Liviu-Mihail Marinescu - 212.87.231.210212.87.231.210/media/fck/BE.pdf · Liviu-Mihail Marinescu...

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Transcript of Liviu-Mihail Marinescu - 212.87.231.210212.87.231.210/media/fck/BE.pdf · Liviu-Mihail Marinescu...

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Liviu-Mihail Marinescu

BUSINESS ENGLISH FORECONOMICS AND MANAGEMENT

Focha 5/23, 42-200 Częstochowa, Poland2014

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Copyright International Research Center for Higher Education and BusinessCooperation 2014

Editorial Scientific Committee:George BalanLiviu MihaescuSebastian KotJanusz Grabara

Technical Committee:Paula BajdorIwona Grabara

ISBN: 978-83-939932-1-5

The first editionPrinted quantity: 200

Liviu-Mihail Marinescu, University Senior Lecturer,Danubius University of Galati,Galati blvd. no. 3, 800654 Galati,[email protected]

Copyright Liviu-Mihail Marinescu 2014. This work is the intellectual property of theauthor. Permission is granted for this material to be shared for non-commercial,educational purposes, provided that this copyright statement appears on the reproducedmaterials and notice is given that the copying is by permission of the author. Todisseminate otherwise or to republish requires written permission from the author.

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GENERAL AIM OF THIS BOOK- BRIEF PRELIMINARY NOTE-

This book aims at improving the language competencies of economics studentsand managers learning or working in an English-speaking community andwilling to continuously better their knowledge of English for the businessenvironment.Therefore, if you are that kind of student eager to get better adapted to theinternational business world or a manager willing to expertly address the majorconcerns on international agenda, do not hesitate to follow me all through thisacademic journey towards plainly comprehending business communicationelements along this scientific training, in which you are generously offered ahighly effectual learning structure and you are encouraged to contribute, throughyour own efforts, to developing those exact skills and competencies specific tobusiness English communication.Such technical skills or competencies do mainly point at:

Identifying and explaining key business concepts from specialisedtexts;

Providing proper English definitions of several business notionsfound in the technical literature analysed;

Identify the various types of language specific to different types ofeconomic texts;

Define, explain and exemplify all elements of a commercial letter. Better understanding, explaining and interpreting English specialised

texts; Scheming and assessing practical activities specific to the business

field, with using scientific research and approach methods, techniquesand instruments;

Acquiring very solid knowledge of English grammar and vocabulary; Exploiting the possibility of efficiently using English words and

phrases both in written and in conversation; Appropriately training in view of reading and understanding English

business texts; Mastering the use of words, syntagms and set-phrases specific to this

domain of interest.

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CONTENTS

SECTION 1: APPROACHING ENGLISH FOR BUSINESS PURPOSES

1. Studying English for Business. From Student to Professional-Part1Studying Economics – an Essential Condition for a FutureBusinessman-1 (Technical Approach of the Language)

9

Is the Study of Economics Too Hard or Too Boring? 18

Commercial Correspondence: Generalities upon the Elementsof a Business Letter

24

Language Approach –Part 1 55

2. Studying English for Business. From Student to Professional-Part2Studying Economics – an Essential Condition for a FutureBusinessman - 2

61

From Student to Employee: Making the Transition 69

Commercial Correspondence: The Appreciation Letter and theBusiness Introduction Letter

72

Language Approach –Part 2 78

3. At the Office – Part 1At the Office. Basics and Management –Part1 84

Commercial Correspondence: Confirmation Follow-up afterBusiness Meeting

92

Language Approach –Part 3 97

4. At the Office – Part 2At the Office. Basics and Management –Part2 98

Language Approach –Part 4 116

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5. On Management Types and RolesManagement Students. Manager Types and ManagementStyles

121

Management and Its Role 124

Two Meanings of Economic Growth 127

Company Correspondence: Internal Memorandum toEmployee

129

Language Approach –Part 5 130

6. Economic Systems – Basics and ImplicationsBasic Knowledge of Economic Systems 132

Commercial Correspondence - Business Thank You Letter 135

Language Approach –Part 6 136

SECTION 2: APPROACHING COMMERCIAL CORRESPONDENCEFROM A DIFFERENT ANGLE

1. Commercial Correspondence Rules –Part 1Writing Business Letters - Useful Phrases and BusinessCorrespondence Reminder

140

2. Commercial Correspondence Rules –Part 2The Essential Steps in Writing a Report 149

3. Contract Letter – Request to Expedite Payments. Text and LanguageApproach

Contract Letter – Request to Expedite Payments 152

4. Business Correspondence -Letter of ReferenceBusiness Correspondence -Letter of Reference 157

Language Approach – Predicate Adjectives 159

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SECTION 3: A NEW APPROACH OF TEXT AND VOCABULARY

1. Economic Systems. Textual ApproachEconomic Systems 169

Basic Types of Economic Systems. Part of a Social System 172

Divisions of Economic Systems 174

2. Monetary Stability and Production. Textual ApproachMonetary Stability 183

Manufacturing 186

Modern Guilds 188

3. On Capitalism. Business Vocabulary in UseCapitalism. The Economic System 192

Interactions within the System 195

4. Business English in Use. Textual ApproachBusiness Correspondence Practice – Letter of Interest 198

Language Approach– Adjectives with Preposition inCommercial Context

202

5. The Market Economy. Textual ApproachThe Free Market and the Role of the Government 206

List of References (A Selective Bibliography)

Annexes

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SECTION 1: APPROACHING ENGLISH FOR BUSINESS PURPOSES

1. STUDYING ENGLISH FOR BUSINESS. FROM STUDENT TOPROFESSIONAL – PART 1

1.1.Studying Economics – an Essential Condition for a FutureBusinessman-1

The study of economics is highly consequential for the future welfare of globaleconomy. At the national level, it has great influence upon the degree ofawareness regarding the actual state of things in all domains of human activity.Therefore, a nation with good economists will be a healthy nation withcontinuously experiencing an upsurge, renewal and openness in terms ofpolitics, industry and social life.Studying this dismal science , as worldwide economists are used to calling it (asit is actually impossible to truly comprehend and make the most of its tools andinstruments in pure isolation) requires clear understanding of the political,social, cultural and sometimes psychological elements (the latter regarding, forinstance, the choice of consumers facing product variation on the market). It isthen utterly important for as many different types of jobs and careers as possiblyconceivable within both the public and the government business sectors andactivities.Students who succeed to complete a degree in what we generally call economicswould be qualified for both upper and middle management positions withinbusinesses and agencies. Economists are expert in tracing and interpreting extanttrends on the market, making valuable short and long term assessments of theoptions and possibilities for their hiring agency or company, providing focal riskassessment basics and constantly assisting in financial planning and capitalinvestments for corporations. Usually economists graduating from bachelorprograms start in entry level positions and then quickly move to more advancedlevel placements and management positions after obtaining a master degree. Formany future economists, bachelor education is therefore a momentary step. Fortop-level education in this field, obtaining a Ph.D. in economics is absolutelymomentuous, this degree providing specialists and decision-makers with anexpert certification in a very specific economic field, e.g. labour economics, yetalso with the proper experience and scientific background to further be used inkey positions of the economic research. Therefore, a particular economic areasuch as, for instance, market research can be approached and studied at threemain different academic levels: bachelor, master and PhD.

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The basic structure of study for most bachelor economics programs willcertainly include major courses of entrance level interest, e.g: micro and macro-economics, management, investment, world politics, market assessment, riskanalysis, international laws, as well as an overview of taxation principles andlaws as they apply to money management and capital investments. Studentgroups will then discuss ethical considerations and conflicts that can merelyarise in most types of businesses and agencies. Students will focus on real worldexamples and case studies, and will be encouraged to work with informationfrom the current markets. While these courses provide a wide-ranging overviewof most economic issues, there are yet optional or non-compulsory courses thatallow students to use various computer software programs and also marketanalysis software that is in current use in various businesses.While economics is an incredibly broad course of study, many students dochoose to complete additional levels of training and get specialised in one or twospecific areas such as foreign economic policies, international businessmanagement, or else corporate finance and risk assessment and analysis. Manyof such students work in top research facilities, in joint ventures or for publicdevelopment agencies or even as private consultants. As a general rule, thosewho engage in working as private consultants do have, among other professionalskills, a significant amount of experience with working for a large company or agovernment agency before embarking upon working on their own.

TIPS:

Taking well-structured notes while reading a motivating specialised text is amust for a present or a future manager. This undemanding task helpsstrengthening coherence in English expression as well as firming up long termlinguistic memory. For that reason, while reading this text, do not miss outmaking short notes on:-the different levels of studying economics in academic curricula;-the reference made to economics as a dismal science (as an economist has to besomehow interested in politics, sociology, psychology, mathematics, statistics,communication as well as in becoming a very good relationist efficientlyworking with both words and numbers).

VOCABULARY:

Momentary vs. Momentous (semantic parallel)These two words are liable to be confused. They look rather similar, but theyare completely different in meaning:

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Momentary means lasting for a very short time, as in there was a momentarypause in the manager’s speech and enjoy a momentary success as a CEO. Thisword is derived from the noun moment in the sense of a very brief period oftime.Momentous means very important, of great significance, as in a momentousincident that led to the clearance sale of the company. It is derived from thenoun moment in the sense of importance, significance, as in a corporatemeeting of moment. In momentary, the emphasis is on the first syllable, whilein momentous, the stress is on the second.

E.g.This means for example and is a largely encountered abbreviation of the Latinphrase exempli gratia. It is used before an example of something justpreviously mentioned, as in: They are not used to buying dairy products ondaily basis, e.g. milk, butter and cream, therefore they could not be consideredas standard consumers by market researchers.

Among vs. Amongst (semantic parallel)These words are totally interchangeable, as in We searched among /amongst EUcompanies for the best offer or Share the 2014 money bonus among/amongstyou and you must choose among/amongst the various possibilities of keepingonly the parent company and selling the two subsidiaries.

Among vs. Between (semantic parallel)These words way be used interchangeably in most contexts. Formerly betweenwas used only when referring to the relationship of two things, as in share thechocolate between you and your brother and among was used when referring tothe relationship of three or more things, as in share the profit among all yourfriends. In modern usage between may be used when referring to more thantwo things, as in There is agreement between all EU countries and share theprofit between all of you. However, among is still used only to describe morethan two things.

Labour Economics seeks to understand the functioning and dynamics of themarkets for wage labour. Labour markets function through the interaction ofworkers and employers. Labour economics looks at the suppliers of labourservices (workers), the demands of labour services (employers), and attempts tounderstand the resulting pattern of wages, employment, and income.

Market Research points out at the organized effort to gather informationabout target markets or customers. It is a very important component ofbusiness strategy. The term is frequently interchanged with marketing

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research. However, skilled practitioners may simply wish to draw a clear-cutdistinction, in that marketing research is specifically concerned withmarketing processes, while market research is concerned expressly withmarkets.Market research is a major factor to maintaining competitiveness over extantcompetitors. It provides vital information used in identifying and analysing themarket need, market dimension and existing competition. Market research,which contains social and opinion research, is the highly systematic collectingand interpretation of information about individuals or organizations making useof statistical and analytical methods and techniques of the applied socialsciences so as to gain a clear insight or reliable support in the decision makingprocess.

WORK TASKS

1. Build up a ten-line paragraph describing the main ideas in the textabove

2. Identify five key-words within the text and use them in sentencesreferring to your student agenda

3. Explain the semantic parallels presented above and use the wordsanalysed in a five-line text of your own titled Why Is EconomicsStudied?

2. Consider the following fragment. Build up a short paragraphdescribing its main idea.

Why Should We Study Economics?

When we first approach a science, we want to know "What does it study?"Another way of approaching the same issue is to ask "What basicassumptions does it bring to its examination of the world?" As a first step

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in tackling a new subject, you usually try to gain an idea of what it is allabout. Before buying a book on biology, you determine that you will bereading about living organisms. At the beginning of a chemistry course,you learn that you can expect to study the ways in which matter combinesin different forms. Many people feel that they are generally familiar witheconomics. However, if you ask around, you will find that people havedifficulty in defining the subject […] The primary reason for this confusionis that economics is the youngest of the sciences known to man. Certainlythere has been a proliferation of new branches of existing sciences in theseveral centuries since economics came to be recognized as a distinctsubject. But molecular biology, for example, is a division of biology, not abrand-new science.Economics, however, is different. The existence of a distinct science ofeconomics can be traced back to the discovery that there is a predictableregularity to the interaction of people in society, and that this regularityemerged without being planned by anyone. (Gene Callahan – Economicsfor Real People. An Introduction to the Austrian School, 2nd edition,Ludwig von Mises Institute, Alabama, 2004- Chapter 1, fragment)

3. Explain the following expressions and build up sentences with eachof them:

not to be the best of terms (with somebody) to grant a favour to grant a request to put somebody on the spot to put somebody out of heart to gratify smb's whims (for smth)

4. Provide a short explanation and build up sentences with each of thefollowing compound words with business, following the next model:

model :business community - the body of individuals who managebusinesses (compare to profession: - the body of people in a learnedoccupation; "the news spread rapidly through the medical profession")

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business compounds to be used in sentences: Business Cooperation Center business day business expenses business finance

TECHNICAL APPROACH OF THE LANGUAGE

A complete understanding and description of a language is not possible withouta description of its sound structure. Economics students and good managersmust contain all risks of oral communication. In addition to writtencommunication, oral expression requires a different kind of attention. Fromsimply purchasing high-tech equipment for a biology lab or addressing apotential business associate in the food sector to a more complex action likecoaching corporate departments in the computer industry, economists have toproficiently find their way with spoken English irrespective of the linguisticcompetencies and fields of activity of their interlocutors.

A brief classification of English sounds reveals separate sets of vowels (withtheir combinations in diphthongs and triphtongs), consonants and semivowels.Below, there is an enumeration of English sounds followed by their briefdescription, several key words (one in phonetic transcription) with each wordincluding a particular spelling of a sound.

The two-approach phonetics approach that follows is structured and simplifiedso as to fit the factual needs of economics and management learners:

1st Approach

VOWELS, DIPHTONGS, TRIPHTONGS

I. VOWELS

A BSYMBOL KEY WORDS + COMON SPELLINGS

[i:] (a long vowel) - please [pli:z], he, sheep, field, key, scene, amoeba;

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[i] (a short vowel) - is[iz], it, savage, guilt, system, women;

[e] (a short vowel) - many [meni] , desk, any, said, bury, bread, friend;

[æ] (a short vowel, which is an intermediary sound between |a| and |e|)man [mæn], fat, bad, plaid, calf;

[a:] (a long vowel) - aren't [a:nt], father, calm, brother;

[ɔ:] (a long vowel) - all[ɔ: l], tall, caught, ball, board, draw, four, floor;

[ɒ] (a short vowel) - office ['ɒfɪs], hot, pot, watch, laurel;

[u:] (a long vowel) – boot [bu:t], goose, who, moor, shoe, group, flew, blue,rude;

[u] (a short vowel) -book [buk], good, put, wood, wolf, could;

[Λ] (a short vowel) - but [bʌt], glove, cut, some, blood, does;

[ɜ:] (a long vowel) - bird [bɜ:d], girl, burn, fern, warm, earn, journal;

[ə] (a short vowel) - the [ðə], a, an, and, cupboard, actor.

II. DIPHTONGS (i.e. two vowols pronunced together)

SYMBOL SPELLINGS

[ei] - lady [leidi], table, make, pray, prey, steak, vein, gauge;

[əu] - only [əunli], open, note, soap, soul, grow, sew, toe;

[ai] - my [mai], I, bite, pie, buy, try, guide, sigh;

[au] - brown [braun], house, now, spout, plough;

[oi] - toy [toi], boy, poison, lawyer;

[iə] - near [niə], here, beer, weir, appear, fierce;

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[eə] - Mary, pair [peə], there, hair, bear, bare, their, prayer;

[uə] - tourist [tuərist], poor, tour, sure.

III. TRIPHTONGS (i.e. three vowels pronunced together)

SYMBOL SPELLINGS

[eiə] - player ['pleiə];

[əuə] - lower [ləuə];

[aiə] - fire ['faiə];

[auə] - flower ['flauə];

[oiə] - employer [im'ploiə].

2nd Approach

SEMIVOWELS, CONSONANTS, THE ENGLISH ALPHABET

I. SEMIVOWELS

SYMBOL SPELLINGS

[w] - what [wɒt], we, one, when, queen;

[j] - yes [jes], you, onion, use, new, Europe.

II. CONSONANTS

A. B.SYMBOL KEY WORDS + COMMON SPELLINGS

[p] pencil ['pens'], pen, happy;

[b] board ['bɔ:d], bright, back, rubber;

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[t] too [tu:], two, tea, butter, walked, doubt;

[d] door [dɔ:], day, ladder, called, could;

[k] classroom ['klɑ:srum], key, cool, soccer, lock, school;

[g] green [gri:n], get, bigger, ghost, grey, gap, garden;

[f] four [fɔ:], figure, fast, fashion, fat, coffee, cough, half;

[v] very ['veri], navy, view, navvy;

[m] map [mæp], hammer, calm, bomb;

[n] new [nju:], funny, know, gnaw;

[ŋ] morning ['mɔ:niŋ], sung, sink;

[l] lesson ['lesən], balloon, battle;

[ø] three [θri:], thing, think, thin;

[ð] this [ðis], that, these, those, with, then, than;

[s] city['siti], student, psychology, mess, scene;

[z] zero [' ziərəu], was, dazzle, example;

[∫] she [∫i:], sure, station, tension, vicious, chevron;

[ʒ] measure [' meʒə], leisure, vision, rouge;

[t∫] chair ['tʃeə], match, nature, question, cello;

[dʒ] John [dʒɒn], age, edge, soldier, gradual;

[r] red [red], marry, wriggle;

[h] whole ['həul], hew, hot, who;

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III. THE ENGLISH ALPHABET

a [ei]

b [bi:]

c [si:]

d [di:]

e [i:]

f [ef]

g [dʒ i:]

h [eit∫]

i [ai]

j [dʒei]

k [kei]

l [el]

m [em]

n [en]

o [əu]

p [pi :]

q [kju:]

r [a:]

s [es]

t [ti:]

u [ju:]

v [vi:]

w ['dʌbəlju:]

x [eks]

y [wai]

z [zed]

1.2. Is the Study of Economics Too Hard or Too Boring?

Personally, I didn’t think I would ever end up studying economics at thegraduate level. It sort of happened by accident. I was interested in internationaldevelopment and never really gave much thought to economics. As I reviewedgraduate programs, I was surprised to learn what a central role economics wouldplay in my studies. I can now, of course, appreciate how humorous this notionwas – how did I plan to study what was in essence economic developmentwithout economics?! However, I have come to really enjoy what some peoplecall the “dismal science” and appreciate how it has helped train my mind tothink through any number of issues.I tell my class that “thinking like an economist” is not about being able tointerpret charts and graphs - fortunately for them. Rather, it’s about being able touse some imperfect tools to weigh an issue’s costs versus its benefits in order tomake informed decisions – be it about the minimum wage, the value of publicparks, subsidized lending, or personal financial decisions. And to be frank, I

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have actually come to the opinion that it’s critical for our students to walk out ofcollege with this knowledge.But why are students ignoring or avoiding this crucial field of study? I recentlyread an interesting piece in the Journal of Economic Education called “TheOverconfident Principles of Economics Student....” It discussed researchcomparing what students thought they knew before an exam with how theyactually performed on the exam. The research showed that many more studentsfelt they knew the material than really did and thus felt disappointment afterthey received a lower-than-expected grade. The researcher, Paul Grimes,suggests that such disappointment at this introductory level could be a reasonwhy more students don’t explore economics as a major. Grimes states:“For years, academic economists have lamented their courses’ reputations andtheir relative inability to attract and maintain majors. The experiment resultssuggest that the dissatisfaction students often express about their introductoryeconomics courses may be rooted in overconfidence and unmet performanceexpectations. [...] academic economists should begin to ask themselves if thetraditional “talk and chalk” (Becker and Watts 1996) approach still used in thetypical large principles class contributes to overconfidence and unmetexpectations. In classes that rely heavily on lectures, students are not activelyinvolved and do not receive significant amounts of instructional feedbackconcerning the state of their understanding and mastery of material.”As Grimes notes, maybe we need to revisit how introductory economics istaught. The irony is that we teach the importance of expectations in economics,yet our existing teaching models often leave students unable to reliably predicthow they will perform when their knowledge is tested. Economics does not haveto be extremely hard, or for that matter boring, but perhaps our current teachingmodels are both – what do you think? (Cindy Ivanac-Lillig – Is the Study ofEconomics Too Hard or Too Boring? Marginal Thoughts, 2009)

TIPS:While reading the text, make notes about:-the change in opinion and thoughts from student to professional-the evolution in teaching and learning economics-the necessary knowledge for a high performance at academic examinations

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VOCABULARY – SYNONYMS:

end up (v.) finish up, finish off, wind up

development (n.) growth, expansion, progress, advance, increase, maturity,enlargement, improvement

class (n.) 1. (in this context) group of students, course group; 2. division, rank,category, order, group, grade, caste, satus, genre

discuss(v.) talk about, argue, converse, confer, chat about, examine, consider,debate, deliberate, go into, review

introductory(adj.) preliminary, initial, opening, starting, early, first,preparatory

WORK TASKS

1. Consider the ideas in the above fragment as a reference point for yourown explanation of the reasons why you have chosen economics as a majorconcern in your studies. Therefore, try to put down a few ideas on the truemotivation of your interest in economics and in one or more particulareconomic areas e.g. management, marketing, accounting etc, and also try toinclude your own view on studying economics.

2. Build up sentences with ten key words in the text with also usingsynonyms from the list presented above at Vocabulary.

3. Relate the ideas depicted in this short fragment to the more technicaltexts presented in the Further Reading Section. Do not leave out takingnotes on major ideas or creative thoughts that turn up as relevant for yourapproach, and also on main vocabulary elements derived from readingthese.

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FURTHER READING – TEXTUAL APPROACH

BETTER UNDERSTANDING THE ROLE OF ECONOMISTS INCONTEMPORARY SOCIETY

Economics is concerned with the ways in which various scarce economicresources are converted into goods and services required within the community.There are several ways in which an economist might deal with the processes thatare within an economy.For example, (s)he might simply observe what is going on and record it. Wheninvestigating the operation of a economy, the economist is dealing with peopleand they are not only different, they are unpredictable; (s)he cannot gather themtogether in a laboratory, eliminate friction, gravity as idiosyncrasy, makeassertions about the effects of the various economic policies. What (s)he can dois to examine society as it is, study its reactions to past experiments in economicpolicies, and on this basis, try to forecast its response to new policy initiatives.(S)he may be assisted by the construction of economic models, designed tohighlight certain aspects of economic life. An economic model is really amathematical representation of an economy (or part of an economy) whichenables the relationship between certain causes and effects to be examined. It isimportant to be clear about what use the models have. They do not tell us whatshould be done; their purpose is to predict the consequences of certain coursesof action. For example, the Government might wish to reduce tax revenue by abillion pounds. This might be achieved in a number of ways; a reduction in thebasic rate of income tax, a reduction in the higher rate of income tax, a decreasein value added tax or excise duties or a combination of these. The Treasure has amodel of the economy and each of these projected changes can be into it so thatthe likely consequences of each can be assessed. It is then a political decision asto which course of action is taken; it is not a matter of a unique answer to aproblem.

The economist can point out the likely effects; the politician must balanceadvantages against disadvantages before deciding on which course of action totake. (Adapted from James Craven - Introduction to Economics: An IntegratedApproach to Fundamental Principles, Blackwell)

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WORK TASKS

1. Describe in a few words your own view of economics in contemporarysociety. Try to bring fresh ideas to those presented in the texts above.Could you possibly think of any future role you might play as aneconomist or a manager in reconsidering extant economics grounds forimproving the future economic environment?

2. Read the following text. Build a ten-line paragraph regardingthe role of Internet in contemporary society with particular focuson the economic life.

Business forecasting or prediction has permanently been one majorcomponent within the running of any medium-sized or large company.Nonetheless, forecasting was traditionally grounded less on explicit andcomprehensive information than on face-to-face business meetings. Inrecent years, business forecasting has matured into a much more scientificventure, with a large mass of theories, methods, and techniques designed toforecasting certain types of data. The progress of information technologiesand the Internet boosted this development continuously, as companies notonly adopted such technologies into their business practices, but intoforecasting plans as well. In the 2000s, scheming the optimal levels ofproducts to buy or goods to produce involved high-level software andelectronic networks which added in massive amounts of data and advancedmathematical algorithms adapted to a company's specific marketconditions and business profile.

Business forecasting involves a wide range of instruments, includingsimple electronic spreadsheets, enterprise resource planning and electronicdata interchange networks, complex supply chain management systems,and other Web-assisted technologies. The practice attempts to pin downkey factors in business production and extrapolate from given data sets toproduce truthful projections for future costs, revenues, and opportunities.This is routinely done with adjusting current and near-future businesspractices to make the most of simple business expectations.

In the Internet era, the field of business forecasting was propelled bythree interconnected phenomena. First, the Internet provided a new seriesof instruments to assist the science of business forecasting. Second,business forecasting had to take the Internet itself into account in trying to

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build viable models and make predictions. Lastly, the Internet encouragedhighly accelerated transformations in all areas of business, and that madethe job of business forecasters even more challenging. As the Internet andits numberless functions highlighted the central importance of informationin economic activity, more and more companies came to make out thevalue, and often the necessity, of business forecasting techniques andsystems.

Business forecasting does incontrovertibly stand for a huge business,with companies investing vast resources in systems, time and employees,aiming at bringing useful projections into the process of business planning.

3. Explain the following set-phrases and build up sentences with eachof them:

to go wild with anger to put up to auction to raise a claim to wind up one's affaires not to be in the humor for work not to be in the mood for smth not to be long (in) coming not to be long (in) doing smth to gratify smb's curiosity to lose the run of smth

4. Provide a short explanation and build up sentences with each of thefollowing compound words with business:

business compounds: business law business premises business tax business travel

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1.3. Commercial Correspondence: Generalities upon the Elements of aBusiness Letter

Mastering business communication is not only vital to preserving businesspartnerships and relations, yet also indispensable to understanding the writtenexpression of economic realities. This third subchapter is, therefore, intended torevealing the foremost constituents of business correspondence with alsoproviding a practical view on the theory presented. Here below they arepresented in a logical order:

The HeadingThe heading is also the return address to which the recipient will refer whensending a response. The writer's name is not included in the heading, as it isappears in the complimentary close at the end of the letter. It should includeonly the street, city, state and zip code of the letter writer. Identifying wordssuch as Avenue, Circle, Court, Drive, and Street should be spelled out ratherthan abbreviated. Doing so reduces the chances of a response being sent to anincorrect address. The date a letter is written should be placed below the writer'sreturn address information. It is the final component in the heading of a businessletter.

The Inside Address (the Recipient Address)The inside address contains the mailing information belonging to the recipientand should be justified to the left margin of the letter and placed two spacesbelow the date (for very short letters four spaces is acceptable).As in the heading, the inside address includes the street, city, state and zip codeof the recipient, all of which should be placed below the name of the business ororganization to whom the letter is being written. Identifying words such asAvenue, Circle, Court, Drive, and Street should be spelled out rather thanabbreviated.When the recipient’ name, title and position are known, they should be includedas the first two lines in the inside address and placed directly above the name ofthe business or organization.

The SalutationThe salutation is obviously a small greeting. Its placement belongs two spacesbelow the inside address and is always justified to the left margin of the letter. Itshould include the title and full name of the recipient, followed by a colon.

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Customarily, the salutation begins with Dear, followed by a title such as Mr.,Ms., Mrs., however, when the writer is on a first name basis with the recipient,that formality can be dropped in favor of a first name.The titles Mr., Ms., Mrs., and Dr. are always abbreviated. Other titles, such asProfessor and Senator are never abbreviated in this context. When having notany kind of information on their marital status, women should always beaddressed as Ms.- otherwise, Miss or Mrs. may be used.Gender-based salutations must be avoided when having no idea whether therecipient is a man or a woman. Dear Student, Dear Customer, Dear Residentetc. are perfectly acceptable options for gender-neutral correspondence.An impersonal device may be preferable when addressing a letter to a largeorganization where the recipient's name is not likely to be known. For example,Attention: Accounts Receivable or Subject: Billing Error may replace morefamiliar forms of greeting.The salutation, To Whom It May Concern may be considerd slightly outdatedfor our times.

The Letter BodyThe body of a business letter begins two spaces below the salutation or theattention-getting device. Each paragraph should be single-spaced and justified tothe left margin of the page with a double space separating each paragraph.It is acceptable to double space the text of a letter when the body is very short.This is done purely for cosmetic reasons, giving the letter a more visuallybalanced appearance on the page. In such instances it is appropriate to indent thefirst line of each paragraph.

The Complementary CloseThe complimentary close is placed two spaces below the last line of a letter'sbody.Customary expressions used to close a formal business letter include Thankyou, Faithfully yours, Sincerely, Sincerely yours, and Yours truly. Lessformal expressions such as Regards, Best regards, and Best wishes should beused only when the writer is addressing a business associate that is also anacquaintance or a friend.When the expression contains two words, such as Thank you, only the firstword receives an initial upper case letterA comma follows all forms of a complimentary close.

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Four spaces are let between the complimentary close and the typed version ofthe writer's full name. The space between is reserved for a handwrittensignature. The writer's job position or title should appear directly below his orher name.The writer's signature should be identical to the printed version except in thosesituations where the recipient is also a friend, in which case a first name only isfine.

The Additional Notation

A number of situations call for a business letter to be marked with notationssignifying those situations. These notations should be placed two spaces belowthe position or title line following the writer's printed signature.When a letter references one or more documents that are enclosed by the writerfor the recipient, the enclosure is noted in one of the following ways:

Enclosure: Wholesale Pricing Directory; Enclosures (6); Enc. (Encs.).When a letter has been dictated to an assistant, it should be initialled. Bothwriter and assistant are acknowledged with their personal initials. The writer'swill appear in uppercase letters and the assistant's will appear in lowercaseletters in one of the following ways:

JMS: laj; IMT/amb.When copies of a letter are sent to named business associates or other interestedparties, the copy recipients are acknowledged with their full name as in thefollowing example.cc: Ms. Sophie Andersoncc: Mr. John Martin, Ms. Mary Adams

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Further Information: The Basics of a Well-Written Business Letter, withExamples

It is quite effortless to use the very basics of good business letters presentedabove. The following sub-unit helps you to assimilate these basic elements, withproviding the set-phrases which are usually found in any standard businesscorrespondence. These kind of phrases are used as an introduction to the contentof business letters and do represent the structural frame of the letter context.A difficult part of writing successful business letters is, in fact, the way ofconsidering business objectives. By using these types of standard phrases, youcan give a very professional tone to your English business letters. Once youunderstand the basics, you can use this frame to different types of businessletters and gradually refine your skills so as to meet all needs of the businessenvironment.

The Start of a Business LetterDear Sir or Madam, (use it if you do not simply know to whom you arewriting)Dear Mr.or Mrs. Director, (use it if do not know his or her name but you areaware of his or her title)Dear Dr, Mr, Mrs, Miss or Ms Smith, (use it if you know to whom you arewriting, and have a formal relationship with that person)Dear Michael, (use this if the person is a close business contact, a friend oracquaintance)

The ReferenceRef or Re are used in business correspondence with the meaning of in referenceto i.e. with reference to your previous approach. It, therefore, refers to someother document that has already been sent. As for instance:Ref: Your letter of Nov 20, 2014

The Reason for WritingThe business letter body does usually start with the specific aim of the letter.Even in the case in which it might yet be preceded by any other introductoryidea, the very purpose of the letter is specifically mentioned at the beginning ofthe text, as for example:

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I am writing these lines to inquire about …I am writing you to expressely confirm my participation in the Conference on…

RequestingIn case in which the business letter includes a request, this should not be tooblunt, yet very considerate and respectful:I would be grateful if you accepted our invitation to participate in …Please be so kind to communicate …Could you possibly…?

Agreeing to RequestsThe same as the requesting correspondence, agreeing to requests should not bebluntly forthright, yet very polite and objective:I would be delighted to…You will find our business strategy and collaboration agreement in attachmentof…

Giving Good or Bad NewsStrictly abiding by the rules of politeness, business correspondence makes noroom for too familiar a language expression not even when being verywholehearted or very distressed about something:I am more than happy to read out the success of our joint venture in presentingthis common project during …Unfortunately…I am afraid that…

EnclosingThe same as attaching files to an e-mail, you can also enclose documents to yourbusiness letters, however this comes with abiding by the same rules of formalexpression:Please find enclosed…I am enclosing…

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Enclosed you will find…

ClosingWhen closing your business correspondence, you must create something that isnot only fitting the particular context, theme and style of your writing, yet alsothe personal relationship with the person reading your letter. Therefore, youhave to adapt to the situation:Thank you for your entire help with …Please contact us again if we could help in any possible way on…In case you in which you might have any questions on this subject, please do nothesitate to …

Reference to Future ContactThe business environment does not ever tolerate indifference and disrespect.Future business contacts are something valuable and, consequently, they must becarefully preserved. Such reference parts are informing the reader on yourintents to maintaining the business relation in the future:I am look forward to seeing you soon at the Confernce on Global Management ..Looking forward for a fruitful future collaboration…Hearing from you very soon…Meeting you next Monday…Seeing you next Friday…

The Finish or Complementary CloseA very brief additional information at the end of the letter speaks out of yourtrue respect and consideration for the reader. These set-phrases are relevant inthis point:Yours faithfully, (If you do not know the name of the person to whom you arewriting or wish to add in a good deal civility and deference);Yours sincerely, (If you know the name of the reader or want to be courteous yetnot too markedly, according to the context);Best regards, (If the person is a quite close business contact, a relative, a friend,an acquaintance or a social contact);Best wishes,(As in the situation above).

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Letter Samples

We will at this point expose to your attention, starting from one single example,a group of letters expressing the affirmative or negative reaction to a previousrequest.The main issue is represented by a visit to a conference meeting in Rome. In aprevious correspondence, one of the partners invited the other one, offering hishelp for accommodation. He also had a telephone conversation with him askingfor a confirmation.

Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With reference to your previous correspondence as well as to ourtelephone conversation of today, I am writing you to confirm mypresence at the meeting on the 12 th of May in your headquarters inRome.Thank you for your kind approach of you previous letter dated 25th

of April, yet I am pleased to announce you that all the travelarrangements have already been made.Looking forward our meeting,

We remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With reference to our telephone conversation of today, I am writingto confirm with regret, by reason of very unfortunate circumstances,my absence at the meeting on 12th of May in your headquarters inRome.Thank you once again for your kind approach, but all the travelarrangements have already been.

Looking forward for future meetings,

We do remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With regard to our telephone discussion of today, I am writing toconfirm, due to fortunate circumstances, my presence at the meetingon 12th of May in your headquarters in Rome.Thank you for your very kind approach, but all the travelarrangements have already been solved.It is also my pleasure to profit by this occasion to invite you as wellon 14th of May at the annual meeting of my Club at Villa Borghese.You will find all necessary details enclosed to my letter.Looking forward our meeting,

We remain,

Yours sincerely,

Robert St. Lancia Phd.Encl:1page

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With respect to our telephone conversation of today, I am writingyou to confirm my attending the meeting of May 12th in yourheadquarters in Rome.Thank you for your thoughtful approach, however all the travelpreparations have already been considered.Due to fortunate circumstances, it is then my pleasure to profit bythis very occasion to invite you as well on May 14th at the firstannual meeting of my Club at Villa Borghese.You will find all necessary details enclosed to this letter.

Looking forward our meeting,

We do remain,

Yours sincerely,

Robert St. Lancia Phd.

Encl:1page

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

Following your invitation of 25th of April 2014, I am writing toconfirm my presence at the meeting on 12th of May in yourheadquarters in Rome.Because of unfortunate circumstances, the visit of my colleague Mr.Frank Smith is cancelled.He is no longer a member of our company.Looking forward our meeting,

We remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

It is a true pleasure to confirm my presence at the meeting on 12th ofMay in your headquarters in Rome.Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

It is a true pleasure to confirm my presence at the meeting on 12th ofMay in your office in Rome.Regarding the accommodation, your generous offer is considered agood start for our future discussion.

Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

It is a real pleasure to confirm my presence at the meeting on 12th ofMay in your headquarters in Rome.My assistant will contact yours to discuss all the arrangementsregarding the accommodation and the schedule.

Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

Thank you again for your kind invitation.My assistant will contact yours to discuss all the arrangementsregarding the accommodation and the schedule.

Looking forward our meeting, we remain,

Yours faithfully,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

Thank you for the kindness of your invitation. The truth is that ourcompany has always been in position to communicate abroad inorder to establish further contacts and further businessopportunities.We will discuss the details during the week prior to the meeting.

Looking forward our encounter, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

Our previous telephone meeting has been decisive for the nearfuture, and, as a president of our company, I do consider yourinvitation as a true sign of business engagement.The project you will propose at our first meeting in Rome willconstitute the foundation for the next years in our joint venture.My assistant will contact yours in order to discuss all thearrangements regarding the accommodation and the schedule.

Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With reference to your previous correspondence as well as to ourtelephone conversation of today, I am writing to confirm you mypresence at the meeting on the 12th of May in your headquarters inRome. I was expecting you here, but fortunately, your contacts weremore favorable to our interest in Rome then elsewhere.Thank you for your kind approach of you previous letter dated 25th

of April, but all the travel arrangements have already been made.My assistant will contact yours so as to discuss all the arrangementsregarding the schedule.

Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With reference to your previous correspondence, I am writing toconfirm to you my presence at the meeting on the 12th of May inyour office in Rome.I have been expecting a much larger time period of time to concludeour arrangements, but, fortunately, the business is working, and Ihope in a future development with larger connections on theEuropean and American markets.Thank you for your kind approach of you previous letter dated 25th

of April.My assistant will contact yours to discuss everything regardingtravel arrangements, accommodation and schedule.

Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

Further to our previous correspondence, I am writing you toconfirm my visit at your office in Rome, for the meeting establishedon the 12th of May.I have certainly been expecting a much larger period of time toconclude all our arrangements, yet fortunately we will sign thepapers in one of the greatest cities of the World.Thank you for your kind approach of you previous letter dated 25th

of April.My assistant will contact yours to discuss everything regardingtravel arrangements, accommodation and schedule.Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With reference to your previous correspondence, I am writing you toconfirm my attending the meeting of 12th of May in your office inRome.I have been expecting a much larger time period to conclude ourarrangements, but, fortunately, the business is working well, and Ido hope in a forthcoming development.Thank you for your kind approach of you aforementioned letterdated 25th of April yet I must tell you that I am to stay in Italy formore than a month starting this very evening, and I will be in Romein the morning of the encounter.I will be very glad to be your host as well in my hunting trip in LeMarche after the 13th of May 2014. My sources have alreadyconfirmed your passion for this noble sport.My assistant will contact yours to discuss everything regardingtravel arrangements, accommodation and schedule.Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With reference to your previous correspondence, I am writing toconfirm you my presence at the meeting on 12th of May in your officein Rome.I have quite been expecting a much larger time period to concludeour arrangements, but, fortunately, the business is workingproperly, and I do hope in a future development with largerconnections on the European and American markets.I will invite you as well to visit our factories in Europe at a date onwhich we both agree.Thank you for your kind approach of you previous letter dated 25th

of April. I will be very glad to join you in Tuscany after our meeting.My assistant will contact yours to discuss everything regardingtravel arrangements, accommodation and schedule.Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

With reference to your prior mail, I am sending you this letter toconfirm my presence at the meeting of May 12th in your office inRome.I have actually been expecting a much larger time period toconclude all our arrangements, but fortunately the business isworking, and I hope in an upcoming development with biggerconnections on extant European and American markets.Thank you for your kind approach of you previous letter dated 25th

of April.My assistant will contact yours to discuss everything regardingtravel arrangements, accommodation and agenda.Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

It is my true pleasure to confirm my presence at the meeting on the12th of May in your headquarters in Rome.Please find here enclosed an invitation to my residence as well.I hope you will find the visit date convenient, taking intoconsideration the opening of the hunting season.My assistant will contact yours to discuss everything regardingtravel arrangements, accommodation and schedule.

Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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Villa Nova Orsini36, Via Victrix, Rome, Italy

Tel:….…………………….Fax:.……………………….

E-mail:……………………….

The 1st of May 2014

To: Mr. Michele Marino Phd,General Manager Rome BranchLanguage Inc.Rome, Italy

Ref: Your letter of invitation of 25th of April 2014

Dear Mr. Marino,

Further to our earlier discussion, I have tried to take intoconsideration all strengths and opportunities regarding our possiblefuture joint venture.It is a true pleasure to confirm my presence at the meeting of May12th in your headquarters in Rome.Please find here enclosed my confirmation to visiting your familyproprieties in Tuscany as well.My assistant will contact yours for discussing everything pertainingto travel arrangements, accommodation and schedule in detail.

Looking forward our meeting, we remain,

Yours sincerely,

Robert St. Lancia Phd.

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TIPS:

Do not ever consider the e-mail as less demanding than postal mail. Thelanguage used as well as the degree of formality do basically abide by the samerules in both cases.Apparently simple to comprehend, business correspondence in English doesrequire far more adeptness than coherence in expression or mastery ofvocabulary and grammar.Well-written business letters do not only aim at attaining specific goals, yet theydo even succeed in achieving them. To write such letters, you should add to yourEnglish-learning agenda, besides the general business correspondenceknowledge, the very practicing of business letter writing.

VOCABULARY:

false market - a market where prices are manipulated and impacted byerroneous information, preventing the efficient negotiation of prices;

money market - a segment of the financial market in which financialinstruments with high liquidity and very short maturities are traded.

trust fund – a trust fund is a fund consisting of a multiplicity of assets intendedto provide benefits to a certain individual or organization. The trust fund is setup by a grantor to provide financial security to an individual, most often a childor a grandchild - or to organisations, such as a charity or a different non-profitorganisation;

narrow market - a market with a small amount of bid and ask offers, markedby low liquidity, high spreads and high volatility, a situation in which only ahandful of investors are buying and selling particular shares, and any activitycan derive into a big rise or fall in prices;

secondary market - a market where investors purchase securities or assetsfrom other investors, rather than from issuing companies themselves;

exchange market - or foreign exchange market (also known as forex, FX, orcurrency market) is a global decentralized market for the trading of currencies.In terms of volume of trading, it is undoubtedly the biggest market in the world.

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WORK TASK

1. Considering the generous set of letters of above expressing the positive ornegative response to a prior request, build up two such letters of your own –one of accepting and the other of declining an invitation to participate in acertain event;

2. Provide a short explanation and build up sentences with each of thefollowing economic terms referring to costs and prices:

energy cost; asking price; competitive price; agreed price; acceptance price; historical cost; demand price; invoice price; opening bid; tender price; probate price; redemption price; repurchase price; shadow price; sale price; retail price; wholesale price; net price; unit price.

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VOCABULARY- WORD DEFINITION AND SYNONYMS:

DEFINITION: contract – it is found in common-law legal systems and is anintentional, deliberate, having a lawful object and legally-binding agreementconcluded between two or more competent parties.

PARTIAL SYNONYMS (they have the same meaning, yet they fit differentcontexts): contract 1. (n.) – agreement, bond, indenture, pact, convention, deal,treaty, accord, covenant, settlement; 2.(v.) – sign up, commit, engage, hire,agree to, enter into

DEFINITION: insurance policy - it is an agreement concluded between theinsurer and the insured, determining the claims which the insurer is lawfullyobliged to pay. In exchange for an initial payment or premium, the insurerpromises to pay for the loss caused by those risk covered by the contract.

PARTIAL SYNONYMS (the degree of resemblance cannot be total; even iftheir meaning is similar, their role depend on the specific contexts in which theyare used): policy 1.(n.)rule, strategy, plan, guiding principle, course of action,guidelines, proceure;2.(n.) document, certificate, statement.

WORK TASKS

1. Word families are groups of words that are sufficiently closely related toeach other to form a “family”. Contract includes in its family such wordsas: contractor, contractual and contractually. Used these economic terms ina short text titled Relationships between Managers, Employees andCustomers

2. A contract of sale is a legal exchange of goods, services or property fromthe seller (or vendor) to the buyer (or purchaser) for a previouslyestablished value in money (or money equivalent) paid or promised for afuture payment. When dealing with international sales contracts, businessspecialists must expertly address this very sensitive technical area, yet,besides all economic or legal proficiency, they must be adept at usingbusiness vocabulary in English.As a good exercise in this case, read carefully the contract template belowand fill in all blanks. After that, choose five key words from the contractand use them in sentences:

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SAMPLE OF SALES CONTRACT - 1

CONTRACT BETWEEN,.............................................., WITH REGISTERED OFFICE AT:.............................................., REPRESENTED BY …………………………(HEREAFTER REFERRED TO AS “THE SELLER”), AND.............................., WITH REGISTERED OFFICE AT...............................,REPRESENTED BY ………………….. (HEREAFTER REFERRED TO AS“THE BUYER”).Both parties declare an interest in the sale and purchase of goods under thepresent contract and undertake to observe the following agreement:

Article 1 - Products

Under the present contract, the Seller undertakes to provide, and the Buyer topurchase:

[Alternative A]: the following Products and quantities ........................................

[Alternative B]: the Products and quantities as set out in Annex 1 of the presentcontract.

Article 2 - PriceThe total price of the Products which the Buyer undertakes to pay the Sellershall be .................... (figure in numbers and letters). The aforementioned price:[Alternative A]: is the sum total of the prices of all Products and quantities asset out in Article 1.[Alternative B]: is the sum total of the prices of all Products and quantities as setout in Annex 1.Both parties undertake to renegotiate the agreed price when affected bysignificant changes in the international market, or by political, economic orsocial situations in the country of dispatch or destination of the Product, whichmay damage the interests of either party.

Article 3 - Delivery conditionsThe Seller shall deliver the Products to ................... (mention the place:warehouse, port, airport, etc.), ..................... (city and country), underconditions: ..................... (INCOTERMS). The goods shall be delivered at theagreed place, and to the transport agent designated by the Buyer, at least twenty-four hours before the deadline established in the present contract. Should theBuyer fail to take charge of the goods on arrival, the Seller shall be entitled to

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demand the fulfilment of the contract and payment of the agreed price.

Article 4 - PackagingThe Seller undertakes to deliver the Products hereunder, suitably wrapped andpackaged for their specific characteristics and for the conditions of transport tobe used.

Article 5 - Means of paymentThe Buyer undertakes to pay the total price which appears in the presentcontract. Payment of said price shall be effected by:[Alternative A]: cash, cheque or bank transfer to the account and bank branchdesignated by the Vendor.[Alternative B]: bill of exchange or direct debit to the account and bank branchdesignated by the Vendor.[Alternative C]: irrevocable and guaranteed letter of credit payable to theaccount and bank branch designated by the Vendor.

Article 6 - Date of paymentThe price shall be paid on the following terms:[Alternative A]: .......... %, being ..................... (write in letters), on signing thepresent contract; and the rest, being .................... (write in letters), on delivery ofthe goods.[Alternative B]: .......... %, being ..................... (write in letters), on submittingdocuments of property to the transport agent designated by the Buyer; and therest, being .................... (write in letters), within .......... calendar days of receiptof the goods by the Buyer.[Alternative C]: within .......... calendar days of receipt of the goods by theBuyer.

Article 7 - Delivery periodThe Seller undertakes to deliver the goods within .......... calendar days of receiptof:[Alternative A]: the signing of the present contract.

3. Give synonyms to the following words:hard-working, avaricious, basic,influential, commerce, development, collapse, to provide, to change, toinstruct, to reinforce, to support.Build up sentences with three of these words.

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4. Rephrase the following business letters:

Applying for a Job 1

Dear Mr. Smith,

Not too long ago, I have managed to enrich my collaborative experience with amanufacturing company in London, where I was given the task of managing twosmall projects.Now, I am looking for the prospect to perform in this very capacity for yourcompany. I truly believe that my professional background together with myexperience could rapidly help me become an asset to your line of business.I have performed market research assignments with great success, my technicalskills are excellent, and I am very hard-working when it comes to meetingdeadlines and completing professional tasks.If I am given the opportunity to accomplish an assignment for your company, Iwill unquestionably develop a plan that will thoroughly meet all projectrequirements.I really wish to be working with you, and I will do all my best to meet yourexpectations.In the hope of a favorable answer, allow me to thank you in advance.

Sincerely yours,

Matthew Edwards

Applying for a Job 2

Dear Ms. Evans,

A local newspaper is currently running your advertisement for an accountant toassist a business department.You will certainly find my professional background and experience specificallyrelevant to your technical needs, and I have enclosed my CV for yourassessment.Within the last couple of years, I have completed two internships in auditingdepartments and one in an accounting unit. In the last internship, I developed acost-effective accounting information system for a local manufacturer. In myfirst internship, I did perform all aspects of a major audit under particularly

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short deadlines. All accounting problems are straightforwardly solved by me,and I am extremely accurate in all my dealings and business connections.Thank you in advance for this opportunity.Looking forward to hearing from you, I remain,

Sincerely yours,

Helen Mitchell

1.4. Language Approach –Part 11.4.1. The Present Tense Simple

The simple present is used in describing an action, an event, or conditionthat is occurring in the present, at the moment of speaking or writing. Thesimple present is used when the precise beginning or ending of a presentaction, event, or condition is unknown or is irrelevant to the meaning of thesentence.Each sentence below describes an action taking place in the present - verbs arein the simple present tense:

The CEO waits patiently while his acoount assistant makes the report for themerger meeting.

The shelf holds three books and a laptop. The crowd moves across the field in an attempt to see corporate manager

inaugurate the new headquarters. The newly-hired brothers are both very talented: Mark is a computer wiz and

James is a skilled relationist. Ross annoys his team-worker by turning pages too quickly.The simple present is used to express general truths such as scientific fact, as inthe following sentences:

Rectangles have four sides. Canada Day takes place on July 1, the anniversary of the signing of the

British North America Act. The moon circles the Earth once every 28 days.

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Calcium is important to the formation of strong bones.The simple present is used to indicate a habitual action, event, or condition, as inthe following sentences:

Leonard goes to the company cafeteria every Monday evening. My secretary sends me fresh brief reports each Friday. In fairy tales, people get richer over night. In real life we must take pains toearn an honest penny. We never finish to calculate the mathematics of the city budget because wealways forget to bring some elements into the whole picture. John “polishes” his report for the General Meeting of Shareholders of nextweek.The simple present is also used when writing about works of art, as in thefollowing sentences:

Lolly Willowes is the protagonist of the novel Townsend published in 1926. One of Artemisia Gentleschi's best known paintings represents Judith's

beheading of Holofernes. The Lady of Shallot weaves a tapestry while watching the passers-by in her

mirror. Lear rages against the silence of Cordelia and only belatedly realizes that

she, not her more vocal sisters, loves him. The play ends with an epilogue spoken by the fool.The simple present can also be used to refer to a future event when used inconjunction with an adverb or adverbial phrase, as in the following sentences:

The doors open in 10 minutes. The premier arrives on Tuesday. Classes end next week. The publisher distributes the economics volumes next Wednesday.

Three Word Verbs or Double-Preposition Verbs'Come in for' means to receive. This is usually used with words such as'criticism' 'abuse' 'blame'.He came in for a lot of criticism for allowing the clearance sale.

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She came in for a lot of abuse when she tried to argue with her formeremployers.

'Go in for' can be used with words such as 'competition' to mean 'enter'.I went in for an accounting software programming contest organised by thecollege campus and I won.She was a good speaker when she was student and then she went in for thetrials for conference spokesperson.

'Sit in on' can be used with words such as 'conference' or 'meeting' to indicatethat you attend as an observer and not as a regular participant.I've asked John to sit in on this meeting as he knows more about these peoplethan we do.I'd like you to sit in on the negotiations with the unions as part of your training.

'Stand in for' is used to mean 'substitute for'.Adam is abroad with his postdoctoral studies so I'm going to stand in for himand make the conference presentation.Anne is on vacation and I'm standing in for her.

If you 'go along with' existing plans, opinions or decisions you accept them anddon't try to change them.I go along with your ideas about increasing our marketing abroad.You agreed to go along with our decision.

If you 'listen out for' something, you keep alert and make an effort to hear it.I'm expecting him to call so listen out for the phone ringing.Listen out for their car. They should be here soon to meet the CFO.

If you 'cash in on' a situation, you take advantage of it, often unfairly.He cashed in on my brief absence to contact my customers directly.We need to cash in on the emerging markets abroad.

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If you 'drop in on' somebody, you make an informal, unarranged visit to seethem.I dropped in on my former boss when I was visiting London.Drop in on me any time you are in Paris, and I will show you my research.

Do vs. DoesSometimes, the simplest of all grammar issues do raise the biggest problems. Itis common knowledge that do and does both refer to a verb which infers that atask or an action is accomplished by a person or a being, and they are basicallytwo forms of the same verb, i.e. to do. While do stands for the first and thesecond persons, the present simple tense form does is used for the third person,and to simply grasp the difference between the two forms, it is best to use anillustration or an example:

First person singular - I do the task regularly.Second Person singular - You do the task regularly.Third Person singular - He does the task regularly.

Therefore, do is used when referring to group of people or more than one entity,e.g. Chefs do the cooking exceptionally, while does is used in the third person –a present tense with a singular form., as in: She became a chef as she does thecooking exceptionally.

Do and does are frequently used in formation of interrogative sentences.Questions are formulated with these verb forms, with an easilily identifieddifference in use:

Do you know the basic difference between what she does and what I do?

For the first person and the second person, questions are formed using do, andwhen referring to the third person, does must be used, as in:

Does she understand the basic difference between what you do and whatI do?

Students often get confused while using the two verb forms in the sentences.There are a lot or errors seen in the writing of even those who are adept users ofEnglish. It is true that the two verb forms are common knowledge and it takes aregular understanding of the basic rules of grammar pertaining to the usage ofthe two. However, language encoding must be logically explained even when itaims at the simplest grammar issues.

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WORK TASK

1. Build up sentences with the present tense simple forms of the verbs thatmake up the following set phrases:

to write in (to a newspaper) to enforce the law to go bankrupt to be in an economic plight

2. Find the correct Present Tense Form:

This joint stock company .......... IT/VTC products.a) is doing;b) makes;c) does.Their joint venture. .......... a new advanced type of printer.a) is developing;b) could develop;c) is taking.

This currency.......... against the euro.a) is flying;b) flies;c) is falling.

The dollar .......... at 1.8 to the pound.a) is growing;b) grows;c) stands.

I guess we .......... a market share of about 20%a) are ding;b) have;c) lead.

3. Rephrase the ideas in the following paragraph:

The study of economics is utterly important for so many different types of jobsand careers within both the public and government business sectors. Studentswho succeed completing a degree in economics would be qualified for both

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upper and middle management positions within businesses and agencies.Economists must be adept at tracing and interpreting trends in the market, makeeffective short and long term assessments of the options and possibilities fortheir employing companies, provide risk assessments and assist in financialplanning and capital investments for corporations. Typically, economistsgraduating from bachelor programs start in entry level positions only to furthermove to more advanced level placements.

4. Consider the paragraph above as debate starter, and try to enlarge uponits ideas from your own perspective in a short text beginning with: I aminterested in studying economics because…

5. DO vs. DOESFill in the blanks with the proper do or does forms:

______ sit down, and write the reports. The auditing control is about to begin.

doesn't do does don't

I ______ remember much about the former CFO.doesn't do does don't

His colleague ______ most of the office work.doesn't do does don't

You remember me form the last corporate management conference, ______you?doesn't do does don't

We ______ think you are suitable for the department manager position.I'm very sorry.doesn't do does don't

I ______ think that this is a good idea not to invite them at our projectworkshop.doesn't do does don't

We don't want to do the talking for any clearance sale of our business, ______we?

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doesn't do does don't

It ______ take me too much to write a few lines about these niche markets.doesn't do does don't

They ______ seem very happy with their new superintendent.doesn't do does don't

We ______ need to start talking about alternative financing sources.Our minds are made up.doesn't do does don't

2. STUDYING ENGLISH FOR ECONOMICS. FROM STUDENT TOPROFESSIONAL – PART 2

2.1. Studying Economics – an Essential Condition for a FutureBusinessman-2

An economics degree ensures firm training for an entire range of businesscareers. In this particular regard, economics does seem very useful for themethod of thought it teaches, and also for the specific knowledge it imparts.The interest in economics is continuously growing for many reasons:It is academically stimulating, in that economics is a domain dealing withimportant and interesting subjects such as capitalism vs. socialism, managementof inflation and unemployment, economic development of poor countries,pollution and global warming, energy policy, national defense, internationaltrade and finance, social security, and many very specific government policiessuch deregulation of electricity, the minimum wage, agricultural price supports,and rent control.It is a growing field of activity, i.e. a very dynamic field which is continuouslyexpanding its scope. Economics has been so successful studying its traditionalsubjects, that economists have invaded other areas of study and established newfields such as public choice economics (the application of economic analysis tothe study of politics), law and economics (at this time a field in top law schools),household production theory (applying economic analysis to study householduse of time, as well as marriage, divorce, child rearing) ,and bioeconomics(where economists and biologists apply economics to biology).

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It is a popular science. Actually, economics is more than that. It is a valuedscience. Economics is widely viewed as the top social science in the worldtoday. There is a Nobel Prize in economics. Like physics, mathematics,chemistry, and biology, economics is highly respected as a successful academicfield which operates at the highest intellectual level.It is liable to ensure an excellent professional career. Economics is an extremelypractical field, and a major in economics is excellent preparation for careers inbusiness, government, and the law, as well as for specific areas in education,journalism, foreign service, consulting and politics.An economics degree ensures a proper understanding of the businessenvironment. Therefore, studying economics reflects upon understanding thelegal, political, social and cultural contexts, and the latter for instance beingdirectly involved when dealing with marketing trends or consumer behaviorbased on the buyers’ age. The economic way of thinking is analytical, clear,concise, and rigorous. People with training in economics are good at problemsolving because they learn to identify problems, to specify alternative solutions,to determine what data are relevant, and to objectively weigh costs and benefitsin making decisions. In addition to acquiring a useful way of thinking,economics students deal with a variety of topics which have importantimplications for managerial decisions. These include demand theory andestimation, production and cost theory, analysis of market structure, antitrustpolicy, government regulation of business, capital budgeting, inflation,unemployment, determination of interest rates, international economics amongso many others.

TIPS:Try to make connections between the information in this text and your owninterest in studying economics. Are your training and professional backgroundhelping you to work and think as a good economist?In addition to making notes, which is supportive for a clear understanding ofbusiness English in action, you should also make connections between theelements approached.

VOCABULARY – ABBREVIATIONS 1: Acct. account Attn. (for the) attention (of) B/E bill of exchange B/L bill of lading

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CC carbon copy Cf. compare CFR. cost and freight CIF cost, insurance, freight CIP carriage and insurance paid to

WORK TASK:

1. Build up a ten-line paragraph describing the main ideas in the text above.

2. Rephrase this text fragment:

An economics degree ensures a proper understanding of the businessenvironment. Therefore, studying economics reflects upon understanding thelegal, political, social and cultural contexts, and the latter for instance beingdirectly involved when dealing with marketing trends or consumer behaviorbased on the buyers’ age. The economic way of thinking is analytical, clear,concise, and rigorous. People with training in economics are good at problemsolving because they learn to identify problems, to specify alternative solutions,to determine what data are relevant, and to objectively weigh costs and benefitsin making decisions. In addition to acquiring a useful way of thinking,economics students deal with a variety of topics which have importantimplications for managerial decisions. These include demand theory andestimation, production and cost theory, analysis of market structure, antitrustpolicy, government regulation of business, capital budgeting, inflation,unemployment, determination of interest rates, international economics amongso many others.

3. Make sentences withing the abbreviated economic terms above presentedin the VOCABULARY section.

FURTHER READING – TEXTUAL APPROACH

BANKING OPERATIONS IN TODAY’S ECONOMYThe way in which a bank functions and is organized is determined by itsobjectives and by the type of economy within which it conducts its business.The main types of banks to be encountered are: central banks - which provide acountry with a number of services; development banks - which exist to increase

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the economic growth of a country and raise the living standard of its population;commercial banks - which provide and develop services that can be sold at aprice that will yield a profit.Many banks offer a combination of wholesale and retail banking. While theformer provides large-scale services to companies, government agencies andother banks, the latter mainly provides smaller-scale services to the generalpublic. Both types of banking however, have three essential functions, which aredeposits, payments and credits.These three functions form the basis of theservices offered by banks. They make it possible for banks to generate profitsand to achieve the operating aims they have in view.Banking has become an international business due to a number of factors like:the growth of multinational companies and of international capital markets; theincreasing competition existing between banks themselves; the importantimprovements having taken place in communications and transportation. Themajor banks of the world have established extensive international operations byacquiring banks in other countries, by extending their own branch networkabroad and by establishing relationships with foreign banks so as to developprofitable joint operations.The operations of these major commercial banks are therefore dynamic andrapidly changing, and their organization is of a global nature. (Adapted from JimCorbett – English for International Banking and Finance, Cambridge UniversityPress)

WORK MOTIVATION IN OUR SOCIETY

The reason why people work has for long been subject to numerous analyses.Management academics made a lot of research to discover the major sources ofmotivating work, which finally proved to be two: one was the work as a goal initself and the other was the goal at which the means obtained through workingwere aimed.The satisfaction offered by a job was, according to them, either intrinsic orextrinsic:Intrinsic satisfaction - implies deriving the satisfaction of your needs, andtherefore your motivation, from the work itself. A considerable amount ofbehavioural research has been devoted to this particular concept. AbrahamMaslow was one of the theorizers sustaining this point of view. He imagined apyramid of needs and supported the idea that while an urge or need remainsunsatisfied, it acts as a motivator, but once it has been satisfied, it ceases tomotivate and the next higher need in the pyramid comes into play. The needsdescribed by Maslow look as follows:

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- It all starts with physiological needs (food, water, the essentials of life), asthey are the basis of all motivation. Satisfying them pushes individualsone step higher in the pyramid;

- Next, there do come the safety needs (i.e. an environment free fromthreat);

- Social needs turn up immediately after (with reference to belonging to agroup and the acceptance by others);

- Esteem needs and self respect are not on top yet they make the final link;- Self actualization needs are higher than all necessities, according to

Maslow.

According to this theory, shortcutting the system is impossible. Needs must besatisfied step by step with patience and sensibility. The psychologicalmechanism is simple and altogether rigid.

b) Extrinsic satisfaction - implies deriving the satisfaction of needs using workas a means to an end. Work provides us with money and money enables us toobtain satisfaction. Therefore money, not the intrinsic satisfaction of the job, isthe main motivator considered by this school of thought, also known asinstrumental.However, people are not always motivated by the same needs. Moreover, atdifferent stages in their careers, different needs become paramount. Recentresearch is now looking at the process of motivation itself and is stressing theimportance of the individual's own assessment of and influence over thesituation.Economics experts and managers must be adept at comprehending the realmechanism of work motivation in order to understand how to make the most ofeconomic processes and turn turn the human resource involved in labourprocesses to the best account.

UNDERSTANDING PRICING MECHANISMS

Economics students and management experts must plainly appreciate thenecessity of truly comprehending the pricing policy of companies and pricingmechanisms working in a market economy.As the only legal aim of doing business is to make a suitable profit, the priceassociated with various products is one of the most important components of anycompany's marketing strategy.In fact, product-pricing lies at the very heart of the marketing process itself. Itsimpact is felt in sales volume, in the product contribution to overall profits and,

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above all, in the strategic position the product occupies in the market place. Forexample, a higher price will often raise a product's profile, and a high productprofile will certainly command a higher price.Yet things aren't as simple as that because economic, as well as market forcesare always at work. If this were not true, one could imagine that internationalcompetition would equalise prices all over the world. But despite all the talkabout a single market, a borderless Europe and a common currency, prices doremain alarmingly elastic.The question remains: how does one put a price on things? And why similarproducts are so often sold at widely different prices? One reason is the fact thatthe price attached to a given product is just one element of the marketing mixthat each company designs in its individual way. The marketing mix consists ofthe so-called Four P's that is manufacturing the right product, at the right price,which will then be distributed at the right place, and promoted in the right way.Of course, any company's pricing policy will take into account the value of aproduct, its quality, the ability of a customer to pay, the levels of sales which arerequired, the level of market saturation and the prices charged by thecompetition. But prices will be further influenced by the number of stages thatmake up the different channels of distribution through which products reachtheir buyers.Another explanation for the variation of prices is linked to the fact that mostcommodities, and particularly agricultural products, are usually heavilysubsidised by the state. In the absence of free trade, food, for example, will tendto be cheaper in the well – developed countries and outrageously expensive inthe underdeveloped ones.We must then not forget the taxes which compound the problem. Being subjectto very different rates of tax, prices of the otherwise uniform products like gascan be altered even more, with direct repercussions on the entire economic life.

TIPS:Economics is not an isolated science. If you want to be a good economist or aproficient manager, you must embrace diversity in your research. Flexibility isthe key principle to your success as an economist. Be flexible in mind and focuson one economics problem from two or more different angles.

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VOCABULARY – ABBREVIATIONS 2:

C/N credit note c/o care of cod cash on delivery Corp. Corporation CPT carriage paid to cwo cash with order D/A documents against acceptance DDP delivery duty paid DDU delivery duty unpaid DES delivered ex ship DN debit note

WORK TASKS

1. Bearing in mind the concept of motivation described in one the textswithin this short set and the flexibility principle presented at TIPS,describe your own educational background, professional life or careerplans, from the viewpoint of your intrinsic or extrinsic motivation forstudying or working.

2. Read carefully the goods sales contract below and fill in the blanks. Next,choose ten key words from the contract text and use them in sentences ofyour own:

SAMPLE OF SALES CONTRACT - 2

A. Identities of the PartiesParagraph 1. _______________________, HEREINAFTER REFERRED TOAS SELLER, AND _____________________, HEREINAFTER REFERREDTO AS BUYER, HEREBY AGREE ON THIS ____ DAY OF _____________,IN THE YEAR ____________, TO THE FOLLOWING TERMS.

Paragraph 2. SELLER, WHOSE BUSINESS ADDRESS IS_____________________, IN THE CITY OF _______________, STATE :_________________, IS IN THE BUSINESS OF ________________________.BUYER, WHOSE BUSINESS ADDRESS IS ____________________, IN THE

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CITY OF _________________, STATE : _________________________, IS INTHE BUSINESS OF ____________________________.

B. Description of the GoodsParagraph 3. Seller agrees to transfer and deliver to Buyer, on or before________________________ [date], the below-described goods:________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

C. Buyer’s Rights and ObligationsParagraph 4. Buyer agrees to accept the goods and pay for them according tothe terms further set out below.

Paragraph 5. Buyer agrees to pay for the goods:

o In full upon receipto In installments, as billed by Seller, and subject to the separate installment sale

contract of __________________[date] between Seller and Buyer.o Half upon receipt, with the remainder due within 30 days of delivery.

Paragraph 6. Goods are deemed received by Buyer upon delivery to Buyer’saddress as set forth above.

Paragraph 7. Buyer has the right to examine the goods upon receipt and has____ days in which to notify seller of any claim for damages based on thecondition, grade, quantity or quality of the goods. Such notice must specify indetail the particulars of the claim. Failure to provide such notice within therequisite time period constitutes irrevocable acceptance of the goods.

D. Seller’s ObligationsParagraph 8. Until received by Buyer, all risk of loss to the above-describedgoods is borne by Seller.

Paragraph 9. Seller warrants that the goods are free from any and all securityinterests, liens, and encumbrances.

E. AttestationParagraph 10. Agreed to this _____ day of _____, in the year ____________.

By: _____________________ Official Title: _____________________

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On behalf of ______________________________________, Seller

I certify that I am authorized to act and sign on behalf of Seller and that Seller isbound by my actions. ______ [initial]

By: _____________________ Official Title: _______________________

On behalf of _____________________________________, Buyer

I certify that I am authorized to act and sign on behalf of Buyer and that Buyer isbound by my actions. ______ [SIGNATURE]

2.2. From Student to Employee: Making the TransitionYou have graduated, and you have a job! It's exciting, but it is also a bitfrightening. The following tips will help you make an easier transition.Be positive...about yourself and your abilities and about your employer. But donot be a know-it-all. There may actually be a few things you have not yetlearned, and there are probably valid reasons for practices that appear, at firstglance, archaic.Be observant. You can learn a great deal about acceptable dress by watchingwhat your co-workers wear. You can also learn whether the workingenvironment is casual, with much informal visiting, or strictly professional.Consider how people communicate; is information given verbally, or are memosused? Also, what kinds of behavior are noticed, both favorably and unfavorably?Establish a good relationship with your supervisor. If in doubt, ask what he orshe prefers to be called. When you are not sure of policies or procedures, askquestions. Talk about his or her expectations of you, about your duties andresponsibilities, about overall goals. Try to understand his or her viewpoints andconcerns. Observe your boss's priorities; for example, is a neat desk important?Be loyal; if you cannot say something positive, say nothing at all.Managers and supervisors say that they look first for competence in the peopleworking under them. Congeniality and cooperativeness are next in importance.Supervisors want people who care about the needs of the organization and whohave realistic expectations about their career progress; entry-level jobs usually

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have their dull moments and routine duties, and you must try to bear with themcheerfully. Self-starters who are responsible are a real asset to any organization,as are people with the ability to communicate. Keep these traits in mind, andwork to improve in the areas where you may be weak.You will inevitably make some mistakes, but do not let them throw you.Remember that your supervisor believes you can do the job; otherwise youwould not have been hired. And he or she wants you to succeed; the hiringprocess is time-consuming and expensive.TIPS:Make sure you are not getting short of English lexis repositories. Wherever youstay or travel pick up some either traditional or electronic dictionaries, be theygeneral or specialised. Select for learning and usage from five up to twenty newEnglish terms per day, but chose them both from the business and the generallanguage areas. This is not too demanding a task, and in a couple of months youwill see the results.

VOCABULARY – ABBREVIATIONS 3:

D/P documents against payment enc(s) enclosure(s) EXW ex works FOB free on board FOR free on rail Inc Incorporated (US) L/C letter of credit Ltd limited p&p postage and packing PTO please turn over RE with reference to, regarding RRP recommended retail price SAE stamped addresses envelope VAT Value Added Tax ZIP (code) zone of improved delivery (US)

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WORK TASKS

1. Think about the ideas in the text above. How do you consider thetransition from student to employee? Is it difficult or rather simple tocontain? Are you optimistic in terms of your future professional career?

2. Find ten key words in the text and use them in a ten-line text of yourown referring to your personal experience in making the transition fromstudying to working.3. Write a very short paragraph (about five lines) in which you make sureof using five of the abbreviations above.

4. All these set-phrases can be substituted by transitive or intransitiveverbs. Find the proper verbs to replace them, and use them in sentences:

to make a profit on smth

to pick up with smb

to strive for an end

to take account of smth/to take smth into account

to take a chance

to stop short/to stop dead

to strain the law

to stay the course

to state the case

to set a trap for smb

to score an advantage/to score a success

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2.3. Commercial Correspondence: The Appreciation Letter and theBusiness Introduction Letter

2.3.1. Appreciation Letter (expressing gratitude to a conference speaker)March 26, 2014

Mr. John SmithUltimate Drive JSC.President and CEO

Dear John,I would like to take this very opportunity to express my cordial thanks to you foryour incredibly active participation in our latest conference in London on thefuture of civil transport. The Chairman and Board Members have also asked meto pass on their sincere admiration for your great efforts in supporting theInstitute in this important undertaking.Your skill in chairing the controversial panel on "The Role of ContinuousResearch in the Future of Civil Transport" was very much appreciated by thoserepresenting all sides of this extremely significant topic. As well, we havereceived numerous post-conference requests for the paper you delivered on "TheFundamental Issue of Cooperation between Transport Management Factors andMarketing Research Centres", and it turns up that you may have composed aroaring academic success with this work.On both a professional and a personal level, I really appreciated the time that thetwo of us were able to spend together for dialogue and reflection duringconference down times. I certainly learned a lot about the unique aspects oftransport operations in your country.We are currently hard at work producing the "Compendium of ConferenceProceedings" document, and we expect to be sending it out to all participantsearly in the January.Again, thanks so much for your enthusiastic participation in our conference. Ihave no doubt that it would not have been the success that it was without yourpresence.Please keep in touch, and drop in and visit us whenever you are in London.

Very sincerely,

Mark AdamsGeneral Director of Civil TransportLondon, UK

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VOCABULARY – NEGOTIATIONS 1:

Agent Person or company that acts for another and providesa specified service

Agreement Arrangement between two or more people orcompanies

Bargain price Reduced price

Bedrock price Lowest possible price

Commitment Engagement or undertaking; to commit oneself

Compromise Each party gives up certain demands in order to reachan agreement

Condition A stipulation or requirement which must be fulfilled

Contract Written agreement between two or more parties

Counter-offer Offer made in response to an offer by the other party

Counter-productive Having the opposite effect to that intended

Deal A business transaction

DiscountReduction in price

EstimateApproximate calculation of the cost

FacilitiesEquipment (e.g. parking facilities)

FeasiblePossible, something that can be done

Figure outFind a solution; estimate the cost

Know-howPractical knowledge or skill

Joint VentureA way of entering a foreign market by joining with aforeign company to manufacture or market a productor service

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WORK TASK

1. Rephrase the appreciation letter above with much attention to the logicalstructure and style of the original text.

2. Build up a short appreciation letter of your own.

3. Are appreciation letters necessary or not? Think about this one above.How could you describe its style, its logics and purpose? Enlarge upon thistopic with referring to a real situation when you had to specifically extendyour gratitude to someone having offered their help in achieving somethingdifficult.

4. Build up sentences with all the economic terms below, referring to leviesand taxes. Make sure you are working with sepcialised dictionaries, yet donot forget to also use general lexis dictionaries to find different meanings ofthe vocabulary items that you already know

withholding tax; foreign taxation; tax deduction at source; pay as you earn; graduated taxation; direct tax; local rates; recurrent taxes; real estate tax; indirect tax; profit tax; capital levy; turnover tax; sales tax; accumulated profits tax; wages tax; land tax; income tax; capital tax.

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2.3.2. Business Introduction Letter (Introducing Yourself and/or a Service)

February 20, 2014

Ms. Mary CantonDirector, Corporate ServicesUnique Industries Inc.230 Park AvenueNew York, NY 10213

Dear Ms. Canton,It was a great pleasure seeing you, even though very briefly, at last week's Boardof Trade event. It is absolutely amazing how small the world does seemsometimes, considering that we both earned our undergraduate degrees at thesame University, even overlapping for one year due to highest grades. I supposewe were destined to meet face-to-face sooner or later.I was fascinated by your synopsis of the history of Unique Industries over thepast, almost half-century. Obviously, your company has a very rich corporateheritage and tradition. At the same time, the company has been blessed with aseries of leaders of foresight and imagination who had the courage to changecourse at key points along the way so that the company could remaincompetitive and continue to lead its industry.As I was mentioning to you, Final Edition Publications is a specialty publisherthat focuses on corporate publications including annual reports, corporateprofiles and corporate histories. We have been in business for over 15 years andduring that time have grown from a two-person start-up, to a serious corporatepublisher with over 100 employees. We have been contracted by over a dozenFortune 500 companies to produce both annual and special occasionpublications on their behalf.After our chat at last week's meeting, it occurred to me that with UniqueIndustries approaching its 50th anniversary, it would be the perfect occasion toproduce a Corporate History to celebrate your company's first half-century. It sohappens, that these are exactly the types of corporate publications that wespecialize in here at Final Edition. In fact, we have produced corporate historiesfor a number of companies.With Unique Industries’50th just around the corner, I'm sure that you have beenthinking about ways to make that anniversary a special one. Accordingly, Iwould very much like to meet with you and show you some of the corporatework we have done, and brief you further on our services. I have a strong feeling

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that what we offer at Final Edition might be just the kind of thing you've beenlooking for to celebrate Unique Industries’50th.Please feel free to call me at 741-2377 so that we can discuss this further. If Idon't hear from you by the end of next week I will follow up with you and see ifwe can set up a meeting at your convenience.Yours truly,John RichardsManager, Corporate Programs

TIPS:

Even if you have developed good language skills, make sure you look up ingeneral explanatory dictionaries for words which you do have clear knowledgeof. They might have extra meanings and may be also parts of set-phrases.

VOCABULARY – NEGOTIATIONS 2:

Negotiate Discuss a business deal or contract in order to reachan agreement

Point out Draw attention to something (e.g. the advantages ofyour proposal)

Proposal Course of action, or plan, put forward forconsideration (to make a proposal)

Quote Give an estimated price (a quotation)

Range A selection of products sold by a company

Rebate Reduction or discount

Supply Provide customers with goods or services

Supplier Person or company that supplies goods or services

Tender An offer, in writing, to execute work or supply goodsat a fixed price

Turnkey Describes equipment ready for use or operation (e.g.plant or factory)

Underestimate Make too low an estimate of something (cost,

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danger, difficulty)Work out Calculate (e.g. the price of something); find a

solution

WORK TASK

1. Rephrase the following constructions:

the world seems small sometimes we earned our degrees due to highest grades we were destined to meet face-to-face your company has a very rich corporate heritage and tradition the company has been blessed with a series of leaders of foresight and

imagination to change course so that the company could remain competitive and continue to lead its

industry

2. Build up sentences with the following bank phrases: issuing bank; opening bank; paying bank; central bank; collecting bank; investment bank; national bank; negotiating bank; full service bank; European Investment Bank/EIB; European Bank for Reconstruction & Development/EBRD; International Bank for Reconstruction & Development/IBRD; Bank for International Settlements/BIS.

3. Having in mind the information in the business introductioncorrespondence above, build up such an introductory letter of your own,paying attention to all the detailes required by this task.

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2.4. Language Approach –Part 22.4.1. The Noun (Definition, Number, Gender, Types)A noun is that lexis unit (or set of units in the specific case of noun phrases)made use of in referring to persons, beings, places, objects, substances,states, events, qualities ideas or any other possible object oh humanknowledge. In terms of sentence structure or syntax, a noun can be eitherthe subject or the object of a verb, it can be modified by the presence of anadjective and can also take an article or another determiner.For example:

laptop; company; the building; an associate.

Nouns do also denote abstract and intangible concepts.For example:

economy; stock; trade reliability; evolution; technology, etc.

Noun PluralsYou must always keep in mind some simple rules that will help you to correctlyform the noun plural. The general rule is to add "-s" to the noun in singular, asin: consumer – consumers; target – targets; industry– industries.

Yet, when the singular noun ends in: -sh, -ch, -s, -ss, -x, -o its plural is formedby adding "-es", as in:

speech – speeches; crash – crashes;

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loss – losses; box – boxes; embargo – embargoes.

When the singular noun ends in "y", the "y" must be changed for "i" and then an"-es" is added to form the plural.. But you must not change the "y" for "ies" toform the plural when the singular noun ends in "y" preceded by a vowel.

For exaample: day – days; toy – toys.

Nevertheless, there are many irregular nouns which do not form the plural in thisway:

For example: businessman – businessmen; businessoman – businesswomen; child-children, etc.

Many of the nouns having a Greek or Latin origin do keep their singular andplural forms intact, as in the case of:

thesis-theses; analysis-analyses; datum-data; millennium-milennia; stimulus-stimuli etc.

Nouns may take an “'s” ("apostrophe s") or "Genitive marker" to indicatepossession. If the noun already has an “-s” ending to mark the plural, then thegenitive marker appears only as an apostrophe after the plural form.

For example: my manager's portfolio; John’s schedule; the Browns' investment; the boys' career.

The genitive marker should not be confused with the " 's " form of contractedverbs, as in John's a good accountant, which means John is a good accountant.

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Noun GenderMany common nouns, like "engineer" or "teacher", can refer to either men orwomen. Formerly, many English nouns would change form depending on theirgender (for example, a man was called an "author" while a woman was called an"authoress") which is no longer the situation. Yet in the case of gender-distinctive lexical entries like actor/actress or waiter/waitress, we may actuallyspeak of different nouns (such as man/woman) rather than one single noun withtwo forms, even if, logically speaking, we do refer to forms having the samedenotation:For example:

This was a very prominent actor who renounced his career to become abusinessman. The manager was trying to write a short want ad, but he couldn't decidewhether he was advertising for a "waiter" or a "waitress". She was at the height of her career as an actress last year when she made upher mind to becoming a successful businesswoman.

Types of NounsProper nouns are the names of specific things, people, or places, such as John orFrance. They usually begin with a capital letter. To master their knowledge,dictionaries specialised in proper nouns are very necessary especially when theystructure their lexis on domains of activity.Common nouns do generally refer to a person, an object, an idea, and they canbe either concrete or abstract, as: business, corporation, commodity, aim,economics.Concrete nouns refer to things which you can sense such as laptop andsmartphone.Abstract nouns refer to ideas or qualities such as ethics and interest.Countable nouns refer to things which can be counted (can have singular andplural forms), e.g: entity-entities; compliance-compliances; achievement-achievements.Uncountable nouns refer to some groups of nouns which are not counted inEnglish, being only ascribed a singular form: nonsense, money, advice,information.

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WORK TASKS:

1. Find a determinant for each of the following nouns, and use theconstructions obtained in sentences:

credit depletion journal investment recovery schedule trader

2. Rephrase the following text:

The economic way of thinking is very analytical, clear, concise, and rigorous.People with good training in economics are adept at solving society concernsbecause they do learn how to identify real problems, to specify alternativesolutions, to determine what data are relevant, and to objectively weigh costsand benefits in making all decisions. In addition to acquiring a useful way ofthinking, economics professionals have a good training background on a varietyof topics which have important implications in making managerial decisions.These include demand theory and estimation, production and cost theory,analysis of market structure, antitrust policy, government regulation of business,capital budgeting, inflation, unemployment, determination of interest rates, andinternational economics.

3. Try to enlarge upon the ideas in the above text from your ownperspective in a short composition of your own starting with: Studyingeconomics does help me with…

4. Find the correct Present Tense Form:

The auditor .......... in her report later today.a) is coughing;b) buys;c) is sending.

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Find the correct Present Tense Form:She often .......... her reports in late.a) is flying;b) flies;c) sends.

Find the correct Present Tense Form:Things are really great for our joint venture. Business ..........a) is booming;b) booms;c) is thundering.

Find the correct Present Tense Form:Inflation .......... too quickly, I'm afraid to say.a) is sliding;b) slides;c) is growing.

Find the correct Present Tense Form:Your brother ……..twice as much as you.a) is endowed with;b) earns;c) lets.

5. Using the knowledge and language skills acquired so far, rephrase thefollowing specialised text, making sure its meaning remains as clear as inthe reference text:

A business (also called a firm or an enterprise) is a legally recognizedorganization designed to provide goods and/or services to consumers.Businesses are predominant in capitalist economies, most being privately ownedand formed to earn profit that will increase the wealth of its owners and growthe business itself. The owners and operators of a business have as one of theirmain objectives the receipt or generation of a financial return in exchange forwork and acceptance of risk. Notable exceptions include cooperative businessesand state-owned enterprises. The etymology of business relates to the state ofbeing busy either as an individual or society as a whole, doing commerciallyviable and profitable work. The term business has at least three uses, dependingon the scope - the singular usage (above) to mean a particular company orcorporation, the generalized usage to refer to a particular market sector, such

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as the music business and compound forms such as agribusiness, or thebroadest meaning to include all activity by the community of suppliers of goodsand services. However, the exact definition of business, like much else in thephilosophy of business, is a matter of debate. Business Studies, the study of themanagement of individuals to maintain collective productivity in order toaccomplish particular creative and productive goals (usually to generate profit),is taught as an academic subject in many universities.

6. Find the best answer:1. What time do you get up and go to work?a) No way. I'm not at all happy with it.b) It's OK. I'm not enjoying my present job very much.c) It depends on what I'm doing that day. Usually about 7.30.d) Sure. I never fail to. I want to stay very well informed.

2. Where do you work?a) No way. I'm not at all happy with it.b) I don't stay in the same place. I'm a consultant so I move around a lot.c) I'm only staying until I find something better.d) Sure. I never fail to. I want to stay informed.

3. What time do you finish work?a) I usually get away about 7.00 but sometimes I have to stay later.b) No way. I'm not at all happy with it.c) I'm only staying until I find something better.d) Yes. I'm going down the pub.

4. Do you eat during office time? Where do you have lunch?a) Sure. I never fail to. I want to stay informed.b) No. I'm trying to lose weight so I'm not having lunch at present.c) No way. I'm not at all happy with this job.d) No way, I'm too happy with this job.

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5. Do you like your job?a) It's OK. I'm not enjoying my present project very much.b) It's absolutely OK. I'm not enjoying my present project very much.c) It's relatively OK. I'm amazed by the opportunities that it offers me.d) It's appalling. I'm amazed by the opportunities that it offers me.

3. AT THE OFFICE – PART 1

3.1. At the Office. Basics and Management – Part 1

It is very common knowledge that the basic workplace of today is intenselychanging. Mobile computing and communication devices such as laptops,ultrabooks, smartphones and personal assistant software do play an increasingrole in all forms of working environment from the office to the building site.Applications for all computers are continuously emerging. Working in a fixedoffice environment is giving way to working from anywhere. This is actually acontemporary trend with profound implications for our use of office spaces, forcity and spatial planning, and for our attitudes towards the process of workitself. Predictions of major shifts in working patterns are nothing new. Over thelast years, new networking technologies have substantially changed officeworking practices, while, at the same time, there has been a clear trend towardshome and remote working. Yet office work or field work remains the regulartype of work that most successful economists and managers have to contain. Toenjoy all benefits of a fitting workplace, after graduating from bachelor, masteror doctoral programs, you simply have to commit yourself to it and make themost of your academic training. This work commitment is grounded on workintegration, which is in its turn based on work acceptance. To properly work incorporation, you must first be accepted among its community members, i.e. youhave to pass an interview, which, depending on the company itself, can be eithervery complex or simple in substance, yet very relevant for revealing your skillsand consequential for your future work.

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Let us now consider the most common job interview questions, and also a fewwords of advice for answering them:Would you please, tell me a few things about yourself?This is the most often asked question in interviews. You need to have a shortstatement prepared in your mind. Be careful that it does not sound rehearsed.Limit it to work-related items unless instructed otherwise. Talk about things youhave done and jobs you have held which relate to the position you areinterviewing for. Start with the item farthest back and work up to the present.Why did you leave your last job?You should now stay positive regardless of the circumstances. Do not ever referto a major problem with management or make harsh comments on formersupervisors, co-workers or the organisation. If you do, you will be the onelooking very deficient of an appropriate professional behaviour. Keep smilingnaturally, and talk about leaving for a positive reason such as an opportunity, achance to do something special or other forward-looking reasons.What experience do you have in this field?Speak about specifics that relate to the position you are applying for. If you donot have specific experience, get as close as you can.Do you consider yourself successful?You should always answer yes and briefly explain why. A good explanation isthat you have set goals, and you have met some, and you are on the good trackto achieving all the others.What do co-workers say about you?Be prepared with a quote or two from co-workers. Either a specific statement ora paraphrase will work.John Smith, a collaborator at Ultimate Industries working in the HumanResource Department, always said that I was the most adaptable assistantmanager he had ever known. This means a lot to me especially because he hasnow been promoted to their HR Chief of Staff.

VOCABULARY - OFFICE:

OFFICE – MEANINGS: place of business where professional or clerical duties are performed: he

rented an office in the new building; agency or administrative unit of government: Office of Management and

Budget; function regarding the actions and activities assigned to, required or expected

of a person or group: the office of a Dean;

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power (of a government or government official): holding an office or being inoffice means being in power, e.g. Being in office already gives a candidate agreat advantage; during his first year in office; during his first term of office;the office of Vice President;

professional or clerical workers in an office: the whole office was late inthe morning because of the latest events;

position: a job in an organization: He occupied an office in the Treasury.

OFFICE – SYNONYMS:appointment, berth, billet, capacity, charge, commission, connection, duty,employment, function, job, obligation, occupation, performance, place, post,province, responsibility, role, service, situation, spot, station, trust, work,agency, building, bureau, centre, department, facility, room.

TIPS:

There are, actually other possible difficult questions to be addressed during a jobinterview, yet you have to be prepared for them with good answers.Nevertheless, you must certainly be prepared for unpredictable situations andunanticipated questions. You have to accept this as a good challenge for yourjob and career.

VOCABULARY - EMPLOYMENT:

Assessment Evaluation of someone’s abilities

Apply Submit an application for a job or position

Background Education - qualifications – experience

Bonus Additional payment to an employee as an incentive orreward

Curriculum Vitae Summary of someone’s education and experience todate; résumé

Dismiss Discharge from employment; (synonyms: to fire, tosack, to let go)

Employee Person who works for a firm or company

Employer Person or firm who employs people

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Fire To dismiss from a job

Interview Oral examination of an applicant for employment

Make redundant Dismiss for economic reasons

Maternity leave Period of absence for a female employee when havinga baby

Notice Advance warning of intention to leave one’s job - togive or hand in one’s resignation

Personnel People who work for a firm or company (employees)

Personnel officer Manager responsible for recruitment, training andwelfare of personnel

Promotion Advancement in rank or position in the company

Prospects Opportunities for success or promotion in a career

Recruit Look for and hire personnel

Resign Leave a job voluntarily

Retire Leave employment because of age

Sick leave Absence because of illness - to be on sick leave

Staff People who work for a firm or department;employees

Strength Strong characteristic or particular ability

Strike To go on strike - to stop working in protest againstsomething

Take on Employ or hire

Trainee Person being trained for a job e.g. a trainee salesman

Training course A course of study to prepare for a job e.g. an IT/VTCcourse

Unemploymentbenefits

Payments made by the state to an unemployed person

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Vacancy A position to be filled

Weakness A lack of ability or a shortcoming in character

TIPS:

In addition to the five questions approached above, there are many others thatmight turn up as difficult to answer during an interview. Consider the list ofQUESTIONS and TIPS below as a good STOP AND THINK point for yourfuture interviews:

1. What knowledge do you possess about our organisation?This question is one reason to do some serious research on the organisationbefore the interview. Find out where they have been and where they are going.What are the current issues and who are the major players?2. What have you done to improve your knowledge in the last year?Try to include improvement activities that relate to the job. A wide variety ofactivities can be mentioned as positive self-improvement. Have some good oneshandy to mention.3. Are you applying for other jobs?Be honest but do not spend a lot of time in this area. Keep the focus on this joband what you can do for this organisation, anything else is a distraction.4. Why do you want to work for this organisation?This may take some thought and certainly, should be based on the research youhave done on the organisation. Sincerity is extremely important here and willeasily be sensed. Relate it to your long-term career goals.5. Are you a team player?You are, certainly, a team player, and makesure to have several good examplesat hand. Specifics that show you often perform for the good of the team ratherthan for yourself are good evidence of your team attitude. Be also careful not tobrag, yet just say it in a matter-of-fact tone.6. How long would you expect to work for us if hired?Specifics here are not good, something like this should work: I’d like it to be avery long time or As long as we both feel I’m doing a good job.7. Have you ever had to fire anyone, and how did you feel about that?This is a very serious question, and do not make light of it or in any way seemlike you enjoy firing people. At the same time, you will do it when it is the rightthing to do. When it comes to the organisation versus the individual who hascreated a truly harmful situation, you will protect the organisation and its entirecommunity. Remember that firing is not the same as layoff or reduction in force.

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8. What is your philosophy towards work?The interviewer is not looking for a long or elaborate dissertation here. Do youhave strong feelings that the job gets done? Of course you do. That’s the type ofanswer that works best here. Be short and positive, showing a benefit to theorganisation.9. If you had enough money to retire right now, would you?Answer yes if you would, but since you need to work, this is the type of workyou prefer. Do not say yes if you do not mean it in the most honest sense.10. Have you ever been asked to leave a position?If you have not, say no. If you have, be honest, brief and avoid saying negativethings about the people or organisation involved.11. Explain how you would be an asset to this organizationYou should be anxious for this question, because it gives you a good chance tohighlight your best points as they relate to the position being discussed. Give alittle advance thought to this relationship.12. Why should we hire you?Point out how your assets meet what the organisation needs, and do not mentionany other candidates to make a comparison.13. Tell me about a suggestion you have madeYou should definitely have such a good suggestion ready. Be confident and usea suggestion that was accepted and was then considered successful - one relatedto the type of work applied for is a real plus.14. What irritates you about co-workers?This is a trap question. Think real hard but fail to come up with anything thatirritates you. A short statement that you seem to get along with managers,colleagues and collaborators is great.15. What is your greatest strength?Numerous answers are good, yet you must stay positive. A few good examplespoint out at your ability to prioritise, your problem-solving skills, your ability towork under pressure, your ability to focus on projects, your professionalexpertise, your leadership skills or your positive attitude.

WORK TASKS

1. If you were a Human Resource Manager in a joint venture, whichwould be the top ten job interview questions that you might be willingaddress the interview candidates?

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2. Consider preparing your own answers for a job interview. Answer thefollowing questions with observing the tips below:

Are you willing to work overtime? Nights? Weekends?This is up to you. Be totally honest.

How would you know you were successful on this job?Several ways are good measures: you set high standards for yourself and meetthem, your outcomes are a success, your manager tells you that you aresuccessful.

Would you be willing to relocate if required?You should be clear on this with your family prior to the interview if you thinkthere is a chance it may come up. Do not say yes just to get the job if the realanswer is no. This can create a lot of problems later on in your career. Behonest at this point and save yourself future bad professional experience.

What have you learned from mistakes on the job?Here you have to come up with something or you strain credibility. Make itsmall, well intentioned mistake with a positive lesson learned. An examplewould be working too far ahead of colleagues on a project and thus throwingcoordination off.

Do you have any blind spots?Trick question. If you know about blind spots, they are no longer blind spots.Do not reveal any personal areas of concern here. Let them do their owndiscovery on your bad points. Do not hand it to them.

If you were hiring a person for this job, what would you look for?Be careful to mention traits that are needed and that you have.

How do you propose to compensate for your lack of experience?First, if you have experience that the interviewer does not know about, bringthat up. Then, point out –only if true- that you are a hard working quicklearner.

Tell me about a time when you helped resolve a dispute between others.Pick a specific incident. Concentrate on your problem solving technique andnot the dispute you settled.

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What position do you prefer on a team working on a project?Be honest. If you are comfortable in different roles, point that out.

Describe your work ethicEmphasize benefits to the organisation, such as determination to get the jobdone and work hard but enjoy your work, which are good examples.

Tell me about your dream job.You should stay away from a specific job, as you could not possibly win inthis situation. If you say that it is the exact job you are contending for is it, youdo strain credibility, and if you point at any other job, you plant the suspicionthat you will be clearly dissatisfied with this position if hired. The best is tosay something like: A job where I love the work, like the people, can play arole and cannot wait to get to work every day.

Why do you think you would do well at this job?Give several reasons and include skills, experience and interest.

What kind of person would you refuse to work with?Do not be negligible of consequential corporate matters regarding professionalbehaviour, as it would take disloyalty to the organisation, violence orlawbreaking to get you to object. Have, yet, in mind that minor objections willcertainly label you as a complainer.

What is more important to you: the money or the work?Money is always important, but the work is the most important. There is nobetter answer.

What would your previous supervisor say your strongest point is?There are numerous good possibilities for you to mention: loyalty, energy,positive attitude, leadership, team player, expertise, initiative, patience, hardwork, creativity, problem solver.

Tell me about a problem you had with a supervisorThis is the biggest trap of all. This is a test to see if you will complain aboutcompany decision-makers. If you fall for it and tell about a problem with aformer manager, you may put an end to the interview yourself. Stay positiveand develop a poor memory about any trouble with a supervisor.

What has disappointed you about a job?Here, do not risk to getting trivial or negative. Safe areas are very few but theydo exist and can include situations like: you experienced not enough of a

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challenge, as you were laid off in a reduction when the company did not winan important contract, which would certainly have given you moreresponsibility.

Tell me about your ability to work under pressureYou may say that you thrive under certain types of pressure. Give an examplethat relates to the type of position applied for.

Do your skills match this job or another job more closely?Definitely the one for which you are applying, therefore do by no means givefuel to any suspicion that you may want another job more than this one.

What motivates you to do your best on the job?This is a personal trait that only you can say, but good examples are:challenge, achievement and recognition.

3.2. Commercial Correspondence. Confirmation Follow-up after BusinessMeeting

3.2.1. Confirmation Follow-up after Business Meeting

July 20, 2009

Mr. John DuncanManager, Customer SupportBusiness Solutions Inc.338 Park AvenueNew York, NY 10814

Dear John,

This is further to our meeting of last week at which we agreed to hold a series ofmeetings over the next two months to review your experiences with the pilotimplementation of the 1to1 Customer Relationship Management Program.As discussed at that meeting, the objectives of our review sessions will be to: Review and assess the overall effectiveness of the program; Identify and document strengths weaknesses of the program; Propose customer-focused solutions to address areas of weakness;

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Develop an approach and action plan for Phase 2 of the project; Determine the staff members who will make up the Phase 2 Team.As agreed, meetings will be held every second Tuesday from 9:00 a.m. untilnoon, and the location will alternate between our two offices, the first one to beconvened here at Inter-Office on August 14, 2005. Fred Johnson of your CRMgroup is to act as the meeting co-ordinator and recording secretary throughoutthe process.As discussed, at the end of the process, Jane Adams of Consultek will draft thesummary report for review by the steering committee. As you requested, a copyof her C.V. has been enclosed.I trust I have covered all of the points that we discussed. If you have anyquestions or would like to add anything please give me a call at my personalnumber.We look forward to seeing you at the August 14th meeting.

Sincerely,

Anne JamesSenior Consultant

VOCABULARY - ENGLISH ABBREVIATIONS AND ACRONYMS:

@ at a/c account AGM annual general meeting a.m. ante meridiem (before noon) a/o account of (on behalf of) AOB any other business ASAP as soon as possible ATM automated teller machine (cash dispenser) attn for the attention of approx. approximately cc copy to CEO chief executive officer c/o care of (on letters : at the address of) Co company cm centimetre COD cash on delivery dept department e.g. exempli gratia (for example)

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EGM extraordinary general meeting ETA estimated time of arrival etc et caetera (and so on) GDP gross domestic product GNP gross national product GMT Greenwich mean time (time in London) i.e. id est (meaning : 'that is') Inc incorporated IOU I owe you IPO initial public offer Jr junior K thousand lb pound (weight) £ pound (money) Ltd limited company mo. month N/A not applicable NB Nota Bene (it is important to note) no. number PA personal assistant p.a. per annum (per year) Plc public limited company pls please p.m. post meridiem (after noon) p.p. per pro (used before signing in a person's absence) PR public relations p.s. post scriptum pto please turn over p.w. per week qty quantity R & D research and development re with reference to ROI return on investment RSVP repondez s'il vous plait (please reply) s.a.e. stamped addressed envelope VAT value added tax VIP very important person

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FURTHER INFORMATION ON THE KEY STRUCTURE OF AFORMAL LETTER

The rules of writing a business letter might be arbitrary, but taken together theycreate a formula that produces clarity. When a letter follows all the rules, thereader doesn’t have to struggle to figure out where a piece of information mightbe, what action they should take next, or who sent it — everything can be foundin its place. Knowing the rules of letter writing is, in that sense, akin to knowingthe rules of page layout, i.e. the format of the document should support andclarify the content.

From top to bottom, a formal letter contains the following elements: Return address and date: (Upper right hand corner) Once upon a time, this

was necessary in case the letter became separated from the envelope, but Idoubt that happens much anymore. Even so, this is where your reader isgoing to look to find your address and the date the letter was written, so itshould be there.

Mailing address of the recipient: (Left-hand side, one line below the returnaddress) This identifies the recipient of the letter. In office environments,letters are often removed from their envelopes and circulated; this helps theletter get back to its rightful recipient.

Salutation: (Two lines below the recipient’s address, or about 1/3 down thepage) The person the letter is intended for. Avoid “Dear Sir/Madam” andespecially “To Whom it May Concern” unless absolutely necessary; notdirecting a letter to an exact recipient suggests that you don’t care who readsit (or you would have made a call or checked their website) — and mayprevent the letter from reaching someone who can act on your letter.

Body: The body of the letter has three parts: an introduction that shouldexplain who you are and why you are writing, a middle part that gives thedetails and persuades your reader to act, and a closing that tells your readerwhat action you expect or would like them to take.

Valediction: (Left-aligned, two lines below the body) This is the line beforeyour signature. For people whose name you don’t know, use “Faithfullyyours” — but avoid writing letters without finding out a name first. Whenyou know the recipient’s name, sign it “Sincerely yours” or just “Sincerely”,or in the US “Yours truly” is acceptable. Don’t try anything more cutesy orfriendly unless a) you know the recipient quite well and are certain you canbe informal without seeming disrespectful, or b) you have a “trademark”letter ending that’s part of your public persona (and the talent and popularityto pull it off).

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Signature and printed name: Signing your name is a minimal assurance thatyou stand behind what was written. Since your signature is likely to bedifficult to read, type your name down a couple of lines so that your readerknows who is writing to them.

Enclosures: (Below signature block) If you have included any furthermaterial — a business card, a brochure, a price sheet, whatever — list thenumber of items and describe each.

TIPS TO WRITING FORMAL LETTERS

Use block style - do not indent paragraphs. Include address of the person you are writing to at the top of the letter, below

your company address. After the address, double space and include date Double space (or as much as you need to put the body of the letter in the

center) and include the salutation. Include Mr. for men or Mrs, Miss, Ms forwomen, unless the recipient has a title such as Dr.

State a reference reason for your letter (i.e. 'With reference to our telephoneconversation...'

Give the reason for writing (i.e. 'I am writing to you to confirm our order...') Make any request you may have (i.e. 'I would be grateful if you could

include a brochure...' If there is to be further contact, refer to this contact (i.e. 'I look forward to

meeting you at...') Close the letter with a thank you (i.e. 'Thank you for your prompt help...') Finish the letter with a salutation (i.e. 'Yours sincerely,') Include four spaces and type your full name and title Sign the letter between the salutation and the typed name and title Keep the letter brief and to the point Do not use shortened verb forms - write them out (i.e. 'don't instead of do

not') Always keep a copy of correspondence for future reference.

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WORK TASK

1. Build up a ten-line confirmation follow-up after business meeting.Make sure that your text does comply with all above requirements.

2. Build up sentences with the following abbreviated names oforganisations:

NGO –Non-Governmental Organization; ICAO - International Civil Aviation Organisation; EUROPOL - European Police Organisaion; ILO - International Labour Organisation; IOE - International Organisation of Employers; IOCU - International Organisation of Consumers Union; ISO - International Standards Organisation; IMO - International Maritime Organisation; WTO - World Trade Organisation; WCO - World Customs Organisation; WIPO - World Intellectual Property Organisation; UN - United Nations; OELD - Organisation for Economic Cooperation and Development; OSCE - Organisation for Security & Cooperation IN Europe.

3.3. Language Approach –Part 33.3.1. The Present ProgressiveWhile the simple present and the present progressive are sometimes usedinterchangeably, the present progressive emphasises the continuing nature of anact, event, or condition.The verbs in the following sentences are in the present progressive tense. In eachsentence the on-going nature of the action is emphasised by the use of thepresent progressive rather than the simple present.

John is looking for the first paperback editions of Burchill's “Theories ofInternational Relations”.

She is dusting all the shelves on the second floor of the shop.

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The union members are pacing up and down in front of the factory. They are broadcasting the union leaders’ interview this evening. The presses are printing the first edition of tomorrow's paper.The present progressive is occasionally used to refer to a future event when usedin conjunction with an adverb or adverbial phrase, as in the following sentences. The doors are opening in 10 minutes. The premier is arriving on Tuesday. Classes are ending next week. The publisher is distributing the paperback management volumes nextWednesday.

4. AT THE OFFICE – PART 2

4.1. At the Office. Basics and Management – Part 2

In order to successfully manage an office, regardless of your company's productor even your customer base, you should adhere to some basic guidelines. Hereare six areas that you should keep in mind:- Employment and human resources;- Project management;- Equipment and furniture requirements;- Inter- and intra-office communications;- Conflict resolution;- The company and its people.Employment and human resources. It is critical to have an employmentpolicy in place. A policy manual gives you a blueprint for the way the companyapproaches employment. It spells out rules in a way that can prevent laterproblems. (Imagine working for an organization that came to a standstill eachtime an employment issue arose). In addition, you will desire to include atraining and development program under this area. Even if your training anddevelopment program is modest, you still need to consider building this intoyour policy. Here there are ten Employee Training Tips to learn how toimplement an effective training program.Project management. Keeping track of projects is critical to the successfulcompletion of important tasks and represents an essential piece ofdocumentation. Knowing when things have to be completed and by whom giveseveryone a clear idea of what's ahead. Deadlines are less likely to be missed and

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people are more likely to know their roles. Plus, each project, through carefuldocumentation, can become a useful case study for future assignments.Equipment and furniture requirements. You don't need every piece of officeequipment out there to run a smooth operation. But you do need certain productsthat are going to optimize people's performance. What you need and how muchit will cost are simple but important considerations. Check out What OfficeEquipment Do I Need for My Business? for a good introduction. And what aboutsoftware? Are you trying to achieve a paperless office? If not, do you know howyou'll store certain documents? Answering these and other questions aboutequipment will help you to prepare for the growth of your office.Inter- and intra-office communications. For many small businesses, theresponsibility for communication falls upon the office manager. Knowing howand when to communicate key information is vital to successful officemanagement. E-mail blasts, posted instructions at the copier, and weekly staffmeetings are just a few of the types of communication that occur within a busyoffice. Having a communication plan that everyone can adhere to will increasean office's productivity and ensure that information is disseminated clearly andquickly.Conflict resolution. Conflicts are inevitable. Knowing how to handle themproperly, however, will make life easier. Whether you have a formal policy orrely on your own wits, you need to prepare yourself for a wide variety ofdisagreements. Even with an employment manual, such issues as equitabledistribution of work, pay rates, and job descriptions often arise in a company.Ignoring a conflict or waiting for it to dissipate is never the right solution.Having a plan or a policy for conflict resolution will help everyone navigatethrough a disagreement in a professional manner.The company and its people. Knowing how to run an office must includeunderstanding the company and its people. Knowing the product line and how itfulfills a need is just as important as ordering more toner for the printer. If youdon't understand your company's mission, you won't know how best to supportits various functions. The same goes for people — knowing employees' roles,where they fit into the big picture, and how they operate will help you managethe office so that every function supports the people tasked with getting thingsdone. The more you know about how the company works and what people aredoing to build business, fulfil customer requests, meet deadlines, and otherwiseperform their duties, the more successful you'll be in creating and sustaining anenvironment that fosters success.

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VOCABULARY REVISION – BUSINESS TERMS FROM THE SPHEREOF EMPLOYMENT: bonus n. additional pay given to employee as incentive or reward; curriculum vitae n. short account of one's education, career etc; CVUK;

resumeUS; resumeUS; dismiss v. to remove or discharge from employment; to sack [colloq.]; to

fireUS; employer n. person or firm who employs people - employee n. person

employed; fire v. [colloq.] to dismiss; interview v. an oral examination of an applicant for a job - also v.; make redundant v. [made, made] to dismiss because of not being needed -

redundancyUK n.; maternity leave n. period of absence from work (for a woman) when having a

baby; notice n. advance warning of intention to resign - to give or tender one's

notice v.; perk abbr. perquisite; something additional to regular salary [eg: free

meals; a car]; personnel n. the people who work for a firm; personnel officer n. manager responsible for recruitment, training and

welfare of personnel; promotion n. advancement in rank or position - to promote v.; prospects n. opportunity for success, promotion etc; recruit n. to look for and employ personnel - recruitment n.; resign v. to give up a job - letter of resignation n.; retire v. to leave employment, esp. because of age - retirement n.; salary n. a fixed, regular payment, usually monthly, made by employer to

employee; staff n. the people who work for a firm or a particular department;

employees; take on v. [took, taken] to employ; to hire.

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WORK TASK

1. Build up senstences with ten of the business terms described atVOCABULARY.

2. Read the following sample of employment agreement in a loud voice.Stop after each article and describe its contents:

EMPLOYMENT AGREEMENT SAMPLE

This AGREEMENT, entered into this ___ day of [Month], 20__, between[Business], a [state of incorporation] (the "Company"), and [name of employee](the "Employee"),

Stipulates that:WHEREAS, the parties hereto desire to enter into this Agreement to define andset forth the terms and conditions of the employment of the Employee by theCompany;NOW, THEREFORE, in consideration of the mutual covenants and agreementsset forth below, it is hereby covenanted and agreed by the Company and theEmployee as follows:

1. Position; Employment PeriodThe Company hereby employs the Employee as its [position], and the Employeehereby agrees to serve in such capacity, for the period beginning [start date],20__, and ending on the date on which the Employee's employment isterminated in accordance with paragraph 8 below (the "Employment Period").

2. Performance of DutiesThe Employee agrees that during the Employment Period he shall devote his fullbusiness time to the business affairs of the Company and shall perform hisduties faithfully and efficiently subject to the direction of the [President] of the

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Company; provided that the foregoing shall not limit or prevent the Employeefrom serving on the board of directors of charitable organizations or otherbusiness corporations not in competition with the Company. The Employee shallnot be assigned duties and responsibilities that are not generally within the scopeand character associated or required of other employees of similar rank andposition.

3. Compensation(a) Subject to the following provisions of this Agreement, during theEmployment Period the Employee shall be compensated for his services asfollows:(b) He shall receive an annual salary, payable in monthly or more frequentinstallments, in an amount which shall initially be […. amount] per annum,subject to such increases as may from time to time be determined by the[President] of the Company.[specify pension and other non-salary benefits.](c) He shall be entitled to vacations of not less than [amount] per year.

(d) He shall be entitled to such other perquisites as may be customarily grantedby the Company to employees of similar rank and position.

4. DisabilitySubject to the provisions of paragraph 8, if the Employee's employment isterminated during the Employment Period by reason of his Disability (as definedbelow), the Employee shall continue to receive an annual salary and benefits inaccordance with paragraphs 3(a) and 3(b) through the end of the [number] fullcalendar month of such disability but not in any event beyond the end of theEmployment Period. For purposes of this Agreement the term "Disability"means a physical or mental disability which renders the Employee incapable ofperforming his duties under this Agreement and which disability has existed forat least [number] months, as determined by an independent physician selectedby the Company and agreed to by the Employee. Any salary payments to theEmployee shall be reduced by the amount of any benefits paid for the sameperiod of time under the Company's disability insurance programs.

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5. Competing BusinessesDuring the period of his employment under this Agreement, the Employee shallnot be employed by or otherwise engage in or be interested in any business incompetition with the Company, or with any of its subsidiaries or affiliates,except that the Employee's investment in any such business shall not beconsidered a violation of this paragraph if either (a) the Employee owns lessthan [number]% of the equity thereof, or (b) such business is not in competitionwith the Company.

6. ConfidentialityDuring and after the Employment Period, the Employee will not divulge orappropriate to his own use or to the use of others, in competition with theCompany, any secret or confidential information or knowledge pertaining to thebusiness of the Company, or of any of its subsidiaries, obtained by him in anyway while he was employed by the Company or by any of its subsidiaries.

7. RemediesIf at any time the Employee violates to a material extent any of the covenants oragreements set forth in paragraphs 5 and 6, the Company shall have the right toterminate all of its obligations to make further payments under this Agreement.The Employee acknowledges that the Company would be irreparably injured bya violation of paragraph 5 or 6 and agrees that the Company shall be entitled toan injunction restraining the Employee from any actual or threatened breach ofparagraph 5 or 6 or to any other appropriate equitable remedy without any bondor other security being required.

8. Amendment and TerminationThis Agreement may be amended or cancelled by mutual agreement of theparties without the consent of any other person and, so long as the Employeelives, no person, other than the parties hereto, shall have any rights under orinterest in this Agreement or the subject matter hereof The Employment Periodshall terminate as of the earliest of:(a) [date];(b) the last day of the month in which the date of the Employee's death occurs;orthe date on which the Company gives notice to the Employee if such terminationis for Cause or Disability.(c) For purposes of this Agreement, "Cause" means the Employee's gross

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misconduct resulting in material damage to the Company or willful and materialbreach of this Agreement.

9. NoticesAny notice required or permitted to be given under this Agreement shall besufficient if in writing and if sent by registered mail to the Company at itsprincipal executive offices or to the Employee at the last address filed by him inwriting with the Company, as the case may be.

10. Non-AssignmentThe interests of the Employee under this Agreement are not subject to the claimsof his creditors and may not be voluntarily or involuntarily assigned, alienatedor encumbered.

11. SuccessorsThis Agreement shall be binding upon, and inure to the benefit of, the Companyand its successors and assigns and upon any person acquiring, whether bymerger, consolidation, purchase of assets or otherwise, all or substantially all ofthe Company's assets and business.

12. Applicable LawThe provisions of this Agreement shall be construed in accordance with the lawsof the State of Illinois.

13. CounterpartsThe Agreement may be executed in two or more counterparts, any one of whichshall be deemed the original without reference to the others.IN WITNESS WHEREOF, the Employee has hereunto set his hand, and theCompany has caused these presents to be executed in its name and on its behalf,all as of the day and year first above written.

[Employee Name][name of business] Inc.

By:Its Duly Authorized Representative

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FURTHER READING – TEXTUAL APPROACH

DEFINING STATISTICS AND EXPLAINING ITS MEANINGA fair definition of statistics may describe it as the science deling with collectingnumerical facts or data to be used for analysis and interpretation, from whichconclusions are drawn and decisions are made. The collection, analysis andinterpretation of data must be dealt with in terms of a statistical method.Statistics may be subdivided into:a) Descriptive statistics, which deals with compilation and presentation of datain forms of tables, graphs and diagrams in order to display and conveyinformation.b) Mathematical or Inductive statistics, which deals with the means ofanalysing data in order to estimate them and draw conclusions from them.Statistical data have been found necessary since the dawns of human civilizationwhen information about the possessions of the state was essential for the rulersto estimate their wealth and their needs to maintain the military power. Associeties grew more complex, with the increase of population and the industrialand agricultural revolutions, governments have relied more heavily on statisticsin order to acquire information bearing on production, earnings, expenditure,imports, and exports, population growth and its decline, housing conditions andlife-style.All this led to an enormous expansion in the volume of statistical data that havebeen and are being collected by governments. But for the governments to makesensible decisions, however, these data need to be correctly collected, processedand analysed (Adapted from Fred Caswell, Success in Statistics, John MurrayPublishers Ltd.)

SALES – A CONCEPT AND A REALITY IN CONTEMPORARYECONOMY

Everybody everywhere every day is selling something, be it a product, a service,or just themselves. In marketing terms, political candidates and non-profit-making public services are also "products" that people must be persuaded to buyand which have to be presented and packaged attractively.All companies strongly depend on their sales departments, as well as on thesalesmanship of their distributors, wholesalers or retailers, who are part of the

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different channels of product distribution and delivery arrangements. Retailproducts may usually reach the customer through six channels of distribution.a) PRODUCER OWN SALES FORCE END-USERS

DIRECT RESPONSE ADVERTISINGDIRECT MAIL

b) PRODUCER RETAILERS END-USERS

c) PRODUCER WHOLESALERS RETAILERS END-USERS

d) PRODUCER WHOLESALERS END-USERS

MULTIPLE STORESe) PRODUCER DEPARTAMENT STORES END-USERS

MAIL ORDER HOUSES

f) PRODUCER MARKET WHOLESALERS RETAILERS END-USERSThe means through which the product is presented to the customer, i.e. itspromotion, is also an important component of any marketing strategy.Promotion includes the packaging of the product, its image, the name of theproduct, advertising and all kinds of sales literature such as brochures,catalogues and leaflets. It also involves the organisation of trade exhibitions orfairs and other forms of publicity such as newspaper articles, press-releases orpress conferences that inform the public at large of a new product ordevelopment.Personal selling may be also considered as part of the product promotion. Therelationship developed between a salesperson and a client is very important, andit has to be friendly and respectful rather than aggressive and competitivebecause both parties want to feel satisfied with their deal. The qualitiesdemanded of a successful sales rep are, in fact, common to us all: to know howto establish and maintain relationships with different kinds of people, to be agood listener who takes into account the other party's opinions, and to be able toexplain and discuss ideas with the interlocutor.(Adapted from Leo Jones and Richard Alexander – International BusinessEnglish, vol. 1-3, Cambridge University Press)

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VOCABULARY – MEETINGS TERMINOLOGY:

A.G.M. Annual General Meeting

Absentee Person not at the meeting, not present

Agenda Written list of points to be discussed at a meeting

Alternative Choice of two or more possibilities

Attendee Participant or person attending a meeting

Ballot System of secret voting; voters place their ballot- papers in a ballot-boxSystem of secret voting; voters place their ballot-papers in a ballot-box

Casting vote Deciding vote, usually by the Chairman, when votes are in equal number.Deciding vote, usually by the Chairman, when votesare in equal number.

Chairman/chairperson The person who conducts the meeting.

Clarify Make something clearer by giving more information.Make something clearer by giving more information.

Conference Formal meeting for discussion or exchange ofviews

Conference call Telephone call between three or more people indifferent places

Consensus General agreement

Deadline Future date at which something must be done

Decision Reach a conclusion or resolution concerning futureaction

I-conference A meeting or discussion between two or morepeople via the Internet.

Interrupt Stop a person who is speaking in order to say or dosomething.

Item A separate point for discussion on an agenda

Main point What is most essential

Minutes A written summary of the proceedings at a meeting

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Objective What is aimed at, what one wants to achieve orobtain.

Point out Draw attention to something e.g. point out anincrease in demand.

Proposal A course of action put forward for consideration: tomake a proposal.

Proxy vote A vote cast by one person for another

Recommend Advise a course of action: make a recommendation

Show of hands Raised hands to express agreement ordisagreement in a vote

Summary A brief statement of the main points

Task A piece of work to be done; to assign a task tosomebody

Unanimous In complete agreement

Videoconference Conference linking people in different locations bysatellite, TV etc.

WORK TASK

1. Build up senstences with ten of the business terms described at theVOCABULARY section above.

2. Commercial agreements are ample documents, especially written so asto cover all legal aspects deriving from the objective aimed. The followingis a large sample of commercial lease agreement. Take your time and readit in five stages on separate intervals, yet stop after each article anddescribe its contents. Pay attention to the official style, the objectiveexpression and the clearness of the contents:

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SAMPLE OF COMMERCIAL LEASE AGREEMENT

This Commercial Lease Agreement (Lease) is entered into on this ____ day of___________, 20__, by and between __________________ (Landlord) and_________________ (Tenant). Landlord is the owner of land andimprovements whose address is: __________________________________.Landlord makes available for lease a portion of the Building designated as____________________(Leased Premises).Landlord desires to lease the Leased Premises to Tenant, and Tenant desires tolease the Leased Premises from Landlord for the term, at the rental and uponthe provisions set forth herein.THEREFORE, in consideration of the mutual promises contained herein, andfor other good and valuable consideration, it is agreed:Term.The Initial Term of the Lease shall begin on the _____ day of _____________,20__, and end on the _____ day of _____________, 20__. Landlord shall useits best efforts to put Tenant in possession of the Leased Premises on thebeginning of the Lease term. If Landlord is unable to timely provide the LeasedPremises, rent shall abate for the period of delay. Tenant shall make no otherclaim against Landlord for any such delay.Tenant may renew the Lease for one extended term of ___________________.Tenant shall exercise such renewal option, if at all, by providing written noticeto Landlord not less than ninety (90) days prior to the expiration of the InitialTerm. The renewal term shall be at the rental set forth below and otherwiseupon the same covenants, conditions and provisions as contained in this Lease.Rent.Tenant shall pay to Landlord during the Initial Term rent of _______________per year, payable in installments of _______________ per month. Eachinstallment payment shall be due in advance on the first day of each calendarmonth during the lease term to Landlord at the following address:The rental payment amount for any partial calendar months included in thelease term shall be prorated on a daily basis.Tenant shall also pay to Landlord a "Security Deposit" in the amount of__________________ .The rental for any renewal lease term, if created as permitted under this Lease,shall be __________________ per year payable in installments of_____________ per month.

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Prohibited Uses.Notwithstanding the forgoing, Tenant shall not use the Leased Premises for thepurposes of storing, manufacturing or selling any explosives, flammables orother inherently dangerous substance, chemical, thing or device.Sublease and Assignment.Tenant shall have the right without Landlord's consent, to assign this Lease to abusiness with which Tenant may merge or consolidate, to any subsidiary ofTenant, to any corporation under common control with Tenant, or to apurchaser of substantially all of Tenant's assets.Except as set forth above, Tenant shall not sublease all or any part of theLeased Premises, or assign this Lease in whole or in part without Landlord'sconsent, such consent not to be unreasonably withheld or delayed.Repairs.During the Lease term, Tenant shall make, at Tenant's expense, all necessaryrepairs to the Leased Premises. Repairs shall include such items as routinerepairs of floors, walls, ceilings, and other parts of the Leased Premisesdamaged or worn through normal occupancy, except for major mechanicalsystems or the roof, subject to the obligations of the parties otherwise set forthin this Lease.

Alterations and Improvements.Tenant, at Tenant's expense, shall have the right, upon obtaining Landlord'sconsent, to remodel, redecorate, and make additions, improvements andreplacements of and to all or any part of the Leased Premises from time to timeas Tenant may deem desirable, provided the same are made in a workmanlikemanner and utilizing good quality materials. Tenant shall have the right toplace and install personal property, trade fixtures, equipment and othertemporary installations in and upon the Leased Premises, and fasten the same tothe premises. All personal property, equipment, machinery, trade fixtures andtemporary installations, whether acquired by Tenant at the commencement ofthe Lease term or placed or installed on the Leased Premises by Tenantthereafter, shall remain Tenant's property free and clear of any claim byLandlord. Tenant shall have the right to remove the same at any time during theterm of this Lease provided that Tenant shall repair, at Tenant's expense, alldamage to the Leased Premises caused by such removal.Property Taxes.Landlord shall pay, prior to delinquency, all general real estate taxes andinstalments of special assessments coming due during the Lease term on the

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Leased Premises, and all personal property taxes with respect to Landlord'spersonal property, if any, on the Leased Premises. Tenant shall be responsiblefor paying all personal property taxes with respect to Tenant's personal propertyat the Leased Premises.Insurance.If the Leased Premises or any other part of the Building is damaged by fire orother casualty resulting from any act of negligence by Tenant or by any ofTenant's agents, employees or invitees, rent shall not be diminished or abatedwhile such damages are under repair, and Tenant shall be responsible for thecosts of repair not covered by insurance.Landlord shall maintain fire and extended coverage insurance on the Buildingand the Leased Premises in such amount as Landlord shall deem appropriate.Tenant shall be responsible, at its expense, for fire and extended coverageinsurance on all of its personal property, including removable trade fixtures,located in the Leased Premises.Tenant and Landlord shall, each at its own expense, maintain a policy orpolicies of comprehensive general liability insurance with respect to theparticular activities of each in the Building with the premiums thereon fullypaid on or before due date. Such insurance policy shall be issued by andbinding upon an insurance company approved by Landlord, and shall affordminimum protection of not less than ...................... combined single limitcoverage of bodily injury, property damage or combination thereof. Tenantshall provide Landlord with current Certificates of Insurance evidencingTenant's compliance with this Paragraph.Utilities.Tenant shall pay all charges for water, sewer, gas, electricity, telephone andother services and utilities used by Tenant on the Leased Premises during theterm of this Lease unless otherwise expressly agreed in writing by Landlord. Inthe event that any utility or service provided to the Leased Premises is notseparately metered, Landlord shall pay the amount due and separately invoiceTenant for Tenant's pro rata share of the charges.Tenant shall pay such all such utility charges prior to the due date. Tenantacknowledges that the Leased Premises are designed to provide standard officeuse electrical facilities and standard office lighting. Tenant shall not use anyequipment or devices that utilizes excessive electrical energy or which may, inLandlord's reasonable opinion, over load the wiring or interfere with electricalservices to other tenants.Signs.Following Landlord's consent, Tenant shall have the right to place on the

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Leased Premises, at locations selected by Tenant, any signs which arepermitted by applicable zoning ordinances and private restrictions. Landlordmay refuse consent to any proposed signage that is in Landlord's opinion toolarge, deceptive, unattractive or otherwise inconsistent with or inappropriate tothe Leased Premises or use of any other tenant. Landlord shall assist andcooperate with Tenant in obtaining any necessary permission fromgovernmental authorities or adjoining owners and occupants for Tenant to placeor construct the foregoing signs. Tenant shall repair all damage to the LeasedPremises resulting from the removal of signs installed by Tenant.Entry.Landlord shall have the right to enter upon the Leased Premises at reasonablehours to inspect the same, provided Landlord shall not thereby unreasonablyinterfere with Tenant's business on the Leased Premises.Parking.During the term of this Lease, Tenant shall have the non-exclusive use incommon with Landlord, other tenants of the Building, their guests and invitees,of the non-reserved common automobile parking areas, driveways, andfootways, subject to rules and regulations for the use thereof as prescribed fromtime to time by Landlord. Landlord reserves the right to designate parking areasfor Tenant and Tenant's agents and employees. Tenant shall provide Landlordwith a list of all license numbers for the cars owned by Tenant, its agents andemployees.Building Rules.Tenant will comply with the rules of the Building adopted and altered byLandlord from time to time and will cause all of its agents, employees, inviteesand visitors to do so; all changes to such rules will be sent by Landlord toTenant in writing. The initial rules for the Building are attached hereto asExhibit "A" and incorporated herein for all purposes.Damage and Destruction.If the Leased Premises or any part thereof or any appurtenance thereto is sodamaged by fire, casualty or structural defects, such damage or defects notbeing the result of any act of negligence by Tenant or by any of Tenant'sagents, employees or invitees, that the same cannot be used for Tenant'spurposes, then Tenant shall have the right within ninety (90) days followingdamage to elect by notice to Landlord to terminate this Lease as of the date ofsuch damage. In the event of minor damage to any part of the Leased Premises,and if such damage does not render the Leased Premises unusable for Tenant'spurposes, Landlord shall promptly repair such damage at the cost of theLandlord. In making the repairs called for in this paragraph, Landlord shall not

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be liable for any delays resulting from strikes, governmental restrictions,inability to obtain necessary materials or labor or other matters which arebeyond the reasonable control of Landlord. Tenant shall be relieved frompaying rent and other charges during any portion of the Lease term that theLeased Premises are inoperable or unfit for occupancy, or use, in whole or inpart, for Tenant's purposes. Rentals and other charges paid in advance for anysuch periods shall be credited on the next ensuing payments, if any, but if nofurther payments are to be made, any such advance payments shall be refundedto Tenant. The provisions of this paragraph extend not only to the mattersaforesaid, but also to any occurrence which is beyond Tenant's reasonablecontrol and which renders the Leased Premises, or any appurtenance thereto,inoperable or unfit for occupancy or use, in whole or in part, for Tenant'spurposes.Default.In the event of a default made by Tenant in the payment of rent when due toLandlord, Tenant shall have fifteen (15) days after receipt of written noticethereof to cure such default. In the event of a default made by Tenant in any ofthe other covenants or conditions to be kept, observed and performed byTenant, Tenant shall have thirty (30) days after receipt of written notice thereofto cure such default. In the event that the Tenant shall fail to cure any defaultwithin the time allowed under this paragraph, Landlord may declare the term ofthis Lease ended and terminated by giving Tenant written notice of suchintention, and if possession of the Leased Premises is not surrendered, Landlordmay reenter said premises. Landlord shall have, in addition to the remedyabove provided, any other right or remedy available to Landlord on account ofany Tenant default, either in law or equity. Landlord shall use reasonableefforts to mitigate its damages.Quiet Possession.Landlord covenants and warrants that upon performance by Tenant of itsobligations hereunder, Landlord will keep and maintain Tenant in exclusive,quiet, peaceable and undisturbed and uninterrupted possession of the LeasedPremises during the term of this Lease.Condemnation.If any legally, constituted authority condemns the Building or such part thereofwhich shall make the Leased Premises unsuitable for leasing, this Lease shallcease when the public authority takes possession, and Landlord and Tenantshall account for rental as of that date. Such termination shall be withoutprejudice to the rights of either party to recover compensation from thecondemning authority for any loss or damage caused by the condemnation.Neither party shall have any rights in or to any award made to the other by the

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condemning authority.Subordination.Tenant accepts this Lease subject and subordinate to any mortgage, deed oftrust or other lien presently existing or hereafter arising upon the LeasedPremises, or upon the Building and to any renewals, refinancing and extensionsthereof, but Tenant agrees that any such mortgagee shall have the right at anytime to subordinate such mortgage, deed of trust or other lien to this Lease onsuch terms and subject to such conditions as such mortgagee may deemappropriate in its discretion. Landlord is hereby irrevocably vested with fullpower and authority to subordinate this Lease to any mortgage, deed of trust orother lien now existing or hereafter placed upon the Leased Premises of theBuilding. Tenant agrees that it will from time to time upon request by Landlordexecute and deliver to such persons as Landlord shall request a statement inrecordable form certifying that this Lease is unmodified and in full force andeffect (or if there have been modifications, that the same is in full force andeffect as so modified), stating the dates to which rent and other charges payableunder this Lease have been paid, stating that Landlord is not in defaulthereunder (or if Tenant alleges a default stating the nature of such allegeddefault) and further stating such other matters as Landlord shall reasonablyrequire.Security Deposit.Landlord shall hold the Security Deposit without liability for interest and assecurity for the performance by Tenant of Tenant's covenants and obligationsunder this Lease, it being expressly understood that Tenant shall not considerthe Security Deposit an advance payment of rent or a measure of Landlord'sdamages in case of default. Unless otherwise provided by law or regulation,Landlord may commingle the Security Deposit with Landlord' s other funds.Landlord may, from time to time, without prejudice to any other remedy, usethe Security Deposit to the extent necessary to make good any arrearages ofrent or to satisfy any other covenant or obligation of Tenant hereunder.Following any such application of the Security Deposit, Tenant shall pay toLandlord on demand the amount so applied in order to restore the SecurityDeposit to its original amount. If Tenant is not in default at the termination ofthis Lease, Landlord shall return the balance of the Security Deposit remainingafter any such application to Tenant.Notice.Any notice required or permitted under this Lease shall be deemed sufficientlygiven or served if sent by United States certified mail, return receipt requested,addressed as follows:

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Landlord:

Tenant:Landlord and Tenant shall each have the right from time to time to change theplace notice is to be given under this paragraph by written notice thereof to theother party.Brokers.Tenant represents that Tenant was not shown the Premises by any real estatebroker or agent and that Tenant has not otherwise engaged in, any activitywhich could form the basis for a claim for real estate commission, brokeragefee, finder's fee or other similar charge, in connection with this Lease.Waiver.No waiver of any default of Landlord or Tenant hereunder shall be impliedfrom any omission to take any action on account of such default if such defaultpersists or is repeated, and no express waiver shall affect any default other thanthe default specified in the express waiver and that only for the time and to theextent therein stated. One or more waivers by Landlord or Tenant shall not beconstrued as a waiver of a subsequent breach of the same covenant, term orcondition.Memorandum of Lease.The parties hereto contemplate that this Lease should not and shall not be filedfor record, but in lieu thereof, at the request of either party, Landlord andTenant shall execute a Memorandum of Lease to be recorded for the purpose ofgiving record notice of the appropriate provisions of this Lease.Headings.The headings used in this Lease are for convenience of the parties only andshall not be considered in interpreting the meaning of any provision of thisLease.Successors.The provisions of this Lease shall extend to and be binding upon Landlord andTenant and their respective legal representatives, successors and assigns.Consent.Landlord shall not unreasonably withhold or delay its consent with respect toany matter for which Landlord's consent is required or desirable under thisLease.

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Performance.If there is a default with respect to any of Landlord's covenants, warranties orrepresentations under this Lease, and if the default continues more than fifteen(15) days after notice in writing from Tenant to Landlord specifying thedefault, Tenant may, at its option and without affecting any other remedyhereunder, cure such default and deduct the cost thereof from the next accruinginstallment or installments of rent payable hereunder until Tenant shall havebeen fully reimbursed for such expenditures, together with interest thereon at arate equal to the lesser of ______ percent (%) per annum or the then highestlawful rate. If this Lease terminates prior to Tenant's receiving fullreimbursement, Landlord shall pay the un-reimbursed balance plus accruedinterest to Tenant on demand.Compliance with Law.Tenant and Landlord each shall comply with all laws, orders, ordinances andother public requirements now or hereafter affecting the Leased Premises.Final Agreement.This Agreement terminates and supersedes all prior understandings oragreements on the subject matter hereof. This Agreement may be modified onlyby a further writing that is duly executed by both parties.

IN WITNESS WHEREOF, the parties have executed this Lease as of the dayand year first above written.___________________________________________________________________________Landlord Tenant

4.2. Language Approach –Part 44.2.1. The Present Perfect Tense Simple

The present perfect tense is used to describe action that began in the pastand continues into the present or has just been completed at the moment ofspeech. The present perfect is often used to suggest that a past action stillhas an effect upon something happening in the present.

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Each of the compound verbs in the following sentences is in the present perfecttense:

They have not delivered the documents we need.This sentence suggests that the documents were not delivered in the past andthat they are still undelivered.

The health department has decided that all high school students should beimmunised against meningitis.

In this sentence, the use of present perfect suggests that the decision made in thepast is still of importance in the present:

The government has cut university budgets; consequently, the Dean hasincreased the size of most classes.

Here, both actions took place sometime in the past and continue to influence thepresent:

The heat wave has lasted three weeks, which is a disaster for farming.In this sentence, the present perfect is used to indicate that a condition (the heatwave) began in past and continues to affect the present.

John has dreamt about having a good profit with only sitting in his chairfour days this week. Is doing nothing his work style?Here the action of dreaming has begun in the past and continues into the present.

4.2.2. The Present Perfect Progressive Tense

Like the present perfect, the present perfect progressive is used to describe anaction, event, or condition that has begun in the past and continues into thepresent. The present perfect progressive, however, is used to stress the on-goingnature of that action, condition, or event.The verbs in the following sentences that are in the present perfect progressivetense suggest that the action began in the past and is continuing into the present.

I have been relying on my Christmas bonus to pay for the gifts I buy for myfamily.

They have been publishing this macroeconomics book for five years.

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Even though my assistant has been carefully examining the reports all thismorning, some errors have not yet been noticed.

WORK TASK

1. Rephrase the following text:A social welfare provision refers to any program which seeks to provide aminimum level of income, service or other support for many marginalizedgroups such as the poor, elderly, and disabled people. Social welfare programsare undertaken by governments as well as non-governmental organizations(NGOs). Social welfare payments and services are typically provided at theexpense of taxpayers generally, funded by benefactors, or by compulsoryenrolment of the poor themselves. Welfare payments can take the form of in-kind transfers (e.g., health care services) or cash (e.g., earned income tax credit).Examples of social welfare services include the following:- Compulsory social insurance programs, often based on income, to pay for

the social welfare service being provided. These are often incorporated intothe taxation system and may be inseparable from income tax.

- Pensions or other financial aid, including social security and tax relief, tothose with low incomes or inability to meet basic living costs, especiallythose who are raising children, elderly, unemployed, injured, sick ordisabled.

- Free or low cost nursing, doctor medical and hospital care for those who aresick, injured or unable to care for themselves. This may also include freeantenatal and postnatal care. Services may be provided in the community ora medical facility.

- Free or low cost public education for all children, and financial aid,sometimes as a scholarship or pension, sometimes in the form of asuspensory loan, to students attending academic institutions or undertakingvocational training.

- The state may also fund or operate social work and community basedorganizations that provide services that benefit disadvantaged people in thecommunity.

- Welfare money paid to persons, from a government, who are in need offinancial assistance but who are unable to work for pay.

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2. DO VS. DOESFill in the blanks with the proper do or does forms:

They don't want to sign the contract, ______ they?doesn't do does don't

I don't like this research market approach.Neither ______ I.doesn't do does don't

I need a bonus.So ______ I.doesn't do does don't

I don't like this brief report.Why ______ you?doesn't do does don't

She doesn't eat food from the company cafeteria.______ she? What does she eat?doesn't do does don't

He works as Human Resource Manager in Tokyo, ______ he?doesn't do does don't

Yes, and so ______ his former boss.doesn't do does don't

I ______ feel like doing this chart now.doesn't do does don't

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What ______ you think I should do with this project?doesn't do does don't

We ______ really have an answer, I'm afraid.doesn't do does don't

3. Build up a ten-line paragraph that sums up the ideas in the text bellow:Business communication is used to promote a product, a service, or anorganization, and is also a means of exchanging information to be used inperforming trade activities - for instance inside a supply chain, from themanufacturer to the consumer.Business communication encompasses a variety of topics, including marketing,branding, customer relations, consumer behaviour, advertising, public relations,corporate communication, community engagement, research and measurement,reputation management, interpersonal communication, employee engagement,online communication, and event management. It is closely related to the fieldsof professional communication and technical communication.In business, the term communication encompasses various channels ofcommunication, including the Internet, Print (Publications), Radio, Television,Ambient media, Outdoor, and Word of mouth.Business Communication can also refer to internal communication. Acommunications director will typically manage internal communication andcraft messages sent to employees. It is vital that internal communications aremanaged properly because a poorly crafted or managed message could fosterdistrust or hostility from employees.There are several methods of business communication, including:-Business letter - the essential key to a good business-Web-based communication - for better and improved communication,anytime anywhere-video conferencing, which allow people in different locations to holdinteractive meetings;-e-mails, which provide an instantaneous medium of written communicationworldwide;-Reports - important in documenting the activities of any department;

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-Presentations - very popular method of communication in all types oforganizations, usually involving audiovisual material, like copies of reports, ormaterial prepared in Microsoft PowerPoint or Adobe Flash;-telephoned meetings, which allow for long distance speech;-forum boards, which allow people to instantly post information at acentralized location;-face-to-face meetings, which are personal and should be succeeded by awritten follow-up.Business communication is somewhat different and unique rather from othertype of communication since the purpose of business is to get profit. Thus, tomake a good way for profit, the communicator should develop goodcommunication skills. By knowing the importance of communication manyorganisations started training their employees in betterment of communicationtechniques.Essentially due to globalization, the world has became a Global village. Thus,here, the importance of cross cultural communication plays a vital role, allnations having their own meaning for each and every non verbal and verbalactions.The way we appear speaks a lot about us in business communication. A neatappearance is half a well-done verbal communication. But developingcommunication is not a day work, it needs a constant yearly practice. There areseveral ways to get trained in excelling business communication such 1. by ourown, 2. by practicing from trainers, 3. by internet contents, 4. by books.

5. ON MANAGEMENT TYPES AND ROLE

5.1. Management Students. Manager Types and Management Styles

Management Students

Referring to the requisite skills and competencies of management students,Professor and Management Expert Janusz Grabara, PhD considers that:

“The skills and competencies, which the student should have, after thegraduation, are as follows:

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- using the basic knowledge about management and marketing as a tool at work,- understanding and using the tools determined to set the system efficiency in the

enterprise,- skill to make a right interpretation of the organization’s world and its

environment,- skill to understand the connections and relations between bits of knowledge,- using basic methods, decisions and organizational techniques.

Student’s skills and competences characteristic for the management field are,also, as follows:

- skill to manage the production process and service,- skill to use the computer support tools,- interpretation, in system frame, of the relations in the enterprise activity,- skill to analyse the basic processes and management in the company,- skill to identify the factors for the enterprise’s systems integration,- skill to analyse the processes occurring in the enterprise, operating in different

areas”

(Janusz Grabara Employer’s Expectations Towards the Employees from theMarketing and Management Department, Polish Journal of Management StudiesVol. 7, 2013, pp 58-70, Faculty of Management, Czestochowa University ofTechnology)

Manager Types and Management Styles

The overall "feel" of a company may be determined by its organization climate,but even closer to home by the management style of its particular boss.Douglas McGregor, an American industrial psychologist, propounded theexistence of the Theory X manager which states that work does not comenaturally to employees so that they must be bribed and cajoled into contributing;and the Theory X manager which requires that all employees should have acontribution to make and that they will make it, provided the manager givesthem the opportunity. However, from the point of view of the new recruit, thestyle of his manager is likely to strike him/her in one of three main ways:

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a) Autocratic: this approach requires complete obedience on the part of thesubordinate and affords little opportunity for him to put forward his/her mainideas. It corresponds to McGregor's Theory X.b) Laissez-faire: a manager who adopts this style takes little interest in howhis/her subordinates do their work, but leaves them to carry on with their jobshowever they see fit. He/she exercises little control over their actions and mayappear uninterested in their activities.c) Democratic: this approach calls for participation by employees in decidinghow the work is to be done and how problems are to be taken. It allows theindividual to contribute his/her own ideas rather than become subservient to thewill of his/her boss. This relates to McGregor's Theory Y.The search for a panacea in managerial style continues among behaviouralscientists. But its existence is by no means certain. What is to be remarked isthat in addition to the various skills that effective managers are thought to need,several personal characteristics are also important: desire to manage, ability tocommunicate with empathy, integrity and honesty and the person's experience -his or her past performance as a manager - which is perhaps the most significantcharacteristic.(Adapted from Robert Heller – The Naked Manager, McGraw)

VOCABULARY – UNEMPLOYMENT:

period of notice; to be unemployed; to be out of work; to be on the dole (BE); to fire somebody; to sack somebody (BE); to give somebody notice; to dismiss somebody; to hand in one's notice; to resign; to quit; unemployment; unemployment benefit, dole money.

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WORK TASK

1. Which are the mandatory skills and competencies of managementstudents after the graduation?

2. Which are the mandatory skills and competencies required byapplied management activities?

3. Which is, to your opinion, the best management style to be used intrade companies? Build up a ten-line paragraph enlarging upon thistopic.

4. Build up sentences with all the following phrases:

a full-time job; a part-time job; continued payment of wages; flexitime; pay slip; salary; to get a rise; to get a raise; to work in shifts; to work overtime; wage cut; wage demand, claim; wage group; wages.

5.2. Management and Its RoleOne of the latest approaches to management theory to catch the attention ofacademics and practitioners alike is the managerial roles approach, launched byProfessor Henry Mintzberg of McGill University. Essentially, this approach is toobserve what managers actually do and from such observations come to

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conclusions as to what managerial roles are. Although, many researchers havestudied the actual work of managers from chief executives to line supervisors,Mintzberg came to the conclusion that executives do not act out the classicaldistribution of managerial functions - planning, organizing, coordinating andcontrolling. Instead, they engage in a variety of other activities which Mintzbergincludes in a series of ten roles as follows:A. Interpersonal Roles1. The figurehead role (performing ceremonial and social duties as theorganization's representative).2. The leader role.3. The liaison role (particularly with outsiders).B. Informational Roles1. The recipient role (receiving information about the operation of anenterprise).2. The disseminator role (passing information to subordinates).3. The spokesperson role (transmitting information outside the organization).C. Decision Roles1. The entrepreneurial role (investing himself in the business and taking on therisks associated with the investment).2. The disturbance-handler role.3. The resource-allocator role.4. The negotiator role (dealing with various persons and groups of persons inorder to arrive at mutually acceptable terms).A thorough analysis of these roles will often raise the question whethermanaging is a science or an art. Actually, managing, like all other arts makes useof underlying organized knowledge - science - and applies it in the light ofrealities to gain a desired concrete result. Those who diagnose "by the book" ordesign wholly by formula or else attempt to manage by memorization ofprinciples are almost certain to overlook practical realities. But when theimportance of effective and efficient group cooperation in any society isappreciated, it is not difficult to argue that managing is the most important of allarts; and since the most productive art is always based on an understanding ofthe science underlying it, then, we can consider that managing is both a scienceand an art.(Adapted from Harold Koontz – Management, McGraw-Hill Book Company)

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VOCABULARY – SEMANTIC PARALLELS:

PRACTICE vs. PRACTISEThese words are not interchangeable.Practice is a noun, as in He has gone to football practice; It is time to put theplan into practice; It is accepted practice to tip the waiters and Our doctor hasretired from the practice. Practise is the verb form, as in He practises pianoevery evening; We must practise cost-cutting measures if we are to remainsolvent; He is a medical doctor, but he no longer practises his profession. Notethat practise is not one of the verbs that can end in - ize. In American Englishboth the noun and the verb are spelt practice.

ECONOMIC vs. ECONOMICALThese words are both connected to the nouns economy but they have differentmeanings.Economic means referring or related to the economy as in the government'seconomic policies and studying economic theory. Economical means thrifty,avoiding waste and cheap, as in It is more economical for four of us to travel bycar than by train. (here economical means cheap). Another example: She is avery economical housekeeper (here economical means avoiding waste). Thephrase economical with the truth is a less forthright way of saying lying as inpoliticians accused of being economical with the truth.

FORMER vs. LATTERFormer refers to the first of two people or things mentioned while latter refersto the second of two people or things mentioned, as in He was given twooptions, either to stay in his present post but accept less money or to betransferred to another branch of the company. He decided to accept the former /latter option. Former also means previous, at an earlier time, as in He is aformer chairman of the company and She is a former holder of thechampionship title.

WORK TASK

1. Build up sentences with all the following phrases:

application form; apprentice, trainee; apprenticeship; CV (curriculum vitae);

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job interview; skilled worker; to apply for a job; training; training course; vacancy.

2. Explain the managerial roles in a twenty-line text of your own.

3. Build up sentences with the semantic parallels above.

5.3. Two Meanings of Economic Growth

The term “economic growth” has two distinct meanings. Sometimes it refers tothe growth of that thing we call the economy (the physical subsystem of ourworld made up of the stocks of population and wealth; and the flows ofproduction and consumption). When the economy gets physically bigger we callthat “economic growth”. This is normal English usage. But the term has asecond, very different meaning – if the growth of something or some activitycauses benefits to increase faster than costs, we also call that “economic growth”– that is to say, growth that is economic in the sense that it yields a net benefit ora profit. That too is accepted English usage.Now, does “economic growth” in the first sense imply “economic growth” in thesecond sense? No, absolutely not! Economic growth in the first sense (aneconomy that gets physically bigger) is logically quite consistent withuneconomic growth in the second sense, namely growth that increases costsfaster than benefits, thereby making us poorer. Nevertheless, we assume that abigger economy must always make us richer. This is pure confusion.That economists should contribute to this confusion is puzzling because all ofmicroeconomics is devoted to finding the optimal scale of a given activity – thepoint beyond which marginal costs exceed marginal benefits and further growthwould be uneconomic. Marginal Revenue = Marginal Cost is even called the“when to stop rule” for growth of a firm. Why does this simple logic ofoptimization disappear in macroeconomics? Why is the growth of themacroeconomy not subject to an analogous “when to stop rule”?We recognize that all microeconomic activities are parts of the largermacroeconomic system, and their growth causes displacement and sacrifice ofother parts of the system. But the macroeconomy itself is thought to be thewhole shebang, and when it expands, presumably into the void, it displaces

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nothing, and therefore incurs no opportunity cost. But this is false of course. Themacroeconomy too is a part, a subsystem of the biosphere, a part of the GreaterEconomy of the natural ecosystem. Growth of the macroeconomy too imposes arising opportunity cost that at some point will constrain its growth.But some say that if our empirical measure of growth is GDP, based onvoluntary buying and selling of final goods and services in free markets, thenthat guarantees that growth consists of goods, not bads. This is because peoplewill voluntarily buy only goods. If they in fact do buy a bad then we have toredefine it as a good. True enough as far as it goes, which is not very far. Thefree market does not price bads, true – but nevertheless bads are inevitablyproduced as joint products along with goods. Since bads are un-priced, GDPaccounting cannot subtract them – instead it registers the additional productionof anti-bads, and counts them as goods. For example, we do not subtract the costof pollution, but we do add the value of the pollution clean-up. This isasymmetric accounting. In addition we count the consumption of natural capital(depletion of mines, well, aquifers, forests, fisheries, topsoil, etc.) as if it wereincome. Paradoxically, therefore, GDP, whatever else it may measure, is also thebest statistical index we have of the aggregate of pollution, depletion,congestion, and loss of biodiversity. Economist Kenneth Boulding suggested,with tongue only a little bit in cheek, that we re-label it Gross Domestic Cost. Atleast we should put the costs and the benefits in separate accounts forcomparison. Not surprisingly, economists and psychologists are nowdiscovering that, beyond a sufficiency threshold, the positive correlationbetween GDP and self-evaluated happiness disappears.In sum, economic growth in sense 1 can be, and in the United States hasbecome, uneconomic growth in sense 2. And it is sense 2 that matters.(Adapted from Herman Daly - The Two Meanings of Economic GrowthPublished March 1 2010 – Center for the Advancement of the Steady StateEconomy(CASE), The Daly News, http://steadystate.org/two-meanings/ )

WORK TASK

1. How do you see economic growth? Describe it in a shortparagraph.

2. Build up a text of approximately ten lines using five key wordsfrom the above text

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5.4. Company Correspondence: Internal Memorandum to Employee

MEMORANDUM

Date: September 30, 2014From: Meridith AdamsTo: Michael Manning, Director, Research ProgramsSubject: Commendation - Henry Stapleton - TransportDemand ProjectThe purpose of this is to officially commend Henry Thompson for hisexceptional contribution throughout his assignment to the Transport DemandProject (TDP).As you know, Henry has been working on special assignment with the TDPteam for the past eight months. Now that he is about to return to your part of theorganization I wanted to make sure that he gets some recognition for hissignificant and exceptional contributions to the project.As a junior econometrician, Henry's role in the project was pivotal to its timelyand successful completion. It was Henry who worked long hours, numerousnights and weekends with his small team of researchers, first specifying, andthen testing the thousands of equations that had to be run. The quality of Henry'swritten work was also exceptional. His regression analysis summaries werealways very well written and rarely required revision.As a colleague and project team member, Henry was also outstanding. Hisupbeat enthusiasm for the project was infectious, and he seemed to motivate theentire project team. He was very well-liked by all team members, and in effecthe became "unofficial" deputy project manager.In closing, I would like to say that I have worked with many junior economistsand econometricians over the years and have never run across one asprofessional and productive as Henry Thompson was on the TDP. I believe thatthe organization as a whole should recognize his exceptional contribution to amajor project.Please let me know if you have any questions or comments.Meredith AdamsDirector, Econometric Research

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cc: Henry ThompsonPersonnel file - H. Thompson

5. 5. Language Approach –Part 5The Past Tense SimpleThe simple past is used to describe an action, an event, or condition thatoccurred in the past, sometime before the moment of speaking or writing.The verbs in the following sentences that are in the simple past tense describe anaction taking place at some point in past.The manager resigned for his poor performance.That deal marked the first larger merger in the oil refining industry.The gem-stones sparkled in a velvet lined display case.The accountant finished her report two day ago.

The Past Progressive TenseThe past progressive tense is used to describe actions ongoing in the past. Theseactions often take place within a specific time frame. While actions referred to inthe present progressive have some connection to the present, actions referred inthe past progressive have no immediate or obvious connection to the present.The on-going actions took place and were completed at some point well beforethe time of speaking or writing.She was re-writing the report piece by piece.This sentence describes an action that took place over a period of continuoustime in the past. The actions described have no immediate relationship toanything occurring now in the present.Jane was telling a joke, when the auditors came in.Here the action "was telling" took place in the past and continued for some timein the past.When the e-mail arrived, Jesse was solving a difficult macroeconomics problem.This sentence describes actions ("arrived" and "was solving") that took placesometime in the past, and emphasises the continuing nature of one of the actions("was solving").

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The archivists were eagerly waiting for the delivery of the former primeminister's private papers.Here the ongoing action of "waiting" occurred at some time unconnected to thepresent.Between 2012 and 2013 they were writing an English-French dictionary ofmanagement, marketing and accounting.In this sentence, the action of writing took place over an extended period of timeand the continuing nature of writing is emphasised.

WORK TASK

Choose the correct verb at Past Tense:

The day .......... terribly, and went awfully after.a) took care of;b) understood;c) began.

My clock’s alarm .......... and that really got me on my nerves.a) didn't go off;b) didn't commit;c) didn't split.

I .......... the house with only 1 hour to spare before the flight.a) left;b) remained;c) quitted.

I had precisely one single hour before the plane .......... due to take off.a) didn't go;b) was;c) became.

Luckily there .......... very little traffic, which is more than important for abeginning driver like me.a) was;b) existed;c) had.

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When I .......... at the airport I was left with 30 minutes to spare before theflight.a) fought;b) arrived;c) left.

There, at the airport, I .......... in at the gate and so did the rest of all people.a) checked;b) stood;c) waited.

I .......... for a coffee but didn’t find any of a good quality in the area.a) shouted;b) went;c) whistled.

Just as I .......... down , I realized I had forgotten my cell phone at home.a) went;b) sat;c) jumped.

The announcer .......... my flight, and suddenly I realized it was for the first timethat I took the planea) called;b) whistled;c) shouted.

6. ECONOMIC SYSTEMS – BASICS AND IMPLICATIONS

6.1. BASIC KNOWLEDGE OF ECONOMIC SYSTEMS

TIPS:Having a good grasp on economic systems is clearly a must for economicsstudents and management professionals. No matter how intricate the economicstructures and connections with the social environment might be, the basics hasalways been the same in contemporary society. Understanding the clear cutdistinction between these systems means comprehending the true value of takingin simplicity in order to master complexity.

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In the same line of thought with James Craven, economics is very simple todefine. Actually, that derives from the simplicity of the matter: people live onusing resources, therefore the use of limited resources so as to satisfy unlimitedneeds of population does directly point at the necessity of economics. Cravenrefers to it very elegantly: “The people and the institutions that combine togetherto convert resources into finished products collectively form the economicsystem or economy.The nature of the modern economy is fairly complex and no two economies areexactly similar. Nevertheless, it is useful to identify three different kinds ofeconomic system: the market economy, the centralized or command economyand the mixed economy. In general terms, a market is any means of bringingpeople together to buy and sell goods. Two conditions are necessary for goodsor services to be produced in this economy. First, there must be a demand for thegoods - there must be people willing and able to buy them at prevailing prices.Second, producers must be able to sell their goods at a profit. In the marketeconomy, the combination of consumers seeking the best value for money andproducers seeking efficient production determines the use of resources. Somesystems do not trust the market mechanisms, and in extreme cases they abandonit altogether. Although the motive for this may be mainly political, there areclear economic implications. Instead of the market determining what isproduced, decisions are taken by the Government. This is because a Governmentis likely to have priorities different from those of individuals. This kind ofeconomy does have the important disadvantages of needing a large number ofadministrators to make decisions. What has happened in practice is that mosteconomies have developed as a mixture between the market economy and thecentralized economy.The balance between the market economy and the Government's control of theeconomy will vary from country to country, the degree of Governmentinvolvement depending on the political objectives of the Government itself.”(James Craven - Introduction to Economics: An Integrated Approach toFundamental Principles, Blackwell -adapted)For that reason, economics and management professionals do not have toconsider economics in isolation, yet to substantially connect it with the entireimage of our society.

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WORK TASK

1.Scientific literature offers economics students and managementprofessionals with valuable information for their research activities. Readcarefully this short fragment below and rephrase it:

“The stunning economic, social and environmental changes characterizingcontemporary society are some of the most substantial challenges faced by the21st century civilization. As a global environment constituent, the moderncompany must consider the impact produced by its actions on futuregenerations, and preserve its surviving ability throughout time. Thus, thecompany vision on creating value should restate its perspective, focusing on theuse of intangible assets as main negentropy resources capable to increasingtheir performance along with their regenerating capacity.”

(Oane (Marinescu), Camelia Mihaela; Dinu (Radu) Maria; Marinescu, EmanuelStefan, Redefining Value Creation: the Influence of Intellectual Capital on thePerformance of Romanian Companies- Proceedings of the 8th InternationalConference on ACCOUNTING AND MANAGEMENT INFORMATIONSYSTEMS AMIS 2013)

2. Build up sentences with the following terms selected from this shortfragment above:

Ability Assest Capacity Challenge Civilization Company Constituent Economic Environmental Generation Negentropy Performance Resource Social

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6.2. Commercial Correspondence - Business Thank You Letter

March 15, 2006Mr. Frederick AdamsPresident and CEOBioDynamics Llc.1585 Broadway, Suite 4600New York, NY 10084

Dear Mr. Adams,As Chairperson of the Corporate Conscience Campaign - Helping the Homelessin New York, I am writing this to thank you personally for your company'ssupport in last month's fund-raising effort.As I indicated when we spoke on the phone two weeks ago, the campaign wasconsidered a resounding success, raising a total of $1.65 million to-date,significantly exceeding our target of $1 million. Some donations are stilltrickling in, so we could end up close to a total of $2 million.BioDynamics was an influential leader throughout the entire three-monthcampaign. In fact, we couldn't have succeeded without the generous support ofyour company, both financially, and through your organizational andadministrative assistance. Your Team Leader, Mark Duncan was particularlyimpressive, going above and beyond what we could have expected of someoneperforming as a volunteer while continuing on with his day-to-day duties. Pleaseconvey my special thanks to Mark.I would also ask you to convey my sincere thanks and congratulations to all ofthose other people in your company who contributed in any way to the Helpingthe Homeless Campaign. Please tell them that the sum of their contributionsresulted in a major success that they should all be proud of taking part in.I believe that the 27 companies that participated in this effort have set a newstandard for social responsibility in this community, and have set a powerfulexample that will inspire other companies and organizations to do the same.I look forward to seeing you at the Mayor's special thank you reception nextmonth.Yours sincerely,John CrawleyFundraising Chair

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6.3. Language Approach –Part 6The Past Perfect TenseThe past perfect tense is used to refer to actions that took place and werecompleted in the past. The past perfect is often used to emphasise that oneaction, event or condition ended before another past action, event, or conditionbegan.He arrived at 5:00 p.m. but Mr. Thompson had already sold the stock..All the events in this sentence took place in the past, but the act of selling thestock had taken place before the possible buyer arrived.After we located the restaurant that Mark had raved about, the entire office atesupper there every Friday.Here the praise ("had raved") precedes the finding ("located") of the restaurant.Both actions took place sometime before the moment of speaking or writing.The heat wave had lasted three weeks, destroying all crops.While the sentence "The heat wave has lasted three weeks" suggests that acondition began in the past and continues into the present, this sentencedescribes an action that began and ended sometime in the past ("had lasted"). Byusing the past perfect the writer indicates that the heat wave has no connectionto any events occurring in the present.After she had learned to drive, Alice felt more independent about her relocatedjob.Here the learning took place and was completed at a specific time in the past. Byusing the past perfect rather than the simple past ("learned"), the emphasis is onthe learning preceded the feeling of independence.

The Past Perfect Progressive TenseThe past perfect progressive is used to indicate that a continuing action in thepast began before another past action began or interrupted the first action.The auditing experts had been walking around the premised for ten minutesbefore my assistant invited them to enter the new building.Here the action of the auditors ("had been walking") is ongoing in the past andprecedes the actions of the assistant who let them inside ("invited") which alsotakes place in the past.We had been talking about consolidating the entire structure of the building forthree years and last night we finally bought the materials.

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In this example, the ongoing action of "talking" precedes another past action("bought").A construction crew had been digging one pit after another in the middle of mystreet for three days before they found the water main.Here, the action of digging ("had been digging") took place in the past andoccurred over a period of time. The digging was followed by the action offinding ("found").

WORK TASK

1. Rephrase the following business letter bodies, with paying much attentionto meaning, structure and way of expression. Then, pick up two key wordsfrom each letter and use them in sentences of your own:

Text 1:Thank you for your Order No.B/124/05 dated 1st April 2014: FOUR WAGONSOF CEMENT.As this is our first transaction with your company, we would appreciate if youcan kindly supply us with two references.For your convenience, we are enclosing a list of companies in London, whichhave already been doing business with us for quite some time.

Text 2:After having been through our accounts recently, we have found that we havenot yet received payment of USD.14, 800 (USD Fourteen thousand and eighthundred) for steel furniture Supplied to you in Feb 2014 against your Order No.AC/206. We have never received any complaint about goods supplied to you andwe assume that the goods supplied have always gave you complete satisfaction.It has been our constant endeavour to retain the goodwill of valued customers.Keeping the above in view, we sincerely hope that you will arrange for thepayment of dues without any further delay.

Text 3:As we have previously discussed, we will begin a very important project withinthe next month. The problem is that we do not have the skills we need in-house,and we do not know of any freelance in the field, such as a graphic designerwho we can trust to deliver this particular work on deadline.I would like to know if you have used that kind of professional that you wouldrecommend.The project will begin about on March 20th and will need to be completed byJuly 2nd. If you have used anyone whose work you trust and who would be

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available for that period, please have him or her call me at my office.I would really appreciate it, and I would be happy to return the favor anytime.

2. Match the question to the answer:

What time did the meeting finish?a) Only ten minutes. He was in a hurry.b) About ten minutes ago. It was dreadful, endless arguments.c) He didn't say exactly but he said it would be late afternoon.

Where did you stay the last time you were in London?a) Only ten minutes. He was in a hurry.b) At the Novotel. It was excellent value for London.c) At least fifteen minutes.

Why didn't you tell me that Harry had called?a) Only ten minutes. He was in a hurry.b) He didn't say exactly but he said it would be late afternoon.c) Sorry. It completely slipped my mind.

Where did we buy that last computer?a) Some small independent shop, I think.b) Only ten minutes. He was in a hurry.c) At least fifteen minutes.

Which day did he say he was coming?a) Tuesday, I think.b) At least fifteen minutes.c) About ten minutes ago. It was dreadful, endless arguments.

What time did he say he was coming.a) I did. Can you put him though on my phone?b) Only ten minutes. He was in a hurry.c) He didn't say exactly but he said it would be late afternoon.

Why did you tell him that?a) I'm sorry. I didn't realise that it was confidential.b) Only ten minutes. He was in a hurry.c) About ten minutes ago. It was dreadful, endless arguments.

How long did he stay?

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a) I did. Can you put him though on my phone?b) Only ten minutes. He was in a hurry.c) Sorry. it completely slipped my mind.

How long ago did she arrive?a) At least fifteen minutes.b) I did. Can you put him though on my phone?c) Tuesday, I think.

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SECTION 2: APPROACHING COMMERCIAL CORRESPONDENCEFROM A DIFFERENT ANGLE

1. COMMERCIAL CORRESPONDENCE RULES – PART 1

1.1. Writing Business Letters - Useful Phrases and Business.Correspondence Reminder

Even if they may sometimes appear subjective, business correspondence rulesdo produce a writing formula which gives off clarity and precision. When aletter follows all the rules, the reader does not have to struggle to work outwhere a piece of information might be, what action they should take next, orwho sent it - everything can be found in its place. Knowing the rules of letterwriting is, in that sense, akin to knowing the rules of page layout, i.e. the formatof the document should support and clarify the content.

WRITING BUSINESS LETTERSUseful phrases

Salutation

Dear Mr Brown Dear Ms White Dear Sir Dear Sirs Dear Madam Dear Sir or Madam Gentlemen

Starting

· We are writing to inform you that ...to confirm ...to request ...to enquire about ...

· I am contacting you for the following reason.· I recently read/heard about . . . and would like toknow . . .· Having seen your advertisement in ... , I would liketo ...· I would be interested in (obtaining/receiving) ...· I received your address from ... and would liketo ...· I am writing to tell you about ...

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Referring toprevious contact

Thank you for your letter of March 15 ... Thank you for contacting us. In reply to your request ... Thank you for your letter regarding ... With reference to our telephone conversation

yesterday ... Further to our meeting last week ... It was a pleasure meeting you in London last

month. I enjoyed having lunch with you last week in

Tokyo. I would just like to confirm the main points we

discussed on Tuesday . . .

Making a request

We would appreciate it if you ... I would be grateful if you could... Could you please send me . . . Could you possibly tell us/let us have... In addition, I would like to receive ... It would be helpful if you could send us ... I am interested in (obtaining/receiving...) I would appreciate your immediate attention to

this matter. Please let me know what action you propose to

take.

Offering help

We would be happy to ... Would you like us to ... We are quite willing to ... Our company would be pleased to ...

Giving good news We are pleased to announce that ... I am delighted to inform you that ... You will be pleased to learn that ...

Giving bad news

We regret to inform you that ... I'm afraid it would not be possible to ... Unfortunately we cannot/we are unable to ... After careful consideration we have decided

(not) to ...

Complaining

· I am writing to express my dissatisfaction with ...· I am writing to complain about ...· Please note that the goods we ordered on (date) havenot yet arrived.

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· We regret to inform you that our order n°--- is nowconsiderably overdue.· I would like to query the transport charges whichseem unusually high.

Apologizing

We are sorry for the delay in replying ... I regret any inconvenience caused I would like to apologize for (the delay/the

inconvenience) ... Once again, I apologise for any inconvenience.

Orders

Thank you for your quotation of ... We are pleased to place an order with your

company for ... We would like to cancel our order n°... Please confirm receipt of our order. I am pleased to acknowledge receipt of your

order n°... Your order will be processed as quickly as

possible. It will take about (three) weeks to process your

order. We can guarantee delivery before ... Unfortunately these articles are no longer

available/are out of stock.

Prices

Please send us your price list. You will find enclosed our most recent

catalogue and price list. Please note that our prices are subject to change

without notice. We have pleasure in enclosing a detailed

quotation. We can make you a firm offer of ... Our terms of payment are as follows :

Referring topayment

Our records show that we have not yet receivedpayment of ...

According to our records ... Please send payment as soon as possible. You will receive a credit note for the sum of ...

Enclosingdocuments

I am enclosing ... Please find enclosed ... You will find enclosed ...

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Closing remarks

If we can be of any further assistance, please letus know

If I can help in any way, please do not hesitateto contact me

If you require more information ... For further details ... Thank you for taking this into consideration Thank you for your help. We hope you are happy with this arrangement. We hope you can settle this matter to our

satisfaction.

Referring to futurebusiness

We look forward to a successful workingrelationship in the future

We would be (very) pleased to do business withyour company.

I would be happy to have an opportunity towork with your firm.

Referring to futurecontact

I look forward to seeing you next week Looking forward to hearing from you " " to receiving your comments I look forward to meeting you on the 15th I would appreciate a reply at your earliest

convenience.

Ending businessletters

Sincerely, } Yours sincerely, } (for all customers/clients) Sincerely yours, }

Regards, (for those you already know and/orwith whom you already have a workingrelationship.)

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BRIEF REMINDER - THE BASIC STRUCTURE OF A FORMALBUSINESS LETTER: From top to bottom, a formal letter contains the following elements:

Return address and date: (Upper right hand corner) Once upon a time, thiswas necessary in case the letter became separated from the envelope, but Idoubt that happens much anymore. Even so, this is where your reader isgoing to look to find your address and the date the letter was written, so itshould be there.

Mailing address of recipient: (Left-hand side, one line below the returnaddress) This identifies the recipient of the letter. In office environments,letters are often removed from their envelopes and circulated; this helpsthe letter get back to its rightful recipient.

Salutation: (Two lines below the recipient’s address, or about 1/3 downthe page) The person the letter is intended for. Avoid “Dear Sir/Madam”and especially “To Whom it May Concern” unless absolutely necessary;not directing a letter to an exact recipient suggests that you don’t care whoreads it (or you would have made a call or checked their website) — andmay prevent the letter from reaching someone who can act on your letter.

Body: The body of the letter has three parts: an introduction that shouldexplain who you are and why you are writing, a middle part that gives thedetails and persuades your reader to act, and a closing that tells yourreader what action you expect or would like them to take.

Valediction: (Left-aligned, two lines below the body) This is the linebefore your signature. For people whose name you don’t know, use“Faithfully yours” — but avoid writing letters without finding out a namefirst. When you know the recipient’s name, sign it “Sincerely yours” orjust “Sincerely”, or in the US “Yours truly” is acceptable. Don’t tryanything more cutesy or friendly unless a) you know the recipient quitewell and are certain you can be informal without seeming disrespectful, orb) you have a “trademark” letter ending that’s part of your public persona(and the talent and popularity to pull it off).

Signature and printed name: Signing your name is a minimal assurancethat you stand behind what was written. Since your signature is likely tobe difficult to read, type your name down a couple of lines so that yourreader knows who is writing to them.

Enclosures: (Below signature block) If you have included any further

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material — a business card, a brochure, a price sheet, whatever — list thenumber of items and describe each.

BRIEF REMINDER -TIPS TO WRITING FORMAL LETTERS: Include address of the person you are writing to at the top of the letter,

below your company address. Use block style - do not indent paragraphs. After the address, double space and include date Double space (or as much as you need to put the body of the letter in the

center) and include the salutation. Include Mr. for men or Mrs, Miss, Msfor women, unless the recipient has a title such as Dr.

State a reference reason for your letter (i.e. 'With reference to ourtelephone conversation...'

Give the reason for writing (i.e. 'I am writing to you to confirm ourorder...')

Make any request you may have (i.e. 'I would be grateful if you couldinclude a brochure...'

If there is to be further contact, refer to this contact (i.e. 'I look forward tomeeting you at...')

Close the letter with a thank you (i.e. 'Thank you for your prompt help...') Finish the letter with a salutation (i.e. 'Yours sincerely,') Include four spaces and type your full name and title sign the letter between the salutation and the typed name and title Do not use shortened verb forms - write them out (i.e. 'don't instead of do

not') Always keep a copy of correspondence for future reference Keep the letter brief and to the point.

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FURTHER READING - TEXT APPROACH:

MARKETING

Marketing is the process of communicating the value of a product or service tocustomers, for the purpose of selling that product or service.From a societal point of view, marketing is the link between a society’s materialrequirements and its economic patterns of response. Marketing satisfies theseneeds and wants through exchange processes and building long termrelationships. It can be looked at as an organizational function and a set ofprocesses for creating, delivering and communicating value to customers, andmanaging customer relationships in ways that also benefit the organization andits shareholders. It also stands for the science of choosing target markets throughmarket analysis and market segmentation, as well as understanding consumerbuying behaviour and providing superior customer value.There are five competing concepts under which organizations can choose tooperate their business: the production concept, the product concept, the sellingconcept, the marketing concept, and the holistic marketing concept. The fourcomponents of holistic marketing are relationship marketing, internal marketing,integrated marketing, and socially responsive marketing. The set ofengagements necessary for successful marketing management includescapturing marketing insights, connecting with customers, building strongbrands, shaping the market offerings, delivering and communicating value,creating long-term growth, and developing marketing strategies and plans.A firm in the market economy survives by producing goods that persons arewilling and able to buy. Consequently, ascertaining consumer demand is vitalfor a firm's future viability and even existence as a going concern. Manycompanies today have a customer focus (or market orientation), which impliesthat the company focuses its activities and products on consumer demands.Generally, there are three ways of doing this: the customer-driven approach, themarket change identification approach and the product innovation approach.In the consumer-driven approach, consumer wants are the drivers of all strategicmarketing decisions. No strategy is pursued until it passes the test of consumerresearch. Every aspect of a market offering, including the nature of the productitself, is driven by the needs of potential consumers. The starting point is alwaysthe consumer. The rationale for this approach is that there is no reason to spendresearch and development funds developing products that people will not buy.

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History attests to many products that were commercial failures in spite of beingtechnological breakthroughs.

VOCABULARY - MARKETING TERMINOLOGY:1 brand n. a particular make of product - to brand v. - branded adj.2 consumer n. the person who buys and uses a product or service - to

consume v.3 cost v. to estimate the price of making a product - costing n.4 develop v. to create a new product or improve an existing one -

product development n.5 distribution n. the delivering of products to end-users, inc. advertising,

storing etc6 end-user n. the person, customer etc who is the ultimate (and so real)

user of a product7 image n. the concept or perception of a firm or product held by the

general public8 label n. small piece of paper, metal etc on a product giving

information about it9 launch v. to introduce a new product, with publicity etc - product

launch n.10 mail order n. the selling of goods by post - mail-order catalogue n.11 market

researchn. study of consumers' needs & preferences, often for aparticular product

12 PackagingUK

n. the wrapping or container for a product

13 point of sale n. the place where a product is actually sold to the public -point-of-sale adj.

14 product n. something made to be sold; merchandise [includesservices] - to produce v.

15 publicrelations

n. creation and maintenance of a good public image - publicrelations officer n.

16 registered adj. registered or officially recorded as a trademark - ® abbr.- to register v.

17 sponsor n. firm supporting an organisation in return for advertisingspace - also v.

18 S.W.O.T. abbr. Strength, Weaknesses, Opportunities, Threats19 total n. the whole product, inc. name, packaging, instructions,

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product reliability, after-sales etc20 trademark n. special symbol, design, word etc used to represent a

product or firm - " abbr.

WORK TASKS:

1. Build up a five up to ten-line letter of inquiry, with carefullyconsidering the information presented at USEFUL PHRASES, andin the two REMINDERS at the beginning of this section;

2. Build up a ten-line paragraph describing the main ideas in the textabove - MARKETING

2. Build up sentences with all marketing terminology entries above.

3. Rephrase the following text:

The means through which the product is presented to the customer, i.e. itspromotion, is also an important component of any marketing strategy.Promotion includes the packaging of the product, its image, the name ofthe product, advertising and all kinds of sales literature such asbrochures, catalogues and leaflets. It also involves the organisation oftrade exhibitions or fairs and other forms of publicity such as newspaperarticles, press-releases or press conferences that inform the public atlarge of a new product or development.Personal selling may be also considered as part of the productpromotion. The relationship developed between a salesperson and aclient is very important, and it has to be friendly and respectful ratherthan aggressive and competitive because both parties want to feelsatisfied with their deal. The qualities demanded of a successful sales repare, in fact, common to us all: to know how to establish and maintainrelationships with different kinds of people, to be a good listener whotakes into account the other party's opinions, and to be able to explainand discuss ideas the interlocutor.

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2. COMMERCIAL CORRESPONDENCE RULES – PART 2

2.1. The Essential Steps in Writing a Report

All reports need to be clear, concise and well structured. The key to writing aneffective report is to allocate time for planning and preparation. With carefulplanning, the writing of a report will be made much easier. The essential stagesof successful report writing are described below. Consider how long each stageis likely to take and divide the time before the deadline between the differentstages. Be sure to leave time for final proof reading and checking.Stage One: Understanding the report briefThis first stage is the most important. You need to be confident that youunderstand the purpose of your report as described in your report brief orinstructions. Consider who the report is for and why it is being written. Checkthat you understand all the instructions or requirements, and ask your tutor ifanything is unclear.Stage Two: Gathering and selecting informationOnce you are clear about the purpose of your report, you need to begin to gatherrelevant information. Your information may come from a variety of sources, buthow much information you will need will depend on how much detail isrequired in the report. You may want to begin by reading relevant literature towiden your understanding of the topic or issue before you go on to look at otherforms of information such as questionnaires, surveys etc. As you read and gatherinformation you need to assess its relevance to your report and selectaccordingly. Keep referring to your report brief to help you decide what isrelevant information.Stage Three: Organising your materialOnce you have gathered information you need to decide what will be includedand in what sequence it should be presented. Begin by grouping together pointsthat are related. These may form sections or chapters. Remember to keepreferring to the report brief and be prepared to cut any information that is notdirectly relevant to the report. Choose an order for your material that is logicaland easy to follow.Stage Four: Analysing your materialBefore you begin to write your first draft of the report, take time to consider andmake notes on the points you will make using the facts and evidence you have

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gathered. What conclusions can be drawn from the material? What are thelimitations or flaws in the evidence? Do certain pieces of evidence conflict withone another? It is not enough to simply present the information you havegathered; you must relate it to the problem or issue described in the report brief.Stage Five: Writing the reportHaving organised your material into appropriate sections and headings you canbegin to write the first draft of your report. You may find it easier to write thesummary and contents page at the end when you know exactly what will beincluded. Aim for a writing style that is direct and precise. Avoid waffle andmake your points clearly and concisely. Chapters, sections and even individualparagraphs should be written with a clear structure. The structure describedbelow can be adapted and applied to chapters, sections and even paragraphs.

Introduce the main idea of the chapter/section/paragraph Explain and expand the idea, defining any key terms. Present relevant evidence to support your point(s). Comment on each piece of evidence showing how it relates to your

point(s). Conclude your chapter/section/paragraph by either showing its

significance to the report as a whole or making a link to the nextchapter/section/paragraph.

Stage Six: Reviewing and redraftingIdeally, you should leave time to take a break before you review your first draft.Be prepared to rearrange or rewrite sections in the light of your review. Try toread the draft from the perspective of the reader. Is it easy to follow with a clearstructure that makes sense? Are the points concisely but clearly explained andsupported by relevant evidence? Writing on a word processor makes it easier torewrite and rearrange sections or paragraphs in your first draft. If you write yourfirst draft by hand, try writing each section on a separate piece of paper to makeredrafting easier.Stage Seven: PresentationOnce you are satisfied with the content and structure of your redrafted report,you can turn your attention to the presentation. Check that the wording of eachchapter/section/subheading is clear and accurate. Check that you have adheredto the instructions in your report brief regarding format and presentation. Checkfor consistency in numbering of chapters, sections and appendices. Make surethat all your sources are acknowledged and correctly referenced. You will needto proof read your report for errors of spelling or grammar. If time allows, proofread more than once. Errors in presentation or expression create a poorimpression and can make the report difficult to read.

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WORK TASKS

1. Considering the essential steps in writing a report presented above,think up a short business report of your own.

Welcome Aboard Letter - New Employee

2. Rephrase the body of the following business letter:

Dear Mark,

I am very pleased that you have accepted our offer, and are joining our team.Your experience and vision will be a great asset to this group, and I knowthat the team is looking forward to working with you. Please let me know ifyou find that you are available to start sooner than the tenth of December, aswe are all anxious to get going on the new project we discussed during yourinterview.John Peterson will be your liaison with the other team leaders, and will helpget you up to speed on where their projects stand, and how they envisionintegration of the final product. He is planning to contact you this week, inorder to help make your move to AT-Tech. Inc. as smooth as possible.If there is anything we can do for you in the meanwhile, please let me know.Welcome aboard! We are all looking forward to seeing you soon.

Best regards,

Jim Hudson,CEO..........................................

3. Build up a letter of your own in response to the WELCOMEABOARD Letter above. Try to preserve the writing style and the generalattitude towards the message sent.

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3. CONTRACT LETTER - REQUEST TO EXPEDITE PAYMENTS.TEXT AND LANGUAGE APPROACH

3.1. Contract Letter - Request to Expedite Payments

Mr. Peter HughesCEO, Contract AdministrationExpert Project Consolidated Trust------------------------------------------

June 12, 2014

Dear Mr. Hughes,

Re: Request To Expedite Payment - Contract PLC-09-17542Due to circumstances beyond our control, we have been unable to complete thefinal delivery phase of the exterior wharf retaining wall under the above-notedcontract. All work has been completed except for the installation of the tie-downanchors which have not yet been received from the manufacturer. These areexpected to arrive within four weeks and we plan to install them as soon as wereceive them.In the meantime, we are experiencing a serious cash flow problem which isaffecting our ability to complete a number of our other contracts; including theaccess road extension project (PLC- 10-21743). As you know, any delay incompletion of the access road will have a negative impact on a number of otherPhase 2 contracts.We therefore request that you immediately release payment for the above-notedwharf retaining wall contract, subject to a 10% holdback to be payable oncompletion of the tie-down anchors. That arrangement will protect you while atthe same time relieving the problems caused by our current cash flowdifficulties.Accordingly, please find attached an invoice for the final progress payment ofEUR 67,575 for contract PLC-09-17542.On behalf of our entire company I thank you in advance for your kindcooperation.

Yours sincerely,John Hurford

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VOCABULARY – SEMANTIC PARALLEL:

INEQUALITY and INEQUITY

These words are liable to be confused although they mean different things.Inequality means "lack of equality, the stat of being unequal or different", as in"an inequality in the pay structures of the male and female workers" and "fightagainst racial inequalities in the American job markets". Inequity means"unfairness, unjustness", as in "feel that there was a certain inequity in thejudge's decision".

VOCABULARY – MOST COMMON BUSINESS ENGLISH VERBS:

The following list includes the verbs that are most regularly used in businessconverstations:

accept dismiss order selladd dispatch organize sendadmit distribute owe separateadvertise divide own shortenadvise drop pack splitafford employ participate structureapprove encourage pay succeedauthorize establish plan suggestavoid estimate present writeborrow exchange prevent varybreak extend processbuild fall producebuy fix promisecalculate fund promotecall get worse providecancel improve purchasechange increase raisecharge for inform reachcheck install receivechoose invest recruitcomplain invoice reduce

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complete join refuseconfirm lend rejectconsider lengthen remindconvince lower removecount maintain replydecide manage resigndecrease measure responddeliver mention returndevelop obtain rise

VOCABULARY – USEFUL LANGUAGE:

Asking for opinionsWhat’s your opinion?What do you think?How do you feelabout…..?What’s your view?

AgreeingI think so too.Absolutely / exactlyI agreeThat’s true

Making suggestionsPerhaps we could….Why don’t we … ?How about… ?I think we should….

DisagreeingI see / know what youmean, but….I’m afraid I can’t agree

Giving opinionsI think……./ I don’tthink ………In my opinion……Maybe, but…

WORK TASK

BRANDS AND PRODUCTS TERMINOLOGY:

1. List some of your favourite brands. Then answer these questions:

Are they International or national brands?What image and qualities does each one have?Why do people buy brands?Why do you think some people dislike brands?

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Use the following words and phrases to help you:

Value for money Luxurious Timeless Well-made

Top of the range Durable Inexpensive Cool Reliable Stylish Fashionable

2. Match these ten words to their meanings:

BRANDPRODUCT

1. Loyalty A. The name given to a product bythe company that makes it.

2. Image B. Using an existing name onanother type of product

3. Stretching C. The ideas and beliefs peoplehave about a brand

4. Awareness D. The tendency to always buy aparticular brand

5. Name E. How familiar people are with abrand

6. Launch F. The set of products made by acompany

7. Lifecycle G. The use of a well-known personto advertise products

8. Range H. When products are used in filmsor tv programs

9. Placement I. The introduction of a product tothe market

10. Endorsement J. The length of time peoplecontinue to buy a product

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3. Why do some companies make luxury products abroad rather than athome?

WAY WITH VERBS:

1. Which of the time expressions below do we usually use with the presentsimple? Which of the time expressions do we usually use with the presentcontinuous? Which are used with both?Usually this year every day nowOften nowadays once a monthCurrently at the moment these days

2. Complete these sentences with the present simple or the presentcontinuous forms of the verbs in brackets.1.a. This year we ………….. (try) to develop a brand with personality.

b. We usually …………… (develop) brands that say something.2. a. Powerful brand names ……………… (create) strong costumer loyalty.b. At the moment we ……………… (look) for a new brand name that suggestssomething about the product’s benefits and qualities.3. a. This company …………… (sell) cosmetics and toiletries to customersaround the world.

b. This year, this company ………………(invest) a huge amount in Researchand Development.4. a. The marketing department always ……………….. (keep) within itsbudget.b. Because the company made a loss last year, the marketing department…………..(try) to reduce costs.

3. Complete the text below with the present simple or present continuousforms of the verbs in brackets.At the moment I ……………… (work) for a cosmetics company. We offer afull range of cosmetic products and ……………….. (sell) cosmetics andtoiletries around the world. Our main cosmetics brand ………….. (dominate)the French market and it …………… (do) well in the rest of Europe at the

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moment, too. In fact, the brand……………. (become) more and more popularthroughout the world and our market share …………… (grow) everyday.We usually …………………… (develop) and ……………. (extend)productsunder our existing brand name. The brand is distinctive and………………..(stand) out from the competition. However, this year we……………. (create) a completely new brand of cosmetics.

4. BUSINESS CORRESPONDENCE -LETTER OF REFERENCE

4.1. Business Correspondence - Letter of Reference

Dear Mr. Austin,

Re: Customer Reference - Ultimate Inc.I have been asked to write this letter of reference because our company will nolonger be operating its printing plant that has served Ultimate Inc. for more thana decade.Ultimate Inc. has never cease to be one of our top customers.Accordingly, I have no hesitation in recommending them as a company withwhich to do business.In addition to doing good business projects with his company, I have known thepresident and founder of Ultimate Inc, Mr. Peter Smith, for a long time, as wewere actually classmates, and after that, university teammates. I am quitecomfortable in vouching for him as a great individual as well as a concerned andactive citizen in this community.As far as a company to do business with, Ultimate Inc. is one of the best that wehave ever dealt with. Its practice has always been to pay our printing invoiceswithin the 30-day time limit. We did significant amounts of business, especiallyduring the past 10 years, and I cannot recall a late-payment situation involvingthat company. Billing disputes were rare, and those only required some minoradditional documentation for clarification and resolution.

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Ultimate Inc. was one of the best companies that I have ever dealt with from achange-order and work scheduling perspective. We maintained closecommunication with the company's production people and they always kept usapprised of their upcoming workload. Thus, scheduling jobs on our presses wasnever a problem. In addition, Ultimate’s graphics people always provided uswith high quality finished artwork, and it was unusual for additional changes tobe made after the plates had been produced.Based on our experience, any printing company should be very pleased to be theone that Ultimate Inc. selects to do business with once we have closed our doors.

Your faithfully,Peter Kempson.President and CEO

VOCABULARY - ADVERTISING TERMINOLOGY:

ad abbr. advertisement - advert abbr. advertisement n. item of publicity for a product or service, in magazine, on

TV etc advertising agency n. company specialising in producing and placing

advertisements for clients AIDA abbr. Attention, Interest, Desire, Action - the objective of all

advertisements benefit n. advantage of a product or service, usually derived from its

features billboard US n. signboard, usually outdoors, for advertising posters; circulation n. average number of copies of a magazine sold in a

particular period classified ads n. small advertisements in magazine or newspaper

categorised by subject commercial n. paid advertisement on radio or TV coupon n. part of a printed advertisement used for ordering goods, samples

etc

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double-page spread n. advertisement printed across 2 pages in a magazineor newspaper

eye-catcherUS n. something that especially attracts one's attention - eye-catching adj.

features n. special characteristics of a product, usually leading to certainbenefits

hoardingUK n. signboard, usually outdoors, for advertising posters;billboardUS

poster n. large sheet of paper, usually illustrated, used as advertisement prime time n. hours on radio & TV with largest audience, esp. the

evening hours promote v. to (try to) increase sales of a product by publicising and

advertising it slotn. specific time in a broadcasting schedule, when a commercial may be

shown target n. objective; what one is aiming at - target audience n. U.S.P. abbr. Unique Selling Proposition; what makes a product different

from others

4.2. Language Approach - Predicate Adjectives

Attributive Adjectives Which Can Be Used as Predicate AdjectivesAn adjective which is separated from the noun or pronoun it modifies by a verbis often referred to as a predicate adjective.e.g. The packing is black.These streets are long and narrow – not adequate for heavy transport.It is large, heavy and breakable. We must pay extra money for proper shipment.Most general descriptive adjectives, as well as adjectives indicating color, canbe used as predicate adjectives:e.g. The CEO’s answer is puzzling.These envelopes are small.The accountant’s task was demanding.

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The weather will be fine.We expect tourists.However, there are a few general descriptive adjectives which cannot be used aspredicate adjectives. For example, the adjectives listed below are normally usedonly as attributive adjectives.Adjectives Used Only Attributively:chiefmainprincipalsheerutterIt should be noted that although they cannot be used with attributive adjectives,pronouns can be used with predicate adjectives.e.g. He is happy with his new job.She is proud of her academic achievements.We are careful with spending our money.They are successful.Proper adjectives are sometimes used as predicate adjectives.e.g. That car is German.This one is Italian.It should be noted that hyphenated adjectives containing nouns often cannot beused as predicate adjectives. When such an expression follows the verb, thehyphens are omitted and the noun assumes a plural form, if required. In thefollowing examples, the nouns contained in the hyphenated adjectives areunderlined.e.g. the one-hour programforty-dollar productWhen placed after the verb, the hyphenated adjectives must be changed asfollows:e.g.The length of the program is one hour.The price of the product is forty dollars.

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However, hyphenated adjectives which do not contain nouns can often be usedas predicate adjectives. For instance, in the following examples, the hyphenatedadjectives are underlined.e.g. the long-winded oratorthe wide-spread beliefThese adjectives contain past participles. Hyphenated adjectives containing pastparticiples are frequently used as predicate adjectives.e.g. The orator was long-winded.The belief is wide-spread that the companyis short of resources.

Order, Punctuation and Peculiarities of Predicate AdjectivesOrder of Predicate AdjectivesThe order of predicate adjectives relative to one another is generally the same asthe order of attributive adjectives relative to one another. The followingexamples illustrate the order of predicate adjectives.e.g. The product package is small and light. After testing, we will present it tobuyers.The weather is clear, cold and dry. Some tourists would love that.In the first example, the adjective small, indicating size, precedes the adjectivelight, indicating weight. In the second example, the general descriptive adjectiveclear precedes the adjective cold, indicating temperature, which precedes theadjective dry, indicating humidity.

Punctuation of Predicate AdjectivesAs it may be seen in these examples, the last two adjectives in a list of predicateadjectives are usually separated from each another by the word and, yet anypreceding adjectives are usually separated from one another by commas.e.g. Their marketing reports were elaborate and objective.Her product description was short, original and convincing.In a list of three or more predicate adjectives, an additional comma is sometimesplaced before the word and, yet it is usually considered unnecessary.e.g. The general manager’s speech was brief, expressive, and inspiring.

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WORK TASKS1. Read the following text. Comment upon its economic ideas in a ten-lineparagraph:Money long preceded the existence of government. Grain and cattle have longbeen used as money, and still are, but it is a bit hard to make change for a ram,so valuable metals have been more popular. Real money does not need to beenforced. It is either something of inherent value, such as gold or silver, or,more conveniently, promises to pay by someone whose credit rating is wellknown to be good. The bills of exchange issued by merchants in medieval timeswere effectively paper money. Indeed money was mostly issued privately untilthe twentieth century. In America the revolutionary experience with the“continentals” (revolutionary fiat paper money) was so disastrous that theconstitution was for a long time interpreted in a way that restrained the federalgovernment from taking a large role in the issue of money, leading to the “freebanking era”. Manufacturing is the use of machines, tools and labor to makethings for use or sale. Also it can be used for selling things. The term may referto a range of human activity, from handicraft to high tech, but is most commonlyapplied to industrial production, in which raw materials are transformed intofinished goods on a large scale. Such finished goods may be used formanufacturing other, more complex products, such as household appliances orautomobiles, or sold to wholesalers, who in turn sell them to retailers, who thensell them to end users - the "consumers".

2. Which sentence is the best continuation of the first sentence?

We're in financial trouble but you're always going out spending money.a) What on earth do you and your friends find to talk about?b) Unless you stop doing that, we'll soon go broke.c) I wish he would go and bother somebody else.

This car is always breaking down.a) She'll get the sack soon.b) I think I'll have to trade it in for a newer one.c) Doesn't she know how much other work we've got to do?

Mary is always arriving late for work.a) She'll get the sack soon.b) It seems really unhappy. He should look after it a bit more and take it for

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walks.c) You cannot believe a word she says.

This flight is always arriving late.a) You cannot believe a word she says.b) In future I'm going to get the earlier one.c) But I think she looks great. Any thinner and she'd be too thin.

3. Rephrase the following texts:Text 1: Income in a capitalist economy depends primarily on what skills are indemand and what skills are being supplied. Skills that are in scarce supply areworth more in the market and can attract higher incomes. Competition amongworkers for jobs — and among employers for skilled workers — help determinewage rates. Firms need to pay high enough wages to attract the appropriateworkers; when jobs are scarce, workers may accept lower wages than theywould when jobs are plentiful. Trade union and governments influence wages incapitalist systems. Unions act to represent their members in negotiations withemployers over such things as wage rates and acceptable working conditions.Text 2: Neoclassical economics explain capitalism as made up of individuals,enterprises, markets and government. According to their theories, individualsengage in a capitalist economy as consumers, labourers, and investors. Aslabourers, individuals may decide which jobs to prepare for, and in whichmarkets to look for work. As investors they decide how much of their income tosave and how to invest their savings. These savings, which become investments,provide much of the money that businesses need to grow.

4. Fill in the gaps:1. We set.......... the Amsterdam office 6 years ago.a) in;b) at;c) up;d) through.

2. We have decided to take.......... his offer.a) up;b) in;c) through;d) out of.

3. We have decided to invest.......... computer shares.a) at;

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b) through;c) on;d) in.

4. We are not interested.......... your problems.a) in;b) at;c) through;d) out of.

5. In Spain, we are working.......... a local company.a) on;b) out;c) to;d) with.

6. I am quite happy to listen.......... what you have to say.a) to;b) at;c) in;d) on.

7. We know all.......... your other job offer.a) in;b) on;c) at;d) about;

8. There is absolutely no way we can make a deal.......... them.a) on;b) with;c) at;d) to.

9. We're delighted........... what you have done.a) with;b) at;c) in;d) on.

10. As people have left the company, I've had to take.......... more and morework.

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a) on;b) in;c) at;d) to.

FURTHER READING – RESIGNATION LETTER TEMPLATES:

1. ACCEPTANCE OF THE RESIGNATION LETTER

Name, Position,OrganizationName and Address (each on a separate line)

Date

Dear (manager name - eg. Mr. Smith)

Please accept this as formal notice of my resignation from the position of (yourjob title and site/department/division as applicable), with effect from (normallydate of the letter or receipt of letter - check your contract - if in doubt refer todate of letter).In accordance with my contract of employment, I am happy to continue to workuntil (date that your employment ceases according to notice period, calculatedfrom your stated effective date of resignation).(This part is optional :) While I believe that I am moving for good reasons, I amsorry to leave, and I thank you for your support during my time with thecompany, which I have found enjoyable and fulfilling.(And if applicable :) Please let me know the arrangements for handing backequipment, company car, etc, and handing over outstanding work andresponsibilities.

Yours sincerely, etc

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2. SAMPLE OF RESIGNATION LETTER (WHEN YOU ARE NOTABLE, TO WORK YOUR NOTICE PERIOD)

Name, Position,OrganisationName and Address (each on a separate line)Date

Dear (manager name - eg., Mr Smith)

Please accept this as formal notice of my resignation from the position of (yourjob title and site/department/division as applicable), with effect from (normallydate of the letter or receipt of letter - check your contract - if in doubt refer todate of letter).I realise that my contract of employment requires me to work until (date thatyour employment ceases according to notice period, calculated from your statedeffective date of resignation), however I'd be grateful to be released earlier on(date that you actually need to leave), and will assume that this is acceptableunless you inform me to the contrary.(This part is optional :) While I believe that I am moving for good reasons, I amsorry to leave, and I thank you for your support during my time with thecompany, which I have found enjoyable and fulfilling.(And if applicable :) Please let me know the arrangements for handing backequipment, company car, etc, and handing over outstanding work andresponsibilities.

Yours sincerely, etc.

3. SAMPLE OF RESIGNATION ACCEPTANCE LETTER

Name and Address of person who has resigned.Date

Dear (name - Mr. Smith,)

Your resignation from the position of (job title and site/department/division asapplicable), effective from (date of effective resignation which should beconfirmed with HR department or equivalent), is accepted.According to your contract of employment you will work until (date thatemployment ceases according to notice period, calculated from stated effectivedate of resignation - and agreed with HR department or equivalent).

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(Optional:) While working your period of notice you will obviously continue tobe subject to your conditions of employment, and I would be grateful for you tomaintain your normal high level of commitment to your job up to the time youleave.(Insert specific instructions relating to leaving procedures, eg., return ofequipment, company car, completion of expenses, final pay details, etc.)(Insert details of exit interview date, time, venue and interviewer, if applicable.)(Optional, and generally recommended unless there are disciplinaryimplications:) I thank you for your efforts and contribution during your timewith us, and I wish you all the best for the future.(Also optional :) I am happy to provide a reference if required.

Yours sincerely, etc.

4. SAMPLE OF ACCEPTANCE LETTER AND TEMPLATE (WHENTHE PERSON IS NOT REQUIRED TO WORK OUT THEIR NOTICEACCORDING TO CONTRACT)

Name and Address of person who has resigned.Date

Dear (name - Mr. Smith,)

Your resignation from the position of (job title and site/department/division asapplicable), effective from (date of effective resignation which should beconfirmed with HR department or equivalent), is accepted.Although your contract of employment provides that you should work until(date employment theoretically ceases according to notice period, calculatedfrom stated effective date of resignation - confirmed by HR department orequivalent), your employment will actually cease on (date of actual termination),and you will be paid in lieu of notice up to (contractual date of termination, orany other date that you might negotiate - sooner or later - with the resigningperson).(Insert specific instructions relating to leaving procedures, e.g., return ofequipment, company car, completion of expenses, expenses float, final paydetails, etc.)(Insert details of exit interview date, time, venue and interviewer, if applicable.)(Optional, and generally recommended unless there are disciplinaryimplications:) I thank you for your efforts and contribution during your timewith us, and I wish you all the best for the future.

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(Also optional :) I am happy to provide a reference if required.

Yours sincerely, etc.

5. SAMPLE OF RESIGNATION WITHDRAWAL LETTER (SOONAFTER RESIGNING)

(Name, address, and date)Date

Dear...........,

I wish to withdraw my resignation of (date).I hope that you are happy for me to carry on in my job as normal, and I willassume this is so unless you notify me otherwise.Thank you in anticipation of your understanding, and apologise for anyinconvenience I may have caused.

Yours sincerely, etc.

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SECTION 3: A NEW APPROACH OF TEXT AND VOCABULARY

1. ECONOMIC SYSTEMS. TEXTUAL APPROACH

1.1. Economic SystemsAn economic system is the system of production, distribution and consumptionof goods and services of an economy. Alternatively, it is the set of principles andtechniques by which problems of economics are addressed, such as theeconomic problem of scarcity through allocation of finite productive resources.The economic system is composed of people and institutions, including theirrelationships to productive resources, such as through the convention ofproperty.Examples of contemporary economic systems include capitalist systems,socialist systems, and mixed economies. "Economic systems" is the economicscategory that includes the study of respective systems.An economic system can be defined as a "set of methods and standards bywhich a society decides and organizes the allocation of limited economicresources to satisfy unlimited human wants. At one extreme, production iscarried in a private-enterprise system such that all resources are privately owned,and, at the other extreme, all resources are publicly owned.Alternatively, 'economic system' refers to the organizational arrangements andprocess through which a society makes its production and consumptiondecisions. In creating and modifying its economic system, each society choosesamong alternative objectives and alternative decision modes. Many objectivesmay be seen as desirable, like efficiency, growth or liberty.

BASIC BUSINESS TERMINOLOGY – ESSENTIAL VOCABULARYAND EXAMPLES

advertising - show your products to customers through radio, television ornewspapers “What is the best way for us to advertise our product?”

afford - able to buy, have enough money to buy“Television is the best advertising, but the most expensive. Can we afford it?”

agenda - a detailed plan for a meeting."The first item on our agenda is advertising."“I have a full agenda, so I cannot meet anyone for the moment”

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booming - business is growing very fast"This year business is booming, so we can start thinking about increasing ourinvestments."

borrow - getting money from someone else, or from a bank, which we must payback later"We need to borrow EUR 100,000 to expand our business."

brand - the name of a well-known product "We'll need to borrow money foradvertising, then we'll build our brand awareness."

break even - when our spending equals the amount we receive from sales"The company didn't make money nor lose money during the last quarter. Theyjust broke even."

bribe - secretly paying money to get special favors from a company orgovernment official"She was sent to prison for 30 years for trying to bribe a high official."

budget - a detailed plan for spending money"The second item on our agenda is the budget. We need to pay special attentionto advertising, marketing and building our sales staff. Oh, and we need tosignificantly increase our budget for English teachers!"

calculate - to count, add, subtract, multiply, divide numbers "It's not hard tocalculate - if we keep spending more money than we take in, we'll have to sellmore!"

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WORK TASKS

1. Pick up three business terms from the above list and use them insentences

2. How would you define an economic system?

3. Rephrase the following fragment:

An economic system can be defined as a "set of methods and standards bywhich a society decides and organizes the allocation of limited economicresources to satisfy unlimited human wants. At one extreme, production iscarried in a private-enterprise system such that all resources are privatelyowned.

4. Find the best answer:

Do you often read the 'situations vacant' ads?a) Sure. I never fail to. I want to stay informed.b) No way. I'm not at all happy with it.c) I'm only staying until I find something better.

What do you think of your line supervisor?a) Yes. They might buy the company stock,b) I'm not enjoying my present project very much.c) Usually she and I get on fine but we're having a few problems at themoment.

Do you earn enough as an accountant?a) Yes. I'm talking to the accountant right now.b) Sure. I never fail to. I want to stay informed.c) No way. I'm not at all happy with it.

How long do you intend to stay in your factory job?a) Yes, but it is too much for this investment.b) I'm only staying until I find something better.c) Sure. I never fail to. I want to stay informed.

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1.2. Basic Types of Economic Systems. Part of a Social System

An economic system can be considered a part of the social system andhierarchically equal to the law system, political system, cultural, etc.There is often a strong correlation between certain ideologies, political systemsand certain economic systems (for example, consider the meanings of the term"communism").Many economic systems overlap each other in various areas (for example, theterm "mixed economy" can be argued to include elements from various systems).There are also various mutually exclusive hierarchical categorizations.The basic and general economic systems are:

Market Economy (the basis for several "hands off" systems, such ascapitalism).Mixed Economy (a compromise economic system that incorporates someaspects of the market approach as well as some aspects of the plannedapproach).Planned Economy (the basis for several "hands on" systems, such as socialism,or a command economy).Traditional Economy (a generic term for the oldest and traditional economicsystems)Participatory Economics (a recent proposal for a new economic system)Inclusive Democracy (a project for a new political and economic system)

There are several basic and unfinished questions that must be answered in orderto solve economic problems satisfactorily. The scarcity problem, for example,requires answers to basic questions, such as: what to produce, how to produce it,and who gets what is produced. An economic system is a way of answeringthese basic questions, and different economic systems answer them differently.

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BASIC BUSINESS TERMINOLOGY – ESSENTIAL VOCABULARYAND EXAMPLES

cancel - to decide NOT to buy something that you had agreed to before"Before they cancel the order, find out what the problem is and fix it!"

capital - money"If we had more capital to invest, we would build a new factory."

charge for - ask money for payment"We never charge for repairs. Making sure our products work is included in thepurchase price."

CEO - the top officer in a company, the chief executive officer"How can we find a good CEO who knows how to run a business in today'sbusiness environment?"

CFO - the top financial officer in a company"The CFO will be attending today's meeting to talk about fundamentalaccounting principles."

commission - a percentage of each sale that goes directly to the salesperson"Our salespeople get 10% for each item sold, but that increases as he or shesells more."

competition - other companies that make the same product as yours"We face tough competition, but our product has some important advantages."

consumption - the total amount of product bought in a market"Although prices have fallen, overall consumption is higher, so we can stillmake money."

credit - when you buy first, but pay later"You can buy this product on credit. The payment will be due in 90 days."

currency - the money of one country"If you exhange currency in the airport, you'll pay a large commission. Go to abank instead."

deadline - the time by which some project must be finished"We have to finish this by Friday. That's the final deadline."

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WORK TASK

1. Pick up five business terms from the above list and use them in sentences

2. How would you define an economic system?

3. Rephrase the following fragment:There are several basic and unfinished questions that must be answered in orderto solve economic problems satisfactorily. The scarcity problem, for example,requires answers to basic questions, such as: what to produce, how to produceit, and who gets what is produced. An economic system is a way of answeringthese basic questions, and different economic systems answer them differently.

1.3. Divisions of Economic Systems

Typically, "hands-on" economic systems involve a greater role for society andthe state to pick goods and services, with the stated aim of ensuring socialjustice and a more equitable distribution of wealth or ameliorating marketfailures. Meanwhile, "hands-off" economic systems give more power to privatebusinesses (and perhaps corporations) to make those decisions, rather thanleaving them up to society as a whole, and often limit government involvementin the market economy.Often the primary concern of many "hands-on" economic systems that containgovernment involvement in market-oriented economies is usuallyegalitarianism, while the primary concern for traditional "hands-on" socialisteconomic systems was to rationalize production, better coordinate economicactivity (and thus provide a superior form of economic organization andexchange to capitalism) and advance the productive forces of the economy fromthe perspective that the market mechanism of exchange was prone to systemiccrises and inefficiencies; while the primary concern of "hands-off" economicsystems is usually private property. Libertarians target individual economicfreedom as a primary goal of their "hands-off" policies, though in general, mosttypes of economic systems claim that their system of economic organization iseither most efficient or socially effective.

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BASIC BUSINESS TERMINOLOGY – ESSENTIAL VOCABULARYAND EXAMPLES

demand - the wish of customers to buy a product"Until demand increases, we won't sell many of our most expensive products."

discount - a lower price"If you buy more than 100 of these, we will give you a 10% discount".

distribution - getting the product to the final consumer, or customer"Our distribution system needs to be improved if we are to meet increaseddemand."

diversify - start many new businesses instead of doing just one"If we diversify, we can make more money, but sales of our main product maygo down."

economics - the study of finance and money"If you want to succeed in business, you should study economics."

employee - a worker"Employees today need to learn so much to be able to move up in thecompany."

employer - the person who finds and pays workers"My employer told me I have to work overtime or I'll lose my job!"

estimate - a guess about how much something will cost"We estimate the new factory will cost less than 20 million euros."

export - to send goods out of a country"As the local currency drops in value, our exports to that country also drop."

extend - to give more, especially a loan of money"The bank said they cannot extend the deadline. We have to pay by Friday orface the consequences."

finance - the study of money and how to use money well"After you study finance, you will know how to increase profits and limitlosses."

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fund - to provide money in general."The CFO said the company plans to fund 50% of the project. The rest willcome from the government."

gross - amount of money received from sales"We took in more than $100 million in gross sales last year.

FURTHER READING: HANDS-ON AND HANDS-OFF SYSTEMS

The following list divides the main economic systems into "hands-on" and"hands-off," it attempts to structure the systems in a given section byalphabetical order and in a vertical hierarchy where possible."Hands on" Systems"Hands-on" Private-oriented SystemsA system in which large privately-owned entities control or direct the economyin their favor, or in which private shareholders own, and thus reap the profits, ofenterprises that are operated by the state or by employee cooperatives.

Fascist Economics State Corporatism Capitalism State Capitalism

"Hands-on" State-oriented SystemsEconomic systems in which the state directs or controls economic activitythrough economic planning, with economic institutions being primarilypublicly-owned. State Communism Socialism State Socialism Market Socialism Energy-Based Economics Feudalism Mercantilism

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"Hands-on" Communal-oriented SystemsEconomic systems in which a collective, such as a commune or workercooperative, directs or plans large-scale economic activity, usually combinedwith workplace democratic management. Communism Anarcho-Communism (a form of libertarian socialism) Socialism Libertarian socialism Democratic Socialism (a form of socialism in which enterprises are

managed democratically by workers but are owned by the state) Participatory Economics

"Hands off" Systems"Hands-off" Private-oriented SystemsEconomic systems in which the economy is controlled privately in a usuallydecentralized fashion and operated based on market principles. Capitalism Anarcho-Capitalism Laissez-Faire Capitalism Corporate Capitalism Gift Economy Mutualism Syndicalism

"Hands-off" State-oriented SystemsEconomic systems in which the state runs, owns and/or manages its ownresources and enterprises in a free-market economy with minimal regulation andwithout government planning. Socialism Socialist Market Economy Various socialist proposals in which the means of production are owned

and operated by the state in a free-market system with no governmentregulation

Mixed economies that are more market-oriented but contain a number ofstate-owned enterprises that operate in the market and are subject tomarket forces.

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"Hands-off" Communal-Oriented SystemsEconomic systems that are characterized by decentralized cooperative orcollective ownership that operate in market economies or decentralized,collectively-planned economies. Anarchist Economics Syndicalism Participatory Planning Inclusive Democracy (a project for a new political and economic system

based on democratic principles and libertarian socialism) Pure Communism Mutualism (a form of libertarian socialism) Non-Property System

Mixed systemsEconomic systems that contain substantial state, private and sometimescooperative ownership and operated in mixed economies - i.e, ones that containsubstantial amounts of both market activity and economic planning. Distributism Georgism Mixed Economy American School Dirigisme Nordic Model Japanese System Mercantilism Social Market Economy also known as Soziale Marktwirtschaft Social Corporatism Socialist Commodity Economy PROUT also known as Progressive Utilization Theory Indicative Planning also known as a planned market economy

BASIC BUSINESS TERMINOLOGY – ESSENTIAL VOCABULARYAND EXAMPLES

import - to bring goods into a country"When our currency is strong, we can import more goods into our owncountry."

incentive - a special price to get customers to buy"By offering a 15% discount as an incentive, we'll attract many newcustomers."

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income tax - money paid to the government, based on total money received"I thought I made enough money last year, but after paying 25% income tax, Ididn't have enough to buy that new house."

inflation - rising prices"Rising energy prices have caused many other prices to increase. The rate ofinflation has increased to 7%."

install - to put in and prepare for use, as with a machine"If you buy now, we'll install this machine for free."

interest - extra money needed to pay back borrowed money"When you pay back the 100,000 euros, you must also pay 10% interest, so thetotal will be 110,000 euros."

inventory - unsold items that you keep so that you can sell them in the future"Our inventory is very low right now. We have to increase build up ourinventory to meet demand in the coming year.

invest - spending money so that we can make more in the future"If we invest so much money in a new factory, we won't have any money in ourbudget for new advertising."

invoice - a paper which explains what was sold and at what prices"Look at the invoice. You charged us for repairs that you said were free!"

leadership - the skill of managing people"He has natural leadership skills, so he will surely be successful."

lend - giving money to someone else, which they will pay back to us later"When did you lend him the money? I lent it to him two months ago."

loss - when we spend more money than we receive from selling our product"We took a loss last year, but this year we are spending less and selling more."

lucrative - the possibility of making a great amount of money"This could be a very lucrative contract! Well make money for each sale as wellas for each installation!"

maintain - keep a machine in good condition"If you maintain this product, it will last for years."

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WORK TASK

1. Describe three of the following systems in a few words:

"Hands on" systems"Hands-on" Private-oriented Systems"Hands-on" State-oriented Systems"Hands-on" Communal-oriented Systems"Hands off" systems"Hands-off" Private-oriented Systems"Hands-off" State-oriented Systems"Hands-off" Communal-oriented Systems"Compromise" Mixed Systems

2.Use the following five common questions in sentences: is there anything wrong? what is the matter? is everything OK? really? are you sure?

3. Rephrase the following sentences:

A market is basically an arrangement that allows people to make exchangeswith one another.

The market economy is using markets as the primary means of organising andcoordinating production, being the core of capitalism and free enterprise.

Goods are tangible items of value or physical products that businesses produce.

Services are intangible items of value, i.e. products you cannot touch whichactually point out at the work performed.

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PRACTICE OF VOCABULARY: BASIC BUSINESS IDIOMS WITHEXAMPLES

(a rising tide that) lifts all boats - something that helps all people or all groupsExample: "We're only number three, but the current economic growth will liftall boats, so we're sure to make a profit this year."

an old hand - a person who has long experience, especially in one placeExample: "He can help us set up a new company. He's been working in thisindustry for many years and knows the language of business - he's really an oldhand at this."

at the 11th hour - very late, at the very last minuteExample: "The negotiated until late at night and it seemed they would neveragree. Finally, at the 11th hour, they came to an agreement."

on a shoestring - with limited moneyExample: "They started their company on a shoestring and built it up to one ofthe largest companies in the world!"

bring to the table - whatever you can possibly offerExample: "I will meet with Teacher Joe's new company to show him what wecan bring to the table."

WORK TASK:Extra Word Exercise:In most of the lines 1 - 12, there is one extra word. It is either grammaticallyincorrect or does not fit in with the meaning of the text. Some lines, however,are correct. Write the extra word in the margin, or write ‘correct’, according tothe case (the first two lines are examples)

Managing Your Business Financeseg. If you want to succeed in the business, you need to know about financialtheeg. management. No matter how skilled you are at developing a new product,correct

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1 providing with a service, or marketing your wares, the money you earn will…………

2 slip between your fingers if you do not know how to collect it, keep on track…………

3 of it, save it and spend or invest it wisely. A poor financial management..……….

4 is one of the main reasons why businesses fail. In many cases, failure…..…….

5 could have been avoided against if the owners had applied sound financial……..…

6 principles to all their dealings and decisions. So what is the most best way of…………

7 making sure that you are handling after your money correctly? The truth of…………

8 course is that you must have to pay a professional to do it for you. This…………

9 should be looked at as another investment: you have to spend money in the…………

10 short term to save money in the long term, However, you are then faced…………

11 with a new other problem: how do you find the best consultant for your…………

12 business and make sure of you are getting value for money? The short…………

answer is that only time will tell.

Key:1. with2. on3. a4. correct5. against6. most7. after8. must9. correct10. correct11. other12. of

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2. MONETARY STABILITY AND PRODUCTION. TEXTUALAPPROACH

2.1. Monetary Stability

Money long preceded the existence of government. Grain and cattle have longbeen used as money, and still are, but it is a bit hard to make change for a ram,so valuable metals have been more popular.Real money does not need to be enforced. It is either something of inherentvalue, such as gold or silver, or, more conveniently, promises to pay by someonewhose credit rating is well known to be good. The bills of exchange issued bymerchants in medieval times were effectively paper money. Indeed money wasmostly issued privately until the twentieth century. In America the revolutionaryexperience with the “continentals” (revolutionary fiat paper money) was sodisastrous that the constitution was for a long time interpreted in a way thatrestrained the federal government from taking a large role in the issue of money,leading to the “free banking era”.Paper money started with the goldsmiths: people would ask them to keep theirgold in their safe, and the goldsmith would give them a piece of paper sayinghow much was deposited. But then people started using these notes as money:“here's a goldsmith credit for 1 ounce of gold, so next time you go there you canget the gold I owe you for this horse”, then after a while the goldsmiths realizedthat they could give out more credits than they had gold in the safe, as noteveryone claimed back their gold at the same time.The reason we call banknotes “banknotes”, and not “government notes” is thatthey were originally issued by banks, and only later did governments take themover.At the end of the nineteenth century, and the beginning of the twentieth century,it was widely argued that the government should more fully control money andthe issue of money, supposedly because fluctuations in the volume of moneycaused economic instability, booms and busts, though arguably it was more amatter of debtors demanding government intervention to ensure inflation, andcreditors demanding government intervention to ensure deflation.The problem was that bankers tended to issue money denominated in goldagainst debts backed by against assets other than gold. Thus it came to pass thata rather small amount of gold circulated, and a rather large amount of papermoney circulated. The amount of gold tends to remain pretty stable, for the gold

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that Agamemnon looted from Troy is still circulating, but the amount of papertended to fluctuate with people's confidence in the banks, and in the assetssecuring mortgages. When the volume of money increased, there was a lot ofdemand for labor, goods, and assets, and prices tended to rise, or, equivalently,gold fell. When the volume of money fell, there was high unemployment, a bust,prices and wages tended to fall, including the price of assets securing loans,loans backed by land, but denominated in gold. This often resulted in shakyloans going under, hence shaky banks going under, hence loss of confidence inbanks, hence further reduction in the volume of money.

ECONOMICS VOCABULARY EXPLAINED:Scarcity: The result of an inability to satisfy all of everyone's wantsResources: they are the basic elements used to produce goods and servicesNatural Resources: they are unaltered raw materials from natureHuman Resources: they are physical and mental efforts people use to creategoods and servicesCapital Resources: they are the buildings, tools, and machines people use tocreate goods and servicesOpportunity Cost: it is the best alternative given up when making a choiceTrade-offs: A choice that involves giving up some of one thing to have more ofanother.What, How, Who Choices: What goods and services are to be created, howthey are to be created and who is to receive them. What: People choose the kinds and quantities of goods and services to

produce. E.g.: People in a community want to buy products made frompotatoes.

How: People choose the way to create goods and services. Ex: They wantto create strawberry ice-cream and strawberry juice. They need to decidewhether they are going to use old machinery or new technology to do it.

Who: who receives and consumes the goods and services created. Ex: thecommunity gets to buy the products from potatoes.

BASIC BUSINESS TERMINOLOGY – ESSENTIAL VOCABULARYAND EXAMPLES

management - the study of how to run a business and lead people"I plan to study management before I open my own business."

memo - a paper with a message, sent to other people in the same company"The CFO read the CEO's memo at the meeting, to remind the employees of thecompany's strategic goals."

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monopoly - when only one company controls a whole market"With this new product, we can break our competitor's monopoly."

negotiate - try to get a better price or make a better arrangement"We negotiated for hours before they finally gave us a 20% discount."

net - the amount of money received from sales, after expenses are subtracted"Our gross sales were very good, but we need to cut expenses to add to our netsales."

principal - the main part of a loan, before interest is added"We can pay back the pincipal in 10 years, then we will only have to repay theinterest."

process (verb) - get something ready."Please process his employement application, then send him to the accountingoffice."

profit - the money left over after all expenses are paid"Our profits are lower this year, but at least we're not losing money!"

quarter - three months of the year, the usual time for planning and reportingfinancial reports"Last quarter was our best ever, and I am confident next quarter will be evenbetter."

recruit - search for and choose workers"We'll need to recruit new employees before the factory starts operation."

WORK TASKS

1. Complete the sentences below. Use going to,will, the present continuousor the present simple:1.I’m sorry,I can’t attend the sales meeting tomorrow..................2.The marketing department have decided on their travel plans for the nextmonth.......3The trains are delayed because of bad weather, so................

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4.Don’t worry if you can’t drive me to airport,....................5.I’ve got the details of your flight to Turkey...................6. I am sorry for being late at the conference. There’s been an accident and thetraffic ….…………………

2. Build up sentences with ten of the vocabulary items above.

3. Rephrase the following fragment:

Real money does not need to be enforced. It is either something of inherentvalue, such as gold or silver, or, more conveniently, promises to pay by someonewhose credit rating is well known to be good. The bills of exchange issued bymerchants in medieval times were effectively paper money.

2.2. ManufacturingManufacturing is the use of machines, tools and labor to make things for use orsale. Also it can be used for selling things. The term may refer to a range ofhuman activity, from handicraft to high tech, but is most commonly applied toindustrial production, in which raw materials are transformed into finishedgoods on a large scale. Such finished goods may be used for manufacturingother, more complex products, such as household appliances or automobiles, orsold to wholesalers, who in turn sell them to retailers, who then sell them to endusers - the "consumers".Manufacturing takes turns under all types of economic systems. In a free marketeconomy, manufacturing is usually directed toward the mass production ofproducts for sale to consumers at a profit. In a collectivist economy,manufacturing is more frequently directed by the state to supply a centrallyplanned economy. In free market economies, manufacturing occurs under somedegree of government regulation.Modern manufacturing includes all intermediate processes required for theproduction and integration of a product's components. Some industries, such assemiconductor and steel manufacturers use the term fabrication instead.In its earliest form, manufacturing was usually carried out by a single skilledartisan with assistants. Training was by apprenticeship. In much of the pre-industrial world the guild system protected the privileges and trade secrets ofurban artisans.Before the Industrial Revolution, most manufacturing occurred in rural areas,where household-based manufacturing served as a supplemental subsistence

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strategy to agriculture (and continues to do so in places). Entrepreneursorganized a number of manufacturing households into a single enterprisethrough the putting-out system.Toil manufacturing is an arrangement whereby a first firm with specializedequipment processes raw materials or semi-finished goods for a second firm.According to some economists, manufacturing is a wealth-producing sector ofan economy, whereas a service sector tends to be wealth-consuming.

VOCABULARY – BUSINESS TERMS FROM THE SPHERE OFEMPLOYMENT - REVISION:curriculum vitae n. short account of one's education, career etc; CVUK;resumeUS; resumeUS;dismiss v. to remove or discharge from employment; to sack [colloq.]; tofireUS;employer n. person or firm who employs people - employee n. person employed;fire v. [colloq.] to dismiss;interview v. an oral examination of an applicant for a job - also v.;make redundant v. [made, made] to dismiss because of not being needed -redundancyUK n.;maternity leave n. period of absence from work (for a woman) when having ababy;notice n. advance warning of intention to resign - to give or tender one's noticev.;personnel n. the people who work for a firm;personnel officer n. manager responsible for recruitment, training and welfareof personnel;promotion n. advancement in rank or position - to promote v.;prospects n. opportunity for success, promotion etc;recruit n. to look for and employ personnel - recruitment n.;resign v. to give up a job - letter of resignation n.;retire v. to leave employment, esp. because of age - retirement n.;salaryn. a fixed, regular payment, usually monthly, made by employer toemployee;staff n. the people who work for a firm or a particular department; employees.

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WORK TASKS

1. Rephrase the following text:

Emerging technologies have provided some new growth in advancedmanufacturing employment opportunities in the Manufacturing Belt in theUnited States. Manufacturing provides important material support for nationalinfrastructure and for national defense.On the other hand, most manufacturing may involve significant social andenvironmental costs. The clean-up costs of hazardous waste, for example, mayoutweigh the benefits of a product that creates it. Hazardous materials mayexpose workers to health risks. Developed countries regulate manufacturingactivity with labor laws and environmental laws. Environment laws and laborprotections that are available in developed nations may not be available in thethird world. Tort law and product liability impose additional costs onmanufacturing.In Europe, pollution taxes to offset environmental costs are another form ofregulation on manufacturing activity. Labor Unions and craft guilds haveplayed a historic role negotiation of worker rights and wages.In the U.S, manufacturers are subject to regulations by the Occupational Safetyand Health Administration and the United States Environmental ProtectionAgency.

2. Select five key words from the text above (Manufacturing) and use themin sentences. After reading the text twice, relate its contents:

2.3. Modern GuildsA guild is an association of craftsmen in a particular trade. The earliest guildswere formed as confraternities of workers. They were organized in a mannersomething between a trade union, a cartel and a secret society. They oftendepended on grants of letters patent by an authority or monarch to enforce theflow of trade to their self-employed members, and to retain ownership of toolsand the supply of materials. A lasting legacy of traditional guilds are the

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guildhalls constructed and used as meeting places. The modern patent systemwas set up to break the power of the guilds.Modern guilds exist in different forms around the world. In many Europeancountries guilds have had a revival as local organizations for craftsmen,primarily in traditional skills. They may function as forums for developingcompetence and are often the local units of a national employers organization.In Europe, in the City of London, UK , for example, the ancient guilds surviveas Livery Companies, most of which play a ceremonial role. Guilds also survivein the UK in Preston, Lancashire as the Preston Guild Merchant where amongother celebrations descendants of Burgesses are still admitted into membership.In 1878 the London Livery companies established the City and Guilds ofLondon Institute the forerunner of the engineering school (still called City andGuilds college) at Imperial College London. The aim of the City and Guilds ofLondon Institute was the Advancement of Technical Education. Today City andGuilds is an examining and accreditation body for vocational, managerial andengineering qualifications from entry level craft and trade skills up to postdoctoral achievement.In the United States guilds exist in several fields. The Screen Actors Guild,Writers Guild of America, East and the Writers Guild of America, West arecapable of exercising very strong control in Hollywood because a very strongand rigid system of intellectual property rights exists. These guilds exclude otheractors and writers who do not abide by the strict rules for competing within thefilm and television industry in America. The Newspaper Guild is a labor unionfor journalists and other newspaper workers, with over 30,000 members inNorth America.

BASIC BUSINESS TERMINOLOGY – ESSENTIAL VOCABULARYAND EXAMPLES:

refund - giving money back to the customer if there is a problem with the itemyou sell"We cannot give you a refund after 90 days. Sorry!"

resign - quit a job suddenly"Nobody knows why the CFO quit, but some people say he didn't get along withthe CEO."

retail - selling to the final customer"The retail price is 150 euros, but you can buy it for less if you bargain."

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retire - finish work after a long career (at age 65 in the U.S., 60 in Japan, 55 inChina...)"I've saved enough money for my retirement, but if I want to retire to Hawaii, Ihave to save even more!"

sales tax - money paid to the government, based on sales made"In most states in the U.S., sales tax is added on after the sale. It varies fromstate to state."

FURTHER READING: ON GUILDS

Quilting guilds are also very common and are found in almost all areas of theUnited States.Real estate brokerage is an excellent example of a modern American guild.Telltale signs of guild behavior are on display in real estate brokerage: standardpricing (6% of the home price), strong affiliation among all practitioners, self-regulation (see National Association of Realtors), strong cultural identity (seeRealtor), little price variation with quality differences, and traditional methods inuse by all practitioners.In September 2005, the U.S. Department of Justice filed an antitrust lawsuitagainst the National Association of Realtors challenging NAR practices that,DOJ asserts, prevent competition from practitioners who use different methods.The DOJ and the Federal Trade Commission in 2005 advocated against statelaws, supported by NAR, that disadvantage new kinds of brokers U.S. v.National Assoc. of Realtors, Civil Action No. 05C-5140 (N.D. Ill. Sept. 7,2005).The practice of law in the United States is also an example of modern guilds atwork. Every state maintains its own bar association, supervised by that state'shighest court. The court decides the criteria for entering and staying in the legalprofession. In most states, every attorney must be a member of that state's barassociation in order to practice law. State laws forbid any person from engagingin the unauthorized practice of law and practicing attorneys are subject to rulesof professional conduct that are enforced by the state's high court.Medical associations that might be compared to guilds are the AmericanMedical Association, and the American Dental Association.Scholars from the history of ideas have noticed that consultants play a partsimilar to that of the journeymen of the guild systems: they often travel a lot,

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work at many different companies and spread new practices and knowledgebetween companies and corporations.Many professional organizations similarly resemble the guild structure.Professions such as architecture, engineering, geology, and land surveyingrequire varying lengths of apprenticeships before one can be granted a'professional' certification. These certifications hold great legal weight and arerequired in most states as a prerequisite to doing business there.Thomas Malone of the Massachusetts Institute of Technology champions amodern variant of the guild structure for modern "e-lancers", professionals whodo mostly telework for multiple employers. Insurance including any professionalliability, intellectual capital protections, an ethical code perhaps enforced bypeer pressure and software, and other benefits of a strong association ofproducers of knowledge, benefit from economies of scale, and may prevent cut-throat competition that leads to inferior services undercutting prices.

WORK TASKS

1. Define the term guild:

2. Describe the message of the Modern Guilds text.

3. Select five key words from the FURTHER READING unit and use themin sentences.

4. Below, there is a list of business terms. Read these terms, theirexplanations and examples, and build your own examples with them:

alternatives - any other choices a person or group has, rather then agreeingwith the other person or groupExample: "We can ask them to do A if we do B, but they have manyalternatives."

arbitration - when a neutral person or group comes in to settle a disagreementExample: "If we can't agree by midnight tomorrow, this case will go toarbitration."

commitment - an obligation to do something or deliver somethingExample: "We've made a commitment on this point. If we don't do it, the

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agreement will fall apart."

compromise - an agreement where you get less than you want but also give lessthan the other person wantsExample: "If we don't compromise, this deal will never get done."

concession - accepting less on one specific point in order to get something fromthe other person on a different pointExample: "Okay, you've made a concession on price, so we can make aconcession on the delivery date."

confidentiality - an agreement that prevents either side from talking about theagreement in publicExample: "I'm sorry but our confidentiality agreement prevents me fromanswering your questions in detail."

3. ON CAPITALISM. BUSINESS VOCABULARY IN USE

3.1. Capitalism. The Economic System

Capital evolved from Capitale, a late Latin word based on proto-Indo-European kaput, meaning head—also the origin of chattel and cattle in thesense of movable property (only much later to refer only to livestock).Capitale emerged in the 12th to 13th centuries in the sense of funds, stock ofmerchandise, sum of money, or money carrying interest. By 1283 it was used inthe sense of the capital assets of a trading firm. It was frequently interchangedwith a number of other words—wealth, money, funds, goods, assets, propertyand so on.The term capitalist refers to an owner of capital rather than an economicsystem, but shows earlier recorded use than the term capitalism, dating back tothe mid-seventeenth century.Capitalism is an economic system where the means of production are privatelyowned; wage labor is predominant; supply, demand and price are at leastpartially determined by markets; and profit is distributed to owners who investedin the business. Capitalism entails the predominance of business and commercial

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activity, production for exchange (commodity production) and also refers to theprocess of capital accumulation.There is no consensus on the definition of capitalism, nor how it should be usedas an analytical category. There are a variety of historical cases over which it isapplied, varying in time, geography, politics and culture. Economists, politicaleconomists and historians have taken different perspectives on the analysis ofcapitalism. Scholars in the social sciences, including historians, economicsociologists, economists, anthropologists and philosophers have debated overhow to define capitalism, however there is little controversy that privateownership of the means of production, creation of goods or services for profit ina market, and prices and wages are elements of capitalism.Economists usually put emphasis on degree that government does not havecontrol over markets (laissez faire), and on property rights, while most politicaleconomists emphasize private property, power relations, wage labor and class.There is a general agreement that capitalism encourages economic growth. Theextent to which different markets are “free”, as well as the rules determiningwhat may and may not be private property, is a matter of politics and policy andmany states have what are termed “mixed economies.”Capitalism as a system developed incrementally from the 16th century in Europe,although capitalist-like organizations existed in the ancient world, and earlyaspects of merchant capitalism flourished during the Late Middle Ages.Capitalism became dominant in the Western world following the demise offeudalism. Capitalism gradually spread throughout Europe, and in the 19th and20th centuries, it provided the main means of industrialization throughout muchof the world.Variants on capitalism may include, depending on the theorist, such concepts asanarcho-capitalism, corporate capitalism, crony capitalism, finance capitalism,laissez-faire capitalism, technocapitalism, Neo-Capitalism, late capitalism, post-capitalism, state capitalism and state monopoly capitalism.There are also anti-capitalist movements and ideologies including Anti-capitalism and negative associations with the system such as tragedy of thecommons, corporatism and wage slavery.Today, the majority academic research on capitalism in the English-speakingworld draws on neoclassical economic thought. It favors extensive marketcoordination and relatively neutral patterns of governmental market regulationaimed at maintaining property rights; deregulated labor markets; corporategovernance dominated by financial owners of firms; and financial systemsdepending chiefly on capital market-based financing rather than state financing.

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BASIC BUSINESS TERMINOLOGY – ESSENTIAL VOCABULARYAND EXAMPLES:

salary - a monthly or yearly pay to managers of important workers"We will have a salary increase of 7% this year, just enough to keep up withinflation."

saturated - too many companies producing the same product"The market for product A is already saturated. We need to diversify if we wishto increase our profits."

sluggish - when business is slow (opposite of "booming")"In this sluggish economy, the best we can hope for is to break even."

supply - the total amount of a product available in a market"The supply of computer parts is too high, so the price is falling fast."

target - the amount that you plan to sell in a month (also "quota")"The salesman reached his target by the 24th. He'll get a larger commission onany sales after that."

tariff - a tax on imports from another country"If the government puts a tariff on electronic products, sales will fall."

WORK TASKS:

1. Define the term capitalism:

2. Describe the message of the Capitalism. The Economic System text.

3. Select five key words from the text and use them in sentences.

4. Below, there is a list of terms. Read these terms, their explanations andexamples, and build your own examples with all of them:

equivalent - a proprosed agreement that is different from, but equal in value to,a previous proposal

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Example: "We can't agree to that proposal, but here we would like to suggestan equivalent package for you to consider."

facilitation - a process where people, called facilitators, try to make it easier fortwo people to reach an agreementExample: "You may not reach a better agreement with facilitation, but you willreach an agreement faster."

final agreement - the results of the negotation that everyone agrees to put intoactionExample: "After six long months, we now have a final agreement."

good faith - being honest about your intentionsExample: "If we negotiate in good faith, we are sure to reach an agreementeventually."

3.2. Interactions within the System

A commodity is any good produced for exchange on a market. There are twotypes of commodities: capital goods and consumer goods.Capital goods (i.e. land, raw materials, tools, industrial machines and factories)are used to produce consumer goods (i.e. televisions, cars, computers, houses) tobe sold to others. Capitalism entails the private ownership of capital goods by aclass of capital owners, either individually, collectively or through a stateapparatus that operates for a profit or serves the interest of capital owners.Money was primarily a standardized means of exchange that serves to reduce allgoods and commodities to a standard value. It eliminates the cumbersomesystem of barter by separating the transactions involved in the exchange ofproducts, thus greatly facilitating specialization and trade through encouragingthe exchange of commodities.Capitalism involves the further abstraction of money into other exchangeableassets and the accumulation of money through ownership, exchange, interest andvarious other financial instruments. However, besides serving as a medium ofexchange for labour, goods and services, money is also a store of value, similarto precious metals.Labour includes all physical and mental human resources, includingentrepreneurial capacity and management skills, which are needed to transform

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one type of commodity into another. Production is the act of making goods orservices through the combination of labour power and means of production.

BASIC BUSINESS TERMINOLOGY – ESSENTIAL VOCABULARYAND EXAMPLES:

terms - the details of an agreement or contract"The terms of this contract are quite good. I think we have a deal!"

trend - movement in one direction, especially about product becoming moreand more popular"The trend towards more colorful fashion is getting stronger. We need todevelop new products."

unit cost - the average amount needed to produce a product"If we can produce more of these, our unit price will fall, and we'll be able tomake a better profit."

warranty - a promise that the things you sell will be of good quality"This product has a one-year warranty, but if you pay a small fee, we canextend it to five years."

wholesale - selling to a salesman who will then sell to the final customer"The wholesale price is generally 50% of the retail price."

WORK TASK:

1. Rephrase the following text:

The term capitalist refers to an owner of capital rather than an economicsystem, but shows earlier recorded use than the term capitalism, dating backto the mid-seventeenth century. There is no consensus on the definition ofcapitalism, nor how it should be used as an analytical category. There are avariety of historical cases over which it is applied, varying in time, geography,politics and culture. Economists, political economists and historians havetaken different perspectives on the analysis of capitalism. Scholars in thesocial sciences, including historians, economic sociologists, economists,anthropologists and philosophers have debated over how to define capitalism,

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however there is little controversy that private ownership of the means ofproduction, creation of goods or services for profit in a market, and prices andwages are elements of capitalism.Variants on capitalism may include, depending on the theorist, such conceptsas anarcho-capitalism, corporate capitalism, crony capitalism, financecapitalism, laissez-faire capitalism, technocapitalism, Neo-Capitalism, latecapitalism, post-capitalism, state capitalism and state monopoly capitalism.

2. Describe the message of the Interactions within the System text above.

3. Select five key words from the Intersactions within the System text anduse them in sentences.

4. Below, there is a list of terms. Read these terms, their explanations andexamples, and build your own examples with them:

impasse - when two sides hold different positions that they are unwilling tochangeExample: "We were close to an agreement but we suddenly hit an impasseover payment terms."

intermediary - a person who communicates between the two sides of anegotiationExample: "They've been negotiating through an intermediary after that bigargument last week."

issue - a topic that needs to be discussed in a negotiationExample: "Money is the biggest issue in this negotiation, but resources andresponsibilities are important issues too."

mediation - when a neutral person or group comes in to identify the issues,explore options and clarify goalsExample: "If we use mediation, it may help to move the negotiations forward."

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4. BUSINESS ENGLISH IN USE – TEXTUAL APPROACH

4.1. Business Correspondence Practice - Letter of Interest

Mr. William AdamsPresidentCampus Revival Inc.

November 18, 2014

Dear Mr.Adams,

Alliance Project Consolidated Trust are pleased to submit herewith our letter ofinterest to participate in your campus neighborhood redevelopment project.Since being invited to address this exciting opportunity, our team members havecollaborated to produce a preliminary plan that we believe will energize theneighborhood, strengthen the University community, and produce long-termbenefits for the entire city.As you well know, we are a team of professionals with a proven track record inthis region that has the ability to successfully transform our plan into reality. Ourteam is comprised of members who have worked together on numeroussuccessful projects. They have been assembled for this project because of theenormous trust and confidence they have in one another. You can be assuredthat the lead partners in our group will manage the project closely and carefully,and accountability for results will never be delegated.In the weeks ahead, we look forward to receiving comments from CampusRevival and the community at large about our preliminary proposal during thepublic consultation process. We understand that right now the plan is clearly a'work in progress' which can only be improved by input from the variousstakeholders who care the most about the area in question. We therefore lookforward to using their input to develop a comprehensive integrated finaldevelopment plan.Thank you for giving us the opportunity to participate.

Sincerely yours,John SmithAlliance Consolidated Trust

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WORK TASK:

1. Rephrase the following fragment:Since being invited to address this exciting opportunity, our team members havecollaborated to produce a preliminary plan that we believe will energize theneighborhood, strengthen the University community, and produce long-termbenefits for the entire city.2. Select five key words from the above Letter of Interest and use them insentences.3. Below, there is a list of business terms. Read these terms, theirexplanations and examples, and build your own examples with them:

offer - one or more options that is sent by one negotiator to the otherExample: "Let's offer them a one-year service contract and see how theyrespond."

package - a combination of options that has been offered as a solutionExample: "John put this package together last night. Let's look at each optionand see if we really want to offer this."

party - either side in a negotiation is called a party, whether one individual or awhole groupExample: "If party A accepts party B's proposal, then the negotiation isfinished."

proposal - any suggestion or idea given to one party from the otherExample: "We'll look at your proposal during the coming week and give youour response the following Monday."

tentative solution - an agreement that depends on some conditions, so that itmight not be a final agreementExample: "At last we've reached a tentative agreement. Perhaps these longnegotiations will be over soon."

trade-off - an exchange process in which one side gives up partly on some issuesin order to gain on other issuesExample: "There are always trade-offs when negotiating. You can't win themall!"

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5. Choose the correct verb at Past Tense:I .......... my coffee quickly so as not to miss Conference’s panel discussionsa) drinkedb) hasc) drank.

I .......... the sign to the departure gate and ran into a former business associatewho took the same plane.a) looked after;b) followed;c) discussed.

We .......... through passport control in no time and passed quickly through allroutines.a) went;b) discussed;c) smiled.

I .......... down in the departure lounge and waited for my first flight.a) hurried;b) came;c) sat.

FURTHER READING: THE TERMINATION LETTER

Trying to get a message across to every employee in an organization is a lot liketrying to control kids in a children group conversation : some will listen; somewill hear but misunderstand the message; and some will ignore the messagealtogether and later complain, "But nobody told me."Communicating to hundreds, sometimes thousands, of employees within anorganization is no small feat. This challenge is further complicated inorganizations with a global presence, where corporate headquarters isresponsible for delivering the same message to satellite offices in geographicallydispersed locations. But it is not enough to just create the message.Effective corporate communication involves not only the message itself, but alsothe medium that carries and delivers it. It is these two components of acommunication that dictate whether employees will receive and understand it.

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But do not think there is some long process of deliberation when they receiveone of these messages. Most corporate communications will grab the attentionof an employee for no more than a few seconds — if at all. It is within that verynarrow window of opportunity that they will decide whether to read somethingor toss it aside.Employees are processing more information than ever before — informationdealing with their projects, their clients, and their industry as a whole.

SAMPLE OF CONTRACT TERMINATION LETTER

CONFIDENTIAL

Peter Christiensen----------------------

August 20, 2014

Dear Sir,

It is with sincere regret that I must inform you that your employment at SouthAfrican Cape Mining Inc will be terminated as of September 20, 2014As you know, the Task Force delivered their report to the general manager inlate July, 2014. Among the task force recommendations was the elimination ofall temporary and contract positions. Since you occupy a temporary position,your position is automatically subject to the task force recommendations.I would like to make it absolutely clear that in no way does your terminationreflect that the company is in any way unhappy with your work performanceover the past 24 months. In fact, you have been highly regarded as one of ourmost productive contract staffers. Unfortunately, you and the other non-permanent staff that are being let go are simply a reflection of the generaleconomic downturn in the mining industry over the past year.In an effort to try to reduce the impact of this termination, the company hasworked out a severance arrangement that will give you one week's pay for eachmonth you worked beyond 12 months. In your case this will amount to sixweeks of severance pay. In addition, your medical and dental coverage willremain in effect until the end of the severance period. You will soon receive aletter from the Human Resources Department with all of the details on theseverance package.

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Given your qualifications and proven abilities, I am confident that you will beable to find another position in the relatively near future. If you liked, I would bepleased to write a recommendation letter for you, to help with your job search.Sincerely Yours,Jane AndersonHR Manager

4.2. Language Approach Practice - Adjectives with Preposition inCommercial Context

Consider the following adjectives with preposition. Being adept at usingthem in commercial conext requires constantly practising their use insentences. Read the adjective phrases and the examples below seeking topay much attention to their structure:

1. adequate for somethingWe regretfully inform you that the packing inside the case was too loose, someof the items shifted and broke, not adequate for shipment.2. adequate to smbThe quality standard of your products is not adequate for us.3. adverse toWe are not adverse to finding out what caused the damage.4. affected byThe packing has been affected by the rough handling.5. beneficial to smb.What is beneficial to us?6. busy withThey were busy attending the conference.7. certain ofYou needn't prove your loyalty to the firm, we are certain of it.8. compatible withThe spare parts you sent are not compatible with the original.

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9. connected withConnected with/in connection to theway you packed the goods, we have to tellyou that the consignment was partly torn, spoilt by sea-water in a deplorablecondition.10. consistent withThe attached list is not consistent with the inside of the case.11. convenient to smb.The damage caused by the faulty packing is not conveninent to us.12. deficient in smth.Your consignment was deficinet in the requested brochures.13. derogratory toIt was derogatory for our firm to receive dented china so we'll call on you forcompensation.14. dissatisfied withWe are dissatisfied with the insecure packing: burst coverage, dried adhesivetapes, loose metal bands and, therefore, run away contents.15. eager about + verb + ing formWe are eager to overcharge you for the damages.16. essential forIt is essential lor our firm that you charge us the original price.17. fit forThe inclosed invoice is not fit for the rectified price.18. indentical toSo far your answer to our complaints was identical to the previous ones.19. inconceivable toIt is inconceivable for us that you don't even want to redress the committederror.20. independent of smb./smth.Independent of our will as it was, we still want to make up for the loss.21. partial toTo make you the adequate compensation does not mean we are partial to you.

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22. particular aboutWe are very particular about quality, so in order to settle the matter amiablyyou should grant us a discount of 10 %.23. profficient inYou are very profficient in disposing of goods.24. sympathetic toBeing sympathetic to you, we alow you to debit us for the loss.25. true toTrue to our agreement we despatched/forwarded/sent/shipped the goods today.26. unfit toYour offers are unfit for our future plans.27. vexed at smth./with smb.Why are you vexed with me? You'd better be vexed at the delay.

TIPS TO USING ADJECTIVES IN BUSINESS WRITING:

In any kind of writing, one should use adjectives well, and find ways toeffectively introducing adjectives into business writing, thus being able toconvey ideas with precision while engaging the reader.A set of direct recommendations for students will include the following:- Use adjectives sparingly. When you create a long list of adjectives in asentence, you run the risk of creating hyperbole. Readers may find you lesscredible in expression. Think about how many adjectives you are using todescribe a company or a product.- Vary your adjectives. Readers who see the same words repeated may questionwhether the writer is a professional.- Find exact adjectives for exact meanings. In business writing, "efficient" isbetter than "great," and "convenient" is better than "wonderful." Vagueadjectives do not communicate well, while targeted adjectives can conveysomething important about your subject.- In business writing, many readers regard adjectives like super or awesome asjuvenile. Maintain the proper formality. However, do not abund in polysyllabicwords just to impress your audience.

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WORK TASK1. Rephrase the following sentences from the Language Approach Practiceunit:1. We regretfully inform you that the packing inside the case was too loose,

some of the items shifted and broke, not adequate for shipment.2. The quality standard of your products is not adequate for us.3. We are not adverse to finding put what caused the damage.4. The packing has been affected by the rough handling.5. What is beneficial to us?6. They were busy attending the conference.7. You needn't prove your loyalty to the firm, we are certain of it.8. The spare parts you sent are not compatible with the original.9. Connected with/in connection to theway you packed the goods, we have to tell

you that the consignment was partly torn, spoilt by sea-water in a deplorablecondition.

10. The attached list is not consistent with the inside of the case.

2. Having as pattern the following REPLY AFTER APPOINTMENT lettertemplate, build up a similar letter of the same approximate size:

REPLY AFTER APPOINTMENT

[Date][Address][Phone Number][Employer's Name and Title][Employer's Address]

Dear [Recruiter Name],

After having considered your offer for [Position title] at [Organisation title] it iswith great enthusiasm that I accept your offer. This job opportunity fits with mycareer expectations and path and I therefore look forward to contributing to thesuccess of [Organisation title].As we discussed, my starting salary will be [salary here] and health and lifeinsurance benefits will be [describe here].I have handed in my notice form my current job, the notice period being [noticeperiod length].I look forward to start [work / training course] on the [starting date]. If you need

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any additional documents please let me know.Thank you.

Sincerely yours, etc

5. THE MARKET ECONOMY. TEXT APPROACH

5.1. The Free Market and the Role of the Government

In a capitalist economy, the prices of goods and services are controlled mainlythrough supply and demand and competition.Supply is the amount of a good or service produced by a firm and which isavailable for sale.Demand is the amount that people are willing to buy at a specific price.Prices tend to rise when demand exceeds supply, and fall when supply exceedsdemand. In theory, the market is able to coordinate itself when a newequilibrium price and quantity is reached.Competition arises when more than one producer is trying to sell the same orsimilar products to the same buyers. In capitalist theory, competition leads toinnovation and more affordable prices.Without competition, a monopoly or cartel may develop. A monopoly occurswhen a firm supplies the total output in the market; the firm can therefore limitoutput and raise prices because it has no fear of competition. A cartel is a groupof firms that act together in a monopolistic manner to control output and raiseprices.A capitalist system does not prohibit private property or prevent individualsfrom working where they please. The government does not prevent firms fromdetermining what wages they will pay and what prices they will charge for theirproducts. Many countries, however, have minimum wage laws and minimumsafety standards.Under some versions of capitalism, the government carries out a number ofeconomic functions, such as issuing money, supervising public utilities andenforcing private contracts. Many countries have competition laws that prohibitmonopolies and cartels from forming. Despite anti-monopoly laws, largecorporations can form near-monopolies in some industries. Such firms cantemporarily drop prices and accept losses to prevent competition from enteringthe market, and then raise them again once the threat of entry is reduced.

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In many countries, public utilities (e.g. electricity, heating fuel, andcommunications) are able to operate as a monopoly under governmentregulation, due to high economies of scale.Government agencies regulate the standards of service in many industries, suchas airlines and broadcasting, as well as financing a wide range of programs. Inaddition, the government regulates the flow of capital and uses financial toolssuch as the interest rate to control factors such as inflation and unemployment.

PRACTICE OF VOCABULARY: BASIC BUSINESS IDIOMS WITHEXAMPLES

carve out a niche - find a special market that you can controlExample: "To succeed in this competitive world, you have to focus on part of it.Try to carve out a niche and be number one in that are."

deep pockets - have a lot of moneyExample: "If there is a price war, we won't win because we don't have deepenough pockets."

down time - when equipment of facilities are not available, so you cannot workExample: "There will probably be a lot of down time at the conference, so I'mbringing a lot of paperwork."

draw a line in the sand - make final conditions that cannot be changedExample: "We have to draw a line in the sand so they will see that this is reallyour final offer."

free ride - get benefit at no costExample: "Of course we should make them pay for our travel expenses. WHyshould we give them a free ride?"

from day one - from the beginningExample: "Teacher Joe has been providing the best English-learning web sitefrom day one!"

get your foot in the door - have a small opportunity that can become a bigopportunity in the future, if you do good workExample: "Right now, I just want to get my foot in the door, so they can seewhat I can do. Next year I hope to start moving up in the company."

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WORK TASK

1. Describe the contents of the text above. Select five key words and usethem in sentences.

2. Consider the following fragment and try to enlarge upon its ideas in aten-line paragraph:

Competition arises when more than one producer is trying to sell the same orsimilar products to the same buyers. In capitalist theory, competition leads toinnovation and more affordable prices.

3. Rephrase the following fragment:

Despite anti-monopoly laws, large corporations can form near-monopolies insome industries. Such firms can temporarily drop prices and accept losses toprevent competition from entering the market, and then raise them again oncethe threat of entry is reduced.In many countries, public utilities (e.g. electricity, heating fuel, andcommunications) are able to operate as a monopoly under governmentregulation, due to high economies of scale.Government agencies regulate the standards of service in many industries, suchas airlines and broadcasting, as well as financing a wide range of programs. Inaddition, the government regulates the flow of capital and uses financial toolssuch as the interest rate to control factors such as inflation and unemployment.

3. Comment upon the ideas in the following paragraph:

The relationship between democracy and the market economy in capitalism is acontentious area in theory and popular political movements. The extension ofuniversal adult male suffrage in 19th century Britain occurred along with thedevelopment of industrial capitalism, and democracy became widespread at thesame time as capitalism, leading many theorists to posit a causal relationshipbetween them, or that each affects the other.

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FURTHER READING – ABBREVIATIONS AND ACRONYMS:

A. ABBREVIATIONS are shortened forms of words, usually used as a space -saving technique and are becoming increasing common in modern usage. Theyfrequently take the form of the initial letters of several words as, for example, inthe title of an organization, person, etc., e.g. T.U.C. (Trade Union Council) orB.B.C. (British Broadcasting Corporation), JP (Justice of the Peace). Unlikeacronyms, abbreviations are not pronounced as words even when this would bepossible. Thus, T.U.C. is not pronounced [tuk], but [ti: ju: si:]. Abbreviationsmay also be formed from the first and last letters of a word (when they areknown as contractions), e.g. Dr (Doctor), RD (Road), St (Street or Saint), pd(paid). Many these are found mainly in written - rather than spoken - form.Abbreviations may also be formed from the first few letters of a word, e.g. Feb(February), Prof. (Professor).In modern usage the tendency is to omit full stops from abbreviations. This isnot true with abbreviations involving initial capital letters, as in B.B.C., T.U.C.,E.E.C. and U.S.A. In such cases full stops should definitely not be used if one orsome of the initial letters do not belong to a full word. Thus television isabbreviated to TV and not T.V. (because and V belong to the same word and theyare not both the initial letters of some two different words). There are usually nofull stops in abbreviations involving the first and last letters of a word(contractions), as in Dr, Mr, Rd, St, but this is a matter of taste. Abbreviationsinvolving the first letters of a word, as in Prof. for Professor, are the most likelyto have full stops, as in Feb. for February, but again this is now a matter oftaste. Plurals in abbreviations are mostly formed by adding lower-case -s, as inDrs, JPs, TVs.B. ACRONYMS, like some abbreviations, are formed from the initial letters ofseveral words. Unlike abbreviations, however acronyms are pronounced aswords rather than as just a series of letters. For example OPEC (Organization ofPetroleum Exporting Countries) is pronounced ['oupek] and thus it is anacronym, unlike USA (United States of America) which is pronounced as aseries of letters and not as a word [ju:es'ei] and is thus an abbreviation.Acronyms are written without full stops as in UNESCO (United NationsEducational, Scientific and Cultural Organization). Mostly, acronyms arewritten in capital letters, as in NASA (National Aeronautics and SpaceAdministration). However, very common acronyms such as Aids (AcquiredImmune Deficiency Syndrome), are written with just an initial capital, the rest ofthe letters being lower case.Acronyms that refer to a piece of scientific or technical equipment are writtenlike ordinary words in lower - case letters, as laser (light amplification by

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simulated emission of radiation).

MOST COMMON ABBREVIATIONS USED IN BUSINESS:ARPU Average revenue per user;B2B Business to Business;B2C Business to Consumer;CAO Chief Accounting Officer;CAPEX Capital Expenditures;CDS Credit Default Swap;CEO Chief Executive Officer;CFA Chartered Financial Analyst;CFC Consumption of Fixed Capital;CFCT Cash Flow Cycle Time;CFO Chief Financial Officer;CIA Certified Internal Auditor;CIMA Certified institutes of Management Accounting;CISA Certified Information System Auditor;CMO Chief Marketing Officer;COB Close Of Business;COGS Cost of Goods Sold;COO Chief Operating Officer;CPA Certified Public Accountant;CSO Chief Security Officer;CRM Customer Relationship Management;CTO Chief Technology Officer;EBIT Earnings before interest and taxes;EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization;EDI Electronic Data Interchange;EPS Earnings per share;FIFO First In, First Out;FL Financial Leverage;FP&A Financial Planning & Accounting;GAAP Generally Accepted Accounting Principles;GAAS Generally Accepted Audit Standards;GFCF Gross fixed capital formation;GP Gross Profit;HR Human Resources;ICB Industry Classification Benchmark;ICRM Innovative Customer Relationship Management;IE Interest expense;IPO Initial Public Offering;

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LIBOR London Interbank Offered Rate;LIFO Last In, First Out;LLC Limited Liability Company;MTD Month-To-Date;NAV Net Asset Value;NCND Non-Circumvent and Non-Disclosure;NDA Non-Disclosure Agreement;NOA Net Operating Assets;NOPAT Net Operating Profit After Tax;NPV Net Present Value;OPEX Operational Expenditures;PMAC Period Moving Average Cost;PO Profit Objective;PO Purchase Order;PP&E Property, plant, and equipment;P&L Profit and Loss;P/E Price Per Earning;QTD Quarter-To-Date;R&D Research and Development;RE Retained Earnings;ROA Return on assets;ROCE Return On Capital Employed;ROE Return on Equity;ROI Return on Investment;ROIC Return on Invested Capital;RONA Return on net assets;ROS Return on Sales;RR Resource rent;St Sales (during time period t);SCM Supply Chain Management;SG&A Sales, General, and Administrative expenses;SIOP Sales Inventory and Operations Plan;SOHO Small Office/Home Office;SOX Sarbanes-Oxley;TCO Total Cost of Ownership;TSR Total Shareholder Return;WACC Weighted average cost of capital;WC Working Capital;YTD Year-To-Date;

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PRACTICE OF VOCABULARY: BASIC BUSINESS IDIOMS WITHEXAMPLES

I need it yesterday - an informal way to say it is needed immediatelyExample: "Can I send that report to you later this afternoon?""No! I need that report yesterday!"

a two-way street - both people or both groups can contribute or benefit from thesituationExample: "We want to help you, but we need your help too. It should be a two-way street."

it will never fly - it won't be successfulExample: "We don't have to worry about their idea competing with ours. It willnever fly."

it's a jungle out there - it's a difficult market with many, tough competitorsExample: "Do you think a new company can survise without a unique product?It's a real jungle out there!"

jump through hoops - trying very hard (like a dog doing tricks!)Example: "He's a tough boss. All of his subordinates have to jump throughhoops to prove their loyalty to the company."

put your cards on the table - be completely honestExample: "I think it's time to put all of our cards on the table. Here's what weneed..."

learning curve - how much time needed to learn something newExample: "This new software has a long learning curve, so we have to give ourstaff enough time to learn how to use it well."

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WORK TASK

1. Consider the following fragment and try to enlarge upon its ideas in aten-line paragraph:

Competition arises when more than one producer is trying to sell the same orsimilar products to the same buyers. In capitalist theory, competition leads toinnovation and more affordable prices.

2. Rephrase the following fragment:

Despite anti-monopoly laws, large corporations can form near-monopolies insome industries. Such firms can temporarily drop prices and accept losses toprevent competition from entering the market, and then raise them again oncethe threat of entry is reduced.In many countries, public utilities (e.g. electricity, heating fuel, andcommunications) are able to operate as a monopoly under governmentregulation, due to high economies of scale.Government agencies regulate the standards of service in many industries, suchas airlines and broadcasting, as well as financing a wide range of programs. Inaddition, the government regulates the flow of capital and uses financial toolssuch as the interest rate to control factors such as inflation and unemployment.

3. Comment upon the ideas in following text:

The advent of e-mail changed the way organizations communicated with theiremployees in a big way. Rather than post and send out large quantities of paper-based announcements, a single e-mail message could be sent to all employees atthe same time, regardless of their geographic location. At the time, e-mail wasthe biggest advancement in corporate communication — until users just stoppedreading them.So what happened? Has e-mail outlived its usefulness as an internal corporatecommunications medium? The answer is yes and no. It is still a big part ofcorporate communication, but it has lost a lot of its effectiveness. There isperhaps no bigger contributor to this decline than spam.E-mail has been contaminated by so much junk that it is difficult to get animportant message across. Users might give a company announcement a

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cursory glance and pass it by thinking it is just more unsolicited mail; or theymight set-up e-mail filters so restrictive that the message never even makes itthrough. With the sheer volume of e-mail that comes pouring in daily, employeesmay simply treat these types of internal communications as white noise andignore them. And with the time-sensitive nature of corporate communications, itmight be too late when users finally discover the message.

4. Build up a twenty-line paragraph titled The Future of BusinessCorrespondence

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LIST OF REFERENCES (A SELECTIVE BIBLIOGRAPHY):

1. Ashley, A. (2003). Oxford Handbook of Commercial Correspondence,Oxford University Press, Oxford;

2. Brooks, Michael; Horner, David (1991). English for the Business World.Paris: Edition Belin;

3. Byrnes, H.(ed.) (2006). Advanced Language Learning: The Contributionof Halliday and Vygotsky, London: Continuum;

4. Callahan, Gene (2004). Economics for Real People. An Introduction tothe Austrian School, 2nd edition, Ludwig von Mises Institute, Alabama;

5. Caswell, Fred (1989). Success in Statistics, John Murray Publishers Ltd.;

6. Chapelle, Carol A. (2003). English Language Learning and Technology,John Benjamins Publishing Co., Amsterdam;

7. Corbett, Jim (1991). English for International Banking and Finance,Cambridge University Press;

8. Cotton, D.; Robbins S. (1996). Business Class. London: Longman;

9. Craven, James (1991). Introduction to Economics: An IntegratedApproach to Fundamental Principles, Blackwell;

10.Crystal, D. (2012) . English as a Global Language, Cambridge UniversityPress;

11.Crystal, D.; Davy, D. (1986). Investigating English Style, Longman, NewYork;

12.Daft, Richard. L (2010) - Management, Vanderbilt University, NinthEdition, South-Western CENGAGE Learning, USA;

13.Emerson, Paul (2008). Business English. Macmillan;

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14.Evans, David (2003). Decisionmaker. Cambridge: Cambridge UniverstyPress, Cambridge;

15.Frost, Andrew (2009). English for Legal Professionals, Oxford UniversityPress, Oxford;

16.Gaskell, Philip (2000). A New Introduction to Bibliography, Oak KnollPress;

17.Geffner, Andrea B. (1998) Business English. A Complete Guide toDeveloping and Effective Business Writing Style, 3rd Edition, Barron’s,New York;

18.Jones, Leo; Richard Alexander (1990). International Business English,vol. 1-3, Cambridge University Press;

19.Koontz, Harold (1983). Management, McGraw-Hill Book Company;

20.Mallin, A.C. (2007) Corporate Governance, Oxford University Press,Oxford;

21.Odlin, Terence (1989). Language Transfer: Cross-Linguistic Influence inLanguage Learning, Cambridge Applied Linguistics, CambridgeUniversity Press;

22.Orlich, C. Donald; Robert J. Harder; Richard C. Callahan; Michael S.Trevisan; Abbie H. Brown; Darcy E. Miller, (2013). Teaching Strategies:A Guide to Effective Instruction, 10th Edition, Wadsworth, USA;

23.Powell, Mark (1996). Business Matters. Hove: Language TeachingPublications;

24.Schibsbye, Knud (1991). A Modern English Grammar. Oxford: OxfordUniversity Press;

25.Thompson, Geoff (1994). Reporting, Collins Cobuild BirminghamUniversity International Language Database, HarperCollins Publishers;

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Scientific Articles:

1. Grabara, Janusz (2013). Employer’s Expectations Towards the Employeesfrom the Marketing and Management Department, Polish Journal ofManagement Studies Vol. 7, pp 58-70, Faculty of Management,Czestochowa University of Technology;

2. Labov, William (2014). Language Variation and Change – CambridgeJournal, University of Pennsylvania, USA, Rena Torres Cacoullos,Pennsylvania State University, USA (eds.), Cambridge University Press,Volume 26, Number 1;

3. Oane (Marinescu), Camelia Mihaela; Dinu (Radu) Maria; MARINESCU,Emanuel Stefan (2013). Redefining Value Creation: the Influence ofIntellectual Capital on the Performance of Romanian Companies-Proceedings of the 8th International Conference on ACCOUNTING ANDMANAGEMENT INFORMATION SYSTEMS AMIS ;

4. Oane (Marinescu), Camelia Mihaela; Dinu (Radu) Maria; Cimpoeru,Maria Violeta; Marinescu, Emanuel Stefan (2013). Study on Policies andPractices of Corporate Social Responsibility in the Hotel Industry -Proceedings of the 8th International Conference on ACCOUNTINGAND MANAGEMENT INFORMATION SYSTEMS AMIS;

Internet Sources:1. Daly, Herman (2010) The Two Meanings of Economic Growth Published

on March 1 – Center for the Advancement of the Steady StateEconomy(CASE), The Daly News http://steadystate.org/two-meanings/

2. Ivanac-Lillig, Cindy (2009). Is the Study of Economics Too Hard or TooBoring? Marginal Thoughts (board for promoting economic education)http://marginalthoughts.chicagofedblogs.org/?m=200905

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ANNEX 1IRREGULAR VERBS

Base Form Simple Past Tense Past Participleawake awoke awokenbe was, were beenbear bore bornbeat beat beatbecome became becomebegin began begunbend bent bentbeset beset besetbet bet betbid bid/bade bid/biddenbind bound boundbite bit bittenbleed bled bledblow blew blownbreak broke brokenbreed bred bredbring brought broughtbroadcast broadcast broadcastbuild built builtburn burned/burnt burned/burntburst burst burstbuy bought boughtcast cast castcatch caught caughtchoose chose chosencling clung clungcome came comecost cost costcreep crept creptcut cut cutdeal dealt dealtdig dug dugdive dived/dove diveddo did done

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draw drew drawndream dreamed/dreamt dreamed/dreamtdrive drove drivendrink drank drunkeat ate eatenfall fell fallenfeed fed fedfeel felt feltfight fought foughtfind found foundfit fit fitflee fled fledfling flung flungfly flew flownforbid forbade forbiddenforget forgot forgottenforego (forgo) forewent foregoneforgive forgave forgivenforsake forsook forsakenfreeze froze frozenget got gottengive gave givengo went gonegrind ground groundgrow grew grownhang hung hunghear heard heardhide hid hiddenhit hit hithold held heldhurt hurt hurtkeep kept keptkneel knelt kneltknit knit knitknow knew knowlay laid laidlead led ledleap leaped/leapt leaped/leaptlearn learned/learnt learned/learntleave left leftlend lent lent

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let let letlie lay lainlight lighted/lit lightedlose lost lostmake made mademean meant meantmeet met metmisspell misspelled/misspelt misspelled/misspeltmistake mistook mistakenmow mowed mowed/mownovercome overcame overcomeoverdo overdid overdoneovertake overtook overtakenoverthrow overthrew overthrownpay paid paidplead pled pledprove proved proved/provenput put putquit quit quitread read readrid rid ridride rode riddenring rang rungrise rose risenrun ran runsaw sawed sawed/sawnsay said saidsee saw seenseek sought soughtsell sold soldsend sent sentset set setsew sewed sewed/sewnshake shook shakenshave shaved shaved/shavenshear shore shornshed shed shedshine shone shoneshoe shoed shoed/shodshoot shot shotshow showed showed/shown

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shrink shrank shrunkshut shut shutsing sang sungsink sank sunksit sat satsleep slept sleptslay slew slainslide slid slidsling slung slungslit slit slitsmite smote smittensow sowed sowed/sownspeak spoke spokenspeed sped spedspend spent spentspill spilled/spilt spilled/spiltspin spun spunspit spit/spat spitsplit split splitspread spread spreadspring sprang/sprung sprungstand stood stoodsteal stole stolenstick stuck stucksting stung stungstink stank stunkstride strod striddenstrike struck struckstring strung strungstrive strove strivenswear swore swornsweep swept sweptswell swelled swelled/swollenswim swam swumswing swung swungtake took takenteach taught taughttear tore torntell told toldthink thought thoughtthrive thrived/throve thrived

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throw threw thrownthrust thrust thrusttread trod troddenunderstand understood understooduphold upheld upheldupset upset upsetwake woke wokenwear wore wornweave weaved/wove weaved/wovenwed wed wedweep wept weptwind wound woundwin won wonwithhold withheld withheldwithstand withstood withstoodwring wrung wrungwrite wrote written

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Annex 2TABLE OF ENGLISH TENSES

tense Affirmative/Negative/Question Use Signal Words

SimplePresent

A: He speaks.N: He does not speak.Q: Does he speak?

action in the presenttaking place once, neveror several times facts actions taking place oneafter another action set by a timetableor schedule

always, every …,never, normally,often, seldom,sometimes,usuallyif sentences type I(If I talk, …)

PresentProgressive

A: He is speaking.N: He is not speaking.Q: Is he speaking?

action taking place inthe moment of speaking action taking place onlyfor a limited period of time action arranged for thefuture

at the moment,just, just now,Listen!, Look!,now, right now

Simple Past A: He spoke.N: He did not speak.Q: Did he speak?

action in the past takingplace once, never orseveral times actions taking place oneafter another action taking place in themiddle of another action

yesterday, 2minutes ago, in1990, the otherday, last Fridayif sentence type II(If I talked, …)

PastProgressive

A: He was speaking.N: He was notspeaking.Q: Was he speaking?

action going on at acertain time in the past actions taking place atthe same time action in the past that isinterrupted by anotheraction

when, while, aslong as

PresentPerfectSimple

A: He has spoken.N: He has not spoken.Q: Has he spoken?

putting emphasis on theresult action that is still goingon action that stoppedrecently finished action that hasan influence on the present action that has taken

already, ever,just, never, notyet, so far, tillnow, up to now

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place once, never orseveral times before themoment of speaking

PresentPerfectProgressive

A: He has beenspeaking.N: He has not beenspeaking.Q: Has he beenspeaking?

putting emphasis on thecourse or duration (notthe result) action that recentlystopped or is still going on finished action thatinfluenced the present

all day, for 4years, since 1993,how long?, thewhole week

Past PerfectSimple

A: He had spoken.N: He had not spoken.Q: Had he spoken?

action taking placebefore a certain time in thepast sometimesinterchangeable with pastperfect progressive putting emphasis only onthe fact (not the duration)

already, just,never, not yet,once, until thatdayif sentence typeIII (If I hadtalked, …)

Past PerfectProgressive

A: He had beenspeaking.N: He had not beenspeaking.Q: Had he beenspeaking?

action taking placebefore a certain time in thepast sometimesinterchangeable with pastperfect simple putting emphasis on theduration or course of anaction

for, since, thewhole day, all day

Future ISimple

A: He will speak.N: He will not speak.Q: Will he speak?

action in the future thatcannot be influenced spontaneous decision assumption with regardto the future

in a year, next …,tomorrowIf-Clause Type I(If you ask her,she will helpyou.)assumption: Ithink, probably,we might …,perhaps

Future ISimple(going to)

A: He is going to speak.N: He is not going tospeak.Q: Is he going to speak?

decision made for thefuture conclusion with regardto the future

in one year, nextweek, tomorrow

Future IProgressive

A: He will be speaking.N: He will not bespeaking.Q: Will he be speaking?

action that is going on ata certain time in the future action that is sure tohappen in the near future

in one year, nextweek, tomorrow

Future II A: He will have spoken. action that will be by Monday, in a

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Simple N: He will not havespoken.Q: Will he havespoken?

finished at a certain timein the future

week

Future IIProgressive

A: He will have beenspeaking.N: He will not havebeen speaking.Q: Will he have beenspeaking?

action taking placebefore a certain time in thefuture putting emphasis on thecourse of an action

for …, the lastcouple of hours,all day long

Conditional ISimple

A: He would speak.N: He would not speak.Q: Would he speak?

action that might takeplace

if sentences typeII(If I were you, Iwould go home.)

Conditional IProgressive

A: He would bespeaking.N: He would not bespeaking.Q: Would he bespeaking?

action that might takeplace putting emphasis on thecourse / duration of theaction

Conditional IISimple

A: He would havespoken.N: He would not havespoken.Q: Would he havespoken?

action that might havetaken place in the past

if sentences typeIII(If I had seenthat, I would havehelped.)

Conditional IIProgressive

A: He would have beenspeaking.N: He would not havebeen speaking.Q: Would he have beenspeaking?

action that might havetaken place in the past puts emphasis on thecourse / duration of theaction

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ANNEX 3:WORDS AND PHRASES COMMON TO BUSINESS LETTERS

always at your serviceas agreedas far as I'm concernedas far as the payment is concernedas followsas per invoiceas per to the conditionsas per your requestas requestedas soon as possibleat your convenienceat your earliest convenienceat your expenseawaiting your replyBest regardsbody of the lettercircular letterclaim - letter of complaintcomplimentary closecorrespond to the samplecovering letterdue to oversightenclosure - attachmentfollowing our letter

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following your instructionsfrom order receiptfurther to our lettergoods listed belowgreetinghalf-pricein case of needin compliance with - accordinglyin due time - in due coursein good conditionin our favourin partial paymentin reply to your letterin the absence ofinside addressletter opening - beginning of the letterletterheading - headinglooking forward to an early replylooking forward to hearing from youMessrson advanced paymenton arrival of the goodson behalf ofon condition thaton deliveryon receipt of the orderon short noticeon written requestorder to be confirmedour best attentionour offer is still open

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outside addresspayable in advanceplease allow usplease send usplease send us your instructionsprices are increasingprovided thatsender addressshort termsimilar to samplethe aim of this letterthe following itemsthe goods are available in our warehousethe goods are not similar to samplethe goods are sold outthe goods arrived in good conditionsthe letter remained unansweredthe matter in referencethe meeting was cancelledto act on behalf ofto agree withto be able toto be authorised toto be characterised byto be confident into be delighted toto be held responsible forto be in arrears with paymentsto be in difficultyto be interested into be late

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to be overrun with ordersto be prepared toto be willing to before the date we agreed uponto come to a decisionto come to an agreementto cope with the competitionto correspond withto fix an appointmentto have the pleasure toto have the power to herebyto inform in due timeto let someone know in advanceto look forward toto make the goods availableto meet a demandto meet customer's requirementsto meet the demandto notify in advance aboutto our mutual benefitto pay the maximum attention to the matterto reach an agreementto reach the destinationto refer toto return a letter to the senderto sell at the bestto send under separate coverto stop negotiationsto submit a sampleto suit the quality - to meet the qualityto take into considerationto the kind attention of

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under separate coverup to an amount ofup to sampleutmost carewe acknowledge receipt ofwe apologize again forwe apologize forwe apologize for the delaywe apologize for the mistakewe are sorry to have towe are sorry to inform youwe have receivedwe hope we'll receive the goods soonwe look forward to your kind replywe must apologise forwe remain - our kindest regardswe sent youwe thank you in advancewe wish to inform you thatwe would appreciate it if you could answerwe would appreciate your replywith no obligation - without commitmentwith reference to - in reference to with the compliments ofwith the utmost carewith two weeks' noticewithin the end of the monthwithin whichwithout delaywithout noticewould you please let us havewould you please let us know

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you orderedyou requestedyou sent usYours faithfullyYours truly

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ANNEX 4:SAMPLES OF CONTRACTS AND AGREEMENTS

WEB SITE DESIGN CONTRACTThis is a legal and binding contract between YOUR COMPANY NAME and theClient listed below.

YOUR COMPANY NAMEADDRESS AND CONTACTS

ClientCompany ___________________________________________________Contact Name ________________________________________________Address _________________________________________________________________________________________________________________City ________________________ State ____ ZIP ____ Country _____Phone ________________________ FAX ________________________E-mail address ________________________________________________

Present WWW URL (if any):_____________________________________________________________Username ___________________ Password ________________________

These are the terms of our agreement together:

1. Authorization. The above-named Client is engaging YOUR COMPANYNAME, known as Developer, a sole proprietor, located at YOUR ADDRESS, asan independent contractor for the specific purpose of developing and/orimproving a web site. The Client hereby authorizes Developer to access theabove FTP account, and authorizes the web hosting service to provideDeveloper with "write permission" for the Client’s web page directory, cgi-bindirectory, and any other directories or programs which need to be accessed for

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this project. The Client also authorizes Developer to publicize their completedweb site to Web search engines, as well as other Web directories and indexes.

2. Standard Web Site Package:Domain Registration: The Developer will secure a domain name for the Clientat the Client’s request. All charges incurred in doing so will be billed to theClient as an addition to the base price contemplated by this agreement. Theseare Internic fees, and are not a source of income for the Developer.If the Client already has a domain name, the Developer will coordinateredirecting the address to the new host. Should the Client desire a specificdomain name, which is already owned by another party, negotiations for saiddomain name must be undertaken by the Client.Text. Copy for web site must be supplied by the Client in a .doc format via diskor email attachment. Otherwise, if not supplied on disk or via email, there willbe an additional charge for typesetting.Links. This agreement contemplates up to an average of 12 external or relativelinks per page and an e-mail response link on each web page to any e-mailaddress specified by Client.This agreement also contemplates making any link the Client desires “pop up”in a new window if requested at the specific dimensions and configurationspecified by the Author.Photos. Photos and other misc. graphic images must be supplied by Client.Scanning. This agreement contemplates scanning up to 10 images for theClient. It is contemplated that this will accommodate the needs of most Clients..Please note: If you anticipate needing extensive scanning service, or need largeformat images scanned, please contact Developer for pricing and / or discountson volume scanning.Installation. Finished site will be uploaded to Client’s hosting company.Site publicity. The site will be subject to a one-time blast submission to at least12 of the major Web search engines, such as Yahoo, AltaVista, InfoSeek,WebCrawler, Lycos, HotBot, etc.E-mail response link on each web page to any e-mail address the Clientdesignates.3. Standard Web site Packages only. The content of the web pages will besupplied by the Client and executed as specified by the Client in the "Web SitePlanning Worksheet" dated _______________. This web site includes up to___________ web pages. In case the Client desires additional standard web

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pages beyond the original number of pages specified above, the Client agrees topay Developer an additional $_______ for each additional web page. Graphicsor photos beyond the allowed average of 1.3 per web page shall be billed at anadditional $____ each. Where custom graphic work (beyond the scope of the"Custom Graphics Package" detailed above) is requested, it will be billed at thehourly rate specified below. The store size and additional services, and prices ofeach are detailed on the attached estimate.4. Online stores only. The text and graphic content of the web pages will besupplied by the Client and executed as specified by the Client in the “Web PagePlanning Worksheet" and / or the Store Planning Worksheet. It is understoodthat total prices calculated are likely to vary from the final amount due todifferent quantities of products, categories, photos, regular pages, etc. in thefinal store. AnEstimate is listed in Appendix A and governs the prices for this contract.Notwithstanding any prices listed in literature or on web pages, the Client andDeveloper agree that the services described above in this section shall becompleted for the amount indicated in Appendix A and / or Appendix B andupon this amount the first payment shall be determined. The final payment shallreflect and include all elements actually completed at the prices attached.We include e-mail/phone consultation of up to 2 hours total general Internetorientation education, marketing strategy, Web design consultation, and helpingClients learn to use the store software. Telephone long distance charges are inaddition to package rates quoted. (Additional education and consultation is atour hourly rate.)Product web pages, products, or photos added after the store is ready foradvertising to the Web search engines will be calculated for actual time spent atthe hourly rate specified below.5. Available Services :This agreement includes all the aforementioned services plus:Page Redirection / Plug-in Technology. JavaScript programming pageredirection based on the presence or absence of a viewer's browser, plug-in,screen resolution and platform. Note however, that if additional pages arenecessary to accommodate specific browsers, plug-in technology, screenresolutions, or platforms additional charges may apply.Graphic Creation / Banner Advertisements. This custom packagecontemplates that the “Developer” will create, capture or receive from theClient all the graphic elements necessary to complete the Client’s web site. Thisincludes creation / redesign of Corporate Identity (logo), ancillary images,animated graphics, photography and banner advertisements.

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Java Applets.This custom package contemplates the use of Java Appletsspecified in Appendix A. Clients are encouraged to not use Java Applets asmany viewers on America Online will be served an error when trying to view thepage. Java Applets may also 'crash' older computers on download anddownload times for some viewers can be excessive.Macromedia Flash Macromedia Flash is always an option and the specificunderstanding of our arrangement will be listed in Appendix A. Although Flashwork is charged by the hour, the Developer warrants to protect the client byspecifying a maximum charge in advance which will be listed in Appendix A.The Developer warrants to work earnestly to come in under the maximumcharge.DHTML This custom package contemplates using DHTML technology. Therate to program each DHTML page will be specified in Appendix A. The Authorunderstands that DHTML technology may not work in older browsers and someDHTML technology is not cross-browser specific.Real Audio/Video. This custom package contemplates using Real Audio orReal Video on the Client's site. If chosen, however, the charges for such will belisted in Appendix A.QuickTime / QuickTime VR This custom package contemplates usingQuickTime or QuickTime VR technology on the Client's web site.E-commerce. This custom package contemplates the possibility of an e-commerce enabled site. If a shopping cart is required for the Client’s site, thecharges for the shopping cart will be listed in Appendix A.Secure Certificate If the Client selects an e-commerce enabled site, the Clientis encouraged to obtain a secure certificate for online transactions. The Clientunderstands that if they do not obtain their own secure certificate, designcapabilities on the shopping cart itself may be limited.Merchant Account The Client will need a Merchant Account to enable theability to accept credit cards online. Any charges necessary to secure theMerchant Account are chargeable to the Client.Real Time Credit Card Processing. If the Client has a high volume / highsales web site, real-time credit card processing will be desired. In this instance,the Developer will assist the Client in obtaining this service. Any chargesrelated to this service are the responsibility of the Client as an addition to thisagreement.ASP / Cold Fusion. Sites requiring database design may require Microsoft ASPor Allaire Cold Fusion technology. Any charges applicable to ASP or ColdFusion are in addition to this agreement.

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Databases. Costs for creation of a database will be specifically listed inAppendix A.Training. The Developer will provide e-mail and telephone assistance to theClient’s designated representatives regarding management of the Client’s website at a pre-negotiated rate.6. Additional Expenses. Client agrees to reimburse the Developer for anycritical Client requested expenses necessary for the completion of the project.Examples would be:

Purchase of specific fonts at the Client's request, Purchase of specific photography at the Client's request. Purchase of specific software at the Client's request.7. Client Amends / Changes. Developer prides itself in providing excellentcustomer service. That is the spirit of our agreement and the spirit of theDeveloper's business. To that end, we encourage input from the Client duringthe design process.The Developer understands, however, that Clients may request significantdesign changes to pages that have already built to the Client's specification. Tothat end, please note that our agreement does not include a provision forsignificant page modification or creation of additional pages in excess of ouragreed page maximum [Appendix A]. If significant page modification isrequested after a page has been built to the Author's specification, we must countit as an additional page.Some examples of significant page modification at the request of the Clientinclude:

Developing a new table or layer structure to accommodate a substantialredesign at the Client's request.

Recreating or significantly modifying the company logo graphic at theClient's request.

Replacing more than 75% of the text to any given page at the Client'srequest.

Creating a new navigation structure or changing the link graphics at theAuthor's request.

Significantly reconfiguring the Client's shopping cart with new product,shipping or discount calculation if an e-commerce enabled site has beenselected by the Client.

Clients who anticipate frequently changing the look of their site during the

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design process and Clients who desire to be intricately involved design of eachpage are encouraged to negotiate an agreement which exceeds the pagemaximum. If significant page modification is requested by the Client after thepage maximum has been reached a Change Request with estimated costs will besubmitted for Client approval prior to changes being done.Moderate changes, however, will always be covered during our development ofthe site and also covered by our one month of free maintenance.8. Third Party or Client Page Modification. Some Clients will desire toindependently edit or update their web pages after completion of the site.Note however, Developer is not responsible for any damage created by theClient or agent of the Client. Any repairs required will be assessed at an hourlyrate of $_____. [1 hour minimum charge].9. Web Hosting. The Client agrees to select a web hosting service that allowsHOSTING COMPANY NAME full access to the web site and a cgi-bindirectory via FTP and telnet. The Client further understands that if the webhosting service's operating system is not a Unix system, standard CGI softwaremay not work, and providing a substitute may incur additional charges.10. Search Engine Registration. The Developer will optimize the Clients website with appropriate titles, keywords, descriptions and text and thereafter submitthe Client's web site to each of the major search engines and directories. TheDeveloper also offers advanced search engine optimization and site promotionservices. If advanced search engine optimization and site promotion services aredesired the agreement for said services will be listed in Appendix B.The Developer encourages all commercial Clients to obtain advanced SearchEngine Optimization and Site Promotion services.11. Work Schedule and Completion Date. Developer to submit a FirstMockup Draft of web site no later than twenty (20) days after Developerreceives signed agreement, along with down payment and initial direction fromthe Client. Client to provide Developer with all the data needed to completeweb site, including text, company logo, and photos. Upon completion of thisstage, the Client will be asked to confirm acceptance for the basic site design viae-mail or by signing a printed copy of the design and faxing to Developer. Oncethis acceptance is received from the Client, the work necessary to complete theproject will continue.Upon completion of the web site, an e-mail or letter and invoice will be sent tothe Client advising the Client that the work has been completed. Client willsupply written approval by printing, initialing and faxing back each page in website. After contract has been paid in full, site will then be uploaded to Client’shosting company.

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The Developer will burn one copy of the Client's web site onto a CD, at theClient's request, upon completion of the site and upon receipt of final balance.Additional copies of the CD are available for $25.00 each.

12. Maintenance Grace Period. This agreement includes minor web pagemaintenance to regular web pages (not store product pages) over a one-monthperiod, including updating links and making minor changes to a sentence orparagraph. It does not including removing nearly all the text from a page andreplacing it with new text. If the Client or an agent other than Developerattempts updating the Client’s pages, time to repair web pages will be assessedat the hourly rate, and is not included as part of the updating time. The one-month maintenance period commences upon the date the Client signs thiscontract.Changes requested by the Client beyond those limits will be billed at the hourlyrate [Appendix A]. This rate shall also apply toward additional work authorizedbeyond the maximums specified above for such services as: general Internetorientation education, marketing consulting, web page design, editing,modifying product pages and databases in an online store, and art, photo,graphics services, and helping Clients learn how to use their own web pageeditor. CGI programming charges (if any) are not included in this rate.

13. Extended Maintenance Contracts. Terms for Maintenance Contracts willbe listed in Appendix B, using one of two methods.The Monthly “Flat Rate” Maintenance Contract, payable each month,allowing up to 2 hours of changes per month, including new pages and storeproduct changes. The “Flat Rate” Agreement is payable each month, whetherthe time is used or not. Changes requested, which go beyond the 2 hour limit,are chargeable at the rate disclosed in Appendix B.The “As Needed” Maintenance Contract is a monthly chargeable agreement,higher than the “Flat Rate”, but offering cost savings on sites with little to nochanges. Charges incur when Client requests a change - 1 hour minimumcharge. Details are listed in Appendix B.

14. Copyrights and TrademarksThe Client represents to Developer and unconditionally guarantees that anyelements of text, graphics, photos, designs, trademarks, or other artworkfurnished to Developer for inclusion in web pages are owned by the Client, orthat the Client has permission from the rightful owner to use each of these

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elements, and will hold harmless, protect, and defend Developer and itssubcontractors from any claim or suit arising from the use of such elementsfurnished by the Client.

15. Assignment of Project. The Developer reserves the right to assign certainsubcontractors to this project to insure the right fit for the job as well as on-timecompletion. The Developer warrants all work completed by subcontractors forthis project. When subcontracting is required, the Developer will only useindustry recognized professionals.

16. Age. Authorized representative of the Client certifies that he or she is atleast 18 years of age and legally capable of entering a contract in the State ofMontana on behalf of the Client.

17. Warranties and Liability. Client agrees that any material submitted forpublication will not contain anything leading to an abusive or unethical use ofthe Web Hosting Service, the Host Server or the Developer. Abusive andunethical materials and uses include, but are not limited to, pornography,obscenity, nudity, violations of privacy, computer viruses, harassment, anyillegal activity, spamming, advocacy of an illegal activity, and any infringementof privacy..Client hereby agrees to indemnify and hold harmless the Developer from anyclaim resulting from the Client's publication of material or use of thosematerials.It is also understood that the Developer will not publish information over theInternet which may be used by another party to harm another. The Developerwill also not develop a pornography or warez web site for the Client. TheDeveloper reserves the right to determine what is and is not pornography.Developer does not warrant the functions of the site will meet Client’sexpectations of site traffic or resulting business or that the operation of the webpages will be uninterrupted and / or error-free. Developer is not be heldresponsible for occasional downtime of email or web site due to lineinterruptions and/or other instances beyond Developers control.

18. Indemnification. Client agrees that it shall defend, indemnify, save and holdthe Developer harmless from any and all demands, liabilities, losses, costs andclaims, including reasonable attorney's fees associated with the Developer'sdevelopment of the Client's web site. This includes Liabilities asserted against

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the Developer, it's subcontractors, it's agents, its clients, servants, officers andemployees, that may arise or result from any service provided or performed oragreed to be performed or any product sold by the Client, its agents, employeeor assigns.Client also agrees to defend, indemnify and hold harmless the Developer againstLiabilities arising out of any injury to person or property caused by any productsor services sold or otherwise distributed over the Client's web site. This includesinfringing on the proprietary rights of a third party, copyright infringement, anddelivering any defective product or misinformation which is detrimental toanother person, organization, or business.

19. Rights Upon Termination of Agreement. Developer shall transfer, assignand make available to Client all property and materials in Developer'spossession or subject to Developer's control that are the property of Client,subject to payment in full of amounts due pursuant to this AgreementDeveloper also agrees to provide reasonable cooperation in arranging for thetransfer or approval of third party's interest in all contracts, agreements and otherarrangements with advertising media, suppliers, talent and others not thenutilized, and all rights and claims thereto and therein, following appropriaterelease from the obligations therein.In the event the Client terminates this contract by registered letter within 30days, 50% of down payment will be refunded. Work completed shall be billed atthe hourly rate stated in Appendix A, and deducted from 50% of the downpayment, the balance of which shall be returned to the Client. If, at the time ofthe request for refund, work has been completed beyond the amount covered bythe initial payment, the Client shall be liable to pay for all work completed at thehourly rate. No portion of this initial payment will be refunded unless writtenapplication is made within 30 days of signing this contract.Refund request must be submitted by registered letter to YOUR COMPANYNAME [address}

20. Default. In the event of any default of any material obligation by or owed bya party pursuant to this Agreement, then the other party may provide writtennotice of such default and if such default is not cured within ten (10) days of thewritten notice, then the non-defaulting party may terminate this Agreement.

21. Notices. Any notice required by this Agreement or given in connection withit, shall be in writing and shall be given to the appropriate party by personal

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delivery or by certified mail, postage prepaid, or recognized overnight deliveryservices.

22. Laws Affecting Electronic Commerce. From time to time governmentsenact laws and levy taxes and tariffs affecting Internet electronic commerce. TheClient agrees that the Client is solely responsible for complying with such laws,taxes, and tariffs, and will hold harmless, protect, and defend Developer and itssubcontractors from any claim, suit, penalty, tax, or tariff arising from theClient’s exercise of Internet electronic commerce.

23. Ownership to Web Pages and Graphics. Copyright to the finishedassembled work of web pages and graphics produced by the Developer shall bevested with the Client upon final payment for the project. This ownership is toinclude, design, photos, graphics, source code, work-up files, text, and anyprogram(s) specifically designed or purchased on behalf of the Client forcompletion of this project.Rights to photos, graphics, computer programs are specifically not transferred tothe Client, and remain the property of their respective owners. Developer and itssubcontractors retain the right to display all designs as examples of their work intheir respective portfolios.

24. Litigation. Any disputes arising form this contract will be litigated orarbitrated in Flathead County, Montana. This agreement shall be governed andconstrued in accordance with the laws of the State of Montana, USA.Undersigned hereby agree to the terms, conditions and stipulations of thisagreement on behalf of his or her organization or business. This Agreementconstitutes the entire understanding of both parties. Any changes ormodification thereto must be in writing and signed by both parties.

25. Payment of Fees. A minimum deposit of fifty percent (50%) is required tocommence work.Fees to Developer are due and payable on the following schedule: 50% uponsigning of contract, 25% after first stage of site is completed and approved andthe balance upon page completion, but prior to delivery / uploading. If the totalamount of this contract is less than $700, the total amount shall be paid uponsigning of contract and any additional costs incurred during development will beinvoiced at the completion of the web site.

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Advertising the pages to Web Search Engines and updating occur only after thefinal payment is made. All payments will be made in US funds.Developer reserves the right to remove web pages from viewing on the Internetuntil final payment is made. If a payment delay is anticipated, please contact theDeveloper immediately for an alternative arrangement. In case collectionproves necessary, the Client agrees to pay all fees incurred by that process. Thisagreement becomes effective only when signed by Developer. Regardless of theplace of signing of this agreement, the Client agrees that for purposes of venue,this contract was entered into in Flathead County, Montana, and any dispute willbe litigated or arbitrated in Flathead County, Montana

26. Sole Agreement. The agreement contained in this "Web Site DesignContract" constitutes the sole agreement between Developer and the Clientregarding this web site. Any additional work not specified in this contract,Appendix A or Appendix B must be authorized by a written change order. Allprices specified will be honored for 30 days after both parties sign this contract.Continued services after that time will require a new agreement.This agreement constitutes the entire understanding of the Developer and Client.This agreement terminates and supersedes all prior understanding or agreementson the subject matter hereof. Any changes or modification thereto must be inwriting and signed by both parties

27. Initial Payment and Refund Policy.The total amount of this contract is $______________This agreement begins with an initial down payment of $_____________.The undersigned agrees to the terms of this agreement on behalf of his or herorganization or business.On behalf of the Client (authorized signature):_______________________________________ Date ________________On behalf of Developer (authorized signature)_______________________________________ Date ________________

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SEARCH ENGINE OPTIMIZATION AND REPORTING AGREEMENT

This agreement is hereby entered into between YOUR COMPANY (hereinafterreferred to as “Company” and _____________________ (hereinafter referred toas “Client”) on the ___ day of _______, 20___.1.”Company” agrees to provide Client with Search Engine Optimization andReporting Services (hereinafter referred to as “SEO”) as described in thisagreement. “Company” is authorized to use the specific keywords and/or phasesset forth below for development, improving the ranking of, and/or positioningthe contents of the Client’s URL(s), http://www.______________________.comin the search engines and/or directories that are most frequently used by thegeneral public which are defined below.2.Client agrees to pay “Company” a fee as stated in “Proposal.” Fee must bereceived prior to the start of any services provided. SEO Services are intended toprovide the client with preferential positioning in selected search engines andreport results on an ongoing and timely basis. SEO Services include: Research keywords and phrases to select appropriate, relevant search terms.

Number of keywords is listed in the Proposal. Additional keywordpurchases will require Addendum or separate contract.

Edit various html tags and page text as necessary prior to submission toselected search engines and directories.

Create as required, additional web pages for the purpose of “catching”keyword/phrase searches.

Hand-submit your pages to the engines and directories stated in thisagreement.

Create positioning reports for main site and any associated pages showingrankings in the major search engines and under which keywords.

4. For the purposes of providing these services, client agrees to provide: Give “Company” FTP access to the main site for uploading new pages, and

making changes for the purpose of optimization OR approval to go through3rd Party.

Client authorizes “Company” use of all client logos, trademarks, Web siteimages, etc., for use in creating informational pages and any other uses asdeemed necessary by “Company” for search engine positioning andoptimization.

If Client’s site is light in textual content, client will provide additionalrelevant text content in electronic format for the purpose of creating

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additional web pages. Client agrees to provide content, for example 200 to500-word “articles” about each of their keyword phrases.

5. Selected search engines* include: AOL Alta Vista About Google All The Web Excite Hot Bot Looksmart MSN Lycos Yahoo [web pages only] Netscape* Top Major SE and SE names may change without notice6. Client acknowledges the following with respect to services: “Company” has no control over the policies of search engines with respectto the type of sites and/or content that they accept now or in the future. Clientsite may be excluded from any directory at any time at the sole discretion of thesearch engine or directory. “Company” will resubmit those pages that have beendropped from the index.) Due to the competitiveness of some keywords/phrases, ongoing changes insearch engine ranking algorithms and other competitive factors, “Company”does not guarantee #1 positions or consistent top 10 positions for any particularkeyword, phrase or search term. However, if “Company” fails to achieve 3 top30 positions in the major search engines, “Company” will start over “SEO”services with no cost to Client. Some search engines and directories may take as long as 2 to 4 months, andin some cases longer, after submission to list your site. Occasionally, search engines will stop accepting submissions for anindefinite period of time. Occasionally, search engines will drop listings for no apparent or predictablereason. Often listing will “reappear” without any additional submissions. Should

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the listing not reappear, “Company” will re-submit the site based on the currentpolicies of the search engine in question. Some search directories offer expedited listing services for a fee.“Company” encourages clients to take advantage of these expedited services.Client is responsible for expedited service fees, example Yahoo, unlessotherwise noted in the package Client purchases.7. The “Company” is not responsible for changes made to the Web site by otherparties that adversely affect the search engine rankings of the Client’s Web site.8. Additional Services not listed herein or in Proposal will be provided for $40per hour. For example, purchasing keywords beyond the scope provided in theSEO proposal, or creating more doorway pages than provided in originalProposal.9. Client guarantees any elements of text, graphics, photos, designs, trademarks,or other artwork provided to “Company” for inclusion on the website above areowned by Client, or that Client has received permission from the rightfulowner(s) to use each of the elements, and will hold harmless, protect, and defend“Company” and its subcontractors from any liability or suit arising from the useof such elements.10. “Company” is not responsible for Client’s overwriting SEO work to Client’ssite. IE / Client webmaster making changes and uploading over work alreadyprovided. Client will be charged an additional fee for re-constructing Metas, etcbased on the hourly rate of $55/hour.

Client Signatory, ____________________________Date _________________

NAME, COMPANY Date: __________

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SAMPLE OF CONSULTING AGREEMENT

THIS CONSULTING AGREEMENT is made as of this ___day of [month] ,20__, by and between __________ (the "Company"), a [state] corporation, withits principal place of business at _______________ and ___________("Consultant") an individual having a place of business at______________________.Background

The Company is engaged in the development and sale of _______________software. Consultant has expertise and experience in areas beneficial to theCompany and desires to consult with the Company in his area of expertise.Based on Consultant's experience, the Company desires to retain the services ofConsultant and Consultant desires to render such services on the terms andconditions set forth below.IN CONSIDERATION of the foregoing and of the mutual covenants set forthbelow, the parties, intending to be legally bound, agree as follows:

1. Retention as Consultant. The Company hereby retains Consultant, andConsultant hereby agrees to render consulting services to the Company, uponthe terms and conditions set forth herein.

2. Duties. Consultant covenants and agrees that, as an independent contractors,he will perform all services requested of him by the Company, acting through itsauthorized representatives, who shall initially be ___________.Consultant agrees that at the close of business on Friday of each week he willfax a signed weekly status report to _________, or to such other representativesas the Company may designate, outlining the following items: list of work itemsfor the week just ended, deliverables and accomplishments for each of the workitems, number of hours spent working on each item during the week just ended,and a list of any additional expenses attributable directly to the work being donefor the Company, e.g. phone bills for calls made to the Company, with itemizedbills detailing the expenses attached.

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3. Independent Contractor Status. The parties recognize that Consultant is anindependent contractor and not an employee, agent, co-venturer, orrepresentative of the Company and that the Company will not incur any liabilityas the result of Consultant's actions. Consultant shall at all times disclose that heis an independent contractor of the Company and shall not represent to any thirdparty that he is an employee, agent, co-venturer, or representative of theCompany other than as expressly authorized by the Company. The Companyshall not withhold any funds from Consultant for tax or other governmentalpurposes, and Consultant shall be responsible for the payment of same.Consultant shall not be entitled to receive any employment benefits offered toemployees of the Company, including but not limited to: workers'compensation coverage; savings or profit sharing plans; stock option, incentiveor other bonus plans; health, dental or life insurance coverage; and paidvacations. The Company shall not exercise control over Consultant.

4. Compensation. The Company shall pay to Consultant, as compensation forthe services to be rendered, the sum of ________________ per hour for hoursactually worked. The Company shall not be obligated to provide a minimumnumber of hours of work, nor shall Consultant be entitled to receive anycompensation for hours not actually worked.The Company shall also reimburse Consultant for all ordinary and necessaryexpenses incurred in connection with the performance of his services hereunder,provided that timely notice of such expenses is sent to and approved by anappropriate officer or other authorized representative of the Company.Consultant shall report to ________, or to such other employee of the Companyas the Company may designate from time to time.The Company shall process payments to Consultant bi-weekly for all undisputedinvoices presented by Consultant under this Agreement but in no case shallConsultant be paid later than thirty (30) days after the receipt of such undisputedinvoices. In the case of a dispute, _________ or such other representative as theCompany may designate, will discuss the controversial items with Consultantand attempt to resolve the dispute.

5. Term. This Agreement shall commence on the date first written above andshall continue indefinitely until such time as either Consultant or the Companyterminates the Agreement as provided below.

6. Termination. The parties agree that either the Company or Consultantthrough written notice may terminate Consultant's engagement under this

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Agreement at any time for any reason or for no reason.

7. Covenant of Nondisclosure. Consultant shall not, at any time during or afterthe term of this Agreement, in any manner, either directly or indirectly, divulge,disclose, or communicate to any person, firm, corporation or other entity, or usefor his own benefit or for the benefit of any other person, firm, corporation orother entity, and not for the benefit of the Company, any information acquiredfrom the Company or its affiliates, without the express prior written consent ofan authorized executive officer of the Company, as more fully set forth in acertain Non-disclosure Agreement between the Company and Consultant dated____________.8. Rights to Work. The parties acknowledge that any work created byConsultant in connection with the performance of services for the Companypursuant hereto is being created at the insistence of the Company and shall bedeemed "work made for hire" under the United States copyright laws.The Company shall have the right to use the whole work, any part or partsthereof, or none of the work, as it sees fit. The Company may alter the work,add to it, or combine it with any other work or works, at its sole discretion.Notwithstanding the foregoing, all original material submitted by Consultant aspart of the work or as part of the process of creating the work, including but notlimited to programs, listings, printouts, documentation, notes, flow charts, andprogramming aids, shall be the property of the Company whether or not theCompany uses such material. No rights are reserved by Consultant.All programs, specifications, documentation and all other technical informationprepared by Consultant in connection with the performance of his serviceshereunder will become the Company's sole property. Title to all material anddocumentation, including but not limited to, systems specifications furnished bythe Company to Consultant or delivered by the Company into Consultant'spossession shall remain with the Company. Consultant shall immediately returnall such material or documentation within seven (7) days of any request or uponthe termination or conclusion of his engagement under this Agreement,whichever shall occur first.Whenever an invention or discovery is made by Consultant either solely or incollaboration with others, including employees of the Company under orrelating to this Agreement, Consultant shall promptly give the Company writtennotice thereof and shall furnish the Company with complete information thereonincluding, as a minimum, (1) a complete written disclosure of each suchinvention and (2) information concerning the date and identity of any public use,sale or publication of such invention made by or known to Consultant or of anycontemplated publication by Consultant. As used herein, the terms (1)

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"invention" or "invention or discovery" includes any art, machine, manufacture,design or composition of matter or any new and useful improvement thereofwhere it is or may be patentable under the patent laws of the United States or ofany foreign country; and (2) "made," when used in relation to any invention ordiscovery, means the conception of the first actual or constructive reduction topractice of such invention.Consultant hereby grants, assigns and conveys to the Company all right, title andinterest in and to all inventions, works of authorship, trade secrets and otherproprietary data and all other materials (as well as the copyrights, patents, tradesecrets and similar rights attendant hereto) conceived, reduced to practice,authored or developed by Consultant, either solely or jointly with others, duringand in connection with the performance of services under this Agreement withthe Company. Consultant agrees that he will not seek patent, copyright,trademark, registered design or other protection for any rights in any suchinventions, works of authorship, proprietary data or other materials. Consultantshall have no right to disclose or use any such inventions, works of authorship,trade secrets and proprietary data or other materials for any purpose whatsoeverand shall not communicate to any third party the nature of or details relating tosuch inventions, works of authorship, proprietary data or other materials.Consultant agrees that at the Company's expense, he shall do all things andexecute all documents as the Company may reasonably require to vest in theCompany or its nominees the rights referred to herein and to secure for theCompany or its nominees all patent, trademark, and trade secret copyrightprotection. Consultant's obligations under this Section 8 shall survive expirationor termination of the Agreement and any amendments thereto. Furthermore,Consultant hereby irrevocably waives all rights in and to all works created ordeveloped hereunder.Consultant agrees he will not disclose to any third party, without prior writtenconsent of the Company, any invention or discovery made under or relating tothis Agreement or any proprietary or confidential information acquired from theCompany under this Agreement, including trade secrets, business plans andconfidential or other information which may be proprietary to the Company, allof which shall be subject to the Non-disclosure Agreement described in Section7 hereof.

9. Legal Relief. In the event Consultant breaches, or threatens to breach any ofthe covenants expressed herein, the damages to the Company will be difficult toquantify; therefore, the Company may apply to a court of competent jurisdictionfor injunctive or other equitable relief to restrain such breach or threat of breach,without disentitling the Company from any other relief in either law or equity.

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In the event that any or all of the covenants expressed herein shall be determinedby a court of competent jurisdiction to be invalid or unenforceable, by reason ofits geographic or temporal restrictions being too great, or by reason that therange of activities covered are too great, or for any other reason, such covenantsshall be interpreted to extend over the maximum geographic area, period oftime, range of activities or other restrictions with respect to which they may beenforceable.

10. Export Regulations. Consultant acknowledges his obligations to controlaccess to technical data under the U.S. Export Laws and Regulations and agreesto adhere to such laws and regulations with regard to any technical data receivedunder this Agreement.

11. Adherence to Laws. Consultant agrees that in carrying out his duties andresponsibilities under this Agreement, he will neither undertake nor cause, norpermit to be undertaken, any activity which either (i) is illegal under any laws,decrees, rules, or regulations in effect in either the United States or any othercountry in which the Company has a business interest; or (ii) would have theeffect of causing the Company to be in violation of any laws, decrees, rules, orregulations in effect in either the United States or any other country in which theCompany has a business interest.Consultant agrees to notify the Company immediately of any extortivesolicitation, demand, or other request for anything of value, by or on behalf ofany entity or individual, relating to the subject matter of this Agreement.

12. Indemnification. Consultant shall defend, indemnify and hold harmless theCompany and its officers, directors, employees, agents, parent, subsidiaries andother affiliates, from and against any and all damages, costs, liability, andexpense whatsoever (including attorneys' fees and related disbursements)incurred by reason of (a) any failure by Consultant to perform any covenant oragreement of Consultant set forth herein; (b) injury to or death of any person orany damage to or loss of property which is due to the negligence and/or willfulacts of Consultant; or (c) any breach by Consultant of any representation,warranty, covenant or agreement under this Agreement. The Company shallhave the right to offset against any fees or commissions due Consultant underthis Agreement the amount of any indemnity to which the Company is entitledunder this Section 12 for any damage, cost, liability, expense, fee or otherdisbursement, incurred by the Company pursuant to this Section 12.

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13. Miscellaneous

13.1 Cooperation. Consultant agrees that at any time and from time to time,upon the request of the Company, to do, execute, acknowledge and deliver, orcause to be done, executed, acknowledged and delivered, all such further acts,documents and instruments as may be required to effect any of the transactionscontemplated by this Agreement.

13.2 Amendments. This Agreement replaces and supersedes all prior consultingagreements, and any other agreements relating to the subject matter hereof,between the parties to this agreement. No alteration, modification, amendmentor other change of this Agreement shall be binding on the parties unless inwriting, approved and executed by Consultant and an authorized executiveofficer of the Company whether by operation of law or otherwise.

13.3 Assignment. This Agreement is not assignable by Consultant, whether byoperation of law or otherwise, and all obligations of the Company hereunder,other than the obligation to pay previously accrued compensation, shallterminate automatically upon the death of Consultant should such death occurprior to the termination of this Agreement.

13.4 Governing Law. This Agreement shall be governed by and interpreted,construed and enforced in accordance with the laws of the State of [State],excluding conflicts of laws principles, and both parties further consent tojurisdiction by the state and federal courts sitting in the State of [State].

13.5 Invalidity. The terms of this Agreement shall be severable so that if anyterm, clause, or provision hereof shall be deemed invalid or unenforceable forany reason by a court of competent jurisdiction, such invalidity orunenforceability shall not affect the remaining terms, clauses and provisionshereof, the parties intending that if any such term, clause or provision were heldto be invalid prior to the execution hereof, they would have executed anagreement containing the remaining terms, clauses and provisions of thisAgreement.

13.6 Waiver of Breach. The waiver by either party hereto of any breach of theterms and conditions hereof will not be considered a modification of any

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provision, nor shall such a waiver act to bar the enforcement of any subsequentbreach.

13.7 Background, Enumerations and Headings. The "Background,"enumerations and headings contained in this Agreement are for convenience ofreference only and are not intended to have any substantive significance ininterpreting this Agreement.

13.8 Company Property. All Company property in the possession or control ofConsultant including, but not limited to, specifications, documentation, sourcecode, and magnetic media will be returned by Consultant to the Company ondemand, or at the termination of this Agreement, whichever shall come first.

13.9 Entire Agreement. This Agreement and the Non-disclosure Agreementdescribed in Section 7 hereof constitute the entire agreement between the partieshereto and supersedes all existing contracts or agreements, written or oral,between the parties hereto.

13.10 Warranty. As an inducement for Company to enter into this Agreement,Consultant represents and warrants to Company that all services, work anddeliverables to be performed hereunder shall be performed by him in aprofessional and workmanlike manner, in accordance with the highest industrystandards.

IN WITNESS WHEREOF, the parties have executed this Agreement effectivethe date first written above.

Consultant

[name of business]

By:Its: Duly Authorized Representative

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SAMPLE PROJECT AGREEMENT AND STATEMENT OF WORK

THIS PROJECT AGREEMENT AND STATEMENT OF WORK (this“Agreement”) is entered into by and between the undersigned Buyer andService Provider as of the Effective Date. The Buyer and Service Provider aresometimes referred to collectively herein as the “Parties” and individually as a“Party.” This Agreement is made in pursuance of the Project described herein,on the marketplace for services owned by Elance, Inc. (“Elance”) at the domainand sub-domains of www.elance.com (the “Site”). All capitalized terms notdefined in this Agreement have the meanings given to such terms in the Termsof Service Agreement (“Terms of Service”) available at the Site, unless thecontext requires otherwise.

1. BACKGROUND AND INITIAL OBLIGATIONS.

1.1 The “Buyer” is:

Elance ID:Legal Name:Type of Legal Organization orProprietorship:Jurisdiction of Organization:Address of Principal Place of Business:

1.2 The “Service Provider” is:

1.3 The “Project” is:Elance Project ID:Elance Project Name:

1.4 Milestone Deliverables. The Parties will submit the following “MilestoneDeliverables,” “Delivery Dates,” and “Amounts” in the Web form at the“Business Terms” page for the Project on the Site:

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Milestone Deliverable Delivery Date Amount1.2.3.4.Final Delivery Date &Amount

US$

1.5 Statement of Work. If Buyer and Service Provider have agreed to a writtenstatement of work, written project plan, or other written communication tospecify in more detail the Project scope, required features or functionality,deliverables, milestones, development methods, resources, communications,training, acceptance, change control, payment, or other terms, such writing(“SOW”) is incorporated in and made a part of this Agreement. The SOW maybe appended to this Agreement as an Attachment.1.6 Private Message Board; Upload. Service Provider will upload a true andcorrect copy of both this Agreement and any SOW as fully executed, to the“Private Message Board” for the Project at the Site. Buyer will consult thePrivate Message Board to confirm that the Agreement and any SOW posted onthe Private Message Board are true and correct as fully executed. By enteringinto a course of dealing with each other in connection with the Project, ServiceProvider and Buyer are contractually agreeing to the terms and conditions of thisAgreement, the Business Terms, and any SOW as posted on the Private MessageBoard, and to the further terms and conditions of the Terms of Service.1.7 Escrow. The Parties [__]will / [__]will not require “Escrow” in theBusiness Terms for the Project. If Escrow is required, the Escrow Terms andConditions contained in the Terms of Service will govern this Agreement.

2. ENGAGEMENT AND PERFORMANCE OF SERVICES.

2.1 Project Work Product. Buyer hereby engages Service Provider to deliverthe Work Product to Buyer, and Buyer will pay Service Provider for the ProjectWork Product, in accordance with the terms and conditions of this Agreementand the Terms of Service. As used in this Agreement, the “Work Product”means any and all work product developed by Service Provider as required tocomplete the Project and delivered to the Buyer in the performance of theProject, as specified in the Business Terms, the SOW, and this Agreement.

2.2 Performance. Service Provider will perform the services necessary to

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complete the Project in accordance with the procedures described on the Site, ina timely and professional manner, consistent with industry standards, at alocation, place and time that Service Provider deems appropriate, and all inaccordance with the Business Terms, the SOW, and this Agreement. Themanner and means that Service Provider chooses to complete the Project are inService Provider’s sole discretion and control. In completing the Project,Service Provider agrees to provide its own equipment, tools, and other materialsat its own expense.

2.3 Duration of Services. The duration of performance of services under thisAgreement commences on the Effective Date and terminates on the FinalDelivery Date set forth in Section 1.4 above, unless the Parties otherwise agreein a writing signed by both parties and uploaded to the Private Message Board

2.4 Change Control. “Provider” will provide “Buyer” project managementwith comprehensive status reporting on a regular basis. These reports willindicate the work activities performed, progress against project milestones, aswell as any expenses incurred in the furtherance of this work to date.Material deviations from the baseline scope and budget documented herein willbe mutually reviewed and agreed by Provider and Buyer. The followingprovides the process to be followed for any such material change to the SOW:1. A Change Request (“CR”) will be the vehicle for requesting a change to theSOW. The CR will describe the change, the rationale for the change, the impacton the implementation timeline, and the impact on the Compensation. BothProvider and Buyer may initiate a CR.2. The designated Project Manager of the requesting party will review the CRand determine whether to submit the CR to the other party.3. Both Project Managers will review the proposed CR and either approve forfurther investigation or reject. Provider may specify additional charges for suchinvestigation. If the investigation is authorized, the Project Managers will signthe estimation portion of the CR, which constitutes authorization for theinvestigative changes. The investigation will determine the effect that theimplementation of the CR will have on compensation, schedule and other termsand conditions of the Agreement.4. A written CR must be signed by both Buyer and Provider to authorizeimplementation of the CR.

3. COMPENSATION. Buyer will pay Service Provider the fee specified for

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the Project in accordance with the Business Terms, any SOW, and the Terms ofService. Payment will be made by Buyer to Service Provider through the Site inaccordance with the Elance Payment Service and, if applicable, the EscrowTerms and Conditions, promptly upon each acceptance of the Project WorkProduct. Service Provider will be responsible for all expenses incurred inperforming services under this Agreement, except and only to the extentexpressly provided in this Agreement, the Business Terms, or SOW.

4. INDEPENDENT CONTRACTOR RELATIONSHIP. Service Provider’srelationship with Buyer will be that of an independent contractor, and nothing inthis Agreement should be construed to create a partnership, joint venture, oremployer-employee relationship. Service Provider (a) is not the agent of Buyer;(b) is not authorized to make any representation, contract, or commitment onbehalf of Buyer; (c) will not be entitled to any of the benefits that Buyer makesavailable to its employees, such as group insurance, profit-sharing or retirementbenefits (and waives the right to receive any such benefits); and (d) will besolely responsible for all tax returns and payments required to be filed with ormade to any federal, state, or local tax authority with respect to ServiceProvider’s performance of services and receipt of fees under this Agreement. Ifapplicable, Buyer will report amounts paid to Service Provider by filing Form1099-MISC with the Internal Revenue Service, as required by law. ServiceProvider agrees to fill out form W-9 or W8-BEN, as applicable, and as requiredby Buyer. Service Provider agrees to accept exclusive liability for complyingwith all applicable state and federal laws, including laws governing self-employed individuals, if applicable, such as laws related to payment of taxes,social security, disability, and other contributions based on fees paid to ServiceProvider under this Agreement. Buyer will not withhold or make payments forsocial security, unemployment insurance or disability insurance contributions, orobtain workers’ compensation insurance on Service Provider’s behalf. ServiceProvider hereby agrees to indemnify and defend Buyer against any and all suchtaxes or contributions, including penalties and interest. Service Provider agreesto provide proof of payment of appropriate taxes on any fees paid to ServiceProvider under this Agreement upon reasonable request of Buyer.

5. INTELLECTUAL PROPERTY RIGHTS.

5.1 Inventions and Intellectual Property Rights. As used in this Agreement,the term “Invention” means any ideas, concepts, information, materials,processes, data, programs, know-how, improvements, discoveries,developments, designs, artwork, formulae, other copyrightable works, and

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techniques and all Intellectual Property Rights therein. The term “IntellectualProperty Rights” means all trade secrets, copyrights, trademarks, mask workrights, patents and other intellectual property rights recognized by the laws ofany country.

5.2 Background Technology. As used in this Agreement, the term“Background Technology” means all Inventions developed by ServiceProvider other than in the course of providing services to Buyer hereunder andall Inventions acquired or licensed by Service Provider that Service Provideruses in performing services under this Agreement or incorporates into WorkProduct. Service Provider will disclose any Background Technology whichService Provider proposes to use or incorporate. If Service Provider disclosesno Background Technology, Service Provider warrants that it will not useBackground Technology or incorporate it into Work Product provided pursuantthereto. Notwithstanding the foregoing, unless otherwise agreed in the Project,Service Provider agrees that it will not incorporate into Work Product orotherwise deliver to Buyer any software code licensed under the GNU GPL orLGPL or any other license that by its terms requires, or conditions the use ordistribution of such code on, the disclosure, licensing, or distribution of theWork Product or any source code owned or licensed by the Buyer.

5.3 License to Background Technology. Service Provider herebyautomatically upon receipt of payment from Buyer, grants to Buyer a non-exclusive, perpetual, fully-paid and royalty-free, irrevocable and world-wideright, with rights to sublicense through multiple levels of sublicensees, toreproduce, make derivative works of, distribute, publicly perform, and publiclydisplay in any form or medium, whether now known or later developed, make,have made, use, sell, import, offer for sale, and exercise any and all present orfuture rights in the Background Technology incorporated or used in WorkProduct.

5.4 Ownership and Assignment of Work Product. Service Provider agreesthat upon receipt of payment from Buyer, any and all Work Product will be thesole and exclusive property of Buyer. If Service Provider has any rights to theWork Product that are not owned by Buyer upon creation or embodiment,Service Provider hereby automatically upon receipt of payment from Buyerirrevocably assigns to such Buyer all right, title and interest worldwide in and tosuch Work Product. Except as set forth below, Service Provider retains norights to use the Work Product and agrees not to challenge the validity ofBuyer’s ownership in the Work Product.

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5.5 License to or Waiver of Other Rights. If Service Provider has any right tothe Work Product that cannot be assigned by Service Provider, Service Providerhereby automatically upon receipt of payment from Buyer unconditionally andirrevocably grants to Buyer during the term of such rights, an exclusive, even asto Service Provider, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through multiple levels of sublicensees, toreproduce, make derivative works of, distribute, publicly perform and publiclydisplay in any form or medium, whether now known or later developed, make,use, sell, import, offer for sale and exercise any and all such rights. If ServiceProvider has any rights to the Work Product that cannot be assigned or licensed,Service Provider hereby automatically upon receipt of payment from Buyerunconditionally and irrevocably waives the enforcement of such rights, and allclaims and causes of action of any kind against Buyer or related to Buyer’scustomers, with respect to such rights, and agrees, at Buyer’s request andexpense, to consent to and join in any action to enforce such rights.

5.6 Assistance. Service Provider agrees to assist Buyer in every way, bothduring and after the term of this Agreement, to obtain and enforce United Statesand foreign Intellectual Property Rights relating to Work Product in allcountries.

6. Competitive or Conflicting Projects. Service Provider agrees, during theterm of this Agreement, not to enter into a contract or accept an obligation that isinconsistent or incompatible with Service Provider’s obligations under thisAgreement. Service Provider warrants that there is no such contract orobligation in effect as of the Effective Date. Service Provider further agrees notto disclose to, deliver to, or induce Buyer to use any confidential informationthat belongs to anyone other than Buyer or Service Provider.

7. Confidential Information. Service Provider agrees that during the term ofthis Agreement and thereafter, except as expressly authorized in writing byBuyer, it (a) will not use or permit the use of Confidential Information (definedbelow) in any manner or for any purpose not expressly set forth in thisAgreement; (b) will not disclose, lecture upon, publish, or permit others todisclose, lecture upon, or publish any such Confidential Information to any thirdparty without first obtaining Buyer’s express written consent on a case-by-casebasis; (c) will limit access to Confidential Information to Service Providerpersonnel who need to know such information in connection with their work for

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Buyer; and (d) will not remove any tangible embodiment of any ConfidentialInformation from Buyer’s premises without Buyer’s prior written consent.“Confidential Information” includes, but is not limited to, all informationrelated to Buyer’s business and its actual or anticipated research anddevelopment, including without limitation (i) trade secrets, inventions, ideas,processes, computer source and object code, formulae, data, programs, otherworks of authorship, know-how, improvements, discoveries, developments,designs, and techniques; (ii) information regarding products or plans forresearch and development, marketing and business plans, budgets, financialstatements, contracts, prices, suppliers, and customers; (iii) informationregarding the skills and compensation of Buyer’s employees, contractors, andany other service providers; (iv) the existence of any business discussions,negotiations, or agreements between Buyer and any third party; and (v) all suchinformation related to any third party that is disclosed to Buyer or to ServiceProvider during the course of Buyer’s business (“Third Party Information”).Notwithstanding the foregoing, it is understood that Service Provider is free touse information that is generally known in the trade or industry, information thatis not gained as a result of a breach of this Agreement, and Service Provider’sown skill, knowledge, know-how, and experience.

8. SERVICE PROVIDER REPRESENTATIONS ANDWARRANTIES. Service Provider hereby represents and warrants that (a) theWork Product will be an original work of Service Provider and any third partieswill have executed assignment of rights prior to being allowed to participate inthe development of the Work Product; (b) the Work Product will fully conformto the requirements and terms set forth on the Site and in the Project; (c) neitherthe Work Product nor any element thereof will infringe or misappropriate theIntellectual Property Rights of any third party; (d) neither the Work Product norany element thereof will be subject to any restrictions or to any mortgages, liens,pledges, security interests, or encumbrances; (e) Service Provider will not grant,directly or indirectly, any rights or interest whatsoever in the Work Product tothird parties; (f) Service Provider has full right and power to enter into andperform this Agreement without the consent of any third party; (g) ServiceProvider has an unqualified right to grant the license to all BackgroundTechnology as set forth in the section titled “License to BackgroundTechnology”; and (h) Service Provider will comply with all laws and regulationsapplicable to Service Provider’s obligations under this Agreement.

9. INDEMNIFICATION. Service Provider will defend, indemnify, andhold harmless Buyer against any damage, cost, loss or expense arising from a

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claim, suit or proceeding brought against Buyer alleging that any Work Productthat Service Provider delivers pursuant to this Agreement or the Project: (i)infringes upon any intellectual property rights or (ii) misappropriates any tradesecrets, of any third party.

10. INSURANCE. Service Provider, at its sole cost and expense, willmaintain appropriate insurance in accordance with industry standards.

11. TERMINATION

11.1 Termination with Cause. Either party has the right to terminate thisAgreement immediately in the event that the other party has materially breachedthe Agreement and fails to cure such breach within fifteen (15) days of receipt ofnotice by the non-breaching party, setting forth in reasonable detail the nature ofthe breach. Buyer may also terminate this Agreement immediately in its solediscretion in the event of Service Provider’s material breach of the section titled“Intellectual Property Rights.”

11.2 Return of Property. Upon termination of the Agreement or uponBuyer’s request at any other time, Service Provider will deliver to Buyer all ofBuyer’s property together with all copies thereof, and any other materialcontaining or disclosing any Work Product, Third Party Information orConfidential Information.

11.3 Survival. The following provisions will survive termination of thisAgreement: Sections titled “Intellectual Property Rights,” “ConfidentialInformation,” “Service Provider Representations and Warranties,”“Indemnification,” “Return of Property,” “Survival,” and “General Provisions.”

12. MULTI-EMPLOYEE SERVICE PROVIDER. Before any ServiceProvider employee or agent performs services in connection with thisAgreement or has access to Confidential Information, the employee or agent andService Provider must have entered into a binding written agreement expresslyfor the benefit of Buyer that contains provisions substantially equivalent to thesections of this Agreement titled “Engagement and Performance of Services”and “Intellectual Property Rights.” Service Provider agrees (a) that itsemployees and agents will not be entitled to or eligible for any benefits that

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Buyer may make available to its employees; (b) to limit access to theConfidential Information to employees or agents of Service Provider who have areasonable need to have such access in order to perform the services pursuant tothis Agreement; and (c) to be solely responsible for all expenses incurred by anyof its employees or agents in performing the services or otherwise performing itsobligations under this Agreement, except as set forth in the Engagement.

13. GENERAL PROVISIONS.13.1 Governing Law and Venue. This Agreement and any action relatedthereto will be governed, controlled, interpreted, and defined by and under thelaws of the State of California, without giving effect to any conflicts of lawsprinciples that require the application of the law of a different jurisdiction.Service Provider hereby expressly consents to the personal jurisdiction andvenue in the state and federal courts for the county in which Buyer’s or Elance’sprincipal place of business is located for any lawsuit filed there against ServiceProvider by Buyer or Elance arising from or related to this Agreement.13.2 Severability. If any provision of this Agreement is, for any reason, held tobe invalid or unenforceable, the other provisions of this Agreement will beunimpaired and the invalid or unenforceable provision will be deemed modifiedso that it is valid and enforceable to the maximum extent permitted by law.13.3 No Assignment. This Agreement, and the party’s rights and obligationsherein, may not be assigned, subcontracted, delegated, or otherwise transferredby either party without the other’s prior written consent, and any attemptedassignment, subcontract, delegation, or transfer in violation of the foregoing willbe null and void. The terms of this Agreement will be binding upon assignees.13.4 Notices. Each party must deliver all notices or other communicationsrequired or permitted under this Agreement to the other party by posting it onthe Private Message Board for the Project.13.5 Injunctive Relief. Service Provider acknowledges that, because itsservices are personal and unique and because Service Provider will have accessto Confidential Information of Buyer, any breach of this Agreement by ServiceProvider would cause irreparable injury to Buyer for which monetary damageswould not be an adequate remedy and, therefore, will entitle Buyer to injunctiverelief (including specific performance). The rights and remedies provided toeach party in this Agreement are cumulative and in addition to any other rightsand remedies available to such party at law or in equity.13.6 Waiver. Any waiver or failure to enforce any provision of this Agreementon one occasion will not be deemed a waiver of any other provision or of suchprovision on any other occasion.

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13.7 Export. Service Provider agrees not to export, directly or indirectly, anyU.S. technical data acquired from Buyer or any products utilizing such data, tocountries outside the United States, because such export could be in violation ofthe United States export laws or regulations.13.8 Execution and Delivery; Binding Effect. The parties will evidenceexecution and delivery of this Agreement with the intention of becoming legallybound hereby, by completion of the following process on the Site:(a) Uploading Party. One party (the “Uploading Party”) will cause thedefinitive version of this Agreement (“Approved Version”) to be approved by itsduly authorized representative, and will upload the Approved Version to thePrivate Message Board for the Project with a message containing substantiallythe following text:“Uploading Party hereby uploads the file named “[Insert Filename.ext]”,with the intention of being legally bound.”The Uploading Party will thereby be deemed to represent and warrant that theApproved Version has been approved by all necessary corporate action, and thatthe Uploading Party’s performance of its obligations under the ApprovedVersion will not violate the terms of any law or contract binding on such Party.The Approved Version as so uploaded will be deemed to be executed anddelivered with the intention of creating a legally binding contract.(b) Responding Party. The other party (the “Responding Party”) will theninspect the Approved Version on the Private Message Board, and will cause theApproved Version to be approved by its duly authorized representative. Uponapproval, the Responding Party will post a message on the Private MessageBoard containing substantially the following text:“Responding Party hereby accepts the file named “[Filename.ext]” postedon [Insert Date and Time of upload], with the intention of being legallybound.”[Note: The Responding Party should NOT re-upload the Approved Version;instead the Responding Party should type the Filename.ext of the ApprovedVersion, and Date and Time the Uploading Party uploaded it.]The Responding Party will thereby be deemed to represent and warrant that theApproved Version has been approved by all necessary corporate action, and thatsuch Party’s performance of its obligations under the Approved Version will notviolate the terms of any law or contract binding on such Party. The ApprovedVersion as so uploaded will be deemed to be executed and delivered with theintention of creating a legally binding contract.(c) Counteroffers. If either Party uploads a modified version of thisAgreement to the Private Message Board prior to the Responding Party’s

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acceptance of a previously uploaded version pursuant to Section 13.8 (b) above,the Uploading Party’s execution and delivery of the previously uploaded versionwill be deemed revoked, and the Parties must upload and accept the new versionin accordance with Sections 13.8 (a) and (b) above in order to form a bindingcontract.13.9 Entire Agreement. This Agreement is the final, complete and exclusiveagreement of the parties with respect to the subject matters hereof andsupersedes and merges all prior discussions between the parties with respect tosuch subject matters. No modification of or amendment to this Agreement, orany waiver of any rights under this Agreement, will be effective unless inwriting and signed by Service Provider and Buyer. The terms of this Agreementwill govern all Projects and services undertaken by Service Provider for Buyer.In the event of any conflict between this Agreement and the express writtenterms of an agreement applicable to an engagement, the express written terms ofsuch agreement will govern, but only to the extent and with respect to theservices set forth therein.IN WITNESS WHEREOF, the parties have caused this Agreement to beapproved by their duly authorized representatives and executed and delivered inaccordance with the process of uploading and approval set forth in Section 13.8above, with the intention of becoming legally bound hereby.

BUYER: SERVICE PROVIDER:

___________________________ ___________________________Type Name and Title Type Name and Title

If service provider is an individual, Service Provider must provide the followinginformation for copyright registration purposes only:

Date of Birth: _________________________________

Nationality or Domicile: _________________________

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