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What is Economics?Ever wonder why food costs rise whengas prices spike? Ever question why U.S.politicians worry when other countries talkof going bankrupt? Ever wonder why youcan’t get a good interest rate on yoursavings account? All of these phenomenacan be explained through economics.Economics is the study of how peoplechoose to use resources.Resources include the time and talentpeople have available, the land, buildings,equipment, and other tools on hand, andthe knowledge of how to combine them tocreate useful products and services.Important choices involve how much timeto devote to work, to school, and to leisure,how many dollars to spend and how manyto save, how to combine resources toproduce goods and services, and how tovote and shape the level of taxes and therole of government.
Unit Economics 1) 2) 3) 4) 5) Nguyễn Ngọc Linh Nguyễn Thị Thúy Hường Lã Thị Thu Hương Vũ Thị Sao Hôm Nguyễn Hương Thùy I)Vocabulary economics /ˌiːkəˈnɒmɪks/ kinh tế học He studied politics and economics at Yale economy /ɪˈkɒnəmi/ kinh tế We need to make substantial economies resource /rɪˈsɔːs/ nguồn lực We not have the resources (= money) to update our computer software combine /kəmˈbaɪn/ kết hợp Hydrogen and oxygen combine to form water combination /ˌkɒmbɪˈneɪʃn/ kết hợp His treatment was a combination of surgery, radiation and drugs choice /tʃɔɪs/ lựa chọn You had a good choice choose /tʃuːz/ chọn We choose to go by train well-being phúc lợi We try to ensure the wellbeing of our employees satisfaction /ˌsætɪsˈfækʃn/ thỏa mãn She looked back on her career with great satisfaction consume /kənˈsjuːm/ tiêu thụ, tiêu dùng The electricity industry consumes large amounts of fossil fuels consumption /kənˈsʌmpʃn/ tiêu thụ Gas consumption always increases in cold weather produce /prəˈdjuːs/ sản xuất Toyota produces cars for export production /prəˈdʌkʃn/ sản xuất The new model will be in production by the end of the year kinh tế học vi mô It’s difficult to learn about microeconomics microeconomics /,maikrəʊi :kə'nɔmiks/ macroeconomics /ˌmækrəʊˌiːkəˈnɒmɪks/ kinh tế học vĩ mô Economics is traditionally divided into two parts: microeconomics and macroeconomics theory /ˈθɪəri/ học thuyết According to the theory of relativity, nothing can travel faster than light theoretical /ˌθɪəˈretɪkl/ lý thuyết The first year provides students with a sound theoretical basis for later study capitalism /ˈkæpɪtəlɪzəm/ chủ nghĩa tư In capitalism, the most important means of production is money rather than land conflict /ˈkɒnflɪkt/ mâu thuẫn John often comes into conflict with his boss behavior /bɪˈheɪvjə(r)/ hành vi His behavior towards her was becoming more better II)Reading What is Economics? Ever wonder why food costs rise when gas prices spike? Ever question why U.S politicians worry when other countries talk of going bankrupt? Ever wonder why you can’t get a good interest rate on your savings account? All of these phenomena can be explained through economics Economics is the study of how people choose to use resources Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services Important choices involve how much time to devote to work, to school, and to leisure, how many dollars to spend and how many to save, how to combine resources to produce goods and services, and how to vote and shape the level of taxes and the role of government 1) What resources include? Reasources include the time and talent people have available, the land, buildings, equipment and other tools on hand, and the knowledge of how to combine them to create useful products and services 2) What can be considered as important choices? Important choices involve how much time to devote to work, to school and to leisure, how many dollars to spen and to save, how to combine resources to product goods and services, how to vote and shape the level of taxes and the role of government Often, people appear to use their resources to improve their well-being Well-being includes the satisfaction people gain from the products and services they choose to consume, from their time spent in leisure and with family and community as well as in jobs, and the security and services provided by effective governments Sometimes, however, people appear to use their resources in ways that don't improve their well-being 3) What purpose people use their resources for? People use their resources for improving their well-being 4) What does the term “well-being” mean? “ well-being” mean the satisfaction people gain from using goods Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods Economics explains how people interact within markets to get what they want or accomplish certain goals Since economics is a driving force of human interaction , studying it often reveals why people and governments behave in particular ways There are two mains types of economics : macroeconomics and microeconomics Microeconomics focuses on the actions of individuals and industries , like the dynamics between buyers and sellers , borrowers and lenders Macroeconomics , on the other hand , takes a much broader view by analyzing the economic activity of an entire country or the international marketplace 5) Why does the economics reveal the ways people and government behave? Because economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods 6)What are two types of economics? There are two types of economics : macroeconomics and microeconomics 7)What does microeconomics study? Microeconomics focuses on the actions of individuals and industries , like the dynamics between buyers and sellers , borrowers and lenders 8)What does macroeconomics study ? Macroeconomics takes a much broader view by analyzing the economic activity of an entire country or the international marketplace A study of economics can describe all aspects of a country’s economy, such as how a country uses its resources, how much time laborers devote to work and leisure, the outcome of investing in industries or financial products, the effect of taxes on a population, and why businesses succeed or fail People who study economics are called economists Economists seek to answer important questions about how people, industries, and countries can maximize their productivity, creat wealth, and maintain financial stability Because the study of economics encompasses many factors that interact in complex ways, economists have different theories as to how people and governments should behave within markets Adam Smith, known as the Father of Economics, established the first moderm economic theory, called the Classical School, in 1776 Smith believed that people who acted in their own self-interest produced goods and wealth that benefited all of society He believed that goverments should not restrict or interfere in markets because they could regulate themselves and, thereby, produce wealth at maximum efficiency Classical theory forms the basis of capitalism and is still prominent today A second theory known as Marxism states that capitalism will eventually fail because factory owners and CEOs exploit labor to generate wealth for themselves Karl Marx, the theory’s namesake, believed that such exploitation leads to social unrest and class conflict To ensure social and economic stability, he theorized laborers should own and control the means of production While Marxism has been widely rejected in capitalistic societies, its description os capitalism’s flaws remains relevant 9) What can you learn from the economic theory of Adam Smith? Adam Smith supports the idea of a free market 10) What is the differentce between the economic theory of Adam Smith and Marxism theory? There is a conflict: free economy and means of production must belong to the laborers A more recent economic theory, The Kenesian School, describes how goverments can act within capitalistic economies to promote economic stability It calls for reduced taxes and increased government spending when the economy becomes stagnant, and increased taxes and reduced spending when the economy becomes overly active This theory strongly influences U.S policy today As one can see, economics shapes the world Through economics, people and countries become wealthy Because buying and selling are activities vital to survival and success, studying economics can help one understand human thought and behavior 11 What does the recent economic theory of the Keynesian School indicate? The recent economic theory of the Keynesian School indicate how government can act within capitalistic economics to promote economic stability 12 In general, how can people benefit from studying economics? Studying economics can help people understand human thought and behavior III)Summary Economics is the study of how people choose to use resources to improve their well-being There are two mains types of economics : macroeconomics and microeconomics Microeconomics focuses on the actions of individuals and industries Macroeconomics analyzes the economic activity of an entire country or the international marketplace There’re Economic theories: Adam Smith with the Classical School in 1976; Karl Marx with Marxism and Keynesian Adam Smith’s theory: ♦ He believed that people who acted in their own self-interest produced goods and wealth that benefited all of society ♦ He believed that goverments should not restrict or interfere in markets because they could regulate themselves and, thereby, produce wealth at maximum efficiency Marxism theory: ♦ He believed that labor exploitation leads to social unrest and class conflict ♦ To ensure social and economic stability, he theorized laborers should own and control the means of production Keynesian theory: describes how goverments can act within capitalistic economies to promote economic stability Benefits : Through economics, people and countries become wealthy studying economics can help one understand human thought and behavior IV) VOCABULARY EXERCISES Ex1 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) Distributing Economic Policy Relationships Government Theories Economists Econometric Analyse Study Consumption Monopolistic Ex2 1) 2) 3) 4) 5) 6) 7) 8) D C B F E A H G V) Language Focus Ex1 Ask Change Discuss Develop Define Publish Ex2 b g a d e c f ... EXERCISES Ex1 1) 2) 3) 4) 5) 6) 7) 8) 9) 10 ) 11 ) 12 ) Distributing Economic Policy Relationships Government Theories Economists Econometric Analyse Study Consumption Monopolistic Ex2 1) 2) 3) 4)... to survival and success, studying economics can help one understand human thought and behavior 11 What does the recent economic theory of the Keynesian School indicate? The recent economic theory... Father of Economics, established the first moderm economic theory, called the Classical School, in 17 76 Smith believed that people who acted in their own self-interest produced goods and wealth that