4. Our Institute

I am a first year student of Chernivtsy Institute of Trade and Economics It is one of the affiliations of Kyiv National University of Trade and Economics. The university is one of the leading higher educational establishments in Ukraine.

Chernivtsy Institute has three faculties (schools): the Economics and Management faculty, the Accounting and Finance faculty, the Entrepreneurship faculty. There is also the faculty of Postgraduate Studies where one can receive a second higher education. . The term of studies lasts from 4 to 5 years depending on the subject you major in.

Our institute grants Bachelor, Specialist or Master degree in such fields as international economics, economic cybernetics, marketing, economy of enterprise, accounting and auditing, finance and credit, hotel and tourism management, management of organizations.

Our institute occupies three buildings in the centre of the city. Students have all necessary facilities to study: modern classrooms, laboratories equipped with personal computers. The institute library is well-stocked with text-books, reference literature and periodicals. Our students have all opportunities to master foreign languages, carry out research projects and take part in different conferences held at the institute each year.

The teaching staff of the institute do their best to give the students a sound economic education and prepare highly-qualified specialists for the national economy of our country.

5.What is business?

Business is a word that is commonly used in many different languages. But exactly what does it mean? Traditionally business simply meant exchange or trade for things people wanted or needed. Today this broad term can be applied to different kinds of human activity and many kinds of enterprise.

All activities traditionally related to business can be grouped under three headings: production, distribution and sales. The first group of activities, production, concerns the changing of materials into products or the creation of services. Some businesses produce what is called tangible goods, such as cars, clothes, foodstuffs. Others produce intangible goods or services, which are activities that people perform for other people.

The second group of activities is known as distribution. Distribution is performed through distribution channels that link the producer and the consumer directly or indirectly with the aid of intermediaries.

Third is the sale of goods and services. Sale is the exchange of a good or service for money. Money that a company receives from the sale of its products is called revenues. If the company is a success its revenues not only cover its expenses, that are the money spent on the production of the output, but also contain some surplus.

Just as important as profits are social and ethical responsibilities that companies bear in their dealing with employees, consumers, suppliers, competitors, government and the society.