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I'm a second-year student of the Economics and Management Faculty of the Bratsk State University. In the near future I'll graduate from the University and become a professional economist in the sphere of finance and credit. I'm sure that the profession of an economist is one of the most important nowadays in view of the situation in our country.
What makes a good economist? Whatever he does, an economist should have a thorough training in economic theory, mathematics and statistics and our University offers such training. At the University we are taught various general and special subjects, such as Macroeconomics, Microeconomics, Management, Accounting, Marketing, Advertising, Money and Banking, Economic Theory, Econometrics, Statistics, Computer Science, Philosophy, Business Ethics, Foreign Languages, etc. Specialist in the sphere of finance and credit must also know everything connected with the bank’s activities.
Banks are closely concerned with the flow of money into and out of the economy. They often cooperate with governments in efforts to stabilize economies and to prevent inflation. They are specialists in the business of providing capital, and in allocating funds on credit. Banks were originated as places to which people took their valuables for safekeeping, but today the great banks of the world have many functions in addition to acting as guardians of valuable private possessions.
Banks normally receive money from their customers in two distinct forms: on current account, and on deposit account. With a current account, a customer can issue personal cheques. No interest is usually paid by the bank on this type of account. With a deposit account, however, the customer undertakes to leave his money in the bank for a minimum specified period of time. Interest is paid on this money. The bank in turn lends the deposited money to customers who need capital. This activity earns interest for the bank, and this interest is almost always at a higher rate than any interest, which the bank pays to its depositors. In this way the bank makes its main profits.
We can say that the primary function of a bank today is to act as an intermediary between depositors who wish to snake interest on their savings, and borrowers who wish to obtain capital. The bank is a reservoir of loanable money, with streams of money flowing in and out. For this reason, economists and financiers often talk of money being `liquid', or of the `liquidity' of money. Many small sums which might not otherwise be used as capital are rendered useful simply because the bank acts as a reservoir.
The system of banking rests upon a basis of trust. Innumerable acts of trust build up the system of which bankers, depositors and borrowers are part. They all agree to behave in certain predictable ways in relation to each other, in relation to the rapid fluctuations of credit and debit. Consequently, business can be done and cheques can be written without any legal tender visibly changing hands.
Having received theoretical and practical knowledge in economics the graduates of our faculty work at educational institutions, various research centers and laboratories, in industry, business and banks. They may continue their studies taking the Post-graduate Courses or Doctorate if they have a desire and abilities to become scientists or professors. Scientists in the field of Economics create new theories and models, test their hypotheses and carry out economic researches.
Being employed in industry and business, our graduates work as managers, executive managers, sales managers, financial managers, etc. Some of them work at the banks and at the Stock Exchange as brokers, others work for the government or are employed by various agencies.
Knowing the economic laws of the development of the society, economists can solve many problems facing our country and I hope I'll manage to make my contribution to this process too.
Ответьте на вопросы.
1. What faculty do you belong to?
2. What is your future specialty?
3. What makes a good economist?
4. What subjects are taught at the University?
5. What are the functions of the banks?
6. How can you continue your studies after graduating from the Economics and Management Faculty?
- Where can the graduates of your faculty work?
4. Найдите в тексте английские эквиваленты следующих выражений:
В ближайшем будущем; одна из самых важных сейчас; сотрудничать с правительством; определенный срок; по этой причине; по отношению друг к другу; следовательно; желание и способности; создавать новые модели; проводить исследования; экономические законы.