What is business?

Business is a word that is commonly used in many different languages. But exactly what does it mean? Traditionally business simply meant exchange or trade for things people wanted or needed. Today this broad term can be applied to different kinds of human activity and many kinds of enterprise.

All activities traditionally related to business can be grouped under three headings: production, distribution and sales. The first group of activities, production, concerns the changing of materials into products or the creation of services. Some businesses produce what is called tangible goods, such as cars, clothes, foodstuffs. Others produce intangible goods or services, which are activities that people perform for other people. Such activities as insurance, banking operations or health protection are referred to as services.

The second group of activities is known as distribution. Distributionis the process of getting goods from the producer to the consumer in the quickest and most efficient way. Distribution is performed through distribution channels that link the producer and the consumer directly or indirectly with the aid of intermediaries.

Third is the sale of goods and services. Sale is the exchange of a good or service for money. Money that a company receives from the sale of its products is called revenues. If the company is a success its revenues not only cover its expenses, that are the money spent on the production of the output, but also contain some surplus. This surplus is commonly defined as profit or the difference between the company’s revenues and expenses. Thus, creating an economic surplus or profit is the primary goal of any business activity.

Just as important as profits are social and ethical responsibilities that companies bear in their dealing with employees, consumers, suppliers, competitors, government and the society. Business, then, can be broadly defined as all profit-seeking activities and enterprises that provide the means through which the society’s standard of living improves.

Exercise 3. Answer the following questions.

1. What was the traditional meaning of the word ‘business’?

2. What activities are traditionally related to business?

3. What goods are called tangible/intangible? Give some examples.

4. How is distribution performed?

5. What do we call ‘revenues’?

6. Are revenues the same as profit? What distinguishes them?

7. What responsibilities do businesses bear dealing with the society?

8. What is the role of business in the society?

Exercise 4. Translate into English.

Точно; створення послуг; харчові продукти; діяльність, яку люди виконують для інших людей; найшвидший та найефективніший спосіб; пов’язувати виробника та споживача безпосередньо або опосередковано; якщо компанія успішна; містити деякий надлишок; соціальна та етична відповідальність.

Exercise 5. Translate into Ukrainian.

Broad term; tangible/intangible goods; the process of getting goods or services from the producer to the consumer; through distribution channels; with the aid of intermediaries; the exchange of smth for smth; to cover the expenses; primary goal; to bear responsibility; to provide the means.

Exercise 6. Match and learn the synonyms.

A: aid, intermediary, revenue, responsibility, expense, surplus, goal;

B: income, profit, expenditure, aim, help, middleman, duty.

Exercise 7. Match and learn the opposites.

A: direct, tangible, producer, profit, output, revenues, employer;

B: input, loss, consumer, employee, intangible, expenses, indirect.

Exercise 8. Complete the sentences with proper words from ex.7.

1. If a business is successful it earns p… 2. Trade union’s responsibility is to settle the disputes arising between the e… and the e… 3. Profit is the difference between r… and e… 4. T… goods are products that we can see, touch or taste. 5. We improved the technological process to increase the o… 6. Usually p… and c… are linked by i… distribution channels that include intermediaries.

Exercise 9. Add question-tags to the following statements.

1. Last year the company earned good profits, …? 2. Many firms provide after-sale services, …? 3. You are here for the first time, …? 4. He didn’t earn much for this project, …? 5. They have partners in nearly all European countries, …? 6. He will perform this task himself,…? 8. Their tools were the best in the world,…?

Exercise 10. On the basis of the text define the following notions:

Business, distribution, expenses, production, profit, sale, services, revenues.

Grammar point:

The Future Indefinite Tense: Active and Passive forms (p.136)

The use of tenses in Subordinate Clauses of Time and Condition

Exercise 11. Make the following sentences interrogative and negative.

1. A network of supermarkets will be established in this region. 2. He will give his answer tomorrow. 3. These products will be sold everywhere. 4. We shall accomplish our plan in two years. 5. Services will be provided to all customers in this district.

Exercise 12. Use the verb in brackets in the correct form of the Future Indefinite tense.

1. They (to go) on business trip to Kyiv in 2 days. 2. The contract (to be signed) tomorrow. 3. The students (to take part) in the conference next month. 4. The conference (to be held) in February. 5. When he (to return) from Lviv? 6. A new equipment (to be installed) next quarter. 7. They (to improve) the distribution process by employing a new agent. 8. We hope the company (to be) profitable. 9. They (to bear) all responsibility for this project. 10. His new job (to be related) to health protection.

Exercise 13. Make the following sentences passive omitting the doer of the action.

1. They will distribute our products through their service stations. 2. We shall provide our partners with some assistance (2 variants). 3. The firm will deliver office furniture in two weeks. 4. He will serve this customer immediately. 5. They will sell this programme to millions of consumers. 6. We shall buy new computers for our head office. 7. He will calculate his revenues and expenses at the end of the year.

Exercise 14. Make up all possible sentences using the table below.

Exercise 15. Rewrite the following sentences according to the model. Remember, that after unless the verb is used in the affirmative form.

Model: He will not call if he does not need your help.-

He will not call unless he needs your help.

1. You won’t speak English well if you don’t practice it every day. 2. They won’t earn any profit if they don’t modernize their factory. 3.We shan’t order these goods if they don’t make the price more attractive. 4. This product won’t be introduced if the customers don’t need it. 5. His project won’t be discussed if he doesn’t assume all responsibility for it.

Exercise 16. Use the verb in brackets in the proper tense form. Remember, that objective clauses answer the question what? while adverbial clauses of time and condition answer the questions when? on what condition? All actions refer to the future.

1. He‘ll call you back when he (to return). 2. Tell me when she (to come) to visit you. 3. I want to know if she (to agree) to our plan. 4. They’ll deliver the goods if we (to sign) the contract. 5. I wonder if they (to deliver) goods themselves? 6. Does anybody know when the manager (to be) back? 7. They won’t provide the equipment if we (not to pay) them in advance. 8. They don’t know if they (to supply) their products next year.

Exercise 17. Use the verb in brackets in the correct tense form (all actions refer to the future).

1. If they (to order) these goods we (to deliver) them in time. 2. They (to accept) our proposal if we (to make) the price less expensive. 3. He (to visit) our firm if he (to have) enough time. 4. I (to perform) this calculation if she (to help) me. 5. You (to make) less mistakes provided you (to be) more attentive. 6. He (to wait) until the meeting (to be finished). 7. They (to give) their final answer as soon as they (to receive) our letter.

Exercise 18. Translate into English.

1. Мета нашої організації буде досягнута, якщо ми працюватимемо більш ефективно. 2. Товари будуть доставлені якнайшвидше. 3. Наші товари стануть дешевшими при умові, що ми зменшимо витрати. 4. Ми відвідаємо ваш завод, як тільки ви розпочнете виробництво цих товарів. 5. Якщо ми не модернізуємо виробництво, ми зазнаємо великих втрат в найближчому майбутньому.

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