Tiếng Anh Chuyên Ngành 1.Pdf

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 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 knowledge of how to combine them to create useful products and services

2 People appear to use their resources to improve their well-being

3 Microeconomics focused on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders

4 Macroeconomics takes a much broader view by analyzing the economic activity of an entire country or the international marketplace

5 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

1 In a planned economy, government makes decisions on the allocation of scarce resources

2 Trade-offs means when you want something you have to give up others because of limited resources

3 Consumer theory describes how consumers, based on their preferences, maximize their being by trading off the purchase of more of some goods with the purchase of less of others

well-We will also see how consumers decided how much of their incomes to save, thereby trading off current consumption for future consumption

4 Consumers have limited income, they must trade-off between, speding or saving money, buying now or in the future

5 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

6 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 do both

7 Three important themes of microeconomics are the idea of making optimal trade-offs, the role

of prices, the central role of markets

8 In a centrally planned economy, prices are set by the government

9 In a market economy, prices are determined by the interactions of consumers, workers and firms

UNIT 4: MACROECONOMIC

I NEW WORDS

III INFORMATION FOCUS

1 Two major macroeconomic policies are monetary policy and fiscal policy

2 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

3 The main tool of monetary policy is money supply

4 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

5 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

6 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

7 Microeconomics takes a bottom – up approach to analyze the economy while macroeconomics takes a top – down approach

8 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

1 Demand is the quantity of goods or services buyers are willing and able to buy at various prices

in a period of time

2 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

3 The shift factors of demand: society’s income, prices of other goods, expectations and tastes

4 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

5 Supply is the quantity of goods or services sellers are willing and able to sell at different prices

between prices of good and quantity supplied is positive relationship Other factors are held constant

8 The shift factors of supply are prices of inputs, technology, taxes, and suppliers’ expectations

9 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

II INFORMATION FOCUS

1 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

2 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

3 Trust fund is an amount of money invested and managed for some specific programs

4 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

5 The Treasury borrow money by Selling bonds and other types of Securities

6 Debt held by the public is the total amount the government owes to all of its creditors in the general public

7 The sources of government revenue are tax and borrowing:

 These revenues come from 3 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

8 Public finance is concerned with how government raises and spends its money

9 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 là tổng số nợ do công chúng nắm giữ cộng với khoản nợ do các tài khoản liên bang nắm giữ.)

10 Payroll taxes are taxes that paid jointly by workers and employers

(Thuế tiền lương là loại thuế do người lao động và người sử dụng lao động cùng trả.)

11 Income taxes are taxes that paid by individuals

12 Corporate income is taxes paid by business

(Thu nhập doanh nghiệp là các khoản thuế do doanh nghiệp nộp.)

13 Custom duties are taxes on imports, paid by the importer

(Thuế hải quan là thuế đánh vào hàng nhập khẩu, do nhà nhập khẩu trả.)

14 Excise taxes are taxes levied on specific goods, like gasoline

(Thuế tiêu thụ đặc biệt là loại thuế đánh vào hàng hóa cụ thể, như xăng.)

UNIT 7: FISCAL POLICY

I NEW WORDS

II INFORMATION FOCUS

1 Government spending and taxation directly affect the overall performance of the economy

2 + Deficit spending is spending funds obtained by borrowing or printing instead of taxation (Chi tiêu thâm hụt là chi tiêu có được bằng cách vay hoặc in thêm tiền thay vì 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 có thể hữu ích cho nền kinh tế Ví dụ, khi tỷ lệ thất nghiệp cao, chính phủ có thể thực hiện các dự án sử dụng những người lao động mà nếu không thì sẽ nhàn rỗi Nền kinh

tế sau đó sẽ mở rộng vì nhiều tiền hơn được bơm vào nó.)

3 The government’s major economic policies mentioned above are Fiscal policy and Monetary Policy

4 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

6 What factors should be considered in making decisions on fiscal policy?

(Những yếu tố nào cần được xem xét khi đưa ra quyết định về chính sách tài khóa?) + The 1st factor is the level of economic growth or unemployment likely in the future (Yếu tố thứ nhất

là mức độ tăng trưởng kinh tế hoặc thất nghiệp có khả năng xảy ra trong 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 2 là có hay không có thâm hụt ngân sách bằng cách chi nhiều tiền hơn mức huy động của chính 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 3 bị ảnh hưởng bởi những cân nhắc chính trị như niềm tin về quy mô vai trò của các chính phủ trong nền kinh tế hoặc phản ứng của công chúng đối với một 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 quyết định chính sách tài khóa có thể bị ảnh hưởng bởi các yếu tố bên ngoài khác như chính sách tài khóa của các quốc gia khác, các yêu cầu của IMF)

7 Deficit happens when the government spends more than it receives

8 Deficit can be financed in 2 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

1 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

2 How do people evade tax? (Người dân trốn thuế bằng 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

3 How do people avoid tax?/What are some legal ways of avoiding tax? (Người dân tránh thuế bằng cách nào?/Một số cách hợp pháp để tránh thuế là 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

4 A direct tax is a tax on wages and salaries or on company profits

5 A progressive tax is a tax levied at a higher rate on higher incomes

6 An indirect tax is a tax paid on property, sales transactions, imports, and so on

7 A VAT is a tax collected at each stage of production, excluding the already-taxed costs from previous stages

8 A wealth tax is the annual tax imposed on people’s fortunes (in some countries)

9 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

1 Monetary policy is a government policy which controls a nation’s money supply is supervised

by each country’s

2 The Fed control the percentage of deposits banks keep in reserve by controlling the reserve requirement of all US banks

3 The reserve requirement set by FED is the minimum amount of reserves as banks must have

4 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

5 The reserve requirements play a central role in how much banks may lend out (cho vay)

6 The discount rate is the rate of interest the FED charges for banks’ loans

7 The bank can encourage people to borrow and spend more money by offering lower interest rate

or easier approvals

8 Expansionary monetary policy is a monetary policy in which money supply is increased

9 Restrictive monetary policy is a monetary policy in which money supply is decreased

(Chính sách tiền tệ hạn chế là một chính sách tiền tệ trong đó cung tiền bị giảm.)

 The goal of expansionary monetary policy is to increase aggregate demand To do 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 do 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 RESERVE REQUIREMENT

o DISCOUNT RATE

o OPEN MARKET OPERATIONS