X. Fill the blanks with the correct words:

1. The principle ... between a sole trader and a corporation that it is a limited company, (similarity, distinction, difference). 2. Company ... a number of people united in an industrial or commercial enterprise, (is done, is made of, consists of). 3. A joint stock company is the company financial ... of whose members is limited by law. (liability, income, instruments). 4. A corporation is a company that is publicly registered and legally ... from its owners, (joined, separated, divided). 5. A company of which more than half the share-capital ... by another company is called a holding company, (owed, owned, given). 6. Each company ... its own policy, (works out, selects, makes). 7. A business that can buy and sell assets in its own name, make contracts, defend itself in court or be taken to court by its customers is a ... . (sole trader, partnership, corporation).

11. Translate the following extract in written form:

Personnel is the body of employees in a service, business or a factory working for a chief authority.

There are different line and staff departments within a company. The activities of staff departments include credit, marketing, advertising, accounting and personnel. The role of Personnel Department within a company is important. The successful business is, first of all, competent employees working as an excellent united team. This is good working relationship not only among employees but also between the employer and employee.

The Personnel Department is responsible for choosing the right people to work in the right departments. This department is responsible for the employee's general welfare and motivation of work-force.

12. Read the text and answer the question:

1. What does a perfectly competitive market require?

2. Why are Public Utilities granted a monopoly?

3. What is a trademark?

HOW FIRMS COMPETE

Markets exist wherever people come together to buy and sell their goods and services. In economic systems during such hours, consumers and producers exchange their goods and services in many competitive markets.

A perfectly competitive market, according to economists, requires all of the following conditions: 1. Many buyers and sellers; no individual or group can influence the behavior of the market. 2. Identical goods or services offered for sale. 3. No buyer or seller knows more than any other about the market.

Buyers and sellers are able to enter or leave the market at will. Few markets have all these characteristics. The New York Stock Exchange, the American Stock Exchange and other similar securities markets, however, are good examples of perfect competition. The individual securities of a particular firm are totally interchangeable.

Collusion is a secret arrangement between two or more firms to fix prices or share the market. These agreements are usually illegal.

Public Utilities are privately owned firms that provide an essential public service. They are granted a monopoly because it is felt that competition would be harmful to the public interest.

Trademarks are special designs, names or symbols that identify a product, service or company. Many businesses are naturally interested in growing and controlling as much of a market — or several markets — as possible. One way to accomplish this goal is through a merger.

Mergers fall into three categories: horizontal, vertical, or conglomerate.

The combination (or «integrating») of two or more companies engaged in the same business is a horizontal merger. The combination of two or more book publishing firms would be an example of a horizontal merger or horizontal integration.

A conglomerate merger combines two or more unrelated businesses under a single management.