Višnja Kabalin Borenić English for Business 1 Faculty of Economics and Business Undergraduate Professional Study Programme Course teacher: Višnja Kabalin Borenić

Contact information: Višnja Kabalin Borenić Office hours: Tuesday: 10:00-12:00 Friday: 14.30 – 15.30 Office 16 (6 J.F. Kennedy Square) Webpage: faculty webpage Google classroom code: mnlfipt E-mail: vkborenic@efzg.hr

REQUIRED LITERATURE English for Business (coursebook for English for Business 1, 2 and 3) Pls, get it from EFZG skriptarnica ASAP

COURSE REQUIREMENTS regular attendance: If you want to take the progress test (predrok), you cannot miss more than 4 classes. (1 day = 3 classes) active in-class participation passing progress test or exam.

TWO WAYS TO GET A GRADE 1) PROGRESS TESTING - BEFORE REGULAR EXAM DATES regular attendance active class participation progress test (minimum 51%) oral exam Final grade = written test + oral test + class participation

2) REGULAR EXAM DATES final comprehensive written test (regular exam period) final comprehensive oral exam (regular exam period)

Classes: 15, 22, 29 March, 5 April 15:00 – 16:30 16:45 – 18:00 18:15 – 19:30 Progress test 1: 29 March, 2015 (15.00 – 15.30) Progress test 2: to be arranged (after 5 April)

Production decisions How do companies decide what to produce? How are such decisions made by the goverments in the case of countries? Think about the history of Croatia and explain if major economic decisions have always been made in the same way? Is it easy to live in Croatia if someone is poor? What happens if someone loses his/her job?

ECONOMIC QUESTIONS→TYPE OF ECONOMY SOME BASIC PREMISES… Resources are scarce. Human wants exceed resources. The allocation of scarce resources depends on a society’s answers to some basic questions. ECONOMIC QUESTIONS→TYPE OF ECONOMY What to produce? How to produce? For whom to produce? Why to produce? MARKET ECONOMY PLANNED ECONOMY MIXED ECONOMY

Consider the following concepts: Planned Market State ownership  Profit  Equal distribution  Satisfying everyone’s needs  Competition  Market forces 

Unit 1: ECONOMIC SYSTEMS → Read: English for Business, pp 2-5 (EforB)

I Which type of economy? Supply and demand on the market are the only factors that influence what will be produced, how and for whom. ______________________ Some sections of the economy are owned and operated by the state but large portions of business remain in private hands. ______________________ The system in which all economic decisions are planned and controlled from the centre. ______________________

II Answer the questions What do you know about resources and their relationship to human needs and wants? What are the three basic economic questions? List some countries that used to have a command economy. Are there any left today? Which is the most common type of economic system? What is the welfare state? What kinds of services can welfare states provide?

III Which concepts are defined below? An organized way in which a state or nation allocates its resources and distributes goods and services in the national community. ___________________ Financial health of a population, as measured by income and consumption of goods and services by individuals or households. ___________________ Forces of supply and demand. ___________________ A type of a state where the government provides a minimum standard of living for everyone. ___________________

V Find word partnerships in the text. Supply the missing adjective f_________________ ability p___________ economy p___________ sector e________________ system c___________ economy s________________ resources m___________ economy   w________________ state

VI Fill in the gaps with these verbs: make, pass, distribute, supply, allocate. Many governments around the world have to ___________ a decision on how to _____________ resources. This means that they have to decide how to ____________ goods and services and whether to ____________ them through the public or private sector. Another important task of the government is to ____________ laws so that companies and people can feel safe and secure in the country. → Homework: E for B, pp 4-5 (IV, VII, VIII & IX)

Work in groups: Compare the first two types of economies on the basis of... Workers’ motivation to work Choice of products Quality of products The existence of a large poor-rich gap

How do mixed economies work? Public or private sector? The two sectors are interconnected! → HW: read EforB, p 5

Can you think of other examples where public and private sector intermingle? Buying on the internet? How does the private sector finance the public sector? How and why does government help the work of the private sector? Which expressions are these? _s_ a service s_pply and d_m_nd p_rch_s_ goods p_y taxes r_g_l_t_ traffic m_k_ a profit _wn a car c_ntr_b_t_ to the budget HW: Read text on pp 5-6, do exercises I - VI

Words and their “cousins” ? A word family? E.g. PEND (to hang): depend suspend independent pendant suspense pendulum compensation

Words belonging to the same word family as “ECONOMY” economic economical economise economist economics → EforB, p 7-8 a science (n) a scientist (n) connected to money or finance (adj) not wasteful (adj) to save money by using less (v) a manager in a company, or the owner of a firm economics economist economic economical economise businessman

Fill in the gaps with the correct form of the words from the previous exercise 1 _________ spend their days doing research on topics such as inflation, unemploment, interest rates, etc. 2 When I get a degree from the Faculty of Economics and Business, I will start my own firm and become a _________. 3 Please turn off the lights when you leave. We need to _________ and stop wasting money. 4 Ivan decided to study _________. In three years he will get a bachelor’s degree. 5 The country’s ________situation is very bad. Unemployment is high, wages are low & there is little demand on the market. 6 The American ________ has started to recover after the recession. 7 My new car is very _________. It uses much less petrol than my old car did. Economists businessman economise business economic economy economical

Unit 2: Sectors of the economy

labour-intensive ??? Use your smartphones to check on the meaning and usage of: Harvest Consumer goods Extract Capital goods Outsourcing → EforB, p 10 I Read the text and say what kind of activities characterize each sector of the economy?

Which sectors are of growing importance in Croatia? Why? Which sectors are becoming less important? Why? Is this a problem? What happens to workers who used to work in sectors that are disappearing? Find word partnerships in the text: 1 e________ activity 7 g_________ economy 2 r_________ materials 8 b________ foods 3 c________ goods 9 c________ goods 4 f_________ goods 10 t__________ improvements 5 d_________ countries 11 i________ services 6 d_________ countries 12 f________ consumer conomic lobal aw asic apital onsumer inal echnological nformation eveloped eveloping inal

Task V HW: pp 11-13 tasks II, III, VI, VII, VIII