Đang tải... (xem toàn văn)
Macroeconomics provides us with a bird’s eye view of country’s economic landscape. Instead of looking at behavior of individual businesses and consumers – called microeconomics – the goal of macroeconomics is to look at overall economic trends such as employment levels, economic growth, balance of payments, inflation and so on.
English for finance Group 9-15.6 Nguyễn Thị Hoàng Lan Vũ Thị Thùy Dung Nguyễn Thị Kim Anh Nguyễn Thị Mai Nguyễn Thị Uyên Unit 4: Macroeconomics Vocabulary Reading Summary Practice Vocabulary Words Transcription Vietnamese equivalents Examples Landscape /ˈlændskeɪp/ Bối cảnh The mountains dominate the landscape behavior /bɪˈheɪvjər/ Hành vi His behavior has changed Toàn The person with overall responsibility for the project will be Max /ˌəʊvərˈɔːl/ overall Trend /trend/ Xu In the 1960s, Britain set the fashion trends Employment /ɪmˈplɔɪmənt/ Việc làm She lost her employment when the company closed Growth /ɡrəʊθ/ Sự tăng trưởng Remove dead leaves to encourage new growth Cán cân toán Forecasting the balance of payments is therefore difficult Lạm phát Inflation is running at 4% Balance of payments Inflation /ˈbæləns əv 'peɪmənts/ /ɪnˈfleɪʃn/ Vocabulary Words Monetary policy Fiscal policy Transcription /ˈmʌnɪtri ˈpɒləsi/ /ˈfɪskəl ˈpɒləsi/ Vietnamese equivalents Examples Chính sách tiền tệ There is a common monetary policy Chính sách tài khóa The government uses fiscal policy to curb inflation Money supply /ˈmʌni səˈplaɪ/ Lượng cung tiền Why does money supply rise so fast? Supervise /ˈsuːpəvaɪz/ Giám sát I will supervise the work personally Revenue /ˈrevənjuː/ Thu nhập These companies rely on advertising revenue for their funds Promote /prəˈməʊt/ Thúc đẩy Promote Goal Progress Reports Regulate /ˈreɡjuleɪt/ Điều tiết Regulate one's expenditures Overheating /ˌəʊvəˈhiːtɪŋ/ Tình trạng nóng The bank is concerned about overheating in the housing market Thực thi The government failed to implement the plan /ˈɪmplɪment/ Implement Vocabulary Words Transcription Vietnamese equivalents Examples Array /əˈreɪ/ Mảng Her writing covers a wide array of topics Underlying /ˌʌndəˈlaɪɪŋ/ Cơ sở She was not sure what his underlying motives were Khái niệm The concept of my book is very simple /ˈkɒnsept/ Concept vast /vɑːst/ Rộng lớn There is a vast amount of information available online Brief /briːf/ Ngắn gọn Be brief Allocation /ˌæləˈkeɪʃn/ Sự phân phối Controlling the allocation of resources Capacity /kəˈpæsəti/ Khả Factories working at full capacity Phenomena /fəˈnɒmɪnə/ Hiện tượng Social phenomena Net export /net ɪkˈspɔːt/ Xuất ròng Net export of goods and services Capital /ˈkæpɪtl Vốn The company has put a lot of capital into the project Vocabulary Words Transcription Vietnamese equivalents Examples Interdependent /ˌɪntədɪˈpendənt/ Phụ thuộc lẫn Complement /ˈkɒmplɪment/ Bổ sung Overlap /ˌəʊvəˈlæp/ Trùng lặp The two categories overlap to some extent Approach /əˈprəʊtʃ/ Tiếp cận Their boat was approaching the shore Fundamental /ˌfʌndəˈmentl/ Cơ I think they made a very fundamental mistake Sustain /səˈsteɪn/ Duy trì The government will find it hard to sustain this economic growth These two questions are interdependent Their career and their personal lives complement and support each other 2 Reading P1 Macroeconomics provides us with a bird’s eye view of country’s economic landscape Instead of looking at behavior of individual businesses and consumers – called microeconomics – the goal of macroeconomics is to look at overall economic trends such as employment levels, economic growth, balance of payments, inflation and so on Q: What is the goal of macroeconomics? A: The goal of macroeconomics is to look at overall economic trends such as employment levels, economic growth, balance Kinh tếinflation học vĩ mơ nhìn toàn cảnh bối cảnh kinh tế quốc gia Thay of payments, and cho so on tập trung tìm hiểu hành vi doanh nghiệp hay người tiêu dùng Kinh tế học vi mơ – mục đích Kinh tế học vĩ mơ nhìn vào tổng thể xu kinh tế như: tỷ lệ thất nghiệp, tăng trưởng kinh tế, cán cân toán, lạm phát,v v Reading P2 Just as the speed of an engine is regulated by its supply of fuel, macroeconomics is influenced mainly by macroeconomics policies, including monetary policy and fiscal policy Monetary policy which controls a nation’s money supply is supervised by each country’s Central Bank, while fiscal policy which controls a government’s revenue and spending is in the hand of the Ministry of Finance The basic objectives of these two main macroeconomic policies are to promote economic growth and to keep inflation under control Q: What are two major macroeconomic policies? A: Two major macroeconomic policies are monetary policy and fiscal policy Q: What are the main objectives of these two policies? A: The main objectives of these two polices are to promote economic growth and to keep inflation under control Reading P2 Just as the speed of an engine is regulated by its supply of fuel, macroeconomics is influenced mainly by macroeconomics policies, including monetary policy and fiscal policy Monetary policy which controls a nation’s money supply is supervised by each country’s Central Bank, while fiscal policy which controls a government’s revenue and spending is in the hand of the Ministry of Finance The basic objectives of these two main macroeconomic policies are to promote economic growth and to keep inflation under control Q: Who controls monetary policy? Cũng giống việc cung cấp nhiên liệu định đến tốc độ động cơ, kinh tế học vĩ mô chịu ảnh hưởng phần lớn từ A: Central bank controls monetary policy sách kinh tế vĩ mơ, bao gồm sách tiền tệ sách tài khóa Chính sách tiền tệ Ngân hàng trung ương quản lý, điều tiết cung tiền nước, sách tài khóa Bộ Tài định lại kiểm sốt thu chi phủ Mục Q: Who controls fiscal policy? tiêu hai sách thúc đẩy tăng trưởng kinh tế giữ cho tỷ lệ lạm phát tầm kiểm soát A: Ministry of Finance controls fiscal policy Reading P3 Just as a driver uses the accelerator to speed up or slow down a vehicle, central banks control the economy by increasing or decreasing the money supply By carefully regulating the supply of money to fuel economic growth, a central bank works to keep the economy from overheating or slowing down too quickly Q: What are the main tools of monetary policy? A: They are reserve requirement, discount rate and open market operations Giống người lái xe sử dụng chân ga để tăng tốc hay giảm tốc độ phương tiện, ngân hàng trung ương kiểm sốt kinh tế thơng qua tăng giảm lượng cung tiền Bằng cách thận trọng điều tiết cung tiền nhằm thúc đẩy tăng trưởng kinh tế, ngân hàng trung ương giữ cho kinh tế tránh khỏi tình trạng tăng trưởng q nóng rơi vào suy thối nhanh chóng 10 Reading P4 Monetary policy is essentially a guessing game There is no one statistic to tell us how fast an economy is growing, and there is nothing that tell us how quickly the economy will respond to changes that may take months or years to implement Central banks try to keep eye on unemployment, resulting from economic slowdowns and one eye on inflation resulting from an overheated economy Chính sách tiền tệ trò chơi dự đốn Khơng có số liệu thống kê cho biết kinh tế tăng trưởng nhanh nào, biết kinh tế phản ứng nhanh trước thay đổi mà hàng tháng hay hàng năm để triển khai Ngân hàng trung ương cố gắng ý tới tình trạng thất nghiệp, bắt nguồn từ kinh tế có dấu hiệu xuống lạm phát kết từ kinh tế tăng trưởng nóng 11 Reading P5 The economy at large can also be controlled by regulating fiscal policy, government revenue and spending Taxation and government spending greatly influence a country’s economic growth Just as a family’s economic health is influenced by a parents’ earning and spending habits, a nation’s economic health is influenced by governmental fiscal policies, such as taxation, government spending and borrowing Q: What are the main tools of fiscal policy? A: The main tools of fiscal policy are taxation and government spending Nền kinh tế nói chung chịu điều tiết từ sách tài khóa, thu chi phủ Thuế chi tiêu phủ ảnh hưởng lớn tới tăng trưởng kinh tế quốc gia Cũng kinh tế hộ gia đình chịu ảnh hưởng thu nhập thành viên thói quen chi tiêu, kinh tế quốc gia chịu ảnh hưởng sách tài khóa phủ thuế, chi tiêu vay mượn phủ 12 Reading P6 What’s the difference between macroeconomics and microeconomics? Microeconomics is generally the study of individual and business decisions, macroeconomics looks at higher up country and government decisions Macroeconomics and microeconomics, and their wide array of underlying concepts, have been the subject of a great deal of writings The field of study is vast; here is a brief summary of what each covers: Sự khác kinh tế học vi mơ kinh tế học vĩ mơ gì? Kinh tế học vi mơ nhìn chung nghiên cứu định cá nhân doanh nghiệp, kinh tế học vĩ mơ có nhìn tầm cao định phủ quốc gia Kinh tế học vĩ mô kinh tế học vi mô, với dãy nguyên lý bản, trở thành đề tài nhiều viết Với lĩnh vực nghiên cứu rộng lớn; sau tóm tắt ngắn gọn điểm phân ngành: 13 Reading P7 Microeconomics is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services This means also taking into account taxes regulations created by government Microeconomics focuses on supply and demand and other forces that determine the price levels seen in the economy For example, microeconomics would look at how a specific company could maximize it’s production and capacity so it could lower prices and better compete in its industry Kinh tế học vi mô nghiên cứu định cá nhân tổ chức xem xét đến phân bổ nguồn lực giá hàng hóa, dịch vụ Phương thức nói thuế quy định phủ đề Kinh tế học vi mô tập trung vào cung cầu thứ khác xác định mức giá kinh tế Ví dụ, kinh tế học vi mơ tìm hiểu cơng ty cụ thể làm để tối đa hóa sản lượng suất họ để hạ giá thành tăng sức cạnh tranh ngành 14 Reading P8 Macroeconomics, on the other hand, is the field of economics that studies the behavior of the economy as a whole and not just on specific companies, but entire industries and economies This looks economy-wide phenomena, such as Gross National Product (GDP) and how it is affected by changes in unemployment, national income, rate of growth, and price levels For example, macroeconomics would look at how an increase/decrease in net exports would affect a nation’s capital account or how GDP would be affected by unemployment rate Mặt khác, kinh tế học vĩ mô ngành nghiên cứu hành vi kinh tế không doanh nghiệp cụ thể mà tổng thể ngành cơng nghiệp kinh tế Nó tập trung vào tượng toàn kinh tế, tổng sản phẩm quốc nội (GDP) chịu ảnh hưởng thay đổi tỷ lệ thất nghiệp, thu nhập quốc dân, tỷ lệ tăng trưởng mức giá Ví dụ, kinh tế học vĩ mơ xem xét đến tăng/ giảm xuất ròng có tác động tới cán cân vốn quốc gia hay tỷ lệ thất nghiệp tác động đến GDP 15 Reading P9 While these two studies of economics appear to be different, they are actually interdependent and complement one other since there are many overlapping issues between the two fields For example, increased inflation (macro effect) would cause the price of raw materials to increase for companies and in turn affect the end product’s price charge to the public Q: Why is it said that microeconomics and macroeconomics are interdependent and complement one another? A:Because there are many overlapping issues between the two fields For example, increased inflation (macro effect) would cause the price of raw materials to increase for companies and in turn affect the end product’s price charged to the public Trong hai nghiên cứu kinh tế dường khác nhau, thực tế chúng lại phụ thuộc bổ sung lẫn có nhiều trùng khớp đưa hai linh vực Ví dụ, lạm phát tăng (ảnh hưởng vĩ mô) khiến giá nguyên vật liệu thô tăng cơng ty thay đổi đến giá thành cuối đưa thị trường 16 Reading P10 The bottom line is that microeconomics takes a bottom-up approach to analyzing the economy while macroeconomics takes a top-down approach Regardless, both micro and macroeconomics provide fundamental tools for any finance professional and should be studied together in order to fully understand how companies operate and earn revenues and thus, how an entire economy is managed and sustained Điểm mấu chốt kinh tế học vi mơ xem xét yếu tố cụ thể để phân tích kinh tế kinh tế học vĩ mô xem xét đến toàn thể kinh tế Dù vậy, kinh tế học vi mô kinh tế học vĩ mô cung cấp công cụ chủ yếu cho chuyên gia tài chúng nên nghiên cứu để hiểu cách đầy đủ cách mà công ty hoạt động kiếm thu nhập theo đó, hiểu tồn kinh tế quản lý trì 17 Reading Q: What is the difference between microeconomics and macroeconomics? Microeconomics Definition Study Focus Macroeconomics Microeconomics is a branch of economics that deal with Macroeconomics is a branch of economics that studies the the how consumers and firms behave while making economic activities of an entire country and economy-wide decisions on the allocation of scarce resources phenomena is the study of individual and business decisions is the study of country and government decisions focuses on supply and demand and other focuses that focuses on economy-wide phenomena such as GDP, nation determine the price level income, rate of growth… prices policy, competition policy, industry policy monetary policy, fiscal policy takes a bottom-up approach takes a top-down approach Policy Approach 18 Summary There are four main ideas in Unit Main ideas Definition Details Macroeconomics is a branch of economics that studies the economic activities of an entire country and economy-wide phenomena Goal Macroeconomics looks at overall economic trends such as employment levels, economic growth, balance of payment, inflation and so on Two policies Monetary policy: + which controls a nation’s money supply is supervised by each country’s central bank + Central bank controls the economy by increasing or decreasing the money supply + a central bank works to keep the economy from overheating or slowing down too quickly + main tools: reserve requirement, discount rate and open market operations Fiscal policy: + controls the government revenue and spending in the hand of Ministry of Finance + main tools: Taxation and government spending 19 Summary There are four main ideas in Unit Main ideas Details The difference between Microeconomics Macroeconomics Microeconomics and Macroeconomics Definition Study Focus Policy Approach 20 Microeconomics is a branch of economics that deal Macroeconomics is a branch of economics that studies the with the how consumers and firms behave while economic activities of an entire country and economy-wide making decisions on the allocation of scarce phenomena resources is the study of individual and business decisions is the study of country and government decisions focuses on supply and demand and other focuses that focuses on economy-wide phenomena such as GDP, nation determine the price level income, rate of growth… prices policy, competition policy, industry policy monetary policy, fiscal policy takes a bottom-up approach takes a top-down approach 4 Practice According to the text, choose the best answer A, B, C or D Macroeconomics does not study: A the behavior of individual businesses and consumers B overall economy trends C interactions among economic factors in the whole economy Macroeconomics is influenced mainly by: A monetary policy B fiscal policy C open door policy D answers A & B Which one is not an economic policy? A monetary policy B insurance policy C fiscal policy D open door policy 21 Practice According to the text, choose the best answer A, B, C or D The purpose of regulating the money supply by the central bank is to: A keep inflation under control B promote economic growth C keep the economy from overheating or slowing down too quickly D all the answers above Fiscal policy deals with: A government's revenue and spending B taxation C government's borrowing D all the answers above 22 Practice Match the words or phrases in column A with their definitions in column B A B unemployment rate A the percentage rate per year that is paid by borrowers to lenders inflation rate B the total value of goods and services produced in a country in a single year in constant productivity prices interest rate C the number of jobless individuals who are actively looking for work divided by total of government budget deficit these employed and unemployed foreign trade deficit D the excess of the nation’s imports of goods and services over its exports of goods and nominal gross domestic product (GDP) services real GDP E the total value of good and services produced in a country in a single year in current (actual) prices F the average amount of output produced per employee or per hour of work G the excess of government expenditures (on goods, services and transfer payments) over the government’s tax revenues H the percentage rate of increase in the economy’s average level of prices 1c 2h 3f 4a 5g 6d 7e 8b 23 Practice Complete the following sentences by using appropriate words or phrases in bold from the reading text ( Not all words are used) A rapid rise in prices is called ……………………………… inflation balance of payments Japan has a ……………………………………… surplus because it exports more than its imports ……………………………… rests on the relationship between the rates interest in an economy policy DoesMonetary inflation cause ………………………? Macroeconomics is the study of overall ……………………………………………… overheating Increases in real GNP are called ………………………………… economic trendsborrowing, spending and Monetary policy should be contrasted with ……………………… Which refers to government taxation economic growth Fiscal policy consists of ……………………………………… and taxation Fiscal policy The central bank has the ability to alter the ………………………… and thus influence interest rate Government spending money supply 24 Thank you for listening 25 ... sách kinh tế vĩ mơ, bao gồm sách tiền tệ sách tài khóa Chính sách tiền tệ Ngân hàng trung ương quản lý, điều tiết cung tiền nước, sách tài khóa Bộ Tài định lại kiểm sốt thu chi phủ Mục Q: Who... /ˈmʌnɪtri ˈpɒləsi/ /ˈfɪskəl ˈpɒləsi/ Vietnamese equivalents Examples Chính sách tiền tệ There is a common monetary policy Chính sách tài khóa The government uses fiscal policy to curb inflation Money.. .Unit 4: Macroeconomics Vocabulary Reading Summary Practice Vocabulary Words Transcription Vietnamese