255. Giáo Trình Tiếng Anh Chuyên Ngành Kinh Tế

Foreign Language Faculty Nam Dinh University of Technology Education
TABLE OF CONTENTS
Unit 1: THE BASIC ECONOMIC PROBLEM ................................................... 2

Unit 2: THE MARKET ECONOMY ................................................................... 7
Unit 3: MACROECONOMICS .......................................................................... 13
Unit 4: MICROECONOMICS ........................................................................... 19
Unit 5: INTERNATIONAL ECONOMICS ....................................................... 24
Unit 6: SUPPLY ................................................................................................. 29
Unit 7: DEMAND ............................................................................................... 33
Unit 8: TRADE SURPLUSES AND DEFICITS ............................................... 38
Unit 9: GDP AND GNP...................................................................................... 43
Unit 10: INFLATION AND GROWTH ............................................................ 49
Unit 11: MONEY AND ITS FUNCTION ......................................................... 53
Unit 12: FISCAL AND MONETARY POLICY ............................................... 58
Unit 13: FUNDING THE BUSINESS ............................................................... 63
Unit 14: BANKING BUSINESS ........................................................................ 68
Unit 15: FINANCE ............................................................................................. 72
Unit 16: TAXATION.......................................................................................... 76
Unit 17: MARKETING ...................................................................................... 81
Unit 18: THE FOREIGN EXCHANGE MARKET ........................................... 86
Unit 19: THE ROLE OF AUDITORS ............................................................... 91
Unit 20: INTERNATIONAL BUSINESS .......................................................... 96
1
Unit 1
THE BASIC ECONOMIC PROBLEM
L1 The basic economic problem for any community is how to make the best use
of its labor and other resources. In economic terms, labor and other resources
are called means of production or factors of production.
The volume of output is limited by the amount of factors of production. The
L5 more factors of production we have, the more 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 full employment. But for some
others factors, such as poor land, it may be better to leave it unused. Most of
L 10 the factors that are used can 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
L 15 industries in order to produce what the community wants most. In a given
period, we can not have as much of everything as we want because factors of
production are limited in amount, but at least we can try to produce the
particular assortment of goods and services which the community prefers.
I. READING
A. Main idea
Which statement best expresses the main idea of the text?
1. The basic economic problem
2. The factors of production
3. How to allocate factors among different industries.
4. Factors of production can affect the volume of output.
B. Contextual reference
Look back at the text and find out what the words in bold refer to
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1. its labor and other resources (line 1)

2. to leave it unused (line 9)
3. that are used (line 10)
4. which the community prefers (line 18)
C. Understanding word
Refer back to the text and find synonyms for the following words
1. amount
2. manufacture
3. out of work
Refer back to the text and find antonyms for the following words
4. worst
5. employed
6. used
D. Comprehension question
Read the text and answer the questions
1. What is another term for factors of production?
2. What is the amount of output limited by?
3. In which way 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?
II. LANGUAGE FOCUS

A. Word formation
Affixes
Prefixes Stem Suffixes
Một từ tiếng anh có thể được chia thành 3 phần như sau: tiền tố, gốc từ và hậu tố. Tiền
tố là phần đứng trước gốc từ và hậu tố là phần đứng sau gốc từ.
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E.g : Construct Reconstruct

Work Worker
- Tiền tố thường làm thay đổi nghĩa của từ. Ví dụ như tiền tố “ un” làm cho nghĩa của
từ mới mang nghĩa phủ định.
E.g: happy unhappy
- Hậu tố thường làm thay đổi từ loại của từ. Ví dụ như khi thêm hậu tố “ly” vào sau tính
từ thì lúc này tính từ sẽ chuyển thành trạng từ. Dưới đây là một số các hậu tố và ý nghĩa
của các hậu tố đó.
Suffixes
Nouns Verbs Adjectives Adverbs

-ance, -or, -er -ize, -ate, -ify, - -able, -ible, - -ly
-ness, -ist, -ism en, -ish less, -ful, -ic, -
-ence ious, -al, -ive
B. Practice
Ex 1: Forming new words from the basic word
Example: capital - capitalism - capitalist - capitalistic
Note: The suffixes: -ism = system (noun – hệ thống)
-ist = person (noun – chỉ người)
-istic = about the system or person (adjective – thuộc về hệ thống
hoặc con người)
1. commune
2. social
3. national
4. real
5. individual
Ex 2: Put the right word in the banks in these sentences
economy, economics, economic, economical, economically, economists
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1. Marx and Keynes are two famous …………………………………………………..

2. Those people are studying the science of ………………………………………….
3. We sometimes call a person‟s work his ………………………………….. activity.
4. People should be very ……………………………….. with the money they earn.
5. The economic system of a country is usually called the national ………………..
6. The people in that town live very…………………………………………………..
III. VOCABULARY
Find ONE suitable word to complete the sentences
1. She …………. studying to go out so she always receives high marks on her exam.
2. There are many ……….. used in market economics, which have not been translated
into Vietnamese.
3. Companies must ………… resources to their best use in order to make high profits.
4. The whole ……………………… must help to give food to the poor people.
5. The autumn ………………………. was not big enough to sell to other countries.
6. Americans can be very ……………..; they throw everything away.
7. The land is used as …………………………………. for the cows.
8. There is an ……………. person whom we are looking for.
9. She has a big motorcycle and wears a lot of gold, she is …………… very rich.
10. By what ………….. of transportation do you come to university everyday?
11. Many …. influence the success of a business including the government‟s policies.
12. The ……….. of work they must do is very large.
13. She has an …………… over him because she studies abroad and he didn‟t.
14. You can find anything you want or need in that store because it has a wide ……….
of goods.
IV. FURTHER PRACTICE

Translate the text into Vietnamese
V. NEW WORDS
1. Community N cộng đồng
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2. To prefer V ưa thích, thích hơn

3. Particular Adj đặc thù
4. Assortment N loại
5. To allocate V phân bổ
6. Pasture N đồng cỏ
7. Crop N mùa vụ
8. Probably Adv có thể
9. Wasteful Adj phí phạm
10. Advantage N lợi thế
11. Volume N khối lượng
12. Term N khái niệm
13. Means N phương tiện
14. Output N sản lượng
15. Amount N lượng, số lượng
16. To limit V giới hạn
17. To produce V sản xuất
18. Production N sản lượng, sự sản xuất
19. Factor N nhân tố
20. To employ V thuê
21. Employment N sự thuê mướn
22. Purpose N mục đích
23. To use V sử dụng
24. Period N giai đoạn
25. Therefore Conj vì vậy, do vậy
26. Occupation N nghề nghiệp
27. Industry N công nghiệp
28. Building site N tòa nhà
29. Labor N lao động
30. Resource N tài nguyên
31. Profit N lợi nhuận
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Unit 2
THE MARKET ECONOMY
L1 Economists (specialist in economics) define economics as the study of how

goods and services get produced and how they are distributed. By goods and
services, economics means everything that can be bought and sold. By
produced, it means the processing and making of goods and services. By
L5 distributed, it means the way goods and services are divided among the
people.
In all countries, the resources used to produce goods and services scarce.
That is, no nation has enough farms factories, or workers to produce
everything that every one would like.
L 10 Money is also scarce. Few people have enough money to buy everything
when they want. Therefore, people everywhere most choose the best possible
way to use their resources and money.
Children may have to choose whether to spend their allowances on a motion
picture or a hamburger. Storekeeper may have to choose whether to take a
L 15 summer vacation ton use their savings to buy more merchandise. A nation
may have to choose whether to use tax money to build more submarines. In
economic items, the children, storekeeper, and the nation all most economize
in order to satisfy their most important needs and wants. This means they
must try to use the resources they have to produce the things they most want.
L 20 Economics is a study of mankind. It tells us how man subsists, grows and
develops in relation to the wealth available on the Earth. Relations made by
persons in the society which are in connection with material circumstances
are economics.
I. READING
A. Main idea
1. What is economics?
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2. The function of economics

3. How does economics operate?
4. What is money?
1. …….. that can be bought and sold (line 3)
2. ……… it means the way goods and services are divided among the people (line 4)
3. …… in order to satisfy their most important needs and wants (line 18)
4. This means they must try to use the resources ………… (line 18)
5. …… which are in connection with material circumstances are economics (line 22)
Find the words in column A with its definition in column B
A B
1. motion picture a. to save money and avoid the waste
2. merchandise b. commodity
3. to economize c. a sum granted as reimbursement for expenses
4. to subsist d. to support oneself
5. allowance e. a form of entertainment that enacts a story by sound and a
sequence of images giving the illusion of continuous movement
1. How do economists define economics?
2. Are the resources in the world used to produce goods and services abundant?
3. What do people and nation do with their limited resources and money?
4. Why it is said that economics is a study of mankind?
5. Which relations are called economic?
II. LANGUAGE FOCUS

A. Relative clauses
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Chủ ngữ Tân ngữ Đại từ sở hữu

Chỉ người Who That Whom That Whose
Chỉ vật Which, That Which, That Whose
of which
*People and things
We can use relative clause beginning with “who” or “which”, “that” to describe and
define a person or thing. To refer to people we use “who” or “that”. To refer to thing
we use “which‟ or “that”.
* People:
E.g: The accountants who/that advised me were very good.
* Things
E.g: The computer which/ that they bought were expensive.
* Subject and object relative clauses
Sometimes it is necessary to keep the relative clause pronoun in the sentence, and
sometimes it is possible to leave it out.
If the relative who, which, or that is followed by a verb, we must keep it
We have got a machine that prints in color. (Not a machine prints in color)
(In this sentence, that prints in color - a subject relative clause.)
If the relative clause who, which, or that is followed by a noun or pronoun + verb, we
can leave it out. So we can say: The computers that you ordered have arrived. Or the
computers you ordered have arrived (In this sentence that you ordered is an object
relative clause.)
B. Practice
Ex 1: Combine these pairs of sentences as in the example
Example: The services are useful. The workers provide services.
→ The services which the workers provide are useful.
1. The goods are essential. They need the goods.
2. The schools and hospitals are essential. They provide schools and hospitals.
3. The goods are valuable. He buys the goods.
4. The money buys essential commodities. People can earn this money.
5. The goods and services are very useful. People produce these goods and services.
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6. The work is called economic activity. We do this work.

7. The work provides them with money. People do this work.
8. The economic activities make up the economic system. People undertake these
economic activities.
Ex 2: Combine each pair of sentences into one
1. A girl was injured in the accident. She is now in hospital
2. Money is a medium of economic exchange. It is expressed by prices and values.
3. We saw some people. Their car had broken down.
4. Competitive market capitalism contains two major decision-making units. Their
actions are coordinated though market exchange.
Ex 3: Correct the mistakes in the following sentences
1. Yesterday I spoke to your director that seemed to be very pleasant.
2. The room where we held the meeting in was a little too small.
3. Brazil which is the world‟s largest explorer of coffee has high inflation
4. The negotiators finally reached a formula on what everyone could agree.
5. I found it difficult to hear that the speaker was talking about.
6. Tim Lang only joined the company six months ago is going to be promoted.
7. The Rover group its name has been changed several times is now part of IBM.
8. I suggest we have a meeting in Romsey Street, which we rent a new office.
III. VOCABULARY
Ex 1: Fill the gaps with words from the box
market-relations, commerce, assumptions, substitutable,
decision-making, interdependent
1. Competitive market capitalism contains two major……….. units whose actions are
coordinated though market exchange.
2. The two kinds of ………….., as well as the two the two basic units of economic
decision-making, are…………………………………………….
3. Competitive market capitalism is based on some basic ……………………………
4. There are many buyers and sellers, products are……………
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5. Hong Kong has always been a center of………

Ex 2: Complete the following sentences with the correct forms of the underlined words
Economy
1. He ………………………………………. on petrol by cycling to work.
2. His father used to work as an ………………………………………………..
3. There are two types of…………………………………………… of scales.
4. Vietnam is having an ……………………………………………… growth.
5. Their investment is not ………………………………………………. Sound.
Ex 3: Match the beginning of the sentences in column A with the ending of the
sentences in column B to complete them
1. Our electric bills are higher than we a. so as to improve infrastructure.
can afford;
2. The state of the economy was very b. therefore, we must start to economize
worrying
3. Vietnam needs to spend several c. because of the falling oil revenues.
billion dollars a year
4. Our government was short of money d. to share of profits.
5. They need e. although the government tried its best

V. NEW WORDS
1. To afford to V V có khả năng về tiền bạc, thời gian
2. Allowance N tiền trợ cấp, tiền cấp phát
3. To seek V tìm kiếm
4. Resource N tài nguyên, nguồn lực
5. Armed force N lực lượng quân sự
6. Scarce Adj khan hiếm, thiếu thốn
7. Motion picture N phim, điện ảnh
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8. Storekeeper N thủ kho, chủ cửa hàng

9. Summer vacation N kỳ nghỉ hè
10. Merchandise N hàng hóa
11. Submarine N tàu ngầm
12. Subsist V sống, tồn tại
13. To economize V tiết kiệm, để dành
14. Economic N kinh tế
15. Economics N môn kinh tế
16. Economist N nhà kinh tế
17. Goods N hàng hóa
18. Service N dịch vụ
19. To distribute V phân phối
20. Processing N sự chế biến, sự gia công
21. To divide (into) V phân chia
22. Possible Adj có lẽ, có thể
23. Savings N sự tiết kiệm
24. Tax N thuế
25. Need N nhu cầu
26. Want N mong muốn
27. Mankind N con người
28. To develop V phát triển
29. To grow V phát triển, lớn lên
30. Relation N mối quan hệ
31. Wealth N của cải
32. Available Adj có sẵn
33. Connection N mối quan hệ, sự kết giao
34. Material N vật chất
35. Circumstance N tình huống
36. To undertake V đảm nhận
37. Infrastructure N cơ sở hạ tầng
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Unit 3
MACROECONOMICS
L1 Macroeconomics is the study of overall economics trends such as

employment levels, economic growth and inflation. It is an important subject
for many reasons. For one, macroeconomic performance is the central factor
affecting the success of failure of nations. Countries that grow rapidly and
L5 without major imbalances are admired because their citizens enjoy high and
rising living standards. At the opposite extreme, are the countries that
stagnate and seem stuck in a situation of high inflation and high trade
deficits?
In addition, macroeconomics is an important topic because a government can
L 10 have a major impact on its economic performance through its economic
policies - through fiscal policy (government spending and taxing) and
monetary policy (changing money supply).
The central focus of macroeconomic analysis and policy is on four main
areas: Gross National Product (GNP), employment, inflation and the balance
L 15 of payments. As modern macroeconomics has developed, knowledge has
grown about how public policies affect the economy. We now understand
better the instruments or tools of the macroeconomic policy. They include
fiscal policy, monetary policy, income policy and foreign economic policy.
I. READING
A. Main idea
Which statements best expresses the main idea of the text?
1. What‟s macroeconomics?
2. The importance of macroeconomics
3. The areas of macroeconomics
4. The tools of macroeconomics
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1. For one ……….. ……………………………………………….. (line 3)

2. Their citizens …………………………………………………… (line 5)
3. On its economic performance ………………………………….. (line 10)
4. They include fiscal ……………………………………………. (line 17)
Refer back to the text and find the synonyms for the following words
1. Increase
2. Main
3. Quickly
4. Affect
Refer back to the text and find the antonyms for the following words
5. Surplus
6. Slowly
7. Inflation
8. Balance
1. What is the importance of macroeconomics?
2. What does macroeconomics study?
3. What does fiscal policy deal with?
4. What are the four main areas that macroeconomics focuses on?
5. What are four tools of macroeconomics policy?
II. LANGUAGE FOCUS

A. Relative pronoun
Review: Relative pronoun serves two functions at once. They barely used to as
subjects or objects or verbs, like other pronouns, at the same time; they join clauses
together, like conjunctions.
The most common relative pronoun are who, whom which, and that.Both who and
whom (which refers to the object or a verb preposition) is rather unusual, especially in
14
conversational English. It is generally either left out, or replaced by who or that. Which
is used for things. That can often (but not always) be used instead of who, or which.
For example:
1) Countries that (which) grow rapidly and without major imbalances are admired.
2) The storm that (which) occurred last week caused great damage to the local
people.
3) They are suppliers with whom we have business contact for two months.
Relative possessive pronoun: Whose (adapted from Practical English in Usage by
Michael Swan)
Whose is a relative possessive pronoun? It indicates possession. 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
relative clause, the structure whose + noun can be:
- The subject:
E.g
* When I look through the window I saw a girl whose beauty took my breath away.
* Jonh found a cat whose leg was broken.
* This bis Henry whose wife works for me.
- The object:
E.g
*It was a meeting whose importance I did not realize at the time.
*This is Jane, whose sister you meet last week
Note that instead of whose, we can use of which to refer to things. The word order is
normally noun+ of which.
We had a meeting the purpose of, which was completely unclear (or:..whose purpose
was nuclear)
He has written a book the name of which I have completely forgotten ( or…whose
name I have..)
B. Practice
Ex 1: Change the following sentences, using relative pronouns
1. The man standing there is my teacher
2. The workers working in this workshop are skill workers
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3. The boy taking part in the horse is a Tom‟s student

4. Countries growing rice are called rice-growing countries
5. The factory making bicycle has had no profit in 3 months
6. The company producing shampoo in Hanoi pays high taxes
7. The cat walking on the wall is mine
8. Economics students studying hard for their exams will do well
Ex 2: Combine each pair of sentences into one
Example: The class has 40 students
Their English is quite good.
The class has 40 students whose English is quite good.
1. That is the man. His dog bit me yesterday
2. Yesterday I met a woman. Her husband was arrested by police
3. This is Tom. I borrowed his bike
4. The teacher is Miss Smith. Her class meets at 7.30
5. Rice is a commodity. The price of rice is rising
6. Tom is a man. Tom‟s wife left him.
III. VOCABULARY
Fill ONE suitable word to complete the sentences
1. There is a high government ……….. because government spending is more than tax
revenues.
2. He is in a boring and jobless ………. because he didn‟t study hard and go to the
university which have enabled him to get a much more interesting job with the
possibility of moving up to higher position.
3. There are many different types of financial ………… for lending money to those
who need it.
4. Many math teachers had a big ………… on me, that‟s why I decided to become a
math teacher, too.
5. The ………… between imports and exports can cause problems for the economy.
6. She is ……….. in Hue because there is too much fog so the plane can‟t leave.
7. They really ………… him because he is very successful in his job.
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8. His work ………….. is not very good, we will have to fire him.
9. In Vietnam, there is a strong ………… towards learning English, not Russian.
10. The farmers use many different kinds of ………. including a plow and hoe.
11. His ……… income is 25,000 dollars a year, but after he pays his taxes he only has
15,000 dollars.
12. His … of the economy shows that‟s growth has increased and inflation has fallen.
13. The ………… of his writing is the agricultural sector of the Vietnamese economy.
14. At one ……. are people who love Beatles, at the other are people who hate them.
15. She earns 20 kilograms of rice per month which is only about 5 dollars in
………… terms.
16. Her income is very ……………………….. so she should pay high taxes.
17. The …………………. of prices depends on the amount of money in the economy.
18. A rapid rise in prices is called ………………………………………………

V. NEW WORDS
1. Trend N xu hướng
2. Level N cấp độ
3. Inflation N sự lạm phát
4. Performance N sự thực hiện
5. Imbalance N sự mất cân bằng
6. To admire V khâm phục
7. Extreme N khía cạnh
8. To stagnate V đình đốn
9. To stick V bế tắc
10. Deficit N sự thâm hụt
11. Impact N ảnh hưởng
12. Fiscal N tài khóa
13. Gross N tổng
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14. Monetary Adj tiền tệ

15. Foreign economic policy N chính sách kinh tế đối ngoại
16. Trade N thương mại
17. Macroeconomics N kinh tế vĩ mô
18. Important Adj quan trọng
19. Major Adj chính, chủ yếu
20. Policy N chính sách
21. Focus N trọng tâm
22. Analysis N phân tích
23. Gross National Product N tổng sản phẩm quốc dân
24. Balance N sự cân bằng
25. Payment N sự chi trả
26. Instrument N công cụ, phương tiện
27. Income N thu nhập
28. Revenue N thu nhập, lợi tức
29. Financial N thuộc tài chính
30. Import N nhập khẩu
31. Export N xuất khẩu
32. Plow N cái cày
33. Hoe N cái cuốc
34. To increase V tăng
35. Jobless Adj thất nghiệp
36. Rapid Adj nhanh
37. Profit N lợi nhuận
38. Commodity N hàng hóa
39. To take part in V tham gia
40. To arrest V bắt giam
41. To bite V cắn, ngoạm
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Unit 4
MICROECONOMICS
L1 Microeconomics deals with the economic behavior of individual economic

agents – mainly households and firms and of particular markets and
industries. The focus is on the prices and output of particular goods and
services and millions of alternative uses. Typical microeconomic questions
L5 include: what determines the relative prices of particular goods, the prices of
cars and stereos and bread and books? How does the total national output get
divided among various goods and services? Through microeconomic theory,
one can see how system of market prices allows equilibriums to be reached
between people‟ tastes for different goods and the scarcity of total resources
L 10 to produce them. Supply and demand analyses are two of the basic tools of
microeconomic analysis and can be used to see how taxes affect prices and
quantities, how government interference with markets can causes shortages
and what happens when a small number of producers come to dominate a
market.
I. READING
A. Main idea
1. Macroeconomics is different form microeconomics
2. The overview of microeconomics
3. The role of microeconomics in economic development
4. The tools of microeconomics in economic development
1………………….one can see how system of market prices allows equilibriums to be
reached …………….. (line 8)
2. …….. the scarcity of total resources to produce them. (line 10)
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1. instrument
2. numbers of goods
3. scarcity
4. to control
5. individual
6. input
7. abundance
8. disequilibrium
1. What does microeconomics deal with?
2. What does microeconomics focus on?
3. Does microeconomics analyze what influences the relative prices of particular
goods?
4. What can bring about a balance between people‟s tastes for different goods and the
scare resources needed to produce them?
5. What are two of the basic tools of microeconomic analysis?
II. LANGUAGE FOCUS

A. Use of can and to be able to
Can and to be able to are used to express ability to do something
Affermative S +CAN +V(infi) He can speak English
Negative S +CAN + NOT +V(infi) He can not speak English
Interrogative CAN +S +V (infi)? Can he speak English?
To be able to
Affermative S + BE +ABLE TO + V( infi) She is able to cook
Negative S + BE + NOT +ABLE TO + V( infi) She isn‟t able to cook
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Interrogative BE + S + ABLE TO + V (infi)? Is she able to cook?

- In the present tense
I can swim. I am able to swim
I can‟t swim? I am not able to swim
Can you swim? Are you able to swim?
- In the past tense
I could swim. I was able to swim
I couldn‟t swim. I wasn‟t able to swim
Could you swim? Were you able to swim?
- In the future tense.
I will be able to swim
I won‟t be able to swim
Will you be able to swim
B. Practice
Ex 1: Rewrite these sentences in the future tense.
1. They cannot export rice to America.
2. Last year she could not speak English very well.
3. Can you write a paper about the Vietnamese tax system?
4. They weren‟t able to visit their son in the hospital.
5. The students couldn‟t take the exam on that day because it was a national holiday.
6. She couldn‟t open the door because nobody gave her the key.
Ex 2: Fill the following spaces
1……… write an annual financial report in English?
Yes, I………….. I……………..when I work for a consulting and auditing company.
2. Our firm…………….mobilize more capital for new projects at the end of the year.
3. Restructuring of the company ………….………… makes it become a more
profitable business.
4. People ……………………. provide correct information about Tsunami disaster, so
the thousands of people were killed.
5. Nowadays many businesses …………………... attract talented managers and
skilled working staff by offering high salary.
21
III. VOCABULARY
1. Gold is ………………………………… so it is expensive.
2. More than 90% of heavy industrial companies are state-owned so the government
……………. that branch of industry.
3. …………… symbols of Vietnam include the water buffalo, a woman in a Ao dai
and pagodas.
4. Because of his bad ……………. his parents forced him to stay in the house all day
and didn‟t allow any of his friends to visit.
5. The ……………… of rice consumed by a typical Vienamese person in one day is
about half a kilogram.
6. The manager of that company must …………… over 100 workers.
7. There are many …………… ways for economists to make money including
teaching, doing research and consulting.
8. Foreign ………….. in the affairs of the Vietnamese government is not welcome.
9. Even though that factory consumes more input than this one, the …………. is less.
10. They ……….. the price of their goods by calculating total costs and adding a little
bit more for profit.
11. The total profits of that company …………. among the different owners according
to how much they invested in the company.
12. There is ……… of food so everyone is suffering from starvation.
13. …… for a particular goods means that the demand of that goods equals the supply.
14. The ………… of water in that areas make it difficult to plant rice.

V. NEW WORDS
1. To deal with V xem xét
2. Behavior N hành vi
3. Output N sản lượng
22
4. To determine V quyết định

5. Scarce Adj khan hiếm
6. Scarcity N sự khan hiếm
7. Alternative Adj khác nhau
8. Typical Adj điển hình
9. To get divided V được chia ra
10. Equilibrium N sự cân bằng
11. Quantity N số lượng
12. Interference N sự can thiệp
13. Shortage N thiếu
14. To dominate V chiếm ưu thế
15. To write off V xóa nợ
16. Man power N nhân sự
17. Microeconomics N kinh tế vi mô
18. Alternative Adj xen nhau, thay thế
19. Individual N cá nhân
20. Agent N đại lý
21. Household N hộ gia đình
22. Firm N công ty
23. Relative Adj quan hệ, tương đối
24. Supply N Cung
25. Demand N cầu
26. To affect V ảnh hưởng
27. To cause V gây ra
28. To produce V sản xuất
29. Consulting Adj cố vấn
30. Auditing N sự kiểm toán
31. To mobilize V huy động, động viên
32. Starvation N sự đói
33. To calculate V tính, tính toán
23
Unit 5
INTERNATIONAL ECONOMICS
L1 International economics deals with the economic interdependence among

nations. It analyzes the flow of goods, services and payments between a
nation and the rest of the world, the policies directed at regulating this flow
and their effect on the nation‟s welfare. This economic interdependence
L5 among nations is affected by, and in turn influences, the political, social,
cultural and military relations among nations. Specifically, international
economics deals with the markets and the balance of payments and
adjustment in the balance of payments. The pure theory of trade analyzes the
basis for and the gains from trade. The theory of commercial policy or
L 10 protectionism examines the reasons for and the effects of trade restrictions.
Foreign exchange markets are the frameworks for the exchange of one
national currency for another while the balance of payments measures a
nation‟s total receipts and the total payments to the rest of the world. Finally
adjustment in the balance of payments is concerned with the mechanisms for
L 15 correcting balance of payments disequilibria (i.e. deficits and surpluses)
under international monetary systems and the effects of these adjustments on
a nation‟s welfare.
I. READING
A. Main idea
1. The function of international economics
2. The pure theory of trade
3. The theory of commercial policy or protectionism
4. The balance of payments and adjustment in the balance of payments
1. It analyzes the flow of goods …………………………….. (line 2)
24
2. ……… their effect on the nation‟s welfare (line 4)

Some of these verbs require a preposition to follow them. From the reading find the
appropriate preposition if required
1. to deal
2. to analyze
3. to direct
4. to affect
5. to be concerned
1. What is international economics in a general sense?
2. What is international economics in a specific sense?
3. Which things does international economics analyze?
4. What does the pure theory of trade deal with?
5. If you want to understand why trade restrictions might be needed, which theory
should you read?
II. LANGUAGE FOCUS

A. Ellipsis
We often leave out words when the meaning can be understood without them. Instead
of “the pure theory of trade analyzes the basis for and the gains from trade” we can say
“The pure theory of trade analyzes the basis for and the gains from trade” Instead of
“The theory of commercial policy or protectionism examines the reason for trade
restrictions and the effects of trade restrictions” we can say “the theory of commercial
policy or protectionism examines the reason for trade restrictions and the effects of
trade restrictions”.
Leaving out words in this way is called Ellipsis. We use ellipsis to avoid repetition.
There are several kinds of ellipsis.
1. Ellipsis of subject
- Peter ate a sandwich and (Peter) drank a glass of beer.
25
- She was poor but (she was) honest

- She sang and (she) danced the whole morning
2. Ellipsis of verbs or verb phrases
- I work in a hospital but my wife (works) on a farm
- He said he would come but he hasn‟t (come)
- He can speak English very well but I can‟t (speak English very well)
- Jane will cook the meals today and Amy will (cook the meals) tomorrow.
3. Ellipsis of object
- I like (beef) but my sister hates beef.
- Jim opened (the window) and then closed the window.
- She read (the book) then returned the book to her friend.
4. Ellipsis of adjectives, determiners (articles, possessives, demonstratives etc)
conjunctions and prepositions
- They are young boys and (young) girls.
- I will introduce him to my brothers and (my) sister.
- Did he buy a color (TV) or (a) black and while TV?
- She was late because she had overslept and (because she had) missed the
bus.
- He spent several years in India and (in) China.
B. Practice
Translate the following sentences into English using if possible

1. Anh ấy thông minh nhưng không chăm chỉ.
2. Hôm nay anh ấy không thể chữa xe đạp cho em được nhưng ngày mai thì anh có
thể.
3. Cô ấy thường dạy sinh viên năm thứ nhất và năm thứ hai.
4. Hôm qua Peter mua một cái tivi và Mary mua một cái đài.
5. Nó đang cầm một con dao và một cái dĩa.
6. Chị rửa bát và úp lên chạn.
III. VOCABULARY
1. That is ………….. honey, they didn‟t put any sugar in it.
26
2. When parents decide to divorce they sometimes forget about their children‟s
…………………………………..
3. A surplus is a …………. in the market where supply is higher than demand.
4. The ………….. of information from the boss to the workers is very slow and
sometimes it takes 5 months before the workers carry out the new company policies.
5. …………. includes tariffs, quotas and other methods to restrict trade.
6. She stated ………… all the places she wanted to visit while she was in Vietnam,
including Ha Long Bay and Hue.
7. A small ………….. in the machine made it run much faster and more efficiently.
8. After a big fire in a Thai toy factory the government decided to strictly industrial
safety.
9. His report …………. the reasons for lack of investment in the mountainous areas
and suggests some solutions.
10. That office is ………… regulating heavy industry in order to reduce pollution.
11. The policeman must ………. traffic during rush hour around 8 am and 5pm.
12. There are ……………. on the export of wood, historical items, and weapons, but
most other things can be exported relatively freely.
13. After the reforms the ………… area of town expanded quickly as more and more
merchants started businesses.
14. The legal ……… for investment in Vietnam includes laws on setting up
companies, closing them down and going bankrupt.

V. NEW WORDS
1. Flow N dòng, luồng, chảy
2. To direct V điều khiển, hướng
3. To regulate V chỉnh lý, điều chỉnh, điều tiết
4. Welfare N phúc lợi
5. Specifically Adv đặc trưng, đặc biệt
27
6. Pure Adj thuần túy, tinh

7. Commercial Adj thương mại
8. Adjustment N sự điều chỉnh
9. To analyze V phân tích
10. Protectionism N chế độ bảo hộ
11. Restriction N sự hạn chế
12. Framework N cơ sở
13. To be concerned with V liên quan với
14. Disequilibrium N không cân bằng
15. Interdependence N sự phụ thuộc lẫn nhau
16. Political Adj thuộc chính trị
17. Social Adj thuộc xã hội
18. Cultural Adj thuộc văn hóa
19. Military Adj thuộc quân sự
20. Theory N học thuyết
21. Gain N lời, lợi ích
22. Commercial Adj thuộc thương mại
23. Tariff N thuế quan
24. Restriction N hạn chế, giới hạn
25. Foreign exchange market N thị trường ngoại hối
26. Framework N sườn, khung, cơ cấu
27. Currency N tiền tệ
28. Receipt N hóa đơn, số thu
29. Mechanism N cơ chế
30. To divorce V tách ra, ly dị
31. Surplus N thặng dư
28
Unit 6
SUPPLY
L1 In ordinary speech, the term “supply” may have any of several different
meanings. It may mean the total amount in existence. The term is often used
in this sense when the total stock can not be increased, or can be increased by
only a small percentage, during the next year or two. Thus the supply of
L5 Picasso paintings may mean all the paintings ever painted by Picasso and
know to still be in existence. The world‟s supply of gold may mean the total
amount of gold which has been extracted from the mines and rivers and is
still in existence.
The supply of anything which is currently produced may mean the normal
L 10 output per unit of time. Thus it may be said that the world‟s supply of wheat
is over 200 million tons a year. The term is more likely to be used in this
sense if stocks are small, as stocks of wheat, compared with annual output.
But supply may also mean the amount offered for sale per unit of time. In
this sense, the concept of supply parallels that of demand. Just as the law of
L 15 demand deals with the behavior of consumers, as it is reflected in the
relationship between price and quantity purchased, so the law of supply deals
with the behavior of producers (sellers), as it is reflected in this relationship.
The law of supply states: in a short – run time period, in a given market,
other things being equal, the quantity of an item which is offered for sale
L 20 varies directly with its price.
I. READING
A. Main idea
1. What is supply?
2. The role of supply
3. The function of supply
4. The operation of the law of supply
29
1. It may mean the total …………………………… (line 2)
2. ……… which has been extracted from the mines and rivers ……. (line 7)
3. Thus it may be said that the world‟s supply of wheat ………. (line 10)
4. it is reflected in the relationship between price and quantity purchased (line 15)
A B
1. Consumer a. to obtain from a substance
2. To extract b. a proportion in relation to a whole (which is usually the amount per
hundred)
3. To reflect c. the same quantity, value, or measure as another
4. Equal d. a person who uses goods or services
5. Percentage e. to give evidence of the quality of
1. How many meanings of the term “supply” does the author mention in this passage?
2. Explain the meaning of “the supply of goal”
3. Give an example of when the term “supply” means the normal output per unit of
time
4. What relationship is mentioned in the law of supply?
5. What is the law of supply?
II. LANGUAGE FOCUS

A. As and Like
 Like is a preposition, so it is followed by a noun or pronoun
Eg: I‟m very much like my mother
 As is a conjunction, so it is followed by a clause, with a subject and a verb
Eg: You should have done it as I showed you
B. Practice
30
Complete these sentences with like or as

1. Your English is very good. I can‟t speak………….you.
2. I think I prefer this room………it was before we painted it.
3. This coffee is terrible. It tastes………….water.
4. He never listens. Talking to him is……….talking to a wall.
5. Why didn‟t you do it…………..I told you?
6. Tom‟s idea seemed a good one, so we did…………..he suggested.
7. You can do it………………..you like.
8. He passed the exam……………….we expected.
III. VOCABULARY
1. Vietnam must import ……… because it is needed to make bread and very little is
grown in Vietnam.
2. The ……….. of the Vietnamese population living in the cities is lower than that
living in the countryside.
3. She had s toothache so the dentist ………. her tooth.
4. Income doesn‟t always…. how hard someone works, sometimes it depends on luck.
5. She is …….. a student, but next year after she graduates she will be a doctor at the
Bach Mai hospital.
6. When a company tries to sell a product, it must understand what the ……….will
find attractive and advertise appropriately.
7. The development of the stock market in Vietnam …….. the development of the one
in Philippines.
8. The ……….. of a highly educated population makes Vietnam a very attractive place
for investment.
9. That‟s the first time, she …………. left Vietnam in her life.
10. They do the same kind of work and have been with the same company for the same
number of years so their salaries are ………………………..
11. There is much gold ……….. in the mountains of Vietnam.
12. Costs in Vietnam are low ……….. with costs in the U.S.
31

V. NEW WORDS
1. Existence N sự tồn tại
2. Percentage N tỷ lệ phần trăm
3. Ever Adv từng
4. Extract V thu được, triết xuất
5. Mine N mỏ
6. Currently Adv hiện hành
7. Wheat N lúa mì
8. Compare V so sánh
9. To parallel V song song với
10. Consumer N người tiêu dung
11. Reflect V phản ánh
12. Equal Adj cân bằng
13. Meaning N ý nghĩa
14. Stock N vốn, cổ phần
15. Compared with Adj so sánh với
16. To offer V mời. đề nghị
17. Sale N sự bán
18. Concept N khái niệm
19. Law N luật
20. Quantity N số lượng
21. To purchase V Mua
22. To reflect V phản ánh
23. Relationship N mối quan hệ
24. To state V khẳng định
25. Equal Adj công bằng
26. Substance N chất, vật chất, nội dung
32
Unit 7
DEMAND
L1 The demand for anything, at a given price, is the amount which will be
bought at that price. Demand always means demand at a price. The term has
no significance unless a price is stated or implied. The simple statement that
so many thousand cars a year or so many million tons of coal a year are
L5 demanded in Great Britain may be intended to mean that for some years the
prices of cars and coal have been fairly stable and that every year the volume
of sales in Great Britain has been very near the figure reported. But such a
statement, taken literally; does not make sense, for the volume of sales that is
the demand would be different if the prices were different. There is no doubt
L 10 that if the prices of cars could be reduced enough twice as many would be
sold and that if their prices went high enough their sales would be halved.
The amount bought of anything will vary and may vary considerably with its
price. In other words, the demand must mean demand upon per unit of time,
per year or per month or per week or per day.
L 15 Demand, it may be noted, is not the same as desire or need. There is no doubt
that many people who can not afford a car would like one, and also that
many children need more milk than they get. But unless desire or need is
backed up by ability and willingness to pay, it does not affect the volume of
sales. The demand for a thing at a given price is the amount which would, in
L 20 fact, be bought at that price.
I. READING
A. Main idea
1. Demand always means demand at a price
2. Demand always affects price
3. The relationship between demand and price
33
1.………………. considerably with its price (line 12)
2. Demand, it may be noted, is not …………………. (line 15)
3. ………. it does not affect the volume of sales. (line 18)
1. meaning
2. to refer
3. unchanged
4. to decrease
5. fluctuating
6. supply
1. Give the definition for demand at a given price
2. Why do we always have to state or imply a price when we mention the demand for
something
3. What does demand depend upon?
4. What is necessary for desire or need to become demand?
II. LANGUAGE FOCUS

A. So…that and Such…that
So and Such with That express result. So is used with adjectives and adverbs:
Eg: The manual was so complicated that I couldn”t understand it.
The manual was written so badly that I couldn”t understand it.
Such (a) is used with an adjective + noun:
Eg: They were such noisy machines that we couldn”t hear her voice.
It was such a bad manual that I couldn”t understand it
B. Practice
Ex 1: Use either so or such in the following sentences as suitable
34
1. Jane looked………….sick that the teacher told her to go home.

2. I didn‟t enjoy the book because it was…………… a stupid story.
3. It was……………a nice day that we decided to go to the beach.
4. Don‟t speak…………..slowly.
5. I didn‟t realize she was…………….kind.
6. The sun is shining……………….brightly.
7. I have never tasted……………….a delicious meal.
Ex 2: Match the sentences in column A with the results in column B. Then rewrite them
as one sentence, using so and such.
E.g: The meeting went on for such a long time that I missed the train home.
A B
1. The meeting went on for a long time. A.The factory couldn‟t meet the
2. The company was in a very bad demand for it
financial state. B. Nobody ever wants to leave
3. Frankfurt was very busy during the C. We decided to interview him.
book fair. D. They called in the receivers.
4. They treat their employees very well E. I missed the train home.
5. My potable computer I was very F. We couldn‟t get a hotel room.
unreliable. G. I don‟t like to use it.
6. The new drug was very successful.
7. He had a very good CV
III. VOCABULARY
1. She is too poor, she can‟t even ………… to buy new clothes
2. Although he didn‟t say it directly, he ………….. that he would lift the trade
embargo soon
3. “Car pool” ……….. would mean a place for cars to go swimming, but actually it
means a group of people who owns
4. A car hit her motorcycle so she ………. down the licence number on the back so
she could tell the police
35
5. He …….. clearly that he would kill his wife if she did not divorce him
6. After her library card was stolen, she had to ………. Ti to the library officials so she
could get a new one
7. His …….. to buy a new motorcycle was very strong so he worked very hard to save
enough money to buy one
8. His ……….. to travel on the job makes him more desirable than the man who wants
to stay near his family
9. The sky looks ……….clear, but it still might start to rain in a couple of hours
10. The president‟s strong …………. about protecting the environment was not
backed up by money so the policy was not effective
11. It ………. to drink when you are thirsty
12. When her husband said he had to work late every night with his secretary, she
………. the truth of his works, especially because his secretary was very beautiful
13. He was a good politician because he always ……… his words with action
14. After he graduates from the university, he ….. to find a job in international trade.

V. NEW WORDS
1. To state V nói rõ, khẳng định
2. To imply V ngụ ý, hàm ý
3. Statement N lời tuyên bố
4. To intend V dự định, có ý định
5. Report V, N báo cáo
6. To make sense V có ý nghĩa, hợp lý
7. Literally Adv nghĩa đen
8. To note V nhận thấy, ghi nhận
9. Desire N, V mong muốn
10. To afford V có khả năng mua, mua được
11. To back up V ủng hộ
36
12. Enough N đủ
13. Significance Adj ý nghĩa, ưu việt
14. Unless Conj nếu không, trừ khi
15. Coal N than
16. Fairly Adv khá là
17. Stable Adj ổn định
18. Volume N doanh số
19. To doubt V nghi ngờ
20. To reduce V giảm
21. To half V một nửa, phân đôi
22. Considerably Adv một cách đáng kể
23. Ability N khả năng
24. Willingness N sự bằng lòng, vui lòng, sự tự nguyện
25. Embargo N lệnh cấm vận
26. Desire N nhu cầu
27. Desirable Adj thuộc nhu cầu
28. To graduate V tốt nghiệp
29. International trade N thương mại quốc tế
30. Effective Adj hiệu quả
31. To lift V nâng lên
32. To treat V lừa gạt
33. Manual N sổ tay
34. Unreliable Adj không đáng tin
35. Receiver N người nhận hang
36. To interview V phỏng vấn
37. To hit V đánh
38. Licence N giấy phép
39. To fluctuate V dao động
37
Unit 8
TRADE SURPLUSES AND DEFICITS
L1 Just like any business, a country has to keep track of its inflow and outflow
of goods, services, and payments. At the end of any given period, each
country must look at its bottom line, and add up its international trade and
investments in one way or another.
L5 The merchandise trade balance looks only at visible goods, such as
videocassette recorders, wine and motorcycles. Trade in visible goods is
commonly called the trade balance even though it includes only those
tangible goods that can be loaded on a ship or other means of transport.
The current account is a better measure of trade. It includes a country is
L 10 imports and exports of services in addition to visible trade. Invisibles can
include banking, accounting, and tourism.
The current account tells us which countries have been profitable traders,
having a current account surplus with money in the bank at the end of the
year, and which have been unprofitable, having imported more than they‟ve
L 15 exported, running a current account deficit, or spending more than they‟ve
earned.
Trade deficits and surpluses are balanced by payments that make up the
difference. A country with a surplus can use the extra money to invest
abroad. A country with a deficit must look for loans or investments from
L 20 abroad. All of these payments and transfers of funds are added up in the
capital account.
The balance of payments is the widest measure of a country‟s trade. It
includes not only payments abroad, but the goods, services, and all transfers
of funds that cross international borders, since all trade in goods and services
L 25 is balanced by the international transfer of funds, the balance of payments
should add up to zero at the end of the accounting period.
I. READING
A. Main idea
38

1. The trade balance
2. The current account
3. The balance of payments
4. Trade deficits and surpluses
1. ……….. its inflow and outflow of goods, services, and payments. (line 1)
2. ……… that can be loaded on a ship or other means of transport. (line 8)
3. …… it includes only those tangible goods …….. (line 9)
A B
1. Payment a. a quantity much larger than is needed
2. Deficit b. an excess of liabilities over assets (usually over a certain
period)
3. Surplus c. the process of flowing in
4. Current account d. that part of the balance of payments recording a nation's
exports and imports of goods and services and transfer payments
5. Inflow e. the act of paying money
1. How is a country just like any business?
2. Are the merchandise trade balance and the trade balance the same? If no, what does
each of them deal with? If yes, what do they deal with?
3. What is the current account?
4. How can trade deficits and surpluses be balanced?
5. Why does the author say that the balance of payments is the widest measure of a
country‟s trade?
II. LANGUAGE FOCUS
39
A. Though/ although/ even though/ despite/ in spite of/ despite

All have similar meanings but in English they are used with different sentence
structures
After - though a clause
- although
- even though
But after - in spite of - a word or a group of words
- despite(without of) - a predecate, and often with a gerund (verb + ing)
Examples:
- Although she was rich, she still bought the cheapest food.
- Despite being rich, she bought the cheapest food.
B. Practice
Fill in the blanks with a suitable form of the above words
1. ………………….. the weather was very bad, we had a picnic.
2. ……………………the high prices, my daughter goes to the cinema every Saturday.
3. We took many photographs ……………………. the sky was cloudy.
4. …………her poor memory, the old woman told interesting stories to the children.
5. ……………………..all my careful plans, a lot of things went wrong.
6. …………………….being very tired, we kept on walking.
7. Keith decided to retire from his job ………………….. he was only 35.
8. We lost the match ………………….. we were the better team.
9. ………………….. not having eaten for 24 hours I didn‟t feel hungry.
10. ……………………he has a Vietnamese name, he is, in fact, American.
III. VOCABULARY
1. She told her son not to ……….. the street because she was afraid he would get hit
by a motorcycle.
2. The ………… has a surplus because exports exceed imports.
3. The police try to …………. of who owns which motorcycle, but it is difficult
because of the large number of unregistered motorcycles in the city.
40
4. They ………….. the pigs on the cycle to take them to the market.
5. After they …………. the total amount of taxes they had to pay, they saw that the
amount was more than their income.
6. The ………… of foreign investors to Vietnam now is very high and now it is hard
to find vacant hotel rooms.
7. An apple is something ……………………………………... you can touch it.
8. ………………… are things you can‟t see like banking or transportation services.
9. The government spent $100 million and had tax revenues of $90 million and they
………………….. the difference by borrowing money.
10. The ……….. of goods from Vietnam is balanced by an inflow of money to pay for
them.
11. The ………….. in this store includes shampoos, soaps, hairspray, cosmetics and
other beauty products.
12. There are advantages and disadvantages to investing in Vietnam, but it‟s the
……………………... that determines whether the investment is made.
13. She ……….. her money from Australia to Vietnam through an Australia bank.
14. Her house is not ………………. from the street, you can only see the garage.

V. NEW WORDS
1. To keep track of V theo dõi
2. Inflow N dòng vào
3. Outflow N dòng ra
4. To add up V cộng, tổng số lên tới
5. Bottom line N lợi hay lỗ
6. Merchandise N hàng hóa
7. Visible Adj hữu hình
8. Tangible Adj hữu hình (also touchable)
9. To load on V chất đống, chất tải
41
10. Invisibles N, Adj hàng hóa vô hình (dịch vụ)

11. Current account N tài khoản vãng lai
12. To make up V làm thành
13. Transfer N, V chuyển nhượng
14. To cross V vượt qua
15. Payment N sự chi trả
16. Business N buôn bán
17. Investment N sự đầu tư
18. To balance V cân bằng
19. Common Adj chung chung
20. Even though Conj thậm chí mặc dù
21. Transport N giao thông
22. Measure N thước đo
23. Surplus N thặng dư
24. Deficit N thâm hụt
25. Loan N khoản nợ
26. Capital N vốn
27. Border N biên giới, mép, viền
28. Accounting N sự thanh toán
29. Liability N khoản nợ
30. Excess N sự vượt quá
31. Asset N tài sản
32. To register V đăng ký
33. Vacant Adj trống, rỗng
34. Tax revenue N thu nhập từ thuế
35. Hairspray N keo xịt tóc
36. Cosmetic N mỹ phẩm
42
Unit 9
GDP AND GNP
L1 In every country, the production of goods and services provide the food,
clothing and housing that allow its people to survive and prosper. Some
countries produce an abundance of raw materials, such as coal and timber
while others produce manufactured goods like steel and automobiles. Some
L5 countries may concentrate on producing foodstuffs, like rice and butter while
others produce services such as movies, insurance or banking. Whatever is
not consumed in the country can be sold to other countries as exports.
The size of a country‟s economy is determined by the total amount of goods
and services that it produces. As more and more goods and services are
L 10 produced, the economy grows and the best way to measure this growth is to
put a monetary value on everything bought or sold.
The measure of economic activity that includes all the goods and services
bought or sold in a country over the course of a year is called gross domestic
product (GDP). GDP measures a country‟s economic activity, when a
L 15 country produces more goods and services, its economic activity increases. A
healthy economy grows steadily over a relatively long period of time. When
growth slows down or stops, the economy is said to be in a “recession”.
When the international activities of a country‟s residents, such as investment
abroad are added to GDP, a wider, more complete measure of a country‟s
L 20 total economic activity is created: gross national product (GNP). Both
measures express more or less the same idea. But GDP concentrates only on
the domestic production of goods and services covering the economic
activity which takes place within the country‟s borders, while GNP includes
net international trade (Export minus imports) and investment.
I. READING
A. Main idea
43
1. What is GDP?
2. What is GNP?
3. GDP determines the size of a country‟s economy
4. GNP measures both economic domestic and international activities
1. That allow its people ………………………………………….. (line 2)
2. …………………………………………………….. that it produces (line 9)
3. ……………… its economic activity ……………………………… (line 15)
4. …………. which takes place ………………………………….. (line 23)
1. a lot of
2. manufacture
3. home-product used
4. import
5. deficit
6. inland
1. What are coal and timber examples of?
2. What happens to goods not consumed in the country?
3. How is the size of a country‟s economy determined?
4. What is the best way to measure economic growth?
5. What is GDP?
7. What is a recession?
8. How is GNP different from GDP?
II. LANGUAGE FOCUS

A. Verb patterns
44
Infinitives - to + verb
- Some verbs are followed by the infinitive from as in “to tend to discourage”. Other
common verbs that are followed by the infinitive from of the verbs include:
To hope to, to plan to To seem to, to appear to
To intend to, to decide to To pretend to, to ask to
To promise to, to agree to To expect to, would like to
To offer to, to refuse to Want to, Need to
- Some verbs are followed by a pronoun then an infinitive as in “to lead someone to
ask”. Other common verbs that follow this pattern are:
To force __________ to To tell ______________to
To encourage _________ to To remind ___________ to
To invite _____________ to To permit ___________ to
To allow ______________ to To require ___________ to
To order ______________ to To ask ______________to
To expect _____________ to Would like ___________to
To want ______________ to To need _____________to
- Some verbs are followed by either a gerund or an infinitive as in “to begin to rise” or
“to begin rising”. Other verbs following this pattern are:
To prefer To start
To continue To like
To love To hate
Verbs followed by the gerund
In the Previous section we listed some verbs that are followed by the infinitive and a
few that could be followed by either an infinitive or a gerund. Below is a list of verbs
that require a gerund to follow them.
Enjoy Avoid
Appreciate Postpone (put off)
Mind Delay
Quit (give up) Keep (keep on)
Finish (get through) Consider (think about)
Stop Discuss (talk about)
45
Mention Suggest
B. Practice
Ex 1: Make sentences from the given words:
1. Enjoy + watch TV
2. Finish + eat dinner
3. Stop + rain
4. Avoid + answer my question
5. Delay + start the class
6. Consider + go to the NEU
7. Discuss + go to a movie
8. Suggest + go to a picnic
9. Think about + get a job
Ex 2: Complete these sentences using a gerund or infinitive
1. We‟re going out to dinner. Would you like ………………………… us?
2. Tam avoided …………………….. at me
3. Kinh didn‟t have any money, so he decided ……………………. a job
4. The teacher reminded the students ………………………. for their test.
5. Do you enjoy …………………………. soccer?
6. Mrs.Van promised ………………………. tomorrow.
7. My boss expects me ………………………. this work as soon as possible.
8. I don‟t mind ……………………….. alone
III. VOCABULARY
1. Electricity is too expensive so they cook with ……………………………………….
2. Ninety – five …………………………………………….. sixteen is seventy – nine
3. She speaks English very well and is able to ……….. ……….. her ideas clearly.
4. In Vietnam we …………… distance in kilometers, in America we use miles.
5. Everyday she ……………………………………….… about 1 kilogram of rice.
6. ………………………… is used for making furniture or for building houses.
7. In Vietnam there is an ………………………………………… of rau muong.
46
8. ………… profit is the profit that remains after paying all the expenses and taxes.
9. There are several large ……….. companies in Japan including Toyota, Honda and
Nissan.
10. They bought health ……….. so if they are sick and must go to the hospital they
won‟t have to use their own money to pay the costs.
11. Incomes have been increasing …………. and now people have enough money to
buy enough food and clothes.
12. She is living in Vietnam so she is a ……………………………….. of Vietnam.
13. Vietnam should develop its ………… industry since most of the people in
Vietnam are farmers.
14. They ………… the war by hiding in tunnels in Cu Chi.
15. ………….. is an important raw material used in making automobiles and railroads.
16. It is very hard to ………… on studying when people are talking or watching TV.
17. If you export …………. you will earn less money than if you make them into a
final product to export.

V. NEW WORDS
1. To survive V sống sót
2. Abundance N sự dồi dào
3. Raw materials N nguyên liệu thô
4. Coal N than
5. Timber N gỗ
6. Steel N thép
7. Automobile N xe ô tô
8. Concentrate V tập trung
9. Foodstuffs N thực phẩm
10. Insurance N bảo hiểm
47
11. To consume V tiêu dùng

12. Measure V, N đo lường, tính toán
13. Course N khóa, năm
14. Steadily Adj nhanh
15. Resident N cư dân
16. To express V biểu thị
17. Net Adj dòng
18. Minus Prep trừ
19. To fluctuate V dao động
20. Average N trung bình
21. Annual Adj hằng năm
22. To vary V thay đổi
23. Significantly Adv quan trọng
24. Pattern N mô hình
25. Contraction N sự thu hẹp
26. Turning point N điểm ngoặt, bước ngoặt
27. Peak N điểm đỉnh
28. Trough N điểm đáy
29. Phrase N giai đoạn
30. To define V xác định
31. Cyclical Adj theo chu kỳ
32. Irregular Adj ngoại lệ, bất quy tắc
33. Magnitude N độ lớn
34. To stabilize V làm cho ổn định
35. Electricity N điện
36. Automobile N ôtô
37. Railroad N đường sắt
38. Raw material N nguyên liệu thô
39. Expense N chi phí
48
Unit 10
INFLATION AND GROWTH
L1 Countries with different rates of inflation have been able to achieve long
periods of growth. But high and unstable inflation is likely to reduce growth
by creating an unstable economic climate, causing distortion in relative
prices and using up resources.
L5 Inflation requires frequent price adjustments. These tend to make the
information obtained from relative prices unclear. Entrepreneurial effort is
diverted from long - term production and investment decisions to short - term
financial matters. Distortions in key prices such as the real interest rate and
the real exchange rate are also likely to hinder growth.
L 10 Inflation may also worsen the distribution of income by hurting low-income
groups (which tend to keep a larger share of their assets as cash) more than
other groups. High rates of inflation can lead to non-productive expansion of
the financial system. The demand for financial intermediation services rises
with the public‟s attempt to protect the real value of its assets. This waste of
L 15 resources is caused by a demand for services that existed only because of
high inflation.
I. READING
A. Main idea
1. The relationship between inflation and growth
2. The effect of inflation to the economy
3. Does inflation matter when money incomes go up at the same rate as prices?
4. Inflation worsen the distribution of income
1. These tend to make the information ……………………. (line 5)
49
2. ……………. public‟s attempt to protect the real value of its assets. (line 14)
3. …………… that existed only because of high inflation. (line 15)
Find the verb or adjective from the text that corresponds to the following nouns
1. achievement
2. frequency
3. entrepreneur
4. product
5. protection
6. distribute
7. diversion
8. existence
9. hindrance
D. Comprehension Question
1. It is necessary to have low inflation to have long periods of growth?
2. How can high inflation reduce growth?
3. How does inflation worsen the distribution of income?
4. What can high inflation result in?
5. Under high inflation, what happens to the demand for financial services?
II. LANGUAGE FOCUS

A. Gerund as subjects and objects of sentences
 Gerund can be subjects of sentences
Eg : Living in a foreign country can be very difficult
 Gerund can be objects of sentences
Eg : What time did you finish reading last night ?
B. Practice
Ex 1: Match the beginning of the sentences (1-6) with the ending (a-f)
50
A B
1. Giving employees shares a. is difficult without local contacts
2. Flying business Class b. can make overseas trips less stressful
3. Taking over other businesses c. can help to increase motivation
4. Becoming a fully – qualified d. is one of the government‟s priorities
doctor e. takes about seven years
5. Breaking into the Japanese market f. is one of the way of increasing market
6. Getting unemployment down shares
Ex 2: Complete these sentences with a verb in « ing » form
1. I‟ll never forget (see)……………………..her for the first time.
2. A lot of business people on this country object to (pay)………………..such high
taxes.
3. I am not aware of any regulations chat should prevent us from (export)……………
to those countries.
4. They have imposed restrictions on the (sell)…………………….of certain electronic
goods.
5. If a country has a floating currency, importers and exporters may have to keep
(change)……………………..the prices of their goods.
III. VOCABULARY
1. The U.S trade embargo may be ……………….. U.S business more than Vietnam
because other countries like Japan, France, and Australia have already started
businesses in Vietnam.
2. He makes ……… visits to Ho Chi Minh City, about once every two weeks
3. Parents try to …………….… their children from danger, but it is very difficult in
modern society.
4. The …………… for investment in Vietnam is very favorable
5. With the economic reforms the government hopes to …………….…. a significant
increase in living standards within the next 10 years.
51
6. The U.S trade embargo ………….……. but does not stop Vietnam‟s attempts to
obtain more aid, trade and investment.
7. The interest rate minus the inflation rate equals the ……………… interest rate.
8. His ……………..…. activities were very successful and now he is the president of a
company worth over $20 million.
9. The aid money was …………………… from the development projects to the
pockets of officials.
10. There are ……….……. in the voice on the tape because the hot sun damaged it.
11. They are called …………… workers because they are not used in the direct
production of goods, but rather in the management of the company.
12. They ………….……. to interview Vo Van Kiet, but he was too busy for them.
13. Banks provide a form of ………….… between people with money to save and
those who want to borrow.

V. NEW WORDS
1. To achieve V đạt đến
2. Climate N môi trường, khí hậu
3. Distortion N méo mó, sai lệch
4. Frequent Adj thường xuyên
5. Entrepreneurial Adj thuộc doanh nghiệp
6. To devert from V chệch hướng
7. Real Adj thực
8. To hinder V cản trở
9. To hurt V làm tổn thương
10. Non-productive Adj phi sản xuất, không hiệu quả
11. Intermediation N môi giới
12. To attempt V cố gắng
52
Unit 11
MONEY AND ITS FUNCTION
L1 The concept of money: Money is a commodity accepted by general consent

as a medium of economic exchange. It is the medium in which prices and
values are expressed. It circulates from person to person and country to
country, then facilitating trade, and it is the principal measure of wealth.
L5 The functions of money: All modern societies use money. With money
people can easily trade goods and services with one another. That is money
promotes trade. Money serves a medium of exchange, a measure of or a unit
of account, a store of value and a standard of deferred payments. We discuss
each of these functions of money in turn.
L 10 a. Money as a Medium of Exchange: Workers exchange labor services
for money. People buy or sell goods in exchange for money. Money is a
medium through which people exchange goods and services.
What is a medium of exchange? A medium of exchange is anything that is
widely accepted in payment for goods and services and in settlement of
L 15 debts. Money is the most common medium of exchange.
b. Money as a Measure of Value: The second function of money is as
a measure of value. Just as we need measurements for distances, weights, and
energy, so we need measurements for the value of things offered at the
market. Money measures value in its units of accounts. The unit of account is
L 20 the unit in which prices are quoted and account are kept. In Britain prices are
quoted in pound sterling. In the United States dollar, and in Vietnam VND,
the use of such units helps simplify the exchange of goods.
c. Money as a Store of Value: Money also functions as a store of
value. Money is a store of value because it can be used to make purchases in
L 25 the future. This means that if we choose not to buy with our money today, we
can save it to buy in the future. If money were a perfect store of value, we
could buy the same amount of money. But money does function poorly as a
53
store of value when there is inflation in the economy.

d. Money as a Standard of Deferred Payments: The last function of
L 30 money is as a standard of deferred payments or unit of account over time.
When you buy something but do not pay for it immediately, your payment is
expressed in terms of money to be paid in the future. With the wide use of
installment buying, this function of money has become increasingly
important.
I. READING
A. Main idea
1. What is money?
2. Money and its functions
3. The functions of money
1. It circulates from person to person ………………………. (line 3)
2. ……….. through which people exchange goods and services. (line 12)
3. that is widely accepted in payment for goods and services and ……….. (line 13)
Find the words in column A with theirs definition in column B
A B
1. Consent a. a system for paying for goods by installments
2. Money standard b. the currency used as a basis for valuation of national
currencies
3. Barter economic system c. permission to do something
4. Installment buying d. exchange goods without involving money
54
1. What is money?
2. What are the functions of money?
3. What is a medium of exchange?
4. What is a unit of account?
5. What is a standard of deferred payments?
II. LANGUAGE FOCUS

A. Gerund used after preposition
If a verb follows a preposition, it must be followed by the gerund form, i.e.the noun
formed by add “ing‟ to a verb.
Eg: Before going out, I phone my husband
Without getting an increase in salary, I will quit.
Note:
Be careful with the preposition “to” because this preposition is part of the infinitive
form of verb, when an infinitive followed the conjugated verb the gerund will not
allow” to”
E.g: I want to play tennis. [Want is one of the verbs that requires the infinitive form of
the verb to follow it.]
B. Practice
Ex 1: 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.
6. She paid for her class by word as a waitress.
7. By learn English she increased her ability to find a job.
8. Instead of go to Metropolis, we ate at home.
9. He was angry with me for be late.
10. In spite of her hurt hand, she cooked dinner.
Ex 2: Complete the following sentences
55
1. Susan is in charge of ………………………the meeting.

2. You are capable of……………………….better work.
3. Jame is interested in…………………….for a new job.
4. The heavy rain prevented us from……………………..to cinema.
5. Thanh you for ……………………..me to carry the packages to the post office.
6. Laura had a good reason for not………………………to class yesterday.
7. I apologized to Jane for…….waiting for me.
III. VOCABULARY
taxation, money, stable, growth, inflation, economy
1. If an ……….…. has low ………….... and steadily growth over several years, we
could say that it has been attained.
2. Many people try to avoid ………. because they want to keep their money for
themselves instead of giving it to the government.
3. The dollar is very …………………… currency since its value change very little
during the year.
4. …………….….. is a commodity accepted general consent as a medium of
economic exchange.
5. The economic ………………..… rate of Vietnam last year was about 7%.
sentences in column B to make a definition
1. Aid is a. money to a firm, company or individual when and
where it is needed
2. Income is b. goods and services sold to other countries
3. Finance is the supply of c. money coming into a business
4. Inflation is d. assistance by rich developed countries to poorer
developing countries
5. Exports are e. an increase in money supply introducing a reduction
in value of the currency
56

V. NEW WORDS
1. Consent N sự ưng thuận, sự chấp nhận
2. Medium N phương tiện
Medium of exchange N phương tiện trao đổi
3. Circulate V luân chuyển, lưu hành
4. Standard N bản vị
Money standard N bản vị tiền tệ
Commodity standard N bản vị hàng hóa
5. Barter N sự đối lưu hàng hóa, hàng đổi hàng
Barter economic system N hệ thống kinh tế hàng đổi hàng
6. Token N qui ước
Token money N đồng tiền qui ước
7. Installment buying N mua trả góp
8. To facilitate V làm cho dễ dàng, thuận tiện
9. Principal Adj chính, chủ yếu
10. Wealth N của cải
11. Function N chức năng
12. To promote V thăng tiến
13. To serve V phục vụ
14. Store N kho
15. Defferred payment N trả chậm
16. In turn Conj lần lượt
17. Widely Adv rộng khắp
18. To accept V chấp nhận
19. Settlement N sự định cư, sự giải quyết
20. Sterling Adj, N có giá trị, đồng bảng Anh
21. To simplify V đơn giản hóa, làm đơn giản
57
Unit 12
FISCAL AND MONETARY POLICY
L1 The two main types of macroeconomic policies are fiscal and monetary
policies. The two policies are interrelated.
Fiscal policy is carried out by the Ministry of Finance and can be divided
into two parts, government expenditures and taxation. These two parts
L5 determine whether the government has a deficit or surplus in its budget. A
careful fiscal policy is the basis of a stable macro economy. Taxes and public
(public = government) spending can affect resource allocation. Fiscal deficits
affect both the balance of payments and the rate of inflation.
Monetary policy in developing countries follows fiscal policy. Printing of
L 10 money is often the source of financing for government spending. If the
central bank has to finance a big deficit, it may be unable to implement a
restrictive monetary policy to control inflation.
If a deficit is financed by printing more money than the public wants to have,
prices will rise. Inflation causes the real value of personal financial assets to
L 15 fall. But is also induces people to buy assets such as gold, dollars or real
estate which will not lose value with inflation.
When a budget deficit is financed by excessive domestic borrowing, it can
lead to higher interest rates because of the high demand for money. These
high rates can make it too expensive for the private sector to borrow money.
L 20 Government deficits must be brought down with cuts in spending, or through
higher taxes. If spending cuts are not made governments eventually have to
print money to finance their deficit, making inflation unavoidable.
I. READING
A. Main idea
1. What does fiscal policy consist of?
58
2. The role of fiscal policy in an economy

3. Printing money can cause inflation
4. How should the government carry out fiscal and monetary policy?
1. The two policies are ……………………………………………………... (line 2)
2. These two parts determine ………………………………………………. (line 4)
3. ……………… it may be unable ………………………………………… (line 12)
4. ……………… which will not lose ……………………………………… (line 16)
5. …………….. to finance their deficit …………………………………… (line 22)
1. impossible
2. to carry out
3. to increase
4. unstable macro economy
5. deficit
6. to save
D. Comprehension Question
1. What are the two main types of macroeconomic policies?
2. What are the two parts of fiscal policy?
3. What do these two parts determine?
4. What do fiscal deficits affect?
5. What happens if the government prints more money than people want to have?
II. LANGUAGE FOCUS

A. Get + Past participle
1. When we are talking about things that are done suddenly, unexpected or by chance:
Eg: He got caught by the police driving at 60 kilometers per hour through Cambridge
59
2. When we are talking about things that we do to ourselves:

Eg: When the alarm clock rang, he got up quickly and got dressed
B. Practice
Turn the following sentences into passive using get + past participle
1. Somebody broke the window last night.
2. The burglars cut a big hole in the door
3. A rainstorm flooded our camp
4. Students are doing a lot of work
5. They feed the tigers at the zoo twice a day
6. Lightning struck the big tree
7. People must not leave bicycles in the hall
III. VOCABULARY
1. There are some …………….. to help poor people, but NGOs (Non – governmental
organizations) are also important.
2. He must stop his ………….. spending, or else he will not have enough money to
feed himself.
3. If you study very hard for a very long time, you will be to …….………. able speak
English well.
4. After you finish writing your book, our factory can ……………….. it for you.
5. Many people try to avoid ……………… because they want to keep their money for
themselves instead of giving it to the government.
6. His mother has very ………………. rules, he must be at home before 8p.m and he
can‟t bring his girlfriend home.
7. The company will …………….. their plan after they have enough money to do it.
8. The dollar is a very ……………… currency since its value only changes very little
during the year.
9. The high tax on cigarettes ……………… him to quit smoking.
10. She has many ………………… including a car, a house, and a television.
60
11. The ……………. of opportunities to study at this university should be based on the
student who has the highest ability, not who has the most money.
12. The company ………………… it‟s new machinery with a loan from the bank.
13. …………………. includes land and all the buildings on it.
14. The ………………….. is a record of payments to other countries and receipts from
other countries.
15. They ……………..……. a very difficult project that helped to increase incomes in
rural areas.
16. My household ……………..…… includes spending on housing, food, telephone,
electricity and clothes.

V. NEW WORDS
1. To carried out V thực hiện, tiến hành
2. Taxation N thuế
3. Budget N ngân sách
4. Stable Adj ổn định
5. Public N, Adj chính phủ, quốc gia
6. Allocation N sự phân bố
7. Balance of payments N Sự cân bằng trong cán cân thanh toán
8. To print V in
9. To finance V cung cấp, tài trợ
10. To implement V thực hiện
11. Restrictive Adj chặt chẽ, khắt khe
12. Asset N tài sản
13. To induce V khiến
14. Real – estate N bất động sản
15. Excessive Adj quá mức cho phép
61
16. Eventually Adv cuối cùng

17. Unavoidable Adj không thể tránh được
18. Sector N khu vực, ngành
19. Tto V dùng, sử dụng
20. Infrastructure N cơ sở hạ tầng
21. Construction N xây dựng
22. Venture N kinh doanh mạo hiểm
23. Joint venture N liên doanh
24. Partner N hội viên
25. Contribution N sự đóng góp
26. To accue V dồn về, cộng về
27. Initial Adj ban đầu
28. Duration N thời hạn
29. Extension N sự mở rộng
30. To recruit V tuyển mộ
31. Instance N trường hợp
32. Expropriation N sự tước đoạt
33. Requisition N trưng thu
34. To remit V chuyển gửi
35. Expenditure N phí tổn, sự tiêu dung
36. Taxation N thuế
37. Interest rate N lãi xuất
38. Budget N ngân sách
39. Spending N chi tiêu
40. Rate N tỷ lệ
41. To control V kiểm soát, điều khiển
42. Domestic Adj thuộc trong nước, nội địa
43. To induce V kết luận, quy vào
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Unit 13
FUNDING THE BUSINESS
L1 To ensure a company‟s long-term survival and prosperity, finance

managers need to make decisions about the gearing of the company.
Gearing is the relationship between equity capital invested in the business
and long-term debt. The higher gearing is (in other words, the greater the
L5 proportion of long-term debt), the more exposed the company is in terms
of economic difficulty.
The first form of equity is owner‟s capital. This is the most exposed form
of capital since a return is received only after all other calls on company‟s
profits have been satisfied. In an extreme case-bankruptcy-the owner‟s
L 10 equity will be repaid only after everyone else, including employees,
creditors, banks, etc, has received what they are owned. On the other
hand, in successful times, the owners have a claim on all the net profit of
the company.
An owner does not need to rely on his or her own funds. He can go to
L 15 other sources of equity finance. There are three main sources: firstly
venture capital: this is usually provided by venture firms interested in
financing high-growth companies. However, the provider usually
demands a much faster and higher rate of return than an owner would
expect from his/her own capital. On the other hand, Venture Capital
L 20 Company does not usually interfere in the running of the company.
Another source of equity finance is the unlisted securities market-
sometimes called the second or third market. This has the advantage of
allowing a company to raise money from outside investors without losing
much control of the company.
L 25 The last source is available only to large companies - the Stock Exchange.
If a company gains a listing on the Stock Exchange, this will provide the
long - term opportunity of raising capital by issuing fresh shares.
63
However, at least 25 percent of the equity must be public hands-thereby

reducing the control of the original owners.
L 30 Companies prepared to increase their gearing can raise capital through
long-term loans. They can go to sources such as the clearing banks,
merchant banks and even pension funds. However, in all three cases they
will usually secure their debt over the fixed assets of the business and, of
course, interest must be paid, usually linked base rate.
L 35 In terms of prosperity, a high gearing will give the owners a much better
return as net profits will be a much higher percentage of equity after
interest payments on the long-term debt. However, in harder times, the
owner‟s earnings will drop dramatically as interest payment soak up most
of the company‟s profits.
I. READING
A. Main idea
1. The Stock Exchange
2. Venture Capital Company
3. The business funding
1. He can go to other sources of equity finance. (line 14)
2. …….. this will provide the long - term opportunity of raising …………(line 26)
3. ……….. their debt over the fixed assets of the business and …………… (line 33)
A B
1. Gearing a. the ownership interest of shareholders in a corporation
2. Equity b. risky business
3. Bankruptcy c. commercial bank
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4. Venture d. the relationship between equity capital invested in the business

and long-term debt
5. Merchant bank e. a state of complete lack of some abstract property
1. What is gearing?
2. What is the most exposed form of capital? Why?
3. How many sources of equity finance are there? What are they?
4. What can companies prepared to increase their gearing do?
5. Why will a high gearing give the owners a much better return in terms of
prosperity?
II. LANGUAGE FOCUS

A. Passive Voice: present tense
The passive is formed by using the verb be and the past participle
The present tense passive is formed with is, are, am + past participle
*We ofen use the passive to focus on something that happenes to someone, when we
do not want to focus on the person who does the action:
E.g: About 85% of the world‟s rubber is produced in the Far East
FORM
Affermative S +BE +PAST PARTICIPLE
Negative S + BE +NOT +PAST PARTICIPLE
Interrogative BE +S + PAST PARTICIPLE?
B. Practice
- The economy (say) to be in a recession
- The economy is said to be in a recession
1. He (consider) to be the best student in our class
2. They (believe) to have left for Hong Kong
3. He (think) to be a patient man
4. They (suppose) to be gold diggers
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5. They economy (expect) to grow 5% this year

6. That teacher (know) to be very strict
7. Total per capital income (report) to be $200 per year.
8. Teachers (expect) to know everything
III. VOCABULARY
securities, raise, achieved, bonds, funds, stock, set
1. An owner does not need to rely on his or her own ……..

2. The ……. exchange rules are more formal than the USM
3. The banks will be more cautious than the ………. markets
4. Company targets are …………. every year
5. Companies can …………. capital through long-term loans.
Ex 2: Fill in the correct preposition to complete each sentence
1. Supply is relative ………… demand
2. We must find new foreign markets …………. our products
3. The new tax system will soon be put ……….. effect
4. The capitalist system is based ……….. the profit motive
5. Tariff is a tax …………. certain imported items.

V. NEW WORDS
1. Fund N vốn, quỹ
2. To provide money for V cấp vốn, cấp ngân sách
3. Gearing N tỷ số vốn vay
4. Exposed Adj may rủi
5. Equity N vốn cổ phần
66
6. Equities N cổ phiếu thường

7. Equity capital N vốn cổ phần thường
8. Bankruptcy N tình trạng phá sản
9. Proportionate Adj tương ứng, theo tỷ lệ
10. To ask for money V hỏi xin tiền
11.Venture N việc kinh doanh mạo hiểm
12. Run V quản lý tổ chức
13. Merchant bank N ngân hàng thương nhân, ngân hàng thương mại
14. Clearing bank N ngân hàng bù trừ, ngân hàng thương nghiệp
15. Finance N tài chính, tiền tài trợ
16. Money available N khả năng tài chính
17. To provide money of V cấp tiền vốn cho
18. Securities N chứng khoán
19. Stock N cổ phiếu
20. Stock broker N người môi giới chứng khoán
21. Stock controller N người kiếm soát hàng hóa
22. Stock exchange N thị trường chứng khoán
23. Public N công, công cộng
24. Interest N tiền lãi
25. Interest rate N lãi xuất
26. Dramatically Adv nhanh chóng, sâu sắc
27. To soak up V thu hút, rút tiền của ai bằng cách thu thuế nặng
28. To fluctuate V dao động bất thường
29. Fluctuation N sự dao động
30. Listed on the stock N thị trường chứng khoán không đăng ký (không
exchange chính thức)
31. Risky Adj liều lĩnh, mạo hiểm
32. Shareholder N cổ đông
33. Recession N suy thoái
34. Cautious Adj cẩn thận, thận trọng
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Unit 14
BANKING BUSINESS
L1 The essential characteristic of the banking business may be described within

the framework of a simplified balance sheet. A bank‟s main liabilities are its
capital and deposits. The latter may be from domestic or foreign sources.
They may be repayable on demand or repayable only after the lapse of a
L5 period of time. A bank‟s assets include cash, liquid assets, investments or
securities, loans and advances made to customers of all kinds, though
primarily to trade and industry and finally the banks, premises, furniture, and
fittings.
The bulk of the resources employed by a modern bank consists of borrowed
L 10 money which is lent out as profitably as is consistent with safety. In so far as
an increase in deposits provides a bank with additional cash, the increase in
cash supplements its loanable resources and permits a more than
proportionate increase in its loans.
In banking, confidence on the part of the depositors is the true basis of
L 15 stability. Confidence is steadier if there exists a central bank to act as a
“lender of last resort”. Another means of maintaining confidence employed
in some countries is deposit insurance which protects the small depositor
against loss in the event of a bank failure.
Such protection was the declared purpose of the “nationalization” of bank
L 20 deposits in Argentina between 1946 and 1957; banks receiving deposits acted
merely as agents of the government – owned and government – controlled
central bank, all deposits being guaranteed by the state.
I. READING
A. Main idea
1. The important characteristic of the banking business
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2. The characteristics of banking business

3. The confidence in banking business
1. ……………… which is lent out as profitably as is consistent with safety. (line 10)
2. ……………… its loanable resources and permits …………….. (line 12)
3. …………… which protects the small depositor against ………………… (line 17)
A B
1. Deposit a. furnishings and equipment
2. Balance sheet b. money is put into a bank account
3. Fittings c. assets in the form of cash (or easily convertible into cash)
4. Liquid assets d. something kept back or saved for future use or a special
purpose
5. Reserve e. a record of the financial situation of an institution on a
particular date by listing its assets and the claims against those
assets
1. What are a bank‟s main liabilities?
2. What do a bank‟s assets include?
3. What happens to a bank when there is an increase in deposits?
4. What is the true basis of stability in banking?
5. What was the declared purpose of the “nationalization” of bank deposits in
Argentina between 1946 and 1957?
II. LANGUAGE FOCUS

A. Passive Voice: present perfect tense
E.g: Many investors have raised a lot of stocks for a week
69
→ A lot of stocks have been raised by many investors

B. Practice
Rewrite these sentences using the passive voice
1. The corporation‟s sales and service organization has covered the country
→ The country …………………………………………………………………
2. They have satisfied a company‟s profits recently
→ A company‟s profits …………………………………………………………
3. They have enlarged the premises since last month
→ The premises…………………………………………………………………
4. We have improved our economy for over three years
→ Our economy …………………………………………………………………
5. The customers have to receive the delivery by Friday
→ The delivery ……………………………………………………………………
6. Our government has provided a lot of money for our education
→ A lot of money …………………………………………………………………
III. VOCABULARY
order, depositor, determined, growth, inflation, economy
1. The ……….. is expected to grow 5% this year.
2. The …………. arrived late but we were able to supply the goods on time.
3. In banking confidence on the part of the ………… is the true basis of stability.
4. The safe ratio is ………. largely through experience.
5. The economic ………… rate of Vietnam last year was about 10%.
sentences in column B to make a definition
A B
1. Debt is a. money into business
2. Capital is b. sum of money lent
3. To invest is to put c. the purchase by individuals and institutions of one country‟s
70
assets or firms in another country

4. Exchange rate is d. money usually in large amounts for investment
5. Foreign investment is e. the value of one currency in terms of another

V. NEW WORDS
1. Balance sheet N bảng tổng kết tài sản
2. Liabilities N công nợ
3. Reserve N vốn để dành, vốn dự trữ
4. The lapse of a period N sau một thời gian
5. Deposit N tiền gửi
6. Liquid assets N tài sản lưu động, tài sản dễ thanh tiêu
7. Premise N bất động sản
8. Fittings N đồ đạc, các vật dụng
9. Supplement V bổ sung vào
10. Confidence N lòng tin
11. Nationalization N quốc hữu hoá
12. Essential Adj quan trọng, cần thiết
13. Characteristic N đặc điểm
14. To describe V miêu tả
15. Capital N vốn
16. Repayable Adj có thể trả lại, hoàn trả
17. Cash N tiền mặt
18. Security N sự an toàn, an ninh
19. Bulk N trọng tải hàng hóa, phần đông
20. Consistent Adj phù hợp
21. To permit V cho phép
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Unit 15
FINANCE
L1 Finance is concerned with providing funds to individuals, businesses and

governments. Finance allows these entities to use credit instead of cash to
purchase goods and invest in projects. For example, an individual can borrow
money from a bank to buy a home. And industrial firm can raise money
L5 through investors to build a new factory. Government can issue bonds to
raise money for projects.
Finance plays an important role in the economy. As banks, credit unions, and
other financial institutions provide credit, they help to expand the economy
by directing funds from savers to borrowers. For example, a bank acquires
L 10 large amounts of money from the deposits of individual savers. The bank
does not let this money sit idle but instead provides loans to borrowers who
might then build a house or expand a business. The savings of millions of
people percolate through many financial institutions spurring economic
growth.
L 15 A wide variety of financial institutions have different roles in finance and the
economy. Some institutions act as an intermediary among consumers,
businesses, and governments by lending out deposits. Other institutions, such
as stock exchanges, provide a market for existing securities, which include
stocks and bonds. Stock exchanges encourage investment because they
L 20 enable investors to sell their securities when they need arise.
Many aspects of finance are studied individually. Corporate finance centers
on how businesses can best raise and spend their funds. Public finance
focuses on the financial role of federal, state, and local governments.
I. READING
A. Main idea
72
1. The function of finance

2. The role of finance
3. The overview of finance
1. ……………….. they help to expand the economy by directing funds from savers to
borrowers. (line 8)
2. ……………….. who might then build a house or expand a business. (line 11)
3. ………….……….. sell their securities when they need arise. (line 20)
A B
1. Allow sbd/ sth to do sth a. Related to or be about sth
2. Be concerned with sb/ sth b. Concentrate on sth
3. Focus on sth c. Be important/ necessary
4. Acquire sth d. Permit sb to do sth or let sb/ sth do sth
5. Play an important role in sth e. Gain for oneself, come into possession of
1. What is finance concerned with?
2. How can an industrial firm raise money?
3. Prove that finance plays an important role in the economy
4. State the different roles of financial institutions in finance and economy
5. What does public finance focus on?
II. LANGUAGE FOCUS

A. Passive Voice: Modal verbs
S + can/could/ may/might/should/will/shall/… + be + Past Participle
Eg: The window can be opened by him.
B. Practice
73
Complete the following passage, using the verbs in brackets

The offer of employment (1)……………….. (may/ express) directly or it
(2)…………………. (may/ imply) by conduct. It (3)……………………….
(must/communicate) to the employee. The offer (4)……………………….. (can/
withdraw) at any time before acceptance. After the contract is made every employee
(5)………………………. (must/ give) a written statement of terms and conditions of
employment.
III. VOCABULARY
finance, consumer, achieved, set, bonds, inflation, economy
1. ……….. spending will fall if the government raises taxes

2. Increased productivity has been ………….. by using better trained staff
3. Finance plays an important role in the ………….
4. Company targets are ………. every year
5. Government can issue …………. to raise money for projects
Ex 2: Choose the correct answers
1. Market economy is a system of producing wealth based on the free operation of
business and trade …………. government controls
A. within B. without C. of D. under
2. Liability is the amount of debt that …………….. paid
A. must be B. can not be C. has to D. had to
3. Closed economy is the economy of a country that does not participate in
international trade and ………… no export, import, or economic transactions with any
other country
A. are of B. have C. has D. does not have
4. Asset is the ………. of a person, company etc, that has value and that may be sold
to pay a debt
A. property B. poverty C. prosperity D. prospect
74
5. Budget deficit occurs in a government budget when government revenue is less than
government …………..
A. turnover B. expenditure C. expenses D. income
Ex 3: Complete the following sentences with the correct forms of the word “finance”
1. The project was partly ………… by a government grant.
2. Hanoi and Ho Chi Minh are major …………. centers.
3. What are the companies‟ …………. like at the moment?
4. A person who is engaged in ……… businesses on a large scale is called a …………

V. NEW WORDS
1. Allow ab/ sth to do sth V cho phép ai làm cái gì
Permit sb to do sth or let sb/ sth do sth
2. Instead of Prep thay thế, thay cho
Replacement to sb/ sth
3. Be concerned with sb/ sth V đề cập, liên quan đến
Related to or be about sth
4. Play an important role in sth V đóng vai trò quan trọng
Be important/ necessary
5. Focus on sth V tập trung vào
Concentrate on sth
6. Encourage sb/ sth to do sth V khuyến khích, khích lệ
7. Acquire sth V có được, đạt, giành được
Gain for oneself, come into possession of
8. Productivity N năng suất, hiệu suất
9. Operation N quá trình hoạt động
10. Transaction N sự giao dịch
11. Turnover N doanh thu
75
Unit 16
TAXATION
L1 Most of the money to run the Government comes from taxes of all sorts – on
personal and corporate incomes, on sales of goods, on imports and on
inheritances. The ultimate source of all tax money is the same – people.
The primary function of taxation is, of course, to raise revenue to finance
L5 government expenditure, but taxes can also have other purposes. Indirect
excise duties, for example, can be designed to dissuade people from
smoking, drinking alcohol, and so on. Government can also encourage
capital investment by permitting various methods of accelerated depreciation
accounting that allow companies to deduct more of the cost of investments
L 10 from their profit, and consequently reduce their tax bills.
There is always a lot of debate as to the fairness of tax system. Business
profit, for example, are generally taxed twice: companies pay tax on their
profits (corporation tax in Britain, income tax in the USA), and the
shareholders pay income tax on dividends. Income taxes in most countries
L 15 are progressive, and are one of the ways in which governments can
redistribute wealth. The problem with progressive taxes is that the marginal
rate – the tax people pay on any additional income – is always high, which is
generally a disincentive to both working and investing. On the other hand,
most sales taxes are slightly regressive, because poorer people need to spend
L 20 a larger proportion of their income on consumption than the rich.
The higher the tax rate, the more people are tempted to cheat, but there is a
substantial „black‟ or „underground‟ economy nearly everywhere. In Italy,
for example, self – employed people whose income is more difficult to
control than that of company employees – account for more than half of
L 25 national income. Lots of people also have undeclared part – time jobs (some
people call this „moonlighting‟) with small and medium – sized family firms,
on which no one pays any tax or national insurance. At the end of 1996, the
76
Director of the Italian National Institute of Statistics calculated the size of the
underground economy, and added 16.7 % to Italy‟s gross national product
L 30 (GNP) figure, and then claimed that Italy had overtaken Britain to become
the world‟s fifth largest economy.
I. READING
A. Main idea
1. The definition of taxation
2. The function of taxation
3. The overview of taxation
1. ……….. to deduct more of the cost of investments from their profit …….. (line 10)
2. …………. in which governments can redistribute wealth ……………….. (line 15)
3.……. to control than that of company employees – account for more …… (line 24)
A B
1. Progressive tax a. To give sb/ sth a false appearance
2. Regressive tax b. A tax that takes a larger percentage from low-income
people than from high-income people
3. Perquisite c. A voluntary gift
4. Donation d. An incidental benefit awarded for certain types of
employment (especially if it is regarded as a right)
5. To make sb/ sth look e. A tax that takes a larger percentage from the income of
or sound different from high-income people than it does from low-income people.
normal
77

1. What is the primary function of taxation?
2. What can taxation be designed to dissuade?
3. What is the problem with progressive taxes?
4. Why are most sales taxes unfair?
5. Why does more than half of national income escape taxation?
II. LANGUAGE FOCUS

A. Conditional sentences when the condition is true
FORM:
IF CLAUSE MAIN CLAUSE
Simple Present Tense Simple Present Tense
Future Tense
IF + S + V S+V
S + WILL + V ( infinitive)
E.g:
If you are right, I am wrong
If you help me, I will help you.
If a condition is true in the present or future you should use the simple present tense in
if clause and the simple present or simple future in the result clause.
The simple present tense is used in the result clause to express a habitual activity or
situation.
e.g. If spending cuts are not made, governments have to print money to finance their
deficit.
The simple present or the simple future is used in the result clause to express an
established, predictable fact.
e.g If simple future is used in the result clause when the sentence concerns a particular
activity or situation in the future.
e.g If my sister comes to visit me in Vietnam, I will take her to Ha long bay.
B. Practice
78
Complete the sentences with the present or future in the result clause
1. If I have enough time I (cook) ……………. nem tonight.
2. I (write) …………………. letters to my parents if I have time.
3. I (fix) …………………. your bicycle if I have the right tools
4. If you stand in the rain you (get) ……………….. wet.
5. Jack (answer) …………………. the phone if he is in his office.
6. If I have enough money, I (go) …………….. with you.
7. She (visit) …………….. France if she has enough money.
8. If the weather is nice tomorrow, we (go) …………. to the zoo.
9. Linda isn‟t at home right now. If she (be) …….. at home right now, I (visit) … her.
10. It‟s too bad. Helen isn‟t here. If she (be) …………..here, she (know) ………….
what to do.
III. VOCABUALRY
Which terms do the following sentences defined?
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 profit is a/an ……….
A. direct tax B. indirect tax C. value-added tax
3. A tax levied at a high 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. Profit made by selling assets is generally liable to a ……….
A. capital gains tax B. sales tax C. value-added tax
7. Gifts and inheritances over a certain value are often liable to a ……….
A. capital gains tax B. capital transfer tax C. wealth tax
8. The annual tax imposed on people‟s fortunes is a/an …………
79
A. added-value tax B. capital gains 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

V. NEW WORDS
1. Dissuade V ngăn cản, cản trở, can gián
2. Progressive tax N thuế lũy tiến
3. Regressive tax N thuế lũy thoái
4. Disincentive N điều làm nản lòng một hành
động hoặc một sự cố gắng
5. Perk (perquisite) N tiền thù lao thêm
6. Loophole N kẽ hở
7. Donation N vật, quà tặng, cúng
8. Disguise V che giấu
9. To make sb/ sth look or sound different from V cải trang, trá hình
normal
To give sb/ sth a false appearance
10. Capital transfer tax N thuế chuyển nhượng vốn
11. Sales-tax N thuế bán hàng
12. Direct tax N thuế trực tiếp
13. Indirect tax N thuế gián tiếp
14. Value-added tax N thuế giá trị gia tăng
80
Unit 17
MARKETING
L1 The term market and marketing can have several meanings depending upon
how they are used. The term stock market refers to the buying and selling of
shares in corporations as well as other activities related to stock markets are
in London, Geneva, New York, Tokyo, and Singapore. Another type of
L5 markets is a grocery market, which is a place where people purchase food.
When economists use the world market they mean a set of forces or
conditions that determine the price of a product, such as the supply available
sale and the demand for it by consumers. The term marketing in business
includes all of these meanings, and more.
L 10 In the past, the concept of marketing emphasized sales. The producer or
manufacturer made a product he wanted to sell. Marketing was the task of
figuring out how to sell the product. Basically, selling the product would be
accomplished by sales promotion, which included advertising and personal
selling. In addition to sales promotion, marketing also involved the physical
L 15 distribution of the product to the places where it was actually sold.
Distribution consisted of transportation, storage, and related services such as
financing, standardization and grading, and the related risks.
The modern marketing concept encompasses all of the activities mentioned,
but it is based on a different set of principles. It subscribes to the notion that
L 20 production can be economically justified only by consumption. In other
words, goods should be produced only if they can be sold. Therefore, the
producer should consider who is going to buy the product, or what the
market for the product is before the production begins. This is very different
from marketing a product and then thinking about how to sell it.
L 25 Modern marketing is therefore a coordinated system of many business
activities, but basically it involves four things: (1) selling the correct product
at the proper place, (2) selling it at a price determined by demand, (3)
81
satisfying a customer‟s need and wants, and (4) producing a profit for the
company.
I. READING
A. Main idea
1. The difference between market and marketing
2. The procedure of marketing
3. Types of marketing
1. ……………….. they mean a set of forces or conditions that ………………. (line 6)
2. ………………………………………. and the demand for it by consumers. (line 8)
3. ………………………………………………….………. he wanted to sell. (line 11)
4. …………………..……. which included advertising and personal selling. (line 13)
A B
1. Advertise a. behavior occurs where an individual salesperson sells a product,
service or solution to a client.
2. Personal selling b. spread throughout a given area
3. Distribute c. communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other
organizational customers to stimulate immediate sales.
4. Grading d. call attention to try to sell (a product)
5. Sale promotion e. evaluation of performance by assigning a grade or score
1. In general, what is said about the term marketing?
2. What are two aspects of marketing?
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3. What are two activities of sales promotion in the second paragraph?

4. What are three aspects of distribution?
5. What are the four things of modern marketing?
II. LANGUAGE FOCUS

A. Zero conditional
B. Practice
Match the sentences in column A with the sentences in column B
A B
1. Governments expect something in return a. something is wrong with the
2. Every time Peter chairs a meeting management
3. People are more productive b. it gets there the following morning
4. If you send a letter by Data post, c. I usually look after them
5. If inflation rises, d. if they give aid
6. When you have a high staff turnover, e. if we launch a new model
7. If anyone from our Hamburg office f. it goes on for a long time
visits, g. if they work in pleasant surroundings
8. We spend a great deal on promotion h. the value of people‟s savings goes
9. I always fly club class down
10. If the camera is on i. when I go on a long haul flight
j. a red light appears
III. VOCABULARY
Match the words in the box with the definitions below
Agent Broker Consumer Customer
Distributor Franchisee Merchant Middlemen
Outlet Sales force Retailer Wholesaler
1. ……………..: an agent in a particular market, such as securities, commodities,
insurance, etc.
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2. ………………: a general term for agents, brokers, dealers, merchants, traders,

wholesalers, retailers and other marketing intermediaries.
3. ………………..: a merchant such as a shopkeeper who sell to the final customer.
4. ………………..: a place where goods are sold to the public – a shop, store, kiosk,
market stall, etc.
5. ………………: a collective term fro a company‟s sales representatives or
commercial travelers GB Sales representatives, commercial travelers = US
salespersons, travelling salesmen.
6. ………………: an intermediary who stocks goods from various suppliers and
delivers them to retailers when ordered.
7. ………………..: a person (generally a wholesaler) who stocks and resells
components or goods to manufacturers or retailers.
8. ………………….: a person (or company) who buys a product or service from a
producer or a shop.
9. …………………: a person who buys (and takes possession of) goods, and sells
them on his or her own account.
10. …………………: a person who buys an exclusive right to sell certain products in
a certain area (or to use a particular name)
11. ………………….: a person who negotiates purchases and sales in return for
commission or a fee.
12. ……………………: the end-user of goods or services, whose needs are satisfied
by producers.

V. NEW WORDS
1. Advertise V quảng cáo
2. Barge N xà lan
3. Coordinated Adj được phối hợp
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4. Desire N nhu cầu, ao ước, mong muốn

5. Determine V xác định, định rõ
6. Distribute V phân phối
Distribution channel N tuyến, mạng lưới phân phối
7. Emphasize V nhấn mạnh, chú trọng vào
8. Grading N xếp hạng
9. Inventory N kho hàng, hàng tồn kho
10. Personal selling N bán hàng trực tiếp
11. Place utility N tiện ích về địa điểm
12. Sale promotion N khuyến mại, quảng cáo bán hàng
13. Standardization N tiêu chuẩn hóa
14. Task N công việc
15. Transportation N việc vận chuyển
16. Concept N khái niệm
17. Grocery N hàng tạp hóa, tạp phẩm
18. Encompass N bao gồm, chứa đựng
19. To chair V làm chủ tọa
20. To launch V bắt đầu dấn vào, lao vào
21. Promotion N thăng tiến
22. Haul N tổng số
23. To go on V tiến hành
24. Outlet N thị trường, nơi tiêu thụ
25. Distributor N nhà phân phối
26. Commission N tiền hoa hồng
27. Retailer N người bán lẻ
28. Middlemen N người trung gian
29. Wholesaler N người bán buôn
30. Representative N người đại diện
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Unit 18
THE FOREIGN EXCHANGE MARKET
L1 The foreign exchange market is the market in which such national currencies
as dollars, pesos, deutschemarks, yen, francs, and others are exchanged. The
foreign exchange market enables banks and international corporations to
trade foreign currencies in large amounts. Capital flows arising from trade in
L5 goods and services, international investment and loans together create this
demand for foreign currency.
Foreign exchange trading is divided into spot and forward business.
Generally speaking, spots transactions are undertaken for an actual exchange
of currencies (delivery or settlement) two business days later (the value date).
L 10 Forward transactions involve a delivery date further into the future, possibly
as far as a year or more ahead. By buying or selling in the forward market a
bank can, on its own behalf or that of a customer, protect the value of
anticipated flows of foreign currency from exchange rate volatility.
Broadly speaking, there are three types of participants in the market:
L 15 customers, such as multinational corporations, are in the market because they
require foreign currency in the course of their cross border trade or
investment business. Some banks participates as market makers; that is their
dealers with at all time quote buying and selling rates for currencies – dollars
to the pound, deutschmarks to the dollar and so on. Other banks or
L 20 corporations call them ask for their rates, and then buy or sell as the caller
chooses. The market makers earn a profit on the difference between their
buying and selling rates, but clearly they have to be ready to change their
prices very quickly so that they avoid holding large volumes of a
depreciating currency, or being short of a rising currency. The third type of
L 25 participant, the brokers, acts as intermediaries between the banks. They are
specialist companies with the telephone lines to the banks throughout the
world so that any time they should know which bank has the highest bid
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(buying) rate for a currency and which the lowest offer (selling) rate. By
calling a broker, therefore, it should be possible for banks to find the best
L 30 dealing rate currently available. The broker doesn‟t deal on his own account
but charges a commission for his services.
I. READING
A. Main idea
1. The overview of foreign exchange market
2. Types of foreign exchange market
3. Three types of participants in the market
1. ……….. on its own behalf or that of a customer, ………. (line 12)
2. ……. they require foreign currency in the course of their cross ………. (line 15)
3. ……. deal on his own account but charges a commission for his services. (line 30)
A B
1. Trading floor a. a businessman who buys or sells for another in exchange for a
commission
2. Quote b. the place on an exchange where trading occurs
3. Quota c. someone who makes an offer for business
4. Bidder d. valuation
5. Broker e. a limitation on imports
1. What is the foreign exchange market?
2. How many types of participants are there? Who are they?
3. When corporations/ banks call the market makers?
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4. What do market makers want to do?

5. Why do the dealers have to call a broker?
II. LANGUAGE FOCUS

A. Showing direct opposition: adverb clause “whereas” and “while”
Expressing Purpose: so that
B. Practice
Ex 1: Complete the following sentences, using whereas or while
Some people are tall, whereas………………………………………………..……….
Some people prefer to live in the country, while……………………………………..
While some people know only their native language, ………………………………
Some people are extremely rich, ……………………………………………………
Some people like fat meat, …………………………………………………………….
Ex 2: Combine the ideas by using “so that”
1. Please be quiet. I want to be able to hear what Peter is saying.
2. I asked the children to be quiet. I wanted to be able to hear the president‟s speech
3. I‟m going to cash a check. I want to make sure that I will have enough money to go
to the market.
4. Ann and Larry have a 6-year-old child. Tonight they‟re going to hire a baby-sister.
They want to be able to go out with some friends.
5. I unplugged the phone. I didn‟t want to be interrupted while I was working
III. VOCABULARY
Number the following words with their underlined equivalents in the text
Affluent Catastrophes Claims
Commission Gilts Huge
Indemnify Insurance brokers Policy
Retires Sums Underwritten
Insurance is designed to provide a sum of money to compensate for any damage
suffered as the result of a risk that has been insured against in a specific insurance (1)
contract, such as fire, accident, theft, loss, damage, injury or death. Thousands of
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people pay premiums to insurance companies, which use the money to (2) compensate
people who suffer loss or damage, etc. Some people also use insurance policies as a
way of saving. Life insurance policies, for example, usually pay a certain sum on a
specific date – for example, when a person (3) stops working at the age of 60 or 65 or
whenever, or earlier if the person dies.
Insurance companies, like pension funds, are large institutional investors that place
great (4) amounts of money in various securities: shares, bonds, (5) British
government bonds, etc.
Insurance companies generally employ their own agents who sell insurance to
customers, but there are also (6) other middlemen who work with several companies,
selling insurance in return for a (7) percentage of the premium.
If a particular insurance company considers that the risk it has (8) assumed
responsibility for is too big, it might share the business with other companies, by way
of reinsurance. Lloyds of London underwrites a great many risks which are spread
among lots of syndicates, made up of groups of (9) wealthy peole known as “names”.
In return for earning a percentage of the insurance premiums, the names have
unlimited liability for losses. After a series of (10) demands for payment following lots
of (11) natural disasters (shipwrecks, earthquakes, hurricanes, and so on) in the late
1980s, many Lloyds syndicates had to make (12) enormous pay-outs, and many names
were bankrupted.

V. NEW WORDS
1. Foreign exchange market N thị trường trao đổi ngoại tệ
2. Capital flow N luồng vốn
3. Spot N ngay tức thì
Spot and forward business N kinh doanh tức thì và kỳ hạn
4. Transaction N kinh doanh, giao dịch, trao đổi
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5. Anticipate V thấy trước, đoán trước, tính trước

6. Volatility N hay thay đổi, không ổn định, dễ đột biến
7. A trading floor N sàn kinh doanh
8. Deal N hiệp định, thỏa thuận
9. Counterpart N vật đối chiếu, bản đối
10. Quote N, V bản dự kê giá, khảo giá, định giá
11. Quota N hạn ngạch, chỉ tiêu
12. Depreciate V sụt giá, mất giá của đồng tiền
13. Rising currency N đồng tiền tăng giá
14. Bid N định giá mua
Bidder N người đấu giá, đấu thầu
15. Broker N người môi giới
16. Pesos N đồng pơzô (tiền Mỹ La tinh)
17. Deutschemark N đồng mác (tiền Đức)
18. On behalf of N nhân danh, thay mặt
19. Anticipate V đoán trước
20. Volatility N tính hay thay đổi
21. Multinational Adj đa quốc gia
22. Intermediary N người trung gian
23. Specialist N chuyên gia
24. Line N dòng
25. To charge V tính giá
26. Affluent Adj giàu có, phong phú
27. Indemnify N bồi thường
28. Catastrophes N thảm họa
29. Gilt N mạ vàng, bóng nhoáng
30. To unplug V rút
31. To claim V đòi, yêu cầu
32. To underwritten V bảo lãnh
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Unit 19
THE ROLE OF AUDITORS
L1 An auditor finds out early in his training that he is a watchdog and not a
bloodhound. From today, when the Auditing Practices Committee (APC)
issues its long – awaited guideline on auditors and fraud, an auditor will also
have to consider himself a whistle – blower.
L5 The guideline, which follows a gestation period of no less than five years,
sets out to clarify auditors‟responsibilities in relation to fraud, as well as
other irregularities and errors. It recommends that auditors take a modestly
pro – active role in reporting fraud to third parties.
The document acknowledges that an auditor‟s primary duty is one of
L 10 confidentially to the client. But the document says an auditor should also
consider throwing this narrow duty aside and think of the wider public
interest.
Under normal circumstances, the auditors‟ first step would be able to alert
the client‟s management to the existence of fraud. But the guideline says
L 15 that if senior managers or directors are involved in the fraud, the auditor
may see fit to go over the head of the board of directors, even non –
executive directors and the audit commitee, to directly report to the
regulatory authorities.
Alerting the authorities would be justified the fraud is likely to result in a
L 20 material gain or loss for any one person or group of people ; is likely to be
« repested with impunity : if not disclosed ; or if « there is a general
management ethic...........of flouting the law and regulation ». The strength
of the auditor‟s evidence is deemed important, too.
I. READING
A. Main idea
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1. The role of auditors

2. What is auditor?
3. The procedure of auditing
1. ………… issues its long – awaited guideline on ……………………..….. (line 2)
2. ……………………………………. consider himself a whistle – blower (line 4)
3. …………. which follows a gestation period of no less than five years ….. (line 5)
A B
1. Auditor a. a qualified accountant who inspects the accounting records and
practices of a business or other organization
2. Fraud b. exemption from punishment or loss
3. Impunity c. illegal actions
4. Codification d. trickery intended to gain an advantage
5. Malpractice e. a set of rules or principles or laws
1. What is an auditor‟s primary duty?
2. What should an auditor also consider?
3. What‟s the auditor‟s first step under normal circumstances?
4. How would alerting the authorities be justified the fraud?
5. Why must the auditor plan an audit today?
II. LANGUAGE FOCUS

A. Modal verbs: must, have to, and should
B. Practice
Use the modal verbs: must, have to, and should to complete the sentences below
1. It is compulsory to obey the law.
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You ……………………………………………………….obey the law.

2. It is not a legal duty to report fraud.
You………………………………………………………...report fraud.
3. It is a moral obligation to report fraud.
You………………………………………………….…….. report fraud.
4. It is the prime duty of an auditor to respect a client‟s confidentiality.
You…………………………………..……respect a client‟s confidence.
5. Auditors are advised to follow the code.
You…………………………………………….………..follow the code.
6. Auditors are not allowed to be employed by a client.
You……………………………………………..be employed by a client.
III. VOCABULARY
Match the statements with the job titles in the box
Accountant Actuary Arbitrageur Auditor
Broker Cambist Economist Entrepreneur
Liquidator Market-maker Raider Sole trader
1. « I‟ve set up my own business and now employ a lot of peole »
JOB : ……………………………………………………………………………………
2. « I buy and sell securities for my customers »
JOB : ……………………………………………………………………………………
3. « I buy the shares of companies that I think will be involved in takeover bids »
JOB : ……………………………………………………………………………………
4. « I check and evaluate financial records prepared by other people »
JOB : ……………………………………………………………………………………
5. « I deal in foreign currencies »
JOB : ……………………………………………………………………………………
6. « I keep financial records and prepare financial statements »
JOB : ……………………………………………………………………………………
7. « I‟ll be able to tell you tomorrow why what I forecast yesterday didn‟t happen
today »
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JOB : ……………………………………………………………………………………
8. « I‟m a wholesaler in stocks and shares. I deal with stockbrokers at the stock
exchange »
JOB : ……………………………………………………………………………………
9. « I own a small shop which i run by myself »
JOB : ……………………………………………………………………………………
10. « I sell the assets of bankrupt companies in order to repay creditors »
JOB : ……………………………………………………………………………………
11. « I spend my working life calculating when other people are going to die ! »
JOB : ……………………………………………………………………………………
12. « I acquire companies by buying their shares on the Stock Market »
JOB : ……………………………………………………………………………………

V. NEW WORDS
1. Audit N kiểm toán
2. Auditing N quá trình kiểm toán
Auditor N nhân viên kiểm toán
3. Guideline N nguyên tắc
4. Fraud N gian trá, gian lận, lừa đảo
5. Gestation N sự thai nghén
6. Clarify V làm rõ
7. Pro – active role N vai trò chủ động tích cực
8. Acknowledge V thừa nhận
9. Throw sth aside V để …..sang một bên
10. Cue N gương tốt, điển hình
11. Ethical Adj hợp lẽ phải, có đạo đức
12. Default N trễ hạn trả nợ, thất bại
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13. Spell sth out V giải thích

14. A nod and a wink N một cái gật đầu và một cái nháy mắt
15. See/ think fit to do sth V quyết định, lựa chọn thích hợp để làm cái gì đó
16. Justify V chứng minh
17. Impunity N thoát nạn, được miễn tội
18. Disclose V tiết lộ, phơi bày ra
19. Flout V coi thường (luật pháp, pháp luật…..)
20. Deem V nghĩ rằng
21. Breach N vi phạm (luật………)
22. Codification N việc soạn/ lập bộ luật, điều lệ
23. Treason N sự phản ứng, phản đối
24. Solace N niềm an ủi, niềm khuây khỏa
25. Spot N ngay lập tức, ngay tại chỗ
26. Misstatement N lời phát biếu sai, lời tuyên bố sai
27. Impinge on/ upon sth V gây ảnh hưởng/ tác động tới
28. Consolatory sb on sth N để chia sẻ, an ủi
29. Reel from sth V cảm thấy chóng mặt/ choáng váng
30. Verdict N lời phán quyết, nhận định
31. Layman N người không chuyên môn, nghiệp dư
32. Pitch towards sb V tạo đà làm việc hăng say cho ai
33. Tackle V khắc phục, giải quyết
34. Gulf N sự khác biệt, hố sâu ngăn cách
35. Poll V hỏi ý kiến thăm dò
36. Malpractice N việc làm phi pháp, hàng động bất chính
37. Cambist N người chuyên buôn bán hối phiếu
38. Liquidator N người thanh toán
39. Actuary N chuyên viên thống kê
40. Arbitrageur N mua bán ngoại tệ
41. Raider N kẻ cướp
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Unit 20
INTERNATIONAL BUSINESS
L1 Most countries realise the advantages of world trade. Countries have

developed their economies, increased production of goods, and met market
demands through increasing world trade. The interdependence among trading
nations has provided.
L5 Efficient production may be the result of several factors. A certain climate in
particular country may allow that country to grow agricultural products in
abundance. For instance, the climates in the United State and Canada are
suitable for production of large amount of wheat. Natural resources such as
oil or coal are abundant in other countries. Countries with a large pool of
L 10 unskilled laborers are able to produce products which are labor intensive
more cheaply than countries with highly paid, skilled labor forces. Another
factor is geographical location. Countries like Singapore and Panama engage
in banking and trading because they are located on world trade routes.
The English economist, David Ricardo (1772 – 1823) theorized chat an
L 15 exporting country does not have to be the most efficient producer of the
product ; it only has to be more efficient than the country which imports the
product. Mutually beneficial trade arises when one country has a comparative
advantage.
There are several reasons why governments try to control the imports and
L 20 exports of a country. One reason is to chat a country enjoys an advantage if it
exports more than it imports. Wealth accrues to the exporting country. Some
countries have special programs to encourage exports. They may be
programs chat provide marketing information, establish trade missions,
subsidize exports and provide tax benefits or incentives. Government
L 25 subsidies allow companies to sell products cheaply. Sometimes these
subsidized companies export their products and sell them cheaply overseas.
This practice is known as dumping. Dumping is selling on a foreign market
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at a price below the cost of production.

L 30 On the other hand, governments impose taxes and quotas to restrict imports
of certain products. For example, to protect Japanese farmers, Japan limits
the amount of produce that can be imported. Sometimes governments want to
protect a domestic industry because that industry provides employment for
the population. Not only the industries, but also the labor unions encourage
L 35 the government to enact protectionist controls.
I. READING
A. Main idea
1. The advantages of world trade
2. The factors of efficient production
3. The overview of world trade
1. ………. which are labor intensive more cheaply than countries ……….. (line 10)
2. ……………………….. because they are located on world trade routes. (line 13)
3. ………………………………………. if it exports more than it imports. (line 20)
A B
1. Parent company a. a government tax on imports or exports
2. Subsidiary b. break exports
3. Duty c. A company that controls other companies by owning an
influential amount of voting stock.
4. Protectionism d. Government actions and policies that restrict or restrain
international trade, often done with the intent of protecting local
businesses and jobs from foreign competition.
5. Dump e. a company that is completely controlled by another company
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1. What advantages do countries derive from world trade?
2. How could climate affect a country‟s production efficiency?
3. Why do governments encourage exports?
4. How do governments encourage exports?
5. Why do governments try to control imports?
II. LANGUAGE FOCUS: Revision
III. VOCABULARY
Replace the underlines words and expressions in the text with the words and
expressions in the box
Balance of payments Balance of trade Barter or counter-trade
Climate Commodities Division or labour
Economies of scale Factors of production Nations
Protectionism Quotas tariffs
(1) Countries import some goods and services from abroad, and export others to the
rest of the world. Trade in (2) raw materials and goods is called visible trade in Britian
and merchandise trade in the US. Services, such as banking, insurance, tourism, and
technical expertise, are invisible imports and exports. A country can have a surplus or
a deficit in its (3) difference between total earnings from visible exports and total
expenditure on all imports, and in its (4) difference between total earnings from all
exports and total expenditure on all imports. Most countries have to pay their deficits
with foreign currencies from their reserves, although of course the USA can usually
pay in dollars, the unofficial world trading currency. Countries without currency
reserves can attempt to do international trade by way of (5) direct exchanges of goods
without the use of money. The (imaginary) situation in which a country is completed
self-sufficient and has no foreign trade is called autarky.
The General Agreement on Tariffs and Trade (GATT), concluded in 1994, aims to
maximize international trade and to minimize (6) the favouring of domestic industries.
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GATT is based on the comparative cost principle, which is that all nations will raise
their income if they specialize in producing the commodities in which they have the
highest relative productivity. Countries may have an absolute or a comparative
advantage in producing particular goods or services, because of (7) inputs (raw
materials, cheap or skilled labour, capital, etc), (8) weather conditions, (9)
specialization of work into different jobs, (10) savings in unit costs arising from large-
scale production, ans so forth. Yet most governments still pursue protectionist policies,
establishing trade barriers such as (11) taxes charged on imports, (12) restrictions on
the quantity of imports, administrative difficulties, and so on.

V. NEW WORDS
1. Accrue V tích lũy, dồn lại
2. Advantage N lợi thế, lợi điểm
3. Deficit N thâm hụt
4. Division of labor N sự phân bố lao động
5. Dump V bán phá giá hàng xuất khẩu
6. Duty N thuế
7. Geographical Adj thuộc về địa lý
8. Global N toàn cầu
9. Interdependence V sự phụ thuộc lẫn nhau
10. Labor intensive N việc tận dụng lao động chân tay
7. Geographical Adj thuộc về địa lý
8. Global N toàn cầu
9. Interdependence V sự phụ thuộc lẫn nhau
10. Labor intensive N việc tận dụng lao động chân tay
11. Multinational Adj đa quốc gia
12. Parent company N công ty mẹ
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13. Protectionism N chế độ bảo hộ

14. Quota N hạn ngạch, chỉ tiêu
15. Subsidiary N công ty con
Subsidize V hỗ trợ (của nhà nước)
Subsidy N tiền trợ cấp
16. Surplus N thặng dư, số dư
17. Restrict N hạn chế, giới hạn
18. Tax benefit N quyền lợi về thuế
19. Theory N thuyết, học thuyết
20. Theorize V đề ra học thuyết
21. Agriculture N nông nghiệp
22. Climate N tình hình
23. Efficient Adj hiệu quả
24. Abundance N sự dư thừa
25. Abundant Adj thừa, dư
26. Natural resource N tài nguyên thiên nhiên
27. A large pool of Quanti nhiều
28. Skilled Adj có kỹ năng, tay nghề
29. To engage V thuê, đính ước
30. To arise V phát sinh
31. Mutually Adv lẫn nhau
32. To establish V thiết lập
33. Mission N nhiệm vụ
34. Incentive Adj thúc đẩy, khuyến khích
35. To impose V áp đặt
36. Labor union N công đoàn lao động
37. To enact V ban hành, ra lệnh
38. Protectionist N người bảo hộ
39. To barter V trao đổi
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Key to Reading and Vocabulary Exercises

Unit 1: THE BASIC ECONOMIC PROBLEM
Sections Parts Answers
Reading A. Main idea 1. The basic economic problem
B. Contextual reference 1. community
2. poor land
3. factors
4. goods and services
C. Understanding word Refer back to the text and find synonyms
for the following words
1. number
2. production
3. unemployment
Refer back to the text and find antonyms
for the following words
4. best
5. unemployed
6. unused
D. Comprehension question 1. It is means of production
2. The volume of output is limited by the
amount of factors of production
3. Most land could be used for several
different crops, pasture, or building sites.
4. By allocating factors among different
industries in order to produce what the
community wants most
5. Because factors of production are
limited in amount
Vocabulary 1. prefers 8. economic
2. terms 9. probably
101
3. allocate 10. means

4. community 11. factors
5. crops 12. volume
6. wasteful 13. advantage
7. pasture 14. assortment
Unit 2: THE MARKET ECONOMY
Reading A. Main idea 1. What is economics?
B. Contextual reference 1. everything
2. economics
3. children, storekeeper, nation
4. all children, storekeeper, nation most
economize in order to satisfy their most
important needs and wants.
5. relations made by persons in the society
C. Understanding word 1-e, 2-b, 3-a, 4-d, 5-c
D. Comprehension question 1. Economists (specialist in economics)
define economics as the study of how
goods and services get produced and how
they are distributed
2. No, they aren‟t
3. People everywhere most choose the
best possible way to use their resources
and money
4. Because it tells us how man subsists,
grows and develops in relation to the
wealth available on the Earth
5. Relations made by persons in the
society which are in connection with
material circumstances are economics
102
Vocabulary Ex 1 1. decision-making
2. market relations/ interdependent
3. assumptions
4. substituable
5. commerce
Ex 2 1. economizes
2. economist
3. economy
4. economic
5. economically
Ex 3 1-b, 2-c, 3-a, 4-e, 5-d
Unit 3: MACROECONOMICS
Reading A. Main idea 1. What‟s macroeconomics?
B. Contextual reference 1. nation
2. countries
3. a government
4. the instruments or tools of the
macroeconomic policy
C. Understanding word Refer back to the text and find the
synonyms for the following words
1. grow
2. major
3. rapidly
4. have a impact on
Refer back to the text and find the
antonyms for the following words
5. deficits
6. rapidly
7. stagnant
103
8. imbalance
D. Comprehension question 1. It is an important subject because
macroeconomic performance is the central
factor affecting the success of failure of
nations
It is also an important topic because a
government can have a major impact on
its economic performance through it
economic policies - though fiscal policy
and monetary policy
2. It is the study of overall economics
trends such as employment levels,
economic growth and inflation
3. It deals with government spending and
taxing
4. They are Gross National Product
(GNP), employment, inflation and the
balance of payments
5. They include fiscal policy, monetary
policy, income policy and foreign
economic policy
Vocabulary 1. deficit 11. gross
2. stagnant 12. analysis
3. instruments 13. focus
4. impact 14. extreme
5. imbalance 15. monetary
6. stuck 16. high
7. admire 17. level
8. performance 18. inflation
9. trend 10. tools
104
Unit 4: MICROECONOMICS
Reading A. Main idea 2. The overview of microeconomics
B. Contextual reference 1. nation
2. goods
1. tools
2. output of goods
3. shortages
4. dominate
5. particular
6. output
7. scarcity
8. equilibrium
D. Comprehension question 1. Microeconomics deals with the
economic behavior of individual
economic agents – mainly households and
firms and of particular markets and
industries
2. The focus is on the prices and output of
particular goods and services and millions
of alternative uses
3. Yes, it is
4. How system of market prices allows
equilibriums to be reached between
people‟ tastes for different goods and the
scarcity of total resources to produce them
105
5. Supply and demand analyses are two of

the basic tools of microeconomic analysis.
Vocabulary 1. scare 8. interference
2. dominate 9. output
3. typical 10. determine
4. behavior 11. got
5. quantity 12. scarcity
6. deal 13. equilibrium
7. alternative 14. shortage
Unit 5: INTERNATIONAL ECONOMICS

Reading A. Main idea 1. The function of international economics
B. Contextual reference 1. international economics
2. policies
C. Understanding word 1-with, 2-Ø, 3-at, 4-Ø, 5-with
D. Comprehension question 1. International economics deals with the
economic interdependence among nations
2. International economics deals with the
markets and the balance of payments and
adjustment in the balance of payments
3. It analyzes the flow of goods, services
and payments between a nation and the
rest of the world, the policies directed at
regulating this flow and their effect on the
nation‟s welfare
4. The pure theory of trade analyzes the
basis for and the gains from trade
5. It is the theory of commercial policy or
protectionism
106
Vocabulary 1. pure 8. regulate

2. protectionism 9. analyses
3. diseqilibrium 10. concerned
4. flow 11. direct
5. commercial 12. restrict
6. specifically 13. framework
7. adjustment 14. welfare
Unit 6: SUPPLY
Reading A. Main idea 1. What is supply?
B. Contextual reference 1. supply
2. the total amount of gold
3. people
4. the law of demand
C. Understanding word 1-d, 2-a, 3-e, 4-c, 5-b
D. Comprehension question 1. There are three meanings
2. The world‟s supply of gold may mean
the total amount of gold which has been
extracted from the mines and rivers and is
still in existence
3. The world‟s supply of wheat is over
200 million tons a year
4. It is the relationship between price and
quantity sale
5. The law of supply states: in a short –
run time period, in a given market, other
things being equal, the quantity of an item
which is offered for sale varies directly
with its price
107
Vocabulary 1. wheat 7. paralled

2. percentage 8. mine
3. extracts 9. ever
4. reflect 10. equal
5. currently 11. existence
6. consumer 12. compare
Unit 7: DEMAND
Reading A. Main idea 3. The relationship between demand and
price
B. Contextual reference 1. The amount bought of anything
2. they, someone, or people
3. desire or need
1. significance
2. to state or imply
3. stable
4. reduce
5. stable
6. demand
D. Comprehension question 1. The demand for anything, at a given
price, is the amount which will be bought
at that price
2. Because demand always means
demand at a price
3. Demand must mean demand upon per
108
unit of time, per year or per month or per

week or per day
4. They are ability and willingness to pay
Vocabulary 1. afford 8. willingness
2. imply 9. fairly
3. taken 10. statement
4. noted 11. sense
5. stated 12. doubted
6. report 13. backed
7. desire 14. intends
Unit 8: TRADE SURPLUSES AND DEFICITS
Reading A. Main idea 1. The trade balance
B. Contextual reference 1. a country
2. those tangible goods
3. trade in visible goods
C. Understanding word 1-e, 2-b, 3-a, 4-d, 5-c
D. Comprehension question 1. A country has to keep track of its inflow
and outflow of goods, services, and
payments
2. No, they aren‟t. The merchandise trade
balance looks only at visible goods, such
as videocassette recorders, wine and
motorcycles. Trade in visible goods is
commonly called the trade balance
3. The current account is a better measure
of trade. It includes a country is imports
and exports of services in addition to
visible trade
4. Trade deficits and surpluses are
109
balanced by payments that make up the

difference
5. Because it includes not only payments
abroad, but the goods, services, and all
transfers of funds that cross international
borders
Vocabulary 1. cross 8. invisibles
2. bottom 9. made
3. keep 10. outflow
4. load 11. merchandise
5. add 12. bottom
6. inflow 13. transfers
7. visible 14. visible
Unit 9: GDP AND GNP
Reading A. Main idea 1. What is GDP?
B. Contextual reference 1. the food, clothing and housing
2. the total amount of goods and services
3. a country
4. the economic activity
1. abundant of
2. produce
3. domestic
4. export
5. abundance
6. abroad
110
D. Comprehension question 1. The size of a country‟s economy is

determined by the total amount of goods
and services that it produces
2. The best way to measure this growth is
to put a monetary value on everything
bought or sold
3. The measure of economic activity that
includes all the goods and services bought
or sold in a country over the course of a
year is called gross domestic product
(GDP)
4. A healthy economy grows steadily over
a relatively long period of time. When
growth slows down or stops, the economy
is said to be in a “recession”
5. GDP concentrates only on the domestic
production of goods and services covering
the economic activity which takes place
within the country‟s borders, while GNP
includes net international trade (Export
minus imports) and investment
Vocabulary 1. coal 10. insurance
2. miners 11. steadily
3. express 12. resident
4. measure 13. cause
5. consumers 14. survive
6. timber 15. steel
7. abundance 16. concentrate
8. net 17. raw material
9. automobiles
111
Unit 10: INFLATION AND GROWTH

Reading A. Main idea 2. The effect of inflation to the economy
B. Contextual reference 1. frequent price adjustments
2. the demand for financial intermediation
services
3. a demand for services
C. Understanding word 1. achieve
2. frequent
3. entrepreneurial
4. production
5. protect
6. distribution
7. divert
8. exist
9. hinder
D. Comprehension question 1. Yes, it is
2. It can reduce growth by creating an
unstable economic climate, causing
distortion in relative prices and using up
resources.
3. By hurting low-income groups (which
tend to keep a larger share of their assets
as cash) more than other groups.
4. It can lead to non-productive expansion
of the financial system.
5. It rises with the public‟s attempt to
protect the real value of its assets.
Vocabulary 1. hinder 8. entrepreneurial
2. frequent 9. diverted
112
3. protect 10. distortion

4. climate 11. nonproductive
5. achieve 12. attempt
6. hurt 13. intermediation
7. real
Unit 11: MONEY AND ITS FUNCTION
Reading A. Main idea 2. Money and its functions
B. Contextual reference 1. money
2. medium
3. anything
C. Understanding word 1-c, 2-b, 3-d, 4-a
D. Comprehension question 1. Money is a commodity accepted by
general consent as a medium of economic
exchange
2. They are: a medium of exchange, a
measure of value, a store of value, a
standard of deferred payments
3. A medium of exchange is anything that
is widely accepted in payment for goods
and services and in settlement of debts
4. The unit of account is the unit in which
prices are quoted and account are kept
5. It means that when you buy something
but do not pay for it immediately, your
payment is expressed in terms of money to
be paid in the future
Vocabulary Ex 1 1. economy/ inflation
2. taxation
3. stable
113
4. money
5. growth
Ex 2 1-d, 2-a, 3-c, 4-e, 5-b
Unit 12: FISCAL AND MONETARY POLICY
Reading A. Main idea 3. The role of fiscal policy in an economy
B. Contextual reference 1. fiscal and monetary policies
2. government expenditures and taxation
3. the central bank
4. gold, dollars or real estate
5. governments
a. unable
b. to implement
c. to rise
a. stable macro economy
b. surplus
c. to spend
D. Comprehension question 1. They are fiscal and monetary policies
2. They are government expenditures and
taxation
3. These two parts determine whether the
government has a deficit or surplus in its
budget
4. Fiscal deficits affect both the balance of
payments and the rate of inflation
5. If a deficit is financed by printing more
114
money than the public wants to have,

prices will rise
Vocabulary 1. public 9. induce
2. excessive 10. asset
3. eventually 11. allocation
4. print 12. finance
5. taxation 13. restate
6. restrictive 14. balance
7. implement 15. carry out
8. stable 16. budget
Unit 13: FUNDING THE BUSINESS
Reading A. Main idea 3. The business funding
B. Contextual reference 1. owner
2. a company gains a listing on the Stock
Exchange
3. companies
C. Understanding word 1-d, 2-a, 3-e, 4-b, 5-c
D. Comprehension question 1. Gearing is the relationship between
equity capital invested in the business and
long-term debt
2. The most exposed form of capital is
owner‟s capital because a return is
received only after all other calls on
company‟s profits have been satisfied
3. There are three main sources: venture
capital, the unlisted securities market-
sometimes called the second or third
market, and the Stock Exchange
4. Companies prepared to increase their
115
gearing can raise capital through long-

term loans
5. In terms of prosperity, a high gearing
will give the owners a much better return
as net profits will be a much higher
percentage of equity after interest
payments on the long-term debt
Vocabulary Ex 1 1. funds
2. securities
3. stock
4. achieved
5. raise
Ex 2 1. to
2. for
3. into
4. on
5. on
Unit 14: BANKING BUSINESS
Reading A. Main idea 2. The characteristics of banking business
B. Contextual reference 1. borrowed money
2. bank
3. deposit insurance
C. Understanding word 1-b, 2-e, 3-a, 4-c, 5-d
D. Comprehension question 1. A bank‟s main liabilities are its capital
and deposits
2. A bank‟s assets include cash, liquid
assets, investments or securities, loans and
advances made to customers of all kinds,
though primarily to trade and industry and
116
finally the banks, premises, furniture, and

fittings
3. An increase in deposits provides a bank
with additional cash, the increase in cash
supplements its loanable resources and
permits a more than proportionate increase
in its loans
4. Confidence on the part of the depositors
is the true basis of stability
5. It was the protection
Vocabulary Ex 1 1. economy
2. order
3. depositor
4. determined
5. growth
6. inflation
Ex 2 1-b, 2-a, 3-d, 4-e, 5-c
Unit 15: FINANCE
Reading A. Main idea 3. The overview of finance
B. Contextual reference 1. banks, credit unions and other financial
institutions
2. borrowers
3. stock exchange
C. Understanding word 1-d, 2-a, 3-b, 4-e, 5-c
D. Comprehension question 1. Finance is concerned with providing
funds to individuals, businesses and
governments
2. Industrial firm can raise money through
investors to build a new factory
117
3. Finance plays an important role in the

economy. As banks, credit unions, and
other financial institutions provide credit,
they help to expand the economy by
directing funds from savers to borrowers.
For example, a bank acquires large
amounts of money from the deposits of
individual savers. The bank does not let
this money sit idle but instead provides
loans to borrowers who might then build a
house or expand a business. The savings
of millions of people percolate through
many financial institutions spurring
economic growth
4. A wide variety of financial institutions
have different roles in finance and the
economy. Some institutions act as an
intermediary among consumers,
businesses, and governments by lending
out deposits. Other institutions, such as
stock exchanges, provide a market for
existing securities, which include stocks
and bonds
5. Public finance focuses on the financial
role of federal, state, and local
governments
Vocabulary Ex 1 1. inflation
2. set
3. economy
4. achieved
118
5. bonds
Ex 2 1. D
2. A
3. C
4. A
5. C
Ex 3 1. financed
2. financial
3. finance
4. financial/ financier
Unit 16: TAXATION
Reading A. Main idea 3. The overview of taxation
B. Contextual reference 1. company
2. ways
3. income
C. Understanding word 1-e, 2-b, 3-d, 4-c, 5-a
D. Comprehension question 1. The primary function of taxation is to
raise revenue to finance government
expenditure
2. Taxation can be designed to dissuade
people from smoking, drinking alcohol,
and so on
3. The problem with progressive taxes is
that the marginal rate – the tax people pay
on any additional income – is always high,
which is generally a disincentive to both
working and investing
4. Most sales taxes are slightly regressive,
because poorer people need to spend a
119
larger proportion of their income on

consumption than the rich
5. Because the higher the tax rate, the
more people are tempted to cheat, but
there is a substantial „black‟ or
„underground‟ economy nearly
everywhere
Vocabulary 1- b, 2-b, 3-a, 4-b, 5-c, 6-a, 7-b, 8-c, 9-c, 10-b
Unit 17: MARKETING
Reading A. Main idea 2. The procedure of marketing
B. Contextual reference 1. economists
2. available sale
3. producer, manufacturer
4. sales promotion
C. Understanding word 1-d, 2-a, 3-b, 4-e, 5-c
D. Comprehension question 1. The term market and marketing can
have several meanings depending upon
how they are used
2. The term stock market refers to the
buying and selling of shares in
corporations as well as other activities
related to stock markets are in London,
Geneva, New York, Tokyo, and
Singapore. Other type of markets is a
grocery market, which is a place where
people purchase food
3. Sales promotion includes advertising
and personal selling
4. Distribution consisted of transportation,
120
storage, and related services such as

financing, standardization and grading,
and the related risks
5. Modern marketing involves four things:
(1) selling the correct product at the
proper place, (2) selling it at a price
determined by demand, (3) satisfying a
customer‟s need and wants, and (4)
producing a profit for the company.
Vocabulary 1. broker 7. distributor
2. middlemen 8. customer
3. retailer 9. merchant
4. oulet 10. franchisee
5. sales force 11. agent
6. wholesaler 12. consumer
Unit 18: THE FOREIGN EXCHANGE MARKET
Reading A. Main idea 1. The overview of foreign exchange
market
B. Contextual reference 1. bank
2. customers
3. broker
C. Understanding word 1-b, 2-d, 3-e, 4-c, 5-a
D. Comprehension question 1. The foreign exchange market is the
market in which such national currencies
as dollars, pesos, deutschemarks, yen,
francs, and others are exchanged
2. There are three types of participants in
the market: customers, market makers and
brokers
121
3. Other banks or corporations call them

ask for their rates, and then buy or sell as
the caller chooses
4. They earn a profit on the difference
between their buying and selling rates
5. By calling a broker, therefore, it should
be possible for banks to find the best
dealing rate currently available
Vocabulary 1. policy 7. commision
2. indemnify 8. underwritten
3. retires 9. affluent
4. sums 10. claims
5. gilts 11. catastrophere
6. insurance brokers 12. huge
Unit 19: THE ROLE OF AUDITORS
Reading A. Main idea 1. The role of auditors
B. Contextual reference 1. APC
2. auditor
3. guideline
C. Understanding word 1-a, 2-d, 3-b, 4-e, 5-c
D. Comprehension question 1. It is a watchdog and not a bloodhound
2. An auditor will also have to consider
himself a whistle – blower
3. Under normal circumstances, the
auditors‟ first step would be able to alert
the client‟s management to the existence
of fraud
4. Alerting the authorities would be
justified the fraud is likely to result in a
122
material gain or loss for any one person or

group of people.
5. Because the auditor always has to find
the evidences
Vocabulary 1. entrepreneur 7. economist
2. broker 8. market-maker
3. arbitrageur 9. sole trader
4. auditor 10. liquidator
5. cambist 11. actuary
6. accountant 12. raider
Unit 20: INTERNATIONAL BUSINESS
Reading A. Main idea 3. The overview of world trade
B. Contextual reference 1. products
2. Singapore and Panama
3. country
C. Understanding word 1-c, 2-e, 3-a, 4-d, 5-b
D. Comprehension question 1. Countries have developed their
economies, increased production of goods,
and met market demands through
increasing world trade
2. A certain climate in particular country
may allow that country to grow
agricultural products in abundance
3. One reason is to chat a country enjoys
an advantage if it exports more than it
imports and wealth accrues to the
exporting country
4. Government subsidies allow companies
to sell products cheaply.
123
5. Because governments want to protect a

domestic industry - industry provides
employment for the population.
Vocabulary 1. nations 7. factors of production
2. commodities 8. climate
3. balance of trade 9. division of labour
4. balance of payments 10. economies of scale
5. barter or counter trade 11. tariffs
6. protectionism 12. quotas
124

255. Giáo Trình Tiếng Anh Chuyên Ngành Kinh Tế

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Foreign Language Faculty Nam Dinh University of Technology Education

Unit 1: THE BASIC ECONOMIC PROBLEM ................................................... 2

1. its labor and other resources (line 1)

II. LANGUAGE FOCUS

Prefixes Stem Suffixes

E.g : Construct Reconstruct

Nouns Verbs Adjectives Adverbs

1. Marx and Keynes are two famous …………………………………………………..

IV. FURTHER PRACTICE

2. To prefer V ưa thích, thích hơn

L1 Economists (specialist in economics) define economics as the study of how

2. The function of economics

II. LANGUAGE FOCUS

Chủ ngữ Tân ngữ Đại từ sở hữu

6. The work is called economic activity. We do this work.

5. Hong Kong has always been a center of………

IV. FURTHER PRACTICE

8. Storekeeper N thủ kho, chủ cửa hàng

L1 Macroeconomics is the study of overall economics trends such as

1. For one ……….. ……………………………………………….. (line 3)

II. LANGUAGE FOCUS

3. The boy taking part in the horse is a Tom‟s student

IV. FURTHER PRACTICE

14. Monetary Adj tiền tệ

L1 Microeconomics deals with the economic behavior of individual economic

II. LANGUAGE FOCUS

Interrogative BE + S + ABLE TO + V (infi)? Is she able to cook?

IV. FURTHER PRACTICE

4. To determine V quyết định

L1 International economics deals with the economic interdependence among

2. ……… their effect on the nation‟s welfare (line 4)

II. LANGUAGE FOCUS

- She was poor but (she was) honest

Translate the following sentences into English using if possible

IV. FURTHER PRACTICE

6. Pure Adj thuần túy, tinh

II. LANGUAGE FOCUS

Complete these sentences with like or as

IV. FURTHER PRACTICE

II. LANGUAGE FOCUS

1. Jane looked………….sick that the teacher told her to go home.

IV. FURTHER PRACTICE

Which statement best expresses the main idea of the text?

II. LANGUAGE FOCUS

A. Though/ although/ even though/ despite/ in spite of/ despite

IV. FURTHER PRACTICE

10. Invisibles N, Adj hàng hóa vô hình (dịch vụ)

II. LANGUAGE FOCUS

IV. FURTHER PRACTICE

11. To consume V tiêu dùng

II. LANGUAGE FOCUS

IV. FURTHER PRACTICE

L1 The concept of money: Money is a commodity accepted by general consent

store of value when there is inflation in the economy.

II. LANGUAGE FOCUS

1. Susan is in charge of ………………………the meeting.

IV. FURTHER PRACTICE

2. The role of fiscal policy in an economy

II. LANGUAGE FOCUS

2. When we are talking about things that we do to ourselves: