BỘ TÀI CHÍNH

HỌC VIỆN TÀI CHÍNH

UNIT 1: MICROECONOMICS & MACROECONOMICS

TEAM 1

Tên thành viên: 10_ Bùi Quỳnh Hương _ CQ60/06.03CL

13_ Trần Thị Lê Na _ CQ60/09.02CL
02_ Nguyễn Thùy Linh _ CQ58/21.06CL
04_ Phạm Thành An _ CQ59/06.01CL
05_ Ứng Lê Thái Sơn _ CQ59/06.06CL

Giảng viên: cô Nguyễn Thị Hồng Hạnh

Năm 2023
UNIT 1: MICROECONOMICS & MACROECONOMICS
I. TOPIC QUESTIONS
II. MATCHING
III. MULTIPLE CHOICE
IV. TRANSLATION
V. LISTENING

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I. TOPIC QUESTIONS
READING 1:
1. What are resources of consumers? How do they allocate their resources?
2. What are resources of workers? How do they allocate their resources?
3. What are resources of firms? How do they allocate their resources?
ANSWER:
1. What are resources of consumers? How do they allocate their
resources?
Consumers have limited incomes. The consumer theory describes how
consumers 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.
2. What are resources of workers? How do they allocate their resources?
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, workers must trade off working now (and earning an
immediate income) with continued education (and the hope of earning higher
future income). 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.

3. What are resources of firms? How do they allocate their resources?

Resources of firms are human resources, financial resources, production
capacity, technology, management ability, reputation (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 to produce and for
whom to produce. For example, firms must decide whether to hire more
workers, build new factories or do both. Thus, the theory of the firm describes
how companies can best make trade-offs.
READING 2:
1. What does economics study?
2. What does microeconomics study?
3. What does macroeconomics study?
4. What are differences between microeconomics and macroeconomics?
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ANSWER:
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. All resources are
limited so consumers, workers and firms have to make trade-offs.
2. What does microeconomics study?
Microeconomic studies how consumers, workers, and firms can make the most
of their limited resources to produce goods and services in order to best satisfy
their demand. Thus, microeconomics studies the behavior of each consumer,
worker, and firm.
3. What does macroeconomics study?
Macroeconomic studies the economic activities of a country, international
marketplace. The goal of macroeconomics is to look at overall economic
trends such as employment levels, economic growth, balance of payments,
inflation and so on.
4. What are differences between microeconomics and macroeconomics?

MICROECONOMICS MACROECONOMICS

DEFINITION Studies decisions of Studies decisions of the

individual agents: consumers, economy as a whole: a
firms, workers national, regional, global
economy

CHARACTERISTICS Focus on Supply & Demand Centers on economy-wide

and other forces that phenomena interrelation
determine the price between factors in the
economy

II. MATCHING
1. Unemployment rate is the number or percentage of people in a country or
area who do not have jobs.

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2. Microeconomics is the part of economics concerned with single factors and
the effects of individual decisions.
3. Productivity is the rate at which a company or country makes goods,
usually judged in connection with the number of people and the amount of
materials necessary to produce the goods.
4. Interest rate are the interest percent that a bank or other financial company
charges you when you borrow money, or the interest percent it pays you when
you keep money in an account.
5. Monetary policy is the process by which the monetary authority of a
country controls the supply of money, often targeting a rate of interest for the
purpose of promoting economic growth and stability.

III. MULTIPLE CHOICE

1.__________ by increasing prices for imported goods and potentially
triggering retaliatory measures from trading partners.
A. diversification B. subsidies C. trade-offs D. efficiencies
2. ____________ is a branch of microeconomics that examines how
individuals make
decisions regarding the allocation of their limited resources to maximize their
utility.
A. Consumer psychology
B. Market equilibrium
C. Consumer theory
D. Production efficiency
3. The ____________ explains why consumers may buy more of a good when
its price falls, as it becomes relatively more attractive compared to other
goods.
A. Substitution Effect
B. Income Effect
C. Demand Elasticity
D. Market Equilibrium

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4. Economists use the theory of the firm to analyze the impact of various
factors, such as changes in market conditions or government policies, on a
firm's ____________and production decisions.
A. budget constraints
B. advertising strategies
C. pricing strategies
D. profit margins
5. Government policies that impose taxes on harmful activities like smoking or
pollution are designed to ____________ such behaviors and allocate resources
to more socially beneficial uses.
A. deter B. promote C. privatize D. monopolize
6. Firms often face a ____________ when deciding whether to invest in new
technology, as it requires significant upfront costs but can lead to long-term
efficiency gains.
A. cost-benefit analysis B. monopoly
C. specialization D. deregulation
7. In a free-market economy, the ____________ of markets is evident as they
determine prices, allocate resources, and guide production decisions.
A. scarcity B. centrality
C. sovereignty D. microeconomics
8. Ford's global expansion efforts may be ____________ by trade barriers and
tariffs imposed by different countries.
A. facilitated B. hindered C. enhanced D.
diversified
9. The distinction between microeconomics and macroeconomics is that
microeconomics examines ___________ economic units, whereas
macroeconomics looks at the economy as a whole.
A. Individual B. International C. Historical D.
Governmental
10. ___________ is a microeconomic concept that measures the additional
cost incurred when producing one more unit of a good or service.

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A. Utility B. Marginal cost C. Deflation D. Fiscal
policy

IV. TRANSLATION
Vietnamese to English
1. Kinh tế học vi mô là ngành kinh tế học xem xét hành vi của những
người ra quyết định trong nền kinh tế, chẳng hạn như cá nhân, hộ gia
đình và doanh nghiệp. Kinh tế học vi mô đối lập với việc nghiên cứu kinh
tế học vĩ mô, vốn xem xét toàn bộ nền kinh tế.
→ Microeconomics is the branch of economics that considers the behavior of
decision takers, such as individuals, households and firms. Microeconomics
contrasts with the study of macroeconomics, which considers the economy as
whole.
2. Chính sách tiền tệ bao gồm việc quản lý cung tiền và lãi suất, nhằm đáp
ứng các mục tiêu kinh tế vĩ mô như kiểm soát lạm phát, tiêu dùng, tăng
trưởng và thanh khoản.
→ Monetary policy includes the management of money supply and interest
rates, to meet the macroeconomic goals such as controlling inflation,
consumption, growth and liquidity.

English to Vietnamese
1. Fiscal policy can be expansionary when the government feels its
economy is not growing fast enough or unemployment.
→ Chính sách tài khóa có thể mở rộng khi chính phủ cảm thấy nền kinh tế
tăng trưởng không đủ nhanh hoặc thất nghiệp.
2. By increasing or decreasing the money supply, the central bank
indirectly influences interest rates, demand, output, growth,
unemployment and prices.
→ Bằng cách tăng hoặc giảm cung tiền, ngân hàng trung ương gián tiếp tác
động đến lãi suất, cầu, sản lượng đầu ra, tăng trưởng, thất nghiệp và giá cả.

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V. LISTENING
Part 1: THEMES OF MICROECONOMICS
Microeconomics explores limits and trade-offs in the allocation of scarce
resources. It examines how consumers can optimize their limited incomes,
workers can make choices about labor and leisure, and firms can allocate
resources for production. In planned economies like Cuba, North Korea, and
the former Soviet Union, government controls these decisions, limiting
flexibility and relevance of microeconomic concepts. In market economies,
consumers, workers, and firms have more choices and flexibility.
Microeconomics also emphasizes the importance of prices in guiding trade-
offs and describes how prices are determined through market interactions.
Part 2: Macroeconomics and Microeconomics
Macroeconomics provides an overview of a country's economy. It looks at
overall economic trends such as employment levels, economic growth, balance
of payments, and inflation. It is influenced by policies like monetary policy
and fiscal policy, which aim to promote economic growth and control
inflation.
Monetary policy is controlled by the Central Bank and involves regulating the
money supply to fuel economic growth. Fiscal policy, controlled by the
Ministry of Finance, involves government revenue and spending to influence
the economy.
The economy can also be influenced by fiscal policy, taxation, and
government spending. These factors impact a country's economic growth.
Microeconomics focuses on individual and business decisions, while
macroeconomics looks at higher-level country and government decisions. Both
fields are interdependent and complement each other.