3. Закінчіть переклад речень:

1. An accounting department reported on the effects of the (банківської операції).

2. They studied carefully (балансовий звіт).

3. We use ratio analysis to determine (ефективність виробництва).

4. The accounting department provides data that is used by (акціонерами та кредиторами).

5. I thought you could explain me the big difference between my gross pay and my (платнею без відрахувань).

Market Economy

New vocabulary:

to conduct transactions - проводити ділові операції;

to make profits - отримати прибуток;

to switch to - пeреорієнтуватися;

incredible variety - неймовірна різновидність;

In the market economy, the questions of What, How and For Whom to pro­duce are made by individuals and firms acting in their own best interests. In economic terms a market is an arrangement that allows buyers and sellers to come together to conduct transactions,

Since consumers like products with low prices and high quality, producers in a market economy will try to supply such products. Those who make the best products for the lowest prices will make profits and stay in business. Other pro­ducers will either go out of business or switch to different products consumer can buy.

A market economy has several major advantages that traditional and com­mand economies do not have. First, a market economy is flexible and can adjust to change over time.

The second major advantage of the market economy is the freedom that exists for every one involved. Producers are free to make whatever they think will sell. They are also free to produce their products in the most efficient manner. Consumers on the other hand are free to spend their money or buy whatever goods and services they wish to have.

The third advantage of a market economy is the lack of significant govern­ment intervention. Except for national defence, the government tries to stay out of the way.

As long as there is competition among products, the market economy generally takes care of itself.

The final advantage of the market economy is the incredible variety of goods and services available to consumers. In fact, almost any product can and will be produced as long as there is a buyer for it.

1. Дайте відповіді на запитання до тексту:

1. What is the market in economic terms?

2. Who will stay in business in a market economy?

3. What does the final advantage of the market economy consist of?

Partnerships

New vocabulary:

partnership - партнерство

to carry on business - вести

справу

profit - прибуток

unlimited liability - необмежена

юридична відповідальність

general partner - загальний

партнер

limited partner - партнер з

обмеженою

юридичною відповідальністю

silent partner - партнер без

права голосу

authority - влада, управління,

авторитет,

повноваження

secret partner - секретний

партнер

law - юриспруденція

accounting - бухгалтерська

справа

insurance - страхування

stockbrokerage - біржове

маклерство

real estate - нерухомість

oil prospecting - добування

нафти

quarrying industries - добувні

промисловості

ownership - володіння

власністю

advantage - перевага

disadvantage - недолік

benefits - пільги, переваги

debt - борг

to be legally responsible - бути

юридично відповідальним

A partnership is an association of two or more persons to carry on a business for profit. When the owners of the partnership have unlimited liability they are called general partners. If partners have limited liability they are “limited partners”. There may be a silent partner as well- a person who is known to the public as a member of a firm but without authority in management. The reverse of the silent partner is the secret partner – a person who takes part in management but who is not known to the public.

Any business may have the form of the partnership, for example, in such professional fields as medicine, law, accounting, insurance and stockbrokerage. Limited partnerships are a common form of ownership in real estate, oil prospecting, quarrying industries, etc.

Partnerships have more advantages than sole proprietorships if one needs a big capital or diversified management. Like sole proprietorship they are easy to form and often get tax benefits from the government.

Partnerships have certain disadvantages too. One is unlimited liability. It means that each partner is responsible for all debts and is legally responsible for the whole business. Another disadvantage is that partners may disagree with each other.