Tổng Quan Thương Mại là môn học quan trọng của ngành Tiếng Anh thương mại. Đây là tài liệu tiếng Anh về môn học này, bao gồm các khác niệm, cách phân chia, cách ghi nhớ, cách phân biệt giữa các khái niệm, được đánh dấu màu sắc rõ ràng, đẹp mắt, dễ hiểu. Stakeholders: all the people who stand to gain or lose by policies and activities of a business and who concerns the business needs to address. Outsourcing: a method of dispersing certain work functions to an outside vendorparty instead of having it performed by an inhouse employee or department. Nonprofit organization: An organization whose goals don’t include making personal profit for its owners and organizers. Entrepreneurship is: + The process of recognizing an opportunity + Marketplace testing + Gathering the resources necessary to go into business. Categories of entrepreneurs: + Classic entrepreneur – Pursues business opportunities and allocates resources. + Serial entrepreneur – Starts one’s business, runs it, and then runs additional businesses in succession. + Social entrepreneur – Focuses on solving society’s challenges through their business
CHAPTER 1: - Business: any activity that seeks to provide goods and services to others while operating at a profit - Goods: Tangible products - Services: Intangible products - Entrepreneur: a person who risks time and money to start and manage a business - Risk: the chance an entrepreneur takes of losing time and money on business that may not prove profitable *Then why people still want to take the risk? >< reduced competition makes substantial profit possible - Revenue: the total amount of money a business takes during a given period by selling goods and services - Profit: the amount of money a business earns above and beyond what it spend for salaries and other expenses To increase profitability, companies need to: - Use their resources more productively to reduce operating costs - Develop new & improved products to meet customers’ wants and needs => attract more customers - Loss: When a business’s expenses are more than its revenues - Standard of living: the amount of goods and services people can buy with the money they have - Quality of life: the general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure and rewards that add to satisfaction and joy that other goods and services provide STANDARD QUALITY - more objective - Factors: employment opportunities, poverty rate and environmental quality… - Can all be measured & defined with numbers - more subjective - Factors: equal legal protection, freedom from discrimination, freedom of religion… - Difficult to measure & particularly qualitative - Stakeholders: all the people who stand to gain or lose by policies and activities of a business and who concerns the business needs to address - Outsourcing: a method of dispersing certain work functions to an outside vendor/party instead of having it performed by an in-house employee or department - Nonprofit organization: An organization whose goals don’t include making personal profit for its owners and organizers - Entrepreneurship is: + The process of recognizing an opportunity + Marketplace testing + Gathering the resources necessary to go into business - Categories of entrepreneurs: + Classic entrepreneur – Pursues business opportunities and allocates resources + Serial entrepreneur – Starts one’s business, runs it, and then runs additional businesses in succession + Social entrepreneur – Focuses on solving society’s challenges through their business - Factors of production: the resources used to create wealth: land, labor, capital, entrepreneurship and knowledge + Land: land and the natural resources are used to make homes, cars and other products + Labor: people have always been an important resource in producing goods and services, but people are now being replaced by technology (most important) + Capital: includes machines, tools, buildings and other means of manufacturing + Entrepreneurship: all the resources in the world have little value unless entrepreneurs are willing to take the risk of starting a business to use those resources + Knowledge: Information technology has revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services - Technology: Everything from phones and copiers to computers, medical imaging devices, personal digital assistants and the various software programs that make business processes more effective, efficient and productive - Business environment: the surrounding factors that either help or hinder the development of businesses - Database: Electronic storage file for information - E-commerce: Buying and selling of goods over the internet - Productivity: The amount of output you generate given the amount of input, such as the number of hours you work - Efficiency: producing goods and services using the least amount of resources - Effectiveness: producing the desired result - Demography: the statistical study of the human population with regards to its size, density and other characteristics such as age, race, gender and incomes CHAPTER 2: - Economics: The study of how society chooses to employ resources to produce goods and services & distribute them for consumption among various competing groups and individuals - Resource development the study of how to : increase resources + create conditions that will make better use of those resources - Invisible hand: A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all - How the free market works: A free market is one in which decisions about what and how much to produce are made by the market - by sellers and buyers negotiating prices for goods and services * Benefits: + Open competition among companies → Encourages businesses to be more efficient so they can successfully compete on price and quality → Businesses must provide high-quality products at fair prices with good services to keep/attract customers → a major factor in creating the wealth that industrialized countries now enjoy * Problems: + Limited Product Ranges + Dangers of profit motive + Market failures - How prices are determined in free a market: prices are not determined by only sellers; they - Market price: the price determined by supply and demand - Supply: the quantity of products the manufacturers or owners are willing to sell at different prices at a specific time - Demand: The quantity of products people are willing to buy at different prices at a specific time Factors causing demand to shift include Price of the good Taste or level of desire for the product by the buyer Income of the buyer Price of related product: + Substitute products (directly competes with the goods) + Complementary products (used with the goods) Future expectations: + Expected income of buyers + Expected price of the goods For the total market demand, the number of buyers in the market is a determinant of the amount ** Some specific language to clarify which of these is going on: • A CHANGE IN QUANTITY SUPPLIED means that only the price has changed and a new quantity is supplied along a constant supply curve • A CHANGE (DECREASE OR INCREASE) IN SUPPLY or a SHIFT IN SUPPLY means that a change in amount supplied occurs because of a change (shift) in the position of the supply curve • This SHIFT IN SUPPLY means that one of the other determinants of supply (technology, resource prices, taxes or subsidies, expectations, and the price of other goods produced) has changed - Four styles of competition: Perfect competition: + Characteristics ●Sellers: many; none is large enough to control the price ●Entry: Easy entry and exit; easily obtainable information ●Products: appear to be identical → Agricultural products (apples, corn, potatoes…) (ví dụ chợ truyền thống) + Notes ●There are no true examples of perfect competition ●The US: government’s price supports and drastic reductions in the number of farms → probably no perfect competition even in farming Monopolistic competition: +Characteristics ● Sellers: many (some controls over price) ● Entry: relatively easy ● Products: very similar >< Buyers perceive them as different → hotdogs, hamburger, sodas, (Ví dụ khu ẩm thực) +How to compete: → Product differentiation (advertising, branding and packaging) to convince the buyers that your product are different from competitor An Oligopoly: + Characteristics ● Sellers: just a few; dominate a market ● Entry: barrier to entry (reason: tremendous initial investment required to enter the business.) (vốn lớn vơ được) ● Products: ví dụ thuốc lá, linh kiện máy bay, + How to compete: Product differentiation (e.g advertising) (rather than price) [reason: intense price competition → lower profits for everyone (a price cut by one producer would often be matched by the others)] → Products from different companies tend to be priced about the same (Giá yếu tố tiên loại cạnh tranh này) A monopoly (Độc quyền) + Characteristics ● Sellers: one seller controls the total supply of a product/ service, and sets the price ● Entry: no entry ● Products: no substitute + Notes: ● In the US, laws prohibit monopolies → Giảm consumer choice, Giảm competition, Cao prices EXCEPT: in the markets for public utilities (natural gas, water, electric power…) (prices and profits are controlled by public service commissions to protect the interest of buyers) - Types of economic systems: + Free market economies (nền kinh tế thị trường): economic systems in which the market largely determines what goods and services get produced, who gets them and how the economy grows + Command economies: economic systems in which the government largely decides what goods and services will be produced, who will get them and how the economy grows + Mixed economics: economic systems in which some allocation of resources is made by the market market and some by the government - Key economic indicators: three major indicators of economic conditions are (1) GDP (gross domestic product); (2) the unemployment rate; (3) price indexes - GDP (Gross domestic product): The total value of final goods and services produced in a country in a given year (1 year) * Doanh nghiệp có nguồn gốc đâu nguồn thu tính vào GNP nước * Doanh nghiệp kinh doanh bn bán đâu nguồn thu tính vào GDP nước - Unemployment rate: the number of civilians at least 16 years old who are unemployed and tried to find a job within the prior weeks - Types of unemployment: Frictional Structural Cyclical Seasonal - Causes: + Difficulties in finding a suitable job E.g: pp looking for their first job/ voluntarily changing jobs, temporary layoffs - Note: + FU is almost impossible to avoid → Job-seeker & employers can’t have perfect information or act instantaneously - Causes: + Changes in an economy (technology/ the structure of demand for labor/ geographic distribution of jobs…) → one with obsolete skills can’t get a job - Notes: Can be a serious problem → longer periods of unemployment (need for retraining) - Causes: + Recession phrase of the business cycle + Inadequate demand → Firms produce less → demand for labor nhỏ & wages nhỏ → Thất nghiệp nhiều ⇒ The most serious type of unemployment * Booming economy (kinh tế phồn thịnh): +Lots of demand for labor +Firms employ more workers → thất nghiệp nhỏ - Causes: + Demand for labor varies over the year + Certain industries shut/slow down for a season or make seasonal shifts in their production schedules Các ngành nghề có lao động thời vụ như: Hotel, tourism, fruit picking, agriculture - Inflation: a general rise in price of goods and services over time (giá tăng nhanh) >> Too much money chasing few goods ⇢ demand is growing faster than supply ➜ Demand-pull inflation >> Companies’ costs go up ⇢ they need to increase price to maintain profit margins ➜ Cost-push inflation Disinflation: a situation in which price increases are slowing (the inflation rate is declining) (giá có tăng tăng chậm lại) - Deflation: a situation in which prices are declining (giá giảm xuống) - Stagflation: a situation when the economy is slowing but the prices are going up anyhow (Nền kinh tế thụt lùi mà giá tăng) - Cách để tính mức độ lạm phát: + Consumer Price Index (CPI): monthly statistics that measure the pace of inflation and deflation (số liệu thống kê hàng tháng đo lường tốc độ lạm phát giảm phát.) + Producer Price Index (PPI): an index that measures price at the wholesale level - Business cycle: the periodic rises and falls that occur in economies over time ● cycles: Cycles Characteristic Prosperity (Economic boom) Results from: - Low unemployment - High productivity - The opening of new businesses - Higher wages - Greater demand and more consumption Recession - When economic activity slows down - A recession can affect only industry, related industries, or spread to the entire economy → The ripple effect - Prices fall, businesses produce less, unemployment increases, Depression - A deep recession - A depression can be limited to one country but usually spreads to related countries - High unemployment - Low production - Can last for several years - High number of unused manufacturing facilities - Very rare (hiếm xảy ra, chí bỏ qua giai đoạn này) Recovery - A rise in business activity after a recession or depression - Everything is better - This eventually leads to an economic boom, starting the cycle all over again - Capitalism (Chủ nghĩa tư bản): an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit ●Under free-market capitalism people have four basic rights: The right to own private property The right to own a business and keep all that business’s profits The right to freedom of competition The right to freedom of choice - Socialism (Chủ nghĩa xã hội): an economic system based on the premise some, if not most, basic business should be owned by government so that profits can be more evenly distribute among the people - Communism (Chủ nghĩa cộng sản): an economic and political system in which the government makes almost all economics decisions and owns almost all the major factors of production - Brain drain: The loss of the best and brightest people to other countries (chảy máu chất xám) - Fiscal policy: the federal government’s efforts to keep the economy stable by increasing or decreasing taxes or government spending (Chính sách tài khóa) - Monetary policy: The management of the money supply and interest rates by the federal reserve (Chính sách tiền tệ) - Budget deficit (Thâm hụt ngân sách): when the government spends more on programs than it collects in taxes - Budget surplus (Thặng dư ngân sách): Thu nhập (thuế) nhà nước lớn chi phí tiêu hao - National debt (nợ quốc gia/ Nợ công): the sum of government deficits over time CHAPTER 3: - Why trade with other nations? + No nation, not even a technologically advanced one, can produce all the products its people want and need + Even if a country did become self-sufficient, other nations would seek to trade with it to meet the needs of their own people - Global trade: enables a nation to produce what it is most capable of producing and buy what it needs from others in a mutually beneficial exchange relationship This happens through the process called free trade - Free trade: the movement of goods and services among nations without political or economic barriers Pros (thuận lợi) - Global market (khách hàng toàn cầu) - High productivity (Do cạnh tranh quốc nước khác) -(Cạnh tranh giá nhập rẻ làm giá nước giảm) → inflation doesn’t curtail economic growth - Free trade inspires innovation for new products and keeps firms competitively challenged - Access to foreign investments → help keep interest rates low Cons (khó khăn) - Domestic workers can lose their jobs or may be cut the paid (nhiều công nhân adidas việc họ chuyển nhà máy sang Việt Nam) - Moving operations overseas because of intense competitive pressure often means the loss of service jobs - Domestic companies can lose their comparative advantage when competitors build advanced production operations in low-wage countries - Exports (xuất khẩu): Domestically produced goods and services sold in markets in other countries - Imports (nhập khẩu): Foreign-made products and services purchased by domestic consumers - Balance of trade (BOT) (trade balance) (cán cân thương mại): The difference between the monetary value of a country’s imports and exports over a certain period → A trade surplus (export > import) (Xuất siêu) (favorable BOT) → A trade deficit (import > export) (Nhập siêu) ⇒ Help understand the strength of a country's economy in relation to other countries - Balance of Payments (BOP) (cán cân toán): The difference between money coming into a country (from exports) and money leaving the country (from imports) plus other money flows → A favorable BOP: more money flowing into a country than out (positive) → An unfavorable BOP: more money flows out of a country (negative) The balance of trade determines the balance of payments - Dumping (bán phá giá): + selling products in a foreign country at lower prices than those charged in the producing country (bán rẻ nước sản xuất) + sometimes used to reduce surplus products in foreign markets and gain a foothold in a new market ( E.g.: China, Brazil, & Russia have been penalized for dumping steel in the US) - Strategies for reaching global markets: (Viết theo chiều tăng dần số lượng cam kết, kiểm soát, rủi ro lợi nhuận tiềm năng) (Gồm loại) Licensing (cấp phép) (tiềm 1) A global strategy in which a firm (the licensor) allows a foreign company (the licensee) to produce its product or use its trademark in exchange for a fee (a royalty) (công ty A cấp phép cho công ty B sản xuất sản phẩm sử dụng thương hiệu A nhằm mục đích lấy tiền quyền) (theo quy chuẩn bên cấp phép) Exporting (xuất khẩu) (tiềm 2) Marketing and sale of domestically produced goods in another country (simplest and most common strategy) - Direct export: producer directly sells to the importer This mode gives the company a greater degree of control over its distribution channels - Indirect export: is the process of exporting through domestically based export intermediaries Franchising (Nhượng quyền) (Tiềm 3) - A contractual agreement whereby someone with a good idea for a business sells others the rights to use the business name and sell a product/ service in a given territory in a specified manner (có quyền thay đổi chu trình kinh doanh) - Popular domestically and globally Contract manufacturing (Hợp tác sản xuất) (tiềm 4) A foreign company produces private-label goods to which a domestic company then attaches its own brand name or trademark A joint venture (Liên doanh) (tiềm 5) - A partnership in which or more companies (often from different countries) join to undertake a major project Strategic alliances (Các liên minh chiến lược) (tiềm 6) - A long-term partnership between or more companies established to help each company build competitive market advantages - No share costs, risks, management, or even profits (unlike joint ventures) - Provide broad access to markets, capital, and technical expertise Foreign Direct Investment (tiềm 7) - Foreign direct investment (FDI) + The buying of permanent property and businesses in foreign nations + The most common form of FDI is a foreign subsidiary - A foreign subsidiary: owned in a foreign country by the parent company - A multinational corporation: a corporation that manufactures and markets products in many different countries and has multinational stock ownership and management CHAPTER 5: ... licensee) to produce its product or use its trademark in exchange for a fee (a royalty) (công ty A cấp phép cho công ty B sản xuất sản phẩm sử dụng thương hiệu A nhằm mục đích lấy tiền quyền) (theo... rates low Cons (khó khăn) - Domestic workers can lose their jobs or may be cut the paid (nhiều công nhân adidas việc họ chuyển nhà máy sang Việt Nam) - Moving operations overseas because of intense... dư ngân sách): Thu nhập (thuế) nhà nước lớn chi phí tiêu hao - National debt (nợ quốc gia/ Nợ công): the sum of government deficits over time CHAPTER 3: - Why trade with other nations? + No nation,