Vocabulary focus. Discovering connections

Text 1

READING

DISCOVERING CONNECTIONS

PROFESSION OF AN ECONOMIST

1. Why have you chosen the profession of an economist?

2. Would you like to work for a company, teach economic disciplines at university or operate your own economic business?

3. Do you think you have entrepreneurial flair or talent? What traits is a succesful businessman supposed to possess?

As you read the text, focus on different types of economists and their activities.

Careers: Economist

Economists study the ways in which individuals and society choose to use limited resources, such as natural resources, labor, factories, and machines, in an effort to satisfy unlimited wants. They are concerned with the production, distribution, and consumption of goods and services and are interested in helping society get as much satisfaction as possible from its limited resources. Economists collect, process, and analyze data to determine the costs and benefits of using resources in various ways.

Economists are employed in a number of different job settings. About half of them are academic economists, who engage in teaching, writing and doing research in colleges, and Universities. They also write textbooks and journal articles, develop and test new theoretical models, provide consulting services to governments and businesses, and engage in variety of other professional activities.

The other half of all economists work for government or business.

Government economists collect and analyze information about economic conditions in the nation and possible changes in government economic policies. Much of this information is published in government bulletins and reports. Often the government economist wears a second hat¹ as a policy analyst. Economists forecast tax revenues and interest rates, analyze, who gains and who loses from particular changes, monitor prices, compute total output and perform other useful tasks in the public sector.

Business economists work for banks, insurance companies, investment companies, manufacturing firms, economic research firms, and management consulting firms.

Some economists operate their own economic businesses. They are called entrepreneurs. This is a French word that has been accepted into the English language. Entrepreneurs are a mystery to some people, especially those who are only comfortable with a nine-to-five existence and assured weekly paychecks and fringe benefits. The entrepreneur is a business person who prefers to take calculated risks in order to be his or her own boss. An individual hoping to start up a new company needs to have entrepreneurial flair or talent, as well as good technical skills and financial skills, because they make a profit through risk-taking or initiative. They are self-employed, and often work long hours for less pay than they would if they were an employee of another company.

While the percentage of growth for men entering into business independence could be measured in the teens, women’s increase in a single decade was 69 percent. There is no mystery here. Women go into business for the same reason men do – to make money and to be their own bosses.

Entrepreneurship is regarded to be the first track to success. Rather than to take a low-wage, big-industry job, people opt² to use their wits and energy to climb the ladder of independence. People who are successful in business and so have become rich and powerful are called tycoons.

Speaking about entrepreneurship, Professor K. Vesper of the University of Washington says that “A driving force in entrepreneurship is addictiveness³. Once people have a taste of freedom in a business of their own, they like it. They don’t want to go back to working for someone else.”

Notes:

1. Wear a second hat – занимать вторую должность.

2. Opt – выбирать, предпочитать (for; between).

3. Addictiveness – вызывающий привычку, привыкание.

Ex. 1. Study the meaning of the following words, then use them to fill in the gaps: monitor, check and control.

– We check something to see if it is correct.

– The word control refers to power and domination. It is both a noun and a verb.

– If you monitor something you regularly check its progress.

1. I’ve … the documentation and everything is in order.

2. Inflation has not gone away but it is under ….

3. We constantly … the situation and if anything goes wrong we take action immediately.

4. We apologize for the delay which is due to reasons beyond our ….

5. Economists … prices, compute totaloutput and perform other useful tasks.

Salary, wages and fringe benefits (also known as perks ).

– A salary is paid monthly and usually by bank transfer. We use the word salary for monthly payments to professional employees.

– Wages are paid weekly to manual or unskilled workers.

– Fringe benefits (also known as perks) are extra payments (a company car, free accommodation etc.). In many job advertisements the combination of salary plus perks is called a remuneration package.

Complete this extract from a job advertisement.

We are offering an attractive … …, including basic … of 60 K p.a¹., plus numerous … such as subsidized accommodation, free medical insurance etc.

Note:

1. K p. a. – one thousand per annum.

Ex. 2. Match the following word combinations in column A with their Russian equivalents in column B:

A	B
1) academic argument 2) to provide fringe benefits 3) a private entrepreneur 4) an independent entrepreneur 5) to show a flair 6) to engage in business 7) to monitor performance 8) to qualify as an economist 9) tax revenue	a) приобрести профессию экономиста b) заниматься коммерцией c) чисто теоретическое доказательство d) доход от налогов, налоговые поступления e) частный предприниматель f) обнаруживать способность (к чему-либо) g) независимый предприниматель h) управлять работой i) предоставить дополнительные льготы

Ex. 3. Express in one word.

Involving a greater amount of reading and study than technical or practical work; extra things that some people get from their job in addition to their salary; a person who starts or organizes a commercial enterprise; a natural ability to do sth well; the place of work; to watch and check sth over a period of time; to reach the standard of ability; knowledge required in order to enter a particular profession; working independently for customers or clients and not for an employer; to say in advance what is expected to happen; an amount of money needed for a particular activity or purpose, esp in business; to make sth available for sb to use by giving it.

Words for reference: costs, provide, academic, entrepreneur, self-employed, perks (fringe benefits), monitor, forecast, job-setting; flair, qualify, skill.

Ex. 4. Choose the words with similar meaning from two columns and arrange them in pairs.

A	B
1) costs (n) 2) monitor (v) 3) flair (n) 4) entrepreneur (n) 5) forecast (n) 6) provide (v) 7) job-setting (n) 8) liable (a)	a) supply, equip, outfit b) expenses, outlay c) control, manage d) skill, talent, inclination e) employer f) responsible g) place of work h) prediction, prophecy

Ex. 5. Complete the sentences using the words given below.

1. … means having the qualities that are needed to succeed as an entrepreneur.

2. An … is a person who sets up business and business deals.

3. A … is a person who is successful in business and so has become rich and powerful.

4. The industry will have to pass its increased … on to the consumer.

5. The management will … accommodation, food and drink for thirty people.

6. He has always been … for his children.

7. The … … of the job include a car and free health insurance.

8. He won’t … as an economist until next year.

9. An individual hoping to start up a new company needs to have entrepreneurial … or talent.

10. Unfortunately … of higher profits did not come true.

11. Economists are concerned with the production, … and ….

Words for reference: self-employed, forecasts, benefits or fringe benefits, qualify, flair, entrepreneurial, costs, provide, liable; tycoon, distribution, consumption.

Дата добавления: 2014-11-16