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3. 'The Big Mac Index' shows how long it takes in different countries to earn enough money to buy a Big Mac with French fries. Look at the information below. The Big Mac Index

Working time required to buy a Big Mac type hamburger and a large portion of French fries around the world:

Chicago 14 min.

Frankfurt 23 min.

Tokyo 25 min.

London 38 min.

Johannesburg 45 min.

Buenos Aires 68 min.

Jacarta 97 min.

Budapest 128 min.

Nairobi 177 min.

Caracas 243 min.

Lagos 683 min.

In Lagos it takes almost two full working days for the average worker to earn enough to buy a Big Mac and a large portion of French fries.

In Tokyo it only takes 25 minutes.

a) Answer the questions:

1. How long must people work in Nairobi, Caracas, London and Budapest to buy a Big Mac and fries?

2. How much do a Big Mac and large fries cost in Russia? How long do you have to work to buy them? (based on the average wage)

(CD) b) Listen to the following sentences. Do you think the speaker is sure about the reasons she gives for the price of Big Macs, or is she making educated guesses? How do you know?

4. Read the story.

Vibrant Business Environment

A market-oriented economy and government policies that provide businesses with the opportunity for growth and profits have made Malaysia a highly competitive manufacturing and export base. One of Malaysia's major pull factors is its large pool of young, educated and trainable workforce. Many of Malaysia's university graduates are trained overseas in fields such as engineering, and accountancy, allowing them to adapt easily to an international corporate environment. English is widely used in Malaysia especially in business.

The country's legal and accounting practices derived from the British system are familiar to most international companies. In addition, Malaysia retained its position as the third best destination in the world for outsourcing activities, after India and China.

Newcomers to Malaysia's business scene will feel at home with the presence of the various chambers of commerce and trade associations made up of corporations from different countries. These oganisations are invaluable sources for general business information, advice and assistance.

A well-developed financial and banking sector has enhanced Malaysia's position as a dynamic export base in Asia. Sophisticated financial facilities are available through domestic and foreign commercial banks and their nationwide network of branches. There are also representative offices of several foreign banks that wish to establish a presence in the region. Besides the commercial banks, investment banks, and Islamic banks are major sources of credit to the industrial sector in Malaysia.

Most large Malaysian companies have been involved in trade and industry for generations, and many have excelled in international and regional markets. Thus, foreign investors seeking joint-venture partners in Malaysia will be able to select from a wide range of companies to find one that matches their needs.

Industrial relations in the country are harmonious with minimal trade disputes that result in strikes. Malaysia's labour laws safeguard the interests, the rights and responsibilities of employers and employees, thus providing a legal framework for the orderly conduct of industrial relations in the country.

Malaysia is now focusing on attracting high-technology, knowledge-based and skills intensive industries, incorporating activities such as design and development and research and development. The last decade has seen a deepening and widening of Malaysia's industrial base as well as the further development of its services sector. As such, a strong foundation has been laid for the economy to move forward into the new globalised environment.

a) Correct mistakes in the following sentences:

1. The major development factor of Malaysia is labour costs.

2. The accounting system in the country is the same as American one.

3. Most of Malaysian trade associations are formed from local companies.

4. There are no foreign banks branches in the country.

5. It’s quite a problem to find a partner for a joint venture here.

6. Employers and employees often have serious disputes in Malaysia.

7. There has been a recession in Malaysian economy for the last ten years.

b) Give the synonyms for the following words and expressions and choose five of them and make up a short story:

workforce

growth

overseas

various

assistance

to enhance

financial facilities

domestic

to seek

to select

to match one’s needs

foundation

c) Work in groups and compare the present economic environment in Russia and Malaysia. What are the common features (differences)?