Optional HW (for extra credit): A short talk (100 words: intro, body, conclusion + phrases from pp 53-54) on one of the following topics: –a football
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Optional HW (for extra credit):
A short talk
(100 words: intro, body, conclusion + phrases from pp 53-54) on one of the following topics:
– a football / hockey / basketball... match– your hobby (dancing, chess, volunteering...)– why you are studying economics/business– is Kovač going to pull it off...– BODY LANGUAGE
HW check: • Submit notes on Manufacturing and services• RB, p 18 I central / local government
unlimited wants
basic economic problem
free market / capitalist / planned / mixed economy
market mechanism
level playing field
fair competition
public / private sector
income distribution
supply and demand
resource allocation
• RB, p 18 IIallocate resources
pass laws
provide (essential) products and services
ensure a level playing field
plan the production process
organize / co-ordinate the production process
distribute goods and services
supply (some) public goods
make production decisions
• III market mechanism, automatic allocation, competition, public goods, allocation
→ HANDOUT: Types of economies - review
MK, p 109-110: The role of government(Reading & questions)
• Comprehension• Discussion• Whose opinion on the role of government is
closer to your personal views?The Friedmans or J.K. Galbraith
HW: Make notes comparing the two views(handout with prompts or create your own)
• Vocabulary, p 111• Listening
Government intervention (Listening, MK, p 111)
• Listen and fill in the gaps:
The second effect is whether we think unfettered 1____ ________ alone can ensure the long term 2________ allocation of resources and long-term 3 ________ _______. Markets are very important, I’m not denying ... Often economists talk about notions of 4 _______ _____ or the fact that markets are not working properly.
free markets optimal
economic growth
market failure
• What reasons does Michael Kitson give for government spending on education and health?
• Why don’t firms invest in early-stage technologies?
• How far do you agree with Kitson about these various forms of spending?
• Describe public goods using the following nouns/noun phrases:public sector consumption amount all individuals
• Describe merit goods using the following phrases:not available provided by the state standard of living
V Explain the meaning of the following saying (R p 21):“The market has a keen ear for private wants and a
deaf ear for public needs.”
TAXATION, MK, U 22
Tax, n. (U C) Money that you have to pay to the government according to your income, property, goods etc.
Tax, v. (T) to make a person or organization pay tax.
E.g. The govt. taxed the shareholders on the dividends they receive.
The shareholders get/are taxed on the dividends.
(Longman Business English Dictionary)
CHOOSE THE RIGHT WORD1. The main purpose of taxation is to
raise / rise revenue for government spending .
2. Taxes also reduce / provide inequality through redistribition.
3. Taxes are decreased / levied for the purpose of repricing.
4. A consequential effect of taxation is representation (rulers tax / levy citizens, and citizens demand accountability from their rulers).
CHOOSE THE RIGHT WORD1. The main purpose of taxation is to
raise / rise REVENUE for government spending .
2. Taxes also reduce / provide inequality through REDISTRIBITION.
3. Taxes are decreased / levied for the purpose of REPRICING.
4. A consequential effect of taxation is REPRESENTATION (rulers tax / levy citizens, and citizens demand accountability from their rulers).
The Four “R”sFour main purposes of taxation
Revenue, ____________, Repricing & Representation
1. Revenue: taxes r______ money to spend on public goods and g___________ functions (e.g. market regulation or legal systems).
2. R____________. Transferring wealth from the richer sections of society to poorer sections.
3. Repricing. Taxes are l_________ to address externalities: tobacco is taxed, for example, to discourage smoking.
4. Representation. “No taxation w_________ representation!" =
rulers tax citizens & citizens demand accountability from rulers
The Four “R”sFour main purposes of taxation
Revenue, Redistribution, Repricing & Representation
1. Revenue: taxes raise money to spend on public goods and government functions (e.g. market regulation or legal systems).
2. Redistribution. Transferring wealth from the richer sections of society to poorer sections.
3. Repricing. Taxes are levied to address externalities: tobacco is taxed, for example, to discourage smoking.
4. Representation. “No taxation without representation!“ =
rulers tax citizens & citizens demand accountability from rulers
COLLOCATIONSWho does what?levy a tax / evade a tax / collect a tax / impose a tax / avoida tax / fill in a tax return / put sb. in a tax bracket / file a taxreturn / be exempt from tax / exploit a loophole / increase atax / provide a tax relief/use a tax break / be liable to pay a tax GOVERNMENT
TAXPAYER (TAX AUTHORITIES)
Work in pairs to write min. 4 sentences with collocations.→ MK, p 112 – Vocabulary
COLLOCATIONSWho does what?levy a tax / evade a tax / collect a tax / impose a tax / avoida tax / fill in a tax return / put sb. in a tax bracket / file a taxreturn / be exempt from tax / exploit a loophole / increase atax / provide a tax relief/use a tax break / be liable to pay a tax
HW: write min. 8 sentences with collocations.→ MK, p 112 – Vocabulary
TAXPAYER GOVERNMENT (TAX AUTHORITIES)
evade a tax, avoid a tax, fill in a tax return, file a tax return, be exampt from tax, exploit a loophole, use a tax break, be liable to pay a tax
levy a tax, collect a tax, impose a tax, put somebody in a tax bracket, increase a tax, provide a tax relief
Vocabulary, MK p 112
1 income tax Note: flat rate of income tax
2 direct tax (the same for everybody)
3 progressive tax – the more you earn the more
4 indirect tax tax you pay5 value-added tax Pls. Compare flat rate tax
6 capital gains tax with progressive tax
7 inheritance tax
8 wealth tax
9 tax evasion 11 tax havens
10 tax avoidance 12 a loophole
Taxation: Warren Buffet on taxation system in the USA
• http://www.youtube.com/watch?v=oi6BQLM4aqo&feature=related
• Watch and answer the question:
Which types of taxes are mentioned in the programme?• HANDOUT - Listen and fill in:• LOOK UP THE FOLLOWING TERMS:
– Hedge fund– Payroll tax– To revamp– To reap– preferential
Taxation
• http://www.youtube.com/watch?v=oi6BQLM4aqo&feature=related
1) wealthy 9) shelters
2) percentage 10) fund
3) rate 11) hedge
4) inustice 12) preferential
5) than 13) higher
6) payroll 14) income
7) average 15) gains
8) paid 16) in
HW:• Structured notes comparing Galbraith and the
Friedmans view of the role of the state• Write a minimum of 8 sentences using
collocations with the word “tax” (from slide 17)
• Watch the programme with W. Buffet again and get ready to make a comment (minimum 5 sentences)
• What’s your opinion about the taxation system in Croatia?
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