Text B. The economic environment

    The economy comprises millions of people and thousands of firms as well as the government and local authorities, all taking decisions about prices and wages, what to buy, sell, produce, export, import and many other matters. All these organizations and the decisions they take play a prominent part in shaping the business environment in which firms exist and operate. The economy is complicated and difficult to control and predict, but it is certainly important to all businesses. You should be aware that there are times when businesses and individuals have plenty of funds to spend and there are times when they have to cut back on their spending. This can have enormous implications for business as a whole. When the economy is enjoying a boom, firms experience high sales and general prosperity. At such times, unemployment is low and many firms will be investing funds to enable them to produce more. They do this because consumers have plenty of money to spend and firms expect high sales. It naturally follows that the state of the economy is a major factor in the success of firms.

  However, during periods when people have less to spend many firms face hard times as their sales fall. Thus, the economic environment alters as the economy moves into a recession. At that time, total spending declines as income falls and unemployment rises. Consumers will purchase cheaper items and cut expenditure on luxury items such as televisions and cars.

Changes in the state of the economy affect all types of business, though the extent to which they are affected varies. In the recession of the early 1990s the high street banks suffered badly. Profits declined and, in some cases, losses were incurred. This was because fewer people borrowed money from banks, thus denying them the opportunity to earn interest on loans, and a rising proportion of those who did borrow defaulted on repayment. These so-called "bad debts" cut profit margins substantially. Various forecasters reckoned that the National Westminster Bank's losses in the case of Robert Maxwell's collapsing business empire amounted to over £100 million. No individual firm has the ability to control this aspect of its environment. Rather, it is the outcome of the actions of all the groups who make up society as well as being influenced by the actions of foreigners with whom the nation has dealings.

Text C. Changing money  

In the evening a few participants went to a bureau de change next to the hotel to change some dollars into pounds. In London money can be changed either at banks, at bureaux de change or at customers' services desks in big department stores. Banks are usually open from 9.30 a. m. until 3.30 p. m. Some are open on Saturday, but never on Sunday. They accept plastic cards Visa, Access as well as Eurocheques, traveller's cheques and, of course, cash. Many banks have cash dispensing machine services. Bureaux de change are usually open for longer hours and every day. They often charge a bigger commission than banks. The exchange rates are often shown in the running lines placed in the windows or on the walls of the bureaux de change for everybody to see.

Now Marat comes up to the counter of the bureau de change:

Marat: Good evening.

Cashier: Good evening, sir. Can I help you?

Marat: Could I change two hundred dollars into pounds, please?

Cashier: Yes, certainly.

Marat: How much will it be?

Cashier: About one hundred and twenty pounds.

Marat: Good. Here you are.

Cashier: Thank you. And how would you like it, in twenties, tens or smaller notes?

Marat: In tens, please.

Cashier: Fine. Here is the money and your receipt, please.

Marat: Thanks. Excuse me, will you be open tomorrow, on Sun­day?

Cashier: Yes. But we work shorter hours on Sundays. We'll close at 7 p. m.

Marat:Thank you. And one more thing. Can I change these coins of fifty cents each?

Cashier: I'm afraid I can't take small change. We change only notes.

Marat: Do you believe I can change them somewhere else?

Cashier: I'm afraid you can't. This is a rule with banks and bureaux de change.

Marat: I see. Thank you.

Cashier: You are welcome.

 

Vocabulary

bureaudechange		обменный пункт, пункт обмена валюты
at the customers' services		в отделе обслуживания покупателей
departmentstore		универсальный магазин
toaccept		принимать
aswellas		а также
traveller'scheque		дорожный чек
cash		наличные (деньги)
cashdispensingmachine		автомат, выдающий наличные (деньги)
forlongerhours		дольше
tocharge a commission		взимать комиссию
rate		курс
exchangerate		курс обмена валюты
intherunninglines		бегущей строкой
twohundredpoundsster­ling		двести фунтов (стерлингов)
receipt		квитанция
Weworkshorterhours		Мы закрываемся раньше.
cent		цент
smallchange		сдача
somewhereelse		где-либо ещё
I see.		Понятно.

 

Exercises

1. Find the answers in the text and write them down:

1. Can money be changrd at the hotel in London?

2. Where can money be changed in London?

3. Can only cash be changed?

4. Where can exchange rates be seen?

5. Do bureaux de changechargethe same commission as banks?

6. Are banks open on Saturday and Sunday in London?

7. Do bureaux de change work on Sundays?

 

2. Complete the sentences as in the text:

1. Banks are usually open from ... until ... 2. Some are ... on Saturday but never .... 3. Many banks have … machine services. 4. Bureaux de change are usually ... longer hours and ..day. 5. They often charge …than banks.6. This is a rule with…

 

3. Read the following:

bureaux de changeeither at banks or at bureaux de change or at customers' services desks

They are open every day.They are open every day but not on Sunday. They charge a commission.They charge a bigger commission.The exchange rates are shown in the windows.They are shown in the running lines.The running lines are sometimes placed on the walls for every­body to see.

4. Write down what the text is about using the following phrases:

• exchange rates • forms of money to be changed • working houis

• commissions • cash dispensing machines • place, where money can be changed

5. Choose the answer true to the text:

• Where did the participants go to change some money?	To a bank. To a bureau de change. To a departmentsstore.
• Wherewasitlocated?	In the hotel. Near the hotel. Rather far from the hotel
• What money did they want to change?	Roubles. Pounds. Dollars. Tenge.

 

• How much money did Marat want to change?	200 roubles. 200 pounds. 200 dollars.
• For what sum did he change that money?	120 roubles. 120 pounds. 120 dollars.
• In what notes did he get the money?	In tens. In fives. In twenties.
• Did he also change the coins he had?	Yes, he did. No, he didn't.
• Where can small change be changed?	At banks. At bureaux de change. Nowhere.
• Was the bureau de change open on Sunday, as the cashier said?	Yes, it was open 24 hours. No, it was closed. Yes, it was, but only till 19.00.

6. Read the following:

Here is the money. Here is the re­ceipt

I'm afraid you can't change it. I'm afraid banks don't accept coins either. I'm afraid other bureux de change do not accept coins either. I'm afraid customer's services desks don't accept coins either.

 

7. Complete the dialogues and act out similar ones:

— Good ...

— Good ... Can I help ...?

— Could I ... 200 ...

— How much ...?

— About 120 ...

— Good. Here you ...

— Thank you. And how ... smaller notes?

— In ...

— Fine. Here is receipt, please.

— Thank you.

— Excuse me, will ... Sunday?

— Yes, but ... shorter ... We'll close ...

 

— One more thing. Can I ..coins .?

— I'm afraid I can't ... We ..notes.

— Do you believe ... somewhere else?

— I'm afraid ... This is a rule ...

 

8. Underline the articles in the text and explain their usage in every particular case.

ü particular — отдельный, частный, определенный

 

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