Selected Areas of Research

– International business cycles

– International macroeconomics

– Applied econometrics

– Labor economics

– Corporate governance

– Econometrics of panel data

– Economics of regulation

– Financial economics

– International trade

– Educational economics

Career paths -

Graduates find top job positions in banking and business, and at governmental and international organizations. The program also prepares Master’s students for future doctoral studies and doctoral graduates for successful careers in research and academia.

Research and development (R&D) — activity directed toward discovering new products and processes.

All R&JD executives have two major responsibilities:

- they must ensure that the company is supplied with technically successful projects;

- they must select the most promising schemes and ideas for the expenditure of R&K resources.

This work is complicated by numerous uncertainties, inasmuch as commercial research and development must be based on market forecasts. If R&D management can provide a regular flow of new and updated products, the company will benefit in a number of ways. First of all, it will be able to make full use of expensive departmental resources, development engineering and available marketing capacity. In addition to that, a flow of new market winners will provide the business with steady growth in income and profits. This can also be important psychologically, for it is often on this basis that those outside the company assess the quality of its management.

Resolution – an official decision taken by the quorum of directors or shareholders of a company.

Resources/ Human Resources / Human Resources Manager (HRM) – a manager in charge of a company’s employees, their recruitment, training, terms of employment, working conditions, etc.

The success of an organization depends on the capacities and capabilities of its personnel. Unless an organization devotes enough resources on the development of its human resource, it would not get the required output from its personnel. An organization's commitment to the development of human resource has to be reflected in its policies, procedures, practices, customs and ideals.

Rotation of directors – a condition reflected in the Articles of Association of most British companies and requiring that the directors rotate every three years.

S

Sale:

- the act of selling: the transfer of ownership of property from one person to another for a price;

- availability for purchase — usually used in the phrases for sale and on sale.

Senior management/ top management – the highest officers in the organization, including the managing director, other directors and top executives, who make important decisions about company policy.

Scarce — deficient in quantity or number: not plentiful or abundant.

Scarcity:

- the quality or condition of being scarce;

- a limit to the supply of productive resources or consumer goods in relation to producers’ or consumers’ demand for them.

Services – goods that consist of the work of human beings in the form of physical labor or intellectual pursuits, skilled guidance and advice, organizing and commercial activity.

Socializing – accepted patterns of communication aimed at relationship building in business.

the role of socializing in relationship building; (recurrent) patterns of socializing.

Social responsibility – «social responsibility» of companies has become a buzzword in modern societies. The motto of many businesses is caveat emptor (‘let the buyer beware’). It means that if the customer is not satisfied with the product they file a product liability suit, which can drastically affect business prospects. For example, the value of the stock of the Bic Corporation dropped when the company revealed a number of suits claiming that Bic lighters exploded, causing severe injuries and even death.

Staff – all the employees of a business or organization.

Stake – a sum of money invested in a business; shares owned in a company by an individual or organization.

Start-up — new company, often with higher risk and higher potential return on investment.

Strategy – a long-term plan of future action which, in a company, is usually decided by senior management:

carry out/ develop/ drew up/ follow/ plan/ pursue/ work out a strategy; corporate strategy.

Strategic business unit (SBU) – a part of a company with its own market and profit:

accountable for several strategic business units.

Strategic buyout – acquisition of a company based not on short-term goals but on the prospect of the long-term profitability of consolidation:

A strategic buyout anticipates enhanced long-term earning power.

Subsidiary/ subsidiary company – a company of which at least half the share capital is owned by a parent or holding company:

There are now five subsidiaries/ subsidiary companies in the group. Each subsidiary company trades under its own name.

Sunrise industries vs Sunset industries – expanding industries as the mainstays of the future as distinct from mature or declining industries

…for the first time this year exports of high-tech or sunrise industries have outpaced those from low-tech or sunset industries.

Biotechnology and genetic engineering are among sunrise industries.

Steel and heavy manufacturing industries are referred to as sunset industries.

Supply and demand – the amount of goods or services offered for sale and the number of buyers or users available in the market.

In neo-classical economic theory, demand and supply establish the equilibrium price and quantity of any product. In the market for housing for owner-occupation, however, that equilibrium is difficult to establish because of the unique nature of each house, flat, cottage, or bungalow. Non-monetary factors may influence house prices, such as area of schools, and house prices can vary widely geographically because of the uneven spread of job opportunities.

When economic forces are not regulated, Americans believe supply and demand determine the prices of goods and services. Prices tell businesses what to produce; if people want more of a particular good, the price of the good rises. That catches the attention of new or other companies that, sensing an opportunity to earn profits, start producing more of that good. If people want less of the good, prices fall and less competitive producers either go out of business or start producing different goods. Such a system is called a market economy. A socialist economy is characterized by more government ownership and central planning. Most Americans are convinced that socialist economies are less efficient because government, which relies on tax revenue, is far less likely than private businesses to take note of price signals or to feel the discipline imposed by market forces.

Surplus — the amount that remains when use or need is satisfied.

SWOT analysis –

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