english in economics and business - hanoi national economics university

8/20/2019 ENGLISH IN ECONOMICS AND BUSINESS - HANOI NATIONAL ECONOMICS UNIVERSITY

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HANOI NATIONAL

ECONOMICS UNIVERSITY

ENGLISH FOR ECONOMICS

AND BUSINESS STUDENTSBY:

SARAH BALES - AMERICAN TEACHER DO THI NU - HEAD, ENGLISH DEPARTMENT

HA KIM ANH - TEACHER OF ENGLISH - NEU

Ho Ipĩnh flV?

i d l :

NHÀ XUẤT BẨN GIẤO D Ụ C - 1998

WWW.FACEBOOK.COM/DAYKEM.QUY

WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUY

WW.DAYKEMQUYNHON.UCOZ.COM

ng góp PDF bởi GV. Nguyễn Thanh Tú

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4(^4p! ~ o q 7) 232 /4 7- 98 Mã sể: DNT 01 b8G D - 9 8





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FOREWORD

The following is a collection o f readings in Economics andBusiness put together for the third and fourth year students at

the National Economics University (NEU) in Hanoi, Vietnam in1993. The texts were collected from various textbooks, popular

books on business and economics, reports from differentdevelopment agencies, and articles written specially for this book

by various authors. The texts were shortened, simplified andotherwise adapted to fit the skill level and interests of thestudents. Difficult and new vocabulary were extracted from each

reading to create a word list for each chapter (to be printed in book two). The word lists were translated into Vietnamese and

consolidated in a glossaiy in alphabetical order at the end of book two. Each chapter contains exercises to practise

vocabulary, grammar, and use of the language on that particularsubject. There are a total of 64 readings on 17 different sujects

which were chosen because they'are the basic subjects thatstudents at NEƯ are required to study.

The work was initiated by Sarah Bales, a VIA volunteer at

NEƯ during the 1993 - 1994 school year. Two English teachers

from NEU, Mrs Do Thi Nu and Ms Ha Kim Anh, helped to

choose appropriate subject matter and materials, wrotecomprehension questions and grammar explanations and

exercises, tested the materials on NEƯ students and kept the

administration informed about our progress. Mr. James Carlson

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helped by writing a section on accounting and makingsuggestions to improve the second hair of the book. Thetranslation of the word list was done with the assistance of Mr.

Nguyen Xuan Vang, and some others. Ronnie Wynne assisted by reading through most of the chapters, correcting mistakes and

making comments to improve the materials. Manv thanks to allof these people and other people not mentioned who havehelped in the completion of this project

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Table of contents

Third-year

Page

Chapter I - THE MARKET ECONOMY 8

1. Market capitalism 8Grammar: Relative pronoun - whose

2. The Basic Economic Problem 14

3. The Market Mechanism 17

Grammar: Present and past participleOPTIONAL READING: From central

planning to a market economy 23

Chapter II - HISTORY 26

4. Adam Smith 265. Robert Malthus 32

Grammar: Inversion of subject and verb6. Kari Marx 38

Grammar: Use of as long as7. Maynard Ke;ynes 43

Grammar: Gerund

Chapter III - MACROECONOMICS 49

8. Macroeconomics 49Grammar: Relative pronouns - which,whom, that

9. Fiscal and Monetary Policy 54

Grammar: Conditional sentences

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10. GDP and GNP 60

Grammar: Passive voice11. The Business Cycle 64

Grammar: Article usage

Chapter IV - MICROECONOMICS 74

12. Microeconomics 74

13. Demand 78Grammar: Use of so and such

14. Supply S3

Grammar: Use of as and like

Chapter V - INTERNATIONAL ECONOMICS 8915. What is International Economics? 89

Grammar: Ellipsis

16. Vietnamese Rice Exports 9417. Trade Surpluses and Deficits 98

Grammar: Use of though, although,despite, in spite of

18. How do Exchange Rates Function? 105Grammar: Unreal conditional sentences19. The Letter of Credit 111

Grammar: Infinitive of purpose

Chapter VI - INFLATION 117

20. Inflation 1X7Grammar: Review of conditional sentences

21. Inflation and growth 122Grammar: Use of can and to be able to

22. How does Inflation Affect 126the World Economy?

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23. Hyperinflation '131Grammar: Verbs followed by the gerund

Chapter VII - LABOR 137

24. What Affects Wages? 13725. Unemployment 142

26. Trade Unions and Wages 148Grammar: Noun clauses - that

Chapter VIII - DEMOGRAPHY 154

27. World Population Growth 15428. The Population in Vietnam 158

29. Economics and Fertility in Vietnam 16330. Family Planning Policy in Vietnam 169

Chapter IX. INVESTMENTS 175

31. W hat are Capital Markets? 175

32. Investing in Stocks 178

33. Bonds 18134. Risk 183

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Chapter I. THE MARKET ECONOMY

Unit 1. MARKET CAPITALISM

(adapted from Comparative Economic Systems by John E. Elliott)

Competitive market capitalism contains two majordecision-making units whose actions are coordinated through

market exchange. The first is the business firm, which buys

resources from households and transforms resource inputs

into outputs of products and services that it sells to households.

The second is the household, which owns and sells resources to

firms and purchases outputs from them.

The two kinds of market relations, as well as the two basic

units of economic decision-making, are interdependent. The

demand for resource inputs is derived from the demand for fina]

products because firms produce to sell (at a profit) to consumers.

Resource inputs, in turn, are required to create outputs. Com-

sumers are able and willing to purchase products because they

have incomes. Consumers obtain income through the sale or loan

of their resources to firms, who in turn organize and coordinate

factors of production to produce outputs from these inputs.

Competitive market capitalism is based on some basic

assumptions. One assumption is that both firms and households desire to maximize their economic well-being through market

exchange. Business firms are assumed to pursue profit maximization and household try to maximize utility orsatisfaction. Both try to buy at the lowest possible price (for agiven quality of good) and to sell at the highest possible price.

The other major assumption is that markets are competitive,

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which means there are many buyers and sellers, products aresubstitutable, buyers and sellers have a lot of knowledge of the

market and resources are able to move freely between uses.

decision-making (adj)

to coordinate (v) business firm (adj. or n.

household (n)to transform (v)to purchase (v)

interdependent (adj)

to derive from (v)in turn (adv;loan (n)assumption(n)

well-being (n)to assume (v)to pursue (v)

utility (n)given (adj)

substitutable (adj)

/. Comprehension Questions

1) What are the two major decision-making units whichmarket capitalism contains ?

2) How are the actions of business firms and households coordinated ?

3) From whom does the business firm buy resources andsell outputs ?

4) What does the demand for resource inputs depend on ?

ra quyết định

phối hợp, sắp xếp, điều phối) hãng kinh doanh

hộ gia đìnhchuyển đổi, biến đổi, thay đổimua. tậu, sắm

phụ thuộc lẫn nhau

thu được từ

lần lượtvay

giả định

phúc lợigiả địnhmưu cầuđộ thỏa dụngnhất định

có thể thay thế

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5) What do firms do with the resources they buy fromhouseholds ?

6) How can consumers get money to buy products sold byfirms ?

7) What do both households and business firms do through

market exchange ?

8) What does it mean that "markets are competitive" ?

//. True!False

I ) ______Business firms and households are independent

of each other.

2) _ __ Firms and households are both buyers andsellers.

3 ) ___ Demand for the products of a firm depends on

the demand for the resources.4 ) ____ Knowledge of the market is not necessaiy for a

competitive market.

5 ) ____ Households organize and coordinate factors of production to produce outputs.

IĨL Grammar

Relative Possessive Pronoun - Whose (adapted fromPractical English Usage by Michaei Swan).

Review : Relative pronouns serve two functions at once.They are used as the subjects or objects of verbs, like other

pro nouns ; At the same time, they join clauses together, like

conjunctions.

The most common relative pronouns are who, whom,which, and that. Both who and whom are used for people.

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However, whom (which refers to the object of a verb or a preposition) is rather unusual, especially in conversationalEnglish. It is generally either left out, or replaced by who orthat. Which is used for tilings. That can often (but not always)

be used instead of who, whom, or which.Whose is a relative possessive pronoun. It indicates pos-

session. It is used together with nouns in the same way as his. her, its, or their. It can refer to people or things. In a relativeclause, the structure whose + noun can be :

- the subject -

e.g. When I looked through the window I'saw a girl whose beauty took my breath away. John found a cat whose leg

was broken.This is Henry whose wife works for me.

- the object -

It was a meeting whose importance Ĩ did not realize at

the time. V

This is Jane, whose sister you met last week.

Note that instead of whose, we can use of which to referto things. The word-order is normally noun + of which.

We had a meeting the purpose of which was completelyunclear (or whose purpose was unclear...).

He has written a book the name of which I’ve completely

forgotten (or whose name I’ve.,.).

Combine each pair of sentences into one :

Example : The class has 40 students.Their English is quite good.

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The class has 40 students whose English is

quite good.

1) a. That is the man. b. His dog bit me yesterday.

2) a. We saw some people.

b. Their car had broken down.

3) a. Yesterday I met a woman. b. Her husband was arres ted by the police

4) a. This is Tom. b. I borrowed his bike.

Õ) a. The teacher is Miss Smith.

b. Her class meetố at 7 :30.

6) a. Rice is a commodity. b. The price of rice is rising.

7) a. Tom is a man. b. Tom’s wife left him.

8) a. This is a girl. b. Her bicycle was stolen.

IV. Vocabulary Exercise

Fill in the blank with the correct word.

1. He filled out each of the papers_______________.

2. We must consider the economic ________________ of

poor people when we make this policy.3. The boss is the only person w ith ___ ___ _ _________

power in this company ; no one else can make decisions.

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4. Economists make m an y ________________ when they

Witte their theories.

5. It is veiy difficult t o __________ _____ the schedules of

all the students and all the teachers in the university.

6. Salt is n o t____ __________ for sugar even though theylook the same.

7. The husband and wife are _______________ , he can’t

live without her and she can’t live without him.

• 8. We can no t ________________ that she wants to marry

him, we must ask her opinion first.

9. The company wants t o ________________ inexpensivegoods in Vietnam to send to America and sell at a high price.

10. That company’s high profits a r e ________________

from the sale of shoes made in Vietnam and sold in Japan.

11. Nobody derives much ________________ from air pol-

lution ; it just causes health problems.

12. The changes in government policy should _________

_________________ the Vietnamese economy from a Marxist.

economy into a market economy.

13. They can keep the money for a _______________ time

period, for example, one year, but then they must pay it back.

14- Many American _____________________ would like to

invest in Vietnam.

15. Many Vietnamese_____________________have more

than 2 children.

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16. She has a __________________ for $500 to buy asewing machine to make clothes, but she must pav it back soon.

17. If you want to ______________ _ a career in business,you must understand the economy.

Unit 2. THE BASIC ECONOMIC PROBLEM

(adapted from The Language of Economics by Eva Guarino)

The basic economic problem for any community is how

to make the best use of its labor and other resources. Ineconomic terms, labor and other resources are called means of

production or factors of production.The volume of output is limited bv the amount of factors

of production. The more factors of production we have, themore we can produce.

The problem for any community is how to use its factors

of production to the best advantage. In general, it is wasteful for workers to be unemployed, and the community will probably

try to have fall employment. But for some other factors, such as poor land, it may be better to leave them unused. Most of thefactors that are used could be used for any of several different

purposes. Most workers could be employed in any number of

occupations or industries and most land could be used for several

different crops, pasture, or building sites.

Therefore, the economic problem is how to allocate

factors among different industries in order to produce what thecommunity wants most. In a given period we cannot have as

much of everything as we want because factors of productionare limited in amount, but at least we can tiy to produce the





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particular assortment of goods and services which the

community prefers.

I. Comprehension Questions

1) What is anoth er term for "factors of production" ?

2) W hat is the amount of ou tput limited by ?3) In which ways could land be used according to

the reading ?4) How should the community allocate its resources?

5) Why can’t we have as much of everything as

we want ?6) What is the main topic of the reading?

ĨĨ. True —False

1) _ We can increase the amount of productsif we have more factors of production.

community (n)

term (n)

means (n)factor (n)volume (n)advantage (n)

wasteful (adj)

probably (adv)

crop (n)

pasture (n)to allocate (v)

particular (adj)

assortment (n)to prefer (v)

cộng đổng

thuật ngữ

phương tiệnnhân tố, yếu tố

khối lượngsự thuận lợi, lợi thế

lãng phícó thể, có khả năng,

vụ, mùa

đổng cỏ phân bổđặc thù. đặc biệt

nhiều loại khác nhauưa thích hơn

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2) . ■ It is always better to leave all lancbunused

3) ________ Workers can be employed in only oneoccupation or industry at a time

4) ______ Most factors of production can be usedfor several different purposes.

5) _____ __ We can have as much of everything as we

want in a giỵen period.

///. Grammar

We can use the pa ttern : ;

Comparative + Subject + Verb 4- the -f comparative +

Subject + Verb to say that two changes happen together (one change depends on the other change)

e.g. - The more factors of production we'have, the more

we can pro dupe.

- The less one earns, the less one must pay in

income taxes.

Write 5 sentences using this pattern.

TV. Vocabulary Exercise1) She . _______________ studying to going out so -she

always receives high marks on her exams.

2) There are many ________________ used in marketeconomics which have not been translated into Vietnamese yet.

3) Companies m u st __________ _____ resources to their

best use in order to make, high profits.4) The whole __________________ must help to give food

to the poor people.

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p jj fe :;5) The autumn _____ _ _ was not big enough iplilv auLuUiil _fulfil to other countries.

I;' Americans can be v e iy ________ : . ; theytfefcovv everything away. .

7) 'Phe land is used a s ________________ for the cows.

A‘jj-;r: . . .;.fit.,. 8) There is a , person w hom . we are

looking for.

n r, 9). She has a big motorcycle and wears a lot of gold,-she isvery rich.

t;A 10). By what ; ■ ■ • _ _ of transportation doyou come to the university everyday ?

11) Many _______ _________ influence the successof a business including the government’s policies.

12) T h e ________________ of work, they must do is verylarge.

13) She has a n _______ ____________ over him becauseshe studied abroad and he didn’t

14) You can find anything you want or need in that store because it has a w ide_____________________________of goods.

Unit 3. THE MARKET MECHANISM(adapted from Economics by Samuelson)

A market is an arrangement by which buyers and sellers

of a commodity interact to determine its price and quantity.In a market system, everything has a price - each good and

each service. Even the different kinds of human labor have

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prices, th at is, wage rates. We receive income for what we sell,and we use this income to buy what we want.

In addition, prices provide important signals to market participants. If consumers want more of any good, for example,

rice, a lot of new orders for it will be placed. As buyersscramble around to buy more rice, the sellers will raise the price

of rice to ration out a limited supply and the higher price will encourage greater rice production.

On the other hand, what will happen if a good such as cars becomes overstocked at the going market price ? Sellers willlower car prices in their rush to unload unwanted models. At

the lower price, more consumers will want cars, and producers win want to produce fewer cars. As a result, a balance (or equi-librium) between buyers and sellers will be restored.

What is true of the markets for consumer goods is also

true o f markets for factors o f production. Rem ember that a fac-tor of production is an input intp the productive process oneof the classical triad of land, labor and capital. If computer

programmers, rather than typists are needed, job opportunities will be more favorable in the computing field. The price o f com-

puter programmers (their hourly wages) will tend to rise, andthat of typists will tend to fail. The shift in relative wages will

cause a shift of workers into the growing occupation.

mechanism (n) cơ chếarrangement (n) sự sắp đặt

to interact (v) ảnh hưởng iẫn nhau,

in addition (prep) participant (n)

tác động qua lại hơn nữa, thêm vào đó người tham'gia

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to place an order (v) to scramble (v) to ration out (v)

overstocked (adj)

to rush (v) to unload (v)

to restore (v) process (n)

triad (n)

favorable (adj) to tend to (v)

shift (n) relative (adj)

?‐ ! Ỉ ' ' ■V ■ . Í ; ■ ; . .


21/190

//. Prefixes

inter - between or reciprocal interact, international

en - to cause to be

encourage, ensure, enableover- excessive (too much)

overstockẹđ, overcareful, overconsumption

U1> not or opposite of

unhappy, unload, unwanted

re- again or back (as it was before)

restore, renew, redo, remembertri- three

triad, tricycle, triangle

Think of other words you know with those prefixes. Writethree examples for each one. Use a dictionary if you can’t thinkof any.

///. Grammatical Point 1) A present participle is the - ing form of the verb.

- it is a part of a verb when it is accompanied by someform of the verb "to be"

e.g. She is talking to her friend.Tlje prices are rising.

- It is an adjective when it is not accompanied by someform of the verb "to be"

e.g. What will happen if a good such as cars becomes overstocked at the going market price ?

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The shift in relative wages will cause a shift of

workers into the growing occupation.

2) A past participle can be part of a verb or it can be an adjective.

- I t is part of a verb if it is accompanied by some form of the verb be or have.

e.g. A balance between buyers and sellers will be restored.

He has purchased a car.

- It is an adjective when it is not accompanied by some form of be or have.

e.g. As the buyers scramble around to buy more wheat,

the sellers will raise the price of wheat to ration out a limited supply.

By paying attention to the two uses of the present and past participles, you can avoid misunderstanding while reading or lis-tening, and avoid making mistakes while writing or speaking. Stu-dents often mistake a participle for a verb so they make a lot of sentences with either no predicate verb or more than ọne verb.

Exercise (adapted from Longman Preparation Course forthe TOEFL)

indicate if the following sentences are correct (C) or incor-rect (Ỉ). Give the reason why.

1) The chapters were taught by the professor this morningwill be on next week’s exam.

2) The girl drinking coffee is my friend.

3) The pizza is served in this restaurant is the mostdelicious one.

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4) The child is playing in the garden is my son.

5) The story written by Paul appeared in the magazine,

6) The letters were posted yesterday will arrive on Monday.

7) The tip was offered by the customer was not accepted.

ỈV. Vocabulary Exercise

1) The workers ___________________ over each other toget out of the burning factory.

2) With inflation, prices __________________________ rise very quickly.

/3) She speaks French, English and G erm an _____________

4) At our store Vietnamese bicycles are

to Vietnamese.

. nobody will buy them at todav’s price sothev just stay in the store.

5) Conditions are very ________ _work in a growing economy.

6) During the war, the governmentmeat and other foods.

for finding

7) Eachshort speech.

in the seminar had to give a

8) The prices in Vietnam are low prices in America.

to

9) After th e y _______________ ship you can take them to your store.

the goods from -the

10). S h e __ 10 pairs of pants.

for 10 shirts and

22





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11) The new ___________________ of furniture in thisroom makes the room look bigger.

12) When they heard that there was a new issue of Doremon comics coming out people _________________ to

the store to buy it for their children, or perhaps for themselves.13) The recent ____________________ in the exchange rate

made imported goods cheaper.

14) The __________ _____________ of wine, women, andsong is often used to talk about the things that please men.

15) Parents should ______ s ____________ a lot with their

children so the children will be happy.16) A fte r a war it is difficult t o ______________ án

economy to its previous state because of damage from bombs.

17) The _______________ of making banknotes is verysimple, but requires special inputs that ordinary people are not allowed to buy.

18) The lock _______________ is broken so I can’t unlock my door.

OPTIONAL READING

*.From Central Planning to a Market Economy (adapted from World Bank Development Report 1992)

Transforming a centrally planned economy into a market economy requires complex reforms. There is no experience to

guide current transitions. There is little disagreement that the transitions have to be made, but there is much discussion about in what sequence the reforms should be made.

23





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The World Bank, recommends, the. following sequence of

reforms. Early steps to stabilize the macro economy and let the

market decide domestic and external sector prices in order to give clear, accurate signals for economic activity. These steps would be accompanied and followed by efforts to improve

economic decision-making, reform trade policies and build managerial skills and a strong financial -sector. Privatization

. of large state enterprises would become the next prio rity .

Protection would be cut and the economy would be opened to

foreign competition, first in goods markets and later in capital

markets. Institution - building would be a basic theme from the start and at all levels: The legal contractual system, the

structure of ownership, and the roles of key organizations inthe ecnomy would require reform.

Large-scale privatization would not happen at the start of the sequence, but there would be early legal commitments

that would guarantee private ownership within a reasonable time.

Reforms will require painful adjustments. Inflation and

unemployment will worsen as price controls are removed and the real economic losses of some activities are revealed. Political opposition may increase with these developments and

with the rise in income inequality that comes after large changes in the incentive structure. But progress in exports and the

availability of consumer goods could soon follow. And, given the

strong human resource level in Vietnam, prospects for growth

could be excellent.

central planning (n) kế hoạch tập trungcomplex (adj) phức tạp

24





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reform (n)

transition (n) sequence (n) to recommend (v)

signal (n)

to accompany (v) managerial (adj)

privatization (n)

priority (n) protection (n)

institution (n)

theme (n) contractual (adj)

ownership (n) large-scale (adj) commitment (n)

adjustment (n) incentive (n) to reveal (v) opposition (n)

prospect (n)

cải cách cải thiện

sự quá độ thứ tự, chuỗikhuyên, khuyến khích ; gỉới thiệu

dấu hiệu, hiệu lệnh

kèm theothuộc người quản lý

tư nhân hóa [equitization =

cổ phần hóa] ưu tiên sự bảo hộ

tổ chức, thể chế, cơ sở

chủ đềtheo hợp đổng

sở hữu quy mô lớn cam kết

sự điều chỉnh khuyến khích bộc lộ, phát giác

sự đối lập triển vọng

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Chapter II. HISTORY

Unit 4. ADAM SMITH (1723 - 1790)

(from Economics Made Simple by Murray Seeger)

The first great theorist of economics was Adam Smith. His

most famous book is called The Wealth of Nations. One of the

reasons Smith is so important is that he wrote at the time when

industrial society was beginning to replace agricultural society.

From his observations, Smith produced several major hypotheses.

Smith said man was mainly worried about his ownseif-interest. When many people are working in their self-interest, all of society benefits. Each merchant, each factory owner, each worker tries to make his own life richer. In

competing with each other, men and women produce more than

they would if they were guided by some kind of charitable concept. People who work for their personal interests are

guided by an "invisible hand" to produce wealth for all. Smithrecognized the basic motivation of human nature and set therule that free competition is healthy and productive in the

economy.

Smith’s second idea was that wages were determined by

the amount of money it took to bring a worker to a factory and

keep him there. He was less sure how profits were determined,

but suggested that profits were made by workers producing morethan it cost to pay their wages.

Smith’s third idea was that free trade within a society and between different countries was essential to produce wealth. An

26





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open trading system enables countries to specialize in producing certain items, items that they were most efficient atmaking. This was called the division of labor and the law ofspecialization. Smith concluded that the role of government wasto ensure that the trading system remained open and free.

wealth (n)

observation (n)major (adj)

hypothesis (n)

self-interest (n)

to benefit (v)

merchant (n)to guide (v)charitable (adj)concept (n)invisible-hand (n)

motivation (n) productive (adj)trade (n)to enable (v)

to specialize (v)item (n)efficient (adj)to ensure (v)

to remain (v)


1. Who is Adam Smith?

2. Do any historical- factors writings important?

sự giàu có

sự quan sátchủ yếu, chínhgiả thuyết

tự lợij lợi ích cá nhân

lợi ích

nhà buônchỉ dẫntế bần, nhân đạoquan niệm, khái niệm

bàn táy vô hình

sự thúc đẩy

năng suất, có hiệu quả

thương mạicho phép, làm cho có thểchuyến môn hóachi tiết, mục, khoản

có hiệu quả

đảm bảo

vẫn, còn lại

play a part in making Smith’s

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3. According to Smith, what was man concerned -about?

4. Do people make contributions to society when'they are working in their self-interest?

5. What does people try to do in their lives?

6. According to the passage, what does "the basic motivationof human nature" refer to?

7. What did Smith think of free competition?

8. According to Smith, what determined wages?

9. Did he know exactly how profits were determined?

10. How did he think profits were made?

1Ỉ. What does the division of labor mean?

12. What did Smith think was the function of governmenin the economic life of a nation?

11. Give the root of the .following words

1) motivation

2) productive3) agricultural

4) observation

5) worried

6) charitable

7) personal8) competition

9) division





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10) specialization

11) theorist

12) industrial

III. Grammatical Point: Linking verbs

w.e usually use adverbs to modify verbs, but with certain

verbs we can use adjectives: These verbs are called linking

verbs. Verbs of this kind include :be, seem, appear, look, sound,

taste, smell, feel, remain, become, grow, etc: We use these verbs

to describe the subject of the sentence, and not the action of

the verbs.

e,g. Smith concluded tha t the role of government wasto ensure that the trading system remained open

and free.

She is kind.

She looks beautiful.

The meat tastes delicious.

Note: Be careful ! because some of these verbs are notalways linking verbs:

Our love will never grow oỉd.(grow as a linking verb)

The tree grew rapidly- (grow not a linking verb)

Exercise: (extracted from English Grammar in U|le)

Choose the correct word (adjective or adverb)1) Please shut the door (quiet/quietly).

. 2) Can you be (quiet/quietiy), please?

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3) This soup tastes (nice/nicely).

4) Tom cooks veiy (good/well).

5) Don’t go up that ladder !. It doesn’t look (safe/safely)

6) We were relieved that he arrived (safe/safely) after hislong journey.

7) Do you feel (nervous/nervously) before examinations?

8) Hurry u p ! You're always so (siow/slowly).

9) He looked at me (angry/angrily) when I interrupted him.

10) That chair looks (comfortable/comfortably).

IV. Vocabulary Exercises

1) Through h e r _______________ of farming in Vietnamshe could see that women do most of the back-breaking work.

2) While she was away, the door ______________ open allday but nobody went in to steal anything.

3) Those workers are veiy _ ______________ _ becausetheir income depends on how many shirts they make not justhow many hours they work.

4) T h e ________________ in c ho Ion sell many differentgoods and earn a lot of money.

5) Group of people who help the poor can be called ____ _________organizations.

6) It is difficult to choose because 'there are so manydifferent ___________________ in the store.

7) She uses her great ______ : _____ to pay for orphans (children with no parents) to go to school.

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8) ___ ______________ between countries is very useful because then each country can obtain technology and ideas fromother countries.

9) W hen she finishes studying at the university her parents

will _ ______________________a lot because she will have a highsalary with which to support them.

10) The pair of pants he tried to make were ugly but the

shirts he makes are very nice and he can make them very quicklysince h e ____________ _ _______ _ __ in shirt-making.

11) Petroleum is a _____ _ ___________ export item.

12) She doesn’t like to work. Her only _________________ for going to work every day is the high salary.

13) The market is a difficult ________ _________ tounderstand because it means more than just the place where

trade happens.

14) The ________________________ of the market ensuresthat what people demand is supplied and what people supply is

demanded.

15) As she ________________ him through Van Mieu shetalked about Vietnamese history.

16) The research proved the scientist’s _________ _______ _________________ was incorrect.

17) The machine is very .________________, it doesn’t

use a lot of electricity or raw materials. -

18) She is very poor and doesn’t have enough money togo to the university but the scholarship she received will

_____ _________ . ______ her to study at the university.

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19) People usually work hard because of their own

____________ ______ , not because it "will benefit society

20) We use high quality materials and skilled workers to ______ ______ the high quality of our goods. •

Unit 5. ROERT MALTHUS (1766 - 1834)

(adapted from Economics Made Simple by Seeger and The Language

of Economics by Guarino)

In the early years of the Industrial Revolution, the most obvious fact of life in Western Europe was the terrible poverty among the masses. Only rarely, and for short periods did their

living standards exceed subsistence levels. Most of them were hungry, badly clothed and poorly housed. Ah explanation of this picture of continual despair and misery was provided by Reverend Thomas Robert Malthus. In 1798, his Essay on the

Principle o f Population as it Affects the Future Improvement o f Society was published. Its effect on economic thought was sogreat that economics began to be called the "dismal science".

Mai thus’ main hypothesis was that the chief control on the size of the population was the supply of food. When the supply of food increased, the number of new babies "would rise faster than food available to feed them. Man was trapped in this cycle of producing too many people for the food supply. The result was starvation, especially for poor families, a reduction in population and a renewal of the cycle. Besides starvation, sickness and war coulcTreduce the number of mouths to feed and adjust the population to the output of food.

We know now that improvements in technology can increase food supply faster than population, but poor

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distribution of the food supply means that starvation can still

act as a control on population and Mai thus’ theory is still

relevant for parts of the world.


1. How did the common people in Western Europe live in

the early years of the Industrial Revolution?2. How did Maỉthus’ Essay on the Principle of

Population as it Affects the Future Improvement of Society influence economic thought?

obvious (adj) poverty (n)

the masses (n)to exceed (v) subsistence (n)despair (n)

misery (n)

principle (n)to affect (v)

dismal (adj)to feed (v) '

to trap (v)

cycle (n)

starvation (n)reduction (n)

renewal (n)

to adjust (v) to reduce (v)

distribution (n) relevant (adj)

rõ ràng nghèo đói

quần chúng nhân dânvượt quátự cung tự cấpthất vọng

nghèo khổ

nguyên tầctác động, ảnh hường

tối tăm, mù mịtnuôi

bẫy

chu kỳ

sự đói, thiểu ănsự giảm, thư nhỏ

tiếp tục lại, đổi mới, gia hạn

điều chỉnhgiảmsự phân bố

thích hợp, liên quan

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3. According to Malthus, what was the main factor thatdetermined the size of population?

4. What happened when the population increased fasterthan food supply?

5. According to Maỉthus’ theory what could lower population size?

6. How can food supply be increased?

7. What do we have to do to prevent starvation?

II. Intransitive — no direct object

- decrease increase- fall rise

- diminish grow

///. Transitive — direct object

- reduce raise

- decrease increase- diminish

As you can see, many of these words can be used with orwithout a direct object. However, fall and rise are never usedwith a direct object, and reduce and raise are never used without

a direct object.

Correct the following sentences if they are wrong:

1. My boss wants to rise my salary because I work very

hard.

2. Prices are reducing.

3. The size of his company is diminishing.

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4. The city is growing. ■

5. That company must fall pollution.

6. The sun is raising.

7. Production is falling because the workers are quitting.8. Their income must raise or else they will leave their jobs.

9. The size of this class is increasing.

10. They decreased their consumption of sugar and fat to

stay healthy.

///. Grammatical point

Inversion of the subject and verb after negatives, (adapted

from Longman Preparation for the TOEFL)

When negative expressions such as no, not, or never come

at the beginning of a sentence, the subject and verb are inverted.

e.g. Not once did I miss a lesson. Never has Mr. Jones taken a vacation.

At no time can the woman talk on the telephone.

In the first example the negative expression not once causesthe subject I to come after the helping verb did. In the secondexample, the negative word never causes the subject Mr. Jones

to come after the helping verb has. In the last example, the

negative expression at no time causes the subject the woman to come after the helping verb can. Note that like negative sentences,

the helping verb to do is used in these inverted sentences. When

never or ever is used the present perfect should be used

Certain words in English, such as seldom, rarely, hardly,

barely, scarcely, and only, act like negatives when they refer to

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time. If we put one of these words. at the beginning of a sentence, we also have to invert the subject and verb.

e.g. Only rarely and for short periods did their living standards exceed subsistence.Seldom has she made such a mistake.

Exercise:

Indicate if the following are correct (c) or incorrect (i). If the sentence is incorrect, then correct it.

1. Never the boy has written to his sister.

2. Only once in my life have I gone tơ India.

3. Hardly ever it snows in this part of the country.4. On no occasion did they say that to me.'

5. Seldom has a meeting lasted so long.

6. Rarely he has overslept.

7. Never I will visit her again.

8. Only once has my mother punished my little brother.

TV. Vocabulary Exercise

1) They live in __ _____________________ because theirincome is too low and they don’t know how to earn more money.

2) The ; _________ ___________ in salary made it dif-ficult for them to buy toys for their children.

3) In Somalia many people don’t have enoiigh food andthere is widespread ___________________ 1

4) They couldn’t __________________ the mouse so theyhad to buy a cat.

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f 5) The company should _ __________ _______the wagesỒÓthey are closer to the cost of living.

6) After her husband died, she lived in ______ _ ______ _ _ _____ . homeless, starving, cold, and with no hope for the future.

7) She wears dirty, oỉd clothes and begs for her living, it

is , _____ that she is very poor.

8) It is a __________________ of poverty in which the parents are poor, they have a lot of children, they become

poorer...

9) When your motorcycle permit expires you must ask for

a ___________________ so you can continue to ride.

10) School c a n _________________ your future by teachingskills that will help you find a job.

11) They ___________________ their children rice andvegetables, but little meat

12) The government must satisfy the needs of the

, __________________ so their will be political stability.

13) Studying nuclear physics is n o t __________________ for a child who will grow up to be a farmer.

14) Their expenses ___________ _ _________ their income,so they always have to borrow money.

15) Living at a ___________________ level means having

almost enough food to eat, but nothing extra.

16) Two important _____ _____________ in life are to treatpeople with respect and to be honest.

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17) T h e _________________ _ of income in that countryis very unequal because there are a few very rich people andmany very poor people.

18) That is a very__________ ______ _____- looking house,

it’s dirty, has few windo-ws, and looks like it is about to fall down.19) Victor Hugo wrote about t h e ____ ___ _____________

of poor people in France.

20) If the government ___________________ spending onschools, it will be very bad for the future of the country.

(>. KARL MARX (1818 - 1863)

(adapted from Economics Made Simple by Seeger)

The international revolutionary communist movement tookits theories from Marx and his associate, Friedrich Engels.Together they wrote the Communist Manifesto. Marx and Engelswere shocked by what they had seen in the new industrial citiesof England and Germany. The new factories were grim placeswhere men, women and children worked long hours for poor pay

in unsafe conditions.

In Marx’s view, such conditions were normal for thecapitalist or free enterprise society. Marx argued that the worldwas controlled by businessmen (or capitalists) who prosperedonly by exploiting workers and holding them in a lower class

position. All wealth was generated by workers and the existingsociety could only function as long as workers were taken ad-

vantage of and held in economic slavery. The idea that workersactually created more value from their production than theyreceived in wages is one that Marx may have taken from AdamSmith. The surplus value was taken by the capitalists.





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Marx went further than other economists who just wrotetheories, he urged action. He believed workers should take con-trol of the economic system, eliminating social and economicclasses and the system of private property. To Marx, the system

of private property was the source of capitalist power.Marx’s ideas improved the study of economics. After Marx,

economists became more scientific in their studies and showedmore concern for the cost humans pay because of industrial

progress.

associate (n or adj)

Manifesto (n)

grim (adj)

to argue (v)

to prosper (v)

to exploit (v)

to generate (v)

to function (v)

to take advantage of (v)

slavery (n)

surplus (adj or n)

to urge (v)

to eliminate (v)

property (n)

source (n)

bạn đổng sự, cộng tác viên

bản tuyên ngôn

tàn ĩịhẫn, khắc nghiệt

tranh luận rằng, cho rằng

ỉàm giàu

bóc lột

sinh ra

chức năng

lợi dụng

cảnh nô lệ

thặng dư

dẫn chứng, đề xuất, thụyết phục

loại ra, loại trừ

tài sản, bất động sản

nguồn gổc

39





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Ị. Whose theory was the international revolutionary

communist movement based on?

2. How was the iife of workers in England and Germany

in Marx and Engel’s time? How did this situation affect them?

3. Did Marx analyze workers’ working conditions in

capitalist society?

4. According to Marx, how did capitalists get rich?

5. Who produced the wealth?

6. According to Marx, what would happen to capitalist

society if workers were not taken advantage of and not held in economic slaveiy?

7. Where did the surplus value come from?

8. What did Marx do besides writing theories?

9. According to Marx, why should workers eliminate the

system of private property?

10. What was Marx’s influence on the study of economics?

11. Grammatical Point

* We can use as long as to express conditions in adv

clauses instead of using if. This expression means but only if and is always followed by a clause. Other expressions with the

same meaning are provided that or providing that, only if.

e.g. - The existing society could only function as long asworkers were taken advantage of and held in economic slavery.

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- You can ask me some questions as long as it doesn’t

take too long.

* As long as (or so long as) can also be used to mean during all that time, from beginning* to end.

e.g. - I will never speak to him as long as I live.- I have lived in this house as long as I have livedin Hanoi.

* -As long as can also mean because.

e.g. - As long as you’re not busy; could you help me with

this work?

- As long as it’s such a nice day, why don’t you gofor a walk?

Exercise:

In the following sentences, rewrite the sentence using

alternative words or expressions to make clear which meaningof as long as is being used.

1) As long as the movie is free, let’s go to see it.2) She will accept the job as long as she can have three

weeks of vacation per year.

3) As long as I live in Hanoi my parents will not come tovisit me because it is too far and costs too much to come.

4) They will get married as long as their parents approve.

5) As long as it’s raining, I think I’I] stay at home to work.

6) They will only do their homework as long as they have

to, when it’s optional they won’t do it.

41





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7) As long as the dinner is already cooked you should stay

to eat.

8) As long as she is sick she will have to stay in hospital.

IỈL Voca bulary Exercise1) When you have to work with no pav it is the same'as

2) Taxes are a __________________ of income for the

government

3) He has two business __________________ who work

very closely with him.

4) When a company forces workers to work veĩy hard for

very little pay that company is _______________ it’s workers.,

5) She faces a _________________ future because she

never went to school and can’t read or write.

6) His parents______________________him to study busi-

ness because they thought it would be the best thing for his fu-ture.

7) She ____________________ that increasing the number

of companies in the economy would increase competitiveness.

8) His work as a cycỉo driver ________ ■ ____________ a lot

Cif income because he could speak English and find a lot of

foreign passengers.

9) When you meet a foreigner you should ____________ _

____________________________ of the opportunity to practice

speaking English.

42





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10) He controls a lot of different _________________ ______ including a factory on Ho a Ma street and 5 houses onTran Xuan Soan street.

11) Marx's _ ______________ ___ described the principles

of communism.

12) If the price is too high, supply will exceed demand andthere will be a __________________ .

13) They started a company a n d ________________ ___ . Now they have 3 houses and a car.

14) If the company eỉoses down that will _ ___________ _ ___

____ 150 jobs, and increase unemployment.15) My motorcycle is n o t ___________________ so I have

to go by bicycle.

Unit 7. KEYNES (1883 - 1946)(from Economics Made Simple by Seeger)

John Maynard Keynes was a teacher and governmentofficial whose main theory, Tke General Theory of Enwloyment,

Interest , and Monev, offered a way for governments to break what was known as the business cycle. He refused to accept thatit was unavoidable for an economy to go through a period of

slow activity (a recession or depression) after a period of growth and rapid activity. Traditional economists beforeKeynes felt that governments had to let such economic cvcles -

continue without interfering.

When an economy slowed, the older economists said the best thing to do was to lower workers’ wages. That would enable businesses to lower prices and to encourage people to buy again.

43





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When people were, buying, demand was created and-factories could operate to make the economy grow. Keynes said such a strategy -was unfair to workers and would force thèm to reduce their standard of living. Instead, Keynes suggested that govern-ments should spend money to stimulate demand.

A government could build roads, water systems, new buildings, or give money to people who had no jobs. This was

another way to create demand, by putting money into the hands

of people who were likely to spend it. In the end result would

be the same, demand would rise.

Keynes’ Theory has been the most influential overall

scheme of economics in the modem era. Nevertheless, Keynes’

theory has been criticized particularly for causing a rapid rise

of prices (inflation). But like all great thinkers, Keynes is so

important that one cannot study market economics without

reading his work.

interest (n) ỉợito offer (v) bày ra bán

to break (v) thay đổi; phá vỡ to refuse (v) từ chốiunavoidable (adj) không thể tránh được

recession (n) stiy thoá4

( t p n & G depression (n) đặi suy thoáiỉỹ traditional (ađj) theo truyền thống,

[classical = oổ điển]

to interfere (v) can thiệp vàoto create (v) tạo rato operate (v) hoạt íỉộngstrategy (n) chiến lược

to o





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unfair (adj)

to stimulate (v)system (n)likely (adv)

influential (adj)

overall (adj)scheme (n)

era (n)to criticize (v) *

bất công

kích thích, khụyến khíchhệ thốngcó thể

ảnh hưởng

toàn bộsự phối hợp, kế hoạchthời đại

phê bình, phê phán crih'c&J (eU ịJ


1) What did Keynes’ theoiy offer?

2) What strategy for dealing with the business cycle dideconomists before Keynes use?

3) How did Keynes disagree with their strategy?

4) What was Keynes’ strategy?

5) What did Keynes suggest as a way to increase demand

in the economy?

6) How important is Keynes’ theory?

7) What criticfem has been made about Keynes’ theory?

//. Grammatical Point

Gerund use after prepositions:

If a verb follows a preposition it must be followed by the

gerund form, i. e. the noun formed by adding to a verb.e. g. Before going out I phone my husband.

Without getting an increase in salaiy I will quit.





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Note:

Be careful with the prepostion "to”. Because this preposition

is part of the infinitive form of the verb, when an infinitive follows

the conjugated verb the gerund will not follow "to".

e.g. I want to play tennis, [want is one o f the verbs thatrequires the infinitive form of the verb to follow it]

Complete the following sentences:

1) Susan is in charge o f ___________________ the meeting.

2) You are capable o f ______________ bette r work.

3) James is not interested in ________________________

for a new job.

4) The heavy rain prevented us from __________________ _______ to the cinema.

5) Thank you f o r __________________ me cany the packages to the post office.

6) Laura had a good reason for n o t ____________________

to class yesterday.

7) I apologized to Jane for ________________ wait foy me.

Correct the following sentences:

1) Tom left without drink tea.

2) She went to the store after finish class.

3) She is very good at play tennis.4) Are you interested in work for a foreign company?

5) This book is for teach microeconomics.

46





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6) She paid for her class by work as a waitress.

7) By learn English she increased her ability to find a job.

8) Instead of go to the Metropoỉe we ate at home.

9) He was angry with me for be late,10) In spite of hurt her hand, she cooked dinner.

// / . Vocabulary Exercises

1) In th e ___________ after the cold war there were many

regional ware.

2) The government ______________ ________ jobs for unemployed people during the depression.

3) I t is __________________ to allow your sons to go to the'

university but not your daughters.

4) The G re a t _____________________ that began in 1929affected the whole world.

5) Our company wants to _

____________ _ y°u a jobwith a salary of $250 per month.

6) H is _______________ for becoming rich was to copy

paintings from famous artists and sell them as if they were theoriginals.

7) H is ___ ________ ■ - _ V .. for finding a wife is to

ask his brother and sister to invite single women from their offices over for dinner when he is visiting.

8) The price o f capital for investment is th e ____________ ______ rate.

47





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9) It is n o t ____________ _ thatfSheftrill wantto see you again after you were so rude to her. . r; ;

10) The ' ________________ dress o f Vietnam is theao dai.

11) A _____ _ ___________ _ is similar to a depression butnot as bad.

12) When her boss _________________ her he always

praises her for the things she did right before he tells her what

she did wrong. -

13) When he asked her to many him she _ ______ _ because she was in love with another man.

14) She is a very ____________________ person' because

of her high education and friends in the government;

15) If he doesn’t know how to _____ ‘ . that

machine he might be hurt. ; (

16) Parents should n o t _________________ too much in

the lives of their adult children.

17) The government can _

employment by urging privateindividuals to start companies.

18) It i s _________ __ _ ______ that children

up and become independent of their parents.

19) The _ ______________ level of English in this class

is quite high, but inspeaking it is still a bit weak.

20) In Vietnam a _____________; _______ for collecting in-

dividual income taxes does not exi

english in economics and business - hanoi national economics university

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