english in economics and business - hanoi national economics university
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HANOI NATIONAL
ECONOMICS UNIVERSITY
ENGLISH FOR ECONOMICS
AND BUSINESS STUDENTSBY:
SARAH BALES - AMERICAN TEACHER DO THI NU - HEAD, ENGLISH DEPARTMENT
HA KIM ANH - TEACHER OF ENGLISH - NEU
Ho Ipĩnh flV?
i d l :
NHÀ XUẤT BẨN GIẤO D Ụ C - 1998
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4(^4p! ~ o q 7) 232 /4 7- 98 Mã sể: DNT 01 b8G D - 9 8
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FOREWORD
The following is a collection o f readings in Economics andBusiness put together for the third and fourth year students at
the National Economics University (NEU) in Hanoi, Vietnam in1993. The texts were collected from various textbooks, popular
books on business and economics, reports from differentdevelopment agencies, and articles written specially for this book
by various authors. The texts were shortened, simplified andotherwise adapted to fit the skill level and interests of thestudents. Difficult and new vocabulary were extracted from each
reading to create a word list for each chapter (to be printed in book two). The word lists were translated into Vietnamese and
consolidated in a glossaiy in alphabetical order at the end of book two. Each chapter contains exercises to practise
vocabulary, grammar, and use of the language on that particularsubject. There are a total of 64 readings on 17 different sujects
which were chosen because they'are the basic subjects thatstudents at NEƯ are required to study.
The work was initiated by Sarah Bales, a VIA volunteer at
NEƯ during the 1993 - 1994 school year. Two English teachers
from NEU, Mrs Do Thi Nu and Ms Ha Kim Anh, helped to
choose appropriate subject matter and materials, wrotecomprehension questions and grammar explanations and
exercises, tested the materials on NEƯ students and kept the
administration informed about our progress. Mr. James Carlson
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helped by writing a section on accounting and makingsuggestions to improve the second hair of the book. Thetranslation of the word list was done with the assistance of Mr.
Nguyen Xuan Vang, and some others. Ronnie Wynne assisted by reading through most of the chapters, correcting mistakes and
making comments to improve the materials. Manv thanks to allof these people and other people not mentioned who havehelped in the completion of this project
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Table of contents
Third-year
Page
Chapter I - THE MARKET ECONOMY 8
1. Market capitalism 8Grammar: Relative pronoun - whose
2. The Basic Economic Problem 14
3. The Market Mechanism 17
Grammar: Present and past participleOPTIONAL READING: From central
planning to a market economy 23
Chapter II - HISTORY 26
4. Adam Smith 265. Robert Malthus 32
Grammar: Inversion of subject and verb6. Kari Marx 38
Grammar: Use of as long as7. Maynard Ke;ynes 43
Grammar: Gerund
Chapter III - MACROECONOMICS 49
8. Macroeconomics 49Grammar: Relative pronouns - which,whom, that
9. Fiscal and Monetary Policy 54
Grammar: Conditional sentences
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10. GDP and GNP 60
Grammar: Passive voice11. The Business Cycle 64
Grammar: Article usage
Chapter IV - MICROECONOMICS 74
12. Microeconomics 74
13. Demand 78Grammar: Use of so and such
14. Supply S3
Grammar: Use of as and like
Chapter V - INTERNATIONAL ECONOMICS 8915. What is International Economics? 89
Grammar: Ellipsis
16. Vietnamese Rice Exports 9417. Trade Surpluses and Deficits 98
Grammar: Use of though, although,despite, in spite of
18. How do Exchange Rates Function? 105Grammar: Unreal conditional sentences19. The Letter of Credit 111
Grammar: Infinitive of purpose
Chapter VI - INFLATION 117
20. Inflation 1X7Grammar: Review of conditional sentences
21. Inflation and growth 122Grammar: Use of can and to be able to
22. How does Inflation Affect 126the World Economy?
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23. Hyperinflation '131Grammar: Verbs followed by the gerund
Chapter VII - LABOR 137
24. What Affects Wages? 13725. Unemployment 142
26. Trade Unions and Wages 148Grammar: Noun clauses - that
Chapter VIII - DEMOGRAPHY 154
27. World Population Growth 15428. The Population in Vietnam 158
29. Economics and Fertility in Vietnam 16330. Family Planning Policy in Vietnam 169
Chapter IX. INVESTMENTS 175
31. W hat are Capital Markets? 175
32. Investing in Stocks 178
33. Bonds 18134. Risk 183
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Chapter I. THE MARKET ECONOMY
Unit 1. MARKET CAPITALISM
(adapted from Comparative Economic Systems by John E. Elliott)
Competitive market capitalism contains two majordecision-making units whose actions are coordinated through
market exchange. The first is the business firm, which buys
resources from households and transforms resource inputs
into outputs of products and services that it sells to households.
The second is the household, which owns and sells resources to
firms and purchases outputs from them.
The two kinds of market relations, as well as the two basic
units of economic decision-making, are interdependent. The
demand for resource inputs is derived from the demand for fina]
products because firms produce to sell (at a profit) to consumers.
Resource inputs, in turn, are required to create outputs. Com-
sumers are able and willing to purchase products because they
have incomes. Consumers obtain income through the sale or loan
of their resources to firms, who in turn organize and coordinate
factors of production to produce outputs from these inputs.
Competitive market capitalism is based on some basic
assumptions. One assumption is that both firms and households desire to maximize their economic well-being through market
exchange. Business firms are assumed to pursue profit maximization and household try to maximize utility orsatisfaction. Both try to buy at the lowest possible price (for agiven quality of good) and to sell at the highest possible price.
The other major assumption is that markets are competitive,
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which means there are many buyers and sellers, products aresubstitutable, buyers and sellers have a lot of knowledge of the
market and resources are able to move freely between uses.
decision-making (adj)
to coordinate (v) business firm (adj. or n.
household (n)to transform (v)to purchase (v)
interdependent (adj)
to derive from (v)in turn (adv;loan (n)assumption(n)
well-being (n)to assume (v)to pursue (v)
utility (n)given (adj)
substitutable (adj)
/. Comprehension Questions
1) What are the two major decision-making units whichmarket capitalism contains ?
2) How are the actions of business firms and households coordinated ?
3) From whom does the business firm buy resources andsell outputs ?
4) What does the demand for resource inputs depend on ?
ra quyết định
phối hợp, sắp xếp, điều phối) hãng kinh doanh
hộ gia đìnhchuyển đổi, biến đổi, thay đổimua. tậu, sắm
phụ thuộc lẫn nhau
thu được từ
lần lượtvay
giả định
phúc lợigiả địnhmưu cầuđộ thỏa dụngnhất định
có thể thay thế
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5) What do firms do with the resources they buy fromhouseholds ?
6) How can consumers get money to buy products sold byfirms ?
7) What do both households and business firms do through
market exchange ?
8) What does it mean that "markets are competitive" ?
//. True!False
I ) ______Business firms and households are independent
of each other.
2) _ __ Firms and households are both buyers andsellers.
3 ) ___ Demand for the products of a firm depends on
the demand for the resources.4 ) ____ Knowledge of the market is not necessaiy for a
competitive market.
5 ) ____ Households organize and coordinate factors of production to produce outputs.
IĨL Grammar
Relative Possessive Pronoun - Whose (adapted fromPractical English Usage by Michaei Swan).
Review : Relative pronouns serve two functions at once.They are used as the subjects or objects of verbs, like other
pro nouns ; At the same time, they join clauses together, like
conjunctions.
The most common relative pronouns are who, whom,which, and that. Both who and whom are used for people.
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However, whom (which refers to the object of a verb or a preposition) is rather unusual, especially in conversationalEnglish. It is generally either left out, or replaced by who orthat. Which is used for tilings. That can often (but not always)
be used instead of who, whom, or which.Whose is a relative possessive pronoun. It indicates pos-
session. It is used together with nouns in the same way as his. her, its, or their. It can refer to people or things. In a relativeclause, the structure whose + noun can be :
- the subject -
e.g. When I looked through the window I'saw a girl whose beauty took my breath away. John found a cat whose leg
was broken.This is Henry whose wife works for me.
- the object -
It was a meeting whose importance Ĩ did not realize at
the time. V
This is Jane, whose sister you met last week.
Note that instead of whose, we can use of which to referto things. The word-order is normally noun + of which.
We had a meeting the purpose of which was completelyunclear (or whose purpose was unclear...).
He has written a book the name of which I’ve completely
forgotten (or whose name I’ve.,.).
Combine each pair of sentences into one :
Example : The class has 40 students.Their English is quite good.
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The class has 40 students whose English is
quite good.
1) a. That is the man. b. His dog bit me yesterday.
2) a. We saw some people.
b. Their car had broken down.
3) a. Yesterday I met a woman. b. Her husband was arres ted by the police
4) a. This is Tom. b. I borrowed his bike.
Õ) a. The teacher is Miss Smith.
b. Her class meetố at 7 :30.
6) a. Rice is a commodity. b. The price of rice is rising.
7) a. Tom is a man. b. Tom’s wife left him.
8) a. This is a girl. b. Her bicycle was stolen.
IV. Vocabulary Exercise
Fill in the blank with the correct word.
1. He filled out each of the papers_______________.
2. We must consider the economic ________________ of
poor people when we make this policy.3. The boss is the only person w ith ___ ___ _ _________
power in this company ; no one else can make decisions.
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4. Economists make m an y ________________ when they
Witte their theories.
5. It is veiy difficult t o __________ _____ the schedules of
all the students and all the teachers in the university.
6. Salt is n o t____ __________ for sugar even though theylook the same.
7. The husband and wife are _______________ , he can’t
live without her and she can’t live without him.
• 8. We can no t ________________ that she wants to marry
him, we must ask her opinion first.
9. The company wants t o ________________ inexpensivegoods in Vietnam to send to America and sell at a high price.
10. That company’s high profits a r e ________________
from the sale of shoes made in Vietnam and sold in Japan.
11. Nobody derives much ________________ from air pol-
lution ; it just causes health problems.
12. The changes in government policy should _________
_________________ the Vietnamese economy from a Marxist.
economy into a market economy.
13. They can keep the money for a _______________ time
period, for example, one year, but then they must pay it back.
14- Many American _____________________ would like to
invest in Vietnam.
15. Many Vietnamese_____________________have more
than 2 children.
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16. She has a __________________ for $500 to buy asewing machine to make clothes, but she must pav it back soon.
17. If you want to ______________ _ a career in business,you must understand the economy.
Unit 2. THE BASIC ECONOMIC PROBLEM
(adapted from The Language of Economics by Eva Guarino)
The basic economic problem for any community is how
to make the best use of its labor and other resources. Ineconomic terms, labor and other resources are called means of
production or factors of production.The volume of output is limited bv the amount of factors
of production. The more factors of production we have, themore we can produce.
The problem for any community is how to use its factors
of production to the best advantage. In general, it is wasteful for workers to be unemployed, and the community will probably
try to have fall employment. But for some other factors, such as poor land, it may be better to leave them unused. Most of thefactors that are used could be used for any of several different
purposes. Most workers could be employed in any number of
occupations or industries and most land could be used for several
different crops, pasture, or building sites.
Therefore, the economic problem is how to allocate
factors among different industries in order to produce what thecommunity wants most. In a given period we cannot have as
much of everything as we want because factors of productionare limited in amount, but at least we can tiy to produce the
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particular assortment of goods and services which the
community prefers.
I. Comprehension Questions
1) What is anoth er term for "factors of production" ?
2) W hat is the amount of ou tput limited by ?3) In which ways could land be used according to
the reading ?4) How should the community allocate its resources?
5) Why can’t we have as much of everything as
we want ?6) What is the main topic of the reading?
ĨĨ. True —False
1) _ We can increase the amount of productsif we have more factors of production.
community (n)
term (n)
means (n)factor (n)volume (n)advantage (n)
wasteful (adj)
probably (adv)
crop (n)
pasture (n)to allocate (v)
particular (adj)
assortment (n)to prefer (v)
cộng đổng
thuật ngữ
phương tiệnnhân tố, yếu tố
khối lượngsự thuận lợi, lợi thế
lãng phícó thể, có khả năng,
vụ, mùa
đổng cỏ phân bổđặc thù. đặc biệt
nhiều loại khác nhauưa thích hơn
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2) . ■ It is always better to leave all lancbunused
3) ________ Workers can be employed in only oneoccupation or industry at a time
4) ______ Most factors of production can be usedfor several different purposes.
5) _____ __ We can have as much of everything as we
want in a giỵen period.
///. Grammar
We can use the pa ttern : ;
Comparative + Subject + Verb 4- the -f comparative +
Subject + Verb to say that two changes happen together (one change depends on the other change)
e.g. - The more factors of production we'have, the more
we can pro dupe.
- The less one earns, the less one must pay in
income taxes.
Write 5 sentences using this pattern.
TV. Vocabulary Exercise1) She . _______________ studying to going out so -she
always receives high marks on her exams.
2) There are many ________________ used in marketeconomics which have not been translated into Vietnamese yet.
3) Companies m u st __________ _____ resources to their
best use in order to make, high profits.4) The whole __________________ must help to give food
to the poor people.
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p jj fe :;5) The autumn _____ _ _ was not big enough iplilv auLuUiil _fulfil to other countries.
I;' Americans can be v e iy ________ : . ; theytfefcovv everything away. .
7) 'Phe land is used a s ________________ for the cows.
A‘jj-;r: . . .;.fit.,. 8) There is a , person w hom . we are
looking for.
n r, 9). She has a big motorcycle and wears a lot of gold,-she isvery rich.
t;A 10). By what ; ■ ■ • _ _ of transportation doyou come to the university everyday ?
11) Many _______ _________ influence the successof a business including the government’s policies.
12) T h e ________________ of work, they must do is verylarge.
13) She has a n _______ ____________ over him becauseshe studied abroad and he didn’t
14) You can find anything you want or need in that store because it has a w ide_____________________________of goods.
Unit 3. THE MARKET MECHANISM(adapted from Economics by Samuelson)
A market is an arrangement by which buyers and sellers
of a commodity interact to determine its price and quantity.In a market system, everything has a price - each good and
each service. Even the different kinds of human labor have
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prices, th at is, wage rates. We receive income for what we sell,and we use this income to buy what we want.
In addition, prices provide important signals to market participants. If consumers want more of any good, for example,
rice, a lot of new orders for it will be placed. As buyersscramble around to buy more rice, the sellers will raise the price
of rice to ration out a limited supply and the higher price will encourage greater rice production.
On the other hand, what will happen if a good such as cars becomes overstocked at the going market price ? Sellers willlower car prices in their rush to unload unwanted models. At
the lower price, more consumers will want cars, and producers win want to produce fewer cars. As a result, a balance (or equi-librium) between buyers and sellers will be restored.
What is true of the markets for consumer goods is also
true o f markets for factors o f production. Rem ember that a fac-tor of production is an input intp the productive process oneof the classical triad of land, labor and capital. If computer
programmers, rather than typists are needed, job opportunities will be more favorable in the computing field. The price o f com-
puter programmers (their hourly wages) will tend to rise, andthat of typists will tend to fail. The shift in relative wages will
cause a shift of workers into the growing occupation.
mechanism (n) cơ chếarrangement (n) sự sắp đặt
to interact (v) ảnh hưởng iẫn nhau,
in addition (prep) participant (n)
tác động qua lại hơn nữa, thêm vào đó người tham'gia
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to place an order (v) to scramble (v) to ration out (v)
overstocked (adj)
to rush (v) to unload (v)
to restore (v) process (n)
triad (n)
favorable (adj) to tend to (v)
shift (n) relative (adj)
?‐ ! Ỉ ' ' ■V ■ . Í ; ■ ; . .
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//. Prefixes
inter - between or reciprocal interact, international
en - to cause to be
encourage, ensure, enableover- excessive (too much)
overstockẹđ, overcareful, overconsumption
U1> not or opposite of
unhappy, unload, unwanted
re- again or back (as it was before)
restore, renew, redo, remembertri- three
triad, tricycle, triangle
Think of other words you know with those prefixes. Writethree examples for each one. Use a dictionary if you can’t thinkof any.
///. Grammatical Point 1) A present participle is the - ing form of the verb.
- it is a part of a verb when it is accompanied by someform of the verb "to be"
e.g. She is talking to her friend.Tlje prices are rising.
- It is an adjective when it is not accompanied by someform of the verb "to be"
e.g. What will happen if a good such as cars becomes overstocked at the going market price ?
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The shift in relative wages will cause a shift of
workers into the growing occupation.
2) A past participle can be part of a verb or it can be an adjective.
- I t is part of a verb if it is accompanied by some form of the verb be or have.
e.g. A balance between buyers and sellers will be restored.
He has purchased a car.
- It is an adjective when it is not accompanied by some form of be or have.
e.g. As the buyers scramble around to buy more wheat,
the sellers will raise the price of wheat to ration out a limited supply.
By paying attention to the two uses of the present and past participles, you can avoid misunderstanding while reading or lis-tening, and avoid making mistakes while writing or speaking. Stu-dents often mistake a participle for a verb so they make a lot of sentences with either no predicate verb or more than ọne verb.
Exercise (adapted from Longman Preparation Course forthe TOEFL)
indicate if the following sentences are correct (C) or incor-rect (Ỉ). Give the reason why.
1) The chapters were taught by the professor this morningwill be on next week’s exam.
2) The girl drinking coffee is my friend.
3) The pizza is served in this restaurant is the mostdelicious one.
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4) The child is playing in the garden is my son.
5) The story written by Paul appeared in the magazine,
6) The letters were posted yesterday will arrive on Monday.
7) The tip was offered by the customer was not accepted.
ỈV. Vocabulary Exercise
1) The workers ___________________ over each other toget out of the burning factory.
2) With inflation, prices __________________________ rise very quickly.
/3) She speaks French, English and G erm an _____________
4) At our store Vietnamese bicycles are
to Vietnamese.
. nobody will buy them at todav’s price sothev just stay in the store.
5) Conditions are very ________ _work in a growing economy.
6) During the war, the governmentmeat and other foods.
for finding
7) Eachshort speech.
in the seminar had to give a
8) The prices in Vietnam are low prices in America.
to
9) After th e y _______________ ship you can take them to your store.
the goods from -the
10). S h e __ 10 pairs of pants.
for 10 shirts and
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11) The new ___________________ of furniture in thisroom makes the room look bigger.
12) When they heard that there was a new issue of Doremon comics coming out people _________________ to
the store to buy it for their children, or perhaps for themselves.13) The recent ____________________ in the exchange rate
made imported goods cheaper.
14) The __________ _____________ of wine, women, andsong is often used to talk about the things that please men.
15) Parents should ______ s ____________ a lot with their
children so the children will be happy.16) A fte r a war it is difficult t o ______________ án
economy to its previous state because of damage from bombs.
17) The _______________ of making banknotes is verysimple, but requires special inputs that ordinary people are not allowed to buy.
18) The lock _______________ is broken so I can’t unlock my door.
OPTIONAL READING
*.From Central Planning to a Market Economy (adapted from World Bank Development Report 1992)
Transforming a centrally planned economy into a market economy requires complex reforms. There is no experience to
guide current transitions. There is little disagreement that the transitions have to be made, but there is much discussion about in what sequence the reforms should be made.
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The World Bank, recommends, the. following sequence of
reforms. Early steps to stabilize the macro economy and let the
market decide domestic and external sector prices in order to give clear, accurate signals for economic activity. These steps would be accompanied and followed by efforts to improve
economic decision-making, reform trade policies and build managerial skills and a strong financial -sector. Privatization
. of large state enterprises would become the next prio rity .
Protection would be cut and the economy would be opened to
foreign competition, first in goods markets and later in capital
markets. Institution - building would be a basic theme from the start and at all levels: The legal contractual system, the
structure of ownership, and the roles of key organizations inthe ecnomy would require reform.
Large-scale privatization would not happen at the start of the sequence, but there would be early legal commitments
that would guarantee private ownership within a reasonable time.
Reforms will require painful adjustments. Inflation and
unemployment will worsen as price controls are removed and the real economic losses of some activities are revealed. Political opposition may increase with these developments and
with the rise in income inequality that comes after large changes in the incentive structure. But progress in exports and the
availability of consumer goods could soon follow. And, given the
strong human resource level in Vietnam, prospects for growth
could be excellent.
central planning (n) kế hoạch tập trungcomplex (adj) phức tạp
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reform (n)
transition (n) sequence (n) to recommend (v)
signal (n)
to accompany (v) managerial (adj)
privatization (n)
priority (n) protection (n)
institution (n)
theme (n) contractual (adj)
ownership (n) large-scale (adj) commitment (n)
adjustment (n) incentive (n) to reveal (v) opposition (n)
prospect (n)
cải cách cải thiện
sự quá độ thứ tự, chuỗikhuyên, khuyến khích ; gỉới thiệu
dấu hiệu, hiệu lệnh
kèm theothuộc người quản lý
tư nhân hóa [equitization =
cổ phần hóa] ưu tiên sự bảo hộ
tổ chức, thể chế, cơ sở
chủ đềtheo hợp đổng
sở hữu quy mô lớn cam kết
sự điều chỉnh khuyến khích bộc lộ, phát giác
sự đối lập triển vọng
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Chapter II. HISTORY
Unit 4. ADAM SMITH (1723 - 1790)
(from Economics Made Simple by Murray Seeger)
The first great theorist of economics was Adam Smith. His
most famous book is called The Wealth of Nations. One of the
reasons Smith is so important is that he wrote at the time when
industrial society was beginning to replace agricultural society.
From his observations, Smith produced several major hypotheses.
Smith said man was mainly worried about his ownseif-interest. When many people are working in their self-interest, all of society benefits. Each merchant, each factory owner, each worker tries to make his own life richer. In
competing with each other, men and women produce more than
they would if they were guided by some kind of charitable concept. People who work for their personal interests are
guided by an "invisible hand" to produce wealth for all. Smithrecognized the basic motivation of human nature and set therule that free competition is healthy and productive in the
economy.
Smith’s second idea was that wages were determined by
the amount of money it took to bring a worker to a factory and
keep him there. He was less sure how profits were determined,
but suggested that profits were made by workers producing morethan it cost to pay their wages.
Smith’s third idea was that free trade within a society and between different countries was essential to produce wealth. An
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open trading system enables countries to specialize in producing certain items, items that they were most efficient atmaking. This was called the division of labor and the law ofspecialization. Smith concluded that the role of government wasto ensure that the trading system remained open and free.
wealth (n)
observation (n)major (adj)
hypothesis (n)
self-interest (n)
to benefit (v)
merchant (n)to guide (v)charitable (adj)concept (n)invisible-hand (n)
motivation (n) productive (adj)trade (n)to enable (v)
to specialize (v)item (n)efficient (adj)to ensure (v)
to remain (v)
I. Comprehension Questions
1. Who is Adam Smith?
2. Do any historical- factors writings important?
sự giàu có
sự quan sátchủ yếu, chínhgiả thuyết
tự lợij lợi ích cá nhân
lợi ích
nhà buônchỉ dẫntế bần, nhân đạoquan niệm, khái niệm
bàn táy vô hình
sự thúc đẩy
năng suất, có hiệu quả
thương mạicho phép, làm cho có thểchuyến môn hóachi tiết, mục, khoản
có hiệu quả
đảm bảo
vẫn, còn lại
play a part in making Smith’s
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3. According to Smith, what was man concerned -about?
4. Do people make contributions to society when'they are working in their self-interest?
5. What does people try to do in their lives?
6. According to the passage, what does "the basic motivationof human nature" refer to?
7. What did Smith think of free competition?
8. According to Smith, what determined wages?
9. Did he know exactly how profits were determined?
10. How did he think profits were made?
1Ỉ. What does the division of labor mean?
12. What did Smith think was the function of governmenin the economic life of a nation?
11. Give the root of the .following words
1) motivation
2) productive3) agricultural
4) observation
5) worried
6) charitable
7) personal8) competition
9) division
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10) specialization
11) theorist
12) industrial
III. Grammatical Point: Linking verbs
w.e usually use adverbs to modify verbs, but with certain
verbs we can use adjectives: These verbs are called linking
verbs. Verbs of this kind include :be, seem, appear, look, sound,
taste, smell, feel, remain, become, grow, etc: We use these verbs
to describe the subject of the sentence, and not the action of
the verbs.
e,g. Smith concluded tha t the role of government wasto ensure that the trading system remained open
and free.
She is kind.
She looks beautiful.
The meat tastes delicious.
Note: Be careful ! because some of these verbs are notalways linking verbs:
Our love will never grow oỉd.(grow as a linking verb)
The tree grew rapidly- (grow not a linking verb)
Exercise: (extracted from English Grammar in U|le)
Choose the correct word (adjective or adverb)1) Please shut the door (quiet/quietly).
. 2) Can you be (quiet/quietiy), please?
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3) This soup tastes (nice/nicely).
4) Tom cooks veiy (good/well).
5) Don’t go up that ladder !. It doesn’t look (safe/safely)
6) We were relieved that he arrived (safe/safely) after hislong journey.
7) Do you feel (nervous/nervously) before examinations?
8) Hurry u p ! You're always so (siow/slowly).
9) He looked at me (angry/angrily) when I interrupted him.
10) That chair looks (comfortable/comfortably).
IV. Vocabulary Exercises
1) Through h e r _______________ of farming in Vietnamshe could see that women do most of the back-breaking work.
2) While she was away, the door ______________ open allday but nobody went in to steal anything.
3) Those workers are veiy _ ______________ _ becausetheir income depends on how many shirts they make not justhow many hours they work.
4) T h e ________________ in c ho Ion sell many differentgoods and earn a lot of money.
5) Group of people who help the poor can be called ____ _________organizations.
6) It is difficult to choose because 'there are so manydifferent ___________________ in the store.
7) She uses her great ______ : _____ to pay for orphans (children with no parents) to go to school.
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8) ___ ______________ between countries is very useful because then each country can obtain technology and ideas fromother countries.
9) W hen she finishes studying at the university her parents
will _ ______________________a lot because she will have a highsalary with which to support them.
10) The pair of pants he tried to make were ugly but the
shirts he makes are very nice and he can make them very quicklysince h e ____________ _ _______ _ __ in shirt-making.
11) Petroleum is a _____ _ ___________ export item.
12) She doesn’t like to work. Her only _________________ for going to work every day is the high salary.
13) The market is a difficult ________ _________ tounderstand because it means more than just the place where
trade happens.
14) The ________________________ of the market ensuresthat what people demand is supplied and what people supply is
demanded.
15) As she ________________ him through Van Mieu shetalked about Vietnamese history.
16) The research proved the scientist’s _________ _______ _________________ was incorrect.
17) The machine is very .________________, it doesn’t
use a lot of electricity or raw materials. -
18) She is very poor and doesn’t have enough money togo to the university but the scholarship she received will
_____ _________ . ______ her to study at the university.
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19) People usually work hard because of their own
____________ ______ , not because it "will benefit society
20) We use high quality materials and skilled workers to ______ ______ the high quality of our goods. •
Unit 5. ROERT MALTHUS (1766 - 1834)
(adapted from Economics Made Simple by Seeger and The Language
of Economics by Guarino)
In the early years of the Industrial Revolution, the most obvious fact of life in Western Europe was the terrible poverty among the masses. Only rarely, and for short periods did their
living standards exceed subsistence levels. Most of them were hungry, badly clothed and poorly housed. Ah explanation of this picture of continual despair and misery was provided by Reverend Thomas Robert Malthus. In 1798, his Essay on the
Principle o f Population as it Affects the Future Improvement o f Society was published. Its effect on economic thought was sogreat that economics began to be called the "dismal science".
Mai thus’ main hypothesis was that the chief control on the size of the population was the supply of food. When the supply of food increased, the number of new babies "would rise faster than food available to feed them. Man was trapped in this cycle of producing too many people for the food supply. The result was starvation, especially for poor families, a reduction in population and a renewal of the cycle. Besides starvation, sickness and war coulcTreduce the number of mouths to feed and adjust the population to the output of food.
We know now that improvements in technology can increase food supply faster than population, but poor
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distribution of the food supply means that starvation can still
act as a control on population and Mai thus’ theory is still
relevant for parts of the world.
/. Comprehension Questions
1. How did the common people in Western Europe live in
the early years of the Industrial Revolution?2. How did Maỉthus’ Essay on the Principle of
Population as it Affects the Future Improvement of Society influence economic thought?
obvious (adj) poverty (n)
the masses (n)to exceed (v) subsistence (n)despair (n)
misery (n)
principle (n)to affect (v)
dismal (adj)to feed (v) '
to trap (v)
cycle (n)
starvation (n)reduction (n)
renewal (n)
to adjust (v) to reduce (v)
distribution (n) relevant (adj)
rõ ràng nghèo đói
quần chúng nhân dânvượt quátự cung tự cấpthất vọng
nghèo khổ
nguyên tầctác động, ảnh hường
tối tăm, mù mịtnuôi
bẫy
chu kỳ
sự đói, thiểu ănsự giảm, thư nhỏ
tiếp tục lại, đổi mới, gia hạn
điều chỉnhgiảmsự phân bố
thích hợp, liên quan
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3. According to Malthus, what was the main factor thatdetermined the size of population?
4. What happened when the population increased fasterthan food supply?
5. According to Maỉthus’ theory what could lower population size?
6. How can food supply be increased?
7. What do we have to do to prevent starvation?
II. Intransitive — no direct object
- decrease increase- fall rise
- diminish grow
///. Transitive — direct object
- reduce raise
- decrease increase- diminish
As you can see, many of these words can be used with orwithout a direct object. However, fall and rise are never usedwith a direct object, and reduce and raise are never used without
a direct object.
Correct the following sentences if they are wrong:
1. My boss wants to rise my salary because I work very
hard.
2. Prices are reducing.
3. The size of his company is diminishing.
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4. The city is growing. ■
5. That company must fall pollution.
6. The sun is raising.
7. Production is falling because the workers are quitting.8. Their income must raise or else they will leave their jobs.
9. The size of this class is increasing.
10. They decreased their consumption of sugar and fat to
stay healthy.
///. Grammatical point
Inversion of the subject and verb after negatives, (adapted
from Longman Preparation for the TOEFL)
When negative expressions such as no, not, or never come
at the beginning of a sentence, the subject and verb are inverted.
e.g. Not once did I miss a lesson. Never has Mr. Jones taken a vacation.
At no time can the woman talk on the telephone.
In the first example the negative expression not once causesthe subject I to come after the helping verb did. In the secondexample, the negative word never causes the subject Mr. Jones
to come after the helping verb has. In the last example, the
negative expression at no time causes the subject the woman to come after the helping verb can. Note that like negative sentences,
the helping verb to do is used in these inverted sentences. When
never or ever is used the present perfect should be used
Certain words in English, such as seldom, rarely, hardly,
barely, scarcely, and only, act like negatives when they refer to
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time. If we put one of these words. at the beginning of a sentence, we also have to invert the subject and verb.
e.g. Only rarely and for short periods did their living standards exceed subsistence.Seldom has she made such a mistake.
Exercise:
Indicate if the following are correct (c) or incorrect (i). If the sentence is incorrect, then correct it.
1. Never the boy has written to his sister.
2. Only once in my life have I gone tơ India.
3. Hardly ever it snows in this part of the country.4. On no occasion did they say that to me.'
5. Seldom has a meeting lasted so long.
6. Rarely he has overslept.
7. Never I will visit her again.
8. Only once has my mother punished my little brother.
TV. Vocabulary Exercise
1) They live in __ _____________________ because theirincome is too low and they don’t know how to earn more money.
2) The ; _________ ___________ in salary made it dif-ficult for them to buy toys for their children.
3) In Somalia many people don’t have enoiigh food andthere is widespread ___________________ 1
4) They couldn’t __________________ the mouse so theyhad to buy a cat.
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f 5) The company should _ __________ _______the wagesỒÓthey are closer to the cost of living.
6) After her husband died, she lived in ______ _ ______ _ _ _____ . homeless, starving, cold, and with no hope for the future.
7) She wears dirty, oỉd clothes and begs for her living, it
is , _____ that she is very poor.
8) It is a __________________ of poverty in which the parents are poor, they have a lot of children, they become
poorer...
9) When your motorcycle permit expires you must ask for
a ___________________ so you can continue to ride.
10) School c a n _________________ your future by teachingskills that will help you find a job.
11) They ___________________ their children rice andvegetables, but little meat
12) The government must satisfy the needs of the
, __________________ so their will be political stability.
13) Studying nuclear physics is n o t __________________ for a child who will grow up to be a farmer.
14) Their expenses ___________ _ _________ their income,so they always have to borrow money.
15) Living at a ___________________ level means having
almost enough food to eat, but nothing extra.
16) Two important _____ _____________ in life are to treatpeople with respect and to be honest.
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17) T h e _________________ _ of income in that countryis very unequal because there are a few very rich people andmany very poor people.
18) That is a very__________ ______ _____- looking house,
it’s dirty, has few windo-ws, and looks like it is about to fall down.19) Victor Hugo wrote about t h e ____ ___ _____________
of poor people in France.
20) If the government ___________________ spending onschools, it will be very bad for the future of the country.
(>. KARL MARX (1818 - 1863)
(adapted from Economics Made Simple by Seeger)
The international revolutionary communist movement tookits theories from Marx and his associate, Friedrich Engels.Together they wrote the Communist Manifesto. Marx and Engelswere shocked by what they had seen in the new industrial citiesof England and Germany. The new factories were grim placeswhere men, women and children worked long hours for poor pay
in unsafe conditions.
In Marx’s view, such conditions were normal for thecapitalist or free enterprise society. Marx argued that the worldwas controlled by businessmen (or capitalists) who prosperedonly by exploiting workers and holding them in a lower class
position. All wealth was generated by workers and the existingsociety could only function as long as workers were taken ad-
vantage of and held in economic slavery. The idea that workersactually created more value from their production than theyreceived in wages is one that Marx may have taken from AdamSmith. The surplus value was taken by the capitalists.
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Marx went further than other economists who just wrotetheories, he urged action. He believed workers should take con-trol of the economic system, eliminating social and economicclasses and the system of private property. To Marx, the system
of private property was the source of capitalist power.Marx’s ideas improved the study of economics. After Marx,
economists became more scientific in their studies and showedmore concern for the cost humans pay because of industrial
progress.
associate (n or adj)
Manifesto (n)
grim (adj)
to argue (v)
to prosper (v)
to exploit (v)
to generate (v)
to function (v)
to take advantage of (v)
slavery (n)
surplus (adj or n)
to urge (v)
to eliminate (v)
property (n)
source (n)
bạn đổng sự, cộng tác viên
bản tuyên ngôn
tàn ĩịhẫn, khắc nghiệt
tranh luận rằng, cho rằng
ỉàm giàu
bóc lột
sinh ra
chức năng
lợi dụng
cảnh nô lệ
thặng dư
dẫn chứng, đề xuất, thụyết phục
loại ra, loại trừ
tài sản, bất động sản
nguồn gổc
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/. Comprehension Questions
Ị. Whose theory was the international revolutionary
communist movement based on?
2. How was the iife of workers in England and Germany
in Marx and Engel’s time? How did this situation affect them?
3. Did Marx analyze workers’ working conditions in
capitalist society?
4. According to Marx, how did capitalists get rich?
5. Who produced the wealth?
6. According to Marx, what would happen to capitalist
society if workers were not taken advantage of and not held in economic slaveiy?
7. Where did the surplus value come from?
8. What did Marx do besides writing theories?
9. According to Marx, why should workers eliminate the
system of private property?
10. What was Marx’s influence on the study of economics?
11. Grammatical Point
* We can use as long as to express conditions in adv
clauses instead of using if. This expression means but only if and is always followed by a clause. Other expressions with the
same meaning are provided that or providing that, only if.
e.g. - The existing society could only function as long asworkers were taken advantage of and held in economic slavery.
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- You can ask me some questions as long as it doesn’t
take too long.
* As long as (or so long as) can also be used to mean during all that time, from beginning* to end.
e.g. - I will never speak to him as long as I live.- I have lived in this house as long as I have livedin Hanoi.
* -As long as can also mean because.
e.g. - As long as you’re not busy; could you help me with
this work?
- As long as it’s such a nice day, why don’t you gofor a walk?
Exercise:
In the following sentences, rewrite the sentence using
alternative words or expressions to make clear which meaningof as long as is being used.
1) As long as the movie is free, let’s go to see it.2) She will accept the job as long as she can have three
weeks of vacation per year.
3) As long as I live in Hanoi my parents will not come tovisit me because it is too far and costs too much to come.
4) They will get married as long as their parents approve.
5) As long as it’s raining, I think I’I] stay at home to work.
6) They will only do their homework as long as they have
to, when it’s optional they won’t do it.
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7) As long as the dinner is already cooked you should stay
to eat.
8) As long as she is sick she will have to stay in hospital.
IỈL Voca bulary Exercise1) When you have to work with no pav it is the same'as
2) Taxes are a __________________ of income for the
government
3) He has two business __________________ who work
very closely with him.
4) When a company forces workers to work veĩy hard for
very little pay that company is _______________ it’s workers.,
5) She faces a _________________ future because she
never went to school and can’t read or write.
6) His parents______________________him to study busi-
ness because they thought it would be the best thing for his fu-ture.
7) She ____________________ that increasing the number
of companies in the economy would increase competitiveness.
8) His work as a cycỉo driver ________ ■ ____________ a lot
Cif income because he could speak English and find a lot of
foreign passengers.
9) When you meet a foreigner you should ____________ _
____________________________ of the opportunity to practice
speaking English.
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10) He controls a lot of different _________________ ______ including a factory on Ho a Ma street and 5 houses onTran Xuan Soan street.
11) Marx's _ ______________ ___ described the principles
of communism.
12) If the price is too high, supply will exceed demand andthere will be a __________________ .
13) They started a company a n d ________________ ___ . Now they have 3 houses and a car.
14) If the company eỉoses down that will _ ___________ _ ___
____ 150 jobs, and increase unemployment.15) My motorcycle is n o t ___________________ so I have
to go by bicycle.
Unit 7. KEYNES (1883 - 1946)(from Economics Made Simple by Seeger)
John Maynard Keynes was a teacher and governmentofficial whose main theory, Tke General Theory of Enwloyment,
Interest , and Monev, offered a way for governments to break what was known as the business cycle. He refused to accept thatit was unavoidable for an economy to go through a period of
slow activity (a recession or depression) after a period of growth and rapid activity. Traditional economists beforeKeynes felt that governments had to let such economic cvcles -
continue without interfering.
When an economy slowed, the older economists said the best thing to do was to lower workers’ wages. That would enable businesses to lower prices and to encourage people to buy again.
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When people were, buying, demand was created and-factories could operate to make the economy grow. Keynes said such a strategy -was unfair to workers and would force thèm to reduce their standard of living. Instead, Keynes suggested that govern-ments should spend money to stimulate demand.
A government could build roads, water systems, new buildings, or give money to people who had no jobs. This was
another way to create demand, by putting money into the hands
of people who were likely to spend it. In the end result would
be the same, demand would rise.
Keynes’ Theory has been the most influential overall
scheme of economics in the modem era. Nevertheless, Keynes’
theory has been criticized particularly for causing a rapid rise
of prices (inflation). But like all great thinkers, Keynes is so
important that one cannot study market economics without
reading his work.
interest (n) ỉợito offer (v) bày ra bán
to break (v) thay đổi; phá vỡ to refuse (v) từ chốiunavoidable (adj) không thể tránh được
recession (n) stiy thoá4
( t p n & G depression (n) đặi suy thoáiỉỹ traditional (ađj) theo truyền thống,
[classical = oổ điển]
to interfere (v) can thiệp vàoto create (v) tạo rato operate (v) hoạt íỉộngstrategy (n) chiến lược
to o
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unfair (adj)
to stimulate (v)system (n)likely (adv)
influential (adj)
overall (adj)scheme (n)
era (n)to criticize (v) *
bất công
kích thích, khụyến khíchhệ thốngcó thể
ảnh hưởng
toàn bộsự phối hợp, kế hoạchthời đại
phê bình, phê phán crih'c&J (eU ịJ
I. Comprehension Questions
1) What did Keynes’ theoiy offer?
2) What strategy for dealing with the business cycle dideconomists before Keynes use?
3) How did Keynes disagree with their strategy?
4) What was Keynes’ strategy?
5) What did Keynes suggest as a way to increase demand
in the economy?
6) How important is Keynes’ theory?
7) What criticfem has been made about Keynes’ theory?
//. Grammatical Point
Gerund use after prepositions:
If a verb follows a preposition it must be followed by the
gerund form, i. e. the noun formed by adding to a verb.e. g. Before going out I phone my husband.
Without getting an increase in salaiy I will quit.
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Note:
Be careful with the prepostion "to”. Because this preposition
is part of the infinitive form of the verb, when an infinitive follows
the conjugated verb the gerund will not follow "to".
e.g. I want to play tennis, [want is one o f the verbs thatrequires the infinitive form of the verb to follow it]
Complete the following sentences:
1) Susan is in charge o f ___________________ the meeting.
2) You are capable o f ______________ bette r work.
3) James is not interested in ________________________
for a new job.
4) The heavy rain prevented us from __________________ _______ to the cinema.
5) Thank you f o r __________________ me cany the packages to the post office.
6) Laura had a good reason for n o t ____________________
to class yesterday.
7) I apologized to Jane for ________________ wait foy me.
Correct the following sentences:
1) Tom left without drink tea.
2) She went to the store after finish class.
3) She is very good at play tennis.4) Are you interested in work for a foreign company?
5) This book is for teach microeconomics.
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6) She paid for her class by work as a waitress.
7) By learn English she increased her ability to find a job.
8) Instead of go to the Metropoỉe we ate at home.
9) He was angry with me for be late,10) In spite of hurt her hand, she cooked dinner.
// / . Vocabulary Exercises
1) In th e ___________ after the cold war there were many
regional ware.
2) The government ______________ ________ jobs for unemployed people during the depression.
3) I t is __________________ to allow your sons to go to the'
university but not your daughters.
4) The G re a t _____________________ that began in 1929affected the whole world.
5) Our company wants to _
____________ _ y°u a jobwith a salary of $250 per month.
6) H is _______________ for becoming rich was to copy
paintings from famous artists and sell them as if they were theoriginals.
7) H is ___ ________ ■ - _ V .. for finding a wife is to
ask his brother and sister to invite single women from their offices over for dinner when he is visiting.
8) The price o f capital for investment is th e ____________ ______ rate.
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9) It is n o t ____________ _ thatfSheftrill wantto see you again after you were so rude to her. . r; ;
10) The ' ________________ dress o f Vietnam is theao dai.
11) A _____ _ ___________ _ is similar to a depression butnot as bad.
12) When her boss _________________ her he always
praises her for the things she did right before he tells her what
she did wrong. -
13) When he asked her to many him she _ ______ _ because she was in love with another man.
14) She is a very ____________________ person' because
of her high education and friends in the government;
15) If he doesn’t know how to _____ ‘ . that
machine he might be hurt. ; (
16) Parents should n o t _________________ too much in
the lives of their adult children.
17) The government can _
employment by urging privateindividuals to start companies.
18) It i s _________ __ _ ______ that children
up and become independent of their parents.
19) The _ ______________ level of English in this class
is quite high, but inspeaking it is still a bit weak.
20) In Vietnam a _____________; _______ for collecting in-
dividual income taxes does not exi
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