English for Economic Studies

О.А. ДАНЬКО 
Д.В. ЕНЫГИН 
В.О. МИДОВА 
Е.Т. МИНАСЯН 
Е.Г. МАСЛОВА 

ENGLISH

FOR ECONOMIC STUDIES

Учебное пособие

Москва

ИНФРА-М

2019

УДК [811.111+33](075.8)
ББК 81.2Англ:65я73

Д19

Российский экономический университет имени Г. В. Плеханова

Авторы:

Данько Ольга Александровна — кандидат педагогических наук, доцент 

кафедры иностранных языков № 1, РЭУ имени Г.В.  Плеханова;

Еныгин Дмитрий Викторович — кандидат педагогических наук, 

доцент кафедры иностранных языков № 1, РЭУ имени Г.В.  Плеханова;

Мидова Венера Олеговна — кандидат психологических наук, доцент 

кафедры иностранных языков № 1, РЭУ имени Г.В.  Плеханова;

Минасян Ева Тиграновна — кандидат филологических наук, доцент 

кафедры иностранных языков № 1, РЭУ имени Г.В.  Плеханова;

Маслова Елизавета Геннадьевна — кандидат филологических наук, 

доцент кафедры иностранных языков № 1, РЭУ имени Г.В.  Плеханова

Данько О.А.

Д19
English
for
Economic
Studies
: учеб. пособие
/ О.А. Данько, 

Д.В. Еныгин, В.О. Мидова, Е.Т.  Минасян, Е.Г. Маслова. — М. : ИНФРА-М, 
2019. — 47 с.

ISBN 978-5-16-107961-4 (online)

Учебное пособие знакомит студентов с базовыми темами делового английского 

языка. Каждый юнит содержит уникальную структуру, объединяя в себе аутентичные 
тексты, упражнения на развитие бизнес-умений, тренировку профессиональных навыков 
будущих 
экономистов. 
Пособие 
также 
содержит 
интерактивные 
задания, 

вспомогательные мультимедийные ресурсы, а также задания для отработки отдельных 
элементов деловой коммуникации.

Книга содержит тест на проверку полученных знаний.
Соответствует 
федеральным 
государственным 
образовательным 
стандартам  

высшего образования последнего поколения. 

Рекомендовано для студентов бакалавриата, магистрантов высших учебных 

заведений экономического профиля, преподавателей делового иностранного языка.

УДК [811.111+33](075.8)

ББК 81.2Англ:65я73

ISBN 978-5-16-107961-4 (online)
© Данько
О.А., Еныгин
Д.В., 

Мидова В.О., Минасян Е.Т., 
Маслова Е.Г., 2019

ФЗ № 
436-ФЗ

Издание не подлежит маркировке 
в соответствии с п. 1 ч. 2 ст. 1

CONTENTS

Foreword………………………………………………………………………. 5

Unit 1………………………………………………………………………….  6

Unit 2………………………………………………………………………….. 9

Unit 3…………………………………………………………………………. 13

Unit 4…………………………………………………………………………. 17

Unit 5…………………………………………………………………………. 22

Unit 6…………………………………………………………………………. 27

Unit 7…………………………………………………………………………. 31

Unit 8…………………………………………………………………………. 36

Extra materials………………………………………………………………... 41

Final Quiz ……………………………………………………………………...44

FOREWORD

Dear, student!

This coursebook introduces you to basic management principles and 

vocabulary. It provides a solid foundation for you to build on in the course and get 

the most of all components. 

The units are based on a unique design that contains current managerial 

visions, business skills and professional input, equipping you with the language 

you need to succeed in a business environment. 

The course contains specific
business-related outcomes, interactive

assignments, extra multimedia resources, and tasks providing further practice in 

business communication, making the coursebook indeed applicable and appealing. 

The materials are grounded on the use of information and communication 

technologies, which have become an integral part of the learning process, thus 

contributing to advance the educational sphere.

The book also ends up with the final quiz which will help you to check your 

knowledge.

Good luck!

Unit 1. Management 

 

Lead-in Questions 


What is management?


Is management an art or science?


To what extent is effective management something you are born with, as 
opposed to a set of skills that can be taught?

 

Management is important. The success or failure of companies, public sector 

institutions and services, not-for- profit organizations, sports teams, and so on, 
often depends on the quality of their managers. But what do managers do? One 
well-known classification of the tasks of a manager comes from Peter Drucker. 
Drucker was an American business professor and consultant who is often called 
things like 'The Father of Modern Management'. 

Drucker suggested that the work of a manager can be divided into five tasks: 

planning 
(setting 
objectives), 
organizing, 
integrating 
(motivating 
and 

communicating), measuring performance, and developing people. 

First of all, senior managers and directors set objectives, and 
decide how their organization can achieve or accomplish them. This 

involves developing strategies, plans and precise tactics, and allocating resources 
of people and money. 

Secondly, managers organize. They analyse and classify the activities of the 

organization and the relations among them. They divide the work into manageable 
activities and then into individual tasks. They select people to perform these tasks. 

Thirdly, managers practise the social skills of motivation and 

communication. They also have to communicate objectives to the people 
responsible for attaining them. They have to make the people who are responsible 
for performing individual tasks form teams. They make decisions about pay and 
promotion. As well as organizing and supervising the work of their subordinates, 
they have to work with people in other areas and functions. 

Fourthly, managers have to measure the performance of their staff, to see 

whether the objectives or targets set for the organization as a whole and for each 
individual member of it are being achieved. 

Lastly, managers develop people - both their subordinates and themselves.  
A company's top managers also have to consider the future, and modify or 

change the organization's objectives when necessary, and introduce the innovations 
that will allow the business to continue. Top managers also have to manage a 
business's relations with customers, suppliers, distributors, bankers, investors, 
neighbouring communities, public authorities, and so on, as well as deal with any 
crisis that arises. Although the tasks of a manager can be analysed and classified in 
this fashion, management is not entirely scientific. There are management skills 
that have to be learnt, but management is also a human skill. Some people are good 
at it, and others are not. Some people will be unable to put management techniques 

into practice. Others will have lots of technique, but few good ideas. Excellent 
managers are quite rare. 
 

Comprehension W-questions 
What is the manager’s role? 
What makes an effective manager? 
What qualities do you consider the most important in management? 
Who is a famous Management Guru? 
Why is it necessary for a manager to perform 5 basic managerial tasks? 

 
 

Interviews. In groups, spend 10 minutes preparing a set of questions 

about the unit text to ask the other groups. Use these question starters: 

1. What exactly…?
2. What should you…?
3. According to the text, how would you go about…?
4. What’s the reason behind…?
5. What’s wrong with …?
6. What problems…?
7. Do you happen to remember…?
8. In what ways…?
9. What’s the connection…?
10. What do you understand…?

 

Role Play «Management Qualities» 
It is difficult to find universal agreement on the specific personality and 

professional characteristics which make a good manager. Team building usually 
aims to cover a range of qualities as one individual cannot have all the positive 
management attributes. 

Discuss the following characteristics of what makes a good manager and, 

with your partner, rank them in order of importance: 


ability to get on well with colleagues


technical knowledge


experience of management in different industrial sectors


ability to make people laugh


willingness to work up to 60 hours a week


confidence in making decisions


concern for well-being of every employee from the top to the bottom of an 
organization


ability to understand details of company activity


ability to plan and understand corporate objectives


knowledge of the world


highly educated and cultured individual with wide range of personal 
interests


commitment to making money


stable health and psychological make-up


supportive family


ability to motivate


ability to delegate
You may come up with your own ideas as well.  

 

Prepare an Individual Project / 5-min Power Point Presentation 

Theme: «The Evolution of Management Thought» 
 

Watch the video The business logic of sustainability. 

 

At his carpet company, Ray Anderson has increased sales and doubled 

profits while turning the traditional "take / make / waste" industrial system on its 
head. In a gentle, understated way, he shares a powerful vision for sustainable 
commerce. Next complete Think, Dig Deep and Discuss sections. 
 
 

Writing Skills 

Investigate the writing skills related to Sending and receiving emails. Next complete 
the Task below. Write 40-50 words. 
You are organizing a meeting to discuss some possible cuts to your department’s 
budget. 
Write an email to all staff in your department: 


giving them the date of the meeting


explaining why some cuts have to be made


saying why it is important for all staff to attend.

Glossary

to accomplish (v) to finish something successfully or to achieve something
to attain (v)
to reach or succeed in getting something

consultant (n)
a person who provides expert advice to a company

crisis (n)
a situation of danger or difficulty

distributor  (n)
a person or organization that supplies goods to shops/companies

innovation (n)
a new idea or method

to measure  (v)
to judge the quality, effect, importance, or value of something

to modify (v)
to change something slightly, usually to improve it 

objective (n)
a plan for achieving success

precise (adj)
exact and accurate

promotion  (n)
when someone is raised to a higher or more important position

public sector
the section of the economy under government control

strategy (n)
a plan for achieving success

subordinate (n)
a person with a less important position in an organization

supplier (n)
a company, person, etc. that provides things that people want or 

over a long period of time

Unit 2. Functions of Management 

 

Lead-in Questions 


What functions of management do you know?


Which business leaders do you admire for their managerial skills? 
What are these skills?

 

Four classic functions of management: planning, organizing, leading, and 

controlling. 

Planning: running an organization is kind of like steering a ship on the 

ocean; to get where you want to go, you’ve got to have a plan or a map-that tells 
you where you’re headed. It’s the job of managers to develop the plans that 
determine the goals an organization will pursue, the products and services it will 
provide, how it will manufacture and deliver them, to whom, and at what price. 
These plans include creating an organizational vision and mission and specific 
tactics for achieving the organization’s goals. 

Organizing: after managers develop their plans, they have to build an 

organization that can put these plans into effect. Managers do this by designing 
organizational structures to execute their plans (often building elaborate 
organizational charts that divide an organization into divisions, departments, and 
other parts and designate the people who reside in each position) and by 
developing systems and processes to direct the allocation of human, financial, and 
other resources. 

Leading: managers are expected to lead their employees, that is, to motivate 

them to achieve the organization’s goals-quickly and efficiently. Leadership is 
considered by many to be the most important ingredient for a manager’s success. 
Great leaders can make great things happen, inspiring their employees to do 
extraordinary things and accomplish extraordinary goals. 

Controlling: to accomplish their goals and the goals of the 
organization, managers must establish performance standards based on the 

organization’s goals and objectives, measure and report actual performance, 
compare the two, and take corrective or preventive action as necessary. 

While these classic functions are still valid, they do not tell the entire story. 

Managers and workers are entering into a new kind of partnership that is forming 
the basis of a new reality in the workplace. 

Today’s managers are discovering that they cannot command an employee’s 

best work; they can, however, create an environment that encourages employees to 
want to do their best work. And workers are discovering that, if they expect to 
survive the constant waves of change sweeping across businesses of all types, they 
have to find ways to contribute in their organizations in ways that they have never 
before been called on to do. 

The new functions of management that tap into the potential of all 

employees are: 

Energize: today’s managers are masters of making things happen. The best 

managers create far more energy than they consume. Successful managers create 
compelling visions-visions that inspire employees to bring out their very best 
performance-and they encourage their employees to act on these visions. 

Empower: empowering employees doesn’t mean that you stop managing. 

Empowering employees 

means giving them the tools and the authority to do great work. Effective 

management is the leveraging of the efforts of your team to a common purpose. 
When you let your employees do their jobs, you unleash their creativity and 
commitment. 

Support: today’s managers need to be coaches, counselors, and colleagues 

instead of watchdogs or executioners. The key to developing a supportive 
environment is the establishment of a climate of open communication throughout 
the organization. Employees must be able to express their concerns-truthfully and 
completely-without fear of retribution. Similarly, employees must be able to make 
honest mistakes and be encouraged to learn from those mistakes. 

Communicate: communication is the lifeblood of every organization. 

Information is power, and, as the speed of business continues to accelerate, 
information-the right information-must be communicated to employees faster than 
ever. Constant change and increasing turbulence in the business environment 
necessitate more communication, not less-information that helps employees better 
do their jobs, information on changes that can impact their jobs, and information 
on opportunities and needs within the organization. 
 

Comprehension W-questions 

1. What are the classic and new functions of management?
2. Which function is the most efficient? Why?
3. Why should managers follow these functions?
4. What other functions of management can you think of?
5. What are the advantages and disadvantages of management functions?

 

Interviews. In groups, spend 10 minutes preparing a set of questions 

about the unit text to ask the other groups. Use these question starters: 

1. What exactly…?
2. What should you…?
3. According to the text, how would you go about…?
4. What’s the reason behind…?
5. What’s wrong with …?
6. What problems…?
7. Do you happen to remember…?
8. In what ways…?
9. What’s the connection…?
10. What do you understand…?

Role Play «Mission Statement» 
A mission statement is a statement of the aims, purpose and future activities 

of an organization. The objective of the mission statement is to define – for the 
company’s employees, its customers and its shareholders – what kind of 
organization it is, what it believes in, and in which direction it wants to go. 
 

You and your partner both work for the same international company. You 

have been given the job of producing an effective mission statement for your 
company. Your task is to draft a first version of the statement for circulation, about 
a dozen sentences long. 
 

Your draft could include statements about: 


the usefulness of the company’s products and services in the community


the company’s objectives


the company’s values


the company’s policies on quality and on customer care


the company’s principles on personnel


the company’s policy on the environment and towards the countries of the 
developing world


anything else you think is important.
You may come up with your own ideas as well.  

 

Prepare an Individual Project / 5-min Power Point Presentation 

Theme: «Success and Failure in Business» 
 

Listen to a conversation Complaining between a human resources officer and 

an employee who is unhappy with the way he is treated by his boss. Next go to 
each Task and do the activity.  
 

Writing Skills 

 

Investigate the writing skills related to Making arrangements.  
Next complete the Task below. Write 40-50 words. 
The software company you work for has decided to introduce identity cards 

for certain staff in your department.  

Write an email to all staff in your department: 


saying which staff will need identity cards


explaining why the identity cards are needed


informing staff how to get a card.

Glossary

accomplish (v)
to finish something successfully or to achieve something

bring out (phr v)
to make something easier to see, taste, notice etc

determine (v)
to control or influence something directly

execute (v)
to do or perform something, especially in a planned way

empower (v)
to give someone official authority or the freedom to do 

something
function ( n)
the natural purpose (of something) or the duty (of a person)

inspire (v)
to make someone feel that they want to do something and can 

do 
leverage (n)
power to influence people and get the results you want

lifeblood (n)
the thing that is most important to the continuing success and 
existence of something else

manufacture (v)
to produce goods in large numbers, 
usually 
in 

a factory using machines

partnership (v)
an agreement between organizations, people, 
etc. 
to work

together

steer (v)
to control the direction of

valid (adj)
based on truth or reason; able to be accepted

vision (n)
the ability to imagine how 
a country, society, industry, 
etc. 

could develop in the future and to plan for this