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Unit 1: Economics Last main idea: Three Second main idea: Two First main idea: What’s economics theories type main of economics economics ? • “Classical school” by Adam Smile • “Marxism” by Kart Marx • “Keynesian school” by Keynes All there three economics theories describe the roles of government in the market and how people behave within market • Micro-economics focuses on the action individuals and industries • Macro-economic economics activity analyses of an • Economics is the study of how people choose to use resource to improve the entire country or international marketplace their well-being Question Unit 1: Economics What does the term “well being” mean? Unit 2:Economics systems What is marker economy? Well-being is the satisfaction that people from product and Market economy is an economics system in which market is services they chooses to use What does micro-economics study? regulated by the Law of supply and demand How does the government influence the economy in the Micro-economics focuses on the actions individuals and industries market economy? In the market economy, there’s no direct government What does macro-economic study? intervention The government influences the economic situation Macro-economic analyses the economics activity of an entire What is a planned economy? country or international marketplace Planed economy is an economic system in which the structure Who are economists? of market is planned by the state and production and Economist is the people who study economics to answer consumption quotas are fixed beforehand questions about how people and nations can maximize their What’s GDP? well-being GDP stands for Gross Domestic Product is the value of goods In general, how can people benefit from study economics? Studying economics can help one understand human thought and behavior and services produced by a country in a year Unit 3: Micro-economic Last main idea: Three main themes of micro-economics • The first main theme is “making optimal • In trade-off” Consumers, workers and firms have • limited resource Therefore they have to make optimal trade-offs to maximize their well-being • The second theme is “the role of price” All the trade-off made by consumers, workers and firms are based on prices • The last main them is “the center role of market” The interaction of consumers, workers and firms in the market determine the price of a good First main idea: What’s micro-economics about? Second main idea: Allocation of resource a planned economy allocation • Micro-economic is about limits and the decisions are made by the Government In a market economy allocation • decisions are made by consumers, workers and firms way to make the most of these limits In other word, it’s about allocation of scare resource Question What does the term “trade-off” mean? Give some on examples explaining the trade-off made by firms? What can you learn from the consumer theory? Consumer theory describes how consumers can maximize their well-being by making optimal trade-off What does the theory of the firm indicate? The theories of firms indicate how firms can make the best trade-off to maximize the profits Give some on examples explaining the trade-off made by consumers? Some example of trade-off made by consumers: consumers have to trade-off current consumption for future consumption; the purchase of some goods with the purchase of others Give some on examples explaining the trade-off made by workers? Some example of trade-off made by workers: workers have to trade-off working now with continued education; labor with leisure and made trade-off in the choice of employment Some example of trade-off made by firms: firms have to tradeoff hiring more workers with building more factories, firms also have to made optimal trade-off in tern of finance resource What are their important themes of micro-economic? There are three main themes of micro-economic • The first theme is “making optimal trade-off” Consumers, workers and firms have limited resource Therefore they have to make optimal trade-offs to maximize their well-being • The second theme is “the role of price” All the trade-off made by consumers, workers and firms are based on prices • The last main them is “the center role of market” The interaction of consumers, workers and firms in the market determine the price of a good Unit 4: Macro-economic Last main idea: The difference between macro-economic and micro-economic First main idea: What’s macroeconomic about? Second main idea: two macroeconomic policies • Micro-economic is the study of decisions There are Macro-economic look at overall controls economic trends such as inflation, regarding allocation of resource and Government revenue and spending It’s economic growth employment levels and prices of the goods and services in the hand of the Ministry of finance balance of payment made by people and the business • • Fiscal • Macro-economic studies the behavior of the entire industry and entire economy policy which • Monetary policy which controls a nation’s money supply is supervised by each country’s Central Bank The main objectives of these economic policies are to promote economic growth and keep inflation under controls Question: What are two major macro-economic policies? Fiscal policy which controls Government revenue and spending It’s in the hand of the Ministry of finance Monetary policy which controls a nation’s money supply is supervised by each country’s Central Bank What are main tool of monetary policy? There are changing: Reserve requirement The discount rate Open-market operation What are main tool of fiscal policy? There are taxation and government spending What is the different between micro-economic and macro-e? Micro-economic is the study of decisions made by people and the business regarding allocation of resource and prices of the goods and services Macro-economic studies the behavior of the entire industry and entire economy What’s the goal of macro-e? Macro-economic look at overall economic trends such as inflation, economic growth employment levels and balance of payment What’s fiscal policy? Fiscal policy is the government policy which controls government taxation and spending Why is it said that micro-e and macro-e are interdependent and complement on other? While there two studies of economics appear to be different, they are actually interdependent and complement are another since there are many overlapping issues between the two fields Unit 5: Demand and supply Last main idea: Equilibrium Second main idea: Description of supply curve First main idea: Description of demand curve ? • The market will be in equilibrium at the • Price and shift factors can influence • Price and shift factors can influence price where the quantity demanded seller’s behavior shift factors include buyer’s behavior shift factors include equals quantity supplied technology, tax, expectation, price of income, taste, expectation or price of input other goods • On the graph, If there’s a change in • On the graph, If there’s a change in price, the will be a movement a long a price, the will be a movement a long a given supply curve given demand curve • On the graph, if there’s a change in shift • On the graph, if there’s a change in shift factors, the entire supply curve will shift factors, the entire demand curve will to the right or shift in the left shift to the right or shift in the left Question What is the definition of demand? Demand is quantity of a good or a service that buyers are willing and able to purchase at various prices What is the definition between demand and quantity demanded? Demand is quantity of a good or a service that buyers are willing and able to purchase at various prices Quantity demanded is quantity of a good or a services that buyer are willing and able to purchase at a certain/ particular price What is the definition of supply? Supply is quantity of a good or a service that sellers wish to sell at various prices What is the definition between supply and quantity supplied? Supply is quantity of a good or a service that sellers wish to sell at various prices Quantity supplied is quantity of a good or a services that seller wish to sell at certain/particular prices How to price of a good influence its demand? If the price of a good or a service increases, the quantity that buyer will purchase will decreases If the price of a good or a service decreases, the quantity that buyer will purchase will increases How to price of a good influence its supply? If the price of a good or a service increases, the seller will produce less and the quantity supplied will decreases Unit 6: Public Second main idea: Federal debts First main idea: Two main sources of federal budget / revenue • Debt held by public: is the total amount which government • Tax revenue come from three major sources: income taxes paid owes to the creditors in general public General public include foreign individuals and foreign countries by individual, payroll taxes paid by workers and employers and corporate income taxes paid by businesses Income taxes and corporate income taxes become “federal funds” and payroll taxes become “trust fund” • Debt held by federal accounts is the amount of money the treasury borrows from itself (such as from trust funds) • Another major sources of federal revenue is “borrowing” the US treasury borrows money by issuing bonds and other types of securities Question What’s debt held by the public? What type of taxes contributes the largest proportion of tax • Debt held by public: is the total amount which government revenues? owes to the creditors in general public Main source of tax revenues General public include foreign individuals and foreign Income taxes paid by individual countries Payroll taxes paid by workers and employers Corporate income taxes paid by businesses By what way does the treasury borrow money? US treasury borrowing money by issuing bonds and other types of securities Who does the federal government owe money to? Government owes money to its citizens, foreign investors, foreign countries or other international financial institutions What’s payroll tax? Payroll tax is a tax imposed on salaries or wages of employers What’s debt held by federal accounts? Debt held by federal accounts is the amount of money the treasury borrows from itself Unit 7: Fiscal policy Last main idea: Factors affecting decision on fiscal policy Including • Inside factor include: Level economic growth Level of unemployment or inflation Ways to finance deficits Political consideration • Outside factors include: Fiscal policies of other countries Requirements of ITM or World Bank Second main idea: two types of fiscal policy First main idea: The direct influence of Gov sending and taxation on the performance of the economy • Fiscal policy is Gov policy related to • One way for Gov to finance deficits taxation and public spending when Gov spends more than it receives • Expansionary fiscal policy: is when is “deficit spending” which is the taxation is reduced or public spending is spending funds obtained by borrowing or increased to stimulate total spending and printing money instead of taxation economic growth • Contractionary fiscal policy: is when taxation is increased or public spending is reduced to restrict demand and slow down the economy Question When does Gov decision or contractionary policy? Contractionary when taxation is increased public spending is reduced to restrict demand and slow down the economy What factors should be considered in making decision on the fiscal policy? Factors should be considered in making decision on the fiscal policy including • Inside factor include: Level economic growth Level of unemployment or inflation Ways to finance deficits Political consideration • Outside factors include: Fiscal policies of other countries Requirements of ITM or World Bank What are the Gov’s major economic policies mentioned above? the Gov’s major economic policies mentioned above are • Fiscal policy which controls Government revenue and spending It’s in the hand of the Ministry of finance • Monetary policy which controls a nation’s money supply is supervised by each country’s Central Bank Unit 8: Taxations First main idea: Main functions taxations • To raise revenue to finance government expenditure • To encourage capital investment Second main idea: advantages and disadvantages of tax system • There is a lot of debates as to the fairness of tax system • To redistribute wealth Third main idea: tax evasion • The higher the tax rate, the more people are tempted to cheat Last main idea: tax avoidance • There are different ways to avoid taxes • Ways of tax evasions are self employment or doing undeclared “ Loopholes in the tax Law” part-time job “Tax shelters” “Tax-deductible” “Making of tax loss” “Tax havens” “Laundering money” Question What are main functions of taxes? Main functions of taxes are to raise revenue to finance government expenditure, to encourage capital investment, to redistribute wealth What are tax havens? Tax havens are countries where taxes are low What is a progressive tax? A progressive tax is a tax levied at a higher rate on higher incomes What is excise tax? Excise tax is a tax levied on some special goods to dissuade people from consuming them What is tax-deductible? What is capital gain tax? Capital gain tax is a tax levied on profits made by selling assets What is corporate income tax? Corporate income tax is a direct tax levied o the profits and is paid by businesses What is capital transfer tax? Capital transfer tax is a tax levied on gifts or inheritances over a certain value 10 What is payroll tax? Payroll tax is a tax paid jointly by worker and employers 11.What Criminal organizations tend to to disguise the origin of the money? Criminal Organizations, meanwhile, ten to pass money through a series of companies in very complicate transactions in order to disguise its origin from tax inspectors- and the police; this is What is VAT tax? VAT tax is a tax collected at each stage of production excluding the already-taxed costs from previous stages known as laundering money Unit 10: Insurance Last main idea: Different between gambling contracts and insurance contracts Second main idea: The operation insurance system First main idea: Definition of insurance • An insurance contract is a special class • An insurance system redistributes the • Insurance is a financial arrangement that of contract in which the Law requires cost of losses by collecting a premium redistributes the costs of unexpected the parties (the insured and the insurer) payment from every participant in the losses to excise good faith towards each other system while the Law will not enforce a gambling contract • In exchange for that, the insured receives a promise from the insurance system to be compensated in the event of losses • Is no loss occurs, value has still been receives Question What is compensation? Compensation is the amount of money that the insurer pays for the insured when a loss actually occurs What is insurance premium? Insurance premium is the amount of money that the insured pay the insurer What is an insurance policy? An insurance policy is a finance arrangement signed between an insurance company and the insured What does the insurance receive when a loss occur? The insurance receive a promise from the insurance system to be compensated in the event of losses What is insurance in financial definition? Insurance is a financial arrangement that redistributes the costs of unexpected losses Unit 11: Money and its function Last main idea: Two types of money • Commodity money Second main idea: Four main function of money • Money as a medium of exchange Commodity money is a useful good that Money is the most common medium serves as a medium exchange The value of commodity money is about through which people exchange goods and services equal to the value of the material • Money as a measure of value contained in it Money measure of value in its units of • Token money accounts (such as USD, Pound, VND ) Token money is a means of payment • Money as a store of value whose value or purchasing power as Money is a store of value because it can money greatly exceeds its cost of be used to make purchases in the future production or value in uses other than as But it’s not of good store of value money • Money as a standard of deferred payments When you buy something but not pay for it immediately, your payment is expressed in terms of money to be paid in the future First main idea: The concept of money • Money is a commodity accepted by general consent as economic exchange a medium of Question What is the concept of money? Money is a commodity accepted by general consent as a medium of economic exchange What are the functions of money? Function of money are: Money as a medium of exchange Money as a standard of deferred payments Money as a store of value Money as a measure of value What is a medium of exchange? A medium of exchange is anything that is widely accepted in payment for goods and services and in settlement of debts How is money used as a store of value? Money is used as a store of value because money is used to make purchases in the future What is a measure of value? Measure of value is the unit is which prices are quoted and accounts are kept What are two main types of money? Two main types of money are commodity money and token money Second main idea: Two types of monetary policy First main idea: Three main tools of monetary policy • Expansionary monetary policy • Changing the reserve requirement Monetary policy is expansionary if the central bank lowers Reserve requirement are the minimum amount of reserves that reserve requirement, decrease the discount rate and buy Gov bonds to increase the money supply in the economy banks must have and sat by FED (Federal Reserve System) By changing reserve requirement, FED can increase and decrease the money supply • Restrictive monetary policy • Changing the discount rate Monetary policy is restrictive if the central bank raises the Discount rate is the rate of interest the FED charges for those reserve requirements, increase the discount rate or sell Gov bonds in order to reduce the money supply in the economy loans By changing discount rate, FED can expand or contract the money supply • Open market operation Open market operations are the FED buying and selling Gov bonds To increase the money supply, the FED buys bonds To decrease the money supply, the FED sells bonds Question What is expansionary monetary policy? Monetary policy is expansionary if the central bank lowers What is reserve requirement? Reserve requirement are the minimum amount of reserves that banks must have and sat by FED (Federal Reserve System) reserve requirement, decrease the discount rate and buy Gov bonds to increase the money supply in the economy What are three main tools of monetary policy? Three main tools of monetary policy are: What is restriction monetary policy? Monetary policy is restrictive if the central bank raises the reserve requirements, increase the discount rate or sell Gov bonds in order to reduce the money supply in the economy What is discount rate? Discount rate is the rate of interest the FED charges for those loans Changing the discount rate Changing the reserve requirement Open market operation UNIT 14: THE FOREIGN ECHANGE MARKET 1ST: DEFINITION Foreign exchange market is a market in which national currencies are traded ( It’s an OTC-market transaction are made through phones or computer) (reason for the growth: • The growth world trade • The expansion of international capital flows) 2ND : TYPES OF TRANSACTION IN FOREIGN EXCHANGE MARKET Spot transaction are undertaken for actual exchange of currencies (2 business day later) Forward transaction are the buying and selling currencies in the forward market to avoid exchange rate fluctuation The delivery date can be one year or more 3RD : TYPES OF PARTICIPATE IN FOREIGN ECHANGE MARKET - Customer such as multinational companies they need foreign currencies for cross-border trade or investment - Bank as maket makers They quote buying and selling rate for currencies ( they earn profits from the difference between buying and selling rate) - Brokers act as intermediaries between banks They charge commission for their service Unit 15: The Financial markets What’s the debt market ? - It is a financial market in which short-tern debt instrument (with maturity of less than one year) are traded What’s equity market? -it is a financial market in with long-tern debt instrument ( with maturity of 10 years or more) are traded what’s OTC market? An OTC market is a financial market in which securities and other financial instruments (such as currencies, certificates of deposit) are trade over-the-counter 4.what’s stock exchange? Stock exchange is a financial market in which securities (bonds & stocks) are traded in one central location What’s primary market & secondary market? + a primary market is a financial market in which new issues of share or bonds are sold to initial buyers + a secondary market is a financial market in which previously-issues securities are resold