Text study - раздел Философия, Учебно-методическое пособие «Economics and Plant Management»
Organizations In The Uk Economy Can Be Classified According T...
Organizations in the UK economy can be classified according to their choice of legal structure, the sector in which they operate, and their business objectives.
Two key concepts associated with private sector firms are profit and limited liability. The fact that an organization is in the private sector normally means it will seek to make at least an acceptable level of profits for its owner(s). The owners are entrepreneurs with a profit motive, profit being the reward for the risk of being in business. Other reasons that people set up private sector firms include:
· the desire for job satisfaction;
· personal goals and reasons;
· the wish for a satisfactory level of income;
· a desire to work.
Limited liability is associated with limited companies: business organizations which must include “limited” (Ltd) or “PLC” in their names. Limited liability brings benefits not only to the owners of the company but also to the economy: it encourages people to set up in business because they realize that there are limits to the amount they can lose if their business venture fails to succeed.
The main forms of private sector business ownership are sole traders, partnerships and limited liability companies. Their business objectives include survival, making a profit and increasing market share. Sole traders and partnerships are two forms of unincorporated business. Unlike limited companies they do not have a separate legal existence from their owners. A sole trader business is the easiest and least expensive to establish, and is found where large-scale production is not required. Local service firms such as hairdressing and plumbing are therefore often sole traders. Benefits include independence as well as the ease of setting up, but drawbacks include long working hours, limited specialist knowledge and unlimited liability. Partnerships are associated with professions such as dentists and accountants, and have similar advantages and disadvantages to sole traders. Compared with them, partnerships tend to be larger with access to more capital (there are at least two owners), although difficulties arise if one of the partners dies or decides to leave.
There are two categories of limited company, both receiving the benefits of incorporation and limited liability. The private limited company cannot advertise its shares for sale to the public or through the Stock Exchange: the owners can keep the affairs of the company more private, and are protected from hostile takeover bids. A public limited company (PLC) gains the financial benefit of approaching the public to invest, and its large size often leads to economies of scale. Setting up a PLC, however, is expensive and its large size works against it when diseconomies of scale are found.
Important recent developments in the UK economy include the growth in franchising as a form of business ownership.
The franchisor company allows the franchisee to sell its product or service, and supplies equipment and advice. The franchisor can therefore expand without the need for major capital investment.
In return for this, the franchisee invests the capital and pays royalties to the franchisor out of profits made, and receives a well-known or well-supported product or service.
The public sector provides goods and services typically through either public corporations or local authorities. The profit motive is not so important, although the organizations may have to meet certain financial targets. Privatization has been an important trend here: public corporations have been sold to the private sector in an attempt to bring about the benefits associated with greater competition. The government has received the revenue from privatization. In many cases, however, a privatized monopoly has been created from the public sector monopoly, and increased competition has not always resulted.
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Text study
A basic understanding of economics is essential if we are to be well informed citizens.
It is characteristic of any society that while wants of people are growing constantl
Language practice
I. Mind the use of the words: economy, economics, economic, economical, economize.
1. 5,3 million people contribute to the economy of Belarus. Britain’s economy
Word list
Tertiary – третий, в-третьих; community services – коммунальные службы, услуги; emergency services – экстренные службы (полиция, пожарные); to result from - вытекать, происходить в результате, быть
Text study
Organizations in the economy are classified according to what they produce or provide:
– primary: extractive industries such as the “3 Fs” − f
II. Complete the sentences below using the information of the text
1. Organizations that manufacture products or construct roads, buildings are called … . 2. Private … firms are owned by individuals who hope to make a profit. 3. Land, …, … and enterprise are facto
IV. Answer the following questions
1. According to what are organizations in the economy classified? 2. What can you say about primary organizations? 3. What do secondary organizations do? 4. What kind of services do tertiary organi
II. Complete the blanks
1. An economist cannot … what will happen in future in the economic domain. 2. Economic laws are true under certain given … . 3. Economic laws tell the direction of … which is expected. 4. Complex
Language practice
I. Mind the following words and phrases.
1. Сoin, credit, currency, purchasing power, constant store of value, measure, commodity, inflation, transaction, rapidity, pr
Language practice
I. Mind the use of the words: requirements, deposit, check clearing, reserves, assets.
1. Central bank imposes reserverequirements. 2. Commercial banks promise to p
Language practice
I. Mind the use of the words: vary, variable, varied, various, variety, variation.
1. Conditions on that market are stable and do not vary very much from year t
Language Practice
I. Mind the following words and phrase.
Exhibit, exhibition, exposition, exhibitor, exposure, display, attendance, showcase, show, dedicate, agent, examine, hold, merc
Language Practice
I. Mind the following words advertising, advertisement, publicity, public relations, ads, brand, promote, trademark.
1. Advertising means making a product or service known to
Word list
Legal structure – правовая, законодательная структура; objective – цель, задача; to be associated with – быть связанным с, относиться к; profit – прибыль, доход, польза; profit motive – стимул к по
Language practice
I. Match the words their definitions.
a) liability 1) one who shares something with another
b) business 2) a general inclination, direction or
Word list
Profit – прибыль, доход, польза, выгода; turnover – товарооборот, оборачиваемость; market share – доля рынка; expansion – увеличение, рост, развитие; reinvesting – реинвестирование;
Text study
The size of a firm can be measured in different ways. Popular bases are:
– profit;
– t
Language practice
I. Match the words their definitions.
a) profit
1) material wealth in the form of money or property
Word list
Production costs – заводская себестоимость, издержки производства; fixed costs – фиксированные расходы; output – выпуск, объём производства, выработка, производительность; rent – арендная плата; sa
Text study
One important way to classify production costs is to divide them into fixed and variable. Fixed costs do not change as output changes: examples include facto
Word list
Accounting – бухгалтерское дело, учёт, расчёт, начисление; account – счёт, учёт; accountant – бухгалтер, счетовод, учётчик; ledger – бухгалтерская книга, регистрационный журнал; sal
Balance Sheet
Purpose: To show the firm’s financial position.
Contents: Assets (items owned by the firm) and Liabilities (items owed by the firm): capital expenditure.
A
Language practice
IMatch the words to their definitions.
a) Sales Ledger
1) it is the main liquidity ratio
Word list
Human relations – взаимоотношения между членами коллектива; efficient – эффективный, умелый, квалифицированный; workforce – рабочая сила, трудовые ресурсы; recruit – нанимать на раб
Text study
All firms depend for their survival on a contented and efficient workforce: its human resource. A firm’s Personnel function manages its human resources.
I. Match the words to their definitions.
a) staff
1) a formal agreement between two or more parties
b) vacancy
2) one in charge of managing an enterprise or busin
Word list
Marketing function – маркетинговая функция; consumer – потребитель; to promote – продвигать, раскручивать, содействовать продаже; market research – изучение возможностей рынка; fiel
Text study
The marketing function has two key roles to play in a firm.
– It collects and analyses data from the firm’s markets and from its consumers.
– It promotes and suppo
Language practice
I. Match the words to their definitions.
a) market
1) a person who buys services or goods
IV. Answer the following questions
1. How many key roles does the marketing function have? 2. What does collecting and analyzing data involve? 3. How are data collected? 4. What research collects original data exclusively for this r
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