Английский язык профессионального общения

МИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ  
РОССИЙСКОЙ ФЕДЕРАЦИИ 
Ростовский государственный экономический университет 
(РИНХ) 
 
 
 
 
 
 
О.Н. Васичкина, Ю.А. Петрова, С.В. Самарская  
 
 
 
 
 
 
 
Английский язык профессионального общения  
 
Для магистрантов по направлению «Экономика» 
 
 
Учебное пособие 
 
 
 
 
 
 
 
 
 
 
 
Ростов-на-Дону 
2019 

УДК 811.111(075) 
ББК 81.2Англ 
В 19 
 
Васичкина, О.Н. 
В19 Английский язык профессионального общения : учеб. пособие для магистрантов по направлению «Экономика» [Электронный ресурс] / О.Н. Васичкина, Ю.А. Петрова, С.В. Самарская – Ростов н/Д : Издательскополиграфический комплекс РГЭУ (РИНХ), 2019. – Электрон. сетевое 
изд. – 92 стр. – Режим доступа: http://library.rsue.ru 
ISBN 978-5-7972-2678-9 
 
Данное учебное пособие включает практические материалы для проведения 
занятий по дисциплине «Английский язык профессионального общения» на продвинутом уровне и ориентировано на магистрантов направления «Экономика». 
Цель пособия – создание стабильных знаний, развитие навыков чтения профессионально ориентированных текстов, а также совершенствование коммуникативных 
навыков устной и письменной речи.  
Предложенные аутентичные материалы и лексико-грамматические задания 
дают возможность магистрантам овладеть навыками чтения и понимания сложных научно-профессиональных текстов на абстрактные и конкретные темы. 
Рекомендуется для студентов магистратуры и аспирантуры, изучающих  
английский язык профессионального общения по направлению «Экономика».  
УДК 811.111(075) 
ББК 81.2Англ 
 
 
Рецензенты: 
Руденко Е.С., к.п.н., доцент кафедры научно-технического перевода  
профессиональной коммуникации  ДГТУ; 
Барабанова И.Г., к.ф.н., доцент кафедры лингвистики и журналистики  
РГЭУ (РИНХ) 
 
 
Утверждено в качестве учебного пособия  
учебно-методическим советом РГЭУ (РИНХ). 
 
 
 
 
 
ISBN 978-5-7972-2678-9  
© РГЭУ (РИНХ), 2019 
© Васичкина О.Н., Петрова Ю.А., 
Самарская С.В., 2019 

Оглавление 
 
MODULE I NATURE OF ECONOMICS 
4 
UNIT I  WHAT IS ECONOMICS? 
4 
UNIT II  THE FUNDAMENTAL PROBLEMS OF ECONOMICS 
8 
UNIT III  ECONOMIC SYSTEMS 
13 
UNIT IV  DEMAND AND SUPPLY 
19 
UNIT V  CYCLES OF ECONOMIC ACTIVITY 
23 
MODULE II FINANCES 
27 
UNIT I  FINANCE AND FINANCIAL SYSTEM 
27 
UNIT II CENTRAL BANKING SYSTEM 
31 
UNIT III COMMERCIAL BANKS 
36 
UNIT IV  TAXATION 
43 
UNIT V INTERNATIONAL MONETARY SYSTEM 
51 
MODULE III ACCOUNTING 
59 
UNIT I ACCOUNTING PRINCIPLES AND CONCEPTS 
59 
UNIT II FINANCIAL STATSMENTS AND THEIR ELEMENTS 
68 
UNIT III AUDITING 
74 
MODULE 
IV 
READING 
AND 
DISCUSSING 
PROFESSIONAL 
LITERATURE 
82 
UNIT I RENDERING AN ARTICLE 
82 
UNIT II WRITING A SUMMARY 
87 
List of reference books 
91 
 
 
 
 
 
 
 

MODULE I 
NATURE OF ECONOMICS 
 
UNIT I  
WHAT IS ECONOMICS? 
 
Look through the key words: factors of production, economics, scarcity microeconomics, macroeconomics, descriptive or empirical economics, economic theory, 
economy. Match a line in A with a line in В to define these terms: 
 
A 
B 
1.Factors  
of production 
a. The branch of economics that studies aggregate economic  
behavior, the economy as a whole. 
2. Economics 
b. Resources used to produce goods and services, e.g. land,  
labour, capital. 
3.Scarcity 
c. A social mechanism that covers the management, use and control of various resources  
4. Microeconomics d. A social science studying economy. 
5. Macroeconomics e. A situation in which there is not enough of something 
6.Descriptive 
or 
empirical economics 
f. A process of reasoning using known lads to produce general 
rules or principles. 
7. Economic theory g. The branch of economics that studies individual behavior in 
the economy, the components of the larger economy. 
8. Economy 
h. The task of gathering economic facts which are relevant to a 
particular problem of the economy and testing hypotheses against 
facts to validate theories. 
 
Reading and discussing     
Read and translate the text and find an appropriate heading for each paragraph. 
A. the main concern of economics; 
B. the  branches of economics; 
C.  major economic goals; 
D. the tasks of empirical economics and economic theory; 
E.  methods used by economists. 
1. Human beings have lots of wants. We want, among other things, love, social 
recognition, and the material necessities and comforts of life. Our striving to improve 
our material well-being, to «make a living», is the concern of economics. More 

specifically, economics is the study of the behavior of human beings in producing, 
distributing and consuming material goods and services. Economics is the study, 
description, and analysis of the ways in which a society produces and distributes. 
In economics, the term goods and services refers to everything that is produced in 
the economy—all products and services, including government ―services,‖ such as 
national defense and the prison system. 
In order to produce anything, we need resources, or factors of production — 
land, labor, and capital (buildings and machinery). Factors of production are used 
to produce final goods and services which satisfy our material wants. And this is 
done through the organizational mechanism which we call the economic system or 
economy. Unfortunately, the quantity of available resources is limited. We cannot 
produce everything we want in the quantities we desire. Resources are scarce relative to our desires. Scarcity is a basic fact of economic life. So, economics is concerned with the efficient use of scarce resources in the production of goods and 
services to satisfy material wants and the economy means a system for the management, use and control of the money, goods and other resources of a country, 
community or household. 
2. Understanding how various economies work is the basic purpose of studying economics. We want to know how an economy is organized, how it behaves, 
and how successfully it achieves its basic objectives. What do economists do? 
They formulate economic principles which are useful in setting policies designed 
to solve economic problems. The economists gather facts which are relevant to a 
particular problem or specific segment of the economy. This task is sometimes 
called descriptive or empirical economics. The generalizations stated by economists are called «principles», «theories», «laws», or «models». Principles and theories — the end result of economic analysis — bring order and meaning to a number of facts by tying these facts together, putting them in correct relationship to 
one another, generalizing upon them. The task of economic theory or «economic 
analysis» is the derivation of these principles. Economic principles are particularly valuable in formulating economic policy designed to solve problems and control undesirable events. 
3. Some economic principles are concerned with macroeconomics, while 
others connected with microeconomics. Macroeconomics is the branch of economics that focuses on the behavior of an entire economy — the «big picture». In 
macroeconomics we worry about such national goals as full employment, control 

of inflation, and economic growth, without worrying about the well-being or behavior of specific individuals or groups. The essential concern of macroeconomics 
is to understand and improve the performance of the economy as a whole. 
Microeconomics is the branch of economics that is concerned with the details of this «big picture». In microeconomics we focus on the individuals, firms, 
and government agencies that actually comprise the larger economy. Our interest 
here is in the behavior of the individual economic actors. Here we talk in terms of 
an individual industry, firm, or household, and concentrate upon such things as 
the output or price of a specific product, the number of workers employed by a 
single firm and so forth. Microeconomics also studies how government activities 
such as regulations and taxes affect individual markets. Besides microeconomics 
tries to understand what factors affect the prices, wages and earnings. In short, 
macroeconomics examines the forest, not the trees. It gives us a bird's-eye view of 
the economy. In microeconomics we examine the trees, not the forest. Microeconomics is useful in achieving a worm's-eye view of some very specific component 
of our economic system. 
4. Four major economic goals are widely accepted in many societies. These 
goals may be briefly listed as follows: 
Full employment. Suitable jobs should be available for all who are willing 
and able to work. 
Price stability. Sizable upswings or downswings in the general price level, 
that is, inflation and deflation, should be avoided. 
Economic growth. The production of more and better goods and services, 
or, more simply stated, a higher standard of living, is desired. 
An equitable distribution of income. No group of citizens should face stark 
poverty while other citizens enjoy extreme luxury. 
In each case, the goal itself is formulated through the political process. The 
economist‘s job is to help design policies that will allocate the economy‘s resources in ways that best achieve these goals. They formulate economic principles 
which are useful in setting policies designed to solve economic problems. Principles and theories — the end result of economic analysis — bring order and meaning to a number of facts by tying these facts together, putting them in correct relationship to one another, generalizing upon them.  
 
 

Exercises 
Ex.1. Find Russian equivalents of the following English words and word  
combinations: 
 
1. productivity of  labour 
2. to generalize upon facts 
3. an equitable distribution of income 
4. derivation of principles 
5. to satisfy materials wants 
6. to econcile the conflict 
7. simplification of reality 
8. extreme luxury 
9. applied economics 
a. удовлетворять материальные потребности 
b. чрезвычайная роскошь 
c. обобщать факты 
d. разрешить конфликт 
e. справедливое распределение дохода 
f. прикладная экономика 
g. упрощение реальности 
h. выведение принципов 
i. производительность труда 
   
Ex. 2. Identify the nouns, adjectives, adverbs and verbs in the following groups 
of words. Use the appropriate ones in the sentences below.  
 
   a. economy, b. economics, c. economic, d. economical, e. economize,  
    f. economist,       g. economically,       h. uneconomic 
 
1. Backward farming methods made grain production ______ .  
2. To ______ means to use money or fuel very carefully. 
3. The study of the way goods and services are produced and sold and the way 
money is managed is referred to as ______ . 
4. Politically and ______ the country is going through enormous changes. 
5.  ______ geography is one of the obligatory subjects at our University. 
6. 
An expert in economics, especially one who advises government, department, business or organization is called an ______ . 
7. It would be more ______ to switch the machine off at night. 
8. Do you know three of the fastest-growing ______ in the Asia-Pacific region? 
 
Ex.3. Complete the sentences below: 
1.  A person who manages a company is a _______ . 
2. People who do not have home are described as _____. 
3. If someone is very poor, they are living in ______ .  
4. The opposite of understand is ______ . 
5. Someone who shows great skill is described as ______ . 
6. If you ask someone to explain something, they'll give you an ______ .  

Ex. 4. Fill in the blanks using the words from the list in the bottom.  
A. Economics is a social science studying economy. Like the natural sciences and 
other social sciences, economics tries to develop 1)_______ or 2) _______building 
models. The predictions of the models form the basis of 3)________. Then the predictions of the models are compared with the 4) ______of the real world. 
a. facts, b. laws, с. principles, d. economic theories. 
B. Economics as a science consists of two disciplines that is of 1) _____and 
2) _____ . The study of economics focuses on the broad question of 3) _____ allocation. 
Macroeconomics is concerned with allocating the resources of an 4) ____ to achieve 
5) ______ (e.g. full employment). Microeconomics focuses on the behaviour and goals 
of 6) _____ producers or markets. 
a. individual, b. microeconomics, c. macroeconomics, d. entire economy,  
e. resource, f. economic goals. 
 
Ex.5. Answer the questions: 
1. What does economics study? 
2. What differs economics from other social sciences? 
3. What is the shortest way to define the science of economics? 
4. What is economy? 
5. What is the purpose of studying economics? 
6. What are factors of production? 
7. What is an economic system? 
8. What is macroeconomics? 
9. What is the concern of microeconomics? 
10. What economic goals are widely accepted? 
 
 UNIT II  
THE FUNDAMENTAL PROBLEMS OF ECONOMICS  
 
Look through the key words: command economy, production facilities, property 
resources, investment goods, manufactured aids, economizing problem, total output, 
distribution facilities, legal framework. Match a line in A with a line in В to define these terms: 
A. 
B. 
1. административно-командная система хозяйствования 
а. investment goods  
2.организационно-техническая база сбыта продукции 
b. property resources 

A. 
B. 
3. проблема минимизации издержек           
с. production facilities 
4. общий объем производства 
d. command economy 
5. материальные ресурсы 
е. manufactured aids 
6. производственные мощности 
             
f. economizing proble 
7. промышленные средства 
g. legal framework 
8. общий объем производства 
h. total output 
9. правовая система   
i. distribution facilities         
 
Reading and discussing     
The fundamental problem of economics 
 Read and translate the text about the problem of economizing in economics.  
Find an appropriate heading for each paragraph. 
A. Responses of world economic systems to the economizing problem 
B. Mixed economy 
C. Main points of economizing problem 
D. Classification of economic resources 
E. Material wants 
F. Command economy 
G. Pure capitalism 
Two fundamental facts provide a foundation for the field of economics and, in 
fact, comprise the economizing problem. The first fact is this: Society's material wants, 
that is tin-material wants of its citizens and institutions are unlimited. Second: Economic resources the means of producing goods and services - are limited or scarce. 
 What do we mean by «material wants»? We mean the desires of consumers to 
obtain and use various goods and services. Innumerable products which we sometimes 
classify as necessities (food, shelter, clothing) and luxuries (perfumes, yachts, mink 
coats) satisfy human wants. Services satisfy our wants as much as do products. Repair 
jobs on our car, the removal of our appendix, a haircut, and legal advice have in common with goods the fact that they satisfy human wants. The differences between goods 
and services are often less than they seem to be at first. 
 Economic resources can be classified into the following categories: (1) property 
resources - land or raw material and capital; (2) human resources - labour. Let us examine these various resource categories. What does the economist mean by land? Much 
more than do most people. Land refers to all natural resources - all ―gifts of| nature‖ 
which are usable in the productive process. Such resources as arable land, forests, mineral and oil deposits, water resources come under this general classification. What about 

capital? Capital, or investment goods, refers to all manufactured aids to production, that 
is, all tools, machinery, equipment, and factory, storage, transportation and distribution 
facilities used in producing goods and services. It is a man-made resource. Economists 
often talk of «money capital», meaning money which is available for use in the purchase of machinery, equipment, and other productive facilities. But money, as such, 
produces nothing; hence, it is not to be considered as an economic resource. Real capital 
— tools, machinery, and other productive equipment - is an economic resource; money 
or financial capital is not. Besides, capital goods should be distinguished from consumer 
goods. The latter satisfy wants directly, whereas the former do so indirectly by facilitating the production of consumer goods. What is labor? Labor is a broad term which the 
economist uses in referring to all of the physical and mental talents of men and women 
which are usable in producing goods and services. 
4. We must recognize that a variety of different institutional arrangements and 
coordinating mechanisms are used by a society in responding to the economizing problem. The industrially advanced economies of the world differ essentially on two 
grounds; (1) the ownership of the means of production, and (2) the method by which 
economic activity is coordinated and directed. 
5. Pure, or laissez faire, capitalism is characterized by the private ownership of resources and the use of a system of markets and prices to coordinate and direct economic 
activity. In such a system each participant is motivated by his or her own self interest; 
each economic unit seeks to maximize its income through individual decision making. 
The market system functions as a mechanism through which individual decisions and 
preferences are communicated and coordinated. The fact that goods and services are 
produced and resources are supplied under competitive conditions means there are 
many independently acting buyers and sellers of each product and resource. As a result, 
economic power is widely dispersed. Advocates of pure capitalism argue that such an 
economy promotes efficiency in the use of resources, output and employment stability, 
and rapid economic growth. The term laissez faire translates as «let it be», that is, keep 
the government from interfering with the economy. Government's role is limited to the 
protection of private property and establishing an appropriate legal framework to facilitate the functioning of free markets. 
6.  The polar alternative to pure capitalism is the command economy, characterized by public ownership of all property resources and collective determination of economic decisions through central economic planning. All major decisions concerning the 
level of resource use, the composition and distribution of output, and the organization of 
production are determined by a central planning board. Business firms are governmentally owned and produce according to state directives.