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7.Match each term with its definition in the right-hand column:

1 firm a. a very large organization that owns companies in more than one country in order to obtain cheap raw materials and make efficient use of a local workforce;

2 profit b. a person or business that owns something;

3 multinational c. the money gained in a business deal, esp. the difference between the amount earned and the amount spent

4 business d. a large group of companies;

5 diversify e. two or more people in business to make a profit by selling goods or services;

6 corporation f. commercial activities in general;

7 owner g. to enter new types of businesses;

8 start-up h. a nation’s system for allocating its resources among its citizens;

9 economic system i. a business that is just being started.

8. Talk to your group-mates:

Which is the most interesting to work in:

a bank, a computer company, a hotel, a restaurant, a supermarket;

choose one of the places and speak about the advantages and disadvantages of

working there.

9. Comment on the following proverbs and sayings. Think over situations where you could use them.

‘Everybody’s business is nobody’s business.’

‘Business before pleasure.’

TEXT 2: BUSINESS ORGANIZATION AND THE ECONOMY

Vocabulary

classify (v) класифікувати

industry промисловість,індустрія, галузь промисловості

raw materials сировинні матеріали

assemble (v) збирати

finished products готові вироби

manufacturing sector виробничий сектор

wholesale trade оптова торгівля

retail trade роздрібна торгівля

7

service sector сектор послуг

own (v) володіти

private sector приватний сектор

enterprise підприємство

pursue (v) переслідувати (інтерес)

regulation регулювання

restriction обмеження

public sector державний сектор

nationalize (v) націоналізувати

sell-off розпродаж

privatize (v) приватизувати

supply постачання

utilities комунальні послуги

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 the 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