TÀI LIỆU ôn tập TIẾNG ANH CHUYÊN NGÀNH 1 (2)

HOẶC Economics is the study of production and consumption of goods or services , the transfer of wealth to produce and obtain goods or services - Next / Secondly , it talks about two typ

TÀI LIỆU ÔN TẬP : TIẾNG ANH CHUYÊN NGÀNH 1

LÊ AN | CQ54/01.02

UNIT 1 : ECONOMICS

I SUMMARY

- Unit 1 talks/tells us about Economics It includes / has 4 main ideas / points in this unit

HOẶC There are four main points in this unit

- The first point is definition of Economics

Economics is the study of how people choose to use resources to improve their well-beings.

HOẶC Economics is the study of production and consumption of goods or services , the transfer of wealth to produce and obtain goods or services

- Next / Secondly , it talks about two types / branches of Economics They are

Microeconomics and Macroeconomics

Microeconomics studies economic activities of inviduals or household and industries

Macroeconomics studies economic activities of a country or international marketplace.

- Thirdly / The third one tells us about 3 economics theories by Adam Smith , Karl Marx and Keynian School

Adam Smith : an economist known as the father of economics

Cấu trúc đề thi : 3 phần

Phần 1 : Read an article ( để kiểm tra phát âm )

Phần 2 : Summarize ( tóm tắt ) 1 unit

Lưu ý : Yêu cầu sử dụng thành thục các từ nối để tạo thành 1 bài nói hoàn chỉnh Vì đây là phần tóm tắt nên

cố gắng nói ngắn gọn nhưng đầy đủ ý Tốt nhất nêu 1 vài ý quan trọng trong từng phần chứ không nêu hết Phần 3 : Answer some questions

Phần này có một số câu hỏi giám khảo sẽ đưa ra

He belived that people with their self-interest could create wealth that benefit all of society

Market can regulate itself so government shouldn’t interfere

Karl Marx :

capitalism will eventually fail because of social unrest and class conflict

laborers should own and control means of production

Keynian School

The role of government in capitalistic economy is significant

Government regulates economy through economic policies

- The last point / Finally , it mentions the importance of studying Economics.

Studying Economics helps people to understand human behavior or thought , and through Economics , countries and people could become wealthy

II QUESTIONS

1 What do resources include ?

Resource is anything that people use/combine to produce/make/create goods or services , with their knowledge and experience For example : labor, natural resources, capital, machines/equipments,

technology

2 What can be considered as important choices ?

Important choices involve how much time to devote to work, to school, and to leisure; how many

dollars to spend and how many to save , how to combine resources to produce goods and services; and how to vote and shape the level of taxes and the role of government.

3 What does the term “ well-being “ means ?

Well-being is the satisfaction from using goods or services

Hoặc : Well-being is the satisfaction people gain from the goods or services they choose to consume,

from the time they spent in leisure and family and community as well as in jobs, and the security and services provided by effective governments

4 What does Microeconomics / Macroeconomics study ?

Microeconomics studies economic activities of inviduals or household and industries

Macroeconomics studies economic activities of a country or international marketplace.

5 What can you learn from the economic theory of Adam Smith ?

Market can regulate itself by the law of demand and supply so the government shouldn’t interfere

6 In general, how can people benefit from studying Economics ?

Studying economics can help us understand human thought and behavior And also people and countries could become wealthy through studying Economics

7 What is one conflict of economics ?

Resources are limited but people’s wants / needs are unlimited.

8 What are means of production / factors of production ?

Anything that people use for producing goods and services For example : tools, equipments, machines,

9 What are market forces ?

They are demand and supply

10 What are some examples of economic relations ?

Buyers – sellers

Lenders – borrowers

Employers – employees

11 Who is an economist ?

They are people who study about Economics

UNIT 2 : ECONOMIC SYSTEMS

Unit 2 không có phần summary

II QUESTIONS

1 What is a free market economy ?

A free market economy is an economic system in which the market is regulated by the law of supply and demand Companies compete freely and government influences the economy through its fiscal and budgetary policies.

2 What is a planned economy ?

A planned economy is an economic system in which government controls the economy directly and

make all decisions about economy : how much to produce , how to distribute,

3.What is a mixed economy ?

A mixed economy is an economic system in which some goods and services are produced by the

government and some by private enterprise.

4 What are the disadvantages of planned economy ?

The company are not allowed to compete freely and depend on because the government make all the decisions

UNIT 3 : MICROECONOMICS

I SUMMARY

Unit 3 talks about microeconomics There are 3 main ideas

Firstly, the author mentions the definition of microeconomics.

Microeconomics is the study of how to make the most of limited resources of individuals , households,

firms

Secondly, it talks about the allocation of scarce resources in different economic

systems

In planned economy, the government makes all decisions on allocation of resources

In free market economy, allocation of resources is made by consumers , firms,

Finally, it talks about 3 major themes of microeconomics

- Theme 1 is the idea of making optimal trade-offs:

It is about the consumer theory and theory of firms which points out the trade-offs made by consumers,

workers and firms.

- Theme 2 is the role of prices :

Trade-offs are partly based on the price

- Theme 3 is the role of market :

Market is the place where buyer and seller / consumers and firms interact Price is set in the market in freemarket economy

II.QUESTIONS

1 What does the term “trade-off” mean ?

Trade-off is an exchange that occurs as a compromise

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2 What can you learn from the consumer theory ?

Consumer theory describes how consumers, based on their preferences, maximize their well-being by

trading off the purchase of more of some goods with the purchase of less of others.

3 Give some examples explaining the trade-offs made by consumers ?

Consumer have limited income, so they have to trade off buying more of some goods with buying less of

others / trade off spending now with saving

4 Give some examples explaining the trade-offs made by workers ?

Workers have limited time, skills, health, education and experience,

so they have to trade off working now with studying / work with leisure / working in good enviroment with less opportunity of advancement with working in worse enviromentwithmore opporturnity of advancement

5 Give some examples explaining the trade-offs made by firms ?

Firms have limited technology, they choose the kind of products to produce

Firms have limited capital , production capacity , they choose the number of goods to produce / they choose to hire workers or to build more factories

6 What does the theory of the firm indicate?

It describes how trade-offs can be best made

7 What are three important themes of microeconomics?

They are how to make optimal trade-offs, the role of prices and the role of market

UNIT 4 : MACROECONOMICS

I SUMMARY

Unit 4 talks about Macroeconomics There are 3 main points :

First, it talks about goal of macroeconomics

The goal of macroeconomics is to look at overall economic trends of a country such as : Economic growth, Employment level, inflation , balance of payments, GDP, GNP, and so on

Second, it mentions about 2 major macroeconomics policies.

They are Fiscal policy and Monetary policy The basic objectives of these 2 main macroeconomic

policies are High economics growth, Keeping inflation under control, High employment, Balance of

payment

To control Government’s revenue and spending Money supply

The last point is the relationship between microeconomics & macroeconomics

There are differences between microeconomics and macroeconomics but they are interdependent and complement one another

Microeconomics MacroeconomicsDefinition The study of economic activities of

individuals and firms

The study of economic activities of a country

1 What are two major macroeconomics policies ?

They are fiscal policy and monetary policy

2 What are the main objectives of these two policies ?

The main objectives of these two policies are promoting economic growth and keeping inflation under control

3 What is the difference between microeconomics and macroeconomics ?

- The study of economic activities of individuals

and firms

- Look at overall economic trends: employment

levels, economic growth, inflation,

Because there are many overlapping issues between the two fields

( in this situation, overlapping means “ influence each other “ )

UNIT 5 : DEMAND AND SUPPLY

I SUMMARY

Unit 5 tells us about Demand & Supply It includes 3 main points :

First, it talks about demand & demand curve

Demand is the quantity of goods & services that buyer are able and willing to buy at various prices.Quantity demanded is the quantity of goods & services that buyer are able and willing to buy at certainprices

A change in the Qd causes a movement along the demand curve

A change in a shift factor causes the entire demand curve to shift to the left or to the right

Other factors are constant

Second, it talks about supply & supply curve

Supply is the quantity of goods & services that seller are able and willing to sell at various prices

Quantity supplied is the quantity of goods & services that seller are able and willing to sell at certainprices

A change in the Qs causes a movement along the supply curve

A change in a shift factor causes the entire supply curve to shift to the left or to the right

Other factors are constant

Finally, it talks about relationship between demand curve and supply curve

It mentions equillibrium , which occurs when quantity demanded is equal to quantity supplied

II QUESTIONS

1 What is demand ?

Demand is the quantity of goods & services that buyer are able and willing to buy at various prices

2 What is supply ?

Supply is the quantity of goods & services that seller are able and willing to sell at various prices

3 What is the difference between “demand” and “quantity demanded” ?

Definition • Quantity demanded is the

quantity of goods and servicesbuyers are able and willing to buy at a certain price

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

Factor price factors shift factors

Change in demand curve the movement along the

demand curve

the entire demand curve to shift to the left/right Other factors are constant

4 What is difference between “supply” and “quantity supplied” ?

Definition • Quantity supplied is the

quantity of goods and servicessellers are able and willing to sell at a certain price

• Supply is the quantity of goods and services sellers are able and willing to sell at various prices

Change in supply curve the movement along the

supply curve

the entire supply curve to shift

to the left/right Other factors are constant

5 How do prices of a good influnce its demand / supply ?

A change in the price of a good causes a change in quantity demanded Other factors are constant

If the price of a good increases, quantity demanded will decrease

decreases, increase

A change in the price of a good causes a change in quantity supplied Other factors are constant

If the price of a good increases, quantity supplied will increase

decreases, decrease

6 When is a market in equillibrium ?

A market is in equillibrium when there is no tendency for the price to change Quantity demanded is equal to quantity supplied

7 What is excess demand ? What is excess supply ?

It occurs when quantity demanded is more than quantity supplied | when quantity supplied is more than quantity demanded

UNIT 6 : PUBLIC FINANCE

I SUMMARY

Unit 6 talks about Public Finance It includes 2 main points :

First, it talks about Government’s revenue from tax

Public finance is concerned with how the government raises and spends money.

Government can raise money from different types of tax : individual income tax, corporate income tax, payroll tax, excise tax, customs duties,

Once they are paid into the Treasury , individual income tax and corporate income tax are the sources of

Federal Fund , while payroll tax become Trust Fund

Second, it talks about Government’s revenue from borrowing.

Government can borrow money by issuing and selling bonds and pays prefixed interest rate

Bonds are sold in different channels : Treasury, website, brokers, banks ,…

The government debt includes debt held by the public and debt held by federal accounts

Debt held by the public is the amount of money borrowed from public

Debt held by the federal accounts is the amount of money borrowed from itself/ Treasury

II QUESTIONS

1 What is public finance concerned with ?

Public finance is concerned with how the government raises and spends money.

2 What is Federal fund ? Trust fund ?

Trust fund is from Payroll tax It is used for specific programs such as security and social medicare

Programs are the same from year to year.

Federal fund is from individual income tax and corporate tax It is used for general programs

Programs can be different from year to year basing on annual appropriation process.

3 What is Individual income tax ? Corporate tax ? Payroll tax ? Excise tax ? Customs duties ?

Individual income tax is the tax imposed on income of individuals, paid by employers

Corporate tax is the tax imposed on profit of a company

Payroll tax is the tax imposed on employee’s salary, paid by both employers and employees

Excise tax is the tax imposed on specific goods to limit consumption

Customs duties is the tax imposed on imports, exports

4 Debt held by the public and debt held by federal accounts ?

Amount of money borrowed Amount of money that the

from public government can borrow from

itself/ TreasuryInvestor can be any

individuals or organizations inthe country ( domesticinvestors ) or from foreign

countries

Trust fund runs a surplus

5 How does the government borrow money ?

Government can borrow money by issuing and selling bonds and pays prefixed interest rate

UNIT 7 : FISCAL POLICY

I SUMMARY

Unit 7 talks about Fiscal Policy It includes 3 main points :

First, it talks about Deficit & Deficit spending

When the government spends more than it receives, it runs Deficit

Deficit spending is spending money/funds from borrowing or printing instead of taxtation.

It can be useful/helpful or harmful to the economy

Second, it talks about two kinds of fiscal policy.

Fiscal policy is a government policy

It has 2 tools : tax and public spending ( government spending )

Tax and government spending directly affect the performance of the economy

Fiscal policy can be either expansionary or contractionary

Finally, it mentions about factors to determine fiscal policy.

- Inside factors include:

+ Future unemployment level.

+ Inflation rate

+ Economy growth

+ Decision whether to run deficit spending or not