
[CBQMTA] READING TIẾNG ANH HỌC PHẦN 1 HỆ ĐẠI TRÀ
GIÁO TRÌNH MARKET LEADER
UNIT 1
ECONOMIC ACTIVITY
Most people work to earn a living, and produce goods and services. Goods are either agricultural (like maize and milk) or manufactured (like cars and paper). Services are such things as education, medicine and commerce. Some people provide goods, some provide services. Other people provide both goods and services. For example, in the some garage a man may buy a car or some service which helps him to maintain his car.
The work people do is called economic activity. All economic activities together make up the economic system of a town, a city, a country or the world. Such an economic system is the sum-total of what people do and what they want. The work people undertake either provides what they need or provides the money with which they can buy essential commodities. Of course, most people hope to earn enough money to buy commodities and services which are non-essential but which provide some particular personal satisfaction, like toys for children, visits to the cinema and books.
I. ORAL QUESTIONS
a) Why do most people work?
b) What do they produce?
c) What do education, medicine and commerce provide?
d) What two different things can a man buy in a garage?
e) What is an economic system the sum- total of?
f) What two things can work provide for the worker?
g) What can people buy with money?
II. COMPREHENSION
State whether these sentences are true (T) or false (F), and if they are false, state why
a) Most people produce either goods or services.
b) Services are either agricultural or manufactured.
c) Schools and hospitals provide education and medicine.
d) Cars and paper are agricultural goods.
e) Paper is a non – agricultural commodity.
f) An economic system is the work which people do.
g) A city has its own economic system.
h) Economic activity is the sum-total of what people do and want.
i) The work people undertake provides them with money, or with what they need.
j) Most people do not want to buy non-essential commodities and services.
III. VOCABULARY
In each of these sentences a word is missing. Fill in the blank with a word from the text.
a) Transport system like railways, buses and aeroplanes provide the public with important………………..
b) They told him to look at the……………….and then do the exercises.
c) There are usually a lot of……………….at any railway station or airport that handles a lot of traffic.
d) He decided to……………….the work in order to make some money.
e) It was………………., for him to go to the city as soon as possible.
f) They had……………….money to buy most of the things they needed.
g) It was a……………….matter and he did not wish to tell anyone else about it.
IV. WORD STUDY
In these sentences, certain nouns are underlined. Change them inti adjectives which can be used in the blanks.
Examples: education → education + al → educational
commerce → commerci + al → commercial
a) These goods belong to the nation.
They are therefore…………………
b) Minerals are a part of nature.
They are therefore…………………
c) Schools provide education.
They are therefore centres of …………………activity.
d) Shops are places of commerce.
They are therefore centres of …………………activity.
e) He does not want everyone else to do this work. He wants to do the work in person.
It is his…………………concern.
KEY
I. ORAL QUESTIONS
a. to earn a living (and to produce goods and services)
b. goods and services
c. services
d. a car and some service which helps him to maintain his car.
e. the sum-total of what people do and what they want.
f. what they need and the money with which they can buy essential commodities.
g. essential commodities and services which satisfy their basic needs,
and non-essential commodities and services which provide their particular personal satisfaction
II. COMPREHENSION: TRUE or FALSE
a. True
b. False (Goods – not Services)
c. False (To make it TRUE, the word “respectively” should be added at the end of the sentence
Schools and hospitals provide education and medicine, respectively)
d. False (manufactured)
e. True
f. False (An economic activity – not An economic system)
g. True
h. False (Economic system – not Economic activity)
i. True
j. False (They hope to earn enough money to buy….)
III. VOCABULARY
a. services b. example c. cars d. undertake
e. essential f. enough g. personal
IV. WORD STUDY
a. national b. natural c. educational d. commercial e. personal
UNIT 2
THE SCIENCE OF ECONOMICS
The science of economics is based upon the facts of our everyday lives. Economists study our everyday lives and the general life of our communities in order to understand the whole economic system of which we are part. They try to describe the facts of the economy in which we live, and to explain how it all works. The economist’s methods should of course be strictly objective and scientific.
We need food, clothes and shelter. We probably would not go to work if we could satisfy these basic needs without working. But even when we have satisfied such basic needs, we may still want other things. Our lives might be more enjoyable if we had such things as radios, books and toys for the children, Human beings certainly have a wide and very complex range of wants. The science of economics is concerned with all our material needs : it is concerned with the desire to have a radio as well as the basic necessity of having enough food to eat.
I. ORAL QUESTIONS
a) What is economics?
b) What is economics based upon?
c) What two things do economists study?
d) What do they try to do?
e) What should the methods of the economists be like?
f) What three essential things do we need 7
g) What is economics concerned with?
II. COMPREHENSION
State whether these sentences are true (T) or false (F), and if they are false, state why
a) Economics is a scientific study.
b) Economists try to understand only part of the economic system.
c) If we could satisfy our basic needs without working, we would still work.
d) Radios,books and toys are basic commodities.
e) The range of human wants is very complex.
f) Clothes and shelter are non-essential human needs.
g) Economic studies are essentially non-scientific.
h) Economists study the general life of our communities.
III. WORD STUDY
Study the word from the list below. Each word has a different use. Fill in the blanks of the following sentences with the correct words.
Adverbs Adjective Nouns
economically economic economy
economical economics
economist
a) Marx and Keynes are two famous……………………..
b) Those people are studying the science of……………………..
c) We sometimes call a person’s work his…………………….activity.
d) People should be very…………………….with the money they earn.
e) The economic system of a country is usually called the…………………….national .
f) The people in the town live very……………………..
KEY
I. ORAL QUESTIONS
a. a scientific study (according to the text)
b. the facts of our everyday lives
c. everyday lives and the general life of our communities in order to understand the whole
economic system of which we are part.
d. to describe the facts of the economy in which we live and to explain how it all works.
e. strictly objective and scientific.
f. food, clothes and shelter
g. all our material needs.
II. COMPREHENSION: True or False?
a. True
b. False (the whole – NOT only part …..)
c. False (we would not go to work)
d. False (NOT basic)
e. True
f. False (essential – NOT non-essential)
g. False (scientific – NOT non scientific)
h. False (two things: our everyday lives and the general life of our communities)
III. WORD STUDY
a. economists
b. economics
c. economic
d. economical
e. economy
f. economically
UNIT 3
UTILITY
Our basic needs are simple, but our additional individual wants are often very complex. Commodities of different kinds satisfy our wants in different ways. A banana, a bottle of medicine and a textbook satisfy very different wants. The banana cannot satisfy the same wants as the textbook.
This characteristic of satisfying a want is known in economics as its “utility”. Utility, however, should not be confused with usefulness. For example, a submarine may or may not be useful in time of peace, but it satisfies a want. Many nations want submarines. Economists say that utility determines “the relationship between a consumer and a commodity”.
Utility varies between different people and between different nations. A vegetarian does not want meat, but may rate the utility of bananas very highly, while a meat-eater may prefer steak. A mountain – republic like Switzerland has little interest in submarines, while maritime nations rate them highly.
Utility varies not only in relation to individual tastes and geography, but also in relation to time. In wartime, the utility of bombs is high, and the utility of pianos is low. Utility is therefore related to our decisions about priorities in production – particularly in a centrally – planned economy. The production of pianos falls sharply in wartime. The utility of a commodity is also related to quantity which is available to the consumer. If paper is freely available, people will not be so interested in buying too much of it. If there is an excess of paper, the relative demand for paper will go down. We can say that the utility of a commodity therefore decreases as the consumer’s stock of that commodity increases.
I. ORAL QUESTIONS
a) What is the difference between our basic needs and our additional wants?
b) What are two ways to describe “utility”?
c) What example is used to show that utility varies from person to person?
d) What example is used to show that it varies from nation to nation?
e) What example is used to show that it varies from time to time?
f) What example is used ’to show that utility is related to quantity?
g) What can we say about the way in which utility decreases?
II. COMPREHENSION
State whether these sentences are true (T) or false (F), and if they are false, state why
a) Our basic needs are complex.
b) Our wants are satisfied in much the same way by all commodities.
c) Usefulness should not be confused with utility.
d) Vegetarians rate the utility of meat very highly.
e) The Swiss nation is not particularly interested in submarines.
f) In wartime the utility of pianos is high.
g) In a centrally-planned economy, decision about priorities are related to utility.
h) The demand for paper goes down if the quantity of paper increases.
III. VOCABULARY
Find single words in the text for which these words could be substituted.
a) extra
……………………
b) quality
…………………………
c) coastal
……………………
d) like and dislike
…………………………
e) preference
……………………
f) rapidly
…………………………
g) amount
……………………
h) goes down
…………………………
KEY
I. ORAL QUESTIONS
a. Our basic needs are simple, but our additional individual wants are often very complex.
b. Utility is described as the characteristic of satisfying a want and the relationship between a
consumer and a commodity.
c. The difference between a vegetarian who does not want meat (but rate the utility of bananas
very highly) and a meat-eater who may prefer steak.
d. The difference between a mountain-republic country (like Switzerland) with little interest in
submarines and maritime nations with great interest in them.
e. The high utility of bombs and the low utility of pianos in wartime.
f. An increase in supply of paper leads to a fall in demand for it.
g. The utility of a commodity decreases as the consumers’s stock of that commodity increases.
II. COMPREHENSION: True or False?
a. False – Our basic needs are simple
b. False – Our wants are satisfied in different ways by all commodities.
c. True
d. False – Vegetarians rate the utility of bananas very highly.
e. True
f. False – In wartime the utility of pianos is low.
g. True
h. True
III. VOCABULARY
a. additional
b. characteristic
c. maritime
d. tastes
e. priority
f. sharply
g. quantity
h. falls
UNIT 4
PRICES AND UTILITY
In most economic systems, the prices of the majority of goods and services do not change over short periods of time. In some systems it is of course possible for an individual to bargain over prices, because they are not fixed in advance. In general terms, however, the individual can not change the prices of the commodities he wants. When planning his expenditure, he must therefore accept these fixed prices. He must also pay this same fixed price no matter how many units he buys. A consumer will go on buying bananas for as long as he continues to be satisfied. If he buys more, he shows that his satisfaction is still greater than his dislike of losing money. With each successive purchase, however, his satisfaction compensates less for the loss of money.
A point in time comes when the financial sacrifice is greater than the satisfaction of eating bananas. The consumer will therefore stop buying bananas at the current price. The bananas are unchanged; they are not better or worse than before. Their marginal utility to the consumer has, however, changed. If the price had been higher, he might have bought fewer bananas, if the price had been lower, he might have bought more.
It is clear from this argument that the nature of a commodity remains the same, but its utility changes. This change indicates that a special relationship exists between goods and services on the one hand, and the consumer and his money on the other hand. The consumer’s desire for a commodity tends to diminish as he buys more units of that commodity. Economists call this tendency the Law of Diminishing Marginal Utility.
I. ORAL QUESTIONS
a) Prices are fixed in most economic systems, but what is possible in some systems?
b) What is the individual generally unable to change?
c) Under what conditions will a consumer go on buying a commodity?
d) What does the consumer show by buying more bananas?
e) What happens with each successive purchase?
f) At what point will the consumer stop buying the commodity at the current price?
g) What remains unchanged with each purchase?
h) What has changed when this point is reached?
i) What does a consumer’s desire tend to do?
II. COMPREHENSION
State whether these sentences are true (T) or false (F), and if they are false, state why
a) In the majority of systems prices are fixed, but in the minority it is possible to bargain.
b) It is generally possible for the individual to change the prices of the commodities he wants.
c) We know that a consumer’s satisfaction is greater than his financial sacrifice if he goes on buying a commodity at the current price.
d) When a consumer becomes dissatisfied at paying the current price, he pays less.
e) The financial sacrifice becomes too great when the quality of the commodity gets worse.
f) The consumer will probably buy more if the price falls,
g) If the price rises, the consumer will probably buy less,
h) If the price remains the same, the consumer will reach a point when his sacrifice is greater than his satisfaction.
i) The utility of a product stays the same, but its nature changes.
j) “The Law of Diminishing Marginal Utility” is the name which economists give to the tendency for a consumer’s desire to diminish as he buys more units.
III. WORD STUDY
A. Change the listed words and phrases into agent nouns
Examples: – consume → consum + er → consumer
– plan → plan + er → planner
a) buy
…………………..
b) sell
…………………..
c) use
…………………..
d) work
…………………..
e) bank
…………………..
f) mine
…………………..
g) produce
…………………..
h) organise
…………………..
i) manage
…………………..
j) begin
…………………..
k) breed
…………………..
1) perform
…………………..
m) a man who breeds cattle
…………………..
n) a man who owns a house
…………………..
o) a man who pays tax
…………………..
p) a man who produces whisky
…………………..
q) a man who manages a bank
…………………..
B. Form the verb from these adjective
a) regular
…………………….
b) complex
…………………….
c) simple
…………………….
d) relative
…………………….
d) realistic
…………………….
f) national
…………………….
g) satisfactory
…………………….
h) selective
…………………….
1) specific
…………………….
j) special
…………………….
k) influential
…………………….
l) indicative
…………………….
KEY
I. ORAL QUESTIONS
a. In some systems it is possible for an individual to bargain over prices.
b. He/She is unable to change the prices of the commodities he wants.
c. He/ She will go on buying a commodity on the condition that he / she continues to be
satisfied.
d. He shows that his satisfaction is still greater than his dislike of losing money.
e. With each successive purchase, however, his satisfaction compensates less for the loss of
money.
f. He/ She will stop buying the commodity at the current price when the financial sacrifice is
greater than the satisfaction of eating bananas.
g. The quality of the commodity remains unchanged.
h. The marginal utility of the commodity to the consumer has changed.
i. The consumer’s desire tends to diminish.
II. COMPREHENSION: True or False?
a. True
b. False – It is generally not possible for the individual to change the prices of the commodities
he wants.
c. True
d. False – When a consumer becomes dissatisfied at paying the current price for something, he
pays less stops buying it.
e. False – The financial sacrifice becomes too great when while the quality of the commodity
gets worse stays unchanged.
f. True
g. True
h. True
i. False – The utility of a product changes but its nature stays the same.
j. True
III. WORD STUDY
A. Nouns
a. buyer
b. seller
c. user
d. worker
e. banker
f. miner
g. producer
h. organizer
i. manager
j. beginner
k. breeder
l. performer
m. cattle breeder
n. house owner
o. tax payer
p. whisky producer
q. bank manager
B. VERBS
a. regulate
b. complicate
c. simplify
d. relate
e. realise
f. nationalise
g. satisfy
h. select
i. specify
j. specialise
k. influence
l. indicate
UNIT 5
SUPPLY
Bananas are a typical example of perishable goods. By “perishable” we mean goods which cannot be stored for any length of time without going bad. Most foodstuffs are in the perishable category. Such goods are offered for sale as quickly as possible, and so the supply of perishables and the stock of perishables at any time are usually the same in quantity.
This is not true in the case of non-perishable goods like coal, steel and cars, which do not deteriorate easily. The supply of cars on the market may not be the same as the actual stock of cars in the factories. Economists talk about the Law of supply, in which a rise in prices tends to increase supply, while a fall in prices tends to reduce it. If prices rise for a particular commodity, the rise will of course encourage producers to make more. On the other hand, if prices fall either locally or throughout the world, producers will reduce production. This can result in serious difficulties for many producers, and may cause them to go out of business completely. Overproduction of any commodity can also create difficulties, because it can lead to a glut on the market, which may cause prices to fall sharply.
Supplies of many commodities can generally be adjusted to suit market conditions, This means that changes in prices lead to changes in the quantity of a particular commodity which is made available to consumers. Household goods and furniture belong to this category. In such instances supply is said to be “elastic” because it can be increased available or decreased rapidly in response to market prices.
I. ORAL QUESTIONS
a) What are perishable goods?
b) What two things are usually the same in quantity?
c) What happens when the Law of supply operates?
d) What does a rise in prices encourage?
e) What does a fall in prices cause?
f) What serious effect may a fall in prices have on some producers?
g) What can over-production lead to?
h) What happens when the supply of a commodity is adjusted to suit market conditions?
i) What kinds of goods belong to the category of commodities that can be adjusted easily?
j) What is meant by “elastic” supply?
II. COMPREHENSION
A. State whether these sentences are true (T) or false (F), and if they are false, state why
a) Bananas are a typical example of goods that easily deteriorate.
b) Steel can be stored for a long time without losing its value.
c) The actual stock of cars in a factory is usually the same as the supply of cars available on the market.
d) According to the Law of supply, a rise in prices tends to reduce supply.
e) If prices fall locally, production will be reduced throughout the world.
f) When there is a glut on the market, demand decreases and prices fall.
g) Changes in prices lead to a change in the quality of a commodity.
h) Supply is “elastic” because market prices rise and fall.
B. Punctuate the following passages. Provide capital letters, commas, full stops, brackets, colons, etc… where applicable.
Non-perishable goods such as coal steel cars and aeroplanes can be stored for considerable periods of time without loss of value this is not true however with perishables which must be placed on the market as quickly as possible if they are not sold quickly they will deteriorate if they deteriorate while in storage or in the shops both producers and distributors lose a large amount of money if there is a glut of certain perishables these commodities must be sold quickly even if the selling price is too low for a satisfactory profit.
IV. WORD STUDY
Below are pairs of sentences. In the first sentence there is an underlined verb. In the second sentence there is a blank. Make the underlined verb into a noun in order to fill the blank.
Example: manage → manage + ment → management
a) It is sometimes necessary to adjust the quantity of goods to flowing onto the market. This…………………is made according market conditions.
b) He arranged the committee meeting. His…………………were very efficient.
c) The government encourages private enterprise. Their…………………sometimes takes the form of financial help.
d) Some economists are interested in measuring changes in the price of essential commodities. This………………… extends over a period of years
e) The management tried to assess the amount of money needed for the plan. The…………………was to be made by a special committee.
f) He decides to invest his capital in the new enterprise. His…………………might be very profitable
KEY
I. ORAL QUESTIONS
a. They are goods that cannot be stored for any length of time without going bad.
b. The supply of perishables and the stock of perishables available at any time
c. A rise in prices tends to increase supply while a fall in prices tends to reduce it.
d. It encourages producers to make more goods (Or: it encourages more production)
e. It causes a reduction in production.
f. It may cause them to go out of business completely (Or: It may cause their bankruptcy)
g. It can lead to a glut on the market which may cause prices to fall sharply.
h. There will be changes in prices, resulting in changes in the quantity of a particular
commodity.
i. Household goods and furniture
j. It can be increased or decreased rapidly in response to market prices.
II. COMPREHENSION
A. True or False?
a. True
b. True
c. False –
The actual stock of cars in a factory is usually not the same as the supply of cars available
on the market.
d. False
According to the Law of supply, a rise in prices tends to reduce increase supply
e. True
f. True
g. False
Changes in prices lead to a change in the quality quantity of a commodity
h. True
B. PUNCTUATION
Non-perishable goods such as coal, steel, cars and aeroplanes can be stored for considerable
periods of time without loss of value. This is not true, however, with perishables which must
be placed on the market as quickly as possible. If they are not sold quickly, they will
deteriorate. If they deteriorate while in storage or in the shops, both producers and
distributors lose a large amount of money. If there is a glut of certain perishables, these
commodities must be sold quickly even if the selling price is too low for a satisfactory
profit.
IV. SENTENCE STUDY
1. They were not able to get the money from the bank because their documents did not meet the terms of the
Letter of Credit
2. Mr. Laurier is such a reliable customer that we have never had any trouble getting payment from him.
3. Since you’re our regular customer, we can give you a five- percent discount.
4. The company is going to introduce such new machines as computers, word-processors and faxes so that
productivity of office work can increase.
5. He places orders for computer parts so regularly that we can offer him 10% off the list price.
6. As / Since Transworld handles export – import documentation, it will prepare the bill of lading and
customs entry forms on our behalf.
7. The order for computer parts will be so large that the purchasing manager wants to arrange insurance
cover for the shipment of the goods.
8. Although the shippers handled the consignment carefully, all the machines were damaged beyond repair.
9. The company has moved to the city centre in order that / so that it may be better placed to take on more
business.
(Or: The company has moved to the city centre in order to be better placed to take on more business
10. Sales have not increased even though the company has spent a lot of money on advertising.