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TIẾNG ANH CHUYÊN NGÀNH 1 UNIT 1 ECONOMIC I NEW WORDS II INFORMATION FOCUS 1 Resources include the time and talent people have available, the land, buildings, equipment and other tools on hand, and the[.]
TIẾNG ANH CHUYÊN NGÀNH UNIT 1: ECONOMIC I NEW WORDS II INFORMATION FOCUS 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 People appear to use their resources to improve their well-being Microeconomics focused on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders Macroeconomics takes a much broader view by analyzing the economic activity of an entire country or the international marketplace Through economics, people and countries become wealthy and studying economics can help one understand human thought and behavior UNIT 3: MICROECONOMIC I NEW WORDS II INFORMATION FOCUS In a planned economy, government makes decisions on the allocation of scarce resources Trade-offs means when you want something you have to give up others because of limited resources Consumer theory describes how consumers, based on their preferences, maximize their wellbeing by trading off the purchase of more of some goods with the purchase of less of others We will also see how consumers decided how much of their incomes to save, thereby trading off current consumption for future consumption Consumers have limited income, they must trade-off between, speding or saving money, buying now or in the future Workers face constraints and make trade-offs First, people must decide whether and when to enter the workforce Second, workers face trade-offs in their choice of employment Finally, workers must sometimes decide how many hours per week they wish to work, thereby trading off labor for leisure The theory of the firm describes how the trade-offs can be best made, it must decide whether to hire more workers, build new factories or both Three important themes of microeconomics are the idea of making optimal trade-offs, the role of prices, the central role of markets In a centrally planned economy, prices are set by the government In a market economy, prices are determined by the interactions of consumers, workers and firms UNIT 4: MACROECONOMIC I NEW WORDS III INFORMATION FOCUS Two major macroeconomic policies are 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 the two main macroeconomic policies are to promote economic growth and to keep inflation under control The main tool of monetary policy is money supply 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 Microeconomics is the study of decisions that people and business make regarding the allocation of resources and prices of goods and services Microeconomics focuses on supply and demand and other forces that determine the price levels seen in the economy Macroeconomics 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 Macroeconomics looks at economy – wide phenomena, such as Gross Domestic Product (GDP) and how it is affected by changes in unemployment, national income, rate of growth, and price levels Microeconomics takes a bottom – up approach to analyze the economy while macroeconomics takes a top – down approach The goal of macroeconomics is to look at overall economic trends such as employment levels, economic growth, balance of payments, inflation and so on UNIT 5: DEMAND AND SUPPLY I NEW WORDS II INFORMATION FOCUS Demand is the quantity of goods or services buyers are willing and able to buy at various prices in a period of time Quantity demanded is the quantity of goods or services buyers are willing and able to buy at a certain price in a period of time The shift factors of demand: society’s income, prices of other goods, expectations and tastes If the price of a specific good or service increases, the quantity a buyer will purchase will decrease If the price decreases, the quantity a buyer will purchase will increase The relationship between the prices and the quantity demanded is negative relationship And we must hold all the other possible influences constant Supply is the quantity of goods or services sellers are willing and able to sell at different prices in a period of time Quantity supplied is the quantity of goods or services sellers are willing and able to sell at a certain price in a period of time If the price of a specific good or service rises, the quantity supplied will increase If price decreases, the seller will produce less and the quantity supplied will decrease The relationship between prices of good and quantity supplied is positive relationship Other factors are held constant The shift factors of supply are prices of inputs, technology, taxes, and suppliers’ expectations A market will be in equilibrium when there is no reason for the market price of the product to rise or to fall This occurs at the price where quantity demanded equals quantity supplied NOTE: TĂNG PHẢI – GIẢM TRÁI P & QD: TLN P & QS: TLT UNIT 6: PUBLIC FINANCE I NEW WORDS II INFORMATION FOCUS When revenue from taxes is not enough to cover all of the government’s expenditures, U.S Treasury will start borrowing money by issuing bonds Federal funds are general revenues, meaning Congress and the President can decide to spend them on just about anything when they conduct the annual appropriations process Trust fund is an amount of money invested and managed for some specific programs Trust funds comes from payroll taxes and can be used only to pay very specific programs The vast majority of trust fund revenues pay for Social Security and Medicare The Treasury borrow money by Selling bonds and other types of Securities Debt held by the public is the total amount the government owes to all of its creditors in the general public The sources of government revenue are tax and borrowing: These revenues come from major sources: income taxes paid by individuals; payroll taxes paid jointly by workers and employers; corporate income taxes paid by business And there are also a handful of other types of taxes like customs duties and excise taxes Borrowing: the Treasury borrows money by issuing bonds; borrowing constitutes a major source of revenue for the federal government Public finance is concerned with how government raises and spends its money The federal debts is the sum of the debt held by the public plus the debt held by federal accounts (Các khoản nợ liên bang tổng số nợ công chúng nắm giữ cộng với khoản nợ tài khoản liên bang nắm giữ.) 10.Payroll taxes are taxes that paid jointly by workers and employers (Thuế tiền lương loại thuế người lao động người sử dụng lao động trả.) 11.Income taxes are taxes that paid by individuals 12.Corporate income is taxes paid by business (Thu nhập doanh nghiệp khoản thuế doanh nghiệp nộp.) 13 Custom duties are taxes on imports, paid by the importer (Thuế hải quan thuế đánh vào hàng nhập khẩu, nhà nhập trả.) 14.Excise taxes are taxes levied on specific goods, like gasoline (Thuế tiêu thụ đặc biệt loại thuế đánh vào hàng hóa cụ thể, xăng.) UNIT 7: FISCAL POLICY I NEW WORDS II INFORMATION FOCUS Government spending and taxation directly affect the overall performance of the economy + Deficit spending is spending funds obtained by borrowing or printing instead of taxation (Chi tiêu thâm hụt chi tiêu có cách vay in thêm tiền thay thuế.) + Deficit spending can be helpful for the economy For example, when unemployment is high, the government can undertake projects that use workers who would otherwise be idle The economy will then expand because more money is being pumped into it (Chi tiêu thâm hụt hữu ích cho kinh tế Ví dụ, tỷ lệ thất nghiệp cao, phủ thực dự án sử dụng người lao động mà khơng nhàn rỗi Nền kinh tế sau mở rộng nhiều tiền bơm vào nó.) The government’s major economic policies mentioned above are Fiscal policy and Monetary Policy Fiscal policy is expansionary when taxation is reduce or public spending is increased The aimed of expansionary policy is to stimulate total spending in the economy, known as aggregate demand, to promote the economic growth Government uses expansionary policy when a government feels its economy is not growing fast enough or unemployment is too high 5 Fiscal policy is contractionary when taxation is increased or public spending is reduced The aimed of contractionary policy is to restrict demand and slow down the economy Government uses contractionary fiscal policy when inflation is high What factors should be considered in making decisions on fiscal policy? (Những yếu tố cần xem xét đưa định sách tài khóa?) + The 1st factor is the level of economic growth or unemployment likely in the future (Yếu tố thứ mức độ tăng trưởng kinh tế thất nghiệp có khả xảy tương lai.) + The 2nd factor is whether or not to run a budget deficit by spending more money than the government raises (Yếu tố thứ có hay khơng có thâm hụt ngân sách cách chi nhiều tiền mức huy động phủ.) + The 3rd factor is influenced by political considerations such as beliefs about the size of the role that governments should play in the economy or the likely public reaction to a particular course of action (Yếu tố thứ bị ảnh hưởng cân nhắc trị niềm tin quy mơ vai trị phủ kinh tế phản ứng công chúng hành động cụ thể.) + Fiscal policy decisions can be influenced by other outside factors as well such as the fiscal policies of other countries, the requirements of the IMF (Các định sách tài khóa bị ảnh hưởng yếu tố bên ngồi khác sách tài khóa quốc gia khác, yêu cầu IMF) Deficit happens when the government spends more than it receives Deficit can be financed in ways borrowing or printing more money If the government borrows money, it will decrease the supply of money in the economy If the government prints more money it will increase the supply of money in the economy UNIT 8: TAXATION I NEW WORDS II INFORMATION FOCUS The function of taxation are: + To raise revenue to finance government expenditure + Indirect excise duties can be designed to dissuade people from smoking, drinking alcohol and so on + Income taxes are one of the ways in which governments can redistribute wealth How people evade tax? (Người dân trốn thuế cách nào?) + Self-employed people undeclared part-time evening jobs with small and medium – sized family firms, on which no one pays any tax or national insurance + Criminal organizations, meanwhile, tend to pass money through a series of companies in very complicated transactions in order to disguise its origin from tax inspectors – and the police; this is known as laundering money How people avoid tax?/What are some legal ways of avoiding tax? (Người dân tránh thuế cách nào?/Một số cách hợp pháp để tránh thuế gì?) + To reduce income tax liability, some employers give highly-paid employees lots of “perks” (short of perquisites) instead of taxable money, such as company cars, free health insurance, and subsidized lunches + Donations to charities that can be subtracted from the income on which tax is calculated are described as tax-deductible + Companies have a variety of ways of avoiding tax on profits They can bring forward capital expenditure (on new factories, machines, and so on) so that at the end of the year all the profits have been used up; this is known as making a tax loss Multinational companies often set up their head offices in countries, where taxes are low A direct tax is a tax on wages and salaries or on company profits A progressive tax is a tax levied at a higher rate on higher incomes An indirect tax is a tax paid on property, sales transactions, imports, and so on A VAT is a tax collected at each stage of production, excluding the already-taxed costs from previous stages A wealth tax is the annual tax imposed on people’s fortunes (in some countries) Tax evasion means making false declarations to the tax authorities TRỐN THUẾ 10.Tax avoidance means reducing the amount of tax you pay to a legal minimum (TRÁNH) UNIT 12: MONETARY MONEY I NEW WORDS II INFORMATION FOCUS Monetary policy is a government policy which controls a nation’s money supply is supervised by each country’s The Fed control the percentage of deposits banks keep in reserve by controlling the reserve requirement of all US banks The reserve requirement set by FED is the minimum amount of reserves as banks must have The amount banks keep in reserve depends on the Fed requirements and partly on how much banks feel theey need for safety The amount most banks need to safety is much smaller than what the Fed’s requires For them, it’s the Fed’s reservve requirements that determines the amount they hold as reserves The reserve requirements play a central role in how much banks may lend out (cho vay) The discount rate is the rate of interest the FED charges for banks’ loans The bank can encourage people to borrow and spend more money by offering lower interest rate or easier approvals Expansionary monetary policy is a monetary policy in which money supply is increased Restrictive monetary policy is a monetary policy in which money supply is decreased (Chính sách tiền tệ hạn chế sách tiền tệ cung tiền bị giảm.) The goal of expansionary monetary policy is to increase aggregate demand To this, the central bank can lowers the reserve requirements, drops the disscount rate or buys more bonds, it will increases bank lending capacity The goal of restrictive monetary policy is to decrease aggregate demand To this, the central bank can raises the reserve requirements, increases the disscount rate or sells bonds in the open market, it will reduces bank lending capacity 10 As market participants bid against each other for increasingly scarce goods, prices will start rising 11 To reduce aggregate demand, the central bank can reduce money supply by raising reserve requirements, increasing discount rate or selling bonds in the open market 12 The central bank wants to reduce the money supply in case of an overheating economy, excessive aggregate demand puts too much pressure on production capacity NOTE: MONETARY POLICY: o o o RESERVE REQUIREMENT DISCOUNT RATE OPEN MARKET OPERATIONS UNIT 14: THE FOREIGN EXCHANGE MARKET I NEW WORDS II INFORMATION FOCUS The foreign exchange market is the market in which national currencies are exchanged The foreign exchange is considered to be an OTC market because it has no fixed working hours, no central trading place or meeting places and the primary communication instruments are telephones and computers London is the world’s largest foreign exchange center because of the large volume of international financial business generated here and its favourable geographical location Two types of transactions in the foreign exchange market are Spot and Forward transactions There are types of participants: Customer, Market makers, The brokers Multinational corporations need foreign currencies because they need foreign currency in course of their cross border trade or investment business 7 “Bid rade” means buying rate, “offer rate” means selling rate (Tỷ lệ giá thầu tỷ lệ mua Tỷ lệ chào hàng tỷ lệ bán.) Brokers act as intermediaries between the banks They are specialist companies with the telephone lines to the banks throughout the world so that at any time they should know which bank has the highest bid (buying) rate for a currency and which the lowest offer (selling) rate By calling a broker, it should be possible for banks to find the best dealing rate currently available This service charged a commission (Các nhà môi giới hoạt động trung gian ngân hàng Họ cơng ty chun nghiệp có đường dây điện thoại đến ngân hàng toàn giới để lúc họ biết ngân hàng có tỷ lệ mua cao cho loại tiền tệ tỷ lệ chào bán thấp Bằng cách gọi cho nhà môi giới, ngân hàng tìm thấy tỷ lệ giá giao dịch tốt có Dịch vụ tính phí hoa hồng.) Functions: The foreign exchange enables banks and international corporations to trade foreign currencies in large amount Capital flows arising from trade in goods and services, international investment and loans together create this demand for foreign currency CHOOSE THE BEST COMPLETE THE SENTENCES All government interviene through their … policies in a bid to achieve certain policy objectives A Economic B microeconomic C macroeconomic D economical Britain last year spent nearly 5000 million and more on …… food than selling abroad A Import B imports C importing D imported Monetary policy is one of the tools that a ……… Government uses to influence its economy A nation B national C nationality D native Government policy about exports and imports is ……… A Commercial B Monetary policy C Fiscal policy D Finance policy … is an amount of probable income and expenditure during a stated period A Tax B Asset C Loan D Budget Government securities with terms of more than one year are …… A bill of exchange B government bond C Treasury bills D.capital bills Macroeconomic stability means …… , low inflation, high economic growth and so on A low competition B low production C low D.A and B Spending on …… (eg; improvements to out motorway network) helps provide the capacity needed for other business to flourish A infrastructure B accommodation C industry D.transport system It is not the employer ……… pays the wages Employers only handle the money Its is the customer ……… pays the wages A who B that C whom 10 ……… will lead to an increase in the demand of money A An increase in the supply of money B An increase in the price level D which C An increase in the level of aggregale output D An increase of interest rate 11 Revenue is calculated by … the price at which goods or services are sold by the number of units or amount sold A multiple B multiplying C summing D accounting 12 The supply of a good is …… ralates to the price of inputs used to make the good A negatively B popsitively C significantly D substantially 13 Interest rate swaps often …… a fixed payment for a floating payment that is linked to an interest rate A pay B swap C exchange D change 14 Individuals and corporate entities can find it attractive to estabish subsidiaries or move themselves to ………… to reduce taxation levels A tax havens B tax avoidance C other countries D tax shelters 15 The standard ……… For international trade and investment is the US dollar A.Capital B currency C unit D payment 16 GNP is a ……… of a country’s economic performanxe, or what its citixens produced and whether they produced these items within its borders A sbility B measure C measurement D indicator 17 Banks often cooperate with ……… Efforts to stabinze economy and prevent inflation A foreign banks banks B financial insitutitions C government D commercial 18 Increasing ……… has led to a maasive increase in the number of foreign exchange transactions in recent decadedes A international market B global C globalization D economy 19 The quilibrium price changes when the supply and demand curves ……… the same A move B shift C.change D stand 20 ………… are government securities with terms of more than one year A treasury bills B government bonds C bills of exchange D.capital bills 21 A ……… Market is a market in which there are many buyers and sellers of the same good and service A competed B competition C competitive D competing 22 Two goods are ……… if a fall in the prive of one of the goods makes consumers less willing to buy the other A complements B normal goods C.inferior goods D substitutes 23 By bringing forward capital expenditure, a company can ……… year – end taxable income and therefore …… its tax expense A increase B.increase/decrease C decrease/increase D decrease 24 ………… is frequently appplied in refence to personal income taxes, where people with more income pay a higher percenage of that income in tax than those with less income A regressive tax avoidance B income tax C progressive tax D tax 25 As global transactionos involve myriad of currencies, it is essential to set up …… for each currency A the value B an exchange rate C the standard D the purchasing power 26 Using monet as a simple …… provides a simple and convenient way to compare the values of various items A money B unit of accounting C store of value D means 27 My insurance …… Are only $50 per month A premiums B receipts C fees D payings 28 The United States loses nearly $70 billion a year in tax revenue beacause corporations loot America by shifting their profits to …… overseas A tax havens B tax hevens C.tax houses D.tax heavens 29 Non-traditional exporters are exempt from …… and VAT on imports of machinery and equipment A income tax B customs duty C payroll tax D wage tax 30 Fiscal policy involves setting government spending and tax rates, whereas monetary policy involves money supply and interest rates set by a ……… A Central Bank B World Bank C.Commercial Bank D.Shadow Bank 31 Raising the prices we charge the consumer would enable us to raise wages until we reach an …… between supply and demand A imbalance B.equal C.disparity D equilibrium 32 Unemployment, ……… And greater inequality are often the downside of a market economy A inflation B justification C growth D employment 33.Sustainable ……… is a key indicator of the longterm health of the economy A.produce B.to produce C.product D.productivity 34 The government wants to accelerate the ………… of internet commerce A grow B grows C growing D growth 35 A true monetary economy must therefore be using a ……., which is nowadays a paper currency A token money B commodity money C coin D gold 36 The employee can seek compensation from the employer for……… of contract A breach B fulfillment C failure D bleach 37 Investors are holding out from Mexican stocks until they see clear signs of an …… Recovery A economist B.economic C.economize D.economy 38 On the market demand and supply graph, the vertical axis shows ………… A demand B equilibrium C prices D quantity 39 In the price system of a market economy, prices are determined by ………… A central planning B market prices C political forces D private invrstors 40 If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a ……… economy A traditional B.market C.command D.Mixed 41 The use of taxes and government spending to affect the economy ……… A Monetary B Fiscal Policy C.Contractionary Policy D.Expansionary Policy 42 Fiscal policy aims to influence the economic activity through the use of ……… A money supply and interest rate B exchange rate C government spending and taxation D direct and indict taxation 43 The rate which the Fed charges banks for a loan ……… A Discount rate B Federal fund rate C.reserve ratio D prime rate 44 When CDs became ppopular, people stopped listening to tape cassettes This caused the …… Curve for tape cassettes to shift A demand/ right B demand/ left C supply/ right D supply/ left 45 Our tax monet is spent on all of the following except …………… A.Sociall Security B.The Military C.Private School Education D.National Parks 46 If the government takes in more than it spends it is known as ……… A balanced budget B discretionary budget C budget deficit D budget surplus 47 ……………, a simple four letter word, is the entire reason for the existence of the insuranxe industry A Risk B Gold C Danger D Loss 48 The change in the quantity of capital from one period to the next is qual to ……… A financial investment B net investment C depreciation D gross investment 49 The Finance Minister will be making an official …… Today about new rate of income tax A notice B statement C declaration D talk 50 When the company was declared bankrupt, all its fixed ……… were claimed by its creditors A funds B assets C benefits D sums 51 A person’s credit …… is a formal evaluation of his/her loan – repayment history or potential A.rating B level C rate D records 52 By adding a strawberry and blackberry crops to a corn and soybean farm; a producer becomes more ……… A diversified B specialized C integrated D motivated 53 If the demand for tennis rackets increases, the price of rackets will……… A increase B control C decrease D motivated 54 Before starting a business, you hvr to raise the necessary …………… A capital B money C investment D savings 55 Creative ……… is finding ways of explaining how many has been spent while hiding what has really happened to it A booking B accouting C bookmaking D auditing 56 In the circular flow model, consumption goods are bought and sold in the …… A goods market B factor market C financial market D.government market 57 Each department within the organization is given a ……… within which it has to remain for the whole year A sum B money C dividend D budget 58 The product ………… most interest were smaller and lighter models A attracting B attracted C has attracted D are attracting 59 In the long term ……… is due to increase in the price of raw materials This in the situation where prices rise to keep up with increased production cost A devaluation B inflation C recession D crisis 60 Coca-Cola employees enjoy high salaries …… they can claim traveling expenses A in addition B However C Therefore D So that 61 A fall in prices can result in serious difficulties to many producers and may cause them to go …… business completely A through B out C out of D into 62 A group of certain companies …… The market when thay have completely controlled over particular commodities A comer B advertise C monopolize D motivate 63 We’re spent a large part of our ……… on advertising A budget B costs C expenses D amount 64 All government intervene through their …… poplicies in bid to achive certain policy objectives A Economy B Microeconomic C Macroeconomic D Economical 65 Although the market is not growing, I expect sales to increase ……… at least until the end of the century A substantially B On average C steadily D fairly 66 Before starting a bussiness, you have to raise the necessary ………… A capital B money C investment D savings