đề cương Tiếng anh chuyên ngành 1 - HVTC PDF

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Đề cương ôn tập TACN 1 Unit 1:  What are 3 economic theories about? o First theory, Classical School of Adam Smith is about:  Adam Smith: He is an economist, known as the Father of economics.  People with their own self-interest can produce goods and wealth that benefit all of society.  Market can regulate itself to maximize efficiency, government shouldn’t restrict or interfere in it. o Second theory, Marxism states is about:  Capitalism will eventually fail because owners exploit labor to generate wealth for themselves.  Laborers should own and control means of production to ensure social and economic stability. o Third theory, The Keynesian School is about:  The role of government in capitalistic economy to promote economic stability.  Government can regulate economy by economic policies.  Technical terms: o Economics: is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods and services. -Kinh tế học o Capitalism: is a mode of production based on private ownership of means of production. -Chủ nghĩa tư bản o Economy: the management of the resources, finances, income, and

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expenditure of a community, business enterprise, etc. – kinh tế Resource: an economic or productive factor required to accomplish an activity, or as means to undertake an enterprise and achieve desired outcome – nguồn lực. Well-being: a good or satisfactory condition of existence; a state characterized by health, happiness, and prosperity; welfare – hạnh phúc Satisfaction: the fulfillment or gratification of a desire, need, or appetite – sự thỏa mãn Theory: A set of statements or principles devised to explain a group of facts or phenomena, especially one that has been repeatedly tested or is widely

accepted and can be used to make predictions about natural phenomena – học thuyết

Unit2:  What is a free market economy? o A free market economy is an economic system in which market regulates itself by demand and supply, government controls market through economic policies and there is free competition between companies. - Nền kinh tế thị trường tự do  What is a planned economy? o A planned economy is an economic system in which the government controls production and consumption and there is no real competition between companies. - Nền kinh tế kế hoạch  What are some differences between free market and planned economy? o In free market economy, market regulates itself by demand, supply and government controls market through economic policies. But in planned economy, government controls production and consumption. o In free market economy, there is a lot of competition between companies while in planned economy there is no real competition between companies.  Technical terms: o Competition (n): the act of competing; rivalry – Sự cạnh tranh o Consume(v) / Consumption(n): purchase economic of goods and services – Tiêu dùng, tiêu thụ

Unit 3:  What does theory of the firm indicate? o Theory of the firm indicate how firms decides to allocate resources such as technology, capital, production capacity to maximize the profits.  What does theory of consumer indicate? o Theory of consumer describes how consumers decide to spend their money based on their preferences and income limits to maximize their well-being  Trade-off (v): When you choose one thing, you have to give up others. -Đánh đổi Example: + trade-off made by consumers: consumers have to trade-off current consumption for future consumption; the purchase of some goods with the purchase of others. + trade-off made by workers: workers have to trade-off working now with continued education; labor with leisure and made trade-off in the choice of employment. + trade-off made by firms: firms have to trade-off hiring more workers with building more factories, firms also have to made optimal trade-off in tern of finance resources.

 Technical terms: o Microeconomics: studies how individuals, households, firms or industries allocate scarce resources and how they make the most of limited resources. -Kinh tế học vi mô o Trade-off (v): When you choose one thing, you have to give up others. -Đánh đổi o Allocate (v): distribute according to a plan or set apart for a special purpose. phân phQi, phân bổ o Maximize (v): To increase or make as great as possible – tQi đa hóa

Unit 4:  Compare 2 macroeconomic policies: fiscal and monetary policy? o Similarity: Both are 2 macroeconomic policies. Fiscal policy and monetary policy have the same aims: promote economic growth, Keep inflation under control. They can be expansionary and contractionary. o Different: Control what? Controlle r Tools

Fiscal policy government’s revenue government’s spending

Monetary policy and a country’s money supply

the Ministry of Finance

each country’s Central Bank

Taxation, public spending

Reserve requirement, discount rate, open market operation

 What are some differences between micro and macroeconomics? Microeconomics Economic argent/ Studies economic behavior Entity of individuals, households, firms, industries Issues Demand and supply, price levels Policy Approach study  Technical terms:

Macroeconomics Studies economic behavior of a country and international marketplace Overall economic trend such as economic growth, employment rate, GDP, inflation Competition policy, pricing Fiscal policy, monetary policy policy,… to Bottom-up approach Top-down approach

o Macroeconomics: The study of the overall aspects and workings of a national

conomy, such as income, output, and the interrelationship among diverse economic sectors – kinh tế học vĩ mô o Fiscal policy: the policy of a government in relation to taxation and government expenditure as a means of affecting aggregate economic activity: chYnh sách tZi khóa. o Behavior (n): manner of behaving or conducting oneself –hành vi o Inflation(n): the rate at which the general level of prices for goods and services is rising –lạm phát o Trend (n): The general direction in which something tends to

move –xu hướng, xu thế o Growth (n): become larger, greater, or bigger; expand or gain – sự tăng trư+ng

Unit 5:  How does price of a good influence its Quantity demanded and quantity supplied? o Quantity demanded: When other factors are constant, If price of a good increases, quantity demanded of that good will decrease If price of a good decreases, quantity demanded of that good will increase  Inverse relation: tỷ lệ nghịch o Quantity supplied: When other factors are constant, If price of a good increases, quantity supplied of that good will increase If price of a good decreases, quantity supplied of that good will decrease  Direct relation: tỷ lệ thuận  Name some shift factors of Demand and give one specific example to illustrate. o Shift factors of demand: Society’s income, tax, price of other goods, expectation, tastes, weather, age, population so on. When other factors are constant, a change of a shift factor causes a change in Demand. Example: If society’s income increase and other factors are constant, demand for luxury goods will increase/ demand for inferior goods will decrease. It causes the entire demand curve to shift to the right.  Name some shift factors of Supply and give one specific example to illustrate. o Shift factors of supply: Price of inputs, technology, taxes, expectation. When other factors are constant, a change of a shift factor causes a change in Supply Example: An increase in the costs of producing a good would result in a decrease in supply so the supply curve shift to the left

 Technical terms: o Quantity (n): amount or number of sth. -sQ lượng - quantity demanded (n): the quantity of goods or services buyers are willing and able to buy at a certain price in a period of time - lượng cầu - quantity supplied (n): the quantity of goods or services sellers are willing and able to sell at a certain price in a period of time- lượng cung o expectation (n): strong hope or belief that sth will happen. -sự mong đợi, sự mong mu2n. o Shift factors (n): things that cause shift of a demand/supply curve- yếu t2 ngoài giá o Curve (n): line or surface that bends gradually - đường cong o Constant (adj): unchanged- không đổi

Unit 6:  What are some sources of government revenue? o These revenues come from three major sources: income taxes, payroll taxes, corporate income taxes. And some other kinds of taxes: customs duties and excise taxes  What are 2 funds formed from government tax? o 2 funds formed from government tax are federal fund and trust fund.  What are 2 types of government/ federal debts? o debt held by the public: is the amount of money government borrows from the public. Public can be domestic and foreign investors. o debt held by federal accounts: is the amount of money government borrows from treasury when trust fund runs a surplus.  Technical term: o Government revenue (n): the money received from taxation, fees, intergovernmental grants or transfers, securities sales, mineral rights, and resource rights as well as any sales that are made - thu nh9p của chính phủ

Unit 7:  What is deficit spending? o Deficit spending: is spends more money than it collects from borrowing or printing instead of taxation. -bội chi  How is it harmful or helpful for the economy?

o Deficit spending is helpful when unemployment rate is high because in this case, government pumps more money to undertake government programs such as building new roads, it can create jobs for unemployed people. o Deficit spending is harmful when unemployment rate is low because in this case, government pumps more money into the market, it can increase price for scare labor, increase income, increase inflation.  What is an expansionary fiscal policy? o Expansionary fiscal policy means when the economy is growing slowly and unemployment is high, central bank decreases tax, increases public spending. This can increase money supply, increase total spending, promote economic growth and create jobs.  What is a contractionary fiscal policy? o Expansionary fiscal policy means when the economy is overheating and inflation is high, central bank increases tax, decreases public spending. This will decrease money supply, decrease total spending, slow down economic and lower inflation.  Technical term: o Deficit (n): The amount by which a sum of money falls short of the required or expected amount; a shortage – thiếu hụt o Expansionary (adj): Tending toward or causing expansion - m+ r=ng, nới lỏng o Contractionary (adj): tight, become smaller in size/ number th?t chặt, thu hAp Unit 8:  What are some functions of taxation? o All taxes have the same functions:  Raise government revenue  Regulate economy o Each type of tax has different function:  Individual income tax: Redistribute society’s income/ wealth  Corporate tax: Encourage capital investment  Excise tax: Discourage consumption some types of goods  What is tax evasion? Give examples. o Tax evasion: making false declarations to the tax authorities is call tax evasion o Example:  Laundering money: put taxable money into different companies to disguise the origin of money.  People undeclare part time jobs or moonlighting jobs. This is called Underground or black economy

 Companies make false declarations about costs to reduce tax bills.  What is tax avoidance? Give examples. o Tax avoidance: is using legal ways to reduce tax, reducing the tax money to the legal minimum o Example:  Tax shelter: postpone/ delay paying tax to a later time by putting a part of salary on life insurance, pension plans, etc. -nơi trú ẩn thuế  Tax deductible: deduct from the income by doing charities/ donating to charities. You will never have to pay tax on that money. -Khấu trừ thuế  Technical term: o Wealth tax: tax on people’s fortune. -thuế đánh vào của cải, người giàu o Progressive tax: People with higher income pay higher tax rate. -thuế lũy tiến o Regressive tax: Tax takes higher percentage in lower income and lower percentage in the higher income. -thuế lũy thoái o Indirect tax (n) Tax on property, sales transaction, imports so on- thuế gián thu o Direct tax (n) Tax on wages or salaries or companies’s profits. thuế trực thu 1. The tax people pay on their wages and salaries is called A capital transfer tax

B income tax

C wealth tax

2. A tax on wages and salaries or on company profits is a/an A direct tax

B indirect tax

C value-added tax

3. A tax levied at a higher rate on higher incomes is called a A progressive tax

B regressive tax

C wealth tax

4. A tax paid on property, sales transactions, imports, and so on is a/an A direct tax

B indirect tax

C value-added tax

5. A tax collected at each stage of production, excluding the already-taxed costs from previous stages, is called a/an A added-value tax

B sales tax

C value-added tax

6. Profits made by selling assets are generally liable to a A capital gain tax

B capital transfer tax

C wealth tax

7. Gifts and inheritances over a certain value are often liable to a A capital gain tax

B capital transfer tax

C wealth tax

8. The annual tax imposed on people’s fortunes (in some countries) is a/an A added-value tax

B capital transfer tax

C wealth tax

9. Making false declarations to the tax authorities is called A fiscal policy

B tax avoidance

C tax evasion

10. Reducing the amount of tax you pay to a legal minimum is called A creative accounting

B tax avoidance

C tax evasion

Unit 10:  What is operating principle of insurance system? o Insurance system collects insurance premium from every participant and promises to compensate (bồi thường) in the event of losses. o Insurance system can accomplish the redistribution of cost because very few insured suffer from unexpected losses.  Technical term: o Insurance: is the financial arrangement that redistributes the cost of unexpected losses. -bảo hiểm o Premium: the amount of money people pay for insurance coverage (gói bảo hiểm). -phY bảo hiểm o Compensation (n): the amount of money insurance company has to pay out in case of losses. -tiền bồi thường

Unit 11:  What are 4 functions of money? Explain one function. o Money as a medium exchange: A medium exchange is anything that is widely accepted in payment for goods and services and in settlement of debts. o Measure of value: Money is used to measure the value of goods. The unit to measure is unit of account. o Store of value: money is used to make purchases in the future. o Standard of deferred payment: money is used to pay after you buy something but you don’t pay immediately, you can pay it in the future.  What are some differences between Commodity and Token money?

o Commodity money is useful good as medium of exchange. But token money is a means of payment. o Value in use of commodity money is about equal to the value of material contained in it. However, value in use of token money exceeds the cost of production. o Some examples of commodity money are gold, silver, copper, iron,… Some examples of token money are paper note, coins.

Unit12:  What is RR? DR? OMO? o Reserve requirement (n): is the required percentage of reserves (deposits) that banks and thrifts must hold in cash or in deposits at the central bank - dự trp bqt buô c. r o Discount rate (n): Is the interest rate charged by a central bank on loans to its member banks – lãi xuất chiết khấu. o Open market operation: is an activity by a central bank to give (or take) liquidity in its currency to (or from) a bank or a group of banks  What is an expansionary monetary policy? o Expansionary monetary policy means when the economy is growing slowly, central bank decreases reserve requirement, decreases discount rate or buy more bonds. This can increase money supply, increase total demand.  What is a restrictive monetary policy? o Restrictive monetary policy means when the economy is overheating, central bank increases reserve requirement, increases discount rate or sells more bonds. This will reduce lending capacity and increase interest rate, thereby reducing money supply in the market.

Unit 14:  What is forex? o FOREX is the market in which such national currencies as dollars, pesos, deutschemarks, yen, francs, and others are exchanged  Why is it considered to be an OTC market? o Because it is not an organized market with fixed hours and a physical meeting place

Unit 15:  What is a financial market and its function? o Financial market is a market in which financial instruments are exchanged/ traded.

Its Function: Transfer funds from lenders who have a surplus of fund to borrowers who have a shortage of funds  What are some differences between primary and secondary market? o

Definitio n Publicity

Function

Primary market Is a financial market in which new issues of securities are sold to initial buyers

Secondary market Is a financial market in which securities that have been previously issued can be resold

Information about this market is Information about this market is well not well-known to the public known to the public because it takes place behind closed door. Issues of fresh securities are underwritten by an investment bank To raise new funds for the borrower + To make the securities more liquid + Influence the price of the next issues of fresh securities

 What are some differences between money and capital market? Definitio n Liquidity

Money market Is the market in which SHORTTERM debt instruments are exchanged The market is highly liquid

Capital market Is the market in which INTERMEDIATETERM, LONG-TERM debt instruments and equities are exchanged The market is less liquid than money market...