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1
day-to-day cares
to reserve (book) a table
comrades ,
On the contrary
Waiters
Obliging-
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In a restaurant
I like going to restaurants at the weekend very much. Its a splendid opportunity to rest from day-to-day cares and just relax. Before setting off for a restaurant, I necessarily reserve (book) a table for me not to wait to be seated. If I go there on my own, I make a reservation for one person. If my friends come along with me, then I book a table for two or more people.
In my city there different kinds of restaurants Indian, French, Chinese and so on. I prefer oriental cuisine, so I can often be found in Japanese restaurants. Probably everyone is aware of the most signature dish of the Japanese theres no doubt that it is sushi. Most of my comrades dont like sushi and when Im going to make my way definitely for a Japanese restaurant, they refuse to go there with me.
Nevertheless, I dont get upset and dont give myself up to despair because of loneliness. On the contrary I get a chance to sit in silence for a while, listen to oriental music and taste one of the specials.
Waiters in the Japanese restaurant are very obliging. At the beginning they hand me the menu for 10-15 minutes so that I might study it well. I adore sweets, therefore I always order some dessert. A waiter takes my order and after a while he serves me the dessert. At the end I pay for the dinner and leave some tip.
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1.Do you like going to restaurant?
2.What kind of restaurant do you prefer?
3.Why do you like it?
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2
Science Museum .
Admission fee .
Donation .
Exhibitions
On display
Technological artifacts .
Wander around
Gift shop
Experiences , .
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Museum
You: Have you ever visited the Science Museum?
Your friend: No I havent. Is there an admission fee?
You: No it is free to enter, but you can make a donation.
Your friend: Sounds good. What exhibitions are on display at the moment?
You: There are many! I would like to visit the Making the Modern World section as they have a collection of technological artifacts from the past to the present day.
Your friend: Sounds like a pretty interesting place to wander around! I bet they have an excellent gift shop.
You: Lets go there this afternoon.
, :
How much is it to get in? ?
Is there an admission charge? ?
Only for the exhibition
What time do you close? ?
The museums closed on Mondays
an I take photographs? ?
Are there any guided tours today? ?
What time does the next guided tour start? ?
Wheres the cloakroom? ?
We have to leave our bags in the cloakroom
Do you have a plan of the museum? ?
Whos this painting by? ?
Oil paintings ,
Watercolours
Portraits
Landscapes
Sculptures
Ancient artifacts
Pottery
Do you like ? / ?
Modern art
3
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a form of applied ethics
business environment-
commitment-
implicitly-
employee-
suppliers-
shareholders-
to determine the fundamental purposes of a company-
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Business ethics
Business or corporate ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.
Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. For example, today most major corporations promote their commitment to non-economic values under headings such as ethics codes and social responsibility charters. Governments use laws and regulations to point business behavior in what they perceive to be beneficial directions. Ethics implicitly regulates areas and details of behavior that lie beyond governmental control. The emergence of large corporations with limited relationships and sensitivity to the communities in which they operate accelerated the development of formal ethics regimes. The term 'business ethics' came into common use in the United States in the early 1970s. By the mid-1980s at least 500 courses in business ethics reached 40,000 students, using some twenty textbooks and at least ten casebooks along supported by professional societies, centers and journals of business ethics.
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Business ethics reflects the philosophy of business, one of whose aims is to determine the fundamental purposes of a company. If a company's purpose is to maximize shareholder returns, then sacrificing profits to other concerns is a violation of its fiduciary responsibility. Ethical issues include the rights and duties between a company and its employees,suppliers, customers and neighbors, its fiduciary responsibility to its shareholders. Issues concerning relations between different companies include hostile take-overs and industrial espionage. Related issues include corporate governance; corporate social entrepreneurship; political contributions; legal issues such as the ethical debate over introducing a crime of corporate manslaughter; and the marketing of corporations' ethics policies.
:
1.What is business ethic?
2.Do governments use laws and regulations to point business behavior in what they perceive to be beneficial directions?
3.What did accelerate the development of formal ethics regimes?
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4
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to afford- ; to aim-; to allocate-; allocation-,to attempt-; benefit -, ; to break down-,;choice- , ;to compete ;to consider -;cost -;efficiency - ;enterprise -;extension -;to face -;to forego -;to generate -;to give up -, ; housing -;immense-;to improve-;individual - ;investment-;to involve -;labour-, ;needs -;option -, ;output - ;preference -;to provide -;range -;sales force - ;scarce -;share -;software - ;to use up -;to vary -;wants -;warehouse -;wealth -;wheat -;
THE BASIC ECONOMIC PROBLEM
Business activity involves satisfying consumers needs and wants. Businesses aim to satisfy these wants and needs by producing goods and services. When food is produced or a bus service is provided, resources (land, labour, capital and enterprise) are used up. These resources are scarce relative to needs and wants. In other words, these are not enough resources to satisfy all consumers needs and wants. This is known as the BASIC ECONOMIC PROBLEM. This means businesses, individuals and the government must make choices when allocating scarce resources between different uses. For example, a printer may have to choose whether to buy a new printing press to improve quality or some new computer software to improve administrative efficiency.
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Economics is the study of how resources are allocated in situations where they have different uses. The choices faced by decision makers can be placed in order of preference. For example, a business may be considering three investment options but can only afford one. The decision makers might decide that the order is:
1. a new computer system;
2. a fleet of cars for the sales force;
3. a warehouse extension.
The business will allocate resources to the purchase of the new computer system. The other two options are foregone or given up. The benefit lost from the next bestalternative is called the OPPORTUNITY COST of the choice. In this example it would be the benefit lost by not having a fleet of new cars.
What is an economy? An ECONOMY is a system which attempts to solve the basic economic problem. In the national economy the resources in a country are changed by business activity into goods and services which are bought by individuals. In a household economy the family budget is spent on a range of goods and services.
Local and international economies also act in the same way, but at different levels. The function of an economy is to allocate scarce resources amongst unlimited wants. The basic economic problem is often broken down into three questions.
What should be produced? In developed economies the number of goods and services produced from resources is immense. The economic system must decide which resources will be used to produce which products. For example, what proportion of resources should be used to produce food, housing, cars, cigarettes, cosmetics or computers? Should resources be used for military purposes? Should resources be used to generate wealth for the future? In less developed countries the decision about what to produce may be simpler. This is because the choices available are limited. For example, a very poor African village might be faced with the decision whether to produce wheat or maize. However, this is still a question about resource allocation and what to produce.
How should it be produced? The way in which goods and services are produced can vary. Decisions have to be made about such things as where production will take place, the method of production and the materials and labour that will be used.
For whom should it be produced? An economy has to determine how the final goods and services will be allocated amongst competing groups. For example, how much should go to students, should the unemployed receive a share of output, should Ethiopia receive a proportion of total UK output, should managers get more than workers?
How the above questions are answered will depend on the type of economic system. It is usual to explain how resources are allocated in three types of economy the free market economy, the planned economy and the mixed economy. The way business activity is organized will be different in each of these systems.
:
1.What is the aim of business activity?
2.What is the basic economic problem?
3.What does economics study?
4.What is an economy?
5.What is the function of an economy?
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MARKET ECONOMIES
In MARKET ECONOMIES (also known as CAPITALIST ECONOMIES or FREE ENTERPRISE ECONOMIES) resources are allocated through markets.
The role of government in a free market system is limited. Its main functions are:
To pass laws which protect the rights of businesses and consumers and punish offenders;
To issue money and make sure that the monetary system operates so that markets work efficiently;
To provide certain essential products and services that would not be provided by firms, such as policing, national defence and the judiciary;
To prevent firms from dominating the market and to restrict the power of trade unions. These activities will restrict competition and affect the workings of the market.
What to produce. This decision is often made by consumers. Businesses will only produce goods if consumers will buy them and so firm must identify consumers needs and respond to them. Firms which produce unwanted products are likely to fail.
Resources will be used to produce those goods and services which are profitable for businesses. If consumers buy more of a particular product prices will tend to rise. Rising prices will attract firms into that industry as they see the chance of profit. For example, in recent years, new firms have set up supplying accommodation for the elderly, to exploit rising demand as the population ages in the UK.
As demand for out of date and unwanted products falls their prices will also fall. Firms will leave these industries due to a fall in profit. They will sell unwanted resources like land, buildings and equipment and make labour redundant. These resources will be used by other businesses. For example, many cinemas have closed down due to a lack of demand. Some of the buildings used as cinemas have been bought by other businesses and used as bingo halls, night clubs or supermarkets.
How to produce. In market economies businesses decide this. Businesses aim to make a profit. They will choose productions methods which reduce their costs. Competition in business forces firms to keep prices low. Consumers will prefer to buy their goods from firms which offer lower prices, although other things such as quality will also influence them.
How are goods and services allocated? Firms produce goods and services which consumers purchase with money. The amount of money consumers have to spend depends on their income and wealth. In market economies individuals own the factors of production. For example, workers earn wages from selling their labour. Owners of capital receive interest, owners of businesses receive profits and owners of land receive rent. All of these can be spent on goods and services. Those individuals with the most money can buy the most products.
In practice there are no pure market economies in the world. However, some countries such as the USA, Japan and Hong Kong have economies which possess many of the characteristics of market economies.
:
1) What are main functions of government in a free market system?
2) How do price force firms to produce the goods which consumers need?
3) Why do firms leave production of unwanted goods and services?
4) How are resources reallocated when demand for unwanted products falls?
5) How does competition affect choice of production methods in market economies?
6) How are goods and services allocated in a free market system?
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ECONOMIES
There are a number of ways in which a government can organize its economy and the type of system chosen is critical in shaping environment in which businesses operate.
An economic system is the way in which a country uses its available resources (land, workers, natural resources, machinery etc.) to satisfy the demands of its inhabitants for goods and services. The more goods and services that can be produced from these limited resources, the higher the standard of living enjoyed by the country's citizens. There are three main economic systems:
PLANNED ECNOMIES
Until the late 1980s and early 1990s many Eastern European countries such as Romania, Poland and Russia could be described as PLANNED or COMMAND ECONOMIES. Today, examples might include Cuba and North Korea. Government has a vital role in a planned economy. It plans, organizes and co-ordinates the hole production process. This is unlike a market economy, where planning and organizing is carried out by firms. Another difference is that resources in planned economies belong to the state. Individuals are not permitted to own property, land and other non-labour means of production.
What to produce. This decision is made by government planners. They decide the type and mix of goods and services to be produced. Planners make assumptions about consumers' needs. For example, they decide how many cars, how much milk, how many shirts and how much meat should be produced. Planners then tell producers, such as farms and factories, exactly what to produce.
How to produce. Government also tells producers how to produce. Input-output analysis is often used to make plans. For example, with a given level of tehnology, the state may know the land, labour, tractors and fertilizer (inputs) needed to make 1 million tones of wheat (the output). If an area needs 20 million tones, it is possible to work out the inputs needed. A complex table is drawn up which helps planners calculate the resources needed to meat the various output targets. Plans are often for 5,10 or 15 years.
How are good and services allocated? Goods and services are distributed to consumers through state outlets. People purchase goods and services with money they earn. Prices are set by the planners and cannot change without state instruction. Sometimes there are restrictions on the amount of particular goods and services which can be bought by any one individual, cars for example. Some goods and services, like education and health care, are provided free by the state.
MIXED ECONOMIES
In reality, no country has an economy which is entirely planned or free market. Most economic systems in the world have elements of each system.
They are known as MIXED ECONOMIES. In mixed economies some resources are allocated by the government and the rest by the market system. All Western European countries have mixed economies. The public sector in mixed economies is responsible for the supply of public goods and merit goods. Decisions regarding resource allocation in the public sector are made by central or local government. In the private sector production decisions are made by firms in response to the demands of consumers.
In the public sector, public goods and merit goods are provided free when used and are paid for by taxes. Examples might be roads, health care and street lighting. In mixed economies the state usually provides a minimum standard of living for those unable to work. In the UK the Welfare State provides benefits, such as unemployment benefit and sickness benefit. In the public sector the state will own a significant proportion of production factors.
In the private sector individuals are also allowed to own the means of production. Businesses are set up by individuals to supply a wide variety of goods and services.Competition exists between these firms. As a result, there will tend to be choice and variety. One of the roles of the government is to ensure that there is fair competition in private sector. All private sector goods and services are allocated as in the market system described earlier.
What should be the 'degree of mixing' in this type of economy? The government will decide how much business activity there will be in the private sector and how much in the public sector. Some countries, like Sweden, allow the government to play a major role in the supply of goods and services than others, like the UK. For example, in Swedenthe government spends around 60 per cent of national income, whilst in the UK the government spends around 40 per cent. In countries where the government plays an important economic role, social provision will tend to be greater, taxes higher and the distribution of wealth and income more equal. In countries where the private sector plays the most important economic role, social provision will tend to be lower with fewer free goods and services at the point of sale. Also, taxes will be lower and the distribution of wealth and income less equal. For example, in the last decade, income tax rates have fallen in the UK and fewer services have been supplied by the state. The distribution of income has changed in favour of the 'wealthy' during this time.
:
1) What are the differences between a market economy and a planned economy?
2) Who makes decisions about what to produce in the countries with planned economies?
3) Who decides how to produce in the countries with planned economies?
4) How are goods and services allocated in the countries with planned economies?
5) Who allocates resources in the countries with mixed economy?
6) What kinds of goods are provided free in the public sector of the countries with mixed economy?
7) What is the role of government in the private sector of mixed economies?
8) How are goods and services allocated in the private sector of mixed economies?
9) How does social provision depend on the 'degree of mixing' in the countries with mixed economy?
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positiveeconomics
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