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 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 in Word Study
Ex.1. Form verbs and adjectives from the following nouns: classification, industry, owner, privatization, regulation, restriction, nationalization, responsibility.
Ex.2. Give the English for: класифікувати, банківська справа, сировинні матеріали, готові вироби, виробничий сектор, фінанси, зв’язок, оптова та роздрібна торгівля, сектор послуг, володіти компанією, приватна особа, приватний сектор, приватне підприємство, державне регулювання, обмеження, державний сектор, націоналізація, приватизація, комунальні послуги.
Ex.3. Match words from list A with words from list B that have a similar meaning:
Ex.4. Find suitable opposites to the following words and phrases: retail trade, nationalization, private sector, regulation, state-owned organization, return, responsible.
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