- •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
Unit 8.
2.
1. inheritance tax |
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2. interest |
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3. income tax |
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4. tacitly |
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5. subscription |
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6. social security |
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7. VAT |
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8. on behalf of |
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9. gambling |
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10. customs duties |
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11. sin |
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12. painless |
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13. excise duties |
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14. to levy |
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15. from outside |
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16. evasion |
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17. trouble-free |
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18. avoidance |
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COMPREHENSION CHECK. (text I)
Exercise 2.
People don’t refuse to pay taxes.
This scheme is considered to be progressive.
No, they don’t. Firms pay corporation tax on the profit they earn.
No, people pay inheritance tax to the government when they inherit the late’s assets.
People pay NICs.
In Britain VAT makes up 17.5%.
Government should raise levy duties on health threatening goods such as tobacco, alcohol etc.
Vice versa. These goods influence badly any nation’s health.
Nouveau riches in former countries of the Soviet Union try to evade taxes by all means.
COMPREHENSION CHECK. (text II)
Exercise 1.
1-j; 2-a; 3-k; 4-h; 5-b; 6-l; 7-e; 8-m; 9-d; 10-p; 11-n; 12-g; 13-o; 14-q; 15-c; 16-f; 17-i.
Exercise 2.
1. now the tax system is too complicated and unattractive for foreign investors.
2. companies especially.
3. lowering marginal tax rates, scrapping tax breaks, broadening tax base and simplifying the taxation system.
4. being a structured, rational system.
5. by Germany’s federal system.
6. the Country’s Constitutional Court.
7. corporate - and income tax rates must be about the same.
8. incomes above €8,000, €16,000, €40,000 respectively.
9. may cut revenues by €24 billion in the first year.
10. proportionally higher than people with bigger incomes.
11. treats labour and capital income differently.
Exercise 3.
1. to impose charges; 2. licensed premises; 3. to cut alcohol-related crime; 4. to pay a levy; 5. the revenue; 6. to reduce; 7. target; 8. will be imposed; 9. the opposite effect; 10. will stay away; 11. troublemakers.
Exercise 1.
Taxes are usually spent for particular social benefits and state security.
Police, army, state medical healthcare, even government are kept due to our taxes.
Inheritance tax in some countries such as Switzerland, Holland makes up about 40% of all assets.
Income tax is paid from all kinds of individuals’ incomes such as wage, rent, dividends and interest.
Local taxes are usually used by communities for their needs.
Not only manufacturers but individuals too have sometimes to pay customs duties.
Money received from excise duties especially on tobacco, alcoholic drinks, gambling should be spent on education of children in the spirit of high morality.
Many riches try to ignore and evade taxes, but it is legally prosecuted.
Exercise 2.
1-got; 2-shared; 3-was published; 4-found, should commit; 5-stressed; 6-was found; 7-studied, published; 8-refuted; 9-proved.
Exercise 3.
1. has started; 2. bought; 3. was displaying; 4. slipped; 5. fell; 6. had had; 7. was broken; 8. was; 9. exceeded; 10. to do; 11. had ordered; 12. left; 13. packed; 14. put; 15. sent; 16. had written; 17. asked; 18. congratulated; 19. had made; 20got; 21. had unrapped; 22. saw.
Exercise 6.
A major source of revenue for government is taxation.
Taxation may be broken into direct and indirect.
Direct tax is imposed on individuals or firms and indirect tax – on goods and services.
Taxation has major implication for organisations in terms of business activities, the labour market, and prices.
Fiscal policy is a set of measures where the government manipulates tax and expenditure to achieve particular policy objectives.
For instance, the government may raise taxation to reduce the disposable income of individuals.
This step, in its turn, reduces their spending.
Hence, rise in taxation could be used as a policy to cut inflation.
Any increase in income tax will reduce demand in the economy and reduce sales.