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4
Unit 1

DEFINITION OF MANAGEMENT

I. Read and memorize the following words, word-combinations and word
groups:

To require - вимагати
Content – задоволений
Skills – навички
Employ – наймати на роботу
Sole proprietorship - одноосібна власність
Assembly line – конвеєр
Assets – активи
Incentive – стимул, мотивація
Flexible –гнучкий
Meet obligations – виконувати зобов’язання
Customer – клієнт, покупець
Wholesaler – оптовик
Tuition – плата за навчання
Income – дохід
Endowment – благодійний внесок
Utility – підприємство комунального обслуговування
Insurance – страхування
Consumer – споживач
Competitor – конкурент
Accomplish – здійснювати

II. Read and translate the text:

Management is based on scientific theories and today we can say that it is a developing
science.

But knowledge of theories and principles doesn’t provide practical results. It is necessary to
know how to apply this knowledge. Practical application of knowledge in the management area

requires certain abilities or skills. Here is an example:
Depending on its size, an organization may employ a number of specialized managers who

are responsible for particular areas of management. A very large organization may employ many

managers, each responsible for activities of one management area. In contrast, the owner of a sole
proprietorship may be the only manager in the organization. He or she is responsible for all levels

and areas of management.

What important to an organization is not the number of managers it employs but the ability
of these managers to achieve the organization’s goals, and this ability requires a great skill.