Английский язык профессионального общения для магистрантов

МИНИСТЕРСТВО НАУКИ И ВЫСШЕГО ОБРАЗОВАНИЯ  
РОССИЙСКОЙ ФЕДЕРАЦИИ 
 
Ростовский государственный  
экономический университет (РИНХ) 
 
 
 
 
 
 
О.Н. Васичкина, Ю.А. Петрова, С.В. Самарская  
 
 
 
 
 
 
 
АНГЛИЙСКИЙ ЯЗЫК  
ПРОФЕССИОНАЛЬНОГО ОБЩЕНИЯ 
ДЛЯ МАГИСТРАНТОВ  
 
Учебное пособие 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ростов-на-Дону 
Издательско-полиграфический комплекс РГЭУ (РИНХ) 
2020 
 
 

УДК 811.111 (075) 
ББК 81.2Англ 
В 19 
 
Васичкина, О.Н. 
В 19 
Английский язык профессионального общения для магистрантов : 
учебное пособие / О.Н. Васичкина, Ю.А. Петрова, С.В. Самарская. – 
Ростов н/Д : Издательско-полиграфический комплекс Рост. гос. эконом. 
ун-та (РИНХ), 2020. – 135 с. 
ISBN 978-5-7972-2740-3 
 
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 развитие и совершенствование профессиональной коммуникативной компетенции на 
английском языке. 
Учебное пособие построено на модульном принципе обучения и состоит из пяти 
модулей. 
1. The Economy and Economics.  
2. Finances. 
3. Accounting. 
4. International business. 
5. Reading and discussing professional literature. 
Каждый модуль состоит из нескольких разделов, которые включают широкий 
текстовой и лексико-грамматический материал, систему упражнений по его закреплению и 
развитию навыков профессионального общения на английском языке. Предложенные 
аутентичные материалы каждого тематического раздела знакомят магистрантов с тем или 
иным аспектом экономики и международного бизнеса, расширяют и углубляют их 
профессиональные и языковые знания, помогают им овладеть профессиональной 
терминологией по направлению «Экономика». 
Рекомендуется 
для 
студентов 
магистратуры, 
изучающих 
английский 
язык 
профессионального общения по направлению «Экономика».  
 
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 межкультурной 
коммуникации РГЭУ (РИНХ) 
 
Утверждено в качестве учебного пособия учебно-методическим советом  
РГЭУ (РИНХ). 
 
ISBN 978-5-7972-2740-3 
© Ростовский 
государственный 
экономический университет (РИНХ), 2020 
© Васичкина 
О.Н., 
Петрова 
Ю.А., 
Самарская С.В., 2020 
 
 

CONTENTS 
 
INTRODUCTION __________________________________________ 4 
 
MODULE I. THE ECONOMY AND ECONOMICS _______________ 5 
Unit I. What is economics? ___________________________________ 5 
Unit II. The fundamental problems of economics __________________ 9 
Unit III. Measuring the economy ______________________________ 14 
Unit IV. Economic systems ___________________________________ 19 
Unit V. Demand and supply __________________________________ 26 
 
MODULE II. FINANCES ____________________________________ 30 
Unit I. Finance and financial system ____________________________ 30 
Unit II. Central banking system ________________________________ 34 
Unit III. Commercial banks ___________________________________ 39 
Unit VI. Cycles of economic activity ___________________________ 46 
Unit V. International monetary system __________________________ 51 
 
MODULE III. ACCOUNTING ________________________________ 59 
Unit I .Accounting principles and concepts _______________________ 59 
Unit II. Financial statements and their elements ___________________ 68 
Unit III. Auditing___________________________________________ 75 
Unit IV. Taxation __________________________________________ 83 
 
MODULE IV. INTERNATIONAL BUSINESS ___________________ 91 
Unit I. What is international economics about? ____________________ 91 
Unit II. The field of international business _______________________ 98 
Unit III. Types of international business _________________________ 102 
Unit IV. Investments ________________________________________ 106 
Unit V. External Environment _________________________________ 111 
Unit VI. Competitive Environment _____________________________ 115 
 
MODULE V. DISCUSSING PROFESSIONAL LITERATURE ______ 121 
Unit I. Rendering an article ___________________________________ 121 
Unit II. Writing a summary ___________________________________ 128 
 
LIST OF REFERENCE LITERATURE _________________________ 134 
 
 
 
 

INTRODUCTION 
 
«The ultimate purpose of economics, of course, is to understand 
and promote the enhancement of well-being».  
Ben Bernanke 
Ben Shalom Bernanke (born December 13, 1953) is an American economist at 
the Brookings Institution who served two terms as Chair of the Federal Reserve. Before 
becoming Federal Reserve chair, Bernanke was a tenured professor at Princeton 
University and chaired the department of economics there. 
 
«There can be economy only where there is efficiency».  
Benjamin Disraeli 
Benjamin Disraeli (21 December 1804 – 19 April 1881) was a British politician 
of the Conservative Party who twice served as Prime Minister of the United Kingdom. 
He played a central role in the creation of the modern Conservative Party, defining its 
policies and its broad outreach. 
 
The economy is a fundamentally social activity. Nobody does it all by 
themselves (unless you are a hermit). We rely on each other, and we interact 
with each other, in the course of our work. It is common to equate the 
economy with private or individual wealth, profit, and self-interest, and 
hence it may seem strange to describe it as something “social.” Indeed, freemarket economists adopt the starting premise that human beings are 
inherently selfish. 
The link between the economy and society goes two ways. The 
economy is a fundamentally social arena. But society as a whole depends 
strongly on the state of the economy. Politics, culture, religion, and 
international affairs are all deeply influenced by the progress of our 
economy. Governments are re-elected or turfed from office depending on 
the state of the economy. Family life is organized around the demands of 
work (both inside and outside the home). Being able to comfortably support 
oneself and one’s family is a central determinant of happiness. 
So the economy is an important, perhaps even dominant, force in 
human development. That doesn’t mean that we should make “sacrifices” 
for the sake of the economy – since the whole point of the economy is to 
meet our material needs, not the other way around. And it certainly doesn’t 
mean that we should grant undue attention or influence to economists. But 
it does mean that we will understand a great deal about our history, our 
current social reality, and our future evolution as a species, when we 
understand more about economics. 

MODULE I 
THE ECONOMY AND ECONOMICS 
 
“The first lesson of economics is scarcity: there is never enough of 
anything to fully satisfy all those who want it. The first lesson of politics is 
to disregard the first lesson of economics”.  
Thomas Sowell  
Thomas Sowell (born June 30, 1930) is an American economist and social 
theorist who is currently a Senior Fellow at the Hoover Institution, Stanford University  
 
 
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, so economics is a social science. Also it 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 AsiaPacific region? 
 
Ex. 3. 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.4. 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 
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.