pop quiz analysis. bonus points: ella puharić 16/26 = 1 bp giacomo trenz 13/26 = ½ bp kristian...
TRANSCRIPT
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POP QUIZ
Analysis
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Bonus points:
• Ella Puharić 16/26 = 1 bp
• Giacomo Trenz 13/26 = ½ bp
• Kristian Krnić 15/26 = 1 bp
• Filip Filipović 15/26 = 1 bp
• Lidija Juzbašić 18/26 = 1 pb
• Dan Stričević 18/26 = 1 bp
• Martin Obad 18/26 = 1 bp
• Karlo Knežević 20,5/26 = 2 bp
• Lida Matić 17/26 = 1 bp
• Ivan Knežević 23,5/26 = 2 bp
• Zvonimir Medvidović 18/26 = 1 bp
• MacKenzie Moore 17/26 = 1 bp
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• Fill in the gaps in sentences using grammatically correct forms of verbs rise, raise, slash, arise.
1) The financial crisis ___________ in 2008.
• 2) The Central Bank should ____________ the interest rates to boost the economy.
• 3) The value of stocks __________________ significantly since last October.
• 4) They had no competitors and they ________ their prices.• 5) Trying to recover their research and development costs
and they ____________ their prices.
• 6) In 2007 the Banks ____________ the interest rates to make loans more attractive.
aroseslash
has risen
raised
raised
slashed
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• Fill in the gaps in sentences using grammatically correct forms of verbs rise, raise, slash, arise.
7) The market value of Facebook __________________ significantly since the beginning of this year.
8) Since our last meeting a new problem ____________.
9) In 2003, the FED ____________ the interest rates to boost the economy.
10) In October, the value of stocks ________ significantly.
has risen
has arisen
slashed
rose
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Arise (tenses?)
The financial crisis ___________ in 2008.
Since our last meeting a new problem ____________.
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Slash (tenses)
The Central Bank should ____________ the interest rates to boost the economy.
In 2007 the Banks ____________ the interest rates to make loans more attractive.
In 2003, the FED ____________ the interest rates to boost the economy.
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Rise (tenses?)The value of stocks ________________ significantly since last October.
The market value of Facebook ___________ significantly since the beginning of this year.
In October, the value of stocks ____________ significantly.
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Raise (tenses?)
They had no competitors and they ________ their prices.
Trying to recover their research & development costs they ____________ their prices.
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Graph description: NOUNS (RB, p 31-32)
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INTERNATIONAL TRADE + * EU*
RB, p 45-55
MK, U 27
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Trade
• DEFINE “TRADE” USING THESE:activity / buying / selling / exchange / goods /
services / within / between countries
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Trade
The activity of buying, selling or exchanging goods and services within a country or between countries. (commerce)
Source: Longman Business English Dictionary
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Visible = exchange of goods
Trade
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Visible
Invisible Trade
= exchange of services
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Visible
Invisible Trade
Counter-(Barter) = direct exchange, without the use of money
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From the country To the country
Visible Visible
Invisible Trade TradeInvisible
Counter-Counter
(Barter) (Barter)
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From the country To the country
Visible Visible
Invisible Trade TradeInvisible
Counter- EXPORTS IMPORTSCounter
(Barter) (Barter)
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From the country To the country
B A L A N C E
Visible Visible
Trade Trade
EXPORTS IMPORTS
Balance of trade
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B A L A N C E
Visible Visible
Invisible Trade TradeInvisible
Counter- EXPORTS IMPORTSCounter
Trade in goods +
Invisible trade (services) =
Balance of payments
(Barter) (Barter)OUTGOING INCOMING
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Visible
Trade Invisible
EXPORTS Counter
(Barter)
Visible
Invisible Trade
Counter- IMPORTS
Trade deficit
(Barter)
BA
LA
NC
E
Balance of tradeBalance of payments
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Visible
Trade Invisible
IMPORTS Counter
(Barter)
Visible
Invisible Trade
Counter- EXPORTS
Trade surplus
(Barter)
BA
LA
NC
E
Balance of tradeBalance of payments
→ RB, p 45, task I
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International tradeTeamwork:
1)Brainstorm reasons for importing foreign products: e.g. honey
Why import honey?
What makes imported honey cheaper?
What could make imported honey more expensive?
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International TradeRB 45-47
Free Trade
and Protectionism
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READING: PROTECTIONISM AND FREE TRADE
Plan:
1) Reading groups of paragraphs: 1 + 2
3 + 4 + 5
6 +7
8 + 9
to learn about relevant concepts
(e.g. comparative cost principle, tariffs)
2) Focus on vocabulary: typical collocations
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READINGPROTECTIONISM AND FREE TRADE
Read paragraphs 1 & 2 to explain:
THE COMPARATIVE COST PRINCIPLE
ABSOLUTE / COMPARATIVE ADVANTAGE
(REASONS & EXAMPLES)
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Comparative advantageThe idea that countries should s________ in making the
products that they are particularly good at making, and should i______ products that other countries are better at making.
Longman Business English Dictionary
• Comparative advantage the advantage that one country has over another because it is better at making a particular product.
Longman Business English Dictionary
• Absolute advantage is the ability of a country to produce a particular good at a lower absolute cost than any other country.
http://www.investopedia.com
pecialize
mport
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Absolute or comparative advantage?
• Brazil - coffee
• China - shoes
• USA - computers
• Canada - timber
• South Korea - hi-fi
Absolute advantage(climate)
Comparative advantage(low labour costs)
Comparative advantage(advanced technology)
Absolute advantage(natural resources)
Comparative advantage(educated, cheap labour force)
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Reasons forTRADE LIBERALIZATION (Free trade)
• spe_______n• a______e/c________e
advantage• a_____s to markets • intern. c________n &
efficiency• efficient market
m_________m• freer m________t of
resources• f______m to choose
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Reasons for TRADE LIBERALIZATION (free trade)
• specialization• absolute/comparative
advantage• access to markets • intern. competition &
efficiency• efficient market
mechanism• freer movement of
resources• freedom to choose
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Collocations from pgs 1 & 2
rai______ living standard
spe______ in the production
c________ advantage ___ producing...
fac______ of production
div_______ of labour
ec_______ of scale
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Collocations from pgs 1 & 2
raise living standard
specialize in the production
comparative advantage in producing...
factors of production
division of labour
economies of scale
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Free trade vs. Protectionism
• International trade (imports and exports) without government r__________
• Trade of goods and services without trade b_______
• Protection of d________ industries against foreign c________
• Government restrictions are placed on the i______ of foreign competitors
(tariffs, quotas and subsidies)
estrictions
arriers
omestic
ompetition
mports
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Read paragraphs 3, 4 & 5 to explain:
PROTECTIONISM AND REASONS FOR PROTECTIONISM
TYPES OF TRADE BARRIERS
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TRADE LIBERALIZATION vs. PROTECTIONISM(reasons for) (reasons for)
• protect jobs (v____s)• protect d_______c ind.• strategic reasons
– i_____t industries
• political p______e• protect culture (?)• r______e• prevent d________g• reduce a b______e of
payment deficit• r_________e against
restrictions
• specialization• absolute/comparative
advantage• access to markets • intern. competition &
efficiency• efficient market
mechanism• freer movement of
resources• freedom to choose
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TRADE LIBERALIZATION vs. PROTECTIONISM(reasons for) (reasons for)
• protect jobs (votes)• protect domestic ind.• strategic reasons
– infant industries
• political pressure• protect culture (?)• revenue• prevent dumping• reduce a balance of
payment deficit• retaliate against
restrictions
• specialization• absolute/comparative
advantage• access to markets • intern. competition &
efficiency• efficient market
mechanism• freer movement of
resources• freedom to choose
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TRADE BARRIERS
• Tariffs
• Import quotas
• Embargo
• Subsidies
• Non-tariff barriers:
Import substitution
Safety norms
Customs difficulties and delays
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Name the trade barrier1. Taxes on imported goods. They raise the price to
customers and make them less attractive.
2. Limits on the quantity of a product that can be imported into a country e.g. 200,000 cars.
3. Laws and safety guidelines.
4. Making it difficult to arrange all certificates necessary to import into a country.
5. When a country produces and protects goods that cost more than those made abroad.
6. Money paid by a government to producers of certain goods to help them provide low-priced goods without loss to themselves.
7. A government order to stop trade with another country.
Tariffs
Quotas
Subsidy
Safety norms
Import substitution
Embargo
Custom difficulties and delays
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Barriers to free trade: tariffs, quotas, subsidies, customs duty, import licence,
complicated regulations for documents
TARIFFS• to impose / set a tariff• to place a tariff on sth• to eliminate / lift a tariff• high / low tariffs
QUOTAS• to impose / introduce / lift / set quotas• to increase / raise / reduce a quota• to comply with / exceed quotas
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Barriers to free trade: tariffs, quotas, subsidies, customs duty, import licence,
complicated regulations for documents
SUBSIDY• government / state subsidies• to get / qualify for / receive a subsidy• to give / grant / pay / provide a subsidy
CUSTOMS DUTY
the customs duties on foreign cars
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Collocations from paragraphs 3, 4 & 5 im________ tariffs & quotas / restrictionspro________ strategic / infant industriesab_________ sectorsl____ to structural unemploymentred________ a balance of payment deficitpr_________ against dumpingdes_______ or wea______ competitorsret________ against restrictionsa_________ economies of scales____ a limit to importspro______ revenue for the government
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Collocations from paragraphs 3, 4 & 5 impose tariffs & quotas / restrictionsprotect strategic / infant industriesabandon a sectorlead to structural unemploymentreduce a balance of payment deficitprotect against dumpingdestroy or weaken competitorsretaliate against restrictionsachieve economies of scaleset a limit to importsprovide revenue for the government
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Read paragraphs 6 & 7 to explain:
ORGANISATIONS PROMOTING FREE TRADE & THEIR FUNCTION
Most favoured nation clause?
The final GATT agreement? (when and what?)
Which organization superseded GATT?
OPPOSITION TO FREE TRADE (who and why?)
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Removing trade barriers
• Organisations set up to encourage the removal of barriers to free global trade:– IMF– World Bank– WTO
• Countries join or face exclusion from benefits of free world trade
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Collocations from paragraphs 6 & 7
gr____ favourable conditions
opp_____ free trade
countera_____a fall in prices
pra______ import substitution
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Collocations from paragraphs 6 & 7
grant favourable conditions
oppose free trade
counteract a fall in prices
practice import substitution
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Read paragraphs 8 & 9 to explain:
PROBLEMS & FEARS OF DEVELOPING COUNTRIES (IMF)
OTHER REASONS FOR DEVELOPING COUNTRIES TO REDUCE THEIR PROTECTIONISM
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Read paragraphs 8 & 9 to explain:
REASONS FOR DEVELOPING COUNTRIES TO REDUCE PROTECTIONISM:
1 need to repay huge d____ - IMF imposed obligation to export
2 s_______ of the East Asian “Tiger” economies
3 c_______ of the Soviet Union
4 potential ex________ from the t______ blocks (the EU, NAFTA)
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PROBLEMS & FEARS OF DEVELOPING COUNTRIES (IMF)
1 need to repay huge debts - IMF imposed obligation to export
2 success of the East Asian “Tiger” economies
3 collapse of the Soviet Union
4 potential exclusion from the trading blocks (the EU, NAFTA)
Read paragraphs 8 & 9 to explain:
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Collocations from paragraphs 8 & 9:
p_____ the interest r______ the principalr______ (renew) a loanr _________ (postpone) repaymentsi________ severe conditionst_______ blocksl_______the economyl_______trade barriers
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pay the interest repay the principalrollover (renew) a loanreschedule (postpone) repaymentsimpose severe conditionstrading blocksliberalize the economylower trade barriersHW: RB, p 47 Write the questions.RB, pp 48-49 Oh, sweet reason (compare with N on p 135)
MK, p 133 Education and protection – read and answer the questions
Collocations from paragraphs 8 & 9:
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Discussion: For and against free trade
→ MK, p 134
Vocabulary, pp 132 & 134
Reading and discussing, p 135
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Need the following phrases?• I am sure that...
• In my opinion... / I believe / From my point of view
• It is only fair / right to admit...
• It is difficult to take a firm stand on this, but ...
• Let me give you an example ... / If I may illustrate ...
• As / because of / since / consequently / therefore
• Firstly... Secondly... Thirdly...
• I am afraid that ...
• Although .... , I have to say ...
• Furthermore, ..../ Moreover,....
• However,...
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Report writing task 2, RB p 25
• Teamwork:
Write a short report and hand it in.