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I. Match the terms 1-10 to their definitions a-j.

  1. interest rate

  2. exchange rate

  3. inflation rate

  4. labour force

  5. government bureaucracy

  6. GDP

  7. unemployment rate

  8. foreign investment

  9. tax incentives

  10. balance of trade

  1. total value of goods and services produces in a country

  2. general increase in prices

  3. cost of borrowing money

  4. price at which one currency can buy another

  5. percentage of people without jobs

  6. people working

  7. low taxes to encourage business activity

  8. money from overseas

  9. official rules/regulations/paperwork

  10. difference in value between a country’s imports and exports

II. Complete the economic profile. Don’t look back at the terms in task I.

The economy is stable following the problems of the past two years. By following a tight monetary policy the government has reduced the inflation rate to 2%. After going up dramatically, the i… r… is now down to 8%. The last six months has seen an improvement in the e… r… against the dollar. The G… has grown by 0.15%. Exports are increasing and the b… of t… is starting to look much healthier. The u… r… continues to be a problem as it is still 16%. In order to stimulate the economy and attract g…i… the government is offering new t… i… as well as making an effort to reduce g… b… . Finally, a large skilled l… f… means there could be attractive investment opportunities over the next five years.

GRAMMAR REVIEW 2

Noun Combinations

We can combine two or more nouns in several ways.

  • s possessive Julia’s desk

  • one noun used as an adjective head office

  • phrases with of Director of Communications

  • compound nouns forming one word boardroom

I. Match these examples with the categories above.

customer satisfaction way of life salesperson Coca-Cola’s logo

II. Underline the most suitable noun combination in each group.

1

2

3

4

the meeting of today

a letter of complaint

a business card

a data’s base

today’s meeting

a complaint’s letter

a card of business

a base of data

today meeting

a letter’s complaint

a businesses’ card

a database

III. Nouns used as numerical adjectives are singular.

Example. A plan which lasts for 10 years = a ten-year plan.

Change the following phrases in the same way.

  1. a hotel with five stars

  2. a budget worth 3 million dollars

  3. a presentation that lasts 15 minutes

  4. a contract worth 200,000 pounds

  5. an industrial empire which is 150 years old

IV. Match each noun in column 1 to two of the nouns in columns 2-4 to make

word partnerships.

  1. business

  2. management

  3. sales

  4. labour

  5. company

  6. consumer

  7. information

  8. research

    1. virus

    2. style

    3. campaign

    4. force

    5. house

    6. goods

    7. technology

    8. project

    1. cards

    2. technology

    3. department

    4. technology

    5. headquarters

    6. logos

    7. force

    8. findings

c. plan

c. policy

c. trade

c. market

c. logo

c. profile

c. desk

c. knowledge

V. Make sentences with the noun combinations in task IV.

READING

Text 2

I. Discuss these questions.

  1. There are four key ingredients when starting a new business: an innovation, a good team, the right market opportunity and the right financing strategy. In what ways are they important? There phrases may help you.

If you have (an innovation) you can …

Without a good (team), you can’t …

If you want to … , you have to have …

It is impossible to … if you haven’t got …

  1. In your opinion, which of these four ingredients is the most important?

Why?

II. Go through the article quickly to find the four elements that a good team

needs.

A good team needs:

  1. the ability to …

How to Add the Human Touch

By Doug Richard

When thinking about how you start your business, getting the right team together will be the most important and the most difficult decision you make.

The reason is simple. No one person has all the skills, experience, contact or reputation that are required to start and develop a business. So, in order to succeed, you will have to form a core team of people.

Before that, however, you can only know who else you need by knowing your strengths and your weaknesses. Having a great business idea does not mean that you have the skills to manage others. The hardest of all your decisions may be to let someone else lead the company you founded.

What does the team need?

First, it needs the ability to sell and the ability to persuade others to buy into your vision.

Second, the team needs the ability to count. The business is managed by managing the flow of cash. It may be the accountant’s job to do your books, but it is your responsibility to understand them so well that you use them to drive the business.

Third, the team needs experience. There are three types: customer experience, product experience and start-up experience. If you are going to sell an Internet service to restaurants, you need experience of running restaurants. If your team has only one or the other, you will either know what product to build or how to build it, but not both.

Fourth, the team needs to have contacts, relationships, a network. Having people who can help you informally or formally will help your business succeed.

Finally, you and your team must be fully aware that starting a business means giving up two things – time and money. It often means working evenings and weekends, and being last in line for payment. Succeeding with an innovation-based company takes everything: all of your time, all your great ideas – and it may take all of your money.

There is no magic formula in building a business. It is like putting together the pieces of a puzzle. But it is worth remembering that the team is the most important piece.