I. Improve your wordpower.

1. Study your active vocabulary:

globalization (n) глобализация

the latter (adj) последний (из двух названных ранее)

finance (n) финансы, денежные отношения

finance (v) финансировать

financial (adj) финансовый

establishment (n) основание, учреждение, создание

to establish (v) основывать, создавать

sharp (adj) определенный, отчетливый, резкий

sharply (adv) определенно, отчетливо, резко

advertising (n) реклама, рекламирование, рекламное дело

advertise (v) рекламировать

reduction (n) снижение, уменьшение, сокращение

to reduce (v) понижать, уменьшать

introduction (n) euro (n) single (adj) currency (n) transaction (n) to join (v) circulation (n) former (adj) the former competitiveness (n) participation (n) to participate to promote (v) subsidiary (n) business (n) to do business to do e-business

введение

евро (денежная единица)

единый

валюта, деньги

дело, сделка

соединять(ся), сливать(ся), вступать (в члены общества)

денежное обращение

прежний, бывший

первый из двух упомянутых ранее

конкурентная способность

участие

участвовать

способствовать; содействовать распространению, развитию

филиал

коммерческая деятельность, предпринимательство

вести дело, заниматься предпринимательством

заниматься электронной коммерцией

2. Using a dictionary add as many words as possible into the table:

3. Match these words with the definitions below:

advertising; tax; currency; transaction; subsidiary; globalization.

1. A piece of business.

2. An amount of money which must be paid to the government according to income, property, goods bought, etc.

3. Connected with but of less importance than the main one, for example: plan, company, etc.

4. The business of encouraging people to buy goods.

5. The particular type of money in use in a country.

6. The quality of being concerned with causes and effects over the whole world, not just single parts of it.

4. Form all possible combinations and translate them:

5. Make up your own sentences using the following words and word
combinations:

new consumer products, the introduction of the new currency, to advertise new goods and services, privatization of the economy.

6. Give the opposites to the following words:

a reduction, to increase, the former, dependent, to promote, developed, easy, foreign, independence, support, seller, different, a part; employment, loss.

II. Reading Comprehension

Read and translate the following text. Consult a dictionary if necessary.

GLOBALIZATION OF WORLD ECONOMY

Globalization is understood as increasing internationalization of ideas, science, communication and technology that must be distinguished from economic globalization. The latter means the process of integration of markets, great changes in trade and finance and the establishment of the global economy.

The main aim of economic globalization is to change the world into one dynamic market which has uniform characteristics in different countries. Globalization should lead to a free mobility of capital as well as to privatization of the economy and a sharp reduction in government budgets. Besides, globalization means wide advertising of new consumer products all over the world, low taxes

for producers both domestic and foreign and similar life-styles¹ for people of different nationalities.

First steps towards globalization in Europe were made by the establishment of the Common Market in 1993 and the introduction of the “euro” as the new single currency for Europe on January 1,1999. Since that time the euro has been used in foreign trade transactions by the countries which joined the euro-zone². Euro banknotes were introduced in circulation in 12 member-countries of the European Union on January 1, 2002.

Some countries of Central and Eastern Europe have recently joined the

European Union, such as Lithuania and Poland while others are planning to do it

in the near future. However, in order to transform the former planned economies

into really mixed economies³ countries of Eastern Europe must increase sharply

the levels of productivity and competitiveness of their economies. Special

adjustments should be made in agriculture, tax system and in the system of social security⁴.

Economists think that the single currency will increase trade integration as well as labour mobility in the euro-zone. The introduction of the new currency and participation of different countries in integrated European financial markets should reduce any risks in business transactions and lead to more efficient European finance, promote European political as well as economic integration.

Globalization at a business level means that a company has decided to participate in the global economy and it is going to establish its subsidiaries in foreign markets. However, a company will have to adjust its products or services to the consumers' requirements in a foreign country. Nowadays any company may do e-business using the Internet services. In order to attract consumers it is important to advertise new goods and services both in national and international markets. Advertising of popular goods and services is often done in such international languages as English, German, French, and Spanish.

Пояснения к тексту

1. similar life-style – похожий образ жизни

2. euro-zone – страны, где используется денежная единица “евро”; зона
“евро”

3. a mixed economy – смешанная экономика (сочетает элементы командной и свободной рыночной экономики)

4. social security – социальное обеспечение

Answer the questions:

1. What does globalization mean?

2. What are the main characteristics of “economic globalization?”

3. What are the aims of economic globalization?

4. What are the main steps of globalization in Europe?

5. What is the euro?

6. When and where was the euro introduced?

7. Is the euro used in all European countries?

8. What problems should the former Eastern European countries cope with
nowadays?

9. What benefits can the single European currency ensure?

10. What does globalization mean in business?

11. What is important in e-business?

III. Comprehension and Word Study

1. Translate from English into Russian:

to establish its subsidiaries in foreign markets, to increase the level of productivity, great changes in trade and finance, the main aim of economic globalization, free mobility of capital, sharp reduction in government budgets, wide advertising new consumer products all over the world, low taxes for producers, similar life-styles for people of different nationalities, single currency, foreign trade transactions, a system of social security, in order to attract consumers, advertising of popular goods and services.

Join the halves.

3. Translate from Russian into English:

Реклама популярных товаров и услуг; введение новой валюты; глобализация мировой экономики; главная цель экономической глобализа­ции; резкое сокращение государственного бюджета; низкие налоги для про­изводителей; похожий образ жизни для людей различных национальностей; смешанная экономика; уровень производства; для того чтобы привлечь потребителей; рекламировать новые товары и услуги как на внутреннем, так и на внешнем рынках.

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