2017-11-01
659
Business
1. The business sector is where production takes place in the economy. The individual agents making up the business sector are called firms. These are the organizations within which entrepreneurship brings together land, labor and capital for the production of goods or services. Economies, in which firms are generally owned by private individuals, rather than by governments, are called capitalist or private enterprise economies. These include almost all the countries in the world today.
2. A firm may be as small as one individual. A large firm is typically a corporation which is a legal entity in itself, having many of the same rights and privileges under law as does a person. The corporation purchases factors of production and receives payment from buyers of its output. The difference between its sales revenue and its costs of production is its profit or earnings. A corporation purchases capital goods, plant and equipment. The owners of a corporation are called shareholders. A large firm typically has many shareholders, some of which are other firms. Firms which primarily invest in other firms are called financial intermediaries. Shareholders play no direct role in the running of the firm, rather they are represented by a board of directors who are elected by shareholders. Shareholders are not liable, in general, for the debts of the corporation.
3. The corporation managers may not even be shareholders. These managers are appointed by the directors as officers of the corporation who are then legally empowered to conduct its business. A primary responsibility of the directors of a corporation is the hiring and oversight of the officers.
VIII. Answer the questions:
1. Where does entrepreneurship bring together land, labor and capital?
2. What does a corporation purchase?
3. Do shareholders play a direct role in the running of the firm?
Variant VI
I. Complete the sentences (1- 9) with the words (a-i):
A) job b) description c)pension d) recession e) decline f) employees g) export
H) credit i) training.
1. The industry has been in………. for decades.
2. They've purchased all sorts of equipment on ………..
3. People leave if they want to find a better……….
4. A skilled worker has special ………..or knowledge to do a job.
5. When we apply for a job, things like pay and ………….can be important.
6. Many modern ………..want jobs that give them enough free time.
7. A product …………contains details about its special features.
8. The retail sector is now in………...
9. Most of their crops are grown for ……...
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II. Match (1-9) with (a-i) to make up sentences:
| 1. Cooperative mechanisms can help achieve 2. Countries around the world struggle to grow 3. Bringing more women into the labor force 4. The decision to make cuts in health care provision 5. Persistent rumors that the business is for sale 6.During the Great Depression of the ‘30s, 7. Gold continues to be preferred 8. Modern banks do more 9. A country’s total output consists of | a) would expand the pool of talent in the labor market. b) have alarmed the staff. c) the promise of globalization and limit its harm. d) to many national currencies. e) their economies more quickly. f) has been widely criticized. g) both goods and services. h) as many as one fourth of all workers were unemployed. i) than simply transfer cash. |
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