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English Department University of Languages and International Studies - VNU

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Country Studies Division

Khoa Anh - T t to Hc An IntroductionNcAmerican Studies

DIVISION OF COUNTRY STUDIES ENGLISH DEPARTMENT

for 3rd year students of English

by Dang Ngoc Sinh

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WEEK 4

U.S. Economy
DIVISION OF COUNTRY STUDIES ENGLISH DEPARTMENT Khoa Anh - T t Nc Hc

Dang Ngoc Sinh

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Outline 1. Free enterprise: Theoretical and and 1. Free enterprise: Theoretical historical background nd historical backgrou 2. Worlds leading producer 3. Budget deficit DIVISION OF COUNTRY STUDIES 4.ENGLISH deficit Trade DEPARTMENT Khoa Anh - T t Nc Hc 5. The Characteristics of American business Two Kinds of American Business Heroes
Dang Ngoc Sinh

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1. Free enterprise: Theoretical and historical background Adam Smith & U.S. Economy Mercantilism DIVISION OF COUNTRYProtectionism STUDIES
Khoa Anh - T Adam Smith t Nc Hc ENGLISH DEPARTMENT

Free trade the invisible hand laissez faire

Dang Ngoc Sinh

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laissez faire

1. US Economy
leave it alone: The government: individuals, American economy: motivated by a free enterprise self interest, system, which are allowed allows private to pursue business the profit freely, freedom to the result is operate for profit good for all with minimum of society government
Dang Ngoc Sinh

interference and regulation

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1. US economy
The role of the Government: - In 19th Century: minimum government intervention
ENGLISH DEPARTMENT - From 1930s, government regulation Khoa existsAnhmany areas of business in - T t Nc Hc DIVISION OF COUNTRY STUDIES

- Generally, the idea of free private enterprise is strongly supported

Dang Ngoc Sinh

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Distribution of family income Median family income, at least measured by standard statistics, was about the same in 1995 as it was in 1973 Kruman (1996) So the U.S. economy does not grow? Yes, but the matter is: the rich have become a great deal richer, while the poor have become significantly poorer Kruman (1996)
Dang Ngoc Sinh

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The world's most powerful economy

Dang Ngoc Sinh

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US Favorable Conditions

Natural resources Labor Manufacturing and investment

Dang Ngoc Sinh

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Natural Resources Rich in mineral resources and fertile farm soil. A moderate climate. Extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the continent, and the Great Lakes provide additional shipping access.
Dang Ngoc Sinh

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Labor The promise of high wages brings many highly skilled workers from around the world to the United States. The number of available workers and, more importantly, their productivity help determine the health of an economy.
Dang Ngoc Sinh

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Manufacturing and investment The corporation has emerged as an association of owners, known as stockholders, who form a business enterprise governed by a complex set of rules and customs. American investors and corporations have influence all over the world.
Dang Ngoc Sinh

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1. Free enterprise: Theoretical and historical background 2. Worlds leading producer 2. Worlds leading producer 3. Budget deficit 4. Trade deficit 5. The Characteristics of American business Two Kinds of American Business Heroes
Dang Ngoc Sinh

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Productivity High industrial and technological production Since 1971: a trade imbalance a shift in production of goods to the delivery of services U.S agriculture Challenges for the US agriculture
Dang Ngoc Sinh

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Main industries: Petroleum, Steel, Motor vehicles, Aerospace, Telecommunications, Chemicals, Electronics, Food processing, Consumer goods, Lumber, Mining

Dang Ngoc Sinh

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Worlds leading producer of goods and services Worlds leading industrial and technological products such as Aluminum, Copper and Sulphur Farming is highly merchandized and commercialized => produce 15% of the worlds food needs.

Dang Ngoc Sinh

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Major products are machinery, automotive products, aircraft and chemicals. Since 1971, the US has imported more than exported There is a shift in production from manufacturing to services

Dang Ngoc Sinh

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US Economic Sectors

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Changes in the Economic Sectors

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1. Free enterprise: Theoretical and historical background 2. Worlds leading producer 3. Budget deficit 3. Budget deficit 4. Trade deficit 5. The Characteristics of American business Two Kinds of American Business Heroes
Dang Ngoc Sinh

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What is budget deficit? The government spend more money than it takes in. Does it matter? Become a debtor Affect national savings.
Dang Ngoc Sinh

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1. Free enterprise: Theoretical and historical background 2. Worlds leading producer 3. Budget deficit 4. Trade deficit 4. Trade deficit 5. The Characteristics of American business Two Kinds of American Business Heroes
Dang Ngoc Sinh

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What is trade deficit?

The imbalance between exports and DIVISION OF COUNTRY STUDIES ENGLISH DEPARTMENT imports (payment for manufactured Khoa goods is Anh - T t Nc Hc much more than gaining from exports of manifactured goods).
Does it matter?

Job loss? Debt?

Solutions?
Dang Ngoc Sinh

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Dang Ngoc Sinh

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US Import Export balance

Dang Ngoc Sinh

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1. Free enterprise: Theoretical and historical background 2. Worlds leading producer 3. Budget deficit 4. Trade deficit 5. The Characteristics of American n 5. The Characteristics of America business business Two Kinds of American Business Heroes
Dang Ngoc Sinh

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The Characteristics of American business

DIVISION OF COUNTRY STUDIES ENGLISH DEPARTMENT Khoa Anh - T t Nc Hc

-American Business means private and profit -Businesses are directly or indirectly owned and operated by private individuals in order to make a profit
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Two Kinds of American Business Heroes

Entrepreneurs DIVISION OF COUNTRY STUDIES ENGLISH DEPARTMENT Khoa Anhthose Nc Hc - are - T t who built up great industries: steel, railroads, oil refining, etc. - They start with almost nothing and end up with virtually everything - They are everyones perfect heroes as they reflect the American dream in its purest meaning
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Organization man/woman

They run the businesses that are already established by others With have power and wealth, they are also models of success in US But they do not have a strong hero image as entrepreneurs.
Dang Ngoc Sinh

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Why are Entrepreneurs and Organization men/women American business heroes?
They reflect traditional American values: Competition, hardwork, individual freedom, self reliance, equality of opportunity, and wealth materials.
Dang Ngoc Sinh