SYLLABUS FOR ESP1

ESP1 stands for English for Specific Purposes.

ESP1- 57.21.1 Monitor: Minh Huyền: 0961 268 145
ESP1 – 57.21.3 Monitor: Tuệ Tâm 0395993211
ESP-57.21.5 Monitor: Diệu Linh 038 628 4613
ESP1 – 57.21.7 Monitor: Thanh Hoài 038 4155 841
Mrs. Nhung 0982678586
Mail: nhungtranthithu@gmail.com
The time length: 60 periods (3 credits) in total, in which 48 in class
Units for learning in class: from Unit 1 to Unit 15 (except for U9, U13 for self-studying)
Assessment and evaluation:
- Mid-term tests (2 marks): 30% (written one + oral one)
- Final test: (oral one): 70%
Characteristics: content-based and task-based
Requirements:
- Homework:
Part 1: Vocabularies & sentences
- Từ có cùng gốc của từ (từ - nghĩa tiếng Anh – nghĩa tiếng
Viêt + câu ví dụ (+ nghĩa tiếng Việt của cả câu)/ câu định nghĩa, khái niệm)/ câu chính
trong các bài đọc hiểu hay bài tập từ vựng
- Từ / thuật ngữ + khái niệm
Part 2: Topic questions & answers

FORMAT OF ESP1 FINAL WRITEN TEST

I. Multiple choice (2points)

Gồm 10 câu, mỗi câu có một chỗ trống và 4 lựa chọn A, B, C, D. Yêu cầu chọn đáp án đúng.
Quan hệ của các lựa chọn:
- Từ có cùng gốc của từ
- Từ cùng loại nhưng gần nghĩa hay khác nghĩa, khác cấu trúc

II. Read the passage carefully and choose the best answer A, B, C, or D (1 point)
Cho đoạn văn với 5 câu hỏi có kèm theo 4 lựa chọn cho câu trả lời/ hoặc câu nhận xét. Dựa vào
nội dung bài đọc chọn đáp án đúng A, B, C, hay D.

III. Matching (1 point)

Cho từ trong hộp, yêu cầu chọn 5 thuật ngữ để match với 5 định nghĩa tương ứng.

IV. Make up complete sentences using given prompts (1 point)

Yêu cầu viết thành câu đầy đủ từ những từ/cụm từ cho sẵn. (5 câu)
IV. Answer two questions below. (Topics) (2 points)
Trả lời 02 câu hỏi được trình bày theo dạng đoạn văn về nội dung những bài được học trong học
phần tiếng Anh chuyên ngành 1.
V. English - Vietnamese translation. (1.5 points)
Dịch 03 câu ghép tiếng Anh sang tiếng Việt có nội dung liên quan đến tất cả những bài đã học.
VI. Vietnamese - English translation. (1.5 points)
Cho 03 câu ghép, yêu cầu dịch sang tiếng Anh, câu có nội dung liên quan đến tất cả những bài
đã học.

LECTURES FOR ESP1

UNIT 1
PART 1: VOCABULARY
1.1: Từ có cùng gốc
Verbs Nouns Adj Adv
Economize: tiết kiệm Economy: kinh tế Economic: thuộc về economically
Make economies: thực Economist: nhà kinh kinh tế
hiện tiết kiệm tế học Economical: có tính
Economics: kinh tế kinh tế, tiết kiệm
học

Economize on sth

Sentences:
1. The economy of a country is the wealth that it gets from economic activities.
2. Karl Marx is a famous economist who wrote “Capital”/ whose book is “Captial”/ who
believed that the owners’ exploitation of labor led to social unrest and class conflict.
3.
Verbs Nouns Adj Adv
Produce Product productive productively
To produce sth Production
Producer
productivity

Sentences:

Verbs Nouns Adj Adv

Consume Consumer
Consumption
Consumer price
 CPI -
Consumer goods

Distribute (v) phân phối

1.2: Thuật ngữ + Khái niệm
Terms Definitions
Economics The study of how ….
Economist A person who …
Well-being The satisfaction gained from ….
economy
Economic relations
Macroeconomics
Microeconomics
Economic theory
Resources
Producer
Consumer
distributor

1.3. Main sentences (Questions for details)

- Một số câu chính trong bài đọc hiểu, bài tập từ vựng
- Một số cấu trúc câu và câu ví dụ:
Ví dụ:
- spend time doing sth
MONEY
CHOICES / DECISIONS
LIMITATION/ LIMITS
limits = limited resources – nguồn lực có giới hạn
unlimited human demand
lines of industry
PART 2: Bank of QUESTIONS AND ANSWERS
1. What is an economy?
An economy is the system in which the money, industry (production of goods and
services), and trade (selling and buying) of a country or region are organized.
2. What does economics study? / What is economics? /
- Economics studies how people choose to use their limited resources to produce goods
and services in order to best satisfy their demand.

3. Who is an economist?
An economist is a person who studies economics or has a special knowledge of
economics.
4. What are 3 types of resources?
 They are natural resources, human resources and capital
5. What is “well-being”?/ What does the term “well-being” mean?

6. What are 2 types/ branches of economics?

They are microeconomics and macroeconomics.
7. What is the theory of Adam Smith? What does it indicate/ suggest?
8. What is the theory of Karl Marx? What does it indicate/ suggest?
9. What is the theory of Keynes? What does it indicate/ suggest?
Economy (n): kinh tế
Economies (n) kinh tế các nước
A country's economy (countable noun) is the wealth that it gets from business and industry. –
tiềm lực kinh tế
 The Japanese economy grew at an annual rate of more than 10 per cent.
The economy/ grow/ annual rate/ more than/ 10 per cent/ period/ 2010 – 2020.
Grew at an … of in the period of 2010 – 2020.
N + of + N
Rate of + n%
Economy (uncountable noun) is the use of the minimum amount of money, time, or other
resources needed to achieve something, so that nothing is wasted. – tính kinh tế
(Sự tiết kiêm, không lãng phí)
 ...improvements in the fuel economy of cars.
 There was mostly silence. I have never known such economy with words.
If you make economies, you try to save money by not spending money on unnecessary things. –
thực hiện tiết kiệm
 They will make economies by hiring fewer part-time workers.
Economic (adj) - of or relating to an economy, economics, or finance
- economic development: phát triển kinh tế
- economic theories: học thuyết kinh tế
Economics is the study of the way in which money, industry, and trade (economic activities) are
organized in a society. – kinh tế học
Economics (n): the science that deals with the production, distribution, and consumption of
wealth, and with the various related problems of labor, finance, taxation, etc.
- He gained a first class Honours degree in economics.
An economist is a person who studies, teaches, or writes about economics.
Something that is economical (adj) does not require a lot of money to operate. For example a car
that only uses a small amount of petrol is economical.
Economize (v)
If you combine two or more things or if they combine, they exist together.
Produce (v): sản xuất to produce sth
Product (n): sản phẩm
Production (n) sự sản xuất
Producer (n) nhà sản xuất, công ty sản xuất
Productive (adj) có năng suất
Productivity (n) khả năng năng suất
Productivity is the rate at which goods are produced.
- The third-quarter results reflect continued improvements in productivity.
- His method of obtaining a high level of productivity is demanding.
Resources (n): nguồn lực
A country's resources are the things that it has and can use to increase its wealth, such as coal,
oil, or land.
The resources of an organization or person are the materials, money, and other things that they
have and can use in order to function properly.

Resources include the time and talent people have available, the land, buildings, equipment,
and other tools on hand, and the knowledge of how to combine them to create useful products
and services.
the time and talent (that) people have available
- Have + sth + available
Resources can be divided into:
 Natural resources: land – đất đai, oil – dầu mỏ, coal – than đá, wind – gió, water – nước,
solar energy – năng lượng mặt trời, etc.
 Human resources: time, talent, knowledge, technology, inventions – phát minh, patents
– sang chế, etc.
 Capital (physical assets – tài sản dạng vật chất: buildings, equipment, etc. + financial
assets – tài sản bằng tiền: shares, bonds, accounts, investments, etc.)
Divide sth into sth = classify sth into sth: phân chia cái gì thành cái gì

What do resources include?

- There are 3 main types of resources: ….
- Resources can be classified into 3 main types: …
What can be considered as importance choices? (Whose choices)
Important choices are/ refer to/ mean the human decisions on how to use/ combine resources to
create wealth (products and services) to satisfy the human demand.
What do people choose to do with their own resources? = What decisions can people/ humans
make?
 - Individuals decide how to use their time and incomes.
- Companies decide how to use their capital, labor forces, buildings, equipment,
machinery, technology and so on.
- Governments make decisions on how to use their macroeconomic policies to regulate the
economy.
Decide to do sth = choose to do sth
Make decisions on sth/ doing sth = make choices of sth / doing sth
(tra từ điển Cambridge để lấy câu ví dụ)
People have to decide how much time to devote to work, to school, and to leisure,…
= People have to make decisions on how much time to spend working, studying and relaxing,
and so on.
What does the term “well-being” mean? = What is well-being?
Well-being means/ is/ refers to + …..
Gain + sth + from + sth/ doing sth
- Well-being means the satisfaction (that) people gain from the consumption of goods and
services, from the time shared with their families and the community, from their jobs,
and so on.
Economics studies human behavior in economic relations.

Talent is the natural ability to do something well.

- She is proud that both her children have a talent for music.
- The player was given hardly any opportunities to show off his talents.
- He's got lots of talent.
Talented (adj) – a talented person: một người có tài năng
If something you want or need is available, you can find it or obtain it.
- The amount of money available to buy books has fallen by 17%.
- There are three small boats available for hire. [+ for]
- According to the best available information, the facts are these.
Have sth available
Devote sth to sth
Spend + time + doing sth
- You should spend a half hour ……….. learning English every day.
A. On B. in C. for D. zero (no) article
Spend + money + on + sth/ doing sth
If you combine two or more things or if they combine, they exist together.
- The Church has something to say on how to combine freedom with responsibility.
- If improved education is combined with other factors / dramatic results can be achieved.
 - Relief workers say it's worse than ever as disease and starvation combine to kill
thousands.
Choose (v) – choice(s)
Choose sth / choose to do sth
- Students can choose optional subjects by themselves/ choose to use their limited money/
can choose to do some different part-time jobs.
- They will be able to choose their own leaders in democratic elections.
- They knew that discrimination was going on, but chose to ignore it.
Make choices = make decisions on sth
If there is a choice of things, there are several of them and you can choose the one you want.
- It's available in a choice of colours. [+ of]
- At lunchtime, there's a choice between the buffet or the set menu.
Decide to do sth = make decisions on sth/ doing sth = make a decision
“Important choices involve how much time to devote to work, to school, and to leisure, how
many dollars to spend and how many to save, how to combine resources to produce goods and
services, and how to vote and shape the level of taxes and the role of government.”
- People should choose how much time to work, to study and to relax.
- People should make choices of how much time for working, learning, relaxing and so on.
How much (money) to spend or to save
People should make decisions on spending or saving, etc.
Improve (v) - ~ knowledge, living standard, quality of sth
Improvement
Satisfy (v): làm thỏa mãn
Satisfy sbd/ sth
Satisfaction (n)
If you are satisfied with something, you are happy because you have got what you wanted or
needed.
- We are not satisfied with these results. [+ with]
- ...satisfied customers.
Satisfactory (adj) – thỏa đáng, vừa ý
(opposite unsatisfactory) giving satisfaction; good enough to satisfy
- Your work is not satisfactory.
Consume (v)
Efficient (adj) > < inefficient
Effective (adj)
Well-being (n) Someone's well-being is their health and happiness. – niềm vui, sự thỏa mãn
 - Singing can create a sense of well-being.
- His work (tác phẩm) emphasized the emotional as well as the physical well-being of
children. [+ of]
Gain satisfaction from/ in sth: có được sự thỏa mãn từ …
Để bổ nghĩa cho danh từ đi trước:
+ mệnh đề quan hệ gồm có Đai từ quan hệ + mệnh đề chủ vị
Ví dụ: … products and services (that/ which) they choose to consume.
+ mệnh đề phân từ là mệnh đề rút gọn của mệnh đề quan hệ. Mệnh đề phân từ có thể sử
dụng phân từ 1 (V-ing) trong trường hợp danh từ đi trước là chủ ngữ của mệnh đề; hoặc phân từ
2 (PII) trong trường hợp danh từ đi trước là tân ngữ của mệnh đề phân từ.
Ví dụ:
- …. their time spent in leisure (their time which is spent)
(to spend + time in sth/ doing sth)
- The security and services ………………… by effective governments. (which are
provided by … )
A. Provide B. providing C. provided D. provides
(provide sth for/to sbd)
- The man who is standing over there is the headmaster.
Appear to do sth/ seem to do sth: có vẻ như/ hình như/ …
(Sometimes people use their resources ineffectively.)
Three main issues studied in economics are:
- Production
- Distribution of goods and services
- Consumption

There + be + sth1 in + sth2 = Sth2 + have + sth1

There's a great shortage of resource materials in many schools.
= Many schools have a great shortage of resource materials
Act (v)
interact (v)
appear / seem + sth; adj; to do sth

II> QUESTIONS FOR DETAILS

Full name: Class:
Questions Answers
1.
(Bài tập về nhà: viết ra vở)
10. What is the definition of economics?
Economics is the study (n) of / Economics studies (v) how people choose to use resources the
most effectively to produce goods and services in order to best satisfy human demand.
11. What is the definition of economy?/ What does the term “economy” mean?
12. What is the definition of economist? Who is an economist?
13. What is the definition of well-being?
Well-being means the satisfaction that people gain from / gained from the consumption of goods
& services, the time shared with your relatives, friends, ..
14. What are 3 types of resources?
15. How are all types of resources?
All types of resources are limited / scarce.
16. Why is it necessary to study economics?
Because of the conflict between limited resources and unlimited human demand
Because all types of resources are limited, while/ whereas the human demand is unlimited.
Because + mệnh đề
Because of + cụm danh từ
17. What are 3 main (major) issues studied in economics?
- Production
- Distribution of goods and services
- Consumption
Distribute sth to/ among sbd
Distributor (n)
18. What are economic relations?

19. What is the theory of Adam Smith? What does it indicate/ suggest?
20. What is the theory of Karl Marx? What does it indicate/ suggest?
21. What is the theory of Keynes? What does it indicate/ suggest?
Visible (adj) = can be seen > < invisible
Regulate (v) -
The visible hand refers to the role of the government in an economy
The invisible hand refers to the role of markets in an economy
TOPIC QUESTION:
What does economics study?/ What is economics?
Economics is the study (n) of / Economics studies how people choose to use resources the most
effectively to produce goods and services in order to best satisfy human demand.
Resources can be divided into 3 types: natural resources, human resources and capital.
All these resources are limited, while human demand is unlimited. That’s why it is necessary to
study economic issues.
Specifically, economics studies how people produce, distribute and consume goods and
services the most effectively.
22. What are two branches/ types of economics?
Economics can be divided into microeconomics and macroeconomics (two different avenues of
studying economic issues – hai đường hướng nghiên cứu khác nhau về các vấn đề kinh tế)
Nghiên cứu (v) = focus on, study, research, be concerned with
Ví dụ:
- Kinh tế vi mô nghiên cứu …
- Microeconomics studies / focuses on / is concerned with …
individuals = persons = households
industries = businesses
Smith believed that people who acted in their own self-interest produced goods and wealth that
benefited all of society.
Benefit (n)
Benefit (v)
The role of governments (the visible hand) and the role of markets (the invisible hand) in the
economy
MAIN IDEAS:
I> Economics
- Definitions of economy, economist, economics, resources, well-being
- Natural resources/ human resources/ capital
- Limited resources > < unlimited human demand
- Production/ distribution/ consumption of goods and services.
II> Economists and their theories
Microeconomics studies the behavior of individuals and businesses about decisions on
particular commodities.
(Microeconomics is the branch of economics that is concerned with individual areas of
economic activity, such as those within a particular company or relating to a particular market.)
Individuals (n) = people: các cá nhân, cá thể = households
Individual (adj) = particular / specific: cụ thể, riêng lẻ
Macroeconomics studies the interactions among all economic factors in the whole economy
and in international marketplace.
Macroeconomics is the branch of economics that is concerned with the major, general features
of a country’s economy, such as the level of inflation, unemployment, or interest rates.
Major Economic factors:
- Economic growth
- (Un)employment
- Inflation
- Macroeconomic policies: Fiscal policy (Taxation & Government spending); Monetary
policy (Discount rates/ Interest rates, Reserve requirement, Open market operations)
- Balance of payment
Individual (adj) means relating to one person or thing, rather than to a large group.
- They wait for the group to decide rather than making individual decisions.
- Aid to individual countries would be linked to progress towards democracy.
- Divide the vegetables among four individual dishes.
economic activity of an entire country
chính sách vĩ mô của chính phủ : chính sách tiền tệ và chính sách tài khóa
Tools of a fiscal policy are
T and G
T – the money that the Government collects from taxation
G – the Government spending
Taxation
Topic questions:
23. What does microeconomics study? (Unit 3)
24. What does macroeconomics study? (Unit 4)
25. What are differences between microeconomics and macroeconomics?

26. What is economic theory of Adam Smith? What is it about?

- It is the Classical School. It says that because of their own interests, people produce
goods and wealth that benefit all society.
- And Adam Smith emphasized the role of the market (the invisible hand). He believed
that the government (the visible hand) should not restrict or interfere in the market
because it could regulate itself and could produce wealth at maximum efficiency.
Efficiency (n): hiệu quả
Efficient (adj) > < inefficient
27. What is economic theory of Karl Marx? What is it about?
It is Marxism.
- Marx cho rằng sự bóc lột sức lao động của giới chủ dẫn tới mất công bằng xã hội và mâu
thuẫn giai cấp, do đó, người lao động nên sở hữu và kiểm soát phương tiện sản xuất để
đảm bảo ổn định kinh tế xã hội.
- Marx believed that owners’ exploitation of labor (the exploitation of labor of owners)
leads to social unrest/ inequality and class conflict, so laborers should own and control
means of production in order to ensure the social and economic stability.
Stable (adj)
Stably (adv)
Stabilize v)
Stability (n)

28. What is economic theory of Keynes? What is it about?

It is Keynesian School.
- Học thuyết của Keynes miêu tả chính phủ sử dụng các chính sách kinh tế vĩ mô như thế
nào để điều tiết kinh tế, đảm bảo ổn định kinh tế xã hội.
- The Keynesian School/ the theory of Keynes describes how governments use
macroeconomic policies to regulate the economy, ensuring the social and economic
stability.
- For example, when the economy isn’t growing fast enough, the government can reduce
taxes or increase government spending to promote economic growth and reduce
unemployment.
Apply sth in sth/doing sth: ứng dụng cái gì vào việc gì

MIND MAP
The concept of economics Types (branches) of Typical economic theories
economics
- Definition (1) Unit 3 + 4 - Adam Smith – the Classical
- resources school.
- human choices/ decisions + self-regulation of markets
(decisions of consumers, - Karl Marx –
workers, firms and
governments)
- human demand/ well-being

VOCABULARY EXERCISES P6,7

1. Complete the following passage with the words/ phrases in the box
1. distributing
 … benefits of the distribution and consumption of these goods and services
… benefits of distributing and consuming these goods and services
Sau giới từ + danh từ/ gerund (danh động từ - V-ing)
Adj + N
To be concerned with =
Apply sth in sth/ doing sth: ứng dụng,
Applications of
2. economic
3. policy
4. relationships
5. government
6. theories
7. economists
8. econometric
9. analyze
10. study
11. consumption
12. Monopolistic
Monopoly (n) If a company, person, or state has a monopoly on something such as an
industry, they have complete control over it, so that it is impossible for others to become
involved in it.
2. Match the words with the definitions
1–d 2–c 3–e 4–f 5–b 6–h 7-a 8-g

UNIT 2 ECONOMIC SYSTEMS

VOCABULARY
If you intervene – can thiệp in a situation, you become involved in it and try to change it.
- The situation calmed down when police intervened.
- The Government is doing nothing to intervene in the crisis.
Intervention is the act of intervening in a situation.
- ...the role of the United States and its intervention in the internal affairs of many
countries.
The Central Bank intervened in the currency markets today to try to stabilize the exchange rate.
[ + to infinitive ] The minister intervened personally to stop the museum from being closed.
intervention in sth Any intervention in the currency markets has to be followed by a tightening
of monetary policy.
government/regulatory/state intervention This comprehensive program is aimed at reducing state
intervention in the economy.
If you rule out a course of action, an idea, or a solution, you decide that it is impossible or
unsuitable.
- The Prime Minister is believed to have ruled out cuts in child benefit or pensions.
A quota is the limited number or quantity of something which is officially allowed.
Compete (v)
To compete with sbd
Competition (n) – sự cạnh tranh
Competitive (adj) – có khả năng canh tranh
Competitiveness (n) – sức cạnh tranh
Competitor (n) đối thủ cạnh tranh
Distribute (v) – distribution (n)
Own (v) = possess (v)
Owner (n) chủ sở hữu
Ownership (n) – quyền sở hữu
Ownership of something is the state of owning it.
- They decided to relax their rules on the foreign ownership of their airlines.
- ...the growth of home ownership in Britain.
- He said that anyone trying to export goods without proof of ownership would have them
seized.

QUESTIONS: Câu 1, 2, 3: definition, features

What are 3 types of economic systems/ models?

3 types of economic systems/ models: 3 hình thái kinh tế
+ market economy – kinh tế thị trường
+ planned economy – kinh tế kế hoạch
+ mixed economy – kinh tế hỗn hợp

1. What is market economy?

What is the definition of market economy?
- Market economy is an economic system/ model in which economic relations are
regulated by the law of supply and demand.
What is the role of companies in market economy?
- Companies can compete freely/ there is free competition among companies in market
economy.
What is the role of the government in market economy?
- There is no direct government intervention, but the government influences the economy
through its economic policies.

2. What is planned economy?

What is the definition of planned economy?
- Planned economy is an economic system in which all production, distribution and
consumption quotas are fixed - ấn đinh - beforehand by the government.
What is the role of companies in planned economy?
- There is no real competition among companies, and private ownership doesn’t exist.
What is the role of the government in planned economy?
- The government controls all the means of production and channels of distribution.

3. What is mixed economy? (Giáo trình)

What is the definition of mixed economy?

4. What are differences between market economy and planned economy?

What is one of differences between market economy and planned economy?
There are some differences between market economy and planned economy. Firstly, in a
market economy, economic relations are regulated by the S & D, but they are determined
by the government in a planned economy. Secondly, companies can compete freely in a
market economy, but there is no real competition in a planned economy.
…
What is the economic model of Vietnam?
- The market economy under the government’s control/ state control
- The market economy under socialism orientation
What are its main features?
The economy of Vietnam is considered a multi-sector economy (kinh tế nhiều thành phần).
What are different economic sectors in Vietnam’s economy?
Different sectors such as
+ state companies
+ private companies
 + joint-ventures (liên doanh)
+ foreign companies
Economic sectors: các thành phần kinh tế
VOCABULARY EXERCISES
1. Complete the following passage with suitable words.
1) market 2) government 3) planned 4) mixed
5) needs 6) competitive 7) decisions 8) supply
2. Match the words/ phrases from 1 -10 with definitions from a – j
1- c 2- f 3- i 4-a 5- e 6-g 7-b 8- j 9-d 10-h
s
If you maximize something, you make it as great in amount or importance as you can.
- In order to maximize profit, the firm would seek to maximize output.
- The question each firm faces is how to choose output to maximize profits.
- Their task is to maximize net present value.
Maximum (n): You use maximum to describe an amount which is the largest that is possible,
allowed, or required.
Minimize (v): to reduce to or estimate at the least possible degree or amount
- to minimize a risk
stability (n) the state or quality of being stable, or fixed; steadiness
stable (adj)
benefit (v) If you benefit from something or if it benefits you, it helps you or improves your life.
- Both sides have benefited from the talks.
- ...a variety of government programs benefiting children.
To benefit from sth/ to benefit sbd
Tính từ sở hữu + own + N: cái gì của ai
To regulate an activity or process means to control it, especially by means of rules.
- Serious reform is needed to improve institutions that regulate competition. [
HOMEWORK
- Học thuộc từ vựng đã cho
- Đọc và dịch toàn bộ bài đọc sang tiếng Việt
- Trả lời các câu hỏi sau bài đọc.

UNIT 3 MICROECONOMICS
MAIN IDEAS
- The definition of microeconomics
- 3 main themes of microeconomics
 + the allocation of scarce resources (trade-offs made by consumers, workers and
firms)
+ the role of prices
+ the role of markets
VOCABULARY
Microeconomics studies the behavior of individuals and businesses about decisions on
particular commodities.
I. Make sure that you understand these words and phrases
Limits (n) những thứ có giới hạn = limited resources
Limit of sth: sự giới hạn của cái gì
To limit sth = restrict sth: giới hạn, hạn chế cái gì
- Trong thời kỳ bệnh dịch Covid19, mỗi cá nhân nên hạn chế chi tiêu.
- In the Covid19 pandemic, (each person) individuals should limit/ restrict their spending.
Limited (adj) = scarce (adj): khan hiếm
Scarcity (n) sự khan hiếm
Limitation (n) phạm vi
- Within the limitation of this research, ….
Budgets of the firms = capital = the money that firms can have = financial resources
Technical know-how = technology
Limited time
Allocate (v)
- To allocate sth /to sbd; for sth
- To allocate sbd sth
- Sth + be + allocated +
Allocation (n)
If one item or share of something is allocated to a particular person or for a particular purpose, it
is given to that person or used for that purpose. – phân bổ
- Tickets are limited and will be allocated to those who apply first. [be VERB-ed + to]
- This year's budget allocated £15m to cycle safety in the capital. [V n + for/to]
- Costs relating to the purchase of materials may be allocated according to the number of
purchase transactions which have occurred.
- The government will allocate some money in the budget each year to service this debt.
Thanh toán khoản nợ: to deal with/ settle the debt.
1. COUNTABLE NOUN
An allocation is an amount of something, especially money that is given to a particular person or
used for a particular purpose.
- There will be a closer review of funding allocations for future conferences. [+ for]
2. UNCOUNTABLE NOUN
The allocation of something is the decision that it should be given to a particular person or used
for a particular purpose.
- His sons quarreled bitterly over the allocation of family resources.
- Town planning and land allocation had to be coordinated.
Make the most of sth: tận dụng tối đa cái gì/ sử dụng một cách hiệu quả nhất
= Use sth the most effectively
The former: cái trước
The latter: cái sau
Tell sbd to do sth: bảo ai làm gì,
A little (mang nghĩa khẳng định)
Little (mang nghĩa phủ định)
A: Can you lend me some money?
B: I’m sorry, I have little money. (I have not enough money to lend you.)
Scarce (adj)
Scarcity (n)
Consumer theory
Trade off (v)
- Trade off sth for/ with/ against sth
Trade-off (n) – trade-offs
Economic model of Vietnam:
Kinh tế thi trường dưới sự quản lý của nhà nước
The market economy under the government’s control

QUESTIONS
1. What are 3 main themes of microeconomics?
+ allocation of scarce resources
+ role of prices
+ role of markets
(in market economies)
Limits = limited/ scarce resources
If you trade off (v) one thing against another, you exchange all or part of one thing for another,
as part of a negotiation or compromise – đánh đổi
- Economic policy is about trading off costs against benefits. [V P n + against]
- I get up early and trade off sleep for exercise
To trade off sth against/ for sth: đánh đổi cái gì cho/ để có cái gì
Trade off A with B
- One student has to trade off costs, including tuitions, time and energy and other
opportunity costs against benefits such as a good job with a higher salary in the near
future.
A trade-off (n): an exchange; esp., a giving up (từ bỏ) of one benefit, advantage, etc. in order to
gain another regarded as more desirable
Trade-off means when you want/ choose something you must ignore others.
Question:
Why do people have to make trade-offs?
- All of resources are scarce, while human demand is unlimited
Resources of a person or an organization are often not enough for them to satisfy all their wants
and needs, so they have to decide what is more important, more useful for them in a point of
time.

 The first theme of microeconomics is about allocation of scarce resources by:

+ consumers:
Give an example for trade-offs made by consumers?
What are resources of consumers?
What does the consumer theory describe?
+ workers
What are resources of workers?
Give an example for trade-offs made by workers?
+ firms = companies = enterprises
What are resources of firms?
Give an example for trade-off made by firms?
What does the theory of the firm describe?
1.1. What are resources of consumers? How do they allocate their resources? (What are
examples for trade-offs made by consumers?)
- Prefer (v): prefer sth/ doing sth to sth/ doing sth: thích cái gì hơn cái gì
- Preferences: sở thích
- Prefer to do sth = want to do sth
Topic:
Người tiêu dùng có thu nhập giới hạn. Học thuyết người tiêu dùng cho thấy/ chỉ ra người
tiêu dùng có thể thực hiện đánh đổi thế nào là tốt nhất dựa trên nguồn lực khan hiếm và sở
thích của họ
- Best do sth: làm việc gì đó là tốt nhất/ ở mức tốt nhất
 Consumers have limited incomes. The consumer theory describes/ shows/ indicates/
suggests how consumers are able to/ can best make trade-offs based on their limited
resources and preferences. For example, they may trade off the purchase of more of some
goods with the purchase of less of others. Another example may be trading off current
consumption for future consumption.
Người tiêu dung có thể quyết định để dành một phần thu nhập của họ cho tương lai.
Consumers can decide to save a part of their incomes for their future.
Em thường nhịn ặn để mặc (trade off)
I often trade off the purchase of less food for the purchase of more clothes.

- Decide to do sth: quyết định làm gì

1.2. What are resources of workers? How do they allocate their resources? (What are
examples for trade-offs made by workers)
Resources of workers are their time and talent, knowledge, working experience, etc. All these
resources are limited, so they have to make trade-offs. For example, they have to decide when to
enter the workforce (when finishing high schools or graduating from universities), which job to
do, who to work for. They can choose to work for large companies with job security but limited
potential for advancement or for small companies with more opportunity for advancement but
less security. They also have to decide how many hours for work and how many hours for
leisure and so on.
(What would you like to do after graduating from university?
- I would like to become a tax official/ tax officer/
- I’d like to work for the tax authority.
1.3. What are resources of firms? How do they allocate their resources? (What are
examples for trade-offs made by firms?)
Resources of firms are human resources, financial resources, production capacity, technology,
management ability, reputation such as trade mark, brands, and so on. These resources are
scarce so companies have to make trade-offs. They have to decide what to produce, how and
how many to produce and for whom to produce. For example, (lấy ví dụ về 1 công ty cụ thể).
Thus, the theory of the firm describes how companies can best make trade-offs.
Các công ty cũng phải đối mặt với những giới hạn về loại sản phẩm mà họ có thể sản xuất, và
nguồn lực sẵn có để sản xuất chúng.
Firms also face limits in terms of the kinds of products that they can produce, and the resources
available to produce them.
Vietcombank decides what types of banking services to provide such as receiving deposits and
lending money, issuing debit cards or credit cards.
2. How are prices important?
Prices influence all trade-offs made by consumers, workers and firms. For example, when
prices of a good increase, consumers tend to buy substitutes even they don’t prefer them.
Workers choose employment depending partly on salaries paid to them. And, a firm’s decisions
such as buying more machinery or employing more workers depend partly on prices of those
machines or salaries paid to those workers.
Giá cả tác động đến tất cả sự đánh đổi của người tiêu dung, người lao động và doanh nghiêp.
Một số từ cần chú ý:
Influence + sth (v) = have an influence on sth/ over sbd
= have an impact on sth
Influence (n) is the power to make other people agree with your opinions or do what you want.
- I have rather a large influence over a good many people.
- He denies exerting any political influence over them. [+ over]
- The government should continue to use its influence for the release of all hostages.
Sth + have + an/ a (great/ strong/ important) influence on sth / over sbd
Refuse + sth/ to do sth: từ chối làm gì > < accept/ agree to do sth: chấp nhận, đồng ý
Deny + sth/ doing sth: phủ nhận > < admit sth/ doing sth: thừa nhận
Translation:
1. Giá cả có vai trò tác động tới hành vi của người tiêu dùng, người lao động và doanh
nghiệp
Prices influence the behavior of consumers, workers and firms
Prices play an important role in influencing the behavior of consumers, workers and firms
2. Giá tác động tới tất cả những đánh đổi của người tiêu dùng, người lao động và doanh
nghiệp
Prices influence / have an influence on all trade-offs made by consumers, workers and firms.
3. Khi giá cả của mặt hàng nào đó tăng cao, người tiêu dùng có xu hướng mua hàng thay
thế cho dù họ thích mặt hàng đó.
When prices of a good/ an item increase, consumers tend to buy substitutes even they prefer it.
4. Người lao động lựa chọn việc làm phụ thuộc một phần vào lương mà họ có thể nhận
được
Workers choose employment/ make choice of employment depending partly/ in part on salaries
that they can get/ paid to them.
5. Các quyết định của doanh nghiệp chẳng hạn như mua thêm máy móc thiết bị hay thuê
thêm lao động đều phụ thuộc một phần vào giá bán của máy móc thiết bị hay lương trả
cho người lao động.
A firm’s decisions such as buying more machinery or employing more workers depend partly
on prices of those machines or salaries paid to those workers.
Tend to do sth: có xu hướng làm gì
Substitute goods/ substitutes
If you substitute (v) one thing for another, or if one thing substitutes for another, it takes the
place or performs the function of the other thing.
substitution (sʌbstɪtjuːʃən , US -tuː-): sự thay thế
Word forms: plural substitutions
VARIABLE NOUN
- In my experience a straight substitution of carob for chocolate doesn't work. [+ of]
- Both Scotland and Northern Ireland had made last-minute substitutions.
2. COUNTABLE NOUN
A substitute is something that you have or use instead of something else.
- She is seeking a substitute for the very person whose departure made her cry.
To play (have) an important role in + doing sth
To influence (v) sth :tác động / ảnh hưởng tới cái gì
Have influence on sth
Constraints = limits
Decide to do sth
Sth + depend on + sth
In part = partly (adv): một phần # largely/ mostly/ at large (adv)
N1 + of + N2 => dạng của động từ phụ thuộc vào N1
Decisions of people with high incomes/ whose incomes are high/ who have (earn) high incomes
(chủ ngữ của câu) depend partly/ in part on prices.
Decisions of people with low incomes depend largely on prices.
Quyết định của người có thu nhập cao phụ thuộc một phần vào yếu tố giá.
Decision of people have high income depend partly on factor price
Trade off A with B
(Vế 1 - Nguyên nhân) Because the kinds of jobs (danh từ chính) – and (which have)
corresponding pay scales – (Which are) available to a worker (thành phần bổ nghĩa cho danh từ
pay scales) depend in part on educational attainment (knowledge) and accumulated skills, /
(Vế 2 – kết quả) one (each worker) must trade off working now (when leaving the high
school) (and earning an immediate income) with continued education (and the hope of earning
higher future income)
Workers have to choose/ decide which job to do = Workers have to make choice of employment
Homework:
6. Đọc và dịch bài đọc sang tiếng Việt
7. Trả lời các câu hỏi trên (1.1, 1.2 và 1.3)
8. Học thuộc từ vựng
9. Làm bài tập từ vụng trang 22, 23
The role of markets in the economy.
Prices are influenced by the law of demand and supply.
Behavior of consumers, workers and firms have an impact on prices.

UNIT 4 MACROECONOMICS
MAIN IDEAS:
1. Definition of Macroeconomics
Macroeconomics studies the interactions among all economic factors in the whole economy
and in international marketplace.
“in international marketplace” thay thế bằng “international business” or economic relations
between one country and other countries in the world.
Economic factors:
- Economic growth (GDP, GNP, economic growth rate, income per head, minimal
incomes, … - These are specific figures/ categories/ indicators illustrating economic
growth.)
(GDP stands for Gross Domestic Products – tổng sản phẩm quốc nội)
(GNP stands for Gross National Products)
- (un)employment levels/ rates
- Inflation rate
- Macroeconomic policies (2 main ones: …)
- Balance of payments => international business (economic relations among different
countries)
- Market forces: demand, supply (behavior of consumers, workers and firms) and price
Targets – chỉ tiêu đề ra
Objectives (n)
How do economic factors interact with one another? Give examples?
For example, the Government uses macroeconomic policies to regulate the economy.
When the economy is not growing fast enough, the Government can reduce taxation, (tax
rates), such as personal and corporate income tax rates. Then both individuals and firms can
have more money to spend, leading to an increase in aggregate demand, as well as increasing
aggregate supply, and so on. As a result, the economy tends to growth.
2. Macroeconomic policies: (2 main policies: Fiscal policy and Monetary policy)
Chính phủ có thể sử dụng chính sách tài chính để điều tiết nền kinh tế bằng cách làm tăng hay
giảm thuế suất hoặc tăng hay giảm chi tiêu của chính phủ
The government can use its fiscal policy to regulate the economy by increasing or decreasing tax
rates or government spending.
(by making changes to 2 main tools of fiscal policy)
- Tools of the policy:
Main tools of a fiscal policy are taxation (T) and Government spending
3 main tools of monetary policy are: Reserve requirement (dự trữ bắt buộc), Discount
rate (lãi chiết khấu) and Open market operations (hoạt động thị trường mở)
- Who supervises the policy?
- Objectives of these policies?
The objectives of these 2 main policies are to: promote economic growth, to control
inflation or to reduce unemployment.
3. Differences between microeconomics and macroeconomics.

https://www.brookings.edu/blog/up-front/2021/10/19/how-pandemic-era-fiscal-policy-affects-
the-level-of-gdp/
(Lấy bài đọc ở đường link trên, đọc và dịch sang tiếng Việt)

VOCAB
Tra từ điển những từ sau để biết phát âm và nghĩa
Economic trend Economic growth Balance of payment
Inflation Monetary policy Fiscal policy Government’s revenue
Government spending Promote Objective Ministry of Finance
Money supply regulate overheat slow down respond to
Government borrowing take into account regulation supply demand
Forces determine maximize capacity phenomena
GDP GNP national income interdependent
Complement overlapping issues
Bottoms-up approach top-down approach fundamental sustain

An individual (n) – individuals = a person/ persons: cá nhân, cá thể

Individual (adj) + N (số nhiều) = each + N (số it)
Individual firms = each firm
A trend is a change or development towards something new or different.
- This is a growing trend.
- ...a trend towards part-time employment. [+ towards]
- ...the downward trend in gasoline prices.
- Full-time job > < part-time job
- Full-time teachers: giáo viên cơ hữu
- Part-time teachers: giáo viên dạy hợp đồng
Economic trends: changes or developments in economies/ economic changes or developments
Examples for economic trends are changes in employment (unemployment levels); economic
growth; changes in balance of payments; changes in inflation rate, and so on
A landscape is all the features that are important in a particular situation. Bức tranh toàn cảnh
- June's events completely altered the political landscape.
Economic landscape: tình hình/ hoàn cảnh kinh tế/ bức tranh toàn cảnh về kinh tế
Individual (adj) = specific (adj)
Individual businesses = each business: từng doanh nghiệp cụ thể
A country's balance of payments/ the balance of payments of a country is the difference, over a
period of time (usually a year), between the payments it (the country) makes to other countries
for imports and the payments it receives from other countries for exports.

The Balance of payments: cán cân thanh toán is used to balance between payments made for
imports and payments received for exports.
Make payments to sbd/ for sth
Pay + money to sbd/ for sth
Receive payments from sbd / for sth
Export (n + v)/ exportation
To export sth to swh: xuất khẩu cái gì đến đâu
Import (n + v)/ importation
To import sth from swh: nhập khẩu cái gì từ đâu
- Vietnam imports automobiles (ô tô) from Japan, Germany and some other countries.
- Vietnam exports rice and other agro-products to some countries in Europe.
The balance of payments indicates the economic relations between one/a country and other
countries
Các thang đo:
 Balance of trade – the narrowest measure – cán cân thương mại ( is used to balance
the total values of visible imports and visible exports)
 Current account
 Capital account
 Balance of payments – the largest measure – cán cân thanh toán
Invisible imported/ exported services: education, exported labor
Franchise (n)
Balance (v + n)
“You can win if you want”
Make payments to sbd/ for sth: thực hiện thanh toán cho ai/ cho cái gì
Exports – imports (có kết quả là giá trị âm hoặc dương – deficit or surplus)
- Britain's balance of payments deficit has improved slightly.
Exports > imports (when a country exports more than it imports) => the balance of payments is
in surplus.
Exports < imports => the balance of payments is in deficit.
Inflation is a general increase in the prices of goods and services in a country.
Inflate (v)
Inflationary (adj)
An increase (n) + in sth: khoản tăng lên ở cái gì
- ...rising unemployment and high inflation.
- ...an inflation rate of only 2.2%.
To regulate (v) an activity or process means to control it, especially by means of rules.
- Serious reform (cải cách) is needed to improve institutions (định chế) that regulate (quy
định) competition.
- As we get older the temperature-regulating (điều tiết) mechanisms in the body become
less efficient.
Policy (n): a plan of action adopted or pursued by an individual, government, party, business,
etc.
Money (n) tiền tệ
Monetary (adj) means relating to money, especially the total amount of money in a country.
- Some countries tighten monetary policy to avoid inflation.
- The courts (tòa án) will be asked to place (xác định) a monetary value on his unfinished
career.
Tight (adj)chặt chẽ / tighten (v)thắt chặt
Adj + en => Verbs:
Broad – broaden
Long – length – lengthen
Wide – widen
Strong – strength – strengthen
Monetary policy means a plan of action (decisions) relating to the total amount of money in a
country (money supply) which is adopted or pursued by its government.

Fiscal policy (n) chính sách tài chính

Two major macroeconomics policies are fiscal policy and monetary policy.
If people promote (v) something, they help or encourage it to happen, increase, or spread. – lan
rộng/ lan tỏa
 - You don't have to sacrifice environmental protection to promote economic growth.
CSR: Corporate Social Responsibilities + sustainable development
Your objective (n) is what you are trying to achieve.
- Our main objective was the recovery of the child safe and well.
- His objective was to play golf and win.
Objective (adj)
Object (n) khách thể - objective (adj) khách quan
Subject (n) chủ thể - subjective (Adj) chủ quan
- He had no objective evidence that anything extraordinary was happening.
The money supply is the total amount of money in a country's economy at any one time. (in a
certain period of time)(M1, M2, M3)
- They believed that controlling the money supply would reduce inflation.
take into account + sth = to take + sth + into consideration = consider sth
= make regarding sth: xem xét cái gì/ vấn đề gì
consider (v) xem xét
To regulate an activity or process means to control it, especially by means of rules.
- Serious reform is needed to improve institutions that regulate competition.
- As we get older the temperature-regulating mechanisms in the body become less efficient
Regulations are rules made by a government or other authority in order to control the way
something is done or the way people behave.
- Employers are using the new regulations to force out people over 65.
- Under pressure from the American government, Fiat and other manufacturers obeyed
the new safety regulations.
Supply (n + v) is the quantity of goods and services that can be made available for people to
buy.
- Prices change according to supply and demand.
Demand (n + v): the amount of a commodity that consumers are willing and able to purchase at
a specified price
Statistics – số liệu thống kê - are facts which are obtained from analysing information expressed
in numbers, for example information about the number of times that something happens.
Respond to (v) phản ứng
There is nothing that tell us how quickly the economy will respond to changes that may take
months or years to implement.
Tell sbd sth: nói với ai về điều gì
It + take + (sbd) + time + to do sth – làm mất của ai bao nhiêu thời gian để làm gì
At large = largely = mostly: phần lớn
Make changes to sth – tạo ra sự thay đổi đối với cái gì
Official statistics show real wages declining by 24%.
There are no reliable statistics for the number of deaths in the battle.

Questions for details:

1. What are two major macroeconomic policies?
They are monetary policy and fiscal policy
2. Who supervises monetary policy?
The Central Bank of each country
3. What does monetary policy control?
It controls the money supply (lượng cung tiền) of a nation.
4. What are main tools of monetary policy?
They are: Discount rate, reserve requirement, open market operations
5. Who supervises fiscal policy?
The Ministry of Finance
6. What does fiscal policy control?
It controls the government’s revenue and spending
7. What are main tools of fiscal policy?
They are: Taxation (T) and Government spending (G)
8. What are the main objectives of macroeconomic policies?
The main objectives of macroeconomic policies are:
- To promote economic growth
- To keep inflation under control/ to control inflation
- To reduce unemployment rates
Thus, the general objective is to remain economic stability.
To overheat (v)
If a country's economy overheats or if conditions overheat it, it grows so rapidly that inflation
and interest rates rise very quickly.
- The private sector is increasing its spending so sharply that the economy is overheating.
Slow down
To keep sth from doing sth: giữ cho cái gì tránh khỏi cái gì
To keep the economy from overheating or slowing down too quickly
= to keep/ remain economic stability.
HOMEWORK
- Tra từ điển những từ/cụm từ còn lại (đã nêu ở trên)
- Làm bài tập comprehension questions của bài 4
- Viết câu trả lời dạng topic cho câu hỏi:
Questions for topics:
1. What does economics study?
Economics studies how people choose to use limited resources to produce goods and services
in order to best satisfy human demand.
Resources include natural resources, human resources and capital
All these resources are limited/ scarce while human demand is unlimited. That’s why it’s
necessary to study economics.
2. What does microeconomics study?
Microeconomics is a branch of economics that deals with how consumers, workers and firms
behave while making decisions on the allocation of their scarce resources. Because their
resources are limited so all consumers, workers and firms have to make trade-offs. For example,
first, consumers have to trade off the purchase of more of some goods with the purchase of less
of others. Second, workers have to make choice of employment, employer (who to work for),
and how many hours for work. Last, firms have to decide what to produce, how and how many
to produce and for whom to produce.
Microeconomics also studies other important themes such as the role of prices and the role of
markets in the economy.

Deal with = study = look at + behavior of consumers, workers and firms

3. What does macroeconomics study?
- Macroeconomics is the branch of economics that studies the role of both markets (the invisible
hand) and governments (the visible hand) in the economy.
- Macroeconomics studies the self-regulation of markets and the governments’ influence on the
economy.
- Macroeconomics studies interactions among all economic factors such as economic growth,
inflation, employment and so on, and the governments’ influence on the economy,
Macroeconomics studies interactions among all economic factors, the governments’ influence
on the economy, as well as economic relations between different countries in the world. / as well
as international marketplace.
Economic factors such as supply, demand, price, economic growth, employment, inflation and
so on can interact with one another. And the governments also regulate the economy by using
their macroeconomic policies such as fiscal policy and monetary policy.
Macroeconomics studies not only overall economic trends within one economy but also
interactions among different economies in the world.
4. What are differences between microeconomics and macroeconomics?
Microeconomics
- studies behavior of consumers, workers
and firms
- Micro focuses on theories of consumers,
workers and firms
- Behavior of individuals and firms are
influenced by prices and other forces in the
markets as well as by decisions of the
government.
Macroeconomics
- studies the interactions among all
economic factors (the role of markets in the
economy), the role of governments in the
economy, as well as economic relations
between different countries in the world.
- Macro focuses on how governments use
their macroeconomic policies to regulate the
economy.
- The economy is influenced by both the
market (invisible hand) and the government
(visible hand)

There are some differences between …..

Firstly, Secondly, … Finally,
Another difference is that …. , Besides, Moreover, In addition
Not only ….. but also
While/ whereas: trong khi đó
Nationwide (adj + adv) trên cả nước
Worldwide (adj + adv) trên toàn thế giới = all over the world = in the whole world.
Economy-wide = in the economy as a whole
Các quyết định của các cá nhân và doanh nghiệp chịu sự tác động của các quyết định của chính
phủ
Decisions of individuals and firms are influenced by government decisions
GNP/ GDP
4 measurements of international business of a country:
- Balance of trade: cán cân thương mại
- Current account
- Capital account
- Balance of payments: cán cân thanh toán
Homework
1. Đọc và dịch phần còn lại Unit 4
2. Trả lời câu số 3 ở trên
3. Chuân bị Unit 7 – Fiscal policy : tra từ để biết phát âm, nghĩa, cách dùng của từ

UNIT 7 FISCAL POLICY

I> Look up the dictionary for meanings and uses of the following words
Government revenue refers to money received mostly from taxation/ the collection of different
types of taxes
Government spending refers to money used for spending on education, defense, health and …
…………….. for
Deficit
Deficit spending
Borrowings
Expand (v)
Expansion (n)
Expansionary (adj)
Contract (v)
Contractionary (adj)
Make judgments about
Make regarding
Interest rate
Print (v)
II> Answer the following questions:
1. Where does the government revenue come from?
2. What is deficit spending?
3. In which situation is deficit spending helpful for the economy? Why?
4. In which situation is deficit spending harmful to the economy? Why?
5. What is an expansionary fiscal policy?
6. Under what circumstance (when) should the government run an expansionary fiscal
policy?/ when should fiscal policy be expansionary?
7. What is a contractionary fiscal policy?
8. Under what circumstance (when) should the government run a contractionary fiscal
policy?/ when should fiscal policy be contractionary?
9. When making decisions on its fiscal policy, what factors should the government
consider?
10. Why should the government consider fiscal policies of other countries when making
decisions on its fiscal policy?
 UNIT 5 DEMAND AND SUPPLY
QUESTIONS (XEM SLIDES CHIA SE TREN CHAT)
1. What is demand?
Demand is/ refers to all possible quantities of a good or a service that buyers are willing and
able to buy at all possible prices.
the quantity (of a good/ a service) + that + a buyer will purchase (chủ ngữ) will
decrease.
= the quantity demanded
S+V+O
- Be willing to buy = want to buy (to show the preferences of the buyers – thể hiện sở
thích của người mua
- Be able to buy = have enough money to buy (the money that the buyers have)
- all possible quantities at all possible prices
- The demand of a good is limited because if the price of that good is too high, no buyer
wants to buy and they can buy substitute goods/ substitutes; and if the price of that good
is too low, no producer wants to produce and supply because no producer wants to make
a loss/ make losses

2. What is quantity demanded?

Quantity demanded refers to a particular quantity of a good or a service that buyers are willing
and able to buy at a particular price.
- An amount of + danh từ không đếm được (money) –
- a number of + danh từ đếm được (students)
- A quantity of money/ students
- Particular (adj) = specific = certain
3. When other things are equal/ are kept constant, what will happen to demand of a
good if its prices increase?
the quantity a buyer will purchase = the quantity demanded
When other things are equal, if the price of a good increases its quantity demanded will
decrease.
When other things are kept constant, if the price of a good decreases its quantity demanded will
increase.
In other words, the price and the quantity demanded of a good are negatively related.
4. What is supply?
Supply refers to all possible quantities of a good or a service that sellers are willing and able to
sell at all possible prices.
5. What is quantity supplied?
Quantity supplied is a particular quantity of a good or a service that sellers are willing and able
to sell at a particular price.
6. When other things are equal, what will happen to supply of a good if its prices
increase?
When other things/ influences are equal, if the price of a good increases its quantity supplied
will increase, and vice versa.
In other words, the price and the quantity supplied of a good are positively related.

Economists call factors other than the price of the specific good that influences how
much a buyer purchases the shift factors of demand such as society’s income, prices of other
goods, expectations, and tastes
To call sth1 + sth2: gọi cái gì là gì
Sth1 = factors other than the price of the specific good that influences how
much a buyer purchases
Sth 2 = the shift factors of demand

7. What are shift factors of demand? Give examples.

the shift factors of demand such as:
+ society’s income (thu nhập quốc dân: incomes of persons, businesses, or governments)
+ prices of other goods
+ expectations of buyers
+ taste
8. What are shift factors of supply? Give examples.
9. What will happen to demand of a good if one of the shift factors increases or decreases?/
How do shift factors influence/ affect demand of a good?
10. What will happen to supply of a good if one of the shift factors increases or decreases?
VOCABULARY
How much a buyer wishes to purchase/ how much a buyer purchases = quantity demanded
- Khái quát chung:
+ a/an + danh từ số it
+ Không có mạo từ “zero article” + danh từ số nhiều/ không đếm được
Call sth + sth: gọi cái gì là gi
Influence (v) sth = have influence on sth = affect sth
Influences = influencing factors
All other possible influences (n): tất cả những yếu tố tác động có thể khác
= shift factors = non-price factors = shifters
Shift (n) sự dịch chuyển
Shift (v) dịch chuyển
Move (v) di chuyển - movement (n) sự di chuyển
We (chủ ngữ) must be able to illustrate (động từ) on our model how influences other than
price, called shift factors, affect decisions to buy.
S + V + O + Adv
Illustrate sth: minh họa cái gì / điều gì
influences other than price, called shift factors, (chủ ngữ) + affect (động từ) decisions to buy.
Illustrate (v): to show the meaning or truth of something more clearly, especially by giving
examples: chứng minh cho điều gì
- The lecturer illustrated his point with a diagram on the blackboard.
- This latest conflict further illustrates the weakness of the UN (United Nations).
- The exhibition will illustrate how life evolved from water.
Hold/ keep sth constant: giữ nguyên cái gì/
Shift factors of demand: yếu tố ngoài giá/ yếu tố phi giá của cầu
Society’s (national) income = incomes of individuals and firms and governments (GDP)
Model (n) mô hình: something that a copy can be based on because it is an extremely good
example of its type:
The educational system was a model for those of many other countries.
The developer plans to build a model community on the site.
They created an education system on the European model.
To model (v) mô phỏng
As = when
To result in sth = to cause sth: tạo ra cái gì: to cause a particular situation to happen:
- The fire resulted in damage to their property.
- Icy conditions resulted in two roads being closed.
Cause sth: gây ra cái gì
Cause sbd to do sth: khiến cho ai đó làm gì
Cause sth to do sth
Schedule (n): lịch trình/ thời gian biểu / an official list of things (bảng/ biểu của cái gì đó)
- a schedule of business expenses: bảng (liệt kê) chi tiêu của doanh nghiệp
if higher incomes cause the buyers of a specific good to be willing and able to buy more at
various prices, this event is expressed as an increase in demand and is modeled as a shift of the
demand curve to the right
Demand
- What will happen to demand of a good / how does demand of a good change if national
income increases? How to illustrate this change in a graph?
If national income increases, it means that individuals and firms have more money, they tend to
spend more, then aggregate demand of a good will increase. This is illustrated in a graph as a
shift of the whole demand curve to the right.
If national income decreases, it means that individuals and firms have less money, they tend to
spend less, then aggregate demand of a good will decrease. This is illustrated in a graph as a
shift of the whole demand curve to the left.
If prices of substitute goods of a particular good decrease, consumers tend to buy more
substitute goods instead of the particular good, so demand of that particular good will decrease.
This is illustrated in a graph as a shift of the whole demand curve to the left.
When the advertising campaign of Vinamilk is successful, the aggregate demand of Vinamilk’s
products increase. This is illustrated in a graph as a shift of the whole demand curve to the right.

Shift factors on demand

For example, because of disease caused by covid 19, social distancing causes the demand for
petrol/ clothes/ travelling/ … to decrease. Illustrated in a graph, the whole demand curve shifts
to the left.
Shift factors on supply
For example, when the government imposes higher tax rates on imported cars, prices of these
cars will be higher, and the imported cars will be less competitive, then importing companies
tend to import fewer cars, the supply curve will shift to the left.
High technology can help companies to produce more goods and services, so the aggregate
supply increase. This is illustrated in a graph as the shift of the whole supply curve to the right.
A change in one of shift factors causes the whole demand curve/ the whole supply curve to shift
to the right or to the left.
- To cause sth/sbd to do sth
- To cause + sth
NOTE:
3 main ideas of Unit 5
 The influence of price on demand/ supply
 The influence of shift factors (shifters, non-price factors) on demand and supply
 The influence of demand and supply on price.

- A change in price of a good causes the movement along the same demand curve/ or the
same supply curve in the graph.
- Sự thay đổi của giá tạo ra sự thay đổi của lượng cầu hay lượng cung
A change in price of a good causes changes in quantity demanded or quantity supplied
- A change in one of shift factors causes the shift of the whole demand curve/ the whole
supply curve to the left or to the right in the graph.
Sự thay đổi của một trong những yếu tố phi giá tạo ra sự thay đổi của cầu hay cung.
- A change in one of shift factors causes a change in demand or supply.
- If demand of a good increases, its prices will increase; If supply of a good increases, its
prices will decrease.