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1. a profit-seeking enterprise — прибуткове пiдприємство

2. sole proprietorship/sole trader/one-man firm — одноосiбна власнiсть

3. partnership — партнерство

4. corporation — корпорація

5. red tape — бюрократизм

6. to dissolve the business припинити діяльність підприємства

7. to achieve success — досягти успіху

8. unlimited liability — необмежена юридична відповідальність

9. to be liable for — бути відповідальним за

10. to assume the debts — приймати/брати на себе борги

11. savings — заощадження

Vocabulary exercises

I. State the part of speech and say how the words are formed:

economic, organization, enterprise, consumer, compete, scarce, common, satisfy, satisfaction, proprietor, legal, legally, free, assume, personal, personally, owner, opportunity, generally, recognition, financial, lack, another.

II. Find equivalents:

1. to be liable for smth

2. a partnership

3. to dissolve the business

4. profit-seeking enterprise

5. sole proprietorship

6. retail business

7. the main link

8. red tape

9. unlimited liability

10. to compete

  1. scarce resources

  2. the main advantage

  3. to achieve success

  4. savings

15. to pay taxes

a. конкурувати

б. одноосiбна власнiсть

в. основна сполучна ланка

г. прибуткове пiдприємство

д. заощадження

е. бути вiдповiдальним за щось

є. припинити діяльність підприємства

ж. партнерство

з. платити податки

и. дефіцитні/недостатні ресурси

i. головна перевага

ї. необмежена відповідальність

й. бюрократизм

к. досягти успіху

л. роздрібна торгівля

III. Substitute the words in bold type by their synonyms:

1. Business organization is a profitable enterprise that serves as the main link between scarce resources and consumer satisfaction. 2. The firms compete with one another for the chance to meet people’s requirements. 3. The simplest form of business undertaking is that managed by one person. 4. There is almost no bureaucracy involved. 5. In the event the owner wants to go out of business, a sole proprietorship is as easily dissolved as it is formed. 6. Sole proprietors have the chance to succeed in business through their individual efforts. 7. They are responsible for the firm’s operation and take all risks of loss. 8. Many small businesses have gone bankrupt recently.

IV. Fill in the blanks with prepositions or adverbs if necessary:

1. A business organization is a profit-seeking enterprise that serves ... the main link ... scarce resources and consumer satisfaction. 2. These businesses compete ... one another ... the chance to satisfy people’s wants. 3. The most ... common form ... business organization is the sole proprietorship — a business owned and run ... one person. 4. Most ... proprietorships are able to open ... business ... they set ... operations. 5. Sole proprietors have the opportunity to achieve success and recognition ... their individual efforts. 6. Another serious problem faced ... the sole proprietorship is the lack ... continuity ... the business.