Đề cương ôn thi môn Tiếng Anh kinh tế hay, ngắn gọn

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Question what is a proprietorship? Proprietorship is the form of business organization in which the owner is in sole charge of the business and it responsible for all its success or failure Characteristics: the sole proprietorship is the oldest, most common and simplest form of business organization The sole proprietorship is a business entity owner and managed by one person In the sole proprietorship, the owner is inseparable from the business He directly controls over the business A sole proprietorship does not pay taxes separately from the owner It is organized very informally It is not subject to much state regulation It is relatively simple to manage and control Advantages: 1, it is easy to set up This is the simplest way to set up a business A sole proprietorship is a company which is not registered with the state as a corporation 2, it provides certain freedom for its owner A sole proprietor has absolute freedom 3, tax advantages to owner Avoidance of double tax, the proprietor only needs to pay personal income tax, not business tax 4, all profits belong to the owner Disadvantages: 1, limited funds (or capital) This limits depends on the personal resources of the proprietors, plus whatever money that 2, limited life: the life span of the business is uncertain As soon as the owner decides not to have the business anymore, or the owner does So the business ceases to exist 3, limited ability: a sole proprietor may not be an expect in everything 4, unlimited liability: the owner of the proprietorship is held liable for all the debts of the business Question the functions of price Prices are key ingredients in a market economy because they make things happen Prices play an important role in a market economy The role of prices to a market economy is so essential that without it a market economy can not operate, buying, selling would not happen 1, prices act as signals to buyers and sellers When prices are low enough, they send a buy signal to buyers, who can now afford the things they want When the prices are high enough, they send a sell signal to sellers, who can now earn a profit at the new price 2, prices encourage efficient productions Prices encourage business people to produce their goods at the lowest possible cost The less it costs to produce an item, the more likely it is that its producer will earn a profit 3, prices determine who will receive the things produced Prices help to determine who will receive the economy output of goods and services Question 3, partnership Partnership is a type of business entity applied to an association of or more persons who have agreed to combine their financial assets, labours, property and skill or some or all of them for the purpose of engaging in lawful business and sharing profits and losses between them advantages: we can summarize the advantages of the partnership as more money for the business and the knowledge and experience of people instead of one Disadvantages: 1, unlimited liability: each and every partner in a business may be held liable for its debts No matter how many partners a business has, anyone of them can be responsible for paying off what it owes There is no limit to the amount of money that a partner may lose limited life: a partnership is legally ended when one of the partners dies While it is possible to continue the business by forming a new partnership, to so can present legal problems limited funds: the mount of money the partnership can raise is limited This limit depends upon the personal resources of the partner plus whatever money they can borrow 4, partners may disagree Sometimes partners will have sich serious disagreements that they can no longer function as a team When this happens, it can easily bring the business to an end Question market price Market price is the price at which a goods or service is offered at the market place We have described what buyers and seller are willing to at a variety of prices “Demand and supply of chocolate chip cookies” Demand (students will buy) At a price of Supply (sellers will offer) 100 $ 70 each 2000 200 60 1800 400 50 1600 From the table we see that at a price of 50 cents, demand is exactly equal to supply At that price, both the student buyers and the student sellers will buy and sell 1600 cookies Economists call 50 cents the market price of cookies Question corporation A corporation is a business that is licensed by a state or the federal government Advantages: corporations have advantages over the sole proprietorship and the partnership forms of business that we discussed in the last sections limited liability: there is no limit to the amount of money you might lose as a proprietor or partner In a proprietorship and a partnership when and if the business is to shut down, very partner in a partnership is to be held responsible to pay for all the company’s debts In a corporation, if the corporation owes money to someone, only the business is responsible for the debts not the people who own it unlimited life: in a proprietorship and partnership: the life of them is limited These businesses must be brought to an end upon the death or retirement of any of their owners In a corporation, the life of a corporation is unlimited When stockholders die, their shares simply become part of their estates and are passed to their heirs easy transfer of ownership: in a proprietorship and partnership, the sale requires the services of lawyers and accountants In a corporation, shares of stock can be sold merely by signing them over to a new owner Disadvantages: corporations are costly and complicated to set up, their owners are subject to double taxation 1, costly and complicated to set up: in order to organize as a corporation, a firm must first get permission from the state or federal government This is a complicated and costly procedure that usually requires the assistance of a lawyer double taxation: the profits of most corporations are subject to corporate income taxes These profits or dividends as they are called, are then subject to personal income taxes The stockholders are said to be subject to double taxation: first when the corporations profits are taxed and second when the stockholders’ dividends are taxed at income tax time Question market economic system The way that a group community of people or nation organizes itself for production is known as economic system Characteristics: the price that you charge for your goods and services will be influenced by your competition 2, the success that you have will depend on the demand by consumers for your goods 3, in contrasted with a planed economy in which the central government determines the price of goods and services using a fixed price system Question the roles of the government 1, government as a provider of goods and services Governments provide such services as national defense, police, fine fighting services and the administration of justice Governments make transfer payments to some members of society 2, government as a help to weak business group and an organizer of income allocation Governments should step in and help weak groups Programs are designed to help people with special needs in the society The government plays it, role as an organizer of incomes redistributing Money for these programs comes from taxes Money is taken from people with higher incomes and passed it along to those with lower incomes government as a stabilizer: the government also uses its power to tax to protect certain industries government as a producer in the absence of business venture Although most consumer needs are met by business some are not When unfulfilled needs exist, it is usually because business produces to make a profit and only indirectly seeks to fill needs Government is obliged to consider the needs of its citizens Question 8, a normal good, an inferior good A normal good is a good for which an increase in income leads to an increase in the quantity demanded with other things equal A inferior good is a good for which an increase in income leads to an decrease in the amount demanded with other things equal Eg: most goods are normal goods An inferior or good might be cheap but cuts of meat They may be cheap but they are decidedly not high quality Question traditional economic system Traditional economic system is one in which people’s economic roles are determined by behaviors handed down to present from the past Characteristics: a strong social network is based on primitive methods and tools Resources in the traditional system are allocated by inheritance Societies that produce goods and services in traditional ways are found today in some parts of South America, Asia, Africa Traditional ways decide how work is to be preformed and what people have to earn their living Advantages: there is little to no uncertainly Everyone knows what role to play Life is generally stable, predictable and continuous Disadvantages: tend to discourage ideals and new ways of doing thing Lack of progress lower standard of living Less use technology, difficult to improve As result of resistance to change, less productive, not use new methods, people not in jobs they are best suited for Low productivity result in low standard of living Question 10 board of directors Directors are the representatives whom stockholder in large corporations elects to organize business operation and look after their interests These directors together make up the Board of directors How to elect: 1,electing the voting (all stockholders have right to vote), 2, stockholders can give their voting right to others by signing a form known as a proxy (a proxy is a document that authorizes another to vote one’s stock) 3, people have vote for every share of stock they own 4, the person who has more votes is the winner of the election Political elections :1 person vote One citizen’s vote is as important as another’s duties: 1, governing the organization by establishing policies and objectives 2, selecting, appointing, supporting and reviewing the performance of the chief executive insuring the availability of adequate financial resources 4, approving annual budgets 5, answering questions directly affecting the stockholders such as: how much of this year’s profits should be distributed to the stockholders? Should the corporation sell more its stock to the public? Question 11 command economic system A command economic system is one in which the main of decision market is the government The government decides where to locate economic activities, what goods and services are produced, how they are distributed Characteristics: government makes economic decisions: determines what to produce, how to produce, who gets products and determines who is employed, work hours, pay scales Advantages: because the government has total control over production and its factors these economics can change rapidly Whatever is needed most will be produced There is no uncertainly, people are hold when and how to work Free education, health care, other public services Guarantees equal standard of living for everyone Less crime and proverty Needs are provided for through the government Disadvantages: economy designed to meet needs not wants No incentive to work hard People not often lose their jobs, so they the bare minimum to get by No incentive to produce better product or engage in entrepreneurship Large burecucracy means slow decision making raises cost of production, lack flexibility No reward for initiative which slows progress Minimal choices Fewer choices of items Question 12 Relative prices A relative price in the money price of a goods divided by the money price of another goods or by an average of price of the other goods Eg: the relative price of good: A in terms of goods is the number of units of goods B that exchange for unit of goods A in discussing relative prices, economists often compare them with absolute prices An absolute price is simply the price of a goods in money terms Question 13 market economic systems A Market economic system is one in which a nation’s economic decisions are the results of individual decisions by buyers and sellers in the market place Characteristics: people are free to go in business on their own They have abilities to make as much money as they can and what is in their best interest The price that you can change for your goods and services will be influenced by your competitors The success that you have will depend on the demand by consumer for your goods It contrasted with a planed economy in which the central government determines the price of goods and services using a fixed price system Advantages: the government tries to stay out of the way of business, although the government sets certain standards business must follow for the most part businesses can as they please, allowing them to produce what they want, how they want There is a great variety of goods and services for consumer If there is a demand for a good or services the demand will almost always be met in a market economy Balance is maintained strictly by market factor There is little or no regulator It is a self-policing group a people and business Disadvantages: it does not always provide the basic needs to everyone in the society The weak, sick, disabled and old sometimes have troubles providing for themselves and often ship into poverty It becomes hard for a government will so many private businesses to provide adequate defense, education, healthy care to its people There is uncertainly in the business world company could easily be forced out of business causing all of its employees to become unemployed and lose their means of income There are market failures This can cause some companies to become way to powerful and become a monology If the government does not step in, the monology can take advantage of the consumers and charge ridiculously high prices Question 14 the consumer tastes affect the demand curve shift The third thing which makes demand curve shift (either to the left or to the right) is consumer tastes or preferences In part, these are shaped by convenience, custom and social attitudes When the Beatles and the Rolling Stones first became popular, the demand for haircuts suddenly fell The fashion for the miniskirt reduced the demand for textile material More recently the emphasis on health and fitness has increased the demand for jogging equipment, health foods, sport facilities while reducing the demand for cream cakes, butter and cigarettes Question 15 mixed market economic system A mixed market system is the combination of competitive privately owned enterprises under some control from the government It means that the market alone does not decide how all goods and services will be produces; the governments also have an important role in the production of goods and services Characteristics: resources that might otherwise have been used to produce goods and services for private use were used for public use Government may step in and interfere with the market’s operation Close interactions between the public sector and the private sector are encouraged 10 Advantages: this type of market allows competition amongst providers with regulations in place to protect society as a whole With the government being present in the economy it brings a sense of security to sellers and buyers This security helps maintain a stable economy Disadvantages: unsuccessful regulations may paralyse features of production This is return can cause the economic balance to tilt Lack of price control management can cause shortages in goods and can result in a recession Question 16 demand and laws of demand Demand is defined in economics as the amount of goods and services that buyers are willing and able to purchase at a range of different prices It depends on the behavior of buyers, it normally not fixed This law states that the quantity of goods and services demanded increases and decreases in the opposite direction from changes in price Demand change in the opposite direction from price change because at a lower price, people can afford to buy more of an item than they can at a higher price and at lower price, people tend to buy things as a substitute for something else Question 17 the price of related goods affect the demand curve shift With little thought you will be able to come up with many examples of how the amount you want to buy of one good is affected by the prices of other goods Your demand for hamburger depends on the price of chickens as well as the price of hamburger Your demand for motorbikes depends on the price of gasoline and of taxi drivers as well as on the price of motorbike 11 In everyday language we say that motorbikes and gasoline are complimentary to each other because you can not use a motorbike without also using gasoline A rise in the price of gasoline tends to reduce the demand for motorbikes In economic terms we say that compliments are goods and services for which an increase (or decrease) in the price of one decreases (or increases) the quantity demanded of the other, with other things being equal There are goods and services for which the consumption of one can replace the comsumption of the other They are substitutes Goods that are similar will be substitutes: coke and pepsi, sirloin steak and t-bone steak, etc substitutes are goods and services for which an increase (or decrease) in the price of one increases (or decreases) the quantity demanded of the other, with other things being equal Question 18 supply and the laws of supply In economics, supply is the quantity of a goods or service offered for sale at a range of prices This la states that supply increases as prices increase, decrease as prices decrease Supply change in the same direction of price change There are reasons why the quantity of items offered for sale at higher price will be greater than the quantity offered at lower owns The first reason is that those already in business will try to increase production as a way of increasing tier profits The second reason why the quantity offered at a higher price will be greater is that other people will be attracted into the business This price is reaches when market supply and market demand meet Question 19 technology affect the supply curve shift A supply curve is drawn for a given technology An improvement in technology will shift the supply curve to the right since producers will 12 be willing to provide a larger quantity them previously at each level of price As a determinant of supply technology must be interpreted very broadly It embraces all know-how about production methods, not merely the state of available machinery In agriculture, the development of disease resistant seeds is a technological advance A technological advance is any idea that allows more output from the same inputs as before Using the terminology of labour productivity, a technological advance shifts the production possibility frontier outwards Question 20 ownership Ownership is very important in determining distribution Ownership refers to the rights, given to individuals and firms by the law to possess and employ, rent and transfer, means of production as they wish A person who owns a lot of land, for example, often has a high income from rents on a land Question 21 the BTA require Viet nam Bilateral Trade Agreement (BTA) is an exchange agreement between two nations or trading groups that gives each party favored trade status pertaining to certain goods obtained from the signatories The agreement sets purchase guarantees, removes tariffs and other trade barriers Transparency and right to appeal extensive transparency provisions, requiring Vietnam provide advance notice of all laws, regulations and other administrative procedures relating to any matter covered in the agreement, and requiring their publication, and an indication therein of effective dates and government contact points 13 Requires all laws governing issues covered in the agreement which have not been published to be made public and readily available Requires designation of an official journal where all such measures will be published Requires formation and administrative or judicial tribunal for review and correction of all matters covered in the agreement, affords the right to appeal the relevant decisions T/F QUESTIONS Question 1 every nation has an unlimited supply of natural resources F, 2, a nation’s wealth is not often measured in terms of the capital it possesses F, 3, how much a nation can produce depends to a large extent upon the abilities of its people T, 4, GNP measures the input of the entire economy and tells the total value of all goods and services F, 5, france id one of 10 richest countries in the world according to the statistics in April 2002 F Question economists base on personal income figures to predict what to expect from consumer spending T, 2, US economy is said to be a price directed economy T, 3, products don not have a price, at least not a fixed price T, 4, during the peak phase, businesses will whatever they can to reduce their spending F, 5, the curve of demand is upward sloping which is based on the incentive for optimum profit maximization F Question 14 there are kinds of economic resources F 2, each economic or business cycle consists of parts or phases T 3, sooner or later, the recession will reach the bottom of the business cycle T 4, during the peak phase, business will whatever they can to reduce their spending F 5, one of the dangers of the expansion phase is that of inflation F Question 1, goods are tangible or visible man-made or natural products being on sale in the market T, 2, goods have values as they satisfy people’s needs and wants T, 3, an example of services is teacher giving lecture T, 4.a scare resource is non for which the supply at a zero price would exceed the demand F, 5, the business owners, managers and workers are called producers T Question 1, the government does not determine property rights F 2, economics study prices of goods in markets T 3, in the traditional economic system, people’s ways of production remain unchanged T 4, production of goods and services in traditional ways can be found in some parts of Europe F 5.in a command economic system, the main decision maker is the businesses F Question in a market system economic systems, people are free to go into business on their own T 15 the economic system being applied in VN now is also a market oriented one T most of the economic systems in the world are mixed market economies T 4, in mixed market economy, government cn not step in and interfere with market’s operation F 5, the mixed market economy does not encourage close interactions between the public sector and the private sector F Question 1,an absolute price is simply the price of goods in terms of other goods F, 2, gasoline and cars is an example of compliments F, 3, coke and pepsi is an example of substitutes T, 4, inferior goods are expensive and high quality F, 5, the second thing makes demand curve shift is consumer’s needs F Question 1, consumer tastes are shaped by convenience, custom and social attitudes T, 2, when the Beatles and the Rolling Stones first became popular, the demand for haircuts suddenly fell T, 3, an improvement in technology will shift the supply curve to the right T 4, all modern economic systems combine private ownership with individuals F, 5, technology means technological advance and materials input F Question 1, mixed market economy means the market decides how all goods and services will be produced F 16 2, the fire trucks and police cars are examples of what governments buy and use T in the traditional economic system the what question is decided by habit and custom T 4, productive inputs can be thought of in broad groups – capital and land F 5, socialism means that means of production are owned and operated by businesses and firms F Question 10 1, government expenditure represents the expenditure side of government finance F 2, ownership is very important in determining distribution T 3.the efforts of buyers and sellers integrate the separate physical market T 4, changes in demand not affect the price at which goods will be bought and sold F 5, if the numbers of items available for the sale at a particular price increases, the price will rise F Question 11 1, in giant corporation, sometimes few stockholders attend annual meetings T, 2, the wealth of nations is the famous treatise of Thomas malthus F, 3, the government can use their power to tax to protect certain industries T 4, in mixed market economic system, government can not step in and interfere with the market’s operation F, 5, a peak, like a depression may last for a short or long period of time T 17 Question 12 1, all modern economic systems combine private ownership with government control T, 2, a particular supply curve is drawn for a general policy regime of the government F, 3, in a partnership, all parties equally share the burden of losses and debts T, 4, as a determinant of supply technology must be interpreted narrowly F, 5, a wage is kind of a price – the price for an hour of labor T CHOOSE THE BEST ANSWER the main idea of chapter is that all people, businesses and government must make choices the main idea of chapter is that there are different types of economic system the main idea of chapter is that the value of goods determine their prices the main idea of chapter is that supply and demand determine the market price 5, the main idea of chapter is responsiveness of demand to prices Ch the opportunity cost to a nation that chooses to spend another billion on a defense project rather than on an education programme: the $ billion education programme 3, the conditions would expect to find at the bottom phase of the business cycle: high unemployment 4, the conditions would expect to find at the peak phase of the business cycle: low rate of unemployment 18 5, “recession feed on themselves” means: recession are not a problem since they eventually end an example of an economic indicator is unemployment rates Ch 1, the question that ch help answer is: what all economic systems have in common the statement is an opinion than a fact: societies answer that what, how and who questions in different ways the price of goods and services will be set by the government in a command economic system 4, shopkeepers will try to give customers what they want in a market economic system every society must find ways to answer what, how who questions because people in business need that information 6, an entrepreneur is a person or a firm that creates new products for the market 7, labour is human resource used in business operations to produce goods and services for the society according to Keynes, aggregate demand is the key factor in economic analysis 9, classical economics focuses on diminishing returns, individual persuit of private gain, birth control 10, aggregate demand includes such factors as total spendings of consumers, governments and investors Ch 1, in a free enterprise system, both buyers and sellers decide what goods and services should be produced 2, a well functioning economy requires that the government should pay a role in the production of goods and services the role of the government is mentioned as a provider of transfer payments 19 4, government budget is a government income and expenditure plan Ch 4, 1, indoor ice-skating has become popular, the rinks have raised their admission prices: the prices increases is a result of an increase in demand 2, at a price of $2 a pound, buyers will take 2000 pounds for beef, at a price of $4, they will take 1500 pounds This is the law of demand 3, at a price of $2 a pound, buyers will take 800 pounds for beef, at a price of $4, they will take 1200 pounds This is the law of supply 4, the prices charge for fruits and vegetables are lower in the warm summer months than in the cold winter months because fruits and vegetables are in greater supply during warm months 5, supply and demand must meet at point 6, changes in demand means none of the above Ch 6, 1, the proprietor can be held personally responsible for all the debts of the business is not an advantage of a sole proprietorship 2, a proprietorship has limited capital means the amount of money that a proprietorship can raise is limited a proprietorship is a business organization that… 4, profits refers to anything left out of income after expenses have been deducted 5, a corporation is owned by those holding shares of its stock 6, a corporation has limited liability means limit to the amount of money the corporation may lose 7, advantage of the corporation over other forms of business organization is that ownership is easily transferred The reason is that ownership is transferred through the sale of stock 8, compared to proprietorships and partnerships, corporations are more expensive to form 20 Ch 1, a relative price, related goods is none of these above 2, an absolute price is the exact price of a single good in terms of money 3, compliments are goods for which the increase in the price of one decreases the price of the other 4, substitudes are goods for which an increase in the price of the one increases the price of the other Ch 1: 1, business cycle – periodic changes in the level of business activity 2, recession – the period of decline 3, expansion – the period of recovery in the business cycle 4, great depression – the worst period of business decline and unemployment in the history of Western economies, 5, bottom – the lowest point 6, economic indicator – a statistic that describes the state of the nation’s economy 7, peak – the period of prosperity 8, economics – the study of the choices people make as producers and consumers 9, goods – things of value that can be seen or touched 10, services – things of value that can not be seen or touched 11, producers – business owners, managers and workers 12, consumers- those who buy or use goods and services 13, resources – things that go into making goods and services 14, scarcity – limited supply of goods and services 15, opportunity cost – one good and service given up in order to get another 21