- •Донецький національний університет економіки і торгівлі імені Михайла Туган-Барановського
- •Economics Today
- •Content
- •Texts for Individual Reading
- •Передмова
- •Unit 1. What does economics study?
- •Vocabulary.
- •What does economics study?
- •Money price human wants scarcity
- •What does economics study?
- •Pronouns
- •Unit 2. Different Economic systems.
- •Vocabulary.
- •Different economic systems
- •Outstanding economists.
- •Unit 3. Economics as a social science.
- •Vocabulary.
- •Try to explain the above mentioned economic notions as you understand them, by your own words.
- •Economics as a social science.
- •Economics as a social science
- •Outstanding economists
- •Unit 4. Economics as a policy.
- •Vocabulary.
- •Economics as policy.
- •Economics and policy
- •Outstanding economists.
- •Unit 5. Main economic concepts.
- •Vocabulary.
- •Main economic concepts.
- •Outstanding economists.
- •2. Define:
- •Unit 6. Market, Supply and Demand.
- •Vocabulary.
- •Market, supply and demand
- •What money can’t buy
- •Outstanding economists.
- •Unit 7. Prices and their formation.
- •Vocabulary.
- •Price and its formation.
- •Past Tenses
- •When prices draw us.
- •Outstanding Economists.
- •2. Value:
- •Unit 8. Taxes and Taxation.
- •Vocabulary.
- •Taxes and taxation
- •Past Tenses Past Perfect Simple
- •Past Perfect Continuous
- •Will Germany Start Tax Reform?
- •Crackdown on “alcohol disorder zones”
- •Outstanding economists.
- •Sources of government revenue
- •Public spending
- •Unit 9. Business organization.
- •Vocabulary.
- •Forms of business ownership in the u.S.A.
- •The Formal Organization.
- •Up and Down of People Express
- •Burr’s Business
- •3. Necessity:
- •Unit 10.
- •Forms of business small business
- •I. Can you stick with it?
- •How to make business plan.
- •The Passive Voice
- •Unit 11. Franchising.
- •Vocabulary.
- •Franchising.
- •Evaluate your franchise opportunities.
- •Mc’Donald’s : burger and fries a la français.
- •Invest:
- •5. Tax:
- •Unit 12.
- •International Trade.
- •International trade.
- •How to avoid business blunders abroad.
- •Vocabulary to Text 2.
- •Advertising.
- •Vocabulary:
- •Answer the questions:
- •Economic theories.
- •Vocabulary:
- •Answer the questions:
- •Main economic concepts.
- •Vocabulary:
- •Answer the questions:
- •Management.
- •Vocabulary:
- •Answer the questions:
- •Marketing.
- •Vocabulary:
- •Answer the questions:
- •Types of economic systems.
- •Vocabulary:
- •Vocabulary:
- •Practical Tasks:
- •Text 2. Classical Theories.
- •Vocabulary:
- •Practical Tasks:
- •Text 3. The Meaning of Management.
- •Vocabulary:
- •Practical Tasks:
- •What is you understanding of management?
- •Vocabulary:
- •Practical Tasks:
- •Text 5. Management Activities.
- •Vocabulary:
- •Practical Tasks:
- •Text 6. Classical Theories.
- •Vocabulary:
- •Practical Tasks:
- •Text 7. Fayol's Principles of Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 8. F.W.Taylor and Scientific Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 9. The Principles of Scientific Management.
- •Vocabulary:
- •Practical Tasks:
- •Text 10. Scientific Management after Taylor.
- •Vocabulary:
- •Practical Tasks:
- •Text 1. Comments on the Scientific Management School.
- •Text 2. L.F.Urwick.
- •Text 3. E.F.L.Brech.
- •Text 4. Max Weber and the Idea of Bureaucracy.
- •Text 5. Bureaucracy.
- •Text 6. Bureaucracy after Weber.
- •Questions for Discussions to texts 1-6.
- •Nobel prize winners.
- •1975: Nobel Prizes.
- •Money in our everyday life quotations. Attitudes to money.
- •Giving away money.
- •Money and everyday life.
- •Money and the family.
- •Money at work.
- •Money madness.
- •Possessions.
- •The economic model.
- •The psychology of money.
- •The very rich.
- •Young people, socialisation and money.
- •Poetry.
- •I have some fe a rainy day underneath me bed,
- •Is dis culture yours, cause it is not mine
- •It could do good but it does more bad
- •The coin speaks.
- •The hardship of accounting.
- •The millionaire.
- •Keys unit 1.
- •Comprehension check.
- •Unit 2.
- •Comprehension check.
- •Unit 3.
- •Comprehension check.
- •Unit 4.
- •Comprehension check.
- •Unit 5.
- •Comprehension check.
- •Unit 6.
- •Comprehension check.
- •Unit 7.
- •Train and check yourself
- •Unit 8.
- •Unit 9.
- •Comprehension check.
- •Fill in the chart
- •Unit 10.
- •Unit 11.
- •Comprehension check.
- •Unit 12.
- •Keys to the texts for individual reading
- •Economics Today
Taxes and taxation
It has been argued that taxes are what we pay for a civilized society. They are the subscription we pay for a stable, supported social environment. Tax is a social contract between individuals who tacitly agree to pay for particular social benefits.
There are many different types of tax: both direct on income and indirect on specific goods or sales.
Income tax is usually paid through the pay-as-you-earn (PAYE) scheme. It is a tax on the income of individuals which is taken from wages, rents, dividends, and interest. In the UK individuals earning up to ₤24000 pay 25 per cent tax.
Corporation tax is paid by firms on the profit they earn. It makes up 33 per cent but, if a firm is small and profit doesn’t exceed ₤250000, the tax is 25 per cent.
Capital gain tax is paid by individuals who profit by selling a capital asset at a higher price than they originally paid, e.g. the sales of shares.
Inheritance tax was formerly called death duties. It is paid to the government when assets are transferred from deceased to inheritor.
National insurance contributions (NICs). These bare payments made by individuals and their employers to the Department of Social Security. They are used to finance pensions and social security.
Local taxes may be used by communities for their needs.
Indirect taxation is taxes levied on expenditure on goods and services. The seller of the good or service collects the tax on behalf of the government, by adding the tax to the price of goods and services sold.
Value added tax (VAT) is charged on most goods and services in the UK. It makes up 17.5 per cent of a good or service retail price, and it is added to that price to form the final price.
Excise duties are taxes on particular goods or services, such as petrol, diesel, alcoholic drinks, tobacco products and gambling. They are levied on a manufacturer.
Customs duties are tariffs on goods imported from outside the country or EU.
Taxes have always been and continue to be unpopular. Hence “sin” taxes on tobacco, alcohol and gambling can be reasonably popular and even good for the health of the nation.
Painless, widely accepted, trouble free and easy-to-collect taxes do not exist. That is why people try to avoid taxes. Tax avoidance is legal. Tax evasion is illegal.
COMPREHENSION CHECK |
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Exercise 1. Answer the following questions.
What is tax?
Why do people pay tax?
What is income tax?
What income tax do people pay in our country?
Who pays corporation tax and what for?
What is capital gain tax?
Why was inheritance tax formerly called death duties? Who earns on it? Do you consider that to be fair?
What is the most justified tax? Why?
Why should we pay VAT? Do you agree with that?
What is better for entrepreneur in our country tax avoidance or tax evasion? Why?
11. What is excise duty on gambling in Ukraine? In Russia? In Great Britain? In the USA?
Exercise 2. Correct false sentences.
From time to time people refuse to pay taxes tacitly and organize strikes.
The pay-as-you-earn scheme of income tax is one of the most backward and unfair.
People working in corporation pay the corporation tax for their being employed.
People pay inheritance tax to their relatives who were deprived inheritance.
People don’t pay anything to the Department of Social Security and get pensions and social benefits free.
In the U.K. VAT makes up 20% of a good or service and in Ukraine – almost the same.
For the sake of community health government should not levy excise duties.
Tobacco, alcohol and gambling promote mental health of nations.
Many people, so called nouveau riche always pay all taxes and are very proud of their honesty.
Let’s ponder!
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GRAMMAR Active Voice. Past Perfect. Past Perfect Continuous. |