- •Донецький національний університет економіки і торгівлі імені Михайла Туган-Барановського
- •Economics Today
- •Content
- •Texts for Individual Reading
- •Передмова
- •Unit 1. What does economics study?
- •Vocabulary.
- •What does economics study?
- •Money price human wants scarcity
- •What does economics study?
- •Pronouns
- •Unit 2. Different Economic systems.
- •Vocabulary.
- •Different economic systems
- •Outstanding economists.
- •Unit 3. Economics as a social science.
- •Vocabulary.
- •Try to explain the above mentioned economic notions as you understand them, by your own words.
- •Economics as a social science.
- •Economics as a social science
- •Outstanding economists
- •Unit 4. Economics as a policy.
- •Vocabulary.
- •Economics as policy.
- •Economics and policy
- •Outstanding economists.
- •Unit 5. Main economic concepts.
- •Vocabulary.
- •Main economic concepts.
- •Outstanding economists.
- •2. Define:
- •Unit 6. Market, Supply and Demand.
- •Vocabulary.
- •Market, supply and demand
- •What money can’t buy
- •Outstanding economists.
- •Unit 7. Prices and their formation.
- •Vocabulary.
- •Price and its formation.
- •Past Tenses
- •When prices draw us.
- •Outstanding Economists.
- •2. Value:
- •Unit 8. Taxes and Taxation.
- •Vocabulary.
- •Taxes and taxation
- •Past Tenses Past Perfect Simple
- •Past Perfect Continuous
- •Will Germany Start Tax Reform?
- •Crackdown on “alcohol disorder zones”
- •Outstanding economists.
- •Sources of government revenue
- •Public spending
- •Unit 9. Business organization.
- •Vocabulary.
- •Forms of business ownership in the u.S.A.
- •The Formal Organization.
- •Up and Down of People Express
- •Burr’s Business
- •3. Necessity:
- •Unit 10.
- •Forms of business small business
- •I. Can you stick with it?
- •How to make business plan.
- •The Passive Voice
- •Unit 11. Franchising.
- •Vocabulary.
- •Franchising.
- •Evaluate your franchise opportunities.
- •Mc’Donald’s : burger and fries a la français.
- •Invest:
- •5. Tax:
- •Unit 12.
- •International Trade.
- •International trade.
- •How to avoid business blunders abroad.
- •Vocabulary to Text 2.
- •Advertising.
- •Vocabulary:
- •Answer the questions:
- •Economic theories.
- •Vocabulary:
- •Answer the questions:
- •Main economic concepts.
- •Vocabulary:
- •Answer the questions:
- •Management.
- •Vocabulary:
- •Answer the questions:
- •Marketing.
- •Vocabulary:
- •Answer the questions:
- •Types of economic systems.
- •Vocabulary:
- •Vocabulary:
- •Practical Tasks:
- •Text 2. Classical Theories.
- •Vocabulary:
- •Practical Tasks:
- •Text 3. The Meaning of Management.
- •Vocabulary:
- •Practical Tasks:
- •What is you understanding of management?
- •Vocabulary:
- •Practical Tasks:
- •Text 5. Management Activities.
- •Vocabulary:
- •Practical Tasks:
- •Text 6. Classical Theories.
- •Vocabulary:
- •Practical Tasks:
- •Text 7. Fayol's Principles of Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 8. F.W.Taylor and Scientific Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 9. The Principles of Scientific Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 10. Scientific Management after Taylor.
- •Vocabulary:
- •Practical Tasks:
- •Text 1. Comments on the Scientific Management School.
- •Text 2. L.F.Urwick.
- •Text 3. E.F.L.Brech.
- •Text 4. Max Weber and the Idea of Bureaucracy.
- •Text 5. Bureaucracy.
- •Text 6. Bureaucracy after Weber.
- •Questions for Discussions to texts 1-6.
- •Nobel prize winners.
- •1975: Nobel Prizes.
- •Money in our everyday life quotations. Attitudes to money.
- •Giving away money.
- •Money and everyday life.
- •Money and the family.
- •Money at work.
- •Money madness.
- •Possessions.
- •The economic model.
- •The psychology of money.
- •The very rich.
- •Young people, socialisation and money.
- •Poetry.
- •I have some fe a rainy day underneath me bed,
- •Is dis culture yours, cause it is not mine
- •It could do good but it does more bad
- •The coin speaks.
- •The hardship of accounting.
- •The millionaire.
- •Keys unit 1.
- •Comprehension check.
- •Unit 2.
- •Comprehension check.
- •Unit 3.
- •Comprehension check.
- •Unit 4.
- •Comprehension check.
- •Unit 5.
- •Comprehension check.
- •Unit 6.
- •Comprehension check.
- •Unit 7.
- •Train and check yourself
- •Unit 8.
- •Unit 9.
- •Comprehension check.
- •Fill in the chart
- •Unit 10.
- •Unit 11.
- •Comprehension check.
- •Unit 12.
- •Keys to the texts for individual reading
- •Economics Today
Forms of business ownership in the u.S.A.
The three most common forms of business ownership are sole proprietorship, partnership and corporation.
Sole proprietorships are the most common type of business in the USA, accounting for almost 70% of all enterprises. However, corporations account for over 75% of the profits earned by American business.
Each form of ownership has a characteristic internal structure, legal status, size and field to which it is best situated. Each has key advantages.
A sole proprietorship is a business owned by just one person, although it may have many employees. It is the easiest form of business to start with limited funds. Most forms retail establishments and small service businesses are sole proprietorships, as are many part-time businesses run from the home. The profits in this business make up more than $51mln that makes up 25% of all business profits, while partnerships yield losses about $7mln yearly.
A partnership is a legal association of two or more persons as co-owners of an unincorporated business. The partners share the profits and losses of the business and often share management responsibilities as well. In a general partnership all partners are legally equal and are liable for the business debts. In a limited partnership, however, one or more people act as general partners and run the business; the remaining partners are passive investors whose liability is limited to the amount of their capital contribution. A partnership can give the members some of the freedom and flexibility of a sole proprietorship. As a rule top-quality employees form a partnership in fields such as accounting, law and finance.
Corporation is a legally chartered enterprise with most of the legal rights of a person, including the right to conduct a business, to own and sell property, to borrow money and to sue or be sued.
A corporation has five important characteristics:
It is an artificial person with specific legal standing.
It has an unlimited life span.
It is empowered by the state to carry on a specific line of business.
It is owned by shareholders.
Its shareholders are liable for damages only to the extent of their holdings.
COMPREHENSION CHECK |
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Exercise 1. Read the text and complete the following chart.
Forms of ownership |
Number of owners |
Profits in the business |
Types of enterprises engaged in the business |
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Exercise 2. Work in pairs. Read and discuss advantages and disadvantages of business ownership.
Advantages and disadvantages of the three forms of business ownership.
FORM OF OWNERSHIP |
ADVANTAGES |
DISADVANTAGES |
Sole Proprietorship
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Ease of formulation and dissolution. Control and freedom. Secrecy of operation. Unique tax advantages. |
Limited potential for big profits. Restricted financial resources. Reliance on owner for all managerial skills. Unlimited liability. Life of business limited to owner’s interest or life span. |
Partnership
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Ease of formulation. Ownership opportunities for skilled persons. Legal standing in case of disputes. Increased capital and credit sources. Ability to continue despite changes in ownership. |
Unlimited liability of general partners. Ever-present danger of interpersonal conflict between partners. Potential for aggressive competition among employees for partnership status. Lack of clear-cut management responsibility. |
Corporation
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Limited liability for shareholders (owners). Investment liquidity. Unlimited lifespan. |
Requirements for public disclosure. Costs to establish and dissolve tax rates. |
Exercise 3. Write a composition (about 200-250 words) about one of the forms of business ownership you’d like to organize. Use the following words and expressions in your work.
I’d prefer … because
I have no doubt …
To some extent I can agree with …
In my opinion …
To put that another way …
I’m afraid I can’t agree with …
It might be worth doing something …
I would suggest …
I tend to disagree …
Maybe that’s true, but …
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GRAMMAR Active Voice. Future Tenses: Simple, Continuous, Perfect, Perfect Continuous. |
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Future Tenses | |||
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Shall |
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Future Simple |
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+ V | |
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Will |
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They will organize a partnership next month. | ||
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Don’t worry, I’ll give you the job! | ||
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All our family hope they’ll get the job they have applied for! | ||
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Shall |
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Future Continuous |
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be + Present Participle (V ing) | |
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Will |
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After signing a contract he will be working for “Primetime” for the next five years. | ||
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Shall |
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Future Perfect |
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have + Past Participle | |
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Will |
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Shall |
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Future Perfect Continuous |
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have been + Present Participle (V ing) | |
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Will |
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All accountants will have finished their annual reports by the 1st of February. She will have been working for FoxMart for 7 years by this time next week. |
Task 1.
Read the text; define in what way do all business forms differ from each other? Also be ready to give definitions to the following notions: structure, supervise, responsible, accountable, authority, the chain of command, delegation of authority.
Text 2.