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Business has a great influence on your life, probably much greater than you rea...
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Business has a great influence on your life, probably much greater than you realize. Finding an appropriate definition for the word business is as easy as acquiring a date with your favourite rock star. Each business can be defined, or described, by its type of ownership, the goods produced or services offered, the types of jobs provided, or by the different functions that it performs in your community. Most businesses produce either goods (products) or services. A person can be both a producer and a consumer of the same product. As a consumer you use many goods and services produced by a variety of businesses. Some of these goods and services are essential to your daily living while others, in the luxury category, are ones that we want more than we need. All of us have different needs and wants, and the efforts of businesses to meet these needs and wants result in an abundance of choice for people. We rely on one another for the goods and services that we as individuals cannot produce. This fact has created a society where consumers, producers, and businesses — both large and small — are interdependent elements. Remove any element in this chain and there would be no more business as we know it today. There are many types of businesses but the functions common to most manufacturing businesses communication and personnel are production, marketing, accounting.Production is one of the essential functions of business. It has many parts, and one of them is purchasing. The purchasing department is responsible for buying the raw materials and supplies necessary to produce the final product as well as to operate the plant. Processing is another part of production, and is the actual changing of raw materials into finished products. Often more than one business is involved in this. Some businesses make only parts while another business assembles the parts into the finished product. The processing method used depends on the final product. For example: bread and cakes need a baking process; most plastic products need a melting process. Another function of production is grading of goods – providing an indication of quality for consumers. Marketing, another of the essential functions of business, involves many procedures, including packaging, storage, advertising, transportation, and research. Most of the products that consumers buy have gone through this marketing cycle. Each part of the process adds to the cost of the product or service, and therefore influences the price that consumers must pay. Accounting departments control the financial side of the business. The accountants are concerned with how the business finances its operations, the profits or losses accumulated by the business, and how the business pays its debts. Accountants also forecast the future by preparing budgets for a year or more ahead that take into account events that are expected to affect the company. Good communications systems are an extremely important aspect of all businesses. Communication of information, both inside and outside of the business, has become critical to the operation of modern businesses. Personnel departments are responsible for the hiring, training, evaluating, and firing of employees, and for maintaining good employer-employee relations. Management coordinates all these functions. The manager’s job involves planning, organizing, directing, and controlling. Exercise 1. Give the English versions for: