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Латыгина Базовый курс економики на англ.doc
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Business Organization and the Economy

Businesses may be classified according to which industry they are in: for example, construction, oil, banking, food.

All the companies which make goods from raw materials or assemble components into finished products work in the manufacturing sector.

All the companies which provide services in areas such as tourism, banking and finance, communications, wholesale and retail trade work in the service sector.

Besides, a company may be owned by the state, or by private individuals. Privately – owned and – run companies work in the private sector.

A private enterprise is a system that allows individuals within a society to pursue their own interest without governmental regulation or restriction. State – owned and – run organizations are in the public sector.

When a private company is bought by the state and brought into public sector, it is nationalized in a process of nationalization. A nationalized company is state–owned.

When the state returns a company to the private sector in a sell-off, it is privatized. This is privatization. The first to be sold off in a privatization programme are often the companies responsible for the public supply of electricity, water and gas: the utilities.

Exercises in Word Study

Ex.1. Form verbs and adjectives from the following nouns:

classification, industry, owner, privatization, regulation, restriction, nationalization, responsibility.

Ex.2. Give the English for:

класифікувати, банківська справа, сировинні матеріали, готові вироби, виробничий сектор, фінанси, зв’язок, оптова та роздрібна торгівля, сектор послуг, володіти компанією, приватна особа, приватний сектор, приватне підприємство, державне регулювання, обмеження, державний сектор, націоналізація, приватизація, комунальні послуги.

Ex.3. Match words from list A with words from list B that have a similar meaning:

A

B

own

goods

enterprise

allow

in charge of

limitation

company

permit

possess

commodities

restriction

responsible

Ex.4. Find suitable opposites to the following words and phrases:

retail trade, nationalization, private sector, regulation, state-owned organization, return, responsible.

Ex.5. Match the nouns in the left hand column with the verbs in the right hand column.

business

industry

components

product

company

interest

develop

assemble

finance

sell

classify

start

privatize

close down

supply

pursue

nationalize

Ex.6. The words in the box frequently occur before “sector”.

Find combinations that mean:

  1. all the companies which assemble components into finished products, or which make goods from raw materials;

  2. all the companies which provide services in areas such as tourism, banking and finance, wholesale and retail trade;

  3. state – owned and – run organizations, e.g. government departments, and nationalized industries;

  4. privately – owned and – run companies;

  5. all the companies which provide insurance;

  6. all the companies selling goods to the general public.