Tiếng anh thương mại,, Study Guides, Projects, Research of Technical English

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MỤC LỤC Topic: MANAGEMENT.........................................................................................................................................2 Topic: MANAGING ACROSS CULTURES........................................................................................................11 Topic: MARKETING............................................................................................................................................20 Topic: BANKING.................................................................................................................................................27 Topic: ACCOUNTING AND................................................................................................................................34 FINANCIAL STATEMENTS...............................................................................................................................34 Topic: GOVERNMENT AND TAXATION.........................................................................................................41 Topic: THE BUSINESS CYCLE..........................................................................................................................50 Reading 1: WHAT CAUSES THE BUSINESS CYCLE?........................................................................52 Topic: CORPORATE SOCIAL RESPONSIBILITY............................................................................................60 PROFITS AND SOCIAL RESPONSIBILITY..........................................................................................61 Topic: INTERNATIONAL TRADE.....................................................................................................................68 1Advanced Program – English Module 4 – Supplementary Materials Topic: MANAGEMENT (QUẢN LÝ) SECTION 1: READING PRE-READING TASKS Discussion – Pair work 1. Do you think you are / can be a good manager? 2. What do you think makes a good manager? Which four of the following qualities do you think are the most important? A. being decisive: able to make quick decisions  quyết đoán B. being efficient: doing things quickly, not leaving tasks unfinished, having a tidy desk, and so on  hiệu quả C. being friendly  thân thiện and sociable  hòa đồng D. being able to communicate with  giao tiếp people E. being logical, rational and analytical F. being able to motivate and inspire and lead people G. being authoritative; able to give orders H. being competent: knowing one’s job perfectly, as well as the work of one’s subordinates I . being persuasive: able to convince people to do things J. having good ideas K. being highly educated and knowing a lot about the world L. being prepared to work 50 to 60 hours a week M. wanting to make a lot of money 3. Which of these qualities do you possess? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………….. 4. Which of these qualities can be acquired (A)? Which must you be born with (B)? …………………………………………………………………………………………………………… ……………………………………………………………………………………………………………... 5. Are there any qualities or characteristics of a good manager you would add to the ones mentioned above? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………….. 2Advanced Program – English Module 4 – Supplementary Materials g. Top managers have to manage a business’s relations with customers, suppliers and so on. h. They have to deal with any crisis that arises. i. Some people are good at management. j. Some people will be unable to put management techniques into practice. WHILE-READING TASKS WHAT IS MANAGEMENT Management is important. The success or failure of companies, public sector institutions and services, not-for-profit organizations, sports teams, and so on, often depends on the quality of their managers. But what do managers do? One well-known classification (sự phân loại) of the tasks of a manager comes from Peter Drucker. Drucker was an American business professor and consultant who is often called things like ‘The Father of Modern Management’. Drucker suggested that the work of a manager can be divided into five tasks: planning (setting objectives), organizing (tổ chức), integrating (tạo động lực) (motivating and communicating), measuring performance (đo lường hiệu suất) , and developing people. (phát triển con người) Integrate (v): kết hợp  First of all, senior managers and directors set objectives, and decide how their organization can achieve or accomplish them. This involves developing strategies, plans and precise tactics (chiến lược), and allocating resources of people and money. Precise (adj) = exact and accurate: chính xác  Secondly, managers organize. They analyse and classify the activities of the organization and the relations among them. They divide the work into manageable (có thể thực hiện được/ khả thi) activities and then into individual tasks. They select people to perform these tasks.  Thirdly, managers practise the social skills of motivation and communication. They also have to communicate objectives to the people responsible for attaining (đạt được) them. They have to make the people who are responsible for performing individual tasks form teams. They make decisions about pay and promotion. As well as organizing and supervising the work of their subordinates, they have to work with people in other areas and functions. 5Advanced Program – English Module 4 – Supplementary Materials  Fourthly, managers have to measure the performance of their staff, to see whether the objectives or targets (which are) set (bị động rút gọn) for the organization as a whole and for each individual member of it are being achieved.  Lastly, managers develop people – both their subordinates and themselves. A company’s top managers also have to consider the future, and modify or change the organization’s objectives when necessary, and introduce the innovations that will allow the business to continue. Top managers also have to manage a business’s relations with customers, suppliers, distributors, bankers, investors, neighbouring communities, public authorities, and so on, as well as deal with any crisis that arises. Modify = change slightly: điều chỉnh Although the tasks of a manager can be analysed and classified in this fashion, management is not entirely scientific. There are management skills that have to be learnt, but management is also a human skill. Some people are good at it, and others are not. Some people will be unable to put management techniques into practice. Others will have lots of techniques, but few good ideas. Excellent managers are quite rare.  Complete the guided notes 1. The reason why management is important …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… 2. Fill in the following diagram with five tasks of a manager’s work suggested by Peter Drucker. 6Advanced Program – English Module 4 – Supplementary Materials THE WORK OF A MANAGER planning organizing integrating Measuring performance Developing people  Comprehension 3. Define which task each of the following activities belongs to Activities Task A. define goals 1 B. choose the right people for each task 2 C. encourage people to work 3 D. find out the way to ac hieve the targets 1 E. check if the objectives are being achieved 4 F. provide human resources and money 1 G. make sure that the objectives are clear to staff 3 H. find out methods to attain the objectives 1 I. consider the staff’s salary 3 J. help the staff improve their abilities 5 K. decide who should be raised to a higher position 3 L. encourage team work 3 M. deal with different people in different fields 3  True or False? 4. A company’s top managers need to take only the current situation of their company into account. F 5. The management board of a company should be flexible when dealing with its problems.  Answer the following questions 6. Management is not completely scientific – but it is a human skill. Why? ……………………………………………………………………………………………………………... ………..……………………………………………………………………………………………………. 7. Why are excellent managers quite rare according to the text? ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………...  What does each of the underlined part refer to? 7Advanced Program – English Module 4 – Supplementary Materials 3. Some people ……………….. ……………….. better on their own while others work better in teams. 4. Managers ……………….. the work of their ……………….. and try to develop their abilities. 5. Managers ……………….. the ……………….. of their staff to see whether they are reaching their targets. 6. Top managers have to be prepared to ……………….. with ……………….. if they occur and then have to ……………….. quick ………………..  Write full sentences using the words given and adding any necessary words 1. Management / important / because / success / failure / companies / often depend / quality / their managers. ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... 2. According to Drucker – ‘the father of Modern Management’, a manager’s work can / divide / five tasks. ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... 3. first task / involve / set / objectives, develop / strategies, plans and precise tactics and / allocate resources / people and money. ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... 4. second task / involve / organize. Managers / have / select people / perform the tasks. ……………………………………………………………………………………………………………... 5. do / third task, managers / need / social skills / motivation and communication. ……………………………………………………………………………………………………………... 6. fourth task / require / managers / measure / performance / their staff to check whether / objectives / achieve. (present continuous tense). ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... 7. last task / be / develop people – both the managers themselves / their subordinates. ……………………………………………………………………………………………………………... 8. When necessary, top managers / have / consider / future and modify / objectives. 10Advanced Program – English Module 4 – Supplementary Materials ……………………………………………………………………………………………………………... 9. They also have / manage / a business’s relations / customers. ……………………………………………………………………………………………………………... 10. Besides they also have / deal / any crisis / arise. ……………………………………………………………………………………………………………... SECTION 2: LISTENING (What makes a good manager?) Listen to two MBA (Master of Business Administration) students at the Judge Business School at Cambridge University talking about management. Who says the things about managers in the table below – Carlo (the first speaker) or Olga (the second)? Carlo Olga A good manager should 1. follow the company’s goals 2. help subordinates to accomplish their own goals and objectives 3. help young colleagues to develop 4. know how to lead people 5. know how to motivate people 6. make a maximum profit for the owners (the shareholders) 7. meet the targets they have been set 8. successfully execute plans and strategies 11Advanced Program – English Module 4 – Supplementary Materials Listen to the recordings again and fill in the blanks with the words you hear. CARLO DE STEFANIS ... so managers should (1) ……………….. the company goal, maximize value for shareholders, and so on, but on the other hand they should accomplish also the personal goals and (2) ……………….. of the people they manage, for instance helping young (3) ……………….. to develop, and understanding the (4) ……………….. of everybody in their team, and trying to match goals of the company and even helping people to (5) ……………….. in their team. OLGA BABAKINA I believe that good managers actually don’t (6) ……………….. anybody, and good managers basically they are good (7) ……………….. of strategies, because the companies today, those ones who are successful, are not those who have lots of business plans and strategies somewhere in the (8) ……………….. and files, but those companies who have managers, executors of plans, so basically in order to be a good manager you have to know how to lead people, how to (9) ……………….. people, and how to make sure that you are meeting your (10) ……………….. ... 12Advanced Program – English Module 4 – Supplementary Materials not afraid of confrontation but will compromise when necessary to achieve a deal. They are essentially individualist. ‘Multi-active cultures’ in Southern Europe, Latin America and Africa attach more importance to feelings, emotions and intuition, and relationships and connections. People like to do many things at the same time; they are flexible, good at changing plans and happy to improvise. They believe in social or company hierarchy, and respect status. They are essentially collectivist, and also what Trompenaars calls ‘particularist’ – they believe that personal relationships and friendships should take precedence over rules and regulations. People in ‘reactive cultures’ in Asia prefer to listen to and establish the other’s position, and then react to it. They try to avoid confrontation, and don’t want to ‘lose face’ or cause someone else to. They rarely interrupt speakers and often avoid eye contact. They try to formulate approaches which suit both parties. Other countries have cultures which show combined characteristics of two of these poles, and can be represented along the sides of a triangle. 15Advanced Program – English Module 4 – Supplementary Materials  Comprehension questions 1. Why is it important for companies to be aware of local cultures? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… 2. What are the differences between individualists and collectivists? An individualist is someone who believes that goals, internets, and desires of a person are more important than those of a group of people. A collectivist is someone who believes that goals, interests, and desires of a group of people are more important than those of a person. 3. Who is more likely to think: ‘I’ll let them speak first.’? People in reactive cultures 4. Who is more likely to say, about other people: ‘They can’t be trusted because they will always help their friends or family’ – universalists or particularists? Universalists 5. Who is more likely to say: ‘Oh, you can’t trust them, they wouldn’t even help a friend?’ Particularists 6. Look at the Lewis Model. What are the implications of each color (blue, red, yellow)? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… ……………………………………………………………………………………………………………  Check your understanding Which type of culture do these people belong to: linear- active (L), multi-active (M) or reactive (R)? 1. They are punctual. 2. They are emotional. 3. They are unemotional. 4. They often change plans. 5. They plan ahead step by step. 6. They are flexible. 7. They are people-oriented. 8. They are task-oriented. 9. They like to do only one thing at a time. 10. They like to do several things at once. 16Advanced Program – English Module 4 – Supplementary Materials 11. They are impatient. 12. They are patient, but sometimes impatient. 13. They react to partner’s actions. 14. They do not talk too much. 15. They avoid offending and upsetting people. 16. They often interrupt speakers. 17. They do not interrupt speakers. 18. They consider relationships as important issues. 19. They give great value to face. 20. They always take rules / regulations into account. 21. They do not like to look at each other in communication. 22. They listen rather than speak.  What does each of the underlined parts refer to? 1. ‘… if it required only one set of corporate objectives, goals, policies ...’ (Para. 2) Managing a global multinational company 2. ‘They are essentially individualist’ (Para. 3) Business people in “linear-active” cultures  Find words with the following meanings 1. based on reasons rather than emotions = rational 2. take priority = take precedence 3. create or devise a plan / a strategy = formulate 4. reach an agreement with mutual concession = compromise POST-READING TASKS Vocabulary review (new context): fill in each blank with a suitable word rational – confronted – principles – precedence – inventions – improvise – compromise – globalization – emotionally – belief – aware – intuitions – represents – reacts 17Advanced Program – English Module 4 – Supplementary Materials …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… Listen to the recordings again and fill in the blanks with the words you hear.  Listening 1 KRISHNA SRINIVASAN (1 word) What I noticed in – I worked in both in Switzerland and in Malaysia – and the context of a manager is very (1) different in these two countries. In Singapore the (2) emphasis on (3) hierarchy and the (4) supriority of the manager is very important. No matter you put a group in a team, once the manager says something it’s kind of accepted by everyone else, no one (5) challenges (cãi lại) it, whereas in Switzerland and UK what you observe is once the manager says something, people can challenge him. So manager in the western context is more a (6) guider (người hướng dẫn) who encourages people by his (7) persuasion either his vocal talent or his technical attitude [astute], whereas in the Asian (8) region I still feel that the emphasis on superiority, power, is still very (9) prevalent (áp đảo/ chiếm ưu thế) so the manager has to have the (10) commanding (ra lệnh) power. CARLO DE STEFANIS (1 word) My theory in Italy we’ve still got, (1) authority (uy quyền) is important, as is seniority (thâm niên), in respect – if I make a (2) comparsion especially with the Anglo-Saxon world, in Italy seniority, the years you have spent in a certain (3) position in a certain company, give you formal authority, in a way. On the other hand I think that it is accepted, (4) largely accepted in Italy, to make your point with your boss, (5) absolutely so to discuss about a position and problems in an open way.  Discuss không đi cùng giới từ  Listening 2 LAKSHMI JAYA (2 words) I mean I think here diversity in, say, management schools plays a very (1) ……………….. ……………….., because take for example Judge Business School, we have people from forty-six (2) ……………….. ……………….., so you’re working with these group of people at (3) ……………….. ……………….. through your programme, and it kind of like gives that (4) ……………….. ……………….. to you, to be able to like work with cross, people from cross-cultural backgrounds. So I 20Advanced Program – English Module 4 – Supplementary Materials think (5) ……………….. ……………….. does help a lot, and your ability to be, work with like, cross- cultural people. 21Advanced Program – English Module 4 – Supplementary Materials JANINE GEORGE (3 words) I think the difference nowadays is also the fact that there’s a lot more awareness (1) ……………….. ………………... The fact that there are so many business schools, (2) ………………..……………….. running with regards to culture, the differences in aspects regarding the US versus China, and so forth, people are (3) ………………..………………... And I think with this, an American now going into China, has a (4) ………………..……………….., or at least I hope so! That people are now more aware of these situations and sort of aspects of emotional intelligence allow people to use those (5) ………………..……………….., to be able to be a bit more effective in their management styles ... CARLO DE STEFANIS (4 words) I read somewhere that now there are a (1) ………………..………………..……………….. that are (2) ………………..………………...……………….. This was an article, I mean, about a more general context, but it’s true that companies like IBM, or General Electric, that are moving (3) ……………….. ………………..……………….., and even middle management across the countries, contribute to (4) ………………..………………..……………….. of different cultures and to smooth, in a way, (5) ………………..………………..……………….., I think. JANINE GEORGE (more than 4 words) There’s a saying that says ‘(1) ………………..………………..………………..’ I went on a Japanese course where it said, ‘When in Rome, learn what the Romans do, so you can become a better Japanese.’ So I think that in a way sums it up perfectly, in (2) ………………..………………..……………….., right, but I think in a way we’re just going to become a lot more profound in what we do, and learn a lot more what (3) ………………..………………..………………... 22Advanced Program – English Module 4 – Supplementary Materials The graph shows the standard product life cycle. At the introduction stage, sales are low. They rise quickly during the growth stage, level off at the maturity stage, before eventually falling during the decline stage until the product is withdrawn from the market. Which stages do the following sentences about sales, costs, prices and promotion describe? 25Advanced Program – English Module 4 – Supplementary Materials 1 Introduction stage 2 Growth stage 3 Maturity stage 4 Decline stage Sales: doanh số Growth stage A. Public awareness about the product increases and sales volume rises significantly. Maturity stage B. Sales volume peaks. Decline stage C. Sales volume begins to go down. Introduction stage D. The sales volume is low and customers have to be persuaded to try the product. Costs: chi phí sản xuất Introduction stage E. Costs are high. Maturity stage F. The product’s features may have to be changed so that it differs from competing brands, which involves new costs. Đặc điểm  đối thủ đã xuất hiện Growth stage G. Costs are reduced due to economies of scale, so profitability increases. Decline stage H. Either costs are too high compared to sales, so the product is discontinued, or the company continues to offer the product to loyal customers, while reducing costs to a minimum. Prices: giá thành sản phẩm 4 Decline stage I. The price is either maintained, or greatly reduced to liquidate stock if the product is discontinued. 1 Introduction stage J. The company can choose between high skim pricing to recover development costs, or low penetration pricing to build market share rapidly, if there are already competitors. 2 Growth stage K. The price can remain unchanged because demand is increasing but competitors aren’t usually yet well established. 3 Maturity stage L. Prices may have to be reduced because competitors are established in the market, but companies try to defend their market share while also maximizing profit. Promotion: chiêu thị/ quảng bá/ quảng cáo 3 Maturity stage M. Promotion emphasizes product differentiation. 2 Growth stage N. Promotion is aimed at a much broader audience (the majority of the product’s users). 4 Decline stage O. At this stage, there is virtually no promotion. 26Advanced Program – English Module 4 – Supplementary Materials 1 Introduction stage P. Promotion is aimed at educating potential consumers ( khách hàng tiềm năng) (innovators and early adopters) about the product, and building product awareness. Reading 2: MARKETING IS EVERYTHING Reading the following extracts from an article by Regis McKenna in the Harvard Business Review, and answer the questions. Several decades ago, there were sales-driven companies. These organizations focused their energies on changing customers’ minds to fit the product – practicing the ‘any color as long as it’s black’ school (trường phái) of marketing. As technology developed and competition increased, some companies shifted their approach and became customer driven. These companies expressed a new willingness to change their product to fit customers’ requests – practicing the ‘tell us what color you want’ school of marketing. Successful companies are becoming market driven, adapting their products to fit their customers’ strategies. These companies will practice ‘Let’s figure out together how and whether color matters to your larger goal’ marketing. It is marketing that is oriented toward creating rather than controlling a market. The old approach – getting an idea, conducting traditional market research, developing a product, testing the market, and finally going to market – is slow and unresponsive. Màu tím bổ trợ cho “The old approach” As the demands on the company have shifted from controlling costs to competing on products to serving customers, the center of gravity in the company has shifted from finance to engineering – and now to marketing. (from a to b to c) Marketing today is not a function; it is a way of doing business. Marketing is not a new ad campaign or this month’s promotion. Marketing has to be all-pervasive (toàn diện), part of everyone’s job description (mô tả công việc - JD) , from the receptionists to the board of directors (ban giám đốc – BOD). Its job is neither to fool the customer nor to falsify the company’s image. It is to integrate the customer into the design of the product. US companies typically make two kinds of mistake. Some get caught up in the excitement and drive of making things, particularly new creations. Others become absorbed in the competition of selling things, particularly to increase their market share in a given product line. 27Advanced Program – English Module 4 – Supplementary Materials SECTION 2: LISTENING Listening 1: Promoting a juice bar. Listen to Melissa Glass explaining how Zeste tried to promote their juice bar, and answer the questions. 1. What was the first form of marketing (or promotion) they tried? …………………………………………………………………………………………………………… 2. Why were they sure it would work? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… 3. What concept was used for the advertising campaign, and what was the problem with it? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… Listening 2: The most effective form of promotion. Listen to Melissa Glass talking about a successful form of promotion, and answer the questions. 1. According to Melissa, what is the most effective form of promotion? …………………………………………………………………………………………………………… 2. Does it have a temporary or a permanent effect? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… 3. Why do you think this form of promotion works better than advertising? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… 30Advanced Program – English Module 4 – Supplementary Materials Listen to the recordings again and fill in the blanks with the words you hear.  Listening 1 -- After the launching of Zeste, it was quite (1) difficult They found different ways of (2) attracting customers and different forms of marketing. -- The first tactic was (3) sampling They got people try their products on the street. They believe that the customers will feel (4) happy and their product sells itself as far as (5) taste The first tactic was quite (6) successful However, because the season then was (7) winter and the foot traffic was less, they decided to do some sort of advertising, something (8) visual to touch the customers. -- The second tactic unfortunately was a very (9) expensive. They went through a design (10) agency to design posters to go into the buses because the bus actually passed directly in front of their store. The second tactic was costly partly because of the design, the production and the printing of the (11) flyers -- The theme of the campaign was ‘Get a kick out of = enjoy your (12) vitamins and come to Zeste.’ Unfortunately, because there wasn’t enough (13) information about the product in the pamphlet and the Swiss didn’t know what a (14) smoothie was, the advertising campaign was not (15) effective  Listening 2 The most effective thing they’ve found is (1) publicity (sự đăng tải trên các phương tiện truyền thông) sin the papers. Therefore, they spends a lot of time contacting the (2) journals and papers like the free ones in the morning, and trying to get free (3) articles because they know that papers are often keen to have new things, or new information. Although they hit the target straight away and the effect is (4) immediate those articles are only effective in one or two days. The idea behind this tactic is that they (5) convince customers by the product and the taste of the product, and that customers will come back because of the product itself. 31Advanced Program – English Module 4 – Supplementary Materials Topic: BANKING SECTION 1: READING PRE-READING TASKS Discussion – Pair work 1. Which of the following banking products or services do you find the most useful or necessary? a current account (BrE) or checking account (AmE) withdraw (v): rút tiền close account (v): đóng tài khoản/ tất toán a current account: tài khoản vãng lai buying or selling foreign currency for travelling (BrE) or traveling (AmE): mua or bán ngoại tệ a savings or deposit account (BrE) or time or notice account (AmE) desposit account: tài khoản tiền gửi a saving account: tiền gửi tiết kiệm a term saving/ desposit account: tài khoản tiết kiệm/ tiền gửi có kì hạn a mortgage (a loan to buy property (BrE) or real estate (AmE)) a mortgage: khoản vay để mua bất động sản property/ real estate: bất động sản cashpoints (BrE) or ATMs (Automated Teller Machines, AmE) an overdraft (the possibility to borrow money by spending more than you have in your bank account) an overdraft: sự thấu chi overdraw (v): thấu chi a chequebook (BrE) or checkbook (AmE) a credit card: thẻ tín dụng investment advice: tư vấn đầu tư a debit card: thẻ ghi nợ internet banking (payments, transfers): ngân hàng trực tuyến a loan: khoản vay telephone banking (payments, transfers): ngân hàng qua điện thoại 2. What other banking service do businesses use? Vocabulary preparation  Below are some basic banking terms. Match up the words in the box to the definitions. 32Advanced Program – English Module 4 – Supplementary Materials Large banks became international conglomerates offering a complete range of financial services that were previously provided by banks, (5) stockbrokers and insurance companies. (6) Islamic banks in Islamic countries and major financial centers, offer interest-free banking. They do not pay interest to depositors or charge interest to borrowers, but invest in companies and share the profits (or losses) with their depositors. Some car manufacturers, food retailers and department stores now offer products like personal loans, credits cards and insurance. Technically these are not banks but (7) non-bank financial intermediaries Các ngân hàng bán lẻ hoặc (1) ngân hàng thương mại (thường được gọi là ngân hàng High Street ở Anh) nhận tiền gửi và cho vay đối với các cá nhân và công ty nhỏ. (2) các ngân hàng đầu tư làm việc với các công ty lớn, đưa ra lời khuyên tài chính, huy động vốn bằng cách phát hành cổ phiếu hoặc cổ phiếu và trái phiếu, sắp xếp các cuộc đấu thầu sáp nhập và tiếp quản, v.v. Họ cũng thường cung cấp dịch vụ môi giới chứng khoán và quản lý danh mục đầu tư cho các khách hàng cá nhân và doanh nghiệp giàu có. Những cá nhân giàu có cũng có thể sử dụng (3) các ngân hàng tư nhân cung cấp cho họ các dịch vụ ngân hàng và đầu tư, và (4) các quỹ phòng hộ là quỹ đầu tư tư nhân dành cho các nhà đầu tư giàu có (cả cá nhân và tổ chức) sử dụng nhiều chiến lược đầu tư (rủi ro) hơn. hơn các quỹ đầu tư truyền thống, nhằm đạt được lợi nhuận cao hơn. Tại Hoa Kỳ, nơi nhiều ngân hàng bị phá sản sau vụ sụp đổ Phố Wall năm 1929, một đạo luật được thông qua năm 1934 (Đạo luật Glass-Steagall) nhằm tách biệt các ngân hàng thương mại và ngân hàng đầu tư hoặc các công ty môi giới chứng khoán. Trong phần còn lại của thế kỷ 20, ở Mỹ, Anh và Nhật Bản đã có những quy định ngăn cản các ngân hàng thương mại thực hiện hoạt động kinh doanh ngân hàng đầu tư. Ở các quốc gia khác, bao gồm Đức và Thụy Sĩ, các ngân hàng lớn thực hiện mọi loại hình kinh doanh tài chính. Nhưng bắt đầu từ những năm 1980, nhiều quy tắc đã bị bãi bỏ do bãi bỏ quy định tài chính, và Glass-Steagall bị bãi bỏ vào năm 1999. Các ngân hàng lớn trở thành các tập đoàn quốc tế cung cấp đầy đủ các dịch vụ tài chính mà trước đây được cung cấp bởi các ngân hàng, (5) các công ty môi giới chứng khoán và công ty bảo hiểm. (6) Các ngân hàng Hồi giáo ở các quốc gia Hồi giáo và các trung tâm tài chính lớn cung cấp dịch vụ ngân hàng không lãi suất. Họ không trả lãi cho người gửi tiền hoặc tính lãi cho người đi vay mà đầu tư vào các công ty và chia sẻ lợi nhuận (hoặc thua lỗ) với người gửi tiền. Một số nhà sản xuất ô tô, nhà bán lẻ thực phẩm và cửa hàng bách hóa hiện cung cấp các sản phẩm như cho vay cá nhân, thẻ tín dụng và bảo hiểm. Về mặt kỹ thuật đây không phải là ngân hàng mà là (7) trung gian tài chính phi ngân hàng 35Advanced Program – English Module 4 – Supplementary Materials  Match up the verbs in the left-hand box with the nouns in the right-hand box to make common verb-noun combinations found in the text above. 1. Charge interest 2. Do business 3. Give advice 4. Issue bonds/ stocks/ shares 5. Make loans 6. Offer advice/ services 7. Pass laws 8. Pay interest 9. Provide services 10. Raise capital 11. Receive deposits 12. Share profits charge do give issue: phát hành make offer pass pay provide raise receive share advice bonds business capital deposits laws loans profits interest services stocks or shares 36Advanced Program – English Module 4 – Supplementary Materials  What other verb-noun combinations can you make with these words? …………………………………………………………………………………………………………… …………………………………………………………………………………………………………… 37Advanced Program – English Module 4 – Supplementary Materials POST-READING TASKS Vocabulary review  Match up the words and definition 40Advanced Program – English Module 4 – Supplementary Materials Discussion – Pair work Who do you think was responsible for the subprime crisis? What did the financial industry do wrong? SECTION 2: LISTENING Listening 1: Commercial banking. Listen to Tony Ramos, a recruitment manager at HSBC in London, talking about investment and commercial banking, and answer the questions. 1. How does Tony Ramos describe commercial banking? A kind of a ……………….. ……………….. ……………….. 2. What was Tony Ramos’s job before he moved into recruitment? ……………….. 3. What does he say commercial banking actually consists of? Fill in the gaps. ‘… you’re kind of working in a (1) ……………….. ……………….. , you’re working, you know, with, like, (2) ………………. ………………..., kind of what the day-to-day job consists of, actually (3) ……………….. ……………….. ……………….. people with their businesses, (4) ……………….. ……………….. ……………….. those businesses, seeing those (5) ……………….. ……………….. and the kind of excitement and the job satisfaction that provides to you …’ 4. What does he say students wrongly think it consists of? Sitting ………………..………………..……………….. and doing ………………..………………..… 1. credit rating (n): xếp hạng tín dụng 2. default (n): sự vỡ nợ 3. collateralized (adj): có thế chấp 4. cash flow (n): dòng tiền 5. write off (n): xóa nợ 1. B 2. C 3. E 4. D 5. A A. cancel a bad debt or a worthless asset from an account B. estimates of people’s ability to fulfil their financial commitments C. failure to repay a loan D. the money generated by an investment E. with property or another asset used as a guarantee of payment Listening 2: Microfinance. Anna-Kim Hyun-Seung from South Korea is a former MBA student from the Judge Business School in Cambridge who works in the not-for-profit sector. Listen to her talking about microfinance, and answer the questions. 1. In microfinance, what replaces normal financial collateral? ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... 2. What is the ‘risk-management tool’ that Anna-Kim mentions? ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... 3. Why is lending money to poor people not necessarily as risky as it sounds? ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... 4. Why are conventional banks now developing microcredit products? ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... 5. In which three continents are there successful microfinance schemes? ……………………………………………………………………………………………………………... ……………………………………………………………………………………………………………... Topic: ACCOUNTING AND FINANCIAL STATEMENTS SECTION 1: READING PRE-READING TASKS Discussion – Pair work 1. What is accounting? 2. What skills do you think accountant needs? 3. Do you think you have these skills? Vocabulary preparation  Which basic accounting words are defined below? (1><2) ; (3) ; (4><5) ; 1. all the money received from business activities during a given period A. assets B. income C. transactions 2. all the money that a business spends on goods or services during a given period A. debts B. expenditure C. liabilities 3. a financial operating plan showing expected income and expenditure A. account B. budget C. financial statement 4. anything owned by a business – cash, buildings, machines, equipment, etc. A. asset B. income C. revenue 5. all the money that a company will have to pay to someone else in the future, including debts, taxes, and interest payments A. debits B. expenditure C.liabilities:nợ 6. an entry in an account, recording a payment made A. credit B. debt C. debit 7. an entry in an account, recording a payment received A. credit B. debit C. income 8. adjective describing something without a material existence, which you can’t touch A. current B. intangible: tài sản vô hình C. tangible 9. adjective describing a liability which has been incurred but not yet invoiced: phát sinh to the company A. accrued: tích lũy, dồn lại B. deferred C. receivable 10. delayed or postponed until a later time A. deferred: trì hoãn B. payable C. retained  How well do you know the different types of accounting and the different branches of the accounting (or accountancy) profession? Match the terms with the definitions in the box below. Accounting: kế toán ; Auditing: kiểm toán ; Bookkeeping: ghi sổ ; Cost accounting: kế toán chi phí Creative accounting: kế toán sáng tạo ; Managerial or management accounting: kế toán quản trị ; Tax accounting: kế toán thuế 1. calculating all the expenses involved in producing something, including materials, labour, and all other expenses  Cost accounting 2. calculating how much an individual or a company will have to pay to the local and national governments (and trying to reduce this to a minimum)  Tax accounting 3. inspecting and reporting on accounts and financial records  Auditing 4. preparing financial statements showing income and expenditure, assets and liabilities  Accounting 5. providing information that will allow a business to make decisions, plan future operations and develop business strategies  Managerial or management accounting 6. using all available accounting procedures: quy trình, thủ tục and tricks: chiêu trò to disguise: ngụy trang the true financial position of a company  Creative accounting 7. writing down the details of transactions (debits and credits)  Bookkeeping  Match up the names of the financial statements with the definitions below. 1. Balance sheet: Bảng cân đối kế toán (or Statement of financial position) 2. Cashflow statement: Báo cáo dòng tiền/ Báo cáo lưu chuyển tiền tệ 3. Income statement (or Statement of income, Profit and loss statement, or Profit and loss account): Báo cáo thu nhập/ Báo cáo hoạt động kinh doanh A. a statement giving details of money coming into and leaving the business, divided into day-to-day operations, investing and financing  Cashflow statement B. a statement showing the difference between the revenues and expenses of a period  Income statement C. a statement showing the value of a business’s assets, its liabilities, and its capital or shareholders’ equity: vốn chủ sở hữu (money the business has that belongs to its owners)  Balance sheet  Make common word combinations with the verbs and nouns below. (verbs): calculate: keep – pay – receive – record – value 1. Calculate – taxes/ liabitities: tính toán 2. Keep – records: 3. Pay – Liabilities/ Transaction: 4. Receive – income: 5. Recods – expenditure/ income/ transactions 6. Value - Assets/ Liabilities (nouns): assets – expenditure – income – liabilities – records – taxes – transactions 1. Assets: 2. Expenditure: 3. Income: 4. Liabilities: 5. Records: 6. Taxes: 7. Transactions: ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… Reading 2: GOOGLE INC. INCOME STATEMENT Total Revenue = NET = Revenue = Net sale = Top line: tổng doanh thu/ doanh thu thuần Cost of revenue = Cost of sales = Cost of goods sold (COGS): Giá vốn hàng bán SG&A Expenses: Chi phí quản lý doanh nghiệp Total Operating Expense: Tổng chi phí hoạt động kinh doanh Operating Income:  Comprehension questions Look the income statement. Which lines refer to the following? 1. money received from investments  (Non-operating) Interest Income Net 2. money spent in order to produce income in the future  Research & Development 3. the expenses specific to providing the company’s services  Cost of Revenue 4. additional expenses involved in running the company  SG&A Expenses POST-READING TASKS Vocabulary review  Fill in each gap with one suitable word / expression given. goodwill – intangible – tangible – dividend – budget – debit – retained earnings – income – amortization: khấu hao tài sản cố định vô hình – expenditure – credit – receipt depreciation (tangible fixed asset): khấu hao tài sản cố định hữu hình 1. The distribution of part of the earnings of a company to its shareholders is dividend 2. Amortization is the process of treating as an expense the annual amount deemed to waste away from a fixed asset. 3. A budget is a financial plan setting targets for the revenues, expenditures of an organization for a specified period. 4. The employees record the expenditure in an expense account. 5. Goodwill is an intangible asset and also considered as a saleable asset when a business is sold and is sometimes shown in the balance sheet. 6. The total of income throughout an individual’s life, minus expenditure, is equal to that person’s wealth. 7. Profits earned to date but not yet distributed to shareholders by way of dividends are earnings 8. Assets that can be touched, i.e. physical objects are tangible assets. 9. An asset that can neither be seen nor touched is an intangible asset. 10. Debit refers to an entry on the left-hand side of an account in double-entry book-keeping, showing an amount owed by the organization.  Cash flow statements contain three categories: Cash from Operating Activities (Ops.), Cash from Investing Activities (Inv.) and Cash from Financing Activities (Fin.). Which categories do the following items belong to? Ops. Inv. Fin. Amortization (loss of value of intangible assets) X Changes in the size of the inventory X Depreciation (loss of value of tangible assets) X Dividends paid X Income taxes paid X Payments to suppliers for goods and services X Payments to employees X Proceeds from issuing shares or debt X Purchases or sales of property, plant and equipment X Receipts from the sale of goods or services X Repurchase of company shares or repayment of debt X Discussion – Pair work 1. How would you put a value on the University of Economics Hochiminh city (UEH)? What are its major assets – buildings and equipment, or people and their skills, knowledge and reputation? 2. Give some examples of companies in Vietnam whose value largely derives from intangible assets such as their well-known brands, or their good reputation. SECTION 2: LISTENING (Valuing assets) Richard Barker is the director of the MBA programme at the Judge Business School of Cambridge University, and an expert on international accounting. Listen to him talking about valuing assets, and answer the questions. 1. What examples does Richard Barker give of assets that are difficult to value? ……………………………………………………………………………………………………………… 2. How does he define a company’s annual profit or loss? ……………………………………………………………………………………………………………… 3. Why is the estimated value of an airport runway probably not very objective? 5. the best or most likely to bring success.  optimal 6. the result or effect of an action or situation  outcome 7. to organize something to make a profit  commercialize WHILE-READING TASKS THE ROLE OF GOVERNMENT The American economist Milton Friedman was well-known for his views on government. Read the extracts from Free to Choose by Milton and Rose Friedman. Though the United States has not adopted central economic planning, we have gone very far in the past 50 years in expanding the role of government in the economy. That intervention: sự can thiệp has been costly in economic terms. The limitations imposed on our economic freedom threaten – động từ chính (V3) to bring two centuries of economic progress to an end.  Cấu trúc bị động rút gọn Intervention has also been costly in political terms. It has greatly limited our human freedom. Adopted child: con nuôi Central economic planning: mô hình kinh tế tập trung  is an economic system in which the government makes economic decisions (rather than the interaction between consumer and business) An essential part of economic freedom is freedom to choose how to use our income: how much to spend on ourselves and on what items; how much to save: để dành bao nhiêu and in what form: để dành bằng cách nào; how much to give away and to whom: cho đi bao nhiêu và cho ai. Currently, more than 40% of our income is disposed = use: sử dụng of on our behalf by government at federal: liên bang , state: tiểu bang and local: địa phương levels combined.: cộng lại As: với tư cách là consumers, we are not even free to choose how to spend that part of our income that is left after taxes. Our physician is not free to prescribe: kê toa many drugs for us that he may regard as the most effective for our ailments: đau yếu/ bệnh tật/ ốm đau, even though the drugs may be widely available abroad. We are not free to buy an automobile without seat belts.: dây an toàn Another essential part of economic freedom is freedom to use the resources we possess: sở hữu in accordance with: ứng với our own values – freedom to enter any occupation, engage in any business enterprise, buy from or sell to anyone else, so long as: miễn là we do so on a strictly voluntary basis: nguyên tắc tự nguyện tuyệt đối and do not resort to force in order to coerce others. Today you are not free to offer your servies: hành nghề as a lawyer, a physician, a dentist, a plumber, a barber, a mortician, or engage in a host of other occupations, without first getting a permit or licence: giấy phép from a government official. You are not free to work overtime at terms mutually agreeable: thỏa thuận to you and your employer, unless the terms conform + to: tuân thủ rules and regulations laid down (V3 – bị động rút gọn) by a government official. You are not free to set up a bank, go into the taxicab business, or the business of selling electricity or telephone service: dịch vụ viễn thông, or running a railroad: điều hành đường sắt, busline, or airline, without first receiving permission from a government official. Although these examples only scratch the surface: bề mặt, they illustrate: minh hoạ the fundamental: cơ bản proposition: tuyên bố that freedom is one whole, that anything that reduces freedom: giảm sự tự do in one part of our lives is likely to affect freedom in the other parts. Freedom cannot be absolute: tuyệt đối. We do live in an interdependent: phụ thuộc lẫn nhau society. Some restrictions on our freedom are necessary to avoid other, still worse, restrictions. However, we have gone far beyond that point: mức cần thiết. The urgent need today is to eliminate: loại bỏ restrictions, not add to them. Scratch the surface: thể hiện bề nổi To be likely to….: có khả năng cao Vocabulary notes  on our behalf = for us: đại diện/ thay mặt  physician (AmE) = doctor (BrE): bác sĩ  drugs (AmE) = medicines (BrE ): thuốc  to resort to force = to use violence:  to coerce = to make people do something against their will: ép buộc/ cưỡng ép  mortician (AmE) = undertaker (BrE): someone who arranges funerals: người cung cấp dịch vụ mai táng  a host of = a large number of: to resort to do sth: phải làm cái gì đó (không muốn) many = a lot of = lots of = a great deal of = a lagre number of = a host of  True or False 1. The United States has adopted the market system. T 2. Government intervention in the economy has restricted human freedom. T 3. A critical part of economic freedom is freedom to choose the income. F 4. The Friedmans disapprove of laws that prevent doctors prescribing some drugs. T 5. Consumers are free to choose how to spend their income after taxes. F 6. Consumers can buy cars without seat belts. F 7. You are free to work overtime if you agree to pay taxes. F 8. You can set up a bank when you get permission from a government official. T 9. Freedom is absolute. F 10. Government intervention in the economy should increase by 40%. F  Comprehension questions 1. What do the Friedmans think will be the consequence of increased government intervention in the economy? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… 2. In which sentence do they criticize taxation? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… 3. What do they say about medical and road safety legislation? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… 4. What is the only restriction they believe to be necessary regarding professional occupations, business and trade? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… 5. What is their objection to the law regarding labour contracts? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… A. capital gains tax: thuế thặng dư vốn B. capital transfer tax C. wealth tax 7. Gifts to family members over a certain value are often liable to a/an A. capital gains tax B. inheritance tax: thuế thừa kế C. value-added tax 8. The annual tax imposed on people’s fortunes (in some countries) is a A. added-value tax B. capital gains tax C. wealth tax: thuế của cải 9. Making false declarations: khai báo to the tax authorities is called A. fiscal policy B. tax avoidance C. tax evasion: trốn thuế 10. Reducing the amount of tax you pay to a legal minimum is called A. creative accounting B. tax avoidance: tránh thuế C. tax evasion 11. Countries where taxes are low, where multinational companies often set up their head offices, are known as A. money launderers B. tax harbours C. tax havens: quốc gia có thuế xuất thấp 12. A small mistake or exception in a tax law, which allows you to avoid paying something, is called A. an escape B. an excuse C. a loophole: kẽ hở pháp lý Discussion – Pair work 1. Which different taxes can you name? 2. The same amount of money can be taxed more than once. Can you give any examples of this? 3. Is there a flat rate of income tax (the same for everybody) or is it progressive? Which system do you prefer? 4. Read the following statements. Which of them are in favour of taxation and government spending, and which against? Which of the statements do you find the most convincing, and why? In favour Against 1. All businesses require public roads to allow staff, supplies and customers to get to them. 2. A wealth tax taxes money that has already been taxed before, perhaps many times, and is therefore unethical. 3. As Adam Smith wrote: ‘The subjects of every state ought to contribute toward the support of the government in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.’ 4. The money people earn is their money, the result of hard work. 5. Income tax penalizes all income-generating activity, which makes everyone poorer. 6. If the general population is unhealthy, and unable to work, firms won’t find either enough staff or customers. 7. People will stay away from retail outlets in areas of environmental damage or urban decay. 8. Taxing savings and capital gains encourages consumption and reduces capital accumulation and therefore reduces everyone’s future prosperity. 9. Some people are born intelligent and others stupid. Some people are born beautiful and others ugly. So why shouldn’t some people be born rich? 10. Unequal income distribution and poverty always lead to crime. 11. Redistributive taxation is, quite simple, theft. 12. How would companies get qualified staff without the public education system? 13. Society creates the conditions under which financial success is possible, and it therefore has a rightful claim to a share of that success, in the form of taxes. SECTION 2: LISTENING (Government intervention) Michael Kitson is Senior Lecturer in international macroeconomics, and Director of the Management Studies Tripos, at Cambridge University. Listen to him talking about the role of government and answer the questions below. 1. Is he is in favour of government intervention? ……………………………………………………………………………………………………………. 2. What reasons does Michael Kitson give for government spending on education and health? ……………………………………………………………………………………………………………. ……………………………………………………………………………………………………………. 3. Why don’t firms invest in very early-stage technologies? ……………………………………………………………………………………………………………. ……………………………………………………………………………………………………………. 4. What other areas or activities does Kitson mention? ……………………………………………………………………………………………………………. ……………………………………………………………………………………………………………. Listen to the recordings again and fill in the blanks with the words you hear. … The second effect is whether we think unfettered free markets alone can ensure the long-term (1) ……………….. ………………... of resources and long-term (2) ……………….. ………………... Markets are very important, I’m not denying that, but so is the role of government to actually help markets work better. Often economists talk about notions of (3) ……………….. ……………….. or the fact that markets are not working properly. Let’s just think of some of the areas where governments should want to intervene. They may want to spend, spend money on education, it’s very important, educated workforce. People may not invest enough in their education if they have to pay for it themselves, and many people wouldn’t be able to access the resources, wouldn’t be able to get the credit, OK, so it’s the importance of education. Similar things apply to health, we may not actually buy enough health if we are left to buy it ourselves. Let’s think about developing new products and technologies. Developing new products and technologies is highly risky and highly expensive, and highly (4) ……………….. ……………….., but possibly very big outcomes for the economy as a whole. So it makes ... it’s understandable that firms do not invest in very early-stage technologies, OK, and ... because it may be (5) ……………….. ……………….. for 6. the total market value of all the good and services produced in a country during a given period  gross domestic product = GDP 7. the willingness and ability of consumers to purchase goods and services  demand 8. the willingness and ability of businesses to offer goods and services for sale  supply 9. to put money aside to spend in the future  save (save = put aside)  Complete each sentence with appropriate words from the previous exercise. 1. The expectations were higher than we expected by our investor. We proceeded to work overtime to meet their challenging demands. (meet….demand: đáp ứng nhu cầu) 2. The company increased its production of the new sneaker after a recent advertising campaign made the demand for the product soar = rise quickly: tăng nhanh 3. The finance ministers were under a lot of pressure to improve the country’s economic situation and, for that reason, they focused on their nation’s gross domestic product and how they could improve it. 4. When you put out a new product and everyone likes it you must increase your supply to handle the demand. (meet demand = handle demand: đáp ứng nhu cầu) 5. When companies have rivals: đối thủ that offer a better product at the same or better price, they often experience a downturn in their stock market profile. 6. A small naturalistic pharmacy created the perfect medicine for colds. It became a popular drug. A larger company got involved with them causing a great consumption of their product. The product was taken remade and renamed, but it never worked the same again. 7. A stock market is in upturn when it changes from a bear market to a bull market a bear market: giai đoạn mà đa số các mã cổ phiếu trên thị trường chứng khoán đồng loạt giảm giá a bull market: giai đoạn mà đa số các mã cổ phiếu trên thị trường chứng khoán đồng loạt tăng giá 8. Small changes can make a big difference to your bank balance: số dư tài khoản ngân hàng. Change one thing you do regularly and you could save money. For example, you can share gardening tools and equipment with your neighbours rather than each buying one of everything. 9. If you want to know how much your company has spent through the year you will need to look through your balance of payments = BOP  Before reading about the government and the economy, match up the following words and definitions. 1. equilibrium: trạng thái cân bằng 2. deficit 3. surplus 4. fiscal policy: chính sách tài khóa 5. monetary policy: chính sách tiền tệ 6. money supply: nguồn tiền 7. Keynesianism A. an amount of money that is smaller than is needed (e.g. when spending exceeds revenues) B. an excess: a quantity that is larger than is needed C. a state of balance, for example when supply is the same as demand D. government or central bank: ngân hàng trung ương actions concerning the rate of growth of the money in circulation: sự lưu thông/ lưu hành E. government actions concerning taxation and public expenditure: chi tiêu công F. the economic theory that government monetary and fiscal policy should stimulate business activity and increase employment in a recession G. the total amount of money available in an economy at a particular time 1. C 2 A 3 B 4 E 5 D 6 G 7  Match up the words below into pairs with similar meanings. boost – decrease – depression – excess – expand – expenditure – grow – output – production – recovery – reduce – slump – spending – stimulate – surplus – upturn boost = stimulate decrease = reduce depression = slump excess = surplus expand = grow expenditure = spending output = production: sản lượng recovery = upturn: phục hồi = tăng trưởng  Match up the words below into pairs with opposite meanings. boom – contract – demand – depression – endogenous – expand – exogenous – peak – save – spend –supply – trough boom >< depression contract >< expand demand >< supply endongenous >< exogenous peak: đỉnh cao >< trough WHILE-READING TASKS Reading 1: WHAT CAUSES THE BUSINESS CYCLE? The business cycle or trade cycle is a permanent feature of market economies: (1) GDP alternately grows and contracts. During an (2) upturn parts of the economy expand to the point where they are working at full capacity, so that production, employment, business investments, profits, prices, and interest rates all tend to rise. A long period of expansion is called a boom. But at some point there will inevitably be a (3) downturn The economy will hit a peak and start to contract again, the demand for goods and services will decline and the economy will begin to work at below its potential. Investment, output, employment, profits, commodity and share prices, and interest rates will generally fall. A downturn that lasts more than six months is called a recession; one that lasts for a year or two is generally called a depression or a slump. Eventually the economy will bottom out, and there will be a recovery or an upturn. The most probable cause of the business cycle is people’s spending or (4) consumption decisions, which in turn are based on (5) expectations A country’s output, investment, unemployment, (6) balance of payments and so on, all depend on millions of decisions by consumers and businesses on whether to spend, borrow or (7) save When economic times are good or when people feel confident about the future, they spend, and run up debts. At a certain point, spending has to slow down and debts have to be paid. If interest rates unexpectedly rise, a lot of people find themselves paying more than they anticipated on their mortgage or rent, and so have to consume less. Similarly, if people are worried about the possibility of losing their jobs in the near future they tend to start saving money and consuming less, which leads to a fall in (8) demand and consequently a fall in production and employment. Investment is closely linked to consumption, and only takes place when demand is growing. As soon as demand stops growing, investment in new factories, machines, etc. falls, which contributes to the downturn. But if 12. lead …………………. periods of ‘creative destruction’ Reading 2: KEYNESIANISM AND MONETARISM  Read the following text and decide which paragraphs could be given these headings: A. Countercyclical policies don’t work until too late B. Keynesianism returns C. The Keynesian argument D. The lesson of the 1930s E. The monetarist argument ……… The great depression of the 1930s demonstrated that, at least in the short term, the market system does not automatically lead to full employment. John Maynard Keynes argued that market forces could produce a durable equilibrium with high unemployment, fewer goods being produced, fewer people employed, and reduced rates of income and investment. Classical economic theory stated that in the long run, excess savings would cause interest rates to fall and investment to increase again; Keynes famously riposted that ‘In the long run, we are all dead.’ ……… He therefore recommended governmental intervention in the economy, to counteract the business cycle. During an inflationary boom, governments could decrease their spending or increase taxation. During a recession, on the contrary, they could increase their expenditure, or decrease taxation, or increase the money supply and reduce interest rates, so as to boost the economy and increase output, investment, consumption and employment. ……… In the 1950s and 1960s, monetarist economists, most notably Milton Friedman, began to argue that Keynesian fiscal policy had negative effects in the long term. They insisted that money is neutral, meaning that in the long run, increasing (or inflating) the money supply will only change the price level (lead to inflation) and have no effect on output and employment. They argued that governments should abandon the attempt to manage the level of demand in the economy. On the contrary, they should try to make sure that there is constant and non-inflationary growth in the money supply. ……… Monetarists and believers in free markets argue that since governments aren’t able to foresee a coming recession any more quickly than the companies that make up the economy, their fiscal measures usually only begin to take effect when the economy is already recovering, and simply make the next swing in the business cycle even greater. ……… By the beginning of the 21st century, the argument that free markets and competition are efficient, and should be allowed to operate with a minimum of governmental intervention, seemed to be dominant. But when the subprime crisis occurred in 2008, and financial institutions and large automobile companies began to go bankrupt, Keynesianism suddenly came back into fashion. Governments around the world poured huge amounts of money into the economy. Monetarists were outnumbered, but continued to argue that this would inevitably lead to massive inflation in the future.  Match up the following half-sentences. 1. Keynes argued that left to itself, the free market system … 2. In classical theory, if consumption and investment fall, excess savings should … 3. Keynesians argue that during an inflationary boom, governments should … 4. Keynesians argue that during an economic downturn governments should … 5. Monetarists argue that in the long run, … 6. Monetarists also believe that Keynesian fiscal measures … 7. There was a revival in Keynesian policies and government intervention … A cause interest rates to fall and investment to increase again. B. decrease their spending or increase taxation C. does not guarantee full employment. D. in 2008, when major financial institutions began to go bankrupt. E. increase their spending or the money supply. F. increasing the money supply merely leads to inflation. G. only begin to take effect too late, when an upturn is already beginning. 1 2 3 4 5 6 7 POST-READING TASKS Vocabulary review  Fill in each blank with the correct form of the given word. Consumption 1. The new telephone rates will affect all (N) - CONSUMERS including businesses. 2. He disliked Christmas and its rampant (ADJ) (extreme) (N) - CONSUMERISM 3. Our high living standards cause our present population to (V) - CONSUME 25 percent of the world’s oil. Contribute 1. She didn’t make much of a (N) - CONTRIBUTION at today’s meeting, did she? (sau mạo từ là N) 2. The company offers a (ADJ) – CONTRIBUTORY: cùng đóng góp pension scheme: chế độ tiền lương hưu. (one to which both the employee and employer pay money). 3. At the back of the programme, there is a list of (N) - CONTRIBUTORS to the theatre appeal. Decision: quyết định 1. The result of the election is in doubt because of a large number of (ADJ) – UNDECIDED: do dự voters. (not adj) – 2. He is criticised as a weak and (ADJ) - INDECISIVE leader. (not adj) - tính từ chỉ tính cách 3.If we had acted (V) earlier and more (ADV) - DECISIVELY the situation would have been under control. (adj) bổ nghĩa cho (v) Depression 1. The story which he made up for his absence was (ADV) - DEPRESSINGLY familiar.  (adv) bổ nghĩa cho (adj) 2. He seemed a bit (ADJ) - DEPRESSED about his work situation. 3. It (V) - DEPRESSESme to think that I’ll probably still be doing exactly the same job in ten years’ time. Expansion 1. She gazed at the immense (N) - EXPANSE of the sea. 2. There was an (ADJ) - EXPANSIVE view from the window. 3. If you crave minimalistic living without feeling cramped, this one-of-a-kind (N) - EXPANDABLE house supplies lots of space and modern style. more and consume less. I think consumption, particularly for the advanced countries, is the major driver of the business cycle, and the major driver of consumption is the (7) ………………... of credit and the (8) ………………... of assets, of which houses are the most crucial one. So I tend to think it’s very ... people spending or not spending. From what you have learnt from the talk of Michael Kitson, answer these questions. 1. What does Kitson say many economists believed a year or so previously? ……………………………………………………………………………………………………………… 2. According to Kitson, were they right? ……………………………………………………………………………………………………………… 3. What does Kitson say causes economic booms? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… 4. What about depressions? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… Listening 2: Keynesianism. Listen to Michael Kitson talking about Keynesianism, the economic theory named after John Maynard Keynes, and fill in the gaps below. ... we still have the business cycle, OK, we can still have the (1) ……………….. problems of a downturn, which makes the argument for what I think is standard Keynesianism, the way you (2) ……………….. budget (3) ……………….. or budget (4) ……………….. depending on whether the economy’s (5) ……………….. or is in (6) ………………... OK, and the government’s golden rule in the UK is consistent with that, in general. If the economy’s turning down it may make sense for governments to have budget deficits, and to keep (7) ……………….. in the economy. That’s the Keynesianism argument about ironing out the business cycle, which I think is important because recessions can have very long-term (8) ……………….. effects. Topic: CORPORATE SOCIAL RESPONSIBILITY (CSR) TRÁCH NHIỆM XÃ HỘI CỦA DOANH NGHIỆP SECTION 1: READING PRE-READING TASKS Discussion – Pair work Which of the views expressed in the illustration do you agree with? 1. Business is business: bản chất của kinh doanh là kiếm lợi nhuận  càng nhiều càng tốt 2. Caveat emptor: Adhere to (v) = stick firmly to: bám chặt, bám sát WORD FAMILY Morality = ethic (n): đạo đức Moral = ethical (adj): có đạo đức Immoral = unethical (adj): thiếu đạo đức, vô đạo đức Vocabulary preparation  Match up the verbs and nouns below to make as many word combinations as possible. avoid conduct: tiến hành conform to: tuân thủ eliminate: loại bỏ/ loại trừ increase: gia tăng make maximize provide: cung cấp undermine: ngầm phá hoại/ hảm hại/ làm suy yếu business discrimination employment expenditures money pollution profits rules the basic (of a free society) Avoid pollution: phòng chống/ phòng tránh Conduct business: làm ăn kinh doanh Conform to rules: tuân thủ luật lệ Eliminate discrimination: xóa bỏ sự phân biệt đối xử Increase profits: gia tăng lợi nhuận Make expenditures: chi tiêu/ tiêu xài Make money: kiếm tiền Make profits: kiếm lợi nhuận/ tạo ra lợi nhuận Maximize profits: tối đa hóa lợi nhuận Provide employment: tạo công ăn việc làm Undermine the basic (of a free society): ngầm phá họa nền tảng của một xã hội tự do  Complete each sentence with an appropriate combination from the matching exercise. 1. If you are a business owner or a hiring manager, we hope to encourage you to adopt an inclusive hiring practice and provide employment internship and project opportunities to people with disabilities: người tàn tật 2. A paper = new paper: tờ báo released by the English Spelling Society concludes that as people type at speed online, there is now a ‘general attitude’ that there is no need to correct mistakes or conform to rules 3. Business owners want their bottom line: lợi nhuận to be as profitable as possible. To maximize profits the owner must be diligent in cutting costs and boost productivity among employees. 4. You will need a lot of time, dedication, and probably no small amount of luck to get to the point where you can make money while livestreaming. 5. A pollution-forecasting app is helping people ‘breathe better’ by telling them the best time to go outside or stay indoors to avoid pollution 6. Everyone can do something to eliminate discrimination Practicing simple acts every day will help you strengthen your skills to intervene when needed. Most people are not actively seeking to harm others, but many people will admit, they stood by when someone else was hurt because they didn’t know what to do or say. 7. There is much more to than just eating tapas by the Mediterranean and exploring ancient Roman ruins if you want to conduct business in Spain. The cost of socially responsible actions has to be paid in the form of lower dividends, higher prices, or lower wages. 4. According to Friedman, in what way are ‘social responsible’ actions by businesses ‘undemocratic’? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… 5. According to the text, what other desires might stockholders have, apart from making as much money as possible? ……………………………………………………………………………………………………………… 6. What is a ‘stakeholder’? Any group of people with a stake in or an interest in ot a claim on the business Stake = involvement Claim = demand: nhu cầu, đòi hỏi  What does the underlined part refer to? 1. ‘… he argued that people who say that business has …’ (Para. 1) Milton Friedman 2. ‘… to say that he is to act in some way that is not …’ (Para. 3) The corporate executive  Go back to the text. Find prepositions to complete the following phrases and write them in the blanks. Paragraph 1 1. the functions of a business is to make profits 2. Milton Friedman, for example, argued that any corporate action Paragraph 2 3. has direct responsibility to his employers 4. to conduct the business in accordance with their desires Paragraph 3 5 . some way that is not in the interest of his employers Paragraph 4 6. corporations taking on responsibilities Paragraph 5 7. live in a society with less pollution Paragraph 6 8. According to this approach 9. people with a stake in or an interest in or a claim on the firm POST-READING TASKS Vocabulary review  Find words in the text that mean the following 1. treating some people in a worse way than you treat other people (discrimiation) 2. making something weaker (undermining) 3. an economic system in which anyone can raise capital, form a business, and offer goods or services (free enterprise) 4. complying with or following (rules, etc.) (conforming to) 5. expressed, given a material form (embodied) 6. according to generally accepted beliefs based on morals (ethical) 7. a usual way of behaving (custom) 8. to the degree or extent that (insofar as) 9. causes damage to (harm) 10. supporters, people who argue in favour of something (proponents)  Fill in each bank with suitable words from the previous exercise. 1. A new study suggests that people with higher levels of stress also have more inflammation in their arteries, putting them at higher risk for heart problems. This is how stress …………………… the heart. 2. He left the house at nine exactly, as is his …………………… 3. The U.S. economic system of …………………… operates according to five main principles: the freedom to choose our businesses, the right to private property, the profit motive, competition, and consumer sovereignty. 4. He is one of the leading …………………… of capital punishment. 5. …………………… investors seek to invest (usually through mutual funds or unit trusts) in firms which make a positive contribution to the quality of environment and quality of life. 6. All of the data you provide may be transmitted to fellow registrants for social networking purposes. No data will be transmitted to other third parties except …………………… it is required to be supplied to third party organizations running conferences, workshops and the like for which you have registered. 7. Until 1986 most companies would not even allow women to take the examinations, but such blatant …………………… is now disappearing. 8. The US was accused of …………………… international efforts to combat global warming. 9. At TI, we believe diversity fuels innovation and makes our company stronger. One mind finding solutions to the world’s problems is powerful, but a team of minds is limitless. We celebrate the many different cultures and viewpoints …………………… in our workforce and strive to cultivate an inclusive environment in which each person can succeed. Discussion – Pair work How far do you agree? 1. that doing anything other than maximizing profits is ‘unbusinesslike’? 2. that stockholders or shareholders generally wish to make as much money as possible? (Notice the ‘generally’.) 3. that corporate social expenditure simply means spending someone else’s money? 4. that solving social problems is uniquely the job of the democratically elected government? 5. that a company’s other stakeholders are much less important than the stockholders? If you don’t agree, why not? How can you oppose these arguments? SECTION 2: LISTENING Listening 1: Socially responsible investment. Listen to Anna-Kim Hyun-Seung talking about socially responsible investment, and fill in the gaps below. I see socially responsible investment as a very effective response to Milton Friedman’s famous argument, because when Milton Friedman says ‘The business of business is business,’ it assumes that most shareholders want to maximize their (1) profit maximize their (2) return on investment, and that is the (3) goal of the shareholders. But what we can observe now is the rise of socially responsible investment, so it shows that at least some investors do care about (4) social and (5) environmental standards as well as their right to a return on investment. So if that’s the case, if shareholders actually do care about these criteria, then Milton Friedman’s argument is ... is facing the serious problem of his (6) assumptions because it assumes that shareholders only care about the profit, and therefore corporations Topic: INTERNATIONAL TRADE SECTION 1: READING PRE-READING TASKS Discussion – Pair work 1. Look around you. How many things can you see that were imported from another country? 2. What are your country’s major trading partners? 3. What are your country’s most important exports? 4. Does your country try to restrict imports? Vocabulary preparation  Match one item from A with one from B to make a common collocation 1. make a. of achieving the targets 2. capable b. for sure 3. turn out c. in stock and share 4. take d. to the pressures of foreign markets 5. know e. job opportunities 6. invest f. to be a disaster 7. increase g. the productivity 8. expose themselves h. into risky ventures 9. create i. a risk 10. get j. a living 1. make a risk 2. capable of achieving the targets 3. turn out to be a disaster 4. take a risk 5. know for sure 6. invest in stock and share 7. increase the productivity 8. expose themselves to the pressures of foreign markets expose sb to sth = make sb experience sth (harmful/ unpleasant) 9. create job opportunities 10. get into risky ventures  Select the proper definitions of the following terms / words A. the products which are made in own industries  Domestic products B. a legal right created by the law of a country that grants the creator of an original work exclusive rights for its use and distribution  Copyright C. international buying and selling of goods, without limits on the amount of goods that one country can sell to another, and without special taxes on the goods bought from a foreign country  Free trade D. a situation in which something is not likely to move or change  Stability E. the protection of creations of the mind, which have both a moral and a commercial value  Intellectual property F. the state of not achieving maximum productivity; failure to make the best use of time or resources  Inefficiency Free trade: tên đăng kí thương mại Stability stable (adj) >< unstable stability (n) >< instability Supply chain ....................... Intellectual property ....................... Trademarks ....................... Copyright ....................... Trade barriers ....................... Domestic products: sản phẩm nội địa Inefficiency ....................... Productivity: năng suất G. a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer  Supply chain H. any name, symbol, figure, letter, word or mark adopted and used by a manufacturer or merchant in order to designate specific goods and to distinguish them from those manufactured or sold by others.  Trademarks I. the effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.  Productivity J. measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services  Trade barriers WHILE-READING TASKS EDUCATION AND PROTECTION The Korean economist Ha-Joon Chang is the author of several books including Bad Samaritans - Guilty Secrets of Rich Nations and the Threat to Global Prosperity. Here is part of an interview about this book. Read it and answer the questions below. To explain this idea in the book I use the example of my young son. This little guy is perfectly capable of making a living. He’s already eight now, but when I wrote the book he was six. Millions of children work in developing countries from the age of four or five, as did millions of children in rich countries in the 19th and early 20th century. Maybe I should send my son to the labour market and make him get a job. If he can earn his own living, that’s a lot of money saved for me. But more importantly, this will expose him to competition and make him a very productive person. Well, of course I don’t do this. He is quite a clever kid and maybe if I support him for another 12 or 15 years, he could become a software engineer or brain surgeon or nuclear physicist. Of course, there’s a danger that he might turn out to be a total waste of time, but that’s a risk I’m willing to take. I know for sure that if I kick him into the labour market now, he will become a shoe-shine boy, and will maybe grow up to be a street hawker, but he will never be a brain surgeon or a nuclear physicist. The analogy is: When you are trying to get into a more difficult and thereby higher-return activity, developing countries have to invest in it. The investment comes in the form of protection, which makes, for the moment, your local consumer use expensive and inferior domestic products. But unless you do that, these industries are not going to grow, you accept that you will use inferior products from 1. Which industries or sectors could be usefully protected in your country, until they had a comparative advantage? 2. To what extent would you be prepared to use inferior, expensive products from inefficient producers? What if you thought this ‘might turn out to be a total waste of time’? 3. Although many economists favour free trade, there is also a lot of opposition. There have been huge and violent protests at meetings of the World Trade Organization (WTO)  Classify the following statements: which are in favour of and which against free trade and the policies of the WTO?  Which set of arguments do you find the most convincing? In favour Against A: Free trade and international suppy chains lead to peace and stability. B: WTO policies prohibit developing countries from protecting infant industries until they are internationally competitive, although the rich countries that dominate international trade all did this.C: Free trade guarantees the largest possible foreign markets for producers and exporters. D: The WTO defends ‘Trade related intellectual property’ rights (TRIPs), granting pharmaceutical companies patents, copyrights and trademarks which deny poor countries access to lifesaving medicines and generic drugs. E: Free trade guarantees consumers the lowest possible prices. F: Lowering trade barriers also breaks down other barriers between peoples and nations. G: The prices of exported goods does not reflect the environmental cost of transporting them. H: Instead of promoting internationally recognized labour and environmental standards, free trade makes it easier for production to go where the labour is cheapest and environmental costs are low. I: Free trade, comparative advantage and specialization always lead to economic growth and development. J: Total world trade in 2000 was 22 times higher than in 1950, and as a result people were much more prosperous. K: The WTO classifies most environmental , labour, health and safety protection laws as illegal ‘barriers to trade’; it has ruled against the US Clean Air Act and parts of the US Endangered Species Act. L: Free trade ensures secure supplies and a greater choice of components and raw materials for producers, and of products and services for consumers. N: WTO policies allow rich countries to dump heavily subsidized industrially produced food in poor countries, which damages local production. M: The WTO has ruled that governments cannot take into account ‘non-commercial values’ such as human rights, opposing child labour, etc. SECTION 2: LISTENING Before listening to Michael Kitson talking about international trade, match up the half-sentences below defining key terms. Listen to the recordings again and check your answers. Listening 1: I think I would argue that many economists favour free trade, and some governments see the problems with free trade, under certain circumstances. We all know that economics is based on simplified models. And sometimes those simplified models are not useful in explaining the way the real world works, or sometimes there are exceptions to those models. Let’s take into account the standard argument for free trade – OK, that everybody gets better off, more efficiency, we can consume more goods and services. Well, that may be the case, but there may be some people who lose out. Take the very simple argument, we often have two economies with two goods, OK, we simplify and then we extend. So say we’ve got two economies with two goods. We’ve got a developed country producing computers and cloth, and we have an underdeveloped country that’s trying to produce computers and cloth. OK, and then we say, well actually with free trade you should specialize in what you’re best at, or least worst at. OK, so under that situation we say, right, to the developed country, you produce computers, and sell some computers to the developing country, and the developing country, you focus on cloth, and buy the computers from the developed country, and so on. That’s our standard model, OK. And we can see that there’s efficiency gains, ultimately we should be able to get, consume more computers and cloth through that process. But let’s think what happens there. I’m working in a cloth factory in a developed country. We move from going from no trade to free trade. My country specializes just in computers. What’s going to happen, I’m going to lose my job. OK. Now that may be a big concern, governments may be concerned about workers losing jobs in certain sectors. Now we could argue in theory I just need to reallocate my job and become working in computing. It may be very difficult for me to do that. I may be in the wrong part of the country, I may not have the right skills and so on. Basically what happens with free trade is that many many people gain and a few people may lose and they may lose big time, and if we’re concerned about those people we may want to have some transition process, we may be concerned about unfettered free trade. Listening 2: OK, so that’s case number one. OK, that some people may lose out and we may be concerned about protecting them. Let’s go back to our free trade example. Now we’ve got our one country specializing in computers and another country specializing in cloth. Now that cloth-producing country may say OK, that’s our comparative advantage, cloth, but we don’t want to remain cloth producers for the rest of our ... in the future, we want our country to develop and grow. We want to produce a wider range of goods and services, or goods and services that are higher value added. And it would generate higher wages and economic growth. We want to move out of cloth into something else. We want to move out of cloth into automobiles and perhaps into computing in the longer term. How are we going to do that with our comparative advantage just being cloth? We may need to protect certain sectors of our economy to let them grow. There’s a very good argument in economics called the infant industry argument. OK, we establish these industries, and they’re new and young, they cannot compete with the bigger more established industries in the advanced countries. We need to leave them time to develop and grow, and then they can compete with other countries. So we need to protect those sectors, so they can grow and we can have a new comparative advantage in the future. So I think under those circumstances we can have arguments where you may want to not have unfettered free trade. Now let’s think about advanced countries. Advanced countries, arguably, mainly focus on free trade and the advantages of free trade, but even here we can have arguments about why you want to, why you want to support or protect certain sectors. This is sometimes called strategic trade theory. OK, we can identify strategic sectors of the economy. Those sectors may benefit other parts of the economy. It’s what economists call externalities. Externalities basically means, a positive externality, something in one part of the economy may have positive benefits elsewhere. OK, or those sectors may generate economies of scale, so as you protect them they become bigger and more competitive. Say, for instance, we say aerospace, it’s crucial to have an aerospace industry. Why? Because the knowledge generated in aerospace will ... will go elsewhere, be porous. The ideas generated in aerospace will go into automotive, will go into electrical engineering, go into other sectors, so if we have a strong aerospace sector, it will benefit the rest of the economy. That may be an argument for protecting that sector, under certain circumstances.