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V. Fill in the gaps using the words given(Retail clerk, services, takes part, accumulating, account, human effort, market, risk, limited, consumer, bankruptcy, simplified, entrepreneurial) 1. Economic resources are _____ or scarce. 2. There is an apparent need for a _____ classification of such resources, which we shall meet with the following categories: (1) property resources—land or raw materials and capital; (2) human resources—labor and _____ ability. 3. The process of producing and _____ capital goods is known as investment. 4. Thus the services of a logger, _____, machinist, teacher, professional football player, and nuclear physicist all fall under the general heading of labor. 5. The entrepreneur is a _____ bearer. 6. The reward for his or her time, efforts, and abilities may be attractive profits or losses and eventual _____. 7. The world _____ for oil can also be a source of favorable shifts in aggregate supply. 8. The people who ___ in production are also ___ . 9. There are social and political problems which have to be taken ___ . 10. Labour is ___ to the production of goods and ___ . VI. Translate into English 1. Для удобства производительные ресурсы обычно делят на четыре основные категории, которые называются факторами производства. 2. Труд — деятельность людей, направленная на удовлетворение потребностей индивида и общества. 3. Как экономическая категория, труд представляет собой один из факторов производства. 4. Процесс труда включает в себя три основных фактора: 5. Капитал — это совокупность отношений и предметов, выраженных в виде стоимости, способной приносить прибавочную стоимость или убыток. 6. Капитал включает в себя все те производительные ресурсы, которые созданы людьми: инструменты, машины, инфраструктуру, а также нематериальные вещи, например, компьютерные программы. 7. Распределение любого данного количества блага может быть улучшено посредством обмена. 8. Предпринимательская способность - в экономической науке - способность человека: 9. Предпринимательством можно заниматься в разных сферах. Помимо общего предпринимательства, выделяют социальное и технологическое предпринимательство. 10. Земля - один из четырех основных факторов производства, который для того, чтобы стать производительным, обычно должен соединяться с трудом и капиталом.
VII. Answer some questions: 1. What are the factors of production? 2. What is the fuel that drives the economy? 3. What are the natural resources? 4. What, in economic theory, is “labour”? 5. What is called “the price paid for the use of labour”? 6. Why is necessary to treat labour somewhat differently from the other factors of production? 7. How may be the working population be defined? 8. What is the capital? 9. How is capital created? 10. What is the role of entrepreneurship in production? Литература Основная: 1, 3, 5. Дополнительная: 2, 3, 7. TOPIC 4. TYPES OF BUSINESS. TYPES OF BUSINESS ORGANIZATION
WHAT IS BUSINESS? Business is a word that is commonly used in many different languages. But exactly what does it mean? The concepts and activities of business have increased in modern times. Traditionally, business simply meant exchange or trade for things people wanted or needed. Today it has a more technical definition. One definition of business is the production, distribution, and sale of goods and services for a profit. Profit is the money that remains after all the expenses are paid. Creating an economic surplus or profit is, therefore, a primary goal of business activity.
STARTING A BUSINESS Starting a business it is necessary to provide capital needed for this business. There is always an element of risk because this business may fail. If the business is successful, the risk-taking has been stifled and invested capital earns part of the profits as a return on the investment and the period during which the capital was at risk. Capital in this instance is simply the accumulation of previous surpluses on previous business activities. It this way the past is used to finance the future. The accumulation of capital is almost always deliberate, either on the part of individual citizens or on the part of the state. Even in non-capitalistic societies a certain part of the surplus achieved in any enterprise is "ploughed back" into the system in order to promote further growth. When capital, labour and enterprise combine to make a new business successful, the business must still continue to compete on the market with other companies producing the same type of commodity. The term "market", as used by economists, is a logical extension from the idea of a place set aside for buying and selling. Formally, part of a town was kept as a marketplace, and country people would come in on market days to buy and sell. Markets today need not however be located in any fixed places the sugar market and the cotton market are not geographical locations, but simply sets of conditions which permit buyers and sellers to work together. In a free market, competition takes place among sellers in order to sell their commodities at the best possible price, and among buyers competition influences prices. Changes in supply and demand have their effects, and it is not surprising that considerable fluctuations in price can take place over periods of weeks and months. Since these modern markets are not normally located in any special place, buyers and sellers do not always have to meet face-to-face. They may communicate by letter, lay cable, by telephone or through their agents. In a perfect market such communications are easy, buyers and sellers are numerous, the competition TYPES OF BUSINESS The different types of business organization to be found in the UK and most other capitalist countries may be classified under five headings: the sole proprietor, the partnership, the joint stock company, the cooperative society, and the public corporation.
Sole Trader
Partnership
Private Limited Company
Public Limited Company 
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