1. Progress test 20 November: 12.00 (Gar-Hor) 13.00 (Hra-Jus) Lecture Hall 10

2. Course material in the 1st 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

3. 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 Croatia n Read the text (supplied) & prepare well-structured notes (5) TOTAL POINTS: 40

4. Revise and practise

5. Translating key terms (BE1) (to and from Croatian) TEAMWORK Compile a list of economic/business terms (in English) Test your colleagues

6. IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL? China Chile South Korea Bangalore Developed Western countries

7. IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL? Outsourcing Changing patterns of human consumption Catering Marketing Entertainment

8. IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL? Credits Autonomy Common market for universities Public funding Tuition fees Birthplace of higher education

9. 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

10. 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.

11. With a little help from... your teacher 1 Preselit ću sjedište svoje tvrtke u neku poreznu oazu. moveheadquarterstax________ 2 Plaćam prevelik porez na dohodak. too much__________ tax 3 Iskoristit ću neku rupu u zakonu da smanjim porez na minimum. exploitreduce 4 Pranje novca predstavlja nezakonito izbjegavanje porezne obveze. money launderingtax __________ 5 Nova vlada nametnut će nove poreze. levy

12. Cross the odd one out Public limited company Private limited company Public corporation Incorporated businesses Shareholders

13. Production of goods and __________ ________ sector Mixed Enterprise PPP ________ sector Unlimited Businesses (___________) Limited Businesses (__________) Public __________ or Nationalized Industry _______ Authorities _____________ Company (Ltd.) _____________ Company (PLC) _____trader Partnership → RB, p 26

14. Production of goods and services Private sector Mixed Enterprise PPP Public sector Unlimited Businesses Limited businesses Public Corporation or Nationalized Industry Local Authorities Private Limited Company (Ltd.) Public Limited Company (PLC) Sole trader Partnership

15. 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

16. 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)

17. 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

18. 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

19. REVISION: Note taking - examples Students’ homework assignments

20. Galbraithvs. the Friedmans (on the role of the state) Govt. involvementGovt. interference -list what govt. does- list restrictions Arguments 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

21. 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...