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  1. Translate the following extract in written form:

Economies may differ in the amount of freedom they allow business decision-makers. In market economies most firms are private. Therefore, most businesses may set their own price, output level and production techniques.

The owners are the individuals who risk their wealth in the name of the success of the business. If a company (firm) is successful, it makes profit and financial gains are received by the owners. If, on the contrary, things go badly the company has losses and the owners suffer bad consequences.

  1. Read the text and answer the questions:

  1. What are the reasons that make people think about possessing a business of their own?

  2. What types of businesses are there?

Launching a business

There are numerous reasons that make people think about owning a business of their own. Personal independence, unlimited profit potential, the opportunity to work at something that they really love.

A common way to learn about a business, and the opportunities for starting one similar to it, is to learn while working for someone else.

Evidence shows that people who come from families whose members were in business themselves are more likely to start their own companies.

A corporation is one kind of business organization. Other kinds of business organizations are sole proprietorships and partnerships.

Sole proprietors own all the profits of their enterprises, and they are their "own bosses", free to make whatever changes they please. They have minimal legal restrictions and do not have to pay the special taxes placed on corporation.

A partnership is a business organization that is owned by two or more persons. A partnership is relatively easy to form and is not subjected to special taxation. Partners are individually responsible for all the debts of the business.

A corporation is a business organization created under a government charter. Ownership of a corporation is represented by shares of stock, and for that reason corporate owners are known as stockholders. One feature of the corporation is that the courts treat it as a legal "person". It can, for example, sue or be sued and enter into contracts, and it must pay taxes.

  1. Read and remember some English idioms useful for businessmen:

  1. Talk turkey - to talk bluntly, usually about business; говорити прямо, рішуче (часто про справи, на професійні теми).

  1. Get down to business - to begin discussing important issues; перейти до справ.

  1. Have no business - to have no right; не мати права.

Lesson 4

I. Read the following words and word combination and learn their meanings by heart:

Business dealings - ділові стосунки, торговельні угоди; traffic - торгівля; customer - покупець, клієнт; a producer - виробник; a consumer - споживач; marketing - маркетинг, збут, продаж; storage - зберігання; a price - ціна; promotion of goods - впровадження товару, сприяння у продажу; needs, wants, demand – попит; a need - потреба; to recognize a trend - розпізнати тенденцію; marketing mix - маркетинговий комплекс; location - розміщення; addition - доповнення; tester - пробник; advertising - рекламування; complex - складний; likings - смаки, уподобання; searching of market -пошуки ринку; introduction - впровадження; maturity - зрілість; decline - занепад, спад; to rise (prices) – підніматися; to fall (prices) - падати.

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