JUDITH MOISE IULIA PARA AN INTRODUCTION TO. BUSINESS IN ENGLISH "Eder SRTON TniearsPayal vt Fasten de tinge Rconamice “Liter tne Laredase Pra UN Prenat de Lore “Sing ela oes Conte Descrieres CIP 2 Biblitecit Nationale a Romniei MOISE, JUDITH ‘Anodonta busines Engl Judith Mode, Ia Bra"Timienr: Mion 2007 Biblog ISBN 4.97-32-01760, sunans6075.5) PREFACE, Business Eng ic ot fren ngs, ily English sed in Business situations f thee «speci Inguge of basics, i tend to coms of the specalnd terme used by people working in baking, averting. managerent, sock market ct : Every trade a every company hast own “language” and it o¥n ways of ding ‘snes; every department within an organization may wets on special tems ‘This took doesnt cover his ing of echnical or speilit vocaulry, bt it does ‘over te basi snes or commercial ems tat most basics people wie il sein cour of thie work, This book sims a heblagstdeets who have profesional ned fr English, wotever te bsites- any person who fs tat hers appriach to business nglih needs to bose more eflet an effective Ii intended to provide "eo with the essential Engh bases: trmioogy, hep them uaderstan ‘ease nd ak about he es particular at arn We have sto to ack closely ote main topics elev for busines and 10 ‘oid ide aves, however npr tey might be. Relevant exercises have been ‘nc to eel and improve the voesbulay rl plays and ease suis have sso teen aed. They canbe utd either to eerste newly acquit sis ser ‘he topic hasbeen ude in cas, ll thee conking to consolidates ‘fe oi nina the student confidence making deisions an solving problems, eters nds members fem We hore tis tndiook, with is emphasis on the mot relevant usin ics, Wil elo the stent and peple working i Bins 1 do bite in real feination afer thy have std Stents with las wack experience will benefit fom te oppartunity to fectie and reer he Kind of tains rena wide range of pefetons nd bles cranatons. nif crtlleve ht the Hook wil improve he stan’ howled, so that hey an ie Engl ffestively and confident in thei work af wing business ia English alway involves wing bots snes lead language il, ‘Using Baglin asioes avlves bath owing ow 0 we Bnploh and knowing hen do uns The Auchor 'PRE-READING QUESTIONS ‘Which isthe most important univer ie selon? ‘Whats theaae of ou onvesy? What d you know bot istry? ‘What ving conden ar te stadents offered? ‘What may motivate te students to cows ou university? UNIVERSITY OF THE WEST OF TIMISOARA, RECTORS WELCOME “The University of the West of Tinitoun is stteowned public Intuion, a beacon of csi and prestigious higher edition in Romani. ndereadute statis couse ar offered in 11 Fault with more than 80 ‘pecialeton i ition the our nou Teacher Tein Deparment Over the let fw yea we have seen the development and dierifcuion of Posigadute courses, intensive studies, Mater degree programmes, sndy ogres for fuer profesional ining, specialization studies and in cus PAD programme, Trough undersradute eduction we entices popes preparation in vrius ‘etnitic and tural domains. The eel of prpssin ad he expe of our ‘runes have ben recognize bth in job ntevews and by varios atonal nd Intemtonal awards and events. Trough ou pxtgadute ses programe we ‘musa and appropriate rigour i tutes fer conning professional education, ‘55 wel the professional retraining of personne aed skills conversion.[low me ogg some factors encourage yout study ot the We Univesity of Tnisoan: ‘+ We ae siete evownenstnson witha good teaching reson + Our academic tf enjoy nations! and inteation eogiion + Wehaveanenepionl eae of young sade tall, profesional and vated: 1 We are an ope isto, offering to al igh scoot graduate the posit to stay and follow academic courses 1+ The West Univesity as exchange relations with over 120 partner ves wold, + We a an ative ptr in European Community programs suchas “Socrates armas, Leonardo da Vin + Over sadents beef om seolaships; + The Campus is modem and convenient ofledng ffedsble sccommlstion a entries; 1 n 2002 the West Univesity of Timiona wa evaluated by an exper commison with Ameria, alan and Crosan members. The ets of ete erahaton were very posve inked and they expresied confidence inal ou schievements an aur plans “The ity of Timivas ithe mos wete-eoie ty of Romania, harry ‘0 mest its description a “The City of Flowers” and its reputation for ‘lean as “The Cay of tn Haroon. ‘We five hat lor sadn sachin staf sou fel pronto bea rt ofthe scams community of West Univers of Tica, and hope that ‘our graduates wil continue to contbute, by thi efessiosl experi, othe stony growth of cer mt eputtion od iteratoa esige a high css Unive.” (he Retr of he University ofthe West) ‘COMPREHENSION QUESTIONS: > What kind of uiversity The Univesity of the West state ron pubic Inston ora private one? How any facies does have? How many spcilatins a offered othe stdets? ‘What post rua courses ano ten? ‘Wy sould one chose he Univesity of fe Went dy? Were exay she Universi looted? Whats ea ada and pone mer? EXERCISES: 1. Key terms - Math the const mening: Beseen wing taps ateon Underadente erin pring sy er aig of «degre Achievnent snl rat fos sutest Pog assignment, pz, agjatication Award Tih especialy on tomer Appopite secomplshment, aequeent Continuing eovaion alate. oppor, ighighe ody without interapin creating sat employes, workfre Scholae student acolleg or university2: Speaking Roleplay ‘Stock "A": You have jst ve in Tatra fo he iat ine. Yeu come 6 study busines at th Foul of Booomie Stes, You donot now te city and younee oat or ep. Sone of your problems ae: ‘You dot kxow where the acy You needa tee card an do not know whee em You want got tetas, Yow ned money ad dn’ know where tad aca penser. You wantto Sow how you can ped your re ime Yo would like mate information stout coures and donot ktow how | ‘You mest x ollngue wh ve in Tics a who stems endl, 2 ou se for afrmation. Add sty questions you want 1 ak (6 bout shops, cinemas resturants) Begin ie is: ‘Student A: Exes me, could youhelp me, plese? ‘Stadent Bs Ofcourse, what can 140 er you? 3. Wing ‘inthe frm, bt fst edit over and ke sr yon understand ike mises, dt omnes aes oa Boe) Fem occapnan ee FOR BPO ana — 4. Flin ops, wit testable won the box: ‘Should popil__te require examination rests at A___ hele ‘my 0 nstimion of _eduestion, This nomally meats unversiy, Prien ora_ of higher eucaon. What uly identifies these ‘nats _ ater a preserted period of study ad afer wil ecve 8 _and become 8__of tat insttion. te he pst only ‘small__ ofthe ge group Britsin proceed a igher incon o ‘hehigh __in many major indus maton. Bute now ecm be linking, __silemaining at raherlow leveltne 19605, tree mow forte cain he Open Univers, and he 5. Transat in Bags Cele mul ech universal dia Maca Beanie, Oxford si Cambs, in mod cant tamite si Oxbridge conse dpul “case” de istic de invatamant superior din ince repeal Provesind da cman ease, ambele reflects eolaile eultale sc ei lami medieval in care elvan er Indspensai legis de Buenas aes fund se Iofiteseaprinele cole iver, structs adnate, jeri uve hi ata oe cate patra pana astil cova. dia tds uivesstar cre se istaleza in ecole a Xtbls a Xl I imal reais Victorias fineza ma mt nit de vata perio, ma ales in nrdal Arliccunocte dept e-rck univer fst inal denunitewniversiate dia Birmingham, datoria aac aor cops cami appret sie ‘ie ani 60 dacaradous alte ip de univer: “new universes ‘estat, ma ales i orse a York sx Lancaster, s univer tebnce rovening dn clei de aca rol cum arf raed Salford Des in rata uaversaie tance an clic egal, nu xe ttn 5 absoiveat de Oxford su sbolveat de Leede,sbiolent de Cantige sau Im Marea Heitanie ess universal de at, des sat ine sein Sinanciaeinvatamactal serio chiar tn contextual rede bagel sa ‘erinelor ceiande a fear inane asi pola agus independent 6 Speaking nlae ce he lowing op: 1+ The ste shoud pny for al frms of edicaton. Thee should be no pve ‘choos a eiversies ‘+ Anacaemic degre ithe mit igor hing in estos i + Academies oot grace acest. 7. Transt it Romanian - What tes syst "Over telat twelve yas tbe University har responded to changes in ntont ‘lucaiona pote, demographic sift, t a radely diferent economy and marttplace requirements, © emerging loa! and eponal neds, and 0 new ‘ecto. Al ofthese change hve le nto ew expectations on the pat of ses, staan administrate. The West Uaiersy of Timisoara. pe ‘nails wi skis needed for etfectve cntbaton sci. Tit work ‘ently don through cleveo facies tat provide wide range of underraust ard gatos programs, ‘Te rents reached in many programs invalving itersina collaboration — Patil moi programs ike Soerstes, PHARE, Leonard Vins — ined inpresive and re ong the best achievements ofthe Univesity. ‘The overalinpesion we eee of West Univerty of Tmlsur is ht of « ‘ery cate, energetic, active, an nmovave Unies ll staff emery, beh ‘eacing and research re ery ets and determine o experiment wit all ‘he rew oportunie and moles offered by LT. Furthermore ood mutinedia ‘ool were avaiable io mos clasoons in the new bulding, eg. thot of Boveonie Scene nd Li" ‘The Universes Projet of he Slur Seminar, (October 21-25, 2003, Timisoara, ROMANIAFs tn stout $0 words, desert he highschool you grado, and wha infeed é PRE-READING QUESTIONS ‘Wich isthe most famous Fc of Eensomic inthe weste pt of Romania? What make 0 valuable? ‘What oppomunites se the suds offied to develop tee abies ase? What des the ati ofthe af consist of? Do you think his sty is wath sending? ‘THE FACULTY OF ECONOMIC STUDIES Ever sine 1967, he Faculty of Hzonomics as een the mos presiioas ‘esttaon of higher and conning eset fr esncmics and busines in the ‘est pat of Rona We tin elite spc, who ae hh appesaed a home a abrosd. We up and tonen te professions! knowles horzon of it cur gates and specials and even of ote Geen hough permanent ‘duction and tinng. Weare involved in lal development and is European Inepion ant we ply an imprint rol in knowledge trae within and fom our Fast to national aed steational companies and ls suoites tough ‘seademic research, Though oar standart of excellence, we represent 2 ‘ceacetaton and ration factor of Europes, word and Romanian ves,‘© Foren. Eeocomic Aas, Mathemicr and Satis 1 Managenert 1 Tine Marketing 1 Moen tangsape EXERCISES: 1. Key terms match the cost meanings rain lngrove bin pt dite sheen cari, invese voupdate tend, expan, elon ‘ebroaden to gud, 0 reach counting to calulte in avaee, pect. oreasing ‘hear of analyzing the ai orion of basness provement ovens, ouside edow tombe beer 2. Speaking Inston ‘Ask your pure isthe st mame. Then ak tft question Take tes hat ‘uh of you answer each question. Do ot goo othe next gueston unit You ange pst Pare ae 1. Whats your bes gay? 2 Whats someting you wold ke tty Aen now? toe mame —_ 3.4 you could uavel anys, where would you 30? Paes rane 4 Where wou you ike ive? (cy, country -eton) Pane’ mane 5.1 you cold tat your om snes, wht would be? Panes ame 6m your opinion, what ate he uate fa pod teacher? Pane’ nae 7 1n your pion, what ae the ques ood indent 8, What do you tie tet tou beng asta? Pumeesname {9A you could open sped one day with fmm prion past peset who wou? Partor’s mame 10 Whats your mst inert gol ets yer?Plinth bank wth hesitate word inte bos =i ‘ore co ectne ont feces fer eet Seen wore Pi educaon he largest an_ sgnfcnt example of government amd sapor for service __ashvngsgicat eters __, There are, ‘honever mlavly sitios where government intervenes set hater ough or tts, to encourage sch xtra heeft. In gener the cxunsin of right and of matted rcs can often be he mst — means herby goverent can the imbues ated by exter nd eves. 4: Chose he erect word and complet the sentences bellow: 1. Ifyou want ear anew angusge you sss; beatempt follow; present, 2. cman isthe __lnguageof most Geonas. ‘home; moter; esate; satura 3. Language stents each high of competences in coment. mde; bevel eomark; depo, “4. Thre has been geal _in his Ens escalation: improvement; ecient; ie ‘5. Atte language school each stds signed heer own profes de, cat; dtr 6 ton as now tote pin were is Engh i alos en savanceé;—b.approaied; carved; raced 7 1is__tt tans wl have doubled heir voebuliry in te mons css regulary wor: B hope: fowseeings ——ancptd 8A play sessions seal in binging ort ierent__ of weacking oats: htben: cena, deals 9. This exam is suposed t be _ because the ming isnot aed by individual peterenes. le ‘oowcrt; impel; oectve; open minds 10, Any candidate canphe ia he examination wl edad being: bececeivng: —ecawinngs tricking a 1 spite his excelent resus, Dan has no won athe aves. ‘aids money, gant; lesley 2.Thedean as hon eying oney fora new ivy. atk bedesk ima; dae 2s oy pid hi an___wilehe was a uiveiy. ‘alimony, bedllowance;—evton; ates, 4. Studens mst roe they hive enoagh money cover thee and ‘sopoor supplies; es mntrance; bowing: 5. Teachers and stents te protesting abost te Goverment in tucson eoction; Rees; cdops; reductions 6. Mont stodents sappect ems by of partie obs. ettons; means esmethes: dws: 7. Thin of questions can somaimes be answered only by ‘oliion: ——eliinaton: exception; subtraction; 9. This test__a number of lise choice question, Acomposes of: .campasein: econ of; 4, omit 10. We were congratulated puting our ean, te for eam, on‘5. Makeup seences of you on wing the following sat of expen: 1) alsa gent dealin a range: ta dance: make fall of ‘snob in poion 1 be snide an oleate; ong an eno »b) Ath espns oft he being onthe oer and on the pur of the ‘moment onthe whl; to Be in he st ei the abo bet aout the bash: et the upper han to give the eld shoulder; to sand the hanes © Shoulder o shoulder fice fe; ay day ou ay ae day; weck by week ram ead oft fon be te: fo ever cover 08 fot, on ‘ie, of top of i demands ia de than, at wok i oon of 6 case say: [A fend of yours wans 1 continue his edveton and study Dasiess ‘Adminsvtion. He hast decid yet whee go and your sie fon st ‘Write am analysis of th ese snd from your ont of view or from the view of ‘our eed who bast made phe ie ‘Trae ino Eng Faculte de tine Ezonomice inp ada Unive din Tiniyonre Sal 1967, caro a iniptve uno eninneeade dace dla domes, presum Tan Zshis Duma Mare i Corel Ori retort Universiti din ct pcoad Prot oni, dr. loan Cue ga Provcossl Universiti, Con, iv. Pete Sune Cop dicta fli fom i ee printer i andl 8 nor dae cei mal aloo absolve a hie de poi din Bucur (Clu: Napoc at precam i clor mis bani abun ferme propia facute. Pp asta acest comp act, desfgurit In dome tevtiodonl i al cre ince, pin modal a cre +2 integra fe ctv, ascent, Faetatn de ‘eu ua bun ene tn nl sure sale in ar as ponte spe rk nico exits, ete con mal preigioass inte de Savings in vestl Ronin, xo lng ews mona ip plan eteraional In ree, pin mumirl de steers a ce de 2, ts form co ‘sven eds anima eee asta, rn umd de masta 4e cua la trip postiversar, pin sumtal doce at Facts de Sine Economie dn carl Universiti de Vest exe ea mal mate ‘acl din Timisoara Tr basa x materi mpi fowrte mau dp 190, ‘ste wt cele ma inportane is dome, ind har de vit ace oni, depen cfr ubstamile pena a pep econo ée valoue, riowai temic spre atvinea practi gen pe avian dn domes ine ewwomice dia Tiga, gia > Ceumsi vce False de Stnte Booomice dn vest ei Pret. > 6:00 de sent a nous spose > 20 sadn a maser, 16 speci Teta, > 60 cade diate, maja x pati I staid preptie fn stint fvem. > Una dine cole ma ois moere ci de ovat superior ‘omnes, ev 11s de cus chit x intl de limatizare 5 25 ld seminar, > ‘ebipamene moderne de reds (20 PC-Laptop 16 Redopriectome, 20 videopri:toae, 10 Cito),> Reqe informatica eu 60 de cleltowe: > ses gata tere pen std Ofer. > endo burs pe semesie: > nua pste 100 de busin seine, 4 sums ‘Woes say of about S00 wor in whic you rea abot te Fac of cons of Timisoara and pve ens why you shoe toate its ous, ow can you define enone? PRE-READING QUESTIONS, Wasted spon? Wy do you wate Besome an esonamist What do you wana sesompih? ‘What neds tobe changed Gn your olin) stings coud work eter? BCONOMICS AS A SCIENCE. eooomics i the social sence dat wie the production, dtibon, tnd consumption of goods and services, The tem economics cone fom the Grok for cos (oase) and omos (estom oF I), hence “ales of the eas." oveomics 6 custmaily ivided ito microeconomics ant macroeconomics OF mace concer to macrocinomiss we the rte of economic row te inflaton rate and the rate of unemploymest. Spexalized ares of conomis invstigionatrpe w answer questions ona varisy of econlc selves they inode sprit economic, conomic developmeet, economic sor, enviromental economics, isa orgtizaion, internation) tade, "stow cosomis, money soppy and barking, pole fnnce san ecoriy, nd welts economics, Soil fn maemstaleconcnies and economy ‘ovietol used by ll economics ovep with many ter dpi, notably story, mathematics, political sence td sociology. eowomistsstily our everday ves ae he sytem which effets our live. The cooomis tes to deci the fat ofthe economy in which we vetd ies to describe ow the system works. Teor his methods should be objective and sei, Most people must work eam he ving I thy soul et food thes td shel witout working, hey probably woul! not work, But, they work to Police goods and services and thsi called ecooomic stv, Al economic vies mate up the economist, which is very omen Economist stay ‘his economic system an uy to describe and expan it by tying the werk we and he need we ha The since of economics oocerned with all Our mri seeds end ‘ants not it concemel wih bse ed He fond, clas a set and ‘fe wih o eam about the cence of economies, we mt ny both books ad opt A defniton tat capt much of modem economics i hat of Lone Robbin in a 1992 est: he slence which sis hun behaviour as a ‘elionship between end and sae mene which ave lerative we” Searcy ‘mean tat avalible resoures ae inact 1 sty all wants ad neds, Avent sarc and allematve ws of syllable resources, tees mo eononi ‘Problem. The subject thus defined involves the study of cies a they ae affeed by incentives nd eres. ‘Areas of economics may be divided or cle’ invasions ways incacng 1 lcoeconemics an mioeconmis + osive economics what and normave economics "what ough wwe + misteam economics and heterodox economies + eles nd bead ctporie win economies. One ofthe uses of economist explain how economies wo and what ‘hereon: are between ceoomi layers (age) inthe larger society. Methods of economic analysis have Ben increasingly ape ols tative people (oes lcude) making choles n soil cst, uch a ctme, eatin, the uly, ea, pols, religon scl estos, and war, [Ada Sith curly regarded ate Father of Essai, autor of An Inguryit the Naar nd Canes of be Wealth of Nations, cmon known The Weath of Nations Although dsuesione seat podstion ant dsstn have ing istry, conomit in moder sete f conventionally died trom he publican of ‘Adam Smits The Weath of Nations la 1776. a is work Sih defines the bjt in pacts “Pot economy,comidered ata bach ofthe scene of sean of leit, proposes wo dnc objec: ft, 0 saply a pen revenue oF ‘oduct forthe people, ex, mae propery, to enable tem w provide such & revere oF subsistence fr themes, anf secondly, to supply the se or ‘ommonveah with a revenue sulin fr the public series. I proposes 12 “ich oh he people an the sovereign. ~ Sith refened w the subject a ‘oie! esonomy, ut that frm wes wally placed by ‘conocer 1870. Area of economies may be casi in various wap, bt an economy i sal alyzed by us of microeconomic or macroeconomics Miroscenomies Miscecooonics examines he eonomic behavior of ages Grading bsinees and hows) and tele imerctons rouph invest makes, ven scriy and government repulsion, Within micrecovomics, gener ‘ulin theory aparegnes cross ll martes, nln hee ovement and Interstonstoward egitim,Macroeconomics examines on exonoay a whl tp dows” wi ew toward explaining th eet and interactions of oad gress cha ina income and ont, enpoyet, spl ialaion and subsasregues lke total comitgion nd nvesioetipenting ed thc components incating os of monetary poy an sal policy Sine at es the 1960, msceecnomie has eco chatezed by fier ineration of miro-used modeling of sets, Scaling etna of playes. efficent use of met infrmation, an imperfect ‘competion, This bas adiesed « longstanding concen aboot inconsistent evelopnnt of the sane subject. Analysis of logter detrninant of mata nou rons counties hs lo grey expaded. The theory of demand and suply is an erating pncipe to exp ees and qunts of good sold nd changes area na make economy. In smicroconenic theory, it fer to pice and ott determination ins perfely compestve markt This as served as bilig Bock for odsing ber matket structures and fr ther theoreti apecabes Fora given markt of « commodiy, demand shows th qunity tha ll prospective buyers would be pepe to purchase teach at pric ofthe goo Deana theory dese individ! contmes 3 "rationally" chosing the ost refered quantity of exch god, given come, pices, sts, ete. The lw of onan ses ht In gee, pice ad quantity demand in ven market ce Inversely elated. In eter words, he hpher the price fa red, he es oft people would be able and wiling bay of it (ober things unchanged). Tse pursing power would be lower (the icone effex), an thy would move ‘omrdeatvely less expensive goods (he sutsaon ee), ‘Suppy isthe rein ete the peo good andthe qn vale for sale fom supplies (uch as producer) at thst pice. Soply i ofen reposted ts table graphrelaing price and quaty supplied. Producers we ypshsize oe profi-maximising,aempag o pote he sous of ponds ing thm he reset profit. Supa typly represented ua dey ‘oporional elton between pice and qusity supplied (other things lnchanped). a ther words, th higher the price whic the ood ce esl, te ‘es of it producers wil spy. The higher pie mkt profit t inresse ‘oduction. Ata peice below eqiitism, ther is a shag of uatysuplind formared to quiniy demanded. Thi pulls the pie up. Ata price above wuilirom, there i a suplas of quanity supplied compared fo quantiy leaded. Ti puss te price down ‘Sopp ao demand are used to expan how pices and quantity te ena ‘ven cet. Thr wetness isnot they explain every ype of aretha (ey sr a pont of ference for ll pes of martes ad cn be eerie 0 -£tPin he beavior of mkt economy far example the general ec level nt ‘be guatly of ta opt in maoeconomis, COMPREHENSIVE QUESTIONS, ‘Where dos the wort ecocinis cme fom? ‘What does economics sty? ‘What kings do ceonomist ryt expe? ‘Who are the orate mode eso? ow cn economics be rooghy divided nt? What the eseneof the teory of aply and demand? ‘What is therein betwen business and economics? on youd effete buns: witht economic ining?| execs owe igh mene ! 1. Key terms-mmich he cone meaning 1. Wiis tbe tsk urpore of profits in ournakteoeomy? ) eomomie careful te of money an resources Pay for wags and sare of water —— seers nerd wh pron Lesduinener de aos at I cosumpion and dstbaten of goods nd ‘Transfer income he wey, | series Allott above a Inset ofa manne 2 Wo sts monty policy in Roma? i eomily ty management Patimest | ‘wean ‘compenst fx pt toper, bit Preset i steter eireen, wish Romani Teaniy (! tomate to pinmoney by works Natal Reserve ed Iieresed, lated: 23 Thee of meat profuc in camptiive mart re deere by: vet suc at protects ovement crocemed back ofzomethng: Busnes monopatien Suppl and dead. 2.Weiing ‘The Consumer Price Index Fl inte Banks with the eppropriate word (oepmis,e2onny, economist, 4 Thepuchasing power of people incomes is most feted by ‘cone, coro, enon) ‘The ination ate Sith nd Ricardo vor two fama _ ‘Tretdedt. Weare stlying the since of _ (One sonsimes calls person's werk it activi. ‘Teeecenomic ym o «country smal called the national ‘The people ne assed ate ive very ‘The tlane of payments 5.Who makes Gal policy in Rania? President an Pasa Noel Reserve osacin Tetury ms {6What san example of cal ply? Discount Rate Change Prime Rate Change Nationa! nce Tax Rat Change7. Which one of the fllowing Is most Uely to improve the wages of Romanian worker “An increase in Dsiesinventoi, “An increta pratviy. 8, What she caret nation at (percent) of civian nempaymene 16-25% 6% 9. Which one of the: follwing iS te most widely sed messe ofifaton? ‘The Conse ice Index. ‘The Index of Lesting Economie nists “The primer ‘Te National Fa te 10. We te crent nna at of instion? 238% 7% 1-128 1H. What econamic policy wold mot ely be ud fo combat ¢ sees whe ination stow? ‘An incre nt, “An incest athe money spl, An iors ie stack market ces 12 Economic growth is measured by a postive change in which of be flowing? Toe money spy ‘The rode: Pc nde, ‘The Goss Dometic Product. The talance of payment 19. There isa dec in te satonlDodget When Nato Goverment spending ie rete thin maton tx revendch Ingots are pester than expats Toe ttl demand for money i peter han ihe tl ply of mone 14 If the US. doar increases in vale, what wil mest key be le etfecton US. expan of goods tae counties? ports woud dares, Esp would stay te sane, 15, Te Great Ca fers: The cad of World Wart ‘Te Great Depstion A slup in the tock market High onemployent Sipurse 4: Incock set of mods cos out the won tht dos pot hav iar meg 0 ‘otercndon fariaty —imposion ——_—imertence relevant sopliable ——dependsie fing comedy tem natet reuse fundamental basi eal seconary seary o wok (esr seguie et tan questionPromote lice bac voce fore rece seowunce sseice opti Ike efficient mahenecsary make sf emsct xablh repent speaty sheave ange ‘onion posity swcetve encouagenent —excarence stn aocate sgn sist setae ‘5. Filla he blanks wih he table word from the bo ellow: Supermarkets offer ites ins economy at a of vaio ns ond commie Ions. The modem how te make operates in te Bach supermarket has tone of thousands of compete forthe customers’ money by ting ofr the be. od he pratt arty of oma heir casomers are wing 1 ‘The moder supermarket provides eveything from bse foods to gormet items rom ay pice inthe ‘am buy inthe supermarkets delcsteseat cr make thei vn ae Soupandiad bar. Supemuries ako ‘cosmetcy toy, small Custer ta even videos of rece fs. They vo mainain & ‘ie and ches. a will mae shop oc teze amb of. a {Dendy ——renises pts prferenes Tg selected improve pets nen tae rspras sect - The oe tenng conser for heat, economy, onenence and vanity by stocking the goods cosumers Produce hat fal to fe teplaed by ore tractive Winners” are andthe “Toss” gradually self pce, Uimately producers eter ___ ee poets rps fom he ‘The consume relly. The matet hic preferences an sone supply with |. Speaking Prepareand iv shor alk enon of he following tops: “+ Bronomy ~selence we could not do witht 1+ Theimporanc frac in econ ‘+A peseral outing of th Romanian economic em. + Domen and women hive os chances ia sine? To susced in tains, do you think degree economics emus? (Give resons and examples to sappet yer opinion) 4 Te tos wll sive, + Stating up a business ‘You have jst pated rr econo nd you want ost your own basins Before deci Wat ido think of he following questo: 1. What quaties ao sil do you not bins vente? 2. What eine would you have test?2. What woud theo do? 4 Whatstes sta take to be bcs inthis ed? 5. Shalt in an expesened parte 50 Lean vo rks? Belore you decide to start your own bases nse the ollong ucstonaire hic is meant help you ia determining your orang e's pote or tecoming sucessful busines owner. Tk the it newer: 1. Are yous hard working penn? 4 ean wok for ous an end and enjoy ti meting et tan wok hard fora whe, bu when ge red tha’ Suess in ie does’ depend on how hard y08 work. 2. Are yous good organizer? 2 iseryimporuat forme to makeup a plano {sit wrkng. 1. When I get all set something unexpected occurs andi ot in a mes. have to ake thing hey come: Lam ust human ing fer a Team manage ass things ge 1 confeed I hin H's ine ft another bashes! Maden soit offers alge rang of bien 3. Canyoumake decision? 4% Lean makes decision ina ny i Thave It asly proves tbe the ‘ight one. am aware ofthe saying" Tine is money’ 1 One neds tie wo ake & decision, IT make i fit ner Hay Sink tha told Rave ected he ter way © I don't want to make decison on bal f » community, 1am & esis man ot ender 4 Can pope wot what yous? 1m sre they cn. never say thing I don't mae, Talways try tobeon elev Butsematines | ay what comes and © Toate i sy hares is 5. How do you fel tout ee people? 4 Like peopl and ink an et ng wit ll the people know. Tama lonely person, but ont ae le peopl rund ie. Some of ‘hem ate quite interesirg ve gota laf frends and ust ot of hem, ey: I you chose the st anoners fee gusts tam robable that you ‘am opert business uccsfly. a0, 04 ned, et pane who should have all these quails. He might Be of mich Help. IF you chose the hed entves at amst al querton, os should ty oid anther eto tity. 7 Transate lato Romanian ‘Casters oth market nd command economies mike many ofthe same kinds of deco thy bay fod hing, oan, wanptton detent vp {0 he limits oF heir budge, and with tay could afford mare, But consumes kya much more import le he overall woking of markt economy has ey do ie 8 command economy. Ifa, market ectoonies ase sometimes seid 1s sytems of consume Soveinty, Hecate yt-dhy spending css by consumers deeming, ge extent th gods and services are roduoudie he economy. 1 consumers stop buying, oi they decide to spend lst on a pods, for whatever eto, pices wl drop I ey bay mor, intent dema the rice wil sie. This inerason of supp, demand and ce ike ple at eer level of he economy, nt jst consumer gods soi to the public. Consumption rer to ‘mrmetinte goods as wel, Forth inputs at companies must purchase to Provide their gods and serves. The cost ofthese ited or invesinent as, il spl roughot a mae.an ‘Weta short xy (boa 50 words) about Romania's economy —aday and 'PRE-READING QUESTIONS I your word how cn odie scouting? Isaecounting he same wih assay? ‘Whats te difference ween bok eeping and aecoumng? ‘Whatar the responsable of te acount? BASIC ACCOUNTING “Accounting i ten sd 0 be the lngung of busines. Is wed in the business work! wo deseite the uusectons ented Sto by all kinds of epaizatins, Accounting terms an ies are therefore wed by people sce with busines, wher they are manager, owners, veo, aks, lames, or sccountants,Asit ithe language of busines thre are words and es that mean one ting in accountng, but whos meanings comply iferet in orioary language se. Feocy comes, a with ether guages, aera cetin aout of Practice. When fsency hit teen achieved, one willbe ale to suvey the ‘eansction of busines, and will gin ares sgh fn he way that bans ‘anectedud te methods by which eisons ar ken, “he acl secortsmakeg phase of socouming ie silly called book: ‘eepng. However, sccoumingexeds far beyond the acta! making of record Accounting is concerned with th ws to which thre records pt tr nye nd intention. An secountnt he shold be concerned with sore than the secor-mking phase ta parcel ate should be teed inte elaonsip ‘een the Binal rele alte events which have eeted tem. Inventors ‘doer wl nel accouming knowledge seer hat hey may understandrend he finan sttmets sed by the bins, ed aut hi laontpe ih be esas aco ‘There ar, potly wo min qutons ht he managers o owns of & © fa wheter the bane is peraing a prot 1+ second, they wil want know wheter oat the busines wl be able to mei commitnent a hy fal ean 0 ot have 1 los dows ming ack of ands Bosh ese quests should te answer ty te wu ofthe accu te tte fm ‘The Accounting Equation as ‘The whole of nancial scouting Is based en the scouting easton “Thiscan be stated to be tater resources have had 10 be supplied tothe rm by someone, The sores sessed by the frm ae known as Amt, an obvi some of hese sores ave een spi by the ower afte busines. The tl aout supped by the ‘owner is known 8 Calta in ct fe wis the nly one who ad supplied the asset then he following equation shold hold re: ‘Asses = Capital (nthe oer and some ofthe ast wl pray have been proved by someone ce than the owner. Te ndbidnes of th fm fr tee resources i ‘oon a abies The oustin cin be now expeted ‘Asses = Capa + Libtes can be see thatthe to side ofthe equation wl have the sme os ‘This because we ae dealing with hese ting ars two dierent points of vows Resources: What hey ae » Resouces: Who supe then (ase) (Copia + Listen) Geto operat i nade eoures, a tht ese 6 is facthat he too each side wil sways equa ope anther, and tat ‘is wil sways be tue no mater Bow many tanaction me eee ins, The ‘tual cs, cpt and ibis may change, tt he equa of ast wit at fhe fot of pila bles wil bays bl ts Assets comit of propery fl hn suck abiding, machine, stocks ‘gods ond motor veils, and aso bof auch a debs owing by cutomers an th amount of money i the bank ecoun "ites cons of money ong for goods sapped to the frm, and for the espentes, lo for loans made he fim. Cait is ote called he ovner's guy net wor, ‘COMPREHENSION QUESTIONS; > Whats ook-keeping? > What is accounting enced with? > Whats the two main questions that the owners hasness want to > Who shoud answer thes questions? > Wats nancial accounting sed ox? > Whatare ase? > Wat we bites? > tow cn ne acounting equation be expressed? EXERCISES: 1. Mach the wont or peases withthe deftons 1. lane sheet 6. ase 2 ehatof accounts 7 bt 3. working capil 8. share prem account 5: double emrybookkeping 1W.saphesine depreciation1 an accunt book of fal enya whi usnss asst ae recorded syst whieh ealcultesdepeiton whereby the prc ofan tem i vied by he ember of yeas itis expected oat ahs system in which fr every dition acount, another acount 4 soto alae ae aring fom he reptin of business and is tangible ass © astuement of basins rietiton ht isthe ast, dbs, and ‘oun ivetmeat tof specifi de 1 ecetes ona tance sheet showing al popes, both tangible and intangi,andcnim gsnt hers that yb app cover the lair pono barnes cance es, tock, vetoes, opti and gow! list of al accoutstcha by 2 ingle asouning ster. te cept ht company raise pon ising Sars that isin excess f the rowinlvalse ofthe shares 4) each oblptons etre in he ance het ofa snes cetese 2. inthe gape wi the appropiate word or pase |The er sed to desert te amount entered om the let-side of an aoa 2 Wen te toa amoust ofa sven expense does not eange asthe amount of ety changes, the expends ead a... expense 2. rane Revenues or Customer Deon te ene ited a ona clase lance het, “4 When a companys scouting yar ods on December 3) the company's sccouting year efered to a calendar eur. When company's acounting yearend on diferent te than Deere I, the company's acouning years referee 5 Sues revenes mis the taal fal variable expenses i refered tas {6.The are of the Fnac semen at sao known athe tere | asi potions te 7. Thetoal amount of caret sz ina he ttl amount of curen iiies is 8am expense remains a constant, peri amount nd eer increases tot activi increases, the expences classifi, expense 9 ves though an ase has increase sgt nate pci il general event company fom reporing its cure vale 10. The accounts wit acl amounts postin theme conten the ‘3. Which ofthe folowing statements isco? (AYAsets— Capital = Lniites @)Liaiiies + Capital ~ Assets(CLs + Assets = Cap (DyAsets—Lishies= Capit 4: Whie othe folowing spot an ase? (ayBulaings (Cas balance (De. (DyLose fom Me. Haris 5.Which fhe folonieg ie Machinery (yCreos fo goods (CiMocr vehicles (DyCash ata ina? Asets Lisle Capital (a) 789012506600 (®) S20 2800 400 (© 9350 11508200 © 650 1m sa 7. Youareto complete the paps in the flowing tae: AsetsLLishie L Capital, ( 1200 1g0 0? 28000 4900 (@ 16907 12.0 ® 7 1680 38250 | Distinguish fom the following sth tems tht are abil rm hos hat (9 Ofice machinery (©) Law fom. Shitey (6) Fore an iting Mote vitor (0 Weoe fo goats ( Bank lace 9. Ctasity he oiowing ers ino ables nd ast: Motor vies Premises Credo or pods Sock good 1, Sse which of the fllowing ar shown under wrong sie or 1. Brown's btn: ‘wets Lines Lan fom Sith Stock ons ‘Cah inh Debit Machinery Money owing to bane Creer1. Tantei Bags Conable exe oasis speci i misuce, esac, cunoates, estimea gi contol aevelr, dati capa popi, revlatelrobjnt din aces desfprt, Cootabliae sigur eee ronslogic sistema pefomanflr final sl pet cei iterne le fine eit penta relies soit din enero fei, Stile ‘inancare anal le compari prec bis, coma de eo # pete, tata capil prpen,siia were sant informatie asgurh lmapinen si posiin Nomcin penta exerci fusca din anu respect Bal et documenta oni de itera pin ete pret lence de sy ie ps ale iepeindes Is thee excels uni an financing, ‘Acs cupine toate elemesle dest 9 de psiv grate dpi desi hide, espetv atu, rovenena exit, 12. Speaking: In groups of for discos the Following tps, then sare your ideas wt whole a ook eeping and accounting ‘he rerponsilies fhe aac ecounting Propo forth defini of te management scnntng + double ear boakeeping = the impatance of secuning F ssc ‘+ Whit tity on the response of scounancy nd thew ofthe lnfomaton provided bythe managers assouing ‘+ Theaccoumiagdepartnent i reipomib fr ging am acute espectve onthe companys iaace PRE-READING QUESTIONS How ean you define cost ‘What is yur detnition of peice? ‘What lfrences and similares can you mention? ‘What kind f css do you kw from your backgroud kode? How pie weed wont? ‘COSTS AND PRICES The cots the vue of money tht has bon ted pte prods teething, shen snot avail fr wie anymore. In busines, the cost my be one of, sxquision, a Which ease the amount of money expended ase ti counted 8 cost and money isthe Inptthat i gone ie certo segue te thing, The sequin cost may be th sum ofthe cot of rods a cud by the ‘ginal poder, an arte cons of transcton since by these vee and above he price pido the produce, Unly, the re lo ince «mark vp er raft overthe cso prodeto, voi cous oascomting costs repent he Wal amount of money ‘spent the amour dented 0 voices ad recordin bookkeping Fears Opporaty cas any eter a6 economic cost i the valve of the test leat hat was sot hosen inode paste cure eedeavor—Le, whit ould have been sccomplished wth he eure expended nthe wdetaking. represents opportunites forgone. Ia teaecalecoomis, cost used without ‘palitcnton ofes means oppor cot, When a tamacton tls ple, "aplely involves bot private costs and extra cnt. Piva cast ae the cos‘hat the bayer of good or tervice pays the sll, Thi in sluo be denied ‘be costs itera thefts produto urton eral cose, lela exert, re th eats that people athe thn the hayer is fore t pay aaron of he amaton The beers of ich cost sh eee anu individuals or sci at large: Noe that extemal css ae fen bath non-monetary and problematic 10 quanti for compare with poner valves They inde hings ie palin, things ta scity wil ely veto py for in someway ot sometime theft, bat a re not ced lnwanscion pcs. ‘Soca coms ae the sum pve costs nextel costs, Forevanple the manaacsing cos of car (te cot of baying inpats nd {ax rts for the carp, overtend cots of mining the plant an labor cos) eles the pate cost for the manufac. ‘A pyehic cost i x sbict of roca cots that peiilycersen the contof ade rea or lose ity oft ‘When developing a bsines pan fr «new company. oduct, or projet laners typically mak cost estinats inorder tases wheter revenueenei ‘cover costs. This is done i bth Basins and goverment, Cot ate of anderestinaed eating in cont verin ding implement, Freed cos ae expenses whote toa doesnot change in proportion tthe cert ef a usin, within he elevate prior sal of prouion. Fee example, «rele st pay sent and ality bills inespetne of sles 10 be ‘omsiderel pt of Fined cons, bat std torent. Uni fied costs dct with Yolune, folowng recangslir hypetola ate imene of the volume of rotate, ‘Variable costs by const change in relation to the actvity of busines such sss or production Vlume. Hi th expe ofthe taller, vail ons ‘nay primarily be compord of inventory good purchased for le) nd the cot of soods steer snot eatiey vrs. In maturing. dct mates con ae a example of vale om, Price ian exchange alo erwen gods that ay foreach other. nce ‘of fae between two gods whose guates ae x andy, the pie of x is the ‘aio wile the pie of yet tony, ‘This however has wot Seen wed conten, 50 tat old conson ‘epmting valu frequently eappears. The vale of something iss quay coved in commoo units of vale called numetae, Which may even be an imaginary 00d Ths done to compare diferent gods The sit of mle is eguemy conus with pie, rans market vali called a the quetiy of some mip by is mil pie. ‘Teary of price asserts tht th market pie est iteration between ‘0 opping considerations. On the one sid at demand considerations sed on marginal iy, while On the other sid ac supply considerations based on "pina cost An equa pice i apposed to be at once eg to margin uty ound in nits of income) fom he bayer sie ad marginal ot fom ‘he sles side, Though his lew is accepted by amo every economia it onsites the core of malnsteam economic, it has eel been challenged ‘The we-value was seppostd to sive some mest of usefules ater "fied as mpl beni, wil xchange vale wa be ease of Kow mich oe god was intrms fact, amely what i ow led relative pie ‘The diference between nominal price and relative ot re! price (a eng tio) is ten made, Nora rice the pice quoted in mney wile ative "eal pce i he exchange ratio betes reel gods repuess of money. The tino s made to make sas of nflson. When al rics ae quote intr ‘€ money uni, athe pies in money unit change mee es ropoiontly, ‘te rao of exchange may not change mich. Inthe extreme cs, i al picesgoed in money change inthe sue pronto, the relsive pie remains the A fre price sytem a re pres machanis (eel calle the price tem the price mecha) i ecnonie system where ees ae nt by ovement ors cena planning bose but by he itechaage of suply nd anand, with the resling peices ting undestod sb signals tut ae commune between prodicert and consumer whch seve w guile the rodicton and dstrbuton of resoares. Trough he roe pice ast, supplies ‘ue one, income is dstibuted, and resources are allcted. A fee price syst contrasts wih contol oF fed pie system where pices are et by government within contolled markt oF pane econ. Price fixing tan green etven business compte the sane roc o ence a he eae pie. In gene ian agreement Stn 10 lktsly push be prc of prod a ih pos, ending to refit for al the sles. Peienng can alo involve ay areement ft, pe. scent ot stabil peices. The racial fate i any agreement on prc, wheter express or implied. Forthe baer, enw, te practice mals ina penameton sii ‘COMPREHENSION QUESTIONS: Why do pres go wp in his county? What aes the costo puri ood or service? ‘What fete demand for gon and serves ina musket economy? Hom do demand and soppy ite ndtemine pices! ‘What fects the demand for goo ad eves namaste economy? ‘Are there rise wars or goverment econo county? EXERCISES: 1. Match te ftoning words orphrses with hi detintons: 1 vee 60k wor ftory dems! budget rice (ees) 3. faedeose Spent statesy 4 teakeven point 9 ple seas buyers 5 dcomning 10, toss tener 1 the rice wholesalers and dab pay tthe producer of oats | prcingseategy tase on low ping and ow nit rt ©, thecosof thing suc select ret, nd oer expense that do nt nese within in podem; sn ipa and secret prem betwoun competitors tox higher ies snore heir pots low rice goods aiming at bul salsa ower ent of the consumer ret 1 the ayo day cons oruming a busness; {reducing the price of goods in eta for ul sales ot apc sl ata special tow pie o aoe nthe expectation tat ‘sme wil spend money one expensive gods 1 the polatin te development of rod when ales gin exceed the 4. consumers who ae very atentve to rice changes and ook for ow priced2. Fi int gp wit he sltuble word opr: “hea many. whose ma sev the. goods fre For his rm 8 Manafactuing Is prepared in adn to the wading an profit an loss counts, Becase the... tn the manufctusig ascount ae involved with sere an obvi Unk with the ..teorde and the consents of he ‘manufacturing scout ef ft rely costing concept ts therefore necessary 10 fint ofall the main and vision of cast a ued in coring. ‘Thecont of det. acne econ of. and ra... xample of det se the higher of specal.for » pail job and royals payable to Inventors foros of. Whee tage revi on ech. prodzad. acoryoveens.. consist of al hose.which ecu in he fcery whee is aid on but which canot easy be waced tthe nits beng. apes me wages of leaner and crane diverse ad ts of the fact, depreciion of am ands i. try power and heating. Adminisrion...coaits OF eh tems a RABE ER A SCORN. he Aepeiton of michiney and sere salaries tor ater © ld 4 milk, 2. Changsin exchange rates ae uso 1 relevent only nomial eres only eth rel nd onal events Relative price hangs indict: 2% al pices move oper by allexctange mies move togter © sme pies incase aster the oars xchange rates appeise fate tan prices change, (Over hort un psa (wee/nont, 1 shor inion steals nominal price changes & tlaive pre changes 4. one ofthe above somite changer movements Se longa dominate exchange te movers 4 shor ran nan teens 1. Tong runnin ferme © shortrun eave prise dunges 4, al ote above Puscasing power parity bods ete foe tow infatice by poorintin © Hehinfsion 4. igh inttion ‘The aw of ne pie shuld old wl far 1 iene products sony ndvidua goods add iteratinaty homogenous goats 4. alte stove.8, idence wget that following some extra shock exchange ates before rcs change 1 ater ricer change athe ame time pies change 1. none of he above. 4. Chose he detnon foreach fhe owing ward pases 1. cot of abou 1. cont fall workinvolved in making producto service ready forsale ' costofmnual woes employe by acompany © cont ofinduil tion by employes 2, coat prodation 1 sling price finished protuct. by alespenes foram material etn, png ect, te alco vate ia abing a product eaiy for dtribaton ad ae 2 cumotaes 1 tot cons imoved in king poet service, isting tan > corto sling product in sla, commision et ©. the pre ofa prodict when ii sal 2 alco eating oprduction of product iting development cts an a materi lett ad Ikour yates pido he goverment cot of aoa volved in makings prota, S. et labour cons 1 al css ting to production of rod tcang developmen oat and ra materi, electra aoe 1 a our cos ioe actual proton of produ © aliou cos involve in poducing pro nwo a ‘suppor abou costs, chaser ad adinstative work 4 rcs cstished bythe government cans which are decd by the management of « manfacring compay, ot by spies retailers © “ants which dont depend on quay of rotactoa, eng, likening rent site costs 4 cons which change acer tthe quanta rodin sah sam terials, compontas, overtime pay cots which ve ica to etinat a they may sey change becuse of change inthe mae, sich competi ping © cos which change accowing othe tine ofthe ye, les for ine or summer fashions overeat 1 regular cos sociated wih he dy-to-day ening ofa company ona expenses because af hipher hin expt sand of produce {extn cose ove what was planed nthe oss eet.5. Math te words expression yo foun tte lowing eins a in te — L.Seldarareuced pice sataice, 2. An fan explosive pice 5. The pce he slr want 4: The oficial writen pice ‘5. Aste heweun rte who rece he pee, 6 Spend f pies 1.30% of be usa rice. {Thee wih no eution ata 9. The pace of paper with sellers fil prices Wee price at which shops geen sl something (6 ROLE PLAY Gedosing cos): ‘You work os mediun sized manutacring company, You ake igh ofc funtafe Ferign compet have een emere your markt, You mast ‘ece css get o make your company moe compete. You have o make ‘svg 50, A firm of conn as suggest sme pone svigs ino port which summaries bellow 1, Sty the consulta’ recommedatons 2, Prepare to havea eating. Choose which department you wil preset (yo may Reve to carbine res and read your ova cleats Thee wil bea neural resident. 3. Have amewing to decide hw to reduce your costs by € 0. Balance the esi to prtet your ow depurmen with fe ned to asst he company, Consultant's recommendations Depa Sat Fitna ving ay [rodueon wad Operating a Bete quay antl edie 1+ Becer maintenance of machines “+ Freeze inerinent in new qupmest + Redace inventor (tock) of Sih pods Mang + Radice sdveing Bade 1+ Rodice markt eseirch into new “prot ide Sa + Radice oeaining and wave co Haman Resource Three salaries by 2 es than tbe ato eaon Cuts inal depatent 1 Change ster evry four eas Instead of very two yee 1+ Rotace wining budget, 5 ea + Redice wesivabiesioney owed by ‘eutone) + Pay spp tte 1+ ely upgrade of computers + Rede ividendt shareholdersRoenote: ‘Presider: oe eae nd wil cbirthe mean Stat by asking evenbay ‘nt o dese the situation rom te pin of iw: Prato and Operating: You thik the sopgesd vig or ay contrat snd redcing inventories ae agg Marking: Reding the avetsng budget wont pl fi wil make he Sats: ee vial kep goed ean wid cesar, nd your sles team feeds wo aks them otto enh crasionly ‘nan Resources you ive asl slr inert you rik ong sie workers. The uaininghadget is an inveimen forthe fe. ‘Accounts: You think he gues for ingrovingcuthfow exacted. You want cep he pod relaiastips you ave with suppliers. 7-Many verbs ar used with oun pier lctions when sein stout ping. Replace the word ins ia semen -§ wih he ote fom one of he verb rom he bo iT eich ah cig able a 1 vein i lly expensive nat shop ey ratwaye more ies, eee me to pay a high ie rep ny ks Shei she would quate pce coud find chp aewhee you pur your resto Bah ten pope snply won't he ines ‘He knows everbody wil ny his oods, oe i leo contre pees. ‘The ping gor suprisingly good pice tthe anton, "is consid onic for competing sop keepers to secre apreon he 5. Tis pub as Boome so expensive sae lt mech pices hav lost Increased by v0 T ‘Many words equntly cur wth the ward price. Combine wor fam the box withthe won price. In which fhe combination spice the fit word? Which words wed ice? —— 1. How would you explain the flowing concepts t0 someone with litle ndestanting of business? 2. Think roper examples last cach cnc + Stoning te marke, 1 Price eletity of demand, © Alou leader Braking even ss1. Can you mention some of te es we ave pay? 43. When an why wn it nodaced in Romani 4. Do UK and USA have VAT? 5.Can you explain how VAT works? VALUE ADDED TAX, YYAT i government x pi by the custome, apa to most ners 2nd professions and eve at ll stages of uibuton. For mos indartialmaons YVAT isan imporant source of revenue. I is paid every ine value add oa ood as it mes along the chain of production. The ax isa sgh percentage (18% at pest), othe ata rice ofthe marche oe lage deo (be foes payable for services, Cerin exemption include: efaeton and some Foo ot pneally most aes, manuactres and proesin rms ae Habe fr ‘epieation with te Csr and Exercise Deprinet Inthe Usted Kingdom VAT i charged on bah te supply of goals nd of services by pasans and fms who we table, Some goad an services ee ma {abet VAT, ich a food and pst hages. The ie which VAT i vied ave hanged from tine tie. Some gods have als tracted a ifeet rate of ‘VAT fom the normal ate, lstances of this inthe past have bec ct al home soplances an ectoic devices wich ave vr fom he es level om met she pods Proper records mst be ep of puchies and sles aed by VAT and the reristatin number alloted by th Goverment Deparment must be shows kyon ll invoices an isha, The tax due tothe Govemmieaadded wo ‘he basiccost ech nvic, wth he fall amu being payable by tbe custome. ‘This meas thatthe dy boks of rea under regi for VAT need abdonl tesa clurns to recor the tx on every prchas and le. (nthe purchase se he supplier inves divided on ety ino te day book between the oet cost of good ater deduction of rade discount) and the \VAT charg, the amounts tring shown on separsle slams, The combined sou of Ret compl tar i posted the eet of he spl’ account ob din de course hy the buyer of the merchandise. At heed othe mot the punted als sesumulate dy by dy ofthe basi invoice cost ae he eae tat me debited respectively the purchase's acount andthe cust ad excise scum in th ound of the puschasing fem. (On the neste othe net amount of he invoice te defuton of trae scour, but inling VAT charge) is debited tothe sles ledge account of the ‘rt customer, and the spare cumulative tt forthe invita vie ‘harps andthe VAT ealumn ae at the end of the mont, ried respecte 0 "he sles aesoue and the same customs and esieacout ad In ein the inal edge, The estoms and excise acount i ind of adjtnet sect for VAT iy, as te tax payable on the merctntse hot or the services sed) i off St against the tax collesad onthe sles of eutncs, gery showing a tala in faror ofthe Goverment Deparment. ober there would ‘be pint in adopting this exemely erate forma ton ‘The words ip and ou have bam general em forthe VAT dit nd reais, The out tin the long rn ae satay he grater otherwise eding profiabity woud be negligible 9{i PAYK and NIC “Pay as You Ear” tf to peson income tax deduce on bea ofthe ‘Goverment by he employer fom the lary or wage ered by tn employee, Tndividus ae gven code numbers scoring w wx allowances and reli 10 ich they ae ented alte tx de foe them i aed by reference 10 ‘oil an cod tbls ise by the Inland Reve, ‘A person's mtlonal Insurance cotebution soe of «Ose an ele soon dona, deducted bythe employer whee slapd. A ‘he same time a supplementary amount rather mre fa hat oe deed fom the employee, is conte by the employer fr ech member of his work fore Both of ese frms of tation have o be ateouned fr by the employe, othe Inn Revenue and to the Deparesent of Health and Soil Sess. The wages and salaries sets ppliable to every frm of pid employ ae made wp ech ‘week or month to show the gross pid eamed (aeluing tone and overine of ‘very employe) Dedeton are mae by te enpayr far PAYEE and NIC and "hen tet take home” payee fo 8c eda i pa it apy paket oi rit deco te employee's bank acount, ‘COMPREHENSION QUESTIONS: > Whatis VAT? > How et tern fom a pia sles ax and why? > Wilt rogue moe income dan sles tx? > How is this fom o taxation collected fo he adr consume? > Why do exempted fem stl pay the VAT? > What doc PAYE rferto? > What ies person's NIC? > Wich ete departments he employer ba a consider, regarding these ors of aati? EXERCISES: |LMach he words phrases with hi dfsions: sation 6 txexpendiues 2 income 7a eta eect prowresivetws {afar an which taxpayer mates nao atement of nce cabling lan tobe made for personal llowanses. ate whic he te eee wth ness inh tax bate an zeus with ow rte tation, offering advantages och Individlscopani. 4 aranging ones uci afie witin he ws 419 mimi train sbi « scampulry tantr of money rom private individuals rnsttons tothe alin se st tx ishies by nt decaing cameo Fo 1 themaiediect a, eed on eter comes or india payers oe 1. ain tx whic sexpess asa proportion ofthe ice of a commody. 4 te gual or overage of what ad, 4k the cont of allowances and relies (bse), 2via 6 come x sie 1. PAYE purchases 5. come tx — 9. tacenasin exemption Dax hevee ‘he exchange of goods r service for in amount of ayo its quvlet place where ceri ae re lvied at aw rt a ll sessment vied pon invita ono ncomes rondy based consumption ax asessed on the valu edo goes sd an llega practice whereby an vida tenonally aos paying ir tre tex ability sm tenize!bl frgoos sold or services provide, cotnnginiviua ses, ho care, an the ems sequiston though the payment of money or its gullet sn anu government ax oa personal econ the cicumstancesof taxpayer, aa or mb of dependents tallow him oe eke cena Sedans from anal income smamount collected by employers when making salary or wags payaso ‘mpoyes on teal of he ato ui. 2. Plinth gaps with he uate word in the ox tll: vaso progesive Tale seam raise lopli apron] Tce excite etm avldaace value dlinenve sevene expen ‘The pup of taxation sytem iso ‘0 seppst goverment __ nll counties everyone some ie to reveou forthe wate et, ‘9x In he UK its the obligation of every al person to pepie 3 of bs income, whatever source might be, sali, dviends, om investments ee, The tx sao 0 whom rh etre sould be sabi is cal Inland he U.K and Iveral Revene Service nthe U.S.A, The tax that companies pay i called the Untied States. There ae lott of tee sich a (VAD, payable when you buy goods a services and ther edit ane sch duty, gale cathe purchase of bases. The tem ‘ux sige tat higher tation iy higher percenage oftheir ‘come tan tho frm lowe tation baskets, Such an ppoich otnaon i « to both sly earner and investors. Pople oft inci to ‘heat, 05 1 avo paynghph axes o paying any tax atl Using ina lesion some people to pay minimam tne, the s-led tat ert donot declare honesty hi nome nd might be rough a fo tn ‘xin Brit, od nome ta in 3. Pinte gaps with he appropriate word pra: 1. The VATiseved onthe... ded hat et om ech enhang, 2. AVAT ean. inhale ti cole fam somone ter than the ssn who actully Bear the cos of he 4. This ageoera ee that pig, in pris oall commen actirites Jovlving te production ad... of oe andthe provision series.Tor VAT purpose, a. peso any indivi, pines, company of whtever Which spies table good and services the cous of ‘The VAT duc on any sale... he sl rice bu fom his the tale Poneto dod ll theta ed pid tthe prseng age, [VAT hati hrged by a busines nd pid by is customer is known 5. VAT (hat i, VAT ons opt ap), 7. VAT ati pid by LAT (ati, VAT ons input sep 5 Registered VAT tades ar givenamanber a ive to show the VAT target customer on 9, The mos ribe sure of lornation on cent VAT es fora pid ‘rast na prtclar Member Stef the European Uni that counts 10.The suns way implement 4 VAT isto sya basis oes some Prcetige on he... the pedut nna as pevoaly ai the ou 4: Flin the ap, wth he stale wor in he ox “Aaiviles daw op, soresonding, pal —parfona, Tac] Jaw economic, calle simutancous, tes pepe, table fess, dele duty VAT alos aided tx a Geel Td icut, which mens that represent te ference between sles and uctsing Ofte same dere. Al pesos, earls of three state, who ‘in an Indeendeet manner ecnomic which consist of every of aoad, lags performances or msimilteé operons. as ella import of goods, ae. subject. Each payer of VAT shall... oe "fiscal ecaroton othe... bie, tr 15 dys ro the ening of he ‘ich cana a a OTE or fom the date they excelled the noes lng. which sessed ‘by. Bah payers obtged 9. th defen of VAT, The imports of 00d sal. the easom delanton af igor apd shall. he vale the ‘sts, onthe bass of which it will_ the VAT. The ayers al uy the 25" next month 1 he elaborated dedton ad in he caso import they sal ay nn hte pay custom 5. Complete the ftowingsetenses with te erect wor |. fon ae eemplyed tis your responsi 9 ne how mich a ou soul egal py conde, cei 2. Thada fete tom the office ofthe Colley of Tats ling me that had to ybackall the mosey I ove th It yar dee ind owned 3 The arangement they have tha al te money tht as oe pints of complete; «comet ores oe hein Oe ‘Joined; conoid; joined wp: 4 Under te cert iain if you re ein paying your aes, then you ave (oceania penalty pent 5H cna eb rash to complte hi tax eu by Today there be oat beable to ech th mean ‘deatemd; dein; e-deatdnte; 4. dead to 6 does happen very often but stl got some money fom the tax office ad wih hemo Ba going to west met ‘remake; burepag, refund, 7. Before you ean claim any mosey bck on overpayment of x you have o sn spin fom, ‘eponihment pain stout; 6, ough wis1. You anelet, you want to afer your ne llowanc ta you spouse; apo, c:ipock:——pokerpenon: 9 Un it's lay esbised which x pup you sree, your employer wil e 1 mn eras amaut of your pa. ‘withstand; Swit: wits) witha 10. There have bee so any gues southistax tation tat there en 8 huge = containing the details inh fie fall: fillos flog: te {6 True into Engi ‘ana pe valoare ang ete definite ca find erent ie valores wu bun sicun in ura vnza lvoe tor bunulrs servicio cae a ost chitont peat realize ses bun Tana pe vlare adapt ee percept in Secu faz de produce a mario su svilor. Flcare pare di asst proves rebum econez ca Departament Vries Aceieloe peu a cantare pods, dar ponte Sala din aces cf tea dja plata do ‘ate partes funioure: Product fuizari sebule spre eimetil 0 cae Ge TVA ia care sa arte cum a fost calla sme repeat a Romani, a valor de 195 dn valores dug, in pce inal le Union Europene aceasta poate nal nar, xin Danemarca si Sutin 258), 10 mut mai mica, ajungand pasa la 155 in Cpr si Lasemburg In Maes Brianie TVA fos intodas aia im 1973, dar fsa exit ait, din nc de vedere ees Gal tx nocund de fp ts de cumprice ne din operirle scan de TVA sons aiteta socials, sats ‘nvatamant, cata, spor, operaianle nore, vest din gompdarile Incviuate, vente inegsvate dia constnts, experine, si, dar igual reasguale, venture di specasoe, elit, dip viz de Speaking: groups of fur cus the folowing tps then share your ideas he wot case + the imports of VAT fora couty'secoomy + VAT deduced sins peaions educa nd clleted VAT + VAT ppd to iport-xport batnese ~ which of the basic product services would you suppesttotave a edd 8. case sty \VAT was induced inthe UX in 1973 because tithe form afindiet ation ‘pled in the Esopean Commity and i the_bais of contbution tothe ‘community budget, Base food stu, hawing, hooks, mo Financ series, acto, beat and exports excluded fom the tx. ‘tn Romania twas intodused in 1904 and tebe fod sults re at excluded fo the tak. Terre some pollicis have sugested a slr VAT fr these ‘nd his measue would many help te pensioner ab te population with owe ‘Wht an arlys of pose VAT seduction with avaniags and disaantges (estate gets att nefits fr th option. aren + ‘Wit riety about the VAT aed the Single Maret ‘Advantages and Disadvantages ofthe VATa ‘PRICREADING QUESTIONS "How can you define «bank? hat ais des bank pom? ‘What rete mala peso banks? ‘What Romanian nk do you know? Wich ste most import Romain bank? BANKING Banks are instwions for rceving. ond, exchanging end safe suardng moneyed In sme cases sing notes and rasatng oer ance businesses Toy at intermedia between borers and ener. nee ary oat heir oe asks exenilly deal with colleing ands making cei ;ndgmens a suing ced sks ccordagly Al teats performed by ‘nk epee the base sure of tele pot. Ranking i nowadays more and nore refere fo a sersic indus, rather tha pofsion.Thetfoe, banks ‘We finan oxpsizations able 1 cary out bic services such slings, secepans of sepsis, forgn exchange trunacton,ivestnest management sd corporate nancial services. Banks ae nt isolate Insitutions, they do business within an nvroent etemiing is opertin, infrest es, exchange ‘aes, oft nd expansion eppotusies. Te business envionment in which hey ‘fa is esenlly made up rom pais, economic, soit egal and Interaional factors. They ca be divided into two goupe mechan banks ad Merchant banks tnd wo encourage lage eranzaton tthe services, and wile the fe tay offer re silat tow f the commercial hanks the omer speilie in wae of inrotons! trade nd fine, doug bil onfirming ret status of overea cttomers ough config owes acing Inthe sew ue market (pacing stare), an ia he elon an Eu mat. ‘Tey a, in adon, involved a siping, intrance, and fignexchang> — Commercial rit banks offer silt services bat we pricy lnecestd in private cst’ accounts, enourpiag them se tir cuest account, deposit scour, savings acount, and ret facies, as well at commercial concer. Commerce bank faiier ince; curensecoun, epsit scouts, credit cards, ons ad oer. They wil lend ey gat secs, nthe forms of vera aloes, payaso gly by standing ‘onder and afer res tough he tank Gio syste Essential the ditfeence between th meri sd commercial banks is the Later’ valbilty to eaxomers with thir numerous branes, tet low ‘ares andthe ws which oven he way each nenization handles it fas, Banks operate two mala yes of account, caren acount and a depot or ming occu Curent acouns ar te most wus Ye of tank osout, Depots in the count can be witran on demand. With this type of seciunchegue book wil piven by he bank to he enone fr him to make payments people {© whom he owes money /He wll ao be given a paying book form o ay money it cont ‘+ Deposit account have en used in een eae by banks ant customers ‘his Lind of account is one which wil Be concerted nomly with paying ony nto te tank and not wiawing fr sme tne. The sul objet of ving epost acoustishtitresti gven onthe balance eld inthe ‘coun, while interest is not sly ven om lanes in cuen aecous,‘Cheues, When «bak bas aed to let you open cutent aco i wil ak you fora specimen signature. This cables them toensure that you beques aren fact signed by you and have not been frgd. You will then be issued with @ ‘hegu book. You cn we he chegucs wo make payment out ofthe account. The Pe fling te cheque nd sag fo payments Koown se drove and Be erin whom he cheques pai is own a the payee (Catt cant fer eects to custores making prcases in shops, pay ‘arousnvices sich at lec, tleptone, tates and fora tale care plas nue, eaclated monthly, he custome can by pods up oli on mos can Some of these cans, sich as Vien, Micsto, Master Car, a intrationly recogni ‘COMPREHENSION QUESTIONS: > What eve do bank offer? >> Whatis the diterence berweenmerhar and commer ink? > Which ae he mai peso accouns? > Wht meh of payment do you kxow? What sacred card and where can we se? > Inwhat way the Government psiy affects banking? > ow does te inermatonal envionment affect he avy of baks? > What change is banking do you Frese the fae? EXERCISES: Mach he folowing words with hel definions overt 6 wide 2 mortage collate 5.tome banking * sonas Sete 9 carescy S.cshdiepnser 10. 5 asumof money ln for ted pig, of which net i is aloo, sully thay pope which serves aa ecu Fra an es coins that the “aret” odin of exchange in acount: 4 doing tanking trmsactions by telephone o from one's own peson computer ake a he bank vi network; an amangeneot by which a customer can withkiaw moce from a tank ‘secon! hn as been eps in up tan aied tit 4 computerised machine ht allows bank custmers to witaw money, heck o their balace and 50 on 12 4 promise fire payment given in exchange for presntdlivery of ney goo or sevice, ly with intrest: 1 4 fom of fixed interest secariy ited by centro nel Governments, companies, bis or te iis; 1 sca pledge forthe repayment foe; {money emoved fom an cont 2 Math the verb nd nouns concen aking A enter aches B. eck 2.aPIN number . order 5. money follow 5. aform Fe teyin tae oan Tasaenent depose inttions 1 ake 8. abalace 1 psyiato ‘0.eam3 Give sony for wansctin aeunt entry, orn fey, teal, omprebensive fnncal mean. 4 Give antonyms fr: payee, twit, sale, benefit, expenses, dave, len Fad he word or expreuion which tn ie flowing 1. place money i atankarmoney paced ina tank 2 the money usd in count ier tha one's On; 3. how mach money an ps expessd os a percents; ible cash nd Row ely ther ses ca be tu noch anything hat acts a samy ogre fer on, {Plinth bask wit he ppt words inthe box below [ Giasse Toot secur ewer ei morgage ie any peinpledebior arate ‘The pts to security ranactn the rail deta, Lethe person to om th money is... heer that se, teisition lending the ony, the mortgagor, thatthe peron who sign the Begal.fom ofthe tank andi always he. oft sou, The ake if the mortage is 8 te debtor is known hi pay Whee faci etd. The eeior F aho own a8... Theme the maragor is the omer of he secaty hile the mocgaes i he..svigs hank, The gui or the suey is {te peion who gives he... thie promises to ey the credo less (eu dows Surety is ome to describe... mergsB0r wh is 2 ine debtor. 7-Choue he cores answer 1. The__ ofthe Euroa fallen cet fermen: bop: eval: wor 2 Ow aso show 4 of € 1000 his mnt decease: Bdecit « Baeriaion; dealin; 5. Usual, nk eguie tree __sgrtres wen ou open an ssoent. natn; b.sample;—e-specimen; 4. wal 4: People save money to forthe al ge. eats; beqie:— eprvide; spel: ‘$.The__of he bank wie I woksin the abu. ‘shows: back; embsting: dager The bank may ese pplions rented bance; b.compeastion; — eestinate, overeat; 7. Mr Dean the fan fe thar es bet epy the a. assed; ensure; certified: ina The dee shoul be pid within 10 of esving this sateen allover basahole; ——©-forgod iota, 9.We__toinfrm you that selene of your asian month oven apologe: — aediplna: —eithe: egret 10, The al eso for tx exemption dot not_in hs ae. rep; impose; cease: apply: 1H, When the frm was declared bankrupt, alls were lined by ts extiors ass; bef fonds; sams 12. Tis couse bar never a large init lane of pmo abundance: addon; coviflow 4 ups, 13. fone des’ tcomplete the income tx _one may have to py mote14. you wantto buy a huss you cane claim akon the mts, saish baie beni see 15. nttion he rt problem te new goverment wil avo. fuclasp: begmsp: ese: ter 16, Wermst pay ur atonal insurance scontibeions; bussbcipions; —c mbsides; tbat 17. Tee goveramen’s poly is 10 __fims ln touble to prevent, snemployment comibe; —boendow; grant. sities 18. The rm wil go bankrupt cannot meet chaps, betes; elas: 4. promites 19. Sha prices onthe tock etchange eat up in be moming bt sliply Inthe aeons, ‘revived; region etoreds dl. coovee 20, People ia tac icles ometies fill _to money ener. took; scapegoat; essncice; prey: ‘ Givethe names othe defined may expressions 1. asum of omy whic i owed to someoes; 2. taxon imparted ace pid tothe customs; 3. percentage pa ona loun 4. pid wl reign bss, tas, $.money pai fr poessonasvies eto lye J (6 pd pnisment fr treking tea, fon 7. pido the goveramet fr services tat he ae provides 8. pid ata estar aie ishing your eal 9 an amount of money wich yo endo sme 10, paste money fone 9.Trve Fale? (TF) |. Banks ree monetary base money when te isu os 2A bs eserves cnt ite vult ash and its depos, ‘The coal bank contol the seo the monary bse, 4. tanks requ Rad reserves a eet equal oa preseribed faction of ‘ota epost abies. 5. Atunk tes reserves whenever pays ou cath or tenses fds by wire or ls depositor. i (6. When aban’ reserves are just ficient 9 met he equied reserves pint lead deposits, it must wait fr addon depose before it cam cominue i ening. 7. Complying withthe reserve egret puri inks solvency {Som counties do not impose a misitm reserve oquiement an thir banks, 9. The National Bank dot ot conrol he noun of tank ening. 10,7 National Bank fds rat she tet te the Nato Bank charges barks bozow from is dicot window. 11 As bank ening increases, the Nona Bank mst increase banking system ‘eres inorder to muna contal of he NB ands te 12 Banks ed the money hey seve from hk deposits 13. tank own money ie a ik when tse oun,14 Now bank Finca nitions canes asset dando 1, Somerset Maughan: “ry to ed and ely to ise - il you get enough non odo trie” 15, When a tank ase a oan, bites and ave nent by the amount a felon Fa) 12, Wor in i: What aor ae inptat ohe aalce ank 14 Ete US, rnd yo Bop ne ‘nering nena Look ewig et offs eli a when ou ave decled 0 selene of mp ete oof Yu nie 17. Most of te money wa inte pvt tra ret money ater han column A 0. eset wl 0 comer os inp nd 0h one bse ne. ‘eur cog ils in coluan B. Dts cmpe your ot I 10, What ae the advantages and disvantages ofthe following types of services a . i ete the Reman Cone Rak? Wide gaia cal toca eresnation I Flin teube nd yor oe kwon nove a experince I = Tea “Avante | —Doaniges i aap aT comsponten ents Sakae eS = a ae | [Siete miioar om Bank Banya pee ang | [emo Eat Sal 1. reo te owing fos ates —— ater st" kia lr wh yd yo tei en Eessoaet - ans fort nck ea i bein” arene ely pots i Norman Vincent ele "Egy poke eld anon bk Only enn ier heads and py er a doi” ‘Semel Bur "Fenships ke money, alr made tas hep | Money aie ihe wit wih yore mie nema he | oer fve™18, ROLE PLAY (getting oan) ‘The cfeet groeps of inexperienced young people In a sna ton regu pit fr heir businesses, They all apply tthe lea rasch of BCR The tes soups of would-be borowes must develop Faas argument that hey think llconvine he loan offices. The grou preparing the oe of the bakers aso ‘ink of questions abou the vshilty of the fuore une wil ty be succes —why? Or why mig they note sca? “Te les ae 1. A Jonlor manager (and asta) athe bank, responsible for new ac sal besitos, To end oro to lend that isthe question. 2 A group of young people who want open sal specialist sop sling (CDs of tack music jazz, sou, fk, reggue, ap, use and any ne 3. A group of young people who want to Buy an exiting takeaway psa sins (he ease othe pris, te then, the delivery were tnd om:Tee busines is profiad apd wel known In he town, with kya ‘tsomers. The new owners can hep the sme telephone number, nd citer esp o che the rae, 4A group of fresh gdustes who sesdy operte 4 pattie computing cosultnces sevice, aig small busieses on what hada ant software to tay and how t setup am teret Rome pape. They want to taow money to buy more somes fr tkemseves on which oy cut kote new twat pros. Fam mtu ty ee ee ee penerreee ta me ans el Sal pee eee a ara eee area Sateen tee ea Seaieaiareiaodh Worcaoeeeceaae Sera eacnce oe pe pene renee ree eeceeee ee ae aa Piaget Sense ace eee ee Se a eens eee re‘+ Bin be following han, when analysing Dan's ce SSUMIMARY (a short scription of he as, ane sentence) Dan POP, |. CHARACTERS (gept,instiutions,manafscing compan, ceva and some information about er) IML PROBLESE STATEMENT (eset ental problem of te cat; the mos iment problem to be sled dors has ose te proble) Tre 1 1SSUBS (ie absuact conep at fect the probe the spect ofthe case Ut intunce be decision ete ta paca froblm, i. apects express) ¥r YV. OPTIONS (choiss to sive or not to give: analyze the pos and cos with vantages ad isndamages, the pss an the mins) 1 ADVANTAGES ® 2. DISADVANTAGES » 2. DISADVANTAGES YIRECOMMENDATION (a statment which tbe bet le, ys or 0) Te. VIL RATIONALE ean, explanation why nit come fom your options) VILL PLAN OF ACTION (fom baseline oft intestos; ow you implemen our decision hind ffeaiiity 999) »'PRE-READING QUESTIONS, 1. Inyour words, uyto dete the feowing tems took, stack exchange sock, 2. What isthe importance of shes? 5. Why rivets intrested in bying Sars? 4. Why do shareolder sl heir shires? ‘ether stock markt in hie couse? Is doe it work? Sok ithe capt raed by corporation or jan stock company hows ‘he tance and drbacion of shares (apa epoca ciation, and i gules money fr tae, and owned by legal ene: en the Fr of. caplet, ded Infancia markets; mast vale sot hed te ‘eric acumulation of money vested baton the perception by the rake of itsexpected revenue and of the rik erie). A pean or rnin tat ade avast paral she of stock called shareholder. “Te sacks and shares ar lied and ude in online stock exchanges, whic i termed at online share erading. The Parcpats in the sock market ge fm smal edu sock evestr tage Rede and tne, Wo can be based anywhere. Their orders usally end up with x professional at» sock exchange, who executes the ode. andthe igi distinction teen srs and stock has become Mured. The teem sok however, nw coming lo mean excuivly «Seite secu ‘Types stocks and shares ‘Common stack eso refered tos cmon / ondary shares, oF eer fe a8 te name imps, te most led commonly he form f atc in poration. Buty means ownership, al sock ae ovnertpin a cofpration ‘he oe pe of shares that he pubis an old in corpoition is brown 8 proferred stock, Common sock that hat been repurchased bythe cxporaion Is ‘mas rear sock andi aailble for aio oar wes Preferred stock, sometimes cil prefered shies, ve pry ove common tek the distin of cides a ats Most prefered shues provide 90 votg sights in coporte decision mater, However, some prefered shares have special voting sighs to appove cen wuoudinary events (sch as the ince of new ses, o the apeoal of be Acquistion of the compan) of eet deesor. ra las stock isa ised fora ingle company with varying classes indicating diferent rights on voting nd ident payments. Each Kod of shes ba ts om clas of sharhotes ening erect ‘Tremury locks are shues thst have teen bought beck fom pubis Treasury Sock i considered ised bu ro outtndng Golden sare isa pil share ving Bolder aright veto the Boas scsons. Usual, a goverment owns golden hres of impearerepie Tt wee pivalie, Golden hares are mot sed a European counties, ‘A are isa nit of account for varios fianciitrmcets icing Stocks, muti fon, inited panne, and REIT (Real Ente Invest ‘Tras, The income recived fom shares called dvidend, and person who ‘vm Shares called shareholder. Ashe sone of fie mame of exual Dios in th capital ofa company, eating the owner to & proportion at Aisribued, sen-invesed profs known at dividends and to porto of the ‘ae ofthe company in aso gdton,‘Aahareolder (socal i Invi or company lung & conan) that legally owns one o¢ me sare af sock in a joint stock Company. Companies ised the 0k market re expected sive fo echance ‘Sarholcs are granted special privileges depending onthe lt of sock, ncating te it vee (sully ne vote per share owned) on aes wh 8 leion to the boar! of desta, the ght 1 sae Se dstBuons of the company’ icone, te sight wo purchase sew shure ised by the company, and the ighto company’s ses drag a gudaton ofthe company. ‘nigh ongnizod mare, Brake is nite beween a eller anda buyer pry. A broker who alo ac a eller o a a buyer bcomes icp pay ode del Buying and sling with view to buying sling a ‘profit er, when pce ave change i lle peeltion. Speculation, inthe narow sense af fnansal speculation, ivanes the eying. holding, selig, and shatseing of socks, bonis, commodities, orenses, colketles, real ete, derivatives, of ary alble Shani instunent poi ron actions in spss apposed to baying for use for ioe vin metods such at ividends oe iees. Speculation oe ayorage repens one of tse markt roles in Wester Gani mkt, distin from edging. longo short investing and arias. ‘Speculation ess in many sch commode, ba, f mearred By vale, he mow important mikes del in fare copra ander deiatives involving leverage dat can tansform «sll maket moverest ito ahage ax ores. Mos non fessional ters lose money on spun, while ior who do make money tent come profession, Ocasonly sme damatic event loca, sch the curecy speclations of George Soros rte speculative ding of Nik Leeson, which ated the cola of Bangs ak Tr ‘The sevice pode ty spectators to mike i pil ht by ing ‘hee ovn capi athe hope of pai hy Add gly tote maken mat sie or ater to oft rik, ining the who maybe asd as hedgers [A sock exchange i an organization that provides a marketplace or bos ial or vial rading shares, ond in warrants and ther Financial pods where nvestas (repretete by Hck kes) ny by and ll ares of «wide ‘ange of companies, Coosa European exchanges ae often refered 10 05 ‘oures (FR) A company will ust ts des by meting ed mating ‘helsing requremens ofa parr tock exchange andthe ifr he ‘Unied Stes, through the iner-maket qutton str, sacks Hse on one cetchange’ canals Be Bought or wld on sever ther ercanges,inluing reliively new socalled ECNs (Eecwonic Communion Networts tke Archipelago oni), ‘The New You Suck Exchange i physi exchage, secondary market In which socks ean be Dost o od ater eng ntl sue.» place where uch fhe wang of stosks an share) is doe facetFaceon a aing flor ‘This is also refered to as a "sted exchange (case only sks and ses lise withthe exchange may be tad) Stocks uted 1 be boadly groped ino [NYSEited and NASDAQ Hised socks, Un few years age dee was aw ia ‘he USA tht NYSE ned socks were mt allowed 0 be ste Go the NASDAQ or vce vers. The Nasa is vital sted) excunge, where al fhe ang ie one over + eomputer network, The paces ssn othe above, in he seller provides an skieg pice sn the bayer provide bidding pice Howeves, buyers nd sellers elacuoniclly matched, One or moe Naame makers wll abays provide Bit and ak rice t which they wil lays purchase rl Tei tock, ‘The tock mutket one of the most impute sources fr compte 0 ‘ise money, Tis allows business oo publi, or aise niton] capital foecxpason. Te lout that an exchange provides fads inves the aiity to qchly and easly sell sees. Tis anatase feae of vesting Sn stocks, compared to other ess gud iaveuments och a eal eta, ‘A stock market inder is» listing of sock adm static resting he composite alue of it comporens. Ie asod as 4 tool 0 represen the huractrities ofits component seks al of which bear sms cammonalty sch ss taing on te same tock meet exchange, belnging 1 he soe ids ce avn ir arketcptaiaons ‘The mos regully uted market nics ae toad te nice amie | ‘ofthe tock of ge compasies sted ain largest stock exchanges, sch the American Dow Jones Industrial Average and S&P 500 Ides, the Bish FFISE 100, the French CAC 40, he Geman DAX, he panes Nik 25 and ‘he Hong Kong Hang Seng Inde ‘Atbond is deb seu a which the auterizd ser owes th oer ean is obliged wo eopay the principal ad interest (he copes) a ater date, ‘ered mast. Other plone may ale beatae th nee sch ‘te obligation forthe inter to prove cera Sfemation to the bond lds, ce ‘unttions on he bebo of he ese. Bonds are generally sued for 8 fined ‘erm (lb maturity) longer tan ten yeas. New deb between one Year and ten ears note, and new dee lest then a ear" [Aboodi simply loan bt inthe form of scuity, haugh trilogy sed is caer different. The fuer is equivalent the Borrower, the Bond holder tote lender andthe coupon othe nee. ond enable the leer t race longterm investcut with external fds, Ceriiaes of depot (CDS) oF ‘commerclpaper are considered mone markt instants, Bonded sosks ae both secuis, bu the diferece that tock olde, ‘own part ofthe isuag company Gave an equity sake), whereas tond hades uci cstence lenders tothe issuer Gi ote word, bond ae 3 debt ofthe ser 10 he bond holder socks show ownertp). Ako bonds usally have 1 defined erm, oF matusy, afer Wich he bond is redeemed whereas socks may te ‘utaning odin. An exception i esas! bond, which ic prety (e ‘bond with 20 mati), ‘COMPREHENSIVE QUESTIONS: ive the denon of eek, ‘Are seks and shares these? "Explain wo ways in which stocks provide eum to owe ‘Whats pecan and what rte risk of speculating? ‘What te free between a invest. ter and pect? What the privilege of socket What the importance of tock exchange? Which re the most important tock indexes? EXERCISES: 1. Anster be oliowing guests as te) fae 1, Wal Suet gt is name fem wll ul ross Lover Mesh in ssn, 2 The fst corporate sock onthe NYSE waste Bank of Wall Stee. 3 Apeton who thinks the markt wl go up itll, 4 Apo who thinks te mask wl go down a bea. 5. TheNYSE isthe second largest stock atic inthe US, 6. THeNYSE canes aye tick, 1 Mutual fds ce instainaliavetos, 1. Bons re onresip of cmportion. 9. Stoks we loans os srprto, 10.4 ll evce broker hlpsinvetors pick he ght socks 1, Aniavestor un tuys Hock diet rm the company. 12. The sock exchange setshe prc of tuck.1. person who dest now how to choot indivi socks shoul bey mu fd, '4.Bitnin isn enecpng county. Romania it an emergent ous. 1S.A brokerisa pon who owe stacks 2. Mach he following word or expressions with hi defo: 1, sk exchange, 6. ber 2 bee: 2 dividends 3 shares: 8. bond 4. ui, 9. bal, 5. sacle, 10.stook mst, pevon who thie seek prices will oup, A elding orice whee socks dn ter eit ae bought and sot: ‘oe that owns or ola or shares of sock; erie of ownership of eto be pd by & goverment coor tan india bolder ahd lly being Fined tof out fads povided abuses by he ale of sock a person who thi tock peice wl go down, a sum of money pid to shreolde furor ou of eas: b an agen who buy rel fora pac ona commission bass without vig eto ke propery: cericues epreseing ox neni na corpraon 1m epaization at rovider a markets fer th physi ove vediag shares, bond and warts. ‘3 Choe the right one, fora beer undertanding of he Hock exchange’ ‘roan: |. The Serer General of he Federation of European Secures Exchanges, Aan, warned inthe folowing excerpted speck hat be wou ot beable ‘anew this queon i: “What is an Exchange? aatedio; bps dsido, d sett: 21. TheNew York Stack Hrchange wat originally formed) exchange roomsforthe onveiet ranscton of their bss by is members. a fumnish, reform e.refrbish; de reomate; 4 the oldest Stok Behange athe world he Amsterdam Exchange sae in Pos Oice in 1598 where incoming and__letes fom sip were backdat; outgoing: counting: d ovens 4 Bie ws ony 611nne yor fer thy sare ding the irate sare at they rey go ter own exchange nef bling fate: set |5."Cenfsion de Confusiones, by Joep ea Vega pulsed in 1688, showsus quite prvsly whit an Exchange iden of less mdersted yreuaton ‘6Tvough most ofits istry an exchange wer ameaing ple ina physic ‘sess and only nthe lst centr did we inode elect and tlepones, hich on many for ofthe exchanges were ested or forbidden: bforegone; ——e-freslled; forgot 1 tmorerto define whats Stack Exchange isola, you have wo understand the unstoppable progres. or _ of ecology sburage: A bombard jugs: ame; e-sense: wove|. When th computer id away wit th physi ition ofthe exchange within oe sale cy reson he etncogy leat its nigueness and i gave compton; b.owelaion; eden; djarticaton, 9. Another factor fr the chang hasbeen iatrntiona equity iver who ve town a eroious appt fo bot domestic and feeign egy ‘sovebourd—Rneveler; © otwittanding: a heresbous 101 The fourth factors the infomation vali explosion that ave all Savers easly aces 1 neal fe data uncoated: unlimited; c unmanapeabe: ds unenble 1, Wit we ae ooking or sop and fom ou sro ewerise; — Deeammiment; 6 congestion, 12, Were __the company onthe FISE alse capi for expansion turing: besling: aang: 1B.The company fced a whole style takeover when its sbres_on he NYSE. sipped: deceased: pated: 1, Due toarge lec, sbreolders won't recnive a_i yer toms; b.dvdemds—revemt 15.The pce of he shares was _by Ye lck ftir aval. infed, —.genwatd enhanced: “4: Pi inthe blanks with he sulle wat or ps frome bo bellow Sieh vais satiate — sopoaia avid camps] ares profits disolved sae esa chim rn proxy ayments ‘Soe conpaes enable" sae ie the company. These of corporte profit to wockholers see calle 1m aon to having a on ofits, sockodes a ete 0 fhe company fi isle. They may also inte sle on vey of| mers, nln the moe Impanantmate o Who'soul the cameron. When the cmpay se + oethalees ave pint to bay sein umber of before they are ofered fo pula [Rive als tay ascot — ama — pve iar investor matin find trons vrety enctingfullservie trnsctiont deters “Tse pay eee to execute he prin ad of eure. Sone of he Tokers are conideed odes, They provi wide of serves forte Inclting the provision of Investment tie sae considered woken, ‘They basically the sage serice of tte and sell ren fiver, For muta fund oe "wvetr cam edie with te “Tas the investor net Ya woe the services of a beaker ofa deler far thse types of ansacons However, an investor may mck the adic of _— aivser © lene whieh mul fnd wo bay o wethr to sel fi hares. »{ive the opostes foreach of the fliowing words or pases 1. bear markt 2 wlead, 3. dislved, 4 comport: 5. toby. 6 Give axynony fr cach othe olloing word pss: 1 shares: 2 bond: 2 shader, 4, common oct; 5. secre Transat ito English St alimat aes ca Bur ete “sant” capitatomsl: Bus din New York fox ace care a aeuntat mares cri a 192%; case Bula mato ‘mertionle sure urate cu sts de tot responsi economic ‘a ant ante i compra sunt spec capitalism “gan” al sles “aciole” a carr dervolire » contbult pomic exis ‘apiatismall in secsele 19-20, In fart, ster de determina a retire ‘Bursa ein precip, lp decerere soft, wean un mesa popit ecel desriesde economist ber asi Pe musa deol indus si comercial, reviled cpl ae deve da ‘eince mal inponant Un singur indivi sa cu eatva amici mo poste adunssuma de bani access tr rete intepindeclr de navgne sa dee frat. Per a rxpnde scent nevoi de aptly, conti itera al creat ea impact in cin. Ace interne se ewactezeara pln fp ce propria or wu ‘sot mspenzator de dale inepeineri in aia de sums ye care a ado pet btn tide propia Ica fiend mia or nia rm vo in fara de zr fore pei, wal pnt cleat buna ale lee Acea for de inrpindre inlenste concent ceptor ‘portant. Nu et obliga ca de popett sa se canoes, num scuba peat activist deteninapartepuea aia a detntonor de pita a mel oct 8. Inyour own words, expan the following proverbs 1. Don't ptall of your gps in one bast. 2 Dit be penny wie and pound fol 3. hen poverty comes ny th doe, ve fies ou f the window 4. Property makes few el rend 5 Money has no sme F mute ‘Wee a analy ofthe flowing case fom the pit of vaw ofthe chek ‘The posit of your company is improving td you want share cis with our employee. Sepuest possible slatons o sche his. Wh slaions ae aero the company an which ae hetero the employes?[PRE-READING QUESTIONS "Explain he common sf hts mae in bans. What ctr dete the tet of are? What makes amie economy diferent fom a command one? Wintie a monopsly? “What does competition inleace? MARKETS AND MARKETING. ‘Te em marke, a used by econmitsnowaday, x a extension fe lent ea of maret where people gather to by and ale goods, Informer ays ¢ put of 2 town wat hep at 3 mae or market place, and people would ‘rel many kilometers on special marketay in nde to bey il various sormodes. ‘Today we wie the word market in 2 numberof ways and in sever amare canbe aplylcal place where proces gather ole thi gods — ~ amet sao a deine seco of businesspeople may speak of thes ht, gold matt exes mae nd 19 on Both of the above re the comes sof the tm. A market mayor may ot bea physical plc bt all mast cafe tone defniton: a market i a lace where buyers and sellers came togeier. The mvt comprises Bak he ‘yes and the sles and caot eat ifthe is am abience of either The utes f bayer or lls in ay set pat of what haces the make. 2 ‘The word marht is alo wed a desc grap of consumers who bi? pur proto service. The suply int mare is geen he ett ‘minds. The way in whch the ideo the ce etree statu ® ey all he ding stv thos, In a perect market commuicaons are eaty, bars ant sees umerous an compeiton is completly fee. le spect market thee an DE ony one price for any given commaity: he lowest price which the slr ll cep andthe highest which consumers wil pay. Thee ao, however, no fect markets and each commodity musket i subject to special cones. am be sld however, tat he peeling 8 markt indicates he pt we spply and demant mec. Altiough ina perfect markt competion une and sellers are uerous, free competion and lage aumbers of sellers a ot lays avaiable in the real world. Insome markt thee may only be oe sll very limited number of elles, Sue ston called manapaly and 8) ste fom diferent causes. State planning and ena conto of the eon! fa mean ut sate goverment ar the monopoly of te inparedpoods and ‘Market rerearch i he process of systematic guheng, recording 0 nalzing of ita about custome, compels andthe markt, Market reseach ‘can elp rete busines plan lunch ew product or eve, fine tne exit rcs and services, xpd Rew markt an be ed 4 tei ‘hich portion of the popuntion will prcate the prducvicrvice, tied ‘viable ke age, genie, lactone income level. canbe found out wh! art characteristics your get make has. With met reach, compile an eam more about cet sd potent customers ‘Te pups of market tse isto help companies make beter buxnes ecsions about the development and marketing of ew pods, Mae eseare™ epest he vic ofthe consumer ina company ”Aliso questions that cn ese hrouph markt esa + Whats ppeing inthe mare? + Wnatate ie tend? | Whore te compat? “How do coomumers tak soat he products inthe mat? 1 wosen nets re important ‘Act needs being met by cutem products? [Market research i covering what people war ee, ote. I can also inv dscovering Now they ct Once that ecach i compete be ed to derma howto market your specie padi Whenever pose yo reduce sks athe emo oul ag, Foexaniple you could cry ot markt reseach carly onan not walt ul you are ln ey oer he macht, I ‘ely market research reveals tit your business esha el poten, you can ‘te this information in planing the bali of your basins. For stating up tases here ae afew things tit sould be found ot tough markt rzearch inorder o now i our busines i este, These ae tgs ke: Market information = is making brown the pies of the diet commode: the mare, te sippy andthe demand. Iafmaton bout the rts an be cksned in sever ifereat vate pd formats. The most basi ‘ox of mare information Is the best quttion and In sled, inlaing the uber of shares, with respect apc seca ata given tins arp of markt nfrmtion question ae: + Wioare tte cstomers? Where are they lose an how stn they be conated? 1 Wnt quanity an quality d thy want? 4 Whats the bettie tos? ‘+ Whats the longterm arise dat ove a mer of eas? + What is the expected profane county? + Ltere more demand for ane produ eather Bi As society and podacto expanded, oi the Hint oft, he range of goods, and the distance een he tds, It came ines] iit for the producers 19 ste each eter and ange mit raisacory exchanges wiht the help of inemeiais “milena. Tes needles, in the role of ringing together ies pres, us perm avast of sks which ‘canbe called marketing. [As lind by te Amurican Marketing Association, marketing = he performance of bine tivities sirected toward and incident, he flow of onde and sence from proce oconnamer or wer. Maret fat = ‘eco ht aims to identify, amp and sist consumer demand Kt covers quite vas ith incdeseiferet dcpie such as: RAD, pout planing. ‘mkting research, a wl te more abou tle prmation and advising Mast esearch (refers the study of how © product will el before i launched, as well as its pecformance onthe mak oc thas bee launched) stone beatch of marketing and st ot be conse with marketing research ‘ee plied to goer esearch concerning the ype of main usd o promote 2 rom, te econ cline fr general andthe teshique of ermiating = Petia consumer to bay a product) Marketing therefore is mane up a such Pia cvs a transporting, devi, string an sling gods, and of the decisions which must be eck by individuals o rou who wan to mave tools fom production to we. Meng invelver upderanng the consumer oduct. Marking wens, evites a erganzations re constey changing sd evelping. Inte role of binging topeer interested pats, he imermediny aut aio be involved in ging nmcng, eter, packoging, refining of 9sshering te form ofthe gods A large potion ofthe wos opuaon in many counties i involved ie some form of mashting stiles of retail and wholesale te ‘The following qusions are eri for marketing: |» How shoal he prodacte dsined? + How sould packaged? “+ Wot il and/or whee channel should be wed? + Isadverising adviser + Ife, mach nd what Kinde? Wat pices shold be ee? Watts ando whom? ‘Tere es genel agreement amos people involve in marketing tht, ‘many cae nd counts, makeing actives acount for mae tanh he east of the product 10 the comune and rome times tote engaged ia marketing scvitesoamunber hose engaged in mansfictaing or podoton, general, marketing det the low of goods and series rem producers vo consumers of utr, Marketing it nat confined to one paca spe of ‘sono; goods must be marketed and 2 broader concept of marketing does not its spinon o busines enterpss, Schools, hospitals, ules and ‘many cher series mut io he marketed to be sed ‘COMPREHENSIVE QUESTIONS: > Wat wasa market originally? > Wnatis modem meet? > What does competion ifsens > What element case pices to Mutu? > Whats market esearch sd wit important ie bsines lasing? > What isthe role fan imemesiry or milena inthe process fade? > hati the papa of makeing? > How important are marketing aces othe cast of gods ote sone? EXERCISES: 1. Say whether tes ateents ae ue () ofa (Fan they ae fle so wy “The nce ide of ropa in muskt place has bee extended ‘overs condons which pelt buyer and slr t wok pee. ‘Te wold oto the int lasted any spi plac, ‘The competion between bayen ofa commdiyinfvences the prevallng ries ‘Supply and demand inevinbly atest pevaling pecs. Armuctt fora commodity rested whenever buyers nd sl met in eto bt not when they work though agents. Competition ia prec makes condacted ina compleay fre way by sumerous bayer and sellers enjoying easy communcatns. ‘The lowest rice whch buyers wil offers he nly ie pect ach commodity sackt is perfect in some specie way 2. Choose he coms anes 1. Mataing i 2 promsing good the analyte ofa basness; lansing busines, te proces of planing resin, promoting, slings dtbting ideas, goods, otervies to reste ekhinge tht sty customersnie peering» poi refered oa ' proesonal developmen ec pehi/ evi geet, 5. Benes of mating cae: tower ce aed rae to prt series 4. All people wo share inl ed nd wants and who have the bility 0 rinse pout welled ‘met dasa markets employers, S. Make saris 2th ison on odes ‘the way a company promotes goods; © a.compiny’s peerage oft ss peered by companies a complete ina given macht (he way prac ar aol tocaome, (6 Te buat obstinate 1 product dation 17. Macetig states ae dete towers {te indus mare: al cotases the ret mares he pope wih te most money {A custome profile contin infomation tout te tage mkt such na geographic residence allot aove, 9 The marhtng mix consist of 1 pdt, place, pice an pope: product ple, price and promaion: «-romton series, ena and pe sein, rot, istbuton an ance. 10, ASWOF anys is 1 asudy ofa company’s stengh, meats opportuni and het; the way company promates psu «the png of gots, 4 astay offal information Z3. Choate the test ane 1. Inmarttng, market sepmenaton fers tothe__of a maken diterent er, vision; lis -caing: 2. Wee thre lve! segmentation —_ scheme sam: shemat 3 Ove problem with forecasting shat consumer fester ined to che new goods and services. mytoo mich about; b.say oie abut; vet 4. Tie aperosch has come significant soutbacks; brabus ce tabebacks 5. To__an meres in marketing reser elim; ‘expou: cep, {6 This aproneh cas be wed with on ny prodec. confidence: confidant, conte, 17. We re always considering new setgiso expand ou ating reach; Beach, 2 seachings '. Vinal marketing uses “ward of” to eee and awareness, ‘speech: smo moat 9. Tel me smething about te tps of __you ad in yours poston, tecnica Reecniquts «technique: 10, Woes yourmarkting andes teams re your business wil boost ining, aan: etnetd 4 Flint gap wt the words inthe oxo: Fie closed coninooas cichotomaur Lie als now okay observations open popuition primary probability questionnaires secondary sneye om er ‘her af two Kis of markt each dat ams data hat steady exis and has en clei for thr pepo, whereas ni teh as been called for the fit ine and fora pele purpose ‘The min methods of collecting primary dth ae via and experiments Research that i cared oot on a one-off basis kaown at etewch, wheres, research so ing. Sompling involves taking a representative group fom the wa whole. Sampling metods cin be spi lito sampling tod, whch low rte stati nals and sampling methods, which oa, Survey on rely heavily a he we tt ptr psy ‘There ae two main catgonis of quttone that can be used ‘cde, where he respondent is given nied range of nsver to choose Fm, aad, ede cuetons, whee the respondent allowed to ana wee in ‘ir own words. A question whee the repende! fas chice of aly two venon, whereas a question whih slow he ‘sspondent to express their opinions fo limited degre by responding to 4 stomentiskaown as answers is kaawn a style question. 101image Pe he gas in tee seences ing the wom te le: Tabels—mailecer need opporuniles outa ites ses pice product produeon xem pofialy Promotion range val satisfy stength teste wenkreses ‘What ie makeing? Marketing of ating estos ‘What ie marketing mie"? consi of “he our Ps roi ‘eustomer wih he et Pathe igh P presets in emo atratve may Pn) albeit ais ay Poon ‘Whats aprote?A prt nous an assembled sf component Issomahiagestomersbuy 6 . shey eek they have. The adhe ofthe product are as ingest sits specications, ‘What is rice? The product must be iced to that itmay compete fecively with rod inthe sae make. ‘What is promotion? The product presented o customer trout “dvetsng (TV commen 0) pakaping (een, 2c) puey, Pan pro seling ‘What is place? Your rodut mst be sale cesones ough te mos conte shane of. A consumer product mast be offend sn abe el ec aviable on Orby ‘What mean by SWOT analyse? Af soul be ava iS. and. sande, tnd T. ie hoes in th kt place. ‘eign datbaion end-eers —Tot ghar putas —] Tr 1 Why ae ms becoming mor cused and ess 2 Because new products must beceated to meet the sce of ting of pode, The cstomer and hier needs mat come * 6 Complete wont which comeste wo tens ie rend a rocket new prdct apiece af an crange ‘puter maset -aplanof miley avy — sbesice lan fie your sow ahs sins objective “1 Develo on the flowing > elnino te canbe ina supe ems been exchanged or storage of tome > Giveanevample of excess in marking . > What opportuni nd thse dos ou fcayfce inthe next 3-5 yeas? > Areour students to mest the desunds ofthe abr market? > Whats the impo cu ining the EU 00th Romanian abou mit ase ty ~ fing sates: ‘You ae te owner of «Publishing House and ney sles of boks are desing ‘What mip be the pose causes nd what could be done wo reverse the deine? ‘Wirt an analysis ofthe ese rr the pol of view ofthe pesos involved inthe muhueg ofthe Rooks you are ping nd paisCase tuy ~ modern he company age ‘You hae been bought in to pate the image fa well estbished bat rater ed fashioned company (Cubs) you try to match he products offered hy your competes? What els could ‘Wee an nals of he cae and yt Mentty te cases why the company's Image neds hanplog and geet some rege of changing forthe aie, ee Simba nolo tonic de gestune, mating conti, ain ‘pi ee favorizenza fra comet a apt ou spt de producti Ene ora de produce cen oe webule fe cunt, cand dca inde cen ce 4 prods", Mafeig- repens concep espa nga si stsurai sett eonomic pti carla podutia ebvie ae permacat ‘laptata is cerntelepezene si vtose ale constr ss sie acne vine cu maximum de elena. Marketing pou fi defi ca un ansabla de cv si ceca pled products si deface acsela (perint de nar, dsvbute, lama, romover a vaso, pani 4 pods, cere ite). ‘© mai buna cuneate deca itepringee a competent consematror ome avea corse pov a nvll produ cee ela Mahetgat modern incearcs 5a in cosierave uel apt le consuntoruh, Ast, Inka cone! incre exes 0 preoapate pe vail ecole especial pen medal inconurstor poate duel comecciliare |. How an you define wading? Wha sit con of? 2, What inventions simplified ard null comserce? 3, What do you know abot he istry fade? “4 Wistar ade ares? 5. Whats awate mark an what ei sigsifance? ‘TRADING ‘Trade isthe voluntary exchange of goo, eves ot, ie the proves of byl. selling or exchanging goods, within scour or twee couse. Is esemily the gener exchange of goods and vevies between pues ond ‘consumers. Trade cons of Home Tad incling Whole Trade and Retail ‘rae nd Fag Trade deals with Inponts nd Expos ‘ines clled commer. The mechani ht lows ade is ale & ‘make. The oii form of ade was bre, the dict exchange of gods and services Maden tne instead generally negotiate tough 2 mediam of ‘exchange, sch a money. AS sou, buying can be sept fom sling, or cing. Te iveson of money (nd ater ret, paper money and non-piel ‘one gral simplified an promoed trade. Trade tween wo teri called hea ade, while nde Between more than wo ter Is ced mater ve, Trade exit for minyrenent: ‘+ ctospecazalon and vison of lb, ost people concentrate on & small aspect rducion ang for abe prodseae cans beenen eons ste difrent regions have a comparave dvange inthe production of sme table commady,o becatse eet eon sz alos forthe benefits of mss profuton a such rade st mart ces bawee oats bef aon, “Tang can alo efer tthe ation ptr by traders and ther market International trade is the exchange of goods and serices acest erations ovaries oF tertores Ix most cout, represents = slgniicam share of GDP. Whe interaiael trade as buen preset throughout much of hier, lisecononse, soci a oll importance a een onthe ise in recent cents Indutiszaton, advanced tanipration, slotlzaton, rmulrational corporations, and cusoucag are all having 4 nvor inact, Incesinginterasional tates basic to goblinion Inveratiooal wade it ako = bah of economics, wich together with ‘ction, ors the age ranch of iateaional economies. ‘Tinos trade was repulsed trough sera teas teween to sions. or centuries under the belle i Mercanien mos ean had igh ifs and may estictos on international ade Inthe 1h cesta, especially in Bit, ‘ble in ee tae hecame paramount sd dis view has dominated thinking mong western nations for most of the tine ice then whi edt the genera etne of Great Bit, In the years ince the Sond Wold War, conovesal ular wees tke the GATT snd Wold Tae Orgaizaton have amped. ‘o ree globally replated wade rota. These wade agreements have often ‘erie in protest and scott with lime of uf ade that is ot mutually tenet Free trade is wstaly mot strongly supped by the most esonomlly ower ents wih ations that stand benefit rom exploitation of cheap labor, though ty often engage in elie proectonism for those indus Tr which me steely Import seh as he prteive tne applied to gpcle by the Unie Sates and Europe. The Nehecands andthe United Kingdom were both song advocates offre wade whe they wre economically omian tay the United Sat, he United Kingdom, Ausland Japan ae is eres proponeats. However, many ter canis (suc as India, Chin ant Russ) ae inconigly Decomingadontes of fee trade at they become mre ‘sonomily powetltemicves. As tif vel fal here i loan increasing ities to meguite oon rt eases, nloing forgn ret investment, rocurement and tide faction. The Iter lonks at the tanscton cout Fre trade is marie modelin which wae in gods and serves between of within coures flow unhindered by govermentinpsed restos Reston to rade side taxes an ether eatin sucht tiff and non “The tory ita any voluntary ade ms benef bth pares; erwin it ould not be made Mex rasiely, for trade oer both pares mus expest 2 teoete oe Trade canbe contrasted with protedionism, which the economic poy of estnng trade between nation, ugh methods sucha hgh arf on imported goods, restive quotas. a variety of restrictive goverment eguiins designed to discourage imports and at uping love an temp te pect domestic indies pric nation rom for take-over or ‘ompeition CGoverents often call managed intron tne agrosmens “ee trade, od athough his notre fee eae, such wees ny resin fer de Fre trade tr in economics tha ices: + tad of goods without ts isoding ai) other trade tase gas om ipo or sis for reduces)+ toad in secs witout tne oer ade aves ‘A tade arver 2 georl em th scribes any goverment poy or regulation ht ret inteaional ade. The res can ake many fers, lacadng inert de, import Hens, expt cee, impo gua, i, bso, non tri baie tds, volar export retain, lc onan "Most nde bases work on he sane principe the imposton of some set of eos on tate that ass te pie ofthe ed prods woof more nats repeat se wae bers galas cach ote, hm a uae wa sus. Economists geen age that wade baies te devimenal and derese overall economic efficiency, this ean be expla by the theory af comparative dactge Un tery ree trade invlves the removal fal sch aves, eet ethap owe conidrd necetary for heath or mtonl ses. In pits, owever even tose courier promoting ee ide hevly sable cero ‘mdse, woh saps ad wee. Examples of fee ade aes re: Non ‘Anesican Free Trade Agreement (NAFTA), Sout Abia Fre Trade Agrees, (GAFTA), Euopean Free Trade Asccaon, Earopean Union (EU), Union of South Amecican Nations these buries include dferences incase, casos, tins, aw, languge and cueny. “Trade wa eet otro or more anton sking or cen tito other de baees on each thr in retision for other tage aes, ose otctin canes both ston ouput composon fo move towards thee uth “Many poor oun, fr example dont hve the ability to mise abides IW ado, poor couse ar more vulncable than ish counties in de wat, ie mining protections agai darping of shesp prods it ike making the oduct to expesive frit pope afford ‘Trade fii a market or nde exibiton analy ranged unde public | Semi-pobesuspices at which produces and tages dipliy their products 10 ‘nut sles, Trade fis were prc popular n Europe ring the Mie ‘Ate, when they provided important lrgescale mike. Sine World Wert ‘eter eade s hve served obi a ntematonlenibion of wares aber ham as markets, Specie inde fis have played sn imprints inating role Intent years at meeting paces fr beyers and sles of specinized ‘Trade mark sa mack or a symbol secured by legal repistaion sed by «| manufacturer or tert sigue goods rom comping goods. COMPREHENSION QUESTIONS: > twttere any ditfeence beeneon tad and commerce? What ithe mechan that lows wae? ‘What factors ust te existence of wade? And what pipe et i? What see wade ad hw iit spored? How des preectonsm ae county's economy? ‘What the impact of wade bares on iteration buses? Ista war inftuenced by ple neres? ow do wade fi rome busines? EXERCISES 4. Which theo one out tte flowing sequence of words ore word dos belong ther. 1 eb, ede rollover, echedle; sah, ube, re, ies tourism, uning,nsereoe, mechadie, 4 sup, tlance, df, duping: banter, ade, comparative sévantge, asc advatge; 109bart pot substation ef bres, infant insti 2 comparative advantage tis. quotas, poset ivi te, counter trade, vie ede sry. 2 Math te ftlowing words or phe wit th oat dfinon 1. def dec exchange of rods, without he ese of money 'tadein goods: tues chaedon imps 2 balance of payments 4 vse trade ein series banking tours, ct: S.tlace of ede “imposing ade aren toric imparts 6 suplas {.apostve lane of tie or payments, dumping 1 te iference between what acouney _ccves and pays Frits exports and impos marty te Gmposi situation in which a country completysel-sficien and has no frig ede 9 invisible imports and exports. annie ints o he impor of | particu routs commode: 10 counter! baer |. egnve ance of eo payments quotas te diferncebtncen county's al xsings from expos and it toa ‘expendi on ings rite [sel goods sho Blow cot ie 2 ie te gape Wit the tale won or pe fom he bx: Expo compartivextianage bayer expensive wade] [Goods ative rodactive pees [Commerce as» human acy is essetly the moving of. from te sll othe namely te exchange and dstibtion of 200s and services. Beneficial wale ix posite whenever there i compartve vantage. A county dos ot have tbe belly mae nan Indusey in oder «9 nods in ht indy. Without trade, rive __teeneen goods ca ifr nto counties. A county ill expt te gods at are relay more wie the ices of gods wil Be equlzed Artge eps 0 esur hat his he ee. Each country wl produce mre of he good whee a 2 nd trade se of. thatgood forthe ther goa. A. Choose the career fo ach of he fn: 1. Alara company wit subsidiaries dtret counties 1 a corporation bs aolding company 2 Companies ta ue theirown webs to svete an te interatonaly 1 high eck companies: 1 Imeret Service Provides ©, Deteom cupusies 4. The ston of making illegal dplists f copyright mera: ‘cloning ‘back market| copyright infngerent4. Cah incentives offered by te government in drt encourage company odo tasiasabroat: exports bvcxpresbsies exports '5.The met made up by the country in which company i tsed: dome makat 6. Theconractallowing ate campany io poduce your padi, a which ‘he teens of payment are cleny sated: ‘a iancine pier 7A ody which nepottes and menitrs he international ade agement: Word Bank Worl inde Organisation «© General Agreement on Tui ad Trae 8. Armovement which promot the we ofabor, envionment sd oa andar forthe promotion of commodities, areal the export rom the Tied nd Second World tthe Fit Worl fer tnde fee ade home mae Speaking: Develop onthe flowing > Counter product: supple bsed in freien county fers yo _oods with awelbtnown and prestigious logo os them, ta icpisiogly low pice At tht rice you suspect bat hey mast be copies but they ould erally deceive the custome. Do you buy hem ae ark hem shee anything se ou would do? > Faling sates es of your prot we éetnng, Wha might bee possible causes and what could det revers the din? > Protecting your mare share: abv sles of oar rac have ‘emned high you hve Become aware hat foign company intents ‘ot tosner your home mare, Wht could you doo ese hat your salesare notion bal ate? 6 Problems sling You ae project manage for Excelent Flr, company specializing ernging conferences and conventoes. You hve fo ognize a ade fu fr ersnizations ‘who in people in using alors of te tenogy The wade air a tact People om ll over the word hha eribitos and ists In poli, cts and decide wha facilis and ober ets ae important in the ly whet he defi wil be el. Candee points nd fl i the abe [Deiat Needs "Te ty Hieric naa The wen Transpo io a oe aay Fanspar Gate ay Food Rear Wc aman Ts aes soonest) Shopping Fei pores are hang The coeny1 gps you wil sar by ving i two groups ech proup wil cus ice sf esx possible locos. Grou A wil cus th est oton comparing he ‘opamanites offered by Timiscara, Ard, Oras, Group will cone Bact Bray, Sibi, Fly, afer discusing the prot nd cont and chiote the trade fr vee secon to the ets of the int and ili th abe ello. Tinian [Ard [Oradea | Bowen | Ba — [Sir ace space [Baring facies r Famer Comertl ete ait ncparabis adit, Aca commercial cons ‘snraeapoduslorcampante in veers one una ven. Comer daiie | malta fete marae: de fa ical negustor Ia hipemagazin, de Ma ‘vanzaea tin eal a forma moderna mechandingu Expr exe dfinit sind sesambia peste de vanzare «ust sn prodslor pop ale ‘me tito ate on de inves ina ba, valet pote 4 serv comta pt. Sub spect modu cam ete eranizta activites de expr se dsing: export diet, ee pate integra, tune and produce ‘vine dict consumatorli fn, sa export dlp st cain operate de omer apr uit intermedia; export indet, cand este eliza de 6 Fm spect carecunpara mara de la roduc pnt ae exra mal epl pe ent ip cus; coment inva care eupende tata servicio cae se ete shor ste si dfeilor perce fice sau jrdce din le tr si csprnd: Incas din tris, wanspor, asiura cee, seve bance, iba, dividend, us[PRE-READING QUESTIONS, 1, Would you lik tw have your own buses? Why / Why no? 2 Would you prefer to buy an exiting bases rt ne your? Why? 3 What produto serie would you pode? 4 Were wold yo eo oat your urine fr what estos? 5. Doyo think you are rik taker? Give rssons, ENTREPRENEURS, FRANCHISERS/FRANCHISEES. AND FREELANCERS: An entrepreneur (oar from French inoduod an fit defines by ‘teh economist Richard Canis isa person who undeakes and operates ‘ow coterie venue and asumes same uesnunalty forthe ie sks, ‘A fale otros Sometimes etre ta an entreprenese ‘The newly and mode view on entrepreneurial tent i «person who takes the isk involved to undertake abuses venti ning 0, they ae sid to ecient and effecively use the factor of rodction. That i land (tr resources labo Qn lpat ito proaction wing aalble esos) ad capita (any peo equiped in pods Le. masher). Abuses dt ‘aveticety manage tis an inthe loog-u opeil expand (Fare prompecte fare firms and busoesses) wil become uel awepeneuship is ofen dif, a many new ventures fl. te the cet ofthe craton of foro entries, entprencur is fen synonymous ih founder, Most common, the erm enzepenear applies 1 srsne whe creates system to offer product or service ino to bin certin profit Busines eabepeneus often have song lif stout «markt epptnity and ‘= wilig © acer high level of persona, professions o frail tsk ure tht opportuni. Business entprenurs ae viewed as fundamentally ‘parol i he capitalistic society. Some singh business enepencars at ‘ite “policalenrepreneu”or"narktetereneus.” Enrepreneur it sometines mistakenly equted with ‘opps’ An ‘csueprener may be considered one who crete an oppo ahr than merely ‘apo, thooph ht distinction i fie to make reset. ‘A mote senrlly held theory ie that entepreners emerge from the Popuiton demand, fom the combination of opposites and people well- Pasidoned oak advantage of them. The ener ay perceive that they se ‘amon the fw to recognize or be abet solve a poblem. In this view, coe sty 0" oe side te ditsbuton of information aac to would-be entepeners nd onthe othe, How environmental fctors (ces 0 capt competion et) asthe rat of sockets podton of eatepeners in ter pars ofthe world, Nick Haye, of Switzerian, i the man who ‘woueht tbe Sis wach making inde bck fm the ded with his Swatch cen times, win the United Kingdom, notable enepreears inci exelent example of Bish enrepretease, Anita Rock, who funded The Body Sp. the US, a noted based enteprentuse i& Fray Martin (vio founded Cookies on Cat, Franchising (rom French meaning Honey o fied) it method of ong business wherein a franchisor ceestndematis and ted and proven ‘thats of doing business to a franchise in exchange for arcing payment, ‘snd usually a percentage pice of pss sles o rst roi as wells the ann ees, Vasous tangles and itangibles such as ion oe intemaonaadveihing, wig, aod oer suport services ae commonly mae availble by ‘he facie, ad may inded be sequted by the fanchisor, which peneraly rogues audited books and may subject facie rhe ott peso and sunpie spot checks File of sich tet ypicly involves none ot caeltion rnc right. ‘A busines epee ude anche argent afte called hin soe, anche ott, o spl francis. ‘As price in retain, Fanchising offs fanhses the advantage of| rng w 2 new business quill based oo a proven adem and formal of ing busines, a opposed 0 Having o build new basis and brand fom serch (fen in the face of aggresive conpsition from franchise operas Air thie brand and formals are carefully designed and properly executed, francis ae abl 0 expand pil aot counties nd cominet, and can ‘cam profs commensute wit ter conuibton wo thn soles. Addonaly, the ffanchisor may chooe to leverage the franchisee to build dition network Franchises fle offer fachises sigifiantenining, which is oot aller fee inlviduals stating up the on bases. For som consumers, having fancies fea consistent rede or service ua Ui ear: Thy now what bo osc wien ening &.Senchid stablahment A Trelancer of freelance worker i person who pursues a peoesion witout aon term comment tay one enplye. ‘The Inet hat opened up many felace oppor, expanding markets an lpn oil tnt one ofthe largest sono semen for man opomiss,Developnet for feelaolng as been especially Neh foe sows Aocomentin France peste vai realy. Some reguie cles 1 sign waten cots, while ethers may perform work tad og veal greumeats,pehans ‘enforenle through the very nate ofthe work Some freelancers may provide ten estimates of werk and eqest deposi from cen Payment for reslance wok alo varios ret. Frelaces may carr by the dy oF bout ¢ 08 pero Basse of a fat rate fe, some sroslants have adopted a vale-tsed pricing meted based on the pcived Yate of te resus o te elet By east, payment anangements may be Upon, percentage uot o pon competion. ‘aor daack isthe uncertainty of work (and ths income), lack of | compey Denis uh as eh insriceo retieent pay and sometimes tei ‘woking ous ca exten heynd the standard working day and working week ‘COMPREHENSION QUESTIONS. > Whar isan entepreneu? > What facts of poducton must be considered by an entreprenear? > Isceuepeceuriipa fe basees? > Theat history thre hve heen many examples of wellnows enrprencirs Can ou give some examples? > tetteearepenur an opr? >> We rnchining? Give sme exis yo think of. > The advantages snd dsaranages of faneise > Lal. ew profetsion has emera oa he abour market the elance. What youow about his profession? wEXERCISES: 1. Mc he allowing weeds with hel defn: 1. toanderats; 6 adem 4 perce 9. basics vente 5. tagchiser 10. options ‘tw uke upon oneself task, peormance, ate 1 business emai peut a Wich someting ike in he ope of ria commeril oath speculation: to come taro, now, cient by mean ofthe ene 4 any same, symbol fig, lotr word or mk adopted and aed bya manufac or mera nore t deaths eee gods and © listings hem trom those manufactured sll by ober: forma prmision rom goverment orate costed shri someting, io cay on Some busines. pofesion, { aperson or company hat grant fice 2 person orenmany to whom a aes ranted, 1. kind, rade, emake ina by a tmp, trademark, othe ks invented pid in advance oa epanng capita 4 disadvantage o inconvenience Pore eee Sa a a a a a Se sav camp ety apne rweeee ea ae alee comet caro (aig rancisng. prc srealyinecem yeas. comnon, tocol basins, ba. Inthe esuaran basins, combine te coon efficiencies of are wit he bene of aa histransaction tage company sm indus rap of. tous ts ame (ona itt advatige) and sometines is protacs in fora percenoge ofthe profi The whois ‘sly ot anemplaye fhe comny, response forthe mace of oor several usin the ager The intvidulovoee ms ao ate mot of — connate wth teeters Prancising hat ons a8 wel theca {or the ecnomy. Te sof as ibid the development of single nd prerstips Castres ease - singin age quantities, sling igh vole and tsi elf eve — atmakes posse sllat__peioe than smal owner tres. j ons. foc example wing lower prices to ast sal grocer have ven ut any 3.Complet each sentence wit the comet wor 1, Ourcompany doesnot have sme fre four own, we use__ agents hind pty; buindpendent c.f: 2 Smart companies re pusing soil nus up the Aschedsle; agenda; ine: 2. dont have my own fice fom larger company hig, Rhorow; ec lese, 4 There ae several important isbes _ from the findings of hi report, Sasings beaming; eating45 They had sl of sme _ in ore treet velo debt sbeadquaners: Bases; capita {6 Or castomers buy our gods rom inepenen phe —_ senteprenens; —bdststuors; ores 7 Thejolat eats has bee a sues fr bth patie anes etn; 1. Theinveamentin te new pointafsle_— icesed sales by 108. ssanis; —ancises—— dtplays, 9 Inte fue companies wil hve to fie ptt social moe. ‘Loxpecations; bewtomers; —_,oblighon 10, exible woking slows ws to bou fo met the ends. pmoees; schedule; tars, 1, The major _ rede the company's markt cpizason by SO. sing fancies, elo, 12. They ae tying to redece te ayes of _anddon way wih stats symbate sbierrchy; A enciings ——_.rpsization: 13 The eal stem souldhep ax improve with company ‘communication; nfornaon, 14. Wesold our in Geroi to focus om our coe setts A orcipmion; A rmeinings——_ Givecahanile atte, > Given overt ote tee aces 1. tn your awn Wonks, bow tn you define management? 2. Why is management import in ofganiation? 3.Do you know any siete mangement hikers? 4 What athe fection of management? 5. What makesa manager der? MANAGEMENT [Management ist key te basins wd he binder tat holst element of bsinestgsher, Good management wll determine scsest of barnes, bod "unaemon wil eats rin, All business lyon mangers or hem, oversea af mak comacs, mae decison, Enis accounts of management ar rites sketchy as ty are mote ‘oerphicelrecods of manages expos, tan explanations of how to manage. ‘By the end ofthe 19* century, mangement topes became more definitive an ‘ened wit the pioneer wings of Federck Taylor and Hen Payot. The ‘volume of management tere has grown a copanion sis by scoot, Pychologit ccosomiss, mathematicians, engines, polit scene and ‘rt managers ve cotbted oe development ‘The concept of management i ay to understid ba ite harder ae ‘The mot poplar defitons ae ‘+ Tomanag st frecast and plano organise, command to coornete and control. (Fal 1916)+ Moragomen it a ca proces planing, cour. coordinaon end maven (Bec, 1957) + Monagement is geting things done trough oer people, (Doge, Conk, Heo, 1972) + Te fine exena manger fancton: planing organising, aling Arete a leading, and conroing.(Kooot et 0’ Doael, 1976) Allshes fnton given sbove sem to rests manage alvays| lnvoves ote people and coordinating and coming tem, Manageme! comeses dieting sed contoling a group of ore oF ve ple or enn fo the pre of ecndnting and haonsing ht 309 tonarde accomplishing a gol. Ie ofen cocompsies the deployment and rnigulaion of bunan resources, mancal resus, lestnolgea eseres, ad nwa resources. Managment can also eee w the paso oF people Wo ‘efor te sc) of management thas to do wi power by positon, wheres leaerhp involves power by floes, Mantgemest ope thong vous Functions, often clsifed 1s planing, cepszing, leadngimoivaing ané onto. ‘Plonning:Seciing what recs to bapen in he ftare day, net week, net moth eX yea, ofr the ext Bie yar, te) and generating pan fr COrganiing: making optimum we ofthe esouces seu enable the sucoesfl earying out of pam, Leading/Mosvtng:exibing sis in these aes for geting others yan effective prt in cheving plas. CConroting: moving — checking progress agi plan, which my tn for profit wok, mangement sits primary anton te stsfcon of tage of sakeolders. This pcally vores making « profit (forthe farcoler) creating valued produce a a teonable ost (or eto) nd Proving rewarding employment oporunis (or employes). In eongrost ‘manager ad he ipartence a epithe fit of donor In ost modes of ‘managemendpovemance,sharcbsders ot fr the Boat of vectors, ad the bd then hire ear management. Some orzaiations have expend with ter metiods (ich st emploeeaing mee) of Sleing or reviewing managers bt his ous only very aly Managing buses sce far fom ery, Managers mst sted o ue the resources a thir pol to achieve etiam ess hat level where peorl,inachies, meals and money se beng fly wed wo pede the Best return coset with the shot and longer sme of he bans, The task ‘would not ea simple one even if he itera an extemal factors exerting inane ovr the fortunes of an orgitizsion renin unchanged over prods of ‘ime, nd itis made highly comple bythe yume nate of al bases where eitaoshiehewoen the phy and financial apt ae constant seng. ‘Theories of management Management theory i thought to hve cvclued over the eats of the 20" ory ml a elt he wrk of oe inden ert Frederick Taylr (18361917) nas one of the exist management ‘cols, He woe forte Bae Stee Corpny inthe USA ant wat here that e developed i thai of cede management He promoted the idea ot plying uamieaive methods masagenent problems i thores were quite evolaioniry the te, when te way to Irene productivity wat sly 10 {ake more men and to make tem wark bide. He ftodied the idea of comparing employee performance agains tania bs‘ene Fayo (1841-1925, «French india who worked with col ining company, His main cotibon was to atend, wo teak dove the ‘manapement job inti compocen! pars be the init arn of concer tthe + Commercial seis 4 inacil acviie ‘+ Managerial and adnate actives ls cesives are roughly UE make up of he mote Bout of Dice seen names ae ued ony, bike sks resell a Fal deserted, nn Kotter is contin ries ro the fc tht he looked a wh sucess managers actualy do, His saronay of what sucesl managers 6s 05 fotos: ‘They spend most ofthe tine working withers 1+ Most ftir ims spen in shor a ceil doit conertions and questioning: 1 Theyask alot ofquesions; “+ They eho el peope what to do, ut they atend influence aes 1 Tnallocting ie, hey fen ec toate ini. 1m aiton, he identified tree patra of managenent heave ht seemed rove scent work place 1, Agcda- seg of goal anime sees; 2, Network bulging elatosipe withthe trace of the arizona with tite individ and companies; 3, Exceaton- geting things done trough the network of cons eased. Henry Mintaberg continued Kate's work snd ue sy of what five sccesfal manggets actualy do, After chrving them in scion. he summarize acti int ten god practice 1, design work forthe argaiation or tam being manag, 2, motte the intra and exe envionment of the ersnzaton; 2 init change when nesesary: 4. reste sabilty induce; 5 lead suboxtntes, 6 provide subordinates with evant information: 7. develops ewe contacts: 1. snforn otisrs when acess, 9. serve a3 ured fr strates, 10.ead major negations. Principles of management ‘Self management tere ace pune of goo esos Whyte self ms be ‘mange a good sf manngemest an that poole can cheve more effective work per iy, yea, Indus who re dong ied, const in a messy ‘imam or who ae always at forests can wally be Mei a por selfmanagrs. Soc pope wil achive ethan ters becuse thay sot ‘ing managed cffecvely, There ae wo main considerations in self management personally efectvnee sd me management Manage people leadership Mast, bt wot all manager hav subordinates ~ people who report tothe manager on deyto-day bases inthe abe. Is Impotatat the manager has the silty to et things one tro ako (Go delegate work wile he wh wll be held spose forte objectives ‘etfs depart, therein a manager shoud be ender ta sone nko noms where hes going andi able 1 persade others og eons wth him m‘COMPREHENSIVE QUESTIONS: > Who ar the most imporant mangerneethinkrs? > What ater ane conte to management thie? > Lis Fao satan > Wht is Kone sconibuton?™ > How dd he moder tisker come othe ter concepts hey inte, such tte ton good paces? > Given example of sccesful manager who hata show 00 TV, esr some othe reasons or manaping yur > What qualities ms pasos have to Become ener? EXERCISES: 1th gaps wih the word inthe ox stomp rgaicton objectives consider totes shove rexures "Magen By Objsves (BO) ia rose of eng pn ONG win = so hat management and enployees to the objectives td ues wha ty ae. tsa oo esy fr mangets fio eutine and agree wih thee what iti ha everyone is tying 12 Ieations 4 proces tat ‘MBO saatinies for good ter pecie writen description of cbjestves for the pet td nein for thelr montiong and ‘The process gue hte nn he ployer gc wo wha the enplyee wil to achieve in the peso akan, and atthe employee ase ab AE th one (Organs ve scarce nd 20 3 acumbent on the manages to consider the level of resourcing and © ther he jetves tat ily red wit te Sem ate the nn ne nd preset ‘bebe allocation of ett. A, eet to relevant objectives and modtr thee “each rai" in an objective Information systems are 2 Mach he dfn with he cores wend | the proces of developing asctf ous ad end tates a the ganization isexgect to scieve; the proces of nlncng people fo work mand comanin gol, Providing rates for pope t wake best inet fhe ‘rung an eating on ging sts :iemiyng the dserepuncy between he cel condo anda del oe, hosing nd implant solos 1 people carrying ote anise ofa uses, the mental Fnction tat produces, estas na repute beviorin 1 th caps of aievng rhs wihoat waste of tine o fo. onialing—mavaing decom making ‘3: Complete each sentence withthe sonst opm |. Weneed o_o objets befoe we sapling the projet clay; biter; presi; 2. We hatte lar ahou cuomer of what our pdt sand fr traning: B.pereepdon; eves; 3. Many supermarkets ae looking «into new rode ies. - a deeplte; ——bdatabiin, 6 diver 4: We've gota very management strstr tat wo tbe eyo cag svg: benimbes rapid,$5. We van to_new eportig procedures to improve communication. isin: motes; briefs 6 Employees working from home have cue acess othe empany aimee, intranet conan 17. We reviewed car_procese and et produto ie by 12%. Acimanagenent: Bes; operating We eed to setup te exibition — te day bere the fi ops astowcae: bist tank tas ard get ied tosuch a ifeen clue when wasn Rus sighly, —bitascly,——e-adelly, 10. The meting lasted all ng ue tothe _o the neotitions dispar: ba compleslys eesti, 11. We ned to find ways of cu eusomer” wants more efetvely, smcpaing: — b pseming: — What isadveriing nd what tits message? > tendering exe forbes? > Whats atrand? > Wat aveniement spose can you mestion? > Wy does advertising tecome netecve ater a cersn period of tne? > What isa commer? > Whats team of pubic? > What isthe impact of advising nd publi? (sad cons) EXERCISES: 1L.Mach each satay with ts come description: | adveisng tthe pit fae 2. asales ined tg ang presiue and persuasion acount and ree 3. farms of advising except mass media 4. mas mei aderising: 45 seling seatepy based on identityng and ‘meting the eutomers nods, advising a whole eter (tis) ‘ater tana specie prods, 1. advetiing oo te Intent; ‘8. ametiod of ales promotion, using resuron debuts and tiers 2 peat advetsing br Blow-hesine promotion © entine promo vesting posh rate [atovetietine shade spprosch isto promsion 2.Fillin te gap with word or se from te tox: a [Coasanasematnal appeal image promown pu aims ores! Tage —_USP(anique sling proporion) ‘Ast earcterises at mak pbc dite from ts competion its Any sty whic nesses consumes avarenes of company o¢ Is prods is Promotion thaigus based on giving the consumer fats and ehnicllfomation ae concer with romain techniques aimed at peopl’ ars, ambitions, fein, kes and ker we concemed wih Advising cmt a proce Companies st websites ant © ‘commerce sti 1 ape © few coosumers ant to promot safe aw ‘Mass mots prometion aime to influence pube ‘ceo, nt only target b aiverisensats ives ix compan elogie cimpeiten consumer awareness mail ardsll_ imple eying (Ou plan 1 sl products tough ¢ nd mail order sevice, We tal ee ih prem proach ad atact estes to oer the gus by fering special ies One the ealogue aves, lens wl nr hoe goods which have an ns appeal herefor we depend ‘of cur products We pln a vcety of averting techiqus: mis vill consist ia elevson "a and srt aiveising. We fave + good sage, consumer dat base, 50 we wil use We ako bave company. whee we advise our profits. Castors can aio rer poods 3. Coose te comet answer 1. Nile whispered to Stat, "Wee losing the account. Show the special tfect sone wil make hem bythe campaign * EAs circulation hs. cin Eo bane Elo poe Ehle produt placement 2.Wetaeto he axa ange Lat yt esse he a wth the jet. Ea inte FAs. sxnounce Ee moto Fo. sora ke bype 3. Jn hinks we shuld econsder advertising in aan. Heel tha hc a crcttion Es. cp i Plo. ware Bh. es le: prec placerat Pa in te want as sd May.“ we don finda copyrter soy, Me ding the nen!” Everyoe inthe oom pote Ts sjinate Es an announce Elle. « mono a sogsa he anne |. "Do you think hat Danis wing ooo the il for Bod he seed Mat FAs circuttion Els. cup he ture ho piup le. prot iaement 6, Us ike the manic in eur commer, but ind he FAs jing Els. announceea alc. motto Eo. osan he type 7."Te Chanel campaign is realy hot” exclaimed Visa, “Teri ae of| Sto tong time one wort _ “THUNK How docs it help ohade te corporate cle? EB, ing Ells, enoource Bic. mow Eb. sigan Ele. tape 9. "The Black ané Decker acount is complaining Weve ot to dum wp some business” yelled Hay from the back oem. “Why dest we the ols sth ato spot at sporting evens? Tht aways works well he onde EAA citation "sil eleva indy’ work? Flo. pus ‘Eike peosuct placement 10,Aea___in wht ce dvs Cs Ca “Thing ete with Coke™ fancon note word doi wok for youn why? Bh jaw . Be. rons Ge. moto ho. sop Fh ne Ia othe warding ihe avertsemeot sisguided —rmiled —c.mistuker —¢ miundertood 2. The goods averted were payed 0 wel hat Yu cou. ‘emptie toby sdey bmi eesit vin 2. There azecomtumer protectin es that ale ve purchase decaler avamage of ur brain ces ding ‘a pulicity patron 4. We advice oureusomers to ‘becoming week. age bike male dake 5. He as never Doght... hat wee averse on TV. ‘A sp0ds —beprodutions —eproecs products 6 Everything nthe ale as Bee tal pie decreed b.diminsied lowered d-redced nal department reductions 4 redandances Therein ale next wes with. satasements decreaseNew product ae announced othe pb ‘byimiloer by praoctons by oparands on poses 9 Buying in uk 8 make abst vines empowers ember c.ficines means 10. Accordingto te avertienet ht sap rshthen andent ——Bramique elderly. olson S.POINTS FOR DISCUSSION Endre othe folowing eas: 1. Aveisings seal for busines, especial for aushig new ons odes. Advising often persuades people to uy tings hey don't net Advenising often pres people to ay ings hy done wa Advising lowes the pubis Advetsng dos net present are picture of prods, ‘Adversng has bad infloenceon cide, {6 Uoserstuntingsdversig 1, stl te placer you can hin of where you se nd hear averisemcis (or roduteand services 4-Litee a commercial hat you parol ie? What tut tethers you stout commercial! 5. Mate ist oft east dee etre that you consider cet for good ‘loin comme 7-ROLE PLAY (scripting radio commercial) 1m sl soups, wit» sot fr a Mbscond commercial tobe played on a ropula Eoplsblangunge radio win, aden citer w welbinown prod ‘xpd by your coun, sme fom of evel 6 your bun. Remember that ou have to persuade abd 10 faform, and ae not sppoted to say anything nisleading or waeutfl~aogh of coure in this cite you a fre o invent he ame of he company the etal fi servis, and on, You may se msi and sound effects if you have accesso them If ot cely inka wht you would ein ation to oie a oes.Transat ota Engh ima intesowr, una te primce fame de pbc, ea de obicel un son, Pvt fone arighior pe pet unl lis, Cele mai vec serine fort sscopeste inane Babi Romel Antic le ell Pompe, 50 de ani mai urn, comerio xin ample dew hing demure lice Bote snt In ear era sculpt ives sje copa inform ettkorlor despre produce sau servile oie. In anit $00 Lem, In Roma avica, mesjle er pete pe peel in scp! promovii jocurior pubis, facil ocala pent chem legs a vot bcs o puter dtc indore fom pia de prezetr i promovare ‘pena elo, bunusilo sau serio pin miloce de infrmare mash 4 caue un sponse ine precio. Mite ornizni floes puis pena ‘rosie une anumt pelle mene refatoare I ele Unset prod ‘eri lors ls mol Tor de comporament, cs scopal de determina ‘apis. Aces pow f de natu peeps: de exe, cosunoa formeazs anit per Iga x un rod sa o marc, oc guste po ‘schinbite de ceo anumit relat; de satura comportamenalé de exenpa, ‘nso ump produsl sa pret cantata compart 1a pblciate ns aelezt mma fie, «i i eranizati ew sep acct st int socisle, com ar 1 lnstuile flantopice, muzele x orgneile ‘elise ae pemoven cau in inl us pblie diver Publican ete ‘unk met dea infrma ga coving, scope ees refcne penta un sunt produ sae dea motive pe consumo ces wait rod, ‘Tiie Union Exopene chetiese ana! peta publicintcaapoxatiy € 454 tarde Pe set ce recesunen se epeaie de fs cco aoe ale lor membres nore se prosnovert «cere chelitior pcan moisten iter Union Euopene, rT 4 sommes Advertising i encat ia motating people toby aw profs, Think aout he ett haa manaacter a pefrm is rder 1 era pad th he publi wil wat buy: 2. giveth public aces toe roduc: 2. motte the pb to ay the producDiscus the following statements with apariner ‘then share ideas with the whole elas: ‘Presentation: thetimpact ‘A presenttio is acl on of be mosinetecve way of gvng lnfornaton, fr 708 of anything you tl he adeno forte nan ur. 5. Geag your message srs i ot what penton abou Hf you relly wate to et your message 200s, you'd sicko ouy report and save yours tof rit Al he surveys say 6 ato 10 peopl are more raid of publ peaking han deh. 44 Almy ster neds stalk eat cel abo the Romania ‘economy for ni an ou ie det’ ed pubic peaking sl forth oes et 5. Lisexing to good preset i ike gong ove Raing Stones concer technical infevo to CD bat wie mich fn PRESENTATIONS, Presentations and reports ace wayt of communicating ides and ‘afomation to a group. But unlike a rep, presentation caries the sek’ ees beter and allows immedi interaction tetween lhe pariipnts. A 0d petnttion ha Concent - 1 coins information that people weed Bat uke eps, “Hhch are ed at the readers own pace, presnaoas mst account for how mich lafamation he ain con asi in nesting. Senre ~ 1 hat logical beginning, mile, and end. ros be sequenced and paced so hat theadience ca ndertand it Where a eons ave spends and ote 0 gue teeter, the wear mast be carci nt 0 loose te audience when wandering rom tema pint ofthe pesestation Postagng Kms be well repae A rept can be ead and portions ‘tips ovr, bt with a resetaton, he sadieece sat the merey ofa presen ‘nan Element - god pesentation wl be eerbeed mach nore as ‘aed epoctbeeseit ht» person tached tt But ou il ced to aac ie ance nds wou ot be beter ta ep mas sent send ‘The vole is probably the met valuable too of the preset. exes ‘mow ofthe cota! that be audience kes ay. One of he te of speach ta we can easy tel bers wha is wrong with hel voice, tir pitch eg too att igh. to so, te, bet we have ube lites oad changing out own ‘Your body communicates diferent impresins othe ance, People ne nly tent ou, they aso witch you Slouching el hem you ae iniferen t ‘yo donot cr, even though you might ce a great deal! On the ote Bad, “topleying good poste tes your mince hat yoe know whit you ae dong and po cre deeply stout it ‘Thghot you presentation, dp: ye contac: Tis blp oreulate the Now of sommunistien. signals ‘interest in others and increases the spears ceil, Spester who make eye ‘ona open the flow of communication snd convey interest concer, wari sd eel, : Facil Expression: Sming i «powsfu cu that wants happiness, ‘eines, warmth nd king. S, if you smile feet you willbe prsived| ' more tiable, Hendy, war, nd appostble,Smaling is offen contgious anders wll ac favorably Gestures: fy fil 1 geste while speaking, you maybe ersived boring ani. A vey speaking sje capes atenton, makes the mati oe nee, fists understng.Posture and body erientaton: You communist amine messages by ‘he way you talk and move, Sanding ert ad laning fend commanicates tat ae aproachable, receive and enya sloneess sls when ‘ouand yur anience fc each ther. Speaking with your back med or hoking the Noro sling sould be avoided ae commie dre. Proximity: Cults norms dice «comfaabie itance for interaction wit eters. You sow lok for sgn of dscomot assed by invading other's space. Some of these ae: rocking. Je sviging, tapping, and gaze everson. ‘Type, ge roms, space avason Kea problem. In most instances thee 1 too much dite. To coutet this, move ao the room to neease Intereton wth your audience. Lnesing the posnity enables oe 40 make eter ee coma and incense the pets for thes ose Designing an Bifective Presentation: 1 Apo sbject ad meses “+ Acearinducion bay a oncaion; + Alimied mamber fc ign vial i, 1 Sratepies or iveving the audece 1+ Smtpisand signpost help he are flow and undestnt Preparing the Presntaton “Toil prepare et rept fa” Foran effecivepesentatioa one shoal conde te following: + Brunton objectives ia elation to ane’ ale eed nowedge of topic: + ‘Select and opie main est wll mle yoo more confide a lp yas overcome your nervousness, 1 Bodzin 1+ Sucre he presentation - ave cena heme = write ot "ey war “repre nous vs ss which ca ake a presentation more Intend ero undertin, ut nkesr they ae appropriate ae ea ‘+ Mentally ran tough the presentation to revew des and te fv ate Insequene: ‘+ Amisiae questions rom the nadene an prctie anew then, “To prepare presentation, sk youre the flowing questions: 1+ Whats the purpose of the presentation? *+ Who wile andi? How many eole wil be tending? ‘+ What does the adic aleady kaw about the sujet? What do hey need ‘otnow? “+ What the auiense' alee tovars me eg. le, end? “+ What wi ney expect in tems of content and posh? (845 mines alk shoud ve no sore han shout seven min pois. Tit may Sem Uke very may, Bat you are eave the ution with a lee pcre of wat you have sid, ou eno expect tem to remter mach more than hat ‘Tips ana Techniques for Great Presentations: > Organize yourthouphs an mates > Visualize yourself delicing the resentation: > Price and eh the presentation in fnt of miro / end > Beth deeply and eat before stating:> Say land nd natura by movi when you spe nd manna poo eye mat with our ance > ae your presentation persona Delivery ‘heintreusionis a veryimporant-pebaps th ost inpertan pat of your retention. This isthe fistimeesion tat your uence Bae of Yu Say aware fmt only wha you sy, bt hw you sy Beenie, ets nd drt your delivery: ‘se ee contact and cont your voce ee itclear and strong: Maina speaking sped at easonable pace a tat he science can fotow; Emphasis key words Maina terion withthe diene by pote and gests, You sald concetate on geting your inroducton righ You should we the Inuotcion te: Inrodace your sbjet lie he set of your presenttion ire insrctions abou questions ‘The following ible shows examples of lnguge for cach ofthese Fron. You ‘may ned ta modify he language a appropri, | Fenedon 1 Welcoming your audience sour stracare| ‘The badly the Possible language Good mersing, nes ad gendemen | Good maming,gatemen (Good afternco, lade and gens Good atenaba, everybody | Tam going ttl ody about. ‘The purpose of my presenation io inde ow new ange of. "To stat with describe the progress made is yea. Ten | mention ome ofthe potems wee encore and how we ‘overeame them. Ar hat conser te possiblities fr farther ow next yur, Fly, summaie my resentation fre concding with some ezormendaon) ‘Do fel fee to inerrut me if you have any qestions. eal presen If he itruetion wat wel prepared and tive, 908 will ow be In contol. Yow wil be ele and confident, avoid sanding sti, a keep you pote eared ‘The body should be well sretad, vided up lapel, with plenty oferty space visual Mryto answer lof our queton ae te pesentaion. lanto Beep some tne for quton after the proce,Remember thes key pots whe delivering the by of our presnttin: + donotnany + because ive time on vine + ook rena = keep to your stuctre 1 sinpost toughowt ‘+ remain pole when dealing with fick quetons (Conctason - Us the contain + sumup 1 (Give ecommendtions f permit) + Thank youradenee + Invite questions ‘he following table shows examples of nguage for ech of thes funtion You ry ned to madly the ngage a aprepin, Function [Posiitangose ‘To conetude. Tn concain.. “1 Summing up So et me sumarzeecap what Iv sd Finaly, my remind you of same ofthe mn pots | weave considered, “Siig questions | Now ily wanewer any qbeors you may ave ] Im sonclosion, my resommendtion a {orf ugseepropotlecommend te flowing | ences | Many hanks fo your ateton | ay thankyou al fr being sh a aeive Conca os stm my ot | pertain | Ath myn? Keep soo if quneonr dares with ou. You ae a professional! No ater how hard ou ty, not everyone inte word wil ape with you! ‘Almay allow time athe end of the presentation for quesions Aer inving ects donot ish ahead fp one ask 2 quaton. Pause for about 6 seconds ‘wallow te anc other thie thourts. When a questo asked. epeat the ‘ueston wees that everyone heard it (and tht you Heard it coe). When tvering. ditt your remarks to the ene sidene, That way, you keep cveryene cued, ot jut th quntonee To reinforce jour presentation, 8 rls the uation ick othe min pins Make sure yoo listen to the question blag asked. Ifyou do ot understand it ask tem to city, Pause to tink about the question asthe ane you gve maybe cece be ignore the main issue If you do not know the answer be amet, do wal Tol hem you wil geek to thr make se yu doEXERCISES: 1. Expo your wm onde what the following re rag ‘Overhead pjcor (OH) ~ Whiedowd Overhead wansprency (HT ipa. ote Microphone Handout 2 Tre oe Fle? CO) 1. Aw OHP fo the opty f 35mm ier 2A docemen dition ain cle standout Thee ae only 0 ways in which we can mode ow vice 4. Bip pecentof be ifoeaton hat we sb i abe ily 5. A bar cart ean be sz vert 6 Active vet ae mare pores than pssiv bs 2. Sinpostng isa technique used only uring th inodctin of reset. A Torebeane’ meas owe! 91s tmponant to gives mach afomation on graphic a ose 10. edtine marker ented for os wth pbs, no whee, 168 5. Choose the comet answer, | 1. What the most importa hing to remember when making a presentation? 1. Make sure to wear your test lthes ring denied handouts 2. What cn the atic do if you have eee your preset with them in 1 Not pay attention because they alvealy know the informiion Fallow your resentation Withee Have fun 3: Who sould you rehearse your preston wis? Your faniy Your eoteagues Your ends 4. All ofthe above if possible 4. possbe, wh should you aso practic in rot of? 1 Yourboss b.Artive speaker Your wie $5 What should you do before your practice your resentation in font fees? 4 Take photos of yourself preseting ‘Record yourself preseing «Read tough your presentation {6 tn whic situation would jokes nt be apropie? A comedy routine .A stows presentation e.Anixed atiene 17. Wa he mot important ing bout psig? 1 Speak with ar pronuncaton Speak quickly Spek wi coavition| 1. Why shoul you know wes oso? ‘ecatpretions re wl ied Bocas going on foro log wil bar your ues «Becase you might hve a plane tach 9. You shalt: 1. Noverlook an audience member athe eye Try tomake ey contact wih adence members «Wear sun les o make sue 20 ocx ok ou int eye 10, Handouts porn ce They have your ort afro tenon them They conn he ey take alas of your presentation They provide picture that the sues can lok sing your resentation ‘4. Woekig in pis, make short presentations each her, Chose oe of he elon oni 1+ Tre advantages and dadvatages of Mlexsne. +The aaages an advantage of open-plan ffes 1+ The advantages of working fora age compan, 4+ How tomaiatethe work fore nh county? Flint nk with he won inthe ox: [Aterta—faiy sadicazd lke Tost wtk spicy you] il acice cline tring you uptodate drew our atendon se parore. inept Expand moveor then thank options pony refering sam ‘up ceenbe Inconeeon ontalance you conling recammented| poe oat ‘Good afternoon, everybody. keto My today is hou an for arope” ta thew _brety our current rshtng poli i he UK A some of te problems wore having over market she 0 je opportmies we se for Carer progres in th 21" cy quickly below “Phe fat fee to me if you have any questions at Now tke to, to Chart homing ou sales even at ‘pre-tax pols over th ast en yes that although emer sen our pafits ave notincesed lhe sue te” ve ___ bout our ures poston in the UC and ve some ott probes we're fing. Well what ts open wow. Wher do weg rm bere twild on he excelent ests we have schioved in cain Harpean mates,Pm of couse tm Haly and Spain, Let ie quickly on tose accesses efote we, We sould no forget the French marke. Admitedly our reais there have been por 5 fa, at bre re signe he macht is canging aw cn er» at rom ou its though tink we and to gan stent each others pesrations, imagining you aes buy age dnbutr (0, ales repesentsive (2) oe stademt (3, a8 appropri. Make notes a you ite, and wie he follwing chat to provide cnsttive feedback on each rsetaton Polisi conser | ‘ot fom concenatng on Southern Europe an srongly ove put ou ors ito farther expansion ny, Spin and possiby Romania” - may Thank you allo being sch sm tenive and ‘esyomive anne. Thank you also for your perisent questions. Are there sy inl questios (6. tn erupt of ts, prepa the Boy of 5 min presentation on one of the tops ‘rllow. List te main points you want make in your pesenain; the ‘ovenation should inca background preseetaon,desipton of te proceses 1+ Glob economy ‘eration! wends 1+ How imencourage the ot of public anspor +The mos important ail bsiersman ‘+ Futore uses of cad mobile phones in ems of bases, Workin groups and choose or invent company non othe allowing prose, toi foo sports, gods, fashion, lest padcts, ea nd Bea ‘As ales manager ofthat company mak a resentation your ales force on he Ines ations to your produc rage. Your pretettion sol! cover the in| fears ofthe sew pod! and empaize tele Sling pons. You my invat sy lfomation you wish Phming | dence of east pon [Obesiver | Ca appopacy mie ‘Coie Ex relevance appopias I Kacwede [Aamrnch —[ Mesageaappand einoreement aay amour Oration | Ceres: clay appopasy | Wil | Appropicy aiy ing Dalvery | Pes ethan aye conic aia inoanon Contin: body inguage Tangiane | Ci, asa Tene: apa; RUBIA, Signalling Overall | Cli of mesg: ahve af Seven reg? Enjoy? infcemive? Motivating? Gadel ‘wae, B= poor; Sewvergey A= OE SoencclentF smaritpons You ar going to pve a rsetaton oe em Dasa Logan MCV. Ty to over ‘hep elated put thr in th ight ode ‘he New Logan Presentation ¥ Tella personal neste; ~ Olie the soe Denes of he ew Logan MCV. + levitation ¥ Insace te subj ofthe reset; + Sam ute main Beets of he new Loess MCV; ¥ Welcome renee Present sare sis (ls sd) 4 “Thank nd cone ¥ Comment on matket weds (isl is) ¥ Outine the purpose and seat fhe presenta; ¥ Sum upsatistis and tee since (oss) Menton bandos, graphics, pi chaste ([PRE-READING QUESTIONS} 1 Whats the process of egtting. nator science? 2. How would you defn negation? 3. Is diplomacy «form of ego, 100? 4. Wt alte usa aise ave? 5. Have you ever negotiating? If s0 what for? ‘THE ART OF NEGOTIATING Broly speaking. mepoliaon is an itracion of inforces Sach inert, for example cde te proces of resin pats, arcing wpm courses of action, Dargining fr individual or cllsive advantage, or erating ‘oucomes to susy various inerests. Negation i ths form of aenaive sate sain Negation inolvestwo base clement he roe and the stance, ‘The proces refers to how the putes xpi: the content of the negotiate putes othe sezaaos, be elanships among these partes, the communication between these parts, th ccs wed bythe pares, and Oe suche and stage in which al ofthe py oat “The sustance, however, fe 19 what the psn segoité ore: the agenda te sues, th options, and te aeeent(s) reached atthe end ‘Sklodsegdaers may use a avy of wees ranging from a staght focward presenti of demands or sting of preconditions to more dosepive syproaces sha hey pking ltinidton a sala tacice may lo psy putin swaying th outcome of eptatons.Salami tate, ls knows athe salman strategy, i = dvd and ‘songs process of treats nd linc wid orem oposon. Wit it an ‘sgresr can inoenoe and evenly demi laniape, typically pot, lee by piece. In mast cases it inchaes he eration of sever facon within the ‘pposing pli party a hen dismantling tat pay from he nse, without casing the "seeds to protest. ‘Cherry picking is also use to refers busines policies of picking ont rofl customers fom large base An example of ie we i that by only Insrng hey people ad sefusing to nr hse who were wath or ae key wo become ey, ead swan company can chery pick he most Profile customers. Ian at insrace company oly insted goo divers by tery pcking them rm rong ll divers ths woud enable a company to sin snadvaniage oer company ht osres al divers Diplomacy isthe art and pracice of conducting nepotintions tetwoes| epesenaives of groups or states, It ely refers to nterationl diplomacy. he conduct of mero! reins ouph the intecesion ef professional Siplomats with reg to sues of peacemaking, trade, war, economics and uh. Intermtional wees ae usally seposed by diplomats pir to ndnsemen by masons! polices. Deptiaion is one of tree pihry methods of altemative dispute ‘solton, typically evidenced by &vaized segpitor stig on teal of & Pricular eganizaion or poston. Compare this to mediation where Esnerested third pry ists wo each sider argument and temps to hep erat an agreement between the pare. Lani, bition is sini 1 8 leg receding, whey bath sides ake an agua tthe it ftir “case” std then ie abittor decides the ouzame both patie sould follow (nt binding tiation or must follow inking arbi). ‘Skid negotiators may use one a combination af he following: Alyn the negotistion aed conic management styl of thie our: ‘Seting pr-contons before the mesg; Desining to spek ex, Presenting demands; Time tres such as deans; ‘Watkiegoutanerpectedy: "sling a dominant sel poston: Conesion ters Presence of thd pany, igh-battow-ba, Intimidation, Dros ones -uitaccompl (whats done i don) ‘Take tor eve Rejoin ante, (Changing the location athe at moment; Pan dscessons to avid opponent becoming aware of lestvs to your ter Chen rckng: Solan cin“The Nepstton Proves (afew olden reso sucesflngeisions) Atay ty apa for at act 1S minute ay ss a tha 0s ‘uit heer party has al oooh tine to ay conser the ther ‘te, Genel, the se o seviouines of he nepttion denies the aroun of ie needed to negtin Seting ate imi i good a, Aprosmately 90% of negoiaions get Stled inthe lst 1OR of the iscuson Always oer t lt he other party speak fst Tex especialy inet it you ae te one making og or someting cha aise. Te other ty may have overestimated what yu are gong 1 ak fr and ay scully fer more thas What you were og requ. Alwar respect and Item to what your eppoment Has 10 sy. Tis i Important eve if be a she dos ot extend the sane courtesy 10 you Do your best to ean calm an pletnt even ifthe other arty i paying fratntion anger. erent some pope wil anything titimidnte Acknowledge what the ther party say. Everyone ks to know tat wa they sympa. Ihe ter pry opens is, sett your advange, ty paapasng wht you bave Rear Repet thr important eas before os node jouromn stoner ones ‘Pay atention 19 your own and your counter paris boty language, Review the chs ew to ear Now Interpettoylangune rng the sepotitions. Make sue Wat you aeat coneying any negative boy ange Language toe show understnding/agrement on pit: ‘Tate fir sugzeston You havea strong pin er. eink we can oth agree ht on se ay probe wham nh Language to we fer bjetin on pit ore 1m prepared o compro, bu. “Te way Took at it ‘The way Tse tings yu tok tit from my poo of view. = esta Thad something fees ind = Tha ot exaety how Took tit Prom my perspective Tihae tages with you there ‘COMPREHENSIVE QUESTIONS > Whats your dtintion of negations? > Wha hey 29 mponan? > nthe ace of conc station do you accept compromise ced you > Menton sme of he golden rues sess epson. > Inbesins, do indivi epee ota? »What ihe sland sate ‘Woat deste “cen lela tetera? ‘What ypes of megoitions do you know? EXERCISES: 1. Mach he owing words with hi definitions 5 tion 6 conesson: rain, 7. omens: ‘ttc Beate: 13. comp: 9. nagging wade ott compromise bight 1s yi overage: opting, hanging o's minders igh ones oda esti rmving back and forth (te boat pies: snagroemsnt bee pares sting wha cach shal pve nd take or efor ad eee in wantin; ‘ter somhing much lower than you think he ponent wil ak fn, make up for alos, ‘greet al; {ting one fevour for sno, tte lowest ones willing 10 $0, oat where ner pry wil give in; tolvein oaths rogue: conflicts aes by ang soa te pay (@arpnig power) something hat ives ose party reser cheat succeeding oer aot: wees make request tht such per than you expt to ee eos hat re offered in ret fr something ei. 0 2 Compete faioning sentences by ung locations sin he example Wesime sete ordeal an ve oe [Allow the catomertobelee that ie the {__y eng him ask estos 2. The other eam has m__an imporan'¢_, which means we ee drawing ‘eat sping conc. 3.We nally managed cover the terms of i contact. 4: Weg __an important isto umn pyle ost from whi Sve hd lots sppoetmens but Tha ot adr 6. Wetmep good abusing ogee 7 itficuitcusomers se Ly wid our suppers ta please 0 ‘.tnbusnes one as tom ___e if one want tscvve, nthe blanks wit the coneet word fromthe on bellow Desison onl acces at miodes prepared fer canecsions statute foo! opeecent conily focus commitment closes resolved ‘Bvonityoumake the __to wea your negotiating ity bones and Kinds, he erty may oot youthesame respect Be__tostnd your rood firmly, et. spcaly in thelatfew inorder ty, you toning orloweringgnlsand Remember hat tue eeerly Ine ast few ites. The theory ‘ein nt mite stat one party maybe more wing to given ut of__ tat to ee. be rogress mae yp to ta point(oxiaps hours or wots o___) might be ost. People bo get e or ave ther __ tat eed Be _ sah as making an portant pone ‘allo anterDsiness._orpckite up le fom schoat “4: atach te tahoe initio the pos inthe bx sll ain th example (Sometimes, more th ne rach my be posite) [Ges tk isang Roll alles base aing ———] ‘They deced opt heircard onthe abe antsy xay what they hoped to seheve fom the nepstisions. (card) |The we wom he carr we lat money on it owe score an own gol.) 2 Marathon neotintions ret in stale, ny wanted to give.) 3. Acomnon ganbi in neputing (offer ike itrleaveit pie. (- ) 4 We made a geneous fle, ut ur competitors have ramped) 5 We made oil fer and now the bl inti cow.) {6 We dsied to puta ca onthe table aa sty exactly what we waned ( ) 1 Te was oferedto a compete otsder tough se wate vr.) The snes bavean exellent rack records hey i ery wel inime. 9 9 ach ime we improve or podut they move she goal pot ase.) 10, Ou conta are now the ropes 0 k's te diver the ck ont mach ©) 5. Mache metaphos fe he exereise above tothe dfn elo, (You mae veto change he for, tin he example Do sombing by mistake, arming youre core an on aa 2 pepo pening move, orserous of moves 2 change onions whic hve sendy been aed, 4 sate te fa tow 5. seething wich ast an ay te extousting (6 reveal youre neon tthe terse 7. intrble, 8 iteup tometer side decide the next move 9, no-vin goon where no progres made 10. coniered he mos kel cate efor deision is anounced 1. Yaucsn'tespsct ost ou of through ote contact 8 esi 2 a 2 Aer ous of neattons wily managed io overcome /come over Ost Atco. 3 The manager came over overcame a ing extrely 8008 {Both teams were sisi ith he income utcome of he ws ‘5. We managed to beat tam ip /down fom € 70 tn 80, (6 Thyandetot/ovenoot spp ws afr ive years They tap me ino ou fining te coat even tap se ae T realy wan, John Sith has an over/ovrtaten Read of he eps tea, 19. Aec he age they ook over overtook the eontch 10, Teil Tako onthe mater was completly wong. 7 Rewite the following responses na more ipa way. eg Te results ae Dad, - The ests do’ seem very goo 1 dy n't convient — 2 anges. ~ S.Lwanto sen o Me Pop. — Yous. = S-Taats wrens — 6 Yevor =1D’ posible — wanna soreing. — 9.1 want sop for some ine — 8 Are he falling statements Treo Fale? CP) 1, Dating negotiations, one should west an opposes with respect and cosieration a ines. 2, When in sry negotiations, employes shuld “ow-hall” in their opening rem. 4. Ove Key to etfetve conflict reslaton fs to del with sues rte than eens 4. tt maybe posible t diet tata contra i ying by obserwing body 5, Oat commlunens can represen lp binding commas in Germany 6 In Be Usted Kingdom, foal decions aslly rege top management sppoval, That authority ly pt depts toot, 7. The Chinese wont speed much tne gthriag and exchanging information since they are often eget et stated with he brining exchane 1. Negoars ia tse ote use sence a » pres tte to oitn fete 9, Contracts in Sati Arb re expected ise of deta nd therefore ‘ten tke ong tne to rete and pre on. 10, tn Japan, prices rarely move by mare than 10-155 from il fr t fn sgrement 1, Whe visting poten business parte in Fane forthe fst ime do at it along as hs cou ase upon tou our motives, 12, Angesive oe alvenarislnepottion thasor in Russa inde hat your counterparts do at feel good out the ilaionip fermen you 13, Im Taina, its stonpy asble to aegoineIn 8 tam eter than as ‘niu Using English guage presentation materi ok every in Cana "Bough Fanco Canaan may peert se some tn French 1S, I sour meatnton in South Kore eiches cries pin it an be most, sffeivew have a ne-on-one convertion With the most senior los manger in cet resolve dares, 9. Chose teria one: 1. took ovr fie hours of negotiating forthe pare to cone toa boul; otomine: —csneni, indecisive; 2 twas a__ decison t set ou ifeencs oto coe. fll; b.mutual; unreal; virions, 2 One_ ta alays wrk toa your oun to speak fist ‘tet; betrpnin;— cresisance; tension, 4 Wewould have more _if we hl some more eesti to we, hagling: concession: .impule; leverage 5. They were tour pops unl we mae art demand. howiliy; —Areepive: — crenance? tes, (6. We were _overpries ll afteroon, Amiseading: b.contiee cpa; haggling 7.1 mas expecting our opponers oso quickly. amplify; yield; escountergoponl; 4, abizaton: 8. When __theclient about ee promise they aed anor it Sloped; beetled: —e.confoted; 4 dominated, 9. 1that ie your nly __1 woul be happy to concede a.pestue; — Bbjetve; Geog: cooperation; 10, Wine int he egotoes ad alendy eden S.dendocks counterpart, evcllectve; dl. botomtne10, Collocation ae words which equi occur ose fo form wef pase “Macys fram box Ato nuns fam bx Bo frm sllsetions. Some wads may be sed more than one, a a rake s conceson sete eal « ‘be ranston tai arappo fone your temper take ‘compronice ose sninsahe a iternce anagem 1, Wich ofthe ques ited bellow do you tink ate moi ipo fr Someone to be ruccesful in negations? Pat them in ocr of potas, 110 § andthe compre your ies wih tos of pate. + Pexiilty, 1 Brendnes + Abily analyze stations, = Retiaiiy + Abiy to communicate, + rte (pee ci 12. POINTS FOR DISCUSSION: 1. Aske of your colleagues what she wos do inthe fllowing stuatos: + Suppotng you were made redundant. Whi woud you do? + Supposing someone offered you a jb in ag at five mes your present salary. Would you the he job? + Supposing your boss waned yout spend your summer vacation faking 2 fulltineRutsin course, What woul yu do? 2. Case stay, We wil imagine some segoations tating place at a tonal, ‘company called Gardons of Bon Dan, a landscaper so hat been with his company for five yor, elves he adap He lio inks he deserves more seniority vers cw member, Duns manag, Sorin i ls the owner of Gardens of Eden. THoagh Soin sppecaes Dan more than any of is oer emplayes, he ib sae ht he can afr pay him more, especially at hie 4.4 group of fou wy wo fad the soation fc ow Dan sould prepare his eae and presenti o management, nd how the wo pats negate and hive Beir seals 4. Negara sometimes deed as Red or Be sits. Work in pai ‘A. Read the infaation bellow, Which esipton ts you bes? Give B, Whatdo you think happens when Red and Bue ty meet? Negation yes: ‘Red slit -see cach neptton aa separate cont, eve you wit by dominting your opponent exjoy manpuive wicks nd bt at srcthing for noting‘Blu slis gud nego in the longer. soceed tough coeprato, ses each party ire il only ade someting for smeting. CT following comment were made ding negoiaticn, Which oer fst ‘smore kyo have sid thes, Reo Be? > Theres once only ofr tke or eave it. > We're apy to discus scout if we can work something ou > vant you m ape this now, aig of your geod at. > Tem fully understand hat you dont want to eave yourelé erable pecs ie. 7 > How do you think we can bs wrk together inthe ue? 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