1. Contact information for Boglarka Kiss-Kulenović Office hours: Monday: 11:30-12:30 Tuesday: 10:00 – 12:00 Office 16 Webpage: faculty webpage E-mail: bkisskule@efzg.hr

2. COURSE REQUIREMENTS Regular attendance: If you want to take the progress test (predrok), you cannot miss more than 3 classes. (1 day = 3 classes) active in-class participation passing progress tests and/or exams.

3. 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 tests + oral test+ class participation

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

5. Classes: 18, 19, 20 May 9:00 – 10:15 10:30 – 11:45 12:00 – 13:15 25 May (Monday) 10:00 – 11:15 11:30 – 12:45 13:00 – 14:15 Progress test: 26? or 27? May

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

7. ECONOMIC SYSTEMS

8. SOME BASIC PREMISES… Resources are scarce. Human wants exceed resources. The economy decides how to allocate scarce resources by answering 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

9. Work in groups: Compare the first two types of economies on the basis of... 1. Workers’ motivation to work 2. Choice of products 3. Quality of products 4. The existence of a large poor-rich gap

10. Which type of economy does each image illustrate? Why? Explain your answer using the coursebook.

11. Unequal distribution of income: Homelessness

12. No comptetition: lower quality of products and standard of life

13. Unequal distribution of income: Large poor- rich gap

14. No competition: Little variety and choice for consumers

15. Competition: main aim is to lower costs: Outsourcing

16. No competition: Unmotivated workers, standardisation

17. Competition: decreasing costs can affect workers negatively: Sweatshops

18. How do mixed economies work? Public or private sector? The two sectors are interconnected!

19. Sectors of the economy

20. Which sectors of the economy?