98) What Is the Primary Objective of Business? Fashion Quizlet

Vocabulary

overall output � ��

cause-and-effect relation�ships � ��-��

product and consumption � ��

factors of production � ��

natural resource - ��

homo resource � ��

capital and entrepreneur-ship � ��

return or reward � �� i ��

wildlife and timber resources � ��

to classify the factors of production � ��

to postpone � ��

Reply the questions:

ane. What's the difference between macroeconomics and microeconomics?

2. What questions does macroeconomics examine?

three. What questions does microeconomics examine?

iv. What are the factors of production?

five. What is the fuel that drives the economy?

6. What are the natural resources?

7. What is called �the price paid for the use of labor�?

8. What is the uppercase?

9. What is the role of entrepreneurship in production?

TEXT vi

BANKING

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The goldsmiths of the seventeenth century were the first real English language bankers.

Golden and argent were accepted internationally for the payment of debts. Gilded was most commonly used in this country. Consequently, merchants needed to keep some in reserve to encounter their demands. They placed these stocks in gold with the goldsmiths for safekeeping. In return for the aureate the goldsmiths issued receipts, upon presentation of which the gilt would be repaid. From this process two customs naturally emerged. The merchants realized that it was not necessary to become to the goldsmiths and withdraw gilt every time they needed money when other merchants who knew or trusted the goldsmith were willing to accept a receipt instead. This was the beginning of the use of paper money. Soon the goldsmiths realized that while people who had deposited gilt with them would want to withdraw it at some time, not anybody withdrew simultaneously. Consequently, as long as sufficient aureate was retained to meet the demand for withdrawals, the rest could be lent to reliable customers on payment of interest. From these ancestry gradually emerged the foundations of the modernistic banking system. Today this is sophisticated, highly organized and efficient, but the bones functions, namely to receive deposits and keep them safe, brand loans and facilitate the transfer of money, still remain.

TEXT 7

BANKS

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Banks are closely concerned with the flow of money into and out of the economy. They often cooperate with governments in efforts to stabilize economies and to preclude inflation. They are specialists in the business organisation of providing capital letter, and in allocating funds on credit. Banks originated as places to which people took their valuables for safekeeping, but today the great banks of the world have many functions in improver to acting equally guardians of valuable private possessions.

Banks commonly receive money from their customers in ii singled-out forms: on electric current account, and on deposit account. With a electric current account, a customer can effect personal cheques. No interest is usually paid by the bank on this blazon of account. With a eolith account, nonetheless, the customer undertakes to get out his money in the bank for a minimum specified period of time. Involvement is paid on this money.

The bank in turn lends the deposited money to customers who need capital. This activity earns interest for a bank, and this interest is most always at a college rate than any involvement, which the banking company pays to its depositors. In this way the banking concern makes its principal profits.

We can say that the primary function of a depository financial institution today is to act as an intermediary betwixt depositors who wish to make interest on their savings, and borrowers who wish to obtain capital. The bank is a reservoir of loanable morney, with streams of money flowing in and out. For this reason, economists and financiers often talk of coin beingness 'liquid', or of the 'liquidity' of money. Many small sums which might not otherwise be used as capital are rendered useful but because the bank acts as a reservoir.

The system of cyberbanking rests upon a basis of trust. Innumerable acts of trust build upward the organization of which bankers, depositors and borrowers are role. They all agree to deport in certain predictable ways in relation to each other, in relation to the rapid fluctuations of credit and debit. Consequently, business tin be done and cheques tin be written without any legal tender visibly irresolute hands.

Questions:

1. What is the chief function of a banking concern?

2. Do banks cooperate with governments?

3. Does the depository financial institution pay whatever interest on current account?

four. Does the depository financial institution pay any interest on deposit account?

5. How tin coin be 'liquid'?

vi. The organization of banking rests upon a basis of trust, doesn't it?

7. Practice banks act only as guardians of valuable private possessions?

TEXT viii

English language BANKS

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Today the British banking is a complicated tripartite arrangement like a three-layer cake. The system is headed by the Depository financial institution of England.

This bank was established nether a majestic lease in 1694. The head of the Banking concern is Governor of the Depository financial institution appointed by the Queen on the recommendation of the Prime Government minister. The Queen also appoints Deputy Governor and the Courtroom of Directors, which consists of xvi directors.

The Bank of England is a primal banking company or a national depository financial institution. It controls the British banking arrangement, problems banknotes and mints coins. It lends and borrows coin for the government, manages the national debt and is in the control of the nation'southward gold reserve. The other two layers are:

� the commercial or joint stock clearing banks

� specialized banking institutions such every bit the discount houses and merchant banks.

The commercial or joint stock banks bargain with the full general public. The four large English language commercial banks are known every bit the Large 4. They are Barclays, Lloyds, the Midland, and the National Westminster. Together they have up of 10,000 mercial banks render various services to companies and individuals. Some of the services are:

� to receive or accept from their customers the deposit of money

� to collect and transfer money both at dwelling and abroad against deposit and current accounts

� to provide overdrafts to both personal and business customers

� to lend loans to their customers

� to exchange coin

� to supply economical data and to prepare economical reviews to be published

� to brand foreign substitution transactions, including spot transactions, forrad transactions and bandy transactions

� to result diverse broker'due south cards

Merchant banks and discount houses deal just with special customers providing funds for special purposes. They accept commercial bills of commutation and offer quite a lot of financial services. They provide advisory services about new issues of securities, mergers, take-overs and reorganizations. They also adapt financing for their customers and provide fund-management services.

Besides at that place is a big group of banks in the UK fabricated up of foreign banks. All the major strange banks are represented in the UK by subsidiary, branch, representative offices or consortium. They provide finance both in sterling and in other currencies and offering a broad range of fiscal services.

Lombard Street is the symbol of British cyberbanking. This is the identify where the first bankers coming from Italy settled.

Questions:

one. The Bank of England is a central bank, isn't information technology?

two. Who appoints the head of the Banking concern of England?

iii. Deputy Governor is appointed by the Queen, isn't he?

4. Are at that place any strange banks in the UK?

5. What is the Big Four?

6. What kind of services practise merchant banks provide?

TEXT 9

About COMMERZBANK

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With consolidated total assets of about 380 billion Euros, Commerzbank, based in Frankfurt am Main and founded in 1870, is one of Germany's - and Europe's - leading private-sector banks. Some 32,000 employees, including 7,000 abroad, serve roughly 7 million customers. Autonomously from the parent banking concern, Commerzbank AG, the Group consists of numerous subsidiaries in Federal republic of germany and around the world.

Commerzbank AG's domestic operations include a national network of over 700 branches. Internationally, the Grouping's activities are concentrated primarily in Europe. Additional operations are maintained in key markets such as the USA Commerzbank also has participations in and cooperations with, a number of institutions worldwide.

A bank should and indeed must be primarily a provider of services. Our market success is gauged first and foremost by how well information technology performs this part. The yardstick is customer satisfaction, to which we at Commerzbank are wholeheartedly committed.

We meet ourselves as an efficient provider of financial services for demanding private customers in Federal republic of germany. We are as well the artistic relationship bank for the successful German Mittelstand, for major corporates and institutions in Europe too as multinationals from all over the globe.

In regional terms, we are concentrating on Germany, where we provide integrated financial services, operating a nationwide branch network to propose and sell our products to all client groups. In corporate business concern, we also look upon Western, Key and Eastern Europe equally our core market, and North America as well, where nosotros accept a long tradition.

Questions:

1. Where is Commerzbank located?

2. When was it established?

3. Is information technology a state bank or a private depository financial institution?

4. How many employees does information technology have?

5. Does information technology serve 7 thousand or 7 one thousand thousand customers?

vi. The bank has subsidiaries all over the world, does it?

��eighteen

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TEXT 1

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Business organization Writing

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The aim in business organization writing is to communicate as conspicuously and concisely as you tin. In our high-tech civilisation we await many tasks to take far less time than they practise. Writing is i of them. The ability to write well � clearly and concisely � is not an ancillary skill; it is an essential skill. Opposite to full general belief, writing is non something just 'writers' practise; it is a basic skill for getting through life. However, writing is a high-level conceptual skill and it does have time. Many mental activities are taking place while you are writing: analyzing the audience, remembering and deciding on what information to present, organizing the information, putting it into comprehensible sentences, paying attending to the ailes of good writing, proofreading, etc.

When getting started, remember, if you lot gain control of yourself, you will gain command of your topic.

� First of all you inquire yourself the question nearly the purpose of your writing:

Are you writing to ask, inform, persuade, motivate, or do you have more than than i purpose?

Second, become interested in its scope:

� Given your needs and your reader'southward needs, how much information should you include?

Tertiary, come across clearly the contents of your writing:

� What kind of information volition aid you to achieve your purpose? Practice you lot have all information yous need? How, or where, can you become additional information?

At terminal, you should ask yourself about the bachelor constraints:

� What makes your task more difficult? Time or cost constraints? Your reader's attitudes? Your ain lack of credibility?

Put yourself in your reader'southward place and await at the message through his eyes. Almost of the readers desire the results of your thinking, non the thinking itself. Call up that there is a difference between thinking and communicating. When experimenting with various ways to organize the information be guided past two factors: (one) your reader's knowledge and involvement and (two) your purpose and the data itself. The contents of whatever letter may exist summarized as follows: (1) opening, (2) purpose; (iii) action, and (four) polite expressions.

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1. What should you take into consideration while you are writing?

ii. What tin exist the purposes of your writing?

iii. What should you proceed in mind while writing?

4. Why are readers more interested in the results of the writer's thinking?

5. Can yous write well?

6. How of import for you lot is the ability to write well?

7. What is the most important to organize information properly?

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Nouns	��
attitude	��
message	��
credibility	��
purpose/ objective/ aim	��
telescopic	��, ��
contents	��
constraint	��
proofreading	��, ��
Verbs	��
communicate	��
enquire	��
inform	��
persuade	��
motivate	��
guide	��, ��
include	��
exclude	��
Adjectives	��
clear	��
concise	��

Adjectives	��
ancillary	��
essential	��
conceptual	��
comprehensible	��

Six . �� .

Objective (north)	something which yous aim at
Contact (n)	person to ask for help or advice
Form (n)	official printed paper to be filled in with information
Inquire (v)	ask
Answer (5)	reply
Mention (v)	inform, speak of briefly
Refer (v)	send or straight for data
Relevant (adj)	applicable
Standard (adj)	normal
Complicated (adj)	hard
Knowledgeable (adj)	informed
Related (adj)	continued
Beforehand (adv)	in advance