownership. фактическое обладание
собственностью, дающее обладателю
возможность непосредственно
воздействовать на нее.
Accountant shall mean a Бухгалтер (бухгалтер-ревизор,
professional person whose job it аудитор) означает лицо, обученное
is to keep and check the ведению бухгалтерских книг и
financial records of an осуществляющее проверку финансовой
organization, or to advise clients отчетности организации, а также
on tax. консультирующее по вопросам
налогообложения.
Accounting means a system of Бухгалтерский учет означает систему
recording the money value of учета, дающую представление
business dealings, income and руководству предприятия о денежной
expenditure accounts to enable стоимости финансовых операций,
the management of a concern to доходах и расходах организации и ее
see the financial position at any финансовом состоянии на
time. определенный период.
Act of God means any natural Стихийное бедствие означает любое
cause, which could not have природное явление (наводнение,
been prevented by reasonable землетрясение и др.), которое
foresight. невозможно предотвратить с помощью
вмешательства человека.
Administration shall mean the Управление (административное
control, direction and управление; назначение конкурсного
management of a business or управляющего) означает управление
service; appointing an outside предпринимательской организацией;
specialist to manage a company назначение специалиста со стороны
in financial difficulty to avoid управляющим компанией,
liquidation. испытывающей финансовые трудности,
во избежание ликвидации.
Advanced Training shall mean Дополнительное образование
additional education or getting (повышение квалификации;
extra qualification skills. переподготовка) означает
дополнительное обучение или
получение дополнительных
квалификационных навыков.

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Agreement shall mean a spoken Договор (соглашение) означает устное
or written declaration by two or или письменное заявление двух и более
more persons or organizations лиц или организаций, которые
who agree that each shall договариваются о выполнении
perform certain stated duties in определенных обязательств в интересах
the interests of all. каждого из участников.
Alpha dog (natural leader) in Собака-вожак в бизнесе означает
business means a person неформального лидера. В упряжке
followed by others because of ездовых собак главенствует именно
his or her personality, ideas, альфа-самец, хотя он не всегда самый
beliefs, charm, and/or charisma крупный или сильный пес. В бизнесе –
– not necessarily because of это прирожденный лидер, вне
rank or position. On dog sled зависимости от занимаемой им
team the first dog is alpha dog должности или ранга, увлекающий за
because he is a good leader? собой идеями, убеждением, обаянием
Even though he may not be the или харизмой.
biggest or most powerful.
Alternate Director shall mean Лицо, исполняющее обязанности
any legally designated person директора (и.о. директора) означает
acting as a Director personally любое законно назначенное лицо,
liable for his acts and omissions действующее в качестве директора,
within the executive director’s равно как и несущего всю полноту
absence. ответственности за свои действия и
упущения в период отсутствия
директора на предприятии.
America Stock Exchange Американская фондовая биржа
(AMEX; ASE) means stock (АМЕКС) означает вторую по объему
exchange with the second продаж фондовую биржу в
biggest volume of trading in the Соединенных Штатах. На AM EKC в
United States; stocks and bonds основном обращаются ценные бумаги
traded on the AMEX are mainly мелких и средних компаний.
those of small and medium-size
companies.
Angel (angel-investor) means a Ангел-инвестор означает частного
successful entrepreneur who is венчурного инвестора, обладающего
willing to invest some of his/her опытом коммерческой и
gains in new ventures. He/she управленческой деятельности,
typically also acts as a mentor to непублично вкладывающего средства в
the founding entrepreneurs. инновационные компании с
потенциалом быстрого роста на ранних
этапах их развития, а также
обеспечивающий их экспертной
поддержкой.

193
Annual General Meeting
(AGM) shall mean a formal
meeting of the shareholders and
directors of a company, held
once each year, at which they
consider, as laid, down in their
Articles of Association, the
directors' report on the year's
activities and the auditors'
report, appoint the, directors and
auditors, decide the amount of
the dividend, etc.
Antitrust Laws shall mean (in
the USA) federal legislation
designed to prevent monopolies.
Arbitration means the settling
of a dispute by a third neutral
party rather than by a court of
law.
Articles of Association (Charter,
Constitution, Regulations etc.)
means a document recording,
article by article, the way in
which a company shall be
managed, and giving the rules by
which its internal affairs shall be
dealt with; it covers matters
concerning formal meetings, the
power of the directors and the
shareholders, the election of
officers, etc.
Articles of Incorporation
means a document filed with a
U.S. state by the founders of a
corporation.
Assets mean all things owned
by a person or business that
have some money value and can
be used to pay debts, produce
goods and make profit.
Ежегодное общее собрание означает
официальное ежегодное собрание
акционеров и директоров компании, в
повестку дня которого входит в
соответствии с уставом отчет совета
директоров о деятельности за год, отчет
об итогах аудиторской проверки,
назначение директоров и аудиторов,
определение объема дивиденда и т.д.
Антитрестовское законодательство (в
США); антимонопольное
законодательство (в России) означает
федеральные законы, препятствующие
формированию монополий.
Арбитраж разрешение спора третьей
нейтральной стороной во избежание
рассмотрения дела в суде.
Устав предприятия означает
документ, последовательно
представляющий принципы
руководства компанией и излагающий
правила внутреннего регламента
компании. В нем рассматриваются
порядок проведения общих собраний,
права директоров и акционеров,
правила выбора в совет директоров и
т. д.
Устав корпорации означает
документ, представляемый в органы
регистрации того или иного штата в
США учредителями корпорации.
Активы означает все принадлежащие
индивиду или организации предметы,
которые обладают стоимостью и могут
быть использованы для покрытия
долгов, осуществления деятельности по
выпуску продукции и получения
прибыли.
194
Audit means the inspection and Аудит (независимая экспертиза)
examination of a process or означает проверку положения дел в
quality system to ensure организации. Логистический аудит
compliance to requirements. An позволяет измерять результаты
audit can apply to an entire функционирования цепей поставок,
organization or may be specific транспортный – оценивать компонент
to a function, process or транспортировки в логистической цепи.
production step.
Auditor shall mean a Аудитор означает квалифицированного
professionally trained person специалиста, осуществляющего
who examines the accounts of проверку финансовой отчетности
an organization. организации.
Authentication means the most Аутентификация означает наиболее
common way to identify распространенный способ
someone through his/her идентификации человека по его/ее
physical appearance. Today its внешнему виду. Основной ее формой
main form is the user ID and сегодня является идентификатор и
password. пароль пользователя.
Authority means the power to Полномочие означает право принятия
make decisions and to act on решений и действия на их основе в
them in carrying out процессе исполнения служебных
responsibilities. обязанностей.
Availability (of information) Доступность (информации) означает
means that information can be такое состояние информации, когда она
accessed and modified by находится в том виде, месте и времени,
anyone authorized to do so in an которые необходимы пользователю, и в
appropriate timeframe. то время, когда она ему необходима.
B
Balanced funds means the Сбалансированные фонды
investment funds that mix (инвестиционные фонды открытого
stocks and bonds to spread risk - типа со сбалансированным портфелем)
and capital - even more. означают инвестиционные фонды,
которые смешивают акции и
облигации, чтобы еще более
распределить риски и капитал.
Balanced budget means a Сбалансированный (бездефицитный)
situation in which total revenues бюджет означает ситуацию, при
raised by taxes equal the total которой совокупные доходы,
proposed spending for the year. полученные за счет налогов, равны
совокупным предлагаемым расходам за
год.
Bang for the buck (big bang Взрыв ради доллара (отдача от
for the buck) means the highest вложенных средств) означает самую
level of return on investment. большую отдачу на каждый вложенный

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 доллар. Эффективные компании
получают за свой доллар «феерические
взрывы».
Bank shall mean a business Банк означает коммерческий институт,
organization that performs осуществляющий различные
financial transactions – финансовые операции – получение
receiving and having deposits, платежей и хранение денежных
paying sums out of them by средств, осуществление
order of the customer, lending санкционированных клиентом выплат,
money to individuals and предоставление ссуд частным лицам и
organizations at interest, организациям с выплатой процента,
moving money from place to перевод денежных средств и т.д.
place, etc.
Bankruptcy shall mean Банкротство означает неспособность
inability of an individual or индивида или организации заплатить
organization to pay debts; свои долги; в отношении этих лиц суд
against them, a bankruptcy выносит решение о банкротстве,
order is made by a court лишающее банкрота его имущества,
depriving bankrupts of their которое в дальнейшем используется для
property, which is then used to покрытия долгов.
pay their debts.
Bear means a stock exchange Медведь означает биржевого брокера,
broker who buys and then sells играющего деньгами инвестора в
shares on the investors’ money ожидании падения цен на фондовом
expecting prices to fall. рынке.
Bear market means a stock Рынок, имеющий тенденцию к
market or currency market понижению (медвежий рынок)
where prices are falling. означает фондовый или валютный
рынок, на котором наблюдается
понижение цен.
Big Board (New York Stock Большое табло (Нью-йоркская
Exchange) means the world's фондовая биржа) означает самый
largest stock market. Major большой фондовый рынок в США. В ее
activity takes place on a trading операционном зале кипит бурная
floor. Each stock is handled by деятельность. С каждой акцией
one “specialist” who acts as a работает один «специалист», который
market maker and has other действует в качестве маркет-мейкера и
duties. Specialists are expected выполняет другие функции. От
to keep a “fair and orderly специалистов ожидается, что они будут
market.” поддерживать «справедливый и
упорядоченный рынок».
Black economy (cash economy) Теневая экономика означает
means the unofficial economic производство, распределение, обмен и
activity, which is not contained потребление товароматериальных

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within national statistics, mostly ценностей и услуг, находящиеся за
conducted on a cash basis and пределами досягаемости налоговых
not declared for tax purposes. властей и осуществляющиеся, как
правило, на наличной основе.
Black market means the Черный рынок означает рынок, на
market where goods and котором товары и услуги продаются и
services are exchanged illegally. покупаются незаконно.
Black knight means a company Черный рыцарь означает компанию,
that tries to take control of пытающуюся получить контроль над
another company by offering to другой компанией, предлагая
buy large numbers of its shares. приобрести большие объемы ее акций.
Blue chips mean shares of well- Голубые фишки означают акции
established companies. надежных компаний.
Blue collars mean factory Синие воротнички означают
workers (in reference to their работников физического труда.
blue working clothes).
Board of Auditors means Ревизионная комиссия означает орган
Company’s body elected by its компании, избираемый ее акционерами
shareholders in order to conduct для осуществления ревизионной
the auditing procedures inside (аудиторской) деятельности внутри
the company. компании.
Board of Directors (directors) Совет директоров означает
means the governing body of a управляющий (исполнительный) орган
corporation elected by the компании, избираемый ее участниками
stockholders (shareholders). (акционерами).
Bookkeeping means the Бухгалтерский учет означает
recording of all money received регистрацию всех приходящих
into and paid out of a company, денежных средств и выплат,
including profit and loss осуществляемых компанией, включая
account and balance sheet. отчет о прибылях и убытках, а также
баланс предприятия.
Boom shall mean a period in the Бум означает период в развитии страны
development of a country or или отрасли, когда растущий спрос на
industry when a rising demand все товары вызывает увеличение
for all commodities causes объема промышленного производства,
industrial production to expand, рост цен и уровня заработной платы и
prices or wages to rise, and снижение уровня безработицы.
unemployment to fall.
Borrowing shall mean Заем (кредит) означает получение
receiving money from a bank or денег в долг у банка или какого-либо
other financial organization on другого финансового учреждения с
the condition that it is paid back условием их выплаты через определен-
later, usually with interest. ное время и, как правило, с процентом.

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Bourse shall mean the French
word for a stock or commodity
exchange or money market; the
Bourse usu. means the Paris
Bourse, members of which are
called Agents de Change the
Paris Bourse.
Breach of Contract shall mean
the situation when one of the
parties to the contract ignores
or, fails to keep the conditions
agreed upon in it.
Bribery shall mean the illegal
action when one person gives to
the other person money,
property, favors, or anything
else of value for a favor in
return. Often referred to as
paying «kickback».
Budget means an account of
probable future income and
expenditure of a company
during a stated period.
Budget deficit means the
excess of planned government
expenditures over projected
revenues, or a negative budget
surplus.
Budget surplus means the
excess funding that occurs
when government spends less
than amount of funds raised
through taxes and fees.
Bull means a stock exchange
broker who buys shares by its
own money expecting prices to
rise.
Bull market means a stock
market or currency market
where prices are rising.
Фондовая биржа означает французское
название фондовой, товарной или
валютной биржи; “the Bourse” обычно
относится к Парижской бирже, члены
которой называются Agents de Change
the Paris Bourse.
Нарушение договора означает
невыполнение одной из сторон,
заключивших договор, своих обя-
зательств по контракту.
Взяточничество (подкуп) означает
незаконное действие, когда одно лицо
вручает другому деньги, собственность,
оказывает услуги или предоставляет в
его собственность любые иные
материальные ценности в обмен на
оказанную услугу. Часто такое деяние
называется выплатой «благодарности».
Бюджет (смета расходов) означает
финансовый план, намечающий
возможные показатели доходов и
расходов организации на определенный
период.
Дефицит бюджета означает
превышение государственных
расходов над доходами.
Профицит бюджета означает
избыточное финансирование,
возникающее, когда правительство
расходует меньше намеченной суммы
средств, собранных за счет налогов и
сборов.
Бык означает биржевого брокера,
покупающего акции за свои деньги в
ожидании повышения цен на фондовом
рынке.
Рынок, имеющий тенденцию к
повышению (бычий рынок) означает
фондовый или валютный рынок, на
котором наблюдается повышение цен.
198
Business means a person, firm, Бизнес (дело; компания, предприятие;
company or other organization, коммерция) означает лицо, фирму или
which makes or produces a организацию, которая производит,
product, buys and sells goods or покупает или продает товары, услуги
provides some kind of service, обычно с целью получения прибыли;
usually for making a profit; торговую или коммерческую
trading generally; the practice of деятельность.
commerce.
Business consists of all-profit- Предпринимательская деятельность
seeking activities and означает все виды деятельности,
enterprises that provide goods направленные на извлечение прибыли,
and services necessary to an предоставляющие товары и услуги,
economic system. необходимые для существования
экономической системы.
Business Cycle (trade cycle) Цикл деловой активности (торгово-
means periodic expansion or промышленный цикл; экономический
recession in economic activity цикл) означает периодическое
with effects on inflation, возрастание или снижение
growth, and employment. экономической активности,
сказывающееся на уровне инфляции,
темпах роста и уровне занятости.
Business English means a Английский язык делового общения
symbiotic interplay of registers означает взаимообусловленное
(e.g. Socializing, Telephoning, единство разных регистров (например,
Business correspondence, техника ведения беседы, общение по
Business meetings, телефону в деловых целях, деловая
Presentations, Negotiating and корреспонденция, деловая встреча,
Quality press); a set of written презентация, техника ведения
and oral skills used for business переговоров и качественная пресса);
communication. совокупность устных и письменных
навыков общения в деловых целях.
Business environment means a Деловая среда означает определенную
proper territorial and informal территориальную и содержательную
integrity favoring or preventing целостность, благоприятствующую или
any business. It is naturally to препятствующую развитию
single out a part of business предпринимательской деятельности.
environment, including the Часть деловой среды, включающей
conditions where an совокупность условий, в которых
entrepreneur acts, as an действует предприниматель,
entrepreneurial environment. закономерно выделять в качестве
Within the frameworks of предпринимательской среды. В
market economics, where an рыночной экономике, где
entrepreneur is one of the key предприниматель выступает одной из
figures, business environment ключевых фигур, деловая среда

199
becomes in fact the
entrepreneur’s environment.
Business Ethics mean standards
of business conduct and values.
Business Ethics (Business
Conduct/Ethical Business
Considerations) shall mean a set
of moral rules and principles that
should be adhered to in business
communication.
Business Etiquette (Corporate
Ps and Qs) shall mean a set of
rules governing behavior in
business situations.
Business Law (also known as
corporate law or enterprise law
or sometimes company law)
means the body of law
governing the rights, relations,
and conduct of persons,
companies, organizations and
businesses. It refers to the legal
practice relating to, or the
theory of corporations.
Business law often refers to
wider concepts of commercial
law, that is, the law relating to
commercial or business related
activities. In some cases, this
may include matters relating to
corporate governance or
financial law.
становится, в сущности,
предпринимательской.
Нормы деловой этики означают
стандарты и ценности ведения бизнеса.
Этика делового общения (нормы
деловой этики) означает совокупность
правил морали и принципов
нравственности, которыми следует
руководствоваться в деловом общении.
Деловой этикет означает совокупность
правил, регламентирующих поведение
в ситуациях делового общения.
Предпринимательское право
(корпоративное право) означает
комплексную интегрированную отрасль
права, совокупность правовых норм,
регулирующих на основе соединения
частных и публичных интересов
отношения в сфере организации,
осуществления предпринимательской
деятельности и руководства ею.
Сторонники концепции утверждают,
что самостоятельность данной отрасли
обусловлена, как минимум, тремя
факторами.
Во-первых, предпринимательская
деятельность как предмет
регулирования имеет ряд
специфических черт, отличающих её от
иных сфер человеческой деятельности.
Во-вторых, помимо частной сферы
существует и будет существовать
предпринимательская деятельность в
государственном секторе экономики.
Государственное предпринимательство
требует особого правового
регулирования, выходящего за
традиционные рамки частного права.
В-третьих, в современных условиях
сформировалась специфическая форма
взаимосвязи государства и рынка, при
которой регулирование
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Business responsibilities to
customers mean to win and
maintain customers by
developing and providing
products and services that offer
value in terms of price, quality,
safety and environmental
impact, which are supported by
the requisite technological,
environmental and commercial
expertise.
Business responsibilities to
employees mean to respect the
human rights of its employees,
to provide its employees with
good and safe conditions of
work and good and competitive
terms and conditions of service,
to promote the development and
best use of human talent and
equal opportunity employment,
and to encourage the
involvement of employees in
the planning and direction of
their work, and in the
application of these principles
within Company. It is
recognized that the commercial
success depends on the full
commitment of all employees.
Business responsibilities to
shareholders mean to protect
shareholders’ investment and
provide an acceptable return.
Business responsibilities to
society mean to conduct its
business as a responsible
corporate member of society, to
предпринимательской деятельности
требует особых методов, нередко
чуждых частному праву в связи с тем,
что они основаны на публично-
правовых, властных началах.
Ответственность бизнеса перед
потребителями означает завоевание и
удержание бизнесом покупателей
посредством разработки и
предоставления им продукции и услуг
по экономически привлекательным
ценам, что обеспечивается
необходимым уровнем опыта в
технологической, экологической и
коммерческой сфере.
Ответственность бизнеса перед
сотрудниками означает уважение прав
сотрудников, предоставление
надлежащих безопасных условий труда
и экономически привлекательного
вознаграждения, обеспечение
возможностей для личного роста и
развития и наилучшего использования
способностей путем представления
равных возможностей при приеме на
работу, поощрение привлечения
сотрудников в планирование и
руководство своей работой и
реализацию настоящих принципов
ведения экономической деятельности
Компании. Руководство Компании
признает, что коммерческий успех
предприятия зависит от полного
вовлечения сотрудников в надлежащее
выполнение порученной им работы.
Ответственность бизнеса перед
акционерами означает защиту
капиталовложений акционеров и
обеспечение надлежащей прибыли.
Ответственность бизнеса перед
обществом означает ведение своей
экономической деятельности в качестве
ответственного корпоративного члена
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observe the laws, to express общества при соблюдении
support for fundamental human законодательства, выражение
rights in line with the legitimate поддержки правам человека в
role of business and to give соответствии с правовой функцией
proper regard to health, safety бизнеса, надлежащим образом
and the environment consistent учитывая вопросы по охране здоровья,
with Company’s commitment to соблюдению охраны труда и
contribute to sustainable окружающей среды при выполнении
development. обязательства бизнеса по обеспечению
устойчивого развития.
Business Strategy means a Предпринимательская стратегия
company's aims in a particular означает цели, преследуемые компанией
market, and the way it hopes to на определенном рынке и методы их
achieve them. осуществления.
Business-to-business (B2B) Система бизнес-бизнесу означает
means the situation when a предложение продукции и услуг одной
company offers its products and компанией другим компаниям.
services to other companies.
Business-to-consumer (B2C) Система бизнес-потребителю означает
means the situation when a предложение продукции и услуг
company offers its products or компании индивидуальным
services to the public. потребителям.
C
Capacity means the total Производительность (пропускная
amount of goods produced by a способность; мощность) означает весь
factory or company in a certain объем продукции, изготовленный
time. фабрикой или компанией за
определенный период времени.
Capacity means the legal Правоспособность (дееспособность)
ability of a party to enter into означает юридически закрепленную
enforceable contracts способность заключать правомочные
контракты.
Capital means the money from Капитал означает деньги, вложенные
shareholders and lenders that акционерами и кредиторами в активы с
can be invested in assets in тем, чтобы компания начала действовать
order to start up a business and и получать прибыль.
produce profit.
Capital means the key Капитал означает ключевой источник
resource of technology, tools, технологий, инструментов, информации
information, and physical и физических возможностей в рамках
facilities. системы частного предпринимательства.
Technology is a broad term that При этом технология – это широкий
refers to such machinery and термин, относящийся к производству
equipment as a production различных механизмов,

202
machinery, telecommunications, телекоммуникациям и основным
and basic inventions. изобретениям
Information, frequently Информация, часто используемая в
improved by technological качестве основы технологических
innovations, is also a critical инноваций, также выступает в качестве
factor, since both management ключевого фактора, т.к. новое
and operative employees require производство и его управление часто
accurate, timely information in нуждаются в достоверной и
order to perform their assigned своевременной информации для
tasks effectively. Money is эффективного выполнения
necessary to acquire, maintain поставленных задач.
and upgrade a firm’s capital. Деньги являются главным
определителем капитала компании.
Capital Contribution means Капитальные вложения означает
the total amount of cash and полную сумму наличных средств и
the agreed value of in-kind согласованную стоимость натуральных
contributions of property вложений другого имущества в
contributed to the Partnership совместную деятельность такой
by such party, and which the Стороной, которые по соглашению
Parties agree shall be treated as сторон рассматриваются как
Capital Contributions and капитальные взносы и зачисляются на
credited to the relevant party's счет капитала соответствующей
capital account. стороны.
Capital expenditure means Капиталовложения (инвестиции)
money spent by a business on означают средства, затрачиваемые на
the purchase or improvement приобретение капитальных и
of assets of an enduring nature, материальных активов (таких как
such as machinery and средства производства, здания, долевое
buildings, shares in another участие в других компаниях), ценных
company, or loans and bonds. бумаг и облигаций.
Capital goods (production Средства производства означают
goods; investment goods) mean товары производственного назначения,
goods that are manufactured не предназначенные для
with the purpose of being used непосредственного удовлетворения
to produce other goods, e.g. человеческих потребностей.
machinery and raw materials.
Capital loss means a loss Потери капитала означают убыток,
incurred on the disposal of возникший в результате продажи каких-
capital assets. либо активов (собственности) по цене,
которая ниже цены их покупки или
вследствие колебаний нормы процента.
Capital transfer means any Трансферт капитала (перевод
movement of cash or other капитала; движение капитала) означает
assets, which involves a change любое перемещение наличности или

203
in ownership or location, other других активов, предполагающее смену
than a sale of inventory. владельца или месторасположения, но
не являющееся результатом продажи.
Career shall mean the long- Карьера означает долгосрочную
term plan for one's professional программу профессиональной жизни;
life; being promoted in one's продвижение на служебном поприще.
place of work.
Case Law means the legal Прецедентное право означает систему
precedents established by права, основанную на решениях,
judicial decisions. вынесенных судом по конкретным
делам, обоснование которых
принимается за норму при вынесении
вердиктов другими судами по
аналогичным делам.
Cash shall mean legal tender in Наличные деньги (наличность)
the form of banknotes and означает законное средство платежа в
coins readily acceptable as a форме банкнот и монет, которое с
means of payment. готовностью принимается при расчетах.
Cash Cow shall mean a Денежная корова означает продукцию
product or business that is или отрасль, гарантирующую
highly profitable and brings in устойчивый приток наличности.
a large amount of cash.
Central Bank shall mean the Центральный банк означает
official bank of a country официальный банк того или иного
responsible for setting interest государства, устанавливающий
rates, controlling the money процентные ставки, регулирующий
supply and carrying out the денежную массу в обращении и
government's financial policy. осуществляющий финансовую политику
правительства.
Centrally planned economy Централизованно планируемая
(command economy) means экономика (командно-
the economic system in which административная экономика) означает
the government coordinates the экономическую систему, в рамках
activities of the different которой все виды детальности
economic sectors. Goals are set различных секторов экономики
for every enterprise in the координируются государством. Цели
country; the government устанавливаются для каждого
determines how much is предприятия; государство при этом
produces, by whom, and for решает сколько нужно произвести
whom. In this type of economy, продукции, кем и для кого. В данной
the government is assumed a экономической системе именно
better judge of how recourses государство (а не бизнес или
should be allocated than are потребитель) выступает в роли главного
businesses or consumers. распределителя ресурсов.

204
Chairman shall mean an
officer in a company, who
presides at the annual general
meeting of the company and at
meetings of the Board of
Directors.
Chamber of Commerce shall
mean an association of local
businessmen (employers,
manufacturers, and traders)
with the aim of discussing
subjects of common interest, of
improving trading conditions
and of encouraging business
generally.
Cheque (check) means a
direction in writing to a bank to
pay a stated sum of money on
demand to a named person or
organization.
Chief Executive Officer
(CEO) shall mean the highest
official of a business
organization responsible for
running it properly and
profitably.
Chief Financial Officer (CFO)
shall mean a top executive
responsible for the financial
strategy of a company.
Chief Information Officer
(CIO) shall mean a top
executive in charge of
information technology,
development and improvement
of information systems and
services.
Chief Investment Officer
(CIO) shall mean a top
executive in charge of
investments, a senior executive
in an investment firm/bank.
Председатель означает высокое
должностное лицо,
председательствующее на ежегодных
собраниях акционеров компании и на
собраниях совета директоров.
Торговая палата означает
добровольное объединение
предпринимателей (работодателей,
изготовителей и торговцев),
организованное с целью обсуждения
вопросов, представляющих общий
интерес, улучшения условий торговли и
развития предпринимательской
деятельности в целом.
Чек означает письменное распоряжение
банку выплатить указанную сумму
денег указанному получателю платежа.
Директор предприятия (президент)
означает самое высокое должностное
лицо организации, отвечающее за
эффективное управление предприятием
и его прибыльность
Финансовый директор (вице-
президент корпорации по финансам)
означает высокое должностное лицо,
ответственное за осуществление
финансовой стратегии компании.
Глава отдела информационной
технологии означает ведущего
сотрудника, ответственного за
внедрение информационной технологии,
развитие и совершенствование
информационных систем и служб.
Глава отдела инвестиций означает
высокое должностное лицо, отвечающее
за осуществление инвестиций; ведущий
сотрудник инвестиционной фирмы или
инвестиционного банка.
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Chief Knowledge Officer
shall mean a top executive who
ensures that the company is
using its knowledge and
information well at every stage
of production and
development.
Chief Operating Officer
(COO) shall mean a manager
responsible for the day-to-day
operations of a company under
the direction of the Chief
Executive Officer and/or the
Board of Directors.
Chief Scientific Officer (CSO)
shall mean a top executive or
senior researcher overseeing
R&D in a corporation's
laboratories and research
teams.
Code of Business Conduct
and Ethics means a system of
rules describing company’s
policy and employees’
behavior.
Coercion means such
information protection when
the users and the employees of
the system are compelled to
comply with the rules for
dealing with protected
information – its processing,
transmission and use.
Otherwise they are subject to
material or administrative
liability
Commerce shall mean the
exchange of goods or services
for money or other goods or
services by way of trade, and
all the various business
operations, such as banking,
Глава отдела информации
(управляющий информацией) означает
ведущего сотрудника, содействующего
целесообразному использованию знаний
и информации компании на всех этапах
осуществления производства и развития.
Главный операционный директор
корпорации означает высокое
должностное лицо, ответственное за
осуществление повседневной
деятельности компании и подотчетное
Президенту и/или Совету Директоров.
Глава отдела научных исследований и
развития означает высокое
должностное лицо или ведущий ученый-
исследователь, направляющий ход
научно-исследовательских разработок
лабораторий и исследовательских групп,
находящихся в ведении той или иной
корпорации.
Кодекс деловой этики означает
систему правил и наставлений,
описывающих (регулирующих)
политики компании и поведение
сотрудников.
Принуждение означает такую защиту
информации, при которой пользователи
и сотрудники системы вынуждены
соблюдать правила обращения с
охраняемой
информацией – ее обработки, передачи
и использования, в противном случае
они подлежат материальной или
административной ответственности
Торговля (коммерция) означает обмен
товаров и услуг на денежные средства
или другие товары и услуги путем
торговли, а также все возможные формы
предпринимательской деятельности,
включая банковское дело, страхование,
206
insurance, transport and
communications, that make
such exchange possible; trading
between buyers and sellers in
different countries.
Commercial bank means a
profit-making businesses that
hold the deposits of individuals,
business firms, and non-profit
organizations in the form of
checking or saving accounts and
use these funds to make loans to
individuals and business.
Commercial treaty means any
formal agreement between two
or more countries relating to
trade between them.
Commodity means a product
that can be sold to make a
profit; a raw material or manu-
factured product made
available for use or sale.
Common Law (also known as
judicial precedent or judge-
made law, or case law) means
the body of law derived from
judicial decisions of courts and
similar tribunals. The defining
characteristic of “common law”
is that it arises as precedent. In
cases where the parties
disagree on what the law is, a
common law court looks to
past precedential decisions of
relevant courts, and synthesizes
the principles of those past
cases as applicable to the
current facts. Common law
refers to the body of law
arising out of judicial decisions
related to the unwritten law.
This unwritten law is based on
customs and court decisions
made in early England.
транспортировку и средства связи,
содействующие этому обмену;
осуществление торговых операций
между покупателями и продавцами в
различных странах.
Коммерческий банк означает
коммерческую структуру, основной
целью которой является извлечение
прибыли, главными функциональными
задачами которой являются хранение
денежных средств своих вкладчиков, а
также выдача коммерческих кредитов в
пользу частных и/или юридических лиц.
Торговый договор означает любой
официальный договор между двумя или
более странами, касающийся ведения
торговли между ними.
Товар означает продукцию,
являющуюся объектом реализации с
целью получения прибыли; сырьевые
или изготовленные товары, подлежащие
использованию или продаже.
Общее право означает единую систему
прецедентов, общую для всей
Великобритании, наряду с правом
справедливости (англ. law of equity)
являющееся одной из составных частей
прецедентного права, которое имеет
главенствующее значение в странах
англо-американской правовой системы.
Сложилось в XIII-XIV веках на основе
местных обычаев и практики
королевских судов. Одним из основных
источников права в системе общего
права признается судебный прецедент.
Общим правом также именуется как
система законов, так и вид правовой
системы, разработанной на основании
решений судов и судебных органов, а не
с помощью законов или подзаконных
актов исполнительной власти.
207
Common stock (common or
ordinary share) means a stock,
which gives investors a vote on
company issues and leadership.
It might also pay a small
percentage of its value, a
dividend, one or more times a
year.
Communication means the
meaningful exchange of
information through messages.
Communication means the
transmission and validated
receipt of information so that
the recipient understands what
the sender intends, and the
sender is assured that the intent
is understood.
Communism means an
economic system in which all
property would be shared
equally by the people of a
community under the direction
of a strong central government.
Companies Act (Companies
Law) means rules and
regulations governing-the
activities of companies.
Company means a formal
association of persons for
business purposes, especially a вкладчиков капитала (акционеров) для
corporation or group of persons осуществления той или иной
legally incorporated under
company law.
Company law (in the UK)
means laws governing the
formation, registration and
operation of companies, and
contained in the Companies
Acts.
Обычная акция (обыкновенная акция)
означает акцию, которая дает инвестору
право голоса в вопросах управления и
руководства компанией. Она может
также приносить небольшой процент
дохода от своей стоимости, или
дивиденды, один или несколько раз в
год.
Коммуникация означает обмен
информацией с помощью различных
средств связи.
Средства связи означает передачу и
гарантированное получение
информации, когда получатель должен
быть уверен, что подразумевает
отправитель, а отправитель, в свою
очередь, что его намерение понимаемо.
Коммунизм означает экономическую
систему, в рамках которой
предполагается равное владение
собственностью всеми гражданами
общества под прямым управлением
сильной централизованной власти
(правительства).
Закон о компаниях (Закон об
акционерных обществах) означает
правила и инструкции,
регламентирующие деятельность
компаний.
Компания (юридическое лицо)
представляет собой ассоциацию
деятельности (товарищество,
акционерная компания и др.)
Законодательство о компаниях
(в Великобритании) означает законы,
регулирующие учреждение,
регистрацию и деятельность компаний,
а также законодательные акты,
содержащиеся в Законах о компаниях.
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Company Property means all
real or tangible personal
property, including facilities,
buildings, vehicles, products
and equipment either owned or
controlled by Company.
Competence means the
expertise, experience,
capability and specialized
knowledge to perform the
Work in a good and
workmanlike manner and
within all accepted standards
for the industry.
Competition shall mean a
battle among businesses for
consumer acceptance. своих товаров и услуг потребителем.
Competition is the mechanism
that guarantees the private
enterprise system will continue
to offer goods and services that
provide high living standards
and sophisticated lifestyles.
Even non-profit organizations
must compete for contributions
with other non-profit groups
Competitive Advantage
means an advantage that makes
a company more able to
succeed in competing with
other companies (for example,
more effective advertising, new
design, packaging, improved
methods of distribution, etc.
Competitive Environment (of
business) traditionally means a
firm’s competitiveness
depended on its ability to keep
its costs down. Today,
however, we are seeing a shift
from competition based on
Собственность Компании означает
всю недвижимую собственность или
материальное имущество, включая
мощности, здания, транспортные
средства, продукцию и оборудование,
принадлежащие либо на правах
собственности, либо контролируемые
Компанией.
Компетентность означает
квалификацию, опыт работы,
способность и специализированные
знания, необходимые для качественного
и квалифицированного выполнения
контрактных работ, равно как и для
выполнения работ в соответствии со
всеми утвержденными
производственными стандартами.
Конкуренция означает соперничество
субъектов права за рыночное признание
Конкуренция – это механизм,
гарантирующий, что система частного
предпринимательства будет и далее
предлагать свои товары и услуги для
улучшения уровня жизни общества.
Даже некоммерческие организации
конкурируют между собой в целях
получения финансирования.
Конкурентное преимущество означает
преимущество, содействующее успеху
компании в конкурентной борьбе с
другими компаниями (например,
создание более эффективной рекламы,
нового дизайна, упаковки; внедрение
передовых методов сбыта и т.д.)
Конкурентная среда бизнеса
традиционно означает
конкурентоспособность компании,
основанную на ее способности к
снижению цены на свою продукцию.
Сегодня, однако, наблюдается переход
от конкуренции, основанной на ценах, к
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costs to competition based on конкуренции, базирующейся на многих
many other factors, including других факторах, включая, но не
but not limited to: researching ограничиваясь только этим, разработку
and developing better products, новых товаров и услуг, улучшение
improving quality and service, качества товаров и уровня
improving the competitiveness обслуживания клиентов, усиление
of the work force, and конкурентоспособности персонала,
improving organizational способность компании гибко работать в
flexibility under an условиях современной стремительно
increasingly global economy. развивающейся глобальной экономики.
Competitiveness means the Конкурентоспособность означает
ability of a product, company способность продукции, компании или
or country to compete in государства к конкуренции в условиях
market economy. рыночной экономики.
Competitor means a person, Конкурент означает лицо, продукцию,
product, company, country, etc. предприятие, государство и т. д.,
that is competing with another. составляющие конкуренцию себе
подобным.
Complete business cycle Полный деловой цикл означает
means a concept used to критерий, определяющий
determine whether, and to what необходимость обложения налогом
extent, the business компании-нерезидента. Это зависит, как
transactions of a non-resident правило, от того, в какой стране
enterprise performed within a осуществляется полный деловой цикл
country are taxable. данного предприятия.
Conceptual Skills shall mean Концептуальные навыки означают
the ability to see the способность видеть организацию в
organization as a unified whole качестве единого целого и понимать,
and understand how each part каким образом должны
of the overall organization взаимодействовать различные
interacts with other parts. подразделения компании.
Confidential information Конфиденциальная информация
means information assets означает информационные активы
subject to the company’s касаемо продукции, планов и стратегии
products, plans and strategies компании по отношению к
for customers and their needs. потребителям и их потребностям.
Confidentiality Agreement Соглашение о конфиденциальности
means a document stipulating означает документ, обязывающий одну
the strictly confidential из сторон к строгой
treatment of information конфиденциальности в отношении
obtained by one party from информации, полученной ею от другой,
another and signed by all the и подписанный всеми вовлеченными
parties concerned. сторонами.

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Confidentiality Clause shall Оговорка (статья, положение) о
mean a clause, especially in a конфиденциальности означает
contract of employment, stating положение (особенно в трудовом
that an employee will not договоре), в котором указывается, что
reveal private information нанимаемый работник не вправе
about his employer's activities. разглашать информацию о деятельности
своего работодателя.
Conflict means an antagonistic Конфликт означает антагонистические
interaction in which one party взаимоотношения, в ходе которых одна
attempts to thwart the из сторон пытается разрушить
intentions or goals of another. намерения или цели другой стороны.
Conflict of Interests shall Конфликт интересов означает
mean a situation when an ситуацию, когда личной интерес
employee's personal interest наемного работника каким-либо образом
interferes in any way with the вмешивается в главные интересы
main interests of the company компании (работодателя).
(employer).
Consumer means a person Потребитель означает лицо, чьи
whose wants are satisfied by потребности удовлетворяются
producers of goods or производителями товаров или
providers of services. Usually it поставщиками услуг. Обычно
is the final link in the supply потребитель является финальным
chain. звеном в цепи поставок товаров или
услуг.
Consumer goods mean goods Потребительские товары означают
(durables as well as non- товары (длительного и кратко-
durables) and services directly временного пользования) и услуги,
satisfying the needs of the предназначающиеся непосредственно
general public. для потребления населением.
Consumer protection shall Защита прав потребителя означает
mean laws relating to the price, законы, регулирующие цены, качество и
quality or safety of goods and безопасность товаров и услуг,
services offered for public предлагаемых потребителям.
consumption.
Contract shall mean legally Контракт означает юридически в силе
enforceable agreement between соглашение между двумя или более
two or more parties regarding a сторонами касаемо специфических
specified act or thing. действий или объектов.
Contracting economy means Застойная экономика означает
an economy, which reduces экономику, в рамках которой
tax receipts for governments уменьшаются налоговые поступления в
and causes them to cut пользу государства, сокращаются
spending, especially if they расходы, особенно если экономические
do not have the power to print субъекты права не имеют возможности

211
money as the central
governments do.
Contract Law shall mean legal
foundation on which business
dealings are conducting.
печатать деньги, как это делают
центральные правительства.
Договорное право (контрактное право)
означает правооснование ведения всех
сделок.

Contract review means the Контроль за выполнением контракта

monitoring and control of (отслеживание контракта) означает
performance and progress, контроль и наблюдение за выполнением
making payments, и развитием контрактных отношений,
recommending modifications платежами, рекомендуемыми
and approving contractor’s модификациями и утверждением
actions to ensure compliance действий подрядчика в рамках
with contractual terms during соблюдения своих договорных
the contract performance. обязательств при выполнении
контракта.
Cooking the books in financial Варка бухгалтерских книг в
sphere means the act of финансовом мире означает акт
falsifying records in accountingфальсификации записей в бухгалтерской
books. отчетности.
Corporation means a legal Корпорация означает юридическую
organization whose assets and организацию, чьи активы и финансовая
liabilities are separated from ответственность отделены от активов
those of its owner(s). Corporateвладельцев предприятия. Корпоративная
ownership offers considerable собственность имеет ряд преимуществ,
advantages. Main, because главное из которых заключается в том,
corporations are considered что владельцы корпорации несут
separate legal entities, the минимальный риск потерь. Если
stockholders have limited компания обанкротится ее владельцы
financial risk; if the firm fails,
несут ответственность только в пределах
they lose only the amount they тех средств, которые они инвестировали
have invested. A disadvantage в корпорацию. Существенным
of corporation is that, as недостатком корпорации является тот
separate legal entity, a факт, что она является предметом
corporation is a subject to федерального и регионального
federal and state taxes on its налогообложения. Кроме того,
profits. In addition, any выплачиваемые акционерам корпорации
dividends – payments to дивиденды с прибыли подлежат
stockholders from profits – alsoналогообложению на индивидуальной
are taxed on the individual основе.
basis.
Сorrupt intent shall mean the Коррупционный умысел означает
fully understandable intention полностью осознанное намерение
to give government official вручить в адрес государственного

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money, property or anything служащего деньги, собственность или
else of value for a favor of иные материальные ценности в обмен на
obtaining or keeping business получение поддержки учреждения или
in return. ведения бизнеса.
Cost means the expenditure on Издержки (расходы) означают затраты
goods and services required to на товары и услуги, необходимые для
carry out the operations of an осуществления деятельности
organization. предприятия.
Credit (bank credit) shall mean Кредит означает сумму денег,
any sum of money advanced by предоставляемой банком и
a bank and held in a bank находящуюся на банковском счете,
account ready for the borrower которой может воспользоваться
to draw upon, in return for an заемщик в обмен на обязательство
obligation to repay with interestвыплатить всю сумму с процентами в
at some future date. будущем.
Currency means a medium of Валюта (деньги; обращение) означает
exchange of value to define by денежную единицу страны,
reference to the geographical участвующей в международном
location of the authorities экономическом обмене и других
responsible for it. In a coded международных отношениях, связанных
format, a currency is с денежными расчетами. В системе
represented by a three- кодов упрощения процедур торговли
character ISO and CEFACT для валют мира используется
code. трехбуквенный код ИСО и код СЕФАКТ
ООН.
Currency market means a Валютный рынок (валютная биржа)
market, which is used to trade означает рынок, используемый
one currency for another, and is инвесторами для покупки одной валюты
often used for speculation on за счет другой. Данный рынок часто
currency exchange rates. используется для спекуляций курсами
обмена валют.
Current assets (circulating Оборотные активы (текущие
assets) mean those assets which активы) означают все активы компании
are intended to be used up or за вычетом фиксированных активов, то
turned into cash in the short есть активы, которые, в ходе обычной
term in the ordinary course of коммерческой деятельности компании,
business, e.g. stock-in-trade, могут быть использованы
raw materials, etc. (израсходованы) или обращены в
наличность в краткий срок (например,
наличность, долги, запасы сырья и
готовой продукции).
Current price means the price Текущая цена означает цену,
prevailing at the place where преобладающую в месте, где должна
delivery of the goods should была быть осуществлена поставка, или,

213
have been made or, if there is
no current price at that place,
the price at such other place as
serves as a reasonable
substitute, making due
allowance for differences in the
cost of transporting the goods.
Customer confidence shall
mean the trust customers show
in the quality of the products or
services offered by a company.
Cutthroat (unfair)
competition means a legally
prohibited type of competition
in the market place.
Cyber security means a part
of security dealing with
computers and Internet and
protecting an organization from
malicious access to the
computer systems.
Cyclical unemployment
means a type of unemployment
caused by downturn in the
economy, which is
characterized by an economy-
wide shortage of jobs. The
recession phase of the business
cycle is caused by declining
demand for goods and services.
That results in rising
unemployment. Increases in
business activity will
eventually result in increasing
employment.
Damage shall mean financial
payments made for a loss and
related suffering.
Deal (bargain, transaction)
means a single sale or purchase
by the business.
Debenture shall mean a form
of long-term loan, with a fixed
если в этом месте не существует
текущей цены, – цена в таком другом
месте, которое служит разумной
заменой, с учетом разницы в расходах
по транспортировке товара.
Доверие клиента означает веру клиента
в гарантированное качество
предлагаемых компанией товаров или
услуг.
Конкуренция не на жизнь, а на смерть
(жестокая конкуренция) означает
законодательно запрещенный вид
конкуренции на рынке.
Кибербезопасность означает часть
системы экономической безопасности
компании, связанную с компьютерами и
Интернетом и защищающую
организацию от вредоносного доступа к
компьютерным системам.
Циклическая безработица означает
тип безработицы, вызываемый
циклическим спадом или кризисом в
экономике. Такой тип безработицы
характеризуется большим сокращением
рабочих вакансий. Рецессия всегда
связана со спадом спроса на товары и
услуги на рынке, что способствует
увеличению уровня безработицы.
Увеличение деловой активности, в свою
очередь, характеризуется повышением
уровня занятости населения.
D
Ущерб означает финансовые выплаты в
покрытие убытков компании.
Сделка означает единовременный акт
купли-продажи между субъектами
права.
Долговое обязательство означает
форму долгосрочного займа компании с
214
rate of interest and usually фиксированной процентной ставкой,
repaid at a fixed date. подлежащего погашению в
установленный срок.
Debt shall mean a sum owed by Долг означает сумму задолженности
one person or organization to одного лица или организации другому
another.
Decision making means Принятие решения означает
recognizing that a problem распознание наличия проблемы, ее
exists, identifying it, evaluating идентификация, оценка альтернатив,
alternatives, selecting and выбор и введение в действие
implementing an alternative, альтернативы и проверка ее
and following up. эффективности.
Deed means a document that Договор (документ) за печатью
has been signed, sealed and означает документ, который скреплен
delivered. The seal and the подписями, печатью и официально
delivery make it different from вручен. Наличие печати и
an ordinary written agreement. официальная передача документа
Some transactions such as отличают его от обычных соглашений
conveyance of land must be в письменной форме. Некоторые
carried out by deed to be передачи имущества, например,
effective. передача земли, должны быть в
обязательном порядке оформлены
документом, скрепленным подписями
и печатью; в противном случае сделка
будет считаться юридически
недействительной.
Default means a failure to do Дефолт означает невыполнение каких-
something that is required by либо требований, установленных
law, especially failure to законом, особенно невыполнение каких-
comply with the rules of legal либо требований юридической
procedure. Its second meaning процедуры. Данный термин также
is as follows: it is failure to может относиться к ситуации
comply with the terms of невыполнения условий контракта.
contract.
Deficit shall mean an excess of Дефицит означает превышение
expenditure over revenue. расходов компании над ее доходами.
Delegation shall mean the act Делегирование полномочий означает
of assigning activities to акт передачи полномочий в адрес
subordinates. подчиненных.
Demand shall mean buyers’ Спрос означает желание и способность
willingness and ability to покупателя приобрести товар на рынке.
purchase products.
Demand curve means Graph Кривая спроса означает графическое
of the amount of a product that изображение количества продукции,

215
buyers will purchase at
different prices.
Departmentalization means
the subdivision of work
activities into units within the
organization.
Depression means that part of
the trade cycle that is marked by
a large fall in output, high
unemployment, low prices, low
business activity, and by lack of
confidence in the minds of
businessmen and industrialists.
Deregulation means removing
or reducing the number of
government controls over a
particular business activity.
Digital economy means the
management of money, goods,
services and resources of an
organization, a society, a
country, etc. in an electronic
way over the Internet.
Disclosure means the duty of
the company to inform
shareholders of its activities
and results.
Discount means a reduction in
the cost of goods or services.
Discouraged workers are
those who have been without
work for so long that they have
simply quit looking. For this
reason, real unemployment
may be far more serious than
government statistics show.
Distribution means a payment
of a dividend, or the
conferring of a benefit on a
которое приобретают продавцы по
различным ценам.
Подразделение на отделы означает
концентрацию видов деятельности в
отдельных подразделениях организации.
Депрессия (спад) означает ту часть
экономического цикла, которая
характеризуется существенным
снижением объема производства,
высоким уровнем безработицы, низкими
ценами, снижением деловой активности
и отсутствием уверенности
предпринимательской общественности в
перспективах рынка.
Дерегулирование означает устранение
или сокращение контроля государства
над определенной областью
предпринимательской деятельности.
Электронная экономика означает
управление денежными и сырьевыми
ресурсами, товарами и услугами
компании, общества, страны и т. д.
электронным способом через Интернет.
Доведение до сведения (раскрытие
информации в финансовых отчетах)
означает обязательство компании
информировать акционеров о ходе и
результатах коммерческой
деятельности.
Скидка означает снижение цены на
товары или услуги.
Люди, переставшие искать работу,
(форма скрытой безработицы) означает
тех лиц, которые находятся в состоянии
безработных, что перестали отмечаться в
качестве таковых. По этой причине
уровень безработицы может быть
значительно выше указанных
государственных статистических данных.
Распределение прибыли означает
выплату дивидендов или части прибыли
акционерам компании
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company's shareholders, включая передачу акционерам, в
including a transfer of an assetкачестве возмещения активов по
for less than a market value стоимости, которая ниже рыночной;
consideration. также выплата сумм бенефициарам
трастовой компании.
Distribution shall mean Распределение (сбыт) означает
getting goods from the доведение товаров до потребителей
manufacturer or importer to the через систему оптовых и розничных
consumer through wholesalers торговцев.
or retailers.
Distribution costs means the Издержки обращения означает все
expenses incurred by a виды расходов компании по
business in transporting its предоставлению своей продукции или
products to customers. услуг потребителю.
Diversification means Диверсификация означает расширение
movement by a company into компанией сферы производства или
producing or selling a wider торговли за счет включения в нее более
range of products or services. широкого перечня продукции или услуг.

Diversity means the blend of Разнообразие (разновидность) означает

persons of different genders,
ethnic backgrounds, cultures,
religions, ages, and physical
and mental challenges.
Dividend means a sum of
money paid to shareholders as
their part of the company's
profit.
Division means a major
independent unit of a large
company.
Document means any medium
designed to carry and actually
carrying a record of data
entries, it includes paper and
electronic documents, magnetic
tapes and disks, microfilms, etc.
Dog’s breakfast means an
outcome from a deal that is far
from the desired results. More
broadly, it can refer to any
outcome, process or practice
that causes problems or is not
up to standards.
группу лиц различного рода, этнических
групп, культур, религий, возраста,
физического и умственного развития.
Дивиденд означает сумму денег,
выплачиваемую акционерам как их
часть прибыли компании.
Отдел (подразделение) означает
значимое независимое подразделение в
составе крупной компании.
Документ означает любой носитель
информации, в том числе на бумаге или
в электронном виде, в виде ленты
магнитной записи и дисков,
микрофильмов и др.
Собачий завтрак означает выход из
сделки, далеко отстоящей от желаемых
результатов. В более широком смысле
это относится к любому результату или
процессу в бизнесе, приносящему
проблемы или несоответствующему
стандарту.

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Dow Jones Industrial
Average (DJIA) means an
index of the share prices quoted
on the New York Stock
Exchange for a group of 30
leading industrial companies.
Downsizing means reducing
the number of employees
working for the company in
order to save money.
Downturn means a fall in
prices; a fall in sales or profits.
Economic goods mean the
goods, which bear some price.
These goods are scared in
nature and that is why this
price is charged on the
purchase. These goods also
have an exchange value. For
example, car, basket, candy,
gold, silver, bungalow, etc.
Economic governance
(managing) means the study of
how economic activity is
governed within companies,
communities and other groups.
Economic Indicators shall
mean statistics that show the
strength or weakness of a
country's economy.
Economic Literacy shall mean
the ability to assess problems
and make choices in national
and global economies.
Economics shall mean the
social science of allocating
scare resources.
Economic security means the
state of protection of national
economy from external and
Промышленный индекс Доу-Джонса
означает индекс курсов ценных бумаг
на Нью-йоркской фондовой бирже,
включающий 30 ведущих про-
мышленных предприятий.
Сокращение означает сокращение
штата сотрудников компании с целью
экономии средств.
Спад означает понижение цен;
снижение объема продаж и прибыли.
E
Экономические товары означают
товары, имеющие определенную цену.
Эти товары ограничены в природе, что
является причиной обложения их ценой.
Данным товарам присуща меновая
стоимость. Например, автомобили,
корзины, сладости, золото, серебро,
жилища и др.
Управление экономикой означает
науку управления экономическими
процессами в рамках компаний,
экономических сообществ и групп.
Экономические показатели означает
статистические выкладки, указывающие
на реальное состояние экономики
государства.
Экономическая грамотность
(грамотность в условиях рынка)
означает умение оценивать проблемы и
осуществлять целесообразный выбор в
условиях национальной и глобальной
экономики.
Экономика означает социальную науку
о распределении ограниченных
производственных ресурсов.
Экономическая безопасность означает
систему защиты национальной
экономики от внешних и внутренних
218
internal threats, which ensures угроз. Данные защитные меры
the progressive development of обеспечивают быстрое развитие
society, its economic and общества, его экономическую и
socio-political stability, despiteсоциально-политическую стабильность
the presence of adverse вопреки наличию внешних и
external and internal factors. внутренних факторов,
противодействующих этому развитию.
Economic security of the Экономическая безопасность
enterprise (ESE) means the предприятия означает состояние
state of protection of its vital защищенности жизненно важных
interests from internal and интересов предприятия от внутренних и
external threats to ensure its внешних угроз для обеспечения
stability in the present and стабильности компании в настоящем и
future. будущем.
Economic system means the Экономическая система означает
collection of institutions, laws, совокупность структур, законов и видов
and activities that govern деятельности, регламентирующих
economic relationships among экономические отношения людей в
people in a society. обществе. Экономические системы
Economic systems usually традиционно классифицируют как
classified as capitalism, капитализм, социализм и смешанные.
socialism, or mixed. However, Вместе с тем их также возможно
it also is possible to classify классифицировать: 1) по типу владения
them according to two other собственностью – частные или
criteria: 1) type of property общественные (государственные);
ownership – private or public; 2) по методу распределения и контроля
2) method of resource за ресурсами – рыночные или командно-
allocation and control – a административные (в рамках которой
market economy or a command ресурсы распределяются и
economy (in which recourses контролируются государством).
are allocated and controlled by
the government).
Economy shall mean the Экономика означает организованную
system by which a country's систему, направленную на
goods and services are производство, распределение и
produced and distributed. потребление товаров и услуг.
Electronic business e- Электронные деловые операции
business means connecting the (электронный бизнес) означает
computer systems of two or соединение компьютерных систем двух
more independent или более независимых организаций/
organizations/agencies/firms агентств/ компаний с установлением
into a dependent relationship. взаимозависимых отношений. Это шаг к
This is a shift in business дальнейшему развитию деловой
practice, where the facilitation практики, позволяющей объединить

219
of business processes and the
opportunities offered by
information and
communication technologies
(ICT) converge. In
international trade e-business
can mean integrating the
electronic exchange of
information into interoperable
systems, and is considered as
the part of international trade
facilitation.
Electronic commerce means
the production, advertising,
sale and distribution of
products via
telecommunications networks.
Electronic record or
procedure means a set of
information constituted of one
or more electronic messages
and, where applicable, being
functionary equivalent with the
corresponding paper document.
Embezzlement means
misappropriation by an
employee of his employer's
money.
Emergency (case of
emergency) means a sudden
state of danger etc. Such
extraordinary situation usually
demands urgent measures in
order to decide it.
Employability means
continuous professional
development as a way to secure
more employment options in
the changing circumstances of
market economy.
Employee benefits mean
employee rewards, such as
упрощение бизнес процессов и
достижения в области информационных
и коммуникационных технологий. В
международной торговле электронный
бизнес может означать интегрирование
электронного обмена информацией во
взаимосвязанные системы и считается
частью упрощения процедур торговли.
Электронная торговля означает все
формы торговли товарами и услугами
посредством использования
электронных средств, в том числе и
Интернета; является частным случаем
электронного бизнеса.
Электронная запись или процедура
означает набор информации, состоящий
из одного или нескольких электронных
сообщений, и, когда это применимо,
функционально выполняющий ту же
функцию, что и бумажный документ.
Растрата означает незаконное
присвоение работником денег,
принадлежащих работодателю.
Непредвиденный случай
(чрезвычайные обстоятельства) означает
внезапное наступление опасности и т.д.
Такая экстраординарная ситуация
(случай) обычно требует срочных мер
для ее разрешения.
Способность оставаться объектом
трудового найма означает непрерывное
освоение разносторонних
профессиональных навыков в
осознанном стремлении продолжать
оставаться объектом трудового найма в
условиях рыночной экономики.
Пособия (вознаграждения) в пользу
работников означает вознаграждения в
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pension plans, insurance, sick- пользу работников, включающие такие
leave pay, and tuition
reimbursement, given at all or
part of the expense of the
company.
Employee participation
(employee involvement) means повышение заинтересованности
making employees feel more
interested in workplace
functions.
Employee profit sharing
means a system under which
the employees of a company
are entitled by employment
contract or by law to a share in
the profits made by the
company.
Employees is defined as
employees, directors, officers, директоров, служащих, агентов или
servants, agents or invitees.
Employment means the state
of having a job or the act of
giving someone a paid job.
Employment incentive means
a subsidy or other financial
inducement granted to
employers to reduce
unemployment or increase
productivity.
Employment Protection
means protection of the rights
of employees in a company.
Empowerment means giving
workers the authority to make
decisions with the aim of
getting them more involved in
workplace functions allowing
workers to use their initiative
and entrepreneurial spirit.
Enactment of statutes means
a form of government
regulation, which has led to
их виды как пенсионное обеспечение,
страхование, пособия по болезни,
возмещения финансовых затрат на
обучение, предоставляемые полностью
или частично за счет компании.
Участие персонала означает
персонала в решении производственных
и управленческих задач.
Участие в прибыли означает систему,
по которой служащие компании по
закону или по контракту получают
право на часть ее прибыли.
Работники означает работников,
приглашенных.
Трудоустройство (занятость; работа)
означает работу в организации или
предоставление оплачиваемой работы.
Стимулирование занятости означает
поощрение предпринимателей в виде
налоговых льгот или налогового кредита
за найм работников,
зарегистрированных как безработные.
Охрана труда означает защиту прав
работников компании.
Наделение полномочиями означает
наделение персонала правом принятия
самостоятельных решений с целью их
большего участия в делах управления
компанией; предоставление персоналу
возможности для проявления
инициативы и предприимчивости.
Нормативно-правовая база бизнеса
означает одну из форм государственного
контроля за ведением бизнеса, в рамках
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both state and federal laws которой правительственный и
affecting competition and федеральные органы создают
various commercial practices. нормативно-правовую базу,
регулирующую основные практики
ведения современного бизнеса.
End-user means a person who Конечный пользователь означает
actually uses a product or a лицо, которое непосредственно
service. пользуется товаром или услугой.
Enterprise means an industrial Предприятие (фирма, компания;
or commercial organization; a предпринимательство) означает
business activity; business промышленную или коммерческую
activities considered as a организацию; форму
whole. предпринимательской деятельности;
предпринимательскую деятельность в
целом.
Entity (economic or business Субъект права (хозяйствующий
entity) means any type of субъект) означает любое юридическое
subject of law that pays taxes и/или физическое лицо, которое платит
(any types of legal or natural налоги в пользу государства.
persons).
Entrepreneur means a risk Предприниматель (бизнесмен, делец)
taker in the private-enterprise означает лицо, способное брать на себя
system, specifically a person риски в рамках системы частного
who creates a new business. предпринимательства, в первую очередь,
лицо, учреждающее новый вид
предпринимательской деятельности.
Entrepreneur’s environment Предпринимательская среда означает
means the environment, which среду, включающую внутреннюю среду
includes an inner and outside компании и внешнюю среду (условия).
firm’s environment (conditions). Основные взаимосвязанные элементы
The basic interfacing elements внутренней среды: миссия организации
of inner environment: (предназначение, философия и смысл
organizational mission существования), цели и задачи
(assignment, philosophy, and деятельности, материально-техническая
sense of existence), goals and база, структура, состав и
objectives of business, material взаимоотношения персонала.
and technical basis, structure, Внешняя среда – это совокупность
staff composition and условий, факторов и обстоятельств,
relationships. Outside которые окружают предпринимателя и
environment is an integrity of действуют на него. Внешняя среда
terms and conditions представляет собой неконтролируемые
surrounding and influencing on факторы, воздействующие на
the entrepreneur’s activity. An предприятие. Она подразделяется на две
outside environment includes части: среда косвенного воздействия и

222
non-controlled factors, среда прямого воздействия. К среде
influencing on the company. It is прямого воздействия относятся
divided into two parts: direct and конкуренты, потребители, поставщики,
indirect effects. The direct посредники. К среде косвенного
environment includes воздействия относятся экономическая
competitors, consumers, среда, политическая среда, социально-
suppliers, mediators. The демографическая среда, природная
indirect environment includes среда, правовая, техническая и
economic, political, socio- технологическая среда.
demography, natural, legal,
technical, and technological
environments.
Entrepreneurship means Предпринимательство означает
taking the risks involved in принятие на себя риска, вовлечённого в
creating and operating a создание и ведение бизнеса. Дух
business. The entrepreneurial предпринимательства является основой
spirit lies at the heart of the системы частного предпринимательства.
private enterprise system. If noПри отсутствии риска невозможно
one took risk, there would be успешное ведение бизнеса, равно как и
no successful businesses, and невозможно существование
the current economic system экономической системы в рамках
could not exist. современного капитализма.
Equities mean the ordinary Акции означают обыкновенные акции
shares of a company traded in компании, котирующиеся на фондовом
stock markets. рынке.
Equity (equity capital) means Капитал компании означает
capital in the form of shares. акционерный капитал компании в виде
обыкновенных акций.
Equilibrium price shall mean Равновесная цена означает цену,
the point where the supply and образуемую в точке пересечения кривых
demand curves meet in order to спроса и предложения для целей
fix the prevailing market price фиксирования преобладающей
at which one can buy goods or (существующей) рыночной цены, по
services. которой можно приобрести товары и
услуги.
Excess capacity means Избыточные мощности означают
machines and resources of an неиспользуемую часть средств
enterprise not being used. производства и технических ресурсов
предприятия.
Excess demand means a Избыточный, чрезмерный спрос
situation in which more of a (избыток спроса) означает превышение
product is wanted by buyers спроса (со стороны покупателей) над
than can be supplied by the предложением.
industry.

223
Excess supply means a Избыточное предложение (избыток
situation in which industry предложения) означает превышение
provides more of a product объемов товаров, предлагаемых на
than buyers want. рынке в сравнении со спросом на них.
Exchange means a mutual Товарообменная операция означает
transfer or conveyance of операцию, представляющую
property, sometimes involving собой натуральный обмен одного товара
a cash equality payment. на другой и в целях обложения НДС
часто рассматриваемая как две
налогооблагаемые операции между
поставщиками.
Exchange of Contracts means Обмен контрактами означает
the situation when both parties процедуру, принятую при купле-
(buyer and seller) to a purchase продаже, когда обе стороны (покупатель
contract sign the contract and и продавец) подписывают контракт и
exchange exact copies. обмениваются идентичными
экземплярами.
Executive means a person who Сотрудник (служащий; специалист)
carries out decisions made by означает лицо в компании, проводящее в
higher authorities in a жизнь решения вышестоящих
company. должностных лиц.
Executive Information Управленческая информационная
System (EIS) means a set of система (УИС) означает набор
tools designed to organize, программ, позволяющих
information into categories and организовывать информацию и
reports for senior executives; оформлять отчетность для управляющих
may also mean «enterprise высшего звена; корпоративная
information system» when информационная система,
aimed at providing information обеспечивающая доступ к информации
to a wider range of people in an сотрудникам и управляющим разных
organization. звеньев.
Expansion means a period of Экспансия (подъем экономической
business cycle when the активности) означает период бизнес
economy begins to recover after цикла, когда экономика начинает
trough. It enters the expansion возрождаться после депрессии. В период
phase of the business cycle. экспансии расходы производителей и
During an expansion, business потребителей начинают увеличиваться.
and consumer spending begin to Понимая, что экономические условия
increase. Sensing that conditions улучшаются предприятия начинают
are about to improve, businesses увеличивать объемы производства, что,
begin to increase production. в свою очередь, приводит к снижению
Unemployment declines as уровня безработицы, поскольку на
additional workers are hired. рынке труда появляется большое
количество рабочих вакансий.

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Expansionary monetary Стимулирующая монетаристская
policy means the government политика означает действия
actions to increase the money правительства по увеличению денежной
supply in an effort to cut the массы в попытке сократить расходы по
costs of borrowing, which займам, что побуждает лиц,
encouraged business decisions принимающих деловые решения, делать
makers to make new новые инвестиции, стимулируя тем
investments, in turn stimulating самым занятость населения и
employment and economic экономический рост страны.
growth.
Expenditure means the total Расходы означает всю сумму расходов
amount of money spent on на оплату товаров и услуг.
goods and services.
Expenses mean a sum of Затраты (издержки) означают сумму,
money spent on the running of израсходованную компанией на
business. осуществление своей коммерческой
деятельности.
Exports (export) mean Экспорт означает товары и услуги,
products or services sold to продаваемые зарубежным странам;
other countries; the activity of деятельность по продаже товаров и
selling goods to other услуг зарубежным государствам.
countries.
Extranet means an extension Экстранет означает расширение
of corporate Intranet using корпоративного Интранета с
Web technologies to facilitate использованием Web-технологий для
communication with the усовершенствования обменов с
company's suppliers and поставщиками и клиентами компании.
customers.
F
Fair market value means the Обоснованная рыночная стоимость
value of the assets or liabilities
означает текущую стоимость активов и
of a business on the open пассивов компании, определяемую на
market at a given point in time.основе спроса и предложения на момент
оценки.
Fair value means the value of Обоснованная рыночная цена
the carrier’s property; означает цену имущества,
the basis of calculation has принадлежащего, например,
included original cost minus перевозчику; база калькуляции
depreciation, replacement cost, включает первоначальные вложения за
and market value. минусом расходов на возмещение
стоимости рыночного капитала и
рыночную стоимость.
Federal Reserve System (Fed Федеральная резервная система в
in the USA) shall mean a group США означает банковскую группу,

225
of 12 local banks that together
form the central banking
authority of the nation.
Finance means funding for
business activity; money
matters in an organization
Financial markets mean the
markets, which facilitate the
exchange of liquid assets. Most
investors prefer investing in
two markets, the stock markets
and the bond markets.
Financial result in relation to a
company or business means the
outcome of a year's trading, for
example the profit or loss made
during the period.
Financial security means the
protection of financial interests
at all levels of financial
relations; a certain level of
independence, stability and
stability of the financial system
of the country under the
influence of external and
internal destabilizing factors;
the ability of the financial
system of the state to ensure
the effective functioning of the
national economic system and
constant economic growth.
Financial security of an
enterprise means a state of a
company’s protection from the
negative impact of external and
internal threats, destabilizing
factors, which ensures the
sustainable implementation of
the main commercial interests
and objectives of the statutory
activities.
включающую 12 американских банков и
осуществляющую функции
центрального банка.
Финансы означает фонды для
осуществления предпринимательской
деятельности; денежные вопросы в
организации.
Финансовые рынки означают рынки,
на которых осуществляется обмен
ликвидными активами. При этом
большинство инвесторов предпочитают
инвестировать деньги в два вида
рынков: фондовую биржу и рынок
ценных бумаг.
Финансовый результат означает итог
коммерческой деятельности
предприятия за год, например, прибыль
или убытки.
Финансовая безопасность означает
защищенность финансовых интересов
на всех уровнях финансовых
отношений; определенный уровень
независимости, стабильности и
стойкости финансовой системы страны в
условиях влияния на нее внешних и
внутренних дестабилизирующих
факторов; способность финансовой
системы государства обеспечить
эффективное функционирование
национальной экономической системы и
постоянный экономический рост.
Финансовая безопасность
предприятия означает состояние
защищенности компании от
негативного влияния внешних и
внутренних угроз, дестабилизирующих
факторов, при котором обеспечивается
устойчивая реализация основных
коммерческих интересов и целей
уставной деятельности предприятия.
226
Financial strategy means
planning for specific tasks and
ways of their realization in the
financial-economic activity of
enterprise (company,
organization).
Financial system means a
system, which is composed of
financial institutions including
banks, insurance companies,
organized exchanges, and the
many other companies that
serve to facilitate economic
transactions.
Financing means the provision
of money for a particular
purpose.
Finished products mean those
goods, which have undergone
the final stage in the production
cycle.
Firm means a company or
business, especially one that is
quite small.
First Director means a director
whose name shall be
determined by the subscribers
to the Memorandum of
Association of the Company;
he/she holds his/her post until
the first Annual General
Meeting.
Fiscal drag means the slowing
down of economic growth and
depressed demand resulting
from the tendency of income
taxation to become
proportionately higher in a
period of inflation, and often
leading to a reduction in
spending power for those
tax payers on fixed incomes.
Финансовая стратегия означает
планирование конкретных задач и путей
их реализации в рамках финансово-
хозяйственной деятельности
предприятия (компании, организации).
Финансовая система означает систему,
которая состоит из финансовых
институтов, включая банки, страховые
компании, фондовые биржи, и многие
другие компании, которые служат для
финансового обеспечения
хозяйственных (экономических)
операций.
Финансирование означает выделение
денежных средств для определенной
цели.
Готовая продукция означает изделия,
прошедшие последнюю
стадию производственного цикла.
Фирма означает компанию или какую-
либо другую небольшую коммерческую
организацию.
Первый директор означает директора,
назначаемого подписантами
учредительного договора о создании
компании, который исполняет
обязанности директора компании с
момента подписания договора до даты
проведения первого ежегодного общего
собрания акционеров общества
(компании).
Налоговый тормоз означает
сдерживание экономического роста и
внутреннего спроса для борьбы с
инфляцией путем повышения налогов, в
результате чего поступления
государства от налогов превышают
государственные расходы.
227
Fiscal law (tax law) means the
body of law relating to
taxation, including primary
legislation, such as statutory
law, secondary legislation, such
as regulations, orders, etc., case
law and bilateral or multilateral
international tax agreements or
treaties.
Fiscal policy (budgetary
policy) means the financial
strategy adopted by the
government in its management
of the economy by varying the
size and content of taxation,
public debt, public expenditure,
government funds, etc.
Fiscal year (financial year)
means the period used by
companies and governments
for accounting and tax
purposes.
Fixed key method means a
method of allocating the costs
of central activities of a
multinational enterprise to the
various members of the group
receiving those services on the
basis of some aspect of the
business of those members,
such as gross turnover.
Flat rate (proportional rate)
means a fixed rate, which does
not fluctuate according to the
amount of income, e.g. a
certain percentage, applied at
all levels of income.
Force Majeure (Force
Majeure Circumstances) means
an unexpected and unavoidable
event out of control of any of
the parties to the contract (war,
upheaval, disaster, etc.) that
Налоговое право (налоговое
законодательство) означает
совокупность юридических норм,
устанавливающих виды налогов,
применяемых в данном государстве,
порядок их взимания и регулирующие
отношения, связанные с
возникновением, изменением и
прекращений налоговых обязательств.
Фискальная политика (финансовая
политика) означает мероприятия
правительства в области
налогообложения и государственных
расходов, призванные регулировать
уровень деловой активности.
Бюджетный год (финансовый год)
означает период бухгалтерской
отчетности предприятия или год
действия государственного бюджета;
определенный период, связанный с
уплатой налога.
Метод фиксированного ключа
означает метод распределения затрат от
деятельности центральной конторы
многонационального предприятия по
его подразделениям, пользующимся его
услугами, на основе одного из
экономических показателей их
деятельности, например, товарооборота.
Единообразная ставка
(пропорциональная ставка) означает
фиксированную ставку, не зависящую
от размера дохода, когда определенный
неизменный процент применяется для
всех уровней дохода.
Форс-мажор (обстоятельства
непреодолимой силы) означает
неожиданное или неизбежное событие
вне контроля любой из сторон,
заключивших контракт (война,
переворот, стихийное бедствие и т.д.),
228
causes or allows a contract to
be changed or cancelled if it
has a force majeure clause.
Foreign Corrupt Practices
Act (FCPA), 1978 means US
Legal Act, which prohibits
payments or gifts to
government officials outside of
the United States for the
purposes of obtaining or
retaining business, even if the
payment or gift is legal in the
host country.
Foreign investment incentives
mean those measures intended
either to
encourage inward investment
from abroad by improving that
country's investment climate,
or to encourage domestic
enterprises to invest abroad,
which in the former case may
include non-tax related
incentives, such as liberal
foreign exchange regulations,
or competitive advantages, as
well as tax related incentives,
such as the reduction or
exemption from customs duties
and drawback clauses, and in
the latter case, tax exemptions,
tax holidays, investment
deductions, etc.
Foreign Official means any
officer or employee of a
foreign government, a public
international organization, or
any department or agency
thereof, or any person acting in
an official capacity
которое требует или допускает
изменение условий контракта или их
отмену в тех случаях, когда контракт
содержит статью о форс-мажорных
обстоятельствах.
Закон об иностранной коррупционной
практике 1978 года означает правовой
акт США, который запрещает платежи
или подарки государственным
должностным лицам за пределами
Соединенных Штатов в целях
получения или сохранения бизнеса,
даже если платеж или подарок являются
законными в принимающей стране.
Стимулирование иностранных
инвестиций означает меры,
стимулирующие поступление
инвестиций из-за рубежа посредством
улучшения инвестиционного климата в
стране или стимулирующие инвестиции
местных компаний за рубежом; могут
включать снижение или освобождение
от таможенных пошлин, освобождение
от
налогообложения, налоговые
каникулы, компенсацию по налогам,
инвестиционные льготы, применение
ускоренной амортизации, отсрочку по
уплате налогов.
Иностранный чиновник (должностное
лицо иностранного государства)
означает любого служащего или
работника иностранного правительства,
международной общественной
организации, или любого из их
подразделений или органов, равно как и
любого полномочного представителя,
действующего от их лица.
229
Fraud (business fraud) means Мошенничество означает действие или
an act or acts of deception that действия с применением обмана или
could result in gain, profit or жульничества, которые могут повлиять
advantage to an employee, or на вопросы извлечения прибыли или
harm or loss to another person получения выгоды работником, или
or entity. могут привести к нанесению ущерба
иному лицу или предприятию.
Freedom of choice means that, Свобода выбора означает, что в рамках
under a private enterprise системы частного предпринимательства
system, citizens are free to граждане вправе свободно выбирать
choose their employment, профессию, что покупать и куда
purchases, and investments. инвестировать свой средства. Однако
They can change jobs, все эти действия должны
negotiate wages, join labor осуществляться в рамках строгого
unions, and choose among выполнения законодательных норм
many different brands of goods государства.
and services. But all their
actions should be under the
strict legislation acts.
Free enterprise means an Свободное предпринимательство
economic system that allows означает экономическую систему,
people to own capital and run предоставляющую гражданам право
businesses; an economic владения капиталом и возможность
system that allows businesses организации собственного дела;
to compete for profit without экономическую систему,
much government control. предоставляющую компаниям
возможность участия в конкурентной
борьбе за получение прибыли при
минимальном контроле со стороны
государства.
Free market in economics Свободный рынок означает рынок,
means a market that runs under управляемый на основе политики
laissez-faire policies. государственного невмешательства.
Free-rein leader means a Лидер свободных поводий означает
leader who believe in minimal руководителя, который является
supervision and leave most сторонником минимального контроля и
decisions to their subordinates. оставляет право принятия большинства
решений за своими подчиненными.
Free trade means an Свободная торговля означает
international trading system in отсутствие искусственных барьеров в
which there is no hindrance to торговле между отдельными лицами и
the free movement of goods фирмами разных стран.
such as customs duties and
quotas.

230
Free-trade agreement (FTA) Соглашение о свободной торговле
means an arrangement, which означает соглашение между двумя, или
establishes unimpeded более странами, устанавливающее
exchange and flow of goods свободный обмен товарами и услугами
and services between trading между торговыми партнерами, не
partners regardless of national зависимо от национальных границ.
borders.
Free trade area (free trade Зона свободной торговли означает
association) means an entity образование, сформированное из
formed by the Customs таможенных территорий союза
territories of an association of государств и имеющее в завершающей
States and having in its стадии следующие характеристики:
ultimate state the following
characteristics:
- the elimination of Customs - отсутствие таможенных пошлин для
duties in respect of products продуктов, произведенных в любой из
originating in any of the стран данной зоны;
countries of the area,
- each State retains its Customs - каждое государство сохраняет свой
tariff and Customs law, таможенный тариф и таможенное
законодательство;
- each State of the area remains - каждое государство данной зоны
autonomous in matters of остается автономным в вопросах
Customs and economic policy, таможенной и экономической политики;
- торговля базируется на применении
- trade is based on the правил происхождения, принимая во
application of rules of origin, to внимание различные таможенные
take account of the different тарифы и при условии предотвращения
Customs tariffs and prevent отклонений в торговле;
deflection of trade; - отсутствие ограничительных
- the elimination of restrictive подзаконных актов о торговле внутри
regulations of commerce within зоны свободной торговли.
the free trade area.
Frictional unemployment Фрикционная безработица (временная
means temporary, unavoidable незанятость, связанная с переходом с
unemployment. For example, it одной работы на другую) означает
takes time for workers to find a временную и неизбежную безработицу.
new job after they have left Так, для нахождения нового места
their previous employer. Until работы сотруднику необходимо время.
they actually start working До этого момента он, согласно
again, they will be counted in статистическим данным, считается
government data as безработным. Люди, ищущие свое
“unemployed”. People entering первое место работы (например,
the labor force for the first выпускники школ и колледжей) также

231
time, such as recent high считаются безработными до момента их
school and college graduates, первого трудоустройства.
are considered to be
unemployed until they find
their first job.
Full Employment does not Полная занятость (эффективная
mean the total elimination of занятость) не означает отсутствие
unemployment. Frictional and безработицы. Существование
structural unemployment are фрикционного и структурного типов
expected, and economists безработицы позволяет экономистам
combine these two rates to вывести понятие «естественного уровня
derive what is described as the безработицы».
natural rate of unemployment. Когда реальный уровень безработицы
When the actual rate of равен ее естественному уровню,
unemployment equals the экономисты рассматривают такое
natural rate, the economy is положение дел как «полную занятость».
said to be at full employment.
Fund shall mean a separate Фонд означает объединение
pool of monetary and other финансовых и других ресурсов для
resources used to support поддержки определенных видов
designated activities; an деятельности; организация, ведающая
organization that is responsible вопросами получения и использования
for obtaining and spending средств, выделенных для определенной
money for a particular purpose. цели.
Futures contract means a kind Фьючерсный контракт означает
of contract to buy or sell a контракт о покупке или продаже
fixed quantity of a particular фиксированного количества
commodity, currency or определенного товара, валюты или
security for delivery at a fixed ценных бумаг для их поставки в
time in the future at a fixed оговоренную дату в будущем по
price. согласованной цене.
G
Gain means increase in wealth; Прирост дохода (прибыль; повышение)
profit; an increase in amount. означает доходы от прироста капитала;
прибыль; рост.
General Meeting of the Общее собрание акционеров означает
Company means a formal высший орган деятельности компании.
meeting of the shareholders В ходе общего собрания, собираемого не
and directors of a company, at реже одного раза в год, акционеры и
which they consider the члены совета директоров заслушивают
directors’ and auditors’ reports, отчеты генерального директора,
decide the amount of dividend ревизионной комиссии, решают вопросы
etc. о сумме дивидендов и др.

232
Globalization means
integration and
internationalization of financial
markets and institutions.
Go belly up (v.) means a
process leading to the
Company’s failure. Investors
are always concerned about the
possibility of a company
failing. In the modern world, a
company that does not earn
enough profit is said to go belly
up. A company that goes belly
up dies like a fish. Fish turn
over on their backs when they
die. So they are stomach, or
belly up.
Going concern means a
company as an operating
business making profit.
Golden parachute means a
lucrative compensation
package given to a top
executive who leaves the
company because it has been
taken over by another firm.
Golden share means a share in
a company that controls at least
51% of the voting rights.
Goldilocks economy means
the economy of the mid-90s
that was «not too hot, not too
cold, just right», as was the
porridge in the children's story
of «Goldilocks and the Three
Bears».
Goods mean any article or
commodity that is the subject
of manufacture and trade.
Глобализация означает интеграцию и
интернационализацию финансовых
рынков и учреждений.
Всплывать кверху пузом означает
процесс, который ведет компанию к
банкротству. Инвесторы всегда
опасаются, что компания потерпит
неудачу. В современном мире о
компании, которая не получает
достаточно прибыли, говорят, что она
всплывает «кверху пузом». Компания,
всплывающая «кверху пузом», погибает
подобно рыбе. Умирающая рыба
всплывает брюхом вверх. По аналогии с
ними говорят: «кверху брюхом или
пузом».
Действующее предприятие означает
компанию, осуществляющую свою
деятельность и получающую прибыль.
Золотой парашют означает щедрый
компенсационный пакет, предлагаемый
высокопоставленному сотруднику,
покидающему компанию вследствие
поглощения этой компании другой
фирмой.
Золотая акция означает долю (пакет
акций) в акционерном капитале
компании, в результате чего можно
контролировать не менее 51% голосов.
Экономика по образцу Голдилокс
означает образное обозначение
умеренной экономики середины 90-х, не
претерпевающей бурных подъемов или
резких спадов; имеется в виду
англоязычный вариант сказки «Три
медведя», в котором златокудрая
девочка Голдилокс, попробовав кашу,
воскликнула: «Не горячая, не холодная,
как раз то, что нужно!».
Товар означает любую продукцию,
которая является объектом производства
или торговли.
233
Goodwill means the intangible
possession that enables a
business to continue to earn a
profit in excess of normal or
basic rate of profit earned by
other businesses of similar
type.
Go public means to become a
public company with shares
offered for sale on the stock
exchange.
Government Official means
an official of government, an
official of a government
instrumentality, a candidate for
political office, an official of a
political party and a political
party.
Гудвил означает условную стоимость
деловых связей, репутации фирмы,
собственность, что позволяет
коммерческому предприятию
продолжать приносить прибыль,
превышающую нормальную или
базовую ставку прибыли иных
аналогичных предприятий.
Становиться публичной компанией
означает превращаться в публичную
компанию путем открытого предло-
жения акций на фондовом рынке.
Государственный чиновник означает
любое официальное лицо правительства,
официальное лицо, представляющее
государственный орган, кандидат на
политическую должность, официальное
лицо, представляющее политическую
партию или политическая партия.

Gratuities mean the Вознаграждения (подношения;

resumptive term for meals, завуалированная взятка) означает
entertainment, non-cash gifts, обобщающий термин для угощения,
discounts or promotional items развлечения, материальных подарков,
which employee may accept or скидок или рекламируемых товаров,
offer when such acceptance or которые наемный работник может
offer is directly connected with принять или предложить, и когда такое
business discussions. принятие или предложение напрямую
связаны с деловыми переговорами.
Gravy on the steak means a Подливка к бифштексу означает сверх
positive deal’s result, which положительный результат сделки, пусть
was unintended, but not totally ненамеренный, но и не полностью
unexpected; the little extra that неожиданный тот завершающий штрих,
really makes deals great. That который делает сделку гениальной. Этот
chicken fried steak might taste жаренный цыплёнок очень хорош, но
pretty good, but the gravy on подлив к нему делает блюдо шедевром
the top makes it even better. кулинарного искусства.
Grey knight means an Серый рыцарь означает неизвестного
unknown bidder for another претендента на поглощение другой
company who is more welcome компании, чье участие более
than the black knight is. желательно, чем интерес к компании-
мишени «черного рыцаря».
Gross domestic product Валовой внутренний продукт (ВВП)
(GDP) means the annual total означает валовую рыночную стоимость

234
value of goods and services товаров и услуг, произведенных и
provided by a country. проданных на территории страны за
определенный период времени.
Gross income means the Валовой доход означает все доходы
amount of money received by a отдельного лица или организации в виде
person or an organization in the зарплаты, прибыли или процентов до
form of wages, profit or вычета налогов.
interest before tax has been
taken off.
Gross national product Валовой национальный продукт
(GNP) means the annual total (ВНП) означает валовую рыночную
value of goods and services стоимость товаров и услуг,
provided by a country, plus произведенных в стране за
the total income from abroad. определенный период времени плюс
сумму доходов, поступивших от
резидентов из-за рубежа.
H
Harassment means the Харассмент (дискриминация на рабочем
behavior that unreasonably месте) означает поведение, которое
disturbs another person in his беспричинно нарушает психологическое
or her work because of race, равновесие работника в процессе
color, creed, religion, national исполнения им своих служебных
origin, sex, age, disability, обязанностей по признакам его/ее
sexual orientation, marital расовой принадлежности, цвета кожи,
status, or veteran status. политических и религиозных убеждений,
гражданства, пола, нетрудоспособности,
сексуальной ориентации, семейного
положения или ветеранского статуса.
Headhunt (v.) means to search Охотиться за головами означает
for top executives and осуществлять поиск ведущих
managers whose presence and сотрудников и менеджеров, чье участие
participation is a guarantor of в работе компании является гарантом
substantial profit. значительной прибыли.
Head office means the central Головной офис означает центральный
office of an organization that офис организации, откуда ведется
controls all the regional offices. руководство всеми региональными
представительствами.
Headquarter (HQ) means the Штаб-квартира (головной офис)
place from which an означает главную контору,
organization is controlled. осуществляющую управление
компанией.
Health and Safety Правила по охране труда (техника
Regulations means regulations безопасности) означают правила охраны
monitoring health protection здоровья и труда на рабочем месте.

235
and accident prevention in the
workplace.
High Technology (high Высокие технологии
tech/hi-tech vs. low (высокотехнологичный; наукоёмкий vs.
technology/ low tech) means низкие технологии (низко
advanced technology products технологичный) означает выпуск
or services as distinct from продукции или предоставление услуг с
traditional products or services. использованием передовых технологий
в отличие от товаров или услуг,
предполагающих использование
традиционных технологических
процессов.
Hidden profit distribution Скрытое распределение прибыли
means payments made to означает выплаты акционерам в форме
shareholders, in cash or in kind, наличных денег или в натуральном
which do not take the legal выражении, которые не оформляются
form of dividends but which как дивиденды, однако, могут
may be regarded under tax law рассматриваться налоговыми властями
as distributions of profit and как дивиденды, при начислении налога
treated for tax purposes as if на прибыль
they were dividends.
Human resource department Отдел кадров (отдел по работе с
(HRD) shall mean a company’s персоналом) означает подразделение
division which makes its best компании, осуществляющее реализацию
in order to achieve its overall своих главных целей по
objectives of (1) providing 1) обеспечению компании
qualified, well trained квалифицированными, хорошо
employees; обученными работниками;
(2) maximizing employee (2) максимизации эффективности
effectiveness in the персонала организации; и
organization; and (3) satisfying (3) удовлетворению индивидуальных
individual employee needs потребностей работников за счет
through monetary денежных компенсаций, пособий,
compensation, employee предоставления дополнительных
benefits, advancement возможностей и удовлетворения местом
opportunities, and job работы.
satisfaction.
Human Relations Skills shall Навыки работы с персоналом
mean skills involving the означают профессиональные навыки,
manager’s ability to work включающие в себя способность
effectively with and through менеджера к эффективной работе с
company’s personnel. персоналом компании.
Human resource Управление персоналом (руководство
management (HRM) shall персоналом) означает процесс подбора

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mean a process of acquiring,
training, developing,
motivating, and appraising a
sufficient quantity of qualified
employees to perform the
necessary activities; and
developing activities in an
organizational climate
conductive to maximum
efficiency and worker
satisfaction.
Human resource manager
shall mean a company’s senior
specialist who performs and
assumes primary responsibility
for forecasting personnel
needs, recruiting, and aiding in
selecting new employees.
Human Resources shall mean
all the people employed in
producing a good or service.
Intrusion detection system
(IDS) means A system that
provides the functionality to
identify if the network is being
attacked. Such system can be
configured to watch for
specific types of activities and
then alert security personnel if
that activity occurs.
Imports (import) mean
products or services bought
from other countries; the
activity of bringing goods into
a country.
Income (revenue) means
money that you earn from your
job or that you receive from
investments.
(найма), обучения, развития,
мотивирования и оценки необходимого
количества квалифицированных
работников в целях осуществления
необходимых производственных
действий, действий по созданию
организационного климата для
достижения максимальной
эффективности и удовлетворения
потребностей рабочего персонала
компании.
Менеджер по персоналу означает
ведущего специалиста компании,
осуществляющего и берущего на себя
главную ответственность по
прогнозированию потребностей
компании в персонале, найме его на
работу, а также имеющего задачу
побора персонала.
Трудовые ресурсы (людские резервы;
рабочая сила) означают всю
совокупность лиц, занятых в
производстве товаров и оказании услуг.
I
Система обнаружения вторжений
(СОВ) означает систему, которая
предоставляет функциональные
возможности для определения,
подвергается ли сеть атаке. Такая
система может быть сконфигурирована
для наблюдения за конкретными видами
деятельности, а также оповещать
службу безопасности, если такая
деятельность осуществляется.
Импорт означает товары и услуги,
приобретаемые у зарубежных
государств; деятельность по ввозу
товаров и услуг из-за рубежа.
Доход означает денежные средства в
виде заработной платы или прибыли от
инвестиций.
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Individual proprietorship Индивидуальное частное предприятие
(sole proprietorship) means a (индивидуальное предпринимательство)
type of ownership in which the означает тип организационной
proprietor owns all of the собственности предприятия, в рамках
property of the business and is которой предприниматель владеет всеми
responsible for everything. видами собственности и единолично
This means that the proprietor несет ответственность за ведение
бизнеса. Это значит, что
gets to keep all of the profits of
the business, but also must pay предприниматель имеет право на все
any debts. The law recognizes виды прибыли, однако в то же время он
no difference between the единолично несет ответственность по
owner and the business. всем долгам своего предприятия. Закон
при этом не различает понятия
«предприятие» и его «владелец».
Industry means the production Промышленность (отрасль) означает
of raw materials and of goods; сектор хозяйства, связанный с
a particular type of industry or производством сырья или товаров; та
service. или иная сфера производства или услуг.
Inflation means a period of Инфляция означает период роста цен
rising prices when the на товары и услуги в условиях снижения
purchasing power of the money покупательной способности денег.
is failing.
Information integrity means Достоверность (целостность)
the assurance that the информации означает гарантию того,
information being accessed has что доступ к информации не был
not been altered and truly изменен и действительно представляет
represents what is intended. то, для чего она предназначена.
Свойство, при наличии которого
информация сохраняет заранее
определенные вид и качество.
Informational interview Информационное интервью означает
means a session designed in интервью (опрос), организованный с
order to get more information целью получения расширенной
about a Company or an информации о компании или профессии.
occupation.
Information distribution Распределение информации
means making needed (распространение информации) означает
information available to project доведение необходимой информации до
stakeholder in a timely manner. сведения организаторов проекта в
обусловленные сроки.
Information technology (IT) Информационная технология (отдел
(information system/ информационной технологии;
information services) shall информационная система;
mean the use of electronic информационная служба) означает

238
processes for storing использование электронных средств для
information and making it обработки, хранения и распространения
available; the formal name for информации; условно принятое название
a company's data-processing для отдела организации, занимающегося
department that stores, обработкой, хранением и
organizes, monitors and распространением информации,
provides access to information. обеспечивая тем самым доступ каждого
сотрудника к информационным
системам.
Innovation means any new Инновация означает любой новый
invention or improved method подход или усовершенствованный метод
of designing, producing or конструирования, производства или
distributing goods. сбыта товаров.
Innovation company means a Инновационная компания означает
company set up with venture компанию со смешанным капиталом,
capital for the purposes of использующую высокие технологии.
exploiting high technology Такие компании могут пользоваться
processes, often eligible for tax налоговыми льготами, например,
benefits, such as a tax holiday, налоговыми каникулами или
or exemption from registration освобождением от регистрационного
or other duties. налога.
Intangible assets mean the Нематериальные активы означает
items lacking physical такие активы, которые не имеют
substance (e.g. goodwill) or физической формы (например,
representing a right granted by репутация фирмы) или представляют
the government (e.g. patent, собой право, предоставленное
trademark) or by another государством (например, патент или
company (e.g. franchise). торговая марка) или другой компанией
Intangibles have a life in excess (например, франшиза). Срок действия
of one year. нематериальных активов превышает
один год.
Integration shall mean the Интеграция означает объединение двух
combining under one или более подразделений, организаций,
management of two or more концернов и т. д. под одним
units, organizations, concerns, руководством в целях повышения
etc. so that they become more эффективности труда, увеличения
effective, make more profits, прибылей, снижения риска и повышения
reduce risk and become more конкурентоспособности.
competitive.
Intellectual intelligence Интеллектуальный потенциал
(intelligence quotient (IQ) (интеллектуальный коэффициент)
means academic intelligence, означает общие способности человека,
training, expertise and его уровень профессиональной
cognitive capacities; подготовки, экспертные знания и

239
intellectual ability and когнитивные способности;
technical know-how; the интеллектуальные способности и «ноу-
opposite of emotional хау»; понятие «интеллектуальный
intelligence (emotional потенциал» можно противопоставить
quotient/EQ). понятию «эмоциональный потенциал».
Intellectual property means Интеллектуальная собственность
patents, trademarks, service означает патенты, торговые марки,
marks, copyrights, trade secrets знаки обслуживания, авторские права,
and other forms of comparable коммерческие тайны и другие формы
proprietary rights protected by подобных прав собственности,
federal law, and/or state law, защищенных федеральным
and/or foreign law. законодательством и/или
законодательством штата и/или
иностранным законодательством.
Intercultural communication Межкультурное взаимодействие
(in the world of business) (национальные особенности общения в
means typical characteristics of деловом мире) означает наиболее
nationally-bound mentality and распространенные особенности
behavior shaping and мышления и поведения, присущие той
governing business или иной национальной культуре,
communication. оказывающие влияние на ход и
результаты делового общения.
Interest (interest rate) means Процент (процентная ставка) означает
the price paid for the use of плату, получаемую кредитором от
money by a borrower to the заемщика за использование денег
lender of the money. кредитора.
Internationalization means an Интернационализация означает
economic trend that is closely экономическую концепцию, тесно
related to the process of связанную с процессом роста
production growth and производства и социализации
socialization of public общественных отношений.
relations.
International law means the Международное право означает
set of rules generally regarded совокупность правоотношений с
and accepted as binding in участием иностранных элементов и
relations between states and нормативных актов, регулирующих эти
between nations. It serves as a отношения. В международном праве
framework for the practice of выделяются три основных направления:
stable and organized Международное публичное право;
international relations. Международное частное право;
International law differs from Наднациональное право – совокупность
state-based legal systems in норм, регулирующих
that it is primarily applicable to межгосударственные отношения.
countries rather than to private

240
citizens. National law may
become international law when
treaties delegate national
jurisdiction to supranational
tribunals such as the European
Court of Human Rights or the
International Criminal Court.
Treaties such as the Geneva
Conventions may require
national law to conform to
respective parts.
International Stock Exchange
(ISE) (London stock Exchange)
means the market for the
buying and selling of securities,
based in London.
Internet means the network of
computer systems that allows
computer users around the
world to exchange information.
In the black/in the red means
to be in good/bad financial
conditions. Why black and red?
Well, when accountants kept
handwritten ledger books, it
became traditional to use black
ink to record earnings and red
ink to record losses.
Intranet means a network
designed to share information
and carry out business
transactions within a company.
Investment means the act of
investing in a company or
business in order to obtain
income or profit; the money
invested.
Investment bank means a
financial organization that
advises companies on mergers
Международная фондовая биржа
(Лондонская фондовая биржа) означает
рынок ценных бумаг, расположенный в
Лондоне.
Интернет означает сеть компьютерных
систем, обеспечивающая обмен
информацией в мировом масштабе.
Быть в черном/красном в
экономическом лексиконе означает быть
в хорошем (в прибыли) / плохом (в
убытках) финансовом положении. В
финансовом мире традиционно
сложилась практика ведения
бухгалтерских книг с использованием
черных чернил для внесения
прибыльных записей и красных чернил
для убыточных записей.
Интранет означает информационную
компьютерную сеть внутреннего
пользования, предназначенную для
обмена информацией и эффективного
взаимодействия разных подразделений
компании.
Инвестирование (инвестиции) означает
помещение капитала в компанию или
отрасль с целью получения дохода или
прибыли; объем вложенных средств.
Инвестиционный банк означает
финансовое учреждение,
предоставляющее компаниям
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and acquisitions and takes over консультационные услуги при слияниях
the risk and responsibility for и поглощениях, а также принимающее
the new issue of shares. на себя риск и ответственность в связи с
размещением нового выпуска акций.
Investment Company Инвестиционная компания
(investment trust) means a (инвестиционный траст) означает
limited company that uses its компанию, которая использует свой
capital to buy securities as капитал для приобретения ценных бумаг
investments. в качестве инвестиций.
Investment income (unearned Инвестиционный доход означает доход
income) means the income (проценты, дивиденды) по
derived from dividends, инвестициям в ценные бумаги и другие
interests and other investments, финансовые активы (в отличие от
which may be taxed more операционной прибыли).
heavily than earned income.
Investor means a person or an Инвестор означает физическое или
organization that invests money юридическое лицо, осуществляющее
in order to make a profit. капиталовложение с целью получения
прибыли.
J
Job description means the Должностная инструкция означает
main official duties the основные должностные обязанности,
employee should perform for которые работник должен выполнять в
the Company under concrete соответствии с требованиями компании
job position within his/her касаемо конкретной должностной
working process. позицией во время его/ее рабочего
процесса.
Job interview means a Собеседование при приеме на работу
meeting between fully означает собеседование полномочного
authorized Company представителя компании с
representative and potential потенциальным ее работником в целях
employee in order to solve the решения проблемы по его/ее
problem of his/her possible job возможному трудоустройству в пользу
placement for the Employer. работодателя.
Job opening means a vacant Должностная вакансия означает
job position for the hiring вакантную должностную позицию для
employee. вновь нанимаемого работника.
Job responsibility(ies) mean Должностные обязанности означает
obligation of an employee to обязательства работника по
perform assign duties for the выполнению установленных
Company benefits. должностных обязанностей в пользу
получения компанией прибыли.
Joint investment means Совместное капиталовложение
property, shares or securities (совместное инвестирование) означает

242
owned by more than one объекты собственности, акции и ценные
person. бумаги, принадлежащие более чем
одному вкладчику.
Joint ownership (joint Совместное владение собственностью
tenancy) means the owning of (нераздельное совладение) означает
property, land or a business by собственность в виде имущества, земли
two or more people; each или компании, находящаяся во владении
person has the same legal rights двух и более лиц при равных
as the other(s). юридических правах на нее.
Joint Stock Company means a Совместная компания (акционерная
business formed by a group of компания) означает компанию,
people using money provided возникшую в результате объединения
by them all. капитала, принадлежащего группе лиц.

Joint venture means a Совместное предпринимательство

business enterprise entered into
by two or more persons or
companies, which does not
constitute a separate legal
entity or partnership. Joint
venture enterprises are often
carried on through a joint
venture company.
Joint venture company means
a company incorporated by the
parties to a joint venture, each
party holding shares in the
company carrying on the joint
venture enterprise.
Killer app means the new
product or service, which
dominates in the marketplace.
Know-how means practical
ability; knowledge, expertise
and skills in a particular area.
Knowledge-based economy
means economy at the turn of
the century (and the
(совместное предприятие) означает
коммерческую деятельность, в которой
принимают участие два или более лиц, не
образующих при этом самостоятельного
товарищества или отдельного
юридического лица. Совместное
предпринимательство, как правило,
ведется через совместные предприятия.
Совместное предприятие (смешанное
предприятие) означает компанию,
которую образуют стороны,
занимающиеся совместным
предпринимательством, каждая из
которых владеет долей капитала данной
компании.
K
Убийственное дополнение означает
новый продукт или услугу, которые
являются первыми в своей категории и
поэтому доминируют на рынке.
Ноу-хау («секреты производства»;
технология производства) означает
практические навыки в выполнении
производственных процессов;
использование знаний, мастерства и
навыков в производстве и т.д.
Экономика, основанная на знаниях,
означает экономику конца столетия (и
начала тысячелетия), все более

243
millennium) which makes
increasingly effective use of
accumulated knowledge,
volume of diverse information,
intellectual property and
breakthroughs in science and
information technology.
Labor force means all the
people 16 years of age or older
who are currently employed or
are looking for work.
Lame duck means a popular
expression for a company in
financial difficulty that
continuously relies on
government help.
Law of Supply and Demand
means the Law, which states
that prices in a market are set
by the intersection of the
supply and demand curves.
Legal person means a person
or group of persons recognized
by law as having a separate
legal existence with his or its
own rights and duties. It may
refer to a natural person, i.e. a
human being, or an artificial
person, i.e. a corporation.
Liquid Assets mean available
money or items that can easily
be converted into money.
Loss means the financial harm
from a number of causes, such
as: inability to obtain payment
for the goods supplied; selling
goods below cost; the costs of
running a business being
greater than the gross profit
from sales; the destruction or
wearing out of assets, etc.
основывающуюся на использовании
знаний, разнообразной информации,
интеллектуальной собственности,
новейших открытий науки и
достижений информационной
технологии.
L
Рабочая сила (трудовые ресурсы)
означает всю совокупность
трудоспособного населения от 16 лет и
старше, которые уже работают или
находятся в поиске рабочего места.
Хромая утка означает популярное
выражение для обозначения компании,
терпящей убытки и постоянно
нуждающейся в финансовой поддержке
правительства.
Закон спроса и предложения означает
закон, который гласит, что рыночные
цены устанавливаются на месте
пересечения кривой спроса и
предложения.
Юридическое лицо означает
физическое лицо или группу физических
лиц со статусом самостоятельной
юридической
единицы, имеющей свои специфические
права и обязанности.
Ликвидные активы означает
доступные средства или предметы,
которые можно легко обратить в
наличность.
Убыток означает финансовые потери,
вызванные рядом причин, например,
невозможностью получить оплату за
поставленные товары, продажей товаров
ниже их стоимости, превышением
издержек по сравнению с валовой
прибылью от продаж, разрушением или
износом активов и т.д.
244

Macroeconomics means the
branch of science, which deals
with broader issues, like the
overall operation of the
country’s economy and
government policies in that
sphere.
Making a killing (make a
killing) doesn’t mean to kill
somebody. In the world of
business, it means to make a
huge amount of money.
Management means the
achievement of organizational
objectives through people and
other resources.
Management personnel
means personnel ashore having
definite responsibilities and
authorities on development,
implementation, verification
and management for policy,
systems and execution.
Manager means a person
employed to control and direct
part or all of the work of the
employees in a business,
industrial concern or other
organization.
Managing Director (MD)
means a company director who
is responsible for the day-to-
day running of a company.
Manufacturer means a person
or an organization that makes
goods from raw materials.
Market in classical and neo-
classical economics means any
structure that allows buyers and
sellers to exchange any goods,
M
Макроэкономика означает отрасль
науки, занимающуюся с широкими
понятиями, такими как глобальное
руководство экономикой страны, равно
как и государственная политика в этой
сфере.
Совершить убийство не означает убить
кого-либо. Данная жаргонная фраза в
мире бизнеса означает «заработать
огромную сумму денег» или «сорвать
куш».
Система управления (менеджмент)
означает достижение организационных
целей с использование людских и иных
ресурсов.
Управленческий персонал компании
означает персонал, работающий на
берегу, с определенными
ответственностью и властными
полномочиями по разработке,
внедрению, проверке и управлению
политикой, системами и методикой
выполнения.
Менеджер (управляющий) означает
лицо, нанятое для осуществления
деятельности по контролю и
управлению частью или всей
деятельностью работников компании,
промышленного предприятия или
какой-либо другой
предпринимательской организации.
Директор-распорядитель означает
директора, отвечающего за
повседневное управление компанией.
Производитель (изготовитель) означает
лицо или организацию, занимающуюся
изготовлением товаров из сырья.
Рынок в классической и
неоклассической экономических
теориях означает любую структуру,
позволяющую продавцам и покупателям
245
services and information. The
exchange of goods or services
for money is a transaction.
Market also may be considered
as the activity of buying and
selling goods or services; the
buying and selling of bonds,
shares, etc.
Market cycles mean the
recurring cycles of the stock
market ups and downs.
Market Economy (free
economy) means economy that
relies largely upon market
forces to allocate resources and
goods, and to determine prices
and quantities of each good that
will be produced.
Market Forces mean the way
the behavior of buyers and
sellers affects the levels of
supply and demand in a
particular market.
Market penetration means a
situation when a product starts
to be sold in a new area or to a
new group of consumers; the
act of obtaining a larger market
share through more intensive
advertising and promotion
campaigns.
Market production means the
totality of goods and services
produced in order to be sold on
the national or foreign market.
Market Research means study
carried out by a company,
before launching a new
product, into the needs,
preferences, and incomes of
potential buyers.
Market value means the sum
of money that could be
obtained if an asset were sold
обмениваться товарами, услугами и
информацией. При этом обмен товарами
и услугами за деньги означает «сделку».
Термин «рынок» может также
рассматриваться как деятельность по
продаже и покупке товаров и услуг;
продажа и покупка облигаций, ценных
бумаг и т.д.
Рыночные циклы означают
повторяющиеся циклы активности и
спада на рынке ценных бумаг.
Рыночная экономика означает тип
экономики, основанный на действии
рыночных сил в вопросах распределения
ресурсов и товаров, установления цены
и объема производства той или иной
продукции.
Рыночные силы означают влияние
поведения покупателей и продавцов на
колебания уровней предложения и
спроса на определенном рынке.
Проникновение на рынок означает
продажу продукции в новом регионе или
новой группе потребителей; увеличение
рыночной доли путем более интенсивных
рекламных акций и кампаний по
продвижению товара на рынок.
Рыночная продукция означает товары
и услуги, произведенные
для продажи на внутреннем и внешнем
рынках.
Исследование рынка означает сбор и
анализ данных, осуществляемый
компанией перед выпуском нового
товара на рынок, с целью выявления
потребностей, предпочтений и доходов
потенциальных покупателей.
Рыночная цена означает цену, за
которую данный актив или услуга могли
бы быть реализованы на рынке в
246
on the open market at a given текущий момент.
time to a buyer who is
independent of the seller.
Masking means a method of Шифрование означает метод защиты
information protection through информации путем ее
its cryptographic closure. This криптографического закрытия. Это
is the only reliable method for единственный надежный способ
transferring data over long передачи данных по длинным каналам.
channels.
Mass production means Массовое производство означает
production of large quantities производство в больших объемах
of identical articles, usually идентичных предметов, часто с
using a mechanized process. использованием автоматизированных
процессов.
Memorandum of Association Меморандум об ассоциации (заявка на
shall mean one of the регистрацию акционерного общества;
documents needed when a учредительный договор) означает один
company starts doing its из документов, необходимый компании
business, giving details about в начале ее существования и
its activities, capital, etc. содержащий детальную информацию о
характере ее деятельности, капитале и
т. д.
Microeconomics shall mean a Микроэкономика означает науку,
study of «small» economic изучающую небольшие (внутренние)
units. проблемы экономики.
Mickey Mouse in business Микки Маус означает речевой оборот в
means something that is ходе ведения бизнеса, который
undeveloped or poorly thought используют для описания неразвитой
through. Mickey Mouse system идеи и/или непродуманного
is unsophisticated and предложения. Мики Маус – система
ineffective on many levels. менеджмента, которая имеет множество
изъянов и не работает на многих
уровнях.
Mixed Economy (mixed Смешанная экономика. В реальности
market economy). In actuality, не существует рыночной или
no economy is purely market командно-административной
either determined or экономических систем в чистом виде.
completely centrally planned. При этом в рамках смешанной
In practice, however, what we экономики то, что мы называем
call mixed economies generally смешанной экономической системой,
have rather high degrees of определяется вмешательством
government intervention. государства по двум основным
Government intervention can направлениям: государственное
be regarded in two ways; владение средствами производства и

247
government ownership of the
means of production and
government influence in
economic decision-making.
Monetary policy means the
government actions to increase
or decrease the money supply
and change banking
requirements and interest rates
to influence bankers’
willingness to make loans.
Money means a medium of
exchange that functions as a
unit of account and a store of
value.
Money Supply means the total
amount of money held by all
persons and organizations in a
given country at a particular
time.
Monopolistic competition
means such market situation
where firms are able to
differentiate their products
from those of competitors. You
may see monopolistic
competition operating when
you watch advertisements that
try to persuade you to choose
one brand over another.
Monopoly means the situation
in a market in which there is
only one seller (producer,
supplier, etc.) of a certain
commodity.
Motivation means a method of
information protection under
which the user and staff are
urged not to violate the
prescribed order, observing the
established moral and ethical
norms (regulated and
unwritten).
влияние правительства при принятии
экономических решений.
Монетаристская политика означает
действия правительства по увеличению
или уменьшению денежной массы и
изменению банковских требований и
процентных ставок, влияющих на
готовность банкиров к выдаче кредитов.
Деньги означают средство расчетов,
которое функционирует как единица
учета и средство сбережения.
Денежная масса в обращении означает
общий объем денежных средств,
имеющихся в обращении на территории
того или иного государства на
определенный период времени.
Монополистическая конкуренция
означает ситуация на рынке, когда
компания должна дифференцировать
свою продукцию от продукции
конкурентов. Такую конкуренцию,
например, можно наблюдать в
рекламном бизнесе, когда
рекламодатель стремится убедить
потребителя в преимуществах одного
(своего) брэнда над другим.
Монополия означает такую ситуацию на
рынке, когда имеется единственный
продавец (производитель, поставщик и
т. д.) определенного товара.
Мотивация означает метод защиты
информации, при котором пользователю
и персоналу настоятельно
рекомендуется не нарушать
установленный порядок, соблюдая
установленные морально-этические
нормы (регламентированные и
неписаные).
248
Motive (motivation; motivator) Мотивация (мотив) означает причину
means the reason or reasons или причины, побуждающие человека к
that induce a person to act, e.g. действию. Например, желание, страх,
desire, fear, circumstances etc. обстоятельства и пр. Это внутреннее
It is the inner state that directs состояние, побуждающее человека к
individuals toward the goals of действиям по достижению целей,
satisfying a felt need. удовлетворяющих жизненные
потребности.
Multinational enterprise Многонациональная компания
(MNE) means a company or (многонациональная корпорация)
group of companies with означает действующую на
business establishments in two международной основе компанию, в
or more countries. управлении которой принимают участие
резиденты нескольких стран.
N
National debt means money Национальный (государственный)
owed by government to долг означает деньги, причитающиеся
individuals, businesses, and государством в пользу физических лиц,
government agencies that предприятий и государственных
purchase Treasury bills, notes учреждений, купивших казначейские
and bonds sold to cover векселя и облигации, проданные им для
expenditures. покрытия государственных расходов.
Nationalization means the act Национализация означает процесс
of bringing company assets or передачи активов компании или
industries under the control and отраслей под контроль и в
ownership of a government. собственность государства.
National security means the Национальная безопасность означает
state of protection of vital систему защиты жизненных интересов
interests of person, society and индивидов, общества и государства от
state from internal and external внутренних и внешних угроз.
threats.
Natural resources refer to Природные ресурсы означают все, что
everything useful as a используется в качестве
productive input in its natural производственных затрат в
state, including agricultural естественном состоянии, включая
land, building sites, forests, and сельскохозяйственные угодья,
mineral deposits. строительные площадки, леса и
полезные ископаемые.
Need means the lack of Нужда (потребность) означает
something useful; discrepancy отсутствие чего-либо необходимого;
between a desired state and the противоречие между желанием и
actual state. действительным положением вещей.
New York Stock Exchange Нью-Йоркская фондовая биржа
(NYSE) is the oldest and означает самую старую и крупную

249
largest stock exchange in the
United States, on Wall Street in
New York City.
Non-economic goods mean the
goods when there is no price
tag attached to these goods.
Therefore, they do not have
any exchange value. They are
also known as free goods.
Sunshine, air, and rainfall are
the examples of free goods.
Non-market production
means a series of services
provided without constant and
direct payment from the user,
such as police and education
services. National accounts use
the costs of their production for
the evaluation of these services.
Non-partisan policy means
that business does not support
or take position as to political
parties or candidates at any
level of government. It means
that business does not make
payments to political parties,
organizations or their
representatives or take any part
in party politics.
Non-programmed decision
means a decision involving
complex, important, and non-
routine problems of
opportunities.
Non-profit (not for profit)
organization shall mean an
entity whose primary objective
is covering its expenses only.
Nose-dived Company in
business means a Company
whose profits go down very
fast like an airplane that is
about to crash.
фондовую биржу в Соединенных
Штатах, расположенную на Уолл-стрит
в Нью-Йорке.
Неэкономические товары означают
товары, не имеющие определенной
меновой цены. Кроме того, данные
товары известны как свободные товары
(природные блага). Примерами таких
товаров служат солнечная энергия,
воздух, дождевая вода и др.
Нерыночная продукция означает
совокупность предметов и услуг,
предоставляемых без обязательной
оплаты со стороны получателя или
пользователя (например, услуги
полиции, бесплатное обучение и т.д.). В
национальных счетах данная
продукция оценивается по издержкам на
ее производство.
Политика невмешательства в дела
государства означает, что бизнес не
поддерживает никакие политические
партии и их кандидатов на любом
государственном уровне, что означает,
что бизнес не осуществляет выплат в
пользу политических партий,
организаций или их представителей и не
принимает никакого участия в
политических движениях.
Незапрограммированное решение
означает решение, включающее
комплексные, важные и неординарные
проблемы, требующие своего
разрешения.
Некоммерческая организация
означает организацию, чьей главной
целью является только покрытие своих
затрат.
Пикирующая компания в бизнесе
означает компанию, чья прибыль
внезапно начинают резко уменьшаться.
При этом компания «пикирует» подобно
самолету, попавшему в штопор, что
250
 приводит, как правило, к авиакастрофе
(банкротству компании).
Novation means a tripartite Новация означает форму переуступки
agreement whereby a third прибылей и обязательств,
party assumes the benefit of an представляющая собой трехстороннее
existing contract between соглашение, по которому права одной из
parties, and the liabilities of сторон ранее заключенного
one of those parties thereunder, двустороннего контракта переходят к
that party being released третьему лицу.
therefrom as of a certain date.
O
Objectives mean guideposts in Цели означает основные вехи в
defining what the business определении достижения задач бизнеса
aims to achieve in areas such as в таких сферах как рентабельность
profitability, customer service, (прибыльность, доходность),
and social responsibility. предоставление услуг покупателю,
социальная ответственность бизнеса.
Obstacle means a method of Препятствие означает метод
physically limiting the path to физического преграждения пути
protected information (media, злоумышленнику к защищаемой
equipment, etc.) информации (СМИ, оборудование и др.)
Old Economy vs. New Старая экономика vs. Новая
Economy means traditional экономика означает традиционную
economy as distinct from the экономику в отличие от экономики,
economy that increasingly которая во все возрастающей мере
relies on information опирается на информационную
technology and electronic технологию и электронную коммерцию.
commerce.
Oligopoly (from Ancient Олигополия (от др.-греч. ὀλίγος
Greek ὀλίγος (olígos) “few” + «малочисленный» + πωλέω «продаю»,
πωλεῖν (poleîn) “to sell”) «торгую») означает тип рыночной
means a market form wherein a структуры несовершенной конкуренции,
market or industry is в которой доминирует крайне малое
dominated by a small number количество фирм, что ведет к росту цен
of large sellers (oligopolists). на рынке товаров и услуг. Примерами
Oligopolies can result from олигополий можно назвать
various forms of collusion, производителей пассажирских
which reduce competition and самолётов, таких как “Boeing” или
lead to higher prices for “Airbus”, производителей автомобилей,
consumers. Oligopoly has its таких как “Мерседес”, “БМВ”.
own market structure.
Open market means a Открытый рынок означает проявление
situation where there are few or рыночных взаимоотношений в условиях
no trading restrictions, and незначительных ограничений или

251
prices depend on the amount of
goods and the number of
buyers available.
Ordinary share (common
share) means the principal class
of share capital of a company,
designated as common stock in
some jurisdictions, which
entitles the holder thereof to
participate in the company's
profits by way of dividend, and
to participate in distributions
on a winding up, and which
usually carries voting rights
compare
Organization means a
structured grouping of people
working together to achieve
organizational objectives.
Organization chart means the
authority and responsibility
relationships of most
organizations.
Overproduction means a
volume of production that
exceeds the needs the amount
of goods planned by an
organization.
Ownership means the legal
state of owning something.
Palm oil means money paid to
individuals in order to obtain
their assistance, which would
not be given in the absence of
such payment. It is specially
used in connection with fees
given to official persons with a
view to obtaining preference
over others.
Partnership means the
relationship, which subsists
between two or more persons
полного их отсутствия, когда
ценообразование определяется
соотношением предложения и спроса.
Обыкновенная акция означает акцию,
дающую право на участие в
распределении прибыли компании в
виде дивидендов и на погашение в
случае ее ликвидации, а также, как
правило, право голосовать на общих
собраниях акционеров. Обыкновенные
акции составляют основу акционерного
капитала компании.
Организация означает структурное
объединение людей работающих
совместно для достижения целей такой
организации.
Организационная схема
(организационная структура) означает
систему взаимоотношений и
обязанностей в большинстве
организаций.
Перепроизводство означает объем
производства, превышающий
потребности или плановые показатели
предприятия.
Право собственности означает право
владения чем-либо.
P
Пальмовое масло в мире бизнеса
означает взятку, которую неофициально
вручают государственному служащему в
обмен на оказание содействия в
продвижении бизнеса, получения
официальных преференций перед
конкурентами в ведении того или иного
бизнеса на рынке товаров и услуг.
Товарищество означает форму
отношений между двумя или более
лицами, занимающимися совместной
252
carrying on a business in
common with a view of profit,
the rights of the partners as
between themselves being
governed by the partnership
agreement or general
partnership law.
Payment shall mean paying for
something; an amount of
money paid.
Peak means a period of
business cycle, when the
economy is booming. Business
is normally producing at or net
capacity and those looking for
work can generally find jobs.
During peak times, business
investment and consumer
spending are at their highest
level.
Peas and carrots mean two
business options that are
usually different but still equal
in importance or potential.
Personnel means the entire
body of persons employed by
an organization.
Personnel Manager (human
resources manager) (HRM)
means a manager in charge of a
company's employees, their
recruitment, training, terms of
employment, working
conditions, etc.
Physical security means the
protection of the actual
hardware and networking
components that store and
transmit information resources.
Portable Executive(s) mean
knowledgeable executives
operating independently and
contributing to a number of
different business projects as
предпринимательской деятельностью с
целью получения прибыли, при этом
права партнеров по отношению друг к
другу определяются уставом данного
товарищества или общим
законодательством.
Платеж (плата) означает осуществление
выплаты за что-либо; выплаченная
сумма денежных средств.
Пик (максимальный уровень
товарооборота) означает период
делового цикла, в рамках которого
экономика процветает. Бизнес работает
на полную мощность, практически все
ищущие работу могут ее получить. В
период «пика» вложения бизнеса и
потребительские расходы достигают
наивысшего уровня.
Горох и морковь означают два
различных варианта ведения бизнеса,
которые одинаково важны для
предпринимателя.
Кадры означает весь персонал,
работающий в организации.
Управляющий персоналом означает
менеджера компании, руководящего
сотрудниками компании и ведающего
вопросами подбора и обучения кадров,
условиями найма, условиями труда и
т.д.
Непосредственная (физическая)
защита означает меры,
предусматривающие защиту ресурсов и
сетей от преднамеренных или
случайных угроз.
Мобильные сотрудники означает
высококвалифицированных
специалистов, работающих
самостоятельно и участвующих в ряде
различных проектов в составе
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part of national and национальных и международных
international teams. рабочих групп.
Portable Skill shall mean the Совокупность индивидуальных
skills competent executives навыков и знаний специалиста
provide in an increasingly wide («переносные» навыки) означает
range of business settings as совокупность индивидуальных
part of teams, nationally and способностей человека, проявляемых им
internationally: technical во все возрастающем разнообразии
expertise, the so-called «soft ситуаций делового общения, в составе
skills», emotional национальных и международных
competencies, teamwork, etc. рабочих групп: профессиональные
навыки и знания специалистов, умение
работать с людьми, эмоциональный
потенциал, умение работать в команде и
т.д.
Preference share means a Привилегированная акция означает
class of a company's share акцию, часто не дающую ее держателю
capital, often with no voting права голосовать на общих собраниях
rights, which confers акционеров, но предоставляющую ему
entitlement to receive a fixed право на получение дивидендов по
rate of dividend before all other фиксированной ставке перед тем, как
classes of shares and which они начнут распределяться среди
may sometimes carry the right обычных акционеров, а также право на
to be repaid first, at face value, первоочередное погашение по
if the company is liquidated. номинальной цене в случае ликвидации
компании.
President means the Chief Президент означает главу американской
Executive Officer of a компании; лицо, возглавляющее совет
company in the USA; the директоров в британской фирме.
equivalent of the Chairman of
the Board of Directors in
Britain.
Press officer means a person Сотрудник, ответственный за связь с
employed by an organization to прессой, означает специалиста,
provide information to the нанимаемого на работу организацией
press and to answer journalists' для связи с прессой и ответов на
questions. вопросы журналистов.
Price means the amount of Цена означает денежное выражение
money for which a particular стоимости продаваемых или
kind of goods or services is покупаемых товаров и/или услуг.
bought or sold.
Price Controls shall mean Контроль над ценами означает
limits imposed by the государственное регулирование цен на
government on price increase некоторые виды товаров.

254
for a particular commodity.
Price discrimination means a Ценовая дискриминация означает
situation in the marketplace, ситуацию на рынке, в рамках которой
which involves selling the один и тот же товар или услуга
same product at different prices продается различным покупателям по
to different customers when различным ценам. Ценовая
that price difference might дискриминация возможна только на
have an adverse effect on рынке несовершенной конкуренции в
competition. силу наличия у монополиста власти над
ценой.
Private enterprise means Частное предприятие (частное
industry and business that is предпринимательство) означает
owned by an independent предприятие, принадлежащее
company or individual without независимой компании или отдельному
being controlled or financed by частному лицу при отсутствии контроля
the government; the economic над ним со стороны государства;
system that allows individuals экономическая система, позволяющая
to own capital and operate частным лицам владеть капиталом и
businesses of their own without заниматься предпринимательством при
government control or отсутствии контроля или финансовой
financing. помощи со стороны государства.
Private Enterprise System Система частного
(capitalism, market economy) предпринимательства (капитализм)
means an economic system означает экономическую систему,
founded on the principle that основным принципом которой является
competition among firms конкуренция, определяющая успех и
determines their success or поражение на рынке товаров и услуг.
failure in the marketplace and Конкуренция при этом наилучшим
that this competition, in turn, образом отвечает экономическим
best serves the needs of потребностям общества.
society.
Private Limited Company Закрытая акционерная компания с
(private company limited by ограниченной ответственностью
shares) means a company означает компанию, не предлагающую
whose shares are not offered своих акций для продажи широкой
for sale to the public. публике.
Private Sector means the part Частный сектор означает сектор
of a country's economy that is экономики страны, находящийся во
owned by independent владении независимых компаний и
companies and individuals. частных лиц.
Privatization means putting Приватизация означает процесс
assets under private ownership. перехода активов в частное владение.
Product means something that Товар означает предмет,
is made to be sold. изготовленный для продажи.

255
Production cost means the Издержки производства означают
cost of manufacturing or стоимость изготовления или
producing an article, including производства товара, включая стоимость
the price paid for raw сырья.
materials.
Productivity means the Производительность означает
amount of goods produced in показатель объема производства на
relation to the work, time, единицу вложенных ресурсов – труда,
materials and money needed to сырья, времени и денежных средств,
produce them. необходимых для того, чтобы получить
товар.
Profit means the amount by Прибыль означает разницу между
which the price received for доходами и расходами (издержками)
goods is greater than the costs; компании, вовлеченными в создание
the difference between business этих доходов.
income and expenses.
Profit(s) mean the rewards for Прибыль означает вознаграждение
the businessperson who takes бизнесмену (предпринимателю) за
the risk involved in blending принятие им риска в рамках создания и
people, technology, and продвижения на рынке товаров и услуг,
information in creating and удовлетворяющих основные
marketing want-satisfying потребности потребителей.
goods and services that provide
customer satisfaction.
Profit-seeking firm means an Коммерческая организация означает
organization whose primary организацию, главной целью которой
objective is gaining the profits. является извлечение прибыли.
Project means an organized Проект означает организованную
activity for a stated purpose. деятельность, направленную на
осуществление поставленной цели.
Project manager (PM) (super Руководитель проекта
intendant) means the individual (суперинтендант) означает лицо,
responsible for managing a ответственное за процесс руководства
project. исполнением проекта.
Project organization means Организация проекта означает
the orderly structuring of постоянное структурирование
project participants. участников проекта.
Property shall mean things Имущество означает объекты
owned, including land, houses, собственности, включая землю, дома,
furniture, valuables as well as мебель, драгоценности, а также
copyrights, patents, etc. авторские права, патенты и т.д.
Property of the Company Собственность компании (имущество
means all tangible and компании) означает все движимые и
intangible assets owned by the недвижимые активы, принадлежащие

256
Company or in which it has a Компании или в которых Компания
possessory or other legal or имеет законную долю, включая, но, не
equitable interest, including butограничиваясь только этим, мебель,
not limited to, furniture, движимость, соединённую с
fixtures, equipment, leases, недвижимостью, оборудование, объекты
trademarks, trade names, аренды, фирменное название и торговые
service marks, intellectual марки, знаки обслуживания,
property, know how, contract интеллектуальную собственность, ноу-
rights, real property rights, хау, контрактные права, недвижимость
accounts receivable, and или права на нее, счета, дебиторскую
membership interests, shares in задолженность, доли в капитале, акции и
other entities. партнерские доли в других субъектах
права.
Provision means a clause in a Положение означает статью закона,
law, contract or agreement that контракта или соглашения, касающуюся
deals with a particular matter. определенного предмета или условия.
Public company means a Открытая акционерная компания
company that sells shares of (публичная акционерная компания)
ownership to the public on a означает компанию, которая продает
stock exchange. доли собственности (акции) через
фондовую биржу любому желающему.
Public corporation means an Государственная корпорация означает
organization owned by the state корпорацию, принадлежащую
and set up to provide a national государству и организованную с целью
service or run a nationalized оказания услуг в масштабе страны или с
industry. целью управления
национализированной отраслью
промышленности.
Public enterprise means a Государственное предприятие
publicly owned commercial or означает предприятие, контролируемое
industrial organization that государственными органами прямо или
performs an essential service, косвенно (через собственность,
such as transport, or produces финансовое участие или в силу
an essential commodity, such положений Устава, регулирующих
as coal. деятельность такого предприятия).
Public finances mean monies Государственные финансы
raised and retained or (национальные счета) означают
expended by central and local совокупность экономических
government authorities. отношений, связанных с созданием,
распределением и использованием
денежных средств государства.
Public Limited Company Открытая компания с ограниченной
(PLC; plc) means a limited ответственностью (публичная
company whose shares are компания с ограниченной

257
freely sold and traded, in
Britain with a minimum share
capital of £50 000 and the
letters plc after its name.
Public Ownership means an
enterprise owned and operated
by a governmental unit.
Public Sector means that part
of the economy, which is
considered to be the
government's domain.
Pure competition means a
competition, which involves
many firms in an industry close
enough in size that no single
company can influence the
prices charged in the
marketplace. Pure competition
involves similar products that
cannot be differentiated from
those of competitors. In a
purely competitive market, it is
relatively easy for a firm to
enter or to leave that market.
Rate of exchange (exchange
rate) means the amount of one
currency that can be bought
with another.
Rate of return means the
amount of profit, dividend or
interest received from an
investment, expressed as a
percentage of the original
investment.
Raw materials mean those
materials and substances from
which a product is
manufactured or produced.
ответственностью) означает компанию с
ограниченной ответственностью, акции
которой предлагаются для свободной
купли и продажи; в Великобритании
размещенный к выпуску акционерный
капитал должен составлять не менее 50
000 фунтов стерлингов.
Общественная собственность означает
собственность, принадлежащую и
оперируемую государственным органом
власти.
Государственный сектор экономики
означает сектор экономики,
находящийся в ведении государства.
Идеальная конкуренция (чистая
конкуренция) означает конкуренцию, в
рамках которой конкурируют
равноценные компании, которые не
могут в значительной мере влиять на
цены на рынке. При этом чистая
конкуренция предполагает
использование продукции, не
отличающейся от продукции
конкурентов. В рамках такой
конкуренции компаниям достаточно
просто войти на рынок, равно как и
покинуть его.
R
Обменный курс означает обмен
определенной суммы денежных знаков
одной страны на валюту другой страны.
Норма прибыли на инвестиции
означает объем прибыли, дивидендов
или доход от инвестиций, выраженный в
виде процента от первоначальных
вложений.
Сырье (материалы-полуфабрикаты)
означают предметы и материалы,
становящиеся частью готовой
продукции после переработки.
258
Real business means a Реальный бизнес означает бизнес (любой
business, which gets the real вид предпринимательской деятельности),
revenues. приносящий реальные доходы.
Reasonable suspicion means a Обоснованное подозрение означает
belief based on objective and подозрение, основывающееся на
particularly facts sufficient to целевых и достоверных фактах
lead a supervisor to suspect. соответствующим образом дающие
основания супервайзеру подозревать.
Recession means two Рецессия (спад производства и
consecutive quarters (six замедление темпов экономического
months) of declining real GDP роста) означает два последовательных
and rising unemployment. месяца снижения ВВП и роста уровня
Consumers and businesses безработицы. В этот период
begin to reduce their spending потребители и производители снижают
levels. Businesses may lay off уровень своих затрат. Предприятия
workers, reduce their purchases могут начать сокращение персонала,
of raw materials, and reduce объемов приобретения сырья и
production because they have материалов, тем самым сокращая
built up excess inventories. объемы производства продукции, т.к. в
Since World War II, recessions их деятельности наступает период
have lasted between 6 and 18 перепроизводства. Начиная со времен
months. Второй мировой войны рецессии
длились от 6 до 18 месяцев.
Recruitment means the Комплектование кадров означает
process of selecting and hiring процесс поиска и найма новых
new employees for the работников для организации.
organization.
Red Flags mean the signals of Красные флажки означает сигналы
danger, i.e. unusually high опасности; например, получение
commissions, lack of необычно высоких комиссионных,
transparency in expenses and отсутствие прозрачности в расходах и
accounting records, apparent финансовых записях, кажущееся
lack of qualifications or отсутствие квалификационных навыков
resources on the part of the joint или ресурсов со стороны партнера по
venture partner or representative совместной деятельности или его
to perform the services offered представителя в вопросах предоставления
etc. предлагаемых услуг и т.д.
Redundancy means the loss of Сокращение штатов (увольнение по
a job by an employee because сокращению штатов) означает потерю
there is no longer any work; работы сотрудником компании в связи с
jobs lost or people dismissed in тем, что работы больше нет; количество
this way. потерянных рабочих мест или
сотрудников, уволенных в связи с
потерей рабочих мест.

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Regulated industry is one in Регулируемая отрасль означает
which competition is either отрасль промышленности, в рамках
limited or eliminated, and которой конкуренция искусственно
government monitoring ограничивается государством. При этом
substitutes for the market государство выступает в качестве
controls. Examples of regulated рыночного контролера. Примерами
industries are found in public таких регулируемых отраслей могут
utilities and other industries служить государственные компании, а
closely ties to the public также предприятия, тесно связанные с
interests, where competition основными интересами общества, в
would be wasteful or excessive. рамках которых конкуренция может
быть неэффективной или чрезмерной.
Regulation means a method of Регламентация означает метод защиты
information protection in which информации, при котором вероятность
the probability of unauthorized несанкционированного доступа
access becomes minimal. становится минимальной.
Regulatory environment (of Регулирующая среда (современного
modern business) means бизнеса) означает среду, в рамках
business environment in which которой государство регулирует
the government regulates конкуренцию и конкурентов, равно как
competition and competitors as и специфические практики ведения
well as specific business бизнеса. При этом государственный
practices. Government control контроль осуществляется по двум
takes two broad forms: the основным направлениям: регулирование
regulation of industry and в рамках промышленности и создание и
enactment statutes. поддержание нормативно-правовой базы
бизнеса.
Restricted monetary policy Ограничительная денежно-кредитная
means the government actions политика означает действия
to reduce the money supply to правительства по сокращению денежной
curb rising prices, массы для сдерживания роста цен,
overexpansion, and concerns перерасхода и опасений по поводу
about overly rapid economic чрезмерно быстрого экономического
growth. роста.
Restructuring means a major Перестройка (реорганизация) означает
reorganization of staff, systems кардинальное преобразование таких
or finance within a company or звеньев компании или группы
group of companies. компаний, как кадры, системы или
финансы.
Return means the yield from Прибыль (отдача) означает доход на
an investment, either as income вложенный капитал по ценным бумагам
or as profit on sale, or both. в форме процентной прибыли и/или
прибыли от их продажи.

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Return on assets (ROA) Доходность активов означает один из
means a financial measure показателей (коэффициентов)
calculated by dividing profit by прибыльности. Определяется
assets. отношением чистой прибыли к
суммарным активам.
Return on capital means a Доходность капитала означает
term meaning the financial коэффициент, полученный путем
benefit (i.e. return) gained from деления суммы доходов до выплаты
the use of capital (e.g. the процентов и налогов на общий размер
return from an investment in a постоянного капитала (задолженность
business). Usually calculated плюс собственный капитал). Термин
by dividing the net profit by the используется также для отражения
capital invested (e.g. £10,000 прибыли на инвестиции (например,
net profit on £100,000 вложенные в определенный бизнес).
investment means a 10 per cent
return on capital).
Revenue (income) means in Выручка (доход) в русском языке
Russian a part of the group of входит в группу понятий типа: доход,
similar concepts: these are прибыль, доходная статья, поступления.
concepts relating to income, Под выручкой обычно имеет в виду
profit, item of revenue, receipts. совокупная сумма всех средств,
In English all such meanings полученных в результате продажи
may be conveyed as revenue. изделий предприятия или оказываемых
By revenue one usually means услуг в течение определенного периода
the grand total of all resources времени; термин «выручка» отличается
received from the sale of a от термина «общие прибыли».
firm’s product or service during
a stated period. It is not to be
confused with gross revenue or
government revenue.
Risk means possible losses, Риск означает возможные потери,
damages or harm. убытки или ущерб.
Risk capital (venture capital) Рисковый (венчурный) капитал
means a capital invested in a означает капитал, инвестированный в
project in which there is a проект с существенным элементом
substantial element of risk, риска, в особенности денежный капитал,
especially money invested in a инвестированный в новое предприятие.
new venture.
Roll the dice in business Бросать кости (пойти ва-банк) означает
means to risk by all business «поставить все на кон» или рискнуть
assets. There is a good всеми активами предприятия.
synonym in business: play Синонимичная фраза в бизнесе:
monopoly. «сыграть в монополию» (азартную
игру).

261
 S
Safety means a state, when the Безопасность означает состояние, при
damage risk (to personnel) or котором риск вреда (персоналу) или
loss is limited by the ущерб ограничен допустимым уровнем.
permissible level.
Safety management system Система управления безопасностью
(SMS) means qualitative (СУБ) означает структурированную и
system enabling Company документированную систему, которая
personnel to effectively дает возможность персоналу Компании
implement the Company HSE эффективно проводить Политику
policy. Компании в области безопасности и
защиты окружающей среды.
Safety needs mean the second Потребность в безопасности означает
level of human needs, второй уровень человеческих
including job security, потребностей, включающих в себя
protection from physical harm, обеспечение безопасности на рабочем
and avoidance of the месте, защиту от физического ущерба
unexpected. (вреда здоровью) и избежание любых
неожиданностей.
Sales mean the volume of Товарооборот (продажа, сбыт) означает
goods sold by a commercial объем товара, реализованный
organization in a given period; коммерческой организацией за
selling goods and services. определенный период; реализация
товаров и услуг.
Savings mean those sums of Сбережения означают финансовые
money saved, not spent but put ресурсы, отвлеченные от потребления в
aside for future use and in the настоящий момент и предназначенные
meanwhile invested or held as для будущего потребления, а до того
cash. сохраняемые в виде инвестиций
(например, через финансово кредитную
систему) или в виде наличности.
Seasonal unemployment Сезонная безработица означает тип
means a type of unemployment безработицы, возникающий в результате
which arisen out of seasonal наличия сезонных вакансий. Официанты
job positions. Waiters who earn сезонных летних и зимних курортах,
their living at summer and например, увеличивают статистические
winter resorts, for example, add данные безработных в осенний и
to the unemployment statistics весенний периоды.
during the fall and spring
months.
Security-sensitive services Сенсорно-безопасные услуги
include those jobs, tasks, включают те виды работ, задачи,
functions and activities which функции и виды деятельности, которые
afford the workers performing предоставляют рабочим, выполняющим

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Work the opportunity to
significantly harm Company's
assets or employees and which
have been designated by
Company on the Security-
sensitive Services List.
Self-actualization needs mean
the needs for fulfillment, for
realizing one's potential, and for
using one's talents and
capabilities totally.
Self-assessment (self-
evaluating) means a process of
understanding yourself
performed based on tough
questions answering and honest
opinion of yourself.
Senior Management (top
management) means the
highest officers in an organi-
zation, including the managing
director, other directors and top
executives who make important
decisions about company
policy.
Services mean goods that
consist of the work of human
beings in the form of physical
labor or intellectual pursuits,
skilled guidance and advice,
organizing and commercial
activity.
Share (stock) means one of a
number of titles of ownership
in a company; a share confers
on its owner a legal right to the
part of the company's profits
(usu. by payment of a
dividend) and to any voting
rights attached to that share.
Share Capital means the
amount of money put into a
company by its shareholders
контрактные работы, возможность
выявлять нанесенный ущерб активам
Компании или Работникам, которые
вносятся Компанией в перечень
сенсорно-безопасных услуг.
Потребности в самореализации
означает потребности в реализации
чьего-либо потенциала, равно как и в
полной мере, использовании талантов
или способностей.
Самооценка означает процесс
понимания собственных возможностей,
сформированного на основе
нелицеприятных вопросов, равно как и
честная оценка своих возможностей.
Высшее руководство означает высший
уровень руководства компании,
включающий директора-распорядителя,
других директоров и руководителей
высшего звена, которые принимают
важные решения относительно
стратегии компании.
Услуги означают товар, принимающий
форму физического или интеллекту-
ального труда, профессиональных
консультаций, организационной и
коммерческой деятельности.
Акция означает один из ряда титулов
собственности в компании; акция дает
ее владельцу законное право на участие
в прибылях компании (обычно путем
получения дивидендов), а также право
на участие в голосовании в тех случаях,
когда акционер обладает
соответствующими голосующими
акциями.
Акционерный (уставный) капитал
означает денежные средства, вкладывае-
мые акционерами в компанию и
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used to buy the items it needs
to carry out its activities.
Share Certificate (stock
certificate) means a document,
signed by two directors of the
company, given to a
shareholder to prove that
he/she owns shares in the
company; it shows the quantity,
class and serial numbers of the
shares owned.
Shareholder (stockholder)
means a person who owns
shares in a company.
Sheep means a businessperson
who agrees on any conditions of
the other side of the deal, gives a
lot of one-sided concession
(gifts) and as a result concludes
unprofitable transactions:
“Sheep, whenever you think that
whatever you get is acceptable
and whenever you are too easily
led into choices by other people
– like lamb to the slaughter?
You display some pragmatic
flexibility but are a victim to the
influences of others and have no
sense of how to fight for your
own interests, preferring to
submit rather than annoy the
other negotiator – or even
disappoint them!”
Skills mean practiced abilities
or facilities in an action or in
doing or to do something on a
professional level.
Socialism means an economic
characterized by government
ownership and operation of
major industries such as
communications.
используемые для приобретения
необходимых для деятельности
компании средств.
Сертификат акции означает документ,
подписанный двумя директорами
компании и подтверждающий факт
владения акционера акциями компании;
в нем указывается количество, класс и
серийные номера акций.
Акционер означает лицо, владеющее
акциями компании.
Овца означает предпринимателя,
который соглашается на любые условия
противной стороны, делает
односторонние уступки и в результате
заключает невыгодные для себя сделки:
«Овцы, вы считаете, что получить хоть
что-нибудь – уже хорошо. Вы послушно
принимаете выбор, сделанный другими
людьми, следуя за ними, как овцы на
бойню. Вы демонстрируете
определенную прагматичную гибкость,
но остаетесь при этом жертвой влияния
других. У вас нет желания драться за
свои интересы. Вы предпочитаете
скорее сдаться, чем разозлить другую
сторону – или даже разочаровать ее!»
Навыки означает практические
способности или возможности,
позволяющие производить или делать
что-либо на профессиональном уровне.
Социализм означает экономическую
систему, характеризующуюся
государственной собственностью и
управлением основными
производствами, такими как сфера
коммуникаций.
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Social needs (belongingness) Социальные потребности
mean a desire to be accepted by принадлежности к группе означает
members of the family, other стремление быть принятым членами
individuals, and groups. семьи, иными индивидами или
коллективами.
Sole arbitrator (umpire) Единоличный арбитр (суперарбитр)
means an authorized person означает полномочное лицо, которое
who arbitrate disputes and/or единолично рассматривает споры и/или
discrepancies arising out of or разногласия, возникающие из или в
in connection with contracts связи с договорами между двумя и более
between two or more entities in субъектами права. Обычно термин
business. The award of a sole используется как антитеза термину
arbitrator shall be final and состав арбитража (arbitral tribunal).
binding for all contract parties. Решение единоличного арбитра
Moreover, the arbitrator has the окончательно и обязательно для
power to grant interim relief. выполнения всех сторон договора. Более
того, единоличный арбитр вправе
предоставлять временное освобождение
от исполнения решений.
Stability of national economy Стабильность национальной
as a single system means экономики как система означает
strength and reliability of its взаимосвязь элементов этой системы,
elements, economic and экономические и организационные
organizational links between внутренние связи между ними,
them, the ability to withstand позволяющие противостоять внешним и
internal and external loads. внутренним дестабилизирующим
факторам.
Staff shall mean all the Персонал означает весь состав
employees of a business or работников компании или организации.
organization.
Stag means a stock exchange Молодой олень в период гона
broker who buys newly issued (спекулянт новыми ценными бумагами)
shares in the expectation that означает биржевого брокера,
prices will rise, and then sell скупающего акции молодых
them on in the hope of making перспективных компаний в ожидании
a quick profit. повышения цен на фондовой бирже, а
затем продающего их в надежде на
извлечение быстрой прибыли.
Stagflation mean a word Стагфляция означает слово, введенное
coined in the 70s to denote the в обиход в 70-х годах для обозначения
combination of stagnation сочетания стагнации (замедления
(slow economic growth and экономического роста, сопровождающе-
high unemployment) and гося высоким уровнем безработицы) и
inflation (rising prices). инфляции (роста цен).

265
Stagnation mean period of no Стагнация означает отсутствие
or slow economic growth. экономического роста или замедление
экономического роста.
Start-up means a new Новое предприятие (начинающее
company in production, trade, предприятие; издержки, связанные с
services, etc.; costs and учреждением предприятия) означает
spending .connected with новую компанию в области произ-
beginning and running a new водства, торговли, сферы услуг и т.д.;
business or new business затраты на учреждение, запуск и
activity. организацию нового предприятия или на
занятие новой деятельностью.
Statement of cash flows (also Отчет о движении денежных средств
known as cash flow statement) означает отчёт компании об источниках
in financial accounting means a денежных средств и их использовании в
financial statement that shows отчётном периоде, прямо или косвенно
how changes in balance sheet отражая денежные поступления
accounts and income affect компании с классификацией по
cash and cash equivalents, and основным источникам и её денежные
breaks the analysis down to выплаты с классификацией по основным
operating, investing and направлениям использования в течение
financing activities. определенного периода. Отчёт даёт
Essentially, the cash flow общую картину производственных
statement is concerned with the результатов, краткосрочной
flow of cash in and out of the ликвидности, долгосрочной
business. The statement кредитоспособности и позволяет с
captures both the current большей лёгкостью провести
operating results and the финансовый анализ компании.
accompanying changes in the
balance sheet. As an analytical
tool, the statement of cash
flows is useful in determining
the short-term viability of a
company, particularly its
ability to pay bills.
State’s (national) economic Экономическая безопасность
security means a complex государства (национальная
socio- economic concept, экономическая безопасность) означает
reflecting a wide range of ever- комплексную социально-
changing conditions of material экономическую концепцию,
production, internal and отражающую широкий спектр
external threats to the country's постоянно меняющихся условий
economy. материального производства,
внутренних и внешних угроз экономике
страны.

266
Statute means a law passed by Статут означает закон, который
the legislature in accordance принимается законодательным органом
with the constitutional в соответствии с конституционными
authority. Laws passed by полномочиями. Законодательные акты в
statute are often intended to виде статутов часто принимаются,
address new circumstances or чтобы дать ответ в связи с новыми
change the force of the legal возникшими обстоятельствами или
precedent. чтобы изменить силу прецедента.
Statute Law means the law Статутное право означает право,
enacted by a legislative body. вступающее в силу по решению органов
законодательной власти.
Statutory books means the Обязательная документация
books of record that must be (официальные формы отчетности)
kept by law by a company or означает документы, которые по закону
business in the prescribed form. должны заполняться
налогоплательщиком в предписанной
форме для облегчения их проверки
налоговой администрацией.
Stock exchange (market) Фондовая биржа означает рынок, на
means a market where котором ценные бумаги продаются и
securities are bought and sold покупаются в соответствии с
under fixed rules, but at prices установленными правилами, но по
controlled by supply and ценам, регулируемым спросом и
demand. предложением.
Strategic business unit (SBU) Стратегическая бизнес-единица (СБЕ)
shall mean a part of a company означает стратегическое подразделение
with its own market and profit. в составе компании, имеющее соб-
ственный рынок сбыта и прибыль (центр
прибыли).
Strategy means a long-term Стратегия означает долгосрочную
plan of future action, which, in программу деятельности, которая
a company, is usually decided обычно определяется в компании
by senior management. высшим звеном управления.
Structural unemployment Структурная безработица означает
means a type of тип безработицы, связанной с
unemployment connected with изменениями отраслевой структуры
economic changes. When экономики. При структурной
structural unemployment безработице существует достаточное
exists, there are jobs available, количество доступных рабочих мест,
but individuals may not have но при этом многие претенденты
the skills to fill those jobs. обладают недостаточными
This mismatch between производственными навыками для
available jobs and existing заполнения этих вакансий. Такое
skills results from положение дел складывается в

267
technological and other результате технологических и иных
changes in the economy. изменений в экономике.
Sunrise Industries vs. sunset Отрасли восхода солнца vs. отрасли
industries mean expanding заката означает бурно развивающиеся
industries as the mainstays of отрасли, которым отводится ключевая
the future as distinct from роль в экономике будущего в отличие от
mature or declining industries. традиционных или менее
развивающихся отраслей.
Supervisory Management Менеджмент первого уровня означает
means those people directly группу лиц, ответственных за выдачу
responsible for the details of детальных заданий рабочим касаемо их
assigning workers to specific должностных позиций и оценивающих
jobs and evaluating their исполнение этих работ.
performance.
Supply means the willingness Предложение означает желание и
and ability to provide goods возможности продавца предоставить
and services in the товары и услуги на рынке.
marketplace.
Supply and Demand shall Предложение и спрос означает объем
mean the amount of goods or товаров и услуг, предлагаемых для
services offered for sale and the реализации, и число покупателей этих
number of buyers or users товаров и услуг на рынке.
available in the market.
Supply curve means a graph Кривая предложения означает
that shows the relationship графическое изображение, которое
between different prices and показывает взаимоотношения между
разными уровнями цен и количеством
quantities that sellers will offer
for sale regardless of demand. продукции, которую продавцы выставят
на продажу вне зависимости от спроса.
Swap (swop) shall mean an Обмен (своп) означает обмен одной
exchange of one investment for инвестиции на другую.
another.
Sweeten a deal means adding Подсластить сделку означает
something to that deal, maybe предоставление определенных
extra money for the other дополнительных преимуществ в адрес
person, bringing down the вашего партнера в качестве
price, or giving them some компенсации за его убытки, понесенный
extra advantages to the в ходе сделки, и для продолжения
opposite side of the deal in долгосрочного делового сотрудничества
order to compensate its losses с ним. Это могут быть дополнительные
of the deal and prolong long- денежные средства, ценовые скидки или
terms business relationships иные дополнительные преимущества.
with a partner.

268
Sweetheart deal means a
mutually beneficial (profitable)
deal for all its members. All
disputes and discrepancies
arising out of or in connection
with such deal shall be settled
without arbitration process.
SWOT analysis is a SWOT
(=strengths, weaknesses,
opportunities, threats) analysis,
a company identifies its
internal strengths and
weaknesses and the external
opportunities and threats it
faces, so that it can be more
profitable and competitive.
Taxation means the act or
process of imposing and
subsequently collecting a tax.
Taxes include all compulsory
charges imposed pursuant to
the authority of a country, or
political subdivision thereof, to производства работ или его
levy taxes or fees on an entity
or activity. Taxes include, but
are not limited to, income
taxes, employment taxes,
franchise taxes, sales and use
taxes, value added taxes
(“VAT”), property, ad valorem подоходный налог, налог на фонд
and excise taxes.
Taxpayer means any person or Налогоплательщик означает
body liable by law to pay tax.
Полюбовная сделка означает
обоюдовыгодную для всех ее
участников сделку. При этом все споры
и разногласия, возникающие между
участниками сделки, разрешаются без
привлечения арбитражного
разбирательства.
СВОТ анализ означает анализ сильных
сторон компании, слабых звеньев ее
деятельности, перспективных
направлений и угроз с целью
повышения ее прибыльности и
конкурентоспособности.
T
Налогообложение означает начисление
и последующий сбор
денежных платежей, которые
выплачиваются юридическими и
физическими лицами в пользу
государства и местных органов
власти и составляют главный
источник бюджетных средств.
Налоги включают все обязательные
платежи, касаемо сборов,
установленных органами власти страны
политических подразделений,
наделенных полномочиями взимать
налоги с субъекта права или с
определенного вида деятельности.
Налоги включают, но не
ограничиваются только этим,
заработной платы, налог на франшизу,
налог с оборота и налог за
использование, налог на добавленную
стоимость (НДС), налог на доход с
недвижимого имущества, налог на
стоимость и акцизный налог.
физическое или юридическое лицо,
269
 обязанное выплачивать налоги в
соответствии с действующим
законодательством.
Taxpayers' money means in Средства налогоплательщиков
colloquial use, the money paid означают деньги, уплаченные
in direct taxation by taxpayers налогоплательщиками правительству в
to the government. виде прямых налогов.
Tax rate means a rate of tax Налоговая ставка процент (по
applied to a taxable base in прогрессивной, фиксированной, или
order to assess tax liability, регрессивной шкале) или
either as a fixed percentage or фиксированная сумма, взимаемые в виде
on a sliding scale. налога на основе расчета,
произведенного по определенным
правилам или с учетом специальных
коэффициентов.
Tax revenue means the money Налоговые поступления означают
raised by a government доход государства от поступления
from a particular tax or from конкретных налогов или от всех налогов
taxation as a whole. в целом.
Tax shelter means any Налоговое убежище (налоговая защита)
financial arrangements made in означает финансовую договоренность,
order to avoid payment of taxes позволяющую избежать уплаты налогов
or at least to minimize such или хотя бы минимизировать их.
taxes.
Tax system (tax regime) Налоговая система (налоговый
means the law and practice режим) означает совокупность законов и
relating to taxation in a практических норм, регулирующих
particular country or in the порядок налогообложения в
group of countries. определенной стране.
Teamwork means coordinated Согласованные действия группы
activities of a group of experts специалистов означает
working together for a скоординированные усилия
particular purpose. специалистов в составе рабочей группы,
объединенных общностью стоящей
перед ними задачи.
Technical Skills mean the Технические навыки означает
manager’s ability to understand способность менеджера понимать и
and use techniques, knowledge, использовать технические устройства,
and tools of a specific знания и инструментарий в рамках
discipline or department. специальных дисциплин или отдела.
Technological Environment Технологическое окружение (в
(of modern business) means, современном бизнесе) означает, что
that new technology results in новые технологии приводят к
new goods and services, появлению и/или модификации новых

270
improvements in existing
products, better customer
service, and often lower prices
through the development of
more cost-efficient production
and distribution methods.
Applying new technologies in
creative ways may give a firm
definite competitive edge and
open up new markets.
Technology means application
to business of knowledge based
on discoveries in science,
inventions, and innovation.
Threat means a stated
intention to inflict injury,
damage, or other hostile action
on someone.
Top Management means the
highest level of the
management hierarchy staffed
by executives who develop
long-range plans and interact
with the public and outside
entities, like government.
Trade means the buying and
selling of goods, services,
currencies or securities.
Trade Mark (trademark)
means definite and registered
logo or symbol using by
Company for its identification
in the marketplace.
Traditional marketplace
(traditional market) means a
physical arena where buyers
and sellers meet and the traded
items are present, ready to
change hands.
товаров и услуг, улучшению
обслуживания клиентов, зачастую к
снижению цен в рамках разработки
наиболее эффективной продукции и
методов ее продвижения на рынках.
Применение новых технологий является
основой победы над конкурентами и
часто приводит к появлению новых
рынков товаров и услуг.
Технология означает применение в
рамках ведения бизнеса знаний,
базирующихся на научных открытиях,
изобретениях и инновациях.
Угроза означает устойчивое намерение
нанесения травмы, вреда или иных
враждебных действий в отношении
кого-либо.
Топ менеджмент означает высший
уровень управленческой системы,
управляемой руководителями высшего
звена компании, разрабатывающими
долгосрочные (перспективные) планы и
осуществляющие взаимодействие с
широкой общественностью и внешними
субъектами права, например с
государственными органами.
Торговля (коммерция; операции с
ценными бумагами) означает
деятельность по продаже товаров, услуг,
валютных средств или ценных бумаг.
Торговая марка означает
определенные и зарегистрированные
фирменные и товарные знаки или
символы, используемые компанией для
ее идентификации на рынке.
Традиционный рынок означает любую
физическую арену (структуру), на
которой покупатели и продавцы путем
личного общения обмениваются
товарами, услугами и информацией.
271
Transaction (deal, bargain)
means a single sale or purchase
by the business.
Trough (depression) means a
period of business cycle, when
the economy reaches its lowest
point. Factories are operating at
less than capacity, and
unemployment will reach high
levels. Total output of goods and
services continues to decline.
Times are hard at the trough of
the cycle; jobs are difficult to
find, and many businesses fail.
Prices of goods and services may
remain stable or decrease in
trough, because of weak demand.
Turnover shall mean the total
value of business done during a
given period; the rate at which
goods are sold; the rate at which
employees leave an organization
to be replaced by others.
Unemployment means being
out of work; the number of
people in a country out of
work.
Unemployment rate means
the percentage of those in the
labor force, over the age of 16,
actively seeking jobs but
unable to find work.
Upturn means an increase in
the level of activity; an increase
in sales or profit.
Useful life (working life)
means the period during which
an asset is estimated to provide
useful service to a business,
and upon which the rate of
depreciation allowed will
normally depend.
Сделка (операция) означает единичную
покупку или продажу, осуществленную
коммерческой организацией.
Депрессия означает период цикла деловой
активности, когда экономика достигает
своей низшей точки. Предприятия
работают ниже своих производственных
мощностей, в то время, как безработица
достигает наивысшего уровня.
Общий выпуск товаров и услуг
продолжает падать. Наступают тяжелые
времена в жизни населения, в это время
трудно трудоустроиться и многие
предприятия становятся банкротами. При
этом цены на товары и услуги могут
оставаться стабильными или даже
снижаться в связи со слабым на них
спросом.
Оборот товарных запасов означает
общий объем сделок за определенный
период; скорость реализации товарной
массы; скорость, с которой происходит
сменяемость сотрудников организации.
U
Безработица означает отсутствие
работы; общее число не имеющих
работы в той или иной стране.
Уровень безработицы означает
процент трудоспособного населения
свыше шестнадцати лет, активно
искавшего работу, но так и не получив
возможности трудоустроиться.
Подъем означает повышение уровня
активности; увеличение объема продаж
или объема прибыли.
Полезный срок означает период, в
течение которого использование актива
считается экономически оправданным.
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 V
Value added (added value) is Добавленная стоимость означает
an amount added to the value сумму, добавленную к стоимости
of a product or service in the товара на одном из этапов его
process of production or производства или реализации.
distribution, being the Представляет из себя разность между
difference between the price at продажной ценой товара и затратами на
which a business supplies its его приобретение, не включая расходов,
goods and services to связанных с производством,
customers and the costs переработкой или маркетингом на
incurred in relation to such данном этапе. Данные расходы, по
supplies. существу, составляют добавленную
стоимость.
Value Added Tax (VAT) Налог на добавленную стоимость
means an indirect tax levied as (НДС) означает систему
a percentage of the selling price налогообложения товаров на сумму
of specified goods or services, стоимости, добавленной на каждом
or as a percentage of the value этапе их производства, обмена или
of certain goods or services перепродажи. Включается в цену
imported into the country. товара с последующим перечислением в
бюджет.
Venture capital means capital Венчурный капитал (рисковый
subscribed for investment in a капитал) означает капитал, вложенный
new business often involving a или вкладываемый в новое предприятие,
high risk of loss for the связанное с риском (в том числе, в
investor if the business venture разработку и организацию
fails, but which can also производства нового вида продукции). В
provide high returns for the случае получения высокой прибыли с
investor, sometimes eligible for подобных инвестиций могут
tax relief. применяться налоговые скидки.
Vertical Integration shall Вертикальная интеграция означает
mean the combination of two объединение двух и более компаний,
or more companies that deal занятых на разных стадиях производства
with different stages in the определенных товаров или
production of specific goods or предоставления услуг под контролем
services to be controlled by one одной из них.
company.
Virtual market means an Виртуальный рынок означает любую
arena where buyer and seller площадку, на которой покупатели и
are not present and trade via продавцы не присутствуют, а
intermediates and electronic обмениваются товарами, услугами и
information. информацией через посредников или
электронные способы связи.

273
Vice-president means one of Вице-президент означает одного из
the top managers of a company высших руководителей компании,
acting in place of a president, выполняющий функции президента в
next in importance to president. его отсутствие и следующий
непосредственно за президентом с точки
зрения иерархии постов.
Vital interests mean a set of Жизненно-важные интересы означают
needs, the satisfaction of which набор потребностей, удовлетворение
reliably ensures the existence которых обеспечивает возможность
and possibility of progressive быстрого развития личности, общества и
development of personality, государства.
society and state.
Vulnerability shall mean the Уязвимость (слабое место) означает
combination of an outside threat комбинацию (противодействие)
with an inside strength. внешних угроз с сильными внутренними
возможностями компании.
W
Wage costs mean salaries and Расходы на заработную плату
other remuneration paid to означают расходы на возмещение за
employees, together with труд наемных работников, включая
associated employee costs, сопутствующие расходы, связанные с
such as social security наемным трудом (например, выплаты в
contributions. социальное страхование).
Wall Street means another Уолл-стрит означает другое название
name for the New York Stock для Нью-Йоркской фондовой биржи по
Exchange, from the street названию улицы Уолл-стрит, на которой
where it is situated; American она располагается; совокупность
financial institutions and американских учреждений и инвесторов.
investors in general.
Wasting asset means a fixed Истощимый актив означает актив,
asset which has a finite life or a типа месторождений или оборудования,
life not exceeding a specified который со временем истощается
number of years, such as (стареет) и перестает использоваться
leasehold property, plant and (например, в Великобритании актив со
machinery, mineral resources, сроком службы не более 50 лет).
etc.
Web Lifestyle means lifestyle Web-стиль жизни означает стиль
that takes advantage of the жизни, использующий предоставляемые
World Wide Web-based oppor- «Всемирной паутиной» (World Wide
tunities for information Web) возможности по получению
retrieval, buying online, информации, приобретению товаров и
networking, etc. услуг в электронном режиме, общению и
т. д.

274
Web Workstyle means
workstyle that incorporates
World Wide Web-based
activities and utilizes its
advantages.
White-collars means office
employees.
White Knight means a person
or an organization that rescues
a target company from an
unfriendly takeover bid by
offering a more attractive deal.
Willful Misconduct means an
intentional disregard of good
and prudent standards of
performance or of any of the
terms of an Agreement.
Windfall in business means
unexpected profits. Investors
want a company to earn more
profit than expected. Investors
are hoping for a windfall. The
word windfall comes from
England of centuries ago.
There, poor people were
banned from cutting trees in
forests owned by rich land
owners. But, if the wind blew
down a tree, a poor person
could take the wood for fuel.
So a windfall is something
wonderful that happens
unexpectedly.
Workforce shall mean all the
employees of an organization;
sometimes just the blue-collar
employees.
World Bank (International
Bank for Reconstruction and
Development) means the
central bank, controlled by the
Web-стиль работы означает
организацию деловой жизни с учетом
возможностей и преимуществ,
предоставляемых «Всемирной
паутиной» (World Wide Web).
Белые воротнички означают офисных
работников.
Белый рыцарь означает лицо или
фирму, которые спасают компанию-
мишень от нежелательного предложения
о поглощении, предлагая более
выгодные условия осуществления
сделки.
Преднамеренное должностное
преступление (нарушение,
неисполнение) означает намеренное
нарушение идентификации товара и
предусмотренных стандартов
исполнения любого из положений
Договора.
Бурелом в бизнесе означает
незапланированную (но столь
желанную) прибыль. Инвесторы всегда
хотят, чтобы компания заработала
больше прибыли, чем ожидается. При
этом они также надеются на «бурелом»
(неожиданную удачу). Слово «бурелом»
возникло в английском языке много
веков назад. Тогда беднякам не
разрешалось рубить деревья в лесах,
принадлежавших богатым
землевладельцам. Но, если ветер валил
дерево, бедняк мог брать его себе, чтобы
топить печь. Поэтому «бурелом»
ассоциируется у людей с неожиданно
пришедшей удачей.
Рабочая сила означает всех работников
организации; иногда только тех, кто
относится к «синим воротничкам».
Мировой банк (Международный банк
реконструкции и развития) означает
центральный банк, контролируемый
Организацией Объединенных Наций и
275
United Nations that lends
money to member states.
World Trade Organization
(WTO) means International
Trade Organization established
in 1995 to ensure a new era of
global economic cooperation
and a more open multilateral
trading system.
World Wide Web (WWW)
(the Web) means an
increasingly wide range of
information accessed
through computer networks in
different parts of the world.
предоставляющий займы государствам-
участникам.
Всемирная торговая организация
(ВТО) означает международную
организацию, созданную в 1995 году с
целью развития международной
торговли путем облегчения доступа на
рынки, урегулирования вопросов
таможенной и тарифной политики,
содействие разрешению торговых
споров и т.д.
Всемирная паутина означает
возрастающий объем разнообразной
информации, доступ к которой
осуществляется через компьютерные
сети в разных частях мира.
276
 Алфавитный указатель русскоязычных эквивалентов,
указанных в глоссарии

А
абсолютное владение стр. 192
актив (активы) стр. 194
акционер стр. 264
акционерный (уставный) капитал стр. 263
акция (и) стр. 223, 263
Американская фондовая биржа (АМЕКС) стр. 193
«ангел-инвестор» стр. 193
английский язык делового общения стр. 199
антитрестовское законодательство (в США); антимонопольное
законодательство (в России) стр. 194
арбитраж стр. 194
аудит (независимая экспертиза) стр. 195
аудитор стр. 195
аутентификация стр. 195
Б
банк стр. 196
банкротство стр. 196
безопасность стр. 262
безработица стр. 272
«белые воротнички» стр. 275
«белый рыцарь» стр. 275
бизнес, дело, предпринимательская деятельность; компания,
предприятие; коммерция стр. 199
«Большое табло» (Нью-Йоркская фондовая биржа) стр. 196
«бросать кости» (идти ва-банк) стр. 261
бум стр. 197
«бурелом» (незапланированная прибыль предприятия) стр. 275
бухгалтер, ревизор, аудитор стр. 192
бухгалтерский учет стр. 192; 197
«бык» (брокер, играющий на повышение) стр. 198
«быть в черном/красном» стр.241
бюджетный год (финансовый год) стр. 228
бюджет; смета расходов стр. 198
В
валовой национальный продукт (ВНП) стр. 235
валовый внутренний продукт (ВВП) стр. 234
валовый доход стр. 235
валюта; деньги; обращение стр. 213
валютный рынок стр. 213

277
«варка бухгалтерских книг» (фальсификация бухгалтерской
отчетности) стр. 213
веб-стиль жизни стр. 276
веб-стиль работы стр. 277
венчурный (рисковый) капитал стр. 273
вертикальная интеграция стр. 273
«взрыв ради доллара» (отдача от вложенных средств) стр. 195
взяточничество; подкуп стр. 198
виртуальный рынок стр. 273
вице-президент компании стр. 273
вознаграждения (подношения; завуалированная взятка) стр. 234
«всемирная паутина» стр. 276
Всемирная торговая организация» (ВТО) стр. 276
«всплывать кверху пузом» стр. 233
выручка (доход) стр. 261
высокие технологии (высокотехнологичный; наукоёмкий) vs низкие
технологии (низко технологичный) стр. 236
высшее руководство (компании) стр. 263
Г
глава отдела инвестиций стр. 205
глава отдела информации; управляющий информацией стр. 206
глава отдела информационной технологии стр. 206
глава отдела научных исследований и развития стр. 206
главный операционный директор корпорации стр. 206
глобализация стр. 233
головной офис стр. 235
«голубые фишки» стр. 197
«горох и морковь» стр. 253
государственная корпорация стр. 257
государственное предприятие стр. 257
государственные финансы стр. 257
государственный (правительственный) чиновник (служащий) стр. 234
государственный сектор экономики стр. 258
готовая продукция стр. 227
«Гудвилл» (условная стоимость деловых связей)» стр. 234
Д
действующее предприятие стр. 233
делегирование полномочий стр. 215
деловая среда стр. 199
деловой этикет стр. 200
«денежная корова» стр. 204
денежная масса в обращении стр. 248
деньги стр. 248
депрессия; спад производства стр. 216; 272

278
дерегулирование стр. 216
дефицит стр. 215
дефицит бюджета стр. 198
дефолт стр. 215
дивиденд стр. 217
диверсификация стр. 217
директор предприятия (президент) стр. 206
директор-распорядитель стр. 245
добавленная стоимость стр. 273
доведение до сведения; раскрытие (информации в финансовых отчетах)
стр. 216
доверие клиента стр. 214
договор (документ) за печатью стр. 215
договорное право (контрактное право) стр. 212
договор; соглашение; контракт стр. 193
документ стр. 217
долг стр. 215
долговое обязательство стр. 214
должностная вакансия стр. 242
должностная инструкция стр. 242
должностные обязанности стр. 242
дополнительное образование; повышение квалификации;
переподготовка стр. 192
достоверность (целостность) информации стр. 238
доступность (информации) стр. 195
доход, выручка стр. 237
доходность активов стр. 260
доходность капитала стр. 261
Е
единоличный арбитр (суперарбитр) стр. 265
единообразная ставка; пропорциональная ставка стр. 228
ежегодное общее собрание стр. 194
Ж
жизненно-важные интересы стр. 274
З
заем, кредит, ссуда стр.197
Закон об иностранной коррупционной практике, США, 1978 г. стр. 229
законодательство о компаниях стр. 208
Закон о компаниях; Закон об акционерных обществах стр. 209
закон спроса и предложения стр. 244
закрытая компания с ограниченной ответственностью стр. 255
застойная экономика стр. 211
затраты, издержки стр. 225
защита прав потребителя стр. 212

279
«золотая акция» стр. 233
«золотой парашют» стр. 233
зона свободной торговли стр. 231
И
идеальная (чистая) конкуренция стр. 258
избыточное предложение; избыток предложения стр. 224
избыточные мощности стр. 223
избыточный, чрезмерный спрос; избыток спроса стр. 223
издержки обращения стр. 217
издержки производства стр. 255
издержки; расходы стр. 213
импорт (ввоз) стр. 237
имущество стр. 256
инвестирование; инвестиции стр. 241
инвестиционная компания (инвестиционный траст) стр. 242
инвестиционный банк стр. 241
инвестиционный доход стр. 242
инвестор (инвесторы) стр. 242
индивидуальное частное предприятие; индивидуальное
предпринимательство стр. 238
инновация стр. 239
инновационная компания стр. 239
иностранный чиновник; должностное лицо иностранного государства
стр. 229
интеграция стр. 239
интеллектуальная собственность стр. 240
интеллектуальный потенциал организации (корпорации, компании);
интеллектуальный коэффициент компании стр. 239
интернационализация стр. 240
Интернет стр. 241
Интранет стр. 241
инфляция стр. 238
информационная технология; отдел информационной технологии;
информационная система; информационная служба стр. 238
информационное интервью стр. 238
исследование рынка стр. 246
истощимый актив стр. 274
К
кадры стр. 253
капитал стр. 202
капитал компании стр. 223
капиталовложения (инвестиции) стр. 203
капитальные вложения стр. 203
карьера стр. 204

280
кибербезопасность стр. 214
Кодекс деловой этики стр. 206
коммерческая организация стр. 256
коммерческий банк стр. 207
коммунизм стр. 209
коммуникация стр. 208
компания (юридическое лицо) стр. 209
компетентность стр. 209
комплектование кадров стр. 259
конечный пользователь стр. 222
конкурент стр. 210
конкурентная среда бизнеса стр. 209
конкурентное преимущество стр. 210
конкурентоспособность стр. 210
конкуренция стр. 210
«конкуренция не на жизнь, а на смерть» (жестокая конкуренция) стр.
214
контракт (договор, соглашение) стр. 212
контроль за выполнением контракта; отслеживание контракта стр. 212
контроль над ценами стр. 254
конфиденциальная информация стр. 211
конфликт стр. 211
конфликт интересов стр. 211
концептуальные навыки стр. 211
корпорация стр. 213
коррупционный умысел стр. 212
«красные флажки» стр. 259
кредит стр. 213
кривая предложения стр. 268
кривая спроса стр. 215
Л
лидер «свободных поводий» стр. 230
ликвидные активы стр. 244
лицо, исполняющее обязанности директора (и.о. директора) стр. 193
люди, переставшие искать работу (форма скрытой безработицы) стр.
216
М
макроэкономика стр. 245
массовое производство стр. 247
«медведь» (брокер, играющий на понижение) стр. 196
Международная фондовая биржа (Лондонская фондовая биржа) стр.
241
Международное право стр. 240
межкультурное взаимодействие; национальные особенности общения

281
стр. 240
меморандум об ассоциации (заявка на регистрацию акционерного
общества) стр. 247
менеджер по персоналу (отдела кадров) стр. 237
менеджер, управляющий стр. 245
менеджмент первого уровня стр. 268
метод фиксированного ключа стр. 228
«Микки Маус» стр. 247
микроэкономика стр. 247
Мировой банк (Международный банк реконструкции и развития) стр.
275
многонациональная компания стр. 249
мобильные сотрудники стр. 253
«молодой олень во время гона» стр. 265
монетаристская политика стр. 248
монополия стр. 248
монополистическая конкуренция стр. 248
мотивация/мотив стр. 248
мошенничество стр. 230
Н
навыки стр. 264
навыки общения (работы) с персоналом стр. 236
наделение полномочиями стр. 221
наличные деньги; наличность стр. 204
налоги стр. 269
налог на добавленную стоимость (НДС) стр. 273
налоговая система (налоговый режим) стр. 270
налоговая ставка стр. 270
налоговое право стр. 228
налоговое убежище стр. 270
налоговые поступления стр. 270
налоговый тормоз стр. 227
налогообложение стр. 269
налогоплательщик стр. 269
нарушение договора стр. 198
национализация стр. 249
национальная безопасность стр. 249
национальный долг стр. 249
незапрограммированное решение стр. 250
некоммерческая организация (НКО) стр. 250
нематериальные активы (неосязаемые активы) стр. 239
непосредственная (физическая) безопасность (защита) стр. 253
непредвиденный случай (чрезвычайные обстоятельства) стр. 220
нерыночная продукция стр. 250

282
неэкономические товары стр. 250
новация стр. 251
новое предприятие стр. 266
норма прибыли на инвестиции стр. 258
нормативно-правовая база бизнеса стр. 221
нормы деловой этики стр. 200
«ноу-хау» стр. 243
нужда/потребность стр. 249
Нью-Йоркская фондовая биржа стр. 249
О
обмен контрактами стр. 224
обменный курс стр. 258
обмен («своп») стр. 268
оборотные активы (текущие активы) стр. 213
оборот товарных запасов; текучесть стр. 272
обоснованная рыночная стоимость стр. 225
обоснованная рыночная цена стр. 225
обоснованное подозрение стр. 258
обыкновенные акции (обычные акции) стр. 208; 252
общее право стр. 208
общее собрание акционеров стр. 232
общественная собственность стр. 258
обязательная документация (официальные формы отчетности) стр. 267
«овца» стр. 264
оговорка о конфиденциальности стр. 211
ограничительная денежно-кредитная политика стр. 260
олигополия стр. 251
операции с ценными бумагами на основе внутренней информации
(инсайдерская информация) стр. 196
организация стр. 252
организация проекта стр. 256
организационная схема (организационная структура) стр. 252
ответственность бизнеса перед акционерами стр. 202
ответственность бизнеса перед обществом стр. 201
ответственность бизнеса перед потребителями стр. 201
ответственность бизнеса перед сотрудниками стр. 201
отдел (подразделение) стр. 217
отдел кадров; отдел по работе с персоналом стр. 236
открытая (публичная) акционерная компания стр. 257
открытая (публичная) компания с ограниченной ответственностью стр.
257
открытый рынок стр. 251
«отрасли восхода солнца» vs. «отрасли заката» стр. 268
отчет о движении денежных средств стр. 266

283
«охотиться за головами» стр. 235
охрана труда стр. 221
П
«пальмовое масло» (взятка государственному служащему) стр. 252
первый директор стр. 227
перепроизводство стр. 252
перестройка; реорганизация стр. 260
персонал стр. 265
пик (максимальный уровень товарооборота) стр. 253
«пикирующая» компания стр. 250
платеж; плата стр. 253
«подливка к бифштексу» стр. 234
подразделение на отделы стр. 216
«подсластить» сделку стр. 268
подъем стр. 272
полезный срок стр. 272
политика невмешательства в дела государства стр. 250
полная занятость; эффективная занятость стр. 232
полномочие стр. 195
полный деловой цикл стр. 211
положение (статья) стр. 257
«полюбовная» сделка стр. 268
пособия (вознаграждения) в пользу работников (социальный пакет) стр.
221
потери капитала стр. 204
потребитель стр. 212
потребительские товары стр. 212
потребности в самовыражении (самореализации, самосознании) стр.
263
потребность в безопасности стр. 262
правила по охране труда (техника безопасности) стр. 235
право собственности стр. 252
правоспособность; дееспособность стр. 202
предложение стр. 268
предложение и спрос стр. 268
преднамеренное должностное преступление (неисполнение) стр. 275
предприниматель стр. 222
предпринимательская деятельность стр. 199
предпринимательская среда стр. 222
предпринимательская стратегия стр. 202
предпринимательское право (корпоративное право) стр. 200
предпринимательство стр. 223
председатель стр. 205
президент стр. 254

284
препятствие стр. 251
прецедентное право стр. 204
прибыль (вознаграждение); отдача стр. 256; 260
приватизация стр. 255
привилегированная акция стр. 254
принуждение стр. 207
принятие решения стр. 215
природные ресурсы стр. 249
прирост дохода; прибыль; повышение стр. 232
проект стр. 256
производитель (изготовитель) стр. 245
производительность стр. 256
производительность (пропускная способность, мощность) стр. 202
промышленность; отрасль производства стр. 238
промышленный индекс Доу-Джонса стр. 218
проникновение на рынок стр. 246
профицит бюджета стр. 198
процент (процентная ставка) стр. 240
Р
работники; рабочая сила стр. 222
рабочая сила стр. 244; 275
равновесная цена стр. 223
разнообразие/разновидность стр. 217
распределение (сбыт) стр. 217
распределение прибыли стр. 216
распределение информации; распространение информации стр. 238
растрата стр. 220
расходы стр. 225
расходы на заработную плату стр. 274
реальный бизнес стр. 258
ревизионная комиссия стр. 197
регламентация стр. 260
регулируемая отрасль стр. 260
регулирующая среда стр. 260
рецессия (спад производства и замедление темпов экономического
роста) стр. 259
риск стр. 261
рисковый (венчурный) капитал стр. 261
руководитель проекта/суперинтендант стр. 256
рынок стр. 245
рынок, имеющий тенденцию к повышению (бычий рынок) стр. 198
рынок, имеющий тенденцию к понижению (медвежий рынок) стр. 196
рыночная продукция стр. 246
рыночная цена стр. 246

285
рыночная экономика стр. 246
рыночные силы стр. 246
рыночные циклы стр. 246
С
самооценка стр. 263
сбалансированные фонды (инвестиционные фонды открытого типа со
сбалансированным портфелем) стр. 195
сбалансированный (бездефицитный) бюджет стр. 195
сбережения стр. 262
СВОТ анализ стр. 269
свобода выбора стр. 230
свободная торговля стр. 230
свободное предпринимательство стр. 230
свободный рынок стр. 230
сделка; операция стр. 214; 271
сезонная безработица стр. 262
сенсорно-безопасные услуги стр. 262
сертификат акции стр. 264
«серый рыцарь» стр. 234
«синие воротнички» стр. 197
система «бизнес-бизнесу» стр. 202
система «бизнес – потребителю» стр. 202
система обнаружения вторжений (СОВ) стр. 237
система управления безопасностью (СУБ) стр. 262
система управления (менеджмент) стр. 245
система частного предпринимательства (капитализм) стр. 255
скидка (снижение) стр. 216
скрытое распределение прибыли стр. 236
смешанная экономика стр. 247
«собака-вожак» (неформальный лидер) стр. 193
«собачий завтрак» стр. 217
собеседование при приеме на работу стр. 242
собственность компании стр. 209; 256
«совершить убийство» (заработать кучу денег) стр. 245
совет директоров стр. 197
совместная компания; акционерная компания стр. 243
совместное (нераздельное) владение собственностью стр. 243
совместное капиталовложение (совместное инвестирование) стр. 242
совместное предпринимательство стр. 243
совместное (смешанное) предприятие стр. 243
совокупность индивидуальных навыков и знаний специалиста стр. 254
согласованные действия группы специалистов стр. 270
соглашение о конфиденциальности стр. 211
соглашение о свободной торговле стр. 231

286
сокращение стр.218
сокращение штатов; увольнение по сокращению штатов стр. 259
сотрудник, ответственный за связь с печатью (прессой) стр. 254
сотрудник; служащий; специалист стр. 224
социализм стр. 264
социальные потребности принадлежности к группе стр. 265
спад стр. 218
способность оставаться объектом трудового найма стр. 220
спрос стр. 215
средства налогоплательщиков стр. 270
средства производства стр. 204
средства связи стр. 208
стабильность национальной экономики стр. 265
стагнация стр. 266
стагфляция стр. 265
становиться публичной компанией стр. 234
старая экономика vs новая экономика стр. 251
статут стр. 267
статутное право стр. 267
стимулирование занятости стр. 221
стимулирование иностранных инвестиций стр. 229
стимулирующая монетаристская политика стр. 225
стихийное бедствие стр. 192
стратегическая бизнес единица (СБЕ) стр. 267
стратегия стр. 267
структурная безработица стр. 267
субъект права; хозяйствующий субъект стр. 222
сырье (материалы-полуфабрикаты) стр. 258
Т
текущая цена стр. 213
теневая экономика стр. 196
технические навыки стр. 270
технологическое окружение бизнеса стр. 270
технология стр. 271
товар; товары стр. 208; 233; 255
товарищество; партнёрство стр. 252
товарообменная операция стр. 224
товарооборот; продажа; сбыт стр. 262
топ менеджмент стр. 271
торговая марка (фирменное название) стр. 271
Торговая палата стр. 205
торговля; коммерция стр. 206; 271
торговый м стр. 207
традиционный рынок стр. 271

287
трансферт капитала; перевод капитала; движение капитала стр. 203
трудовые ресурсы; людские резервы; рабочая сила стр. 237
трудоустройство; занятость; работа стр. 221
У
«убийственное дополнение» стр. 243
убыток стр. 244
угроза стр. 271
Уолл-стрит стр. 274
управление; назначение конкурсного управляющего стр. 192
управление (руководство) персоналом стр. 236
управление экономикой стр. 218
управленческая информационная система (УИС) стр. 224
управленческий персонал компании стр. 245
управляющий персоналом стр. 253
уровень безработицы стр. 272
услуга (и) стр. 263
устав корпорации стр. 194
устав предприятия стр. 194
участие в прибыли стр. 221
участие персонала стр. 221
ущерб стр. 214
уязвимость (слабое место) стр. 274
Ф
Федеральная резервная система (в США) стр. 226
финансирование стр. 227
финансовая безопасность стр. 226
финансовая безопасность предприятия стр. 226
финансовая система стр. 227
финансовая стратегия стр. 227
финансовые рынки стр. 226
финансовый директор (вице-президент по финансам) стр. 206
финансовый результат стр. 226
финансы стр. 226
фирма стр. 227
фискальная (финансовая) политика стр. 228
фондовая биржа стр. 198; 267
фонды; фонд стр. 232
форс-мажор (обстоятельства непреодолимой силы) стр. 228
фрикционная безработица (временная незанятость, связанная с
переходом с одной работы на другую) стр. 231
фьючерс (фьючерсный контракт) стр. 232
Х
харассмент (дискриминация на рабочем месте) стр. 235
«хромая утка» стр. 244

288
 Ц
цели стр. 251
цена стр. 254
ценовая дискриминация стр. 255
централизованно планируемая (командно-административная)
экономика стр. 204
центральный банк стр. 204
цикл деловой активности; экономический цикл стр. 199
циклическая безработица стр. 214
Ч
частное предприятие; частное предпринимательство стр. 255
частный сектор стр. 255
чек стр. 205
черный рынок стр. 197
«черный рыцарь» стр. 197

Ш
шифрование стр. 247
штаб-квартира стр. 235
Э
экономика стр. 218; 219
экономика по образцу Голдилокс стр. 233
экономика, основанная на знаниях стр. 243
экономическая безопасность стр. 218
экономическая безопасность государства (национальная безопасность)
стр. 266
экономическая безопасность предприятия стр. 219
экономическая грамотность (грамотность в условиях рынка) стр. 218
экономическая система стр. 219
экономические показатели стр. 218
экономические товары стр. 218
экспансия (подъем экономической активности) стр. 224
экспорт стр. 225
Экстранет стр. 225
электронная запись (процедура) стр. 220
электронная торговля стр. 220
электронная экономика стр. 216
электронные деловые операции (электронный бизнес) стр. 219
этика делового общения; нормы деловой этики стр. 200
Ю
юридическое лицо стр. 244

289
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