English on Economics

Citation preview

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

Ñ.À. Øåâåëåâà

English on Economics Âòîðîå èçäàíèå, ïåðåðàáîòàííîå è äîïîëíåííîå

Ðåêîìåíäîâàíî Ìèíèñòåðñòâîì îáðàçîâàíèÿ Ðîññèéñêîé Ôåäåðàöèè â êà÷åñòâå ó÷åáíîãî ïîñîáèÿ äëÿ ñòóäåíòîâ âûñøèõ ó÷åáíûõ çàâåäåíèé, îáó÷àþùèõñÿ ïî ýêîíîìè÷åñêèì ñïåöèàëüíîñòÿì Ðåêîìåíäîâàíî Ó÷åáíî-ìåòîäè÷åñêèì öåíòðîì «Ïðîôåññèîíàëüíûé ó÷åáíèê» â êà÷åñòâå ó÷åáíîãî ïîñîáèÿ äëÿ ñòóäåíòîâ âûñøèõ ó÷åáíûõ çàâåäåíèé

Ìîñêâà



2015

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

ÓÄÊ [802.0:33](075.8) ÁÁÊ 81.2Àíãë-923 Ø37 Ð å ö å í ç å í ò û: êàíä. ýêîí. íàóê Â.À. Îâñÿííèêîâà (Ôèíàíñîâàÿ àêàäåìèÿ ïðè Ïðàâèòåëüñòâå ÐÔ); êàíä. ôèëîë. íàóê Ð.Â. Îëüøåâñêàÿ (Ìîñêîâñêèé ãîñóäàðñòâåííûé ëèíãâèñòè÷åñêèé óíèâåðñèòåò); ïðîôåññîð Â.Â. Øïðûíîâ (Ìîñêîâñêàÿ ìåæäóíàðîäíàÿ øêîëà ïåðåâîä÷èêîâ, ÞÍÅÑÊÎ)

Ãëàâíûé ðåäàêòîð èçäàòåëüñòâà êàíäèäàò þðèäè÷åñêèõ íàóê, äîêòîð ýêîíîìè÷åñêèõ íàóê Í.Ä. Ýðèàøâèëè

Ø37

Øåâåëåâà Ñ.À. English on Economics: Ó÷åá. ïîñîáèå äëÿ âóçîâ. — 2-å èçä., ïåðåðàá. è äîï. — Ì.: ÞÍÈÒÈ-ÄÀÍÀ, 2015. — 415 ñ. ISBN 978-5-238-00520-1 Ó÷åáíîå ïîñîáèå ïðåäíàçíà÷åíî äëÿ ñòóäåíòîâ, îáó÷àþùèõñÿ ïî ýêîíîìè÷åñêèì ñïåöèàëüíîñòÿì, âëàäåþùèõ àíãëèéñêèì ÿçûêîì â îáúåìå ñðåäíåé øêîëû è ïðîäîëæàþùèõ èçó÷åíèå ÿçûêà â âóçå.  íîâîì èçäàíèè çíà÷èòåëüíî ðàñøèðåíû ýêîíîìè÷åñêèå òåìû è ýêîíîìè÷åñêàÿ ëåêñèêà. Òåêñòîâàÿ ÷àñòü ïîñîáèÿ — ýòî ãàçåòíûå è æóðíàëüíûå ñòàòüè, àííîòàöèè çàðóáåæíûõ ó÷åáíèêîâ ïî ýêîíîìèêå, äåëîâûå ïèñüìà, ëåêöèè è âûñòóïëåíèÿ.  íîâîå èçäàíèå âêëþ÷åíû ãðàììàòèêà è çàêðåïëåíèå ãðàììàòè÷åñêèõ ïðàâèë, ôîíåòè÷åñêèå óïðàæíåíèÿ. Ëåêñè÷åñêèå è ðå÷åâûå óïðàæíåíèÿ îðèåíòèðîâàíû íà íàïèñàíèå êðàòêèõ ýññå ïî òåìàì, îáñóæäåíèå òåì, ïåðåâîäû. Ïîñîáèå ìîæåò áûòü òàêæå ïîëåçíî øèðîêîìó êðóãó ëèö, èçó÷àþùèõ ýêîíîìèêó è àíãëèéñêèé ÿçûê. (1-å èçä. — ÞÍÈÒÈ, 1998) ÁÁÊ 81.2Àíãë-923

ISBN 978-5-238-00520-1

© Ñ.À. Øåâåëåâà, 1998, 2004 © ÈÇÄÀÒÅËÜÑÒÂÎ ÞÍÈÒÈ-ÄÀÍÀ, 1998, 2004 Âîñïðîèçâåäåíèå âñåé êíèãè èëè ëþáîé åå ÷àñòè çàïðåùàåòñÿ áåç ïèñüìåííîãî ðàçðåøåíèÿ èçäàòåëüñòâà

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»



&RQWHQWV³ÐÆÇÒÈÂÏÊÇ 

 

/HVVRQ=(21J349

GHWHUPLQDWLRQ  UHWLUHPHQW  WRVXEVWLWXWH KRPRJHQHRXV SOHQWLIXO GLIIHUHQWLDO

7@3OP3PFQ(P9 7Z@

DQG\RXDOOZDQWWRJHWDZD\

ZHZHUHVKRUWRIWLPH

IRUWKHZHHNHQG

ZHGLVFXVVHGHTXLOLEULXP

ZKDWZHDUHJRLQJWRGLVFXVV

WKHHTXLOLEULXPSULFH

,KRSH\RXZLOOSD\DWWHQWLRQ

ZHZDQWWRFRPELQHWKHIDFWV

E

5HDGWKHVHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ ­

®

'R\RXVHHZKDW, PHDQ"

*RRGDIWHU QRRQHYHU\RQH

­

®

2 ."

, OOVD\WKDW DJDLQ ®

­

1RWLFH DOVR WKDW WKH RSSRVLWH LV ­ ® WUXHLIWKHSULFHLV KLJK

/RRNDW 7DEOH ZRXOG\RX" ­

+DYH\RX JRWLW"

F

5HDGWKHWH[WRIWKHOHFWXUH

G

,PDJLQH \RX DUH JRLQJ WR UHDG D OHFWXUH RQ WKH VDPH VXE MHFW:ULWHWKHWH[WDQGUHDGLW







Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W7KHGLVFRYHUHUVRIWKHODZV RIGHPDQGDQGVXSSO\ 7KHODZRIGHPDQGZDVGLVFRYHUHGE\$$&RXUQRW ² D SURIHVVRURIPDWKHPDWLFVDWWKH8QLYHUVLW\RI/\RQ)UDQFHDQGLWZDVKH ZKRGUHZWKHILUVWGHPDQGFXUYHLQWKHV 7KH ILUVW SUDFWLFDO DSSOLFDWLRQ RI GHPDQG WKHRU\ E\-XOHV'XSXLW ² D)UHQFKHQJLQHHUDQGHFRQRPLVWZDVWKHFDOFXODWLRQRI WKH EHQHILWV IURP EXLOGLQJ D EULGJH DQG JLYHQ WKDW D EULGJH KDG EHHQ EXLOWRIWKHFRUUHFWWROOWRFKDUJHIRULWVXVH 7KHODZVRIGHPDQGDQGVXSSO\DQGWKHFRQQHFWLRQEHWZHHQWKH FRVWV RI SURGXFWLRQ DQG VXSSO\ ZHUH ILUVW ZRUNHG RXW E\ 'LRQ\VLXV /DUGQHU ²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

'R\RXNQRZWKHVHZRUGV" GLVFRYHUHU WRGUDZGUHZGUDZQ  EHQHILW EULGJH WREULGJH EULGJHILQDQFLQJ

7@3OZG6R1N19 7@NK(@NQ(@NK(J9 7Z>AJ1B3P9 7>N3 9  

rvxév·t€prénlqztj wnéqvllvtj·jsjlnpxz kq¹vxtvktvpx}nu€ {qtjtxqévkjtq¹ 

WROO



WRFKDUJH

7"=( 9



wnékvvzré€kjzns éqxvkjz·nézqz wéqi€swvsoj uvxz xvnlqt¹zuvxzvu wévun yzv·tvn{q tjtxqévkjtqnréjz



wsjzj oj wévnol wv lvévmn koqujz

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

FRQQHFWLRQ WRFXW VKRUWKDXOEXVLQHVV

7G1ZJAGJ9  7K(PZD5(H9

WRIHDU IUHLJKW IUHLJKWUDWHV

7B319 7BNA3P9 

IDUHV  7B&1V9 SDVVHQJHUIDUHV  WRKDYHDORWLQFRPPRQ 7ZGKI1J9

xvnlqtntqn énojzxvréjjz wnénkvorq tj rvévz rqnéjxxzv¹tq¹ iv¹zx¹ méyo zjéq{€ tj wnénkvory méyovk wsjzjojwévnol wjxxj qéxrqnzjéq{€ qunzutvmvvinmv

:RUNRQWKHZRUGV  5HDGWKHVHZRUGVDQGPDNHVHQWHQFHVZLWKWKHP WRGLVFRYHU²GLVFRYHUHU²GLVFRYHU\ WRGLVFRYHUDODQG WRGLVFRYHUDIDFW WRGUDZ²GUDZHU²GUDZLQJ WRGUDZDFXUYHWKHGHPDQGFXUYHWKHVXSSO\FXUYH WRGUDZDOLQHFLUFOHJUDSKGLDJUDPSODQSLFWXUH WRGUDZDELOOFKHTXHRUGHUIRUDVXPRIPRQH\ WRFRPSHWH²FRPSHWLWLRQ²FRPSHWLWRU WRFRPSHWHDJDLQVWZLWKRWKHUV WRFRPSHWHIRUDSUL]HIRUWKHILUVWSODFH WRIDFHFRPSHWLWLRQ ILHUFHNHHQFRPSHWLWLRQ UDWH²IUHLJKWUDWH²UDLOZD\UDWH DWWKHUDWHRI« WRZRUNRXWWRFDOFXODWHUDWHV WRLQFUHDVHWRFXWUDWHV

 ([SODLQWKHGLIIHUHQFHEHWZHHQWKHVHWHUPV   FRVW²SULFH²YDOXH   FKDUJH²IDUH²WROO²IHH²SUHPLXP   VXP²DPRXQW 



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 0DWFKWKHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ GHPDQG YDOXH GURS DKHDG QDWLRQDO PRVW ILUVW EHVW

YROXPH VXSSO\ EHKLQG ULVH OHDVW ODVW ZRUVW EHKLQG

 5HDGDQGWUDQVODWHWKHIROORZLQJVHQWHQFHVSD\LQJDWWHQWLRQ WRWKHZRUGWRUHVXOW

$QGWKHUDWHVWKDWUHVXOWKDYHDORWLQFRPPRQZLWKWKHUDWHVRI WKHQLQHWHHQWKFHQWXU\LQSULQFLSOH 7KHLQQRYDWLRQVUHVXOWHGLQJURZLQJSURILWV 7KHGHILFLWKDVUHVXOWHGIURPLQFUHDVLQJLPSRUWV $Q\ GDPDJH UHVXOWLQJ IURP WKH QHJOLJHQFH PXVW EH SDLG E\ WKH ERUURZHU 7KHLUGLVSXWHUHVXOWHGLQDQRWKHUVWULNH 7KHLUHIIRUWVUHVXOWHGEDGO\ 7KXVVRPHIRUPRILPSHUIHFWFRPSHWLWLRQUHVXOWV /DFNRINQRZOHGJHPD\UHVXOWLQLPSHUIHFWFRPSHWLWLRQ

5HYLVH*UDPPDU D ([SODLQWKHXVHRIWKHDUWLFOHVLQWKHVHVHQWHQFHV $$&RXUQRW D SURIHVVRU RI PDWKHPDWLFV GUHZ WKH ILUVW GHPDQG FXUYH -'XSXLWD)UHQFKHQJLQHHUDQGHFRQRPLVWZDVWKHILUVWWRDS SO\ GHPDQG WKHRU\ SUDFWLFDOO\ 7KH)UHQFKHFRQRPLVWFDOFXODWHGWKH FRUUHFWWROOWRFKDUJHIRUWKHXVHRIDEULGJH 7KH ODZ RI GHPDQG DQG VXSSO\ ZDV ILUVW ZRUNHG RXW E\ '/DUGQHU DQ ,ULVK SURIHVVRU RI SKLORVRSK\ 7KH ,ULVK SURIHVVRU KHOSHGUDLOZD\FRPSDQLHVWRFDOFXODWHSURSHUUDWHV   



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

E

7UDQVODWHWKHIROORZLQJLQWR(QJOLVKXVLQJ WKH'HILQLWH$UWLFOH ;,;knr wnék€péjo kzvévpéjo zénzqpkvwévx

;;knr wnékvnwéquntntqn lnx¹zvnwénlsv ntqn ·nzknéz€përojunt

 7UDQVODWH WKHVH VHQWHQFHV LQWR 5XVVLDQ SD\LQJ DWWHQWLRQ WR WKH SURQRXQ WKDWWKRVH XVHG WR DYRLG UHSHWLWLRQ RI WKH SUHFHGLQJQRXQ

7KHUDWHVWKDWUHVXOWKDYHDORWLQFRPPRQZLWKWKRVHRIWKHQLQH WHHQWKFHQWXU\LQSULQFLSOH 7KHSULFHVDUHPXFKORZHUWKDQWKRVHTXRWHGSUHYLRXVO\ 7KHSDVVHQJHUIDUHVDUHGLIIHUHQWIURPWKRVHRIWKHSUHYLRXV\HDU 7KHUHVXOWRIWKHFDOFXODWLRQLVDOLWWOHELWGLIIHUHQWIURPWKDWSUH VHQWHG\HVWHUGD\ 7KHGHPDQGKDVJURZQDVFRPSDUHGZLWKWKDWODVWPRQWK 7KHLQFUHDVHLVVORZHUWKDQWKDWODVW\HDU

D

&RPSOHWHWKHVHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHXVHRI WKHLQJIRUPV

7KHHFRQRPLVWVZRUNLQJIRUDLUOLQHFRPSDQLHV« 7KHSURIHVVRUZRUNLQJDWWKLVSUREOHP« 7KHSURIHVVRUGRLQJWKHWXWRULDOZRUN« 7KHFRXQWULHVGHYHORSLQJWKHLUFRRSHUDWLRQ« 7KHFRPSDQLHVSURGXFLQJ« 7KHEXVLQHVVPHQSURPRWLQJWKHVHJRRGV« 7KHDJHQWVDGYHUWL]LQJWKHVHSURGXFWV«

E

&RPSOHWH WKHVH VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH XVH RI 3DUWLFLSOHV,, 7KHSULQFLSOHVZRUNHGRXWE\'/DUGQHU« 7KHODZGLVFRYHUHGE\« 7KHFDOFXODWLRQPDGHZDV« 



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KHWROOVFKDUJHGDUH« 7KHWKHRU\GHYHORSHGLV« 7KHTXDQWLW\GHPDQGHG« 7KHTXDQWLW\VXSSOLHG«

6WXG\VHQWHQFHSDWWHUQV ,WZDVKHZKRGLGWKDW

 7UDQVODWH LQWR 5XVVLDQ DQG DGG D VHQWHQFH RI \RXU RZQ LQ HDFKFDVH

,WZDVKHZKRGLVFRYHUHGWKHODZRIGHPDQGDQGVXSSO\« ,WZDVKHZKRILUVWDSSOLHGWKHODZ« ,WZDVVKHZKRPDGHWKLVFDOFXODWLRQ« ,WZDVKHZKRZURWHWKLVUHSRUW« ,WZDVKHZKRPDGHWKHILUVWILOP« ,WZDVKHZKRLQYHQWHGUDGLR« ,WZDVKHZKRPDGHWKHILUVWVSDFHIOLJKW«

+DYHDQRWKHUORRNDWWKHWH[WDQG« D        

E

6XPXSZKDWWKHWH[WVDLGDERXW $$&RXUQRW -'XSXLW '/DUGQHU DQH[DPSOHRIWKHDSSOLFDWLRQRIWKHSULQFLSOHVDWSUHVHQW

$JUHHRUGLVDJUHH   ,WLVYHU\HDV\WRFDOFXODWHVXFKUDWHVNQRZLQJWKHODZRIGH PDQGDQGVXSSO\   7KLV SULQFLSOH RI FDOFXODWLRQ LV DOVR DSSOLHG WR KRWHO FKDUJHV IRUDFFRPPRGDWLRQ   7KLVSULQFLSOHLVDSSOLHGLQYHU\PDQ\FDVHV  



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»



7H[W'HPDQGDQGVXSSO\FXUYHV

'HPDQG LV WKH WRWDO TXDQWLW\ RI D JRRG RU VHUYLFH ZKLFK EX\HUV DUHSUHSDUHGWRSXUFKDVHDWDJLYHQSULFH'HPDQGLVDOZD\VWDNHQWR EHHIIHFWLYHGHPDQGEDFNHGE\WKHDELOLW\WRSD\DQGQRWMXVWEDVHG RQZDQWRUQHHG 'HPDQGFXUYHLVDOLQHVKRZLQJWKHUHODWLRQVKLSEHWZHHQWKHSULFH RIDSURGXFWRUIDFWRURISURGXFWLRQDQGWKHTXDQWLW\GHPDQGHGSHU WLPHSHULRGDVLQWKHILJXUHEHORZ

 7KH W\SLFDO PDUNHW GHPDQG FXUYH VORSHV GRZQZDUGV IURP OHIW WR ULJKW LQGLFDWLQJ WKDW DV WKH SULFH IDOOV PRUH LV GHPDQGHG WKDW LV D PRYHPHQWDORQJWKHH[LVWLQJGHPDQGFXUYH 7KXVLISULFHIDOOVIURP 23WR33WKHTXDQWLW\GHPDQGHGZLOOLQFUHDVHIURP24WR24 7KHGHPDQGFXUYHLQWHUDFWVZLWKWKHVXSSO\FXUYHWRGHWHUPLQHWKH HTXLOLEULXPPDUNHWSULFH6XSSO\FXUYHLVDOLQHVKRZLQJWKHUHODWLRQVKLS EHWZHHQWKHSULFHRIDSURGXFWRUIDFWRURISURGXFWLRQDQGWKHTXDQWLW\ VXSSOLHGSHUWLPHSHULRGµ6XSSO\¶PHDQVWKHWRWDOTXDQWLW\RIDSURGXFW RUIDFWRUWKDWILUPVRUIDFWRURZQHUVDUHSUHSDUHGWRVHOODWDJLYHQSULFH 6

SULFH

VXSSO\ FXUYH 3

3 6 2



4



4

TXDQLWLW\



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KH DERYH W\SLFDO PDUNHW VXSSO\ FXUYH IRU D SURGXFW VORSHV XS ZDUGVIURPOHIWWRULJKWLQGLFDWLQJWKDWDVWKHSULFHULVHVPRUHLVVXS SOLHGWKDWLVDPRYHPHQWDORQJWKHH[LVWLQJVXSSO\FXUYH 7KXVLI WKHSULFHULVHVIURP23WR23LQWKHDERYHILJXUHWKHTXDQWLW\VXS SOLHGZLOOLQFUHDVHIURP24WR24 7KHILJXUHVKRZVWKHVXSSO\FXUYHIRUWKHPDUNHWDVDZKROH7KLV FXUYH LV GHULYHG E\ DJJUHJDWLQJ WKH LQGLYLGXDO VXSSO\ FXUYHV RI DOO RI WKH SURGXFHUV RI WKH JRRGV ZKLFK LQ WXUQ DUH GHULYHG IURP WKH SUR GXFHUV¶FRVWFXUYHV 

:RUNRQWKHZRUGV  7UDQVODWHWKHVHZRUGVUHIHUULQJWRDGLFWLRQDU\LIQHFHVVDU\ SHUBBBBBBBBBBBBBBBBBBBBB WRVORSH BBBBBBBBBBBBBBBBB WRLQWHUDFW BBBBBBBBBBBBBBB

WRGHWHUPLQH BBBBBBBBBBBBBB WRGHULYH BBBBBBBBBBBBBBBBBB FRVW BBBBBBBBBBBBBBBBBBBBB

 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWVDQGPDNHVKRUW VHQWHQFHVXVLQJWKHVHYHUEVLQWKH3DVVLYH9RLFH

WRGHPDQG

vxtvk€kjz

WRGHWHUPLQH

wvlmvzjksqkjz

WRGHULYH

wvrywjz

WRVKRZ

yrjo€kjz

WRSXUFKDVH

wvllné qkjz

WRVXSSO\

vwénlns¹z

WREDFN

qoksnrjz

WRSUHSDUH

wvxzjks¹z

WREDVH

zénivkjz

WRLQGLFDWH

wvrjo€kjz

 7UDQVODWHLQWR(QJOLVK ojvwénlnsntt€pwnéqvl ojunx¹| ojtnlnsí ojklnt ojk·jx kojquvxk¹oun ly

xwéjkjtjsnkv xsnkjtjwéjkv vzénovrÌè zjisq|jð xzéjtq|j kojquvojkqxquvxz

 



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHLQWR5XVVLDQ WRDJJUHJDWH

ILQLWHDJJUHJDWH

DJJUHJDWH

LQILQLWHDJJUHJDWH

LQWKHDJJUHJDWH

PRQHWDU\DJJUHJDWH

HFRQRPLFDODJJUHJDWHV

RXWSXWDJJUHJDWH

+DYHDQRWKHUORRNDWWKHWH[WDQG« D :ULWHRXWWKHGHILQLWLRQRIWKHWHUPV GHPDQG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GHPDQGFXUYH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB VXSSO\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB VXSSO\FXUYH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

E

,PDJLQH\RXDWDVHPLQDU'HVFULEHWKHWZRILJXUHVJLYHQLQ WKHWH[W

F

)LQGWKHWHUPVLQWKHWH[W

«"²DOLQHZKLFKVKRZVWKHFRVWRISURGXFWLRQDWGLIIHUHQWOHYHOV RIRXWSXW7KHFXUYHPLJKWUHODWHWRDYHUDJHFRVWDQGPDUJLQDOFRVW RUWRWDOFRVW «"²WKHLQSXWVRIUHVRXUFHVXVHGLQSURGXFWLRQ «"²WKHSULFHDWZKLFKWKHTXDQWLW\GHPDQGHGRIDJRRGLVH[ DFWO\HTXDOWRWKHTXDQWLW\VXSSOLHG

G

7UDQVODWHLQWR(QJOLVK

jménmqévkjtt€pwvrjojzns réqkj¹wvrjo€kjnz·zv« é€tv·tj¹|ntj xénlt¹¹xzvquvxz ljttj¹|ntj wénlnstj¹xzvquvxz |ntjwévlyrzj vij¹xzvquvxz wv|ntn« kxvkvrywtvxzq |ntjéjxznzwjljnz xvkvrywt€pwévlyrz {jrzvé€wévqokvlxzkj 



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7H[W-RKQ0D\QDUG.H\QHV -RKQ 0D\QDUG .H\QHV ILUVW %DURQ .H\QHV ²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¶ SRFNHWV WKURXJKWD[FXWVRUGLUHFWO\LQFUHDVHJRYHUQPHQWV¶RZQH[SHQGLWXUHWR DGGWRDJJUHJDWHGHPDQG

:RUNRQWKHZRUGV  7UDQVODWHWKHVHZRUGVUHIHUULQJWRDGLFWLRQDU\LIQHFHVVDU\ WRSUHYHQW BBBBBBBBBBBBBBB WRDGMXVW BBBBBBBBBBBBBBBB FXUUHQF\BBBBBBBBBBBBBBBBB

SRFNHW BBBBBBBBBBBBBBBBBBB WRDGG BBBBBBBBBBBBBBBBBBB WRDGGVPWKWRVPWKBBBBBBBBB

5HYLVH*UDPPDUDQGZRUNRQWKHZRUGV D

8VHWKHDSSURSULDWHSUHSRVLWLRQVLIQHFHVVDU\DQGPDNH VKRUWVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV

WREHUHVSRQVLEOH«VPWK

VWLPXOXV«GHPDQG

«WKHDEVHQFH«VPE

WRDGGVPWK«VPWK

«WKHSUHVHQFH«VPE

WRLQFUHDVH«SHUFHQW

E

7UDQVODWHWKHVHQRXQVDQGZULWHWKHFRUUHVSRQGLQJYHUEV

UHVSRQVLELOLW\ SUHVHQFH DGGLWLRQ LQFUHDVH 

SUHYHQWLRQ DGGLWLRQ DJJUHJDWLRQ SURSRVDO



VXJJHVWLRQ DGMXVWPHQW DUJXPHQW H[SHQGLWXUH

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

F

7UDQVODWHLQWR(QJOLVKXVLQJWKHYHUEWRDUJXH

Ìtjlvrjo€kjsj·zvtnvi}vlquvxtqoqzojzéjz€tjnlqtq |yXQLW wévlyr|qq Ëqrzvxtnptnxwvéqstvkxnxsy¡jsqktqujznstv Ìtq}vznsqyinlqz·zvlvs tvkun¡jzx¹wéjkqznsxzkv fwn|qjsqxz€mvkvéqsq·zvlvs nti€zxév·tvkknlnt{q tjtxvk€prvtzévs

G

8QGHUOLQH EDVLF QRXQV DQG WUDQVODWH WKHVH ZRUG FRPELQD WLRQV

JRYHUQPHQWFRQWURO FRVWFRQWURO H[SHQGLWXUHFRQWURO IRRGFRQWURO ODERXUFRQWURO

H

WD[FXWV SULFHFXW WDULIIFXW UDWHGHFUHDVH SURGXFWLRQIDOO

8VH*HUXQGVDQGWUDQVODWHWKHVHQWHQFHV

+HSURSRVHGSUHYHQWLRQRIXQHPSOR\PHQWE\WRDGMXVW GHPDQG WKURXJKJRYHUQPHQWFRQWURO +HVXJJHVWHGWKDWJRYHUQPHQWVVWLPXODWHFRQVXPSWLRQE\WRSXW  PRQH\LQWRFRQVXPHUV SRFNHWVWKURXJKWD[FXWV 7KH\VXJJHVWHGWRLQFUHDVH JRYHUQPHQWV RZQH[SHQGLWXUH :KRVXJJHVWHGWRGLVFXVV WKLVWKHPH"

I

7UDQVODWHLQWR(QJOLVKSD\LQJDWWHQWLRQWRWKHIRUPDWLRQRI WKH3RVVHVVLYH&DVHRIQRXQV DFXVWRPHU VUHTXHVW FXVWRPHUV UHTXHVW

 qoknxztj¹éjivzjëzvmvërvtvuqxzj

utntqnërvtvuqxzvk

xvixzkntt€néjx}vl€wéjkqznsxzkj

ojun·jtq¹ërxwnézvk

|ntjwvrywjznsnp

lvrsjl€xzylntzvk

|ntjwévljk|j

xzqwntlq¹xzylntzj

|ntjwévqokvlqznsnp

wv nsjtq¹xzylntzvk

utntqnxzylntzvk

méjtz{vtlj





Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

+DYHDQRWKHUORRNDWWKHWH[WDQG« D

7UDQVODWHLW

E

6D\ ZKDW HOVH \RX NQRZ DERXW WKLV IDPRXV HFRQRPLVW DQG KLVWKHRU\

F

7UDQVODWHLQWR(QJOLVK

Çnptx i€s vxtvkjznsnu znvéqq mvxyljéxzknttvmv énmysqév kjtq¹Ìtjwvsy·qsjtjokjtqnznvéqqrnptxqjtxzkjcmvznvéq¹ vrjojsj xynxzknttvn ksq¹tqn tj ërvtvuq·nxryí wvsqzqry f‘¬Ænsqrviéqzjtqqqutvmq}léymq}xzéjtÍvoltnntnrvzv é€nwvsv ntq¹ëzvpznvéqqi€sqwnénxuvzént€qéjokqz€  

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





Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV" WRH[HPSW WRDQQRXQFH EDWFK WRGUDZXS VDIHJXDUG   WRUHPDLQ WRWKUHDWHQ WRLPSRVH WRFRQILUP SURYLVLRQ 

732ZVAILP9 71ZJ=QJO9   7ZOA3B2=(@9     73IZLKQV9   

UHWDOLDWLRQ DUELWUDWRU GLVSXWH EUHDN  

7N3A3@V@$FTXLUHG,PPXQH'HILFLHQF\6\QGURPH

6RPHDFURQ\PVKDYHEHFRPHVRQRUPDODVZRUGVWKDWSHRSOHGRQRW WKLQNRIWKHPDVDEEUHYLDWLRQVDQ\ORQJHUDQGVRWKH\DUHQRWZULW WHQDOOLQFDSLWDOOHWWHUV

ODVHU UDGDU \XSS\ (VVR

6RPHDEEUHYLDWLRQVDUHRQO\ZULWWHQIRUPV7KH\DUHVWLOOSURQRXQFHG DVWKHIXOOZRUGV 0U7ZIEOP19 'U7Z@KGP19 6W6DLQWRU6WUHHW 

6RPH ZRUGV DUH QRUPDOO\ XVHG LQ DQ DEEUHYLDWHG IRUP LQ LQIRUPDO VLWXDWLRQV 79WHOO\WHOHYLVLRQ  DGDGYHUWDGYHUWLVHPHQW  UHSEXVLQHVVUHSUHVHQWDWLYH  SODQHDHURSODQH 

ODEODERUDWRU\  H[DPH[DPLQDWLRQ  ERDUGEODFNERDUG  FDVHVXLWFDVH 

6RPHDEEUHYLDWLRQVPD\RIWHQEHVHHQLQEXVLQHVVFRUUHVSRQGHQFH FRFDUHRI  HQFHQFORVHG  36SRVWVFULSW  DVDSDVVRRQDVSRVVLEOH 

372SOHDVHWXUQRYHU  1%SOHDVHQRWH/DWQRWDEHQH  5693SOHDVHUHSO\)UUHSRQGH]V LOYRXV SODLW 

D 0DWFK WKHVH DEEUHYLDWLRQV ZLWK WKHLUPHDQLQJVDQGWUDQV ODWHWKHP

%6F 

SHUVRQDOLGHQWLILFDWLRQQXPEHU



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

)%,

WKH 8QLWHG 1DWLRQV (GXFDWLRQDO 6FLHQWLILF DQG &XOWXUDO 2UJDQLVDWLRQ &' %DFKHORURI6FLHQFH 3,1 7KH)HGHUDO5HVHUYH6\VWHP 81(6&2 WKH)HGHUDO%XUHDXRI,QYHVWLJDWLRQ )56 FRPSDFWGLVF

E&RPSOHWHWKHFRUUHVSRQGLQJIXOOZRUGV SKRQH²WH« ID[²WH«

IULGJH²UH« ELNH²ELF«

F5HDGDQGWUDQVODWHWKHVHDEEUHYLDWLRQ HWF BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB LH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB HJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

G'RWKHFURVVZRUG $FURVV )O\LQJVDXFHU 16(RU: 5R\DO1DY\ 5HVWLQ3HDFH 6KRUWIRUELRORJLFDO 7\SHRIUHFRUG   0HDQV HVSHFLDOO\  %ULWLVKFDUSODWH $PHULFDQ )DPRXVILOPDOLHQ 6KRUWQDPHIRU/RQGRQ8QGHUJURXQG  





































































































'RZQ  6DPHDVDFURVV 5HIULJHUDWRUV 0HDQV RUQHDUHVWRIIHU  6HULRXVLOOQHVV  3OHDVHQRWH EDFNZDUGV 3ODFHIRUDVKRUWGULQN %ULWLVK7HOHFRP 6RXWK(DVW 



Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ



 &RPPRGLW\PDUNHWV

5DGLRUHSRUW 2QWKHFRPPRGLW\PDUNHW 7H[W 6SRWPDUNHWDQGTXRWDWLRQV 1HZVSDSHULWHPV *ROGLPSRUWVWR-DSDQVKRZVKDUSLQ FUHDVH  &RPPHQWVIURP23(&KHOSOLIWIXWXUHV SULFHV 8VHRI(QJOLVK ,GLRPVDQGIL[HGH[SUHVVLRQV³JHQHUDO  

5DGLRUHSRUW2QWKHFRPPRGLW\PDUNHW ,Q WKH /RQGRQ EXOOLRQ PDUNHW \HVWHUGD\ WKH SULFH RI JROG ZDV VWHDG\1HZ