Ex.7. Look at the words and phrases in the box. Match them with the correct definition from the list below.

Terms to remember:

Business Organization

The economic system is made up of people with basic needs that they must satisfy to survive. As most people cannot produce all the goods and services they need, we depend on other persons or businesses to make them for our consumption.

Business is the activity of producing, buying and selling goods and services.

A business organization is a firm, a company or a business that makes, buys or sells goods, or provides services, to make a profit.

Businesses vary in size.

Large companies are referred to as corporations. Many consider the corporation the ideal way to organize business. Large companies operating in many countries are multinationals.

Big business can refer to large business organisations or to any business activity that makes a lot of money.

Small companies are referred to as small businesses or small firms.

When we start a business we talk about setting up a business or establishing a business. New businesses are called start-ups. Once a business has been established we talk about being in business or running a business.

To do business means to trade or deal with a company or country. It’s not easy to organize a business and to operate it successfully. When a company is not successful, it may go out of business.

The economic situation, as well as decisions taken by the owners of a company, affect how it grows and changes. You may expand your business, specialize in something, you may also diversify your business.

Exercises in Word Study

Ex.1.Form verbs and adjectives from the following nouns:

profit, operation, economy, decision, change, expansion, activity, success, diversity, dependence.

Ex.2. Give the English for:

купувати і продавати товари; надавати послуги; отримувати прибуток; заробляти гроші; створювати бізнес; керувати підприємством; торгувати; економічна ситуація; рішення; власник компанії; діяти на; розширювати бізнес; спеціалізуватися з чогось; задовольняти потреби; залежати від; споживання; нещодавно створена компанія.

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:

to buy, loss, to close down a business, to set up a business, unsuccessful.

Ex.5. Match the nouns in the left hand column with the verbs in the right hand column.

Ex.6. The words in the box frequently occur after “business”.

Find combinations that mean:

1. a small card showing a person’s name, position and company name;

2. a visit to clients, suppliers or other business contacts which takes you away from home;

3. a document showing details of how someone aims to run the company, expand, introduce new product lines, and so on;

4. the people who own a business together;

5. the process of running a company;

6. a college or part of university where courses on business subjects are taught;

7. the organizations and people involved in business;

8. a meeting with lunch to talk about work or to entertain clients;

9. the ability to encourage or predict commercial activity;

10. a gathering of people to discuss work topics;

11. a letter about a business transaction, often following a certain form;

12. a private investor who invests money in the establishment of new often risky, companies.

1. a very large organization that owns companies in more than one country in order to obtain cheap raw materials and make efficient use of a local workforce;

2. the money gained in a business deal, esp. the difference between the amount earned and the amount spent;

3. a person or business that owns something;

4. two or more people in business to make a profit by selling goods or services;

5. commercial activities in general;

6. a large group of companies;

7. to enter new types of businesses;

8. a nation’s system for allocating its resources among its citizens;

9. a business that is just being started.