Institut fürÖkonomische BildungIÖB

June 2011ISSUE 14NEWCOMER

H

Axel Schrinner Handelsblatt Düsseldorf

Economic experts are re-joicing at Germany’s fast economic recovery. This

past year, Germany’s economic output grew by about 3.6 per cent and another 3 per cent is looking possible for this year as well.

That may not sound like much to the average person. Af-ter all, what are three per cent? Well, in terms of the economy, three percent is an impressive figure! German economic out-put, that is the value of all goods and services that German com-panies produce and provide, to-talled about 2.5 trillion euros for the year 2010. Three per cent of that amount is roughly 75 billi-on euros. To put that in perspec-tive, with that sum of money, you could buy about 3.75 million new cars!

This growth also has a ma-jor effect on the number of jobs available. When more goods are being produced, companies need more workers and can af-ford to hire them. The year 2010

was the first time in Germany’s history that more than 41 million people were in employment. This year could also be the first year since 1992 that fewer than 3 million people are unemployed.

When people have jobs they have more money to spend. This means they can consume more goods and services such as going to the movies more often, taking longer vacations, or even buying new furniture or cars.

And this is where the econo-mic cycle starts all over again: As people buy more goods, companies see that they need to produce more goods to sell. To increase production, com-panies hire more people. The economic recovery fuels itself. This is how experts describe the workings of the economic cycle. There are indeed some who predict that Germany can expect this trend to continue up

through 2015.This isn’t a sure thing,

of course. The events of the past few months show just how interconnected the world is. For example, when computer chip production stopped in Japan due to the effects of the earthquake, there were immediate repercus-sions for the global automotive industry when important parts

could not be delivered (see page 6). Likewise car drivers are suf-fering from high fuel prices due to the various uprisings in the Arab world.

Rising prices have forced central banks (see also pages 4, 8) to raise their base rates (see page 8) earlier than planned. This rate rise could slow growth because it makes it more expen-sive for companies and indivi-duals to borrow money.

Goodbye economic crisis – roll on recovery

Return to growthTOURISMWho earns big money during the summer months?PAGE 2

REVOLUTIONThe Arab world fights for improved living conditionsPAGE 5

AFTER SCHOOL JOBSWhy students work during their free timePAGE 7

IN THEIR OWN WORDS ...

››The events in Japan are a turning point for the world.‹‹Chancellor Angela Merkel

(see page 6)

Positive trend could continue through 2015

www.handelsblattmachtschule.de/newcomer Graphic: Anna Tabea Hönscheid

NEU

Handelsblatt Newcomer auf Englisch

NEUAb dieser Ausgabe kön-nen Schüler und Lehrer die englische Überset-zung des kompletten Handelsblatt Newcomers auf unserer Internetseite kostenlos herunterladen. Die deutsche Version der Zeitung steht ebenso zum Herunterladen im Internet bereit. Lehrer können die deutsche Ausgabe auch als Print-Ausgabe kosten-los für ihre Klasse bestel-len:www.handelsblattmacht-schule.de/newcomer

Q&A WITH:

HANDELSBLATT FOCUS June 2011, ISSUE 14H 2

Summer brings big profits to the tourism industry. Mass tourism and the internet have changed the way vacationing is done.

Eberhard KrummheuerHandelsblatt Düsseldorf

Sunny skies, blue oceans, white be-aches — these are the symbols we have come to associate with the per-

fect vacation thanks to travel agencies, TV commercials, travel catalogues, and web-pages for popular vacation spots. Hiding behind those ads praising the beauty and luxury of locations near and far is a very diverse and profitable industry. Crises, ca-tastrophes, and wars have never comple-tely stopped people from travelling.

The world loves to travel. This is clear-ly seen in the statistics published by the UNWTO, the UN (United Nations) tourism organisation. According to their statistics, over 900 million people took a vacation

last year — 6.7 per cent more people than the previous year. And those people spent a lot of money on their vacations: close to 800 billion euros. The UNWTO estimates that the number of tourists per year will jump to 1.6 billion by the year 2020.

For years, Germany has been the world champion when it comes to travel-ling. No other country enjoys seeing the sights away from home like the Germans do. However, Germany won’t be able to hold on to that title much longer: The Chi-nese are quickly catching up. With its fast growing economy, the number of Chinese that can afford to travel is constantly in-creasing. Many of them are travelling to Europe.

Two other numbers illustrate the economic impact of tourism: Germany’s tourism industry, which includes hotels, restaurants, travel agencies and airlines, turn over more than 40 billion euros in 2010. German tourists spent an impressi-ve 60 billion euros on foreign travel.

The way tourists travel has changed many times through the years. The post-

Klaus Laepple

Klaus Laepple is the President of the Fede-ral Association of the German Tourism Indus-try (BTW).

Economic crises, volcanic ash, uprisings in the Arab world — how much is the tourism industry suffering from these things?It’s not suffering at all! The crisis is over! Companies are achieving record profits and are passing those on to their employees. This means that more people have money in the bank which leads to more and longer vaca-tions. Of course we have seen the number of tourists travelling to Tunisia and Egypt drop off, but only during the most dange-rous periods of the uprisings. Many people understand that these two countries depend on tourism for their well-being and want to support them. So will 2011 be a good year for the indus-try? If nothing drastic happens, it could be a re-cord year — even better than 2008 before the crisis.What trends are you seeing in tourism right now?There are trends developing in opposite di-rections at the moment. On the one hand there are people with enough money in their wallets that really want to do something spe-cial on their vacation. On the other side, the-re are those who are looking for a good deal, whether that is a cheap flight or last-minute deal, and they generally don’t have any ex-travagant requirements for the location or accommodations. ...and of course there are those who book their travels over the internet.Yes, it goes without saying that there are a lot of people booking trips that way, which doesn’t require much professional assis-tance. We have to accept that and adjust to that. But if you are looking for a more exclusi-ve, custom-tailored trip, you’ll find it difficult to do that on your PC at home. That kind of trip requires professional help and advice.Will travel agencies survive in this era of the internet?Absolutely! The number of clients might drop and the tasks might change a little. But it’s no coincidence that major tourism companies always highlight the importance of their travel agencies — they still are very profitable.

Klaus Laepple was interviewed by Eberhard Krummheuer, Handelsblatt Düsseldorf.

The vacation boom

www.handelsblattmachtschule.de/newcomerIllustration: Lea Zuch; Photo: PR

Tourist agent on the job

June 2011, ISSUE 14 3HANDELSBLATT FOCUSH

Professionals in travel arranging

CAREERS IN TOURISM

Globally, tourists spent more than 800 billion euros

in 2010.

Many vacationers let professionals handle the plan-ning, organising,

and scheduling of their trips. The people who do this work are usu-ally trained tourist agents. With the right feel for events and at-tractions, they put together a trip that has a good combination of entertainment and relaxation — mixing in wellness hotels, theme parks, and spas with other leisure activities. After completing their three-year apprenticeship, the graduates of such programs are usually hired at travel agencies or

cruise companies. These trained agents can also create persona-lised vacations based on custo-mer wishes. To do this, they talk with custo-mers about what they want to do and where they would like to go. In order to provide professional advice and create attractive of-fers, travel agents need to be ex-cellent communicators in addition to having good math and business skills. They should also speak at least one foreign language. To gain these international skills apprentices can spend part of their training in a foreign count-

ry. These trips are included in their work contracts and can account for up to a quarter of their training. Along with apprentice-ships there are numerous courses of study that focus on the travel and tourism industries. These include tourism, event and hotel management as well as international tourism ma-nagement. More informati-on is available at: www.deutschland-tourismus.de or www.studienwahl.de

Rebecca StabbertInstitute of Economic Education at Oldenburg

war generation preferred travelling on night sleeper trains to the North Sea or driving through the Bavarian Alps en route to Italy. By the 1970s, air travel had become the new favourite way for tourists to see the world. Back in those days, the locations you could fly to were limited and passengers applauded with relief at a successful landing. Today, air travel is a major global industry. A beach vacation in the Domi-nican Republic, educational trips to view Asian temples, golfing getaways in South Africa — in this globalised world, tourists can travel al-most anywhere.

Although there are numerous exotic possibilities available, many people prefer keeping their feet firmly on the ground. The number one destination for German tourists continues to be Germany followed by Spain, with the island of Majorca being the most visited attraction. Germany also attracts lots of foreign tourists. About 60 million overnight stays were spent in Germany by foreign tourists. The German Centre for Tourism, which works to keep Germany attractive to foreign tourists, expects this number to grow to about 80 million in the coming years.

Mass tourism has also changed the quality of travel by the sheer power of its numbers. Instead of small, humble bed

and breakfast stays, holiday makers are increasingly booking accommodations at trendy hotels and luxurious vacation homes. Even established tourist hot spots can no longer depend on their natural beauty to attract tourists. A wide range of events, excur-

sions and ac-tivities are nee-ded these days to keep a steady flow of visitors coming. The-re are other trends that are making big impacts on the

industry such as wellness. It has become an increasingly popular way to relax and refresh.

Another important travel trend are offers which cater for individual needs — people simply want to do something diffe-rent on their vacation. Package tours, like those you can get from tou-rist agencies, complete with accommoda-tions, travel and possible other a c t i v i t i e s and events, are still the main area of business for tourist a g e n c i e s . But “modu-

lar vacations”, where travellers plan their own programme, are quickly gaining po-pularity. Also on the rise are specialist agencies that offer biking, sailing, hiking, diving, or other forms of tours in exotic

locations. The internet thankfully

allows possible travellers to search for and find these wide

ranging offers. Tourists of-ten share their experien-

ces with others online, letting them know for example whether their hotel stay was enjoyable or a nightmare. These kinds of platforms have a much greater effect on how travellers plan their trips than tho-se colourful posters and advertisements in travel agency windows. Each year, the number of people booking their flights, hotels and trips online grows. A current study has found that half of the money

earned in the tourism industry in Germa-

ny is made through online purchases.

The worldwide web is revoluti-

onising the tra-vel industry.

www.handelsblattmachtschule.de/newcomer Photos: Paul Hardy; George Hall;Jutta Klee/Corbis

President of the German Federal Bank Jens Weidmann

June 2011, ISSUE 144 PROFILE H

www.handelsblattmachtschule.de/newcomerPhoto: Deutsche Bundesbank

Per capita consumption of brand name ice cream in Europein litres for the year 2009

Source: Eis Info Service

Finland

Norway

Sweden

Denmark

Italy

Germany

France

Greece

Belgium

England

Netherlands

Spain

12.9

11.5

11.5

8.0

6.2

6.1

6.0

5.9

5.8

5.2

5.2

5.0

Stephan FriebelInstitute of Economic Education at Oldenburg

Jens Weidmann has just been ap-pointed to one of the most impor-tant jobs in Germany. The econo-

mist was put in charge of the Deutsche Bundesbank. Germany’s central bank (see page 8) is the bank for the banks, so to speak. From its head office in Frankfurt the Bundesbank monitors all other banks making sure that they adhere to laws and regulations. Retail banks can also borrow money from it which they lend to compa-nies and individuals in form of loans. In common with the central banks of other countries, the Bundesbank makes sure that the value of the Euro remains stable. This is one of the bank’s most important tasks. It also exchanges damaged coins and bills with new ones to make sure that

Sandra Hänke Institute of Economic Education at Oldenburg

Two hippie friends, an old gas station converted into

a small shop, and a five dollar distance-learning course on making ice cream: those were the initial ingredients for the first Ben & Jerry’s ice cream shop. Ben Cohen and Jerry Greenfield founded the shop in Burlington, Vermont (USA) in 1978. Today their ice cream is very popular in the US. It can even be found in many franchi-

ses (see page 8) in Germany. What makes Ben & Jerry’s

so special? Generous servings of ice cream and unusual fla-vour combinations. Two of the current flavours available are Chocolate Fudge Brownie and Strawberry Cheesecake. They also strategically limit the amount of flavours offered at the same time: There can only be twelve different flavours available. If they make a new one, it has to replace one of the old flavours.

However, the two Ame-

rican entrepreneurs did not simply create their business just to make money. They have a simple motto they follow: You should feel good about what you do with your life. So it comes as no surprise that Ben Cohen and Jerry Green-field have been involved in so-cial projects for years. In 1985 they founded the Ben & Jerry’s Foundation. The organisati-on spends at least 1.1 million dollars on non-profit projects each year.

Ben & Jerry’s: Ice cream for a better world

The new President Jens Weidmann is the new Pre-sident of the Bundesbank. He was appointed in May. At 43 he is the youngest person to ever hold the position.

Germany’s cash remains usable.The decisions that Jens Weidmann will

take during his eight-year tenure will have a direct impact on the German economy. These decisions, which he makes together with a politically neutral team, will also have long-term effects.

At 43 years old, Jens Weidmann is the youngest ever President of the Bundes-bank. Before he took up the position the married father of two worked as a finance and currency expert in Washington D.C. and Paris. Mr. Weidmann is no stranger to the Bundesbank and knows the insti-tution well. He worked there as a depart-mental head from 2003 to 2006. From there he moved to the Federal Chancel-lery where he advised Chancellor Angela Merkel on economic issues. It was her who recommended him for the job. Critics fear that Mr. Weidmann’s policies may not be politically neutral due to his working re-lationship with the Chancellor. However, everyone agrees that the new President of the Bundesbank is qualified for the job. He is not a member of any political party. Jens Weidmann will have eight years to make his mark. And unless he resigns of his own accord there is no institution with the authority to sack him.

June 2011, ISSUE 14 5COMPANIES AND MARKETS H

Citizens in many North Afri-can and Arab countries are fighting for their rights in civil uprisings. The economic gap between the rich and the poor is one of the main causes behind these revolu-tions.

Michael KochInstitute of Economic Education at Oldenburg

It all began in Tunisia. A vegetable vendor named Mohamed Nouazizi set himself on fire and burnt to death

in the middle of a street on December 17, 2010. He was protesting against his government’s oppression. This action sparked a massive protest that quickly spread through the entire country. Just one month later the President of Tunisia, Ben Ali, was forced to flee the country af-ter ruling it for the last 23 years. Encou-raged by Tunisia’s success the people in the neighbouring countries followed its example and protested in the streets. In Egypt, the dictator Hosni Mubarak was forced to resign after a 30 year presi-dency. Morocco, Algeria, Syria, Bahrain, Oman, and Yemen also have joined the movement with some protests ending in violent clashes with government forces.

The situation in Libya is especially dramatic. Muammar al-Gaddafi refuses to step down and has sent the military

Fighting for a better lifeto fight against its own people. The bloo-dy civil war became so violent that some western countries and NATO (see page 8) decided to support the revolutionaries with fighter jets in March 2011.

It is as if North Africa suddenly deci-ded that enough is enough. Frustrations are finally being let out and people are prepared to fight for their rights. Econo-mic issues are also playing a major role. All these countries suffer from wide-spread poverty and high rates of unemployment. The future looks especially hopeless for the younger ge-neration. At the same time, the-se citizens have watched their leaders live in wealth and lu-xury.

No one knows how s u c c e s s f u l or effective these revo-lutions will be at chan-ging these si-tuations. Some have therefore chosen to move away to different countries. Under very difficult condi-tions, many refugees

are fleeing to Europe by sailing across the Mediterranean Sea. But they are not being welcomed with open arms. When the first group of Tunisians landed in Italy earlier this year, the various European go-vernments began fighting over who is re-sponsible for helping them. No one wants to pay for their needs, which means that they may be sent somewhere else (as of May 2011).

Meanwhile, many economic experts are worried about Saudi Arabia. If revolu-tions were to start there, that would likely

make oil pri-ces rise very quickly. Whi-le the global economy has

so far been only slightly

affected by these revolu-

tions, a revo-lution in Saudi

Arabia could have a huge im-

pact. After all, we all need oil.

You can find an overview of the situation in that

region at: www.han-delsblattmachtschule.

de/newcomer

COMMENT Freedom or stability?

Mathias BrüggmannHandelsblatt Berlin

The revolutions in many Arab countries have changed the world’s political landscape dra-matically. For decades dictators (rulers who hold all power in

their hands) all over North Africa and the Gulf States managed to retain their stranglehold on po-wer. Now an increasing number of these countries are ridding themselves of their long-time rulers. These revolutions also affect European and American politics. The West, which has always loudly supported freedom and democracy, is now warning that

the fall of these dictators may make the region unstable. Egypt and Tunisia are still a long way from establishing their own de-mocratic systems while Libya, Syria, Bahrain, and Yemen are still in the midst of their own ci-vil wars.This newly found freedom in the Arab world is not without risk. Radical organisations such as fanatical Islamic groups might

come to power. But does this mean that old dictators should be supported? Long-term sta-bility is only achievable with freedom and democracy. These two factors are the only way to establish justice, equality, and eventually stability over the long term. That ’s why these revolu-tions in the Arab world should be seen as positive, even though they come with short-term risks.

www.handelsblattmachtschule.de/newcomer Photos: Ron Haviv/Corbis; Pablo Castagnola/Handelsblatt

June 2011, ISSUE 146 HANDELSBLATT EXPLAINED H

Vegetables being inspected.

Jan KeuchelHandelsblatt, April 11, 2011

The stalls selling produce at Tokyo’s main station are busy as usual. All sorts of vegetables from the regions surround-ing the damaged Fukushima reactor are selling quickly. But here is the catch: Alt-hough the goods were declared safe, cus-tomers only buy them if offered at knock-down prices. […] This is because most people do not believe that food coming from the Fukushima region is save to eat.

Japan’s food, agricultural and fishing industries are therefore finding themsel-ves in a crisis that threatens their very existence. The disaster at Fukushima acts like a warning label on the goods from the surrounding twelve regions — resulting in major losses for the industries affected. […]

The economic damage is huge. Japan has the world’s third largest fishing fleet. […] Ever since radioactive water was pum-ped into the sea and contaminated fish was discovered sales have plummeted. The sale of vegetables and rice has also suffered. […]

China has forbidden the import of food from the twelve regions around Fu-kushima. The USA and Europe continue to enforce increasingly strict regulations, while India has banned all food from

Japan. Even the Japanese do not trust products coming from northeast Japan. “Solidarity ends when it comes to radioac-tivity”, says a woman from Tokyo. […]

Food scare

Knock-down: When salespeople sell their goods at very low prices due to special circumstances, this is called knock-down pricing.

Contamination: When objects or crea-tures are infected with harmful mate-rials such as radiation, they are conta-minated.

Regulations: Regulations are rules or requirements that governments crea-te to control certain behaviours. For example, retailers that want to sell groceries must ensure that the food is free from certain harmful substances. Simply put, regulations explain what is allowed or not allowed in certain situations.

A Handelsblatt article explained

The nuclear disaster in Japan affec-ted more than just the health of the people living in the surrounding re-gions — it also affected their work. Numerous companies have had to close in the area around the reactor. Fears about radioactive foods, such as vegetables or milk products, make it nearly impossible to sell food coming from the regions near Fukushima. Even though the go-vernment has said that these foods are not dangerous to eat, people still don’t want to buy them. In or-der to sell anything at all, farmers

are selling their goods at extremely low prices. However, these prices do not even cover their costs. This means that the farmers will not be able to stay in business much lon-ger if the situation continues.

But this doesn’t just apply to far-mers. The reactor disaster has affected other industries as well. Since many countries advised their citizens not to travel to Japan because of the danger of radiation, the tourism in-dustry has also suffered major los-

ses. The world’s largest automotive company, Toyota, has had trouble producing enough cars because some of its plants were damaged by the earthquake. Other Japanese automotive companies like Nissan and Honda are facing similar pro-blems.

This leads to problems in other countries. Many companies in Japan produ-ce parts for companies in other countries. For example, automo-tive, electronic, and engineering

companies are facing shortages because of the situation in Japan. Without the parts from Japan, these companies can’t finish making their products. Some manufacturers are therefore looking for companies from other countries that can make the same parts. For now, no one is sure how this will affect long-term business relationships with compa-nies in Japan.

Simone MalzInstitute of Economic Education at Oldenburg

WHAT DOES THAT MEAN?

www.handelsblattmachtschule.de/newcomerPhoto: Chen Xiaowei/XinHua/Xinhua Press/Corbis

After school jobs: Delivering newspapers

Student and babysitter Maria Lau

June 2011, ISSUE 14 STUDENT JOURNALISTS H 7

Lena M. (l.) and Martha H. check the results of the survey.

www.handelsblattmachtschule.de/newcomer Photos: Hauke-Christian Dittrich; privat Photos

The student editors for the Handelsblatt Newcomer ask their peers about after school jobs.

Emely Bagge (10th grade)Helene-Lange-Schule Oldenburg

More than 100 students at the He-lene-Lange-Schule in Oldenburg participated in a Newcomer sur-

vey organised by its student editors. Pupils

between ninth and twelfth grade replied to questions on whether or not they work after school. They were also asked how frequently they work and how they spend their earnings.

The survey revealed that about 40 per cent of the students questioned work during their free time. For ninth grade students the most popular job among girls was babysit-ting while delivering newspapers was the most popular among boys. The majority spend the money they earn on new clothes or music. Many tenth grade students work in restaurants or as retail sales assistants. On average tenth graders work more than ninth graders which also means that they earn more. Tenth graders spend their mo-ney on electronics and partying. A quarter of tenth graders said that they save their money. Eleventh graders with jobs said that they also spend their earnings on vacations. Surprisingly only a quarter of pupils in the last three grades have jobs. This is probably

due to the fact that they spend a lot of time studying for their Abitur.

In summary the survey found that girls had more after school jobs than boys. Those without a job said that this was due to a “lack of time”. Only a few replied that they receive enough pocket money or had trouble in finding a job.

More information is available at: http://bundesrecht.juris.de/jarbschg

Clothes, travel and savings

Responsible child-mindingMaria Lau (11th grade)Görres-Gymnasium Düsseldorf

It is Wednesday, school is over and I am on my way to Anna’s house. Anna is a litt-

le girl aged one whom I babysit for three hours each week. This baby-sitting is part of a pro-ject (“Jugendliche für Kinder”) organised by the German Red Cross (DRK). Youths volun-teer to spend time with a child under the age of four. The program is designed to give socially disadvantaged families some regular practical support at home.

Before we are sent into the families we receive some training on babysitting. Over the course of two days Red Cross ex-perts trained us at the Düsseldorf Family

Centre “kleine freiheit”. After completing the course we become officially certified babysitters. During the two days we learn how to introduce ourselves to the parents, how to handle young children of varying ages, and which kind of games to play. We

also learn how to change a diaper. The course gave me more confidence and helped me feel prepared for the job. Now I do not worry so much when I am called to mind so-meone else’s children. Thanks to my certifica-te I will be added to the DRK’s babysitter regis-ter and I am allowed to

work at “kleine freiheit”. The JuKi pro-ject also arranges the placements in the families. That guarantees a steady stream of babysitting jobs which are fun as well as rewarding.

STUDENT CONTEST

Send us your articles! At www.facebook.com/handels-blattmachtschule, you can post your own articles, share ideas with fellow students, and discuss the Handelsblatt Newcomer or student competition.

FACEBOOK

The Handelsblatt and the Institute of Economic Education are holding the fifth annual nationwide student contest on “Economy with Energy”. This year’s patron is the Federal Environment Mi-nister Norbert Röttgen. Teachers must register their students by September 19, 2011, in order to qualify. Students grade 7 and up can submit articles, videos, or audio clips on the topic of renewable energy. Prizes valuing over 30,000 euros will be awarded. www.handelsblattmachtschule.de/wettbewerb

June 2011, ISSUE 148 FUN & FACTS H

The next

Handelsblatt

Newcomer will

appear in

September.

www.handelsblattmachtschule.de/newcomerPhotos: Judith Wagner/Handelsblatt; Institut für Ökonomische Bildung

Base rate, P. 1 When someone borrows money, they usu-ally pay back more than just the amount they borrowed. This extra amount is called interest. The base rate is the name for the interest set by the European Central Bank. It decides how high the interest should be for banks that borrow money from the Central Bank. This influences how much interest “normal” banks charge their cus-tomers when they take out loans.

Central bank, P. 1, 4 Every country has its own official currency. The decisions made on currency policies are made by a country’s central bank. Their goal is to maintain the currency’s stability. The Deutsche Bundesbank and the central banks of the other EU countries form the European Central Bank for the euro sys-tem.

Franchise, P. 4 This word means to “grant a right or per-mission”. A franchiser receives permission from a company to open his own store and independently sell that company’s products. To get this permission, the fran-chiser pays a certain fee. However, these franchises also have to follow a specific business concept. For example, they have to use a certain logo, sell certain brands, and sometimes even arrange their shop in a certain way. Famous franchises include McDonald’s, The Body Shop and Tchibo.

NATO, P. 5 NATO stands for North Atlantic Treaty Or-ganisation. This is a political and military agreement currently held between 28 European and North American countries. Their main goal is defending freedom and peace. The organisation was founded in 1949 and Germany joined the group in 1955.

Cheat sheetAn overview of the most im-portant words and phrases from this issue

VocabularyPage 1:employment Arbeit/Beschäfti- gungbillion Millardetrillion Billionrepurcussions negative Aus- wirkungenPage 2:well-being Lebensunterhaltaccommodation Unterkünfteturned over hier: verdientePage 3:to applaud klatschengraduate Absolventcruise KreuzfahrtPage 4:to monitor überwachenloan Kredite/Darlehento make his/her mark sich zu profilierenper capita consumption pro Kopf Ver- brauch

ImpressumHerausgeber: Hermann-Josef Knipper, V.i.S.d.P. (Handelsblatt) und Hans Kaminski (Institut für Ökonomische Bildung, Uni Oldenburg)Redaktion: Monica von WysockiKonzept: Katrin Eggert, Hans Kaminski, Michael Koch, Monica von Wysocki Art Director: Nils WernerKoordination: Maren Kienaß, Melanie RübartschLayout und Fotos: Jörg Fiedler, Anna Hönscheid, Sabrina Persuhn, Corinna ThielHandelsblatt-Newcomer Online: Eva Erb-SchulzeMarketing und Vertrieb: Sabine PfeifferEnglische Übersetzung: John Dalbey für die PONS GmbH Verlag: Handelsblatt GmbH Geschäftsführung: Marianne Dölz, Dr. Tobias Schulz-Isenbeck, Dr. Michael StollarzKasernenstr. 67, 40213 DüsseldorfTel.: +49 (0) 211-887-0Druck: kuncke druck GmbH,Kornkamp 24, 22926 AhrensburgMitarbeiter dieser Ausgabe: Maria Lau, Lehrer und Schüler am Alten Gymnasium Oldenburg sowie der Helene-Lange-Schule Oldenburg (Dr. Karl-Josef Burkard, Helya Andouz, Lara Kaminski, Julia Reichel, Alex Schmidtke, Luca Schüler, Onno Winters und Ortrud Reuter-Kaminski, Emely Bagge, Eileen Bokelmann, Tanja Bohle, Annkath-rin Eckmeyer, Martha Heeke, Lena Matthes, Lea Schönborn, Inga Stapel, Lea Zuch)Sie als Lehrkraft können Handelsblatt Newcomer für Ihre Schüler kostenlos bestellen: www.handelsblattmachtschule.de/newcomerFragen und Feedback: hb.schule@vhb.de oder über Facebook (www.facebook/handelsblatt-machtschule). Handelsblatt Newcomer erscheint alle zwei Monate.

Hermann-Josef Knipper (Vice Editor in Chief, Han-delsblatt) and Hans Kaminski (Scientific Head of the Institute of Economic Education)

Dear readers,Since summer vacation is nearly here, this edition of the Handelsblatt Newcomer is all about vacations. That’s why this edition focuses on tourism from an economic per-spective and introduces some jobs from the industry. In the Profile section, we take a look at two ice cream creators and, be-cause many of you will no doubt spend part of your free time working, there is a special report on sfter school jobs on page 7. While this edition focuses heavily on sun-shine and travel, we can’t ignore the current affairs in the world today. That’s why our cover story focuses on the recovery from the crisis. We also continue to report on the situation in Japan and take a closer look at the uprisings in North Africa and the Arab world. We hope you have a great summer and come back refreshed for a successful start to the next school year!

Bildmaterial mitfreundlicher Unterstützung von:

Programme mitfreundlicher Unterstützung von:

Page 5:uprising Aufstandrefugee Flüchtlingproduce Obst und GemüsePage 6:But here is the catch Es gibt aber dabei einen Hakento plummet stürzengroceries LebensmittelPage 7:survey Fragebogendiaper Windelpatron Schirmherrrewarding lohnend