Giáo trình tiếng anh chuyên ngành tài chính phần 1

nilChủ biên: Cao Xuân Thiều GIÁO TRÌNH ENGLISH FOR FINANCE DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN... HỌC VIỆN TẰI CHÍNHGIÁO TRÌNH ENGLISH FOR FINANCE Chủ biên: Cao Xuân

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Chủ biên: Cao Xuân Thiều

GIÁO TRÌNH

(ENGLISH FOR FINANCE)

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HỌC VIỆN TẰI CHÍNH

GIÁO TRÌNH

ENGLISH FOR FINANCE

Chủ biên: Cao Xuân Thiều

NHÀ XUẤT BẢN TÀI CHÍNH

Hà nội - 2008DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

LỜI NÓI ĐẨU

Giáo trình “English for Finance” được tổ chức biên soạn lại,

có sửa chữa và bổ sung nhiều bài mối từ cuốn giáo trình “English

for Finance and Accounting” nhằm đáp ứng yêu cầu đổi mới nội

dung chương trình đào tạo tại Học viện Tài chính trong giai đoạn

đổi mối và phát triển của đất nước bưốc sang th ế kỷ 21 Giáo trình

đã tập hợp được nhiều bài viết, nhiều kiến thức từ nhiều sách báo,

tài liệu và giáo trình gốc của các tác giả ở các nước Anh, Mỹ,

Australia Việc hoàn thành giáo trình này sẽ đáp ứng được nhu

cầu về tài liệu học tập của sinh viên, giúp sinh viên đọc hiểu, dịch

thuật và rèn luyện được các kỹ năng ngôn ngữ về các lĩnh vực

kinh tế, tài chính, ngân hàng, kế toán, marketing và quản trị kinh

doanh Đồng thòi, đây cũng là nguồn tài liệu tham khảo bổ ích

đô'i với các nhà nghiên cứu, nhà quản lý kinh tế tài chính và

những ai có nhu cầu nâng cao trình độ tiếng Anh về tài chính *

Giáo trình “English for Finance” gồm 42 bài vối thòi lượng

240 tiết được dùng cho các chuyên ngành khác nhau ỏ Học viện

Tài chính (chương trình chính khoá là 120 tiết) Có những bài

dùng chung, có những bài dùng cho chuyên ngành này là chủ yếu

lại không dùng cho chuyên ngành khác và ngược lại Giáo trình

không chia rõ thành các chương riêng biệt, nhưng được sắp xếp

theo các chủ đề: kinh tế học (economics), tiền tệ - ngân hàng

(money and banking), tài chính (finance), kế toán - kiểm toán

(accounting and auditing), phân tích tài chính (financial analysis),

marketing và kinh doanh quốc tế (international business).

Giáo trình do tập thể giảng viên khoa Ngoại ngữ của Học

viện biên soạn gồm: Cao Xuân Thiều (chủ biên), Nguyễn Thị Định,

Nguyễn Thị Hà, Trương Minh Hạnh, Mã Kim Khánh, Phạm Bích

Loan, Bùi Bá Luy, Nguyễn Thị Mai, Đặng Phương Mai, Tạ Thị

Phương, Hoàng Minh Phương và Nguyễn Hiền Từ.DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Giáo trình được hoàn thành là kết quả của quá trình lao động nghiêm túc, các tác giả đã cố gắng xây dựng cuốh giáo trình

có nội dung thiết thực, kết cấu hợp lý với nguồn kiến thức đơn

giản nhưng hiện đại phù hợp với qui trình đào tạo các chuyên ngành ở Học viện Tài chính Tuy nhiên, do thời gian biên soạn còn hạn chế và nguồn tài liệu chưa th ật dồi dào nên giáo trình không tránh khỏi còn nhiều thiếu sót Tập thể tác giả mong nhận được nhiều ý kiến chân thành của các thầy cô giáo cùng bạn đọc trong

và ngoài Học viện để giáo trình được hoàn thiện hơn ỏ lần tái bản

Unit 17 What is The foreign exchange market? 147

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Unit 21 Introduction to corporate taxation 185

Unit 31 Distinction between auditing and accounting 279

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Unit 1

ECONOMICS

I R eading

Most people want more than they can afford to buy If a

family buys one thing, they may not be able to afford something

they would like The same is true of nations Whether a nation is

rich or poor, most of its people want more than they can afford

They seek better schools, more houses and stronger armed forces

The field of economics studies the way the thing people need and

want is made and brought to them It also studies the way people

and nations choose the things they actually buy from among the

many things they want

Economists (specialists in economics) define economics as the

study of how goods and services get produced and how they are

distributed By goods and services, economists mean everything

that can be bought and sold By produced, they mean the

processing and making of goods and services By distributed, they

mean the way goods and services are divided among the people

In all countries, the resources used to produce goods and

services are scarce That is, no nation has enough farms, factories,

or workers to produce everything th at everyone would like

Money is also scarce Few people have enough money to buy

everything they want when they want it Therefore, people

everywhere most choose the best possible way to use their

resources and money

Children may have to choose whether to spend their

allowances on a motion picture or a hamburger Storekeepers may

have to choose whether to take a summer vacation or to use theirDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

savings to buy more merchandise A nation may have to choose whether to use tax money to build more submarines In economic items, the children, the storekeepers, and the nation all must economize in order to satisfy their most important needs and wants This means they must try to use the resources they have to produce the things they most want.

Economics is a study of mankind It tells us how man subsists, grows and develops in relation to the wealth available on Earth Relations made by persons in the society which are in connection with material circumstances are economic

On a microeconomic scale, economics analyses the relations a

person establishes with others while satisfying wants for his material life.Wants refer to both needs for a self to subsist and desires for the self to develop

Qn a macroeconomic scale, economics analyses the regulations that govern the ways of establishing relations between persons so as to assure the well-being of man’s world in the whole

II Com prehension / interpretation

1 Can people in most countries buy all the things they want?

2 What do nations in the world want to do for their countries?

3 What does the field of economics study?

4 How do economists define economics?

5 Are the resources in the world used to produce goods and services abundant?

6 What do people and nations do with their limited resources and money?

7 Why it is said that: Economics, is a study of mankind?

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

8 Which relations are called economic?

9 What does economics analyze on a microeconomic scale?

10 What does economics analyze on a macroeconomic scale?

III Language focus: If clause (Type I)

When we talk about future events th at are reasonably likely and their results, we can use an if-sentence The lf-clause states the condition, and the other clause states the result

“Unless” means the same as if not It always refers to the conditional part of the sentence and not the result part of the sentence

Example: - If the government raises taxes, consumer spending will fall

(If- clause can come in the first part of the sentence or the second)

- Consumer spending will fall if the government raises taxes

- They won’t sign the contract unless we give them an additional discount

E x ercise 1: Put the verb in brackets into the correct tense

1 If sales (go) well this year, we will increase ourproducts

2 We (sign) the deal tomorrow unless something goeswrong

3 We will try to reduce our costs if sales (not / go) wellthis year

4 If the goods get damaged in transit, we (make) aclaim

5 We (go) to have a bad year unless demand increasessoon

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Exercise 2: Match the sentences (1-6) with the sentences (a-f)

1 She will accept the job

2 She won’t accept the job

3 Unless sales improve dramatically

4 If sales improve dramatically

5 Unless we pay them immediately

6 If we pay them immediately

a Unless we give her the salary she wants

b We will not make a loss this year

c Tthey will not take legal action

d We will make a loss this year

e They will take legal action

f If we give her salary she wants

IV Words study

E xercise 1: Complete the sentences, using the words in italic

Available, activity, abundant, demand, producers, government, safety, income,revenue,consumers,

1 Economic was organized on theassumption at cheap and oil

2 When the price of some commodities increases, willtry to use less of it but will want to send more of it

3 A scarce resource is one for which the a zero pricewould exceed the supply

4 National is the money received by the

5 Governments spend part of their particular goods andservices such as tanks, schools, and public

E xercise 2: Match the words with the definitions below

a- product b- economic outputc- inflation d- economics e- growthf- gross domestic product (GDP)

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

5 output in the economy increases

6 something made to be sold

7 the materials and components used to make products, or

the products th at are made

8 the amount of goods and services th at people want in a

particular period

V Vocabulary

- afford(v): to have enough money or time to be able to buy or

to do something: có đủ khả năng về tiền bạc, thòi gian để làm

điều gì đó

Can we afford a new car?

- allowance(n): an amount o f money that is given to sb

regularly or for a particular purpose: tiền trợ cấp, tiền cấp phát

Do you get an allowance for clothing?

- seek(v): to look for sth / sb: tìm kiếm

- resources(n): a supply or sth that a country, an organization

or a person has and can use, especially to increase their wealth (in

plural): tài nguyên, nguồn lực

- armed forces: lực lượng quân sự

- scarce(adj): in short supply, khan hiếm, thiếu thốn

11

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It was wartime and food was scarce.

- motion picture(n): phim, điện ảnh

- storekeeper(n): thủ kho, chủ cửa hàng

- summer vacation(n): kỳ nghỉ hè

- merchandise(n): goods that are bought or sold; goods that

are for sale in a shop / store: hàng hóa

- submarine(n): a ship that can travel under water: tàu ngầm

- economize(v): to use less money, time, etc, than you

normally use', tiết kiệm Our electricity bills are higher than we can afford-we must start to economize.

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Direct government intervention is theoretically ruled out although the government will influence the economic situation through its fiscal and budgetary policies.

P la n n e d econom y: A system whereby the structure of the market is deliberately planned by the state, in which production and consumption quotas are fixed beforehand, and where there is

no real competition between industrial or commercial organizations In the soviet model, for instance, all the means of production and the channels of distribution are state controlled

Private ownership does not exist in this field

In practice, there is wide gap between the theoretical model and economic realities: the so - called market economies relv more and more on Government planning and intervention, whereas in planned economies, such capitalistic notions as profit tend to be reintroduced

M ixed econom y: An economic system in which some goods and services are produced by the government and some by private DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

laissez-faire economy In practice, most economies are mixed; the significant feature is whether an economy is moving towards or away from a more laissez-faire situation.

II Comprehension / interpretation

Using the inform ation in the text, a n sw er the questions

ielow.

1 What is a m arket economy?

2 What is a planned economy?

3 What are differences between a m arket economy and a lanned economy?

4 What is a mixed economy?

III Language focus The p a ssiv e

The passive is formed by using the verb be and the past

articiple For example, the present tense passive is formed with

m / is / are + past participle

• We often use the passive to focus on something that appens to someone, when we do not want to focus on the person

ho does the action:

About 85% o f the world’s rubber is p ro d u c e d in the Far ast.

• The passive is often used to talk about systems and

a The passive infinitive is be + p a s t p a rtic ip le We can use

e passive with a modal verb (or an expression like have to).

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Stamps can be bought at any office.

Meals have to be p re p a re d every day.

• Notice th a t in some contexts it is possible to make both

verbs passive.

Changes to the taxation system are expected to be

proposed.

E xercise 1: P u t the follow in g into the p a s s iv e voice.

P u t the follo w in g into the p a ssiv e voice.

1 We can solve this problem.

2 People should send their complaints to the head office.

3 They have changed the date of the meeting.

4 The government will influence the economic situation

through its fiscal and budgetary policies.

*

5 In planned economies governments fix production and

consumption quotas beforehand.

6 Our supplier is shipping the goods next week.

7 The government raised interest rates by 1%.

8 He was asking me some difficult questions.

9 ABB gave a large order to us last year.

10 David Gill from Marketing lent me this book.

E xercise 2: Com plete the sentences u sing a p a ir of

verbs Use the p a s t sim p le for the fir s t verb a n d a p a ssive

form w ith being + past participle or to be + past participle

for the second.

deny / pay resent / ask tend / forget avoid / run down

appear / crack

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1 He any money for giving his advice tothe company.

2 She to make tea for everyone at themeeting

3 Many reliable methods of storing information when computers arrived

4 I narrow ly by the bus as it came round thecorner

5 The window in a number of places

IV Word study

Fill each of the numbered blanks in the following passage Use only one word from the box in each space

principles the at anything what for issues both training how

Economics is (1) study of how individuals andnations make choices about how to use scarce resources to filltheir needs and wants A resource i s (2) th at people canuse to make or o b tain (3) they need or want You may

be asking yourself (4) this point how economics willhelp you, a student Also, you may be wondering how scarceresources is a problem (5) a nation like the UnitedStates that has such abundant resources

It may surprise you to know that many of the decisions youwill face as a citizen deal with (6) the United Statesshould use its resources Learning economic (7) can helpyou make decisions about candidates for political office, politicaland social (8), and the goals the United States shouldset for itself, such as how to spend government revenues Many people are familiar with the benefits of government programsDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

such as job (9) and Medicare, but how many people areaware of the costs of these programs? Economics can help you to

un derstan d (10) costs and benefits and, therefore, helpyou to make better decisions

V Read th e follow ing passage and translate into Vietnam ese

WHAT IS ECONOMICS ABOUT?

Economics is about the everyday things of life, how we get our living and why sometimes we get more and sometimes less

Nowadays, everybody realizes the important part played in their lives by economic factors, because nothing seems to stay put for more than a few weeks on end Prices are continually changing, generally upwards, and no sooner do we congratulate ourselves on being a bit better off than we seem to lose all we have gained because of having to pay more for everything we want Industries, such as coal mines and railways, which we have taken for granted

as natural part of the scene, decline in size, and other quite new ones, electronics and plastics and so on, take their place as big fields of employment; and these changes in size directly affect the lives of hundreds of thousands of families

Those of us who are now middle-aged can recall the shock we had during the war when the scarcity of so many of the goods we needed for our day-to-day living brought vividly home to us how much we depend on the four corners of the world for all the things

we normally use without generally giving a moment's thought to their origin

There was a time when each family actually produced for itself most of the things it needed for its everyday life In the modern world the relationship between work and wants is much less direct than it used to be, for most of us spend our time making things for sale and not for our own use ThisDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

specialization, which is the characteristic of the modern economy, enables us to enjoy things of which our grandfathers never dreamed, motor-cars bicycles and planes, vacuum cleaners and refrigerators, rayon and plastic clothing, more varied foods, and all sorts of other goods, but it also makes the world very much more complex.

VI Vocabulary

- attem pt (n) a thing produced by sb trying to do or make sth

cố gắng

- be supposed to do sth to be allowed to do sth cần phải được

- hinder (v) to prevent or delay the progress of sb / sth càn trở,

ngăn cản

- punishable (adj) that can be punished, esp by law có thể

bị trừng phạt

- intervention (n) becoming involved in a situation, esp so as

preventing sth happening or trying to help sb can thiệp vào

- rule out exclude sth / sb loại trừ, không chấp nhận

- fiscal policy the policy of a government in relation to

taxation and government expenditure as a means o f affecting aggregate economic activity chính sách tài khoá

- budgetary (adj) connected with the way money is spent in a

budget (thuộc về) ngân sách

- deliberately (adv) not freely có chủ ý sẵn

- quotas (n) a fixed amount of sth that must be done, given or

received chỉ tiêu

- exist (v) to happen or be present in a particular situation or I

place tổn tại

- laissez-faire (n) policy of nori-interference chính sách không I

can thiệp / hoàn toàn tự doDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

U n it 3

MICROECONOMICS

I R eading

1 Many economists specialize in a particular branch of the

subject For example, there are labour economists, energy

economists, monetary economists, and international economists

What - distinguishes these economists is the segment of economic

life in which they are interested Labour economics deals with

problems of the labour market as viewed by firms, workers, and

society as a whole Urban economics deals with city problems:

land use, transport, congestion, and housing However, we need

not to classify branches of economics according to the area of

economic life in which we ask the standard questions what, how,

and for whom We can also classify branches of economics

according to the approach or methodology th at is used Thè very

broad division of approaches into microeconomic and

macroeconomic cuts across the large number of subject groupings

cited above

Microeconomic analysis offers a detailed treatm ent of

individual decisions about particular commodities

For example, we might study why individual households

prefer cars to bicycles and how producers decide whether to

produce cars or bicycles We can then aggregate the behaviout of

all households and all firms to discuss total car purchases and

total car production Within a market economy we can discuss the

market for cars Comparing this with the market for bicycles, we

may be able to explain the relative price of cars and bicycles and

the relative output of these two goods The sophisticated branch of

microeconomics known as general equilibrium theory extends this

1 oDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

approach to its logical conclusion It sudy simultaneously every market for every commodity From this it is hoped th at we can understand the complete pattern of consumption, production, and exchange in the whole economy at a point in time.

2 If you think this sounds very complicated you are correct

It is for many purposes, the analysis becomes so complicated that

we tend to lose track of the phenomena in which we were interested The interesting task for economics, a task th at retains

an element of art in economic sienee, is to devise judicious simplifications which keep the analysis manageable without distorting reality too much It is here that microeconomists and macroeconomists proceed down different avenues

Microeconomists tend to offer a detailed treatm ent of one aspect

of economic behaviour but ignore interactions with the rest of the economy in order to preserve the simplicity of the analysis A microeconomic analysis of miners’ wages would emphasize the charateristics of miners and the ability of mine owners to pay It wouild largely neglect the chain of indirect effects to which a rise

in miners’ wages might give rise For example, car workers might use the precedent of the miners pay increase to secure higher wages in the car industry, thus being able to afford large houses which burned more coal in heating systems When microeconomic analysis ignores such indirectly induced effects it is said to be

partial analysis.

II Comprehension questions

Read the text carefully and then answer the following questions:

1 What distinguishes an energy economist from an urban economist?

2 Are the same questions asked in each area of economiclife?

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

3 What is needed before total car purchases and productioi can be discussed?

4 What does the general equilibrium theory examine?

5 What can be understood from such a study?

6 What happens when an analysis becomes too complicated'

7 What can keep an analysis manageable?

8 What do most microeconomists leave out of their analysis:

9 What does partial analysis ignore?

10 Why would most not make a breakdown of connsume goods?

III Language focus

Study the following sentence from the text:

the analysis becomes so complicated that we tend to ỈOSÍ

track of the phenomena in which we were interested”

G ram m ar issues: result clauses with so th a t and such

th at

So and such with that express result So is used with adjectives

and adverbs:

The manual was so com p lica ted th a t I couldn't understand it

The manual was written so b adly th a t I couldn’t understand it

Such (a) is used with an adjective + noun:

They were such noisy machines that we couldn’t hear her voice.

It was such a bad manual that I couldn't understand it.

Exercise for practice:

Match the sentences in column A with the results in column

B Then rewrite them as one senetence, using so and such

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

The meeting went on for such a Ions time that I missed the train home.

1 The meeting went on for a

long time.

2 The company was in a very

bad financial state

3 Frankfurt was very busy during the book fair

4 They treat their employees very well

5 My portable computer is very unreliable

6 The new drug was very successful

7. He had a very good cv.

A The factory couldn’t meet the demand for it

B Nobody ever wants to leave,

c We decided to interview him

D They called in the receivers

E I missed the train home.

F We couldn’t get a hotel room

G I don’t like to use it

IV Word study

In this section you should use a dictionary to help you answer the questions about the text

1 Look at the first paragraph again W hat words correspond

to these definitions?

* way of studying a subject

* give particular attention to

* way of looking at a subject v

* quotedDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

2 Look at the first paragraph again and say what words

have the opposite meaning to:

* beginning

* at different times

* simple and uncomplicated

3 Look at the first paragraph again Can you explain the

* pulling out of shape

* pay not enough attention to

- Energy (n): a source o f power: năng lượng

Solar energy, nuclear energy.

- Monetary (adj): connected with money.

- Urban (n): connected with a town or a city, thuộc về đô thị

- Segment (n): a part of sth that is separate from the other

parts

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

- Classify (v): to arrange sth in groups according to features that they have in common: phân loại

The books in the library are classified according to subject.

- Approach (n): a way o f doing or thinking about sth, such as

a problem or a task: cách tiếp cận, phương pháp.

- Approach (v): to start dealing with sth / sb: tiếp cận.

- Methodology (n): a set of methods or principles used to perform a particular activity: phương pháp

- Commodity (n): a product or a raw material that can be bought and sold:

- Behaviour (n): the way that sb behaves: hành vi

- Aggregate (vj: ~ (sth) (with sth): to combine different items, amounts, etc.

into a single group or total: tổng hợp, tính gộp.

The television audience aggregated 30 millions.

- Aggregate (n + adj): tổng số, sô' lượng tính gộp; toàn bộ Aggregate demand / supply: tổng cầu Ị cung

- Relative price (n): giá tương đối

- Equilibrium (n): a State o f balance: sự cân bằng Equilibrium for a particular goods means that the demand

of that goods equals the supply.

- General equilibrium theory (n): thuyết cân bằng tổng thể

- Devise (v): to invent sth new or a new way o f doing sth: phát

minh, tạo ra

A new system has been devised to control trafic in the city.

- Interaction (n): tác động qua lại,, ảnh hưởng lẫn nhau.

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

- Simple (adj): đơn giản

- Simplify (v): to make sth easier to do or understand,', làm đơn

giản hóa

- Simplification (n): the process of making sth easier to do or

understand: sự làm đơn giản hóa

- Simplicity (n): the quality o f being easy to understand or

use: sự đơn giản.

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

goal of macroeconomics is to look at overall econom ic trends such as em ploym ent levels, econom ic grow th, balance of

paym ents, and in flatio n The study of the world economy, for example, is essentially a macroeconomics survey

Just as the speed of an engine is regulated by its supply of fuel, macroeconomics is influenced mainly by m o n e ta ry policy,

which controls a nation’s m oney supply, and fiscal policy, which controls a governm ent’s revenue and spending Control

over an economy is essentially is the hands of each country’s cen tra! b a n k s and government, because they control the money that provides the fuel to keep the economy running

Monetary policy, the control of a nation’s money supply is managed by each country’s central banks Germany’s Bundesbank, Britain’s Bank of England, and the Bank of Japan all reg u la te their money supplies with basically the same goals

as the US Federal Reserve to p rom o te economic growth and keep inflation under control

Just as a driver uses the accelerator to speed up or slow down a vehicle, central banks control the economy by decreasing the money supply By carefully regulating the supply money to fuel economic growth, a central bari'k works to keep economy from

o v erh eatin g or slow ing dow n too quickly

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Monetary policy is essentially a guessing game There is no

one statistic to tell us how fast a economy is growing, and there is

nothing th at tell us how quickly the economy will respond to

changes that may take months or years to implement Central

banks try to keep one eye to unemployment, resulting from

economic slow downs

The economy at large can also be controlled by regulating

fiscal policy, government revenue and spending Although a

country’s money supply is controlled by central banks,

government spending also greatly influences by a country’

economic growth Ju st as a family’s economic health is influenced

by a parent’s earning and spending habits, a nation’s economic

health is influenced by governmental fiscal policies, such as

taxation, spending and governm ent borrowing.

For better or for worse, the major economic influences in our

daily lives, such as inflation and unemployment, are primarily the

result of macroeconomic decisions

II Com prehension / Interpretation

1 Macroeconomics does not study:

a the behavior of individual businesses and consumers

b overall economic trends such as employment levels,

economic growth,

balance of payments and inflation

c the world economy

d interactions among economic factors in the whole

c open door policy

c keep the economy from overheating or slowing down too quickly.

5 Fiscal policy deals with

j

III Language focus

Study the following sentence from the text:

1 macroeconomics is influenced mainly by monetary I

policy, which controls a nation’s money supply I

2 and fiscal policy, which controls a government’s revenue j

and spending.

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

G r a m m a r is s u e s : R e la tiv e c la u s e s

* People and things

We can use a relative clause beginning with who, th a t or

which to describe and define a person or thing To refer to

people, we use w ho and th a t To refer to thing, we use which

or th at:

PEOPLE: The accountants who / that advised me wei'e very good.

(The clause who a d vised m e helps to identify the accountants).

THINGS: The computers which / that they bought were expensive.

(The clause w hich they bought identifies the computers).

* Subject and object relative clauses

Sometimes it is necessary to keep the relative pronoun in the sentence, and sometimes it is possible to leave it out

If the relative who, w hich, or th a t is followed by a verb, we must keep it

We’ve got a machine th a t p r in ts in colour (Not: a machine prints in colour)

(In this sentence, th a t p r in ts in colour is a subject relative

Exercise for practice:

Correct the m istak es in the follow ing sen ten ces.

1 Yesterday I spoke to your director, th at seemed to be very pleasant

2 The room where we held the meeting in was a little too smaỉỉ

3 Brazil which is the world’s largest exporter of coffee has high inflation

4 The negotiators finally reached a formula on what everyone could agree

5 I found it difficult to hear th at the speaker was talking about

6 Tim Lang only joined the company six months ago is going

to be promoted

7 The Rover group its name has been changed several times

is now part of IBM

8 I suggest we have a meeting in Romsey Street, which we rent a few offices

IV Word study

Complete the following sentences by using appropriate words

or phrases in bold from the reading text (Not all words are

used).

1 A rapid rise in prices is called

2 Japan has a surplus because it exports morethan it imports

3 rests on the relationship between the rates ofinterest in an economy

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

4 Does inflation cause ?

5 Macroeconomics is the study of overall

6 Increases in in real GNP are called

7 Monetary policy should be contrasted with

which refers to government borrowing, spending and taxation

8 Fiscal policy consists of and taxation

9 The central bank has the ability to alter the and

thus influence the interest rate

V Vocabulary

- Trends: a general direction in which a situation is changing

or developing: xu hướng

- Economic trends: xu hướng kinh tế

- Employment: work, especially when it is done to earn

money; the state o f being employed: công việc

- Unemployment: the state o f not having a job; the fact o f a

number o f people not having a job: tình trạng không có việc làm,

thất nghiệp

This is an area o f high unemployment.

Thousands o f young people are facing long-term

unemployment.

- Balance of payments (n): the difference between the amount

a country pays for imports and the amount it receives for exports in

a particular period o f time: cán cân thanh toán.

- Inflation (n): a general rise in the prices o f goods and

services an a particular country, resulting in a fall in the value of

money: lạm phát

Inflation is currently running at 3%.DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

- Monetary (adj): connected with money, especially all the money in a country: thuộc về tiền tệ.

- Monetary policy (n): chính sách tiền tệ

- Money supply (n): the total amount o f money that exists in the economy of a country at a particular time: cung tiền

In times o f high iflation, we should reduce the money supply.

- Fiscal policy (n): one o f the main government policies that attempts to influence the direction o f the economy through changes

in government taxes, or through some spending: chính sách tài

chính / chính sách tài khóa

- Revenue (n): the money that a government receives from taxes, or that an organization, etc, receives from its business: thu

nhập ■i

- Expenditure (n): an amount of money spent: chi tiêu

- Respond to (v): to react quickly or in the correct way to sth / sb: phản ứng

- Taxation (n): the system of collecting money by taxes: thuế

khóa

I

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-U nit 5

DEMAND AND SUPPLY

I R eading DEMAND

Demand describes how price influences buyer behavior I the price of a specific good or service increases, the quantity £ buyer will purchase will decrease If the price decreases, the quantity a buyer will purchase will increase

However, more than just price influences how much a buyei wishes to purchase In order to focus on the influence of price on a buyer, we must hold all the other possible influences constant

Economists call factors other than the price of the specific good that influences how much a buyer purchases the shift factors oi demand, or society’s income, prices of other goods, expectations, and tastes

Demand curve shows the price influence on buyers In the terminology of economics, a price change causes a movement along a given demand curve An increase in price will decreaseDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

the quantity demanded We must be able to illustrate on our model how influences other than price, called shift factors, affect decisions to buy On our demand model, we illustrate a change in one of these factors by a shift of the entire demand curve to the right or to the left In the language of economics, if higher incomes cause the buyers of a specific good to be willing and able to buy more at various prices, this event is expressed as an increase in demand and is modeled as a shift of the demand curve to the right If buyers are willing and able to buy less at all of the various prices, there is a decrease in demand, and the demand curve shifts to the left.

SUPPLYThe seller, just like the p $buyer, will be influenced by prices I

c

when deciding how much to Éaprovide or produce But for the seller, as the price of a good or 12

service rises, the quantity "

supplied will increase As price decreases, the seller will produce less and the quantity supplied will decrease

Other forces besides price affect sellers’ willingness and ability to sell at various prices These forces are called shift factors and include changes in prices of inputs, technology, taxes, and suppliers’ expectations These factors are held constant as we discuss how price influences the seller

In the language of economics, any change in price will cause

a change in quantity supplied On the graph this is shown as a movement along a given supply curve However, our model must also illustrate how the shift factors influence seller decision-DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

making A change in one of these p $ cn Cl

factors is said to cause a change I <- t >

in supply and is modeled as a E Ml - r ,

shift of the entire curve.An

increase in the costs of

producing a good would result in

a decrease in supply We would

model it by shifting the supply

curve to the left.

You need to be clear on the

difference between an increase in supply and an increase in

quantity supplied An improvement in production technology

would cause an increase in supply An increase in price results in

an increase in quantity supplied.

II C om prehension / interpretation

1 Which of the following statem ents about the law of

demand is false?

a Price and quantity demanded are inversely related.

b An increase in price results in a decrease in quantity

demanded.

c A decrease in price results in a decrease in demand.

d The shift factors of demand are held constant.

2 Which of the following is not an example of a change in

demand?

a Reduced national income causes fewer sports cars to be

purchased.

b The demand curve for steak shift to the right as the

barbecue season heats up.

24 2 7 2 9

Q u a n ti ty

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

c Higher prices for beer cause a decrease in quantity of beer demanded.

d A successful advertising campaign by the pizza institute results in buyers being willing and able to purchase more pizza at each possible price

3 The law of supply states that as price increases,

a sellers are motivated to produce more

b A reduction in production costs

c Higher family incomes

d Government-imposed price ceilings

5 Which of the following indicates a change in supply?

a Technological improvement in the production process

b Movement along a particular supply curve

c Higher prices, causing an increase in quantity supplied

d Quantity supplied decreases as price increases

e b and c

6 If the demand for tennis rackets increases, which of the following is not likely to happen?

a The price of rackets will increase

b The price of rackets will decrease

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

c The racket demand curve will shift to the right.

d The quantity of rackets sold will increase

7 An increase in supply occurs if

a demand increases

b price increases

c production costs decrease

d a and b

8 If the supply of wheat increases

a the supply curve will shift to the right

b the market price of wheat will decrease

c the market quantity of wheat will increase

d a, b, and c

9 If labor costs in the auto industry rise,

a the demand for cars will decrease

b the price of cars will increase

c fewer cars will be bought and sold

d b and c

10 An increase in taxes on hard liquor will cause

a an increase in the market price of hard liquor

b a decrease in the market price of hard liquor

c a decrease in demand for hard liquor

d an increase in the supply of hard liquor

III Language focus

Study the sentences from the text:

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

1 I f the price decreases, the quantity a buyer will purchase will increase.

2 I f buyers are willing and able to buy less at all o f the various prices, there is a decrease in demand, and the demand curve shifts to the left.

Both sentences above are conditional (type 1) or first

conditional

* When we want to talk about future events that will happen, or are likely to happen, we use:

If + present, future(condition) (result)

I f the government ra ises taxes, consumer spending w ill fall.

The if-clause can also come in the second part of the sentence

Consumer spending w ill fa ll i f the government ra ises taxex.

* Unless means the same as if not.

I f he doesn’t get here soon, we will have to start the meeting without him.

Unless he gets here soon, we will have to start the meeting without him.

We often use not + unless, which means only if, when we

want to emphasize a condition:

They w ill only sign the contract i f we give them an

E xercises for practice:

E xercise 1:

You have been asked to speak on these topics at a meeting

Write short paragraphs about what you think will happen during

the next two or three yearrs, and what you or your company will

4 the political situation

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Exercise 2: Rewrite the following sentences using unless:

1 If nothing goes wrong, we will sign the deal tomorrow

We will sign the deal tomorrow unless something goes wrong.

2 We’re not going to get that contract if we don’t improve our offer

We’re not going to get that contract

3 Only phone me if it is an emergency

Please don’t phone me

4 If demand doesn’t increase soon, we are going to have a bad year

We are going to have a bad year

This project will only be viable if you can cut your overheads.This project will not be viable

IV W ord study: Use the following terms to fill in the blanks

different prices, vertical axis, demand curve, horizontal axis, market, increase, decrease, line, shift factors, possible prices, line, individual supply curve, market, demand table,

A1 shows the quantity a buyer plans

to purchase of a specific good, at 2 in a specific timeperiod, while holding other things (3 ) constant Tomodel this table, a graph is used to illustrate what the tableshows Price is measured on the 4 of the graph andquantity per time period is measured on the 5 ofthe graph Values from the table are plotted on the graph This is

an individual 6 If we knew what the buyerswere willing and able to purchase at the various prices on aDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN