Перевод по учебнику. Стр. 1112 Economic systems
Production, exchange and consumption
Every day we can see people carrying out economic activities. They are taking place in houses, shops, offices, factories and banks, on farms, on building sites, and so on. The study of this great variety of activities is made much easier by classifying them into three main types of activity — production, consumption and exchange. The word production is usually taken to mean the making of some physical object, such as a motor car, a piece of furniture or a pair of shoes, or the growing of some particular crop, such as wheat or potatoes. In economics, however, the word ‘production’ has a much wider meaning. Production takes place so that people’s wants can be satisfied. Any kind of work which helps to satisfy people’s wants, and for which they are prepared to pay a price, is productive work. Production, therefore, includes the output of services as well of goods. Service industries cover wholesaling, retailing, banking, insurance, accountancy, transport, the law, education, health, entertainment, etc. There are two types of consumer goods: durable goods and non-durable goods. Durable consumer goods have a fairly long life — many of them last for several years. They include such items as household furniture, domestic appliances and the family car. Non-durable consumer goods are commodities which are used up immediately (i. e. in a single use) or in a relatively short period of time. Food, drinks, soap and toothpaste are obvious examples of non-durable consumer goods. There is a system that enables people to exchange what they produce for the goods and services produced by other people. This system of exchange depends on the use of money. What happens is that people sell their services for money (wages and salaries), and then use this money to buy the things which others have produced. Consumption means the ‘using up’ of goods and services in order to satisfy our wants.
Wealth consists of a stock of goods which have a money value. It includes such assets as land, houses, factories, shops, machines, and many kinds of personal possessions. Private wealth means the possessions of individuals. It will obviously include land, houses, works of art, jewellery, motor cars and so on. Private wealth also includes financial assets such as notes and coins, bank deposits, building society de- Posits and company shares. Social wealth consists of those assets owned by the community as a whole (i.e. by central and local government). It includes such things as roads, hospitals, schools, parks and libraries. National wealth is the sum of all the wealth possessed by the citizens of a country, whether it is privately owned or publicly owned. Whereas wealth is a stock of assets which have a money value, income is a flow of money. Income refers to the amount of money earned or received during a given period of time — usually one year. An individual may receive income in various forms, such as wages, salaries, interest on savings, rent from the ownership of property, profits on shares, or social security payments. The basic difference between income and wealth is this: • income is a flow of money received during a given period of time, while • wealth is a stock of assets owned at some moment in time. Here is a graph showing how Englishmen held their wealth in a certain year.
Богатство и доходов
The standard working day in the United Kingdom and the USA starts at 9:00 a. m. and lasts till 5:00 p. m. with lunch time from 1:00 p. m. to 2:00 p. m. Many banks are usually open for customers from 9:30 a. m. to 3:30 p. m. Some businesses and industries traditionally work different hours. Most employees have a five-day working week, Monday through Friday. The working week is between 35 and 40 hours long. Overtime is quite common and is generally paid, often at a premium to the basic rate of pay. The week- end usually starts on Friday night and lasts till Monday. Thus on Saturdays and Sundays most businesses are closed. But as to shops they are open on Saturdays and some of them are open on Sundays. In Britain the law does not say what shops can be open on Sundays but it says what goods can be sold on Sundays. They are newspapers, magazines and fresh food. If the law is bro- ken, criminal proceedings may be taken. Many officials and the public demand that the Sunday trading rules should be abolished in the UK. Most businesses are closed on public or national holidays. The main public holidays of the UK are as follows: New Year’s Day Good Friday Easter Easter Monday May Day Christmas Day Boxing Day 1 January in April in April in April in May 25 December 26 December
In the United States the following main holidays are celebrated:
New Year’s Day 1 January Washington’s Birthday 20 February Easter in April Memorial Day in May Independence Day 4 July Labour Day in September Veterans’ Day in November Thanksgiving Day in November Christmas Day 25 December
All the main public or national holidays in the US and UK are bank holidays, which means banks are closed on those days. Besides there are some other bank holidays, when banks and many other businesses are closed. The bank holidays besides public or national holidays are:
Spring or Summer (Bank) Holiday in May or June Autumn (Bank) Holiday in August or September
It dates back to the nineteenth century when by the Bank Holiday Act and a Supplementary Act these days were constituted as bank holidays in the UK.
Стандартный рабочий день в Великобритании и США начинается в 9:00 и длится до 17:00 с обеденное время с 13:00 до 14:00. Многие банки обычно открыты для клиентов с 9:30 до 3:30. Некоторые предприятия и отрасли традиционно работают в другие часы. Большинство сотрудников имеют пятидневную рабочую неделю, с понедельника по пятницу. Рабочая неделя составляет от 35 до 40 часов. Сверхурочные довольно часто и, как правило, платные, часто с премией к базовой ставке заработной платы. Выходные обычно начинается в пятницу вечером и длятся до понедельника. Таким образом, по субботам и воскресеньям большинство предприятий закрыты. Но магазинами открыты по субботам, а некоторые из них открыты и по воскресеньям. В Великобритании закон не говорит, что магазины могут быть открыты по воскресеньям, но он говорит, какие товары могут быть проданы по воскресеньям. Это газеты и журналы, свежие продукты. Если закон нарушается, уголовное дело может быть принято. Многие чиновники требуют, чтобы торговые правила воскресенья должны быть отменены в Великобритании. Большинство предприятий закрыты на государственные или национальные праздники. Основные праздничные дни в Великобритании являются: Новый год, в Страстную Пятницу, Пасха, Пасхальный понедельник, Рождество, Первомайский, День подарков 1 января, 25 мая, 26 декабря. В Соединенных Штатах отмечаются следующие основные праздники: Новый год 1 января, День рождения Вашингтона 20 февраля, Пасха в апрельский день, Мемориал мая, День независимости 4 июля, День труда в сентябре, День ветеранов в ноябре, День благодарения в ноябре, Рождество 25 декабря. Все основные государственные или национальные праздники в США и Великобритании в праздничные дни, а это значит, банки закрыты в эти дни. Кроме того, есть и другие праздничные дни, когда банки и многие другие предприятия закрыты. Праздничными днями, кроме государственных или национальных праздников являются: Весной или летом (банк) Отдых в мае или июне Осень (банк) Отдых в августе или сентябре. Она восходит из девятнадцатого века, когда в Законе о Выходном и Законе Дополнительного в эти дни были сформированы праздничные дни в Великобритании.
Types of businesses in the UK
Most businesses in the United Kingdom operate in one of the following ways: sole trader • partnership • limited liability company branch of a foreign company The sole trader is the oldest form of business. There are many one-man owners, for example: a farmer, doctor, solicitor, estate agent, garage man, jobber, builder, hairdresser etc. The partnership is a firm where there are a few partners. They are firms of solicitors, architects, auditors, management consultants etc. The names of all the partners of the firm are printed on the stationery of a partnership. The most common type of company in the United Kingdom is the limited liability company. At the end of the name of such a company the word Ltd is used. For example: Wilson and Son Ltd. Many of such companies are joint-stock companies owned by shareholders. Limited liability companies are divided into public and private ones Only public companies may offer shares to the public at the stock exchange. The names of such companies end in pic. which stands for public limited company. For instance: John and Michael pic. private limited companies may not offer shares to the public. The names of such companies end simply in Ltd. A branch of a foreign company is a part of a company incorporated outside Great Britain but acting under the law of the UK. Usually these companies act in the UK under their nor- mal foreign names.
Виды бизнеса в Великобритании
Directors and managers
As a rule a private company has only one director. A public company must have at least two directors. Usually there is no upper limit on the number of directors a public company may have. The company’s note-paper must list either all or none of the names of its directors. A limited liability company or a corporation is headed by the board of directors elected by shareholders. The directors appoint one of their number to the position of managing director to be in charge of the day-to-day running of the company. In large organizations the managing director is often assisted by a general manager. Some companies also have assistant general managers. Many directors have deputies who are named deputy directors. Directors need not be shareholders. They are responsible for the management of a company’s affairs. They are not subject to any residence or nationality restrictions. Big companies have many managers heading departments. They are all responsible to the managing director. Among various departmental managers (directors) the following can be mentioned: sales manager, personnel manager, chief manager, district manager, sales and marketing manager, industrial engineering manager, etc. Here is an organization chart for a typical manufacturing company: A business card typically includes the giver’s name company affiliation (usually with a logo) and contact information such as office address, telephone number, fax number, e-mail address and website. Here are a few business cards of businessmen:
Как правило, частная компания имеет только одного директора. Частная компания должна иметь как минимум двух директоров. Обычно нет верхнего предела числа директоров, которых могут иметь частные компании. В бланках компании перечисляются либо все директора, либо ни один. Общество с ограниченной ответственностью или корпорации возглавляет совет директоров, избираемых акционерами. Директора назначают одного из своих членов на должность управляющего директора изо дня в день управляющего компанией. В больших организациях управляющему директору часто оказывает помощь генеральный менеджер. Некоторые компании также имеют помощников генеральных менеджеров. Многие директоры это заместители, которые были названы заместителями директора. Директора не должны быть акционерами. Они несут ответственность за управление делами компании. Они не подпадают под действие каких-либо ограничений места жительства или гражданства. Крупные компании имеют множество менеджеров возглавляющих отделы. Все они несут ответственность перед управляющим директором. Среди различных руководителей (директоров) можно упомянуть следующих: менеджер по продажам, менеджер по персоналу, главный менеджер, региональный менеджер, менеджер по продажам и маркетингу, менеджер промышленного производства и т.д. Вот организационная схема для типичной производственной компании: Визитная карточка обычно включает в себя имя компании (обычно с логотипом) и контактную информацию, такую как адрес офиса, номер телефона, номер факса, адрес электронной почты и веб-сайт. Вот несколько визитных карточек предпринимателей:
There are two types of secretaries: company secretaries and private secretaries of executives. Every company, both in Great Britain and the United States, is required, under the law, to have a company secretary. In the case of private companies the directors are free to appoint any suitable person for this position. But in the case of public companies the company secretary must be a properly qualified person, a member of a recognized institute or association. He or she may be one of the directors of the company. But if the company has only one director, the director cannot also be the secretary. The company secretary is the chief administrative officer of the company. He or she is normally responsible for the company to comply with company law. The correspondence of the company secretary is particularly concerned with shareholders’ meetings, board meetings and various forms that must be sent outside. The company secretary may also deal with enquiries for information concerning other firms, although the accounts department often handles these matters. Administrative questions come into the sphere of the company secretary, under instructions of the board of directors. As to private secretaries of executives they are practically personal assistants of executives. A secretary answers telephone calls, receives messages and makes many telephone calls on the instruction of her boss. A secretary also helps in organization of meetings and conferences, entertainments of visiting customers, suppliers and other associates of the firm. She also deals with all the correspondence of her boss. Secretaries write letters on making appointments or travel arrangements, letters of introduction, congratulation or condolence, invitations and replies to invitations. Secretaries use various office equipment, like microcomputers, fax machines, photocopying machines and others.
Types and Forms of business in the UK and the USA
There are three basic forms of business ownership:
1) Sole proprietorship (a sole trader (the UK); an individual business, partnership (the USA), 2) corporation.
A single person may operate as a sole trader, which is the oldest form of business, and even if he employs many people, he alone is responsible for management and, thus, for any debts. There are many one-man owners, for example: a farmer, a doctor, a solicitor, an estate agent, a garage man, a jobber, a builder, a hairdresser, etc.
Another way to run a business is for two or more people to form a partnership in which they share management, profits and liability to debts. The share is not necessary an equal one, but depends upon the partnership agreement among them. This usually reflects the amount of capital each partner has invested in the business. Partnerships can be formed very easily and the legal position of partners is not very different from that of sole traders. They are firms of solicitors, architects, auditors, management consultants, etc. The names of all the partners of the firm are printed on the stationery of a partnership.
The most common type of a company in the United Kingdom is the limited liability company. At the end of the name of such a company the word Ltd is used. For example: Wilson and Son Ltd. The equivalent to this kind of company can be found all over the world.
The members of a limited company have limited liability. This means that if the business has difficulties, the members can be made to pay its debts only up in a certain limit. Normally this limit is the amount unpaid on shares they hold (limited by shares), or the amount they have guaranteed to contribute to company assets (limited by guarantee). The company’s liability itself is not limited; as long as the business has money or assets, creditors may sue. But they cannot sue the members as individuals beyond their stated limits.
Many of such companies are joint-stock companies owned by shareholders. Limited liability companies are divided into public and private ones. Private limited companies may not offer shares to the public. The names of such companies end simply in Ltd. Public companies may offer shares to the public at the stock exchange (selling shares is one of the ways in which companies raise capital). The names of such companies end in p.l.c. which stands for public limited company. For instance: John and Michael p.l.c.
It is also possible to form an unlimited company. Since member’s liability is unlimited this is, in effect, similar to a partnership.
A corporation is a kind of artificial legal person, with the right to sue and be sued. It may consist of a single person, or several persons called stockholders, but in each case it has a legal identity separate from these individuals. The stockholders usually have certificates, showing the number of shares which they own. The stockholders elect a director or directors to operate the corporation. Most corporations are closed corporations, with only a few stockholders. Other corporations are owned by many stockholders who buy and sell their shares at will. Usually they have little interest in management of the corporations.
In the United Kingdom most businesses, generally, operate in one of the following ways: 
-limited liability company
-branch of a foreign company (a part of a company incorporated outside Great Britain but acting under the law of the UK; usually these companies act in the UK under their normal foreign names).
Businesses in the USA may be organized as one of the following forms:
— general partnership (the owners all are liable for debts and share in the profits);
— limited partnership (a limited partnership has got at least one general owner and one or more other owners who have only a limited investment and a limited liability);
— alien corporation (corporations of foreign countries; all the corporations are to receive their charters from the state authorities which state all the powers of the corporation. Many corporations in the USA try to receive their charters from the authorities of the State of Delaware, though they operate in other states. They prefer the State of Delaware because the laws are liberal there and taxation is rather low. Such corporations, which receive their charters from an outside state, are called foreign corporations. All the corporations require a certificate to do business in the state where they prefer to operate).
4. a) Translate underlined words and phrases in the text b)Make sentences with these words and phrases.