CHALLENGE!

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CHALLENGE!

• Open to ALL TEAMS
• Task MIND MAP one of the following topics
• Types of economic systems
• Economic sectors employment
• Public and private sector
• Types of businesses in the private sector
• Get input on mind-mapping on my web site!
• Deadline 26 November

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CHALLENGE cont.

• Prizes
• 1 Opportunity to meet a HR specialist (1)
• (Coca-cola,RTL) exhibition
• (web Otvoreni dani)
• 2 Huge chocolate bar exhibition (1 )
• 3 Chocolate bar exhibition (a.m.a.n. ?)
• Help Contact my demosica Željka ASAP

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Public vs. private sector

• Classify the following
• the army, private ownership, profit, public
  utilities
• public goods, businesses, organisations, need
• municipal enterprises, government agencies,
• merit goods, entrepreneurs, public corporations,
  ...

Public sector Private sector

Talk about them using the words listed!
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• Reader, p. 22, Task I
• unincorporated vs. incorporated businesses
• GLOSSARY
• legal identity
• identity recognized by the law
• legal entity
• an organization considered as separate,
  independent unit for legal purposes
• limited liability liability uncountable noun,
  no plural
• the legal position of being responsible for
  paying only a limited amount of the companys
  debt if it goes out of business you and your
  business are two separate entities
• unlimited liability
• the owner is responsible for any debts the
  business runs up (owners personal wealth may be
  claimed) you and your business are legally
  one and the same entity

Careful! Very similar!
?UNINCORPORATED BUSINESS
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• Reader, p. 22, Task I
• unincorporated vs. incorporated businesses
• GLOSSARY
• legal identity
• identity recognized by the law
• legal entity
• an organization considered as separate,
  independent unit for legal purposes
• INCORPORATED BUSINESS ? limited liability
• the legal position of being responsible for
  paying only a limited amount of the companys
  debt if it goes out of business you and your
  business are two separate entities
• UNINCORPORATED BUSINESS ? unlimited liability
• the owner is responsible for any debts the
  business runs up (owners personal wealth may be
  claimed) you and your business are legally
  one and the same entity

Careful! Very similar!
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• R, p 22, Vocabulary task II
• overdraft
• unlimited liability
• incentive
• disclosure of accounts
• general public
• share
• access to capital
• liquidate
• liability

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BUSINESS ORGANISATIONS IN THE PRIVATE SECTOR

• WITH LIMITED LIABILITY
• private limited company (Ltd.)
• public limited company (PLC)

• WITH UNLIMITED LIABILITY
• sole proprietorship OR sole trader
• partnership
• ? R, III

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• SOLE PROPRIETORSHIP,
• PARTNERSHIP OR BOTH?
• owned by one person only (may employ other
  workers)
• medicine, accountancy, law
• farmers, small scale manufacturers, retailers,
  hairdressers
• owned by 2 -20 partners
• unlimited liability
• possibility of specialisation
• profits and losses shared equally
• direct control of business
• sole claim on profits

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• SOLE PROPRIETORSHIP,
• PARTNERSHIP OR BOTH?
• owned by one person only (may employ other
  workers) - SP
• medicine, accountancy, law - P
• farmers, small scale manufacturers, retailers,
  hairdressers- SP
• owned by 2 -20 partners - P
• unlimited liability SP, P
• possibility of specialisation, P
• profits and losses shared equally, P
• direct control of business, SP
• sole claim on profits SP

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PRIVATE LIMITED COMPANY, PUBLIC LIMITED COMPANY
OR BOTH?

• limited liablity for debts
• profits paid as dividend payments
• shareholders
• shares available to general public
• disclosure of accounts
• more difficult to sell shares
• possibility of takeovers
• finance easily available

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PRIVATE LIMITED COMPANY (Ltd.), PUBLIC LIMITED
COMPANY (PLC) OR BOTH?

• limited liablity for debts Ltd., PLC
• profits paid as dividend payments - Ltd., PLC
• shareholders Ltd., PLC
• shares available to general public - PLC
• disclosure of accounts - PLC
• more difficult to sell shares Ltd.
• possibility of takeovers - PLC
• finance easily available Ltd., PLC

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Check this out!

• http//www.bbc.co.uk/schools/gcsebitesize/business
  /aims/limitedcompaniesrev_print.shtml

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Reader, p. 22 (task III)Describing UK businesses

• ...is a type of business which ...
• It is controlled by ... and managed by...
• This business is financed by ...
• Business decisions are made by ...
• ... has/have a claim on profits.
• ... is (are) /is not(are not) personally liable
  for ... because this business has
  limited/unlimited liability.
• Pick one and practice describing it! Next!

R, p 25 check it out! A contrastive view Eng.
vs. Cro.
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Reader, p. 23, task IV Public limited
company ? Public corporation

• HOMEWORK
• Reader, p. 23, task V (read carefully, fill
  in, look up new words)
• p. 24 (read, look up new words, make a
  list of new words with explanations, examples)