Unit 1 Numbers and You

Most people working in finance, whether it is in accountancy, banking, broking,

investment, insurance, or whatever, spend a lot of time dealing with numbers.
Reading, hearing, saying, writing, numbers in a foreign language generally requires
practice.
When do you need to work with numbers?
1. I work in
2. I need the English of Finance for
I regularly read numbers in English in:
1. textbooks 4. accounts
2. newspapers 5. company documents
3. magazines and journals 6
I hear numbers spoken in English when
I have to use numbers in English:
1. in the classroom 3. on the phone
2. in meetings 4
in order to:
Tick which of the following you have to do in English:
1. buy goods or services over the telephone
2. describe graphs
3. discuss accounts
4. discuss customers' bank accounts
5. discuss projects with colleagues
6. discuss the market price of securities
7. draw up budgets
8. negotiate with producers, customers, brokers, etc.
9. present accounts and results to managers, colleagues, shareholders
10. present products or services to customers
11. sell products or services over the telephone
12. talk with technicians

Saying Numbers

1. OH, ZERO, LOVE, NOUGHT, NIL!

The above are all ways of saying 0 in English.

We say oh after a decimal point 5.03 five point oh three

in telephone numbers 67 01 38 six seven oh one three eight
in bus numbers No. 701 get the seven oh one
in hotel room numbers Room 206 I'm in room two oh six.
in years 1905 nineteen oh five
We say nought before the decimal point 0.02 nought point oh two
We say zero for the number 0 the number zero
for temperature -5°C five degrees below zero
We say nil in football scores 5-0 Spain won five nil.
We say love in tennis 15-0 The score is fifteen love.

Now say the following:

1. The exact figure is 0.002.
2. Can you get back to me on 01244 249071? I'll be here all morning.
3. Can you put that on my bill? I'm in room 804.
4. Do we have to hold the conference in Reykjavik? It's 30 degrees below 0!
5. What's the score? 2-0 to Juventus.

3. TH
E DECIMAL POINT

In English, we use a point (.) and not a comma (,) for decimals. We use commas in
figures only when writing thousands.
10,001 is ten thousand and one.
10.001 is ten point oh oh one.

When accounts are prepared on computer, commas are not used. The number appears
as 82103.

In English all the numbers after a decimal point are read separately:
10.66 ten point six six Not ten point sixty six
0.325 nought point three two five
0.001 nought point oh oh one or 10, ten to the power minus three

You will also hear people say:

0.05 zero point oh five or oh point oh five
But if the number after the decimal point is a unit of money, it is read like a normal
number:
£12.50 twelve pounds fifty € 2.95 two Euros ninety five
NB. This is very important. When you do business on the phone, say nought point
three seven five (0.375) and not nought point three hundred and seventy five. If the
listener missed the word point, you might lose a lot of money. Say the digits
separately after the point.

Now say the following:

1. It's somewhere between 3.488 and 3.491.
2. Look, it's less than 0.0001! It's hardly worth worrying about.
3. I changed all those yen into sterling and I only got £13.60!
4. That's about 14.50 in Swiss francs.
5. Did you say 0.225 or 0.229?
6. The dollar is at 1.95.
7. No, I meant 15.005 not 15,005.

3. PER
CENT
The stress is on the cent of per cent ten perCENT
Notice the following when talking about interest rates:
0.5 % a half of one per cent
0.25% a quarter of a percentage point
For example:
The Bank of England raised interest rates this morning by a quarter of a percentage
point.

Now say the following:

1. What's 30% of 260?
2. They have put the rate up by another 0.5%.
3. 0.75% won't make a lot of difference.

4. HUNDREDS, THOUSANDS, AND MILLIONS

In British English you hear a hundred and twenty three.

In American English you usually hear a hundred twenty three.
The number 1,999 is said one thousand nine hundred and ninety nine
The year 1999 is said nineteen ninety nine.
The year 2000 is said the year two thousand.
The year 2001 is said two thousand and one.
The year 2015 is said two thousand and fifteen or twenty fifteen.
Note: It is likely that different people will refer to the early years of the 21st century
in different ways
Remember that the year 1066 is always referred to as ten sixty six - not one thousand
and sixty six.
1,000,000 is a million or ten to the power six. (106)
1,000,000,000 is a billion or ten to the power nine. (109)
This is now common usage. British English used to be that a billion was ten to the
power twelve (1012) but now everyone has accepted the current American usage.

Now say the following:

1. Why do you say 175 in Britain? In the States we usually say 175.
2. It's got 1001 different uses.
3. Profits will have doubled by the year 2000.
4. Thanks. You're one in 1,000,000!
5. No, that's 2,000,000,000 not 2,000,000!

5. SQUARES, CUBES, AND ROOTS

102 is ten squared.

103 is ten cubed.

is the square root of 6.

6. TELEPHONE AND FAX NUMBERS

We usually give telephone and fax numbers as individual digits:

01273 736344 oh one two seven three, seven three six, three four four
344 can also be said as three double four
44 26 77 double four, two six, double seven
777 can be said as seven double seven, or seven seven seven

7. FRACTIONS

Fractions are mostly like ordinal numbers (fifth, sixth, twenty third etc):
a third a fifth a sixth
Notice, however, the following:
a half a quarter three quarters
three and a half two and three quarters

Now read the following news item:

In an opinion poll published today, over 3/4 of the electorate say they intend to
vote in next month's referendum. 1/4 of voters say they will definitely vote Yes, while
1
/3 will vote No. But that leaves over 2/5 of the voters who haven't made up their
minds. Both sides remain hopeful. A spokesman for the 'Yes' campaign said, "At the
moment, 2/3 of the electorate won't vote No." A spokeswoman for the other side
replied, "That's true, but 3/4 won't vote Yes!"

8. CALCULATING

Remember to pronounce the 5 in equals as /z/. It is singular; the part on the left
equals the part on the right.
10 + 4 = 14 ten plus four is fourteen
ten and four equals fourteen
10-4 = 6 ten minus four is six
ten take away four equals six
10 x 4 = 40 ten times four is (or equals) forty
ten multiplied by four is forty
10 : 4 = 2 /2 ten divided by four is two and a half
1

+ = add = subtract (or deduct) x = multiply : = divide

Other ways of saying divide are:

per Fr/$ francs per dollar

6% p.a. six per cent per annum
over (x - y)/z x minus y, over z which is not the
same as x, minus y over z: x — y/z

9. FOREIGN CURRENCY
Notice these ways of speaking about exchange rates:
How many yen are there to the dollar?
How many yen per dollar did you get?
The current rate is about 1.6 Euros to the pound.
How would you say these dollar rates?
Dollar Rates
Australia .................1.4060-1.4070
Canada .................. 1.3756-1.3766
Hong Kong ...........7.7360-7.7370
Japan ............................ 84.96-85.01

10. NUMBERS AS ADJECTIVES

When a number is used before a noun - like an adjective - it is always singular. We

say:
a fifty-minute lesson not a fifty-minutes lesson
Here are more examples:
a sixteen-week semester a thirty-five pound book
a fifteen-minute walk a six-week waiting list
a twenty-pound reduction a two and a half litre bottle
a six billion dollar loan a two litre engine

Say the following in a similar way:

1.They lent us £250,000. They gave us a

2.Our house is 200 years old. We bought a
3.We lost $50,000. We made a
4- The salmon weighed 15 pounds! I caught a

11. REVIEW

How many of the following can you say aloud in under 1 minute?
1. 234,567
2. 1,234,567,890
3. 1.234
4. 0.00234%
5. 3.14159
6. $19.50
7. £7.95
8. 19,999
9. 1,999 years
10. In 1999
11. I think the phone number is 01227-764000.
12. Have you got a pen? Their fax number is: 00 33 567 32 49.
13. Please pay it into my account - number G4.744-440.
14. He was born in 1905 and died in 1987.
15. It's a white Lamborghini Diabolo, registration number MI 234662, and it looks as
if it's doing 225 kilometres an hour!
16. 30 x 25 = 750
17. 30 / 25 = 1.20
18. x2 + y3 = z

Unit 2 The three sectors of the economy

Part 1

The economic infrastructure

Assignment 1. In this extract from David Lodge's novel Nice Work, Robyn Penrose a
university English lecturer, is accompanying Vic Wilcox, the managing director of a
manufacturing company, on a business trip to Germany. She looks out of the
aeroplane window, and begins to think about the essentially English act of making a
cup of tea.

What is the key point that this extract is making about economies?

Sunlight flooded the cabin as the plane changed course. It was a bright, clear
morning. Robyn looked out of the window as England slid slowly by beneath them:
cities and towns, their street plans like printed circuits, scattered over a mosaic of tiny
fields, connected by the thin wires of railways and motorways. Hard to imagine at
this height all the noise and commotion going on down there. Factories, shops,
offices, schools, beginning the working day People crammed into rush hour buses
and trains, or sitting at the wheels of their cars in traffic jams, or washing up
breakfast things in the kitchens of pebble-dashed semis. All inhabiting their own little
worlds, oblivious of how they fitted into the total picture. The housewife, switching
on her electric kettle to make another cup of tea, gave no thought to the immense
complex of operations that made that simple action possible: the building and
maintenance of the power station that produced the electricity, the mining of coal or
pumping of oil to fuel the generators, the laying of miles of cable to carry the current
to her house, the digging and smelting and milling of ore or bauxite into sheets of
steel or aluminium, the cutting and pressing and welding of the metal into the kettle's
shell, spout and handle, the assembling of these parts with scores of other
components - coils, screws, nuts, bolts, washers, rivets, wires, springs, rubber
insulation, plastic trimmings; then the packaging of the kettle, the advertising of the
kettle, the marketing of the kettle to wholesale and retail outlets, the transportation of
the kettle to warehouses and shops, the calculation of its price, and the distribution of
its added value between all the myriad people and agencies concerned in its
production. The housewife gave no thought to all this as she switched on her
kettle. Neither had Robyn until this moment, and it would never have occurred to her
to do so before she met Vic Wilcox.
(David Lodge: Nice Work)
Assignment 2. In the 20th century the economy was described as consisting of three
sectors:

• the primary sector: agriculture, and the extraction of raw materials from the earth;

• the secondary sector: manufacturing industry, in which raw materials are turned
into finished products (although of course many of the people working for
manufacturing companies do not actually make anything, but provide a service-
administration, law, finance, marketing, selling, computing, personnel, and so on);

• the tertiary sector: the commercial services that help industry produce and
distribute goods to the final consumers, as well as activities such as education, health
care, leisure, tourism, and so on.

- первинний сектор: сільське господарство і видобуток сировини з землі;

- вторинний сектор: обробна промисловість, в якій сировина перетворюється в

готову продукцію (хоча, звичайно, багато людей, що працюють в виробничих
компаніях, насправді нічого не виробляють, а надають послуги - адміністрація,
право, фінанси, маркетинг, продажі, обчислення, персонал і так далі);

- третинний сектор: комерційні послуги, які допомагають промисловості

використовувати і поширювати товари серед кінцевих споживачів, а також такі
види діяльності, як освіта, охорона здоров'я, відпочинок, туризм і так далі.

The text lists a large number of operations belonging to the different sectors of the
economy. Classify the 18 activities from the text according to which sector they
belong to:

advertising products(the tertiary sector)

assembling(the secondary sector) building(the secondary sector)
calculating prices(the tertiary sector) cutting metal(the secondary sector)
digging iron ore(the primary sector)
distributing added value(the secondary sector)
laying cables(the tertiary sector) maintenance(the tertiary sector)
marketing products(the tertiary sector) milling metal(the secondary sector)
mining coal(the primary sector)
packaging products(the tertiary sector) pressing metal(the secondary sector)
pumping oil(the primary sector)
smelting iron(the secondary sector) transportation(the tertiary sector)
welding metal( the secondary sector)

Can you think of three important activities to add to each list (not necessarily in
relation to the kettle)?
Assignment 3. Which sector do you intend to work in or do you already work in?
How do you 'fit into the total picture'?
I intent to work in the tertiary sector. I will create an enterprise that will successfully
compete in the market

Assignment 4. How many people in the tertiary sector have you already spoken to
today (travelling to institute or shopping, eating, and so on)? Hypermarket cashier
What about people in the other two sectors? Coal preparation plant . When did you
last talk to someone who grew or produced food, for example? Yesterday I spoke
with my grandfather who grews vegetables but doesn`t sell them.

Assignment 5. Study the Active vocabulary and give the Ukrainian equivalents of
the words and word combinations:

1.
managing director - керуючий директор
2.
manufacturing company – виробнича компанія
3.
rush hour – година пік
4.
maintenance of the power station-технічне обслуговування електростанції
5.
pumping of oil – перекачування нафти
6.
mining of coal
7.
laying of cable- прокладка кабелю
8.
smelting of ore – виплавка руди
9. cutting and pressing of metal - різання та пресування металу
10. welding of metal - зварювання металу
11.
Assembling – складання, монтаж
12. wholesale and retail outlets - оптові та роздрібні торгові точки
13. distribution of the added value - розподіл доданої вартості
14.
raw materials - сировина
15.
extraction of raw materials – видобуток сировини
16.
finished product -
17.
calculation of price
18.
Transportations –транспортування
Assignment 6. Translate the sentences:
1. Утримання такого великого магазину потребує великих коштів. Keeping such
a big store requires a lot of money
2. Точки збуту бувають роздрібні та оптові, звичайно саме в оптових точках
роздрібної торгівлі ціни нижчі. Sales outlets are retail and wholesale, of course it is
in the wholesale outlets retail prices are lower.
3. На сьогоднішній день в Японії налічується 55 атомних електростанцій. There
are currently 55 nuclear power plants in Japan.
4. Євген Патон був першим у світі, хто винайшов електричне зварювання.
Eugene Paton was the first in the world to invent electric welding
5. Забезпечення роботи електростанції – першочергове завдання цієї групи
людей. Keeping the power plant running is the first priority of this group of people.
6. Точки роздрібної торгівлі переповнені підробленими годинниками Swatch.
Retail outlets are overflowing with counterfeit Swatch watches.
7. Оман лідує за видобутком нафти у абсолютних показниках. Oman leads in oil
production in absolute terms.
8. Підрахунок ціни на високотехнологічну продукцію завжди був складним
процесом, який вимагав врахування багатьох факторів впливу на нього.
Calculating the price of high-tech products has always been a complex process that
required consideration of many influencing factors.
9. Перевезеннями у нашій компанії займається окремий відділ. There is a
separate department in our company that deals with transportation.

Assignment 7. Some people now describe the economy as having five sectors,
consisting of information services such as computing, ICT (information and
communication technologies, consultancy and R&D (research and development,
particularly in scientific fields). Broader definitions add intellectual activities
including culture.

Now read and discuss the text.

A nation’s economy can be divided into various sectors to define the proportion of
the population engaged in the activity sector. This categorization is seen as a
continuum of distance from the natural environment. The continuum starts with the
primary sector, which concerns itself with the utilization of raw materials from the
earth such as agriculture and mining. From there, the distance from the raw materials
of the earth increases.

Primary Sector

The primary sector of the economy extracts or harvests products from the earth. The
primary sector includes the production of raw material and basic foods. Activities
associated with the primary sector include agriculture (both subsistence and
commercial), mining, forestry, farming, grazing, hunting and gathering, fishing, and
quarrying. The packaging and processing of the raw material associated with this
sector is also considered to be part of this sector.

In developed and developing countries, a decreasing proportion of workers are

involved in the primary sector. About 3% of the U.S. labor force is engaged in
primary sector activity today, while more than two-thirds of the labor force were
primary sector workers in the mid-nineteenth century.

Secondary Sector

The secondary sector of the economy manufactures finished goods. All of

manufacturing, processing, and construction lies within the secondary sector.
Activities associated with the secondary sector include metal working and smelting,
automobile production, textile production, chemical and engineering industries,
aerospace manufacturing, energy utilities, engineering, breweries and bottlers,
construction, and shipbuilding.

Tertiary Sector

The tertiary sector of the economy is the service industry. This sector provides
services to the general population and to businesses. Activities associated with this
sector include retail and wholesale sales, transportation and distribution,
entertainment (movies, television, radio, music, theater, etc.), restaurants, clerical
services, media, tourism, insurance, banking, healthcare, and law.

In most developed and developing countries, a growing proportion of workers are

devoted to the tertiary sector. In the U.S., more than 80% of the labor force are
tertiary workers.

Quaternary Sector

The quaternary sector of the economy consists of intellectual activities. Activities

associated with this sector include government, culture, libraries, scientific research,
education, and information technology.

Quinary Sector

Some consider there to be a branch of the quaternary sector called the quinary sector,
which includes the highest levels of decision making in a society or economy. This
sector would include the top executives or officials in such fields as government,
science, universities, nonprofit, healthcare, culture, and the media.

by Matt Rosenberg

Now answer the question:

What activities are associated with
1) the primary sector:
2) the secondry sector:
3) the tertiary sector:
4) the quartenary sector:
5) quinary sector ?

Part 2

Manufacturing and services

Assignment 1. Read the text, answer the questions and express your own opinion
about the problem raised in the text

Two hundred years ago, the vast majority of the population of virtually every country
lived in the countryside and worked in agriculture. Today, in what many people call
'the advanced industrialized countries', only 2-3% of the population earn their living
from agriculture. But some people already talk about 'the post-industrial countries',
because of the growth of service industries, and the decline of manufacturing, which
is moving to 'the developing countries'.
Is manufacturing industry important? Is its decline in the 'advanced' countries
inevitable? Will services adequately replace it?

Assignment 2. Read this extract from an interview with the well-known Canadian
economist, John Kenneth Galbraith, and answer the questions.

1. Why do people worry about the decline of manufacturing?

2. Which activities are as important as the production of goods?
3. Should people worry about this state of affairs?

We worry about unemployment and the loss of manufacturing industry in the

advanced industrial countries only because we don't look at the larger social
developments. The US, for example, no longer depends on heavy industry for
employment to the extent that it once did. This is related to a larger fact that has
attracted very little discussion. After a country's people are supplied with the
physical objects of consumption, they go on to concern about their design. They go
on to an enormous industry persuading people they should buy these goods; they go
on to the arts, entertainment music amusement - these become the further later stages
of employment. And these are things that are extremely important. Paris, London,
New York and so on do not live on manufacturing; they live on design and
entertainment. We do not want to consider that this is the solid substance of
economics, but it is. I don't think it is possible to stop this progressive change in the
patterns of human consumption. It is inevitable.

(J.K. Galbraith in conversation with Steve Platt, New Statesman and Society)

Assignment 3. Here is a short interview with Denis MacShane, a British Member of

Parliament for the Labour Party. Does he hold the same view as J.K. Galbraith? Do
you agree with either of these views?
Interviewer Denis MacShane, do you agree with the people who say that
manufacturing industry will inevitably decline in what we call the industrialized
countries?
Denis MacShane I think manufacturing will change, convert itself. There are many
new products that have to be invented to serve new needs, and they can be made in
the advanced countries because in fact the technology of production means you need
very little labour input. I'm holding in my hand a simple pen that British Airways
gives away to its passengers. It is made in Switzerland, a pen, a low-tech product,
made in Switzerland, with the highest labour costs in the entire world, and British
Airways, a British company, having to pay in low value pounds, is buying from
Switzerland a manufactured product. Now what's going on here? It seems to me that
the Swiss — and they also manage to do it with their watches, the famous Swatch -
have stumbled on a new secret, which is how to make low-tech products, sell them
profitably, but actually make them in a country where in theory there should be no
more manufacturing, and if you look at any of the successful economies of the 1990s,
they all have a strong manufacturing component.
Interviewer Which countries are you thinking of?
Denis MacShane I'm thinking of the dynamic Asian economies, all based on
manufacturing, I'm thinking indeed of the United States which now has created for
example a new computer, high-tech computer industry, its car industry is coming
right back in America. America is a giant manufacturing economy, which is why it is
still the richest nation in the world, so I am extremely dubious of the theorists who
say that manufacturing has no future in the advanced industrialized countries.

British Member of Parliament, Denis MacShane

Assignment 4. Answer the following questions.

1 Why does MacShane think that manufacturing has a future?

2 Why does MacShane think that manufacturing has a future in the advanced
countries?
3 Why, however, is this manufacturing unlikely to solve the problem of
unemployment?
4 What does MacShane mean by 'in theory there should be no more manufacturing'
in Switzerland? (It is this theory that makes many people argue that manufacturing
must move to 'less-developed' countries.)
5 Why does he say it is surprising for a British company to be buying Swiss goods?
6 What is the reason he gives for the United States still being the richest nation in the
world?
7 Match up the following expressions and definitions:

A manual work
B to change from one thing to another
C to be uncertain, disbelieving
D to satisfy people's desires or requirements
E to discover something by accident
1 to convert itself
2 to serve needs
3 labour input
4 to stumble on
5 to be dubious

Assignment 5. Summarize both Galbraith's and MacShane's arguments in a short

paragraph of fewer than 50 words.

Assignment 6. Read the following statements about manufacturing and services in

advanced countries. Which of them do you find the most convincing and why?

1. A lot of service sector jobs depend on manufacturing industry. Manufacturing

companies provide work for accountants, lawyers, designers, salespeople, marketers,
IT specialists, etc.
2. Advanced countries have expertise in higher education, R&D, ICT, business
consulting, etc. They should concentrate on these strengths, rather than trying to
make things more cheaply than less-developed countries.
3. Manufacturing industry will inevitably decline in advanced countries and be
replaced by services, because labour costs are too high. Companies will delocalize
their manufacturing to low-cost countries.
4. Depending on service industries is dangerous; after the financial crisis in 2008,
New York and London didn't only lose financial jobs, byt also lots of jobs in all the
related service industries: law firms, real estate, expensive restaurants, etc. Big cities
need factories too.
5. Service functions such as call centers , accounting, writing software , can all be
outsoursed to companies in cheaper countries. Consequently, advanced countries
should concentrate on high-quality manufacturing, which requires skills that cannot
be outsourced or delocalized.

Assignment 7. Study the Active vocabulary and give the Ukrainian equivalents of
the words and word combinations:

1. indu
strialized countries
2. deve
loping countries
3. to
earn one’s living from agriculture
4. servi
ce industries
5. cons
umption
6. man
ual work
7. to
convert oneself
8. to
serve the needs of smb
9. labo
ur input
10. to be
dubious of smth
11. to
stumble on smth
12. man
ufactured product
13. low
value pounds
14. low-
tech product
15. labo
ur costs
16. inevi
table
17. decli
ne of manufacturing

Assignment 8. Translate the sentences:

1. Зазвичай, виробництво низькотехнологічних продуктів потребує незначних

затрат на виробництво, що робить його особливо привабливим для країн, що
розвиваються.
2. Ця машина – низькотехнологічний продукт, але вона задовільняє потреби
більшої частини населення Лівії.
3. Ринок продуктів харчування задовольняє потреби споживачів.
4. На мою думку, секрет зростання виробництва в країнах, що розвиваються –
невеликі затрати на робочу силу.
5. Я дуже сильно сумніваюсь, що в Зімбабве високі затрати на оплату праці.
6. За таких умов неминуче буде спостерігатися спад на інформаційному ринку.
7. Для того, щоб задовольняти потреби країни потрібно повністю
трансформувати виробничу сферу.
8. Під час рецесії у Британії, коли в обігу перебували дешеві фунти, чимало
закордонних компаній наштовхнулися на неочікувану можливість більш
вигідно збувати там свої товари, що було неможливим до цього через жорстку
політику імпорту в Англії.
9. Припущення урядових аналітиків щодо економічного росту на наступний рік
є дуже сумнівними.

Assignment 9. Read and translate the text:

Manufacturing industry
Manufacturing industry refers to those industries which involve the manufacturing
and processing of items and indulge in either creation of new commodities or in value
addition. The manufacturing industry accounts for a significant share of the industrial
sector in developed countries. The final products can either serve as finished goods
for sale to customers or as intermediate goods used in the production process.
Evolution of the manufacturing industry:
Manufacturing industries came into being with the occurrence of technological and
socio-economic transformations in the Western countries in the 18th-19th century.
This was widely known as industrial revolution. It began in Britain and replaced the
labor intensive textile production with mechanization and use of fuels.
Working of manufacturing industry:
Manufacturing industries are the chief wealth producing sectors of an economy.
These industries use various technologies and methods widely known as
manufacturing process management. Manufacturing industries are broadly
categorized into engineering industries, construction industries, electronics industries,
chemical industries, energy industries, textile industries, food and beverage
industries, metalworking industries, plastic industries, transport and
telecommunication industries. Manufacturing industries are important for an
economy as they employ a huge share of the labor force and produce materials
required by sectors of strategic importance such as national infrastructure and
defense. However, not all manufacturing industries are beneficial to the nation as
some of them generate negative externalities with huge social costs. The cost of
letting such industries flourish may even exceed the benefits generated by them.
Owing to the emerging technologies worldwide, the world manufacturing
industry has geared up and has incorporated several new technologies within its
purview. Economists consider the World manufacturing industry as a sector which
generates a lot of wealth. Generating employment, introducing latest techniques, real
earnings from shipments etc., have put the world manufacturing industry in a
favorable position.
World Manufacturing Industry:
With the implementation of the concept of eco friendly environment, world
manufacturing industry has taken several measures to ensure that the manufacturing
industries worldwide abide by the eco friendly norms. World manufacturing industry
also plays an important role in the defense of a country. By manufacturing aircraft
which play a vital role in the country's defense, the aerospace manufacturing industry
acts as a shield. Other industries in the manufacturing sector
manufacture products which are indispensable in our daily lives. With regard to the
GDP or gross domestic product, world manufacturing industry contributes to the
global economy as well as the global GDP.

Assignment 10. Answer the following questions:

1. What does manufacturing industry refer to?

2.When did manufacturing industry come into being?
3. What methods and technologies do manufacturing industries use?
4. What are manufacturing industries categorized into?
5. Why are manufacturing industries so important?
6. Are all manufacturing industries beneficial to the nation?

Assignment 11. Match up the words on the left with the definition on the right and
translate them:

1. commodity a. Material or item that is a final-product of a process, but is also

used as an input in the production process of some other
good. (Raw materials, such as steel, which will be transformed
into another form.)

2. value addition b.A reasonably homogeneous good or material, bought and sold

freely as an article of commerce

3.intermediate goods c.Difference between the total sales revenue of an industry and

the total cost of components, materials, and services purchased
from other firms within a reporting period (usually one year). It is
the industry's contribution to the gross domestic product (GDP) 

4.externality d. Materials or products which have received the

final increments of value through manufacturing or processing op
erations, and which are being held in inventory for delivery, sale,
or use.

5.gross domestic e. Range of control or expertise.

product

6. finished goods f. A consequence of an economic activity that is experienced by

unrelated third parties. It can be either positive or negative.

7. purview g. The value of a country's overall output of goods and

services (typically during one fiscal year) at market prices,
excluding net income from abroad.