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UNIT 3 Topic: Management and Leadership Vocabulary
Read the text and be ready to further discussion. Management is defined as the art of getting things done through people. Management plays a vital role in any business or organized activity. It is provided by a team of managers who are in charge of the organization at all levels. Their duties include making sure that company objectives are met and that the business operates efficiently. Regardless of the specific job, most managers perform four basic functions. These management functions are planning, organizing, directing and controlling. Planning involves determining overall company objectives and deciding how these goals can be achieved best. Managers evaluate alternative plans before choosing a specific course of action and then check to see that the chosen plan fits into the objectives established at a higher organizational level. Planning is listed as the first management function, because other business functions and activities depend on it. However, even as managers move on to perform other managerial functions, planning remains important as goals and alternatives are further evaluated and revised. There are three types of planning – strategic planning, tactical planning and contingency planning. Organizing, regarded as the second management function, is the process of putting the plan into action. This involves allocating resources, especially human resources so that the overall objectives can be attained. In this phase managers decide on the positions to be created and determine the associated duties and responsibilities. Choosing the right person for the right job, that is recruiting staff, is part of the organizing function. The third essential function is the day-to-day direction and supervision of employees. In directing, managers guide, teach and motivate workers so that they develop their potential abilities and at the same time achieve the company goals that were established in the planning process. Effective direction or supervision by managers requires ongoing communication with employees. Controlling managers evaluate how well company objectives are being met. In order to do it properly managers must look at the objectives established in the planning phase and at how well the tasks assigned in the directing phase are being completed. If major problems exist and goals are not being achieved, then changes need to be made in the company's organizational or managerial structure. In making changes, managers might have to go back and replan, reorganize and redirect. Although all four functions are managerial duties, the importance of each may vary depending on the situation. Effective managers meet the objectives of the company through a successful combination of planning, organizing, directing and controlling. Over the years the philosophical terminology of "management" and "leadership" have, in the organizational context, been used both as synonyms. Leadership is usually described as the “process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task". Leadership is also viewed as the process of "organizing a group of people to achieve a common goal". Studies of leadership have produced theories involving traits, situational interaction, function, behavior, power, vision and values, charisma, and intelligence, among others. Leadership style refers to a leader's behavior. It is the result of the philosophy, personality, and experience of the leader. Different situations call for different leadership styles There are many leadership styles autocratic or authoritarian style, participative or democratic style, laissez-faire or free rein style, visionary, coaching, narcissistic, toxic and other kinds that all differ in the ways they address the objectives of the firm and the interests of employees. Answer the following questions: How is management defined? What are the duties of managers? What functions do managers perform? Why is planning listed as the first management function? What does organizing involve? What does effective direction require? When do changes need to be made? How are the objectives of the company met? How is leadership describe? What leadership styles can you name? ІІ. Match the terms with their definitions:
III.Fill in the gaps with the words and phrases from the box:
The Meaning of Management We need to understand the meaning of management in order to know what 1) … to develop. Think of what it means to be an investor - someone with money 2)… and wanting the best return. Such a person shifts his or her money around regularly to improve return. Similarly, managers have resources at their 3)… to invest - people, material and a budget, in addition to their own time, talent and energy. Smart managers think carefully on a regular basis about how to get the best return on these 4)… . When managing people, it is not just a matter of having 5)… in the right place at the right time, it is also about developing and improving that resource. Effective managers know that 6)… is not enough in today's knowledge driven world to get work done through people. This is because most of the critical work we do today is to make decisions, 7)… and think creatively. This is mental work. Smart managers get this kind of work done through people by asking them the sorts of questions that 8)… people to think, to draw solutions out of people. IV. Read and translate the text into Ukrainian: Different Management Styles Managers deal with their employees in different ways. Some are strict with their staff and like to be in complete control, while others are more relaxed and allow workers the freedom to run their own working lives (just like the different approaches you may see in teachers!). Whatever approach is predominately used, it will be vital to the success of the business. “An organization is only as good as the person running it”. There are four main categories of leadership styles: autocratic, paternalistic, democratic and laissez – faire. Autocratic Style of Working In such a style of working, the superiors do not take into consideration the ideas and suggestions of the subordinates. The managers, leaders and superiors have the sole responsibility of taking decisions without bothering much about the subordinates. The employees are totally dependent on their bosses and do not have the liberty to take decisions on their own. The subordinates in such a style of working simply do not have “a say” in management’s decisions. Whatever the superiors feel is right for the organization eventually becomes the company’s policies. Employees lack motivation in autocratic style of working. Paternalistic Style of Working In paternalistic style of working, the leaders decide what is best for the employees as well as the organization. Policies are devised to benefit the employees and the organization. The suggestions and feedback of the subordinates are taken into consideration before deciding something. In such a style of working, employees feel attached and loyal towards their organization. Employees stay motivated and enjoy their work rather than treating it as a burden. Democratic Style of Working In such a style of working, superiors welcome the feedback of the subordinates. Employees are invited on an open forum to discuss the pros and cons of plans and ideas. Democratic style of working ensures effective and healthy communication between the management and the employees. The superiors listen to what the employees have to say before finalizing on something. Laissez-Faire Style of Working In such a style of working, managers are employed just for the sake of it and do not contribute much to the organization. The employees take decisions and manage work on their own. Individuals who have the dream of “making it big” in the organization and desire to do something innovative every time outshine others who attend office for fun. Employees are not dependent on the managers and know what is right or wrong for them. V. Complete the table with the information below:
Description Workers allowed to make own decisions. Some businesses run on the basis of majority decisions. Senior managers take all the important decisions with no involvement from workers. Managers make decisions in best interests of workers after consultation. Advantages Authority is delegated to workers. Useful when complex decisions are required that need specialist skills. Quick decision making. Effective when employing many low-skilled workers. More two-way communication. Workers feel their social needs are being met. Disadvantages Mistakes or errors can be made if workers are not skilled or experienced enough. No two-way communication. Creates “them and us” attitude between managers and workers. Slows down decision making. Still quite a dictatorial or autocratic style of management. VI. Read and translate the adjectives below. Which of them would you use to describe an ideal leader? Give reasons for your choice. Think of adjectives with opposite meanings:
UNIT 4 Topic: Economics. Key Economic Notions Vocabulary
Economics is a social science, like history, geography, politics, psychology and sociology. It is the study of human efforts to satisfy unlimited and competing wants through the careful use of relatively scarce resources. The subject matter of economics is society itself. It studies the most important aspects of our life linked with production, distribution, exchange and consumption of welfare; wages and earnings, unemployment, inflation, government spending, taxation and regulation, international trade, and the distribution of material wealth in the country and throughout the world. Therefore we can define economics as «the study of mankind in the everyday business life». Economics is the study of how goods and services 'get produced and how they are distributed. By goods and services economists mean everything that can be bought and sold. By produced they mean the processing and making of goods and services. By distributed they mean the way goods and services are divided among people. All economic questions arise from the fundamental fact of scarcity. Nature does not provide all of the things society wants. We must decide what, how and for whom to produce. The ability of producers to provide goods and services to individuals at various prices is broadly covered by the concept of supply. The desire by individuals to consume goods and services at various prices is broadly covered by the concept of demand. Thus, all areas of study in economics can be classified into those under the heading of supply, those under the heading of demand and those based on interrelationships between supply and demand. There are two sides to the study of economics - microeconomics and macroeconomics. Microeconomics is concerned with individual products and decisions made by individual firms and consumers. Macroeconomics is concerned with the functioning of the overall economy. Microeconomics is divided into several categories of decision making. Microeconomics is first concerned with the choices individuals make in determining how to spend their income. Second, microeconomics deals with how individuals decide on the quantity of the labour or other resource endowments, such as capital, or land, that they wish to sell to firm in exchange for income. Macroeconomics is concerned with the problems of economic growth, unemployment and inflation. Each of these factors is an indication of the overall state of the economy and how fully resources are utilized. Higher economic growth generally implies higher living standards. Lower unemployment suggests that society is making good use of its labour resource. Low rates of inflation reflect stable valuations of goods and services in terms of money. So, the major distinction between micro- and macroeconomics analysis is in the groups that are the focus of study in each branch. In microeconomics, individuals and firms are the main agents whose actions arc analyzed. In macroeconomics, the actions of broad groupings such as all consumers, government, and all investors - form the basis for analysis. Answer the following questions: 1. What is the difference between economy and economics? 2. What do economists mean by goods and services? 3. What kind of science is economics? 4. What are two sides to the study of economics? 5. Why do economic questions arise? 6. What is microeconomics concerned with? 7. What is macroeconomics concerned with? 8. What does lower unemployment suggest? 9. What do low rates of inflation reflect? 10. What groups are the focus of study in microeconomics and macroeconomics? II. According to the text, are the following statements true or false? If they are false, give the correct statement: The subject matter of economics is unemployment. Economics is the study of how goods and services 'get produced and sold. All economical questions arise from the fundamental fact of scarcity We can define economics as «the study of mankind in the everyday business life». Some areas of study in economics can be classified into those under the heading of supply, those under the heading of demand and those based on interrelationships between supply and demand. Macroeconomics is concerned with the choices individuals make in determining how to spend their income. Low rates of inflation reflect stable valuations of goods and services in terms of money. Nature provides all of the things society wants. III. Translate the following sentences into English: 1.Бажання людини безмежні, а кошти, необхідні для здійснення цих бажань, надто обмежені. 2. Перед кожним суспільством постає проблема нестатку. 3. Економічні чинники впливають на рішення у світі бізнесу. 4. Ресурси, необхідні для утворення товарів і послуг, називають чинниками виробництва. 5. Заробітна плата — це та винагорода, яку отримують робітники за свою працю. 6. Купуючи фабрики, машини та інші засоби виробництва, ділові люди часто вживають термін «капітал». 7. Економіка — це наука, яка описує та аналізує вибір з-поміж недостатніх ресурсів, які мають задовольнити потреби населення. 8. Кожний чинник виробництва має місце в нашій економічній системі і кожний виконує відповідну функцію. IV. Match the words with their definitions:
V. These pairs of words often cause problems. Choose the correct alternative for each: 1. Economic / economics a) She studied … at university and is now an economist with a big international bank. b) She analyses the general … problems faced by companies operating within traditional industries like shipbuilding. 2. Economy /economies a) Their government is trying to liberalize the … while keeping tight political control. b) Overheads are getting out of control and we need to make major… right across the business. 3. Economic / Economical a) Prices are rising and the number of jobs is falling. It's not just a business problem, it's general … problem. b) This car uses less petrol than the other one so this one is the more … . 4. Production / Productivity a) We'll increase pay if the employees raise their … . b) If we don't get another order soon, we'll have to cut … and maybe close the factory. 5. Expenses / Expenditure a) We have to reduce our general … : we must cut costs wherever we can. b) Andrew must cut his travel, accommodation and entertainment … : he'll have to stay in cheaper hotels and take clients to cheaper restaurant. 6. Take over / overtake a) They want to…our company but I don't think their offer is high enough for our shareholders to sell. b) They expect to … all their main competitors, in terms of sales, within a year of the launch of their new product. 7. Basis / Basic a) He only speaks … English: it's sometimes difficult to understand what he is trying to say. b) Well, I think we have a good … for discussion after lunch. 8. Raising / Rising a) Prices are … at a rate of about 4% per year. b) The company is … its prices by 5% this year. VI. Put the right word from the box in the sentences. Use the same words more than one time:
1.The study of … is of great use even to those students who have no wish to become professional. 2. … recommendations may be of high value to governments but governments do not always rely on them. 3.You can … if you compare the prices of goods before buying them. 4. J.M. Keynes and K. Marx were two famous … . 5.If you've got a large family, it's more … to travel by car than by train. 6.The system of country is usually called the national … . 7.The people in that town live very … . 8.An early definition of … was «an inquiry into nature and causes of the wealth of nations». 9.The aim of that book is to form a theory of the role of government in … life. 10. The … are monitoring the prices and levels of consumption of different goods and services. VII. Fill in the gaps with appropriate words from the box:
1.The price paid for the use of labor is called ... . 2.Traditional economic ... are usually found in the more remote areas of the world. 3.Payment for the use of someone else's money, or capital, is called .... 4.... exists because human wants are virtually unlimited, whereas the necessaries to satisfy those wants are limited. 5.The ... or factors of production as they are called, are land, labor, capital and entrepreneurship. 6. Everyone goes through life having to make ... . 7. The price paid for the use of land is called … Read and dramatize the following dialogue: P.; Hello, Bob! S.: Oh, Peter, glad to see you. Haven't seen you for a long time. What have you been busy with, and what are you doing now? P.: I'm a student of the Kyiv University. And what about you? S.: You know, when I received my school leaving certificate, I decided to work at a plant and get a specialty. P.: What specialty have you got? S.: I'm a fitter now, I get good wages and I can support my mother. And now that I have become a skilled worker I think already I can combine my job with studies by taking correspondence courses or attending the evening faculty of an institute. P.: What institute do you want to enter? S.: I have thought about the Cherkassy Engineering and Technological Institute, but I haven't yet decided. I'd like to become an economist. P.: Is it really interesting for you? S.: Oh, yes, of course. I know that the studying of economics will help us to understand the economic forces better and enable us to live a fuller life. P.: Do you know what is the basic economic problem? S.: I think I do. The central problem of economics is to determine the most efficient ways to allocate the factors of scarcity created by society's unlimited wants and limited resources. P.: But in doing so, every society must provide answers to the following three questions: What goods and services are to be produced and in what qualities are they to be produced? How are those goods and services to be produced? Who will receive and consume (get to use) those goods and services? S.: You are right. The way in which a society goes about answering these fundamental questions is known as its economic system. I'd like to study the economic system of our country. P.: Now I understand you and I hope you will enter the institute and become a very good economist. S.: Well, I am a bit hungry, why don't we have a snack together? P.: Good idea. Let's go and have a snack in the cafe. |