Tiếng anh chuyên ngành tài chính unit 1: Economics

What is Economics?Ever wonder why food costs rise whengas prices spike? Ever question why U.S.politicians worry when other countries talkof going bankrupt? Ever wonder why youcan’t get a good interest rate on yoursavings account? All of these phenomenacan be explained through economics.Economics is the study of how peoplechoose to use resources.Resources include the time and talentpeople have available, the land, buildings,equipment, and other tools on hand, andthe knowledge of how to combine them tocreate useful products and services.Important choices involve how much timeto devote to work, to school, and to leisure,how many dollars to spend and how manyto save, how to combine resources toproduce goods and services, and how tovote and shape the level of taxes and therole of government.

Unit 1 Economics

1) Nguyễn Ngọc Linh

2) Nguyễn Thị Thúy Hường

3) Lã Thị Thu Hương

4) Vũ Thị Sao Hôm

5) Nguyễn Hương Thùy

economics at Yale.

substantial economies.

resources (= money) to update our computer software.

combine to form water.

combination of surgery, radiation and drugs.

well-being phúc lợi We try to ensure the

well-being of our employees.

career with great satisfaction

dùng The electricity industry consumes large amounts of

fossil fuels.

increases in cold weather.

export.

production by the end of the year.

microeconomics /,maikrəʊi :kə'nɔmiks

/

kinh tế học vi mô

It’s difficult to learn about microeconomics

macroeconomics /ˌmækrəʊˌiːkəˈnɒmɪks/ kinh tế học vĩ

mô Economics is traditionally divided into two parts:

microeconomics and macroeconomics.

relativity, nothing can travel faster than light.

students with a sound theoretical basis for later study.

bản In capitalism, the most important means of

production is money rather than land.

conflict with his boss.

was becoming more better.

1) What do resources include?

Reasources include the time and talent people have available, the land, buildings, equipment and other tools on hand, and the knowledge of how to combine them to create useful products and services

2) What can be considered as important choices?

Important choices involve how much time to devote to work, to school and to leisure, how many dollars to spen and to save, how to combine resources to product goods and services, how to vote and shape the level of taxes and the role of government

What is Economics?

Ever wonder why food costs rise when

gas prices spike? Ever question why U.S

politicians worry when other countries talk

of going bankrupt? Ever wonder why you

can’t get a good interest rate on your

savings account? All of these phenomena

can be explained through economics.

Economics is the study of how people

choose to use resources

Resources include the time and talent

people have available, the land, buildings,

equipment, and other tools on hand, and

the knowledge of how to combine them to

create useful products and services

Important choices involve how much time

to devote to work, to school, and to leisure,

how many dollars to spend and how many

to save, how to combine resources to

produce goods and services, and how to

vote and shape the level of taxes and the

role of government

Often, people appear to use their

resources to improve their

well-being Well-being includes the

satisfaction people gain from the

products and services they choose

to consume, from their time spent

in leisure and with family and

community as well as in jobs, and

the security and services provided

by effective governments

Sometimes, however, people

appear to use their resources in

ways that don't improve their

well-being.

3) What purpose do people use their resources for?

People use their resources for

improving their well-being.

4) What does the term “well-being” mean?

“ well-being” mean the satisfaction people gain from using goods

Economics is the study of the production

and consumption of goods and the

transfer of wealth to produce and obtain

those goods Economics explains how

people interact within markets to get what

they want or accomplish certain goals

Since economics is a driving force of

human interaction , studying it often

reveals why people and governments

behave in particular ways

There are two mains types of

economics : macroeconomics and

microeconomics Microeconomics

focuses on the actions of individuals

and industries , like the dynamics

between buyers and sellers , borrowers

and lenders Macroeconomics , on the

other hand , takes a much broader view by

analyzing the economic activity of an

entire country or the international

marketplace.

5) Why does the economics reveal the ways people and government behave?

Because economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods

6)What are two types of economics?

There are two types of economics : macroeconomics and microeconomics

7)What does microeconomics study?

Microeconomics focuses on the actions of individuals and industries , like the dynamics between buyers and sellers , borrowers and lenders

8)What does macroeconomics study ?

Macroeconomics takes a much broader view

by analyzing the economic activity of an entire country or the international marketplace

A study of economics can describe all aspects of a country’s

economy, such as how a country uses its resources, how much time laborers devote to work and leisure, the outcome of investing in

industries or financial products, the effect of taxes on a population,

and why businesses succeed or fail.

People who study economics are called economists Economists seek to answer important questions about how people, industries, and countries can maximize their productivity, creat wealth, and

maintain financial stability Because the study of economics

encompasses many factors that interact in complex ways,

economists have different theories as to how people and

governments should behave within markets.

Adam Smith, known as the Father of

Economics, established the first moderm

economic theory, called the Classical School,

in 1776 Smith believed that people who

acted in their own self-interest produced

goods and wealth that benefited all of

society He believed that goverments should

not restrict or interfere in markets because

they could regulate themselves and, thereby,

produce wealth at maximum efficiency

Classical theory forms the basis of capitalism

and is still prominent today

A second theory known as Marxism states

that capitalism will eventually fail because

factory owners and CEOs exploit labor to

generate wealth for themselves Karl Marx,

the theory’s namesake, believed that such

exploitation leads to social unrest and

class conflict To ensure social and economic

stability, he theorized laborers should own

and control the means of production While

Marxism has been widely rejected in

capitalistic societies, its description os

capitalism’s flaws remains relevant

9) What can you learn from the economic theory of Adam Smith?

Adam Smith supports the idea of a free market

10) What is the differentce between the

economic theory of Adam Smith and Marxism theory?

There is a conflict: free economy and means of production must belong to the laborers

A more recent economic theory,

The Kenesian School, describes

how goverments can act within

capitalistic economies to promote

economic stability It calls for

reduced taxes and increased

government spending when the

economy becomes stagnant, and

increased taxes and reduced

spending when the economy

becomes overly active This theory

strongly influences U.S policy today.

As one can see, economics

shapes the world Through

economics, people and countries

become wealthy Because buying

and selling are activities vital to

survival and success, studying

economics can help one

understand human thought and

behavior

11 What does the recent economic theory of the Keynesian School indicate?

The recent economic theory of the Keynesian School indicate how government can act within

capitalistic economics to promote economic stability.

12 In general, how can people benefit from studying economics?

Studying economics can help people understand human thought and behavior

 Economics is the study of how people choose to use resources to improve their well-being

 There are two mains types of economics : macroeconomics and microeconomics

1 Microeconomics focuses on the actions of individuals and industries

2 Macroeconomics analyzes the economic activity of an entire country or the international marketplace.

 There’re 3 Economic theories: Adam Smith with the Classical School in 1976; Karl Marx with Marxism and Keynesian

1 Adam Smith’s theory:

 He believed that people who acted in their own self-interest produced goods and

wealth that benefited all of society.

 He believed that goverments should not restrict or interfere in markets because

they could regulate themselves and, thereby, produce wealth at maximum efficiency.

2 Marxism theory:

 He believed that labor exploitation leads to social unrest and class conflict.

 To ensure social and economic stability, he theorized laborers should own and

control the means of production.

3 Keynesian theory: describes how goverments can act within capitalistic economies to promote economic stability.

 Benefits :

1 Through economics, people and countries become wealthy.

2 studying economics can help one understand human thought and behavior.

IV) VOCABULARY EXERCISES

Ex1

1) Distributing

2) Economic

3) Policy

4) Relationships

5) Government

6) Theories

7) Economists

8) Econometric

9) Analyse

10) Study

11) Consumption

12) Monopolistic

Ex2

1) D 2) C 3) B 4) F 5) E 6) A 7) H 8) G

V) Language Focus

Ex1

1 Ask

2 Change

3 Discuss

4 Develop

5 Define

6 Publish

Ex2

1 b

2 g

3 a

4 d

5 e

6 c

7 f