5. Translate the sentences from Russian into English using the Vocabulary of the text:

1) Труд - это человеческий фактор производства.

2) Нет такой работы, которую не могли бы исполнить.

3) Многие люди считают деньги капиталом.

4) В бизнесе деньги называются оборотным капиталом.

5) Предприниматели объединяют три фактора - землю, труд и капитал

Short Revision and Self-Control of the Main Statements of the First and Second Units.

Close the right-hand side of the page with a sheet of paper and move it downwards answering the questions and checking yourself:

Questions	Answers
1. Why is it necessary to study business?	Because business is the only activity that creates wealth or abundance of goods and services
2. What is the universal condition of everybaby born into the world?	It is the state of want. It has no food, clothes of shelter
3. What are the basic wants of mankind?	Food, water, clothes, shelter, medical care and geographical territory
4. Why is business activity endless?	Because consumption of wealth created destroys production and we must start a new cycle of production
5. What is labour?	The human resource: muscle power, skills and ideas
6. What is capital?	The wealth of assets created in one time period for use in the next time period

Unit 3 types of production

Before reading the text study the vocabulary:

Vocabulary

production activities – производственная деятельность

chief objectives – основные цели

primary – первичный

secondary – вторичный

tertiary – третичный

distant – далёкий

to renew – возобновляться

to discover – открыть, обнаружить

to exhaust – истощать

non-renewable – невозобновляемый

scientific and practical study – научное и практическое изучение

sophisticated – утончённый, изысканный

to add – добавлять

value – ценность

exchange – обмен

wholesale trade – оптовая торговля

retail trade – розничная торговля

Types of production activities

We classify production activities into three divisions - primary, secondary and tertiary production.

Primary production

Primary production is the production of goods made available by nature, either in the distant past as part of the Earth's development or year by year, as the cycles of nature proceed. Thus, iron ore, tin, copper and other elements are natural resources, which we cannot renew - we can discover them and use them, but as we do so we exhaust the supplies. They are non-renewable primary products. By contrast, timber, fish, wheat and barley are natural products.

Secondary production

Secondary production is the production of goods, which are an improvement upon natural products. Thus, a chair is more convenient to sit on than a tree trunk. By years of scientific and practical study we have found how to change natural products into sophisticated secondary goods. In doing so we add value to the product.