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Labour is any work performed for en employer at a negotiated rate while profit is the surplus which accumulates as a result of productive work. The employer obtains this surplus after he pays the necessary expense of his business end the wages of his employees. He may be required to share the surplus with others who have provided the capital with which he started his business. Most businesses need capital in order to start productive work, and the capital pays for the accommodation, machinery and other items which the business needs. There is always an element of risk in providing capital and starting a business. The business may not be successful. The employees of the business do not bear this risk, but the employers and the providers of capital do bear it. If the business is successful, the risk has been justified and the invested capital earns part of the profits as a return on the investment.
The capital which people provide to help new businesses is an accumulation of previous surpluses on previous business activities. In this way the past is used to finance the future. Such capital is accumulated by a deliberate policy of saving surpluses. This policy may be personal and individual, or it may be public and collective. As such, it is common to both the capitalistic and communistic systems. In both systems, a certain part of the profits is "ploughed back" into the system in order to create capital.
In general terms, capital can be defined as (1) a factor of production (for example, machinery or cash); (2) the assets possessed by a person, a company or a nation. Land, houses and shares in a business are capital. In terms of the state, all railways, docks, roads, airports and state funds of money are part of the nation's capital.
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Exercise 1 Answer these questions, basing your answers on the text.
a What is profit?
2 Say whether these statements are true (T) or false (f), and If they are false say why.
a Labour is work performed by an employer at a negotiated rate.
3 Combine these sentences by using who, following either the first or second example.
EXAMPLE (1) He may be required to share the surplus with others. The others have provided the capital. - He may be required to share the surplus with others who have provided the capital. (2) The manager will begin work next month. The manager was appointed last week. - The manager who was appointed last week will begin work next month.
4. Punctuate the following passage. Provide capital letters, commas, full stops, brackets, colons etc., where applicable.
There must always be people willing to bear the risk of new business undertakings in addition to simple risk bearing.
5. Make compound words by altering these sentences.
EXAMPLE He is not interested in bearing risks. He is not interested in risk-bearing.
а. Не is not interested in owning а house. Не is not interested in house-owning.
6. Find single word in the text for which these words could be substituted:
a done
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