1. Revise and practise

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

3. 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.

4. 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

5. 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

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? Allocating resources in the public sector Ensuring fair competition Providing public goods for free Co-ordinating the whole production process Providing minimum standard of living Cross the odd one out (IZBACI ULJEZA) Explain your choice

9. IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL? Allocating resources in the public sector Ensuring fair competition Providing public goods for free Co-ordinating the whole production process Providing minimum standard of living Cross the odd one out (IZBACI ULJEZA) Explain your choice

10. IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL? International Applied Booming Black Fragile Cross the odd one out!

11. IN WHAT CONTEXT WERE THE FOLLOWING MENTIONED IN CLASS/MATERIAL? International Applied Booming Black Fragile Explain your choice!

12. Cross the odd one out Quarrying Construction Mining Oil digging Fishing Explain your choice

13. Cross the odd one out Quarrying Construction Mining Oil digging Fishing Explain your choice

14. Cross the odd one out Automatic allocation of resources Equal distribution of income Competition Privately owned businesses Public interest sacrificed And explain your choice!

15. Cross the odd one out Public limited company Private limited company Public corporation Incorporated businesses Shareholders Explain your choice!

16. Cross the odd one out Public limited company Private limited company Public corporation Incorporated businesses Shareholders Explain your choice!

17. 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 55

18. 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 proprietorship Partnership

19. WHICH TYPE OF PRIVATE BUSINESS? (sole proprietorship, partnership, private limited company, public limited company) 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

20. WHICH TYPE OF PRIVATE BUSINESS? owned by one person only (may employ others) SP possibility of takeovers - PLC limited liablity for debts – Ltd. PLC farmers, small scale manufacturers, retailers, hairdressers… - SP profits paid as dividend payments - Ltd. PLC owned by 2 -20 partners - P shares sold to general public - PLC unlimited liability – SP, P disclosure of accounts - PLC profits and losses shared equally - P direct control of business - SP sole claim on profits - SP

21. 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)

22. GENERALLY ON LIMITED COMPANIES… private limited and public limited companies have an independent legal existence from their owners companies in which shareholders have limited liability (case of debt, each shareholder is responsible only for the amount he has invested)

23. 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

24. owned by shareholders who can vote and take a share of the profit the capital is divided into stocks/shares shareholders elect a Board of Directors and a chairperson the BoD appoints managers to run day-to- day business

25. 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

26. Annual General Meeting is held every year documents which need to be drawn up: 1 Memorandum of Association 2 Articles of Association → Registrar of Companies issues a Certificate of Incorporation

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

34. Galbraithvs. the Friedmans (on the role of the state) Govt. involvementvs.Govt. interference -list what govt. does- list restrictions Arguments pro vs.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 without restrictions failures- consent the only criterium -protects life globally