VIP Class Notes (JJ)

(三) Match the following words and phrases (a-t) with their definitions
(1) Group one
a. empower   b. debit an account  c. cash flow   d. product range
e. career break   f. dual price  g. consumer profile  h. tax incentive 税收刺激/税收鼓励
i. balance of trade   j. cooling off period

(1)  Difference in value between a country’s imports and exports  i. balance of trade
(2)  A set of similar products made by a particular company – d. product range
(3)  The time when one can change his mind and cancel an order – j. cooling off period
(4)  Give employees a lot of control over their work   a. empower
(5)  Description of a typical customer   g. consumer profile
(6)  The pattern of income and expenditures of a company   c. cash flow
(7)  Period of time away from one’s job to, for example, look after one’s children
e. career break
(8)  Setting two different prices online and in shops for the same goods  f. dual price
(9)  Take money out of an account   b. debit an account
(10)  Low tax to encourage business activity   h. tax incentive

(2) Group two
(k) brand stretching 品牌扩张         (i) product endorsement 产品认可  (m) pre-tax profits 税前利润  (n) earnings per share  每股收益
(o) insider trading内线交易 (p) golden handshake 解雇费  (q) distribution centre  分销中心 (r ) auction house 拍卖行   (s) venture capital 风险资本  (t) joint venture  合资企业

11. a company’s profits divided by the number of its ordinary shares (n)
12. a new business that is started by two or more companies (T)
13. money paid to an employee who is forced to leave the company before the end of his or her service contract  (p)
14. using an existing name on another type of product  （k）
15. a large warehouse that receives goods from factories and suppliers and send them to shops/customers   (q)
16. the money a business makes before payment to the government  (m)
17. a company where things are sold to the person who offers the most money for them ( r)
18. money invested to start a new business (s)
19. the use of a well-known person to advertise products  ( I )
20. the crime of buying/selling shares in a company with the help of secret information about the company that is not available to the public  (o)
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(四) Blank filling
Fill in the following blanks (1-15) with the expressions given in the box. Change the form where necessary.

1.   I was not satisfied with the quality of the product, and asked for a___refund___.
2.   The entire manufacturing process has been__automated__.
3.   When they won the ___ franchise____ to operate outlets in the UK, they thought they would have a license to print money.
4.   The mobile phone market is becoming____saturated____.
5.   We offer a discount to customers who buy___in bulk_____.
6.   Aetna is the seventh foreign insurance company allowed to__underwrite__ insurance policies in China.
7.   A performance__benchmark__has been established for the team.
8.   We have tried to __forge__ closer links with our suppliers.
9.   As corporate raids in search of quality executives increase, companies are offering more “golden handcuffs” to_retain__ top-performing executives.
10. If the goods you require are_out of stock__, it means they are not available.
11. Is Canada’s foreign policy __aligned___ with that of the United States?
12. __Visionary__ leaders picture the future and help everyone in the organization to paint it.
13. If all goes to plan, our company will soon ___go public__ on Nasdaq.
14. Before long, Mattel, the company that makes the famous Barbie doll, had to _recall__ some of its products because of safety concerns.
15. He started a business eight years ago to serve a market __niche____ no one else was serving.

Passage One
What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the production of goods and services. They obviously cover a lot of ground; factories and farms, tools and machines, transportation and communication facilities, all types of natural resources and labor. Economic resources can be broken down into two general categories: property resources- land and capital-and human resources-labor and entrepreneurial skills.

What do economists mean by land? Much more than the noneconomist. Land refers to all natural resources that are usable in the production process: arable land, forests, mineral and oil deposits, transporting, and distributing goods and services. Capital goods differ from consumer goods in that the latter satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

The term labor refers to the physical and mental talents of humans used to produce goods or services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance).

Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall under the general heading of labor.

1.    What is the author’s main purpose in writing this passage?
A.    To explain the concept of labor
B.    To criticize certain uses of capital
C.    To contrast capital goods and consumer goods.
D.    To define economic resources

2.    In line 3, the author uses the expression “This obviously covers a lot of ground….” to indicate that____________.
A.    The factories and farms discussed in the passage are very large
B.    Economic resources will be discussed in great depth
C.    The topic of economic resources is a broad one
D.    Land is an important concept in economics

3.    When noneconomists use the term “land,” its definition_____________.
A.    Is much more general than when economists use it
B.    Is much more restrictive than when economists use it
C.    Changes from place to place
D.    Includes all types of natural resources

4.    Which of the following could be considered a capital good as defined in the passage?
A.    A railroad   b. money     c. a coal mine      d. human skills

5.    The skills of all the following could be considered examples of labor, as defined in the passage, EXCEPT_________________
A.    Artists and scientists    b. workers who produce services, not goods    c. office workers       d, entrepreneurs