I. Read and translate the text. IX. Write down sentences with the following idioms

IX. Write down sentences with the following idioms.

VIII.Write down the forms of the irregular verbs.

VII. Translate the sentences paying attention to Participle I.

1. Having fulfilled the terms of the contract we refused to admit the claim of the firm.

2. The customs officer stood on the deck counting the cases.

3. While discharging the goods the workers came upon a number of bags damaged by sea water.

4. The changing seasons of the year influence the production of some goods.

5. Both manufacturing and retailing enterprises are affected by sales demand from Christmas and Easter.

6. While studying business risks economists have identified three types of fluctuations in economic activity.

7. Having analyzed the seasonal changes manufacturers increased production of Christmas goods.

8. Defining the goods price the manager should take into account their quality.

9. The private business enterprise undertaking economic activity must generate profits to survive.

To spend, to undertake, to cost, to run, to lie, to lead, to read, to take, to meet, to catch.

1. Off one’s own bat- На свой страх и риск

2. Count the cost - Взвесить все обстоятельства

Unit 14

PRIVATE ENTERPRISE SYSTEM

One of essential characteristics of the private enterprise system is the profit motive, which moves individuals and business enterprises to undertake economic activity because the prospects of receipts are greater than expenses necessary to generate the receipts.

Business profits are calculated by subtracting fixed and variable costs from the total sales receipts of an enterprise. The difference between the revenues and the costs is the profit.

Economic profit is the concept of profit that deducts opportunity costs from business profit to take account of alternative uses for the material or human resources utilized in a business. Although business managers seek a profit from enterprise operations, a variety of risks may result in losses. Business risks include changes in the overall level of economic activity, changes in consumer demand, actions taken by competitors, actions taken by government, natural disasters and poor management. Risk management is being used by many enterprises to minimize the financial effect of some risks of loss.

A business enterprise can be expected to fail if it does not earn a profit over the long run. When an enterprise fails, the capital resources it used then flow to enterprises that appear to have better prospects for profitable utilization.

Most enterprises do not attempt to maximize profits in the short run because it is difficult to determine the operational point at which profit is being maximized. Most owners and managers seek a satisfactory level of profits, which may be defined as profit high enough to attract capital investment.

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