1st progress test (group 5) When: 24 November, 2014 First seminar group Second seminar group Where: (LH 21) Scoring system: 1st PT – 40 pts 2nd PT – 40 pts Total - 80 pts (pass 60% - 48 pts) +BC – 20 pts (pass 60% - 12 pts) Progress test passing score: = 60 pts Note: Progress tests add up. You must score at total of min 48 pts for tests and min 12 pts for BC to pass.

1st progress test (group 3) When: 24 November, 2014 First seminar group Second seminar group Where: (LH 6) Scoring system: 1st PT – 40 pts 2nd PT – 40 pts Total - 80 pts (pass 60% - 48 pts) +BC – 20 pts (pass 60% - 12 pts) Progress test passing score: = 60 pts Note: Progress tests add up. You must score at total of min 48 pts for tests and min 12 pts for BC to pass.

What: TopicsSkills University Essentials Note-making Economics vs. Economy Three Sectors of the Economy ( Manufacturing, services, jobs ) Types of Economic Systems The Public Sector (Privatization) Role of the Government Taxation The Private Sector Types of organizations in the UK

Types of exercises you can expect Read the definition/explanation & provide the right term Supply the missing word / match words to make strong word partnerships Translate (key terms) into or from Croatian Complete the text by filling in the missing words Use given terms to write about a (given) topic Essay question: Compare X and Y or Discuss advantages and disadvantages of X or Present arguments in favour or against sth. Find the odd one out & explain your answer Make well-structure notes

HW – hand in:... Galbraith’s and the Friedmans’ views on the role of government–in NOTE form OPTIONAL HOMEWORK: Broaden your perspective (optional): 1 The Corporation: The Pathological Pursuit of Profit and Power (Excerpt from the book by Joel Bakan, later turned into a film), RB, p 44 2 The Pendulum of Control (Excerpt from Schiller’s Essentials of Economics), RB, p 45 Earn extra credit by taking part in a discussion during my office hours ( topic 1 or 2 ) - suggest the time and participants – get out of the oral exam

Private sector

Public vs. private sector Classify the following terms: the army, private ownership, profit, public utilities, public goods, businesses, organisations, need, municipal enterprises, government agencies, merit goods, entrepreneurs, public corporations,... GO ON TO ADD ANY WORDS YOU ASSOCIATE WITH EITHER SECTOR & USEFUL VERBS (team up) Public sectorPrivate sectorVerbs Say something about each sector. Combine noun phrases and verbs.

Types of Business Organizations RB, p. 46 I II – Pair up and get ready to briefly present a business. III

IV Fill in the gaps (paragraph by paragraph) Vocabulary focus (pg 1) incorporate-d businesses vs. un-incorporate-d businesses What is the main difference between an unincorporated and an incorporated business?

unincorporated vs. incorporated businesses VOCABULARY FOCUS, pg. 2 legal identity identity recognized by the law legal entity an organization considered as separate, independent unit for legal purposes limited liability [liability = uncountable noun, no plural] the legal position of being responsible for paying only a limited amount of the company’s debt if it goes out of business – you and your business are two separate entities unlimited liability the owner is responsible for any debts the business runs up (owner’s personal wealth may be claimed) – you and your business are legally one and the same entity Careful! Very similar! → UNINCORPORATED BUSINESS

unincorporated vs. incorporated businesses VOCABULARY FOCUS, pg. 2 legal identity identity recognized by the law legal entity an organization considered as separate, independent unit for legal purposes INCORPORATED BUSINESS → limited liability the legal position of being responsible for paying only a limited amount of the company’s debt if it goes out of business – you and your business are two separate entities UNINCORPORATED BUSINESS → unlimited liability the owner is responsible for any debts the business runs up (owner’s personal wealth may be claimed) – you and your business are legally one and the same entity  Pgs 3 & 4

 RB, p 48 S tudy and get ready to answer questions

SOLE PROPRIETORSHIP, PARTNERSHIP OR BOTH? owned by one person only (may employ other workers) medicine, accountancy, law farmers, small scale manufacturers, retailers, hairdressers… owned by partners unlimited liability possibility of specialisation profits and losses shared equally direct control of business sole claim on profits

SOLE PROPRIETORSHIP, PARTNERSHIP OR BOTH? owned by one person only (may employ other workers) - SP medicine, accountancy, law - P farmers, small scale manufacturers, retailers, hairdressers…- SP owned by partners - P unlimited liability – SP, P possibility of specialisation, P profits and losses shared equally, P direct control of business, SP sole claim on profits SP

PRIVATE LIMITED COMPANY, PUBLIC LIMITED COMPANY OR BOTH? limited liablity for debts profits paid as dividend payments shareholders shares available to general public disclosure of accounts more difficult to sell shares possibility of takeovers finance easily available

PRIVATE LIMITED COMPANY (Ltd.), PUBLIC LIMITED COMPANY (PLC) OR BOTH? limited liablity for debts – Ltd., PLC profits paid as dividend payments – Ltd., PLC shareholders – Ltd., PLC shares available to general public - PLC disclosure of accounts - PLC more difficult to sell shares – Ltd. possibility of takeovers - PLC finance easily available – Ltd., PLC  RB, p 54: A Contrastive View (UK vs. USA vs. HR) Note: RB, pp 51-53: about Croatian businesses (in Eng.) LATER

 RB, p 48 Task VIII Task VI and VII (pairwork) – HAND IN Write about two types of companies, include the advantages of:(the other two – HW) 1 Partnership and sole proprietorship 2 PLC over Ltd. 3 PLC and Ltd. over sole proprietorship and partnership 4 Ltd. over PLC Use sentences, not bullets! Remember to use the linking words for contrast / concession and addition. HW: Write about the other two types.

Additional information: and, furthermore, moreover, in addition to, next, then, besides Reason: because, because of, due to, owing to, as, since, therefore, that’s why Contrast: on the other hand, on the contrary, in contrast, although, yet, but, while, whereas Concession: (even) though, anyway, however, nevertheless, in any case, in spite of that, despite Purpose: in order to, so that Result/Consequence: consequently, as a result, therefore, so, thus Giving example: for example, for instance LINKING WORDS: