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The second factor is labour. Raw materials will just stay in the ground un-
less people dig them out and do something with them. Similarly, factory ma-
chines will sit doing nothing without people to operate them. Labour can mean
the physical effort such as lifting, digging and building. This is called manual
work. Labour also includes mental work like thinking, writing, communicat-
ing, and designing. Industries that need many workers working long hours are
called labour intensive industries. However, the quality of labour is as important
as the quantity. An educated, skilled and t workforce is more productive than
an uneducated, unskilled and unhealthy one. This characteristic of the labour
factor is called human capital. Some countries have large labour forces, but are
poor in human capital because the economy lacks education and healthcare.
The third factor is capital. Capital includes buildings such as factories for
production and warehouse for storage. It also includes the tools and equip-
ment that workers use in the manufacturing process. In heavy industries
such as shipbuilding or steel making, capital usually involves big machin-
ery and mechanical equipment. In high-tech industries, on the other hand,
capital generally means computers and complex laboratory apparatus. These
days, industry tends to be more capital intensive than labour intensive.
When companies make investments, they buy new capital. There are two
types of investment that companies need to make. The rst is to buy new
equipment so that they can expand their production. This is called net invest-
ment. Net investment is essential for economic growth. However, equipment
gets old and needs repairing or replacing. The money spent on this kind of
maintenance is called replacement investment.
Land, labour and capital are the three factors of production identied by
Adam Smith and the classical economists. However, more recent economists
have identied one more factor: entrepreneurship. This means people like
you, with great business ideas that set the economy in motion.
Task 1. Match the synonyms.
1. to provide
2. to tend
3. to expand
4. to include
5. to exist
6. to repair
a) to improve
b) to be
c) to enlarge
d) to produce
e) to supply
f) to incline
g) to involve
h) to work
71
from the kindly to the sadistic. Fashions seem to change quite rapidly in
interview techniques and the only rules that applicants should be aware of
may be «Expect the unexpected» and «Be yourself»!
In different countries, different trades and different grades, the salary
that goes with a job may be only part of the package: perks* like a company
car or cheap housing loans, bonuses paid in a «thirteenth month», company
pension schemes, generous holidays or exible working hours may all con-
tribute to the attractiveness of a job.
* Perk – also perquisite, (informal) money, goods, or an advantage that one gets regularly and
legally from one’s work in addition to one’s pay.
Task 1. Read the information about the difference between the words
Basically the primary differences between a resume and a curriculum
vitae (CV) are the length, what is included and what each is used for.
A resume is a one or two page summary of your skills, experience and
education. While a resume is brief and concise – no more than a page or
two, a Curriculum Vitae is a longer (at least two page) and more detailed
synopsis.
Task 2. Complete the sentences below using the information from the text
1. Resume contains all the unchanging information about…
2. Interviews may take many forms in…
3. During«deep-end»interviewsapplicantshavetodemonstrate…
4. The atmosphere of an interview may vary from…
5. In different countries the salary that goes with a job may be…
Task 3. Applying for a new job can be a stressful and daunting* task for
many people, but it doesn’t have to be. There are an abundance
of job opportunities out there if you know where to look. Make a
job.
e.g.
– Begin by asking yourself what you want from a job.
– Create or update your resume.
– Register with one or two recruiters., etc.
* daunting – пугающий
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