Welcome to

Economics
WA-10

⚚Eduardo A. ✮ Cortez A.☥

 Lesson 14

Global economy - Role of Key Participants and

Dependence of
participants on each other + Vn Economy
⚚Eduardo A. ✮ Cortez A.☥
HOUSEHOLD
SECTOR<=>BUSI
NESS SECTOR
EDUARDO AGUSTIN CORTEZ AGUIRRE
Lesson 14
17.1 Participants in the Australian Economy;
Vietnam Economy
 DEVELOPING YOUR
UNDERSTANDING 17.2
Read the extract and answer the
questions below.

But irst…

• Have you ever seen a robot in real life?

What it was doing?

• How robots can help the economy of

Australia or any other country?

• What are the bene its and downsides of

the developing of robotics in our
civilization?

Source: 17.3 Extract based on the article ‘Robots won’t end manufacturing jobs but will change them, says
productivity report’
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 DEVELOPING YOUR UNDERSTANDING 17.2
READ THE EXTRACT AND ANSWER THE QUESTIONS BELOW.

Robots will not take over manufacturing jobs but will enhance future
employment opportunities, according to a report on production in
Australia. As demand for workers with a higher level of skills increases,
some workers will ind themselves at risk of losing their jobs. Traditional
jobs will change and people will start to complete jobs with fewer
repetitive tasks and more ‘high value’ tasks instead. New technologies in
mechanical and electrical manufacturing will mean that workers will need
to operate and manage computerised machinery and equipment. This
means that some workers who do not have the necessary skills may ind
themselves unemployed. The report also warned that Australia was behind
other countries in linking education and employment. It also stated that
there needs to be deeper connections between manufacturing and
universities to supply skilled graduates with the expertise to ensure that
industry is able to remain viable.
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 DEVELOPING YOUR UNDERSTANDING 17.2
ANSWER THESE QUESTIONS!

1) Suggest why the use of robotics in

manufacturing industry has changed people’s
work.

2) The report has found that Australia will need to

have more skilled workers. Explain why
businesses, TAFEs and universities need to work
together on this.
 WHAT IS YOUR ADVICE TO FUTURE
GENERATIONS AND YOUR OWN GENERATION
TOWARDS THE PERILS (DANGERS) THAT A.I.
AND ROBOTS ARE BRINGING TO OUR SOCIETY?
 wd4lu46

Activities For A Better - REMEMBER - EXPLAIN

Learning - DISCOVER - THINK -

 RESEARCH 17.1
VIETNAM + GLOBAL ECO

Visit a job- inding website such as VietnamWorks (

) or SEEK (www.cambridge.edu.au/
hass9weblinks) and research two jobs in the manufacturing sector.

1.- List the job titles.*

2.- Outline the skills and qualities required.*

3.- Create your own job advertisement for an opportunity in the

manufacturing sector. List all the job prerequisites and desired
qualities.*

4.- Calculate a suitable salary for your job description.*

* To be done on a pice of paper with your name, class, and date on it!
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 Chapter summary
• There a number of participants in the Australian economy including workers,
businesses, consumers and government.
• The economy can be divided into primary, secondary, tertiary, quaternary
and quinary sectors.
• Goods and services are created by producers for consumers.
• These are made by combining economic resources known as the factors of
production.
• Resources include land and raw materials, utilities, labour, capital resources
and entrepreneurial resources.
• Governments make decisions about what will be produced, how to produce
and who will receive the finished products.
• Government decisions regarding the economy will vary according to the
economic belief and philosophy of the government.
EDUARDO AGUSTIN CORTEZ AGUIRRE
 Chapter summary
• Governments will change budgetary or fiscal policy to stimulate or
contract the economy.
• Up until the 1950s more than one-third of Australian exports came
from sales to the United Kingdom. Since the 1960s this has changed.
• There is increased trade within the Asia-Pacific region (APEC).
• Australia’s main trading partners include China, Japan, the United
States and the Republic of Korea.
• 2014 saw a number of free trade agreements signed by Australia
and Japan, Korea and China.
• Global issues such as economic events and natural disasters affect
the Australian economy.

EDUARDO AGUSTIN CORTEZ AGUIRRE

Lesson 14
17.1 Participants in the Australian Economy;
Vietnam Economy
 VIETNAM
ECONOMY
GROWTH - HOPE - MOVEMENT

Walking around in the streets of any major city in Vietnam,

you can feel the boundless energy all around you.

People whiz by on scooters, buy and sell everything from

phones to food in the countless small shops, and run to
and fro to get to school or work. Viet Nam is young,
growing, and anything feels possible.

It wasn’t always like this. A mere 30 years ago, the country

was one of the poorest in the world. How did this
southeast Asian nation grow to become a middle-income
country?
Eduardo A. Cortez A.
 VIETNAM
ECONOMY
GROWTH - HOPE - MOVEMENT

When the 20-year Viet Nam War ended in 1975,

Viet Nam’s economy was one of the poorest in
the world, and growth under the government’s
subsequent ve-year central plans was anaemic.

By the mid-1980s, per capita GDP was stuck

between $200 and $300. But then something
changed. In 1986, the government introduced
“Đổi Mới”, a series of economic and political
reforms, and steered the country to becoming a
“socialist-oriented market economy”.
Eduardo A. Cortez A.
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VIETNAM
ECONOMY
GROWTH - HOPE - MOVEMENT

• What are the two main reasons for

the growth of the Vietnamese
economy according to the video?
• What percentage of growth Vietnam
has seen every year since the 90’s ?
• What percentage of the VN
population lived in poverty in 1993?
• What percentage of the VN
population lives in poverty
nowadays?
EDUARDO A. CORTEZ A.
TAKE PREFERRED METHOD: CORNELL METHOD

NOTES! GROWTH - HOPE - MOVEMENT

VIETNAM
ECONOMY
GROWTH - HOPE - MOVEMENT

• What are the two main reasons for

the growth of the Vietnamese
economy according to the video?
• What percentage of growth Vietnam
has seen every year since the 90’s ?
• What percentage of the VN
population lived in poverty in 1993?
• What percentage of the VN
population lives in poverty
nowadays?
EDUARDO A. CORTEZ A.
VIETNAM ECONOMY
Today, Viet Nam is one of the stars of the emerging markets
universe. Its economic growth of 6-7% rivals China, and its exports
are worth as much as the total value of its GDP.

Anything from Nike sportswear to Samsung smartphones are

manufactured in this ASEAN nation.

Viet Nam’s economic rise can be explained by three main factors:

First, it has embraced trade liberalization with gusto.

Second, it has complemented external liberalization with domestic

reforms through deregulation and lowering the cost of doing
business.

Finally, Viet Nam has invested heavily in human and physical

capital, predominantly through public investments.
EDUARDO A. CORTEZ A.
VIETNAM ECONOMY
• The economic growth was fairly inclusive. According to
the World Economic Forum’s Inclusive Development
Index.
• Viet Nam is part of a group of economies that have done
particularly well at making their growth processes more
inclusive and sustainable.
• Women too, fared better. Their employment rate is within
10% of that of men, notes the World Bank, and women-
led households are less likely than those led by men to
be poor, although inequalities remain.
 wd4lu46

Activities For A Better - REMEMBER - EXPLAIN

Learning - DISCOVER - THINK -

VN Economy - Analyse & Create

 ACTIVITY
VN Economy - Analyse & Create

• Analyse your notes taken from the

information given to you throughout this
lesson.
• Then create a table where you will outline the
ive sectors or industries that participate in
the Vietnamese Economy.
• Now, you will de ine each sector (2-3
sentences) and identify an example(s) that
its to that particular sector.
• The example(s) has/have to be a real and
relevant company or business that operates
in Vietnam.
• Remember to outline the most representative
businesses of each sector in Vietnam.
EDUARDO A. CORTEZ A.
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 ACTIVITY ~ CHECK
VN Economy - Analyse & Create

• Analyse your notes taken from the information

given to you throughout this lesson.
• Then create a table where you will outline the ive
sectors or industries that participate in the
Vietnamese Economy.
• Now, you will de ine each sector (2-3 sentences)
and identify an example(s) that its to that
particular sector.
• The example(s) has/have to be a real and relevant
company or business that operates in Vietnam.
• Remember to outline the most representative
businesses of each sector in Vietnam.
EDUARDO A. CORTEZ A.
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 WRAP UP - VIETNAM ECONOMY
• With the appetite for globalization on decadence in many
parts of the country, Viet Nam looks particularly vulnerable, as
the Financial Times reported earlier this year. Its exports are
worth 99.2 per cent of its GDP, and as shown previously, much
of its success is based on foreign investment and trade. As an
emerging market, it may also fall out of favor as a place to
invest in because of the strengthening dollar.
• But for now, Viet Nam looks to pro it from rather than be hurt
by increasing global trade tensions. Although the US has
backed out of the Trans-Paci ic Partnership, its antagonism so
far has had a greater impact on China than on Viet Nam. The
US government slapped imports on hundreds of billions of
dollars’ worth of Chinese products, which has led companies
with a manufacturing site in China to consider relocating to
countries like Viet Nam. EDUARDO
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 VIETNAM ECONOMY
- Conclusions -

• Even if Viet Nam does get hurt by increasing Western protectionism, it can still
count on its own burgeoning middle class to deliver the next boost of growth.
• Both domestic and international retailers are eyeing rapid expansion in the country,
as more and more people gain the purchasing power to consume goods and
services.
• It may mean that one day, instead of the hustle and bustle of small shops and
scooters, Viet Nam will be characterized by large sustainable cities and electric
powered transportation. But for now, Viet Nam is growing, at its own pace.

EDUARDO A. CORTEZ A.
 ACTIVITY TIME ~ VN ECONOMY

‣ Answer the following questions:

A. What do you think about the FDI laws in Vietnam?

B. What is your point of view about globalisation and

Vietnam?

C. In your opinion, what economic sector should be

empowered the most and how? Justify your
answer.

★ Each question should be answered in, at least, 3 sentences.

★ Use as many vocabulary words as possible in your answers.
 Fin

References:
Harack B. Economics: Key Terms and Definitions, 2010. Retreived from https://www.visionofearth.org/news/economics-key-
⚚ Eduardo A. ✮ Cortez A. ☥
References:
• Harack B. Economics: Key Terms and Definitions, 2010.
Retreived from https://www.visionofearth.org/news/economics-
key-terms-and-definitions/