Think about everything you (should) have learnt by now... ;)

The exercise on the following slide comprises many terms from units covered so far. There are many more terms that could be added to the list.

Sorting the terms out, assigning them to specific topics will help you rebuild a meaningful context for each word on the list, and this will support your vocabulary learning.

For additional practice you can always carefully read our materials, single out important professional terms and write them up in a list without any order. You then let the list lie for a while and then try to group the terms according to topic.

Sort out according to topic!

Academic terms

Economics

Economy

Primary sector

Secondary sector

Tertiary sector

confectionery banking

global forestry applied

hospitality industry

Keynesian quarrying

smelting mining retailing

course attendance

commerce fragile trade

blue-collar ICT barber

shipbuilding

elective

transport

classical advertising dean

construction health care

farming major MBA design

real estate beverages

utilities media

Sort out according to topic!

Academic terms 6Economics 3Economy 2Primary sector 4Secondary sector 6Tertiary sector 14

confectionery banking

global forestry applied

hospitality industry

Keynesian quarrying

smelting mining retailing

course attendance

commerce fragile trade

blue-collar ICT barber

shipbuilding

elective

transport

classical advertising dean

construction health care

farming major MBA design

real estate beverages

utilities media

HW check: Freedom from want (RB, pp 26-28)

1 What has happened to each of the three sectors of the economy in the past 100 years in developed western countries? Use the blue prompts to answer the questions.

1913 1999 28%-60% → 6% ? 22%-43% → 60%-75% ?

2 How are workers treated nowadays?

mass production, routine, standardisation → interchangable units

3 What is the connection between mass labouring in factories, mass consumption and mass advertising?

abundance of material objects+ purchasing power+ persuasive advertising (focus on style, image and brand) = mass consumption

4 Why has the power of trade unions diminished towards the end of the 20th century?

no mass production → no mass employment → unions loose bargaining power

5 How has spending on leisure changed in the last 100 years?

1900 19992-3% GDP 10 % GDP2,700 working hrs/year 1,400-1,800 wh/y

6 What does the text conclude about hapiness and wealth?

increase in wealth > increase in happiness

Reasons: it is human to always want more(too) high expectationsluxury ≠ security

HAND IN: - main idea of your paragraph- notes for MANUFACTURING & SERVICES (RB,p 23)

Three types of economic systems

What is economy?• The system by which a country's goods &

services are produced and used.

Problem?

Concerning resources and wants...

• The resources are scarce and the wants are unlimited.

The function of economy?

• To _______ scarce resources amongst unlimited wants.

allocate

To satisfy wants we need to answer three questions:

• What...• How...• For whom...

should be produced?

should it be produced?

should it be produced?

Who gets to decide?

How these questions are answered will depend on the type of economic system.

The three basic types of economic systems:

• Market economies(or capitalist economies or free enterprise economies)

• Planned economies(or command economies)

• Mixed economies

• Take 2 min and brainstorm words you associate with each type

→ RB, p 30

• Read the intro

• Read the text on market economies and fill in the table on p 31 (Market economy).

• Fill in the notes on the slides that follow

Market economies

• Resources are allocated through _______ mechanism (supply and ________)

• System which stimulates _________

Competition in market economies

• leads to lower ______ (prices),

• better ______,

• more ______ for consumers

The role of the state in market economies:

• to _____ laws

• to provide _______ goods and services (e.g. j_ _ _ _ _ ary, national d_ _ _ _ ce, policing, fair competition)

Imperfections of market economies

• Private firms not interested in _______ that do not make profit.

• Public interest ____________ to achieve lower costs.

• _______ distribution of income.

→ RB, p 30

• Read the text on planned economies and fill in column Planned economy

• Fill in the notes on the slides that follow.

Planned economies (or command economies)

• The role of the state - ____

• The state: - organizes

- plans

- co-ordinates the whole

_________ process

There is no competition...

• __________ goods

• Little ______ / choice for consumers

• The state _______ goods & services

• More ______ distribution of income

In planned economies...

• Production for _____ rather than profit

• People less motivated to work _________

• The standard of living _____ than in other types of economies

→ RB, p 30

• Read the text on mixed economies and fill in column Mixed economy

• Fill in the notes on the slides that follow.

Mixed economies

• Some resources _________ by the state (in the _____ sector), the rest by the market system ( ______ sector)

• Public sector: responsible for _______ goods & services

• Private sector: production decisions ______ by firms (demand for gods)

In mixed economies...

• ______ goods provided free

• The state ensures _____ competition

• Private goods & services allocated as in _____ economies.

→ HW, RB pp 31-32 (tasks III, IV, V & VI)

The Public Sector→ RB, pp 34-35: tasks II, III, IV

Task V Describe the public sector using the following verbs:

make up own control fund provide argue

• Describe public goods using the following nouns/noun phrases:public sector consumption amount all individuals

• Describe merit goods using the following phrases:not available provided by the state standard of living

• Do governments have too much power? If so, do they interfere with market forces?

• Is the public sector too big? Which of the following activities / decisions could be left to the private sector in Croatia? MK, p 109

• Education• Health care• Low-income housing• Defence• The police, the justice system, prisons• Public transport• Social security (unemployment & sickness benefits,

old age pensions)• Working conditions (working hours, child labour...)• Health, safety and cleanliness regulations

The role of governmentFree to Choose by Milton and Rose Friedman• opinion of the activities of the US govt.What do you expect?Reading MK, p 109-110Read the topic sentencesWhat is their opinion? Can you expand the title (Free to Choose) to reflect it?

HW: Read the text & answer the comprehension questions.Make a list of examples used by the Friedmans.How far do you agree with them concerning any of the

specific examples they give of government legislation?

PRESENTATIONS, cont.Good advice on body language

• https://www.youtube.com/watch?v=7MWaeOHDBOg (stance, sound, smile, silence, sight)

• https://www.youtube.com/watch?v=zJkMZwAXWbY (60 second guru)

HW check! (RB, p 87)

1) thank 2) purpose

3) tell you 4) specifically

5) bring you up to date 6) To start with

7) outline 8) then

9) illustrate 10) After that

11) describe 12) Finally

13) sum up 14) concluding

15 ) interrupt 16) draw your attention

17) You will notice 18) talked

19) pointed out 20) options

21) indicated 22) priority

23) referring 24) expand

25) move on 26) On balance

27) recommend 28) In conclusion

• TEAM WORK: RB, p 88

• Optional hw (for extra credit): write a short speech (100 words: intro, body, conclusion + phrases from pp 84-85) on one of the following topics:• a football / hockey / basketball... match• your hobby (dancing, chess, volunteering...)• why you are studying economics/business