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A recessions is defined two consecutive quarters of decline in the GNP. When
recession occurs, prices fall and businesses begin to fail. A recession has severe consequences for an economy: high unemployment, business failures, and an overall drop in living standards. For years (since 1930 when the Great Depression occurred), the government has put much of its effort into preventing another recession or depression. A depression is a severe recession. Whenever business has slowed or unemployment has increased, the government has pumped money into the economy to revive it.
The U.S. government becomes concerned when inflation is in the range of 5 percent to 10 percent. However, these figures must be put in some perspective. In 1988, inflation in Brazil was 1,000 percent; in Peru, it was 10,000 percent; and in Nicaragua it was 20,000 percent. Inflation rates like these can destroy an economy and business. Such rates also set the stage for major revolutions. In Germany, inflation rates in 1923 were unbelievable. The price of coffee or bread often doubled in an hour! At the height of the problem, a loaf of bread cost 200 billion marks. People had to carry baskets filled with money to buy groceries. Is it any wonder that Germany today is very concerned about inflation?
ü GNP – gross national product
Learn the vocabulary:
a persistent rise - постоянный подъем (рост)
corresponding - соответствующий
output - выработка; зд.- производство
to vary - различаться
considerably - значительно
extent - масштаб, размер
severity - жесткость, серьезность,
тяжесть
consequence - следствие
circumstances - обстоятельства
to entail - влечь за собой
rate - уровень, темп
enormously - чрезвычайно
insurmountable - непреодолимый
to avoid - избегать
value - ценность
incentive - стимул
cure - средство, лекарство
demand-pull inflation - инфляция спроса, вызванная
превышением спроса над
предложением
cost – push inflation - инфляция издержек,
вызванная ростом
издержек производства
to occur - происходить, случаться
to outstrip - превосходить
means - способ, средство
available - имеющийся в наличии
to stretch - натягивать
scope - масштаб, зд. возможность
to exceed - превышать, превосходить
withdrawal - отказ, отмена, снятие,
вывод, зд. - изъятие
денег из круговорота
owing to - вследствие
militancy - воинственность
margin - зд. - чистая прибыль
injections - зд. - вливание денег
в экономику
at length - долго
purchasing power - покупательская способность
BUSINESS ETHICS
Ex. 1. Learn the pronunciation of the following words:
advertising [ ] ethics [ ]
advertiser [ ] conduct [ ]
infuriate [ ] boost [ ]
advantage [ ] morality [ ]
circumstance [ ] fairness [ ]
superior [ ] hire [ ]
prosecution [ ] mutual [ ]
precaution [ ] entirely [ ]
prosecute [ ] etiquette [ ]
influence [ ] source [ ]
although [ ] occur [ ]
infrequently [ ] welfare [ ]
opportunity [ ] truthful [ ]
coworker [ ] honesty [ ]
Ex. 2. Read and translate the text:
Business Ethics
Ethics is the system of moral principles, rules of conduct, and morality of choices that individuals make.
Business ethics is the application of moral standards to business situations. Business ethics has become a matter of public concern.
All business people face ethical issues daily, and they stem from a variety of sources. Although some types of issues arise infrequently, others occur regularly. Let's take a closer look at several ethical issues.
Fairness and Honesty. Fairness and honesty in business are two important ethical concerns. Besides obeying all laws and regulations, business people should refrain from deceiving, misrepresenting, or intimidating others.
Organizational Relationships. A business person may be tempted to place his or her personal welfare above the welfare of the organization. Relationships with customers and coworkers often create ethical problems – since confidential information should be secret and all obligations should be honoured. Unethical behaviour in these areas includes not meeting one's obligations in a mutual agreement, and pressuring others to behave unethically.
Conflict of Interest. Conflict of interest results when a business person takes advantage of a situation for his or her own personal interest rather than for the employer's or organization's interest. Such conflict may occur when payments and gifts make their way into business deals. A wise rule to remember is that anything given to a person that might unfairly influence that person's business decision is a bribe, and all bribes are unethical.
Communications. Business communications, especially advertising, can present ethical questions. False and misleading advertising is illegal and unethical, and it can infuriate customers. Sponsors of advertisements aimed at children must be especially careful to avoid misleading messages. Advertisers of health-related products must also take precautions against deception.
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| Ex. 9. Answer the questions | | | Encouraging Ethical Behavior |