Appendix А

I Texts for additional reading

THE FIRST MODERN ECONOMISTS

The Mercantilists

Between the 16th and 18th centuries, the major countries of Europe believed in the economic theory of mercantilism. Mercantilists argued that nations should behave as if they were merchants competing with one another for profit. Accordingly, governments should support industry by enacting laws designed to keep labor and other production costs low, and exports (sales to foreign countries) high. In this way the nation could achieve what was called a favorable balance of trade.

«Favorable balance of trade» described a situation in which exports exceeded imports. The excess, which was like profits to a merchant, would result in an increase in the nation's supply of gold or silver. And, as most people agreed in those days, the true measure of a nation's wealth was its hoard of gold or silver.

To achieve favorable trade balances, the major European powers sought to acquire colonies. Colonies, it was thought, could provide the «mother country* with cheap labor, raw materials and a market for its manufactured goods. In an effort to attain these goals in their American colonies, the British, for example, enacted the Navigation Acts.

The Navigation Acts protected British industry by prohibiting the colonies from producing certain goods like hats, woolen products and wrought iron. The laws also listed certain «enumerated articles* (mostly raw materials) which could not be sold to buyers in countries other than England. Resentment towards the Navigation Acts was so great that they are regarded as one of the principal causes of the Revolutionary War.

Today there are people who still argue that our country should promote a «favorable balance of trade,* that the federal government should do what it can to restrict imports and promote exports. For that reason, they are often described as neo-mercantilists or «new» mercantilists.

The Physiocrats

For one group of 18th-century French philosophers and economists, the suggestion that nations should go out of their way to protect business and industry made no sense at all. These were the physiocrats. The physiocrats argued that the products of agriculture and other natural resources were the true source of wealth. Since these were God-given, it made little sense for government to go out of its way to help business and industry increase profits. For similar reasons, they opposed government efforts to promote a «favorable balance of trade.* In other words, since real wealth came from the land, it followed that the wisest thing government could do would be to keep its hands off business and let nature take its course. This idea was expressed in the slogan «laissez faire,» (let people do as they choose).



Interestingly, the 200-year-old argument between those favoring regulation of the economy and those supporting laissez. faire is still with us. Whether the problem involves individuals (like those living in poverty and unemployment) or institutions (such as a rising tide of business or bank failures), there are those who find the solution in government intervention, and others who favor

«laissez faire,» letting natural economic forces take their course.

ADAM SMITH AND THE WEALTH OF NATIONS

Seventeen seventy-six, the year that we associate with the signing of the Declaration of Independence, also marked the publication in England of one of the most influential books of our time, The Wealth of Nations. Written by Adam Smith, it earned the author the title «The father of economics.*

Smith objected to the principal economic beliefs of his day. He differed with the physiocrats who argued that land was the only source of wealth. He also disagreed with the mercantilists who measured the wealth of a nation by its money supply, and who called for government regulation of the economy in order to promote a «favorable balance of trade.*

In Smith's view, a nation's wealth was dependent upon production, not agriculture alone. How much it produced, he believed, depended upon how well it combined labor and the other factors of production. The more efficient the combination, the greater the output, and the greater the nation's wealth.

The heart of Smith's economic philosophy was his belief that the economy would work best if left to function on its own without government regulation. In those circumstances, self-interest would lead business firms to produce only those products that consumers wanted, and to produce them at the lowest possible cost. They would do this, not as a means of benefitting society, but in an effort to outperform their competitors and gain the greatest profit. But all this self-interest would benefit society as a whole by providing it with more and better goods and services, at the lowest prices. To explain why all society benefits when the economy is free of regulation, Smith used the metaphor of the «invisible hand»:



«Every individual is continually exerting himself to find the most advantageous employment for whatever capital he can command. It is his own advantage, and not that of society, which he has in mind, . .but he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention, for the pursuit of his own advantage necessarily leads him to prefer that employment which is most advantageous to society.»

The invisible hand» was Smith's name for the economic forces that we today would call supply and demand, or the marketplace. He sharply disagreed with the mercantilists who, in their quest for a «favorable balance of trade,» called for regulation of the economy.

Instead, Smith agreed with the physiocrats and their policy of «laissez-faire,» letting individuals and businesses function without interference from government regula­tion or private monopolies. In that way, the «invisible hand» would be free to guide the economy and maximize production.

The Wealth of Nations goes on to describe the principal elements of the economic system. In a famous section, Smith turned to the pin industry to demonstrate how the division of labor and the use of machinery increased output.

«One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head; to make the head requires two or three distinct operations...»

Although modern technology has improved the methods by which pins are produced, the principles pertaining to the division of labor remain unchanged.

Similarly, other sections dealing with the factors of production, money and international trade are as meaningful today as when they were first written.

DAVID RICARDO (1772-1823)

Classical Champion of Free Trade

David Ricardo is one of history's most influential economists.

Born in England, Ricardo made a fortune on the London Stock Exchange. This wealth gave him the time to write and to serve in Parliament's House of Commons. His most famous work, Principles of Political Economy and Taxation (1817), marked him as the greatest spokesman for classical economics since Adam Smith.

Ricardo is especially famous in international economics for demonstrating the advantages of free trade. Free trade is a policy in which tariffs and other barriers to trade between nations are removed. To prove his point, Ricardo developed a concept we now call the principle of comparative advantage. Comparative advantage enabled him to demonstrate that one nation might profitably import goods from another even though the importing country could produce that item for less than the exporter.

Ricardo's explanation of comparative advantage went as follows:

Portugal and England, both of whom produce wine and cloth, are considering the advantages of exchanging those products with one another.

Let's assume that:

• x barrels of wine are equal to (and therefore trade evenly for) у yards of cloth.

• In Portugal 80 workers can produce x barrels of wine in a year. It takes 120 English workers to produce that many barrels.

• 90 Portuguese workers can produce у yards of cloth in a year. It takes 100 English workers to produce у yards of cloth.

We can see, Ricardo continued, that even though Portugal can produce both wine and cloth more efficiently than England, it pays them to specialize in the production of wine and import English cloth. This is so because by trading with England, Portugal can obtain as much cloth for 80 worker-years as it would take 90 worker-years to produce themselves.

England will also benefit. By specializing in cloth, it will be able to obtain wine in exchange for 100 worker-years of labor rather than 120.

As a member of Parliament, Ricardo pressed the government to abandon its traditional policy of protection. Though he did not live to achieve that goal, his efforts bore fruit in the 1840s when England became the first industrial power to adopt a policy of free trade. There followed 70 years of economic growth during whichthe nation became the world's wealthiest industrial power.

ALFRED MARSHALL (1842-1924)

Price Theory Pioneer

His textbook Principles of Economics (1890), and the doctrines that it discussed, became the standard for the teaching of that subject until well into the 1940"s. Marshall spent most of his adult life as a professor of economics at Cambridge University. His most famous pupil, John Maynard Keynes, described Marshall as «the greatest economist of the 19th century.* Interestingly, Keynes went on to become the most influential economist of the 20th century.

Marshall is best known for the order that he made out of the theories of the earlier «classical economists* like

Adam Smith, David Ricardo and John Stuart Mill. («Classical* is the name given by modern economists to the theories of those whose views were most widely held during the 75 years following the publication of The Wealth of Nations.) Despite the passage of 100 years since the publication of his Principles, his analysis of market forces is still relied upon to explain economic events.

In Marshall's world, economic events could be explained in terms of the equilibrium market price resulting from the interaction of supply and demand. One of Marshall's lasting contributions was differentiating between supply and demand in the short run and the long run. Comparing the two forces to the blades of a scissors, he argued that neither could function without the other. But, just as (depending on how the scissors is held) one blade can be more active than the other, so supply and demand vary in importance in the long and short run. In the short run, the quantity of available goods is more or less fixed (because crops have been planted, production schedules set, etc.). Therefore it is the demand for those items that will be most influential in determining their price. In the long run, he went on, the opposite is true. Both farmers and businesses can add to or reduce their production facilities as the needs dictate. In that way the supply side of the market becomes most influential in determining price.

JOHN MAYNARD KEYNES (1883-1946)

Theorist Who Brought Economics into the Twentieth Century

John Maynard Keynes stands with Adam Smith and Karl Marx as one of the world's most influential economists. The son of a noted British economist, Keynes amassed a fortune through speculation in stocks and commodities. He served the British government as a financial adviser and treasury official through most of hisadult life and was a key participant in the negotiations following both World Wars I and II.

Although Adam Smith had written The Wealth of Nations about the time of the American Revolution, by the 1930"s little had changed in the thinking of mainstream economists. Most would have agreed with Smith, that the best thing government could do to help the economy would be to keep its hands off. They reasoned that as long as the economy was free to operate without interference, the forces of supply and demand would come into balance. Then, with total supply and demand in equilibrium, everyone looking for work could find a job at the prevailing wage, and every firm could sell its products at the market price.

But the 1930"s was the period of the Great Depression. Despite the assurances of the classical economists, the fact was that unemployment and business failure had reached record proportions in the United States and the rest of the industrialized world. It was at this time (1936) that Keynes' General Theory of Employment, Interest, and Money was published. The General Theory transformed economic thinking in the 20th century, much the way that The Wealth of Nations had in the 18th.

Keynes demonstrated that it was possible for total supply and demand to be at equilibrium at a point well under full employment. What is more, Keynes demonstrated that unemployment could persist indefinitely, unless someone stepped in to increase total demand.

The «someone» Keynes had in mind was government. He reasoned that if, for example, government spent money on public works, the income received by formerly idle workers would lead to increased demand, a resurgence of business activity and the restoration of full employment.

The suggestion that government abandon laissez faire in favor of an active role in economic stabilization was regarded as revolutionary in the 1930"s. Since then, however, the ideas advanced by the «Keynesian Revolution* have become part of conventional wisdom. Now, whenever a nation appears to be entering into a period of recession or inflation, economists and others immediately think of steps the government might take to reverse the trend.

THOMAS ROBERT MAFTHUS (1766-1834)

Prophet of the «Dismal Science*

Standards of living in many developing nations continue to decline because the growth in population is greater than economic growth. If world economic growth continues to average about two percent annually, nearly half the world's people will live in countries where population growth exceeds economic growth.

This was foretold by an 18th-century English .economist, Thomas Malthus. In his Essay on Population (1798) Malthus warned of the dire consequences of uncontrolled population growth. His argument was direct and simple. While food supplies can be increased through the addition of land and labor, the rate of growth is in an arithmetic progression (2, 4, 6, 8, 10 and so on). But population growth expands in a geometric progression (2, 4, 8, 16, 32, 64 and so on).

Given the difference between the rate of populatior growth and that of food production, Malthus concludes that a large portion of humanity was doomed to a life of misery. Worse yet, as the arithmetically increasing food production fell short of satisfying the geometrically increasing population, malnutrition and disease would take their toll until the rising death rate restored the balance between food and population.

Other than urging the poor to have fewer children, there was nothing that society could do to reduce starvation or suffering, Malthus thought. For that reason, he opposed legislation to provide relief and housing for those living in poverty. In his view, such aid would simply encourage the poor to have more children and worsen their lot. It is little wonder that after reading the Essay on Population, Thomas Carlyle, a contemporary British writer, called economics the «dismal [depressing] science.*

Since Malthus's day several factors have prevented the fulfillment of his prophecies. The most visible of these has been the enormous increase in food production, on the one hand, and declining birthrates in the industrialized nations on the other. Food production increased far beyond anything he could have foreseen, owing to scientific and technical advances in farming. Meanwhile, declining birthrates have brought several European countries near zero population growth.

Critics of Malthusian theory argue that the focus on population misses the main causes of hunger and starvation.The fact is that the agricultural nations grow enough to feed themselves and the rest of the world. However, not enough food reaches those in need because poor nations do not have the international currency with which to purchase it from world suppliers.

Thomas Malthus, a controversial figure in his own time, remains one today. To some he was a great prophet whose theories are still relevant. To others, his opinions are as shortsighted and inappropriate today as they were nearly two hundred years ago.

IRVING FISHER (1867-1947)

Pioneer In Monetary Theory

Irving Fisher spent most of his adult life as a professor of economics at Yale University. An accomplished mathematician, he used those skills to explain many of his theories. In his best known formulation, the equation of exchange, Professor Fisher showed the relationship between the quantity of money in circulation and the level of prices.

The equation of exchange is stated as follows:

MV = PQ, where:

M = money supply

V = velocity of circulation

P = average price of goods and services

Q = quantity of units sold

Simply stated, the equation of exchange tells us that total spending is equal to the total value of the goods and services produced by the economy. Let's see why. M is the total amount of money in circulation, and V is its velocity. Velocity is simply the number of times that money turns over in a year. In other words, the amount of money in circulation, multiplied by the number of times it is spent (MV) is equal to the total amount of money spent by the economy in the course of the year. To illustrate, let's suppose that each student in your class produced a product for sale, and that the selling price of each item is $1. Your teacher buys the product from the student sitting in the first row, first seat. That student uses the dollar to buy the product from the student in the second seat.

The process continues around the room as each student uses the dollar from the preceding student to buy the product of the next student. Assuming that there are 30 class members (including the teacher), 30 items will be sold. One dollar bill will be exchanged 30 times. Applying the equation of exchange, the total amount of money in circulation will be $30 because:

M = $1; V = 30; and MV = $1 x 30 = $30.

The equation of exchange helps to explain why prices (and therefore the value of money) fluctuate. Since MV = PQ, it follows that when V and Q are constant, any change in the money supply will directly affect prices. In otherwords, when the money supply increases, so will prices, and vice versa. We can also see that increases in the money supply will not result in price increases if the output of goods and services is increased at the same or a faster rate.

KARL MARX (1818-1883)

Prophet of Socialism and Communism

For more than half of Europe and a third of the world's population, history's greatest economist was Karl Marx. Born in Germany, Marx's revolutionary activities got him into trouble with the authorities, and from 1842 until his death in 1883 he lived his life in exile.

In 1849, Marx moved to London, England, where he studied, wrote, and produced his greatest work "Capital".

Marx's single-minded dedication to his studies made it all but impossible for him to earn a living. Were it not for the financial help he received from his friend Frederick Engels, a wealthy textile manufacturer from Manchester, England, he and his family might have starved to death. As it was, they lived a life of poverty.

In 1845, the League of the Just (later to change its name to the Communist League) asked Marx and Engels to prepare a statement of beliefs. They wrote The Communist Manifesto. The Manifesto, which contains some of the most memorable lines of revolutionary literature, concludes with:

«... Let the ruling classes tremble at a Communistic revolution. The proletarians [workers] have nothing to lose but their chains. They have a world to win. Working men of all countries unite!*

The Economic Theories of Karl Marx

It is not possible to summarize briefly everything that Karl Marx had to say about the world in which he lived. However, the following paragraphs describe some of his more important theories.

The economic interpretation of history. In Marx's view, the course of history has been determined almost solely by economic forces. Forget about things like great men and women, religion, patriotism, and the like. Look instead, he said, at the economic events of the time to find the real reasons why people and states behaved the way they did.

He also asserted that history has been a series of struggles between economic classes. For example, in Ancient Rome the landed aristocracy struggled for power with small farmers and city workers. In medieval times, guildmasters and journeymen, nobles and serfs struggled with one another for economic supremacy. Similarly, the French Revolution could be explained in terms of a struggle between merchant classes and the agrarian (agricultural) aristocracy.

The exploitation of labor. According to Marx, goods and services had value because of the efforts of laborers. But according to the economic theory of the day, workers were only paid enough to enable them to stay, alive. Whatever was left over (profits) was pocketed by the factory owner—the capitalist. Profits, therefore, represented surplus value which should belong to those who created it: the workers.

The inevitability of capitalism's collapse. Under this system, the rich would get richer and the poor, poorer. Because workers were underpaid, Marx went on, they would be unable to buy the goods and services they produced. Even tually, the system's excesses would lead to the final class struggle. In this, workers would overthrow the capitalists who had been exploiting them. In the new order that would follow, Marx concluded, class struggle would no longer be necessary, and the state could simply «wither away.» Each worker would perform «according to his ability* and be rewarded «according to his needs.*


Appendix В

Frequently used business abbreviations

A

Al первый класс, первоклассный

AA (Advertising Association) рекламная ассоциация

AAA первоклассные ценные бумаги (условное обозначение)

AAR (against all risks) против всех рисков (в страховании)

АС 1. (average costs) средние издержки, 2. (account current) текущий банковский счет (в Англии), открытый счет (в США), 3. (assistant cashier) помощник кассира

а/с или АСС (account) счет

асе 1. (acceptance) акцепт, тратта, 2. (accepted) принятый,3. (accidental) случайный

АСЕ (active corps of executives) корпус действующих должностных лиц

AD (aggregate demand) совокупный спрос

ad 1. (advertisement) рекламное объявление, 2. (adminis­tration) администрация, 3. (advice) извещение, авизо

a/d (after date) от сего числа

ADP (automatic data processing) автоматическая обработка данных

adt (advertisement) рекламное объявление Adv. (advance) кредит

AFC (average fixed costs) средние постоянные издержки

AFL (American Federation of Labor) Американская

федерация труда (АФТ) AGM (annual general meeting) ежегодное общее собрание

акционеров agt (agreement) соглашение, договор АМА (American Management Association) Американская

ассоциация по совершенствованию методов

управления

АМЕХ (American Stock Exchange) Американская

фондовая биржа amt (amount) сумма, количество А.О. (account of) за счет кого-л. АОВ (any other business) «Разное» в повестке дня АРС (average propensity to consume) средняя доля

потребления в доходе APR (annual percentage га1е)-процентная ставка в

годовом исчислении-APS (average propensity to save) средняя доля

сбережений в доходе AR 1. (average revenue) средний доход,

2. (annual returns) отчетные данные, итоги за год ARR (accounting rate of return) расчетная норма

прибыли

arrgt (arrangement) соглашение, договоренность AS (aggregate supply) совокупное предложение a/s (after sight)nocHe предъявления asap (as soon as possible) как можно быстрее, срочно AVC (average variable costs) средние переменные

издержки AW (airway) авиалиния A/W (actual weight) фактическая масса

В

b/d (barrels per day) баррелей в день

BIS (Bank for International Settlements) Банк

международных расчетов bal (balance) баланс, сальдо

b.b. 1. (bank book) банковская книжка, 2. (bear bonds) предъявительские облигации, 3. (bill book) вексель­ная книга

bn (billion) биллион

BOP (balance of payments) платежный баланс

ВОТ (balance of trade) торговый баланс

BP 1. (bill of parcels) фактура, накладная, 2. (bills

payable) векселя к уплате Br. 1. (branch) отрасль, отделение, 2. (British)

британский Bu (bureau) бюро, отдел, управление bus (business) бизнес, дело, предпринимательство

С

СС (costs consumption) потребительские расходы

С.А. или С/А (current account) текущий счет

СА 1. (charted accountant) дипломированный бухгалтер,

ревизор, 2. (Consumers' Association) ассоциация

потребителей, 3. (chief accountant) главный бухгалтер CAD I. (cash against documents) наличные против

документов, 2. (computer-aided design)

автоматизированное проектирование C.A.F. (cost and freight) стоимость и фрахт САМ (computer-aided manufacturing) автоматизированное производство

CAR (compound annual return) сложные поступления за год

CAT (computer-assisted trading) автоматизированная

система торговли C.B.D. (cash before delivery) оплата наличными до доставки

товара

C.B.D. (central business district) центральный деловой район

сс (copies) копии (надпись на письме)

CCA (current-cost-accounting) учет текущей стоимости

CD. (cash discount) скидка при сделке за наличные

C/D (certificate of deposit) депозитный сертификат CEC (Common European Currency) единая европейская валюта

CEO (амер. chief executive officer)

президент; управляющий высшего ранга

СЕТ (Common External Tariff) Единый внешний тариф

CGT (capital-gains tax) налог на реализованный прирост

рыночной стоимости капитала C.H.I, (clearing house) расчетная палата, 2. (custom house)

таможня

CHIPS (Clearing House Inter-Bank Payments System) Система межбанковских электронных клиринговых расчетов («Чипе») CIA (cash in advance) оплата наличными вперед, аванс C.I.F. (cost, insurance, freight) стоимость, страхование, фрахт

СЮ (Congress of Industrial Organizations) Конгресс

производственных профсоюзов, КПП CIS (Commonwealth of Independent States) Содружество

независимых государств CMV (current market value) текущая рыночная стоимость CNAR (compound net annual rate) сложная чистая годовая

ставка

С/О (care of) на адресе письма лицу, которое живет там

временно Со (company) компания

СО (cash order) приказ об оплате наличными

COD или C.O.D. (cash on delivery) оплата наличными в

момент поставки, наложенный платеж COLA (cost-of-living-adjustment) поправка на рост

стоимости жизни, надбавка на дороговизну СОМЕХ (Commodity Exchange) Нью-Йоркская товарная

биржа

cont. или cont'd (continued) продолжение следует corp(n) (corporation) корпорация СР. (carriage paid) провоз оплачен

CPAF (cost-plus-award-fee) оплата издержек производства

плюс периодические премии c.p.d. (Charterers pay dues) пошлины подлежат оплате

фрахтователем CPFF (cost-plus-fixed-fee) оплата издержек плюс твердая

прибыль

CPI (consumer price index) индекс потребительских цен СРМ (critical-path method) метод критического пути СРР (current purchasing power) текущая покупательная способность

с.г. (current rate) текущая ставка; курс дня, существующий тариф

CRC (cost-reimbursement contract) контракт с возмещением издержек

CS (capital stock) акция, акции, акционерный капитал (convertible) обратимый, конвертируемый C.W.O., cw.o. (cash with order) наличный расчет при выдаче заказа

D

D/A 1. (documents against acceptance) документы против акцепта, 2. (deposit account) депозитный счет, 3. (documents attached) документы прилагаются

DAF (delivery at frontier) поставка (товара) на границе

DBA, d.b.a. (doing business as...) действующий как...

DBMS (database management system) система управления базами данных

dc (direct costs) прямые издержки

DCF (discounted cash flow) дисконтированные будущие

наличные поступления dct (document) документ

dd. 1. (dated) датированный, 2. (delivered) доставленный

DC (demand curve) кривая спроса

dept или dep (department) отдел, министерство

DI (disposable income) наличный / располагаемый доход

D.M. (decision maker) лицо, принимающее решение

DMU (decision-making unit) хозяйственная единица с

правом принятия решений DMUC (decision making under certainty) принятие

решения в условиях определенности DMUR (decision making under risk) принятие решения в

условиях риска DMUU (decision making under uncertainty) принятие

решения в условиях неопределенности DOC (direct operating cost(s)) прямые эксплуатационные

расходы

DP (data processing) обработка данных

D/P 1. (documents against presentation) документы

против предъявления, 2. (documents against payment)

документы против оплаты DPI (disposable personal income) располагаемый личный

доход

DPS (data processing system) система обработки данных DS (directing staff) руководящий персонал DSR (debt service ratio) коэффициент обслуживания долга

E

E & OE (errors and omissions excepted) ошибки и пропуски

исключены (надпись на бланках счетов-фактур) EBB (extra best best) самого высшего качества EBIT (earnings before interest and taxes) доходы до вычета

процентов и налогов ЕС 1. (European community) Европейское сообщество, 2.

(eurocheque) еврочек, 3. (executive committee)

исполнительный комитет EDD (estimated delivery date) предполагаемая дата

поставки

EDP (electronic data processing) электронная обработка данных

Е.Е. или е.е. (errors excepted) исключая ошибки EEC (European Economic Community) Европейское экономическое сообщество

ЕЕО (equal employment opportunity) равенство

возможностей в области занятости EGM (Extraordinary general meeting) чрезвычайное /

внеочередное общее собрание emb. (embargo) эмбарго, запрещение

епс. или end. (enclosure) вложение, приложение (на

письме, содержащем документ) e.o.d. (every other day) раз в два дня, через день E.P.D. (excess profits duty) налог на сверхприбыль EPIC (electronic price information computer) компьютерная

система ценовой информации EPOS (electronic point of sale) электронный пункт

продажи

eps (earnings per share) прибыль компании в расчете на одну акцию

Е.Р.Т. (excess profits tax) налог на сверхприбыль ERM (Exchange Rate Mechanism) Механизм валютных курсов

ESOP (employee share-ownership plan) план приобретения акций служащими компании

ETF (electronic transfer of funds) электронная система платежей

F

faa (free of all average) свободно от всякой

аварии Fac (facsimile) факсимиле

fas (free alongside ship) франке вдоль борта судна FC (Fixed cost) фиксированные издержки FIFO (first in, first out) первым прибыл —

первым обслужен / обслуживание в порядке

поступления

FMCG (fast-moving consumer goods) потребительские

товары постоянного спроса FMS (flexible manufacturing system) гибкая

производственная система FTC (Federal Trade Commission) Федеральная торговая

комиссия

FOB (free on board) франко-борт

FOQ (free on quay) франко-набережная

FOR (free on rail) франко-вагон

f.o.t. (free of tax) освобожденный от обложения налогом Four Ps (product, place, promotion and price) четыре

составных части маркетинга FP (fixed price) фиксированная цена f.p. (fully paid) полностью оплаченный FPA (free of particular average) свободный о частной

аварии

f.v. (folio verso Лат.) на обороте листа F.W. (full weight) общая масса

G

GA (general average) общая авария

GATT (General Agreement on Tariffs and Trade)

Общее соглашение о тарифах и торговле GDP (gross domestic product) валовой

внутренний продукт (ВВП) GNI (gross national income) валовой национальный

доход

GNP (gross national product) валовой национальный

продукт (ВНП) G.O. (general office) главная контора GP (general purpose) общего назначения GS (government stocks) государственные бумаги GSS (Government Statistical Service) Правительственная

статистическая служба GW или g.w. (gross weight) масса брутто

Н

hon sec (honorary secretary) почетный секретарь HP (hire purchase) покупка в рассрочку HRIS (human resources information system)

информационная система по трудовым ресурсам

I (investment) инвестиции

IBRD (International Bank for Reconstruction and Develop­ment) Международный банк реконструкции и развития

ICC (International Chamber of Commerce) Международная торговая палата

ICCH (International Commodities Clearing House) Международная товарная клиринговая палата

IDA (International Development Association) Международная ассоциация развития

IDC (industrial development certificate) сертификат/ разрешение на промышленное строительство

IFC (International Finance Corporation) Международная финансовая корпорация

III (investors in industry) инвесторы в промышленность

I/L (import license) лицензия на импорт

ILO (International Labour Organization) Международная организация труда

IMF (International Monetary Fund) Международный валютный фонд

Inc, inc (incorporated) акционерный

IOU (I owe you) я вам должен (начало деловой переписки)

IPO (initial public offering) первый выпуск акций IRR (internal rate return) внутренняя ставка дохода

м

MS (money supply) предложение денег М.Т. (mail transfer) перевод по почте MU (monetary unit) денежная единица M.U. или MU (marginal utility) предельная /

маржинальная полезность m.v. (market value) рыночная стоимость

N

n (net) нетто; чистый вес

NAV (net asset value) стоимость чистых активов

NB (new-bonds) новые облигации / закладные NBV (net book value) первоначальная стоимость

капитального актива NC (no charge) без оплаты

N/C (numerical control) цифровое программное управление

N.C.I, (no common interest) без обычных процентов NCT (National Chamber of Trade) Национальная

торговая палата NCV (no commercial value) не имеет коммерческой

ценности N.D. или n.d. (по date) без даты

NDP (net domestic product) чистый внутренний продукт n/e (not exceeding) не превышающий, не более,

максимум NE (net export) чистый экспорт NEW (net economic welfare) чистое экономическое

благосостояние N.F. или n/f (no funds) «без покрытия» NGO (non-government organization) неправительственная

организация N.I. или N1 (national income) доход

NIP (normal investment practice) нормальная

инвестиционная практика NL (no liability) без всякой ответственности n/n (non-negotiable) без права передачи (о документе) NNI (net national income) чистый национальный доход NNP (net national product) чистый национальный продукт NOC (notice of completion) уведомление об окончании работ NOD (notice of dispatch) уведомление об отгрузке NOR или N/R (Notice of readiness) уведомление о

готовности к отправке NP (national product) национальный продукт n.p. 1. (notes payable) векселя к оплате, 2. (net proceeds)

чистый доход n/p (nonpayment) неуплата

NPD (new product development) разработка нового продукта npv (по par value) без номинала NPV (net present value) чистая текущая стоимость NRV (net realizable value) чистая цена реализации N.S.F. (not sufficient funds) не обеспечено денежным покрытием

NTB (non-tariff barrier) нетарифный барьер nt.wt. (Net weight) вес нетто N.V (nominal value) номинальная стоимость NYSE (New York Stock Exchange) Нью-Йоркская фондовая биржа

О

О/а 1. (Old account) старый счет, 2. (on account) в счет

причитающейся суммы, 3. (outstanding account)

неоплаченный счет О/А (open account) открытый счет ОАА (old-age assistance) пособие престарелым ОАР (old-age pension) пенсия по старости о/с (overcharge) завышенная цена; завышенный расход OCR (optical characters recognition) оптическое

распознавание знаков O.D. или 0/D или o/d (on demand) по требованию OD (overdraft) превышение кредита OGP (original gross premium) первоначальная валовая

премия

o/h (overhead) накладные расходы

OMS (output per manshift) выработка за человеко-смену OPEC (Organization of Petroleum Exporting Countries)

Организация стран — экспортеров нефти, ОПЕК O.R. (owner's risk) на риск владельца orgn (Organization) организация O/S или o/s 1. (on sale) в продаже, 2. (out of stock)

распродано, 3. (outstanding) неуплаченный,

просроченный ОТ или o/t (old terms) прежние условия ОТС market (over-the counter market) внебиржевой

рынок ценных бумаг

P

P.A., p.а или P/A 1. (private account) счет частного лица или фирмы, 2. (per annum) за год, 3. (particular average) частная авария, 4. (power of attoney) доверенность PA (personal assistant) личный секретарь-референт PABX (private automatic branch exchange) частная автоматическая телефонная станция с выходом в общую сеть

РАС 1. (planning advisory committee) плановый

консультативный комитет, 2. (planning, analysis and con-troll) планирование, анализ и контроль, 3. (put and call) опцион «пут и кол»

Рас, р.а.с. или Р.а.С (put and call) двойной опцион, стел­лажная сделка

part, (participant / participating) участник / принимаю­щий участие

PAS (Production Advisory Service) производственно-кон­сультативная служба

PAYE (pay-as-you-earn) уплата налогов при получении заработанных денег

Р.В (passbook) банковская расчетная книжка

PC 1. (paid cash) уплачено наличными, 2. (private contract) частное соглашение / договор, 3. (personal computer) персональный компьютер

p.c.l. (per centum) (Лат.) процент, 2. (partly cash) часть платежа производится наличными, 3. (petty cash) мел­кие деньги, разменная монета

Р.С 1. (particular charges) особые расходы, 2. (pay card) карточка на выплату зарплаты, расчетный лист

р/с (priced catalogue) прейскурант

РСЕ (personal consumption expenditures) затраты на лич­ное потребление pchs (purchase) покупка, закупка PD (pickup and delivery) вывоз и доставка p.d. (per day) на день, в день

PDE (producer durable equipment) капитальное

оборудование с длительным сроком службы PDR или P/D ratio (price-divident ratio) отношение цены

акции к доходу по ней РЕ (planned expenditure) планируемые расходы Р.Е. (permissible error) допустимая ошибка Р/Е (price / earnings) отношение цены к прибыли на акцию PEP (personal equity plan) личный план инвестирования per an. или per ann. (Лат. per annum) в год, ежегодно per cap. (Лат. per capita) на душу населения, на человека per рго(с) или рр (Лат. per procurationem) по доверенности PERT (project evaluation-and-review technique) методика

анализа и оценки проекта pf(d) (preferred) привилегированный (об акциях) PFU (prepared for use) готовый к употреблению PI (personal income) личный доход PIMS (profit impact of market strategy) воздействие

рыночной стратегии на прибыль PIN (personal identification number) личный

идентификационный номер (кредитной или наличной

карточки)

Р & L а/с (profit-and-loss account) счет прибылей и убытков

P.L. или P/L (profit and loss) прибыль и убыток

PLC (public limited company) публичная / открытая

компания с ограниченной ответственностью pmh (production per man-hour) производительность за

человеко-час P.O. (Payment Order) платежное поручение P.O.D. (pay on delivery) наложенный платеж, наложенным

платежом POS (point of sale) торговая точка P.P.I, (postage paid) почтовые расходы оплачены, 2.

(purchase price) покупная цена Р/р (partial pay) частичная оплата PPD или ppd (prepaid) предоплаченный P.P.F (Production-possibility frontier) граница

производственных возможностей PPI (producer price index) индекс цен производителей

PPP (purchasing power parity) паритет покупательной способности

PR (public relations) связи фирмы с отдельными лицами, организациями, общественностью

PRO (public relations officer) сотрудник по связям с общественностью

ргох. (Лат. proximo) в следующем (месяце, году)

PRT (petroleum revenue tax) налог с дохода от продажи нефти

P/S или P.S. (public sale) аукцион

PSBR (Public Sector Borrowing Requirement)

потребность государственного сектора в заемных

средствах

PSL (private-sector liquidity) ликвидность частного сектора

PTN (public telephone network) государственная телефонная сеть

Q

Q. (quarter) четверть, квартал

Q. или q. (quantity) количество

QARAM (Quality, Reliability Assurance and

Maintainability) гарантия качества,

надежности и ремонтопригодности QP (quality products) качественные продукты QUEST (Quantitative Utility Estimate for

Science and Technology) количественная

оценка полезности для науки и техники Q.w.Q (quantity with quality) количество и качество

R

RA (repurchase agreement) соглашение об обратном выкупе

г. & a (rail and air) перевозки по железной дороге и воздуху

R&D (Research and development) научные исследования и опытно-конструкторские разработки

г & о (rail and ocean) перевозки по железной дороге и морем

R.E. (real estate) недвижимое имущество

R.M.D. (ready money down) уплата наличными немедленно

ROA (return on assets) доход на активы

ROC (return on capital) прибыль на капитал

ROE (return on equity) доход на долю собственников / на

акционерный капитал R. of Е. (rate of exchange) валютный / обменный курс ROI (return on investment) прибыль на инвестированный

капитал

R.P. (retail price) розничная цена RPI (Retail Price Index) индекс розничных цен RPM (resale price maintenance) поддержание розничной цены

RRP (recommended retail price) рекомендуемая розничная цена

S

S.A. (savings account) срочный сберегательный счет S. and Н.е. (Sundays and Holidays excepted) исключая

воскресенья и праздничные дня SB (savings bond) сберегательная облигация S.B. 1. (savings bank) сберегательный банк, 2. (short bill)

краткосрочный вексель SE (shareholders' equity) акционерный капитал SEAF (Stock Exchange Automatic Exchange Facility)

система автоматической покупки и продажи ценных

бумаг

SEAQ (Stock Exchange Automatic Quotation System)

электронная система биржевых котировок sec (secretary) секретарь sees (securities) ценные бумаги S/N (shipping note) уведомление об отгрузке S.P.I, (starting price) начальная / отправная цена, 2. (stop of payment) приостановка платежей


Frequently used business abbreviations I 397 s.p. (selling price) продажная цена

SQC (statistical quality control) статистический контроль качества

S.R. (short rate) краткосрочная процентная ставка SRO (self-regulatory organization) саморегулирующаяся организация

SWIFT (Society for Worldwide Interbank Financial Tele­communications) Международная межбанковская электронная система платежей, СВИФТ

т

Т.А. (transferable account) переводной счет

t. & d. (time and date) время и число

ТВ (Treasury bill) казначейский вексель

ТС 1. (total cost) общая стоимость, общие издержки, 2.

(traveller's check) дорожный чек TD или T/D (time deposite) срочный депозит ТЕ 1. (tax exempt) освобожденный от налога, 2. (trade

expenses) торговые расходы TFO (total fixed outlay) общие постоянные издержки ТМ (trademark) торговый знак, фабричная марка ТМО (telegraphic money order) телеграфное платежное

поручение ТО (total outlay) общие издержки

ТОС (total ordering cost) общая стоимость выполнения заказа

TP (total profit) общая прибыль

ТРС (total purchasing cost) общие затраты на

приобретение TPI (tax and price index) индекс налогов и цен ТРРС (total package procurement contract) комплексный

всеобъемлющий контракт TR (total revenue) совокупный доход trans (transaction) сделка, операция TRC (total resource cost) общие издержки ресурса Тг.Со. (trust company) траст-компания ТТ (telegraphic transfer) телеграфный перевод

TU или T.U. 1. (trade(s) union) тред-юнион, профсоюз,

2. (total utility) общая полезность T.U.C. (Trades Union Congress) Конгресс тред-юнионов T.W. (total weight) общая масса

и

UCC (uniform commercial code) единый коммерческий кодекс

UNO (United Nations organization) Организация

Объединенных аций, ООН USM (unlisted securities market) рынок некотируемых

ценных бумаг USP (unique selling proposition) уникальное качество u.t. (usual terms) обычные условия u.u.r. (under usual reserve) с обычной оговоркой

V

vac. (vacation) отпуск

VAT или V.A.T (value-added tax) налог на добавленную стоимость

VC 1. (valuable cargo) ценный груз, 2. (variable cost)

переменные издержки V.C.I, (vice-chairman) вице-председатель VIMC (vertically integrated marketing channel)

вертикально интегрированный маркетинговый канал VIP (very important person) очень важная персона

w

WA (with average) включая частную аварию W.C. или w/c (without charge) без оплаты / накладных расходов

WFTU (World Federation of Trade Unions) Всемирная

федерация профсоюзов, ВФП w.g. (weight guaranteed) гарантированная масса whs (warehouse) товарный склад WI (when issued) после выпуска (ценной бумаги) WIP (work in progress) незавершенное производство

wkly (weekly) еженедельно

W/M (without margin) без оплаты разницы

W.P.A. или w.p.a. (with particular average) включая

частную аварию WPI (wholesale price index) индекс оптовых цен W/R (warehouse receipt) товарная квитанция / расписка W/W (warehouse warrant) складской варрант

X

X. (exclusive) исключая, без

X (extension) после телефонного номера

Х.С. (ex coupon) без купона

XD или X-d (ex dividend) без дивиденда

X.I или x.i. (ex interest) без начисления процентов

Y

Y. (year) год

YLD (yield) доходность

Y.O. (yearly output) годовой объем

производства YOB (year of birth)rofl рождения YOD (yeai of death) год смерти


Appendix С

I Таблица неправильных глаголов

1 форма 2 форма 3 форма 4 форма перевод
to be was/were been being быть, находиться
to bear bore born bearing нести
to beat beat beaten beating бить
to begin began begun beginning начинать(ся)
to bend bent bent bending гнуть
to bind bound bound binding переплетать
to bite bit bitten/bit biting кусать
to blow blew blown blowing дуть
to break broke broken breaking ломать
to bring brought brought bringing приносить
to build built built building строить
to burn burnt burnt burning гореть, жечь
to buy bought bought buying покупать
to catch caught caught catching ловить
to choose chose chosen choosing выбирать
to cut cut cut cutting резать, рубить
to dive dived/dove dived diving нырять
to do did done doing делать
to draw drew drawn drawing рисовать, тащить
to drink drank drunk drinking пить
to drive drove, driven driving вести
to eat ate eaten eating есть, кушать
1 форма 2 форма 3 форма 4 форма перевод
to fall fell fallen falling падать
to feel felt felt feeling чувствовать
to feed fed fed feeding кормить
to fight fought fought fighting бороться, драться
to find found found finding искать, находить
to fly flew flown flying летать
to forbid forbade forbidden forbidding запрещать
to forget forgot forgotten forgetting забывать
to forgive forgave forgiven forgiving прощать
to freeze froze frozen freezing заморажива ть
to get got got getting получать, становиться
to give gave given giving давать
to go went gone going идти, ехать
to grow grew grown growing расти, выращивать
to hang hung hung hanging висеть, вешать
to have had had having иметь
to hear heard heard hearing слышать
to hit hit hit hitting ударять
to hold held held holding держать
to hurt hurt hurt hurting повредить
to know knew known knowing знать
to lay laid laid laying накрывать
1 форма 2 форма 3 форма 4форма перевод
to lead lead lead ' leading вести
to leap leapt/leaped leapt/leaped leaping прыгать, скакать
to leave left left leaving покидать, оставлять
to lend lent lent lending давать взаймы
to let let let letting позволять
to lie lay lain lying лежать
to light lit lit lighting зажигать
to lose lost lost losing терять
to make made made making делать
to meet met met meeting встречать (ся)
to pay paid paid paying платить
to put put put putting класть, ставить
to read read read reading читать
to ride rode ridden riding ехать (верхом)
to ring rang rung ringing звонить, звенеть
to rise rose risen lising поднимать
to run ran run running бежать
to say said said saying говорить, сказать
to see saw seen seeing видеть
to sell sold sold selling продавать
to send sent sent sending посылать, отправлять
1 форма 2 форма 3 форма 4 форма перевод
to shake shook shaken shaking трясти
to shine shone shone shining светить, сиять
to shoot shot shot shooting стрелять, снимать
to show showed shown showing показывать
to sing sang sung singing петь
to sink sank sunk sinking тонуть
to sit sat sat sitting сидеть
to sleep slept slept sleeping спать
to speak spoke spoken speaking говорить, разговарива ть
to spend spent spent spending тратить, проводить время
to stand stood stood standing стоять
to steal stole stolen stealing воровать, украсть
to stick stuck stuck sticking прилипать
to strike struck struck striking бить, ударять
to swear swore sworn swearing клясться
to sweep swept swept sweeping мести, подметать
to swim swam swum swimming плавать
to take took taken taking взять, брать
to teach taught taught teaching учить, обучать
to tear tore torn tearing рвать
1 форма 2 форма 3 форма 4 форма перевод
to tell told told telling сказать, сообщать
to think thought thought thinking думать
to throw threw thrown throwing бросать, кидать
to wake woke woken waking будить, просыпатьс я
to wear wore worn wearing носить
to weep wept wept weeping плакать
to win won won winning побеждать, выигрывать
to write wrote written writing писать

Литература

1. Applied Economics. Junior Achievement. Princeton, USA, 1990.

2. Marketing for dummies. A. Hiam. IDG Books World­wide. 1998.

3. Воронцова И.И. и др. Английский язык для студен­тов экономических факультетов. М., 1998.

4. Lookianova N.A. The businessman's companion. M.: «ГИС», 1998.

5. Синецкий Б. И. Внешне-торговые операции. Моск­ва. 1989.

6. Robinson Р.В. Import/Export. London, 1979.
Doing Business in the United Kingdom. Ernst & Whin-
ney International. England, 1988.

Содержание

От авторов................................................................................................. 3

PART 1. ФОНЕТИКА............................................................................ 5

Особенности английского произношения................................. 5

Звуки английского языка.............................................................. 5

Правила чтения................................................................................ 8

Звуки [i], [i:]......................................................................... 10

Звуки [е], [ж]........................................................................ 12

Звуки [а:], [еэ], [ei].............................................................. 13

Звуки [и:], [и]....................................................................... 15

Звуки [э:], [э], [ои]................................................................ 16

Звуки [ю], [ai], [au]............................................................. 17

Звуки [9], [3]......................................................


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