Английский язык: Сборник текстов и упражнений. Бодргина Л.И - 80 стр.

      WAREHOUSE RECEIPT
      Warehouse receipt is a receipt issued by a person engaged in the business of
storing goods for hire.
      STRAIGHT BILL OF LADING, DOCK WARRANT, DOCK RECEIPT
      “Straight” bill of lading is nonnegotiable and names the buyer as consignee,
in which case the carrier will deliver the goods to the buyer without requiring the
surrender of the bill of lading.
      LETTER OF CREDIT
      A letter of credit is a document issued by a banker authorizing the banker to
whom it is addressed to honour the extent of a certain amount and to charge the
sums to the account of the grantor; or it may be worded so as to authorize the per-
son to whom it is addressed to draw on demand, or at a currency, upon the banker
issuing the letter, and the grantor undertakes, in the letter, to honour all drafts
drawn in accordance with the terms of the credit.




                                    UNIT 23
                                  INFLATION

     Inflation is generally defined as a persistent rise in the general price level
with no corresponding rise in output, which leads to a corresponding fall in the
purchasing power of money.
     In this section we shall look briefly at the problems that inflation causes for
business and consider whether there are any potential benefits for an enterprise
from an inflationary period.
     Inflation varies considerably in its extent and severity. Hence, the conse-
quences for the business community differ according to circumstances. Mild infla-
tion of a few per cent each year may pose few difficulties for business. However,
hyperinflation, which entails enormously high rates of inflation, can create almost
insurmountable problems for the government, business, consumers and workers.
In post-war Hungary, the cost of living was published each day and workers were
paid daily so as to avoid the value of their earnings falling. Businesses would have
experienced great difficulty in costing and pricing their production while the in-
centive for people to save would have been removed.
     Economists argue at length about the causes of, and “cures” for, inflation.
They would, however, recognize that two general types of inflation exist:
     – Demand-pull inflation;
     – Cost-push inflation.
     Demand-pull Inflation.
     Demand-pull inflation occurs when demand for a nation’s goods and servic-
es outstrips that nation’s ability to supply these goods and services. This causes
prices to rise generally as a means of limiting demand to the available supply.
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