b1 speaking unit 1 5 j7

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Unit 1:

1. What are the three questions that an economic system must answer?

The three questi ons are what, how and for whom to produce.

2. How does capitalism answer

what

question?

In capitalism, the what questi on is answered by consumers as they spend their dollars for the goods and services that they most desire.

In socialism, the what questi on is answered by central planners because they determine what should be produced.

3. How does socialism answer

how

question?

Central planners answer the how questi on in socialist economies. They determine how to combine society’s inputs in order to produce the outputs desired.

In capitalism, individual fi rms answer the how questi on. They combine inputs in the most effi cient way to reduce the cost of making the outputs.

4. How capitalism answer for whom question?

In capitalism, for whom is based on the value of property rights owned by individuals.

In socialism, for whom is based on need.

5. What is

a free market economy

?

Free market economy is an economic system in which the market is supposed to be regulated by the law of supply and demand.

Nền kinh tế thị trường tự do là hệ thống kinh tế được cho là được điều tiết bởi quy luật cung- cầu.

6. Can you tell us the definition of the term

planned economy

?

Planned economy is an economic system whereby the structure of the market is

deliberately planned by the state, in which producti on and consumpti on quotas are fi xed beforehand, and where there is no real competi ti on between industrial or commercial organizati ons.

Nền kinh tế kế hoạch là hệ thống kinh tế nhờ đó cơ cấu của thị trường được xây dựng cố định bởi nhà nước, trong đó hạn nghạch sản xuất và tiêu dùng được định trước, và là nơi không có sự cạnh tranh thực sự giữa các tổ chức công nghiệp và thương mại.

7. What is

a mixed economy

?

Mixed economy is an economic system in which some goods and services are produced by the government and some by private enterprise DN tư nhân .

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Unit 2:

1. How is

demand

defined?

Demand is the quanti ty of a good buyers wish to purchase at each conceivable price.

2. What is the definition of

supply

?

Supply is the quanti ty of a good sellers wish to sell at each conceivable price.

3. When does the term

quantity demanded

make sense?

The term quanti ty demanded make sense only in relati on to a parti cular price.

4. When does the term

quantity supplied

make sense?

The term quanti ty supplied make sense only in relati on to a parti cular price.

5. How do supply and demand

operate

together?

As the price of a good goes down, the quanti ty demanded rises, and the quanti ty supplied falls. As the price of a good goes up, the quanti ty demanded falls, and the quanti ty supplied rises.

6. What is

an

equilibrium price

of a good?

It is the price at which the quanti ty demanded and the quanti ty supplied meet.

7.

When do shortages occur? S thi u

ế

Shortages occur when the market price of a good falls below the equilibrium price.

8.

When do surpluses occur? S th a

ự ừ

Surpluses occur when the market price is higher than the equilibrium price.

Unit 3:

1. What is inflation?

Infl ati on is an economic conditi on in which prices for consumer goods increase and the value of money or purchasing power decreased.

2. Can you tell me one cause of inflation?

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meet the debts of government. This increase in the money supply will cause the value of the dollar to decrease.

Nguyên nhân đầu của lạm phát là vì sự chi tiêu quá mức của chính phủ, tạo nên thâm hụt. Bộ Tài chính mở rộng nguồn cung tiền bằng cách sử dụng nhiều tiền giấy hơn để giải quyết các khoản nợ của chính phủ. Sự gia tang nguồn cung tiền sẽ làm giảm giá trị của đồng đô-la

The second cause of infl ati on occurs when the money supply increases faster than the supply of goods.

Nguyên nhân thứ hai xảy ra khi cung tiền tăng nhanh hơn cung hàng.

The third cause of infl ati on occurs when Labour unions demand that wages of workers be increased to cover the high cost of living, industry will meet this demand and add other costs of producti on on to the customers.

Nguyên nhân thứ ba xảy ra khi Công đoàn đòi tăng lương cho công nhân để trang trải phí sinh hoạt đắt đỏ, ngành công nghiệp đáp ứng nhu cầu này và đội thêm chi phí sản xuất lên khách hàng.

3. What may be the most important cause of inflation?

Excessive government spending is the most cause of infl ati on.

4. How is inflation measured in Britain and in the US?

Infl ati on is measured be the retail price index (RPI) chỉ số giá bán lẻ in Britain and the consumer price index (CPI) chỉ số giá ti êu dùng in the US.

5.

What is moderate inflation?

L m phát v aạ

Moderate infl ati on is single-digit infl ati on.

6. What is galloping inflation?

L m phát phi mãạ

Galloping infl ati on is known as double or tripel-digit infl ati on.

7.

What is hyperinflation?

Siêu l m phátạ

Hyperinfl ati on is infl ati on of four or more digits.

Unit 4:

1. What are direct taxes?

Direct taxes are taxes imposed on a person, a household or an enterprise with the expectati on that taxpayer will bear the tax burden and not be able to recover it by passing it on to someone else.

Thuế trực thu là các loại thuế đánh vào một người, một hộ gia đình hoặc một doanh nghiệp với kỳ vọng người đóng thuế phải chịu gánh nặng về thuế và không thể thu lại bằng cách chuyển thuế cho ai khác.

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Indirect taxes are taxes imposed on consumers of goods and services, or on enterprises with the expectati on that the taxes will be passed on to customers in the form of higher prices.

Thuế gián thu là các loại thế đánh vào người tiêu dùng hàng hóa và dịch vụ, hoặc các doanh nghiệp với kỳ vọng thu được thuế từ khách hàng dưới hình thức một mức giá cao hơn ban đầu.

3. Why does the government use different kinds of taxes and vary the tax rates?

Because the government want to distribute the tax burden among individuals or classes of the populati on involved in taxable acti viti es.

Vì chính phủ muốn phân chia gánh nặng về thuế giữa các cá nhân hoặc các tầng lớp xã hội tham gia vào hoạt động đóng thuế.

4. What is the

role

of income tax? Vai trò

Income tax has diferents rates to make the system as fair as possible, especially people with high incomes.

Thuế thu nhập có nhiều mức khác nhau để giúp hệ thống thị trường công bằng nhất mức có thể, đặc biệt với những người có thu nhập cao.

5.

What is the

purpose

of a progressive income tax?

Mục đích

The purpose of a progressive income tax is to lessen the inequality of incomes that arises from operati on of the market system.

Mục đích của thuế thu nhập lũy tiến là nhằm giảm bớt sự bất bình đẳng về thu nhập phát sinh từ các hoạt động của hệ thống thị trường.

6. What is the function of indirect taxes?

Indirect taxes have the functi on of raising revenue and diverti ng purchasing power from households and enterprises to the state.

Unit 5:

1. What are central banks?

Central banks are public owned.

2. How does a country organize its central bank?

A country organizes its central bank as an independent độc lập system or as government

system.

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A bank run is a kind of panic, a situati on in which investors nhà đầu tư or simply customers

of a bank run to the bank and take their money out because they realize or they think they realize that their bank is not trustworthy anymore.

4. How can the central bank avoid the bank run?

The central bank has to make sure they have a suffi cient liquidity rati o.

5. What is the official name of the central bank of Vietnam?

The offi cial name of Vietnam’s central bank is the State Bank of Vietnam.

6. How is a bank governor

nominated

?

B nhi mổ

The governor thống đốc is nominated by the prime minister subject to the approval of the

Nati onal Assembly quốc hội .

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