20 tieng anh chuyen nganh 5428

Nội dung chi tiết: Unit 1: Basic economic problems Mục tiêu: - Sử dụng được các thuật ngữ liên quan đến nền kinh tế; - Đọc, hiểu và dịch được tài liệu liên quan đến nền kinh tế, nền k

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English for business management

MỤC LỤC

UNIT 1: THE BASIC ECONOMIC PROBLEMS – NHỮNG VẤN ĐỀ KINH TẾ CƠ BẢN 13

1.1 READING: THE BASIC ECONOMIC PROBLEMS 13

1.2 EXERCISES 17

1.2.1 Answer following questions about the reading above 17

1.2.2 Read carefully the statements below and choose the best choice for each 17

1.2.3 Group activities 18

2 UNIT 2: MACROECONOMICS – KINH TẾ HỌC VĨ MÔ 21

2.1 READING: MACROECONOMICS 22

2.2 EXERCISES 25

2.2.1 Read the texts above carefully the answer the following questions? 26

2.2.2 Choose the best answer for each statement or question below? 26

3 UNIT 3: FISCAL AND MONETARY POLICY – CHÍNH SÁCH TÀI CHÍNH & TIỀN TỆ 28

3.1 FISCAL AND MONETARY POLICY 29

3.2 EXERCISES 31

3.2.1 Read the texts above and answer the following questions? 31

3.2.2 Group activites 31

3.2.3 HOME READING 32

AFFECTS OF FISCAL POLICY 32

4 UNIT 4 GDP and GNP- TỔNG SẢN PHẨM QUỐC NỘI và TỔNG SẢN PHẨM QUỐC DÂN 37

4.1 READING – GDP and GNP 37

4.2 EXERCISES 42

4.2.1 Read the text and answer following questions 42

4.2.2 Fill the table of comparison between GDP and GNP 42

4.2.3 Tests and Exercises 44

5 UNIT 5: MICROECONOMICS – KINH TẾ HỌC VI MÔ 46

5.1 READING: MICROECONOMICS 47

5.2 EXERCISES 50

5.2.1 Work in group to discuss about the following questions 50

5.2.2 Suggestion for answerrings 51

6 UNIT 6: ACCOUNTING – KẾ TOÁN 53

6.1 READING: ACCOUNTING 53

6.2 EXERCISES 57

6.2.1 Match the a statement on the left with a term on the right 57

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6.2.2 Circle the best answer or write the suitable word for each of the following questions 58

7 UNIT 7 SUPPLY AND DEMAND (PART I) 60

7.1 READING: SUPPLY AND DEMAND (PART I) 60

7.2 EXERCISES 64

8.1 Read the following statements or questions and choose the best answer for each 64

8 UNIT 8: SUPPLY AND DEMAND (PART II) 69

8.1 READING: SUPPLY AND DEMAND (PART II) 69

8.2 EXERCISES 72

8.2.1 Read the following statements or questions and choose the best answer for each 72

9 UNIT 9: WHAT IS INTERNATIONAL ECONOMICS? – KINH TẾ HỌC QUỐC TẾ LÀ GÌ? 76

9.1 READING: WHAT IS INTERNATIONAL ECONOMICS 77

9.2 EXERCISES 79

9.2.1 Answer the quizs below (some of them requires your opinion responses, others needs your selecting multiple choices, and some others ask you if it is true or false) 79

9.2.2 EXTRA READINGS 81

10 UNIT 10 : INFLATION – LẠM PHÁT 83

10.1 READING: INFALTIONS 84

10.2 EXERCISES 88

10.2.1 Quiz of knowledge about inflation 88

11 UNIT 11 INFLATION AND GROWTH- LẠM PHÁT VÀ TĂNG TRƯỞNG 93

11.1 READING: INFLATION AND GROWTH 93

11.2 EXERCISES 96

11.2.1 Answer the following questions 96

11.2.2 Choose the best answer for each of the following questions or statements 97

12 Unit 12: HOW DO EXCHANGE RATES FUNCTION? – TỶ GIÁ TRAO ĐỔI ( TỶ GIÁ HỐI ĐOÁI) CÓ CHỨC NĂNG NHƯ THẾ NÀO? 103

12.1 READING: HOW DO EXCHANGE RATES FUNCTION? 104

12.2 EXERCISES 105

12.2.1 Choose the best answer for each question or statement below: 105

13 Unit 13 LETTER OF CREDIT- THƯ TÍN DỤNG 109

Giới thiệu 109

13.1 READING LETTER OF CREDIT 109

13.2 EXERCISES 111

13.2.1 Circle the best answer for each statement or question: 111

14 UNIT 14: HOW DOES INFLATION AFFECT ECONOMIES? LẠM PHÁT CÓ ẢNH HƯỞNG ĐẾN NỀN KINH TẾ NHƯ THẾ NẢO? 115

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14.1 READING:HOW DOES INFLATION AFFECT ECONOMIES? 115

14.2 EXERCISES 119

15 UNIT 15 : WORLD POPULATION GROWTH 121

15.1 READING: WORLD POPULATION GROWTH 121

15.2 EXERCISES 123

15.2.1 Choose the best choice for each question or statement below 123

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CHƯƠNG TRÌNH MÔN HỌC: ANH VĂN CHUYÊN NGÀNH QUẢN TRỊ DOANH NGHIỆP

Mã số môn học: MH 10

Thời gian của môn học: 60h (Lý thuyết: 40h; Thực hành: 20h)

I VỊ TRÍ, TÍNH CHẤT CỦA MÔN HỌC:

- Vị trí: Là một trong những môn học chuyên ngành được bố trí giảng dạy sau khi

đã học xong các môn học chung

- Kỹ năng:

Đọc, hiểu và dịch được một số tài liệu liên quan đến chuyên ngành tài chính và

kế toán từ Tiếng Anh sang Tiếng Việt

- Thái độ:

Người học có thái độ học tập nghiêm túc, cố gắng tiếp thu kiến thức hiệu quả nhất để sau này vận dụng kiến thức đã học vào dịch tài liệu chuyên ngành nhằm nâng cao chuyên môn trong công việc

III NỘI DUNG MÔN HỌC:

1 Nội dung tổng quát và phân phối thời gian:

t

Thự

c hàn

h

Kiể

m tra

vocabulary

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2 Nội dung chi tiết:

Unit 1: Basic economic problems

Mục tiêu:

- Sử dụng được các thuật ngữ liên quan đến nền kinh tế;

- Đọc, hiểu và dịch được tài liệu liên quan đến nền kinh tế, nền kinh tế thị trường, nền kinh tế kế hoạch;

- Nghiêm túc, cùng hợp tác với giáo viên để hoàn thành bài học

Nội dung:

1 Vocabulary

2 Reading Comprehension

3 Exercises Bài tập thực hành: Translate into Vietnamese: What is economics?

Unit 2: Macroeconomics

Mục tiêu:

- Sử dụng được các thuật ngữ liên quan đến kinh tế vĩ mô

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- Đọc, hiểu và dịch được các tài liệu liên quan đến, kinh tế vĩ mô

Nội dung:

1 Vocabulary

2 Reading Comprehension 3.Exercises

Bài tập thực hành: Translate into Vietnamese: What is Macroeconomics?

Unit 3: Fiscal and monetary policy

Mục tiêu:

- Sử dụng được những thuật ngữ liên quan đến chính sách tài chính và tiền tệ;

- Đọc, hiểu và dịch được tài liệu liên quan đến tài chính và tiền tệ;

Nội dung:

1 Vocabulary

2.Reading Comprehension 3.Exercises

Bài tập thực hành: Translate into Vietnamese: Fiscal and monetary policy

Unit 4: GDP and GNP

Mục tiêu:

- Sử dụng được những thuật ngữ liên quan đến Tổng Sản phẩm quốc nội (GDP)

và tổng sản phẩm quôc dân (GNP)

- Đọc hiểu và dịch được tài liệu liên quan đến GDP và GNP

- Sử dụng được các thuật ngữ liên quan đến kinh tế vi mô;

- Đọc, hiểu ngôn ngữ trong kinh tế học vi mô;

Nội dung:

1 Vocabulary

2 Reading comprehension

3 Exercises Bài tập thực hành: Do exercises:

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Test1

Unit 6: Accounting

Mục tiêu:

- Sử dụng được các thuật ngữ liên quan đến kế toán;

- Đọc, hiểu và dịch được nhưng sổ sách, chứng từ và báo cáo kế toán

Nội dung:

1 Vocabulary

3 Exercises Bài tập thực hành: Do exercises

Unit 7: Supply and Demand (I)

Mục tiêu:

- Sử dụng được các thuật ngữ liên quan đến cung và cầu vi mô;

- Đọc hiểu và dịch được tài liệu liên quan đến khái niệm cung và cầu Làm bài tập phân biệt được cung và cầu;

Nội dung:

1 Vocabulary

3 Exercises Bài tập thực hành: Do exercises to distinguish supply and demand Translate into Vietnamese

Unit 8: Supply and demand (II)

Mục tiêu:

- Sử dụng được các thuật ngữ liên quan đến cung và cầu vĩ mô;

- Đọc hiểu và dịch được tài liệu liên quan đến cung và cầu;

Nội dung:

1 Vocabulary

3 Exercises Bài tập thực hành: Translate into Vietnamese: supply and demand (II)

Unit 9: What is international economics?

Mục tiêu:

- Sử dụng các thuật ngữ liên quan đến kinh tế quốc tế;

- Đọc hiểu, dịch được các tài liệu liên quan đến kinh tế quốc tế;

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Nội dung:

1 Vocabulary

3 Exercises Bài tập thực hành: translate into Vietnamese the reading

Unit 10: Inflation

Mục tiêu:

- Sử dụng được các thuật ngữ liên quan đến lạm phát;

- Đọc hiểu, dịch được tài liệu liên quan đến lạm phát;

- Sử dụng các thuật ngữ liên quan đến lạm phát và tăng trưởng kinh tế

- Đọc hiểu và dịch được tài liệu liên quan đến tăng trưởng kinh tế;

Nội dung:

1 Vocabulary

3 Exercises Bài tập thực hành: Translate into Vietnamese

Unit 12: How do exchange rates functions?

Mục tiêu:

- Sử dụng các thuật ngữ liên quan đến tỷ giá trao đổi (tỷ giá hối đoái);

- Đọc dịch được tài liệu liên quan đến tỷ giá trao đổi;

Nội dung:

1 Vocabulary

3 Exercises

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Bài tập thực hành: dịch sang tiếng Việt bài đọc trong sách

Unit 13: Letter of Credit

Mục tiêu:

- Sử dụng các thuật ngữ liên quan đến thư tín dụng;

- Đọc dịch được tài liệu liên quan đến thư tín dụng;

Nội dung:

1 Vocabulary

3 Exercises Bài tập thực hành: Do exercises

Unit 14: How does inflation affect economies?

Mục tiêu:

- Sử dụng được các thuật ngữ liên quan đến ánh hưởng của lạm phát đối với nền

kinh tế;

- Đọc hiểu và dịch được tài liệu liên quan đến kinh tế lạm phát;

Nội dung:

1 Vocabulary

3 Exercises Bài tập thực hành:

- Sử dụng được thuật ngữ liên quan đến tăng trưởng dân số thế giới;

- Đọc hiểu và dịch được tài liệu liên quan đến tăng trưởng dân số thế giới;

Nội dung:

1 Vocabulary

3 Exercises Bài tập thực hành: Translate into Vietnamese: Accouting

Test 4

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IV ĐIỀU KIỆN THỰC HIỆN CHƯƠNG TRÌNH

- Giáo trình, đề cương, giáo án, tài liệu tham khảo

- Từ điển Anh-Việt, từ điển chuyên nghành (thuật ngữ chuyên nghành)

- Máy tính, máy chiếu, phòng học chuyên dụng

V PHƯƠNG PHÁP VÀ NỘI DUNG ĐÁNH GIÁ:

- Kiểm tra các nội dung sau:

+ Thư tín dụng và thanh toán quốc tê;

- Đánh giá trong quá trình học: Kiểm tra theo hình thức : Viết: Dịch sang tiếng Việt làm bài tập về từ vựng liên quan đến bài dịch

- Đánh giá cuối môn học: Kiểm tra theo hình thức: Viết: Dịch sang tiếng Việt, làm bài tập về từ vựng liên quan đến bài dịch

VI HƯỚNG DẪN CHƯƠNG TRÌNH:

1 Phạm vi áp dụng chương trình: Chương trình môn học được sử dụng để giảng dạy cho trình độ Cao đẳng nghề Tổng thời gian thực hiện môn học là : 60 giờ, giáo viên giảng các tiết lý thuyết kết hợp với các bài tập thực hành đan xen

2 Hướng dẫn một số điểm chính về phương pháp giảng dạy môn học:

- Hình thức giảng dạy chính của môn học: Lý thuyết trên lớp kết hợp với thảo luận nhóm

- Giáo viên trước khi giảng dạy cần phải căn cứ vào nội dung của từng bài học chuẩn bị đầy đủ các điều kiện thực hiện bài học để đảm bảo chất lượng giảng dạy

3 Những trọng tâm chương trình cần chú ý: Những nội dung đã học thông qua 4 vấn đề:

- Vocabulary

- Dialogue

- Reading

Comprehension

4 Tài liệu cần tham khảo:

- Karl E Case and Ray C Fair, Principles of Economics, Pearson Education, Inc., 8 th edition, 2007

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- N Gregory Mankiw, Economics: Principles and Applications, India edition by South Western, a part of Cengage Learning, Cengage Learning India Private Limited, 4 th edition, 2007

- Joseph E Stiglitz and Carl E Walsh, Economics, W.W Norton & Company, Inc., New York, International Student Edition, 4th edition, 2007

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UNIT 1 - THE BASIC ECONOMIC PROBLEMS NHỮNG VẤN ĐỀ KINH TẾ CƠ BẢN

Giới thiệu

Ngày nay với xu thế hội nhập và toàn cầu hóa, mỗi xã hội và mỗi nền kinh

tế đều cần nỗ lực vận động và phát triển để theo kịp với tốc độ biến đổi của khoa học kỹ thuật và văn minh xã hội, trong đó vai trò quan trọng phải kể đến đó là kinh tế Mỗi một quốc gia có một nền kinh tế riêng và màu sắc riêng để tạo nên bức tranh kinh tế toàn câu sinh động, nhưng suy cho cùng thì chúng đều phát triển theo một quy luật chung Nghĩa là cùng giải quyết những vấn đề chung mà bất kỳ nền kinh tế nào cũng gặp phải – những vấn đề đó được gọi là những vấn

đề kinh tế cơ bản ( The basic economic problems)

Sự hiểu biết thấu đáo những vấn đề kinh tế cơ bản sẽ giup cho, không chỉ những sinh viên kinh tế, mà tất cả mọi người, có một cách nhìn đúng đắn và khả năng quyết định các hinh vi kinh tế của mình một cách khoa học và hiệu quả hơn Người học được trang bị tốt kiến thức này sẽ có nền tảng để học tập các môn chuyên ngành kinh tế khác một cách hệ thống và logic hơn

Chính vì lý do đó mà chúng tôi quyết định đưa bài học này vào vị trí đầu tiên của cuồn giáo trình này

Mục tiêu:

- Trình bày được các khái niệm những vấn đề kinh tế cơ bản;

- Phân tích được phân tích được nhu cầu không giới hạn của con người và nguồn vật chất có hạn để đáp ứng nhu cầu vô hạn đó;

- Giải thích được sư khác biệt giữa nhu cầu cơ bản và nhu cầu nâng cao của con người;

- Rút ra được bài học hay kết luận gì từ bài học, và đóng góp ý kiến thêm để xây dựng một kiến thức hoàn chỉnh hơn

Nội dung chính

1.1.READING: THE BASIC ECONOMIC PROBLEMS

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Figure 1.1 The basic economic problem

The economic problem, sometimes called the basic, central or fundamental economic problem, is one of the fundamental economic theories in the operation of any economy It asserts that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs The problem then becomes how to determine what is to be produced and how the factors of production (such

as capital and labor) are to be allocated Economics revolves around methods and possibilities of solving the economic problem

Economic problem arises mainly due to two reasons- (i) human wants are unlimited (ii) means to satisfy human wants are scarce

The economic problem is most simply explained by the question "how do

we satisfy unlimited wants with limited resources?" The premise of the economic problem model is that wants are constant and infinite due to constantly changing demands (often closely related to changing demographics of the population) However, resources in the world to satisfy human wants are always limited to the amount of natural or human resources available The economic problem, and methods to curb it, revolves around the idea of choice in prioritizing which wants can be fulfilled and how do we know what to produce for the economy

Opportunity cost and Production Possibility Frontier or Production Possibility Curve

The main theory to decipher what and how to prioritise these wants and needs is to look at the opportunity cost (looks at what good must be prioritised first according

to needs and how efficiently that the good can satisfy infinite wants) A good way

to look at this is the production possibility frontier (PPF) or PPC, this isolates two goods in an economy produced at any one given time to show the effect of what

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would happen if one changed according to the other and also the effects of new technology and new resources For example, say that we have isolated two goods, food and clothing, and we look at what would appen if there was increased production of food (there is an opportunity cost of clothes so clothes would go down as food goes up), this varies according to what effects there are including new technology and new resources

Needs are material items people need for survival, such as food, clothing,

housing and ware Until the Industrial Revolution, the vast majority of the worlds population struggled for access to basic human needs and need are also those thing without which we cannot live

While the basic needs of survival are important in the function of the

economy, wants are the driving force which stimulates demand for goods and

services In order to curb the economic problem, economists must classify the nature and different wants of consumers, as well as prioritize wants and organize production to satisfy as many wants as possible One assumption often made in mainstream neoclassical economics (and the methods which attempt to solve the economic problem) is that humans inherently pursue their self-interest and the market mechanism best satisfies the various wants different individuals might have These wants are often classified into individual wants, which depend on the individual's preferences and purchasing power parity, and collective wants, those

of entire groups of people Things such as food and clothing can be classified as either wants or needs, depending on what type and how often a good is requested Wants are effective desires for a particular product, or something which can only

be obtained by working for it

The economic problem fundamentally revolves around the idea of choice,

which ultimately must answer the problem Due to the limited resources available, producers must determine what to produce first to satisfy demand Consumers are considered the biggest influences of this choice, and the goods which they want must also fit within their budgets and purchasing power parity Different economic models place choice in different hands

The choice with regard to which goods and in what quantities are to be produced Problem of scarcity leads to the origin of the problem of choice of best possible pattern of allocation of resources The economic problem can be divided into different parts They are given as below

1 Problem of allocation of resources:

The problem of allocation of resources arises due to the scarcity of resources That

is why the question of scarcity goods for production implies which wants should be satisfied and which should be left unsatisfied The problem of allocation of resources deals with the question of what to produce and how much to produce

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If the society decides to produce a definite commodity in volume, it has to withdraw some resources from the production of other goods More production implies more resources More production of a desired commodity can be made possible only by reducing the quantity of resources used in the production of other goods Resources being scarce if the society decides to produce one good, the production of some other goods would have to be cut down

The problem of allocation deals with, the question whether to produce capital goods or consumer goods If the community decides to produce capital goods, resources will have to be withdrawn from the production of consumer goods In the long run the investment on capital goods will augment the production

of consumer goods

In an economy both capital as well as consumer goods is of equal importance So the decision is to make social adjustment between the productions

of the two

2 The problem of all economic efficiency:

Resources should be most efficiently used as it is scarce Thus it is essential to know if the production and distribution of national product made by an economy is efficient The production becomes efficient only if the productive resources are so utilised that any reallocation does not produce more of one good without reducing the output of any other good

By efficient distribution means that any redistribution of goods cannot make some one better off without making anyone else worse off The inefficiencies of production and distribution exist in all types of economies The welfare of the people can be increased if these inefficiencies are ruled out Some cost will have to

be incurred to remove these inefficiencies

If the cost of removing these inefficiencies of production and distribution is more than the gain, then it is not worthwhile to remove them

3 The problem of full-employment of resource:

In view of the scarce resources a very pertinent questions may arise in the mind that whether all available resources are fully utilised A community should achieve maximum satisfaction by using the scarce resources in the best possible manner There should not be wrong use of resources or it should not be allowed to go waste

But in capitalist economy the available resources are not fully utilised In times of depression there are many willing workers to work but they go without employment It supposes that the scarce resources are not fully utilised in a capitalist economy

4 The problem of economic growth:

If the productive capacity of the economy grows, it will be able to produce progressively more goods as a result of which the living standard of the people will

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rise The increase in productive capacity of an economy is called economic growth There are various factors affecting economic growth The problems of economic growth have been discarded by numerous growth models

Some of these growth models are Harrod-Domar model, neoclassical growth models of Solo and Swan, Cambridge growth models of Kaldor and Joan Robinson etc This part of economic problem is studied in the economies of development

Thus an economy has to solve a number of problems But the basic cause behind all these problems is resource scarcity

1.2.EXERCISES

1.2.1.Answer following questions about the reading above

1.2.1.1 What is the basic economic problem?

1.2.1.2 What is the cause of scarcity?

1.2.1.3 What is the difference between needs and wants? Give examples of goods people demand as needs and wants

1.2.1.4 What do people and businesses do when resources become scarce? 1.2.1.5 What are four factors of production?

1.2.1 Read carefully the statements below and choose the best choice for each

1.2.2.1 The problems people encounter in the society while attempting to

satisfy their numerous wants with the limited resources available is called

a Capital

b basic economic problems

c basic financial problem

d technological advancement Answer: basic economic problems

1.2.2.2 One of the following is a factor that determines what to produce in a

society

a Availability of resources

b unlimited wants

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c production function

d quality of labour Answer: Availability of resources

1.2.2.3 The optimum use or the combination of factors of production to

achieve higher output at a reasonable cost is known as

a Effective production

b division of labour

c efficient use of resources

d specialization Answer: efficient use of resources

1.2.2.4 The following are the basic economic problems except

a How to produce

b what to produce

c intensive use of labour

d for whom to produce Answer: intensive use of labour

1.2.2.5 Factors that determine how to produce includes one of the following

a Relative cost of factors of production

1.2.3.1 Activity 1: True or false

1 Farming is a primary sector business

2 The NHS is a private organisation

3 A hairdressing salon is a secondary sector business

4 Thomas Cook holidays is tertiary sector business

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5 Opportunity cost occurs because of the basic economic

problem

6 Oil is a scarce resource

7 Our wants are scarce

1 The basic economic problem is about _resources (6)

3 The basic economic problem is about wants (8)

5 Next best alternative foregone (1 1,4)

7 Sector of industry which provide services (8)

8 Human input into the production process (6)

14 Someone who risks their ideas and money when starting a business (12)

15 Scarce resources means that these have to be made (7)

13 What has to be met for basic survival (S)

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DOWN

2 Machinery is an example of this (7)

4 Type of economy where both the government and private firms allocate resources (S)

6 The sector of industry which includes extraction of raw material (7)

9 When an individual, group or country produce what they are best at (14)

10 What to produce is a question asked when resources (10)

11 Natural resources on the planet (4)

12 Organizations owned and run by individuals or groups are called this (7)

13 Organizations owned and run by the government are in this sector of the economy (6)

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1 UNIT 2: MACROECONOMICS – KINH TẾ HỌC VĨ MÔ

Giới thiệu

Kinh tế học vĩ mô là một môn học nghiên cứu nền kinh tế trên bình diện tổng thể, bao gồm việc mô tả và đo lường các biến số kinh tế vĩ mô như tổng sản phẩm quốc nội, giá cả và lạm phát, việc làm và tình trạng thất nghiệp, tổng tiêu dùng, đầu tư, chi tiêu của chính phủ và thuế, cung cầu tiền tệ, lãi suất, cán cân thương mại, cán cân thanh toán và tỷ giá Việc xây dựng các mô hình kinh tế đơn giản sẽ giúp chúng ta giải thích các mối quan hệ giữa các biến số này Trên cơ sở

đó, chúng ta sẽ nghiên cứu những biến động kinh tế trong ngắn hạn, các vấn đề của chu kỳ kinh tế, các cú sốc phía cung và phía cầu, và vai trò của các chính sách ổn định hóa như chính sách tài khóa và chính sách tiền tệ

Các vấn đề kinh tế vĩ mô ngày càng trở nên quan trọng hơn bao giờ hết Chúng bao gồm các liên hệ mang tính toàn cầu và khu vực chứ không chỉ giới hạn trong phạm

vi hạn hẹp của một nền kinh tế riêng lẻ, và đóng vai trò quan trọng trong đời sống của các cá nhân, doanh nghiệp, các cơ quan nhà nước, các quá trình chính trị và quan hệ quốc tế Do vậy, kinh tế vĩ mô của nền kinh tế mở sẽ được giới thiệu đến sinh viên bao gồm cán cân thanh toán, các cơ chế tỷ giá và các vấn đề lưu chuyển dòng vốn quốc tế

Môn học này cũng giúp chúng ta tìm hiểu về tăng trưởng kinh tế và phân tích các nguồn tăng trưởng kinh tế và bài học kinh nghiệm của các nước và các khu vực khác nhau trên thế giới Như sẽ được đề cập ở phần mục tiêu, các bình luận về chính sách và một phần của Kinh tế Vĩ mô Quốc tế sẽ được giới thiệu, sau khi chúng ta có được toàn bộ bức tranh của môn học thông qua các tình huống và thông tin thời sự được cập nhật thường xuyên qua từng bài giảng và thảo luận trên lớp

Mục tiêu:

Môn Kinh tế vĩ mô I được thiết kế nhằm cung cấp kiến thức cơ bản, kỹ năng đánh giá và phân tích các hiện tượng và các sự kiện kinh tế vĩ mô, góp phần cải thiện mức độ hiểu biết của sinh viên đối với sự vận hành của nền kinh tế và thực thi các chính sách kinh tế vĩ mô ở các nước đang phát triển, và làm cơ sở cho việc phân tích các vấn đề có liên quan trong các môn học ứng dụng sau này Một cách cụ thể, môn học này được thiết kế nhằm vào các mục tiêu sau đây:

- Giới thiệu các khái niệm, kỹ thuật và cách thức đo lường các hoạt động của nền kinh tế

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- Giúp sinh viên hiểu được các vấn đề và các hoạt động của nền kinh tế vĩ mô cũng như mối liên hệ giữa chúng thông qua các lý thuyết và mô hình cơ bản

- Hiểu và phân tích được bản chất của các trục trặc kinh tế vĩ mô và cách thức giải thích chúng

- Đánh giá và phân tích cách thức các chính sách tài khóa và tiền tệ được sử dụng nhằm góp phần giảm bớt các biến động có tính chu kỳ

- Hiểu được các mối quan hệ kinh tế vĩ mô cơ bản của nền kinh tế mở, giao thương thương mại và tác động của các dòng vốn quốc tế

- Nhận biết tầm quan trọng của các yếu tố góp phần vào thành quả tăng trưởng kinh tế dài hạn đương đại

2.1 READING: MACROECONOMICS

Figure: 2.1 Circulation in macroeconomics

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Macroeconomics (from the Greek prefix makro- meaning "large" and

economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets This includes national, regional, and global economies With

microeconomics, macroeconomics is one of the two most general fields in

economics

Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets

While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economic growth (increases

in national income) Macroeconomic models and their forecasts are used by both governments and large corporations to assist in the development and evaluation of economic policy and business strategy

Basic macroeconomic concepts

Macroeconomics encompasses a variety of concepts and variables, but there are three central topics for macroeconomic research Macroeconomic theories usually relate the phenomena of output, unemployment, and inflation Outside of macroeconomic theory, these topics are also extremely important to all economic agents including workers, consumers, and producers

Output and income

National output is the total value of everything a country produces in a given time period Everything that is produced and sold generates income Therefore, output and income are usually considered equivalent and the two terms are often used interchangeably Output can be measured as total income, or, it can be viewed from the production side and measured as the total value of final goods and services or the sum of all value added in the economy

Macroeconomic output is usually measured by Gross Domestic Product (GDP) or one of the other national accounts Economists interested in long-run increases in output study economic growth Advances in technology, accumulation

of machinery and other capital, and better education and human capital all lead to

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increased economic output over time However, output does not always increase consistently Business cycles can cause short-term drops in output called recessions Economists look for macroeconomic policies that prevent economies from slipping into recessions and that lead to faster long-term growth

Unemployment

The amount of unemployment in an economy is measured by the unemployment rate, the percentage of workers without jobs in the labor force The labor force only includes workers actively looking for jobs People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded from the labor force

Unemployment can be generally broken down into several types that are related to different causes Classical unemployment occurs when wages are too high for employers to be willing to hire more workers Wages may be too high because of minimum wage laws or union activity Consistent with classical unemployment, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job leads

to a period of unemployment

Structural unemployment covers a variety of possible causes of unemployment including a mismatch between workers' skills and the skills required for open jobs Large amounts of structural unemployment can occur when

an economy is transitioning industries and workers find their previous set of skills are no longer in demand Structural unemployment is similar to frictional unemployment since both reflect the problem of matching workers with job vacancies, but structural unemployment covers the time needed to acquire new skills not just the short term search process

While some types of unemployment may occur regardless of the condition

of the economy, cyclical unemployment occurs when growth stagnates Okun's law represents the empirical relationship between unemployment and economic growth The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment

Inflation and deflation

A general price increase across the entire economy is called inflation When prices decrease, there is deflation Economists measure these changes in prices with price indexes Inflation can occur when an economy becomes overheated and grows too quickly Similarly, a declining economy can lead to deflation

Central bankers, who control a country's money supply, try to avoid changes in price level by using monetary policy Raising interest rates or reducing the supply

of money in an economy will reduce inflation Inflation can lead to increased uncertainty and other negative consequences Deflation can lower economic

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output Central bankers try to stabilize prices to protect economies from the

negative consequences of price changes

Diagram 2.2 Growth and inflation (10 year averages)

The ten-year moving averages of changes in price level and growth in money supply (using the measure of M2, the supply of hard currency and money held in most types of bank accounts) in the US from 1875 to 2011 Over the long run, the two series show a close relationship

Changes in price level may be result of several factors The quantity theory

of money holds that changes in price level are directly related to changes in the money supply Most economists believe that this relationship explains long-run changes in the price level.[citation needed] Short-run fluctuations may also be related to monetary factors, but changes in aggregate demand and aggregate supply can also influence price level For example, a decrease in demand because of a recession can lead to lower price levels and deflation A negative supply shock, like an oil crisis, lowers aggregate supply and can cause inflation

2.2 EXERCISES

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2.2.1 Read the texts above carefully the answer the following questions?

1 What is macroeconomics?

2 What do macroeconomists study?

3 What are the basic concepts of macroeconomics?

4 What is the difference between inflation and deflation?

2.2.2 Choose the best answer for each statement or question below?

1 An increase in which of the following is most likely to cause the production possibilities curve of a country to shift outward?

A.The price of oil

B.The labor force

C.Tax rates

D.Imports of consumer goods

E.Interest rates answer B

2 Which of the following will cause the real interest rate to decrease in the loanable funds market?

A decrease in taxes on investment

B.decrease in the money supply

C.An increase in private savings

D.An increase in aggregate demand

E.An increase in government borrowing (answer C)

3 An economy is facing moderate output growth but significantly high inflation rates The Federal Reserve can undertake which of the following policy actions to address the problem?

A.Decreasing the income tax rate

B.Decreasing the federal funds rate

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C.Decreasing the money supply

D.Decreasing the required reserve ratio

E.Buying bonds on the open market (answer C)

4 Which of the following government policies is most likely to lead to an increase in long-run economic growth?

A.Increasing taxes on corporate income

B.Increasing taxes on income received from foreign investment

C.Decreasing the money supply to raise the real interest rate

D.Establishing a price control to curb inflation

E.Increasing spending on human capital improvement (answer E)

5 If the United States dollar depreciates in the foreign-exchange market, which of the following will occur?

A.The price level in the United States will decrease

B.United States exports will increase

C.Goods produced in the United States will become more expensive in foreign countries

D.The United States current account deficit will increase

E.The United States demand for imports will increase (answer B)

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2 UNIT 3: FISCAL AND MONETARY POLICY – CHÍNH SÁCH TÀI

CHÍNH & TIỀN TỆ

Giới thiệu

Môn học này cung cấp cho sinh viên những kiến thức cơ bản về các vấn đề tài chính: tài chính doanh nghiệp, thị trường tài chính và các trung gian tài chính; các vấn đề về tiền tệ, tín dụng và lạm phát; hệ thống ngân hàng (NHTW và hệ thống ngân hàng thương mại) cũng như vai trò của nó đối với một quốc gia nói chung và của Việt Nam nói riêng Đặc biệt, môn học cung cấp kiến thức cơ bản về nội dung của 3 chính sách trọng yếu, là công

cụ điều tiết nền kinh tế vĩ mô của một quốc gia Đó là chính sách tài khoá, chính sách tài chính quốc gia và chính sách tiền tệ quốc gia

- Nắm rõ vai trò và cơ chế điều hành chính sách tài khoá, chính sách tài chính

và chính sách tiền tệ quốc gia

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3.1 FISCAL AND MONETARY POLICY

Figure 3.1 The State of Economy ( Real GDP, inflation)

Macroeconomic policy is usually implemented through two sets of tools: fiscal and monetary policy Both forms of policy are used to stabilize the economy, which usually means boosting the economy to the level of GDP consistent with full employment

Monetary policy

Central banks implement monetary policy by controlling the money supply through several mechanisms Typically, central banks take action by issuing money to buy bonds (or other assets), which boosts the supply of money and

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lowers interest rates, or, in the case of contractionary monetary policy, banks sell bonds and takes money out of circulation Usually policy is not implemented by directly targeting the supply of money

Banks continuously shift the money supply to maintain a fixed interest rate target Some banks allow the interest rate to fluctuate and focus on targeting inflation rates instead Central banks generally try to achieve high output without letting loose monetary policy create large amounts of inflation

Conventional monetary policy can be ineffective in situations such as a liquidity trap When interest rates and inflation are near zero, the central bank cannot loosen monetary policy through conventional means Central banks can use unconventional monetary policy such as quantitative easing to help increase output Instead of buying government bonds, central banks implement quantitative easing by buying other assets such as corporate bonds, stocks, and other securities

This allows lowers interest rates for broader class of assets beyond government bonds In another example of unconventional monetary policy, the United States Federal Reserve recently made an attempt at such as policy with Operation Twist Unable to lower current interest rates, the Federal Reserve lowered long-term interest rates by buying long-term bonds and selling short-term bonds to create a flat yield curve

Fiscal policy

Fiscal policy is the use of government's revenue and expenditure as instruments to influence the economy If the economy is producing less than potential output, government spending can be used to employ idle resources and boost output Government spending does not have to make up for the entire output gap There is a multiplier effect that boosts the impact of government spending For example, when the government pays for a bridge, the project not only adds the value of the bridge to output, it also allows the bridge workers to increase their consumption and investment, which also help close the output gap

The effects of fiscal policy can be limited by crowding out When government takes on spending projects, it limits the amount of resources available for the private sector to use Crowding out occurs when government spending simply replaces private sector output instead of adding additional output to the economy Crowding out also occurs when government spending raises interest rates which limits investment Defenders of fiscal stimulus argue that crowding out

is not a concern when the economy is depressed, plenty of resources are left idle, and interest rates are low

Fiscal policy can be implemented through automatic stabilizers Automatic stabilizers do not suffer from the policy lags of discretionary fiscal policy Automatic stabilizers use conventional fiscal mechanisms but take effect as soon as the economy takes a downturn: spending on unemployment benefits automatically

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increases when unemployment rises and, in a progressive income tax system, the effective tax rate automatically falls when incomes decline

Comparison

Economists usually favor monetary over fiscal policy because it has two major advantages First, monetary policy is generally implemented by independent central banks instead of the political institutions that control fiscal policy Independent central banks are less likely to make decisions based on political motives Second, monetary policy suffers fewer lags than fiscal Central banks can quickly make and implement decisions while discretionary fiscal policy may take time to pass and even longer to carry out

3.2 EXERCISES

3.2.1 Read the texts above and answer the following questions?

What is monetary policy?

What is fiscal policy?

(What is the difference between monetary and fiscal policies?

3 Government spending goes up while taxes remain the same

4 The government reduces the wages of its employees while raising taxes on consumers and business Other government spending remains the same _

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3.2.2.2 Part B

Test your understanding of fiscal policy by completing the first four

questions in the table “Effects of Fiscal Policy.”

All your choices for each situation must be consistent, that is, you

should choose either an expansionary or contractionary fiscal policy

Fill in the spaces as follows:

Column A: Objective for Aggregate Demand

Write increase if you wish to increase aggregate demand

Write decrease if you wish to decrease aggregate demand

Column B: Action on Taxes

Write increase if you wish to increase taxes

Write decrease if you wish to decrease taxes

Column C: Action on Government Spending

Write increase if you wish to increase government spending

Write decrease if you wish to decrease government spending

Column D: Effect on Budget

Write toward deficit if you wish to increase the deficit (or reduce the surplus)

Write toward surplus if you wish to reduce the deficit (or increase the surplus)

3.2.3 HOME READING

AFFECTS OF FISCAL POLICY

(A) Objective for Aggregate Demand

(B) Action

on Taxes

(C) Action on Government Spending

(D) Effect on Budget

1 The national unemployment

rate rises to 12%

2 Inflation is strong and its rate

is now 14% per year

3 Surveys show consumers are

losing confidence in the

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economy, retail sales are

weak, and business

inventories are increasing

rapidly

4 Business sales and

investment are expanding

rapidly, and economists

believe strong inflation lies

ahead

5 Inflation persists while

unemployment stays high

Suggestion for Part A and Part B

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aggregate demand in the economy to achieve economic objectives of price stability, full employment, and economic growth

Manipulating the supply of money to influence outcomes like economic growth, inflation, exchange rates with other currencies and unemployment

government expenditure and revenue collection to influence the economy

Monetary policy is the process by which the monetary authority of a country controls the supply

of money, often targeting a rate of interest to attain a set

of objectives oriented towards the growth and stability of the economy

Both fiscal and monetary policy can be either expansionary or

contractionary Policy measures taken to increase GDP and economic growth are

called expansionary Measures taken to rein in an "overheated" economy (usually when inflation is too high) are called contractionary measures

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Fiscal policy

The legislative and executive branches of government control fiscal policy

In the United States, this is the President's administration (mainly the Treasury Secretary) and the Congress that passes laws

Policy-makers use fiscal tools to manipulate demand in the economy For example:

disposable income, thereby stimulating demand

removing itself from competing for resources in the market (both goods and services) This is a contractionary policy that would lower prices Conversely, when there is a recession and aggregate demand is flagging, increased

government spending in infrastructure projects would lead to higher demand and employment

Both tools affect the fiscal position of the government i.e the budget deficit goes up whether the government increases spending or lowers taxes This deficit is financed by debt; the government borrows money to cover the shortfall in its budget

When an economy is in a boom, the government should run a surplus; other times, when in recession, it should run a deficit

[There is] no reason to follow a pro-cyclical fiscal policy A procyclical fiscal policy piles on the spending and tax cuts on top of booms, but reduces

spending and raises taxes in response to downturns Budgetary profligacy during expansion; austerity in recessions Procyclical fiscal policy is destabilising,

because it worsens the dangers of overheating, inflation, and asset bubbles

during the booms and exacerbates the losses in output and employment during the recessions In other words, a procyclical fiscal policy magnifies the severity

of the business cycle

Monetary policy

Monetary policy is controlled by the Central Bank In the U.S., this is the Federal Reserve The Fed chairman is appointed by the government and there is an oversight committee in Congress for the Fed But the organization is largely independent and is free to take any measures to meet its dual mandate: stable prices and low unemployment

Examples of monetary policy tools include:

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- Interest Rates: Interest rate is the cost of borrowing or, essentially, the price of

money By manipulating interest rates, the central bank can make it easier or harder to borrow money When money is cheap, there is more borrowing and more economic activity For example, businesses find that projects that are not viable if they have to borrow money at 5% are viable when the rate is only 2% Lower rates also disincentivize saving and induce people to spend their money rather than save it because they get so little return on their savings

reserve ratio, or CRR) of their deposits in reserve in order to ensure that they always have enough cash to meet withdrawal requests of their depositors Not all depositors are likely to withdraw their money simultaneously So the CRR is usually around 10%, which means banks are free to lend the remaining 90% By changing the CRR requirement for banks, the Fed can control the amount of lending in the economy, and therefore the money supply

stronger currency This tool is usually used in cases of runaway inflation when other means to control it are not working

into the economy by buying government bonds (e.g treasuries) This raises the level of government debt, increases the money supply and devalues the currency causing inflation However, the resulting inflation supports asset prices such as real estate and stocks

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3 UNIT 4 GDP and GNP- TỔNG SẢN PHẨM QUỐC NỘI và TỔNG SẢN PHẨM QUỐC DÂN

Giới thiệu

Trong bài học này, chúng ta sẽ nghiên cứu các chỉ tiêu kết quả quan trọng của nền kinh tế quốc dân như tổng sản phẩm quốc dân, tổng sản phẩm quốc nội, tổng sản phẩm quốc dân ròng, thu nhập quốc dân, thu nhập quốc dân có thể sử dụng Nghiên cứu các chỉ tiêu kết quả này và các chỉ tiêu kinh tế vĩ mô có liên quan khác như lạm phát, chỉ số giá tiêu dùng tạo thành xương sống của hệ thống hách toán thu nhập quốc dân (viết tắt là SNA) được tất cả các nước có nền kinh tế định hướng theo thị trường vận dụng

- Tích cực, chủ động trong quá trình học tập, nghiên cứu

- GDP is a number that expresses the worth of the output of a country in local

currency

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- GDP tries to capture all final goods and services as long as they

areproduced within the country, thereby assuring that the final monetary value of

everything that is created in a country is represented in the GDP

- GDP is calculated for a specific period of time, usually a year or a quarter of a year

Taken together, these three aspects of GNP calculation provide a standard basis for the comparison of GDP across both time and distinct national economies

Computing GDP

Now that we have an idea of what GDP is, let's go over how to compute it We know that in an economy, GDP is the monetary value of all final goods and services produced For example, let's say Country B only produces bananas and backrubs

Figure 4.1: Goods and Services Produced in Country B

(In year 1 they produce 5 bananas that are worth $1 each and 5 backrubs that are worth $6 each The GDP for the country in this year equals (quantity of bananas X price of bananas) + (quantity of backrubs X price of backrubs) or (5

X $1) + (5 X $6) = $35 As more goods and services are produced, the equation lengthens In general, GDP = (quantity of A X price of A) + (quantity of B X price of B) + (quantity of whatever X price of whatever) for every good and service produced within the country)

In the real world, the market values of many goods and services must be calculated

to determine GDP While the total output of GDP is important, the breakdown of this output into the large structures of the economy can often be just as important

In general, macroeconomists use a standard set of categories to breakdown an economy into its major constituent parts; in these instances, GDP is the sum of consumer spending, investment, government purchases, and net exports, as represented by the equation:

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Y = C + I + G + NX

Because in this equation Y captures every segment of the national economy, Y represents both GDP and the national income This because when money changes hands, it is expenditure for one party and income for the other, and Y, capturing all these values, thus represents the net of the entire economy

Let's briefly examine each of the components of GDP

- Consumer spending, C, is the sum of expenditures by households on durable goods, nondurable goods, and services Examples include clothing, food, and health care

- Investment, I, is the sum of expenditures on capital equipment, inventories, and structures Examples include machinery, unsold products, and housing

- Government spending, G, is the sum of expenditures by all government bodies

on goods and services Examples include naval ships and salaries to government employees

- Net exports, NX, equals the difference between spending on domestic goods

by foreigners and spending on foreign goods by domestic residents In other words, net exports describes the difference between exports and imports

GDP vs GNP

GDP is just one way of measuring the total output of an economy Gross National Product, or GNP, is another method GDP, as said earlier, is the sum value of all

goods and services produced within a country GNP narrows this definition a bit: it

is the sum value of all goods and services produced by permanent residents of a

country regardless of their location The important distinction between GDP and

GNP rests on differences in counting production by foreigners in a country and by nationals outside of a country For the GDP of a particular country, production by foreigners within that country is counted and production by nationals outside of that country is not counted For GNP, production by foreigners within a particular country is not counted and production by nationals outside of that country is counted Thus, while GDP is the value of goods and services produced within a

country, GNP is the value of goods and services produced by citizens of a country

For example, in Country B, represented in, bananas are produced by nationals and backrubs are produced by foreigners Using figure 1, GDP for Country B in year 1

is (5 X $1) + (5 X $6) = $35 GNP for country B is (5 X $1) = $5, since the $30 from backrubs is added to the GNP of the foreigners' country of origin

The distinction between GDP and GNP is theoretically important, but not often practically consequential Since the majority of production within a country is by nationals within that country, GDP and GNP are usually very close together In general, macroeconomists rely on GDP as the measure of a country's total output

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Growth Rate of GDP

GDP is an excellent index with which to compare the economy at two points in time That comparison can then be used formulate the growth rate of total output within a nation

In order to calculate the GDP growth rate, subtract 1 from the value received by dividing the GDP for the first year by the GDP for the second year

GDP growth rate = [(GDP1)/(GDP2] - 1

For example, using, in year 1 Country B produced 5 bananas worth $1 each and 5 backrubs worth $6 each In year 2 Country B produced 10 bananas worth $1 each and 7 backrubs worth $6 each In this case the GDP growth rate from year 1 to year 2 would be:

[(10 X $1) + (7 X $6)] / [(5 X $1) + (5 X $6)] - 1 = 49%

There is an obvious problem with this method of computing growth in total output: both increases in the price of goods produced and increases in the quantity of goods produced lead to increases in GDP From the GDP growth rate it is therefore

difficult to determine if it is the amount of output that is changing or if it is the price of output undergoing change

This limitation means that an increase in GDP does not necessarily imply that an economy is growing If, for example, Country B produced in one year 5 bananas each worth $1 and 5 backrubs each worth $6, then the GDP would be $35 If in the next year the price of bananas jumps to $2 and the quantities produced remain the same, then the GDP of Country B would be $40 While the market value of the goods and services produced by Country B increased, the amount of goods and services produced did not This problem can make comparison of GDP from one year to the next difficult as changes in GDP are not necessarily due to economic growth

Real GDP vs Nominal GDP

In order to deal with the ambiguity inherent in the growth rate of GDP, macroeconomists have created two different types of GDP, nominal GDP and real GDP

- Nominal GDP is the sum value of all produced goods and services at current prices This is the GDP that is explained in the sections above Nominal GDP

is more useful than real GDP when comparing sheer output, rather than the value of output, over time

- Real GDP is the sum value of all produced goods and services at constant prices The prices used in the computation of real GDP are gleaned from a

specified base year By keeping the prices constant in the computation of real GDP, it is possible to compare the economic growth from one year to the next

in terms of production of goods and services rather than the market value of

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