II. Vocabulary practice exercises

1. Fill in the blanks, using your active vocabulary:

1 Combination of such activities as production, distribution, and sale for profit is defined as ……….…

2.Natural resources, human resources, capital, and entrepreneurs are four ……

3.The sequence of events that convert resources into products is called ……..

4. ………is an organized network of firms that work together to get a product from a producer to consumers.

5.Firm’s overall plan for moving products to buyers – …………. – plays an important role in the firm’s success.

6.Sale is the ………….. of a product or service for money.

7.A taxi-driver performs a ………. when he transports a passenger.

8.Creating an economic surplus or ……..is a primary goal of business activity.

9.Businesses which exist to provide a valuable service rather than to make a profit are known as ……… .

2. Classify the following items as either goods or services.

1. car 2. medical diagnosis 3. travel agency 4. briefcase 5. auto repair 6. computer 7. videotape recorder 8. management consultant 9. calculator 10. employment agency

11. suit 12. forklift 13. office equipment repair 14. financial planning 15. newspaper delivery 16. computer programming 17. time clock 18. law book 19. land tax preparation 20. conditioner

GOODS	SERVICES

3. Match these parts of the business definition to the following real-life situations.

Production of goods

Distribution of goods

Sale of goods

Sale of services

Examples: Iron ore is made into metal car parts	production of goods
A car is moved from a factory to a car dealership.	distribution of goods
A salesman sells a car.	sale of goods
An auto mechanic repairs a car.	sale of services
1. A shipment of grain is transferred from a boat to a truck.
2. A chemical plant turns raw materials into fertilizer.
3. A salesman from a concrete manu- facturer convinces the owner of a building materials company to buy a shipment of drainage pipe from his company.
4. A warehouse ships books to a bookstore.
5. A computer manufacturer receives silicon chips and puts them into minicomputers.
6. A dentist repairs a child’s broken tooth.
7. A train moves truck parts across the country.
8. A grocer exchanges groceries for money.
9. A waitress takes your order for lunch.
10. A farmer plants vegetables for harvest in the fall.

4. Say whether these statements are true or false. Give your reasons.

1. Nowadays business means exchange or trade for things people want or need.

2. There are three main factors of production: human resources, natural resources and entrepreneurs.

3. Movement of products from the factory to the marketplace is known as distribution.

4. All distribution channels are complex and involve many people and organizations.

5. Washing machines, microwave ovens and refrigerators can be classified as goods.

6. For a shirt maker to produce a shirt, the resources that are converted- cloth, thread, and buttons – are intangible and so is the output – the shirt.

7. Goods-producing businesses include manufacturing, construction, mining, and agriculture.

8. The money that remains after all expenses and taxes are paid is capital.

9. All businesses operate to earn a profit.

10. Museums, symphonies and libraries are not-for-profit organizations.

5. Language study. Complete the following chart.

Person	Noun	Verb	Adjective
distributor	distribution	distribute	distributive
	production
		sale
performer
			creative
		compete
			manufacturing
	construction
possessor
	operation

6. Match the words on the left with their equivalents on the right:

1. goods 2. manufacturing 3. human resources 4. firm 5. entrepreneur 6. workforce 7. plant 8. establish 9. economic surplus 10. aim 11. work 12. transform 13. possess 14. operate a business 15. capital 16. accomplish 17. work together 18. buyer 19. basic materials or skills 20. commerce

a) company b) profit c) products d) production e) purchaser f) cooperate g) trade h) labour I) businessman j) input k) perform l) run a business m) personnel n) operate o) own p) create q) money r) goal s) convert t) factory

7. Translate the following groups of words into English:

Превращение ресурсов в товары и услуги, владеть четырьмя факторами производства, производить товары и услуги, управлять предприятием, материальные и нематериальные ресурсы, двигать товары на рынок, выполнять задачу, простые и сложные каналы распространения, всеобщий план, обмен продукта на деньги, выполнять услугу, создание экономического излишка, получать прибыль, оплатить расходы и налоги, важнейшая цель деловой активности, последовательность событий, производственные предприятия, оптовая и розничная торговля.