Consumer goods from all over the world have become part of our standard of living. We are used to all sorts of products coming from faraway regions and climates. The following report is trying to illustrate how much our lifestyle depends on the international exchange of products in a free market. In particular it explains the terms “balance of trade” and “balance of payment” and describes the influence of the exchange rate. Finally, it will recommend the barriers to international trade. (80)
At the beginning of trade countries could only consume goods which were produced within their borders. But today, our market is flooded by foreign products. The reasons for this will have to be analyzed more closely. In analyzing the theory of trade and economic it is important to distinguish between absolute and comparative advantage. An absolute advantage occurs when a country is able to produce more goods or services with fewer resources than another country. In contrast, a country has a comparative advantage when it manufactures goods or services at lower opportunity costs than its trading partner. Consequently countries will benefit when they have a comparative advantage because they can produce anything more cheaply than the others. This brief illustration already indicates the mutual dependence of states exchanging their goods and services. International trade in a free market economy is to the benefit of all states and their citizens. Therefore all countries gain profits and improve welfare if they specialize and trade the goods or services in which they have a comparative advantage. (160)
The importing and exporting of goods is a big business in today’s global economy. For this reason it is very important that imports and exports are in balance. Economists use two different measurements. On the one hand there is the balance of trade which is the difference between merchandise exports and merchandise imports. It is a tool in order to measure any trade deficit or trade surplus. If a country has a balance of trade deficit, it imports more than it exports, and if it has a balance of trade surplus, it exports more than it imports. On the other hand there is the balance of payment. It is a statement of international monetary flows including all investment income flows and transfer payments. Consequently all trades are accounted in the BOP in order to determine how much money is going in and out of country. The balance of imports and exports is affected by the rate of exchange. The rates of exchange are the result of demand and supply for the currencies and to a certain degree they express the strength of a country’s economy. If the value of a currency deteriorates faster than the values of other currencies, imports get more expensive but exports might increase because exported goods are cheaper abroad. As a result it is very important to watch the exchange rate fluctuation because it have an important impact on BOT. (200)
In order to cope with international problems in trade a tendency to form large trading blocks has been found in recent years. States have agreed to cooperate in international organizations such as the European Union or the European Free Trade Association in order to reduce barriers to international trade. Very often, however, political changes bring the well functioning system in international trade in disorder. Then big economic crises may be the result. In order to avoid such a situation, governments often tend to forget the advantages of a free market. Not only do they try to retain jobs and protect home producers by enforcing import restrictions such as high customs fees, quota regulations or licensing system, but governments also promote exports by tax exemptions for companies and by granting subsidies.
Re: Answer Exercise 3 - Sonja PonsoldOriginal
This report guides through the two first steps in developing the formal organization structure of any business. Regardless of the firm’s size manager have to deal with two important questions: Who will do what and how can you group similar jobs together?
To begin with, the theoretical definition of answering the first question is “specialization”. Manager who are in charge of this task have to identify the jobs that need to be done to run the business successfully and furthermore designate the people who will do it. After that, the focus is on the departmentalization. As a result of this step all previously defined jobs are grouped into logical units. Due to the different business models the departmentalization can be performed with the focus on customers, products, processes, geographical issues and last but not least functions. However a mixture of all is quite possible. One must not forget that there are other activities like establishing the decision-making hierarchy (responsibilities, authorities, accountabilities and so forth) and defining the basic forms of organizational structure (for example matrix organisations) are important to run a business. Nevertheless a lack of accuracy in the first basic steps can lead to grave problems within the organisation and as a consequence while solving them; the company is not anymore focused on satisfying their costumer need.
Korrektur
This report guides the reader through the two first steps in developing the formal organization structure of any business. Regardless of the firm’s size,managers have to deal with two important questions: Who will do what and how can you group similar jobs together?
To begin with, the theoretical term through which to answer the first question is “specialization”. Managers who are in charge of this task have to identify the jobs that need to be done to run the business successfully and furthermore designate the people who will do them. After that, the focus is on the departmentalization. As a result of this step, all previously defined jobs are grouped into logical units. Depending on the different business models, departmentalization can be performed with the focus on customers, products, processes, geographical issues and, last but not least, functions. However, a mixture of all these options is quite possible. One must not forget that there are other activities like establishing the decision-making hierarchy (e.g. responsibilities, authorities, accountabilities and so forth) and defining the basic forms of organizational structure (e.g. matrix organisations) that are important in order to run a business. Nevertheless, a lack of accuracy in the first basic steps can lead to grave problems within the organisation. As a consequence, while solving them, the company may not be able to focus on satisfying their customers'needsanymore.
Inhaltlich spitze und einige sehr schöne Verbindungen/Formulierungen.
1) "the theoretical definition of answering the first question is": Das würde bedeuten: "Die theoretische Definition der Beantwortung der ersten Frage ist...": Passender ist: "the theoretical term through which to answer the first question is...": "Term" deshalb, weil Du in dem Satz einen Begriff angibst und keine Definition.
2) "Manager": Achtung! Manager im Plural ist "managers"
3) "Due to the different business models": Das bedeutet "Wegen der...", Du willst aber hier eher "Je nach...", und das wäre "Depending on"
4) "Nevertheless, a lack of accuracy in the first basic steps can lead to grave problems within the organisation and as a consequence while solving them; the company is not anymore focused on satisfying their costumer need." Hier entsteht aufgrund der Satzlänge ein Grammatikfehler, der Dir sonst wahrscheinlich nich passiert wäre. Im Zweifelsfall solche lange Sätze lieber auf zwei Sätze herunterbrechen.
Re: Answer Exercise 4 - Sonja PonsoldOriginal
While doing business on the international market companies face several trade barriers. Some of them are very obvious like social and cultural differences others are more economical triggered. This report deals with the third big barrier on the international market, the legal and political differences. To protect the own market and all actors in it, governments all over the world have to control the volume of imports. There are several measures to use:
Firstly, a quota which determines the import volume of special products to protect domestic producers. Secondly embargo, here the whole import or export of special products or all products from defined countries are forbidden. Next to the regulation of volume via trade restrictions government can levied taxes on imported products to influence the product sales. The tax burden leads to an increase in prices and, in case of a high price elasticity, consequently to a reduced demand. The next method is to pay money from governmental sources to the domestic suppliers to support them in competing with foreign firms. This legal measure is called subsidy and often be found in the agriculture area.
In conclusion there are several arguments in favour of barriers like job security, protecting domestic firms, sheltering trade new-comers and so on. In contrast to this, critics of protectionism insist on a free competition and the free market to provide a fair and open market place for all, importers and exporters. They believe in the natural economic forces demand and supply to regulate the market itself.
Korrektur
While doing business on the international market, companies face several trade barriers. Some of them are very obvious, like social and cultural differences, while others trigerred by economic factors. This report deals with the third big barrier on the international market, the legal and political differences. To protect the domestic market and all actors in it, governments all over the world have to control the volume of imports. There are several measures that can beused.
Firstly, imports can be reduced by implenting a quota, which determines the import volume of special products to protect domestic producers. Secondly,there is the possibility of an embargo. Here,any import or export of special products or all products from defined countries is forbidden. Next to the regulation of volume via trade restrictions,a government can levy taxes on imported products to influence the product sales. The tax burden leads to an increase in prices and, in case of a high price elasticity, consequently to a reduced level of demand. The next method is to pay money from governmental sources to the domestic suppliers to support them in competing with foreign firms. This legal measure is called a subsidy and is often found in the agricultural sector.
In conclusion, there are several arguments in favour of trade barriers, like job security, protecting domestic firms, sheltering trade new-comers and so on. In contrast to this, critics of protectionism insist on free competition and the free market to provide a fair and open market place for both importers and exporters. They believe that the natural economic forces of demand and supply will regulate the market by themselves.
Auch hier ausgezeichneter Inhalt und teilweise sehr gute, flüssige Formulierungen. Bei Dir sind es eher Flüchtigkeitsfehler, auf die Du bei der Prüfung besonders achten solltest.
1) "very obvious" ist zwar keineswegs ein Fehler, falls Du Dir aber "quite obvious" einprägen kannst, wäre es aber wesentlich eleganter.
2) "Firstly, a quota which determines the import volume of special products to protect domestic producers. ": Achtung Klassiker!Das ist eine Phrase, kein vollständiger Satz. Es fehlt ein Zeitwort vor "quota".
Re: Answer Ex. 2Original
The following report deals with the terms "absolue advantage" and "comparative advantage".
International trade is becoming increasingly important to most nations and their largest businesses. Many countries open their borders to foreign businesses, to new knowledge and to cooperate with foreign companies. In recent years a specific term has become more and more important, namely globalization.
Globalization means the process by which the world economy is becoming a single interdependent system.
Not every single country in the world is able to produce goods of every existing industry. So many countries opened their borders to export their main domestic products to international markets. Nowadays it is indispensable for being competitive to expand into foreign markets.
The world economy is being classified into three major marketplaces, North America, Europe and Asia. These regions accommodate most of the world’s largest markets, biggest corporations and highest income consumers.
As mentioned before, not every country is able to produce everything that it needs, so countries export what they are able to produce and import what they can not produce. So every single country has a competitive advantage. According to Thommen/Achleitner competitive advantage can be classified into two main different parts. Firstly the absolute advantage, and on the other hand the comparative advantage.
An absolute advantage exists when a country is able to produce cheaper or of higher quality than any other country. For example China has an absolute advantage in producing textiles, for of the reason that they can produce at low costs. China’s textile industry is able to produce cheaper than for example the US industry.
A country has a comparative advantage if it is able to produce goods more efficiently or better than other’s. For example Asian countries can produce electronic goods more efficiently than Europe.
Although international trade has advantages for countries, it may cause problems for a country’s Import-Export balance. That leads me to the definition of “balance of trade” and “balance of payments”.
The balance of trade is the value of all products imported minus the value of all exports. A negative balance of trade is called trade deficit, that means that more money is flowing out than in.
Balance of payments refers to the flow of money into or out of a country. In short, the money a country pays for imports and the money it receives for exports.
Of great importance are the barriers of international trade. Social and cultural differences are the main problems for exporting goods. Furthermore there are problems of economic differences or legal and political differences.
Legal or political differences can affect the trade by governments. For example governments may impose quotas or tariffs.
A quota is a restriction of the quantities of goods imported. The extreme form of a quota is an embargo In this case the government completely forbids the import of particular goods.
Tariffs are taxes that raise the price of imported goods. So consumers do not only have to pay the price of the good, they also have to pay tariff fees.
Korrektur
The following report deals with the terms "absolute advantage" and "comparative advantage".
International trade is becoming increasingly important to most nations and their largest businesses. Many countries have opened their borders to foreign businesses, to new knowledge and to cooperation with foreign companies. In recent years, a specific term has become more and more important, namely globalization.
Globalization is the process by which the world economy is becoming a single interdependent system.
Not every single country in the world is able to produce every type of goods or service. Therefore, many countries opened their borders to import products from international markets. Nowadays, it is indispensable to expand into foreign markets in order to be competitive.
The world economy is classified into three major marketplaces, North America, Europe and Asia. These regions accommodate most of the world’s largest markets, biggest corporations and highest income consumers.
As mentioned before, not every country is able to produce everything that it needs, so countries export what they are able to produce and import what they cannot produce. So every single country has a competitive advantage. According to Thommen/Achleitner, competitive advantage can be classified into two main components. Firstly,there is the absolute advantage, and on the other hand, the comparative advantage.
An absolute advantage exists when a country is able to produce cheaper or at a higher quality than any other country. For example, China has an absolute advantage in producing textiles, for the reason that it can produce at low costs. China’s textile industry is able to produce cheaper than, for example, the US industry.
A country has a comparative advantage if it is able to produce goods more efficiently or better than others. For example,a country has a comparative advantage if it can produce machines at lower opportunity costs than cars.
Although international trade has advantages for countries, it may cause problems for a country’s Import-Export balance. That leads me to the definition of “balance of trade” and “balance of payments”.
The balance of trade is the value of all products exported minus the value of all imports. A negative balance of trade is called a trade deficit, which means that more money is flowing out than in. The balance of payments refers to the flow of money into or out of a country. In short, it compares the money a country pays for imports and the money it receives for exports.
The barriers to international trade are of great importance. Social and cultural differences are the main barriers affecting the export of goods. Furthermore, there are barriers resulting from economic differences or legal and political differences.
Legal or political differences can affect the level of trade between companies. For example, governments may impose quotas or tariffs.
A quota is a restriction of the quantities of goods imported. The extreme form of a quota is an embargo In this case, the government completely forbids the import of particular goods.
Tariffs are taxes that raise the prices of imported goods. So consumers do not only have to pay the price of the good, they also have to pay tariff fees.
Inhaltlich glänzend und vor allem die zweite Hälfte enthielt sehr gute Formulierungen.
1) "Globalization means the process by": Als Faustregel kann man sagen, dass man "means" bei einer Definition nur dann anwenden sollte, wenn es möglich ist, als nächstes Wort ein Gerund anzusetzen. Ansonsten sollte man "is" verwenden.
2) "many countries opened their borders to export their main": Habe Dir das auf "import" geändert, weil der vorige Satz sich auf mangelndes Vorhandensein von Produkten bezieht.
3) "into two main different parts": Entweder "two main parts" oder "two different parts"
4) "The balance of trade is the value of all products imported minus the value of all exports": Ich weiss, dass diese Definition im Griffin/Ebert steht. Traditionell ist die Berechnung aber umgekehrt (d.h. Exporte-Importe). Ich würde bei der Prüfung beide Varianten akzeptieren (da im Buch).
5) "Of great importance are the barriers of international trade." Beginne einen Satz nie mit "Of great importance are...": das muss auf Englisch immer hinten stehen.
Re: Answer Ex. 2Original
This report is meant to discuss the four types of non-deposit institutions. First of all, there is the pension fund, which is a non-deposit pool of funds managed to ensure retirement income for the members.
A distinction between a public pension fund and a private pension fund has to be made. The former is normally set up by the government to provide retirement income to for different types of employees, e.g. government employees. The latter is privately organized and is operated by employers, unions or other private groups.
The second type of non-deposit institutions are insurance companies. These institutions invest collected funds, which are collected for insurance coverage. The funds are typically invested in stocks, bonds, real estate and other assets. The major advantage of insurance companies is that they provide “double service” to their costumers. Firstly, the companies provide insurance coverage and moreover, additional income through the investments made. As a negative aspect, it has to be mentioned that there is always the danger of loosing the invested money and as a consequence the loss of the insurance coverage.
Thirdly, so called finance companies which specialize in making loans to businesses and consumers have to be discussed. These companies provide funds in cases of liquidity shortages. This new additional funds give the companies the possibility to keep their company in business. Nevertheless, the lending party has to pay the instalments and interest payments – if this doesn’t happen, the finance companies will take measures to be compensated for the funds provided.
Finally, securities investment dealers buy and sell stocks and bonds both for investors and for their own accounts. Due to the large amount of money invested, these companies are able to achieve enormous returns.
Korrektur
This report is meant to discuss the four types of non-deposit institutions. First of all, there is the pension fund, which is a non-deposit pool of funds managed to ensure retirement income for the members.
A distinction between a public pension fund and a private pension fund has to be made. The former is normally set up by the government to provide retirement income for different types of employees, e.g. government employees. The latter is privately organized and is operated by employers, unions or other private groups.
The second type of non-deposit institutions are insurance companies. These institutions invest collected funds, which are collected for insurance coverage. The funds are typically invested in stocks, bonds, real estate and other assets. The major advantage of insurance companies is that they provide “double service” to their costumers. Firstly, the companies provide insurance coverage and moreover, additional income through the investments made. As a negative aspect, it has to be mentioned that there is always the danger of losing the invested money and as a consequence the loss of the insurance coverage.
Thirdly, so called finance companies, which specialize in making loans to businesses and consumers, have to be discussed. These companies provide funds in cases of liquidity shortages. These new additional funds give the companies the possibility to keep their company in business. Nevertheless, the lending party has to pay the instalments and interest payments – if this doesn’t happen, the finance companies will take measures to be compensated for the funds provided.
Finally, securities investment dealers buy and sell stocks and bonds both for investors and for their own accounts. Due to the large amount of money invested, these companies are able to achieve enormous returns.
Re: Answer Ex. 2Original
The two terms absolute and comparative advantage are fairly different. Absolute advantage refers to the fact, that one party can produce the same amount of output with less input. An example helps to illustrate this definition: A is able to produce a car with 5 hours of labour; B does the same things with 3 hours of labour. As a consequence, B has the absolute advantage.
On the other side, there is the expression comparative advantage. It refers to the situation, where one company produces one good more efficiently, which means that it has to sacrifice less other products in order to produce on product. Here the term opportunity costs come into play. Opportunity costs are always expressed in terms of number of goods not produced in order to produce another good. Again, an example is helpful: A produces can produce 3 cars or 2 bikes. B is able to produce 2 cars or 2 bikes. So A has to comparative advantage in producing cars and B has to comparative advantage in producing bikes, as both have to give up less units of one good in order to produce another good.
These two expressions are especially important in order to determine whether there are benefits from international trade. Trade is only beneficial, if both countries trading have the comparative advantage in producing one good, which will always be the fact because even when a country has the absolute advantage in producing either good, it is impossible for one country to have the comparative advantage for both goods.
Korrektur
The two terms absolute and comparative advantage are quite different from one another. Absolute advantage refers to the fact that one party can produce the same amount of output with less input. An example helps to illustrate this definition: A is able to produce a car with 5 hours of labour; B achieves the same result with 3 hours of labour. As a consequence, B has the absolute advantage.
On the other side, there is the expression "comparative advantage". It refers to the situation where one company produces one good more efficiently than others, which means that it has to sacrifice less other products in order to produce one product. Here the term opportunity costs come into play. Opportunity costs are always expressed in terms of number of goods not produced in order to produce another good. Again, an example is helpful: Producer A can produce 3 cars or 2 bikes. B is able to produce 2 cars or 2 bikes. So A has the comparative advantage in producing cars and B has the comparative advantage in producing bikes, as both have to give up less units of one good in order to produce another good.
These two expressions are especially important in order to determine whether there are benefits from international trade. Trade is only beneficial if both countries trading have the comparative advantage in producing one good, which will always be the fact because even when a country has the absolute advantage in producing either good, it is impossible for one country to have the comparative advantage for both goods.
Ebenfalls spitze gemacht. Vor allem die Definition des Comparative Advantage ist Dir exzellent gelungen.
1) "the fact, that one party can": Achtung! Wenn "that" als Übersetzung für "dass" verwendet wird, darf davor nie ein Komma stehen.
Re: Answer Ex. 2Original
These report deals with the necessary steps, a manager has to take in order to establish a formal organizational structure. The two key words in this situation are specialization and departmentalization.
Specialization refers to determining who performs which tasks. This process of identifying the specific jobs that need to be performed and designating the people who shall perform them leads to job specialization. Of course, a company normally only has one major job to perform (e.g. Microsoft produces software) but to be in the position to perform this “main job”, the management has to break it down and assign the different tasks to the employees.
The second step managers have to take to develop a formal structure is called departmentalization. Here, employees are grouped into logical units to enable them to perform theirs tasks more efficiently. Moreover, having separate departments in a company has the advantage that each department can be treated as a profit center – a separate company unit responsible for its own costs and profits. Designing departments can happen along customer, product, process, geographic or functional lines.
Korrektur This report deals with the necessary steps a manager has to take in order to establish a formal organizational structure. The two key words in this situation are specialization and departmentalization.
Specialization refers to determining who performs which tasks. This process of identifying the specific jobs that need to be performed and designating the people who shall perform them leads to job specialization. Of course, a company normally only has one major job to perform (e.g. Microsoft produces software) but to be in the position to perform this “main job”, the management has to break it down and assign the different tasks to the employees.
The second step managers have to take to develop a formal structure is called departmentalization. Here, employees are grouped into logical units to enable them to perform their tasks more efficiently. Moreover, having separate departments in a company has the advantage that each department can be treated as a profit center – a separate company unit responsible for its own costs and profits. Designing departments can occur along customer, product, process, geographic or functional lines.
Bravo.
1) "Designing departments can happen along" ist grammatikalisch völlig richtig. Bei Deinem English-Level würde ich hier aber eher "occur" empfehlen, da eleganter.
Re: Answer Ex. 2Original
Governments can influence the level of imports in a number of ways. Firstly, quotas, tariffs and subsidies influence imports significantly. Quotas restrict the number of products of a certain type, which are allowed to be imported. So quotas determine the quantity imported. Tariffs are taxes on imported goods. They can be seen as “punishment” for importing a good and can occure in two forms. Revenue tariffs are meant to create additional income for the government. Protectionist tariffs, which are more common, shall discourage imports to protect the domestic producers. Subsidies have the same goal. They are payments to domestic producers to improve their competitive position.
Another possibility for a country to control the number of imports is to impose local content law to set specific requirements for products sold in a country. So if a company wants to sell its goods in a country, the product has to meet these requirements.
Finally, business practise law is a very effective way of discouraging imports by imposing certain laws and regulation which govern business practices in a country. Typically, business-hour restrictions within the European union influence new foreign competitors significantly.
In summary, therefore, it has to be mentioned that a country has tons of possibilities to protect the domestic market participants. As a consequence, it can be extremely difficult for a company to enter a foreign market, if the government doesn´t want new foreign competitors in the market.
Korrektur
Governments can influence the level of imports in a number of ways. Firstly, quotas, tariffs and subsidies influence imports significantly. Quotas restrict the number of products of a certain type which are allowed to be imported. So quotas determine the quantity imported. Tariffs are taxes on imported goods. They can be seen as “punishment” for importing a good and can occur in two forms. Revenue tariffs are meant to create additional income for the government. Protectionist tariffs, which are more common, discourage imports to protect the domestic producers. Subsidies have the same goal. They are payments to domestic producers to improve their competitive position.
Another possibility for a country to control the number of imports is to impose local content law to set specific requirements for products sold in a country. So if a company wants to sell its goods in a country, the product has to meet these requirements.
Finally, business practise law is a very effective way of discouraging imports by imposing certain laws and regulation which govern business practices in a country. Typically, business-hour restrictions within the European Union influence new foreign competitors significantly.
In summary, therefore, it has to be mentioned that a country has tons of possibilities to protect the domestic market participants. As a consequence, it can be extremely difficult for a company to enter a foreign market if the government doesn´t want new foreign competitors in the market.
Re: Practicing Report Phrases June-July 2006 Original
According to Griffin/Ebert non-deposit institutions can be defined as organizations that take in money, provide interest or other services and make loans. The four most important ones are pension funds, insurance companies, finance companies and securities investment dealers or brokers.
Firstly, a pension fund collects funds of its members to provide retirement income for them. In Austria there are two different types of pension funds, the public ones for Social Security and the private ones. The big advantage of private pension funds is that they offer an additional retirement income after the member has retired. On the other hand, public pension funds only offer a very small retirement income because of the demographic situation.
Besides pension funds, insurance companies are also non-deposit institutions. They collect premiums from its members and provide coverage against losses. So, for example, if a member of a car insurance company has an accident, the institution pays for the damage. On the other hand, if a person has no insurance, they have to bear the damage themselves.
Thirdly, finance companies are specialized in making loans to either businesses or consumers. On the one hand for consumers it’s very easy to receive a loan from a finance company but on the other hand they often charge very high interest rates.
Finally, there are also securities investment dealers or also called brokers. These brokers buy and sell stocks and bonds on stock exchanges for investors. For the investors that means they don’t have to manage their stocks and bonds themselves. As a big disadvantage, these brokers sometimes collect high fees for managing the funds.
Korrektur
According to Griffin/Ebert, non-deposit institutions can be defined as organizations that take in money, provide interest or other services and make loans. The four most important ones are pension funds, insurance companies, finance companies and securities investment dealers or brokers.
Firstly, a pension fund collects funds from its members to provide retirement income for them. In Austria, there are two different types of pension funds, namely the public Social Security and the private ones. The big advantage of private pension funds is that they offer additional retirement income after the member has retired. On the other hand, public pension funds only offer very low retirement income because of the demographic situation.
Besides pension funds, insurance companies are also non-deposit institutions. They collect premiums from their members and provide coverage against losses. So, for example, if a member of a car insurance company has an accident, the institution pays for the damage. On the other hand, if a person has no insurance, they have to bear the damage themselves.
Thirdly, finance companies are specialized in making loans to either businesses or consumers. On the one hand, it’s very easy for consumers to receive a loan from a finance company but on the other hand, they are often charged very high interest rates.
Finally, there are also securities investment dealers, also called brokers. These brokers buy and sell stocks and bonds on stock exchanges for investors. For the investors, that means they don’t have to manage their stocks and bonds themselves. As a big disadvantage, these brokers sometimes collect high fees for managing the funds.
Sehr gut geschrieben.
1) "collects funds of its members" ist nicht falsch, man würde aber eher "from" verwenden.
2) "income" hat keinen unbestimmten article (d.h. nie "an" , ausser in Kombination mit einem anderen Hauptwort (z.B. "an alternative source of income"
3) "for consumers it’s very easy to" ginge nur in der Reihenfolge, wenn nach dem consumers ein Komma wäre (eine jener Situationen, wo ein Komma wirklich notwendig ist)
Re: Practicing Report Phrases June-July 2006 Original
This report deals with various methods how a country can reduce the level of imports.
As a first measure, Griffin/Ebert describe the possibility of setting quotas. A quota restricts the quantity of a particular product that can be imported. Because of this restriction the supply of the good is limited and as a result the price increases.
The ultimate quota is called an embargo. The government forbids the import of a particular product or even of all products of a particular nation to be imported.
Besides quotas, a country can also set tariffs on imports. These tariffs raise the price of the imported goods. Griffin/Ebert distinguish between two forms of tariffs, the revenue and the protectionist tariff. With a revenue tariff the government wants to earn an additional income. A protectionist tariff on the other hand, should protect the domestic companies. Another method to protect local producers are subsidies. These are payments by the government that help the domestic companies to produce their goods cheaper than their foreign competitors.
Furthermore, the government can pass so called local content laws. These laws require that a foreign product has to be at least partially made in the importing country. Another legal activity would be to prohibit certain business practices, as for example cartels or dumping. Cartels are associations of producers that aim to control the supply and so the price of a good. On the other hand, dumping, means that a company sells its product abroad for less than the cost of production.
Korrektur
This report deals with various methods for how a country can reduce the level of imports.
As a first measure, Griffin/Ebert describe the possibility of setting quotas. A quota restricts the quantity of a particular product that can be imported. Because of this restriction, the supply of the good is limited and as a result, the price increases.
The ultimate quota is called an embargo. The government forbids the import of a particular product or even of all products of a particular nation .
Besides quotas, a country can also set tariffs on imports. These tariffs raise the prices of the imported goods. Griffin/Ebert distinguish between two forms of tariffs, the revenue and the protectionist tariff. With a revenue tariff, the government wants to earn additional income. A protectionist tariff, on the other hand, should protect the domestic companies. Another method to protect local producers are subsidies. These are payments by the government that help the domestic companies to produce their goods cheaper than their foreign competitors.
Furthermore, the government can pass so called local content laws. These laws require that a foreign product has to be at least partially made in the importing country. Another legal activity would be to prohibit certain business practices as, for example, cartels or dumping. Cartels are associations of producers that aim to control the supply and, thereby, the price of a good. On the other hand, dumping means that a company sells its product abroad for less than the cost of production.
Re: Exer.1Original
The following report will discuss the four types of non-deposit instituions.
The key question at hand is what is a non-deposit instituion? According to Griffin/Ebbert, a non-deposit instituion is a financial instituion that doesn't accept deposits, but it provides interest and makes loans.
Non-deposit instituions are: pension funds, insurance companies, finance companies and securities dealer.
A pension fund provides retirement income by pooling funds of its members. One advantage is that the members don't have to take care for their retirement income theirselves. A disadvantage is that the interest rates are low. According to Griffin/Ebbert, insurance companies provide coverage against losses by pooling funds of its investors. This guarantees that an investor who suffers a loss, gets financial help. The disadvantage of this instituion is, that an investor who never suffers a loss doesn't get back his paid in funds. This leads me to the next instituion. A finance company is specialized in granting loans to businesses and consumers. This can be illustrated by means of the following example: Mr. X buys a car of the car dealer Z. The car dealer Z is not only a car dealer, but it is also a finance company that helps Mr. X financing his car by granting him a loan. The advantage of this is, that it is very uncomplicated to get a loan. One disadvantage is that the interest rate is very high.
A securies dealer is for example a broker. A broker deals with stocks and bonds of his customers, but he nerver owns them. Altough his service is very expensive, it is very important to have one, because he has the necessary skils to generate profits.
Korrektur
The following report will discuss the four types of non-deposit institutions.
The key question at hand is: What is a non-deposit instituion? According to Griffin/Ebbert, a non-deposit instituion is a financial institution that doesn't accept deposits, but it provides interest and makes loans. Some examples for non-deposit instituions are pension funds, insurance companies, finance companies and securities dealers.
A pension fund provides retirement income by pooling funds of its members. One advantage is that the members don't have to take care of their retirement income by themselves. A disadvantage is that the interest rates are low. According to Griffin/Ebbert, insurance companies provide coverage against losses by pooling funds of their investors. This guarantees that an investor who suffers a loss gets financial help. The disadvantage of this institution is that an investor who never suffers a loss doesn't get back his paid-in funds. This leads me to the next instituion. A finance company is specialized in granting loans to businesses and consumers. This can be illustrated by means of the following example: Mr. X buys a car from the car dealer Z. The car dealer Z is not only a car dealer, but is also a finance company that helps Mr. X finance his car by granting him a loan. The advantage of this is that it is very easy to get a loan. One disadvantage is that the interest rate is very high. An example for a securies dealer is a broker. A broker deals with the stocks and bonds of his customers, but he never owns them. Although his service is very expensive, it is very important to have one, because he has the necessary skills to generate profits.
Ausführlich beantwortet!
1) "The key question at hand is what is a non-deposit instituion? " Entweder: "The key question at hand is: What is a non-deposit instituion?" oder "The key question at hand is what a non-deposit instituion is."
2) "is, that": Wo "that" als Übersetzung für "dass" verwendet wird, sollte davor nie ein Komma stehen.
3) "very uncomplicated": Zwar nicht grammatikalisch falsch, aber man würde "very easy" sagen.
4) "A securies dealer is for example a broker." Es ist immer gut, solche Beispielsätze mit "An example for X" zu beginnen.
Re: Money and BankingOriginal
The following report deals with understanding money and banking. In particular it explains the different financial institutions.
According to Griffin, money includes any object that is portable, divisible, durable, and stable and that serves as a medium of exchange, a store of value, and a unit of account. Money serves the medium of exchange function by eliminating the need for a barter account. In the form of currency, money can be used for future purchases and allows people to “store value” Money is an account, allowing people to measure the relative value of goods and services.
This leads me to the two measures of the money supply. First, is called “M1”, includes the currency, demand deposits and other checkable deposits. By contrast “M2” includes all the components of M1 plus time deposits, money market mutual funds and saving deposits. M2 is considered the most reliable measure of the money supply.
The main function of financial institutions is to ease the flow of money from sectors with surpluses to sectors with deficits. The most common types of financial institutions are commercial banks, savings and loans associations, mutual savings banks and non-deposit institutions.
The Commercial banks range from the very largest institutions in New York. Bank liabilities include checking accounts and savings account and accepted deposits that it uses to make loans and earn profits. On the other hand the S&L institution accepted deposits and making loans primarily for home mortgages.
The mutual savings bank, all depositors are considered owners of the bank. All profits are divided proportionately among depositors, who receive dividends.
Finally, the non-deposit institutions are a variety of other organizations. Four of the most important are pension fund, insurance companies, finance companies and securities investment dealer or broker.
A pension fund is a non-deposit pool of funds managed to provide retirement income for its members. Public pension funds include Social Security and retirement programs for state and local government employees. On the other hand private pension funds are operated by employers, unions, and other private groups.
The insurance company collect large pools of funds from the premiums charged of coverage. Funds are invested in stocks, real estate, and other assets.
Thirdly non-deposit institutions called Finance Company that engaged in making loans to individuals or businesses. Comparing with a bank, it does not receive deposits from the public.
The S&L institution buys and sells stocks and bonds both for investors and for its own accounts. These companies hold large sums of money for transfer between buyers and sellers.
To conclude, it can be said that it is important to know the main difference between the financial institutions to avoid any mistakes.
Korrektur
The following report deals with understanding money and banking. In particular, it explains the different financial institutions.
According to Griffin, money includes any object that is portable, divisible, durable, and stable and that serves as a medium of exchange, a store of value, and a unit of account. Money serves the medium of exchange function by eliminating the need for a barter account. In the form of currency, money can be used for future purchases and allows people to “store value”. Money is an account, allowing people to measure the relative value of goods and services.
This leads me to the two measures of the money supply. First, “M1” includes the currency, demand deposits and other checkable deposits of an economy. In contrast, “M2” includes all the components of M1 plus time deposits, money market mutual funds and saving deposits. M2 is considered the most reliable measure of the money supply.
The main function of financial institutions is to ease the flow of money from sectors with surpluses to sectors with deficits. The most common types of financial institutions are commercial banks, savings and loans associations, mutual savings banks and non-deposit institutions.
Commercial banks range from the very largest institutions in New York to small institutions in villages. Bank liabilities include checking accounts and savings account and accepted deposits that a commercial bank uses to make loans and earn profits. On the other hand,an S&L institution accepts deposits and makes loans primarily for home mortgages.
In the case of a mutual savings bank, all depositors are considered owners of the bank. All profits are divided proportionately among depositors, who receive dividends.
Finally, the non-deposit institutions are a variety of other organizations. Four of the most important are pension funds, insurance companies, finance companies and securities investment dealers or brokers.
A pension fund is a non-deposit pool of funds managed to provide retirement income for its members. Public pension funds include Social Security and retirement programs for state and local government employees. On the other hand, private pension funds are operated by employers, unions, and other private groups.
An insurance company collects large pools of funds from the premiums charged for coverage. Funds are invested in stocks, real estate, and other assets.
Thirdly, non-deposit institutions called finance companiesengage in making loans to individuals or businesses. Compared with banks, they do not receive deposits from the public.
An S&L institution buys and sells stocks and bonds both for investors and for its own accounts. These companies hold large sums of money for transfer between buyers and sellers.
To conclude, it can be said that it is important to know the main differences between the financial institutions to avoid any mistakes.
Sehr ausführlich beantwortet - toll! Auf der Prüfung ist es aber nicht nötig, so weit auszuholen.
1) "First, is called “M1”, includes" Das "is called" muss man bei solchen Sätzen weglassen (bzw. in zwei Sätze splitten.)Bearbeitet von: GerhardFenkart am: 6/30/06 16:08
Re: report Original
Consumer goods from all over the world have become part of our standard of living. We are used to all sorts of products coming from faraway regions and climates. The following report is trying to illustrate how much our lifestyle depends on the international exchange of products in a free market. In particular it explains the terms “balance of trade” and “balance of payment” and describes the influence of the exchange rate. Finally, it will recommend the barriers to international trade. (80)
At the beginning of trade countries could only consume goods which were produced within their borders. But today, our market is flooded by foreign products. The reasons for this will have to be analyzed more closely. In analyzing the theory of trade and economic it is important to distinguish between absolute and comparative advantage. An absolute advantage occurs when a country is able to produce more goods or services with fewer resources than another country. In contrast, a country has a comparative advantage when it manufactures goods or services at lower opportunity costs than its trading partner. Consequently countries will benefit when they have a comparative advantage because they can produce anything more cheaply than the others. This brief illustration already indicates the mutual dependence of states exchanging their goods and services. International trade in a free market economy is to the benefit of all states and their citizens. Therefore all countries gain profits and improve welfare if they specialize and trade the goods or services in which they have a comparative advantage. (160)
The importing and exporting of goods is a big business in today’s global economy. For this reason it is very important that imports and exports are in balance. Economists use two different measurements. On the one hand there is the balance of trade which is the difference between merchandise exports and merchandise imports. It is a tool in order to measure any trade deficit or trade surplus. If a country has a balance of trade deficit, it imports more than it exports, and if it has a balance of trade surplus, it exports more than it imports. On the other hand there is the balance of payment. It is a statement of international monetary flows including all investment income flows and transfer payments. Consequently all trades are accounted in the BOP in order to determine how much money is going in and out of country. The balance of imports and exports is affected by the rate of exchange. The rates of exchange are the result of demand and supply for the currencies and to a certain degree they express the strength of a country’s economy. If the value of a currency deteriorates faster than the values of other currencies, imports get more expensive but exports might increase because exported goods are cheaper abroad. As a result it is very important to watch the exchange rate fluctuation because it have an important impact on BOT. (200)
In order to cope with international problems in trade a tendency to form large trading blocks has been found in recent years. States have agreed to cooperate in international organizations such as the European Union or the European Free Trade Association in order to reduce barriers to international trade. Very often, however, political changes bring the well functioning system in international trade in disorder. Then big economic crises may be the result. In order to avoid such a situation, governments often tend to forget the advantages of a free market. Not only do they try to retain jobs and protect home producers by enforcing import restrictions such as high customs fees, quota regulations or licensing system, but governments also promote exports by tax exemptions for companies and by granting subsidies.
Korrektur
Consumer goods from all over the world have become part of our standard of living. We are used to all sorts of products coming from faraway regions and climates. The following report illustrates how much our lifestyle depends on the international exchange of products in a free market. In particular, it explains the terms “balance of trade” and “balance of payment” and describes the influence of the exchange rate. Finally, it will discuss the barriers to international trade. (80)
In the millenia before international trade was established,consumers could only consume goods which were produced within their borders. But today, our market is flooded by foreign products. The reasons for this will have to be analyzed more closely. In analyzing the theory of trade and economic it is important to distinguish between absolute and comparative advantage. An absolute advantage occurs when a country is able to produce a good or service with fewer resources than another country. In contrast, a country has a comparative advantage if it is able to manufacture one product at a lower opportunity cost than another product. Consequently, countries will benefit through trading when they have a comparative advantage because they can consume more products than would otherwise have been the case. This brief illustration already indicates the mutual dependence of states when exchanging their goods and services. International trade in a free market economy is to the benefit of all states and their citizens. Therefore, all countries gain benefits and improve welfare if they specialize and trade the goods or services in which they have a comparative advantage. (160)
The importing and exporting of goods is a big business in today’s global economy. For this reason, it is very important for imports and exports to be in balance. Economists use two different measurements. On the one hand, there is the balance of trade, which is the difference between exports and imports. It is a tool that is used to measure any trade deficit or trade surplus. If a country has a balance of trade deficit, it imports more than it exports, and if it has a balance of trade surplus, it exports more than it imports. On the other hand, there is the balance of payments. It is a statement of international monetary flows including all investment income flows and transfer payments. Consequently, all trades are accounted in the BOP in order to determine how much money is going in and out of country. The balance of imports and exports is affected by the rate of exchange. Exchange rates are the result of demand and supply for currencies and to a certain degree, they express the strength of a country’s economy. If the value of a currency deteriorates faster than the values of other currencies, imports become more expensive but exports might increase because exported goods are cheaper abroad. As a result, it is very important to watch the exchange rate fluctuation because it has an important impact on the BOT. (200)
In order to cope with international problems in trade, a tendency to form large trading blocks has grown in recent years. States have agreed to cooperate in international organizations such as the European Union or the European Free Trade Association in order to reduce barriers to international trade. Very often, however, political changes bring the well functioning system of international trade into disorder. Large economic crises may be the result. In order to avoid such a situation, governments often tend to forget the advantages of a free market. Not only do they try to retain jobs and protect home producers by enforcing import restrictions such as high customs fees, quota regulations or licensing system, but governments also promote exports through tax exemptions for companies and by granting subsidies.
Sehr gut geschrieben und wieder sehr ausführlich. Du solltest Dir aber nochmals "comparative advantage" ansehen.
1) "The following report is trying to illustrate": --> Hier passt der Continuous nicht, weil es ja nicht 'in diesem Moment' passiert. Ausserdem würde ich auf das "try" pfeiffen- wirkt irgendwie unsicher. Entweder "This report illustrates" oder "will illustrate"
2) "it is very important that imports and exports are in balance": Entweder "it is very important for imports and exports to be in balance" oder "it is very important that imports and exports be in balance"
3) "the rate of exchange" ist zwar nicht falsch, aber eigentlich sagt man "exchange rate"
Re: Practicing Report Phrases June-July 2006
>Little question: is the free-writing portion of the exam going
>to be a report, or shall we also review how to write a
>presentation etc.?
Re: Practicing Report Phrases June-July 2006 Ihr, die das liest: Hin und wieder vergesse ich darauf, die Emoticons auszuschalten und d.h. erscheinen oft Smileys bzw. grantige Typen, die von diversen Buchstabenkombinationen ausgelöst werden. Da es so mühsam ist, mit dem HTML Code zu korrigieren, lasse ich sie jetzt einfach drinnen. Bitte darüber hinwegzusehen und (vor allem die grantigen Emoticons) nicht fehlzuinterpretieren.Bearbeitet von: GerhardFenkart am: 6/30/06 16:25
Re: Practicing Report Phrases June-July 2006 Original
The following report deals with developing an organizational structure. In particular, it ex-plains how to build blocks of organizational structure and how to establish decision-making hierarchy. Thereafter, it will offer suggestions for how these methods could be introduced by Haslinger GmbH.
When a company grows and employs more people the organizational structure must therefore be adopted. By definition, an organizational structure according to Griffin/Ebert is the specification of the jobs to be done within an organization and the ways in which they relate to one another. As organizing is a function of managerial planning managers must therefore carefully assess a variety of important factors. To allow a company to be efficiently a good organizational structure must be provided in order to motivate employ-ees and save time and waste.
The most efficient solution in regards to this issue is to develop blocks of organizational structure. The first step is to determine who will do what. A job specialization helps to identify the specific jobs that need to be done and to choose the people who will perform them. Additionally, the jobs must be divided into several smaller jobs. Therefore, it is pro-vided that jobs are learned more easily and can be performed more efficiently. Further-more, it is easier to make a replacement chart.
Secondly, the specialized people must be grouped together into logical units. This means that a logical unit called a department can be controlled and coordinated easier and it allows treating a department as a profit center.
Therefore, a company should consider if its business is customer, product, process, geo-graphic or functional related.
This leads the author to the question how many employees should be supervised by one manager. It is obvious that promoting employees can cause misunderstandings and de-motivation in forming a new hierarchy. It is scientifically important to pay close attention in promoting employees that will have line or staff authority. Whereas in line authority the authority flows in a direct chain of command from the top to the bottom staff authority is based on expertise that usually involves counselling and advising line managers.
The abovementioned theoretical fundament is of high importance when considering Haslinger’s situation. If a two employee company grows to a 70 employee company in such a short time it obviously cannot find satisfaction with an informal structure like now.
In order to implement this theory in practice, it is necessary to specialize jobs and seek for people who can perform them. Afterwards, it is obvious to form logic units. In Haslinger’s current situation it would be advantageous to group in terms of function. Such functional departmentalization accords to group’s functions or activities. For example there could be a financial department including accounting, billing and controlling. Furthermore, a techni-cal department, which is responsible for software up-dates and new developments. Addi-tionally, a customer care department including a help desk for customer trouble shooting. Because there has not been a formal structure jet, a flat structure would be appropriate so that there is a wide span of control and relatively few layers of management.
After all is said and done, developing such a formal structure would allow Haslinger to use its resources in a manner that is both more resourceful and more effective.
Korrektur
The following report deals with how to develop an organizational structure. In particular, it explains how to build blocks of organizational structure and how to establish decision-making hierarchy. Thereafter, it will offer suggestions for how these methods could be introduced by Haslinger GmbH.
When a company grows and employs more people, the organizational structure must be adapted to the new situation. By definition, an organizational structure according to Griffin/Ebert is the specification of the jobs to be done within an organization and the ways in which they relate to one another. As organizing is a function of managerial planning, managers must carefully assess a variety of important factors. To allow a company to be efficient, a good organizational structure must be provided in order to motivate employees and save time and avoid waste.
The most efficient solution in regards to this issue is to develop blocks of organizational structure. The first step is to determine who will do what. Job specialization helps to identify the specific jobs that need to be done and to choose the people who will perform them. Additionally, the jobs must be divided into several smaller jobs. Thereby, it is ensured that jobs are learned more easily and can be performed more efficiently. Furthermore, it is easier to prepare a replacement chart.
Secondly, the specialized people must be grouped together into logical units. This grouping process is referred to as 'departmentalization'. This means that a logical unit called a department can be controlled and coordinated more easily and it allows managers to treat a department as a profit center.
Therefore, a company should consider if its business is customer, product, process, geographically or functionally related.
This leads the author to the question of how many employees should be supervised by one manager. It is obvious that promoting employees can cause misunderstandings and demotivation in forming a new hierarchy. It is scientifically important to pay close attention to promoting employees that will have line or staff authority. Whereas in line authority, the authority flows in a direct chain of command from the top to the bottom, staff authority is based on expertise that usually involves counselling and advising line managers.
The abovementioned theoretical fundament is of high importance when considering Haslinger’s situation. If a two employee company grows into a 70 employee company in such a short time, it obviously cannot surviveby maintaining the informal structure it has now.
In order to implement this theory in practice, it is necessary to specialize jobs and seek for people who can perform them. Afterwards, it is necessary to form logic units. In Haslinger’s current situation it would be advantageous to group departments according function. Such functional departmentalization would be based on the group’s functions or activities. For example, there could be a financial department including accounting, billing and controlling. Furthermore, there should be a technical department, which would be responsible for software updates and new developments. Additionally, it would be beneficial to establish a customer care department, including a help desk for customer trouble shooting. Because there a formal structure has not yet been established, a flat structure would be appropriate so that there is a wide span of control and relatively few layers of management.
After all is said and done, developing such a formal structure would allow Haslinger to use its resources in a manner that is both more resourceful and more effective.
Sehr gute Einarbeitung diverser "Report Phrases"!
1) "This means that a ": Achtung bei der Phrase. Handelt es sich jetzt wirklich um die Definition eines vorher genannten Begriffs?
2) Als Grundregel sollte man nach "allows" jene Person/Gruppe nennen, die befugt werden soll, etwas zu tun.
3) "Furthermore, a technical department": Hier fehlt ein Zeitwort, damit es ein vollständiger Satz ist.
Choose various essay writing/presentation phrases we've worked through and use them in context of answering the following question:
Please discuss the concept of "Total Quality Management" and explain how TQM can be used to improve a company's performance.
Remember: The focus of the exercise is not primarily content. Rather, the aim is to increase your level of comfort with various elegant writing phrases.
report
The following report deals with the productivity. In particular it explains all the important decisions, which have to be made with respect to total quality management.
As you can imagine it is difficult to distinguish between quality and productivity. Productivity refers to both the quantity and the quality of a product. While producers have traditionally focused more on the quantity features, quality has become an invaluable competitive factor. Productivity can be measured on many levels, namely national productivity, industry-wide productivity, company-wide productivity, departmental productivity, and individual productivity.
This leads me to total quality management. According to Griffin/Ebert, total quality management includes all of the activities necessary for getting high quality goods and services into the marketplace. Therefore, customer focus is the starting point for total quality management. Under closer consideration, it becomes obvious that total quality management involves planning, organizing, directing, and controlling. In detail, it illustrates seven tools that can be used in context of total quality management. First, statistical process control seems to be of significant importance. It refers to methods for gathering data to analyze variations in production activities in order to see when adjustments are needed. Process variation studies and control charts are two of the most common methods used in statistical process control. Second tool I the value-added analysis. This tool gives you the answer of the most important question in particular how the evaluation of all work activities, material flows, and paperwork determine the value that they add for customer.
The next tool called competitive product analysis. This is the process by which a company analyses a competitor’s product to identify desirable improvements in its own. Others tools are quality/cost studies, quality improvement teams, getting closer to the customer, and benchmarking. Particularly, benchmarking is a process by which a company implement the best practices from its own past performance and those of other companies to improve its own products. With, internal benchmarking, a firm tracks its own performance over time to evaluate progress and set goals for improvement. On the other hand, external benchmarking begins with a review of competitors or even companies to determine which products perform best.
To avoid any future mistakes it is necessary to establish specific standards and measurements because this is the only way to measure difference of quality and productivity. According to Griffin/Ebert suggest various methods of improving a company’s quality standard, namely supply chain management, continuous improvement, employee empowerment, and six sigma method.
The next step manager must motivate employees to achieve quality goods. Furthermore, it is necessary that every department consider the important of the customer’s needs and wants.
To conclude it can be said that it is relevant to use all tools of total quality management and to avoid any malfunctions of the product.
, ausser in Kombination mit einem anderen Hauptwort (z.B. "an alternative source of income"
Hier passt der Continuous nicht, weil es ja nicht 'in diesem Moment' passiert. Ausserdem würde ich auf das "try" pfeiffen- wirkt irgendwie unsicher. Entweder "This report illustrates" oder "will illustrate"
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