Tiếng anh chuyên ngành tài chính unit 1: Economics

Unit 1
Economics
1)
2)
3)
4)
5)

Nguyễn Ngọc Linh
Nguyễn Thị Thúy Hường
Lã Thị Thu Hương
Vũ Thị Sao Hôm
Nguyễn Hương Thùy


I)Vocabulary
economics

/ˌiːkəˈnɒmɪks/

kinh tế học

He studied politics and
economics at Yale.

economy

/ɪˈkɒnəmi/

kinh tế

We need to make
substantial economies.

resource

/rɪˈsɔːs/

nguồn lực

We do not have the
resources (= money) to
update our computer
software.

combine

/kəmˈbaɪn/

kết hợp

Hydrogen and oxygen
combine to form water.

combination

/ˌkɒmbɪˈneɪʃn/

sự kết hợp

His treatment was a

combination of surgery,
radiation and drugs.

choice

/tʃɔɪs/

sự lựa chọn

You had a good choice.

choose

/tʃuːz/

chọn

We choose to go by train.


well-being

phúc lợi

We try to ensure the wellbeing of our employees.

satisfaction

/ˌsætɪsˈfækʃn/

sự thỏa mãn

She looked back on her
career with great satisfaction

consume

/kənˈsjuːm/

tiêu thụ, tiêu
dùng

The electricity industry
consumes large amounts of
fossil fuels.

consumption

/kənˈsʌmpʃn/

sự tiêu thụ

Gas consumption always
increases in cold weather.

produce

/prəˈdjuːs/

sản xuất

Toyota produces cars for
export.

production

/prəˈdʌkʃn/

sự sản xuất

The new model will be in
production by the end of the
year.

kinh tế học vi
mô

It’s difficult to learn about
microeconomics

microeconomics /,maikrəʊi
:kə'nɔmiks/


macroeconomics

/ˌmækrəʊˌiːkəˈnɒmɪks/ kinh tế học vĩ
mô

Economics is traditionally

divided into two parts:
microeconomics
and macroeconomics.

theory

/ˈθɪəri/

học thuyết

According to the theory of
relativity, nothing can
travel faster than light.

theoretical

/ˌθɪəˈretɪkl/

lý thuyết

The first year provides
students with a sound
theoretical basis for later
study.

capitalism

/ˈkæpɪtəlɪzəm/

chủ nghĩa tư

bản

In capitalism, the most
important means of
production is money
rather than land.

conflict

/ˈkɒnflɪkt/

mâu thuẫn

John often comes into
conflict with his boss.

behavior

/bɪˈheɪvjə(r)/

hành vi

His behavior towards her
was becoming more
better.


II)Reading
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.

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.


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


III)Summary


1.
2.

1.

2.

3.

1.
2.

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
Microeconomics focuses on the actions of individuals and industries
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.
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.
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.
Keynesian theory: describes how goverments can act within capitalistic economies to promote economic
stability.
Benefits :
Through economics, people and countries become wealthy.
studying economics can help one understand human thought and behavior.

IV) VOCABULARY EXERCISES
Ex1
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)

Distributing
Economic
Policy
Relationships
Government
Theories
Economists
Econometric
Analyse
Study
Consumption
Monopolistic

Ex2

1)
2)
3)
4)
5)
6)
7)
8)

D
C
B
F
E
A
H
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