Welcome to
English Reading in Business
To upgrade your English reading skills in business To review the fundamental knowledge in business
Arrangement of the teaching process

  1. Case analyses
  2. Illustrate the relative knowledge of business
  3. Reading practice in business (based on the materials of textbook)
  4. Review the terms of business
Grade Evaluation
? Exams: Final 70% (Based on lecture notes and the text) ? Class activity and your attendance for each class is required: 30%
Think out as many words, phrases or expressions as possible about business from the event of Toyota’s Toyota’ recalls. What is Toyota? Toyota? Company/firm/enterprise Brand Product Market
People or Organizations Engaged in Business: Company, firm, enterprise, joint-venture, jointcorporation, individual company, collective factory, private company, conglomerate 集团企业, 集团企业, CEO, manager, merchant, salesman, businessman; Places to Conduct Business Activities: Market, department store, supermarket, stock exchange, hotel, restaurant, bank; Other Terms Frequently Used in Business Operation: Sell, buy, goods, order, profit, interest, invoice, check, bill, consumer, customer.
What is Business?
Business is the human activity related to material things. It is necessary for civilization. Business is the activity of producing and distributing goods and services.
The Nature of Business
Business is the human activity related涉及 to material things. 涉及 It is necessary for civilization. It is found in all societies, even the simplest ones. Business may include the production of goods: Making airplanes, building buildings, and constructing构成 paper boxes are examples of production. It 构成 can also provide the financing 理财融资 for these activities. Lending money, trading stocks股份 股份and bonds有息债券 and 有息债券, 股份 有息债券 selling insurance保险 保险policies relate to the securing获得 of 保险 获得 capital资本 资本for business activities. Other forms of business 资本 include merchandising买卖 , which is the selling of products, 买卖 and providing various services, such as accounting会计 会计, 会计 distributing分发 , and repairs. Business, then, is the activity 分发 of producing and distributing goods and services.
The outline of the course



Business and economy ?? Business sectors and Industries ? ? Companies (CSR and Business Ethics) Marketing (Marketing strategy/ Integrated Marketing/ direct marketing/ positioning/ personal selling/ AIDA/FABV/SWOT/Branding/ 4Ps) 4Ps) HRM (Jobs and Career)


Finance ( banking / foreign exchange) Business Environment (economic /political/ legal/ socio-cultural/ sociotechnological/ financial/ information/ internal) Accounting (tax) IT/ EC/ Logistics Business Law/ International trade International Business ( modes/ globalization/Internationalization/ GATT/WTO/ level of economic integration / The triad/ outside the triad/
Chapter 1 Business and economy
? Social science concerned with the production, distribution, exchange, and consumption of goods and services.
Two fields of economics
理论基础: Basis of Theories 理论基础: ? Microeconomics微观经济学、 Microeconomics微观经济学 微观经济学、 ? Macroeconomics宏观经济学 Macroeconomics宏观经济学
Microeconomics微观经济学 Microeconomics微观经济学(Price 微观经济学(Price theory)
? 微观经济学(Microeconomics):以单个经 微观经济学(Microeconomics): (Microeconomics) 济单位作为考察对象, 济单位作为考察对象,研究单个经济单位经济 行为以及经济变量的个量是怎样决定与变动的 经济学分支学科,它只见树木,不见森林, 经济学分支学科,它只见树木,不见森林,是 虫瞰”(worm’s eye)。 谓“虫瞰”(worm s eye)。 ? producer 生产者 生产者??supply 供给 supply ? consumer 消费者 消费者??demand 需求 demand ? market structure 市场结构
Macroeconomics宏观经济 Macroeconomics宏观经济 学
? 宏观经济学(Macroeconomics):以整个 宏观经济学(Macroeconomics): (Macroeconomics) 国民经济总体作为考察对象, 国民经济总体作为考察对象,研究社会总体经 济问题以及经济变量的总量是怎样决定与变动 的经济学分支学科,它只见森林,不见树木, 的经济学分支学科,它只见森林,不见树木, 是谓“鸟瞰”(bird’s eye)。 是谓“鸟瞰”(bird s eye)。
History of economic thought
? The center themes: ? The more precious metals a nation had, the richer and more powerful it was. ? Encourage national self-suffiency self? the inspiration of several domestic polices: to keep wages low ? To increase population ? To avoid extravagances ? To encourage children to work at early ages.
The classical school
? Economists and the their works: ? Adam Smith Wealth of Nations ? Thomas Robert Malthus An Essay
on the Principle of Population ? David Ricardo Principles of Political Economy and Taxation ? John Stuart Mill Principles of Political Economy ? Jean-Baptiste Say Treatise on Political Economy (Say’s law)
The major principles:
? ? ? ? Private property Free markets Principle of competition To reconcile public benefit with individual pursuit of private gain by “invisible hand invisible hand”
Adam Smith and Wealth of
Nations ? The explanation of selfhow rational selffreeinterest in a freemarket economy leads to economic wellwell-being.
Thomas Robert Malthus and An Essay
on the Principle of Population(人口原理) Population(人口原理 人口原理)
? He is known for his dire warnings against overpopulation, Malthus did not oppose population growth per se. Rather, he opposed growth that would outstrip the food supply. He predicted that population would grow geometrically, while the food supply would increase only arithmetically, resulting in mass starvation.
David Ricardo and Principles of
Political Economy and Taxation 《政治经济学及赋税原理》 政治经济学及赋税原理》
? Diminishing-returns Diminishingin agriculture ? The Labor Theory of Value ? The Theory of Comparative Advantage
? Ricardo formulated the idea of comparative costs, today called comparative advantage. Comparative advantage is the main basis for most economists' belief in free trade today. The idea is this: a country that trades for products that it can get at lower cost from another country is better off than if it had made the products at home.
Comparative advantage and absolute advantage
? absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources.
? comparative advantage refers to the ability of a party (an individual, a firm, or a country) to produce a particular good or service at a lower opportunity cost than another party.
? Surplus value
Reports analyses

Animal breeding Automobile industry Textile Tourism Railway transport Construction industry/ real estate Computer service industry
Economics sectors
Primary sector (extraction of raw materials) (extraction Secondary sector (manufacturing ) (manufacturing Tertiary sector (services ) (services
Primary sector
The primary sector of the economy involves changing natural resources into primary products. products. Most products from this sector are considered raw materials for other industries. Major businesses in this sector include agriculture, agribusiness, fishing, agriculture, agribusiness, fishing, forestry and all mining and quarrying industries. industries.
Secondary sector
The secondary sector of the economy includes those economic sectors that create a finished, usable product: manufacturing and construction. construction. This sector is often divided into light industry and heavy industry. industry.
Tertiary sector
The tertiary sector is also known as the service sector or the service industry. The general definition of the tertiary sector is producing a service instead of just an end product. product. Sometimes an additional sector, the "quaternary sector", is defined for the sector", sharing of information (which normally belongs to the tertiary sector).
Sectors divided by ownership
public sector private sector voluntary sector
public sector
The public sector, sometimes referred to as the state sector is a part of the state that deals with either the production, delivery and allocation of goods and services by and for the government or its citizens, whether national, regional or local/municipal.
private sector
the private sector is that part of the economy which is both run for private profit and is not state. controlled by the state.
voluntary sector
NonNon-profit organizations are regarded as part of the voluntary sector
business sector
In economics, the business sector is a subset of the domestic economy excluding the economic activities of general government, government, private households, and households, nonprofit organizations serving individuals. individuals.
Forms of Business Ownership
Sole proprietorships /single proprietorship Partnerships (general partnership, limited partnership, and joint venture) Corporation ( private corporation / public corporation)
Business organization and structure
Specialization (专门化) (专门化 专门化) Delegation of Authority (委任授权) (委任授权 委任授权) Centralization (权力集中) (权力集中 权力集中) Departmentalization (部门化)?? (部门化 部门化) functional/ product / territorial /customer)
Sole proprietorship
Major advantage : Ease of starting and closing Direct control of business Greater motivation Almost unlimited secrecy Tax advantages Disadvantages: Unlimited liability Limited sources of funds Limited management and employee skills
Advantages: Ease of organization More special management Greater source of capital Incentive for key employees Disadvantage: Unlimited liability Short length of life Owner conflict Difficulties in withdrawing
Advantages: Limited liability Ease of transferring ownership Continuous life Ease of attracting capital Large size Disadvantages: Government regulations Higher taxes Lack of personal interest Lack of secrecy Rigid structure Difficulty in creating



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