UNIT 1: what is economics Flashcards
english for finance
Điều có thể chưa ai nói với bạn khi thi TACN1:
Dù mục tiêu của bạn là 5đ để qua môn hay 10đ thì bạn vẫn phải học hết. Sự khác biệt là nếu 5đ thì bạn ko cần nhớ kỹ chỉ cần nhớ nôm na ý thôi cũng được, còn 10đ thì yêu cầu phải nhớ chính xác câu trả lời chuẩn. Môn này ko học tủ được, học tủ khả năng lớn còn ko được nổi 2đ chứ đừng nói qua môn.
(Nếu không nghe thấy âm thanh, b kiểm tra giúp mình xem máy của b có đang ở chế độ im lặng hay rung ko thì chuyển về chế độ nhạc chuông nhé)
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summarize unit 1: What is economics.
(lưu ý: summary chỉ 3 điểm thôi, 7đ là trả lời câu hỏi. Đừng chỉ quá tập trung vào tóm tắt bạn nhé! Hãy nói như cách mình hướng dẫn để tiết kiệm thời gian cho cả cô và trò mà vẫn đạt điểm tối đa.)
I will summarize Unit 1. Unit 1 is about economics. In my opinion, There are 4 main ideas:
1. Firstly, it talks about the DEFINITION:
- Economics is the study of how people choose to use resources to improve their well-being.
2. Secondly, it mentions TWO MAIN TYPES OF ECONOMICS:
- MICROECONOMICS: focuses on the actions of individuals and industries.
- MACROECONOMICS: analyzes the economic activities of an entire country or the international marketplace.
3. Thirdly, it talks about 3 ECONOMICS THEORIES: +ADAM SMITH’S THEORY:
- he believed that people who acted in their own self-interest produced goods and wealth that benefited all of society.
- he believed that governments should not restrict or interfere in markets because they could regulate themselves, and thereby, produce wealth at maximum efficiency.
+MARXISM THEORY:
- He believed that labor exploitation leads to social unrest and class conflict.
- to ensure social and economic stability, he theorized that laborers should own and control the means of production.
+KEYNESIAN** **SCHOOL: describes how governments can act within capitalistic economies to promote economic stability.
4. Finally, it talks about THE BENEFITS OF STUDYING ECONOMICS:
- Through studying economics people and countries become wealthy.
- Studying economics can help one understand human thought and behavior.
(Nguồn tham khảo: tài liệu do Giảng viên Phạm Thị Thu cung cấp)
How many main ideas are there in Unit 1?
In my opinion, there are 4 main ideas:
- Firstly, it talks about the definition of economics.
- Secondly, it mentions 2 main types of economics: they are macroeconomics & microeconomics.
- Thirdly, it talks about 3 economics theories:
- Adam Smith’s theory,
- Marxism,
- and the Keynesian School.
- Finally, it talks about the benefits that people can get from studying economics.
what is the definition of economics?
economics is the study of how people choose to USE RESOURCES to IMPROVE their WELL-BEING.
What do resources include?
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.
what can be considered as IMPORTANT CHOICES?
(=What kind of important choices do people make?)
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.
what purpose do people use their resources for?
People use their resources TO IMPROVE THEIR WELL-BEING.
What does the term “WELL-BEING” mean?
well-being includes:
- the satisfaction people gain:
+from the products and services they choose to consume,
+from their time spent in leisure and with family and community as well as in jobs.
- the security and services provided by effective governments.
why does economics REVEAL THE WAYS PEOPLE AND GOVERNMENT BEHAVE?
Because economics is a DRIVING FORCE of human INTERACTION.
[Economics explains how people interact within markets to get what they want or accomplish certain goals.]-> có thể nói hoặc ko.
How many main types of economics are there?
(= What are two types of economics?)
there are 2 main types of economics: microeconomics and macroeconomics.
What does MICROeconomics study/ focus on?
-MICROeconomics: focuses on the ACTIONS OF INDIVIDUALS and INDUSTRIES, like the dynamics between buyers and sellers, borrowers and lenders.
what does MACROeconomics study/ focus on?
macroeconomics analyzes the economic activity of an ENTIRE COUNTRY or the INTERNATIONAL MARKETPLACE.
What can you learn from the economic theory of Adam Smith?
I can learn that:
- people who acted in their OWN SELF-INTEREST produced goods and wealth that BENEFITED ALL OF SOCIETY.
- and that government SHOULD NOT RESTRICT or interfere in markets because they could regulate themselves, thereby produce wealth at maximum efficiency.
what is the difference between the economic theory of Adam Smith and Marxism?
what does the recent economic theory of Keynesian School indicate?
It describes how governments can act within capitalistic economies to promote economic stability.
In general, how can people benefit from studying economics?
=How helpful is economics?
= Why do you choose to learn economics?
- Through studying economics people and countries become wealthy.
- Studying economics can help one understand human thought and behavior.
economic stability? (câu hỏi thêm ít vào)
a term to describe the financial system of a nation that displays only minor fluctuations/changes in output growth and shows a consistently low inflation rate.
How can governments act within capitalistic economies to promote economic stability?
- When the economy becomes STAGNANT: governments reduce taxes and increase government spending.
- When the economy becomes overly active: governments increase taxes and reduce spending.
what are economics relations?
they are are the dynamics between buyers and sellers, borrowers and lenders.
what is the economic problem?
It is the problem between unlimited wants and limited resources.
what does Marxism states?
it states that capitalism will eventually fail because factory owners and CEOs EXPLOIT LABOR to generate wealth for themselves.
What does the term “means of production” mean? or production factors or Factors of production.
They are INPUTS that are used in the production of goods or services including land, labor, capital, and entrepreneurship.
What is capitalism? (free talk, ít vào)
Capitalism is the economic system in which the means of production are privately held.
why do people have to make choices when using resources?
because of scarcity which means there are unlimited wants but limited resources. => So, people have to make choices when using resources to IMPROVE THEIR WELL-BEING.
Who are economists?
They are people who study economics.
