【正文】 rket and mand.‖ Paul Samuelson 3. Why are there different types of economic systems? ※ because the differences in the historical background, the political, cultural and social system, the possession of resources. 4. Do the different types of economic systems all face the same basic economic problem? ※ Yes. 4. How do you define “market”? ※ A market is a mechanism by which buyers and sellers interact to determine the price and quantity of a good or service. 5. How many economic systems do you know? Explain them according to the following graph. ※ Traditional economies/ Command economies Market economies / Mixed economies 6. What does “freeenterprise system” mean? ※ An economic system characterized by private ownership of property and productive resources, the profit motive to stimulate production, petition to ensure efficiency, and the forces of supply and demand to direct the production and distribution of goods and services. The Three Fundamental Economic Problems ―Every human society – 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(jié)構(gòu) 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(fù)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(shè)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。 Monopolies。 petition。 specialization。 equality。 distribution by ratio。 barter system。 no national economy。 2. To master the basic knowledge of concerned subjects. 3. To acquire the ability to read and translate English business articles. 4. To improve listening and speaking ability. Book List ? 翟象俊主編： 《 經(jīng)濟學(xué)專業(yè)英語教程 1》 ，中國人民大學(xué)出版社， 1999 ? 沈志莉、吳尚義主編： 《 財經(jīng)英語教程 》 ，中國社會科學(xué)出版社， 2022 ?Paul A Samuelson amp。English Course for Economics and Trade PPT made by Lucy Xiao School of Economics CCNU Teaching Arrangement Teaching period: 19 weeks including the National Holidays。 32 class hours plus 2 for final revision and another 2 for final examination. Teaching target: 1. To grasp a fair number of business terms covering concerned business fields。 William D. Nordhaus: Economics, the 16th edition, China Machine Press, 1998 Contents Unit 1: Economic problems Unit 2: Economic – a surprising broad subject Unit 3: Money and Banking Unit 4: Organization of Business Unit 5: Government and Economy Unit 6 : Tax and Taxation Unit 7: International trade Unit 8: International Trade Policy Unit 9: International Competition Unit 10: MNCs versus National Authority Unit 11: Foreign Direct Investment Unit 12: International Settlement Unit 13: International Technology Transfer Unit 14： WTO Unit 1 Economics Problems Part 1 What Is Economics? ? Economics is often defined as the study of choice, which involves people and how they choose to use limited resources in an effort to satisfy people’s unlimited wants. The Division of Economics? *Microeconomics is the study of the individual parts of an economy, such as individual household and businesses. *Macroeconomics is the study of an economy as a whole, including such topics as unemployment, inflation and economic growth for the entire economy. ?Positive economics describes the facts of an economy. It deals with questions such as why do doctors earn more than janitors? Does free trade raise or lower wages for most citizens? What is the economic impact of raising interest rates? ?Normative economics involves ethical