Faculty of Economics and Business Undergraduate Professional Study Programme Course coordinator: Boglarka Kiss Kulenovi ć (signatures, final exams) Course teacher: Višnja Kabalin Boreni ć (predrok) English for Business 1

Contact information for: Boglarka Kiss Kulenovi ć (signature, exams) Office hours: Monday: 11:30-12:30 Tuesday: 10:00 – 12:00 Office 20 (6 J.F. Kennedy Square) Webpage: faculty webpage

Contact information for: Course teacher: Višnja Kabalin Borenić (predrok only) Office hours: Tuesday: 12:00-13:00 (except last Tuesday of any month: Council) Wednesday: 16:00 – 17:00 Friday: – Office 16 (6 J.F. Kennedy Square) Webpage: faculty webpage

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: 21, 22, 28 May 15:00 – 16:15 16:30 – 17:45 18:00 – 19:15 23 May (Saturday) 10:00 – 11:15 11:30 – 12:45 13:00 – 14:15 Progress test: 1 June, 2015

REQUIRED LITERATURE Download the coursebook from the faculty website Print it out and bring it tomorrow

Production decisions What?Who?How? For whom?Why? Easy decisions? What are they based on?

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

Unit 1: ECONOMIC SYSTEMS → CB, pp 3-5 tasks: I - V

Work in groups: Compare the first two types of economies on the basis of Workers’ motivation to work 2. Choice of products 3. Quality of products 4. The existence of a large poor-rich gap

Discuss the images that follow: Which type of economy does each image illustrate? Why? Explain your answer using the coursebook.

Unequal distribution of income: Homelessness

No comptetition: lower quality of products and standard of life

Unequal distribution of income: Large poor-rich gap

No competition: Little variety and choice for consumers

Competition: Main aim is to lower costs → Outsourcing

No competition: Unmotivated workers, standardisation

Competition: decreasing costs can affect workers negatively: Sweatshops

→ CB, p 5, tasks VI - VIII

How do mixed economies work? Public or private sector? The two sectors are interconnected! → CB, p 7

ECONOMY and its “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” economiceconomicaleconomise economisteconomics → CB, p 10

Unit 2: Sectors of the economy

Which sectors of the economy?

labour-intensive ??? Use your smartphones to check on the meaning and usage of: Harvest Consumer goods Extract Capital goods Outsourcing → CB, p 13: I Read the text and say... Tasks II – VII

HW (21 May, 2015): CB, pp 6, 8, 9, 16