MAJOR KINDS OF BUSINESS ORGANIZATIONS

I AM A STUDENT OF NUSTSU. HIGHER EDUCATION IN UKRAINE

I am____. So, I am a student now. I completed four courses of the university. I have the educational qualification levels of Bachelor. I’ve entered State Tax Service University of Ukraine after finishing a secondary school. You know, that was my dream to enter this University.

There are six departments at our University at present: Law Department, Accounting Department, Finance and Banking Department, Tax Militia Department, Economics and Taxation Department, Military Department, Extra-mural department.

The purpose of the University is to educate students to serve in the branches of economy. The graduates from the University will work at various branches of industry, agriculture, finance and banking system accounting and statistics computing information, State Tax Authorities. Our graduates are specialists of new formation. They keep up with progress and are able to run in the ocean of commodity and market relations.

I’m fond of everything at my University. I like its great beautiful building, sport complex, it’s lecture halls, laboratories, studies.

Our country needs specialists in all fields of science and all branches of industry and agriculture. Institutes exist not only in big cities like Kyiv, Kharkiv, Lviv, but in many towns of Ukraine like Irpin.

Higher educational establishments of our country fall into three main types and have four levels of accreditation. The first type includes the universities and institutes where there are only full-time students, which receive state grants. Students who do not live at home get accommodation in the hostels.

The second and third types of higher schools provide educational facilities for factory and office workers who combine work with studies. The second type of higher education in establishments includes evening faculties and evening higher schools for those who study in their spare time.

The third type covers extra-mural higher schools where students take correspondence courses.

The diplomas by the evening faculties and extra-mural higher schools have the same value as the diplomas of all other institutes and universities.

The period of study at higher schools is from 4 to 6 years.

HIGHER EDUCATION IN GREAT BRITAIN

When higher education of Great Britain is being spoken about the University education is generally meant. But in fact there is a considerable amount of past-school education, including part-time as well as full-time studies carried on in technical colleges teacher training colleges, art colleges, institutes of adult education and so on.

There are some 90 universities, which enjoy academic freedom. Every University is autonomous and responsible to its governing body.

University degree courses are generally being taken for three, four or even five years. University teaching combines lectures practical classes and small group teaching in either seminars or tutorials. The last is a traditional feature of the Universities of Oxford and Cambridge.

First degree courses are mainly full time and usually last three years, with longer courses in subjects such as medicine. Universities offer courses in a broad range of academic and vocational subjects, including traditional arts subjects, the humanities, and science and technology.

Over 95 percent of students on first degree and comparable higher education courses receive government grants covering tuition and accommodation and other maintenance expenses. Parents also contribute, the amount depending on their income. In addition, students can take out loans to help pay their maintenance costs.

Higher Education in the USA

Many students, upon finishing high school, choose to continue their education. The system of higher education includes 4 categories of institutions.

The community college, which is financed by the local community in different professions.

The university, which may contain:

· several colleges for students who want to receive a bachelor's degree after four years of study;

· one or more graduate schools for those who want to continue their studies after college for about two years to receive a master's degree and then a doctor's degree.

There are 156 universities in the USA.

Any of these institutions of higher education may be either public or private. The public institutions are financed by state. Most of the students, about 80 per cent, study at public institutions of higher education, because tuition fees here are much lower.

Some of the best-known private universities are Harvard. Yale and Princeton.

It is not easy to enter a college at a leading university in the United States.

The academic year is usually nine months, divided into two terms. Studies usually begin in September and end in July. Each college or university has its own curriculum.

During one term a student must study 4 or 5 different courses. There are courses that every student has to take in order to receive a degree. These courses or subjects are called major subjects or "majors".

Students who study at a university or four-year college are known as undergraduates. Those who have received a degree after 4 years of studies are known as graduates. They may take graduate program for another 2 years in order to get a master's degree. Further studies are postgraduate which result in a doctor's degree.

World economy

The world economy, or global economy, generally refers to the economy, which is based on economies of all of the world's countries, national economies. Also global economy can be seen as the economy of global society and national economies – as economies of local societies, making the global one. It can be evaluated in various kind of ways.

It is common to limit questions of the world economy exclusively to human economic activity, and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services, or in cases in which a lack of independent research or government cooperation makes establishing figures difficult. Typical examples are illegal drugs and other black market goods, which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind.

However, even in cases in which there is a clear and efficient market to establish a monetary value, economists do not typically use the current or official exchange rate to translate the monetary units of this market into a single unit for the world economy, since exchange rates typically do not closely reflect worldwide value, for example in cases where the volume or price of transactions is closely regulated by the government.

Economic stability' refers to an absence of excessive fluctuations in the macroeconomy.[1] An economy with fairly constant output growth and low and stable inflation would be considered economically stable. An economy with frequent large recessions, a pronounced business cycle, very high or variable inflation, or frequent financial crises would be considered economically unstable.

Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.[1] Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at "full employment".

Integration of Ukraine

Economic integration is the unification of economic policies between different states through the partial or full abolition of tariff and non-tariff restrictions on trade taking place among them prior to their integration. This is meant in turn to lead to lower prices for distributors and consumers with the goal of increasing the combined economic productivity of the states.

The trade stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever. Free trade is treated as an idealistic option, and although realized within certain developed states, economic integration has been thought of as the "second best" option for global trade where barriers to full free trade exist.

ECONOMICS AS A SCIENCE

Economics is a social science like history, geography, politics, psychology and sociology. It is the study of human efforts to satisfy what seems like unlimited and competing wants through the careful use of relatively scarce resources. Economists study what is or tends to be and how it came to be.

Economics is therefore concerned with activities relating to wealth, i.e. production, consumption, exchange and distribution.

The study of economics is concerned with economic products — goods and services that are useful, relatively scarce and transferable to others.

The terms goods and services are used to describe many things people desire. Consumer goods are intended for final use by individuals to satisfy their wants and needs. Manufactured goods used to produce other goods and services are calledcapital goods. An example of capital goods would be a computer in a school.

The other type of economic product is a work that is performed for someone. Services can include haircuts, repairs to home appliances and forms of entertainment like rock performances.

ECONOMY OF UKRAINE

Ukraine is an agro-industrial country.

Ukraine is rich in natural resources. The main minerals are iron ore, coal, rock salt cement, gypsum uranium, different metals and other natural resources.

The country fully satisfies its needs in minerals but it still has to import some of them. So, oil and gas are imported from Russia and Turkmenistan as the oil and gas deposits of Ukraine cannot satisfy country’s needs in these energy resources.

In the current structure of Ukraine’s industry a great proposition is occupied by heavy industry, especially, the iron, and steel, machine-building and coal industries.

A considerable part is played by the food, light and chemical industries.

 However, today’s industries are unable to satisfy the consumers’ wants because they are not integrated into the world process of economic, technological and scientific progress. The national industries have low standard in processing raw material and outdated and worn-out production equipment.

Ukraine has currently achieved macroeconomic stability. Ukraine’s foreign policy is aimed at wide and long-term co-operation.

FACTORS OF PRODUCTION

The reason people cannot satisfy all their wants and needs is the scarcity of productive resources. These resources or factors of production are called land, labour, capital, and organization or entrepreneurship.

As an economic term land means the gifts of nature or natural resources not created by human efforts. They are the things provided by nature that go into the creation of goods and services. Land has a broad meaning. It is not only land itself, but also what lies under the land (like coal and gold), what grows naturally on top of the land (like forests and wild animals), what is around the land in the seas and oceans and under the seas and oceans.

The second factor of production is labour — people with all their efforts and abilities. Unlike land, labour is a resource that may vary in size over time. Labour is the human input into the production process.

The third factor of production is capital — the tools, equipment and factories used in production of goods and services. It is a produced factor of production, a durable input which is itself an output of the economy.

Entrepreneurship, the managerial or organizational skills needed by most firms to produce goods and services, is the fourth factor of production.

ECONOMIC SYSTEMS

     There are 3 major kinds of economic systems: traditional, command and market.

In economic with traditional economy nearly all economic activity is the result of ritual and custom. The main advantage – is that everyone has a role in it. This helps keep economic life stable.

A command economy – one where a central authority makes most of the What, How and for Whom decisions. Economic decisions are made at the top and people are expected to go along with choices made by their leaders. It means that major economic choices are made by the government.

In a market economy the questions of What, How, and for Whom to produce are made by individuals and firms is an arrangement that allows buyers and sellers to come together to conduct transaction. A market economy has several major advantages. First, a market economy is flexible and can adjust to change over time. The 2- is the freedom that exists for everyone involved: 3 – incredible variety of goods and services available to consumers.

MAJOR KINDS OF BUSINESS ORGANIZATIONS

There are three major kinds of business organizations: the soleproprietorship², the partnership³ and the corporation⁴

The most common form of business organization is the sole proprietorship — a business owned and run by one person .The main advantage of a sole proprietorship is that it is the easiest form of business to start and run. There is almost nored tape⁵ involved.

The major disadvantage of a sole proprietorship is the unlimited liability⁸ that each proprietor faces. Since the business and the owner are legally the same, the sole proprietoris liable for⁹ all financial losses or debts that the business may incur

A second disadvantage of the sole proprietorship is that it has limited financial resources. The money that a proprietor can raise is limited by the amount of savings and ability to borrow.

A partnership is a business that is jointly owned by two or more people who have combined their talents and resources for the purpose of earning a profit. Partnerships are most common in such professional fields as medicine, law, accounting, stockbrokerage¹, but they are also found in manufacturing, wholesaling and retailing².

Nearly 90 per cent of all business is done by corporations. A business corporation is an institution established for the purpose of making profit. It is operated by individuals.

There are several advantages of the corporate form of ownership. The major advantage is the ability to acquire greater financial resources than other forms of ownership. The next advantage is that the corporation attracts a large amount of capital and can invest it in plants, equipment and research