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National economy

1. Industry provides energy, raw materials and goods.

The Extractive Industry produces coal, oil, gas, iron ore, and a number of other metals and minerals from the ground or sea bed.

The Manufacturing Industry needs these minerals to produce machines and all those goods which the customers need and buy: foodstuffs, non-food stuffs, cars, TV sets, furniture, construction materials and others.

2. However we do not get these goods directly from the factory or plant but buy them in a shop or a department store. They transport and deliver these goods to us by rail, road, air or ship, especially if we import them. This brings us to another field of economy, Commerce, which can be divided into Trade and the Service Industries.

Trade is business of buying and selling commodities and services.. It can be Home Trade when it deals with the customers of a native country, and Foreign Trade, that is, trade between nations in the form of export and import transactions and capital movements. There are two forms of trade: wholesale and retail trade.

The wholesale trade is selling to organizations and individuals, but not final consumers. Some producers don't sell directly to retailers but only deal with wholesalers and give them a bigger discount than retailers.

The retail trade deals directly with consumers who buy goods for then-own use. As to wholesalers they sell goods to businesses and organizations for use in their activities or to other wholesalers, retailers and individuals for resale. Wholesalers deal with transportation, storage goods in warehouses, bank payment mechanisms and lending, market information, and risk bearing (insurance).

A television set is transported several times before we can switch it on in our sitting room. Transport is, of course, a service which industry, trade and consumer make use of. But it is only one of the Service Industries.' Tourism, like transport, is the third largest industry in terms of economic importance and of its capacity to generate employment. The transport and tourism industry is the vast, complex network of business engaged in the lodging, transportation, feeding and entertainment of the traveller.

If the TV set is damaged or lost while being transported, the insurance pays for it. Insurance is a service industry that deals in covering risks of all kinds: damage, loss, fire, and accidents. Industry and commerce depend on up-to-date information. We provide this information with our highly-developed Communication Services like telephone, post, telex, fax-message, E-mail.

We cannot manage without Warehousing where we store and keep goods until their sale.

And finally, banking. It links up with all sectors of national economy. Banking provides different methods of payment and settlement for goods and services; collects money and lends it; finances industry, commerce and direct services, sells foreign currencies; opens ways to find and invest large amounts of funds; deals with all important national and international money and capital markets.

3. Direct Services involve services of doctors, lawyers, teachers, and financial services of accountants, auditors and financiers, which are very important and valuable either for people (consumers) or businesses, that is, for all sectors of national economy.

Exercises in word study:

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