【正文】 y – whether it is an advance industrial nation, a centrally planned economy, or an isolated trial nation – must confront and resolve three fundamental economic problems. Every society must have a way of determining what modities are produced, how these goods are made, and for whom they are produced.‖ Paul Samuelson What are the factors of production? Factors of production or economic resources include: ?Land, or natural resources in a broader sense. They are most limited. ?Capital, or capital goods that we used for the production of other goods or services, factories, machines, railroads etc. Labor, or human resources including all kind of work. Entrepreneurship can be defined as the of bining and anizing natural resources, capital goods, labor, assuming the risks of business failures, and providing the creativities and managerial skills necessary for production. Translate the following into English. 經(jīng)濟體系 經(jīng)濟結構 經(jīng)濟布局 經(jīng)濟命脈 經(jīng)濟蕭條 經(jīng)濟危機 經(jīng)濟效益 經(jīng)濟實體 經(jīng)濟制裁 經(jīng)濟模式 經(jīng)濟杠桿 經(jīng)濟復蘇 經(jīng)濟支柱 Economic system/ structure/pattern Economic lifeline/depression/crisis Economic effectiveness/entity/sanction Economic mode/leverage/recovery/pillar Translate the following into English. ? ?2. 建設有中國特色的社會主義 ?3. 國家發(fā)改委 ?4. 緩解供需矛盾 ?5. 經(jīng)濟過熱 ?6. 股市泡沫 Keys to the translation of the expressions 1. to maintain a good momentum of growth in national economy 2. to build the socialism with Chinese characteristics 3. the National Development and Reform Commission 4. to alleviate the disparities of supply and demand 5. overheated economy 6. bubble in the stock market Learn the following terms: economics, economic indicator, GDP, GNP, unemployment, inflation rate, interest rate, securities, recession, productive resources, productivities, raw materials, credit, deficit, bond, production, allocation, consumption, ration, capital goods, current assets, fixed assets, enterprise, goods, services, market economy, macro economics, microeconomics Questions for Thinking: 1. How do you understand the meaning of ―economic‖ in following expressions ? a. economic growth b. economic theory c. an economical use of her time d. economic goods‖ 2. Distinguish these terms: product goods services merchandise modities 3. Are capitalism and market economy the same thing or not? Why? Keys to the Questions 1. a. the system of production and management of material wealth。 b. relating to the science of economics。 c. using the minimum of time or resources necessary for effectiveness。 d. financially rewarding 2. product: a thing that is grown or produced for sale。 goods: (tangible) physical product to be sold。 cargo shipped by sea or air. services: (intangible) nonmaterial product to be sold。 merchandise: formal term for goods。 modity: a product or a raw material that can be bought and sold, especially between countries. ? 3. Capitalism is an economic system in which most industry is privately owned and production is motivated by profitseeking。 in other words the free market system, with economic decisions being made by the producers and consumers. Capitalism is more used as a term of politics while market economy is a term of economics. It is, in essence, a way in which resources are allocated. Lesson 2 Economics a Surprisingly Broad Subject Current Business Expressions 經(jīng)濟全球化和經(jīng)濟一體化 economic globalization and integration 進行雙邊、多邊區(qū)域經(jīng)濟合作 to carry out bilateral, multilateral and regional economic cooperation 按照國際慣例 according to international practice/conventions 與國際接軌 to gear oneself to the international conventions。 to be in line with the international conventions 國民經(jīng)濟整體運行狀況 the overall performance of national economy 持續(xù)、穩(wěn)定、協(xié)調(diào)發(fā)展 stable, sustained and coordinated development 擴大基本建設規(guī)模 to expand the capital construction Question 1 What is money? ※ 1. the official currency issued by a government or national bank 。 2. wealth measured in terms of money。 3. anything readily acceptable in exchange for goods or services. Lesson 3 Money and Banking Question 2 What are the functions of money? ※ Medium of exchange (payment) Store of value Measure of value Standard of deferred payment Question 3 What are the characteristics of money? ※ acceptability 。 portability。 durability Question 4 How many kinds of money do you know? ※ M1 includes currency and checking accounts。 ※ M2 includes M1 plus savings deposits, CDs (Certificates of Deposit), and money market funds。 Question 5 What are the functions of a bank? ※ a financial institution that accepts deposits and channels the money into lending activities. Learn before: Hire purchases: a procedure for purchasing goods under which the purchaser pays a deposit on receipt of the goods followed by a number of installments until the debt is cleared. The goods do not bee the property of the purchaser until the last installment has been Mutual funds: mutually owned funds invested in diversified securities. Shareholders are issued certificates as evidence of their ownership and participate proportionately in the earnings of the fund. 共同基金 。在國內(nèi)，共同基金的正式名稱為「證券投資信托基金」 Certificate of deposit: a document written by a bank or other financial institution that is evidence of a deposit, with the issuer’s promise to return the deposit plus earnings at a specified interest rate within a specified time period. 存單 Money market funds: A type of mutual fund posed of shortterm debt instruments. 貨幣市場基金 Central bank is the principa