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IV. Intensive Reading Task





Read and translate the following text. Consult a dictionary if necessary.

IMPORTANCE OF PROFIT

Profits are important and beneficial to society, as well as to businesses. Some of the benefits of profit to our society include the following items:


“Consumer needs and wants are met”. This idea probably sounds pretty strange – consumers benefit when businesses make profits. How is this possible? Profits enable businesses to expand. In this way, they are able to offer consumers more and different kinds of products and services. New products can be discovered, developed, or offered to satisfy customer needs and wants. In addition, the profit motive encourages businesses to change the kinds of goods or services they provide, so that changing customer needs and wants can be met. Profits encourage business owners to make their businesses more efficient, thereby conserving resources that may be needed by the consumers of tomorrow. The added benefit is that fewer resources will be used today, leaving more resources available for future consumers. Businesses compete for profits. Because of this competition, improved products and services, higher quality products and services, lower prices, and more services are offered to consumers.

“Wages and employment opportunities are better”. Businesses that are profitable can afford to pay better wages and provide more benefits to their employees. Also, profitable businesses usually hire more employees, thereby increasing employment opportunities for more workers. As businesses expand, they provide more opportunities for workers to advance.

“Our economy is strengthened”. Profitable businesses can expand, hire more workers, and invest in new businesses. All of these help to make our economy stronger and healthier because they result in more tax rubles paid to the government. The government will use the tax rubles to pay for services and programs such as education and defense, which benefit all citizens. When businesses make profits, they are more likely to contribute to charitable causes. These contributions can help to fight against the poverty and diseases, which exist in our society. Other contributions can be used to improve the community.



Of course, profits are very important for businesses. They make it possible for businesses to grow, expand, and hire more employees. Because of profits, businesses are able to develop new and improved products for their customers and to compete with other businesses. Most of all, profits provide the incentive necessary for an individual to risk the time, money, and effort invested in a business. Although businesses may be able to survive without making profit in the short run, it is absolutely necessary for businesses to make profit in the long run. Otherwise, their employees, suppliers, owners, and creditors cannot be paid. Profits, therefore, are the lifeblood of businesses, since without profits, businesses would eventually cease operating


1. Join the halves.

1. Profits are able to…

2. Profits encourage business owners to make their businesses more efficient …

3. Improved products and services, higher quality products, lower prices …

4. As business expand …

5. Profitable businesses can expand, hire more workers and …

6. When businesses make profits, they are more likely to …

7. Because of profits, businesses are able to …

8. It is absolutely necessary for businesses to …

9. Profits are the lifeblood of businesses, since …

a. … invest in new businesses.

b. ... compete with other businesses.

c. ... make profit in the long run.

d. … thereby conserving resources that may be needed by the consumers of
tomorrow.

e. ... they provide more opportunities for workers to advance.

f. … without profits, businesses would eventually cease operating.



g. … offer consumers more and different kinds of products and services.
h. … are offered to consumers.
i. … contribute to charitable causes.

2. Complete the sentences:

1. Businesses are able..

2. New products can be …

3. The profit motive encourages…

4. Businesses compete for profit, therefore…

5. Businesses that are profitable can …

6. The government will use the tax rubles …

7. When businesses make profits, they are …

8. These contributions can help …

9. Profits make it possible for businesses …

10. Profits provide …

*3. Read the text and fill in the gaps with words given below:

deducted, wages, dissatisfaction, sales, affect, raise, common, customers, demand, luck, control, loss, increases, merchandise, recession, exist.


FACTORS AFFECTING PROFIT

There are many factors that 1 ____ how much profit a business might

make. Here are some of the most 2 ___ :

“Expenses”. Expenses must be 3 ___ from income to determine profit.

The more a business's expenses increase, the lower profit will be. It is important for businesses to keep their expenses as low as possible.

4 _____ for the product or service”. If the demand for a business's

products or services remains the same or 5 ____ , profit increases too. And if

demand decreases, profit decreases too.

“Economy”. Sometimes, the economy experiences a 6 _ or depression –

7 _____ may be lower or people are out of work. A business's profit may be

decreased simply because its 8 ____ do not have the money to buy as many

products or services as in the past. The profits of businesses are more likely to
increase, since more 9 ____ can be made.

“Chance”. Sometimes profits are affected by chance or 10 ______ . On

occasion, this is good for the business. On the other hand, the chance of 11 _

is always possible. And, even though a business is going well one year, there is no

guarantee that factors, many times beyond 12 ___ , will not change the profit

picture.

“Prices”. Why don't businesses just 13 _____ their prices to cover any

increase in the cost of 14 __ or any decrease in demand? Actually, it is difficult

for businesses to raise their prices because decreased sales might result.

Customers who don't like price increases may show their 15 __ by not doing

any further business with the company if they are able to get the same or similar products from another businesses. Because most of the businesses in the free

enterprise system 16 ____ in a competitive environment, it is important that a

business does not charge more than its competitors unless it gives some additional service to customers.

Answer the questions:

1. Name five factors affecting profit.

2. Why is it important for businesses to keep their expenses as low as possible?



3. What happens if the demand remains the same, increases, decreases?

4. What does the economy experience sometimes?

5. Why may a business’s profit be decreased?

6. What factors in the economy are beyond control?

7. Why is it difficult for businesses to raise their prices?


IV. Speaking Practice

1. Dramatize the dialogue and make up your own conversation on
analogy.

DE: Hello and welcome to the programme Make or Break. My name is David

Evans. In today’s programme we look at the rise and fall of the American

tycoon, Alan Bond. A self-made millionaire, Bond has been a well-known

figure in the Australian business and on the world business stage. Dear

audience, you are welcome to ask questions and make your own comments. Q: Was Bond basically a businessman, I mean did he invest millions of dollars

and how did he see a return of his investment? DE: Bond was a man who had always known exactly what he wanted and how

to get it, as he makes clear in this interview about his early years. Bond: I wanted to make a million before I was 21 and I started business when

I was 18. And I set myself a goal – I’d made a million by the time I was 21. Q: He got satisfied and lived peacefully ever after, didn’t he? DE: Of course not. He went on to make several more millions as a property

speculator in Perth during the boom years. Q: I remember there was the crash in the property market in the early 70s. Did it

cause any trouble in your business? Bond: Definitely yes. But it forced me to diversify my interests. I went into

mining, oil exploration and retail. Q: But things had not been going so well for you, as far as I know. Bond: Sure. I still had a vast amount of capital tied up in property – and the

property market was dead. I was losing my money and was forced to start

liquidating my assets. DE: Fortunately with access to enormous supplies of credit he embarked upon

one of the biggest takeover binges the world has ever seen. Bond: I was lucky and soon gained control of hundreds of companies all over the

world. Q: Lucky? From the reliable sources I got to know that Alan Bond finished the

decade with debts of $9.25 bn. One of the biggest debtors in the world. DE: That sounds amazing. We can ask Bond about his debts after a minute

break for advertising. Stay with us.

 








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