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UNIVERSITATEA DANUBIUS" DIN GALAI DEPARTAMENTUL DE NVMNT LA DISTAN SI FRECVENTA REDUSA FACULTATEA DE TIINE ECONOMICE

ENGLISH FOR ECONOMICS - III IIndYear, lstSemester

LIVIU-MIHAIL MARINESCU

Editura Universitar Danubius, Galai 2011

Toate drepturile pentru aceast lucrare sunt rezervate autorului. Reproducerea ei integral sau fragmentar este interzis.

Editura Universitar Danubius" este recunoscut de Consiliul Naional al Cercetrii tiinifice din nvmntul Superior (cod 111/2006)

ISBN 978-606-533-154-9

Tipografia ZigOttO GalaiTel: 0236.477171

CONTENTS1. Studying English for Economics. Textual ApproachEconomic Systems Basic Types of Economic Systems. Part of a Social System Divisions of Economic Systems Generalities upon the Elements of a Business Letter. Short Review Specific Objectives of the Learning Unit Abstract Self-Evaluation Tests Key to the Self-Evaluation Tests Minimal Bibliography

2. Contract Letter -Request To Expedite PaymentsContract Letter -Request To Expedite Payments Language Approach -Part 1 Specific Objectives of the Learning Unit Abstract Self-Evaluation Tests Key to the Self-Evaluation Tests Minimal Bibliography

3. Studying English for Economics. Monetary Stability and Production. Textual ApproachMonetary Stability Manufacturing Modern Guilds Specific Objectives of the Learning Unit Abstract Self-Evaluation Tests Key to the Self-Evaluation Tests

Control test 4. Business

Correspondence -Letter of ReferenceBusiness Correspondence -Letter of Reference Language Approach -Part 2 Specific Objectives of the Learning Unit Abstract Self-Evaluation Tests Key to the SelfEvaluation Tests Control test Minimal Bibliography

List of References (A Selective Bibliography)

INTRODUCTIONThe module titled ENGLISH FOR ECONOMICS- III, which is studied in the second year, first semester, aims at obtaining specific skills pertaining to the knowledge and use of English by those working in an economic environment. After studying and learning the content of this module, you will acquire the following general skills: Performing practicai activities particular to this discipline with proficiently using various scientific research instruments and approaches. Reading, explaining and interpreting English texts Translating economic texts from English to Romanian and vice versa Developing a constructive and mature standpoint with regard to this scientific field as well as to other domains of interest involving similar skills Theframe objectives which I suggest you to attain are the following: ^Jjk ;; U - acquiring factual expertise of English grammar and economic vocabulary; - the substanial capability of resourcefully using English vocabulary in both * ; the written and spoken systems; - the consistent and systematic language development in view of scientifically approaching English texts belonging to different economic fields of interest; - proficiently using lexical units specific to economic activities; - efficiently operating with English commercial correspondence elements. The content is structured according to the following learning units: Studying English for Economics - Textual Approach Contract Lefter -Request To Expedite Payments Studying English for Economics -Monetary Stability and Production Business Correspondence -Letter ofReference

In the first studying unit titled Studying English for Economics - The Economic System you will acquire the following specific skills: - build up a text describing the main ideas in an economic reading unit; - write a paragraph describing your own opinion concerning the learning unit; - use certain words and expressions in drawing up a text of your own concerning the economic systems; - use elements of commercial correspondence.

After studying the contents of the unit and using the recommended bibliography, I suggest you should do the included set of exercises both for practice and seif- evaluaion.- In the second studying unit titled Contract Letter -Request To Expedite

Payments you will acquire the following specific skills: build up sentences using the key words in the learning unit; - use new elements of commercial correspondence; - use commercial abbreviations and acronyms. After dealing with the essential information from the first unit, go on to the third learning unit, i.e. Studying English for Economics - Monetary Stability and Production, which is to help you acquire a new amount of knowledge and also new skills, which are: - using key words from the learning unit, build up sentences which are further to be included in grammatically correct economic texts of your own; - compose sentences using terms from the sphere of manufacturing; - draw up a short business letter using as pattern the text of the learning unit. In order to assess your degree of knowledge assimilation, you will pass through a control test, which you will further receive corrected and added with the adequate strategy for you to use when learning the subsequent units. After studying the information presented, you will pass to the fourth unit -Business Correspondence -Letter of Refer ence - in which you will acquire new amounts of knowledge and new skills: - build up sentences using the key words in the learning unit; - use new elements of commercial correspondence; - use commercial abbreviations and acronyms. In order to assess your degree of knowledge assimilation, you will pass through a control test, which you will further receive corrected for a better understanding of your actual English performance. An efficient learning requires from you the observing of the following steps: Read the module very carefully; Use colours to mark essential information, note it on a paper or use the white space to put it down; Answer the questions and do the exercises; Imitate the final evaluation, proposing yourself a theme and dealing with it without using the written support; Compare the result with the course and explain why you have skipped over several sequences; In case you are not satisfied with your learning result, you should immediately restart the whole learning process from the very beginning. You will be administered control texts all along the studying process. You will answer all requirements in written, using the course support and the indicated extra-materials. You will be assessed according to the degree in which you succeeded in attaining the mentioned objectives. The accuracy of your doing the test, the presentation itself, and the promptness of your answer will be carefully taken into account. For further details and information do not hesitate to contact the indicated instructor.

1. STUDYING ENGLISH FOR ECONOMICS. THE ECONOMIC SYSTEM1.1. Economic Systems 1.2. Basic Types of Economic Systems. Part of a Social System 1.3. Divisions of Economic Systems 1.4. Generalities upon the Elements of a Business Letter. Short Review 1.5. Contract Letter -Request To Expedite Payments 1.6. Language Approach -Part 1 Specific Objectives of the Learning Unit Abstract Self-Evaluation Tests Key to the Self-Evaluation Tests Minimal Bibliography

Specific objectives: At the end of this chapter you will have the capacity to:

build up a text describing the main ideas in an economic reading unit; write a paragraph describing your own opinion concerning the learning unit; use certain words and expressions in drawing up a text of your own concerning the economic systems; use elements of commercial correspondence.

Average time estimatedfor the individual study: 8 hours

1.1. Economic SystemsAn economic system is the system of production, distribution and consumption of goods and services of an economy. Alternatively, it is the set of principles and techniques by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property. Examples of contemporary economic systems include capitalist systems, socialist systems, and mixed economies. "Economic systems" is the economics category that includes the study of respective systems. System Types "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 An economic system can be defined as a "set of methods and standards by which a society decides and organizes the allocation of limited economic resources to satisfy unlimited human wants. At one extreme, production is carried in a private-enterprise system such that all resources are privately owned. It was described by Adam Smith as frequently promoting a social interest, although only a private interest was intended. At the other extreme, following Karl Marx and Vladimir Lenin is what is commonly called a pure-communist system, such that all resources are publicly owned with intent of minimizing inequalities of wealth among other social objectives". Alternatively, 'economic system' refers to the organizational arrangements and process through which a society makes its production and consumption decisions. In creating and modifying its economic system, each society chooses among alternative objectives and alternative decision modes. Many objectives may be seen as desirable, like efficiency, growth, liberty, and equality.

BASIC BUSINESS TERMINOLOGY - ESSENTIAL VOCABULARY AND EXAMPLES advertising - show your products to customers through radio, television or newspapers "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. " booming - business is growing very fast "This year business is booming, so we can start thinking about increasing our investments. " borrow - getting money from someone else, or from a bank, which we must pay back later "We need to borrow $100,000 to expand our business. " brand- the name of a well-known product (McDonald's, Coca Cola, Volkswagen, etc.) "We'll need to borrow money for advertising, 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. They just broke even." bribe - secretly paying money to get special favors from a company or government 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 attention to advertising, marketing and building our sales staff. Oh, and we need to significantly increase our budget for English teachers! " calculate - to count, add, subtract, multiply, divide numbers "It's not hard to calculate - if we keep spending more money than we take in, we'll have to sell more! " 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 the purchase 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's business environment? " CFO - the top financial officer in a company "The CFO will be attending today's meeting to talk about fundamental accounting 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 she sells 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 still make 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 'II pay a large commission. Go to a bank instead " deadline - the time by which some project must be finished "We have to finish this by Friday. That's the final deadline. " 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 "Ifyou 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 increased demand " diversify - start many new businesses instead of doing just one "If we diversify, we can make more money, but sales of our main product may go 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 the company. "

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 or face 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 limit losses. " fund - to provide money in general "The CFO said the company plans to fund 50% of the project The rest will come from the government" gross - amount of money received from sales "We took in more than $100 million in gross sales last year. import - to bring goods into a country "When our currency is strong, we can import more goods into our own country. " incentive - a special price to get customers to buy "By offering a 15% discount as an incentive, we'll attract many new customers. " 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, I didn 't have enough to buy that new house. " inflation - rising prices "Rising energy prices have caused many other prices to increase. The rate of inflation has increased to 7%." install- to put in and prepare for use, as with a machine "Ifyou buy now, we 'II 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 the total 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 our inventory 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 our budget 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 well as for each installation! " maintain - keep a machine in good condition "Ifyou maintain this product, it will last for years. " management - the study of how to run a business and lead people "Iplan 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 the company's strategic goals." 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 net sales. " 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 the interest " process (verb) - get something ready.

"Please process his employement application, then send him to the accounting office. " 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 reporting financial reports "Last quarter was our best ever, and I am confident next quarter will be even better. " recruit - search for and choose workers "We'll need to recruit new employees before the factory starts operation. " refund - giving money back to the customer if there is a problem with the item you 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 with the CEO. " retail - selling to the final customer "The retail price is 150 euros, but you can buy it for less if you bargain. " retire -finish work after a long career (at age 65 in the U.S., 60 in Japan, 55 in China,..) "I've saved enough money for my retirement, but if I want to retire to Hawaii, I have 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 from state to state. " 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 with inflation. " saturated- too many companies producing the same product "The market for product A is already saturated We need to diversify if we wish to 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 on any sales after that." tariff- a tax on imports from another country "If the government puts a tariff on electronic products, sales will fall "

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 more and more popular "The trend towards more colorful fashion is getting stronger. We need to develop 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 to make 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 can extend 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 1Build up a ten-line paragraph describing the main ideas in the text.

1.2. Basic Types of Economic Systems. Part of a Social SystemAn economic system can be considered a part of the social system and hierarchically equal to the law system, political system, cultural, etc. There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism").

Many economic systems overlap each other in various areas (for example, the term "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 as capitalism). Mixed Economy (a compromise economic system that incorporates some aspects of the market approach as well as some aspects of the planned approach). 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 economic systems) 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 order to resolve the problems of economics 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 answering these basic questions, and different economic systems answer them differently. Vocabulary: THANKS AND APOLOGIES: thanks for your... help hospitality email I'm sorry I'm really sorry Tmi pare rau Tmi pare foarte rau multumesc pentru. ajutor ospitalitate email

COMMON QUESTIONS 1: where are you? what is this? what is that? what is this called? unde eti? ce este aceasta? ce este aceea? cum se numes.te aceasta?

Work Task 2Draw up a paragraph about five lines describing your own opinion concerning the learning unit.

1.3. Divisions of Economic SystemsTypically, "hands-on" economic systems involve a greater role for society and the state to pick goods and services, with the stated aim of ensuring social justice and a more equitable distribution of wealth or ameliorating market failures. Meanwhile, "hands-off' economic systems give more power to private businesses (and perhaps corporations) to make those decisions, rather than leaving them up to society as a whole, and often limit government involvement in the market economy. Often the primary concern of many "hands-on" economic systems that contain government involvement in market-oriented economies is usually egalitarianism, while the primary concern for traditional "hands-on" socialist economic systems was to rationalize production, better coordinate economic activity (and thus provide a superior form of economic organization and exchange to capitalism) and advance the productive forces of the economy from the perspective that the market mechanism of exchange was prone to systemic crises and inefficiencies; while the primary concern of "hands-off" economic systems is usually private property. Libertarians target individual economic freedom as a primary goal of their "hands-off policies, though in general, most types of economic systems claim that their system of economic organization is either most efficient or socially effective. The following list divides the main economic systems into "hands-on" and "hands-off," it attempts to structure the systems in a given section by alphabetical order and in a vertical hierarchy where possible. "Hands on" Systems "Hands-on" Private-oriented Systems A system in which large privately-owned entities control or direct the economy in their favor, or in which private shareholders own, and thus reap the profits, of enterprises that are operated by the state or by employee cooperatives. Fascist Economics State Corporatism

Capitalism State Capitalism

"Hands-on" State-oriented Systems Economic systems in which the state directs or controls economic activity through economic planning, with economic institutions being primarily publicly-owned. State Communism Socialism State Socialism Market Socialism Energy-Based Economics Feudalism Mercantilism "Hands-on" Communal-oriented Systems Economic systems in which a collective, such as a commune or worker cooperative, directs or plans large-scale economic activity, usually combined with 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 Systems Economic systems in which the economy is controlled privately in a usually decentralized fashion and operated based on market principles. Capitalism AnarchoCapitalism Laissez-Faire Capitalism

Corporate Capitalism Gift Economy Mutualism Syndicalism "Hands-off" State-oriented Systems Economic systems in which the state runs, owns and/or manages its own resources and enterprises in a free-market economy with minimal regulation and without 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 government regulation Mixed economies that are more market-oriented but contain a number of state-owned enterprises that operate in the market and are subject to market forces. "Hands-off" Communal-Oriented Systems Economic systems that are characterized by decentralized cooperative or collective 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 "Compromise" Mixed systems Economic systems that contain substantial state, private and sometimes cooperative ownership and operated in mixed economies - i.e, ones that contain substantial 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 PROUTalso known as Progressive Utilization Theory Indicative Planning also known as a planned market economy

COMMON QUESTIONS 2 is there anything wrong? what is the matter? is everything OK? really? are you sure? este ceva in neregula? care este problema? este totul in regula? serios? eti sigur?

Work Task 3Translate the following short sample of sales contract into English

CONTRACT DE VANZARE- CUMPARARE PENTRU UN VEHICUL FOLOSIT

1. VANZATOR PERSOANA FIZICA nr............................. PERSOANA Nr. inmatriculare

:

.....................................,

act

de

identitate

seria

...,

JURIDICA:

la Registrul Comertului ............................. Reprezentata prin ......................................................... Domiciliul / sediul in ..........................................., str. ...................................... nr ........ Bl.............. sc.......... Ap.......... sector/ judet ...................................................,cod .................

(Stampila in cazul persoanelor juridice)

2. CUMPARATOR PERSOANA FIZICA : ......................................................, act de identitate seria . . . , nr............................. PERSOANA JURIDICA: Nr. la Registrul Comertului ............................. Reprezentata prin ........................................................., Domiciliul / sediul in ..........................................., str. ...................................... nr ........ Bl.............. sc.......... Ap.......... sector/ judet ...................................................,cod ................. inmatriculare

(Stampila in cazul persoanelor juridice)

3. OBIECTUL CONTRACTULUI Vehiculul marca .......................................... tipul ....................., numar de identificare .............................................. Serie motor ................Cilindree ............ cmc, numar de inmatriculare ................, data la care expira inspectia tehnica periodica ..........................................., numarul cartii de identitate a vehiculului.......................

4. PRETUL

in

cifre

...........................

lei

,

in

litere

5. Vanzatorul mentionat la punctul (1) declara ca vehiculul este proprietatea sa, libera de orice sarcini. De asemenea, declara ca a predat cumparatorului mentionat la punctul (2) vehiculul, cheile, fisa de inmatriculare si cartea de identitate a vehiculului, primind de la acesta pretul prevazut la punctul (4) Cumparatorul mentionat la punctul (2) declara ca a primit de la vanzatorul mentionat la punctul (1) vehiculul, cheile, fisa de inmatriculare si cartea de identitate a vehiculului, achitand vanzatorului pretul mentionat la punctul (4).

Anexa la contract:

Da

Nu Semnatura vanzatorului

Locul incheierii contractului.............................................. Semnatura cumparatorului Data Incepand cu data semnarii, cumparatorul dobandeste calitatea de proprietar de drept si de fapt asupra vehiculului ce face obiectul prezentului contract de vanzare-cumparare, preluand toate obligatiile prevazute de lege, inclusiv cele legate de transcrierea vehiculului pe numele sau, in maxim 30 de zile.

Am luat la cunostinta (semnatura cumparator si stampila dupa caz)

1.4. Generalities upon the Elements of a Business Letter. Short ReviewThe heading is also the return address to which the recipient will refer when sending a response. The writer's name is not included in the heading, as it is appears in the complimentary close at the end of the letter. It should include only the street, city, state and zip code of the letter writer. Identifying words such as Avenue, Circle, Court, Drive, and Street should be spelled out rather than abbreviated. Doing so reduces the chances of a response being sent to an incorrect address. The date a letter is written should be placed below the writer's return address information. It is the final component in the heading of a business letter. The inside address contains the mailing information belonging to the recipient and should be justified to the left margin of the letter and placed two spaces below the date (for very short letters four spaces is acceptable). As in the heading, the inside address includes the street, city, state and zip code of the recipient, all of which should be placed below the name of the business or organization to whom the letter is being written. Identifying words such as Avenue, Circle, Court, Drive, and Street should be spelled out rather than abbreviated. When the recipient' name, title and position are known, they should be included as the first two lines in the inside address and placed directly above the name of the business or organization. The salutation is a greeting. Its placement belongs two spaces below the inside address and always justified to the left margin of the letter. It should include the title and full name of the recipient, followed by a colon. 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 favour of a first name. The titles Mr., Ms., Mrs., and Dr. are always abbreviated. Other titles, such as Professor and Senator are never abbreviated. Regardless of marital status women should always be addressed as Ms.-the only exception being when the recipient has personally expressed a desire to be addressed otherwise (Miss or Mrs.). Avoid gender-based salutations when it is not known if the recipient is a man or a woman. Dear Student: Dear Customer: Dear Resident: etc. are perfectly acceptable options for gender-neutral correspondence. An impersonal device may be preferable when addressing a letter to a large organization where the recipient's name is not likely to be known. For example, Attention: Accounts Receivable or Subject: Billing Error may replace more familiar forms of greeting. The salutation, To Whom It May Concern: is very out of date-very 20th Century.

The body of a business letter begins with two spaces below the salutation or attention-getting device. Each paragraph should be single-spaced and justified to the 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 visually balanced appearance on the page. In such instances it is appropriate to indent the first line of each paragraph. The complimentary close is placed two spaces below the last line of a letter's body. Customary expressions used to close a formal business letter include Thank you, Sincerely, Sincerely yours, and Yours truly. Less formal expressions such as Regards, Best regards, and Best wishes should be used only when the writer is addressing a business associate that is also a

friend.When the expression contains two words, such as Thank you, only the first word receives an initial upper case letter A comma follows all forms of a complimentary close. Allow four spaces between the complimentary close and the typed version of the writer's full name. The space between is reserved for a handwritten signature. The writer's job position or title should appear directly below his or her name. The writer's signature should be identical to the printed version except in those situations where the recipient is also a friend, in which case a first name only is fine. The additional notation is used in a number of specific situations. These notations should be placed two spaces below the position or title line following the writer's printed signature. When a letter references one or more documents that are enclosed by the writer for the recipient, the enclosure is noted in one of the follow ing ways: Enclosure: Wholesale Pricing Packet Enclosures Enc. (Encs.) When a letter has been dictated to an assistant it should be initialed. Both writer and assistant are acknowledged with their personal initials. The writer's will appear in uppercase letters and the assistant's will appear in lowercase letters in one of the following ways: EIB:pjc IMK/pjc When copies of a letter are sent to named business associates or other interested parties, the copy recipients are acknowledged with their full name as in the following example. cc: Ms. Michaela Jackson

Vocabulary ECONOMIC TERMS EXPLAINED 1: Market: an arrangement that allows people to make exchanges with one another; whenever and wherever people voluntarily make exchanges with one another. Market Economy: Using markets as the primary means of organizing and coordinating production. Also called capitalism or free enterprise. Goods: Physical products businesses produce. Tangible items of value. Services: Products you can't touch. Work performed; intangible items of value. COMMON QUESTIONS 3: why? why not? what happened? what's going on? what's happening? de ce? de ce nu? ce s-a Tntamplat? ce se Tntampla? ce se Tntampla?

INSTRUCTIONS 1: come in! please sit down could I have your attention, please? let's go! hurry up! hang on a second hang on a minute intra te rog ia un loc a^i putea sa fi^i aten^i,va rog? sa mergem! grabete-te! stai pu^in stai un minut

Sample of Faulty product Letter (Use letter headed paper showing home/business address and phone number) Name and address (of customer service department) Date Dear Sirs Faulty (xyz) product I'm afraid that the enclosed (xyz) product doesn't work. It is the third one I've had to return this month (see attached correspondence). I bought it from ABC stores at New town, Big County on (date). I was careful to follow the instructions for use, honestly. Other than the three I've had to return recently, I've always found your products to be excellent. I'd be grateful if you could send a replacement and refund my postage (state amount). I really appreciate your help. Yours faithfully Signature Enc.

BASIC BUSINESS IDIOMS WITH EXAMPLES 1. 800 pound gorilla - the biggest, most powerful group or company Example: "If we follow our plan to make this new software, we're going to have a lot of competition, including from the 800 pound gorilla, Microsoft "

2. (a rising tide that) lifts all boats - something that helps all people or all groups Example: " We 're only number three, but the current economic growth will lift all boats, so we're sure to make a profit this year. "

3. an old hand - a person who has long experience, especially in one place Example: "He can help us set up a new company. He's been working in this industry for many years and knows the language of business - he's really an old hand at this. "

4. at the 11th hour - very late, at the very last minute Example: "The negotiated until late at night and it seemed they would never agree. Finally, at the 11th hour, they came to an agreement "

5. on a shoestring - with limited money Example: "They started their company on a shoestring and built it up to one of the largest companies in the world! "

6. bring to the table - whatever you can possibly offer Example: "I will meet with Teacher Joe's new company to show him what we can bring to the table."

7. carve out a niche -find a special market that you can control Example: "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. "

8. deep pockets - have a lot of money Example: "If there is a price war, we won't win because we don't have deep enough pockets. "

9. down time - when equipment of facilities are not available, so you cannot work Example: "There will probably be a lot of down time at the conference, so I'm bringing a lot of paperwork."

10. (draw) a line in the sand - make final conditions that cannot be changed Example: "We have to draw a line in the sand so they will see that this is really our final

offer."

11. free ride - get benefit at no cost Example: "Of course we should make them pay for our travel expenses. WHy should we give them a free ride?"

12. from day one -from the beginning Example: "Teacher Joe has been providing the best English-learning web site from day one!"

13. get your foot in the door - have a small opportunity that can become a big opportunity in the future, if you do good work Example: "Right now, I just want to get my foot in the door, so they can see what I can do. Next year I hope to start moving up in the company. "

14. I need it yesterday - an informal way to say it is needed immediately Example: "Can I send that report to you later this afternoon? " "No! I need that report yesterday! "

15. a two-way street - both people or both groups can contribute or benefit from the situation

Example: "We want to help you, but we need your help too. It should be a two-way street. "

16. it will never fly - it won't be successful Example: "We don't have to worry about their idea competing with ours. It will never fly. "

17. it's a jungle out there - it's a difficult market with many, tough competitors Example: "Do you think a new company can survise without a unique product? It's a real jungle out there! "

18. jump through hoops - trying very hard (like a dog doing tricks!) Example: "He's a tough boss. All of his subordinates have to jump through hoops to prove their loyalty to the company. "

19. put your cards on the table - be completely honest Example: "I think it's time to put all of our cards on the table. Here's what we need.. "

20. learning curve - how much time needed to learn something new Example: "This new software has a long learning curve, so we have to give our staff enough time to learn how to use it well. "

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 and Service Provider as of the Effective Date. The Buyer and Service Provider are sometimes 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 domain and sub-domains of www.elance.com (the "Site"). All capitalized terms not defined in this Agreement have the meanings given to such terms in the Terms of Service Agreement ("Terms of Service") available at the Site, unless the context requires otherwise.

BACKGROUND AND INITIAL OBLIGATIONS.

1.1

The "Buyer" is:

Elance ID: Legal Name: Type of Legal Organization or Proprietorship: Jurisdiction of Organization: Address of Principal Place of Business:

1.2

The "Service Provider" is:

1.3

The "Project" is: Elance Proj ect ID: Elance Proj ect Name:

1.4 Milestone Deliverables. The Parties will submit the following "Milestone Deliverables," "Delivery Dates," and "Amounts" in the Web form at the "Business Terms" page for the Project on the Site:

Milesto ne Deliver able 1. 2. 3. 4. Final Delivery Date & Amount

Deliv ery Date

Amo unt

US$

1.5 Statement of Work. If Buyer and Service Provider have agreed to a written statement of work, written project plan, or other written communication to specify 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 may be appended to this Agreement as an Attachment.

1.6 Private Message Board; Upload. Service Provider will upload a true and correct 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 the Private Message

Board to confirm that the Agreement and any SOW posted on the Private Message Board are true and correct as fully executed. By entering into a course of dealing with each other in connection with the Project, Service Provider and Buyer are contractually agreeing to the terms and conditions of this Agreement, the Business Terms, and any SOW as posted on the Private Message Board, and to the further terms and conditions of the Terms of Service.

1.7 Escrow. The Parties [___]will / [_ __]will not require "Escrow" in the Business Terms for the Project. If Escrow is required, the Escrow Terms and Conditions 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 deliver the Work Product to Buyer, and Buyer will pay Service Provider for the Project Work Product, in accordance with the terms and conditions of this Agreement and the Terms of Service. As used in this Agreement, the "Work Product" means any and all work product developed by Service Provider as required to complete the Project and delivered to the Buyer in the performance of the Project, as specified in the Business Terms, the SOW, and this Agreement.

2.2 Performance. Service Provider will perform the services necessary to complete the Project in accordance with the procedures described on the Site, in a timely and professional manner, consistent with industry standards, at a location, place and time that Service Provider deems appropriate, and all in accordance with the Business Terms, the SOW, and this Agreement. The manner and means that Service Provider chooses to complete the Project are in Service Provider's sole discretion and control. In completing the Project, Service Provider agrees to provide its own equipment, tools, and other materials at its own expense.

2.3 Duration of Services. The duration of performance of services under this Agreement commences on the Effective Date and terminates on the Final Delivery Date set forth in Section 1.4 above, unless the Parties otherwise agree in a writing signed by both parties and uploaded to the Private Message Board

2.4 Change Control. "Provider" will provide "Buyer" project management with comprehensive status reporting on a regular basis. These reports will indicate the work activities performed, progress against project milestones, as well as any expenses incurred in the furtherance of this work to date.

Material deviations from the baseline scope and budget documented herein will be mutually reviewed and agreed by Provider and Buyer. The following provides the process to be followed for any such material change to the SOW:

A Change Request ("CR") will be the vehicle for requesting a change to the SOW. The CR will describe the change, the rationale for the change, the impact on the implementation timeline, and the impact on the Compensation. Both Provider and Buyer may initiate a CR. 2. The designated Project Manager of the requesting party will review the CR and determine whether to submit the CR to the other party. 3. Both Project Managers will review the proposed CR and either approve for further investigation or reject. Provider may specify additional charges for such investigation. If the investigation is authorized, the Project Managers will sign the estimation portion of the CR, which constitutes authorization for the investigative changes. The investigation will determine the effect that the implementation of the CR will have on compensation, schedule and other terms and conditions of the Agreement. 4. A written CR must be signed by both Buyer and Provider to authorize implementation of the CR.1.

3. COMPENSATION. Buyer will pay Service Provider the fee specified for the Project in accordance with the Business Terms, any SOW, and the Terms of Service. Payment will be made by Buyer to Service Provider through the Site in accordance with the Elance Payment Service and, if applicable, the Escrow Terms and Conditions, promptly upon each acceptance of the Project Work Product. Service Provider will be responsible for all expenses incurred in performing services under this Agreement, except and only to the extent expressly provided in this Agreement, the Business Terms, or SOW.

4. INDEPENDENT CONTRACTOR RELATIONSHIP Service Provider's relationship with Buyer will be that of an independent contractor, and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-

employee relationship. Service Provider (a) is not the agent of Buyer; (b) is not authorized to make any representation, contract, or commitment on behalf of Buyer; (c) will not be entitled to any of the benefits that Buyer makes available to its employees, such as group insurance, profit-sharing or retirement benefits (and waives the right to receive any such benefits); and (d) will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state, or local tax authority with respect to Service Provider's performance of services and receipt of fees under this Agreement. If applicable, Buyer will report amounts paid to Service Provider by filing Form 1099-MISC with the Internal Revenue Service, as required by law. Service Provider agrees to fill out form W-9 or W8-BEN, as applicable, and as required by Buyer. Service Provider agrees to accept exclusive liability for complying with 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 Service Provider under this Agreement. Buyer will not withhold or make payments for social security, unemployment insurance or disability insurance contributions, or obtain workers' compensation insurance on Service Provider's behalf. Service Provider hereby agrees to indemnify and defend Buyer against any and all such taxes or contributions, including penalties and interest. Service Provider agrees to provide proof of payment of appropriate taxes on any fees paid to Service Provider 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 techniques and all Intellectual Property Rights therein. The term "Intellectual Property Rights" means all trade secrets, copyrights, trademarks, mask work rights, patents and other intellectual property rights recognized by the laws of any country.

5.2 Background Technology. As used in this Agreement, the term "Background Technology" means all Inventions developed by Service Provider other than in the course of providing services to Buyer hereunder and all Inventions acquired or licensed by Service Provider that Service Provider uses in performing services under this Agreement or incorporates into Work Product. Service Provider will disclose any Background Technology which Service Provider proposes to use or incorporate. If

Service Provider discloses no Background Technology, Service Provider warrants that it will not use Background Technology or incorporate it into Work Product provided pursuant thereto. Notwithstanding the foregoing, unless otherwise agreed in the Project, Service Provider agrees that it will not incorporate into Work Product or otherwise deliver to Buyer any software code licensed under the GNU GPL or LGPL or any other license that by its terms requires, or conditions the use or distribution of such code on, the disclosure, licensing, or distribution of the Work Product or any source code owned or licensed by the Buyer.

5.3 License to Background Technology. Service Provider hereby automatically upon receipt of payment from Buyer, grants to Buyer a non-exclusive, perpetual, fullypaid and royalty-free, irrevocable and world-wide right, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works of, distribute, publicly perform, and publicly display 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 or future rights in the Background Technology incorporated or used in Work Product.

5.4 Ownership and Assignment of Work Product. Service Provider agrees that upon receipt of payment from Buyer, any and all Work Product will be the sole and exclusive property of Buyer. If Service Provider has any rights to the Work Product that are not owned by Buyer upon creation or embodiment, Service Provider hereby automatically upon receipt of payment from Buyer irrevocably assigns to such Buyer all right, title and interest worldwide in and to such Work Product. Except as set forth below, Service Provider retains no rights to use the Work Product and agrees not to challenge the validity of Buyer's ownership in the Work Product.

5.5 License to or Waiver of Other Rights. If Service Provider has any right to the Work Product that cannot be assigned by Service Provider, Service Provider hereby automatically upon receipt of payment from Buyer unconditionally and irrevocably grants to Buyer during the term of such rights, an exclusive, even as to Service Provider, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works of, distribute, publicly perform and publicly display 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 Service Provider has any rights to the Work Product that cannot be assigned or licensed, Service Provider hereby automatically upon receipt of payment

from Buyer unconditionally and irrevocably waives the enforcement of such rights, and all claims and causes of action of any kind against Buyer or related to Buyer's customers, with respect to such rights, and agrees, at Buyer's request and expense, to consent to and join in any action to enforce such rights.

5.6 Assistance. Service Provider agrees to assist Buyer in every way, both during and after the term of this Agreement, to obtain and enforce United States and foreign Intellectual Property Rights relating to Work Product in all countries.

6. Competitive or Conflicting Projects. Service Provider agrees, during the term of this Agreement, not to enter into a contract or accept an obligation that is inconsistent or incompatible with Service Provider's obligations under this Agreement. Service Provider warrants that there is no such contract or obligation in effect as of the Effective Date. Service Provider further agrees not to disclose to, deliver to, or induce Buyer to use any confidential information that belongs to anyone other than Buyer or Service Provider.

7. Confidential Information. Service Provider agrees that during the term of this Agreement and thereafter, except as expressly authorized in writing by Buyer, it (a) will not use or permit the use of Confidential Information (defined below) in any manner or for any purpose not expressly set forth in this Agreement; (b) will not disclose, lecture upon, publish, or permit others to disclose, lecture upon, or publish any such Confidential Information to any third party without first obtaining Buyer's express written consent on a case-by-case basis; (c) will limit access to Confidential Information to Service Provider personnel who need to know such information in connection with their work for Buyer; and (d) will not remove any tangible embodiment of any Confidential Information from Buyer's premises without Buyer's prior written consent. "Confidential Information" includes, but is not limited to, all information related to Buyer's business and its actual or anticipated research and development, including without limitation (i) trade secrets, inventions, ideas, processes, computer source and object code, formulae, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs, and techniques; (ii) information regarding products or plans for research and development, marketing and business plans, budgets, financial statements, contracts, prices, suppliers, and customers; (iii) information regarding the skills and compensation of Buyer's employees, contractors, and any other service providers; (iv) the existence of any business discussions, negotiations, or agreements between Buyer and any third party; and (v) all such information related to any third party that is disclosed to Buyer or to Service Provider during the course of Buyer's business ("Third Party Information").

Notwithstanding the foregoing, it is understood that Service Provider is free to use information that is generally known in the trade or industry, information that is not gained as a result of a breach of this Agreement, and Service Provider's own skill, knowledge, know-how, and experience.

8. SERVICE PROVIDER REPRESENTATIONS AND WARRANTIES. Service Provider hereby represents and warrants that (a) the Work Product will be an original work of Service Provider and any third parties will have executed assignment of rights prior to being allowed to participate in the development of the Work Product; (b) the Work Product will fully conform to the requirements and terms set forth on the Site and in the Project; (c) neither the Work Product nor any element thereof will infringe or misappropriate the Intellectual Property Rights of any third party; (d) neither the Work Product nor any 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 to third parties; (f) Service Provider has full right and power to enter into and perform this Agreement without the consent of any third party; (g) Service Provider has an unqualified right to grant the license to all Background Technology as set forth in the section titled "License to Background Technology"; and (h) Service Provider will comply with all laws and regulations applicable to Service Provider's obligations under this Agreement.

9. INDEMNIFICATION. Service Provider will defend, indemnify, and hold harmless Buyer against any damage, cost, loss or expense arising from a claim, suit or proceeding brought against Buyer alleging that any Work Product that Service Provider delivers pursuant to this Agreement or the Project: (i) infringes upon any intellectual property rights or (ii) misappropriates any trade secrets, of any third party.

10. INSURANCE. Service Provider, at its sole cost and expense, will maintain appropriate insurance in accordance with industry standards.

11.

TERMINATION.

11.1 Termination with Cause. Either party has the right to terminate this Agreement immediately in the event that the other party has materially breached the

Agreement and fails to cure such breach within fifteen (15) days of receipt of notice by the non-breaching party, setting forth in reasonable detail the nature of the breach. Buyer may also terminate this Agreement immediately in its sole discretion 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 upon Buyer's request at any other time, Service Provider will deliver to Buyer all of Buyer's property together with all copies thereof, and any other material containing or disclosing any Work Product, Third Party Information or Confidential Information.

11.3 Survival. The following provisions will survive termination of this Agreement: Sections titled "Intellectual Property Rights," "Confidential Information," "Service Provider Representations and Warranties," "Indemnification," "Return of Property," "Survival," and "General Provisions."

12. MULTI-EMPLOYEE SERVICE PROVIDER. Before any Service Provider employee or agent performs services in connection with this Agreement or has access to Confidential Information, the employee or agent and Service Provider must have entered into a binding written agreement expressly for the benefit of Buyer that contains provisions substantially equivalent to the sections of this Agreement titled "Engagement and Performance of Services" and "Intellectual Property Rights." Service Provider agrees (a) that its employees and agents will not be entitled to or eligible for any benefits that Buyer may make available to its employees; (b) to limit access to the Confidential Information to employees or agents of Service Provider who have a reasonable need to have such access in order to perform the services pursuant to this Agreement; and (c) to be solely responsible for all expenses incurred by any of its employees or agents in performing the services or otherwise performing its obligations under this Agreement, except as set forth in the Engagement.

13.

GENERAL PROVISIONS.

13.1 Governing Law and Venue. This Agreement and any action related thereto will be governed, controlled, interpreted, and defined by and under the laws of the State of California, without giving effect to any conflicts of laws principles that require the

application of the law of a different jurisdiction. Service Provider hereby expressly consents to the personal jurisdiction and venue in the state and federal courts for the county in which Buyer's or Elance's principal place of business is located for any lawsuit filed there against Service Provider 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 to be invalid or unenforceable, the other provisions of this Agreement will be unimpaired and the invalid or unenforceable provision will be deemed modified so 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 obligations herein, may not be assigned, subcontracted, delegated, or otherwise transferred by either party without the other's prior written consent, and any attempted assignment, subcontract, delegation, or transfer in violation of the foregoing will be null and void. The terms of this Agreement will be binding upon assignees.

13.4 Notices. Each party must deliver all notices or other communications required or permitted under this Agreement to the other party by posting it on the Private Message Board for the Project.

13.5 Injunctive Relief. Service Provider acknowledges that, because its services are personal and unique and because Service Provider will have access to Confidential Information of Buyer, any breach of this Agreement by Service Provider would cause irreparable injury to Buyer for which monetary damages would not be an adequate remedy and, therefore, will entitle Buyer to injunctive relief (including specific performance). The rights and remedies provided to each party in this Agreement are cumulative and in addition to any other rights and remedies available to such party at law or in equity.

13.6 Waiver. Any waiver or failure to enforce any provision of this Agreement on one occasion will not be deemed a waiver of any other provision or of such provision on any other occasion.

13.7 Export. Service Provider agrees not to export, directly or indirectly, any U.S. technical data acquired from Buyer or any products utilizing such data, to countries outside the United States, because such export could be in violation of the United States export laws or regulations.

13.8 Execution and Delivery; Binding Effect. The parties will evidence execution and delivery of this Agreement with the intention of becoming legally bound hereby, by completion of the following process on the Site:

(a) Uploading Party. One party (the "Uploading Party") will cause the definitive version of this Agreement ("Approved Version") to be approved by its duly authorized representative, and will upload the Approved Version to the Private Message Board for the Project with a message containing substantially the 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 the Approved Version has been approved by all necessary corporate action, and that the Uploading Party's performance of its obligations under the Approved Version 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 and delivered with the intention of creating a legally binding contract.

(b) Responding Party. The other party (the "Responding Party") will then inspect the Approved Version on the Private Message Board, and will cause the Approved Version to be approved by its duly authorized representative. Upon approval, the Responding Party will post a message on the Private Message Board containing substantially the following text:

"Responding Party hereby accepts the file named "[Filename.ext]" posted on [Insert Date and Time of upload], with the intention of being legally bound."

[Note: The Responding Party should NOT re-upload the Approved Version; instead the Responding Party should type the Filename, ext of the Approved Version, and Date and Time the Uploading Party uploaded it]

The Responding Party will thereby be deemed to represent and warrant that the Approved Version has been approved by all necessary corporate action, and that such Party's performance of its obligations under the Approved Version 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 and delivered with the intention of creating a legally binding contract.

(c) Counteroffers. If either Party uploads a modified version of this Agreement to the Private Message Board prior to the Responding Party's acceptance of a previously uploaded version pursuant to Section 13.8 (b) above, the Uploading Party's execution and delivery of the previously uploaded version will be deemed revoked, and the Parties must upload and accept the new version in accordance with Sections 13.8 (a) and (b) above in order to form a binding contract.

13.9 Entire Agreement. This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matters hereof and supersedes and merges all prior discussions between the parties with respect to such subject matters. No modification of or amendment to this Agreement, or any waiver of any rights under this Agreement, will be effective unless in writing and signed by Service Provider and Buyer. The terms of this Agreement will govern all Projects and services undertaken by Service Provider for Buyer. In the event of any conflict between this Agreement and the express written terms of an agreement applicable to an engagement, the express written terms of such agreement will govern, but only to the extent and with respect to the services set forth therein.

IN WITNESS WHEREOF, the parties have caused this Agreement to be approved by their duly authorized representatives and executed and delivered in accordance with the process of uploading and approval set forth in Section 13.8 above, with the intention of becoming legally bound hereby.

BUYER: PROVIDER:

SERVICE

Type Name and Title Name and Title

Type

If service provider is an individual, Service Provider must provide the following information for copyright registration purposes only:

Date of Birth:

Nationality or Domicile:

Work Task 4

s_____________

Use the elements above to build up a short economic text (ten sentences).

Minimal BibliographyCiuciuc, Olga; Eugenia Tanasescu (1998). English for Business Purposes, Essential English. Bucureti: Teora. Dictionary of Accounting, Economic and Financial Terms. (1998). Bucureti: Garamond Emerson, Paul (2008). Business English. Macmillan Evans, David (2003). Decisionmaker. Cambridge: Cambridge Universty Press. Mariana, Nicolae (2008). Corespondenta comerciala in limba engleza. Bucuresti: Editura Universitara. Powell, Mark (1996). Publications. Business Matters. Hove: Language Teaching

English for economics II

2. CONTRACT LETTER - REQUEST TO EXPEDITE PAYMENTS. LANGUAGE APPROACH 22.1. Contract Letter - Request to Expedite Payments

2.2. Language Approach -Part 1Definition and Position of Adjectives Definition and Examples Abstract Self-Evaluation Tests Key to the Self-Evaluation Tests Minimal Bibliography

2.1. Contract Letter - Request to Expedite PaymentsMr. Randall Peterson CEO, Contract Administration Wiscounsin Project Consolidated Trust 25535 North Riverbed Blvd 14 North West, Potomac Wiscounsin 060045

April 12, 2010

Dear Mr. Peterson,

Re: Request To Expedite Payment - Contract PLC-09-17542 Due to circumstances beyond our control, we have been unable to complete the final delivery phase of the exterior wharf retaining wall under the above-noted contract. All work has been completed except for the installation of the tiedown anchors which have not yet been received from the manufacturer. These are expected to arrive within four weeks and we plan to install them as soon as we receive them.English for economics II

In the meantime, we are experiencing a serious cash flow problem which is affecting our ability to complete a number of our other contracts; including the access road extension project (PLC- 10-21743). As you know, any delay in completion of the access road will have a negative impact on a number of other Phase 2 contracts. We therefore request that you immediately release payment for the abovenoted wharf retaining wall contract, subject to a 10% holdback to be payable on completion of the tie-down anchors. That arrangement will protect you while at the same time relieving the problems caused by our current cash flow difficulties. Accordingly, please find attached an invoice for the final progress payment of $67,575 for contract PLC-09-17542. If you have any questions at all please contact me immediately at 450-7523479. On behalf of our entire company I thank you in advance for your kind cooperation.

Yours sincerely, Charles Hill JR INSTRUCTIONS 2: one moment, please un moment, te rog just a minute stai o clipa

take your time nu te grabi don't worry don't forget help yourself go ahead let me know! nu-fi face griji nu uita servete-te n-ai decat s a ma anun^i!

Vocabulary - Lexical Review BANCA- BANK banca centrala - central bank banca emitenta - issuing bank banca eitenta a creditului - openind bank banca platitoare - paying bankEnglish for economics II

banca colectoare (incasatoare) - collecting bank banca de invesu'tii - investment bank banca nationals - national bank banca negociatoare - negotiating bank banca universala - full service bank Banca Europeans de Investitii - European Investment Bank/EIB Banca Europeans pentru Reconstructie i Dezvoltare - European Bank for Reconstruction & Development / EBRD Banca Internationals de reconstructie i Dezvoltare / BIRD - International Bank for Reconstruction & Development/IBRD

2.2. Language Approach -Part 1BRANDS

A. 1.2.

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

Are they International or national brands? What image and qualities does each one have? Use the following words and phrases to help you.Value for money top of the range Reliable luxurious durable stylish timeless inexpensive fashionable well-made cool sexy

3. Why do people buy brands? 4. Why do you think some people dislikes brands? 5. How loyal are you to the brands you have chosen? For example, when you buy jean, do you always buy Levi's

English for economics II

B. A recent survey named the brands below as the world's top ten. Which do you think is number one? Rank the others in order.Marlboro IBM Nokia Microsoft Mercedes Coca-cola General Electriclntel McDonald's Disney

Vocabulary Brand Management A. partnerships to their meanings. 1. Loyalty

Match these word

BRAND

PRODUCT 2. Image

a. the name given to a product by the company that makes it. b. using an existing name on another type of product c. the ideas and beliefs people have about a brand d. the tendency to always buy a particular brand e. how familiar people are with a brand f the set of products made by a company g. the use of a wellknown person to advertise products

3. stretching 4. awareness 5. name

6. launch

7. lifecycle

English for economics II

8. range

h. When products are used in films or TV programs i. The introduction of a product to the market j. the length of time people continue to buy a product

9. placement 10. endorseme nt

B.

Complete these sentences with word partnerships from exercise A

BRAND the creation of Virgin Cola, Virgin Air, Virgin Rail and Virgin bride is an example of... brand streching............. 2. Consumers who always buy Levi's when they need a new pair of jeans are showing................ 3. not enough people recognize our logo; we need to spent a lot more on raising1.

PRODUCT

David Beckham advertising Vodafone is an example of .. .product endorsement..... 2. A......................consists of introduction, growth , maturity and decline. 3. the use of BMW cars and Nokia phones in James Bond films are examples of................1.

C. Make sentences of your own using the word partnerships in Exercise A.

l.Why do some companies make luxury products abroad rather than at home? 2.Read the text and answer these questions.English for economics II

a. Which brands are mentioned? Do you know which country each is from? b. Which companies make all of their products in their own country?

Text:

Almost every fashion label outside the top super-luxury brands is either already manufacturing in Asia or thinking of it. Coach, the US leather goods maker, is a classis example. Over the past five years, it has lifted all its gross margins by manufacturing solely in low-cost markets. In March 2002 it closed its factory in Lares, Puerto Rico, its last company-owned plant, and outsources all its products. Burberry has many Asian licensing arrangements. In 2000 it decided to renew Sanyo's Japanese licence for 20 ten years. This means that almost half of Burberry's sales at retail value will continue to be produced under licence in Asia. At the same time however, Japanese consumers prefer the group's European-made products. Sanyo is now creating to this demand for a snob alternative to the Burberry products made in its factories across Asia by opening a flagship store in Tokyo's Ginza, where it sells Burberry products imported from Europe. In interviews with the FT, many executives says the top luxury brands will continue to be seen, particularly in Asia, as European. Domenico De Sole of Gucci says " The Asian Consumer really dos believe - whether it's true or not -that luxury comes from Europe and must be made there to be the best.' Serge Weinberg, Chief Executive of Pinault Printemps Redoute, which controls Gucci, says it will not move Gucci's production of shore. Yet some in the industry recognize that change may be round the corner even for the superluxury brands. Patrizio Bertelli, Chief Executive of Prada, says:' The "Made in Italy" label is important but what we are really offering is a style, and style is an expression of culture.' He therefore recognizes that quality fashion items may not always need to be produced in italy. Amitava Chattopadhyay, professor of marketing at Insead, the business school, says:' A brand is a set of associations in the mind of the consumer and one of these is the country of origin. . For luxury goods, the role of the brand is crucial. To damage it is a cardinal sin and no brand manager will want to get the balance between manufacturing location and the brand image wrong'.

English for economics II

Which of these statements are true? Correct the false ones.

1.2.

Coach has no longer factory in Puerto Rico. Coach, like many other companies, is outsourcing its product to reduce

costs. 3. Some Japanese people choose to buy Burberry products made in Europe rather than in Japan. 4. Sanyo's store in Tokyo sells Burberry's product made in Asia. 5. According to Domenico De Solle, the best luxury products are made in Japan. 6. Gucci is planning to outsource some of its products. 7. Partizio Bertelli believes that luxury fashion products should always be made in Europe 8. Amitava chattopadhyay says that companies need to pay careful attention to where they manufacture their products. 3. Choose the best summary of the article.

a. Most manufacturers of luxury brands do not wish to produce their goods in low-cost countries because their believe that it will damage their brand image. b. Most manufacturers of top brands now produce their goods in low cost countries. Consumers no longer care about where the products are manufactured. c. Asian consumers think that European luxury goods are of high quality. The current trend of making such goods in Asia could damage the reputation of these luxury brands. Language Review Present simple and present continuous.

The Present simple and Present continuous have several uses. We use the present simple to give factual information, for example about company activities. Coach outsources all its products. Does Burberry outsource its products? We use the present simple to talk about routine activities or habits. I always buy Armani suits. Do you usually buy designer brands?English for economics II

We use the present continuous to talk about ongoing situations and projects. Sanyo is now reacting to this demand. We use present contiuous to talk about temporary situations. We are testing a new brand at the moment.

A. Which of the time expressions below do we usually use with the present simple? Which of the time expressions do we usually use with the present continuous? Which are used with both? Usually Often Currently this year nowadays at the moment every day once a month these days now

B. Complete these sentences with the present simple or the present continuous 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 suggests something about the product's benefits and qualities. 3. a. L'Oreal.................... (sell) cosmetics and toiletries to customers around the world. b. This year L'Oreal........................(invest) over 180m in R & D. 4. a. The marketing department always ........................... (keep) within its budget. b. Because the company made a loss last year, the marketing department .................(try to reduce costs.

C. Complete the text below with the present simple or present continuous forms of the verbs in brackets.

English for economics II

At the moment I ........................ (work) for a cosmetics company. We offer a full range of cosmetic products and ........................... (sell) cosmetics and toiletries around the world. Our main cosmetics brand .................. (dominate) the French market and it ................... (do) well in the rest of Europe at the moment, too. In fact, the brand..................... (become) more and more popular throughout 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.

Text:

In 2003 the Harley Davidson brand was 100 years old. Although its brand image is based on the spirit of wild and rebellious youth such as Marlon Brando in the film The Wild One (1954), the typical consumer is very different. They are likely to be rich, middle-aged accountants trying to recapture their youth. The average age of Harley Davidson customers is 46 compared with 36 for the rest of the motorbike industry. At the party to celebrate the centenary, the surprise performance was actually Elton John, rather than the Rolling Stones who many people had expected. This caused many of the 150,000 riders and dealers to leave the event very unhappy. Although sales and earnings for Harley Davidson have been increasing for the past 18 years, many people see the trouble on the road ahead. The problem is Harley Davidson's typical customers from the baby -boom generation (1946 - 1964) and, as these customers get older, Harley Davidson may find its market shrinking.

a. What is the brand image of Harley Davidson? b. Why were many people unhappy about the music at the party? c. What problem could have Harley Davidson have in the future? d. What can Harley Davidson fo to preserve it sales? Should it change its brand image? Should it look for a new market segments? Should it stretch its brand?English for economics II

Text:

JCB is a world-famous engineering company. It was founded in 1945 by Joseph Cyril Bamford. He began his business working alone in a small garage. JCB makes construction and agricultural equipment such as tractors, earthmoving vehicles, and loading machines. Now its world headquarters in England is one of the finest engineering factories in Europe. The company produces over 130 different models on four different continents and sells a full range of equipment in over 150 countries. It is truly a global brand. JCB's research showed that its customers associated with the company with the following brand values :'yellow,'digger', and 'durable'. Adult saw the brand and being functional. Children, on the other hand, saw the brand as 'big', 'muddy' and 'fun'. JCB made a decision to stretch its brand.

1. 2.

Where does the name JCB come from? What was surprising about JCB's customer research? 3. What sort of products do you think JCB developed as a result of its research? 4. Can you think of a similar example of brand-stretching in your country? Useful Language

Asking for opinions suggestions How do you feel about.....? should.... What do you think? about... ? What's your opinion? we ... ? What's your view? could....

Agreeing That's true I agree Absolutely / exactly I think so too.

Making I think we How Why Perhaps don't we

Giving opinions I think......../I don't think............English for economics II

Disagreeing I see / know what you mean, but....

In my opinion........

I'm afraid I can't agree Maybe, but...

A. Answer these questions individually. Then compare your answers with a partner.

1. 2. 3.

How often do you travel by air, road and sea? What do you enjoy about traveling? What don't you enjoy? Put the following in order of importance to you when you travel? safety price reliability speed

Comfort

4.

Does the order change for different types of travel?

B. Choose the correct word from the box to complete the following list of things which irritate people when flying.

Seats

trolleys food

queues jet

luggage

Room cancellations

1. 2. 3. 4. 5. 6. 7.

Not enough leg.............. lost or delayed.......... long..................at check in poor quality.................... and drink no baggage..............available. overbooking of................ flight delays and................ 8................................-lag

Vocabulary British and American English

English for economics II

A. Match the words and phrases below which have the same meaning. For each pair decide which is British English and which is American English.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

subway city centre carry-on baggage one way return freeway rest room elevator coach class timetable car park

a. motorway b. lift c. public toilet d. schedule e. economy class, f single g. parking lot h. underground i. hand luggage j. round trip k. downtown.

Exercise: Use words or phrases from exercise A to complete the text below

My last overseas business trip was a nightmare from start to finish. First of all there was a delay on the way to the airport as there was an accident on the ..................When I got there I found the lower level of the airport........................ was flooded. Next my...............was closed and there were no cabs at all. After long time trying to read the............and waiting for forty minutes, we finally got a bus...................and found the hotel, but the.............................. wasn't working and our rooms were on the fifth floor.

Text:

Airlines and their long-suffering customers are reporting a steep climb in air rage incidents. Some incidents are apparently caused by problems which are familiar to many regular travellers. One case reported from America stemmed from an interminable delay in takeoff, when passangers were cooped up in their aircraft on the tarmac or our hours, without food, drink or information. Mass unrest is less common the individual misbehaviour, as in the case of the convictEnglish for economics II

who recently went crazy on a flight, attacked the crew and tried to open the door in mind flight. The psychology of air rage is a new are o study, and there are almost as many explanations as examples. Most analysis of the phenomenon blame alcohol, but many people now think that the airlines are at fault. To cut costs, they are cramming ever more passangers into their aircraft, while reducing cabin crew, training, and quality of service, all o which increase passenger frustration. In addition, there are increasing concern in the US about another cost-cutting exercise, which could seriously harm passengers' health: cabin ventilation. I. Modern aircraft are equipped with sophisticated air conditioning devices - but running them at.optimum capacity burns up valuable aviation fuel. Many airlines routinely instruct their flight crews to run the systems on minimum settings. Champaignes for improved air quality claim that this can lead to irritability and disorientation. In the US, the soaring number of passenger complaints across a wide range of issues is reflected in a number of new internet sites which criticize the airline and demand better service. One of the sites is demanding an air passengers' Bill of Rights. Cabin and flight crews, who are in the front line of the battle against disruptive and dangerous in-flight behaviour, have called for stiffer penalties against the offenders. Management have also called or legislation - while denying that its cost-cutting practices have contributed to the problem. But there are some signs, in the US at least, that the airlines are at last attempting to respond to customer dissatisfaction. Some major lines have announced concessions to the most frequent complaint for all, and are removing seats to make more room for their customers.

Exercises: A. COMPLETE EACH DIALOGUE WITH THE CORRECT FROM OF GOING TO OR WILL 1 A.I'm really sorry,I can't take you to the station .Something has just come up B.Oh,don't worry,!........(take) a taxi

2 A. We've chosen a name four new low-cost airline B.Really,What...............(you/call) it?English for economics II

3 A.Have you decided how to increase the number of passengers? B.Yes,we...........(offer) a family discount at weekends.

4

A.I can't send an e-mail to the travel agent;my computer's just crashe B. Write down your details and I.........(fax) them over for you. 5 A.How's your daughter?

B.She's fine.She...........(learn) to be a pilot for the flying doctor service next Year!

B.USE THE PRESENT CONTINUOUS OR THE PRESENT SIMPLE TO COMPLETE THE SENTENCES BELOW

l.His flight arrives / is arriving at 9 o'clock tomorrow morning. 2.We're staying / stay at the Hilton Hotel for next month's sales conference. 3.The next seminar is beginning / begins at 3 p.m 4.1 travel / am travelling by train from Paris to London next time. 5.The boat is departing / departs at midday so you have the whole morning to get ready. 6.The delegation from China are seeing / see the Chairman the following Monday

C. COMPLETE THE SENTENCES BELOW.USE GOING TO,WILL,THE PRESENT CONTINUOUS OR THE PRESENT SIMPLE.

l.I'm sorry,! can't attend the sales meeting tomorrow. 2.The marketing department have decided on their travel plans for the next month......English for economics II

3The trains are delayed because of bad weather,so.......... 4.Don't worry if you can't drive me to airport,................ 5.I've got the details of your flight to Turkey................. 6.Oh,no!There's been an accident and the traffic is very

Definition and Position of Adjectives Definition and Examples An adjective is a word used to denote some quality in the noun or pronoun to which it is accessory. The adjective is indeclinable in English (but has degrees of comparison), and generally precedes the noun, while in most other European languages it follows the inflections of the substantive, and is more commonly placed after it. the tall professor a solid commitment a month's pay a six-year-old child the unhappiest, richest man Large trees could be seen. They are happy. It should be noted that adjectives can be formed from two or more words combined by the use of hyphens. e.g. the three-month-old baby a ninety-dollar jacket a two-hour trip As illustrated in these examples, the nouns in such hyphenated expressions are generally in the singular. Thus, the singular forms of the nouns month, dollar and hour are used. If a group of words containing a subject and verb acts as a