Tài liệu tiếng anh - LAMNGHIEPVN.INFO (Hưng Bùi) Unit2

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UNIT 2
THE BUSINESS CYCLE
(Extracted from English in Economics and Business, Ha Noi Economics University, NXBGD)

In group, discuss what you know about the business cycle.
Read the following text
Income growth fluctuates up and down over time even when there is a generally rising
trend in output. For example, in Vietnam, national income grew at an average annual rate of
3.9% per year between 1986 and 1990. But rates varied significantly from one year to the
next. In 1986 income grew 6.5%, much more than average growth rate from 1986-1990.
In 1990 it only grew 2.4% which was less than the average. These year-to-year (or
short-term) movements in output are called the business cycle.
The business cycle is the somewhat regular pattern of expansion (recovery) and
contraction (recession) in real output of the economy that happens over the long term.
The turning points of economic activity during the business cycle are the peak and the
trough. The peak occurs when the growth rate is at the highest point and unemployment is
low. The trough occurs when growth rate is at the lowest point and when unemployment is
high.
The business cycle has two phases defined by the peak and the trough. The recession,
(or contraction) is the period from the peak in cyclical activity to the trough, or bottom. The
recovery, (or expansion), is the move up to the next peak. Business cycle are irregular both in
the period of time they last, and in the magnitude (size) of the cycle. Macroeconomic policies
try to stable the economy and reduce the size of the fluctuations from the business cycle.
* Comprehension questions
1. Answer the following questions:
1. What was the annual rate of national income growth in Vietnam between 1986 and
1990?
2. Was this rate the same every year?
3. What are short-term movements in output called?

4. What is the business cycle?
5. What does growth usually refer to in economics?
6. What are the two turning points in the business cycle called?
7. What are the two phases defined by?
8. What are the two phase called?
9. What do macroeconomics policies try to do with regard to business?


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* Vocabulary exercises
2. What words or phrases in the reading passage have the same meaning as:
1. yearly
2. the highest point
3. the lowest point
4. size
5. contraction
6. expansion
7. to move
8. short-run
3. Fill in the blanks with suitable words from the text:
1. The inflation …………..is very low this year compared to last year
2. She has a very ……………….schedule; I never know when she will be in class or in
her office.
3. The temperature can …………from 32 degrees to 40 degrees in one day during the
summer.
4. The…………..of the mountain is very high and it would take 3 days to walk up there.
5. Her quick ……….from illness surprised even the doctors.
6. They made plans for an………………..of the business into some new fields like
computers and communication equipment.
7. In the ……………..output cannot expand very much because no new machines can

be bought.
8. It is hard to…………..a farmer’s income because the weather has such a big effect on
it and we can’t control the weather.
9. He is ………………..richer than his sister because their parents only sent their son to
the university.
10. His …………monthly expenditures are $70 although sometimes they are only $40
and sometimes they can reach $149
11. He……………..inflation as the increase in the general price level that occurs over
time.
12. The buying…………..of young people are different from those of old people since
young people tend to buy more clothes, tickets for movies, and ice cream while older people
need to buy more medicine and household goods.
13. There was a significant………….in demand for pork when people heard that it was
bad for their health.
14. In this graph we can see a………………when his income dropped to the lowest
point.
15. Most children go through a …………….when they don’t want to listen to what their
parents said.

* Writing
Write a short essay to describe the graph below that shows the production of rice,
rubber, tea and pepper in 1987,1988 and 1989


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90
80
70
60

50

1987
1988
1989

40
30
20
10
0
rice

rubber

tea

pepper

* Translation
1. Translate the text into Vietnamese
2. Translate into English:

PHÁT TRIỂN SẢN XUẤT CHÈ Ở VIỆT NAM
1.Theo số liệu của tổ chức lương thực và nông nghiệp thế giới, Việt Nam là một trong
20 nước sản xuất nhiều chè trên thế giới.
2. Diện tích đất đai có thể trồng chè ở Việt Nam là 300,000 hécta và được phân bố trên
gần 30 tỉnh. Trong đó miền trung du và miền núi phía bắccó khoang 200,000 hecta, vùng tây
nguyên khoảng 70,000 ha, vùng khu bốn cũ khoảng 20,000 hecta.
3. Diện tích ché đã trồng đến cuối năm 1993 là 66,000 hecta.

4. Sản lượng chè búp tươi là 170,000 tấn tương đương với 34,000 tấn chè búp khô.
5. Sản lượng chè xuất khẩu đạt 14,000 tấn
6. Khả năng phát triển cây chè ở Việt Nam còn rất lớn nhưng chưa đựoc khai thác hết vì
thiếu vốn để xây dựng các vườn chè mới, chăm sóc các vườn chè đã có, xây dựng đường sá
đến các vùng trồng chè, đến các xí nghiệp chế biến chè.
7. Theo kế hoạch phát triển kinh tế xã hội 1991-1995, diện tích chè đựoc trồng them là
30,000 hecta, để đến năm 1995 tổng diện tích chè toàn quốc là 90,000 hecta avf đến năm 2000
tổng diện tích chè là 140,000 hecta, trong đó diện tích có thể thu hoạch là 100,000; sản lượng
chè búp khô 90,000 tấn (có 50,000 tấn xuất khẩu)
8. Việc trồng chè không những tạo thêm việc làm, mang lại thu nhập ngoại tệ mà còn có
tác dụng phủ xanh đồi trọc, chống xói mòn, bảo vệ đất, cân bằng môi trường sinh thái
9. Do đó, đây là một nghành kinh tế được nhà nước Việt Nam khuyến khích phát triển
3. Translate into Vietnamese
1. Since our country carried out the business revolution, the Vietnamese economy has never
experienced as forceful changes in many aspects as in the year 2003.


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2. Gross Domestic Product increased 7,5% as compared to 2002, ranking 4th for economic
development rate in South- East Asia- the region having highest development rate in the
world in the past year.
3. 24,5 million tons of food were produced, the value of total agro-production increased 3%
of that of the previous year.
4. 1,8 millions tons of rice were exported, keeping Vietnam fast at its 3rd rank among the
biggest suppliers in the world.
5. The particularly important fact was that Vietnamese economy has been overcoming
recession with continual growing steps in the past three years and it has entered a new phase
of socio-economic development since 2003
* Grammar Review
Inversion

1. If we had known your address, we would have visited you.
Had........................................................................................................................
2. It was so interesting a story that he couldn't stop reading.
So...........................................................................................................................
3. John hardly remembers the accident that took his sister's life.
Hardly....................................................................................................................
4. He was able to make himself heard only shouting
Only…………………………………………………………………………………..
5. He became so suspicious that he didn’t believe in whatever his wife had said to him.
So…………………………………………………………………………………….
6. They not only rob him, they smash everything too.
Not only………………………………………………………………………………...
7. He didn’t realize that he had lost the wallet till he got home
Not till………………………………………………………………………………..
8. The truth only came out on the publication of the general’s person diaries
Only when……………………………………………………………………………
9. I’ve never seen such a mess in my life
Never…………………………………………………………………………………
10. There is always trouble when he comes to visit us
Whenever……………………………………………………………………………

* More exercises
Read the text carefully the fill in the blanks, using the words given
help
began
to promote
demanded
information-processing

should
made
broke

Assistant Manager
commercial
profit

became
management


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Thomas J. Watson Senior .......( 1).... his business career as a sewing machine
salesman and later, when he .....(2) .......the President of IBM, he used his sales
techniques...........(3).......... the company’s name.
When Watson joined IBM in 1914, the company was almost.........(4)....... Under his
leadership, it grew beyond all expectations, and established a leading position in .......(5).......
industry.
Watson believed that the way to win a man loyalty is to build up his self-respect. So
under his .....(6)......., IBM employees earned above-average salaries and good pensions. In
turn, he.........(7).........loyalty and enthusiasm. Everyone worked long hours.
Watson had a strong personality and.....(8)........... all the major decisions himself . He
thought that a manager .....(9)............. be an assistant to men, and IBM ran no management
training schools in his day. The only advice he gave was: “ You’ve promoted to
...........(10)......... . Be careful with people, don’t swear, and wear a white shirt”.