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English for
Business Studies
Ian MacKenzie
Teacher’s Book
A course for Business Studies
and Economics students
Third Edition
© in this web service Cambridge University Press www.cambridge.org
Cambridge University Press
978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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CAMBRIDGE UNIVERSITY PRESS
Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore,
São Paulo, Delhi, Dubai, Tokyo
Cambridge University Press
The Edinburgh Building, Cambridge CB2 8RU, UK
www.cambridge.org
Information on this title: www.cambridge.org/9780521743426
© Cambridge University Press 2010
This publication is in copyright. Subject to statutory exception
and to the provisions of relevant collective licensing agreements,
no reproduction of any part may take place without the written
permission of Cambridge University Press.
First published 1997
Second Edition 2002
Third Edition 2010
Printed in the United Kingdom at the University Press, Cambridge
A catalogue record for this publication is available from the British Library
ISBN 978-0-521-74341-9 Student’s Book
ISBN 978-0-521-74342-6 Teacher’s Book
ISBN 978-0-521-74343-3 Audio CD Set
Cambridge University Press has no responsibility for the persistence or
accuracy of URLs for external or third-party internet websites referred to in
this publication, and does not guarantee that any content on such websites is,
or will remain, accurate or appropriate. Information regarding prices, travel
timetables and other factual information given in this work is correct at
the time of fi rst printing but Cambridge University Press does not guarantee
the accuracy of such information thereafter.
© in this web service Cambridge University Press www.cambridge.org
Cambridge University Press
978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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Introduction 4
Map of the book 7
List of role cards in the Student’s Book 10
Management
1 Management 12
2 Work and motivation 15
3 Company structure 20
4 Managing across cultures 23
5 Recruitment 28
6 Women in business 34
Production
7 The different sectors of the economy 37
8 Production 41
9 Logistics 44
10 Quality 48
Marketing
11 Products 52
12 Marketing 56
13 Advertising 60
Finance
14 Banking 65
15 Venture capital 69
16 Bonds 72
17 Stocks and shares 76
18 Derivatives 80
19 Accounting and fi nancial statements 84
20 Market structure and competition 88
21 Takeovers 93
Economics
22 Government and taxation 97
23 The business cycle 101
24 Corporate social responsibility 105
25 Effi ciency and employment 109
26 Exchange rates 112
27 International trade 115
28 Economics and ecology 119
Thanks and acknowledgements 125
Contents 3
Contents
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978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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4 Introduction
English for Business Studies is an upper-intermediate to advanced level reading, listening,
speaking and writing course (Common European Framework for Languages levels B2–C2) for
learners who need to understand and express the key concepts of business and economics
in English. It covers the most important areas of management, production, marketing,
fi nance and macroeconomics.
It consists of a Student’s Book, two Audio CDs and this Teacher’s Book. The Student’s
Book contains 28 units, role cards, audio scripts of the listening material, and appendices
on presenting and writing. This Teacher’s Book contains guidance on using the material,
commentaries on the business concepts presented, answers to the exercises, and the audio
scripts.
The aims of English for Business Studies are:
• to present your students with the language and concepts of business and economics
found in books, journals, newspapers and magazines, and on websites
• to build vocabulary through reading, listening and speaking
• to develop reading skills and give practice in the comprehension of business and
economics texts
• to develop listening skills, using interviews with business people, economists and other
experts
• to improve speaking skills, confi dence and fl uency, and to provide learners with
opportunities to express business concepts themselves, while synthesizing, summarizing,
analysing, criticizing and discussing ideas
• to develop writing skills.
Unit structure
Most of the units contain four components:
1 An informative reading text giving an overview of a particular topic, introducing key
concepts and including a high density of relevant technical vocabulary, plus a variety
of comprehension and vocabulary exercises and discussion activities. These texts are
designed to spare teachers (and learners) the task of fi nding for themselves the wide
range of articles or texts from other sources that would be necessary to cover all the
requisite ground. There are also extracts from newspapers, books about business and
economics, and a novel, which use more idiomatic language.
2 Listening passages, and comprehension, vocabulary and discussion exercises, largely
based on interviews with business people and economists. The interviewees include
MBA students at the University of Cambridge, professors of business, economics and
science, a banker, a computing consultant, a hotel manager, the manager of a chain of
juice bars, an IT director, a journalist and writer, a venture capitalist, and regulators from
the Competition Commission and the Financial Services Authority in the UK. There are also
authentic US radio commercials and (scripted) radio business news reports. The listening
material includes British, American, Australian and South African voices, but also speakers
from several European and Asian countries. It is important that learners get used to
hearing a variety of native and non-native speakers of English, as this is what international
business people encounter in their professional lives.
Introduction
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978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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Introduction 5
Introduction
3 Speaking activities including discussions, case studies, role plays and presentations.
These are designed to give the learners the opportunity to discuss the ideas in the
reading and listening material and to play a role or develop and defend their own points
of view.
4 Writing activities including summaries, emails, memos and reports.
There are two Appendices at the back of the Student’s Book:
• how to give a good presentation
• writing emails, letters and reports.
Approach to the units
The units are grouped thematically in fi ve sections: management, production, marketing,
fi nance and economics. The different groups of units are not graded in terms of diffi culty,
and so need not necessarily be followed in the printed order, but vocabulary items and
concepts included in earlier units are not glossed when recycled in later ones.
The units begin with lead-in questions for discussion. The reading passages are also
generally preceded by discussion questions. These preliminary discussion activities can
easily be extended, with the teacher eliciting information from the learners, if they are
familiar with the topic, and guiding the discussion according to the content of the text,
thereby preparing for and greatly simplifying the subsequent reading task. The trick of
teaching specialized areas of a language is to use the learners as a resource whenever
possible. If there are time constraints, some of the reading passages could also be assigned
as homework.
Nearly all the discussion activities are designed to be done by pairs or small groups of
learners, according to the teacher’s preferences. Although it is not printed on every page,
the instruction ‘Discuss in pairs or small groups’ is implicit. Some of the speaking activities
(presentations, role plays and case studies) involve out-of-class preparation and group work.
Each unit is designed to provide two or three hours of work. The book offers enough
material for a two-hours-a-week course lasting a single academic year.
The Third Edition
This new edition covers much of the same ground as the previous editions, but has been
updated as the world of business and economics does not stand still. Most of the texts in
the earlier editions have been revised or replaced. All the listening material is new, as are
many of the speaking activities (not to mention the cartoons and artwork). Some of the
material that was previously spread over two units has now been combined in a single unit.
Conversely, where there was previously one unit on production there are now four. The
former Unit 1 now opens the production section.
The unit on IT in the Second Edition has gone as computers are now everywhere, from
wikinomics (in Unit 3) to automated supply chains and sorting offi ces (Units 8, 9 and 25)
to viral marketing (Unit 13) to online trading (Unit 17). In fact the main difference between
writing this edition and the fi rst one 15 years ago is that this time I didn’t need to cut out
promising articles and put them in a fi le and go to libraries to fi nd books that often contained
out-of-date information, but merely spent a lot of time online. This book (and many others
now being written) should really be dedicated to all the people who made the Internet, the
worldwide web, archives and search engines possible.
© in this web service Cambridge University Press www.cambridge.org
Cambridge University Press
978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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Although coursebooks such as this are designed to save teachers the trouble of fi nding
articles and texts about business subjects, it is now possible to fi nd and download material
complementing any subject covered in this book. Given the speed at which things change, this
may occasionally be advisable.
I hope you enjoy using this book with your learners. Feedback is welcome, via http://www.
cambridge.org/elt.
Professional English Online
You may fi nd it useful to visit Professional English Online, a website for teachers and trainers
of business English and English for Special Purposes. You’ll fi nd more on English for Business
Studies at the site, along with a range of other free activities, podcasts, blogs and competitions
on a range of business English topics.
Visit http://peo.cambridge.org.
6 Introduction
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978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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12 Unit 1 Management
This is the fi rst of six units on management. It includes a listening activity about the qualities required by
managers, based on the opinions of two MBA students at the Judge Business School of Cambridge University, a
text summarizing the different functions of management as defi ned by the management theorist Peter Drucker,
and a short communicative activity about recruiting the right manager.
1 Management
Lead-in
These questions, like virtually all the questions,
exercises and activities in the course, are to be
discussed in pairs or small groups. The learners can
then compare their answers with the rest of the class.
(Unless you are teaching one-to-one, of course!)
Management is probably a mixture of innate
qualities and learnable skills. Business schools clearly
believe there are learnable skills and techniques, but
they know that these alone do not suffi ce to make a
great manager.
If the learners cannot think of business leaders
they admire, you could perhaps suggest that they
think of managers in sport: sports fans all have
opinions about the managers of the teams they
support.
Managers are fi gures of fun in many cultures.
For example, in Britain, one of the most popular
television comedy series in the early 2000s was The
Offi ce, featuring a disastrous manager acted (and cowritten) by Ricky Gervais. The American cartoon strip
Dilbert, which does nothing but ridicule managers,
is also well known. In these countries there seems to
be a widespread feeling that many managers have
the unfortunate habit of making their subordinates’
working lives unnecessarily diffi cult, by imposing too
many procedures, meetings, performance reviews and
appraisals, and so on.
The cartoon relates to a worry shared by many
people lower down in hierarchies that their bosses
unfairly get the credit and rewards for their subordinates’
ideas.
Many learners are likely to choose Steve Jobs as the
most interesting and impressive of the fi ve managers
shown, especially if they are the proud possessors of
iPods and iPhones. His career path is certainly atypical.
Akio Morita also had a remarkable career, and is an
exemplary example of someone who understood intercultural differences. At the time of writing (early 2009),
Carlos Ghosn (pronounced Ghoson) has had a remarkably
successful career, and Meg Whitman’s political career has
yet to begin. Jack Welch is celebrated in business circles,
but many people fi nd his methods too ruthless: there are
probably 10% of ineffi cient people in every ‘un-Welched’
organization; but fi ring 10% every year?
Listening: What makes a good
manager? 1.2 1.3
The Cambridge MBA students feature in the listening
exercises in the fi rst four units. Two of them have
‘non-native’ accents (Italian and Russian), while four of
them speak established varieties of English, from India,
Singapore and South Africa.
They speak quite quickly, so it will probably be necessary
to play the recordings twice to let the learners answer the
questions, and a third time to check their answers.
AUDIO SCRIPT
CARLO DE STEFANIS … so managers should
pursue the company goal, maximize value
for shareholders, and so on, but on the other
hand they should accomplish also the personal
goals and objective of the people they manage,
for instance helping young professionals to
develop, and understanding the expectation of
everybody in their team, and trying to match
goals of the company and even helping people
to develop in their team.
OLGA BABAKINA I believe that good managers
actually don’t manage anybody, and good
managers basically they are good executors of
strategies, because the companies today, those
ones who are successful, are not those who have
lots of business plans and strategies somewhere
in the reports and fi les, but those companies who
have managers, executors of plans, so basically
in order to be a good manager you have to know
how to lead people, how to motivate people, and
how to make sure that you are meeting
your targets …
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978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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Management
Management Unit 1 13
Discussion: What makes a good
manager?
Other qualities that the learners may suggest include
having good ideas, having integrity, being prepared
to take risks and take responsibility for them, being
hard-working, decisive, persuasive, honest, intelligent,
educated, etc.
Reading: What is management?
A possible warm-up activity with the books closed,
before reading the text: discuss in pairs for two
minutes what exactly it is that managers do, hoping
to elicit vague notions (though perhaps without
the correct vocabulary) concerning organizing,
setting objectives, allocating tasks and resources,
communicating, motivating, budgeting, and so on.
Peter Drucker (1909–2005), the (Austrian-born)
American management professor and consultant, was
the author of many books about business. The text
paraphrases the extended defi nition of management
he gives in one of his management textbooks, An
Introductory View of Management (1977).
ANSWERS
Among the qualities mentioned in the Listening,
Drucker’s fi rst point (setting objectives and
developing strategies) certainly involves following
the company’s goals. The second point (organizing)
requires knowing how to lead people and knowing
how to successfully execute plans and strategies.
Writing
The learners’ written summaries are likely to be very
similar to the sentences in the text.
Vocabulary
Vocabulary note
The plural of crisis is crises; cf. thesis – theses,
hypothesis – hypotheses, and their pronunciation.
The third point (motivation and communication)
again involves leading and developing people.
The fourth point (measuring performance)
involves meeting goals and targets. The fi fth point
(developing people) involves helping subordinates
to accomplish their own goals and objectives and
helping young colleagues to develop. But all this is
clearly open to discussion.
ANSWERS
1 1 D 2 E 3 B 4 F 5 H 6 G 7 A 8 C
2 1 set objectives 2 allocate, resources
3 perform tasks 4 supervise, subordinates
5 measure, performance 6 deal with crises,
make, decisions
ANSWERS
Carlo Olga
A good manager should:
1 follow the company’s goals
2 help subordinates to accomplish their own goals and objectives
3 help young colleagues to develop
4 know how to lead people
5 know how to motivate people
6 make a maximum profi t for the owners (the shareholders)
7 meet the targets they have been set
8 successfully execute plans and strategies

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978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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14 Unit 1 Mangement
Case study: Selecting a Chief
Operating Offi cer
This case study will not take long. (There is a longer
exercise involving extracts from letters of application
in Unit 5 on Recruitment.)
SUGGESTED ANSWERS
Candidate 1 would appear to be the most
suitable for Company C, which wants to maximize
advertising revenue by broadcasting programmes
with very large audiences. It wants its staff to
execute senior management’s strategies, and
Candidate 1 has been successful at doing that.
Candidate 2 would be suited to Company B, which
has creative, talented and undisciplined people who
need to be creative but probably also need to work
in teams.
Candidate 4 might be the best for Company A,
which needs to implement new systems, and would
also benefi t from someone skilled at communicating
with both employees and the outside world.
Candidate 3 rather seems to see him or herself as a
CEO setting objectives rather than a COO managing
day-to-day operations, and is probably not best
suited to the positions advertised.
Writing
MODEL ANSWER
I would recommend Candidate 4 for the position
at Company A, which needs to implement new
systems, and could use a skilful communicator.
Candidate 2 would be suited to Company B,
which needs to make its creative people work
in teams. Candidate 1 is the most suitable for
Company C, which needs its staff to execute senior
management’s strategies.
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978-0-521-74342-6 – English for Business Studies Teacher’s Book: A Course for Business Studies and Economics Students, Third Edition
Ian MacKenzie
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