Unit 1: Economics ....................................................................................................................................

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1. What does well – being mean? .................................................................................................... 4
2. What is economics? ..................................................................................................................... 5
3. How can people benefit from study economics? .......................................................................... 5
4. What are economics relations? .................................................................................................... 5
UNIT 2: Economic system ........................................................................................................................ 5
UNIT 3: Microeconomics ......................................................................................................................... 5
1. What is microeconomic concerned with? ..................................................................................... 6
2. What does consumer theory describe? ........................................................................................ 6
3. What does the theory of firm describe? ....................................................................................... 7
4. Give some examples explaining the trade offs made by ............................................................... 7
5. What does microeconomics study? .............................................................................................. 7
6. What are the main themes of microeconomics? .......................................................................... 7
Unit 4: Macroeconomics .......................................................................................................................... 7
1. What is the goal of macroeconomics............................................................................................ 8
2. What do macroeconomic factors include ? .................................................................................. 8
3. What are 2 major macroeconomics policies ? what the objectives of these policies? ................... 8
4. What are the main tools of monetary policy/ fiscal policy? .......................................................... 8
5. Why is it are many said that microeconomics and macroeconomics are interdependent and
complement are another ? .................................................................................................................. 8
6. What’s macroeconomics? ............................................................................................................ 8
Unit 5: Supply and demand ..................................................................................................................... 9
1. Describe demand curve? .............................................................................................................. 9
2. Describe supply curve? ................................................................................................................ 9
Unit 6: Public finance ............................................................................................................................. 10
1. What is pulic finance concerned with? ....................................................................................... 10
2. How are trust funds used? ......................................................................................................... 10
3. By what way does the treasury borrows money? ....................................................................... 10
4. Who does the government owe mone to? ................................................................................. 10
5. What is debt held by the public? ............................................................................................... 11
6. What is debt held by federal accounts? ...................................................................................... 11
7. What are the main sources of government revenue? ................................................................. 11

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 8. Federal debt?............................................................................................................................. 11
UNIT 7: Fiscal Policy ............................................................................................................................... 11
1. What is fiscal policy concerned with? Fical policy is concerned with taxtation and government
spending............................................................................................................................................ 12
2. 2 types of fiscal policy? .............................................................................................................. 12
3. Factors affecting decision on fiscal policy? ................................................................................. 12
4. What is deficit spending? ........................................................................................................... 12
Unit 8: Taxation ..................................................................................................................................... 13
1. What is tax evasion? .................................................................................................................. 14
2. What is tax haven?..................................................................................................................... 14
3. What do criminal organizations tend to do to disguise the origin of money? .............................. 14
4. What is individual income tax?................................................................................................... 14
5. What is corporate tax? ............................................................................................................... 14
6. What is payroll tax? ................................................................................................................... 14
7. What is customs duty? ............................................................................................................... 14
8. What is capital gain tax? ............................................................................................................ 14
9. What is excise tax?..................................................................................................................... 15
10. Ways to abid taxes? ............................................................................................................... 15
11. What are main function of taxation? ...................................................................................... 15
1. What is the definition of insurance? ........................................................................................... 16
2. What does compensation mean? ............................................................................................... 16
3. What is an insurance policy? ...................................................................................................... 16
4. What does insurance premium mean? ....................................................................................... 16
5. What does the insured receive when a loss occurs? ................................................................... 16
6. What does an insurance policy involve? ..................................................................................... 16
7. What are the roles of insurance? ............................................................................................... 16
Unit 11: Money and its function ............................................................................................................ 16
1. What is the concept of money?.................................................................................................. 17
2. What are four functions of money?............................................................................................ 17
3. Different kinds of money? .......................................................................................................... 17
Unit 12: Monetary policy ....................................................................................................................... 17
1. Main tools of monetary policy? .................................................................................................. 18

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 2. 2 types of monetary policy? ....................................................................................................... 18
Unit 14: The FOREX market ................................................................................................................... 18
1. What is the FOREX market? ....................................................................................................... 19
2. 2 types of transaction in FOREX? ................................................................................................ 19
3. 4 types of participants in FOREX market? ................................................................................... 19
Unit 15: The primary market.................................................................................................................. 19
1. What is the primary market? ..................................................................................................... 20
2. What is long-term debt instrument? .......................................................................................... 20
3. What is a financial market and its function? ............................................................................... 20
4. What are some differences between primary and secondary market? ....................................... 20
5. What are some differences between money and capital market? .............................................. 20

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 Unit 1: Economics
1. The study of …: Nghiên cứu về
2. Comparative advantage: lợi thế so sánh
3. Securities: chứng khoán
4. Banking: vật thế chấp)
5. Macroeconomics: kinh tế học vĩ mô
6. Microeconomics: kinh tế học vi mô
7. Macroeconomists (Np)
8. The purpose of the subject
9. Maximize national icome: tối đa hóa thu nhập quốc dân
10. Promote Economic – grow: ổn định tăng trưởng kinh tế
11. Fiscal policy: chính sách tài khóa
12. Develop and grow
13. Government’s revenues and spending: thu và chi của chính phủ
14. Depreciation: khấu hao tài sản hữu hình
15. Amortization: khấu hao tài sản vô hình
16. Devote time to….: dành thời gian làm gì
17. Shape the taxes: định hình mức thuế
18. Gain the satisfaction: đạt được sự hài lòng
19. Monopoly: độc quyền
20. Transfer the wealth: sử dụng nguồn lực
21. Interact in the market: tương tác trên thị trường
22. Depression: suy thoái kinh tế = Recession
23. Full employment: hiệu quả tối đa
24. Fail = decrease in sth = a drop in
25. Pay a debt = cover a debt (esp)= settle a debt
26. Output: sản lượng
27. Inflation: lạm phát
28. Stimulate: thúc đẩy

1. What does well – being mean?

 Well being includes the satisfaction people gain from the products and
sevices they choose to consume

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 2. What is economics?
 Economics is the study of how people choose to use resource to satisfy their
needs and wants
1. What does microeconomics/macroeconomics focus on?
 Microeconomics focuses on the actions of individuals and industries
 Macroeconomics analyze the economic activity of an entire country or the
international market place
3. How can people benefit from study economics?
 Studying economics can help people and countries become wealthy
4. What are economics relations?
 They are relations between producers and consumers, buyers and sellers,
management and workers.

UNIT 2: Economic system

1. Aggregate demand: tổng cầu
2. Market economy: nền kinh tế thị trường
3. Planned economy: nền kinh tế kế hoạch
4. Mixed economy: nền kinh tế hỗn hợp
5. Market = the relation between buyers and sellers or producers and cosumers
6. Be regulated by the law of supply and demand: được điều tiết bởi quy luật
cung cầu
7. To compete freely: cạnh tranh tự do
8. Direct Government intervention: can thiệp trực tiếp của chính phủ
9. To influence eco situation through fiscal/monetary policy: tác động vào tình
hình kinh tế thông qua chính sách tài khóa/chính sách tiền tệ
10. Be planned by the state/Government: được dự kiến bởi chính phủ
11. Production and consumption quotas: hạn ngạch sản xuất và tiêu dùng
12. Means of production: phương tiện sản xuất
13. Channels of distribution: kênh phân phối
14. Private ownership: sở hữu tư nhân
15. Private enterprise: công ty tư nhân

UNIT 3: Microeconomics
1. Limits = scarce resource
2. consumption: sự tiêu dùng
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 3. firms: Doanh nghiệp
4. = Oganization/ Enterprise/ Company/Entity/Coroperation
5. Limited budget/ financial resource
6. Allocate st to st: phân bổ cgi cho cgi
7. Make the most of st: sử dụng hiệu quả nhất cái gì
8. Hiring aditional workers: thuê thêm nhân công
9. The allocation of scarce resources: sự phân bổ của các nguồn lực khan hiếm
10. Making optimal trade-offs: đưa ra những lựa chọn tốt nhất
11. The role of prices: vai trò của giá
12. The central role of market: vai trò của thị trường
13. A wide variety of goods and services: rất nhiều hàng hóa và dịch vụ
14. Consumer theory: học thuyết hành vi người tiêu dùng
15. Maximize the well-being: tối đa hóa lợi ích
16. Trade-off st with st: lựa chọn cái này với cái kia
17. Trade off working now with continued education
18. More opportunity for advancement/promotion but less security
19. Potiential for advancement: khả năng thăng tiến
20. Trade off labor for leisure
21. Resources available to produce: Nguồn lực sẵn có để sản xuất
22. Production capacity: khả năng sản xuất
23. Be partly based on: 1 phần dựa vào
24. Prices are set by the government: giá cả đc quyết định bởi chính phủ
25. Externalities: yếu tố ngoại lai
26. Deregulation # Regulation: sự k điều tiết #sự điều tiết
27. Deregulate # Regulate (v)
28. Infrastructure: cơ sở hạ tầng
29. Hyperinflation: siêu lạm phát
Short question

1. What is microeconomic concerned with?

 Microeconomics is concerned with decisions made by consumer, worker,
investor, business firms and so on
2. What does consumer theory describe?
 Consumers theory describes how consumer based on their preferences
maximize their well being

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 3. What does the theory of firm describe?
 The theory of firm describes how there trade offs can be best made
4. Give some examples explaining the trade offs made by
consumers / by worker?
 C
5. What does microeconomics study?
- Microeconomics studies about the actions of individuals and industries. It
describes how to make the most of the limits. For consumers, microeconomics
shows them how to allocate limited income to goods and services. For workers, it
describes how to make the most of the limited time to labor or leisure. And for
firms, they can allocate limited bugdet to produce by studying it.

6. What are the main themes of microeconomics?

- The first important theme of microeconomics is making optimal trade-offs.
Consumers, workers and firms make the best choices for their limits such as
income, time and budget. The second important theme is the role of price, which
the trade-offs described in the first one are partly based on. The central role of
markets - the third theme of microeconomics, describes how to determine the
prices in the different markets.

Unit 4: Macroeconomics
1. percentage/ unemployment/ inflation/ growth rate
2. the total value of goods and services (at constant price)
3. excess – excessive: vượt quá mức
4. gov spending/expenditure >< gov revenues
5. average level of price
6. gov budget deficit: thâm hụt ngân sách
7. foreign trade deficit: thâm hụt thương mại
8. productivity; năng suất
9. implement: tiến hành, thực hiện
10. make regarding = consider
11. to control a nation’s money supply
12. to control a gov’s revenue and spending
13. to control/regulate inflation/keep inflation under control
14. to promote economic growth
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 15. the goals (aims/ objectives/ purposes) of macros policies
16. to keep the economy from overheationg or slowing down too quickly
17. to keep an eye on umemployment (e. slowing down)/inflation (overheating)
18. decisions made by people and business
19. regarding sth (allocation of resources/ prices of goods and services)
20. the behavior of the economy as a whole
21. overlapping issues between microe and macroere
22. return on capital: tỷ lệ hoàn vốn
23. have a litte idea: hiếm khi biết được
24. breakeven point: điểm hòa vốn
25. market positioning: định vị thị trường

1. What is the goal of macroeconomics

 The goal of macroeconomics is to look at overall economic trend such a
employment levels economic growth, balance of payments, inflation, so on
2. What do macroeconomic factors include ?
 Macroeconomic factors include inflation, economy growth, unemployment,
inder national business, so on.
3. What are 2 major macroeconomics policies ? what the objectives of these
policies?
 There are monetary and fiscal policy. The objectives are to promote
economic growth and keep inflation under control.
4. What are the main tools of monetary policy/ fiscal policy?
 The main tools of monetary are reserve requirement discout rate and open
market operation
 The main tools of fiscal policy are government spending and taxation.
5. Why is it are many said that microeconomics and macroeconomics are
interdependent and complement are another ?
 They are many over lapping issure between the two fields.
6. What’s macroeconomics?
a. Macroes analyzes the e activity of an entire country or international market
place.
b. It provides us with an overall view of a country’s e situation.

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 c. It looks at overall e trends ( e growth, inflation, employment level, balance
off payment,…)

Unit 5: Supply and demand

1. To influence buyer behavior
2. A basic eco law
3. Shift factor: yếu tố phi giá
4. Shift factor of demand >< prices
5. Society’s income, prices of other goods, expectations, tastes.
6. On the model
7. To affect decisions to buy
8. A movement along a given demand curve
9. A price change
10. A shift of demand curce to the left/right
11. To provide/produce goods and services
12. Be willing and able to buy at various price
13. Change in prcies/ shift factors/ prices of inputs
14. Profitability: kn sinh lời
15. Evaluate: đánh giá
16. Aggregate demand = total spending: tổng cầu

1. Describe demand curve?

- Prices and shift factors of demand( society’s income, prices of other goods,
expectations, tastes) can influence buyer behavior.
- On the model/graph, a price change causes a movement along a given
demand curve. A change in one of shift factors causes a shift of entire demand
curve to the left or to the right.

2. Describe supply curve?

- Prices and shift factors ( including taxes, technology, prices of inputs or
supplier’s expectations) can influence seller behavior.
- On the model, a price change causes a movement aong a given supply curve.
A change in one of shift factors causes a shift of entire supply curve to the left or to
the right.

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 Unit 6: Public finance
1. Public finance Tài chính công
2. Trust fund Quỹ liên bang
3. Creditor Chủ nợ
4. The treasury Bộ tài chính
5. Owe sb st (v) Nợ
6. Raise (v) Huy động
7. Payroll tax Thuế tính trên bảng lương
8. Designate (v) Lựa chọn
9. Conduct (v) Thực hiện
10. Collect taxes Thu thuế
11. Congress Quốc hội
12. President Tôngr thống /chủ tịch nước
13. Social security An sinh xã hội
14. Bond Trái phiếu
15. Security(n) Cổ phiếu
16. Citizen (n) Công dân
17. institution Tổ chức
18. Surplus Thặng dư
19. Federal fund Quỹ tín thác
1. What is pulic finance concerned with?
- Public finance is concerned with how the government raises and spend their
money

2. How are trust funds used?

- Trust funds can be used to pay for specific programs such as social security
and medicare.

3. By what way does the treasury borrows money?

- The treasury borows money by selling bonds and other types of securities.

4. Who does the government owe mone to?

- The government can owe money to its citizens, foreigners, other
government, or international financial institutions.

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 5. What is debt held by the public?
- Debt held by the public is the total amout the government borrows from all
of its creditors in the general public.

6. What is debt held by federal accounts?

- Debt held by the federal accounts is the amount of money that the treasury
has borowed from the surplus of trust fund.

7. What are the main sources of government revenue?

- There are 2 main source of government revenue. First, tax revenue come
from three major sources: individual income taxes, payroll taxes and employers,
corporate income taxes. Income taxes and corporate income taxes become “federal
funds” and payroll taxes become “trust fund”. The second one is “borrowing”. The
US treasury borrows money by issuing bonds and other types of securities to
finance the debt.

8. Federal debt?
- Debt held by public: is the total amount which government owes to the
creditors in general public. Debt held by federal accounts is the amount of money
the treasury borrows from itself.

UNIT 7: Fiscal Policy

1. Deficit spending Bội chi

2. Expansionary (a) Nới lỏng
3. Contractionary ( a) Thắt chặt
4. Instead of st Thay vì
5. Tax deductible Khấu trừ thuế
6. Public spending Chi tiêu công
7. Reduce (v) = decrease Giảm
8. Internal factor Yếu tố bên trong
9. External factor Yếu tố bên ngoài
10. Disater (n) Thảm họa

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 11. Consideration (n) Yếu tố
12. Consider (v) Cân nhắc
13. Requirement (n) Yêu cầu/ đòi hỏi
14. Require (v)
15. Make judgment abt sth
16. Harmful (a) – harm(v) Có hại
17. Debt finance Huy động vốn (vốn vay)
18. Equity finance Huy động bằng VCSH
19. Shrink (v) Co lại / thu nhỏ lại
20. Expand (v) Mở rộng
21. Undertake (v) Thực hiện
22. Result in (v) Dẫn đến
23. Affect (v) Tác động
1. What is fiscal policy concerned with? Fical policy is concerned with
taxtation and government spending.
When is there a deficit? When the government spends more than it receives
from taxation.

2. 2 types of fiscal policy?

Fiscal policy can be either expansionary and cotractionary. Expansionary fiscal
policy is when taxation is reduced or public spending is increased to stimulate total
spending and economic growth. Contractionary fiscal policy is when taxation is
increased or public spending is reduced to restrict demand and slow down the
economy.

3. Factors affecting decision on fiscal policy?

Factors affecting decision on fiscal policy include inside factors and outside
factors. Inside factors include level economic growth, level of unemployment or
inflation, ways to finance deficits, political consideration. Outside factors include
fiscal policies of other countries and requirements of ITM or World Bank

4. What is deficit spending?

Deficit spending is spending funds obtained by borrowing or printing instead of
taxtion. It’s useful for the economy when unemployment is high, the government

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 can undertake projects that use idle workers and harmful for the economy and
harmful when unemployment is low, a deficit may result in inflation.

Unit 8: Taxation
1. Making a tax loss: chi trước LN, thất thu
2. Excise tax: thuế tiêu thụ đặc biệt
3. Municipal bond: trái phiếu đô thị
4. Function (n) Chức năng
5. Finance (v) Cấp vốn
6. Expenditure (n) Chỉ tiêu
7. Dissuade sb from sth (v) Ngăn cản ai làm gì
8. Evade (v) Trốn
Evasion(n)
9. Avoid (v) Tránh
10. Declaration(n) Khai báo
11. Authority(n) Nhà chức trách
12. Tax haven (n) Thiên đường thuế
13. Criminal Phạm tội
14. Complicated Phức tạp
15. Impose on st = levy Áp đặt lên cái gì, đánh thuế
16. Customs duty Thuế hải quan
17. Excise tax Thuế TTĐB
18. Progressive >< Lũy tiến >< lũy thoái
regressive(a)
19. Perks(n) Bổng lộc
Give perk (company car,
free health insurance,
subsidized lunches)
20. Loopholes in tax law lỗ hổng thuế
21. Subsidize (v) Trợ cấp
22. Tax inspector (n) Thanh tra thuế
23. Loopholes in tax law lỗ hổng thuế
24. Capital gain tax Thuế từ việc bán tài sản
25. To reduce tax burden/ liability/bill
26. To postpone the payment of tax
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 27. To substracted from taxable income
28. To abid taxes on profits/salaries
29. To use up all the profits
30. To set up head offices in countries
31. To pass money through a series of companies in complicated transaction
32. To pay tax on profits/dividends
33. To pay tax on additional income
34. To redistribute wealth
35. To deduct the cost of investment from profits
36. To encourage capital investment
37. Indirect excise taxes/duties
38. A system of progressive tax

1. What is tax evasion?

 Tax evasion is making false declarations to the tax authorities.

2. What is tax haven?

 Tax havens are countries with low taxes rates.

3. What do criminal organizations tend to do to disguise the origin of money?

 Criminal organizations tend to pass money through a series of compaines is
verry complicated transactions.

4. What is individual income tax?

 Individual income tax is the tax imposed on corporate incomes.

5. What is corporate tax?

 Corporate income tax is the tax imposed on corporate incomes.

6. What is payroll tax?

 Payroll tax is the tax imposed on salaries or wages of employees.

7. What is customs duty?

 Customs duty is the tax imposed on imports.

8. What is capital gain tax?

 Capital gain tax is the tax imposed on profits made by selling assets.

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 9. What is excise tax?
 Excise tax is the tax imposed on some special goods and services like beer,
alcohils, so on.

10. Ways to abid taxes?

 Companies can bring forward capital expenditure to use up all profits
knowns as making tax loss or setting up head offices in countries where taxes are
low known as tax havens is a way to avoid taxes on profit.
 Avoiding taxes on salaries. Firstly, companies often give perks to employees
instead of taxable income (known as loopholes in tax law). Secondly, people can
postpone the payment of tax by investing in pension funds or life insurance policy,
known as tax shelter. Finally, tax deductibe means substracting a certain amount
from taxable income

11. What are main function of taxation?

 The main function of taxation is to raise revenue to finance government
expenditure. Gov uses taxes to encourage capital investment by permitting various
methods of accelerated depreiciation accounting (deductiong costs of investment
from profits to reduce tax bills). The last one is through progressive tax system,
Gov can redistribute wealth to ensure social equality

 The main functions of taxation are to raise revenue to finance government

expenditure, to dissuade people from smoking or drinking, to redistribute wealth
among people in the society.

Unit 10: Insurance

1. Insurance: bảo hiểm
2. Insured: người mua bảo hiểm
3. Insurer: công ty bảo hiểm
4. Insurance policy: hợp đồng bảo hiểm
5. Insurance premium: phí bảo hiểm
6. Compensation: phí bồi thường
7. Loss: tổn thất
8. In exchange for sth: trao đổi lấy cái gì

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 1. What is the definition of insurance?
- Insurance is a financial arrangement that redistributes the cost of unexpected
losses.

2. What does compensation mean?

- Compensation means the amount of money that the insurer pays for the
insured when a loss occurs.

3. What is an insurance policy?

- An insurance policy is a financial agreement signed between the insurance
company and the insured.

4. What does insurance premium mean?

- Insurance premium is the regular payments that the insured pays for
insurance company.

5. What does the insured receive when a loss occurs?

- The insured receives a promise from the insurance system to be
compensated when a loss occurs.

6. What does an insurance policy involve?

- An insurance policy is signed between the insurance company and the
insured. It involved the information about the responsibilities and benefits for the
insured and the insurance company.

7. What are the roles of insurance?

- Insurance has some important roles. Firstly, losses can be predicted in
advance.
- Sencondly, insurance allows the cost of losses to be financed and
redistributed. Finally, the insured can be compesented if the loss actually occurs.

Unit 11: Money and its function

1. Commodity: hàng hóa
2. Standard of deferred payments: bản vị thanh toán chậm
3. Installment: trả góp
4. Commodity money: tiền hàng
5. Token money: tiền quy ước
6. Medium of exchange: phương tiện trao đổi
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 7. Measure of value: thước đo giá trị
8. Purchasing power: sức mua

1. What is the concept of money?

- Money is a commodity accepted by general consent as a medium of
economic exchange

2. What are four functions of money?

- Firstly, money is a medium of exchange – anything widely accepted in
payment for goods, services or debt.
- Secondly, money is a measure of value. Money measures value in its units of
accounts such as VND, USD,…
- Thirdly, money also functions as a store of value because it can be used to
make purchases in the future.
- The last function of money is a standard of deferred payment. If you do not
pay in full immediately, your payment ‘ll be paid in the future.

3. Different kinds of money?

- Commodity money is a useful good that serves as a medium of exchange. As
a result, the value of commodity money is about equal to te value of the material
contained in it.
- Token money is means of payment whose value or purchasing power as
money greatly exceeds its costs of production or value in uses other than as money.

Unit 12: Monetary policy

1. Reserve requirement: dự trữ bắt buộc
2. Open market operations: nghiệp vụ thị trường mở
3. Keep sth in reserve: giữ cái gì để dự trữ
4. Restrictive monetary policy >< expansionary monetary policy: c/sách tiền tệ
thắt chặt >< s/sách tiền tệ mở rộng
5. Disrupt: gián đoạn
6. To disrupt investment and consumption plans
7. Curtail=cut
8. To curtail investment and consumption and govement’s expenditure
9. Cool an overheating economy: hạ nhiệt nền kinh tế
10. Redistribution real income: tái phân bổ thu nhập thực tế
11. To claim some of deposits in form of cash
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 12. To play a central role in…
13. To increase or decrease the money supply/ reserve requirement
14. To increase lending capacity
15. To change the rate of interest for loans
16. To expand or contract the money supply
17. Excessive aggregate demand

1. Main tools of monetary policy?

- There are three main tools of monetary policy. The first tool is reserve
requirement. It is the percentage the Fed sets as the minimun amount of reserves
that banks must have for safety. The second one is discount rate-the rate of interest
the Fed charges for bank loans. These two tools above are mainly used for major
change. The primary tool of monetary policy is open market operations-the Fed’s
buying and selling Gov securities. By changing 3 main tools, central bank can
expand or contract money supply.

2. 2 types of monetary policy?

- Expansionary monetary policy is used to boost stagnant economy. To
stimulate aggregate demand and increase the money supply, the central bank
lowers reserve requirement, drops discount rate or buy Gov bonds.
- Restrictive monetary policy is used to cool an overheating economy. The
central bank increases reserve requirement, discount rate and sell Gov bonds to
reduce the mony supply and demand.

Unit 14: The FOREX market

1. The foreign exchange market:thị trường hối đoái.
2. Spot transaction: giao dịch giao ngay
3. Forward transaction: giao dịch kỳ hạn
4. Cross-border trade: giao dịch xuyên quốc gia
5. To undertake transaction: bảo đảm giao dịch
6. To exchange goods and services/ national currencies
7. Bid rate=buying rate: giá hỏi mua
8. Offer rate=selling rate: giá chào bán
9. Commission: tiền hoa hồng
10. Fixed hours and a physical meeting place
11. Communication instruments: công cụ giao tiếp
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 12. To develop/ escalate quickly/ rapidly/ dramatically
13. Expansion of international capital flows
14. To require foreign currencies for cross-border trade/investment
15. To quote buying and selling rate for currencies
16. To earn a profit on the difference between buying and selling rates
17. To act as intermediaries between banks
18. (not) deal on his own account
19. To change a commission for the service
20. An actual exchange of foreign currencies
21. OTC – over the counter market: TT k chính thức/

1. What is the FOREX market?

- FOREX market is a financial market in which national currencies are
exchanged. It is an OTC market with no fixed hours and a physical meeting place
and main communication instruments are telephones and computers. It develops
rapidly due to the growth of world trade and expansion of international capital
flows.

2. 2 types of transaction in FOREX?

- Spot transactions are undertaken for an actual exchange of currencies (with
delivery date of 2 business days later)
- Forward transactions refer to buying and selling foreign currencies in
forward market (with a delivery date of one year or more) to protect the value of
currencies from exchange rate volatility.

3. 4 types of participants in FOREX market?

- Customers (such as: importing and exporting companies) need foreign
currencies for their cross-border trade or investment.
- Market maker (central bank) quote buying (bid) and selling(offer) rates for
currencies in the forex market.
- Dealers such as banks or coporations earn a profit on the difference between
buying and selling rates.
- Brokers act as intermediaries between banks and they don’t deal on their
own account. They charge a commission for their service.

Unit 15: The primary market

1. Primary market: tt sơ cấp
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 2. Secondary market: tt thứ cấp
3. Liquidity: tính thanh khoản
4. Fresh securities: ck mới
5. Issues: phát hành
6. Confidential: bí mật
7. Outstanding securities: ck hiện hành
8. Facilitate: làm cho dễ dàng, thuận tiện

1. What is the primary market?

- A primary market is a financial market in which fresh securities are issued

2. What is long-term debt instrument?

- Long-term debt instrument is the debt instrument where its maturity is 10
years or longer.

3. What is a financial market and its function?

- Finance market is the market in which financal instruments are traded
- Function of market policy is transfer funds from lenders who have a surplus of
funds to borrowers who have a shortage of funds

4. What are some differences between primary and secondary market?

- In definition primary market is the financal market in which new issues of
securities are sold to the intinical buyer, secondary market is the financal market in
which previously issued securities are resold. Information about primary market is
not well-known to the public, it takes place behind closed door, insues of fresh
securities are underwriten by an investment bank while information of secondary
market is well-known to the public. The last, raise new funds for the borrower is
fuction of primary market, make the securities more liquid and influence the price
of the new issues of fresh securities are k,function of secondary market.

5. What are some differences between money and capital market?

- Money market is the market in which short-term debt instruments are
exchanged and it has highly liquid. Capital market is the market in which
intermediate term, long-term debt instruments and equilities are exchanged. The
market is less liquid than money market

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