Pre-reading tasks. The fundamentals of entrepreneurship

The fundamentals of entrepreneurship

UNIT 5

Points for the discussion.

1. Three types of firms. What firms are the most numerous?

2. Explain the difference between “limited liability” and “unlimited liability”.

3. Profit maximization. How can it help understand the firms' behavior?

Practice the reading of the following words.

psychologist [saɪˈkɒlədʒɪst]	residue [ˈrɛzɪˌdjuː]	China [ˈtʃaɪnə]
circumstance [ˈsɜːkəmstəns]	venture [ˈventʃə]	inertia [ɪˈnɜːʃə]
entrepreneur [ˌɒntrəprəˈnɜː]	European [ˌjuərəˈpɪːən]	failure [ˈfeɪljə]
ingenuity [ˌɪndʒɪˈnjuːɪtɪ]	design [dɪˈzaɪn]	weigh [weɪ]
Industrialization [ɪnˌdʌstrɪəlaɪˈzeɪʃn]	franchise [ˈfræntʃaɪz]	ton [tʌn]
Egyptians [ɪˈdʒɪpʃən]

Learn to recognize the following international words.

Inertia, course, international, interest, historical, perspective, active, physical, emotional, organizer, to fix, to reflect, collapse, to finance, private, experiment, economic, to organize, initiative, administering, uncontrollable, technology.

Give the initial form of the following words.

Failure, government, activity, growth, responsibility, survival, frequently, historical, capitalist, completion, founder, provider, inventiveness, creativity, newness, behavior.

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