Function which is remunerated by profit, all these functions may be embodied in the owner — manager

* Cantillon, Richard (1680-1734) — ирландский банкир и экономист.

** Say, Jean-Baptiste (1767—1832) — французский бизнесмен, экономист.

*** Knight, Frank Hyneman (1885-1937) — американский ученый-экономист.

Of a small business. His remuneration may be made up of rent as an owner of land, interest as a return on

Capital, a wage or salary for his management function and therefore as a return for his labour, and profit

As a return for his entrepreneurship. In the large firm the entrepreneur is a theoretical abstraction whose

Functions are divided between the management (the board of directors and senior executives) and the

Shareholders. Many economists have argued that the separation of ownership from control has important

Implications for the behaviour of managers and market performance.

Vocabulary Notes to Text 11.7.1.5

To perceive market opportunities — постигать рыночные возможности

To assemble — собирать (аккумулировать)

Perfect competition — совершенная конкуренция

To be alert to gaps — быть готовым закрыть брешь

Risk capital — рисковый капитал

Remuneration — возмещение

Match the following terms with the correct definition

Work with a partner.

Portfolio 2. overdraft3

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