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Types of Business Firms
1. Microeconomics studies particular firms, households, banks,
etc. Business organisations may be considered as firms or companies.
They produce goods or render services. They market and advertise
their products. They deal with government, courts, banks and insurance
companies.
2. There are three basic kinds of business firms: 1) proprietorships,
2) partnerships and 3) corporations. A proprietorship is simply a one
owner firm. The proprietorship form has several advantages, such as
simplicity of organisation, freedom to make all decisions, tax advantages,
etc. The main disadvantages are lack of experience and difficulty in
raising capital. Partnerships are firms owned jointly by two or more
persons who are co-owners of business. Advantages of the partnership
may be combined talents and skills, larger capital and tax advantages.
Disadvantages of this form are danger of disagreement, divided
authority, etc. A corporation is a firm owned by a group of people,
called shareholders. Advantages of the corporation are variety of skills,
abilities and ideas, ease of expansion. Disadvantages of this form of

p>e) create

f) dedicate

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1. her stories have been an.... to children to draw wonderful illustrations
2. Will someone take ... for decorating the hall for our meeting?
3. We were impressed by his ... to listen and learn.
4. He is taking part in a new project. It is very ...
5. The local government is going to provide money for the ... of a new sportsground near our school.
5. The presentation was a success, thanks to the ... of all our students.

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1) Though I was sitting in the last row, I could see/seeng the film well.
2) I have met/met this man before.
3) He couldn`t find his watch. He has/had lost it.
4) I have been waiting/waited for you for 20 minutes already.
5) Many tourists have visited/visiting that castle.
6) The performance is starting/starts at 7 p.m.
7) I prepared/was preparing for the exam when the telephone rang.
8) I won`t tell/am not telling anyone your secret.
9) Julius Cesar has landed/landed in England in 55 BC.
10) I`ll send you the information when I get/I`ll get it.
11) Sammy was waiting for us when we got/had got of the plane.
12) I don`t like them because they are always complain/complaining.

"On the 25th of December the British people celebrate Christmas.It.s a big holiday and there are lots of Christmas traditions in Britain.Every year Londoners get a present from the people of Norway-...... . It stands in Trafalgar Square.Central London.s streets have got beautiful decorations at Christnas. There is also..... in the centre of the capital. A lot of people come to enjoy the Christmas decorations and to skate. Before Christmas groups of singers perform traditional Christmas songs or carols in the streets and squares. They collect money for charity. People usually decorate their trees on Christmas Eve-on the 24th of December. Christmas Day is the time for present, guests, wisher and a special meal. British Christmas dinner consists of a roast turkey with carrots and potatoes and... . Text B On the 25th of December British people celebrate Christmas. It.s a big holiday and there are lots of Christmas traditions in Britain. Every year Londoners get a present from the people of Norway- a big Christmas tree. It stands in Trafager Square. Central London.s streets have got... at Christmas. There is also a nice skating ring in the centre of the capital. A lot of people come to enjoy the Christmas decorations and to skate. Before Christmas groups of singers perform..... in the streets and squares.They colect money for charity. People usually decorate their trees on Christmas Eve- on... . Christmas Day is the time for presents, guests, wishes and a special meal. British Christmas dinner consists of a roast turkey with carrots and potatoes and Christmas pudding."