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Key To Reading Hp1 k45
Key To Reading Hp1 k45
UNIT 1: ECONOMIC ACTIVITY
I. ORAL QUESTIONS
a. to earn a living (and to produce goods and services)
b. goods and services
c. services
d. a car and some service which helps him to maintain his car.
e. the sum-total of what people do and what they want.
f. what they need and the money with which
they can buy essential commodities. g.
essential commodities and services which
satisfy their basic needs,
and non-essential commodities and services which
provide their particular personal satisfaction II.
COMPREHENSION: TRUE or FALSE
a. True
b. False (Goods – not Services)
c. False (To make it TRUE, the word “respectively” should be
added at the end of the sentence Schools and hospitals
provide education and medicine, respectively)
d. False (manufactured)
e. True
f. False (An economic activity – not An economic system)
g. True
h. False (Economic system – not Economic activity)
i. True
j. False (They hope to earn enough money to buy….)
III. VOCABULARY
a. services b. example c. cars d. undertake
e. essential f. enough g. personal
V. SENTENCE STUDY
1. The terms are very good
2. Jim is choosing the bank loan
3. Jim has to pay over a period of five years
4. The number of foreign tourists to Japan increases every year.
5. At the moment they are working on many projects.
6. The messenger takes the packages everyday.
7. Next year Alison is going to apply for the business course.
8. Mr. Blake approved a pay rise for you at the meeting yesterday.
9. We decided to finance the new hotel in Cairo.
10. 25 percent of the international students study trade.
UNIT 2: THE SCIENCE OF ECONOMICS
I. ORAL QUESTIONS
a. a scientific study (according to the text)
b. the facts of our everyday lives
c. everyday lives and the general life of our communities
in order to understand the whole economic system of
which we are part.
d. to describe the facts of the economy in which we
live and to explain how it all works. e. strictly
objective and scientific.
f. food, clothes and shelter
g. all our material needs.
III. VOCABULARY
a. additional
b. characteristic
c. maritime
d. tastes
e. priority
f. sharply
g. quantity
h. falls
I. ORAL QUESTIONS
a. In some systems it is possible for an individual to bargain over
prices.
b. He/She is unable to change the prices of the commodities he
wants.
c. He/ She will go on buying a commodity on the condition that
he / she continues to be satisfied.
d. He shows that his satisfaction is still greater than his
dislike of losing money. e. With each successive purchase,
however, his satisfaction compensates less for the loss of
money.
f. He/ She will stop buying the commodity at the current price
when the financial sacrifice is greater than the satisfaction
of eating bananas.
g. The quality of the commodity remains unchanged.
h. The marginal utility of the commodity to the consumer has
changed.
i. The consumer’s desire tends to diminish.
UNIT 5: SUPPLY
I. ORAL QUESTIONS
a. They are goods that cannot be stored for any
length of time without going bad. b. The supply
of perishables and the stock of perishables
available at any time c. A rise in prices tends to
increase supply while a fall in prices tends to
reduce it. d. It encourages producers to make
more goods (Or: it encourages more production)
e. It causes a reduction in production.
f. It may cause them to go out of business completely (Or: It
may cause their bankruptcy) g. It can lead to a glut on the
market which may cause prices to fall sharply. h. There will
be changes in prices, resulting in changes in the quantity of
a particular commodity.
i. Household goods and furniture
j. It can be increased or decreased rapidly in response to market
prices.
B. PUNCTUATION
Non-perishable goods such as coal, steel, cars and
aeroplanes can be stored for considerable periods of
time without loss of value. This is not true, however, with
perishables which must be placed on the market as
quickly as possible. If they are not sold quickly, they will
deteriorate. If they deteriorate while in storage or in the
shops, both producers and distributors lose a large
amount of money. If there is a glut of certain
perishables, these commodities must be sold quickly
even if the selling price is too low for a satisfactory
profit.
II. COMPREHENSION
a. True
b. False – because it receives no fixed payment.
c. False - The economist is not interested in the
services which people provide for nothing. d. True
e. True
f. False – Economists say that the activities of farm
workers and nurses are very different. g. False – Labour in
the economic sense is also concerned with the payment of
wages in return for work in general (not to any particular
labour force).
h. False – he receives the surplus – not fixed payment.
III. WORD STUDY
A. Negative words
a. disability
b. displeasure
c. disagree
d. disobey
e. disengaged
f. disconnect
g. disqualify
h. discontinue
i. dispossess
j. discomfort
B. Adjectives from nouns
a. monetary
b. additional
c. basic
d. beneficial
e. commercial
f. capitalist
g. responsible
h. natural
i. local
j. major
k. minor
l. relative
KEY TO READING HP1 – K45
UNIT 8: CAPITAL
I. ORAL QUESTIONS
a. Profit is the surplus which accumulates as a result of
productive work.
b. He obtains his surplus after he pays the necessary expense of
his business and the wages of his employees.
c. He may be required to share it with others who have provided the
capital with which he started his business.
d. Most businesses need capital in order to start productive
work and the capital pays for the accomodation,
machinery and other items the business needs.
e. because the business may not be successful.
f. The employers and the providers of capital do.
g. The success of the business does.
h. The previous surpluses accumulated from the previous
business activities are used as the capital for new
businesses.
i. A certain part of the profits is ploughed back into the system
j. It is ploughed back in order to create capital.
k. machinery, cash, land, houses and shares
l. railways, docks, roads, airports and state funds of money
II. COMPREHENSION
A. True or False
a. False – Labour is work performed by for an employer at a
negotiated rate.
b. False – The surplus is obtained after the
necessary expenses of a business are paid. c.
True
d. True
e. False – The employees do not bear the risk
f. False – The capital (NOT the surpluses)
g. True
h. False – not in economic terms
B. Punctuation
There must always be people willing to bear the risk of new
business undertaking. In addition to simple risk bearing;
however; it is necessary to have people who will control and
coordinate the various factors of production. Such people
should decide the nature, the quantity and the distribution
of new products as well as bear the risk of success or
failure. Economists call the person who undertakes these
functions an entrepreneur. This term is French and means
one who undertakes something.
III. VOCABULARY - Substitute words
a. performed
b. accumulates
c. obtains
d. provided
e. risk
f. bear
g. justified
h. saving
i. previous
IV. WORD STUDY
a. He is not interested in house owning
b. He is interested in profit making
c. The company has decided on a profit sharing policy
d. The business of capital raising is sometimes difficult
e. The problem of good policy making is part of politics.
V. SENTENCE STUDY
1. Sales will increase if there is a good advertising campaign.
2. Fatal accidents will happen unless
workers observe safety regulations. 3.
There will be no new products if they
do not do any research.
4. Tourists will stay at a Ryokan if an excellent service is
provided.
5. They won't attract the best people unless they
offer better salaries. 6. The company can't charge
higher prices unless it upgrades the product. 7.
Send for a prospectus if you want more information
about courses at Central College. 8. There won’t be
a price war unless competitors enter the market.
9. Unit costs must be reduced if the
company rationalises production.
10. Labour costs won’t be lower
unless the factory install robots.
UNIT 9: MARKETS
I. ORAL QUESTIONS
a. It was a place where people gather to buy and sell goods.
b. It is a set of conditions permitting buyers and sellers to work
together.
c. It takes place among sellers of the same commodity.
d. It influences the prices prevailing in the market.
e. Competition, supply and demand
f. A market is created whenever people who are willing to sell a
commodity contact people who are willing to buy it.
g. They can communicate by letter, by telephone or through their
agents.
h. The lowest price seller will accept and the
highest which consumer will pay. i. The
ruling price indicates the point where supply
and demand meet.
II. COMPREHENSION
A. True or False
a. True
b. True
c. Câu này cần thêm: “and sellers”
“c) The competition between buyers and sellers of a commodity influences the
prevailing prices.”
False – NOT: “between buyers and sellers” – BUT:
“among sellers and among buyers” d. True
e. False – not only when buyers and sellers meet in person,
but also when they work through their agents”
f. True.
g. False – The highest price buyers will offer and
the lowest price sellers will accept. h. True
B. Arrangement of the sentences
c) Certain commodities have a wider market than others.
e) Durable goods, for example, have a far wider market than
perishable goods.
b) Commodities like these can be bought and sold and
stored without difficulty by people, who live far from each
other and from the sources of supply.
d) In addition, commodities which are easy to transport, safe
to handle and simple to grade are generally in universal
demand.
f) For this reason such goods are a good commercial
proposition simply because the risk of investing in
them is relatively low.
a) Finally, it is interesting to note that many buyers and
sellers never see the commodities which they buy and
sell.
III. WORD STUDY
a. vary
b. varied (= of many different types)
c. various (different)
d. variety
e. variation
f. variable (= likely to change often)
IV. SENTENCE STUDY
1
1. If Alison got the qualifications, she would change her job,
2. If she were young, she would apply for that job.
3. If they had some agents to distribute their products, they
would develop some kinds of sales net work there,
4. If they were provided with bank references, they
may check their new customer out. 5. If they changed
their sales approach, they would reach all their
potential customers, 2
1. We would be worried about his payment
unless he were a reliable customer. 2. We
can reduce the price unless it were a big
order.
3. They wouldn’t need to break into overseas markets
unless the home market were already saturated.
4. He couldn’t send you copies of all the invoices for your
records unless he were responsible for invoicing
customers,
5. They wouldn’t have to terminate the contract unless sales were
below target.
UNIT 10 – MONOPOLIES
I. ORAL QUESTIONS
a. Free competition and large numbers of sellers are not
always available in the real world. b. A monopoly is a
situation in which there may only be one seller or a very
limited number of sellers.
c. State monopoly, natural monopoly and legal monopoly.
d. Monopolies in steel and transport
e. They are examples of natural resources, the control over
which is called natural monopoly. f. They are permitted to
have a full monopoly over the sale of their own products.
g. “cornering the market”
h. The sole trading opportunities take place.
i. Anti-trust laws
j. The Monopolies Commission
II. COMPREHENSION
A. True or False
a. True
b. False – In theory practice, there are four kinds of
monopoly.
c. False - States always Some countries
monopolize important basic commodities. d.
False - Egyptian Canadian nickel is a good
example of a natural monopoly.
e. False – Cornering the market is quite legal illegal in the
USA.
f. False – The Monopolies Commission consider that it is
undesirable desirable to restrict business mergers.
B. Punctuation
Monopolies and similar arrangements may be referred in
Britain to the Monopolies Commission. Between 1948 and
1966 the commission presented some twenty six reports. The
government in 1965 passed a special act called the
monopolies and mergers act which reorganised and enlarged
the Monopolies Commission. It provides for the investigation
of services and mergers, especially newspapers mergers,
and improves and extends the government powers for taking
action. The action of the government is based on the
Monopolies Commissions reports.
III. VOCABULARY
a. numerous
b. limited
c. situation
d. distinguish
e. important
f. comparatively
g. borders
h. kind
i. permit
j. types
k. trading
l. illegal
m. restrict
n. examines
o. mergers
IV. WORD STUDY
a. science
b. capital
c. industry
d. monopoly
e. product
f. success
g. prestige
h. geology
i. nature
j. subject
V. SENTENCE STUDY
1. If the clerk had read the instruction, he wouldn’t have cut
his fingers when using the paper shredder.
2. If they had been satisfied with the contract terms, they
wouldn’t have renegotiated the contract. 3 If the workman
had hit a loose rail and fell, he wouldn’t have broken both of
his legs. 4. If the customers had paid, he wouldn’t have born
the risk.
5. If they had agreed to fix a commission at 15% on total sales, he
wouldn’t have refused to be a sole and exclusive agency for
them.
6. If there hadn’t been two errors in the invoice, they wouldn’t
have sent a letter of complaint to the supplier.
7 If there hadn’t been a great deal of damage to the goods,
they wouldn’t have got the surveyor to inspect the case.
8. If this consignment had been handled carefully, they wouldn’t
have forwarded the surveyor's report with a claim.
9. If they hadn’t needed to complete orders for two of their
major customers, they wouldn’t have asked the supplier to
ship the additional 8,000 pencils as soon as possible.
10. If Justin's hadn’t opened a new store in the shopping centre,
they wouldn’t have launched a grand opening sale to celebrate
the occasion.