Английский язык

МИНИСТЕРСТВО НАУКИ И ВЫСШЕГО ОБРАЗОВАНИЯ 
РОССИЙСКОЙ ФЕДЕРАЦИИ 
ФГБОУ ВО «РОСТОВСКИЙ ГОСУДАРСТВЕННЫЙ 
 ЭКОНОМИЧЕСКИЙ УНИВЕРСИТЕТ (РИНХ)» 
 
 
 
 
 
 
 
 
 
 
 
 
Е.Н. Сагайдачная, Е.В. Мартыненко, А.Е. Козубенко 
 
 
АНГЛИЙСКИЙ ЯЗЫК 
 
 
Учебное пособие 
для студентов 2–3-х курсов бакалавриата 
 
 
 
 
 
 
 
 
 
Ростов-на-Дону 
Издательско-полиграфический комплекс РГЭУ (РИНХ) 
2022 
 

УДК 811.111(075) 
ББК 81.43англ 
С 12 
 
Авторы: 
Сагайдачная Е.Н., к.филол.н., доцент кафедры иностранных языков  
для экономических специальностей РГЭУ (РИНХ); 
Мартыненко Е.В., ст. преподаватель кафедры иностранных языков  
для экономических специальностей РГЭУ (РИНХ); 
Козубенко А.Е., ст. преподаватель кафедры иностранных языков  
для экономических специальностей РГЭУ (РИНХ). 
 
Сагайдачная, Е.Н. 
С 12    Английский язык : учебное пособие для студентов 2–3-х курсов бакалавриата / Е.Н. Сагайдачная, Е.В. Мартыненко, 
А.Е. Козубенко. – Ростов-на-Дону : Издательско-полиграфический комплекс Рост. гос. экон. ун-та (РИНХ), 2022. – 
116 с. 
ISBN 978-5-7972-3061-8 
 
Данное пособие обеспечивает углубленный и всесторонний подход к 
обучению профессиональному английскому языку, составлено в соответствии с современными методическими подходами на основе оригинальных 
материалов и разработано в соответствии с требованиями государственного стандарта.  
Предназначено для студентов 2–3-х курсов всех факультетов очной 
формы обучения по направлениям «Экономика» и «Менеджмент» 
УДК 811.111(075) 
ББК 81.43англ 
 
Рецензенты:  
Руденко Е.С., к.филол.н., доцент кафедры интегративной  
и цифровой лингвистики ДГТУ; 
Черемина В.Б., доцент кафедры иностранных языков 
 для экономических специальностей РГЭУ (РИНХ).   
 
Утверждено в качестве учебного пособия  
учебно-методическим советом РГЭУ (РИНХ) 
 
 
ISBN 978-5-7972-3061-8  
    © Ростовский государственный 
экономический университет (РИНХ), 2022 
© Сагайдачная Е.Н., Мартыненко Е.В.,  
Козубенко А.Е., 2022 

ОГЛАВЛЕНИЕ 
 
MODULE 1. INTRODUCTION TO ECONOMICS  
AND ECONOMY ................................................................................. 5 
Unit 1. Main components of Economics ............................................... 5 
1.1. Scarcity and Choice ........................................................................ 5 
1.2. Purposeful Behavior ....................................................................... 7 
1.3. Marginal Analysis: Benefits and Costs ........................................ 10 
Unit 2. Theories, Principles and Models ............................................. 12 
Unit 3. Macroeconomics and Microeconomics ................................... 15 
3.1. Macroeconomics ........................................................................... 15 
3.2. Microeconomics ............................................................................ 16 
3.3. Positive and Normative Economics .............................................. 17 
Unit 4. Individuals‘ Economizing Problem ......................................... 19 
4.1. Limited Income ............................................................................. 19 
4.2. A Budget Line ............................................................................... 20 
Unit 5. Society‘s Economizing Problem ............................................. 24 
5.1. Scarce Resources .......................................................................... 24 
5.2. Resource Categories ..................................................................... 25 
Unit 6. Production Possibilities Model ................................................ 29 
6.1. Production Possibilities Table ...................................................... 29 
6.2. Production Possibilities Curve ..................................................... 31 
6.3. Law of Increasing Opportunity Cost ............................................ 33 
6.4. Optimal Allocation........................................................................ 35 
Unit 7. Unemployment, Growth and the Future.................................. 39 
7.1. A Growing Economy ..................................................................... 39 
7.2. Present Choices and Future Possibilities ..................................... 43 
7.3. A Qualification: International Trade............................................ 46 
 
MODULE 2. PRINCIPLES OF MANAGEMENT ............................ 55 
Unit 1. Managing and Performing ....................................................... 55 
1.1. What do managers do? ................................................................. 55 
1.2. The Roles Managers Play ............................................................. 61 
1.3. Major Characteristics of the Manager's Job ............................... 66 
Unit 2. Managerial Decision-Making .................................................. 76 
2.1. Overview of Managerial Decision-Making .................................. 76 
2.2. How the Brain Processes Information  
to Make Decisions ................................................................................ 82 

2.3. Programmed and Nonprogrammed Decisions ............................. 85 
2.4. Barriers to Effective Decision-Making ........................................ 88 
2.5. Improving the Quality of Decision-Making .................................. 94 
2.6. Group Decision-Making ............................................................. 103 
 
 
 
 
 
 
 
 

MODULE 1. INTRODUCTION TO ECONOMICS 
AND ECONOMY 
 
UNIT 1. MAIN COMPONENTS OF ECONOMICS 
 
Read the texts and be ready to answer the questions. 
 
Limits, alternatives and choices 
People‘s wants are numerous and varied. Biologically, people 
need only air, water, food, clothing, and shelter. But in modern society 
people also desire goods and services that provide a more comfortable 
or affluent standard of living. We want bottled water, soft drinks, and 
fruit juices, not just water from the creek. We want salads, burgers, 
and pizzas, not just berries and nuts. We want jeans, suits, and coats, 
not just woven reeds. We want apartments, condominiums, or houses, 
not just mud huts. And, as the saying goes, ―that is not the half of it.‖ 
We also want DVD players, Internet service, education, homeland 
security, cell phones, health care, and much more.  
Fortunately, society possesses productive resources, such as labor 
and managerial talent, tools and machinery, and land and mineral 
deposits. These resources, employed in the economic system (or 
simply the economy), help us produce goods and services that satisfy 
many of our economic wants. But the blunt reality is that our 
economic wants far exceed the productive capacity of our scarce 
(limited) resources. We are forced to make choices. This unyielding 
truth underlies the definition of economics, which is the social science 
concerned with how individuals, institutions, and society make 
optimal (best) choices under conditions of scarcity.  
Economists view things from a unique perspective. This 
economic perspective, or economic way of thinking, has several 
critical and closely interrelated features.  
 
1.1. Scarcity and Choice 
 
From our definition of economics, we can easily see why 
economists view the world through the lens of scarcity. Scarce 
economic resources mean limited goods and services. Scarcity 
restricts options and demands choices. Because we ―can‘t have it all,‖ 
we must decide what we will have and what we must forgo.  

At the core of economics is the idea that ―there is no free lunch.‖ 
You may be treated to lunch, making it ―free‖ from your perspective, 
but someone bears a cost – ultimately, society. Scarce inputs of land, 
equipment, farm labour, the labour of cooks and waiters, and 
managerial talent are required. Because society could have used these 
resources to produce something else, it sacrifices those other goods 
and services in making the lunch available. Economists call such 
sacrifices opportunity costs: To obtain more of one thing, society 
forgoes the opportunity of getting the next best thing. That sacrifice is 
the opportunity cost of the choice.  
 
Exercise 1. Find the definitions for the following terms: 
economics, scarce economic resources, opportunity costs. 
!!!Consider this: 
Free for All?  
Free products are seemingly everywhere. Sellers offer free 
software, free cell phones, and free checking accounts. Dentists give 
out free toothbrushes. At state visitor centers, there are free brochures 
and maps. Does the presence of so many free products contradict the 
economist’s assertion “There is no free lunch”? No! Resources are 
used to produce each of these products, and because those resources 
have alternative uses, society gives up something else to get the “free” 
good. Where resources are used to produce goods or services, there is 
no free lunch. So why are these goods offered for free? In a word: 
marketing! Firms sometimes offer free products to entice people to try 
them, hoping they will then purchase those goods later. The free 
software may eventually entice you to buy the producer’s upgraded 
software. In other instances, the free brochures contain advertising for 
shops and restaurants, and that free e-mail program is filled with ads. 
In still other cases, the product is free only in conjunction with a 
larger purchase. To get the free bottle of soda, you must buy the large 
pizza. To get the free cell phone, you need to sign up for a year’s worth 
of cell phone service. So “free” products may or may not be truly free 
to individuals. They are never free to society.  
 
Exercise 2. Answer the questions to the text: 
What examples of ―free products‖ can you think of? 
What are the economic rules for ―free products‖? 

Exercise 3. Find the definitions to the verbs. 
1. to bear. 
2. to contradict. 
3. to give smth out. 
4. to give up. 
5. to be filled with. 
6. to forgo. 
7. to sign up for. 
a) to stop owing, using, or claiming something.  
b) to agree to become involved in an organized activity.  
c) to not have or do something enjoyable. 
d) to accept, tolerate, or endure something, especially something 
unpleasant. 
e) (of people) to say the opposite of what someone else has said, 
or (of one fact or statement) to be so different from another fact or 
statement that one of them must be wrong.  
f) to be put into an empty space.  
g) to give something to each of a number of people.  
 
Exercise 4. Make up new word-combinations and continue the 
lines. 
1. to bear – the cost, … 
2. to contradict – assertion, … 
3. to give out – free toothbrush, … 
4. to give up – rubbish, … 
5. to be filled with – ads, … 
6. to forgo – the opportunity, … 
7. to sign up for – a year of service, ... 
 
1.2. Purposeful Behavior 
 
Economics assumes that human behavior reflects ―rational selfinterest.‖ Individuals look for and pursue opportunities to increase 
their utility – the pleasure, happiness, or satisfaction obtained from 
consuming a good or service. They allocate their time, energy, and 
money to maximize their satisfaction. Because they weigh costs and 
benefits, their economic decisions are ―purposeful‖ or ―rational,‖ not 
―random‖ or ―chaotic.‖  

Consumers are purposeful in deciding what goods and services to 
buy. Business firms are purposeful in deciding what products to 
produce and how to produce them. Government entities are purposeful 
in deciding what public services to provide and how to finance them.  
―Purposeful behaviour‖ does not assume that people and 
institutions are immune from faulty logic and therefore are perfect 
decision makers. They sometimes make mistakes. Nor does it mean 
that people‘s decisions are unaffected by emotion or the decisions of 
those around them. ―Purposeful behaviour‖ simply means that people 
make decisions with some desired outcome in mind.  
Rational self-interest is not the same as selfishness. In the 
economy, increasing one‘s own wage, rent, interest, or profit normally 
requires identifying and satisfying somebody else‘s wants! Also, 
people make personal sacrifices to others. They contribute time and 
money to charities because they derive pleasure from doing so. 
Parents help pay for their children‘s education for the same reason. 
These self-interested, but unselfish, acts help maximize the givers‘ 
satisfaction as much as any personal purchase of goods or services. 
Self-interested behavior is simply behavior designed to increase 
personal satisfaction, however it may be derived.  
 
Exercise 5. Find the definitions for the following terms: 
rational 
self-interest, 
purposeful 
behavior, 
self-interested 
behavior. 
!!!Consider this: 
Fast-Food Lines 
The economic perspective is useful in analyzing all sorts of 
behaviors. Consider an everyday example: the behavior of fast-food 
customers. When customers enter the restaurant, they go to the 
shortest line, believing that line will minimize their time cost of 
obtaining food. They are acting purposefully; time is limited, and 
people prefer using it in some way other than standing in line. If one 
fast-food line is temporarily shorter than other lines, some people will 
move to that line. These movers apparently view the time saving from 
the shorter line (marginal benefit) as exceeding the cost of moving 
from their present line (marginal cost). The line switching tends to 
equalize line lengths. No further movement of customers between lines 

occurs once all lines are about equal. Fast-food customers face 
another cost-benefit decision when a clerk opens a new station at the 
counter. Should they move to the new station or stay put? Those who 
shift to the new line decide that the time saving from the move exceeds 
the extra cost of physically moving. In so deciding, customers must 
also consider just how quickly they can get to the new station 
compared with others who may be contemplating the same move. 
(Those who hesitate in this situation are lost!) Customers at the fastfood establishment do not have perfect information when they select 
lines. Thus, not all decisions turn out as expected. For example, you 
might enter a short line and find someone in front of you is ordering 
hamburgers and fries for 40 people in the Greyhound bus parked out 
back (and the employee is a trainee)! Nevertheless, at the time you 
made your decision, you thought it was optimal. Finally, customers 
must decide what food to order when they arrive at the counter. In 
making their choices, they again compare marginal costs and 
marginal benefits in attempting to obtain the greatest personal 
satisfaction for their expenditure. Economists believe that what is true 
for the behavior of customers at fast-food restaurants is true for 
economic behavior in general. Faced with an array of choices, 
consumers, workers, and businesses rationally compare marginal 
costs and marginal benefits in making decisions.  
 
Exercise 6. Answer the questions to the text: 
1. What is your purchasing behavior in:  
- clothes shop, 
- news agent‘s, 
- chemist‘s, 
- supermarket. 
2. What is true for the behavior of customers at fast-food 
restaurants?   
 
Exercise 7. Please, match the synonyms. 
1. apparently. 
2. purposefully. 
3. line. 
4. perspective. 

5. array. 
6. temporarily. 
a) for a while. 
b) many of… 
c) probably. 
d) deliberately. 
e) opinion. 
f) queue. 
 
1.3. Marginal Analysis: Benefits and Costs 
 
The economic perspective focuses largely on marginal analysis –
comparisons of marginal benefits and marginal costs, usually for 
decision making. To economists, ―marginal‖ means ―extra,‖ 
―additional,‖ or ―a change in.‖ Most choices or decisions involve 
changes in the status quo, meaning the existing state of affairs. Should 
you attend school for another year? Should you study an extra hour for 
an exam? Should you supersize your fries? Similarly, should a 
business expand or reduce its output? Should government increase or 
decrease its funding for a missile defense system? Each option 
involves marginal benefits and, because of scarce resources, marginal 
costs. In making choices rationally, the decision maker must compare 
those two amounts. Example: You and your fiancée are shopping for 
an engagement ring. Should you buy a 1/2-carat diamond, a 5/8-carat 
diamond, a 3/4-carat diamond, a 1-carat diamond, or something even 
larger? The marginal cost of a larger-size diamond is the added 
expense beyond the cost of the smaller-size diamond. The marginal 
benefit is the perceived lifetime pleasure (utility) from the larger-size 
stone. If the marginal benefit of the larger diamond exceeds its 
marginal cost (and you can afford it), buy the larger stone. But if the 
marginal cost is more than the marginal benefit, buy the smaller 
diamond instead, even if you can afford the larger stone! In a world of 
scarcity, the decision to obtain the marginal benefit associated with 
some specific option always includes the marginal cost of forgoing 
something else. The money spent on the larger-size diamond means 
forgoing some other product. Opportunity costs are present whenever 
a decision is made.