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! confectionery
banking
real estate beverages
utilities media
applied
Academic terms
global forestry
hospitality industry
Keynesian
Economics
quarrying
smelting mining retailing
Economy
Primary sector
Secondary sector
Tertiary sector
course
commerce fragile trade
blue-collar ICT
classical advertising dean
shipbuilding
construction
elective
health care
attendance
farming major MBA design transport
barber
Sort out according to topic! confectionery
banking
real estate beverages
utilities media
applied
Academic terms
Economics
Economy
Primary sector
6
3
2
4
Secondary sector 6
Tertiary sector
14
global forestry
hospitality industry
Keynesian
smelting mining retailing
course
attendance
commerce fragile trade
blue-collar ICT
classical advertising dean
shipbuilding
construction
elective
health care
quarrying
farming major MBA design transport
barber
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
1999
2-3% GDP
10 % GDP
2,700 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 expectations
luxury ≠ 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?
allocate scarce resources amongst unlimited
• To _______
wants.
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 government
Free to Choose by Milton and Rose Friedman
• opinion of the activities of the US govt.
What do you expect?
Reading  MK, p 109-110
Read the topic sentences
What 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