Đề cương ôn thi môn Tiếng Anh kinh tế hay, ngắn gọn

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Question 1 what is a proprietorship?

Proprietorship is the form of business organization in which the

owner is in sole charge of the business and it responsible for all itssuccess or failure

Characteristics: the sole proprietorship is the oldest, most

common and simplest form of business organization

The sole proprietorship is a business entity owner and managed byone person In the sole proprietorship, the owner is inseparable from thebusiness

He directly controls over the business A sole proprietorship doesnot pay taxes separately from the owner It is organized very informally

It is not subject to much state regulation It is relatively simple to manageand control

Advantages:

1, it is easy to set up This is the simplest way to set up a business

A sole proprietorship is a company which is not registered with the state

3, limited ability: a sole proprietor may not be an expect ineverything

4, unlimited liability: the owner of the proprietorship is held liablefor all the debts of the business

Question 2 the functions of price

Prices are key ingredients in a market economy because they makethings happen Prices play an important role in a market economy

The role of prices to a market economy is so essential that without

it a market economy can not operate, buying, selling would not happen

1, prices act as signals to buyers and sellers When prices are lowenough, they send a buy signal to buyers, who can now afford the thingsthey want When the prices are high enough, they send a sell signal tosellers, who can now earn a profit at the new price

2, prices encourage efficient productions Prices encouragebusiness people to produce their goods at the lowest possible cost Theless it costs to produce an item, the more likely it is that its producer willearn a profit

3, prices determine who will receive the things produced Priceshelp to determine who will receive the economy output of goods andservices

Question 3, partnership

Partnership is a type of business entity applied to an association of

2 or more persons who have agreed to combine their financial assets,labours, property and skill or some or all of them for the purpose ofengaging in lawful business and sharing profits and losses between them

advantages: we can summarize the advantages of the partnership

as more money for the business and the knowledge and experience of 2people instead of one

1, unlimited liability: each and every partner in a business may beheld liable for its debts No matter how many partners a business has,anyone of them can be responsible for paying off what it owes There is

no limit to the amount of money that a partner may lose

2 limited life: a partnership is legally ended when one of thepartners dies While it is possible to continue the business by forming anew partnership, to do so can present legal problems

3 limited funds: the mount of money the partnership can raise islimited This limit depends upon the personal resources of the partnerplus whatever money they can borrow

4, partners may disagree Sometimes partners will have sich seriousdisagreements that they can no longer function as a team When thishappens, it can easily bring the business to an end

Question 4 market price

Market price is the price at which a goods or service is offered atthe market place We have described what buyers and seller are willing to

do at a variety of prices “Demand and supply of chocolate chip cookies”Demand (students will buy) At a price of Supply (sellers will offer)

From the table we see that at a price of 50 cents, demand is exactly equal

to supply At that price, both the student buyers and the student sellerswill buy and sell 1600 cookies Economists call 50 cents the market price

of cookies

Question 5 corporation

A corporation is a business that is licensed by a state or the federalgovernment

Advantages: corporations have advantages over the sole

proprietorship and the partnership forms of business that we discussed inthe last 2 sections

1 limited liability: there is no limit to the amount of money youmight lose as a proprietor or partner In a proprietorship and a partnershipwhen and if the business is to shut down, very partner in a partnership is

to be held responsible to pay for all the company’s debts In acorporation, if the corporation owes money to someone, only the business

is responsible for the debts not the people who own it

2 unlimited life: in a proprietorship and partnership: the life ofthem is limited These businesses must be brought to an end upon thedeath or retirement of any of their owners In a corporation, the life of acorporation is unlimited When stockholders die, their shares simplybecome part of their estates and are passed to their heirs

3 easy transfer of ownership: in a proprietorship and partnership,the sale requires the services of lawyers and accountants In acorporation, shares of stock can be sold merely by signing them over to anew owner

Disadvantages: corporations are costly and complicated to set up,

their owners are subject to double taxation

1, costly and complicated to set up: in order to organize as acorporation, a firm must first get permission from the state or federalgovernment This is a complicated and costly procedure that usuallyrequires the assistance of a lawyer

2 double taxation: the profits of most corporations are subject tocorporate income taxes These profits or dividends as they are called, arethen subject to personal income taxes

The stockholders are said to be subject to double taxation: firstwhen the corporations profits are taxed and second when thestockholders’ dividends are taxed at income tax time.

Question 6 market economic system

The way that a group community of people or nation organizesitself for production is known as economic system

Question 7 the roles of the government

1, government as a provider of goods and services Governmentsprovide such services as national defense, police, fine fighting servicesand the administration of justice Governments make transfer payments tosome members of society

2, government as a help to weak business group and an organizer

of income allocation Governments should step in and help weak groups.Programs are designed to help people with special needs in the society

The government plays it, role as an organizer of incomesredistributing Money for these programs comes from taxes Money istaken from people with higher incomes and passed it along to those withlower incomes

3 government as a stabilizer: the government also uses its power totax to protect certain industries

4 government as a producer in the absence of business venture.Although most consumer needs are met by business some are not

When unfulfilled needs exist, it is usually because businessproduces to make a profit and only indirectly seeks to fill needs.Government is obliged to consider the needs of its citizens

Question 8, a normal good, an inferior good

A normal good is a good for which an increase in income leads to

an increase in the quantity demanded with other things equal

A inferior good is a good for which an increase in income leads to

an decrease in the amount demanded with other things equal

Eg: most goods are normal goods An inferior or good might becheap but cuts of meat They may be cheap but they are decidedly nothigh quality

Question 9 traditional economic system

Traditional economic system is one in which people’s economicroles are determined by behaviors handed down to present from the past

Characteristics:

a strong social network is based on primitive methods and tools.Resources in the traditional system are allocated by inheritance Societiesthat produce goods and services in traditional ways are found today insome parts of South America, Asia, Africa

Traditional ways decide how work is to be preformed and whatpeople have to do earn their living

Advantages: there is little to no uncertainly Everyone knows what

role to play Life is generally stable, predictable and continuous

Disadvantages: tend to discourage ideals and new ways of doing

thing Lack of progress lower standard of living Less use technology,difficult to improve

As result of resistance to change, less productive, do not use newmethods, people not in jobs they are best suited for Low productivityresult in low standard of living.

Question 10 board of directors

Directors are the representatives whom stockholder in largecorporations elects to organize business operation and look after theirinterests

These directors together make up the Board of directors

How to elect:

1,electing the voting (all stockholders have right to vote),

2, stockholders can give their voting right to others by signing aform known as a proxy (a proxy is a document that authorizes another tovote one’s stock)

3, people have 1 vote for every share of stock they own

4, the person who has more votes is the winner of the election

Political elections :1 person 1 vote One citizen’s vote is as important as

another’s

duties:

1, governing the organization by establishing policies andobjectives

2, selecting, appointing, supporting and reviewing the performance

of the chief executive

3 insuring the availability of adequate financial resources

4, approving annual budgets

5, answering 2 questions directly affecting the stockholders suchas: how much of this year’s profits should be distributed to thestockholders? Should the corporation sell more its stock to the public?

Question 11 command economic system

A command economic system is one in which the main of decisionmarket is the government The government decides where to locateeconomic activities, what goods and services are produced, how they aredistributed.

Characteristics:

government makes economic decisions: determines what toproduce, how to produce, who gets products and determines who isemployed, work hours, pay scales

Advantages: because the government has total control over

production and its factors these economics can change rapidly Whatever

is needed most will be produced

There is no uncertainly, people are hold when and how to work.Free education, health care, other public services Guarantees equalstandard of living for everyone Less crime and proverty Needs areprovided for through the government

Disadvantages: economy designed to meet needs not wants No

incentive to work hard People do not often lose their jobs, so they do thebare minimum to get by No incentive to produce better product orengage in entrepreneurship

Large burecucracy means slow decision making raises cost ofproduction, lack flexibility No reward for initiative which slowsprogress Minimal choices Fewer choices of items

Question 12 Relative prices

A relative price in the money price of a goods divided by themoney price of another goods or by an average of price of the othergoods

Eg: the relative price of good: A in terms of goods is the number

of units of goods B that exchange for 1 unit of goods A in discussing

relative prices, economists often compare them with absolute prices Anabsolute price is simply the price of a goods in money terms.

Question 13 market economic systems

A Market economic system is one in which a nation’s economicdecisions are the results of individual decisions by buyers and sellers in

the market place

Characteristics: people are free to go in business on their own.

They have abilities to make as much money as they can and do what is intheir best interest

The price that you can change for your goods and services will beinfluenced by your competitors The success that you have will depend onthe demand by consumer for your goods

It contrasted with a planed economy in which the centralgovernment determines the price of goods and services using a fixedprice system

Advantages: the government tries to stay out of the way of

business, although the government sets certain standards business mustfollow for the most part businesses can do as they please, allowing them

to produce what they want, how they want

There is a great variety of goods and services for consumer If there

is a demand for a good or services the demand will almost always be met

in a market economy Balance is maintained strictly by market factor.There is little or no regulator It is a self-policing group a people andbusiness

Disadvantages: it does not always provide the basic needs to

everyone in the society The weak, sick, disabled and old sometimes havetroubles providing for themselves and often ship into poverty

It becomes hard for a government will so many private businesses

to provide adequate defense, education, healthy care to its people There

is uncertainly in the business world 1 company could easily be forcedout of business causing all of its employees to become unemployed andlose their means of income

There are market failures This can cause some companies tobecome way to powerful and become a monology If the governmentdoes not step in, the monology can take advantage of the consumers andcharge ridiculously high prices

Question 14 the consumer tastes affect the demand curve shift

The third thing which makes demand curve shift (either to the left

or to the right) is consumer tastes or preferences In part, these are shaped

by convenience, custom and social attitudes

When the Beatles and the Rolling Stones first became popular, thedemand for haircuts suddenly fell The fashion for the miniskirt reducedthe demand for textile material

More recently the emphasis on health and fitness has increased thedemand for jogging equipment, health foods, sport facilities whilereducing the demand for cream cakes, butter and cigarettes

Question 15 mixed market economic system

A mixed market system is the combination of competitive privatelyowned enterprises under some control from the government

It means that the market alone does not decide how all goods andservices will be produces; the governments also have an important role inthe production of goods and services

Characteristics: resources that might otherwise have been used to

produce goods and services for private use were used for public use.Government may step in and interfere with the market’s operation Closeinteractions between the public sector and the private sector areencouraged

Advantages: this type of market allows competition amongst

providers with regulations in place to protect society as a whole With thegovernment being present in the economy it brings a sense of security tosellers and buyers This security helps maintain a stable economy

Disadvantages: unsuccessful regulations may paralyse features of

production This is return can cause the economic balance to tilt Lack ofprice control management can cause shortages in goods and can result in

a recession

Question 16 demand and laws of demand

Demand is defined in economics as the amount of goods andservices that buyers are willing and able to purchase at a range ofdifferent prices

It depends on the behavior of buyers, it normally not fixed Thislaw states that the quantity of goods and services demanded increases anddecreases in the opposite direction from changes in price

Demand change in the opposite direction from price changebecause at a lower price, people can afford to buy more of an item thanthey can at a higher price and at lower price, people tend to buy things as

a substitute for something else

Question 17 the price of related goods affect the demand curve shift

With little thought you will be able to come up with manyexamples of how the amount you want to buy of one good is affected bythe prices of other goods

Your demand for hamburger depends on the price of chickens aswell as the price of hamburger Your demand for motorbikes depends onthe price of gasoline and of taxi drivers as well as on the price ofmotorbike