Unit 2 THE HISTORY AND THE PRESENT OF BUSINESS READING COMPREHENSION CHECK

Introduction WHAT IS BUSINESS?

Business is a word, which is commonly used, in many different languages.

Traditionally, business simply meant exchange or trade for things people wanted or needed.

The concepts and activities of business have increased in modern times.

Today business has a more technical definition: the production, distribution, and sale of goods and services for a profit.

Production First, production is the creation of services or the changing of materials into products. One example is the conversion of iron ore into metal car parts.

Distribution The products need to be moved from the factory to the marketplace - distribution. Example: A car might be moved from a factory in Detroit to a car dealership in Miami.

Sale The sale of goods and services which is the exchange of a product or service for money. Example: A car is sold to someone in exchange for money.

Goods Goods are products which people either need or want. Example: cars can be classified as goods.

Services Services are activities which a person or group performs for another person or organization. Example: An auto mechanic performs a service when he repairs a car.

Profit is the money that remains after all the expenses are paid.

Goal Creating an economic surplus or profit is, therefore, a primary goal of all business activity.

Decide if the following statements are true (T) or false (F) according to the text. Correct the false ones. 1.People started doing business at the start of the Industrial Revolution. T / F 2.Business is a synonym for commerce. T / F 3.To be successful at business, one has to be experienced and skillful. T / F 4.The most important goal of all businesses is making money. T / F 5.Business as an organization is risk-free. T / F 6.The invention of railroad accelerated the development of business. T / F 7.Business as an organization is risk-free. T / F

1. What does the word business imply? 2. When did people start doing business? 3. What are the main differences between the way people did business a hundred years ago and today? 3. What does it take to be successful at business? I Answer the following questions:

V Complete the table: VERBNOUNADJECTIVE manufacture -available exchange trade demand -commerce valuable economy

Synonyms claim (state, say, allege, declare) advent (appearance, arrival, start, beginning, introduction, initiation) barter (exchange, switch, swap) evolution (development, growth, progress, advancement)

Synonyms availability (accessibility, reachability, ease of use) profound (deep, intense, weighty, reflective, thoughtful) per-capita (per person, per head) provide (supply, make available, grant, endow with) reliable (consistent, steadfast, trustworthy, dependable) industries (commerce, production, engineering, manufacturing )

Synonyms primary (main, chief, most important, key, prime, principal) satisfaction (pleasure, approval, agreement) fulfillment (completion, execution, accomplishment, implementation, realization) concern (apprehension, unease, distress) distinguish (differentiate, discriminate, make a distinction, discern )

Synonyms commerce (trade, buying, selling, exchange) constitute (make up, comprise, compose, represent) aim at (intended, expected, designed) uncertainties (fears, suspicions, qualms, doubts) theft (robbery, burglary, thievery) distribute (allocate, give out, dispense)

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