Insert the missing words. Use the prompts

Supply, transaction, determinants, concern, arise, advanced, value, meaning, markets, conditions, worth, demand.

1. In this chapter we discuss the basic… of price.

2. Price is not the same thing as ….

3. This kind of subjective value is not the … of the economist.

4. The economic … of value of a good can only be measured in some kind of market … .

5. Prices … in exchange transactions.

6. In the modern world the word ‘market’ has a much wider ….

7. Most of the products of… technologies also have world … .

8. The price of any economic good under market … is determined by the forces of … and … .

3. Choose pairs of synonyms:

Transaction, price, especially, developed, cost, advanced, basic, take place, purchaser, particularly, buyer, happen, commodity, kind, good, sort, reveal, discover, main, dealing.

4. Choose pairs of antonyms:

Same, false, ignorance, domestic , true, new, different, wide, second-hand, foreign, narrow, knowledge.

5. Give English equivalents:

Определяющий фактор, то же самое, по другой причине, обмен товаров, рыночная стоимость, покупатели и продавцы, рекламные колонки, большинство потребительских товаров, в развитых странах, особенно верно, основные продукты питания, в условиях рынка.

6. Insert prepositions where necessary:

1. The economic worth… value… a good can only be measured… some kind… market transactions.

2. Nowadays practically all the exchanges represent an exchange … goods and services … money, and prices .. terms… money are the market value … the things they buy.

3. We are all familiar … the open and covered markets … the centres … our towns.

4. Any effective arrangement … bringing buyers and sellers … contact … one another is defined as a market.

5. Face … face contact between buyers and sellers is not a requirement … a market to be able to operate efficiently.

6. … the foreign exchange market, buyers and sellers are separated … thousands … miles.

7. Answer the following questions:

1. What is the difference between ‘price’ and ‘value’?

2. What kind of goods are usually sold in fixed locations?

3. Where do prices arise?

4. What kind of goods are primarily sold and bought on a countrywide basis?

5. For what products is the market world-wide?

6. What is the price of economic goods determined by in the capitalist world?

Give a summary of the text.

Задание 9

Максимальное количество баллов - 7

Read and translate the following text.

Management functions.

The roles described by Mahoney, Mintzberg, and other researchers provide a basis for the study of management in that they allow the formation of a functional framework. This framework helps us to identify and analyse each of the management functions. It shows the component parts of the manager's job.

We will examine four basic functional areas of management: (1) planning the enterprise's direction, (2) organizing and staffing the structure, (3) leading and influencing the personnel, and (4) controlling organizational operations and resources. Before we begin, however, a few introductory remarks are in order. First, some people might argue with our choice of these four specific functional areas, suggesting, for example, that planning and decision making should be considered separately. We realize that arguments can be made for other categories because the four functional areas encompass many managerial duties. For purposes of analysis, however, we have grouped similar duties together.

Second, there is no universal agreement regarding the management functions that every manager performs. If we looked into a large enough number of organiza­tions, we would indeed find some managers who had very little staffing responsibili­ties and some who were greatly limited in their decision-making power. The four functional areas we have identified, however, are both encompassing and representa­tive of the modern manager's job.

Finally, these functions will be studied in sequence, beginning with planning and ending with controlling, although in practice the manager does not perform them in this way. He or she actually may begin with influencing, go on to planning, then to organizing, and then to controlling. The manager's schedule depends on the problems or issues that arise day to day and hour to hour. It is important to understand that the managerial functions are interrelated.

Planningis the process of setting objectives and then determining the steps needed to attain them. In carrying out this process, organizations often rely on many different types of plans, such as purposes or missions, objectives, strategies, policies, procedures, rules, programs, and budgets. These types of plans vary in nature and scope, with some being developed at one level of the hierarchy exclusively while others are developed at every level. The planning process itself consists of five steps:

(1) awareness of the opportunity, (2) establishment of objectives, (3) determination and choice of alternative courses of action, (4) formulation of derivative plans, and (5) budgeting of the plan.

In large companies the planning process is called strategic planning. The four elements of a strategic plan include the formulation of the basic mission, the setting of long-range objectives, the determination of strategy, and the management of the organization's product lines. Having determined its strategic plan, the organization then begins developing an operational plan that breaks the strategic plan into its component parts, delegates responsibility to the various departments or units, and helps bring the strategic plan to fruition.

Decision makingis the process of choosing from among alternatives. Decisions are made under one of three conditions: certainty, risk, and uncertainty. The manager must know under which condition the decision is being made in order to understand how to make the choice. The manager also needs to know what steps form the decision-making process and how this process is affected by behavioural factors such as simplification, subjective rationality, and rationalization. Finally, the man­ager needs to know how decision making can be improved through the use of management science tools and techniques, through creativity, and through matching decision-making situations with leadership styles.

Organizingis the process of assigning duties to personnel and coordinating employee efforts in order to ensure maximum efficiency. Organizing is a natural outgrowth of planning and decision making. Once the organization knows what goals it wants to achieve, it can organize to achieve them.

To organize, the manager must consider both structure and people. In dealing with structure, the manager's primary concerns are departmentalization, job descrip­tions, organizational charts and manuals, and organizational design. In organizing people, the manager works on the delegation and decentralization of authority, job design, coordination, and overall people - structure fit. The purpose is to meld the structure and the people.

Staffing is the process of recruiting, selecting, training, and developing organiza­tional personnel. This process begins with a forecast of the organization's staffing needs. The manager, for example, may try to determine how many people the organization should hire during a six-month period and what skills these people should have. The next steps are recruitment and selection, orientation of the new employees, and then training and development. At this stage, the new personnel who are workers receive technical training, while the new managers receive training that is behaviourally oriented. After the initial training period, some of the new personnel are let go, following performance appraisals; others receive additional training. The manager then starts to fill the empty positions by beginning the staffing process over again.

As soon as an organization knows what its goals are and has the necessary people to achieve them, leading becomes the manager's most important function. Leadershipis the process of influencing people to direct their efforts toward the achievement of some particular goal. To be good leaders, managers must be knowledgeable about human behaviour, the concept of leadership, and communication.

More specifically, managers must understand the behaviour both of individuals and of groups. Personality, attitudes, learning, values, interpersonal relations, and motivation all are important aspects of the individual's behaviour. To understand the group, managers should have knowledge of group characteristics, intragroup behaviour, intergroup behaviour, and the informal organization. With regard to leadership, managers should study both leadership behaviour and contingency leadership theory.

They must also understand interpersonal and organizational communication. Because communicationis the process of transferring meanings from sender to receiver, they need to know about communication flows, communication barriers, and ways to develop communication effectiveness.

The controllingprocess consists of three steps: (1) establishment of standards, (2) comparison of results against standards, and (3) correction of deviations. Every orga­nization needs to control both operations and people.

Techniques for controlling operations vary, depending on what needs to be controlled. The budget and the break-even point are particularly useful handling departmental and divisional control problems. For control of the entire organization, many enterprises have developed key result area control systems. By monitoring these key result areas, they ensure that everything is going according to plan. Additionally, expanding organizations are often turning to operations man­agement tools and techniques and computerized information systems.

Yet control is more than a mechanical process for analysing quantitative results. Managers must also know how to control people. They must meet the challenge of managing conflict and change, inevitable events in every organization.

1. Choose pairs of synonyms:

directing, to attain, various, departments, to define, selecting, to reach, workers, aims, to set, personnel, to establish, to affect, purposes, staff, goals, to extend, different, to influence, knowledge, units, objectives, to develop, staffing, to succeed in solving a problem, to deal with, choosing a forecast, human resources, recruiting, to determine, awareness, leading.