1st progress test (group 5)When: 24 November, 2014

First seminar group 10.00

Second seminar group 10.45

Where: (LH 21)

Scoring system:1st PT – 40 pts2nd PT – 40 pts

Total - 80 pts (pass 60% - 48 pts)+ BC – 20 pts (pass 60% - 12 pts)Progress test passing score: 48 + 12 = 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 14.00

Second seminar group 14.45

Where: (LH 6)

Scoring system:1st PT – 40 pts2nd PT – 40 pts

Total - 80 pts (pass 60% - 48 pts)+ BC – 20 pts (pass 60% - 12 pts)Progress test passing score: 48 + 12 = 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: Topics Skills

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 expecthttp://www.efzg.unizg.hr/default.aspx?id=8878

• 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 formOPTIONAL 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 sectorClassify 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 ASSOCIATEWITH EITHER SECTOR & USEFUL VERBS (team up)

Public sector Private sector Verbs

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 businessesVOCABULARY FOCUS, pg. 2legal identity

identity recognized by the lawlegal entity an organization considered as separate, independent unit

for legal purposeslimited 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 businessesVOCABULARY FOCUS, pg. 2legal identity

identity recognized by the lawlegal entity an organization considered as separate, independent unit

for legal purposesINCORPORATED 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 Study 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 2 -20 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 2 -20 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., PLCRB, p 54: A Contrastive View (UK vs. USA vs. HR)Note: RB, pp 51-53: about Croatian businesses (in Eng.) LATER

RB, p 48Task VIII

Task VI and VII (pairwork) – HAND INWrite about two types of companies, include the advantages of: (the

other two – HW)1 Partnership and sole proprietorship2 PLC over Ltd.3 PLC and Ltd. over sole proprietorship and partnership4 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: