Azerbaijan State Economic University

ENGLISH ON ECONOMICS

Lesson 1 What is economics?
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Economics is a vast subject and precise definitions are usually very complex, it is not a difficult matter to give a simple and sensible answer to the basic question. Economics is essentially a study of the ways in which people apply their knowledge, skills, and efforts to the gifts of nature in order to satisfy their material wants. Economics limits itself to the study of the material aspects of life, and while it is true that man cannot live by bread alone, it is equally true that he cannot live without it. An underlying problem in economics is that of survival and we must examine how people have solved or are trying to solve this problem. In the more advanced countries this may seem a very remote problem–few people are conscious of a life or death struggle for existence. In many other countries, however, the continuity of human existence is by no means assured–starvation is a very real prospect for millions of human beings. The Indian peasants have an extremely low standard of living, yet, left completely to their own devices, they can survive. Such people have the abilities to sustain life without outside assistance. A large percentage of the human race still lives in very small self–sufficient peasant communities. These people experience great poverty, but they can provide on an individual basis, for their own survival. They have a degree of economic independence. If we turn to the inhabitants of New York, London, or any other great metropolitan area we must observe the opposite situation – a high standard of living together with an extreme economic dependence. The inhabitants of cities are totally incapable of providing for themselves directly, the means of their survival. They could not feed themselves, or build their own houses. Such people depend, each and every day of their lives, on the efforts and cooperation of many thousands of specialist workers. In industrialized societies a high standard of living is possible only if the organized cooperation of large numbers of people can be guaranteed. In the economically developed countries we are rich, not as individuals, but only as members of a complex economic organization.

Vocabulary
 apply (v.) - тятбиг етмяк,             

истифадя етмяк completely – тамамиля, бцтювлцкля depend on (v.) - асылы олмаг directly - билаваситя effort – жящд equally - ейни дяряжядя, бярабяр essentially - башлыжа олараг examine (v.) - бахмаг, йохламаг, имтащан етмяк inhabitant - сакин means - васитяляр opposite - якс, мцхалиф poverty – йохсуллуг provide (v.) – тя’мин етмяк remote - узаг, билаваситя

 satisfy (v.) wants 




тялябаты юдямяк self-sufficient игтисади жящятдян асылы олмайан to solve a problem мясяляни щялл етмяк skill - бажарыг, усталыг, габилиййят standard of living йашайыш тярзи struggle for survival йашайыш уьрунда мцбаризя sustain (v.) дястяклямяк totally – бцтювлцкдя

What does Economics study?  2. What is an underlying problem of Economics?  4. What categories of people can survive without outside assistance?  5. Why aren't the inhabitants of big cities economically independent?  3. Why do they have a very low standard of living? .Answer the Questions  1.

Нюгтялярин йериня ашаьыдакы ифадялярдян уйьун эялянини йазын:                 a) to look at d) to look for h) to look through k) to look to b) to look out f) to look after i) to look down on l) to look into c) to look up to g) To look up j) to look forward to m) to look over The police … the past record of the suspect. I’ll … your carelessness this time. . Why is it wrong to … those who are less fortunate than ourselves? I like to walk out and … the stars at night. … for the cars turning in your direction. and try to remember their spelling. Who is going to … your correspondence while you are away? … the words in the dictionary. but be more careful in future. We’ve always … our parents. The house … the south. … the drawer to see if I could find my keys. Could you help me to … my glasses. please We are … seeing them again.

. national income. An important task of macroeconomics is to develop ways of aggregating the values of the economic activities of individuals and firms into meaningful totals. macroeconomics helps to explain the dynamics of how these aggregates move over time. and personal disposable income have been developed. Similarly. Macroeconomists measure overall economic activity. and attempt to formulate policy responses designed to reconcile forecasts with target values of production. an over ambitions employment target would produce labor shortages and wage inflation. and so on. personal income. the rate of economic growth. More recent experience suggests that reduction of unemployment to 5. Experience teaches that it would not be possible to eliminate inflation entirely without inducing a major recession combined with high unemployment. During the 1960s it was believed that unemployment could be reduced to 4 percent of the labor force without causing inflation. Macroeconomic analysis attempts to explain how the magnitudes of the principal macroeconomic variables are determined and how they interact. Macroeconomics is concerned with such major policy issues as the attainment and maintenance of full employment and price stability.Lesson 2 What is macroeconomics?     The word macroeconomics means economics in the large. analyze the determinants of such activity by the use of macroeconomic theory: forecast future economic activity. To this end such concepts as gross domestic product (GDP). employment. the rate of change of overall prices. and prices. And through the development of theories of the business cycle and economic growth. The macroeconomist’s concerns are with such global questions as total production. total employment. Considerable effort must first be expended to determine what goals could be achieved.5 percent of the labor force is about as well as we can do.

тапшырыг value – дяйяр meaningful totals .эюстярижиляр to reconcile .) – стимуллашдырмаг recession – 1) дяринляшмя 2) арадан галдырма labor shortages .игтисади фяалиййят determinants .ишсизлийин азалдылмасы .ясаслы нятижяляр national income .цмуми мящсулдарлыг total employment .игтисади инкишаф темпи broad aggregate – эениш мигйасда consumers – истещлакчылар individual households .Vocabulary                           total production .милли эялир personal disposable income .верэини юдядикдян сонра галан шяхси эялир business cycle – игтисади мярщяля attainment – наилиййят maintenance – сахланма price stability – гиймят сабитлийи to eliminate inflation entirely – инфлйасийаны тамамиля арадан галдырмаг induce (v.цмуми мяшьуллуг the rate of change of overall prices .сон гиймятлярин дяйишмя темпи the rate of economic growth .ишчи гцввясинин чатышмамасы labor force – ишчи гцввяси reduction of unemployment.1) гайдасына гоймаг 2) разылашмаг target .фярди тясяррцфатлар layoffs .ишдян чыхарылма economic activity .1) мягсяд 2) план.

верэини юдядикдян сонра галан шяхси эялир business cycle – игтисади мярщяля attainment – наилиййят maintenance – сахланма price stability – гиймят сабитлийи to eliminate inflation entirely – инфлйасийаны тамамиля арадан галдырмаг induce (v.ясаслы нятижяляр national income .) – стимуллашдырмаг recession – 1) дяринляшмя 2) арадан галдырма labor shortages .ишчи гцввясинин чатышмамасы labor force – ишчи гцввяси reduction of unemployment.ишсизлийин азалдылмасы .Vocabulary              meaningful totals .милли эялир personal disposable income .

Answer the Questions  1. What does macroeconomic analysis attempt to explain? 5. according to the text. What are the concerns of the macroeconomist?  2. What is. What is the difference between the questions asked by      macroeconomists and microeconomics? 4. What does the word macroeconomics mean?  3. What are the most important theories of macroeconomics? 8. What are the concepts of macroeconomics? 7. the important task of macroeconomist? 6. What is said about the correlation between the inflation and unemployment? .

he looks even shorter. He put his heavy suitcase … on the ground and rested for a few minutes. We’d better put … our things and go indoors. It’s going to rain.Нюгтялярин йериня ашаьыдакы ифадялярдян уйьун эялянини йазын:            a) out b) off c) up with d) up e) back f) together g) down h) aside i) in k) one’s foot in it l) on m) before If you put the boy … all those tall children. She put her sewing … when the telephone rang. Your suggestion will be put … the board of directors at the next meeting. Put the book … where you found it when you have finished reading it. May I put … a word or two? .

Microeconomic theory is used extensively in many areas of applied economics. The consumer is assumed to maximize utility or satisfaction subject to the constraints imposed by income or income earning power.. Optimization plays a key role in microeconomics. and many other economic subfields. major distinctions remain between the two major branches of economics. For example. Many courses of action are valued in terms of what is sacrificed so that they might be undertaken. The methodological distinction became somewhat blurred during the 1970s as more and more macroeconomic analyses were built upon microeconomic foundations. . For example. exchange ratios between goods). where as the macroeconomist is interested more in the general price level and its change over time. it is used in industrial organization. Microeconomists may investigate individual markets or even the economy as a whole. At one time there was a sharp distinction in both methodology and subject matter between microeconomics and macroeconomics. Nonetheless. Opportunity cost is an important concept in microeconomics. The producer is assumed to maximize profit or minimize cost subject to the technological constraints under which the firm operates.Lesson 3 Microeconomics    The word "micro" means small. international trade. the opportunity cost of a public project is the value of the additional goods that the private sector would have produced with the resources used for the public project. and microeconomics means economics in the small. for economists interested in a wide range of problems. and even a language. For example. Optimization of social welfare sometimes is the criterion for the determination of public policy. microeconomist is interested in the determination of individual prices and relative prices (i.e. but their analyses are derived from the aggregation of the behavior of individual units. cost-benefit analysis. The tools and analyses of microeconomics provide a common ground. The optimizing behavior of individual units such as households and firms provides the foundation for microeconomics. labor economics.

чох бюйцк.ющдясиня верилмяк .гане едижи constraints .сющбятин мювзусу blur (v.тядгигат апармаг to be derived . чох эениш applied economics .мящдудлашма criterion – критерийа public policy .мцбадиля тарифи optimization – оптималлашма utility – ящямиййят satisfaction .йаранмаг. юзцнц апарма investigate (v.) .) . extensively .Vocabulary                     behavior .давраныш.галмаг exchange ratios .игтисадиййатын мцхтялиф сащяляри distinction – фярг subject matter .тятбиги игтисадиййат economic subfields .) .гаранлыг галмаг remain (v.гурбан верилмяк to be undertaken .ижтимаи сийасят opportunity cost – алтернатив хяржляр to be sacrificed .

We are proud of the fact that last year 25% of the company's total waste . . a) supply b) measure c) protest 5.Нюгтялярин йериня уйьун эялян сюзляри йазын:               1. a) was recycling b) was recycled c) has been recycled 3. against dumping of waste into the river. a) supplement b) order c) contribution . . We had to delay . . An environmental group organized a . a) taking over b) to take over 6. Many companies do research to . to a well known wild life association. a) launching b) to launch c) take over c) launch 7. . . Every year we make a . . The company adopted an environmental policy in order to reduce the damage that may … from its various activities. . a) result b) cause c) due 2. the new product. The firm attempted … its nearest competitor. . a) protest b) develop c) contribute 4. . ways of reducing air and water pollution. .

“The immediate common sense” answer to the question. As one modern scientist observed: «Before Adam Smith there had been much economic discussion. As other men of that time were arguing that democracy could and should replace autocracy in the sphere of politics. Smith opened minds to the existence of a “grand design” in economic affairs similar to that which Newton had earlier shown to exist in the realm of physical phenomena. That Smith’s vision of the economy should ever have been considered original might seem strange to modern minds. was able to think away extraneous complications and so perceive an order in economic affairs that common sense did not reveal. Smith lived in an age when the right of rulers to impose arbitrary and oppressive restrictions on the political and economic liberties of their subjects was coming under strong attack throughout the civilized world. As two leading scholars recently remarked. That is certainly the answer that would have been given by most of Smith’s contemporaries-before they read his book. so Adam Smith argued that laissez–faire “could” and “should” replace government direction and regulation in economics. with him we reach the stage of discussing economics”. and economics soon became an independent science. The greatness of Smith’s accomplishment lies precisely in the fact that he unlike his predecessors. “What will an economy motivated by greed and controlled by a large number of different agents look like? is probably: There will be chaos”. The impact of Smith’s ideas upon his contemporaries was widespread and immediate. but that would be because we now see economic phenomena in the light of his conception.Lesson 4 The vision of Adam Smith    The 1776 the Scottish moral philosopher Adam Smith published the first edition of his monumental Inquiry into the Nature and Causes of the Wealth of Nations.  .

tends naturally toward a state of equilibrium if left to itself. As a consequence. According to Smith. another to suggest that it corresponds to contemporary experience. to say that Smith’s conception of economic phenomena is original. of course. The economic system (so Smith and later writers argued) is an essentially self regulating mechanism that. Each person is concerned directly only to further his own self-interest. like the human body. society in its economic aspect is a vast concourse of people held together by the desire of each to exchange goods and services with others. the “natural forces” of market competition–the result of each person attempting to “buy cheap and sell dear”–come into play to establish equality between demand and supply for each commodity at rates of exchange (prices). but in pursuing that aim each “is led by an invisible hand” to promote the interests of others. .The vision of Adam Smith   It is one thing.

мящсул.) . инандырыжы олмайан 2) сярбяст to impose – фикрини гябул етдирмяк restriction – мящдудиййят to argue – мцбащися етмяк significance .истяк forbidden .оьурлуг attempt (v.сяляf perceive (v.ящямиййят to conceive – фикрини дяйишмяк realm – сащя impact .сахтакарлыг.) – жящд етмяк obtain (v.бярабярлик commodity .ялдя етмяк fraud .Vocabulary                       arbitrary – 1) ясассыз.) . алдатма stealth .) – ялдя етмяк consequence .гадаьан олунмуш acquire (v.нятижя equilibrium . ямтяя .мал.тясир contemporary – мцасир predecessor .гябул етмяк reveal (v.ашкар етмяк desire .).

according to the author. What was Smith’s great "accomplishment"? 6. When did economics. «economic system»? . gave the book "lasting significance"? 7. «each person». according to the text. What was Smith’s point of view on the role of government in economics? 4.Answer the Questions  1. Why does the author refer to Smith’s work as a “political tract”? 5. What. What was Smith's vision of "society". In what “age” did Adam Smith live? 3. become “an independent       science”? 2.

and by making modifications to the model we can approach the more realistic situations step by step. The state plays little or no part in economic activity. or capitalism system. however. The market system of economic organization is also commonly described as a free enterprise or laissezfaire. Strictly speaking the pure market of laissez-faire system has never existed. Most of the people in the non-communist world earn and spend in societies which are still fundamentally market economies. the political authority has exercised some economic functions. It is useful. They are: private property freedom of choice and enterprise self-interest as the dominating motive competition a reliance on the price system a very limited role for government . The framework of a market or capitalism system contains six essential features. We shall use all these terms to stand for a market economy. to consider the way in which a true market system would operate because it provides us with a simplified model.Lesson 5 Market economies         A society may attempt to deal with the basic economic problems by allowing free play to what are known as market forces. Whenever there has been some form of political organization.

) – мцбащися етмяк arise (v.) – мейдана эялмяк bargain (v.) – разылыьа эялмяк backward – эери галмыш broad – эениш carry out (v.) – тяйин етмяк develop (v.Vocabulary                     according to – мцвафиг олараг appearance – пейда олма argue (v.) – уйьун эялмяк .) – щяйата кечирмяк custom – адят determine (v.) – инкишаф етдирмяк devise (v.) – мювжуд олмаг equal pay – бярабяр юдяниш fairly – кифайят familiar – таныш fit (v.) – фикрини дяйишмяк distant – мясафя distribution – бюлэц division – бюлцнмя exist (v.

Answer the Questions  1. What methods of production and distribution do people in traditional societies use? 5. How are the production problems (What? and How?) solved in     traditional societies? 2. What broad categories can different economic systems are grouped into? 4. What part does tradition play in advanced countries? . What does economic society present itself for an economist? 3.

business people started to realize that even enormous advertising expenditures and the most thoroughly proven sales techniques were not enough. along with personal selling and advertising. and marketing consisted primarily of taking orders and delivering goods. It was then that business managers recognized that they were not primarily producers or sellers but rather were in business of satisfying customers’ wants. in which emphasis was placed on increased output and production efficiency. . and. Consumer demand for manufactured products was so great that manufacturers could almost sell everything they produced. however. production began to catch up with demand. human resources. Marketing was limited to taking orders and distributing finished goods. Business had a strong production orientation. This new sales orientation was characterized by increased advertising. Manufacturers produced the goods they expected consumers to want. the organization had to first determine what customers need and then develop goods and services to fill those particular needs. marketing are viewed as playing a role in providing customer satisfaction. production. Now producers had to direct their efforts toward selling goods to consumers whose basic wants were already satisfied. This marketing concept is a business philosophy that involves the entire organization in the process of satisfying customers’ needs and achieving the organization’s goals. Can the product be improved? Is it being promoted properly? Is it being distributed efficiently? Is the price too high? The firm must be ready to modify any or all of its marketing activities on the basis of his feedback. Something else was needed if products were to sell as well as expected. of course.Lesson 6 Evolution of the marketing concept      Until the early twentieth century. the firm must always obtain marketing information-this time regarding the effectiveness of its efforts. In the 1920s. enlarged sales forces. Finally. All functional areas-research and development. business was directed mainly toward the production of goods. During the 1950s. Marketers realized that the best approach was to adopt a customer orientation-in other words. finance. and selling techniques.

ещтийажыны юдямяк Production orientation – истещсал истигамяти.) up with demand – тялябля айаглашмаг Basic wants – башлыжа ещтийажлар Sales forces – сатыш персоналы Sales techniques – сатыш техникасы Customers’ wants – истещлакчыларын ещтийажлары Customer satisfaction – истещлакчыларын гане едилмяси .) – гане етмяк.Vocabulary             Marketing concept – маркетинг консепсийасы Assess (v. йюнцмц Production efficiency – истещсалын сямярялилийи Finished goods – сон мящсул Catch (v. гиймятляндирмяк Satisfy (v.) – мцяййян етмяк.

Answer the Questions  How was marketing limited untill the early twentieth     century? When did production begin to catch up with demand? Did advertising play a certain role at that time? When did business managers recognize that they were not primarily producers or sellers but rather were in the business of satisfying customers’ wants? What are the disadvantages of Production Orientation as compared to Customer Orientation? .

Transportation and storage provide time utility. standardization and grading facilitate production. Storing goods is often necessary to sell them at the best selling time. Standardizing sets uniform specifications for products or services. and place utility. Wholesalers may be financed by manufacturers.Lesson 7 Major Marketing Functions             Exchange Functions: All companies such as manufacturers. Together. wholesalers. and retailers buy and sell to market their merchandise. Financing helps at all stages of marketing. Physical Distribution Functions: These functions involve the flow of goods from producers to customers. obsolescence of products. Facilitating Functions: These functions help the other functions take place. retailers often provide financing to customers. Finally. Risk taking – even though competent management and insurance can minimize risks – as a constant reality of marketing because of such losses as bad debt expense. . storage. and product-liability lawsuits. manufacturers often borrow from banks or receive credit from suppliers. Grading classifiers products by size and quality. Selling creates possession utility by transferring the title of a product from seller to customer. Buying includes such functions as obtaining raw materials to make products. and selecting suppliers. and retailers may receive financing from the wholesaler or manufacturer. theft by employees. and require careful management of inventory. usually through a sorting process. transportation. knowing how much merchandise to keep on hand. and selling. Gathering market information is necessary for making all marketing decisions. Transporting involves selecting a mode of transport that provides an acceptable delivery schedule at an acceptable price. To buy raw materials.

башлыъа Function – функсийа Manufacturer – истещсалчы Wholesaler – топдан сатан Retailer – пяракяндя сатышла мяшьул олан Merchandise – ямтяя.) – тямин етмяк Acceptable – гябул олунан Delivery schedule – малларын чатдырылма графики Storing – сахланма .) on hand – ялдя сахламаг Supplier – мал пайлайан Distribution – бюлэц Involve (v.) – ялдя етмяк Raw materials – хаммал Keep (v.Vocabulary                    Major – ясас. мал Obtain (v.) – жялб етмяк Flow of goods – ямтяя ахыны Storage – малын сахланмасы Careful management – идаряетмядя диггятли олма Provide (v.

) – асанлашдырмаг Risk taking – риск едяряк Insurance – сыьорта Loss – итки Bad debt expense – бюйцк мябляьдя боржу олма Obsolescence – малын кющнялмяси Theft – оьурлуг Product-liability – малын кейфиййятиня жавабдещ олма Law-suit – мящкямя просеси Gathering – топлама .Vocabulary                  Facilitating function – кюмякчи функсийа Stage – мярщяля Borrow (v.) – борж алмаг Finally – нящайят Standardizing – стандартлашма Uniform specifications – ейнижинсли хцсусиййятляр Grading – малларын нювляря бюлцнмяси Facilitate (v.

Answer the Questions  What does buying include?  Why is storing goods necessary?  Why is risk taking a constant reality of marketing?  Why is gathering market information necessary? .

Producer-agent-wholesaler-retailer-consumer. Often. supply them to retail stores and vending machines. which are sold through numerous outlets. They don’t have to pay for the services of intermediaries. It is also the usual channel for perishable products. This channel is most often used for products that are bulky. Producers sell directly to consumers for several reasons. but very few consumer goods. such as fruits and vegetables. Producer-retailer-consumer channel. because most consumer goods (especially convenience goods) pass through wholesalers to retailers. And they can maintain closer ties with consumers. such as furniture and automobiles. Producers may use agents to reach wholesalers. are distributed through the direct channel. frequently purchased items. A retailer is a middleman that buys from producers or other middlemen and sells to consumers. includes no marketing intermediaries. A wholesaler is a middleman that sells products to other firms. Producer-wholesaler-retailer-consumer channel. For exemple. and for high-fashion products that must reach the consumer in the shortest possible time. . in turn. Agents are functional middlemen that are compensated by commissions paid by producers. Producers sell directly to retailers can buy in large quantities. these products are inexpensive. industrial users. These firms may be retailers. Some candies are sold through agents to wholesalers who. millions of consumers buy candies.Lesson 8 Channels for consumer products      Producer to consumer. This channel is used for products that are sold through thousands of outlets to millions of consumers. This channel is known as the traditional channel. Practically all services. or other wholesalers when its products are carried by so many retailers that the producer cannot deal with all of them. which is often called the direct channel. This channel. They can better control the quality and price of their products. for which additional handling would increase selling costs. This channel is also used for highly seasonal products (such as Christmas tree decorations and by producers that do not have their own sales forces.

such as delivery. With the goal of selling as much merchandise as possible. and standardized parts. Heavy machinery. .Channels for consumer products     Multiple channels for consumer goods. and major equipment are usually distributed in this way. In this direct channel. A manufacturer uses multiple channels. machinery installation. Generally. and repairs. Here are the two that are most commonly used. This channel employed by manufacturers to distribute such items as. when the same product is sold to consumers and industrial users. Producer to industrial user. large computers. agents represent sellers. CHANNEL FOR INDUSTRIAL PRODUCTS. for exemple. Often a manufacturer uses different distribution channels to reach different market segments. Manufacturer to agent middleman to industrial user. Multiple channels are also used to increase sales or to capture a larger share of the market. The agent is an independent intermediary between the producer and the user. the manufacturer’s own sales force sells directly to industrial useres. The very short channel allows the producer to provide customers with expert and timely services. accessory equipment. small tools. Producers of industrial products generally tend to use short channels. market their tires through their own retail outlets as well as through independent service stations and department stores.

аьыр Perishable product – тез хараб олан мящсул High fashion – йцксяк мода Convenience goods – эцндялик тялябат маллары Wholesaler – топдан сатышла мяшьул олан Deal (v.) with – иш эюрмяк.Vocabulary                     Direct channel – бирбаша канал Intermediary – васитячи Tie – ялагя Middleman – васитячи Handling – хидмят. бящс етмяк Commission – 1) етибарнамя.) – тутмаг . гуллуг Bulky – чох йер тутан. 2) комиссион щаггы Candy – конфет Numerous – чохсайлы Outlet – тижарят йери In turn – юз нювбясиндя Vending machines – сатыш машынлары Decorations – бязяк Multiple channels – чохлу каналлар Capture (v.

) – гиймятляндирмяк . тякяр Provide (with) – тяъщиз етмяк Timely services – вахтында едилян хидмят. гуллуг Installation – гурашдырмаг Repairs – тямир Accessory equipment – кюмякчи аваданлыглар Small tools – хырда алятляр Relevant factors – мцнасиб факторлар Production capability – мящсулдарлыг Buying pattern – алгы характери Evaluate (v.Vocabulary            Tire – шин.

which we recently put on the market.  a) liabilities by its competitors.  a) current liabilities b) debts c) property  3. Last week we got a few urgent requests from our customers for the equipment.  a) our premises have b) our headquarters have c) our warehouse has  2.The company went bankrupt and had to sell its buildings and land that it owned.The building where our company is located has been just reconstructed.The company's properties that can be easily sold for money were bought b) net profits c) liquid assets  4.  a) complaints b) orders c) invoices .Алтындан хятт чякилмиш сюзц вя йа ифадяни явяз едя биляжяк сюзляри тапын:  1.

Public relations officers and public relations counselors help corporations and individuals to maintain acceptable and attractive «images». in the privacy of our own homes. Excessive repetition. The functions of advertising. Maintenance of demand. If consumers are to exercise freedom of choice. informative advertising is necessary so that they can know what goods are available and where they can be bought. The advertising of many consumer goods is almost entirely persuasive in character. A distinction is often made between informative and persuasive advertising. the advertisers thrust their claims upon us. Advertising affects the consumer in the following ways: Information. Persuasion. not to inform. . It is arguable that advertising is necessary to maintain demand at a sufficiently high level to provide full employment. Informative advertising announces a product and gives potential buyers the details they need. Advertising and public relations. however. The level of artistic and technical skill displayed in advertisements is often very high. is intended to persuade.Lesson 9 Advertising in modern marketing         It is not possible to live in any modern western country. In the streets. even.They perform a valuable service for their employers and sometimes for the public. but all possible pressure is put on the consumer to buy the advertised product rather than other goods. and remain unware of advertising. The information given is small. The borderline is indefinable and all advertisements contain both persuasive and informative elements. with the commercial television. in buses and trains. The use of colour and design is so forceful that it has a great impact on our behavior. Public relations activities are not considered as advertising and will not be discussed further in this book. Human memory is short and failable and repetition is necessary to keep customers aware of a product.

Advertising in modern marketing      Without the prodding of the advertisers. Advertisements that try to persuade consumers that there is no substitute for their product are attempting to create a sub-market in which they will be free from competitive pressures. The use of mass-production methods often results in lower unit costs. and forceful advertising and sales promotion can provide lower costs and eventually lower prices. each of whom is trying to increase his share of the market. The fact that a good has been widely advertised may compel (мяжбур етмяк) a manufacturer to maintain high standards of quality. Advertising may be used as a weapon of competition. . consumers would settle for a lower standard of living and far less energy would be put into the task of increasing material well-being. however. Large scale production requires large markets. Advertising and competition. Creating mass markets. Quality. It may also serve to reduce competition and to reach a degree of monopoly power. particularly in a situation where there are only a few sellers.

) claims (upon) – ирадларыны билдирмяк skill – билик.) – тясир етмяк distinction – фярг persuasive – инандырыжы expert – експерт informative – мялуматландырыжы readership – охужу Vocabulary .) – тясир етмяк behavior – давраныш public relations – ижтимаи мцнасибятляр officer – бурада: рящбяр councellor – мцшавир. мяслящятчи maintain (v.) – мцдафия етмяк acceptable – гябул олунан image – образ valuable service – гиймятли хидмят employer – рящбяр.                          Advertising – реклам Pervasiveness – рекламын йаранмасы Be unaware (of) – билмямяк Thrust (v.эяляжякдя affect (v. баъарыг forceful – мяжбури impact – тясир influence (v. ишя эютцрян activities – фяалиййят be considered – щесаб едилмяк further.

Vocabulary                          persuasion – инанма human memory – инсан йаддашы failable – унутганлыг keep (v.) – мяжбур етмяк compettition – рягабят weapon – васитя.) – инандырмаг substitute – явязлянмя to be free – азад олмаг .) – эятириб чыхармаг forceful advertising – мяжбури реклам sales promotion – сатышын артмасы compel (v.) – азалтмаг persuade (v. силащ particularly – хцсусиля a few sellers – бир нечя сатыжы share – пай reduce (v.) aware (of) – хатырлатмаг borderline – сярщяд хятти indefinable – гейри-мцяййян entirely – бцтювлцкдя maintenance of demand – тялябаты юдямя it is arguable that – мцбащисяли щалдыр employment – мяшьуллуг podding – стимул well-being – рифащ щалы result in (v.

Answer the Questions  In what situation may advertising be used as a weapon of     competition? Can it (advertising) also serve to reduce competition? What is the benefit for competitors to have a submarket free from competitive pressures? What are advertisement attempting to create when they try to persuade consumers that there is no substitute for their product? .

The financial system is the network of institutions through which firms. mutual funds. . the budget is the most important tool for achieving national priorities and goals through the allocation and distribution of resources. The Ministry of Finance is the central coordinating institution in charge of compiling and presenting the budget. thrift institutions. 2) the encouragement or control of particular sectors of the economy. 4) the implementation of social policy in respect of social services. Revenue and expenditure forecasting is the most fundamental step in the process of budget preparation. The determination of the expected overall deficit in the public sector and therefore the macroeconomic impact of fiscal policy requires accurate forecast of tax collection and expenditures. Adequate planning of recurrent and capital expenditure depends critically on an accurate forecast of revenue availability. and finance companies. It has major input from ministries in various sectors of the economy and the state tax bodies. distribution and use of money in the process of its turnover between economic entities. It is a system of monetary relations leading to formation. Budget preparation involves a number of institutions. pension funds. Public finance has the following four functions: 1) the provision of essential services. and 5) the encouragement of the growth of economy as a whole. and the maintenance of a stable macroeconomic environment. Public finance is the provision of money by the community through taxes to be spent by national and local benefit.Lesson 10 Finance and financial system       Finance is the provision of money at the time when it is needed. Finance in an economic system comprises two parts: public finance and finance of economic entities. households and units of government get the funds they need and put surplus funds to work. In a market-oriented economy. It is a collective term for the financial flows and also the financial institutions of the public sector. insurance companies. 3) the implementation of social policy in sectors of the economy. The major instrument of any financial system is the budget. Savers and borrowers are connected by financial intermediaries including banks. The budget is an estimate of national revenue and expenditure exceeds the revenue the budget has a deficit.

тапшырыг Maintenance of a stable macroeconomic environment – сабит макроигтисади вязиййятин мцдафия олунмасы .Vocabulary                  Public finance – дювлят малиййяси Provision – тяминат Monetary relations – пул тядавцлц Turnover – пул дювриййяси Economic entity – игтисади субйект Surplus – изафи Saver – яманят сахлайан Intermediary – ортаг Thrift institution – яманят мцяссисяляри Pension fund – тягацд фонду Benefit – мянфяят. хейир Financial flows – малиййя ахыны Encouragement – стимул Implementation – щяйата кечирмя Social policy – сосиал сийасят Goal – мягсяд.

Vocabulary             Estimate – гиймят.прогнозлашма Fundamental step – ясас аддым Adequate planning – мягсядли планлашма Tax collection – верэи йыьымы Extrabudgetery and reserve funds – бцджядян кянар вя резерв фондлар Availability – няьд Accurate forecast – дягиг прогноз It has major inputs from – О. ясас мялумат алыр Tax bodies – верэи структуралары Subnational governments – щюкумят органлары . смета Fiscal year – малиййя или Forecasting .

Answer the Questions
 1. What is finance and financial system?  2. What parts does finance comprise?  3. What functions does public finance perform?  4. What is country’s budget?  5. What does the process of budget preparation include?  6. What is the budget organization of the Azerbaijan Republic?

Lesson 11 International Monetary Fund

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The purpose of International Monetary Fund is to promote international monetary cooperation through a permanent institution that provides the machinery for consultation and collaboration on international monetary problems. Specifically, the function of IMF is to facilitate the expansion and balanced growth of international trade, to promote orderly and stable foreign currency exchange market, and to contribute to balance of payments adjustment. To further these objectives, the IMF monitors members’ macroeconomic policies, makes financial resources available to them in times of balance of payments difficulties, and provides them with technical assistance in a number of areas. Much of the IMF’s work is centered on annual consultations with each member country to ensure that its national policies in the area of economic growth, price stability, financial conditions and exchange rates take into account their consequences for the world economy and avoid unfair exchange policies. To ensure compliance with these basic tenets, the Fund is empowered to exercise firm surveillance over the exchange rate policies of member countries. History. The IMF’s charter, embodied in the articles of Agreement, was agreed upon at the International Monetary and Financial Conference held at Bretton Woods, New Hampshire, in July 1944. In December 1945 the required member of countries had ratified the agreements, and in March 1946 the first meeting of the Board of Governors was held. The IMF commenced operations on March 1, 1947, at its headquarters in Washington, D.C. Other milestones in the history of the IMF include: - May 1948, first drawing of foreign exchange by a member country; - January 1962, adoption of the general agreements to borrow (GAB), which constituted an important supplement to the IMF’s financial resources;

International Monetary Fund
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- February 1963, establishment of the compensatory financing facilities, designed to assist countries that experience a temporary shortfall in export earnings; - June 1969, inception of the buffer stock financing facility, which can be used to finance commodity stockpiles; - July 1969, adoption of the first amendment to the Articles of Agreement, providing for the allocation of special drawing rights (SDRs) to member countries, with the first allocation of SDRs made on January 1,1970; - September 1974, implementation of the extended fund facility, which provides mediumterm assistance to member countries seeking to overcome structural balance of payments problems; - April 1975, establishment of an oil facility to help oil-importing countries finance the increase in petroleum prices; - February 1976, establishment of the Trust Fund, funded by revenues from gold sales, to aid developing countries with low interest assistance; - April 1978, adoption of the second amendment to the articles providing for liberalized exchange arrangements, the legalization of floating exchange rates, steps designed to eliminate the role of gold in the international monetary system, and enunciation of the goal to make the SDR the central international monetary reserve asset; - August 1988, expansion of the compensatory financing facility to include a contingency financing element under which additional financing may be provided to support adjustment programs that might be thrown off track by adverse exogenous developments.

) – 1) имкан вермяк.) – башламаг milestones – мцхтялиф сащяляр shortfall – чатышмазлыг inception – ясасы.) – кюмяк етмяк. 2) иъазя вермяк surveillance – нязарят етмя. асанлашдырмаг orderly – гайдасында adjustment – тянзимлянмя monitor (v. мцшащидя етмя embodied – тяжяссцм олунмуш.) – гачмаг compliance – разылыг. кяшфи .Vocabulary                     permanent – даими machinery – бурада: “механизм” collaboration – ямякдашлыг specifically – хцсуси олараг facilitate (v. тямсил олунмуш ratify (v.) – ратификасийа етмяк commence (v. уйьун олма tenet – ясас принсип empower (v.) – нязарят етмяк annual – иллик avoid (v.

Vocabulary           buffer – аралыг stockpile – ещтийатда amendment – дцзялиш allocation – 1) бюлцнмя.) – наил олмаг. тяйинат 2) локаллашма overcome (v. галиб эялмяк trust fund – кредит фонду enunciation – ифадя олунма contingency – имкан track – 1) из. 2) йол exogenous – харижи гцввялярин тясири иля йаранан .

What are the most important milestones in the history of IMF? 4. What is the function of International Monetary     Fund? 2. What do IMF monitor’s members do? 3. What are the daily affairs in IMF? . When was IMF established? 5.Answer the Questions  1.

and its asset management rules. The authorities need to press ahead with critical structural reforms in a number of areas. The result was strong economic growth. the privatization of the country’s electricity distribution network. The authorities have also made substantial progress in economic reforms in a number of areas. and combined with low inflation. and national accounts and price statistics. tax and customs administration. The IMF has provided Azerbaijan with technical assistance in a number of areas. bank supervision. for example. 1992. Finally. drive largely by foreign investment in the oil and oil-related sectors. by which time high inflation had eroded real incomes. and the privatization of agricultural land. the creation of a transparent Oil Fund. including improving the financial discipline of the energy sector. Initial steps have also been taken in energy sector reform. Following the break up of the Soviet Union. to ensure the maintenance of macroeconomic stability. the privatization of small scale enterprises. the restructuring and merger of the four state-owned banks and the strengthening of banking supervision. The IMF is currently negotiating with the authorities in an effort to conclude the second review of the PRGF program and is urging the government to take additional measures to strengthen the management of Oil Fund resources. as the budget deficit was reduced and monetary policy was directed at stabilizing the exchange rate and restoring confidence in the manat. monetary policy advice. the authorities have recently launched the Poverty Reduction Program consistent with a medium term expenditure framework and a prioritized public investment program. a statistical support in balance of payments. while a number of structural reforms were introduced. significant improvements in customs and tax administration. While the country is implementing economic reforms the progress is evident. In addition. restructuring the Cabinet of Ministers. the exchange rate had weakened and international reserves were nearly depleted. however the IMF believes much remains to be done to encourage growth in the non-oil sector and to alleviate poverty.and late 1990s the Azeri authorities implemented a comprehensive stabilization program supported by a series of financial arrangements with the IMF. government finance. money and banking. the passing of a modern Tax Code and a Budget System Law. Real Gross Domestic Product declined by around 60 percent between 1991 and 1995.Lesson 12 Azerbaijan’s relations with the International Monetary Fund      Azerbaijan joined the IMF on September 18. central bank management. Azerbaijan’s economy suffered from serious macroeconomic imbalances. and. the IMF Institute has offered a variety of . Fiscal and credit policies were tightened. During the mid. including public expenditure management. and implementing civil service and pension reforms. These include. the establishment of the Chamber of Accounts. mainly in the areas of exchange and trade liberalization.

Vocabulary                           Purchase – алгы. илкин тядбирляр electricity distribution network – електрик пайлама шябякяси take (v. дювлят йардымы . тягацд. уйьунсузлуг Decline (v. кредит Agreement – разылыг Arrangement – гайдайа салма Growth facility – инкишаф васитяляри To break up – позмаг (мцгавиляни). мцфлисляшмяк To suffer – язиййят чякмяк. юлчц эютцрмяк ensure (v.) confidence – бир-бириня гаршылыглы етибары бярпа етмяк strengthening of banking supervision – банка рящбярлийин эцъляндирилмяси tax code – верэи коду transparent Oil Fund – шяффаф нефт фонду significant improvements – ясаслы йахшылашма initial steps – илк аддымлар.) growth – инкишафа тякан вермяк pension – пенсийа. сярф едиб гуртармаг To be tightened – мящдудлашмаг. азалмаг High inflation – йцксяк инфлйасийа Deplete (v. алма Loan – истиграз. даралмаг Trade liberalization – тижарятин либераллашмасы Small scale enterprise – кичик мцяссися monetary policy – пул сийасяти restore (v. зийана дцшмяк Serious imbalances – жидди бярабярсизлик.) – ашаьы дцшмяк. борж.) – сярф етмяк.) additional measures – ялавя тядбирляр эюрмяк.) the maintenance of macroeconomic stability – макрогтисади сабитлийи тямин етмяк encourage (v.

 a) had a great impact b) had a great performance c) had a great strength .  a) got the 15 -year lease for b) got the 15-year contract c) got the 15-year order  6. is very high.We have just made an agreement which lets our company to use a few warehouses outside the town for 15 years with rent reviews every five years.  a) accountants b) entrepreneurs c) shopkeepers  8.  a) capital for b) rent for c) interest for  7.The seminar was organized for young people who start their own business.Алтындан хятт чякилмиш сюзц вя йа ифадяни явяз едя биляжяк сюзляри тапын:  5. The presentation of the Marketing Manager made a great impression on all the Board.The sum of money we pay to the owner of the building. where our office is located.

it has become concerned with education and other human services. the United Kingdom and France – are entitled to appoint executive directors. with the independence of the Baltic States and the devolution of the Soviet Union into separate republics. There are 156 member nations. the remaining seventeen directors are elected by some combination of the votes of the other nations.      The World Bank is the World’s foremost intergovernmental organization concerned with the external financing of the economic growth of developing countries. it chose not to join the Bank or the Fund when these organizations were formally incorporated in 1946. for a highway or a port).Lesson 13 World Bank. The official title of the institution is the International Bank for Reconstruction and Development (IBRD). largely commercial bank debt. outstanding. A country must be judged creditworthy. five nations – the United States. Poland and Czechoslovakia joined the Bank and the Fund initially but withdrew when the cold war began in earnest and a loan to Poland was blocked by the United States. Engineering investigations are frequently carried out to determine the probable relation of a proposed project to benefits and costs. the president of the Bank is an American. they hire a president. Subscriptions.g. usually a banker. through weighted voting. Recently. Germany. moreover. by executive directors who live permanently in Washington D. rests with the Board of Governors of the Bank.. Japan. By tradition. who. Ultimate power.C. The Soviet Union was one of the forty-four governments whose representatives signed the original Bretton Woods Pact. The day-to-day affairs of the Bank are determined however. but. it has acceded to the requests of the American secretary of the treasury to help to ease the huge. the staff of the Bank must be reasonably satisfied that the productivity of the borrowing country will be increased and that the prospects for repayment are good. The governors meet annually in September. rather than law. in turn based on a formula that takes into account such variables as the value of each nation’s foreign trade and its total output. The Bank has also paid increasing attention to the evaluation of previous lending. Because of the size of their subscriptions. Voting power in the Bank is determined by the size of each member nation’s subscription. Increasingly. hires a staff. . the Bank has shifted somewhat away from project lending (e. the environment. proposed by the president of the United States. and through structural adjustment loans. the modification of governmental policies that are thought to have impeded long-run growth. the membership could increase to over 170. thereby including all the independent nations in the world. in turn. Before recommending a Bank loan. however.

ясасландырылмыш.) – дяйишмяк lending – борж вермя accede (v.) out – йериня йетирмяк shift (v.) – тяйин етмяк devolution – верилмя.Vocabulary               foremost – мцяййян мянада reasonably – аьыллы.) – асанлашдырмаг subscription – абуня ultimate power – сонунжу эцж day-to-day affairs – эцндялик ишляр appoint (v. сцгут in earnest – жидди шякилдя .) – разылашмаг. щаглы prospects for repayment – боржун верилмяси перспективи carry (v. гане етмяк ease (v.

What is the procedure of getting a loan from the     World Bank? 2. What countries are the largest subscribers of the World Bank? . What are the latest trends in the policy of the World Bank? 5.Answer the Questions  1. How is the voting power determined? 4. What is the World Bank? 3.

. are likely to include assistance in the following areas: . and a full CAS was discussed in 1996. irrigation. public sector reforms. A limited Country Assistance Strategy (CAS). education and health. . in the non-oil economy.Development of the non-oil economy and generation of employment on a sustainable basis. reviving growth and generating employment in agriculture and. presently under preparation. the World Bank Group has emphasized support to Azerbaijan’s reform program aimed at the transition to a market economy macroeconomic stabilization and the related management of oil inflows.Lesson 14 World Bank in Azerbaijan       Azerbaijan Republic became a member of the World Bank in September 1992 and of the International Development Association in March 1995. a major document guiding the Banks work in any beneficiary country was discussed by the Board in 1995.Managing the oil boom . As the underlying thrust of World Bank assistance is poverty alleviation. more generally. Since then. measures to attract foreign investment in the energy sector.Improved quantity and quality of delivery of key social and economic services critical to poverty reduction. The broad elements of the new Country Assistance Strategy. including the Bank and UNDP. the Bank’s new Country Assistance Strategy for Fiscal Years of 2003-2005 will be focused on achieving the objectives of the Poverty reduction Strategy Paper (PRSP) known in Azerbaijan as state Program on Poverty Reduction and economic Development that has been prepared in close consultation with development partners. dealing with the problem of refugees and internally displaced persons. rehabilitation of infrastructure (water. at the time the Bank group’s first operation was presented to the Board. highways.

Agdam regions) of Azerbaijan has rebuilt infrastructure and encouraged resettlement of IDPs and refugees. The environmental management system has been strengthened. Under the urgent Environment Investment Project the State Committees of Ecology.000 beneficiaries. The deterioration of the supply of irrigation water to 90. Critical infrastructure is being rehabilitated. The water supply system of Baku has improved and the gas distribution system rehabilitated. 20 pilot schools and several other education institutes have been rehabilitated and appropriately equipped in 5 regions. The preparation of the Oil Fund’s budget is carried out in consultation with the Ministry of Finance and endorsed by the Supervisory Board of the Fund. A Joint Program for the Reconstruction and resettlement of the “Liberated Areas” (Terter. have been merged into a new Ministry of Environment and Natural resources. The resettlement and rehabilitation of internally displaced persons (IDPs) and refugees is being supported. The Bank is also supporting a Social Fund which mainly finances water supply. Farms have been privatized and land redistributed. With Bank assistance. local roads and civil works that now reach 35.000 hectares of land has been stopped through works under the Irrigation Project. The Bank’s portion of this joint program has directly benefited 20. Real growth in agriculture was over 10 percent per year in 2000 and 2001. and the Forestry and Fisheries services. Geology and Hydrometry. prior to approval by the President.000 persons. Fizuli. 99 percent of the land of former state and collective farms has been privatized and distributed among 860.000 teachers have received some form in training. The quality of education is being improved.Management of the Oil Fund has been receiving assistance as a central element of the reform program supported by Second Structural Adjustment Credit. . World Bank assistance.000 families.World Bank in Azerbaijan             Major impact of the World Bank’s assistance to the country: . The national curriculum is being revised in the primary grades and more than 2. Oil Fund expenditures take place within a medium-term expenditure framework and use of oil Fund resources is audited and published regularly. strengthening overall the environmental management system.

) – дястяклямяк Aim (v.) – тясдиг етмяк Expenditures – хяржляр Assets – ямлак .) foreign investment – харижи инвестисийаны жялб етмяк Non-oil sector – гейри-нефт сектору Poverty alleviation – йохсуллуьун гисмян арадан галдырылмасы Fiscal years – бцджя или Oil boom – нефт сянайесинин сцрятли инкишафы Non oil economy – гейри нефт сянайеси Poverty reduction – йохсуллуьун азалдылмасы Major impact – башлыжа тясир Carry (v.) – мягсяди олмаг Stabilization – сабитляшмя Oil inflows – нефт ахыны Refugees – гачгынлар Internally Displaced Persons – мяжбури кючкцнляр Highways – ясас йол Attract (v.) out – йериня йетирмяк Endorse (v.Vocabulary                     Beneficiary country – йардым олунан юлкя Support (v.

Vocabulary           Redistribute (v.)– 1) ялагя йаратмаг.) – йенидян бюлцшдцрмяк Real growth – щягиги инкишаф Deterioration – писляшмя Irrigation water – суварма суйу Water supply – су тяжщизаты Local roads – йерли йоллар Forestry – мешячилик deforestation .мешялярин гырылмасы Fishery – балыгчылыг merge (v. 2) тижыарятля мяшьул олмаг .

enhancing professional skills for the staff of ILO constituents. providing statistical data such as real employment rate. As a result of this project almost 300 persons were trained. obtained different qualifications and have been employed. promotion employment and self-employment etc. For the period 1994-1995 the ILO assisted the Government of Azerbaijan in designing and implementing pilot labour force survey project. This project as financed by United Nations Development Program and executed by ILO. . all the national labour and social protection legislation is supervised by ILO special expertise. It was a result of active cooperation between ILO and the Government of Azerbaijan. In the frame of this project the ILO initiated activities of establishment of Labour Inspection Services. In the year 2002 we realized the idea on creating the post of ILO national Correspondent in Azerbaijan. State Statistics Committee in close cooperation with the Ministry of Labour and Social Protection of Population. It has to be noted that the new Labour Code. As a rule. self-employment opportunities etc. active participation of employers and trade unions aimed at promotion of principle of tripartite cooperation at the national level and alleviation of labour and social problems in Azerbaijan. Since that time Azerbaijan benefited from ILO technical assistance programs aimed at improving national labour and social projection legislation. fruit of many years’ work of ILO and Azeri experts. which is in force since 1 january 1999 passed necessary expertise by ILO experts and it is replied to international labour standards. institutional development. This project had an important role in improving labour statistics system. One of the important parts of the ILO technical assistance to Azerbaijan was focused on improvement of labour management system.Lesson 15 International labor organization   The Republic of Azerbaijan joined International Labor Organization (ILO) in the year 1992. In the years 1997-1998 the ILO executed the project on improving self-employment and training skills in the Nakchivan Autonomous Republic and Agdam and Salyan regions. including training of the staff and designing organizational structure. Until now Azerbaijan has ratified 54 ILO Conventions.

executing gender policy in employment. The Ministry of Labour and Social Protection demonstrated it’s interest in establishing the Occupational Health and Safety Information and Training Center and elaborating wage policy while restructuring of public enterprises. preparing national employment strategy etc. the national public authorities expressed their concern to ratify the ILO Convention N 182 on the worst forms of child labour. the Government promotes employment of young people in public and private sectors. basically based on development of oil sector and further promotion of non-oil fields gives a new possibility for solving social problems and. But there is a real need in improvement of business skills for young entrepreneurs. At the same time. workshops and measures in the sphere of labour. That’s why ILO support in implementing projects such as “Start your business” and “Improve your business” would be very important at the time being. the activity of national tripartite constituents was executed on the basis of bilateral agreements between ILO and the Government of Azerbaijan. promotion of employment. This work is already in the progress being implemented by the experts. developing women’s entrepreneurship and supporting female trade unionists. ILO have a lot of plans to be implemented in Azerbaijan in the near future.International labor organization     The visits of ILO high level officials to Azerbaijan in the year 2002 were very important for setting up the framework of further activities focused on preparing national strategy on occupational health and safety. The recent economic growth. conducting awareness raising seminars. the youth plays an important role in economic and social life of the country. Traditionally. . improvement of social protection and development of social dialogue. The last one was signed in June 2001 for a two years’ period and covers four main areas: application of international labour standards. The next priority for bilateral cooperation is support to preparing the National Strategy on Labour health and safety and establishing in the near future the Occupational Health and Safety Information and Training Center. Over the past period. Nowadays. They are also very active in NGO’s activities. in the term the wide-range experience of ILO would be very useful.

) different qualifications – мцхтялиф ихтисаслара йийялянмяк . дахилиндя Training of the staff – ишчи щеййятинин трейнинги New Labour Code – йени ямяк мяъялляси Social protection legislation – сосиал мцдафия щаггында ганунвериъилик Fruit of many years’ work – узун иллярин бящряси Tripartite cooperation – цчтяряфли мцгавиля Alleviation of labour and social problems – сосиал вя ямяк проблемляринин йахшылашдырылмасы Gender policy – эендер сийасяти Women’s entrepreneurship – гадын сащибкарлыьы Child labour – ушаг ямяйи Public enterprises – дювлят мцяссисяляри Main areas – башлыжа сащяляр In this sense – бу мянада Hold (v. файдалы Enhancing professional skills – пешякарлыьын артырылмасы Pilot project – илк (пилот) лайищя In close cooperation with – сых ямякдашлыг Statistical data – статистик эюстяриъиляр Social protection of population – ящалинин сосиал мцдафияси As a result – нятижядя Obtain (v.Vocabulary                              Technical assistance – технки йардым To be focused on – диггят йетирмяк. фикир вермяк In the frame of the project – лайищя чярчивясиндя.) joint seminar – бирэя семинар кечирмяк Real need – ясил ещтийаж Economic growth – игтисади инкишаф Solve (v.) social problems – сосиал мясяляляри щялл етмяк Wide range experience – эениш тяжрцбя Useful – ящямиййятли.

the daily turnover of money in London’s Foreign Exchange Markets alone is about $303 billion compared to $192 billion in New York and $128 billion in Tokyo. accounting for some 14 per cent in 1990. Nearest to London’s turnover in Europe is Zurich. investment management and leasing has risen sharply. During the 1980s a decade marked by unprecedented growth and diversification in the financial services sector–Britain’s banking and financial institutions entered a new and challenging era. commonly known as “Big Bang”. Britain’s financial. Banking. Banking and financial market operations in Britain involve a number of special institutions and financial markets which. commodities and futures markets are responsible for the lion’s share of international business. with a turnover of over $68 billion. It also accommodates the world’s largest stock exchanges. . companies and sovereign bodies all over the world. The interests of individual investors have been protected and the financial service institutions have submitted to stringent guidelines. Increased international activity and the advent of the single European Market continue to test the ingenuity of banking and financial institutions many of which are firmly focused on European and overseas markets. life and general insurance.Lesson 16 Britain’s banking and financial institutions      Britain is the world’s leading financial centre and the home of thriving international banking and financial Markets. Testifying to its dominance in world markets. Between them. and strengthened Britain’s traditionally open-market financial activities. Reforms also brought specific areas of service into line with other Member States in the European Union. starting with the abolition of the exchange controls in 1979. Many banking and financial institutions are unique to Britain and offer highly specialized services to individuals. are increasingly integrating. Over the last decade Britain’s income from banking. finance and insurance accounted for 3.9 per cent of employment in December 1993. as a result of deregulation and new legislative frameworks. Deregulation and reregulation. Major retail banks serving the personal and commercial sectors have extended and improved their product and service range. The City of London’s historic “square mile” holds the greatest concentration of banks in the world and is responsible for about a fifth of total international bank lending. financial and business services. included fundamental reforms in the organization of the Stock Market.

капитал bill of exchange – 1) банкнот 2) вексел mortgage (v.кредит abolition – ляьв олунма account (v.) – лайиг олмаг (диггятя). мцлк. чаьырмаг (йарыша) diversification – диапазонун эенишлянмяси futures – узунмцддятли ямялиййатлар .) for – тяртиб етмяк annual turnover – иллик мал дювриййяси challenge (v.) – капиталлары бирляшдирмяк securities – гиймятли каьызлар trust .Vocabulary                      Bank of England – Инэилтяря Мяркязи Банкы building society – тикинти банкы deregulation – дювлятин игтисадиййата тясиринин азалмасы discount house – учот банкы merchant bank – тижарят банкы national savings – милли яманят банкы option bond – тяжили юдянян облигасийа premium bond – удуш займынын облигасийасы retail bank – хырда мцштяриляря хидмят едян банк asset – ямлак (боржлары юдямяк цчцн).) – эиров гоймаг pool (v.

a) departments b) supervision c) hierarchy 6. a) appraisal b) criticism c) disappointment 7. a) to charge b) to credit c) to borrow 8.An arrangement of workers and machines in which each person has a particular job and the work is passed from one worker to the next until the product is complete. a) objective b) strategy c) goal 2.To put parts together in the production process. a) client b) distributor c) end user 4.A negative judgment of something or somebody. A plan of action. a) rank b) range c) choice . a) assemble b) unite c) join 3.The different levels of a company.The variety of products that a company makes or sells. A person or business that has an agreement to sell the goods of another firm.Верилмиш фикрин мянасыны якс етдирян сюзц тапын:                 1. a) workshop b) assembly line c) plant 5.To ask for money as the price of something.

2. their relative prices determine what one commodity is worth in terms of other commodities.Lesson 17 The functions of money        Money as a medium of exchange. Money. but investments of one the kind or another may make effective money substitutes as stores of value. In both households and businesses. Of the modern forms of money. 3. A good money material permits the possession of wealth. Money as a measure of value. The prices at which goods exchange for money and money exchanges for goods will reflect these changes. . saved from last year’s harvest to be exchanged in the winter and spring. might still become mildewed or eaten by rats. since they yield an income which may offset the rising prices of other commodities. Money as a unit of account. it is necessary to look ahead and to calculate future income and expenditure. If a man is in business. These goods can be of different kinds and yet some common unit is needed in which to assess their value. it is necessary for him to compute the values of the various stocks of goods that he possesses. Since commodities are exchanged through the medium of money. in short to use a system of budgeting. Cattle or slaves might sicken and die. The exchange of goods and services between individuals can be spread over a whole community. Money as a store of value. 4. All the early money commodities were very inadequate stores of value. The act of barter is split into two parts. the storing of value without loss. Goods or services are exchanged for money and the money is used to obtain other goods and services. This is the simplest of the functions of money. gold is still a very good store of value. Money acts as a measure of value. can serve these purposes. so that a complex of exchanges replaces a simple person to person exchange. acting as a unit of account. The exchange of goods for money may be separated in time to obtain other goods (or services) for that money. Stocks of grain. A community’s valuation of this commodity or that will change as tastes and fashions change or as the community grows richer.

) – йаймаг Whole community – бцтцн жямиййят Replace (v.) richer – варланмаг Reflect (v.) – ялдя етмяк Measure – юлчц Value – дяйяр Through the medium – васитясиля Valuation – гиймят Taste – дад Fashion – мода Grow (v.) – бюлцнмяк Individual – фярди Spread (v.) – явяз етмяк Separate (v.) – айырмаг Obtain (v.Vocabulary                          Act of barter – бартер цсулу Split (v.) – якс етдирмяк Slave – гул Sicken (v.) – кампенсасийа вермяк Kind – нюв Look (v.) – хястялянмяк Harvest – мящсул Without loss – иткисиз Stores of value – валйута ещтийаты Offset (v.) ahead – ирялийя бахмаг In short – гысажа олараг .

Ашаьыдаки жцмлялярдя алтындан хятт чякилмиш сюз вя йа ифадялярдян бири сящвдир. John was quick to inform us that his friend Vicky was most popular. 4. верилмиш жцмлядя онун дцзэцн вариантыны тапын:  1. with their widespread range of practical application. . intelligent girl in his class. This refrigerator is very old to keep things at a proper temperature. 2. There was not enough time to completely fill out the form before the bell rang. 3. is      of great interest to government leaders throughout the world. 5. The director of the program advised the students to avoid to waste time reading material that was so out-of-date. 6. Economics. The meeting was so length that many people had to leave before it concluded.

oil refining. agriculture (cotton. 4850 $ 1) The Azerbaijan Republic restored its independence following the desintegration of the USSR at the end of 1991. represent a truly transformational change. In sum.Lesson 18 Azerbaijan economy           Territory – 86. mode of life. tea. engineering. elected by popular vote. freedom of speech (upwards of 150 titles of newspapers. km. is one of the positive aspects of carrying out reforms in our country. . other press bodies are issued in the country). a radical turn in the consciousness of the people. The world practice stresses the necessity and decisive importance of the transition period for the future development of the countries which have chosen the path of free market natural resources and economic potential. The economy of Azerbaijan is diversified. and governing. Monetary unit : manat (rate Azm. Reforms. silk worms. including privatization which intends to integrate the Azerbaijan economy into the world economic system.6 sq. including oil and gas pro-duction. magazines.The head of the Republic is the president. fruits). The creation of a propitious environment. building materials.5 mln. wool vine – growing. freedom of conscience. the importance and essence of privatization in Azerbaijan are acquiring the international character. The main stage of small-scale privatization has been fulfilled. Population – 8. oil-chemical. metallurgy. The privatization process itself is accelerating from month to month. The democratic system of management provides for multi–party system (there are about 25 political parties). The Azerbaijani economy is undergoing the transition period. chemical. and the most important aspect–state–running by President–Reformer Heydar Aliyev are reliable guarantees that we will be able to succssfully pass the transition period. achieved in 70s and 80s. the doors of Azerbaijan are open both to local proprietors and foreign investors. as well as the economy on the basis of market relations. A legal basis has already been formed in Azerbaijan to ensure the development of a free market economy. The privatization of medium–and large–scale state enterprises enters a new stage–strategic enterprises are offered for sales. light and food industry.Thus. vegetables. tobacco. designed for a more fluent functioning of foreign investors in the privatization process.

Germany. Since 1994. etc. In 1996. In 1995–1996. Great Britain.5% against 22-25% in 1993 – 1994. intensive talks are being held with foreign investors from the United States. The investment process has stepped up as well.6 bn. about 40 % of import–food stuffs and consumer goods. Nowadays. the radical reforms in Azerbaijan started in 1995.6 times due to the growth of inflation. . About 75 % of export structure is oil related products and cotton. oil–chemical. the real volume of Gross Domestic Product (GDP) fell down twice.Azerbaijan economy       After restoring independence. Japan.. For objectives and subjective reasons. light and food industry. following the implementation of the 2 economic programs on macroeconomic stabilization and restructuring of economy agreed with the IMF and the WB. investments made up approximately $ 800 mln. in the matter of radical refurbishment of chemical.3 %. the foreign trade turnover increased by 25 % and reached $ 1. industrial production–by 47%. but since early 1997–positive. and more than $ 1. it became possible to ensure the growth of GDP by 1. metallurgic.2 billion in 1997. the foreign trade balance had been negative. the inflow of foreign investments into the Azerbaijan economy rose sharply. average monthly inflation 0. As compared with 1990. the agricultural production and living standards of the population. in 1991–1995 there was a slump in the production of all the branches of National economy. Even worse. the living standards of the population deteriorated by 3. Over the past two years. After the signing of the first oil contract (September 1994) and 5 others with the biggest oil companies worldwide. The budget deficit is no more than 3% of GDP.industrial – technical products and transport vehicles. some 42% . Saudi Arabia.

Vocabulary                      as compared with – мцгайисядя basis of market relations – базар мцнасибятляринин ясасы branch – сащя consumer goods – истещлак маллары ensure ( v.кимйа oil refining – нефт емалы popular vote – цмумхалг сясвермяси provide (v.) – тямин етмяк growth of inflation – инфлйасийанын артмасы gross domestic product (GDP) – цмуми дахили мящсул food industry – ярзаг сянайеси freedom of conscience – фикир азадлыьы freedom of speech – сюз азадлыьы implementation – щяйата кечирмя. тятбиг етмя inflow of foreign investment – хариъи капитал ахыны light industry – йцнэцл сянайе living standard – йашайыш сявиййяси medium-and large scale state enterprises – орта вя ири щяъмли дювлят мцяссисяляри monthly inflation – айлыг инфлйасийа oil-chemical – нефт .) – тямин етмяк .

йухары галхмаг .) – бярпа етмяк silk worm – ипяк гурду slump – кяскин шякилдя азалма. бющран successfully pass – мцвяффягиййятли. уьурлу кечид transport vehicles – йцк машынлары turnover – мал дювриййяси upword (v.) – йцксялмяк. артмаг.Vocabulary          radiсal turn – ясаслы дюнцш reason – сябяб restore (v.

who always turned in our reports on time. 7. . 9.By the time Robert will finish writing the first draft of his paper.Our supervisor finally noticed that it was we. 6.Since I have so many letters to write.Ашаьыдакы ъцмлялярдя алтындан хятт чякилмиш сюз вя йа ифадялярдян бири сящвдир.Did you hear many news about the political situation while you were in that country? 2.Our friends got a bank loan for to buy a new car.                1. Diana and me. most of the other students will be completing their final draft. верилмиш ъцмлядя онун дцзэцн вариантыны тапын. 4.I was very shocked to see how much my grand – mother she had ages since the last time we visited. 5. 8. I am going to buy several boxes of stationary. 3.Some members of the committee were opposed to use the club member’s money to redecorate the meeting hall.The flag is risen at 6:30 every morning without fail.In our opinion that girl is enough beautiful to be a movie star.

Azeri.Lesson 19 The development of oil and gas industry in Azerbaijan        For the first time offshore oil was produced in the Caspian Sea in 1925 from a wooden well at Bibi–Heybat field. In this period Pirallahi–daniz. cubic meters of gas. . The history of offshore oil and gas industry in Azerbaijan is divided into three epochs: .From 1991 up to nowadays.The author of this strategy was president Heydar Aliyev. who led the Republic from 1969 to 1982 and heads nowadays. Chirag.Period from 1925 to 1949. The new strategy of offshore oil industry development was a basis for fundamental changes during 1970– 80–s.Aliyev’s initiative the rig that should be constructed in Astrakhan was set up in Baku.From 1949 to the time when Azerbaijan has got its independence . In 40–s first in the world Azerbaijan got oil gusher in the open sea conditions. Jurgan–daniz fields and Darwin Bank were explored and started work. Thanking to H. Since the end of 70-s annual volume of oil.9 mln. . Owing to efforts of the azeri geologists and geophysics there were discovered fields: Guneshli. Further in 60–80s being provided with powerful floating installations they drilled over 200 meters of depth in the Caspian shelf.tons. During the first epoch exploration and drilling were carried out on the shore and nearby only due to the lack of appropriate facilities. and Kapaz with total potential around 1 mlrd. produced from offshore fields began to increase. Increasing their experience during the second stage the Caspian oilmen for the first time were able to drill wells at a depth of 15–20 meters. That moment (7 the of November of 1949 ) can be considered as the beginning of offshore oil and gas production both in Azerbaijan and the World as a whole. First in the country in Baku there was constructed a unique deep–water drilling rig. In 80-s he mentioned the necessity of extending offshore oil fields prospecting and exploration as well as creating reliable base for further development of oil and gas industry in the Republic. In connection with the availability of numerous perspective structures in the deep–water aquatory of the Southern Caspian a new strategy for developing oil industry and building stationary deep–water drilling rigs was offered. In 1970 offshore production reached its maximum 12. It was the strategy that foresaw projecting and construction of floating installations to drill deep and super deep well at the depth more than 200 m.

SOCAR as well as Azeri. One of the main goals of AIOC was to improve Azerbaijan oil industry’s infrastructure up to the western standards. Delta Nimir and the State Oil Company of Azerbaijan Republic (SOCAR). “Chirag” and deep–water “Guneshli” fields was concluded with foreign companies. Turkish Petroleum. Georgian International Oil Corporation. Pennzoil. Georgien and international contractors. Amoco. Signing of the Contract of the Century became a new stage in Azerbajan oil industry’s history. The relationship between foreign oil companies and SOCAR is specified in a Production Sharing Agreement (PSA). As a logical result of the ex-president H. Unocal. The Early oil was completed in April 1999 by AIOC with the commissioning of this export pipeline from Baku to Supsa and the construction of Supsa terminal. Itochu.Aliyev’s oil strategy on 20th of September of 1994 the first contract. Statoil. . AIOC was a consortium of 11 major international oil companies including BP. 1999 was the triumph of cooperation between Azerbaijan International Operating Company. LUKoil. The opening of the Baku–Supsa Western route pipeline on 17 April. called “the Contract of Century” on developing “Azeri”.The development of oil and gas industry in Azerbaijan      The collapse of the former Soviet Union led to fundamental changes. Exxon. Ramco. Existing political and economical situation dictated the necessity of attracting foreign investment into the Republic to develop the new hydrocarbon structures in Azerbaijan Caspian sector. In 1994 Azerbaijan International Operating Company (AIOC) was founded.

габагъыл йер annual – иллик appropriate facilities – мцвафиг васитяляр at a depth of 15 meters – 15 метр дяринликдя author – мцяллиф availability – ишя йарама.) the Republic – Республикайа рящбярлик етмяк main goals – ясас мягсядляр .) – узаьы эюрмяк fundemantal changes – ясаслы дяйишикликляр further – сонралар gas supplies – газ тяжщизаты installation – гурьу. аваданлыг lead (v.дяниз нефт мядянлярини эенишляндирмяк field – мядян floating installation – цзян гурьу foresee (v.) offshore oil fields .Vocabulary                       advanced place . лазым олма contract of the century – ясрин мцгавиляси collapse – даьылма drilling – газма effort – жящд epoch – дювр exploration – тядгигат ишляри extend (v.

As a result. Thanks to selfless labor of Azeri oil workers 24 mln. Oil refining that began in Baku with a few little plants. Crude–refineries were key suppliers of fuel and lubricants for Soviet Army during the Great Patriotic War. By 1940 Azerbaijan was producing three quarters of the USSR’s oil. carried out on the enterprise modernization attracted the attention of . specializing in oil rectification for fuels manufacturing. In 1993–1995 a construction of the “Bitoroks“bituminos plant. diesel oil and industrial oil. Baku oil refining plant subsequently became the PU “Azerneftyag”. Founded on the basis of small refineries. With such a speed peaceful reconstruction of many soviet towns and villages were provided with Azerbaijan oil. became commercial production numbered in 200 plants by the end of the 70s. 60s can be characterized by the word “for the first time”. On the initiative of ex-president Heydar Aliyev the initial oil refining system ELOU–AVT was constructed and put into operation with the annual production rate of 6 mln. the enterprise capacity came up to 15 mln. In 1994–1996 company “Petrofac” (US) and “Lucky engineering” (Southern Korea) constructed two more ELOU–AVTs with the annual production rate of 2 mln. Azerneftyag PU is planning to implement further a few large projects. will create bigger working opportunities and will have an effect on the Republic economic indexes as a whole. The second stage of the enterprise full reconstruction is the modernization of an oil block designed to improve the quality of motor oil. Selective oil cleaning units were designed in 1966. on its part. tons. which will meet the world standards and manufacture modern oil bitumen started. Perspective ness of the projects. which are the main types of the union’s production. The construction that was outlined in Azerbaijan oil refining late in the 50s–mid. started in 1980 became the beginning of a new stage in the life of Baku’s oldest enterprise. From 1962 there started the installation of transformer and motor oil unit. the 19th century. A full reconstruction of “Azerneftyag” PU. The application of oil additive production unit and tar deasphalting union in 1970 allowed improving the quality of motor oil. tons of oil was produced in 1941 only. The plants were equipped with simple and primitive devices. This. tons each. In the 30–s giant construction was outlined in the plant: pipe units made by the US firms Bayger and Garvar Corporation.Lesson 20 PU “Azerneftyag”        Being one of the oldest enterprises of oil refining branch “Azerneftyag” PU passed through all epoches of the world’s oil refining practice and nowadays is a big oil refining complex and producer of large spectrum of world standard oil products.

) – щяйата кечирмяк. ясасыны гоймаг perspectiveness – перспективи олма provide (v. тутум cleaning units – тямизляйиъи гурьулар device – план.) – тямин етмяк put (v.Vocabulary                           annual production – иллик мящсул capacity – мящсулдарлыг. механизм enterprise – мцяссися full reconstruction – ясаслы йенидянгурма giant construction – нящянэ тикинти modernization – модернляшдирмя. схем.) into operation – истисмар етмяк subsequently – нятижя етибариля tar – гудрон (нефт мящсулу) to be characterized – характеризя едилмяк to be established – йарадылмаг thanks to selfless labor – тящлцкясизлик гайдалары щесабына to have an effect on smth. – тясир етмяк vacuum – ваккум . мцасирляшдирмя new stage – йени мярщяля. йени дювр oil additive production – ялавя нефт истещсалы oil products – нефт мящсуллары oil rectification – нефтин тямизлянмяси oil refining – нефт емалы on the basis – ясасында on the initiative – тяшяббцсц иля outline (v.

       . 2. John worked last summer like a lifeguard at a girls’ camp. 5. the cost of two dozen roses are fifty dollars. When I was at the grocery store. ону тапыб дцзэцн варианты верин. In order to earn enough money to complete his education. I realized that the prices of many items had been raised. According to my calculations. The new teacher was both surprised and delighted when she realized that her class consisted with many students from faraway countries. The design for the new community center combines both refreshing originality as well as an impressive respect for the traditional architecture of the area. In contrast of his earlier behavior. 7. which is considerably less than the sixty two dollars I was charged.  1. 3. 6. 8. I told them to take there boots off outside so they would not bring in a lot of snow.Алтындан хятт чякилмиш сюз вя ифадялярдян бири верилмиш ъцмлядя дцзэцн дейилдир. the young man demonstrated surprising maturity in the face of severe stress. 4. The political polls indicated that most people were not as much in favor with the new law as was previously thought.

another important factor of putting this HES into operation will be the use of considerable hydro energy potential of Azerbaijan. commissioning of which will improve energy system’s control during peak hours. In order to solve this problem reconstruction of several stations by means of investment is planned. Being possessed of considerable energy resources (oil. Even US had not such an electrified oil industry at that time.High specific fuel consumption of many stations units. of which development and refining totaled a dominated part of economy during many years. Besides. is one of the key problems. In 1931 the electrification of Azerbaijan oil production industry was already completed.Lesson 21 What is today’s Azerbaijan energy industry?    The foundation of Azerbaijan energy system was laid in the beginning of the century through bringing into regime of two most efficient power stations of those days in Europe. . I would like to mention about the use of hydro potential in small HES. Another important problem of energy industry in the nearest perspective is the completion of Enikend HES’s construction. the North and Ali-Bayramly SRES and others with 150 mbt capacity blocs were put into operation. the solution of which will allow speeding up a rise of economic efficiency in energy industry and considerably reducing its effect on ecological conditions. gas). of which specific fuel consumptions are 30–40% low than in our power stations will enable us to reduce atmosphere emissions. The reforms carried out in the Republic that create favorable conditions for attracting foreign investment are economic and legal basis in conducting of measures on structural reformation of energy industry as well as organization of its management. exhausting running period. Azerbaijan has outstripping energy growth. when the electricity development program was fulfilled. Possessing a certain capacity enough to cover its demand today Azerbaijan energy system at the same time has numerous problems. Mingechaur HES was built by alluvial method. More efficient gas–turbine generators from foreign countries. First in Europe Azebaijan power engineers used the most advanced methods in construction of power stations.

I think that our scientists power engineers. in accordance with the government resolution and with a view of experiment in a number of electric grids the systems of electricity marketing management were passed to individual ownership. economists and ecologists will take very active part in solving the above stated problems. that our energy resources. It should especially be noted.What is today’s Azerbaijan energy industry?    Our Republic has great capability of setting up such individual HES for providing with energy local consumers. that both uncertainty of energy consumption structure and lack of an efficient payment system to meet market conditions influence more negatively on the energy development and functioning. . In conclusion I would like to express the hope that scientists-energy specialists. in future will be most perspective and appropriate for Azerbaijan conditions. Currently. economists and ecologists have to substantiate. including conventional and renewable resources. All these lead to lowering efficiency and functioning of energy system.

) – сялащиййят вермяк complete (v. баша чатдырмаг conventional – шярти create (v. юлчцляр outstrip (v.) – тамамламаг.) foreign investment – харижи инвестисийаны жялб етмяк commission (v. йохлуьу legal basis – щцгуги ясасы measures – тядбирляр.) favorable conditions – ялверишли шяраит йаратмаг electrification – електрикляшмя electrified oil industry – електрикляшдирилмиш нефт сянайеси exhaust (v.) – мянимсямяк. архада гоймаг peak hours – пик вахты possess (v.) – малик олмаг power station – електрик стансийасы reducing its effect – тясиринин азалдылмасы reformation – ислащат.) – тцкянмяк fuel consumption – мазутдан истифадя key problem – ясас проблем lack of – няйинся олмамасы.) – габагламаг. йийялянмяк attract (v.Vocabulary                          above stated problems – йухарыда эюстярилмиш мясяляляр advanced methods – габагъыл методлар alluvial method – аллцвиал метод (эеоложи термин) appropriate (v. ясаслы дяйишмя rise of economic efficiency – игтисади сямярялилийин галдырылмасы speed (v.) up – сцрятляндирмяк .

… are large shops which sell a wide variety of products. it does not mean that they agree with you.               1. a) do b) have done c) have doing 7. a) grocery b) green grocery c) department stores 2. a) should be b) should have been c) should being 6. a) did complaints b) made complaints c) made research 4. a) in spite of b) although c) despite . a) doing a decision b) making a decision c) doing business 3. The production manager said we could … better the previous year if it hadn’t been for the instability on the market. Customers … about the poor quality of frozen vegetables on sale in our store. Price is not the only thing that customers consider when … about which product to buy. … the Japanese may say “yes” at a meeting. but that they want you to continue. When two or more people want to start a business together they can set up a … a) corporation b) concern c) partnership 5.Нюгтялярин йериня уйьун эялян сюзляри сечиб йазын. Net profit this year … around $ 200 million.

which roots goes far to the depth of ages. industry and also in a number of other branches of the Republic.Lesson 22 The gas resource of Azerbaijan Caspian sector      Azerbaijan oil industry has centuries–old history. The foundation of sovereign Azerbaijan in 1991 opened a new stage in the Republic’s oil and gas industry development. the volume of gas extraction came down both on Republic as a whole. during last years. the volume of exploratory works was considerably lowered and gas extraction continued to drop. cubic meters when oil extraction made up 933 mln. social sphere. especially large gas condensate field–Bahar. cubic meters of gas were extracted from these fields up to now.390 mln. The production relations. 1 bln. That is way during this period the volume of extracted onshore gas made up 130 bln. and on the Caspian offshore Azerbaijan. Discovery and development of offshore fields. tons of oil and 460 bln. The maximum gas production in the Republic was reached in 1982 owing to offshore fields. Mainly they are oil fields and gas is extracted from these fields at the same time. . of which 330 bln. tons. and financing of these branches was considerably reduced. It is known that onshore fields are under exploration during many years. including oil and gas sector. which played great role in increasing of gas extraction in Azerbaijan. cubic meters were extracted from offshore fields.ies and beginning of 70– ies offshore gas condensate resources in Azerbaijan Caspian sector such as Bahar. Sangachal-Duvanni–Daniz and Bulla–Daniz became more important occasions. 70 oil and gas fields were discovered during this period. Unfortunately. Azerbaijan was reputed as an oil country. beginning from 1983. Currently 36 onshore and 18 offshore fields are operated. Therefore. Discovery and development in the end of 60. enabled to assure steady growth of gas extraction in Azerbaijan. As a result of all these. established during many years between Azerbaijan and other USSR Republics have broken. More than 150 years in Azerbaijan the industrial extraction of oil and gas is in progress. before the discovery of large offshore gas–condensate resources. The geopolitical situation of independent Azerbaijan created intricate conditions in the development of economy.

. the present rate of gas production would be 4. etc. sharp reduction of operating area and worsening works on existing wells. By 1993 the Republic’s gas production came to 6. and modern. In this regard. if Gunashly was not operated in due course. and in 1998 amounted to 5. Signing of the first contract –“The Contract of the Century” with a number of foreign oil companies on development of offshore fields–deep water Gunashli– Chirac–Azeri in Azerbaijan Caspian sector. As a result of economic situation in the Republic in the beginning of 90–es oil production drop became increase. extracted from Gunashly field. and also in production of gas. and also invite the leading foreign companies to joint operations.8 bln.cubic meters of gas. including 1. extracted from contract area and granted by consortium to our Republic. signing “The Contract of the Century” was of great significance not only in development of Azebaijan oil and gas resources but also in attracting of foreign investors to Azerbaijan on the whole. cubic meters in all. limited capability of offshore gas condensate fields development. was a great progress not only in oil production of the country. cubic meters. cubic meters / year. world–class technique and technology to Republic.1 bln.6 bln. The politics conducted by Republic government enabled to attract necessary financial means.5 bln. the lack of technical facilities for drilling of depth over 40 meters. As it is evident.The gas resource of Azerbaijan Caspian sector    The major reasons of lowering oil and gas extraction were: depletion of continuously explored offshore and onshore fields.

Vocabulary                        annual rise – иллик артым as a result – нятижядя.) financial means – малиййя вясаитлярини жялб етмяк contract of the century – ясрин мцгавиляси depletion – сярф олунма. истифадя олунма depth of ages – ясрин яввялляри depth over 40 meters – 40 метрдян артыг дяринликдя domestic gas consumption – газын юлкядахили истифадяси drilling – газма enable (v. инандырмаг attract (v.) – имкан вермяк exploratory works – тядгигат ишляри existing wells – мювъуд гуйулар fixed glance – даими диггят geologist – эеолог geo–physics – эеофизикляр geopolitical situation – эеосийаси мцщит gradually – ясаслы industrial extraction of gas – газын сянайе цсулу иля чыхарылмасы in the opinion – фикринъя in this regard – бу мцнасибятля intricate conditions – мцряккяб (гарышыг) вязийятляр last decades – сон онилликляр .) – тямин етмяк. нятижяси олараг assure (v.

a) invoice b) balance c) deposit 5. … situation is stabilizing at present.             1. a) responsibility b) objective c) ambitions 2.The income made by the normal activities of a business is known as … a) turnover b) operating profit c) gross profit . a) economic b) economical c) economy 3. We cannot afford to employ more staff in the current … climate.Our … is to increase the market share within a few months.Нюгтялярин йериня мцвафиг сюзц тапыб йазын. a) economic b) economy c) economical 6. a) economic b) economical c) economics 4.They are very … in their expenditures. … is a document which lists the goods you bought and tells you how much you must pay for them.

The first lifting of Azerbaijan’s profit oil indicates that in the fourth quarter of 1999 the cumulative operating costs incurred to date by the Foreign Oil Companies and the State Oil Company of the Azerbaijan Republic in operating Chirag field. the Northern Route Export Pipeline (NREP) and the Western Route Export Pipeline (WREP) tinder the Azeri. David Woodward. with the achievement of Profit Oil.     On December 22. Natig Aliyev said: “Azerbaijan’s first Profit Oil from the Chirag field marks one the most remarkable events among the accomplishments we have achieved since we began implementing the Contract of the Century. 1999 Azerbaijan International Operation Company operated by BP Amoco. . the Azerbaijan government and SOCAR on this important milestone and the outstanding success of our partnership”. The Tankship “Birch” began loading the first cargo of Azerbaijan’s Profit Oil at Supsa on December 19 and sailed to its destination at Lavera. Now. president of AIOC.Lesson 23 Azerbaijan’s first profit oil. SOCAR is lifting and selling its own Chirag crude oil cargoes. We congratulate the people of Azerbaijan. Profit Oil volumes will continue to increase in the coming years providing a currency flow to our country and significantly promoting the development of the Republic’s economy and the public welfare”. and State Oil Company of the Azerbaijan Republic announced that the first tanker with Azerbaijan’s approximately one million barrels of profit oil was lifted from Supsa by Total Fina. said: “The achievement of first Profit Oil in the fourth quarter of 1999 is a result of outstanding production and cost management performance in AIOC throughout the year. This a significant event making the beginning of the major benefits Azerbaijan will receive from the contracts the country has signed with foreign oil companies to jointly develop its energy resources. Chirag and Deepwater Gunashli Production Sharing Agreement have been recovered. France. President of SOCAR. All the participating companies are now receiving their share of Profit Oil. who has purchased the oil. It once again indicates that President Heydar Aliyev’s oil strategy is becoming a reality.

эялян иллярдя milestone – дюнцш нюгтяси loading – йцк. дашынма profit oil – эялир нефти public welfare – халг мянафейи reality – реаллыг rеcover (v. пилтя to be lifted – дашынмаг . жями currency flow – валйута ахыны equity – ядалятли first cargo – илк йцк incur (v.Vocabulary                   crude oil – хам нефт cumulative – цмуми.) – эюстярмяк in the coming years – нювбяти иллярдя.) – иткийя эятирмяк indicate (v.) – бярпа етмяк share – пай various – мцхтялиф tinder – фитил.

a) budget b) strategy c) objectives 2.William Colgate launched the Colgate Company in 1806 as a starch.                 1.The operating divisions of our company are managed like separate small businesses. a) overall b) overseas c) overtime 4. The company’s plan of action is being developed at the moment. a) subsidiary b) subdivision c) headquarters 3.The top managers are responsible for reaching the company’s objectives.Our central office is located in Ganja. a) sold b) founded c) closed 7. a) increased b) raised c) exceeded . a) run b) responsible c) established 6.I am planning to work abroad for a few years.Last year their profits were more than $1 billion.Жцмлядя алтындан хятт чякилмиш сюз вя йа ифадяни верилмиш сюзлярдян даща чох уйьун эяляни иля явяз един. soap and candle business in New–York City. a) producing b) advertising c) achieving 5.

Several oil refineries as well as factories manufacturing oil and gas equipment still operate in Azerbaijan. vegetables. Despite the economic difficulties of the early 1990s.Lesson 24 Main industries        Previously. the long awaited oil production from fields developed by the first international of the Baku–Supsa (Georgia) oil pipeline have had a determinative impact on Azerbaijan’s economic growth. . a critically important sector in Azerbaijan employing about 32 % of the labor force. Although industrial production grew during the late 1980s. machine building and metallurgy. and wine production. processing and packing technologies are needed to fully utilize Azerbaijan’s agricultural potential. investment in the oil sector. By 1995. the disruption of economic ties with other countries of the former Soviet Union and the conflict with Armenia over the Upper –Karabakh region (over 20 % of Azerbaijan’s territory is occupied and controlled by separatists). fruits. petrochemicals and chemical production. Sumgait’s production centers on chemical and petrochemical production. which less dramatic declines in light industries. Thus. Much of that production. the rate of economic growth was a negative 22% in 1994 compared to 1993 year indices. aluminum mining and refining. never reaches foreign markets. textiles.500 industrial enterprises are located in Baku. Light industry consists of food processing. output had declined 50 % in the petrochemical and machine –building industries. Heavy industry consists of petroleum extraction and refining equipment. Baku’s main industries are oil and gas equipment and light manufacturing. the Azerbaijan economy was based mainly on meeting the needs of the oil and gas industry of him former USSR. The privatization of agriculture is expected to stimulate rapid growth in the agricultural sector. the economy has significantly declined during the past several years. due to the collapse of the USSR. and tobacco. Cotton is Azerbaijan’s leading cash group. Ganja is home to an aluminum refining plant and also specializes in textiles. Most of Azerbaijan’s 3. Sumgait and Ganja. positive growth in Azerbaijan’s economy has been reflected in the economic data set out below. followed by wine grapes. textiles and aluminum smelting. metallurgy. Food storage. A decline was also reported in the agricultural sector of economy. however.

тохужулуг сянайеси .) – вадар етмяк.) – ифласа уьрамаг. ялагясизлик determinative – щялледижи. grown) – артмаг impact . мцяййянедижи employ (v.тясир. ряьбятляндирмяк textile – тохунма маллар. парча.) (grew.) – азалмаг.) – истифадя етмяк fully – тамамиля grow (v. даьылмаг decline (v. ашаьы дцшмяк disruption – уйьунсузлуг.Vocabulary               collapse (v. нцфуз manufacturing – истещсал previously – яввялляр refinery plant – емал заводу refining equipment – емал аваданлыьы stimulate (v.

a) was not living b) did not lived c) does not live d) were not living 2.Нюгтялярин йериня уйьун эялян ъавабы йазын. Our buyer has gone to New–York … the new fall clothes a) to choose b) for to choose c) for choosing d) for having chosen 5.The reason he wants to take a leave of absence is … a) because he is needing a complete rest b) because he needs a complete rest c) that he needs a complete rest d) because a complete rest is needed by him . a) when b) until c) for d) since 4. 3. Nancy sometimes wishes that she … in a small town. Barbara has been pursuing a career in architecture … she graduated in May.                  1. These seats are reserved for … a) those on the executive committee b) they on the executive committee c) them on the executive committee d) those who find themselves in the position of being on the executive committee.

1% and the rest. and Armenia. the average nominal wage was approximately US $ 55. In reality. However. The government also eliminated huge consumer subsidies for gasoline and bread. foreign trade turnover increased by 16.4%. For 2001.3 billion and exports amounted to US $ 928 million compared with 1998 data. Additionally.5%. now stands at approximately 4880 per US dollar.900. the rate of retail inflation fell dramatically. transport and communication–14. The exchange rate of manat.5%.9.5%. The National bank tightened the credit policies of state–owned banks and halted interest free loans to moribund state enterprises. though. the GDP was distributed over the main sectors of economy as follows: industry–23. In 1999. fourth first quarter of year 2000. GDP rose only by 6.3 billion of which imports were US $1. many of Azerbaijan’s workers are forced to take unpaid leave. agriculture–21. During the last quarter of 1994. . wages and inflation        Official unemployment figures for beginning of 2000 put the member of unemployed people at 44. the Government of Azerbaijan worked closely with the IMF on a structural Transformation facility program.7%. there are over one million unemployed. Azerbaijan was teetering on the brink of hyperinflation.033. For year 1999. The ministry of Finance put together a restrictive budget for 1995. Azerbaijan had trade relations with approximately 120 countries. which the National Assembly passed. During the last half of 1994. trade and public catering–5. taking into consideration the large member of refugees from Upper Karabakh. Gross Domestic Product for year 1999 rose by slightly more than 7% in comparison to the indices of 1998. construction–9. monthly retail price increases exceeded 50 %. the local Azerbaijani currency. Inflation in 1997 was only 3. The real growth in GDP of 1998 compared to 1997 was 10%. The real GDP growth for year 2000 is estimated at 8%.4%. During November and December of 1994.7%. Foreign trade and balance of payments Azerbaijan’s foreign trade turnover for 1999 totaled US $1.961.Lesson 25 Employment. including net taxes–25. As a result.

this index was only US $ 1.472 billion. Due to slump in oil prices and related deterioration of general investment climate. of which approximately US $17 million were allocated to repay foreign debts. Azerbaijan has a low level of external indebtedness. currently estimated at US $ 111 per capital. wages and inflation    Major exports include oil and gas.1 billion in 1999. Foreign debt accounts for approximately 17% of the country’s GDP. Major imports are food. In 1998.091. nonferrous metals. Foreign investment has grown sharply since 1995 as a result of international oil contracts signed over the past years. The Azerbaijan government has made a significant effort to attract foreign investors to develop the domestic oil and gas industry. however. . chemicals and petrochemicals and agricultural products. petrochemicals and agricultural products. 60.Employment.1% of which was in the oil industry. According to the 2000 State Budget. light industrial products. This is considered to be one of the lowest rates among CIS countries. foreign investment amounted to US $ 1. machines and metalwork. chemicals. nearly US $ 25 million were allocated to pay internal and external debts.

йаймаг average – 1) эялир 2) орта мигдар.) – артмаг indebtedness – борж internal – дахили low level – ашаьы сявиййя moribund – азалан nonferrous – ялван металлар public catering – ижтимаи иашя real growth – реал инкишаф . норма budget – бцджя brink – мцфлис олма climate – мцщит currently – жари distribute (v. газолин gross domestic product – цмуми дахили мящсул hyperinflation – йцксяк инфлйасийа increase (v.Vocabulary                        allocate (v.) – пул тясис етмяк.) – пайламаг effort – жящд estimate (v.) – 1) гиймятляндирмяк 2) смета тяшкил етмяк external – харижи figure – рягям CIS (Commonwealth of Independent States) – Мцстягил Дювлятляр Бирлийи gazoline – бензин.

How many countries had Azerbaijan trade relations with? 11. When did Gross Domestic Product rise slightly ? 7. What are the major exports ? 12. What was the situation in Azerbaijan during the last half of 1994 ? 3. How many unemployed people were there at the beginning of 2000? 2. What is the real growth for year 2004 ? 8. What was Azerbaijan’s foreign trade turnover for 1999? 10. What did the government do in 1995 ? 5. When was the contract signed ? 14. Has Azerbaijan a low level of external indebtedness among CIS countries? 15.Answer the Questions                   1. How was Gross Domestic Product distributed over the main sectors of economy ? 9. What can you say about inflation exchange rate of the manat? 6. How many US dollars were allocated to pay internal and external debts? . What organizations did Azerbaijan government work closely with ? 4. What does Azerbaijan government have to do to develop domestic oil and gas industry ? 13.

5-2%. measures which are likely to continue. and 35% is expected in 1997). the Agricultural Bank (Agroprombank). etc. more than 100 commercial banks and about 10 branches of foreign banks which act under the Law on Banks and banking Activity as approved by the IMF and the WB. Note that the NBA is a fully independent institution and accountable to the country’s Parliament The volumes of banking credits to develop the economy amounted to 15–16% of Gross Domestic Product. the Industrial Bank (Promstroibank) and the International Bank of Azerbaijan. There are 5 state banks. but the absence of a strong regulatory/supervisory body during the interim made consolidations inevitable. a two tier banking sector was created in 1992 comprised of the National Bank of Azerbaijan and the commercial banks. which represent 90% of the banking system in terms of assets. the money circulation has become fully normal since 1996 emissions 1. The International Monetary Fund and the World Bank are currently providing technical assistance aimed at restructuring the public sector banks while reforming and liberalizing the financial system. oil deal bonuses. These institutions are licensed by the Government of Azerbaijan. Under considerable growth of budget revenues (by 20 % in 1995. It has to be kept in mind that the internal convertibility of the national currency has already been reached in Azerbaijan to carry out foreign trade transactions without impediment. the budget deficit coverage at the expense of the National Bank credits has been suspended. The commercial banking sector is dominated by the four specialized state–owned banks. Following independence. The export / import control is exerted by customs services pursuant to universally recognized regulations. down from about 230 in 1994. the national currency appreciated by 10 % with respect to USD (this tendency was in progress in 1997 as well). .7% of GDP in 1997). 28% in 1996. Now it is covered at the expense of foreign sources (IMF credits. Note that since 1996. monetary–credit and tax policy. There were approximately 60 private banks operating in Azerbaijan in 1998. Privately held banks established in recent years comprise the balance.). the budget deficit has dropped from year to year (1.Lesson 26 Finance and banks       As a result of tough budget. which include the Savings Bank (Sberbank). The banking sector in Azebaijan serves as the backbone of the country’s financial system. as well as the liberalization of foreign economic activity and currency market.

Finance and banks
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Legal backing of reforms From 1992 up to the present the Milli Maжlis (Parliament) of the Azerbaijan Republic has adopted 120 top–priority laws, which regulate the reforms in economy. Among basic legislative acts there are ones on property, land reform, privatization, joint–stock companies, enterprises, entrepreneurship, takes bankruptcy state protection of foreign investments, commodity exchange, securities, customs code and so forth. Also, a great number of decrees and instructions of the president and resolutions of the cabinet of Ministers have been adopted to regulate effectively the economic processes in the country.  A new banking law was passed, and an existing law for the National Bank was re-enacted in June 1996, thus replacing the laws that had been in effect since 1992. The earlier version of the law clearly granted full autonomy to design, implement and enforce monetary and exchange rate policies, while totally eliminating its commercial banking functions. The 1996 law also provides NBA with the authority to license and supervise banking activity in Azerbaijan.

Vocabulary
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at the expense – щесабына budget deficit – бцджя кясири commodity – ямтяя emission – пул вя гиймятли каьыз бурахылышы entrepreneurship – сащибкарлыг exert (v.) – жящд етмяк, тясир етмяк impediment – манея legal backing - щцгуги ясасы money circulation - пул дювриййяси pursuant – мцвафиг олараг, уйьун олараг regulate (v.) – тянзимлямяк suspend (v.) – мцвяггяти дайандырмаг, сахламаг top-priority law – йцксяк сявиййяли ганун transaction – ямялиййат, иш, сювдяляшмя tough budget – сярт бцджя сийасяти

Ашаьыдакы жцмлялярдя алтындан хятт чякилмиш сюз вя ифадялярдян бири сящвдир, верилмиш жцмлядя онун дцзэцн вариантыны тапын.

1. It is not longer necessary for all employees to wear an identification badge in order to work in the vault. 2. In the chapter one of that book there is a really good explanation of photosynthesis, complete with illustrations. 3.The salesman told me that a good set of tires were supposed to last at least twenty thousand miles. 4.Sitting under an umbrella in a sidewalk cafe, Bob was startled when a guest of wind suddenly carried it away. 5.Dr.Fields received so large bill when he checked out of the hotel that he did not have enough money to pay for a taxi to the airport. 6.I told him as forceful as possible that he would not be allowed to enter the room without written permission. 7.In spite of the wonderful acting, sensitive photography, and well-developed plot, the threehour movie could not hold our attention. 8.The American businessmen were perplexed by the much considerations that the foreign company had to take into account before arriving at a decision.

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it is important to note that the joint venture will always be considered as a "permament establishment" for tax purposes.Lesson 27 Taxation      All Azerbaijan enterprises. branches and foreign entities which conduct business activity in Azerbadjan through a "permament establishment" must register with the Tax Inspectorate irrespective of whether their activities are taxable in Azerbaijan. all foreign construction contractors must establish a joint venture in Azerbaijan. in principle. Deductions include. Income of a non-resident taxpayer consists only of Azerbaijan source income. Foreign legal entities operating in Azerbaijan are also subject to 27% tax on profits earned by their permanent establishment in Azerbaijan. advertising and other promotional expenses may be limited. foreign legal entities pay a 20% withholding tax on all other income originating in Azerbaijan (except income from freight which is taxed at 6%). Divident income and income from share participation in the enterprises established in Azerbaijan are subject to a 15% withholding tax. under the general regime. Whether a particular activity is defined as a "permament establishment" will depend on the application of not only Azerbaijani tax legislation but also any applicable bilateral tax treaties between Azerbaijan and the home country of the contractor. however. Types of tax The most significant taxes are listed below: 1. For example. Since. deductions for travel. the expenses connected with deriving income. deductions for the costs of doing business are typically somewhat more limited than would be allowed in Europe or the United States. In addition. Profits tax. . The tax base for Azerbaijan legal entities and permanent establishments of foreign legal entities is the gross annual income less allowable deductions. representative offices. The aggregate annual income of a resident taxpayer includes all income irrespective of source. The profits of Azerbaijani legal entities are subject to a tax of 27% on their worldwide income.

ющдялик гоймаг income .мцщяррикин эцжц (ат эцжц иля) excise .аксийа fuel .мцштяряк мцяссися kind of goods .) .1) тялябат 2) истифадя етмя engine horse power .йерляшмя offset .компенсасийа profits tax .йанажаг Fund for Social Protection .малларын нювляри levy (v.мянбяйиндян асылы олмадан inspection .Vocabulary                        aggregate . бцтювлцкдя annual income .мяжбур етмяк.охшар .тяфтиш interstate agreement .эялир irrespective .) .дювлятлярарасы разылыг joint venture .пай similarly .асылы олмадан irrespective of source .мягсяд share .Сосиал мцдафия Фонду Impose (v.жями.иллик эялир asset .мцлкиййят consumption .эялир верэиси purpose .верэи гоймаг location .

I was surprised to hear that the store charged Dr. the grass always is greener on the other side of the fence.Because of their countries' great need for expertise in computer programming.Алтындан хятт чякилмиш сюз вя ифадялярдян бири сящвдир. 4. the students were sent for studying in the United States. Shimoto was planning to send to me a package from Japan as soon as he arrived home from his trip to Hawai.  1.The opera. it was excellent. We are never happy with what we have in life. we did not remember exactly what street was it on. even though performed by amateurs (щявяскар). онун дцзэцн вариантыны тапын.  2.    5. Even though we had been to her house several times before. 6.  . 3. Brown an extra amount when it delivered to his office his new sofa.Mr.

with which it shares a similar language. with imports worth US $106 million in 1998. Azerbaijan has maintained very close relations with Turkey. Azerbaijan insists on Russia's closer involvement in resolving the conflict based on the principle of recognition of Azerbaijan's territorial integrity as stated repeatedly in various resolutions adopted by international and regional organizations including the CIS itself.Turkey was the first country to recognize Azerbaijan as an independent state. Azerbaijan has joined several major international organizations since gaining its independence. accounting for 22 percent of exports and 20 percent of imports in 1998. . culture and religion. Azerbaijan imports transportation spare parts and wheat from Russia. The major obstacle. tobacco and cotton are the main export items. Trade with developed countries such as Germany. secular and civil society. Azerbaijan is trying to secure a strategic partnership with the United States. Azerbaijan has also joined NATO's "Partnership for Peace" program. IMF. United Kingdom and Italy has been rising. but the importance of Russia in Azerbaijan’s foreign trade has declined steadily in recent years. Since restoration of independence. The major obstacle to Azerbaijan's increased involvement in this organization has been the unresolved eleven year old conflict over the Upper-Karabakh region. Trade with Iran fluctuates considerably from year to year. Turkey has become Azerbaijan’s most important trading partner. which bans any assistance by US official agencies to Azerbaijan governmental bodies. a trend which appears to have gained further momentum in 1999. Both sides of the conflict have generally observed a Russian mediated cease-fire in place since May 1994 and support the OSCE-mediated peace process. however. Azerbaijan is a member of the Council of Europe and has observer status at the WTO. It's a member of the UN.Lesson 28 Foreign relations of Azerbaijan     Azerbaijan became a member of the Commonwealth of Independent States (the CIS) in September 1993. to enhancing this partnerships with the USA continues to be Article 907 to the Freedom Support Act adopted by the US Congress. Trade with Russia remains significant. Asian Development Bank and other international and regional organizations. The Black Sea Region Countries Cooperation Union. while electricity. In line with its course to build a democratic. OSCE. Since gaining independence. the United States. This partnership was enhanced during the visits of expresident Heydar Aliyev to the US in 1997 and 1999. World Bank. Interpol. In 2002 this article is stopped temporally.

мцшащидя етмяк obstacle .ясас. чятинлик partnership .газанж. эялир governmental bodies .ямякдашлыг unresolved .жялб олунма major . башлыжа observe (v.Vocabulary          cease-fire .манея.) .щялл олунмамыш .щюкумят органлары involvement .атяшкяс gaining .

At the beginning of the meeting boss said that the company's results obtained over the last three months left much to be desired.The new management strategy in our company is associated with the reduction in the number of employees. An American called Elias Howe invented the sewing machine but Isaac Singer stole his legal document. Our company has either to make changes and introduce new ideas or die.Our employees often get certain sums of money in addition to a salary. a) research development b) market research c) research budget 6. which gave him the exclusive right to sell an invention. a) insurance policy b) patent c) memorandum 3. a) increase b) innovate c) split 2. The work done in order to investigate the market shows that there are a lot of opportunities for our product. a) promotion campaign b) market research c) advertising 5. a) performance b) sales c) research 4. a) cheques b) bonuses c) motivations 7. Our company added $10 million a year to the amount of money used for the research.                1. a) shortening b) abridgement c) redundancies .Алтындан хятт чякилмиш сюз вя ифадяляри явяз едя биляъяк сюз вя ифадяляри тапын.

Arbitration .Delivery . technology and technical documentation of the plant.Subject of the Contract . and other conditions Here are clauses of a contract signed by a Azerbaijan trading organization (the Buyers) and a British company (the Sellers): I.Price -Terms of payment .Lesson 29 Contract                  A contract forms the basis of a transaction between the Buyers and the Sellers and great care is exercised when the contract is being prepared. such as: .Guarantee .Transport . As a rule the Contract contains a number of clauses. .Packing and marking . knowledge and experience. after-guarantee spares and services is … pound sterling. engineering. that all the legal obligations have been stated.Insurance. The seller undertakes to sell and the Buyer to buy on the basis of delivery FOB London.Inspection and test . Manchester or Hull (at the Buyer’s option) the complete equipment. Subject of the Contract. II. Price and total value of the Contract The total value of the Contract including the cost of the complete equipment for the plant as well as technical documentation.

Terms of payment The total amount of … stated in Clause II shall be paid in English pounds by the International Bank in Baku. Guarantee The Seller guarantees that the equipment and technological process as well as the automation and mechanization of the process of production are in conformity with the latest technical achievements which will be known and available to the Seller at the date of acceptance of the Preliminary Project.10% advance payment of the total. .80% of the total Contract value shall be paid in accordance with the Credit Agreement between the International Bank. Contract value shall be made within 30 days of the effective date of the Contract. Inspection and Test Inspection or test of the equipment shall be carried out at the Seller’s and his subcontractors’ works at the expense of the Seller in the presence of the Buyer’s inspectors.5% of the total Contract value shall be paid within 30 days of the date of receipt by the Intenational Bank of the following documents… .Contract           III. in accordance with the following terms: . Y. Baku and the Middle Bank. United Kingdom. . .The Guarantee amount of 5% shall be paid within 30 days of receipt by the Bank of the Acceptanc Protocol confirming the acceptance of the plant for commercial operation… IY.

Marking The cases in which the equipment will be packed. YII. Packing The equipment shall be shipped in export seaworthy packing in accordance with the requirements of each particular type of equipment or material.Contract       YI. YIII. The Buyer shall insure at his expense all the equipment for its full value against all usual marine risks from the moment the goods are put on board at the port of loading. . Insurance. The Seller shall be responsible for any damage or breakage of the goods that may be caused by improper or faulty packing. shall be marked on three sides: on the top of the case and on two opposite sides. The marking shall be clearly made with indelible paint in English and Russian.

алмаьы.) (to sell. fulfilment. ишаря гойма To do marking – ишаря гоймаг Arbitration – арбитраж. базис On the basis of – ясасында Form (v. to deliver.киминся иштиракы иля Notify (v. timely delivery.) – тямин етмяк. юдямяни.) (reliability.) on credit – кредитля алмаг Sell (v.) on credit – кредитля сатмаг Preliminary – яввялъядян. вахтында чатдырылмасына. to ship. зяманят вермяк Ensure (v. safety. production) – (сатмаьы. йцклямяйи. to buy. successful sale) – етибарлылыьа. габагжадан In smb’s presence – киминся иштиракы иля In the presence of … . йериня йетирилмясиня. мцвяффягиййятли сатыша тяминат вермяк Marking – маркировка.) the basis of – ясасыны тяшкит етмяк Ensure (v. мящкямя Arbitration procedurе – мящкямя проседурасы Undertake (v. чатдырмаьы.) – хябярдар етмяк . истещсалы) юз ющдясиня эютцрмяк Effective date of contract – мцгавилянин гцввяйя минмяси тарихи On credit – кредитля Buy (v. тящлцкясизлийя.Vocabulary                   Basis – ясас. сямяряли нязарятя. payment. effective control.

Vocabulary                    Issue (v. мящсулун) Somewhat – бир гядяр Contractual prices – мцгавиля гиймятляри Contractual obligations – мцгавиля ющдяликляри In duplicate – ики нцсхядя Technical data – техники эюстяриъиляр Test data – сынаг эюстяриъиляри Waive (v.) faulty components – насаз щиссяляри явяз етмяк Avoid (v. lot) – партийа (малын.) money – пул кючцрмяк Remove (v.) mistakes – сящвляри арадан галдырмаг Instead of – явязиня Margin – эялир Seaworthy packing – дяниз дашынмасына йарарлы Improper – дцзэцн олмайан .) responsibility – мясулиййятдян бойун гачырмаг Prevent (v.: consignment.) inspection – йохламадан имтина етмяк The equipment in question – щаггында данышылан авданлыг In the circumstances – йаранмыш вязиййятдя Remit (v.) – 1) вермяк 2) сяняд бурахмаг Shipment (syn.

Answer the Questions        What are the main clauses of the contract? What manners of payment are practiced by importing and exporting trade organizations? Why is the guarantee sum often stipulated in contracts? Is the time of delivery subject to changes? What is the importance of inspection and testing? When and where are inspection tests carried out? When do Buyers waive the inspection of the goods purchased? .

misdirection of goods. There are various reasons for complaints. If the customer’s complaint is well-grounded. mis-reading of numbers. in spite of every possible care and attention that is given to contracts letters of complaint happen to arrive frequently because of various infringements. The responsible party must carefull explain why the claim is declined and try to persuade the dissatisfied party to withdraw the claim. manufacture of the goods carried out properly. claims connected with delays of one kind or another. Thus the matter is settled amicably. Sellers most frequently make claims on Buyers because of default of payment. In other words. claims that concern errors in carrying out an order. the dissatisfied party will get full or partial compensation for the losses which they suffered. It would be wrong policy to reject the claim off-hand. The following kinds of claims are often made by Buyers: claims arising from the delivery of wrong goods. the settlement is comparatively easy: the error will be admitted and the responsible party will meet the claim fully or partly. damaged goods or substandard goods. Much more difficult is the case where the customer’s complaint is not justified. These may be caused by mis-typing of figures. As a rule a customer will not complain unless he has a good reason. claims owing to goods missing from delivery (short shipment or short delivery). packing and marking verified. However. Settling commercial disputes by arbitration is practised if the parties in dispute cannot reach mutual understanding. wrong packing and so on. In this case the parties may refer the matter to the International Commercial arbitration Court is final and binding upon both parties. It is not subject to appeal. .Lesson 30 Claims             In ideal business conditions everything should be done carefully-details of offers and orders checked.

ляьв етмяк Verify (v.) – позмаг (гануну. мцкафат.) a claim – ирады тяхиря салмаг. истинад етмяк Final and binding – сон вя гяти. йарымчыг йцклямя Responsible party – жавабдещ тяряф Dissatisfied party – зярярчякмиш тяряф Partial – йарымчыг Compensate (v.) – ялагяси олмаг. тязминат вермяк.) a claim – ирады гябул етмяк Make (v. ясасланмаг.) – компенсасийа етмяк. Compensation – явязини вермя. мцгавиляни) Infringement – позулма Substandard – стандарта уйьун олмайан Short shipment – йарымчыг эюндярмя.) a complaint – шикайят етмяк Frequently – тез-тез Infringe (v.Vocabulary                        Claim – ирад. ясассыз тяляб Accept (v. явязини вермяк. позулмаз . дайандырмаг Withdraw (v.) a claim – ирад тутмаг Decline (v. компенсасийа Justified – ясасландырылмыш Refer (v.) a claim – тяляби эери эютцрмяк. тяляб Well-grounded claim – ясасландфырылмыш тяляб Groundless claim – йерсиз.) – йохламаг Complaint – шикайят Make (v.

Answer the Questions         Why do claims frequently arise in business? What claims are made by Buyers (Sellers)? How are claims classified? How should a justified claim be documented? What can the responsible party undertake after receiving the claim? What are the ways of handling justified claims? When do the parties in dispute resort to arbitration? What are the advantages of arbitration? .

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