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  • Liviu-Mihail Marinescu

    BUSINESS ENGLISH FOR ECONOMICS AND MANAGEMENT

    Focha 5/23, 42-200 Częstochowa, Poland 2014

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    Copyright International Research Center for Higher Education and Business Cooperation 2014

    Editorial Scientific Committee: George Balan Liviu Mihaescu Sebastian Kot Janusz Grabara

    Technical Committee: Paula Bajdor Iwona Grabara

    ISBN: 978-83-939932-1-5

    The first edition Printed quantity: 200

    Liviu-Mihail Marinescu, University Senior Lecturer, Danubius University of Galati, Galati blvd. no. 3, 800654 Galati, Romania marinesculiviu@univ-danubius.ro

    Copyright Liviu-Mihail Marinescu 2014. This work is the intellectual property of the author. Permission is granted for this material to be shared for non-commercial, educational purposes, provided that this copyright statement appears on the reproduced materials and notice is given that the copying is by permission of the author. To disseminate otherwise or to republish requires written permission from the author.

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    GENERAL AIM OF THIS BOOK - BRIEF PRELIMINARY NOTE-

    This book aims at improving the language competencies of economics students and managers learning or working in an English-speaking community and willing to continuously better their knowledge of English for the business environment. Therefore, if you are that kind of student eager to get better adapted to the international business world or a manager willing to expertly address the major concerns on international agenda, do not hesitate to follow me all through this academic journey towards plainly comprehending business communication elements along this scientific training, in which you are generously offered a highly effectual learning structure and you are encouraged to contribute, through your own efforts, to developing those exact skills and competencies specific to business English communication. Such technical skills or competencies do mainly point at:

     Identifying and explaining key business concepts from specialised texts;

     Providing proper English definitions of several business notions found in the technical literature analysed;

     Identify the various types of language specific to different types of economic texts;

     Define, explain and exemplify all elements of a commercial letter.  Better understanding, explaining and interpreting English specialised

    texts;  Scheming and assessing practical activities specific to the business

    field, with using scientific research and approach methods, techniques and instruments;

     Acquiring very solid knowledge of English grammar and vocabulary;  Exploiting the possibility of efficiently using English words and

    phrases both in written and in conversation;  Appropriately training in view of reading and understanding English

    business texts;  Mastering the use of words, syntagms and set-phrases specific to this

    domain of interest.

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    CONTENTS

    SECTION 1: APPROACHING ENGLISH FOR BUSINESS PURPOSES

    1. Studying English for Business. From Student to Professional-Part1 Studying Economics – an Essential Condition for a Future Businessman-1 (Technical Approach of the Language)

    9

    Is the Study of Economics Too Hard or Too Boring? 18

    Commercial Correspondence: Generalities upon the Elements of a Business Letter

    24

    Language Approach –Part 1 55

    2. Studying English for Business. From Student to Professional-Part2 Studying Economics – an Essential Condition for a Future Businessman - 2

    61

    From Student to Employee: Making the Transition 69

    Commercial Correspondence: The Appreciation Letter and the Business Introduction Letter

    72

    Language Approach –Part 2 78

    3. At the Office – Part 1 At the Office. Basics and Management –Part1 84

    Commercial Correspondence: Confirmation Follow-up after Business Meeting

    92

    Language Approach –Part 3 97

    4. At the Office – Part 2 At the Office. Basics and Management –Part2 98

    Language Approach –Part 4 116

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    5. On Management Types and Roles Management Students. Manager Types and Management Styles

    121

    Management and Its Role 124

    Two Meanings of Economic Growth 127 Company Correspondence: Internal Memorandum to Employee

    129

    Language Approach –Part 5 130

    6. Economic Systems – Basics and Implications Basic Knowledge of Economic Systems 132

    Commercial Correspondence - Business Thank You Letter 135

    Language Approach –Part 6 136

    SECTION 2: APPROACHING COMMERCIAL CORRESPONDENCE FROM A DIFFERENT ANGLE

    1. Commercial Correspondence Rules –Part 1 Writing Business Letters - Useful Phrases and Business Correspondence Reminder

    140

    2. Commercial Correspondence Rules –Part 2 The Essential Steps in Writing a Report 149

    3. Contract Letter – Request to Expedite Payments. Text and Language Approach

    Contract Letter – Request to Expedite Payments 152

    4. Business Correspondence -Letter of Reference Business Correspondence -Letter of Reference 157

    Language Approach – Predicate Adjectives 159

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    SECTION 3: A NEW APPROACH OF TEXT AND VOCABULARY

    1. Economic Systems. Textual Approach Economic Systems 169

    Basic Types of Economic Systems. Part of a Social System 172

    Divisions of Economic Systems 174

    2. Monetary Stability and Production. Textual Approach Monetary Stability 183

    Manufacturing 186

    Modern Guilds 188

    3. On Capitalism. Business Vocabulary in Use Capitalism. The Economic System 192

    Interactions within the System 195

    4. Business English in Use. Textual Approach Business Correspondence Practice – Letter of Interest 198

    Language Approach– Adjectives with Preposition in Commercial Context

    202

    5. The Market Economy. Textual Approach The Free Market and the Role of the Government 206

    List of References (A Selective Bibliography)

    Annexes

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    SECTION 1: APPROACHING ENGLISH FOR BUSINESS PURPOSES

    1. STUDYING ENGLISH FOR BUSINESS. FROM STUDENT TO PROFESSIONAL – PART 1

    1.1.Studying Economics – an Essential Condition for a Future Businessman-1

    The study of economics is highly consequential for the future welfare of global economy. At the national level, it has great influence upon the degree of awareness regarding the actual state of things in all domains of human activity. Therefore, a nation with good economists will be a healthy nation with continuously experiencing an upsurge, renewal and openness in terms of politics, industry and social life. Studying this dismal science , as worldwide economists are used to calling it (as it is actually impossible to truly comprehend and make the most of its tools and instruments in pure isolation) requires clear understanding of the political, social, cultural and sometimes psychological elements (the latter regarding, for instance, the choice of consumers facing product variation on the market). It is then utterly important for as many different types of jobs and careers as possibly conceivable within both the public and the government business sectors and activities. Students who succeed to complete a degree in what we generally call economics would be qualified for both upper and middle management positions within businesses and agencies. Economists are expert in tracing and interpreting extant trends on the market, making valuable short and long term assessments of the options and possibilities for their hiring agency or company, providing focal risk assessment basics and constantly assisting in financial planning and capital investments for corporations. Usually economists graduating from bachelor programs start in entry level positions and then quickly move to more advanced level placements and management positions after obtaining a master degree. For many future economists, bachelor education is therefore a momentary step. For top-level education in this field, obtaining a Ph.D. in economics is absolutely momentuous, this degree providing specialists and decision-makers with an expert certification in a very specific economic field, e.g. labour economics, yet also with the proper experience and scientific background to further be used in key positions of the economic research. Therefore, a particular economic area such as, for instance, market research can be approached and studied at three main different academic levels: bachelor, master and PhD.

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    The basic structure of study for most bachelor economics programs will certainly include major courses of entrance level interest, e.g: micro and macro- economics, management, investment, world politics, market assessment, risk analysis, international laws, as well as an overview of taxation principles and laws as they apply to money management and capital investments. Student groups will then discuss ethical considerations and conflicts that can merely arise in most types of businesses and agencies. Students will focus on real world examples and case studies, and will be encouraged to work with information from the current markets. While these courses provide a wide-ranging overview of most economic issues, there are yet optional or non-compulsory courses that allow students to use various computer software programs and also market analysis software that is in current use in various businesses. While economics is an incredibly broad course of study, ma