English for Business Management Economics English for Business Management English for Business Management Economics Chapter I: Economics Unit 1: Economic Activity Text 1.1 Most people work in order to earn their living They produce goods and services Goods are either produced on farms, like maize and milk, or in factories, like cars and paper Services are provided by such things as schools, hospitals and shops Some people provide goods; some provide services Other people provide both goods and services For example, in the same garage, a man may buy a car, or he may buy some service which helps him to maintain his car The work which people is called their economic activity Economic activities make up the economic system The economic system is the sum-total of what people and what they want The work which people undertake either provides what they need or provides them with money People buy essential commodities with money Exercise Answer the following questions: Why most people work? What they produce? Where are goods produced? What schools, hospitals and shops provide? What two different things can a man buy in, for example, a garage? What we call the work which people do? What is an economic system the sum-total of? English for Business Management Economics What two things can work provide for the worker? Exercise Change these sentences in the same way as the example Both sentences refer to future possibilities Example: Perhaps he will come He may come Perhaps he will buy a car Perhaps we shall want some more fruit tomorrow Perhaps they will get the essential commodities soon Perhaps the service will stop next month Perhaps the garage will not sell that car to him Perhaps the economic system belongs to a city, a whole country or the whole world Perhaps the car does not belong to those people Perhaps he will buy some service which will help him maintain his car Perhaps he will see the car when he comes tomorrow 10 Perhaps he will provide what they need when he comes Language practice Relative pronouns  Relative pronouns two jobs at once They are used as the subjects or objects of verbs, like other pronouns; at the same time, they join clauses together, like conjunction Example: What’s the name of the blond girl? She just came in What’s the name of the blond girl who just came in?  The most common relative pronouns are who, whom, which and that Who and whom are used for people; which are used for things Example: I don’t like people who lose their tempers easily Mexico city, which has a population of over 10 million, is probably the fastest growing city in the world English for Business Management Economics  Whom (which refers to the object of a verb or a preposition) is rather unusual, especially in conversational English It is generally either left out, or replaced by who or that It is almost impossible in clauses that end with a preposition Example: Do you think one should stay faithful to the person to whom one is married?  That can often (but not always) be used instead of whom or which, and quite often instead of who E.g The trumpet is the instrument that really excites me She is the only person that understands me  After nouns referring to times and places, when and where can be used to mean at which or in which After the word reason, why is used to mean for which Example: Can you suggest a time when it will be convenient to meet? Is there any reason why you should have a holiday? I know a wood where you can find wild strawberries  Whose is a possessive relative word Example: This is Henry, whose wife works for my brother-in-law Exercise Combine these pairs of sentences as in the example: Example: The services are useful The workers provide services The services which the workers provide are useful a b c d e f g h The goods are essential They need the goods The schools and hospitals are essential They provide schools and hospitals The goods are valuable He buys the goods The money buys essential commodities People can earn this money The goods and services are very useful People produce these goods and services The work is called economic activity We this work The work provides them with money People this work The economic activities make up the economic system People undertake these economic activities English for Business Management Economics Change nouns into adjectives Exercise In these sentences, certain nouns are printed in italics Change them into adjectives which can be used in the blanks Example: education _ education + al _ educational Commerce _commerci + al _ commercial a These goods belong to the nation They are therefore _national _ b Minerals are a part of nature They are therefore natural c Schools provide education They are therefore centers of educational activity d Shops are places of commerce They are therefore centers of _commercial _ activity e He does not want anyone else to this work He wants to the work in person It is his _personal concern Text 1.2 Most people work to earn a living, and produce goods and services Goods are either agricultural (like maize and milk) or manufactured (like cars and paper) Services are such things as education, medicine and commerce Some people provide goods; some provide services Other people provide both goods and services For example, in the same garage a man may buy a car or some service which helps him to maintain his car The work which people is called economic activity All economic activities together make up the economic system of a town, a city, a country or the world Such an economic system is the sum-total of what people and what people want The work people undertake either provides what people need or provides the money with which they can buy essential commodities Of course, most people hope to earn enough money to buy commodities and services which are non-essential but which provide some particular personal satisfaction, like toys for children, visits to the cinema English for Business Management Economics Exercise Decide whether the following statements are true (T) or false (F), and if they are false say why Most people produce either goods or services Services are either agricultural or manufactured Education and medicine are provided by schools and hospitals Cars and paper are agricultural goods Paper is non- agricultural commodity The work which people is called an economic system A city has its own economic system Economic activity is the sum-total of what people and want The work people undertake provides them with money, or with what they need 10 Most people not want to buy non-essential commodities and services Exercise In the sentences below replace which with that When you have done this, re-write all the sentences without either which or that The meaning remains the same but the sentences become less formal The goods which they wanted were essential minerals The schools and hospitals which they provide are essential The goods which he buys are valuable The money which the people earned bought many commodities The goods and services which people produce are very useful The work which we all is called economic activity The work which most people provides them with money The economic activities which people undertake make up the economic system of a town, city, country or larger area The economic system which people belong to is the sum-total of their needs and actions English for Business Management Economics 10 The work which he undertook was useful but non-essential Study the words Earn one’s living Undertake (v) Maintain (v) Essential (adj) Make up (v) Commodity (n) Sum-total (n) English for Business Management Economics Unit 2: Different economic systems Text 2.1 Not all economic systems are the same The economic system of the United States is very different from the economic system of the USSR The American system is based on private enterprise The Russian system is based on the principle of Karl Marx Karl Marx is a political economist who lived in the 19th century The American system is capitalistic, while the Russian system is communistic The economic ideologies of these two nations differ very much from each other The economic system of Britain is similar to the American system Britain has the economic system based on private enterprise and private supplies of capitals Property in Britain and the United States can be owned by individual citizens The economic freedom of the citizens of Britain and America is not complete freedom Citizens must obey the law, but otherwise they can use their time, money and effort as they wish Exercise Answer these questions, basing your answers on the text What does the economic system of the United States differ from? What is the American system based on? What is the Russian system based on? When did Karl Marx live? What economic system is the British system similar to? On what two things is the British system based? Who can own property in the United States and Britain? What must British and American citizens obey? English for Business Management Economics What three things can Britons and Americans use as they wish? Exercise Make these sentences passive, as in the example Example: Most people produce goods and services Goods and services are produced by most people Some people provide both goods and services Economists study the economic system That man owns the house They will provide shelter and clothes Economic changes affect our lives They will maintain his car The economists explained the economic system They explained the methods He told me how the Russian system works Exercise Here are two lists The first list contains adjectives The second list contains nouns and noun phrases Arrange the words in each list so that the adjectives match the nouns in ways which relate to the text The first two are done for you Capitalistic Economic Private Communistic Political Scientific Basic Complex Essential satisfaction Russian system necessities enterprise commodities methods American system economist ideologies Personal range English for Business Management Economics Language practice Description: the use of active and passive Look at these two sentences: A International traffic is carried by the Transit Network B The Transit Network carries international traffic Both A and B are correct The choice (A or B) depends on what you want to emphasise: “International traffic” (sentence A) or “The Transit Network” (sentence B) Now look at these two sentences: C The economic system was based on Marx by them D They based the economic system on Marx C is much better than D The personal subject “they” does not add any information In fact, it makes the important information more difficult to see Exercise Make these sentences passive and omit the agent phrase in the same way as in the example Example: They based the economic system on Marx The economic system was based on Marx by them The economic system was based on Marx a They provided all necessary goods and services b He will supply all the essential commodities c The farmer undertook the work last week, and has just finished it d The men satisfied the economist that they would the work rapidly e The economist described the whole economic system in a strictly scientific way 10 ... in, for example, a garage? What we call the work which people do? What is an economic system the sum-total of? English for Business Management Economics What two things can work provide for the... growing city in the world English for Business Management Economics  Whom (which refers to the object of a verb or a preposition) is rather unusual, especially in conversational English It is generally... but which provide some particular personal satisfaction, like toys for children, visits to the cinema English for Business Management Economics Exercise Decide whether the following statements