Progress test

20 November: 12.00 (Gar-Hor)13.00 (Hra-Jus)

Lecture Hall 10

Course material in the1st Progress test (TOPICS & Skills)

• University Essentials - R• Economics and Economy – R• Types of Economies – R & MK, U 22

– (Role of Government & Taxation)

• Three Sectors of the Economy – R & MK, U7• The Public Sector and the Private Sector

– (Privatisation)

Skills:• Note-making and/or slide-making• Presenting (Signalling devices)• Comparing

Types of exercises you can expect:

• Read the definition/explanation & provide the right term (15)• Word partnerships:

– Supply the missing word to make strong word partnerships– Match words to create strong word partherships (use the

expressions to write a paragraph about a (given) topic)• Complete the text by filling in the missing words• Find the odd one out & explain your answer• Explain a business/economic concept• Compare X and Y (paragraph)• Discuss advantages and disadvantages of X (paragraph)• Translate (key terms) into or from Croatian• Read the text (supplied) & prepare well-structured notes (5)

TOTAL POINTS: 40

Revise and practise

Translating key terms (BE1) (to and from Croatian)

TEAMWORK

• Compile a list of economic/business terms (in English)

• Test your colleagues

IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL?

• China

• Chile

• South Korea

• Bangalore

• Developed Western countries

IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL?

• Outsourcing

• Changing patterns of human consumption

• Catering

• Marketing

• Entertainment

IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL?

• Credits

• Autonomy

• Common market for universities

• Public funding

• Tuition fees

• Birthplace of higher education

MAKE MEANINGFUL SENTENCES – CONNECT THE WORDS

Eg. DEAN / RUN: Deans run most institutions of higher education

• Ph.D. - EARN• ECONOMICS - STUDY• MARKET ECONOMY – ALLOCATE• GOVERNMENT - INTERVENE • PUBLIC GOODS - PROVIDE• QUARRYING – BELONG• NATIONALISATION – TRANSFER• SOLE TRADER – SET UP• PARTNERSHIP – SPECIALIZE• ARTICLES OF ASSOCIATION – DRAW UP• LIMITED LIABILITY - INVEST

Say it in English!

1 Preselit ću sjedište svoje tvrtke u neku poreznu oazu.

2 Plaćam prevelik porez na dohodak.

3 Iskoristit ću neku rupu u zakonu da smanjim porez na minimum.

4 Pranje novca predstavlja nezakonito izbjegavanje porezne obveze.

5 Nova vlada nametnut će nove poreze.

With a little help from... your teacher

1 Preselit ću sjedište svoje tvrtke u neku poreznu oazu.

move headquarters tax________

2 Plaćam prevelik porez na dohodak.

too much __________ tax

3 Iskoristit ću neku rupu u zakonu da smanjim porez na minimum.

exploit reduce

4 Pranje novca predstavlja nezakonito izbjegavanje porezne obveze.

money laundering tax __________

5 Nova vlada nametnut će nove poreze.

levy

Cross the odd one out

• Public limited company

• Private limited company

• Public corporation

• Incorporated businesses

• Shareholders

Production of goods and __________

________ sectorMixed Enterprise

PPP________ sector

Unlimited Businesses

(___________)

Limited Businesses

(__________)

Public __________ or Nationalized Industry

_______Authorities

_____________ Company (Ltd.)

_____________ Company (PLC)

_____trader

Partnership

→ RB, p 26

Production of goods and services

Private sectorMixed Enterprise

PPPPublic sector

Unlimited Businesses

Limited businesses

Public Corporation or Nationalized Industry

Local Authorities

Private Limited Company (Ltd.)

Public Limited Company (PLC)

Sole trader

Partnership

WHICH TYPE OF PRIVATE BUSINESS?

• owned by one person only (may employ others)• possibility of takeovers• limited liablity for debts• farmers, small scale manufacturers, retailers,

hairdressers…• profits paid as dividend payments• owned by 2 -20 partners• shares sold to general public• unlimited liability• disclosure of accounts• profits and losses shared equally• direct control of business• sole claim on profits

GENERALLY ON LIMITED COMPANIES…

•private limited and public limited companies have an independent legal existence from their vlasnici

•companies in which shareholders have

limited odgovornost (in case of dugovanja,

each shareholder is odgovoran only for the

amount he has invested)

• owned by shareholders who can glasovati

and take a share of the profit

• the capital is divided into dionice/udjeli

• shareholders biraju a Board of Directors

and a chairperson

• the BoD imenuje managers to run day-to-

day business

• Annual General Meeting se održava every

year

• documents which need to be sastavljeni:

1 Memorandum of Association

2 Articles of Association

→ Registrar of Companies izdaje a Certificate

of Incorporation

REVISION:Note taking - examples

Students’ homework assignments

Galbraith vs. the Friedmans(on the role of the state)

Govt. involvement Govt. interference- list what govt. does - list restrictionsArguments pro Arguments con

(govt. intervention) (govt. interference)- humane (services for the - limits to economic freedom

underclass) ↓- future oriented (environment

protection) limit human freedom - progressive (investments

in research → development)e.g. agriculture, air transport...

Good society? Good society?- counteracts market system- one w/o restrictions

failures - consent the only criterium- protects life globally

Arguments for and against privatisation, RB, p 28

• Revision: paragraphing• Present arguments for and against privatisation,

concluding with your opinion.• Include 3 arguments for and 3 against.

E.g. “Privatisation may change a society dramatically. Firstly,.... because... Furthermore, ... Finally.... On the other hand,.... It is also true that... For example... Moreover,.... Nevertheless... To conclude...