CHAPTER I: THE MARKET ECONOMY
Unit 1: MARKET CAPITALISM
I. Level: Students - Intermediate level of English
II. Aims:
- Students can revise relative pronouns / adverbs and relative clauses
- Students can learn some vocabulary relating to market capitalism
- Students can master the nature of market capitalism
III. Time: 4.5 periods
IV. Aids:
- Textbook: English in economics and business
V. Procedure:
Time Teacher Students
2 mins
10 mins
1. Class settling
2. Warm-up
- Ask to elicit students:
+ When did Vietnam introduce open-market policy to the
economy?
- Introduce the content of the lesson
- Answer:
120mins
3. Lesson:
A. Reading comprehension
a. Pre-reading:
- Explains the words: “capitalism” and “market
capitalism”:
+ Capitalism:
+ Market capitalism
- Ask to elicit students:
+ What do you know about market capitalism?

inputs into outputs
of products and
services that they
sell to households.
Household sells
resources to firms
and purchases
outputs from them
+ Can you name some kinds of business firms? + Public Limited
Companies
b. Paragraph II:
- Ask students to find out the main idea of this paragraph
- State the main idea: Business firms and households are
interdependent
- Ask students to guess the meanings of new words in the
passage
- Read through the
paragraph and find
out the main idea of
this paragraph
- Guess the
meanings of words
+ To derive from:
Eg: She derives much pleasure from her studies
+ In turn :
Eg: The girls called out their names in turn
- Make some more
examples
+ Loan
Eg: I’m only asking for a loan-I’ll pay you back

- Guess the
meanings of new
words in the
paragraph
- Make some
examples
+ Assumptions:
Eg: We are working on the assumption that the rate of
inflation will not increase next year
+ Well-being:
Eg: He has a sense of spiritual well-being
+ Pursue:
Eg: The police pursued the stolen vehicle along the
motorway
+ Utility:
Eg: Do you know the utility value of a dishwasher?
+ Substitutable:
Eg: This pen is not substitutable for that one
- Elicit students to check their comprehension: - Give answers:
+ What do both households and business firms do through
market exchange?
+ They desire to
maximize their
economic well-
being through
market exchange.
Business firms
pursue profit
maximization and
households try to

1. F Business firms
and households are
interdependent of
each other
2. T Firms and
households are both
buyers and sellers
3. F Demand for the
resources depends
on the demand for
products
4. F Knowledge of
the market is
necessary for a
competitive market
5. F Firms organize
and coordinate
factors of
production to
produce outputs
30 mins
4. Grammar
- Present relative pronouns
Subject Object Possessive
For persons
Who
Eg: The woman
who is standing
over there is my
sister

is my wife
people who are
good with words
For things
Which
Eg: She works
for accompany
which makes
car
Which
Eg: The
diamond ring
which I
presented you
is very
expensive
Whose/of which
Eg: Mary is
looking after the
dog whose leg
was broken in an
accident
That
Eg: We saw the
actual spaceship
that landed on
the moon
That
Eg: He
doesn’t like

- Check answers with the whole class:
- Do the gap -
Filling exercise
- Give answers:
1. in turn
2. well-being
3. decision -making
4. assumptions
5. coordinate
6. substitutable
7. interdependent
8. assume
5
Time Teacher Students
9. purchase
10.derived
11.utility
12.transform
13.given
14.business firms
15.households
16.loan
17.pursue
5 min 5. Conclusion
- Summarize the main points of the reading
- Remind students of relative pronouns
- Ask students to practice at home
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UNIT 2: THE BASIC ECONOMIC PROBLEM
I. Level: students – Intermediate level of English

+ Sau khi giành được học vị thứ nhất, cô ta quyết định
tiếp tục học tập.
+ I grew up as part of a
great/large household
+ She decided to
pursue her studies after
obtaining her first
degree
+ Nhiều người thương hại thằng bé mà bố nó vào tù từ
tháng trước.
+ Many people were
sympathetic with the
boy whose father was
put into prison last
month.
- Ask some students to go to the board and write down
their translation
- Check answers with the whole class
- Write down their
translation.
- Check answers with
the whole class
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Time Teacher Students
100 min
3. Lesson:
A. Reading comprehension
a. Pre-reading:
- Ask students some questions: - Give answers :
+ What factors influence production? + Labor

Eg: She’s certainly made the best use of her
opportunities
+ Cộng đồng
+ Tận dụng
+ Term:
Eg: There are many scientific terms in this book
+ Means of production:
Eg: We use means of production as the input of the
productive process
+ Thuật ngữ
+ Phương tiện sản xuất
+ Volume:
Eg: He resigned from his present job because the
volume of his work was too great
+ Advantage (over sb)
Eg: He has the advantage of a steady job
+ Lượng
+ Lợi thế
+ Wasteful:
Eg: She pursues wasteful habits
+ Probably:
+ Lãng phí
+ Có lẽ
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Time Teacher Students
Eg: He’s late. He’s probably stuck in a traffic jam.
+ Crop:
Eg: Farmers treat the crops with fertilizer.
+ Mùa vụ
+ Pasture:

+ In which ways could land be used according to the
reading?
+ How should the community allocate its resources?
+ Why can’t we have as much of everything as we
want?
+ Most land could be
used for several
different crops, pasture
or building sites
+ It has to allocate
factors among different
industries in order to
produce what it want
most
+ Because factors of
production are limited
in amount
- Ask students to summarize the text:
The basic economic problem for any community is how
to make the best use of its means of production. They
should be used for any of several different purposes.
- Summarize:
- Translate the text:
The amount of factors of production influences the
volume of output. Therefore we have to allocate factors
among different industries to produce what the
community wants most.
c. Post – reading:
9
Time Teacher Students

passage to complete sentences
- Check answers with the whole class
- Correct the answers and give explanations
- Do the exercises
- Give answers:
1. prefers
2. terms
3. allocate
4. community
5. crop
6. wasteful
7. pasture
8. particular
9. probably
10.means of
transportation
11.factors
12.volume
13.advantage
14.assortment
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Time Teacher Students
40 min 4. Grammar:
Revision of comparison
- ask students to revise comparison:
- summarize the usage and the form of comparison
- Revise comparison
- Listen to teacher
There are 3 degrees of comparison:
POSITIVE

More + Long Adj/Adv + Than…
Eg:
+ It was more expensive than I thought
+ They dance more gracefully than her sister does
3. SUPERLATIVE
Short Adj/Adv:
The + Short Adj/Adv + Est + (in/of…)
Eg: This is the oldest theatre in London
He runs the fastest in his class
-ask students to make some more other examples
Long Adj/Adv:
The + Most + Long Adj/Adv + (in/of…)
- Make sentences
using this structure
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Time Teacher Students
Eg:
+ He is the most successful businessman among his
friends
+ She writes the best poem in the group
* Note:
- A relative clause is useful especially with a perfect
tense:
Eg:
+ It/ This is the best beer (that) I have ever drunk
+ He is the kindest man (that) I have ever met
+ It was the most worrying day (that) he had ever spent
4. PARALLEL INCREASES:
the + Comparative … + The +
Comparative

Bigger
The hottest
The thinnest
The biggest
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Time Teacher Students
2 syl consonant + Y
Heavy
Friendly
Pretty
Heavier
Friendlier
Prettier
The heaviest
The friendliest
The prettiest
1 syl ending in “e”
Brave Braver The bravest
II. Irregular comparisons:
Adj/Adv Comparative Superlative
Good / well
Bad / badly
Better
Worse
The best
The worst
The least
The most
Little
Many / much

- Textbook: English in economics and business
V. Procedure:
Time Teacher Students
2 min
10 min
1. Class settling
2. Checking previous lesson
- Ask students to do the following exercise:
Fill in the blanks with suitable words
advantage particular prefer
allocate factors terms
wasteful production probably
- Do the exercise
1. She … won’t come. She has an appointment with Mr.
Jones in Hong Kong.
2. Could you let me know your … of payment?
- give answers:
1. probably
2. terms
3. There is little … in buying a dictionary if you can’t
read.
4. To throw anything valuable is very …
5. The system will have to be tested before it goes into
…
6. There are many … that influenced my decision.
3. advantage
4. wasteful
5. production
6. factors
7. The whole meal was good but the wine in … was

important signals to market participants. In a market, a
balance between buyers and sellers is stored. Needs in
a certain field can affect greatly wages of workers in
that field.
- Ask students to guess the meanings of new words in
this text
- Provide with meanings and structures of words:
- Guess the
meanings of new
words
+ Arrangement:
Eg: He is responsible for all travel arrangements
+ Interact (with sb) (with st)
Eg: He poured the chemicals that interact to form a new
compound
+ In addition (to st):
Eg: In addition (to the names on the list) there are six
other applicants
+ Participant (in st):
Eg: We’ve received an order for two tons of coal
+ Place:
Eg: They have placed an order with us for three new
aircraft
+ Scramble:
Eg: the children scrambled for the coins
+ Overstocked:
Eg: She has a stock overstocked with out – of – date
furniture
+ Rush:
Eg: The tide comes in with a sudden rush here

which buyers and
sellers of a
community interact
to determine its
price and quantity
+ Wage rates are
prices of different
kinds of human
labor
+ What will happen if the demand for a given good
rises?
+ At that time, a lot
of new orders for it
will be placed. The
sellers will raise the
price to ration out a
limited supply and
the higher price will
encourage greater
production.
+ What will sellers do if their products become
overstocked at the going market price?
+ Sellers will lower
prices to encourage
customers to buy
their unwanted
models and limit
production. As a
result, a balance
between buyers and

2. tend
3. in addition
4. overstocked
5. favorable
6. rationed out
7. participant
8. relatively
9. unload
10. placed an
order
11. arrangement
12. rushed
13. shift
14. triad
15. interact
16. restore
17. process
18. mechanism
50 min 4. Grammar
A. prefixes:
- Elicit the meaning of some common prefixes:
- Listen to teacher
and take notes
- Make sentences
+ Inter- : between or reciprocal
interact, international, interchange, intercommunication,
interdependent, interconnected, interface…
+ En- : to cause to be
enable, ensure, encourage, enlarge, enlighten…
+ It is an

- Make sentences
B. present participle: V-ing:
1. Form:
The infinitive + Ing
Eg: working, swimming, dancing, going, training,
playing
2. Usage:
a. To form the continuous tenses:
Eg: He is working
The prices are rising
- Make examples
b. As adjectives:
Eg: Running water
Dripping taps
Leaking pipes
c. = a relative pronoun + Verb:
Eg: people who wish/wished to visit the caves
= people wishing to visit the caves
d. After verbs of sensation such as: see, hear, smell,
feel…
Eg: I see him passing my house everyday
e. After prepositions:
Eg: I am interested in traveling
- Ask students to make some other examples
C. past participle: V-ed
1. Form:
The infinitive + (e)d
Eg: touched, interested, bored, delayed…
2. Usage:
a. As an adjective:

4. C
5. The letters
posted yesterday
will arrive on
Monday
6. The tip offered
by the customer
was not accepted
30 min C. Optional reading
a. Pre-reading:
- Give questions to elicit from students:
+ What is the economy in Vietnam?
+ Does Vietnam often carry out economic reforms?
- Give answers:
+ State-controlled
market economy
+ Yes, it does
b. While-reading:
- Ask students to read through the text to get general
idea
- Ask students to read the text again and check their
understanding:
- Skim the text
- Read the text
again
- Give answers:
+ What are necessary to transform a centrally planned
economy into a market economy?
+ What should be considered first in applying the
reforms?

worsen as price
controls are
removed and the
real economic
losses of some
activities are
revealed. Political
opposition may
increase. There is a
rise in income
inequality and large
changes in the
incentive structure
+ What benefits can reforms bring to the economy? + They can lead to
progress in exports
and the availability
of consumer goods
* Notice:
- Check students’ understanding of words’ meanings
and structures mentioned in the text
+ Complex:
Eg: This is a complex system
+ Reform(s)
Eg: Teachers have paid much attention to the reform of
20
Time Teacher Students
teaching method recently
+ Transition (from st) (to st)
Eg: His attitude underwent an abrupt transition
+ Recommend Ving/N: suggest

+ Adjustment:
Eg: I’ve made a few minor adjustments to the seating
plan
+ Reveal st (to sb)
Eg: The doctor didn’t reveal the truth to him
+ Opposition (to sb/st)
Eg: There’s not much opposition to the scheme
+ Incentive:
Eg: They don’t try very hard, but then there’s no
incentive
+ Prospect:
Eg: Prospects for further expansion are very good
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Time Teacher Students
* Post-reading
- Ask students to summarize the text
- Check their summary
- Ask students to translate the text into Vietnamese
- Summarize the
text
5 min 5. Conclusion
- Summarize the main points of the reading
- Remind students of the present participles and past
participles
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CHAPTER II: HISTORY
UNIT 4: ADAM SMITH (1723-1790)
I. Level: students – Intermediate level of English
II. Aims:
- Students can know some linking verbs

110
mins
A. Reading comprehension
a. Pre-reading:
- Give students some questions to elicit the reading:
+ Name some famous economists?
+ Do you know anything about Adam Smith?
- Introduce the content of the lesson
- Give answers:
Adam Smith…
b. While-reading:
- Ask students to read through the text to get the general
idea
- State the main idea
- Ask students to read the text carefully
- Elicit the meanings and usage of new words and
- Read through the
text to have the
general idea
- Read the text
carefully
- Deduce the
23
Time Teacher Students
structures: meanings of new
words and structures
+ Wealth
Eg: The country’s wealth is based on trade
+ Observation:
Eg: He’s just published his observations on British bird

+ Item
Eg: Pay your attention to the first item on the agenda
+ Efficient:
Eg: They’re introducing an efficient new filing system
+ Ensure:
Eg: Please ensure that all the light are switched off at
night
+ Remain
Eg: In spite of their quarrel, they remained the best of
friends
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Time Teacher Students
- Ask some questions to check students’ understanding: - Give answers:
+ Who is Adam Smith?
+ Do any historical factors play a part in making Smith’s
writings important?
+ He is the first great
theorist of economics
+ Yes, they do.
Because he wrote at
the time when
industrial society was
beginning to replace
agricultural society
+ According to Smith, what was man concerned about?
+ Do people make contributions to society when they are
working in their self-interest?
+ According to Smith,
man was concerned
about his self-interest.

producing certain
items that they
are/were most
efficient at making
+ What did Smith think was the function of government
in the economic life of a nation?
+ Smith concluded
that the role of
government was to
ensure that the trading
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