2 Business Organization and the Economy

classify industry raw materials assemble finished products manufacturing sector wholesale trade retail trade service sector own (v)

класифікувати промисловість, індустрія, галузь промисловості сировинні матеріали збирати готові вироби виробничий сектор оптова торгівля роздрібна торгівля сектор послуг володіти

private sector enterprise pursue (v) regulation restriction public sector nationalize sell-off privatize supply (n) utilities

приватний сектор підприємство переслідувати (інтереси) регулювання обмеження державний сектор націоналізувати розпродаж приватизувати постачання комунальні послуги

Businesses maybe 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 public utilities.

1 What principle may businesses be classified to? 2 What companies work in the manufacturing sector? 3 What companies work in the service sector? 4 What companies work in the private /public sector? 5 What is a private enterprise? 6 When is a private company considered to be nationalized? 7 When is a company considered to be privatized? 8 What companies are the first to be sold off in a privatization programme?

1 Match words that have a similar meaning:

own goods enterprise allow in charge of limitation

company permit possess commodities restriction responsible

2 The words in the box frequently occur before "sector". Find combinations that mean: 1) all the companies which assemble components into finished products, or which make goods from raw materials; 2) all the companies which provide services in areas such as tourism, banking and finance, wholesale and retail trade; 3) state-owned and run organizations, e.g.

government departments, and nationalized industries; 4) privately-owned and run companies; 5) all the companies which provide insurance; 6) all the companies selling goods to the general public.

3 Match the words and phrases in the box with the correct definition: 1) the sale of goods in large amounts, and usually at lower prices, to stores and businesses; 2) organized activity producing goods and services, e.g. food, banking, tobacco; 3) a natural substance, e.g. wool, coal, used to make something in an industrial process; 4) the sale of goods to the general public; 5) controlling; making sure that

an organization or a service works fairly and well; 6) a limit on something; 7) one of the services supplying the public with gas, water, electricity, transport; 8) the sale of a business or service owned by the government to private owners; 9) the process of bringing a company, or different companies in the same industry, under government control; 10) a system for delivering goods or services.

4 Choose the correct word from the box to complete the gaps. Translate the sentences into Ukrainian:

Sold off, regulation, restrictions, enterprise, assemble, owns, pursuing, private property, raw material, industry, service sector, electronic sector.

1 Many young people are taking jobs in the rapidly growing......- banking, computer programming, financial services. 2 The computer ... needs more people with advanced technical skills. 3 Wood is the......used to make paper. 4 .......is the right to buy, own, use and sell almost any item. 5 She is ... her own interest. 6 She ... a bookstore. 7 The workers in that factory ... trucks. 8 His ... is located in the financial district. 9 ... don't allow workers to use company cars for personal use. 10 ... of the banks is done by the government. 11 He......his computers after going out of business. 12 The......is powerful in the USA.

5 Fill in the missing prepositions: (in-4, up, of-5).

To say that privatization is unpopular ... Britain is to say nothing. Every week .brings fresh outrage tales ... bosses ... privatized firms picking ... huge pay rises while sacking employees and cutting the pay ... those who remain.

The ordinary man, who has never liked privatization, wants the water and electricity industries to be renationalized. So what can be said ... defence ... privatization? Actually a great deal. A few years ago many Britain's firms working ... public sector were losing large sums ... money.

After they were privatized, most companies became more profitable. Most had higher sales and a higher share price than ... their first year after privatization.