1. What are the concepts of resources/ economics/ well-being?

- resource (n): an economic or productive factor required to accomplish

an activity, or as means to undertake an enterprise and achieve desired
outcome - nguồn lực.
- economics (n): The social science that deals with the production,
distribution, and consumption of goods and services and with the
theory and management of economies or economic systems - kinh tế
học
- well-being (n): a good or satisfactory condition of existence; a state
characterized by health, happiness, and prosperity; welfare; SỰ
THỊNH VƯỢNG

2. What do the theories by A. Smith/ K. Marx/ J. Keynes indicate?

- Adam Smith? It is the Classical School. It says that because of their
own interests, people produce goods and wealth that benefit all
society.
- Karl Marx? It is Marxism. Marx believed that owners' exploitation of
labor leads to social unrest and class conflict, so laborers should own
and control means of production, in order to ensure the social and
economic stability.
- Keynes? It is Keynesian School. The theory of Keynes describes how
governments use macroeconomic policies to regulate the economy,
ensuring the social and economic stability.

3. Free market economy/ Planned economy/ Mixed economy

- Market economy is an economic system in which the market is
supposed to be regulated by the law of supply and demand. Business
firms compete freely. Direct government intervention is theoretically
ruled out although the government influences the economic situation
through its fiscal and budgetary policies.
- A planned economy is an economic whereby the structure of market is
deliberately planned by the state. Production and consumption quota
are fixed beforehand. There is no real competition between industrial
and commercial organizations. Means of production and channels of
distribution are state controlled.
- A mixed economy is an economic system in which some goods and
services are produced by the government and some by private
enterprises. It lies between free market economy and planned
economy.
4. What is the major conflict in economies? (The conflict between limited
scarce resources and limitless social demand)
- LIMITED RESOURCES
+ Save resources, use them effectively, limit risk, waste and loss.
+ Raise both quality & quantity of resources (train labour, apply
modern technology, attract FDI, improve management skills...)
- LIMITLESS DEMANDS
+ Be aware of the actual state (interest, strength, weakness,
potential...) to set feasible objectives & targets
+ Choose the most important needs & wants in a particular period,
focus resources to reach them

5. How to use resources effectively?

6. How are resources allocated in different economic systems?
7. Trade-offs?
- Trade-offs: exchanges involving the people's choices and uses of their
resources to maximize benefits.

8. How are trade-offs made by consumers (Consumer theory), by workers

and by firms (The theory of the firms)?
- Consumers have limited incomes so they must make some trade-offs.
They trade off the purchase of more of some goods with the purchase
of less of others. They also trade off current consumption for future
consumption.
- Workers face the limited number of hours in a week so they must
make some trade-offs. Firstly, they trade off working now with
continued education. Secondly, they trade off the choice of
employment: working for large corporations or small companies.
Lastly, they trade off labor for leisure.
- Firms face the limited budgets and technical know-how so they must
make some trade-offs. They trade off producing some certain kinds of
products instead of the others. In addition, if companies want to
produce more, they trade off hiring more workers, building new
factories, or buying more machines Các công ty phải đối mặt với ngân
sách hạn chế và bí quyết kỹ thuật nên họ phải thực hiện một số đánh
đổi. Họ đánh đổi việc sản xuất một số loại sản phẩm thay vì những
loại sản phẩm khác. Ngoài ra, nếu các công ty muốn sản xuất nhiều
hơn, họ sẽ đánh đổi việc thuê thêm công nhân, xây dựng nhà máy mới
hoặc mua thêm máy móc.
9. Roles of prices? Roles of markets?
- ROLE OF PRICES
+ Decide choices and trade-offs made by consumers, workers and
firms (give examples...)
+ Adjust quantity which is demanded and supplied on the market
- CENTRAL ROLE OF MARKETS
+ Link buyers and sellers, supply and demand...
+ Determine prices
+ Play important role in allocation of scarce resources in the economy

10.2 majors macroeconomic policies? Their differences?

- the two major policies of macroeconomics are: fiscal policy and
monetary policy.
+ Fiscal policy is government policy relates to the Government's
revenue and spending, and the Ministry of Finance controls it. The
main tools of fiscal policy are government spending and taxation.

+ Monetary policy is government policy relates to the nation's money

supply and the Central bank controls it. The main tools of Monetary
policy are reserve requirement, discount rate and open market
operation.

11.Differences between microeconomics and macroeconomics?

- There are some differences between microeconomics and
macroeconomics. Firstly, microeconomics studies individual and
business decisions while macroeconomics looks at higher up country
and government decisions. Secondly, microeconomics focuses on
supply and demand and other forces that determine the price. On the
other hand, macroeconomics centers on economy-wide phenomena
such as GDP, national income, inflation, etc. Lastly, microeconomics
takes a bottoms-up approach while macroeconomics takes a top-down
approach.

12.Difference between demand & quantity demanded (supply & quantity

supplied)
- DEMAND
+ Quantity of goods or services buyers are willing and able to buy at
various acceptable prices in a period of time
+ Demand is represented by the whole demand curve
 + Changes of shift factors cause changes of demand, which is modeled
by the shift of the demand curve to the left or the right
- QUANTITY DEMANDED
+ Quantity of goods or services buyers are willing and able to buy at a
certain price in a period of time
+ Quantity demanded is represented by a point on the demand curve
+ Changes of prices cause changes of quantity demanded, which is
modeled by the movement along the demand curve

- Supply is the quantity of goods and services that sellers are willing
and afford to sell at various prices.
- Quantity supply is the quantity of goods and services that sellers are
willing and afford to sell at certain price.

13.Demand curve/supply curve; Explain relation between price & quantity

demanded / relation between price & quantity supplied
- Demand curve is the downward curve in the chart which describe the
inverse relationship between the price and quantity demanded.
- Supply curve is the upward curve in the chart which describe the
direct relationship between the price and quantity supplied.
- Equilibrium: When demand curve and supply curve intersect, we have
equilibrium. → Equilibrium is a situation of the market in which the
quantity demanded is equal to quantity supplied.

- Relation between prices and quantity demanded/quantity supplied?

+ If the prices increase, the quantity demanded will decrease. The
prices couldn't affect demand but affect the quantity demanded.
+ If the price increase, the quantity supplied will increase. The prices
could affect supply but affect the quantity supplied.

14.Shift factors of demand / Shift factors of supply; Example? Their effects

- Shift-factors of demand are society's income, prices of other goods,
expectations and tastes. For example, if society's income is higher,
people (buyers) are willing and able to buy more at various prices.
Therefore, demand will increase and the demand curve will shift to the
right. On the other hand, if society's income is lower, people are
willing and able to buy less at various prices. So demand will decrease
and the demand curve will shift to the left
 - Shift-factors of supply are prices of inputs, technology, taxes, and
suppliers' expectations. For example, if prices of inputs are higher,
producers are willing and able to produce less at various prices.
Therefore, supply will decrease and the supply curve will shif to the
left. On the other hand, if prices of inputs are lower, producers are
willing and able to produce more at various prices. So supply will
increase and the supply curve will shift to the right

15.Relation between S & D: Equilibrium point; Excess demand; Excess

supply