CHAPTER I: THE MARKET ECONOMY Unit 1: MARKET CAPITALISM I. Level: Students - Intermediate level of English II. Aims: - Students can revise relative pronouns / adverbs and relative clauses - Students can learn some vocabulary relating to market capitalism - Students can master the nature of market capitalism III. Time: 4.5 periods IV. Aids: - Textbook: English in economics and business V. Procedure: Time Teacher Students 2 mins 10 mins 1. Class settling 2. Warm-up - Ask to elicit students: + When did Vietnam introduce open-market policy to the economy? - Introduce the content of the lesson - Answer: 120mins 3. Lesson: A. Reading comprehension a. Pre-reading: - Explains the words: “capitalism” and “market capitalism”: + Capitalism: + Market capitalism - Ask to elicit students: + What do you know about market capitalism? + Does market capitalism exist in Vietnam – a socialist – oriented country? + What are signs of market capitalism? - Give answers: b. While-reading: - Ask students to skim the text to get general idea of the whole text - Skim the text a. Paragraph I: - Ask students to find out the main idea of this paragraph - State the main idea: There are two major decision- making units in competitive market capitalism: business firm and household - Read through the paragraph and find out the main idea of this paragraph - Ask students questions to check their understanding + What are the two major decision-making units which - Answer: + Business firm and 1 Time Teacher Students market capitalism contains? household + How are the actions of business firms and households coordinated? + Business firms buy resources from households and transform resource inputs into outputs of products and services that they sell to households. Household sells resources to firms and purchases outputs from them + Can you name some kinds of business firms? + Public Limited Companies b. Paragraph II: - Ask students to find out the main idea of this paragraph - State the main idea: Business firms and households are interdependent - Ask students to guess the meanings of new words in the passage - Read through the paragraph and find out the main idea of this paragraph - Guess the meanings of words + To derive from: Eg: She derives much pleasure from her studies + In turn : Eg: The girls called out their names in turn - Make some more examples + Loan Eg: I’m only asking for a loan-I’ll pay you back - Ask students questions to check their understanding - Give answers: + What does the demand for resource inputs depends on? + The demand for resource inputs is derived from the demand for final products because firms produce to sell to consumers + How can consumers get money to buy products sold by firms? + What resources can firms buy from households? + Customers get money through the sale or loan of their resources to firms. + Labor, materials: wood, fruit… - Ask students to translate the paragraph into Vietnamese - Translate into Vietnamese 2 Time Teacher Students c. Paragraph III: - Ask students to find out the main idea of this paragraph - State the main idea: There are some basic assumptions of competitive market capitalism - Read through the paragraph and find out the main idea - Ask students to guess the meanings of new words in this passage - Guess the meanings of new words in the paragraph - Make some examples + Assumptions: Eg: We are working on the assumption that the rate of inflation will not increase next year + Well-being: Eg: He has a sense of spiritual well-being + Pursue: Eg: The police pursued the stolen vehicle along the motorway + Utility: Eg: Do you know the utility value of a dishwasher? + Substitutable: Eg: This pen is not substitutable for that one - Elicit students to check their comprehension: - Give answers: + What do both households and business firms do through market exchange? + They desire to maximize their economic well- being through market exchange. Business firms pursue profit maximization and households try to maximize utility or satisfaction + What does it mean that “markets are competitive”? + It means that there are many buyers and sellers, products are substitutable, buyers and sellers have a lot of knowledge of the market and resources are able to move freely between uses. + How can business firms keep their products + Offer competitive 3 Time Teacher Students competitive? prices + Constantly improve their products: quality, package, design… + Know customers’ tastes and do market researches - Ask students to translate this paragraph into Vietnamese - Translate 10 mins B. Exercise T/F - Ask students to do this exercise individually - Check answers with the whole class: - Do the exercise individually - Give answers: 1. F Business firms and households are interdependent of each other 2. T Firms and households are both buyers and sellers 3. F Demand for the resources depends on the demand for products 4. F Knowledge of the market is necessary for a competitive market 5. F Firms organize and coordinate factors of production to produce outputs 30 mins 4. Grammar - Present relative pronouns Subject Object Possessive For persons Who Eg: The woman who is standing over there is my sister Who / whom Eg: The man whom you met yesterday is my father Whose Eg: The boy whose sister is my girlfriend doesn’t like me That Eg: Mrs. Brown That Eg: The - Make some more examples: + The restaurant has a cellar which is not used + Who are looking for outgoing and persuasive young 4 Time Teacher Students is the woman that owns the bigger house woman that you saw in the part last week is my wife people who are good with words For things Which Eg: She works for accompany which makes car Which Eg: The diamond ring which I presented you is very expensive Whose/of which Eg: Mary is looking after the dog whose leg was broken in an accident That Eg: We saw the actual spaceship that landed on the moon That Eg: He doesn’t like any food that she cooks That Eg: We saw the actual spaceship that landed on the moon - Present relative adverbs: + When = in/on which (used of time) Eg: Do you still remember the day when we first met? + Where = in/at which (used of place) Eg: The hotel where we stayed wasn’t very clean + Why = for which Eg: I don’t know the reason why you said goodbye to her - Ask students to read information from their books - Ask them to do exercises in their books - Check answers with the whole class - Read information about relative pronouns - Do exercises - Give answers: + Strong competition + Foreign companies + Free trade 30 min C. Vocabulary exercise - Ask students to use the words they have learnt to complete sentences - Check answers with the whole class: - Do the gap - Filling exercise - Give answers: 1. in turn 2. well-being 3. decision -making 4. assumptions 5. coordinate 6. substitutable 7. interdependent 8. assume 5 Time Teacher Students 9. purchase 10.derived 11.utility 12.transform 13.given 14.business firms 15.households 16.loan 17.pursue 5 min 5. Conclusion - Summarize the main points of the reading - Remind students of relative pronouns - Ask students to practice at home 6 UNIT 2: THE BASIC ECONOMIC PROBLEM I. Level: students – Intermediate level of English II. Aims: - Students can deal with the basic economic problem - Students can revise the comparative forms and master parallel increase - Students can know some vocabulary relating to economic problem III. Time: 4.5 periods IV. Aids: Textbook: English in economics and business V. Procedure: Time Teacher Students 2 min 10 min 1. Class settling 2. Checking previous lesson - Ask students to translate some sentences into English: - Do the task as required - Give answers: + Đã có một sự thay đổi toàn diện về khí hậu làm biến đổi vùng này từ sa mạc thành đầm lầy + Chúng ta phải phối hợp cố gắng để giúp đỡ các nạn nhân lũ lụt + There was a complete change of climate which transformed the area from a desert into a swamp + We must co-ordinate our efforts to help the flood victims + Tôi lớn lên trong một hộ đông người. + Sau khi giành được học vị thứ nhất, cô ta quyết định tiếp tục học tập. + I grew up as part of a great/large household + She decided to pursue her studies after obtaining her first degree + Nhiều người thương hại thằng bé mà bố nó vào tù từ tháng trước. + Many people were sympathetic with the boy whose father was put into prison last month. - Ask some students to go to the board and write down their translation - Check answers with the whole class - Write down their translation. - Check answers with the whole class 7 Time Teacher Students 100 min 3. Lesson: A. Reading comprehension a. Pre-reading: - Ask students some questions: - Give answers : + What factors influence production? + Labor + Materials: iron, wood + Technology + Land, . + What difficulties are there in production? + Poor land + Old machines + Out – of – date technology + Bad weather + Lack of materials + Unskilled, inflexible employees + Bad management - Introduce the content of the lesson b. While-reading: - Ask students to skim the text to get general idea of the whole text - Ask students to find out the main idea of this text - Skim the text - Find out the topic of this text - State the topic problem is how to make the best use of labor and other resources - Ask students to guess the meanings of words given in the text - Provide them with meanings and structures of words: - Guess the meanings of words + Community: Eg: They work for the good of the community + Make the best use of: Eg: She’s certainly made the best use of her opportunities + Cộng đồng + Tận dụng + Term: Eg: There are many scientific terms in this book + Means of production: Eg: We use means of production as the input of the productive process + Thuật ngữ + Phương tiện sản xuất + Volume: Eg: He resigned from his present job because the volume of his work was too great + Advantage (over sb) Eg: He has the advantage of a steady job + Lượng + Lợi thế + Wasteful: Eg: She pursues wasteful habits + Probably: + Lãng phí + Có lẽ 8 Time Teacher Students Eg: He’s late. He’s probably stuck in a traffic jam. + Crop: Eg: Farmers treat the crops with fertilizer. + Mùa vụ + Pasture: Eg: + Building sites: Eg: You have to wear a hard hat when you enter a building site + đồng cỏ + Công trường xây dựng + Allocate st (to sb/st): Eg: He allocated tasks to each of us + Particular: Eg: Is there particular colour you would prefer? + Phân bổ + Cụ thể + Assortment: Eg: He is wearing an odd assortment of clothes + Prefer: Eg: Their father prefers them to be home early + Chủng loại + ưa chuộng, muốn - Ask students to read the text again - Ask students to check their comprehension: - Read the text again - Give answers: + What is another term for “factors of production”? + What is the amount of output limited by? + It is “means of production” + It is limited by the amount of factors of production + In which ways could land be used according to the reading? + How should the community allocate its resources? + Why can’t we have as much of everything as we want? + Most land could be used for several different crops, pasture or building sites + It has to allocate factors among different industries in order to produce what it want most + Because factors of production are limited in amount - Ask students to summarize the text: The basic economic problem for any community is how to make the best use of its means of production. They should be used for any of several different purposes. - Summarize: - Translate the text: The amount of factors of production influences the volume of output. Therefore we have to allocate factors among different industries to produce what the community wants most. c. Post – reading: 9 Time Teacher Students - Ask students to translate the text into Vietnamese - Translate the text into Vietnamese 15 mins B. T/F exercise - Ask students to do this exercises individually - Check answers with the whole class - Give necessary explanation - Do the exercises individually - Give answers: 1.T. We can increase the amount of products if we have more factors of production. 2.F. It is always better to leave all land unused 3.F. Workers can be employed in only one occupation or industry at a time 4.T. Most factors of production can be used for several different purposes 5.F. We can have as much of everything as we want in a given period 30 min C. Vocabulary exercise - Ask students to use the words given in the reading passage to complete sentences - Check answers with the whole class - Correct the answers and give explanations - Do the exercises - Give answers: 1. prefers 2. terms 3. allocate 4. community 5. crop 6. wasteful 7. pasture 8. particular 9. probably 10.means of transportation 11.factors 12.volume 13.advantage 14.assortment 10 [...]... is an agreement between buyers and sellers to determine its prices and quantity In a market system, everything has a price Prices provide important signals to market participants In a market, a balance between buyers and sellers is stored Needs in a certain field can affect greatly wages of workers in that field - Ask students to guess the meanings of new words in this text - Provide with meanings and. .. students of linking verbs (form and usage) - Ask students to practise at home 27 - Add more verbs: get, keep, make, sound… - Make examples UNIT 5: I Level: ROBERT MALTHUS (1776-1834) students – Intermediate level of English II Aims: - Students can master intransitive ands transitive verbs - Students can know and understand more about Robert Malthus - Students can enrich their vocabulary and improve their reading... income inequality and large changes in the incentive structure + What benefits can reforms bring to the economy? + They can lead to progress in exports and the availability of consumer goods * Notice: - Check students’ understanding of words’ meanings and structures mentioned in the text + Complex: Eg: This is a complex system + Reform(s) Eg: Teachers have paid much attention to the reform of 20 Time... again - Give answers + A market is an arrangement by which buyers and sellers of a community interact to determine its price and quantity + What are wage rates? + Wage rates are prices of different kinds of human labor + What will happen if the demand for a given good + At that time, a lot rises? of new orders for it will be placed The sellers will raise the price to ration out a limited supply and the... Give answers: + State-controlled market economy + Yes, it does - Skim the text - Read the text again - Give answers: + Complex reforms are + Steps to stabilize the macro economy Time Teacher Students and let the market decide domestic and external sector prices + What should a country do next to reform its economy? + Improve economic decisionmaking, reform trade policies and build managerial skills and. .. carefully - Elicit the meanings and usage of new words and 23 Students - Do the exercises - Give answers - Do the exercises - Give answers: 1 Quietly 2 Quiet 3 Nice 4 Well 5 Safe 6 Safely 7 Nervous 8 Slow 9 Angrily 10.Comfortable - Give answers: Adam Smith… - Read through the text to have the general idea - Read the text carefully - Deduce the Time Teacher Students meanings of new words and structures structures:... sickness and war could reduce the size of population, and adjust the population to the supply of food Till now, Malthus’s theory remains relevant and useful for parts of the world - Ask students to translate the text into Vietnamese - Translate the text into Vietnamese C Exercise on page 35 - Ask students to do this exercise - Do the exercise - Check answer with the whole class - Give answers: 1.My boss wants... skills and a strong financial sector + Is privatization of large state enterprises important in + Yes, it is reforming? + What needs reforming? + The legal contractual system, the structure of ownership and the roles of key organization is in the economy + What difficulties are there when carrying out reform? + Inflation and unemployment will worsen as price controls are removed and the real economic... about Robert Malthus and his theory on the influence of population on the society - Ask students to read the text carefully and deduce the meanings of new words in the text - Help them with new words + Obvious: Eg: Spending less money is the obvious answer to his financial problems + Poverty: Eg: She had been worn by poverty and illness + The masses: Eg: the masses were very angry and overthrew the government... theorist of economics His researches were very important He had some major/main hypotheses The first hypothesis stated that the basic motivation of human nature was people’s self-interests and free competition is necessary and productive in the economy The second one concerned wages and profits The third idea mentioned free trade as an essential tool to produce wealth Government also played an important role . and households are both buyers and sellers 3. F Demand for the resources depends on the demand for products 4. F Knowledge of the market is necessary for. unwanted models and limit production. As a result, a balance between buyers and sellers will be restores. + How can an equilibrium between sellers and