UNIT 11

1. Memorize the following words and word combinations:

2. Read and translate the text:

TYPES OF BUSINESS ACTIVITY

The terms industry and commerce tend to be used together to describe that part of economy that creates wealth. Yet there is a difference between industry and commerce, but the dividing line can be blurred in many cases. Industry refers to enterprises that produce, convert, assemble or similarly modify materials that are then sold in a different form to that which they were originally in. So industries are concerned with a physical product, such as steel, cars, chemicals or food. Although this is the more usual meaning of industry, it is also sometimes used simply to mean ‘business’.

Commerce has become synonymous with what is sometimes called ‘the service sector’. It does not produce a physical or tangible output, but is nevertheless a very large part of a modern economy such as UK.

Business activities are often classified by grouping together firms producing the same goods or services into industries. An industry consists of all those firms producing the same good or service. For example, the construction industry consists of all firms engaged in building homes, offices, shops, factories, roads, hospitals, or even small garages or patios. The oil and gas industry consists of firms that extract and sell fossil fuels. The retailing industry consists of firms that operate shops, mail order catalogues, home shopping channels on TV, and outlets through which consumers can buy products.

3. Answer the questions. Start your answer with the phrases: There is no denying that…, To my mind…, As far as I understood…, As far as I know…

How are terms ‘industry’ and ‘commerce’ used?

What is the difference between industry and commerce?

What does industry refer to?

What does commerce produce?

What is commerce associated with?

How are business activities classified?

What does industry consist of?

What does retailing industry consist of?

1._______ supply goods and services motivated by their desire for profit.

2.The preservation of a system of free _______ is essential to economic freedom.

3.Business is also referred to as ________ .

4.The firm uses its own retail _________ to sell its goods.

5.Industrial ________ grew by 25.6% in 2007.

6.The ______ comprises thousands of firms.

7.What goods do you _______ to this firm?

8.The government is attempting to strengthen ________ .

9.The priority of any government is to generate growth in the ______ .

10.Many years ago man lived in harmony with nature, because _______

was not much developed.

11.Having made a ________ the problem becomes to find someone who will buy it.

12.Last year the situation in coal mining ________ stabilized.

13.Marcel Bich set up his __________ in 2005.

14.In global _________ nations usually specialize in certain _______ or commercial activity.

6.Express doubt. Use the phrases: It can’t be so…, I doubt…, It hardly be so…, I can’t believe that…:

Model : He understands your question.

I’m afraid he doesn’t understand your question.

1.You know his decision.

2.Everyone goes through life having to make choices.

3.Economic forces affect decisions in the world of business.

4.Large corporations use economists to study the way they do business.

5.Each factor of production has a place in our economic system.

6.The study of economics helps me to understand the economic forces better.

7.We will present the new company structure next week.

8.They discussed this problem at last week’s meeting.

9.Every economist knows that there are three forms of business.

10.This working position is the best for your son.

11.Mary wants to be an executive of a big company.

12.Nancy Lee purchased some books on economics.

13.They will discuss the functions of middle management.

14.These students will study economics.

15.According to the agreement Ukrainian exports to Poland increased.

16.This firm had progress in the export of tools.

7.Ask about the following:

Model: Ask your friend if he knows what is the basic economic problem. Do you know what the basic economic problem is?

1.Ask your friend if John knows the answer to the fundamental economic questions.

2.Ask your friend if rent becomes income to the owner of the land.

3.Ask friend if he wants to study economics.

What is the major aim in any business? Why?

BUSINESS

The word ‘business’ is used in many modern languages. In ancient times it meant trade for things people wanted. Nowadays business is production, distribution, and sale of goods or services to get some profit.

Production is, as a matter of fact, making things, producing goods and creating services.

Distribution is moving things from the place of production (works or factory) to the market-place.

As for the sale of goods and services, it is the exchange of a product or service for money.

In any business activity making a profit is the major aim. Profit is defined as the money that remains after paying all the expenses in business.

10. Agree or disagree with the following statements. Prove your point of view. Use the following phrases: I completely agree…, I disagree entirely…, I agree up to a point…:

The word ‘business’ has only one meaning in any language.

Production means producing goods and services.

Distribution means moving goods.

The sale means exchange of goods for money.

Making profit is the major aim of any business.

Profit is money left.

In any business activity the process of production is essential.

Sale is an exchange of one product into the other product.

UNIT 12

1. Memorize the following words and word combinations: