Unit 2 Economy “ Economy” is a general term for materials relating to, or based on, the production, distribution, and consumption of goods and services, including business, industry, employment, trade, and economic sectors such as finance, service, construction, housing, manufacturing, agriculture, forestry, commercial fishing, etc.

Do you know…? NYSE stands for a. New York Securities Estate b. National Years Stocks Exchanges c. New York Stock Exchange d. American Stock Exchange New York's financial district is called a. Stock Exchange Alley b. New York Stock Exchange c. Dow Street d. Wall Street I. Warm-up activities

NYSE stands for

a. New York Securities Estate b. National Years Stocks Exchanges c. New York Stock Exchange d. American Stock Exchange

New York's financial district is called

a. Stock Exchange Alley b. New York Stock Exchange c. Dow Street d. Wall Street

Do you know…? Every stock has a a. symbol b. value c. company behind it d. all of the above An owner of a share of stock is a. a student b. a stockholder c. a stock broker d. a businessman I. Warm-up activities

Every stock has a

a. symbol b. value c. company behind it d. all of the above

An owner of a share of stock is

a. a student b. a stockholder c. a stock broker d. a businessman

Do you know…? Commission is a. the amount that a stock increases in a day b. the total price of a stock c. a bonus you get for buying a stock d. a fee paid to a sales associate We sometimes use the word "risk" in talking about stocks. What does that mean? a. possibly driving too fast b. taking the chance of losing money c. taking the chance of buying too many stocks d. losing your wallet I. Warm-up activities

Commission is

a. the amount that a stock increases in a day b. the total price of a stock c. a bonus you get for buying a stock d. a fee paid to a sales associate

We sometimes use the word "risk" in talking about stocks. What does that mean?

a. possibly driving too fast b. taking the chance of losing money c. taking the chance of buying too many stocks d. losing your wallet

Do you know…? Payments made to stockholders based on a certain percent of the company's profits are called a. shares b. stocks c. dividends d. stock markets What are produced by companies to provide information to all shareholders and other interested parties? a. Annual Reports b. Assets c. Stocks d. Dividends I. Warm-up activities

Payments made to stockholders based on a certain percent of the company's profits are called

a. shares b. stocks c. dividends d. stock markets

What are produced by companies to provide information to all shareholders and other interested parties?

a. Annual Reports b. Assets c. Stocks d. Dividends

Do you know…? A "bull market" is a market which is a. Using bulls as its logo b. Staying the same c. Dropping d. Doing well A "bear market" is a market which is a. Rising b. Declining c. Using bears as its logo d. Staying the same I. Warm-up activities

A "bull market" is a market which is

a. Using bulls as its logo b. Staying the same c. Dropping d. Doing well

A "bear market" is a market which is

a. Rising b. Declining c. Using bears as its logo d. Staying the same

Part A: Fall in the UK Share Prices

rally /  / a notable rise in stock market prices and trading volume after a decline 跌停回升；降后复涨 股票价格在今天收市前略有回升。 Share prices had a late slight rally ( n. ) /had rallied ( v. ) by the close of trading today. rally ( v. ) a great deal of support for their presidential campaign index /  / a system by which prices, costs, etc. can be compared to those of a previous date 指数 a price index 物价指数 stock market indices 股市指数 the cost-of-living index 物价消费指数 II. Vocabulary preparation ( Politics ) hold a peace/protest rally ( n. )

rally /  / a notable rise in stock market prices and trading volume after a decline 跌停回升；降后复涨

股票价格在今天收市前略有回升。

Share prices had a late slight rally ( n. ) /had rallied ( v. ) by the close of trading today.

rally ( v. ) a great deal of support for their presidential campaign

index /  / a system by which prices, costs, etc. can be compared to those of a previous date 指数

a price index 物价指数

stock market indices 股市指数

the cost-of-living index 物价消费指数

flagship /  / the best and most important product, building, etc. that a company owns or produces 王牌；头号；佼佼者 (~ store/train/company 旗舰店 / 头等列车／公司 ) the flagship of a newspaper chain 多家报社中的佼佼者 the flagship of a line of reference books 参考书系列中的王牌 pun /  / an amusing use of a word or phrase that has two meanings, or of words that have the same sound but different meanings 双关语 She made the following pun : Seven days without water make one weak/week . II. Vocabulary preparation

flagship /  / the best and most important product, building, etc. that a company owns or produces 王牌；头号；佼佼者 (~ store/train/company 旗舰店 / 头等列车／公司 )

the flagship of a newspaper chain 多家报社中的佼佼者

the flagship of a line of reference books 参考书系列中的王牌

pun /  / an amusing use of a word or phrase that has two meanings, or of words that have the same sound but different meanings 双关语

She made the following pun : Seven days without water make one weak/week .

executive /  / relating to the job of managing a business or organization and making decisions 实行的；执行的；行政的 an executive committee 执行委员会 executive board 董事会 ; 理事会 executive responsibilities 行政责任 pension /  / sum of money paid regularly by the State to people above a certain age and to widowed or disabled people, or by an employer to a retired employee 养老金；退休金；抚恤金 draw one’s old-age pension live on one’s state pension II. Vocabulary preparation v. execute a plan/a policy/one’s order

executive /  / relating to the job of managing a business or organization and making decisions 实行的；执行的；行政的

an executive committee 执行委员会

executive board 董事会 ; 理事会

executive responsibilities 行政责任

pension /  / sum of money paid regularly by the State to people above a certain age and to widowed or disabled people, or by an employer to a retired employee 养老金；退休金；抚恤金

draw one’s old-age pension

live on one’s state pension

shareholder /  / someone who owns shares in a company or business 股东 Our shareholders will be pleased with this year’s figures. 公司的股东会对今年的业绩感到满意。 share capital the amount of money put into a company by its shareholders when they buy shares and used to buy the items it needs to carry on its activities 股本；股份资本 We need to increase our share capital if we want to expand. 我们要扩展业务，就需增加股本。 II. Vocabulary preparation

shareholder /  / someone who owns shares in a company or business 股东

Our shareholders will be pleased with this year’s figures. 公司的股东会对今年的业绩感到满意。

share capital the amount of money put into a company by its shareholders when they buy shares and used to buy the items it needs to carry on its activities 股本；股份资本

We need to increase our share capital if we want to expand. 我们要扩展业务，就需增加股本。

Peter Sissons (1942-) a nationally known television news presenter in the United Kingdom. He has worked for ITN and BBC news and can currently be seen at the weekends on BBC News 24 . 彼德 · 西森斯 the FTSE 100 index an index containing the largest 100 companies by market capitalization listed on the London Stock Exchange 《 金融时报》 100 指数 , 由英国金融界著名报纸《金融时报》编制。 III. Notes

Peter Sissons (1942-) a nationally known television news presenter in the United Kingdom. He has worked for ITN and BBC news and can currently be seen at the weekends on BBC News 24 . 彼德 · 西森斯

the FTSE 100 index an index containing the largest 100 companies by market capitalization listed on the London Stock Exchange 《 金融时报》 100 指数 , 由英国金融界著名报纸《金融时报》编制。

Hamleys a London toyshop founded in 1760 by William Hamley. Today, with around 5 million visitors a year, Hamleys is established as one of London’s major tourist attractions. 哈姆利玩具公司 bear market a situation in which the value of stocks is decreasing 空头市场；熊市 bargain basement a basement floor or floors in a department store where goods and apparel( 衣服 )are sold at reduced or discounted prices 廉价商品部 III. Notes

Hamleys a London toyshop founded in 1760 by William Hamley. Today, with around 5 million visitors a year, Hamleys is established as one of London’s major tourist attractions. 哈姆利玩具公司

bear market a situation in which the value of stocks is decreasing 空头市场；熊市

bargain basement a basement floor or floors in a department store where goods and apparel( 衣服 )are sold at reduced or discounted prices 廉价商品部

Wall Street a street in New York which is the most important financial center in America 华尔街 BBC the British Broadcasting Corporation, the British radio and television company that is paid for by the public 英国广播公司 III. Notes

Wall Street a street in New York which is the most important financial center in America 华尔街

BBC the British Broadcasting Corporation, the British radio and television company that is paid for by the public 英国广播公司

Watch the news clip and get a general idea of what the news report is about. Peter Sissons: It was a tale of two very different stock markets on either side of the Atlantic today. Shares in London fell again, but America’s stock market put up a big rally. Here, the FTSE 100 index fell nearly 81 to 3777. The London market’s fallen almost 30% in the past three months. But what does that loss mean for British companies and (1) ? Our Economics Editor, Evan Davis reports. IV. Exercise: Spot dictation

Peter Sissons: It was a tale of two very different stock markets on either side of the Atlantic today. Shares in London fell again, but America’s stock market put up a big rally. Here, the FTSE 100 index fell nearly 81 to 3777. The London market’s fallen almost 30% in the past three months. But what does that loss mean for British companies and (1) ? Our Economics Editor, Evan Davis reports.

Evan Davis: Hamleys flagship toy store in London. Pardon the pun, but if any company understands life in a bear market, this should be it. A bear market is one where people want to sell, where prices are falling, where (2) . The word ‘bear’ in this context comes from an old proverb actually; selling the bear’s skin before one’s caught the bear. But does a bear market, or stock markets (3) , actually matter to real companies, like Hamleys? Simon Burke: You know, it’s still selling as well as ever today, and… IV. Exercise: Spot dictation

Evan Davis: Hamleys flagship toy store in London. Pardon the pun, but if any company understands life in a bear market, this should be it. A bear market is one where people want to sell, where prices are falling, where (2) . The word ‘bear’ in this context comes from an old proverb actually; selling the bear’s skin before one’s caught the bear. But does a bear market, or stock markets (3) , actually matter to real companies, like Hamleys?

Simon Burke: You know, it’s still selling as well as ever today, and…

Evan Davis: Simon Burke is the Executive Chairman of Hamleys. As it happens, his company (4) . Sales up. Share price all right. Confidence holding up. Simon Burke: I think in an economy like the UK, there isn’t a strong, direct connection between (5) of share prices and the stock market, and how consumers behave. It’s, it’s one or two steps removed. What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and (6) , which of course can begin to play on people’s minds. IV. Exercise: Spot dictation

Evan Davis: Simon Burke is the Executive Chairman of Hamleys. As it happens, his company (4) . Sales up. Share price all right. Confidence holding up.

Simon Burke: I think in an economy like the UK, there isn’t a strong, direct connection between

(5) of share prices and the stock market, and how consumers behave. It’s, it’s one or two steps removed. What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and (6) , which of course can begin to play on people’s minds.

Evan Davis: But shares matter (7) too. They say how much a company is worth. Hamleys has 21 million shares, each one gives the owner one-21 millionth share of the company. A share today costs ￡ 1.69. That makes Hamleys worth ￡ 35 million. Now, the company made about two-and-a-half million pounds for shareholders over the last year, so the company is worth 14 times (8) . Man: Get set, go! IV. Exercise: Spot dictation

Evan Davis: But shares matter

(7) too. They say how much a company is worth. Hamleys has 21 million shares, each one gives the owner one-21 millionth share of the company. A share today costs ￡ 1.69. That makes Hamleys worth ￡ 35 million. Now, the company made about two-and-a-half million pounds for shareholders over the last year, so the company is worth 14 times (8) .

Man: Get set, go!

Evan Davis: That’s a good way of valuing shares. At the moment, they don’t look expensive, but not bargain basement either. And it matters that they’re not too cheap. Simon Burke: For (9) , shares are one of the principal ways in which they raise new cash for investment. That’s part of the point of being on the stock market. So if shares go down, then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult. IV. Exercise: Spot dictation

Evan Davis: That’s a good way of valuing shares. At the moment, they don’t look expensive, but not bargain basement either. And it matters that they’re not too cheap.

Simon Burke: For (9) , shares are one of the principal ways in which they raise new cash for investment. That’s part of the point of being on the stock market. So if shares go down, then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult.

Evan Davis: Around the world, company spending on investment has followed the markets up, and then down again. (10) between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt. But ultimately stock markets do matter because even Toyland is a share-owning capitalist economy these days. Evan Davis, BBC News. IV. Exercise: Spot dictation

Evan Davis: Around the world, company spending on investment has followed the markets up, and then down again.

(10) between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt. But ultimately stock markets do matter because even Toyland is a share-owning capitalist economy these days. Evan Davis, BBC News.

Now, watch again and fill in the blanks. Peter Sissons: It was a tale of two very different stock markets on either side of the Atlantic today. Shares in London fell again, but America’s stock market put up a big rally. Here, the FTSE 100 index fell nearly 81 to 3777. The London market’s fallen almost 30% in the past three months. But what does that loss mean for British companies and (1) ? Our Economics Editor, Evan Davis reports. the wider economy IV. Exercise: Spot dictation

Peter Sissons: It was a tale of two very different stock markets on either side of the Atlantic today. Shares in London fell again, but America’s stock market put up a big rally. Here, the FTSE 100 index fell nearly 81 to 3777. The London market’s fallen almost 30% in the past three months. But what does that loss mean for British companies and (1) ? Our Economics Editor, Evan Davis reports.

Evan Davis: Hamleys flagship toy store in London. Pardon the pun, but if any company understands life in a bear market, this should be it. A bear market is one where people want to sell, where prices are falling, where (2) . The word ‘bear’ in this context comes from an old proverb actually; selling the bear’s skin before one’s caught the bear. But does a bear market, or stock markets (3) , actually matter to real companies, like Hamleys? Simon Burke: You know, it’s still selling as well as ever today, and… pessimists rule in general IV. Exercise: Spot dictation

Evan Davis: Hamleys flagship toy store in London. Pardon the pun, but if any company understands life in a bear market, this should be it. A bear market is one where people want to sell, where prices are falling, where (2) . The word ‘bear’ in this context comes from an old proverb actually; selling the bear’s skin before one’s caught the bear. But does a bear market, or stock markets (3) , actually matter to real companies, like Hamleys?

Simon Burke: You know, it’s still selling as well as ever today, and…

Evan Davis: Simon Burke is the Executive Chairman of Hamleys. As it happens, his company (4) . Sales up. Share price all right. Confidence holding up. Simon Burke: I think in an economy like the UK, there isn’t a strong, direct connection between (5) of share prices and the stock market, and how consumers behave. It’s, it’s one or two steps removed. What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and (6) , which of course can begin to play on people’s minds. is doing well the performance risks to pensions IV. Exercise: Spot dictation

Evan Davis: Simon Burke is the Executive Chairman of Hamleys. As it happens, his company (4) . Sales up. Share price all right. Confidence holding up.

Simon Burke: I think in an economy like the UK, there isn’t a strong, direct connection between

(5) of share prices and the stock market, and how consumers behave. It’s, it’s one or two steps removed. What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and (6) , which of course can begin to play on people’s minds.

Evan Davis: But shares matter (7) too. They say how much a company is worth. Hamleys has 21 million shares, each one gives the owner one-21 millionth share of the company. A share today costs ￡ 1.69. That makes Hamleys worth ￡ 35 million. Now, the company made about two-and-a-half million pounds for shareholders over the last year, so the company is worth 14 times (8) . Man: Get set, go! for another reason its annual earnings IV. Exercise: Spot dictation

Evan Davis: But shares matter

(7) too. They say how much a company is worth. Hamleys has 21 million shares, each one gives the owner one-21 millionth share of the company. A share today costs ￡ 1.69. That makes Hamleys worth ￡ 35 million. Now, the company made about two-and-a-half million pounds for shareholders over the last year, so the company is worth 14 times (8) .

Man: Get set, go!

Evan Davis: That’s a good way of valuing shares. At the moment, they don’t look expensive, but not bargain basement either. And it matters that they’re not too cheap. Simon Burke: For (9) , shares are one of the principal ways in which they raise new cash for investment. That’s part of the point of being on the stock market. So if shares go down, then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult. a public company IV. Exercise: Spot dictation

Evan Davis: That’s a good way of valuing shares. At the moment, they don’t look expensive, but not bargain basement either. And it matters that they’re not too cheap.

Simon Burke: For (9) , shares are one of the principal ways in which they raise new cash for investment. That’s part of the point of being on the stock market. So if shares go down, then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult.

Evan Davis: Around the world, company spending on investment has followed the markets up, and then down again. (10) between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt. But ultimately stock markets do matter because even Toyland is a share-owning capitalist economy these days. Evan Davis, BBC News. The connections IV. Exercise: Spot dictation

Evan Davis: Around the world, company spending on investment has followed the markets up, and then down again.

(10) between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt. But ultimately stock markets do matter because even Toyland is a share-owning capitalist economy these days. Evan Davis, BBC News.

but America’s stock market put up a big rally … 而美国股市却 重振雄风 Here, the FTSE 100 index fell nearly 81 to 3777. 在此， 金融时报 100 指数 跌了近 81 点，降至 3777 点。 But what does that loss mean for British companies and the wider economy ? 但这些损失对于英国公司和 经济大气候 意味着什么呢？ V. Useful expressions

but America’s stock market put up a big rally … 而美国股市却 重振雄风

Here, the FTSE 100 index fell nearly 81 to 3777. 在此， 金融时报 100 指数 跌了近 81 点，降至 3777 点。

But what does that loss mean for British companies and the wider economy ? 但这些损失对于英国公司和 经济大气候 意味着什么呢？

A bear market is one where people want to sell, where prices are falling, where pessimists rule . 熊市中人们都急于抛售股票，股价一路下滑， 悲观情绪一统天下 。 Simon Burke is the Executive Chairman of Hamleys. 西蒙 · 伯克是哈姆利的 执行总裁 。 As it happens, his company is doing well . Sales up. Share price all right. Confidence holding up . 熊市来临时，其公司的 销售状况良好 。 销量增长 ， 股价稳定 ， 一直令人信心十足 。 V. Useful expressions

A bear market is one where people want to sell, where prices are falling, where pessimists rule . 熊市中人们都急于抛售股票，股价一路下滑， 悲观情绪一统天下 。

Simon Burke is the Executive Chairman of Hamleys. 西蒙 · 伯克是哈姆利的 执行总裁 。

As it happens, his company is doing well . Sales up. Share price all right. Confidence holding up . 熊市来临时，其公司的 销售状况良好 。 销量增长 ， 股价稳定 ， 一直令人信心十足 。

I think in an economy like the UK , there isn’t a strong, direct connection between the performance of share prices and the stock market , and how consumers behave. 我认为， 像英国这样的经济实体 ， 股价的涨跌 、股市状况以及消费者的行为方式之间并无牢固的直接联系 V. Useful expressions

I think in an economy like the UK , there isn’t a strong, direct connection between the performance of share prices and the stock market , and how consumers behave. 我认为， 像英国这样的经济实体 ， 股价的涨跌 、股市状况以及消费者的行为方式之间并无牢固的直接联系

What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and risks to pension , which of course can begin to play on people’s minds . 而可能造成危险的是，如果报纸上充斥着大量有关因 股市下跌而破财和危及退休金 的报道，这势必会 开始影响民众情绪 。 At the moment, they don’t look expensive, but not bargain basement either. 目前看来，它们并不昂贵，但也不是触底廉价。 V. Useful expressions

What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and risks to pension , which of course can begin to play on people’s minds . 而可能造成危险的是，如果报纸上充斥着大量有关因 股市下跌而破财和危及退休金 的报道，这势必会 开始影响民众情绪 。

At the moment, they don’t look expensive, but not bargain basement either. 目前看来，它们并不昂贵，但也不是触底廉价。

For a public company , shares are one of the principal ways in which they raise new cash for investment . That’s part of the point of being on the stock market. 对于一个 股份公开公司 而言，股票是其 筹备现金进行投资 的主要途径之一。这是公司上市的部分原因。 So if shares go down , then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult. 如果 股价下跌 ，那就意味着，公司的确感到难以运用 股份资本 投资，因此，投资会变得愈加艰难。 V. Useful expressions

For a public company , shares are one of the principal ways in which they raise new cash for investment . That’s part of the point of being on the stock market. 对于一个 股份公开公司 而言，股票是其 筹备现金进行投资 的主要途径之一。这是公司上市的部分原因。

So if shares go down , then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult. 如果 股价下跌 ，那就意味着，公司的确感到难以运用 股份资本 投资，因此，投资会变得愈加艰难。

The connections between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt . 哈姆利所发生的一切和伦敦或华尔街所发生的一切并非直接关联， 它们之间的联系需要时日才会被察觉 。 V. Useful expressions

The connections between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt . 哈姆利所发生的一切和伦敦或华尔街所发生的一切并非直接关联， 它们之间的联系需要时日才会被察觉 。

Hong Kong Stock Market (Part B, Unit 17, A Multi-media English course for Graduate Students) Vocabulary preparation rebound /  / 反弹；回弹；回升 telecommunication /  / 电讯；无线电通讯 credit-rating 有关信誉评价的，信用等级的 start-up /  / 新兴行业；创业企业 closure /  / 关闭 , 停业 ， 截止 fluctuation /  / 波动 ; 变化 plunge /  / 骤降，猛跌 benchmark 基准点 turnover /  / 成交额；营业额 VII. Additional listening

Vocabulary preparation

rebound /  / 反弹；回弹；回升

telecommunication /  / 电讯；无线电通讯

credit-rating 有关信誉评价的，信用等级的

start-up /  / 新兴行业；创业企业

closure /  / 关闭 , 停业 ， 截止

fluctuation /  / 波动 ; 变化

plunge /  / 骤降，猛跌

benchmark 基准点

turnover /  / 成交额；营业额

blue chip the stock or investment that is considered to be safe and certain to make a profit 蓝筹股（稳而值钱的股票） gloom /  / 使…变黑，变暗 merger /  / 合并；兼并；归并 acquisition /  / 收购；获得 avenue /  / 途径；渠道 repay /  / 偿还；归还 track record a record of actual performance or accomplishment 业绩表 VII. Additional listening

blue chip the stock or investment that is considered to be safe and certain to make a profit 蓝筹股（稳而值钱的股票）

gloom /  / 使…变黑，变暗

merger /  / 合并；兼并；归并

acquisition /  / 收购；获得

avenue /  / 途径；渠道

repay /  / 偿还；归还

track record a record of actual performance or accomplishment 业绩表

Script: Hong Kong Stock Market Good evening. Share prices around Asia rebounded today following an over-night recovery on the US market. There were gains in both telecommunications and technology stocks . But credit-rating agency Standard & Pours has warned that some local Internet start-ups may face funding difficulties and closure because of the stock market fluctuations . VII. Additional listening

Good evening. Share prices around Asia rebounded today following an over-night recovery on the US market. There were gains in both telecommunications and technology stocks . But credit-rating agency Standard & Pours has warned that some local Internet start-ups may face funding difficulties and closure because of the stock market fluctuations .

Optimism appeared to have returned to the local stock market today following yesterday’s plunge . The benchmark , Hang Seng Index closed at 15,278, up 515.95 points. Total turnover was more than 12.5 billion dollars. VII. Additional listening

Optimism appeared to have returned to the local stock market today following yesterday’s plunge . The benchmark , Hang Seng Index closed at 15,278, up 515.95 points. Total turnover was more than 12.5 billion dollars.

Much of the buying was in blue chips , telecommunication stocks. Leading the rebound was China Telecom ( 中国电信集团公司 ), which gained nearly 8% and there was also buying in Hutchinson Whampoa ( 和记黄埔有限公司 ) . Technology stocks also stablized at a relatively low level. Pacific Centric Cyber Works went up by more than 3%. VII. Additional listening

Much of the buying was in blue chips , telecommunication stocks. Leading the rebound was China Telecom ( 中国电信集团公司 ), which gained nearly 8% and there was also buying in Hutchinson Whampoa ( 和记黄埔有限公司 ) . Technology stocks also stablized at a relatively low level. Pacific Centric Cyber Works went up by more than 3%.

The credit-rating agency Standard & Poor’s warns of doom and gloom for local Internet start-ups. A spokesman says many of them may face mergers and acquisitions because of funding difficulties. VII. Additional listening

The credit-rating agency Standard & Poor’s warns of doom and gloom for local Internet start-ups. A spokesman says many of them may face mergers and acquisitions because of funding difficulties.

“ We think that some of the companies may have to postpone their listings and they have to seek alternative avenues to raise funds like, for example, they may approach banks or raise debts , well, in foreign market or maybe raise funds through, you know, from some direct investment companies .” VII. Additional listening

“ We think that some of the companies may have to postpone their listings and they have to seek alternative avenues to raise funds like, for example, they may approach banks or raise debts , well, in foreign market or maybe raise funds through, you know, from some direct investment companies .”

Standard & Poor says investors will take a high risk if they put their money on these Internet firms because they have little guarantee in their ability to repay debts and it’s hard to estimate when they may become profitable . VII. Additional listening

Standard & Poor says investors will take a high risk if they put their money on these Internet firms because they have little guarantee in their ability to repay debts and it’s hard to estimate when they may become profitable .

The Chief Executive officer of Hang Seng Bank Vincent Chang says banks may be reluctant to lend to Internet start-ups because of their lack of track record and the banking industry is not familiar with their mode of operation . VII. Additional listening

The Chief Executive officer of Hang Seng Bank Vincent Chang says banks may be reluctant to lend to Internet start-ups because of their lack of track record and the banking industry is not familiar with their mode of operation .

EVERY BUSINESS has its own language. To understand the stock market, let’s read one family’s breakfast conversation. Soon you’ll be “talking the talk”! VIII. More about stock market

EVERY BUSINESS has its own language. To understand the stock market, let’s read one family’s breakfast conversation. Soon you’ll be “talking the talk”!

JAMIE: (teenager) Did you hear that the new model of the cell phone I got last year has a built-in MP3 player? DAD: It sure sounds like Talk2Me knows teens. JAMIE: Don’t you own stock in Talk2Me? You should call your stockbroker to buy more. They make so many cool products! MOM: We bought stock when the company had its initial public offering a few years ago. VIII. More about stock market

JAMIE: (teenager) Did you hear that the new model of the cell phone I got last year has a built-in MP3 player?

DAD: It sure sounds like Talk2Me knows teens.

JAMIE: Don’t you own stock in Talk2Me? You should call your stockbroker to buy more. They make so many cool products!

MOM: We bought stock when the company had its initial public offering a few years ago.

JAMIE: What does that mean? MOM: Talk2Me went public so they could raise money, or capita l, to expand and create new products like the MP3 phone. DAD: At the time, we only owned bond s, which are loans that investors make to corporations and governments. The lenders earn interest, and the borrowers get the money they need. VIII. More about stock market

JAMIE: What does that mean?

MOM: Talk2Me went public so they could raise money, or capita l, to expand and create new products like the MP3 phone.

DAD: At the time, we only owned bond s, which are loans that investors make to corporations and governments. The lenders earn interest, and the borrowers get the money they need.

MOM: We thought the value of communications industry stocks would grow over the long term. The stock market moves in cycles from a period when stock prices are generally rising, known as a bull marke t, to times when stock prices on the whole are falling, called a bear marke t. JAMIE: What makes stock prices rise or fall? DAD: Stock prices go up or down depending on supply and demand . VIII. More about stock market

MOM: We thought the value of communications industry stocks would grow over the long term. The stock market moves in cycles from a period when stock prices are generally rising, known as a bull marke t, to times when stock prices on the whole are falling, called a bear marke t.

JAMIE: What makes stock prices rise or fall?

DAD: Stock prices go up or down depending on supply and demand .

JAMIE: What else influenced your choice in buying this stock? MOM: From our research, we also learned that Talk2Me pays its shareholders dividends ,or money from it’s profits. You’re catching on... JAMIE: So does that mean I get a new MP3 phone? VIII. More about stock market

JAMIE: What else influenced your choice in buying this stock?

MOM: From our research, we also learned that Talk2Me pays its shareholders dividends ,or money from it’s profits. You’re catching on...

JAMIE: So does that mean I get a new MP3 phone?

Do you know…? P/E stands for price/earnings ratio. A blue chip stock is one that not many people have heard of. Stock prices are determined by demand. VIII. More about stock market Answers: 1. T ( 市盈率 ) 2. F ( 蓝筹股 ) 3. T

P/E stands for price/earnings ratio.

A blue chip stock is one that not many people have heard of.

Stock prices are determined by demand.

Do you know…? Diversifying your investments means to buy all your stocks in one type of company. Speculation means taking a risk. The amount by which the costs exceed the revenue is called the profit. Answers: 4. F (diversify= 多样性投资 ) 5. T (speculation= 投机 ) 6. F (revenue= 收入 ) VIII. More about stock market

Diversifying your investments means to buy all your stocks in one type of company.

Speculation means taking a risk.

The amount by which the costs exceed the revenue is called the profit.

Do you know…? The Dow Jones Industrial Average is the only average to serve as an indicator of movement in the market. There are more than 1000 stocks listed on the New York Stock Exchange. Answers: 7. F (The Dow Jones Industrial Average = 道琼斯工业平均指数 ) 8. T ( the New York Stock Exchange = 纽约证券交易所 ) VIII. More about stock market

The Dow Jones Industrial Average is the only average to serve as an indicator of movement in the market.

There are more than 1000 stocks listed on the New York Stock Exchange.

Do you know…? What are three considerations you must make when deciding which stocks to buy? - Economic Outlook (what does the news say? ) - Industrial Outlook (competition, availability of resources? ) - Company outlook (how is it managed, does it keep on latest technology, life cycle, merger or acquisition) VIII. More about stock market

What are three considerations you must make when deciding which stocks to buy?

- Economic Outlook (what does the news say? )

- Industrial Outlook (competition, availability of resources? )

- Company outlook (how is it managed, does it keep on latest technology, life cycle, merger or acquisition)

Stock Index 股票指数 DJIA(Dow Jones Industrial Average) 道 • 琼斯工业平均指数 Nasdaq Composite Index 纳斯达克综合指数 Standard & Poor’s 500 标准 • 普尔 500 指数 NYMEX(New York Stock Exchange Composite Index) 纽约证交所综合指数 Nikkei(Nikkei-Dow Jones Average) 日经—道指数 Hang Seng Index 恒生指数 VIII. More about stock exchange

DJIA(Dow Jones Industrial Average) 道 • 琼斯工业平均指数

Nasdaq Composite Index 纳斯达克综合指数

Standard & Poor’s 500 标准 • 普尔 500 指数

NYMEX(New York Stock Exchange

Composite Index) 纽约证交所综合指数

Nikkei(Nikkei-Dow Jones Average) 日经—道指数

Hang Seng Index 恒生指数

Matching 股息率 互助基金 普通股 年报 经纪商 债券 资本利得 市盈率 broker P/E ratio mutual funds capital gains bond annual reports equities dividend yield VIII. More about stock exchange

股息率

互助基金

普通股

年报

经纪商

债券

资本利得

市盈率

broker

P/E ratio

mutual funds

capital gains

bond

annual reports

equities

dividend yield

Unit 2 Economy Part B: Soaring Gas Prices

Vocabulary Preparation: relief /  / money given by the government to help people who are poor, old, unemployed, etc. 救助；救济 famine relief relief agency/organization to send relief to flood victims 将救济物资运送给遭受水灾的灾民 unleaded /  / not containing tetraethyl /  / lead 无铅的；不含铅的 unleaded gasoline 无铅汽油 I. Vocabulary preparation

relief /  / money given by the government to help people who are poor, old, unemployed, etc. 救助；救济

famine relief relief agency/organization

to send relief to flood victims 将救济物资运送给遭受水灾的灾民

unleaded /  / not containing tetraethyl /  / lead 无铅的；不含铅的

unleaded gasoline 无铅汽油

ripple /  / to pass from one person to another like a wave （消息）传开；（声音）轻轻荡漾 Panic rippled through Hollywood as the murders were discovered. a ripple ( n. ) of applause/laughter/fear languish /  / to remain unattended or be neglected 被冷落；未被注意或被忽视 legislation that continued to languish in committee 在这个委员会里继续被搁置的立法 Conversation languished ( 冷下来了 ) . Share prices languishes ( 停滞在 ) at $1.67. I. Vocabulary preparation

ripple /  / to pass from one person to another like a wave （消息）传开；（声音）轻轻荡漾

Panic rippled through Hollywood as the murders were discovered.

a ripple ( n. ) of applause/laughter/fear

languish /  / to remain unattended or be neglected 被冷落；未被注意或被忽视

legislation that continued to languish in committee

在这个委员会里继续被搁置的立法

Conversation languished ( 冷下来了 ) .

Share prices languishes ( 停滞在 ) at $1.67.

water down to make a statement, report, etc. less forceful by changing it or removing parts that may offend people - used to show disapproval 冲淡；打折扣 water down whiskey / the support I’ve watered down the report’s conclusions so as not to alarm the directors. 我把报告的结论加以淡化，免得使董事们惊慌。 controversial /  / causing a lot of disagreement, because many people have strong opinions about the subject being discussed 引起争论的；有争议的 a highly ~ movie/issue/decision/stand (on) I. Vocabulary preparation n. a point of controversy spark/arouse/cause a bitter ~ over/about/surrounding human rights

water down to make a statement, report, etc. less forceful by changing it or removing parts that may offend people - used to show disapproval 冲淡；打折扣

water down whiskey / the support

I’ve watered down the report’s conclusions so as not to alarm the directors. 我把报告的结论加以淡化，免得使董事们惊慌。

controversial /  / causing a lot of disagreement, because many people have strong opinions about the subject being discussed 引起争论的；有争议的

a highly ~ movie/issue/decision/stand (on)

substantial /  / large in amount or number 充实的；丰富的 substantial change/improvement/progress substantial reasons/arguments/evidence won by a substantial margin 大胜 incentive /  / thing that encourages somebody to do something; stimulus 刺激；激励 economic/material/tax incentive (to do sth.) Money is still a major incentive in most occupations. globe-trotting /  / traveling through many countries seeing as many different things as possible 环球旅行的；周游世界的 (globe-trotter) I. Vocabulary preparation

substantial /  / large in amount or number 充实的；丰富的

substantial change/improvement/progress

substantial reasons/arguments/evidence

won by a substantial margin 大胜

incentive /  / thing that encourages somebody to do something; stimulus 刺激；激励

economic/material/tax incentive (to do sth.)

Money is still a major incentive in most occupations.

globe-trotting /  / traveling through many countries seeing as many different things as possible 环球旅行的；周游世界的 (globe-trotter)

convince /  / to make somebody feel certain; cause somebody to realize 使某人确信；使明白 It took many hours to convince the court of his guilt. 花费了许多个小时法庭才相信他有罪。 I’m convinced of her innocence. backup /  / something that you can use to replace something that does not work or is lost 后援；支持 a backup of material for emergency use 应急的备用物资 a backup pilot 候补飞行员 stockpile /  / a large supply of things that is kept ready for use in the future 贮存；储备 oil/coal/nuclear/strategic stockpile I. Vocabulary preparation I’m convinced that she is innocent.

convince /  / to make somebody feel certain; cause somebody to realize 使某人确信；使明白

It took many hours to convince the court of his guilt. 花费了许多个小时法庭才相信他有罪。

I’m convinced of her innocence.

backup /  / something that you can use to replace something that does not work or is lost 后援；支持

a backup of material for emergency use 应急的备用物资

a backup pilot 候补飞行员

stockpile /  / a large supply of things that is kept ready for use in the future 贮存；储备

oil/coal/nuclear/strategic stockpile

petroleum /  / mineral oil that forms underground and is obtained from wells sunk into the ground, from which petrol, paraffin, diesel oil, etc. are obtained by processing 石油 (= petrol ~ refining 炼油 ) petrol filling station 加油站 reserve /  / thing that put aside or kept for later use; extra amount available when needed 储备；储备量 ~ of food gold/cash/oil/foreign exchange ~s marginal /  / not significant or decisive 不重要的；少量的 have a ~ effect on a ~ increase in pay a matter of ~ importance ~ living conditions/income I. Vocabulary preparation

petroleum /  / mineral oil that forms underground and is obtained from wells sunk into the ground, from which petrol, paraffin, diesel oil, etc. are obtained by processing 石油 (= petrol ~ refining 炼油 )

petrol filling station 加油站

reserve /  / thing that put aside or kept for later use; extra amount available when needed 储备；储备量

~ of food gold/cash/oil/foreign exchange ~s

marginal /  / not significant or decisive 不重要的；少量的

have a ~ effect on a ~ increase in pay

a matter of ~ importance ~ living conditions/income

the bottom line used to tell someone what the most important part of a situation is, or what the most important thing to consider is 要点；关键之处 If we make all the changes I am proposing, the bottom line ( 归根结底 ) is that the company will save ￡ 50,000. Why didn’t you tell me the bottom line ( 底细 ) right away? 2 thousand – that’s my bottom line ( 底线 ) I. Vocabulary preparation

the bottom line used to tell someone what the most important part of a situation is, or what the most important thing to consider is 要点；关键之处

If we make all the changes I am proposing, the bottom line ( 归根结底 ) is that the company will save ￡ 50,000.

Why didn’t you tell me the bottom line ( 底细 ) right away?

2 thousand – that’s my bottom line ( 底线 )

Notes: Vienna /  / the capital city of Austria, famous as a center for music since the 18th century, and the home of many famous composers, including Mozart and Beethoven 维也纳 OPEC the Organization for Petroleum Exporting Countries, an organization of countries that produce and sell oil, founded in Baghdad, Iraq, in September 1960, to unify and coordinate members' petroleum policies. 石油输出国组织，欧佩克 II. Notes

Vienna /  / the capital city of Austria, famous as a center for music since the 18th century, and the home of many famous composers, including Mozart and Beethoven 维也纳

OPEC the Organization for Petroleum Exporting Countries, an organization of countries that produce and sell oil, founded in Baghdad, Iraq, in September 1960, to unify and coordinate members' petroleum policies. 石油输出国组织，欧佩克

Kate Snow ABCNEWS White House Correspondent. Kate Snow joined ABCNEWS as Good Morning America ’s White House correspondent in July 2003. 凯特 · 斯诺 John Kerry presidential candidate, US Senator. Kerry entered politics in 1982, when he was elected lieutenant governor （副州长） of Massachusetts ( 马萨诸塞州 ). 约翰 · 克里 II. Notes

Kate Snow ABCNEWS White House Correspondent. Kate Snow joined ABCNEWS as Good Morning America ’s White House correspondent in July 2003. 凯特 · 斯诺

John Kerry presidential candidate, US Senator. Kerry entered politics in 1982, when he was elected lieutenant governor （副州长） of Massachusetts ( 马萨诸塞州 ). 约翰 · 克里

the Congress the legislative( 立法的 ) branch of the United States federal government. The United States Congress is bicameral( 两院制的 ) , meaning that it has two houses: the Senate( 参议院 ) and the House of Representatives( 众议院 ) . The Senate has 100 seats, one-third are renewed( 更换 ) every two years; two members are elected from each US state by popular vote( 普选 ) to serve six-year terms. The House of Representatives has 435 seats. Members are directly elected by popular vote to serve two-year terms from Congressional districts( 选举区 ) . 美国国会 II. Notes

the Congress the legislative( 立法的 ) branch of the United States federal government. The United States Congress is bicameral( 两院制的 ) , meaning that it has two houses: the Senate( 参议院 ) and the House of Representatives( 众议院 ) . The Senate has 100 seats, one-third are renewed( 更换 ) every two years; two members are elected from each US state by popular vote( 普选 ) to serve six-year terms. The House of Representatives has 435 seats. Members are directly elected by popular vote to serve two-year terms from Congressional districts( 选举区 ) . 美国国会

San Diego a city in southern California, US, which is a port, an industrial center, and a base for the US navy 圣地亚哥 ANWR the Alaska National Wildlife Refuge. ANWR lies in the far northeast corner of Alaska, one of the last places on earth where an intact( 完整的 )expanse( 宽阔的区域 )of arctic( 北极区的 ) and subarctic( 亚北极区的 )lands is today in grave danger of being destroyed by those seeking whatever oil might lie beneath its fragile( 易被毁坏的 ) tundra( 冻土地带 ). 阿拉斯加国家野生动物保护区 II. Notes

San Diego a city in southern California, US, which is a port, an industrial center, and a base for the US navy 圣地亚哥

ANWR the Alaska National Wildlife Refuge. ANWR lies in the far northeast corner of Alaska, one of the last places on earth where an intact( 完整的 )expanse( 宽阔的区域 )of arctic( 北极区的 ) and subarctic( 亚北极区的 )lands is today in grave danger of being destroyed by those seeking whatever oil might lie beneath its fragile( 易被毁坏的 ) tundra( 冻土地带 ). 阿拉斯加国家野生动物保护区

James Glassman a senior economist and director with JP Morgan Investment Bank. Glassman is the director of US Economic & Policy Issues Research. 詹姆斯 · 格拉斯曼 JP Morgan Chase & Co. a global financial services firm with operations in more than 50 countries. The Company’s wholesale businesses are comprised of four segments( 部分 ): Investment Bank (IB), Treasury & Securities Services (TSS), Investment Management & Private Banking (IMPB) and JP Morgan Partners (JPMP). 摩根银行 II. Notes

James Glassman a senior economist and director with JP Morgan Investment Bank. Glassman is the director of US Economic & Policy Issues Research. 詹姆斯 · 格拉斯曼

JP Morgan Chase & Co. a global financial services firm with operations in more than 50 countries. The Company’s wholesale businesses are comprised of four segments( 部分 ): Investment Bank (IB), Treasury & Securities Services (TSS), Investment Management & Private Banking (IMPB) and JP Morgan Partners (JPMP). 摩根银行

Go over the questions below before listening to the news report. According to the news report, what was the Organization for Petroleum Exporting Countries going to do? It was going to increase its oil production by 4 percent next month . It was going to cut its oil production by 4 percent tomorrow. It was going to increase its oil production by 4 percent tomorrow. It was going to cut its oil production by 4 percent next month. III. Multiple choice

According to the news report, what was the Organization for Petroleum Exporting Countries going to do?

It was going to increase its oil production by 4 percent next month .

It was going to cut its oil production by 4 percent tomorrow.

It was going to increase its oil production by 4 percent tomorrow.

It was going to cut its oil production by 4 percent next month.

How much does a gallon of regular unleaded gasoline cost nationwide according to the news report? A. $1.67. B. $1.78. C. $1.76. D. $1.87. III. Multiple choice

How much does a gallon of regular unleaded gasoline cost nationwide according to the news report?

A. $1.67.

B. $1.78.

C. $1.76.

D. $1.87.

What is the President’s plan to solve the energy crisis problem? To introduce an energy bill. To provide relief. To give tax incentives to encourage domestic oil production. All of the above. III. Multiple choice

What is the President’s plan to solve the energy crisis problem?

To introduce an energy bill.

To provide relief.

To give tax incentives to encourage domestic oil production.

All of the above.

What is John Kerry’s plan to deal with the problem of soaring gasoline prices? To pressure OPEC to release more oil. To convince OPEC nations to increase output. To stop filling the nation’s backup stockpile of emergency crude oil. Both A and C. III. Multiple choice

What is John Kerry’s plan to deal with the problem of soaring gasoline prices?

To pressure OPEC to release more oil.

To convince OPEC nations to increase output.

To stop filling the nation’s backup stockpile of emergency crude oil.

Both A and C.

According to the news report, ____________. there’s not much any president can do to influence oil prices there’s little that can be done short term to influence OPEC the American drivers have to think twice before deciding for whom to vote oil prices will never fall because of the global demand for oil III. Multiple choice

According to the news report, ____________.

there’s not much any president can do to influence oil prices

there’s little that can be done short term to influence OPEC

the American drivers have to think twice before deciding for whom to vote

oil prices will never fall because of the global demand for oil

1st watching III. Multiple choice

Now, watch the news clip again and answer the following questions or complete the unfinished statement. 2nd watching III. Multiple choice

2nd watching

Answer: B According to the news report, what was the Organization for Petroleum Exporting Countries going to do? It was going to increase its oil production by 4 percent next month . It was going to cut its oil production by 4 percent tomorrow. It was going to increase its oil production by 4 percent tomorrow. It was going to cut its oil production by 4 percent next month. III. Multiple choice

According to the news report, what was the Organization for Petroleum Exporting Countries going to do?

It was going to increase its oil production by 4 percent next month .

It was going to cut its oil production by 4 percent tomorrow.

It was going to increase its oil production by 4 percent tomorrow.

It was going to cut its oil production by 4 percent next month.

Clue 1 In Vienna the Organization for Petroleum Exporting Countries said it was going to cut oil production by 4 percent tomorrow. That could help push gasoline prices even higher than they are today. III. Multiple choice

In Vienna the Organization for Petroleum Exporting Countries said it was going to cut oil production by 4 percent tomorrow. That could help push gasoline prices even higher than they are today.

Answer: C How much does a gallon of regular unleaded gasoline cost nationwide according to the news report? A. $1.67. B. $1.78. C. $1.76. D. $1.87. III. Multiple choice

How much does a gallon of regular unleaded gasoline cost nationwide according to the news report?

A. $1.67.

B. $1.78.

C. $1.76.

D. $1.87.

Clue 2 In San Diego regular unleaded is going for well over 2 dollars a gallon, the nationwide average $1.76, up 28 ￠ since December. III. Multiple choice

In San Diego regular unleaded is going for well over 2 dollars a gallon, the nationwide average $1.76, up 28 ￠ since December.

What is the President’s plan to solve the energy crisis problem? To introduce an energy bill. To give relief. To give tax incentives to encourage domestic oil production. All of the above. Answer: D III. Multiple choice

What is the President’s plan to solve the energy crisis problem?

To introduce an energy bill.

To give relief.

To give tax incentives to encourage domestic oil production.

All of the above.

Clue 3 …And so the President and his Democratic rival are promising relief. The White House says the answer is its energy bill, but that’s languished in Congress for three years. The President’s energy plan also includes tax incentives to encourage domestic oil production. III. Multiple choice

…And so the President and his Democratic rival are promising relief.

The White House says the answer is its energy bill, but that’s languished in Congress for three years.

The President’s energy plan also includes tax incentives to encourage domestic oil production.

What is John Kerry’s plan to deal with the problem of soaring gasoline prices? To pressure OPEC to release more oil. To convince OPEC nations to increase output. To stop filling the nation’s backup stockpile of emergency crude oil. Both A and C. Answer: D III. Multiple choice

What is John Kerry’s plan to deal with the problem of soaring gasoline prices?

To pressure OPEC to release more oil.

To convince OPEC nations to increase output.

To stop filling the nation’s backup stockpile of emergency crude oil.

Both A and C.

Clue 4: John Kerry’s plan: first pressure OPEC to release more oil, … Kerry also wants to stop filling the nation’s backup stockpile of emergency crude oil, the strategic petroleum reserve. III. Multiple choice

John Kerry’s plan: first pressure OPEC to release more oil, …

Kerry also wants to stop filling the nation’s backup stockpile of emergency crude oil, the strategic petroleum reserve.

According to the news report, ____________. there’s not much any president can do to influence oil prices there’s little that can be done short term to influence OPEC the American drivers have to think twice before deciding for whom to vote oil prices will never fall because of the global demand for oil Answer: A III. Multiple choice

According to the news report, ____________.

there’s not much any president can do to influence oil prices

there’s little that can be done short term to influence OPEC

the American drivers have to think twice before deciding for whom to vote

oil prices will never fall because of the global demand for oil

Clue 5 The bottom line: There’s not much any president can do to influence prices at the pump. III. Multiple choice

The bottom line: There’s not much any president can do to influence prices at the pump.

Useful Expressions: … the Organization for Petroleum Exporting Countries said it was going to cut oil production by 4 percent tomorrow. 欧佩克宣布自明天起各成员国将 削减 4% 的原油产量 。 That could help push gasoline prices even higher than they are today. 那将 迫使现今的油价会有更大幅度的提升 。 IV. Useful expressions

… the Organization for Petroleum Exporting Countries said it was going to cut oil production by 4 percent tomorrow. 欧佩克宣布自明天起各成员国将 削减 4% 的原油产量 。

That could help push gasoline prices even higher than they are today. 那将 迫使现今的油价会有更大幅度的提升 。

Gasoline already averages (v) a record of $1.76 a gallon nationwide, that’s 28 ￠ higher than it was at the beginning of the year. In San Diego regular unleaded is going for well over 2 dollars a gallon, the nationwide average (n) $1.76, up 28 ￠ since December. IV. Useful expressions

Gasoline already averages (v) a record of $1.76 a gallon nationwide, that’s 28 ￠ higher than it was at the beginning of the year.

In San Diego regular unleaded is going for well over 2 dollars a gallon, the nationwide average (n) $1.76, up 28 ￠ since December.

Senator John Kerry, the Democratic candidate for President, and the Bush campaign have been blaming each other for the soaring cost of gasoline. 民主党的总统候选人，参议员约翰 · 克里和布什的竞选团 相互指责对方对油价飞涨负有责任 。 So we’re going to take a closer look at whether either of their proposals will do anything to provide relief . 我们今天将 进行深入调查 ，看看他们的解决方案能否 缓解当前的局面 。 IV. Useful expressions

Senator John Kerry, the Democratic candidate for President, and the Bush campaign have been blaming each other for the soaring cost of gasoline. 民主党的总统候选人，参议员约翰 · 克里和布什的竞选团 相互指责对方对油价飞涨负有责任 。

So we’re going to take a closer look at whether either of their proposals will do anything to provide relief . 我们今天将 进行深入调查 ，看看他们的解决方案能否 缓解当前的局面 。

Each time the Senate tried to pass it, it’s been watered down - the controversial provision for drilling in the Alaska National Wildlife Refuge or ANWR removed. 每次参议院都试图通过这个议案，可议案总是被能否在阿拉斯加的国家野生动物保护区钻井采油而引发的争议冲淡，最后不得不撤销。 IV. Useful expressions

Each time the Senate tried to pass it, it’s been watered down - the controversial provision for drilling in the Alaska National Wildlife Refuge or ANWR removed. 每次参议院都试图通过这个议案，可议案总是被能否在阿拉斯加的国家野生动物保护区钻井采油而引发的争议冲淡，最后不得不撤销。

If you take ANWR off the table, then there is not much left in there to provide any substantial growth in domestic crude oil supplies. 如果不将阿拉斯加国家野生动物保护区列入石油开采的范围，那么我们就没有多少石油贮备可供开采，来保证国内原油产量的大幅度上升。 IV. Useful expressions

If you take ANWR off the table, then there is not much left in there to provide any substantial growth in domestic crude oil supplies. 如果不将阿拉斯加国家野生动物保护区列入石油开采的范围，那么我们就没有多少石油贮备可供开采，来保证国内原油产量的大幅度上升。

John Kerry’s plan: first pressure OPEC to release more oil, but that hasn’t worked for this White House despite what it says are constant conversations with OPEC nations, and it didn’t work for President Clinton, whose globe-trotting energy secretary tried to convince OPEC nations to increase output. 约翰 · 克里的计划包括：首先向欧佩克施加压力，促使它提高原油产量。尽管白宫和欧佩克之间经常进行磋商对话，但是白宫毫无斩获。在克林顿总统当政期间，其能源拓展部的秘书马不停蹄地游走于欧佩克各成员国之间，极力说服他们增加原油产量，但是也未见成效。 IV. Useful expressions

John Kerry’s plan: first pressure OPEC to release more oil, but that hasn’t worked for this White House despite what it says are constant conversations with OPEC nations, and it didn’t work for President Clinton, whose globe-trotting energy secretary tried to convince OPEC nations to increase output. 约翰 · 克里的计划包括：首先向欧佩克施加压力，促使它提高原油产量。尽管白宫和欧佩克之间经常进行磋商对话，但是白宫毫无斩获。在克林顿总统当政期间，其能源拓展部的秘书马不停蹄地游走于欧佩克各成员国之间，极力说服他们增加原油产量，但是也未见成效。

Kerry also wants to stop filling the nation’s backup stockpile of emergency crude oil , the strategic petroleum reserve. 克里还想通过动用 美国的紧急能源储备 ，也就是战略石油储备来缓解能源紧张局面。 It might have had a very marginal effect ,... 这项措施只 起了微乎其微的作用 IV. Useful expressions

Kerry also wants to stop filling the nation’s backup stockpile of emergency crude oil , the strategic petroleum reserve. 克里还想通过动用 美国的紧急能源储备 ，也就是战略石油储备来缓解能源紧张局面。

It might have had a very marginal effect ,... 这项措施只 起了微乎其微的作用

I don’t care whether there’s a Democratic Administration in place or a Republican Administration in place. 我不在乎究竟是民主党还是共和党执政 Not the message most American drivers or voters want to hear. 这不是大多数美国司机和选民愿意听到的话。 IV. Useful expressions

I don’t care whether there’s a Democratic Administration in place or a Republican Administration in place. 我不在乎究竟是民主党还是共和党执政

Not the message most American drivers or voters want to hear. 这不是大多数美国司机和选民愿意听到的话。

Unit 2 Economy Part C: Pushover Taxman?

pushover /  / client, opponent, etc. who is easily convinced or won over; something that is easily done or attained 易被击败、欺骗或被说服的人；容易做成的事 John is a pushover for girls with blue eyes. 约翰很容易被蓝眼睛的女孩迷住。 bureaucracy /  / the departments and their officials as a group 官僚部门及机构；官僚制度 promised to reorganize the federal bureaucracy 发誓整顿联邦官僚作风 evader /  / one who avoids paying tax by illegitimate presentation of one’s finances 躲避者；规避者 I. Vocabulary preparation

pushover /  / client, opponent, etc. who is easily convinced or won over; something that is easily done or attained 易被击败、欺骗或被说服的人；容易做成的事

John is a pushover for girls with blue eyes. 约翰很容易被蓝眼睛的女孩迷住。

bureaucracy /  / the departments and their officials as a group 官僚部门及机构；官僚制度

promised to reorganize the federal bureaucracy

发誓整顿联邦官僚作风

evader /  / one who avoids paying tax by illegitimate presentation of one’s finances 躲避者；规避者

evasion /  / when you deliberately avoid doing something that you should do, or paying an amount of money that you should pay 逃避 ； 回避 evasion of responsibility 逃避责任 Legal non-payment of tax is called “tax avoidance”; illegal non-payment is “ tax evasion ”. 合法的不支付税款叫作“避税”；非法的不交税是“逃税”。 intimidate /  / to frighten somebody in order to make him do something 恐吓；威胁 felt ~d by his opponent‘s power and prestige 为他对手的权利和威望所吓倒 I. Vocabulary preparation

evasion /  / when you deliberately avoid doing something that you should do, or paying an amount of money that you should pay 逃避 ； 回避

evasion of responsibility 逃避责任

Legal non-payment of tax is called “tax avoidance”; illegal non-payment is “ tax evasion ”. 合法的不支付税款叫作“避税”；非法的不交税是“逃税”。

intimidate /  / to frighten somebody in order to make him do something 恐吓；威胁

felt ~d by his opponent‘s power and prestige 为他对手的权利和威望所吓倒

scam /  / ( slang ) a clever but dishonest way to get money; a fraudulent business scheme ( 俚语 ) 骗局；欺骗性的商业阴谋 A number of employees were involved in a scam of selling confidential information about the company. 若干雇员涉及出卖公司机密的阴谋。 scheme /  / a clever plan, especially to do something that is bad or illegal - used in order to show disapproval 阴谋；诡计 a scheme to escape taxes 逃税的诡计 Bubble Scheme 空头计划 , 骗局 I. Vocabulary preparation

scam /  / ( slang ) a clever but dishonest way to get money; a fraudulent business scheme ( 俚语 ) 骗局；欺骗性的商业阴谋

A number of employees were involved in a scam of selling confidential information about the company. 若干雇员涉及出卖公司机密的阴谋。

scheme /  / a clever plan, especially to do something that is bad or illegal - used in order to show disapproval 阴谋；诡计

a scheme to escape taxes 逃税的诡计

Bubble Scheme 空头计划 , 骗局

crack down to become more strict in dealing with a problem and punishing the people involved 采取严厉手段；严加取缔 The police are cracking down on illegal gambling. 警察对非法赌博正采取严厉措施。 conservative /  / one favoring traditional views and values 保守派；因循守旧者 a conservative estimate 审慎的估计 Aunt Mary’s a real ~. She’s totally opposed to women going out to work. 玛丽姑妈是个极守旧的人，她根本反对女人外出工作。 I. Vocabulary preparation

crack down to become more strict in dealing with a problem and punishing the people involved 采取严厉手段；严加取缔

The police are cracking down on illegal gambling. 警察对非法赌博正采取严厉措施。

conservative /  / one favoring traditional views and values 保守派；因循守旧者

a conservative estimate 审慎的估计

Aunt Mary’s a real ~. She’s totally opposed to women going out to work. 玛丽姑妈是个极守旧的人，她根本反对女人外出工作。

hearing /  / a meeting of a court or special committee to find out the facts about a case 听证会；聆讯 to hold a hearing 举行听证会 gain/get/obtain a hearing 获得发言 [ 申诉 ] 机会 detail /  / to list something fully, item by item; describe something fully 逐项列出；详述 Could you ~ all your expenses on this form? 请把你的各项开支列在这张表格上。 outrage /  / act or event that produces great anger and shock, especially because it is cruel or violent 暴行；严重违法 an ~ against public dignity 对公众尊严的肆意蹂躏 to commit ~s 犯下暴行 I. Vocabulary preparation

hearing /  / a meeting of a court or special committee to find out the facts about a case 听证会；聆讯

to hold a hearing 举行听证会

gain/get/obtain a hearing 获得发言 [ 申诉 ] 机会

detail /  / to list something fully, item by item; describe something fully 逐项列出；详述

Could you ~ all your expenses on this form? 请把你的各项开支列在这张表格上。

outrage /  / act or event that produces great anger and shock, especially because it is cruel or violent 暴行；严重违法

an ~ against public dignity 对公众尊严的肆意蹂躏

to commit ~s 犯下暴行

zealous /  / filled with or motivated by zeal 热心的；积极的 ~ missionaries 热心的传教士 She’s always ~ in performing her duties. 她总是积极地履行职责。 audit /  / an official examination of a company‘s financial records in order to check that they are correct 审计；查账 annual ~ 年度查账 financial ~ 财务审计 back off to stop supporting something, or decide not to do something you were planning to do 放弃原来立场 ; 让步 I saw that she was right, so I had to back off. 我看到她是正确的，所以我只好放弃原来的主张。 I. Vocabulary preparation

zealous /  / filled with or motivated by zeal 热心的；积极的

~ missionaries 热心的传教士

She’s always ~ in performing her duties. 她总是积极地履行职责。

audit /  / an official examination of a company‘s financial records in order to check that they are correct 审计；查账

annual ~ 年度查账 financial ~ 财务审计

back off to stop supporting something, or decide not to do something you were planning to do 放弃原来立场 ; 让步

I saw that she was right, so I had to back off. 我看到她是正确的，所以我只好放弃原来的主张。

the IRS the Internal Revenue Service. IRS is the United States government agency that collects taxes and enforces( 实施 )the tax laws. It is a part of the United States Department of the Treasury( 财政部 ). 美国联邦政府税务局 the Caribbean /  / the part of the Atlantic between the southern West Indies( 西印度群岛 )and Central America( 中美洲 ). 加勒比海 II. Notes

the IRS the Internal Revenue Service. IRS is the United States government agency that collects taxes and enforces( 实施 )the tax laws. It is a part of the United States Department of the Treasury( 财政部 ). 美国联邦政府税务局

the Caribbean /  / the part of the Atlantic between the southern West Indies( 西印度群岛 )and Central America( 中美洲 ). 加勒比海

the Heritage Foundation a research and educational institute founded in 1973. It’s a think tank( 智囊团 )whose mission is to formulate( 规划 )and promote conservative public policies( 国家政策 )based on the principles of free enterprise( 自由企业 ), limited government( 权力受限的政府 ), individual freedom, traditional American values, and a strong national defense( 国防 ). 美国传统基金会 II. Notes

the Heritage Foundation a research and educational institute founded in 1973. It’s a think tank( 智囊团 )whose mission is to formulate( 规划 )and promote conservative public policies( 国家政策 )based on the principles of free enterprise( 自由企业 ), limited government( 权力受限的政府 ), individual freedom, traditional American values, and a strong national defense( 国防 ). 美国传统基金会

The Internal Revenue Service has been very efficient in collecting taxes according to the news report. More and more people are cheating on their taxes by using evasion schemes. One of their favorite tax scams is to hide their money in offshore banks on some pleasant islands in the Pacific. The IRS used to be aggressive and intimidating, which explains why there were fewer tax cheats. According to the news report, the Congress is responsible for the rise in tax cheats. III. Exercise: True or false

The Internal Revenue Service has been very efficient in collecting taxes according to the news report.

More and more people are cheating on their taxes by using evasion schemes.

One of their favorite tax scams is to hide their money in offshore banks on some pleasant islands in the Pacific.

The IRS used to be aggressive and intimidating, which explains why there were fewer tax cheats.

According to the news report, the Congress is responsible for the rise in tax cheats.

III. Exercise: True or false 1st watching Get a general idea of what the news is about.

III. Exercise: True or false 2nd watching Get ready to do the exercise.

Answer: False The Internal Revenue Service has been very efficient in collecting taxes according to the news report. Clue The Internal Revenue Services has long been a feared bureaucracy, but a new report finds the tax evaders are intimidated by the IRS less and less. III. Exercise: True or false

The Internal Revenue Service has been very efficient in collecting taxes according to the news report.

Answer: True More and more people are cheating on their taxes by using evasion schemes. Clue More and more people believe they can cheat on their taxes without getting caught… They have many tax scams. III. Exercise: True or false

More and more people are cheating on their taxes by using evasion schemes.

Answer: False One of their favorite tax scams is to hide their money in offshore banks on some pleasant islands in the Pacific. Clue They have many tax scams. A favorite one is to hide their money in offshore banks, often on pleasant islands in the Caribbean. III. Exercise: True or false

One of their favorite tax scams is to hide their money in offshore banks on some pleasant islands in the Pacific.

Answer: True The IRS used to be aggressive and intimidating, which explains why there were fewer tax cheats. Clue Back in 1997, conservatives rejoiced when Congress held a series of hearings detailing outrages by overly zealous IRS agents. …And the IRS has this unlimited ability to freeze your bank account, to seize your financial records, and in effect, to destroy your life overnight. III. Exercise: True or false

The IRS used to be aggressive and intimidating, which explains why there were fewer tax cheats.

Answer: True According to the news report, the Congress is responsible for the rise in tax cheats. Clue Under a heavy attack from Congress, the old aggressive IRS retreated into a kinder, gentler IRS, cutting back on audits and enforcement. The fault is with Congress. They’re the ones that tell the IRS what to do, and in recent years, they’ve been telling the IRS not to go after the tax cheats. III. Exercise: True or false

According to the news report, the Congress is responsible for the rise in tax cheats.

It’s astonishing that the IRS isn’t taking the action we need to crack down on these 400,000 people who are stealing $40 billion a year from the rest of us. 令人震惊的是，联邦政府税务局并没有 采取必要的措施打击 这 400 ， 000 个逃税者，这些人每年从我们合法纳税人这里偷走了 400 亿美元。 IV. Useful expressions

It’s astonishing that the IRS isn’t taking the action we need to crack down on these 400,000 people who are stealing $40 billion a year from the rest of us.

令人震惊的是，联邦政府税务局并没有 采取必要的措施打击 这 400 ， 000 个逃税者，这些人每年从我们合法纳税人这里偷走了 400 亿美元。

Back in 1997, conservatives rejoiced when Congress held a series of hearings detailing outrages by overly zealous IRS agents. 回顾 1997 年，国会 举行了一系列听证会 ，一一列举了税务局过激分子们肆无忌惮的不法行为，保守党因此而欢欣鼓舞。 IV. Useful expressions

Back in 1997, conservatives rejoiced when Congress held a series of hearings detailing outrages by overly zealous IRS agents.

回顾 1997 年，国会 举行了一系列听证会 ，一一列举了税务局过激分子们肆无忌惮的不法行为，保守党因此而欢欣鼓舞。

And the IRS has this unlimited ability to freeze your bank account , to seize your financial records , and in effect , to destroy your life overnight. 联邦政府税务局拥有的无限权力 冻结你的存款 ，获取你的 财政纪录 ，实际上，它可以一夜之间毁了你的生活。 IV. Useful expressions

And the IRS has this unlimited ability to freeze your bank account , to seize your financial records , and in effect , to destroy your life overnight.

联邦政府税务局拥有的无限权力 冻结你的存款 ，获取你的 财政纪录 ，实际上，它可以一夜之间毁了你的生活。

Under a heavy attack from Congress, the old aggressive IRS retreated into a kinder, gentler IRS, cutting back on audits and enforcement . 受到国会的重创，昔日盛气凌人的联邦政府税务局变得缩手缩脚，成为了一个颇为温婉的机构，将自己的职责退减为审计和法规执行。 IV. Useful expressions

Under a heavy attack from Congress, the old aggressive IRS retreated into a kinder, gentler IRS, cutting back on audits and enforcement .

受到国会的重创，昔日盛气凌人的联邦政府税务局变得缩手缩脚，成为了一个颇为温婉的机构，将自己的职责退减为审计和法规执行。

The IRS admits to ABCNEWS it backed off way too far on enforcement , but says it is trying harder now. Still, many Americans believe they can cheat on their taxes and get away with it . 联邦政府税务局向美国广播公司新闻记者坦言， 在执法方面他们大大地放慢了速度 ，但他们在试图强硬起来。尽管如此，很多美国人还是相信，他们能够逃税，而且 能够逃脱法律的制裁 。 IV. Useful expressions

The IRS admits to ABCNEWS it backed off way too far on enforcement , but says it is trying harder now. Still, many Americans believe they can cheat on their taxes and get away with it .

联邦政府税务局向美国广播公司新闻记者坦言， 在执法方面他们大大地放慢了速度 ，但他们在试图强硬起来。尽管如此，很多美国人还是相信，他们能够逃税，而且 能够逃脱法律的制裁 。

Congress, shocked by the growing number of tax evaders, now says it wants the IRS to get tough again. But Congress cut this year’s IRS budget request for enforcement , making it harder to collect $40 billion from tax cheats. 国会对逃税者不断增长的数量感到吃惊，如今，它希望联邦政府税务局恢复其强硬作法。但国会 削减了联邦政府税务局用于加强征税措施的财政预算 ，这使得追讨 400 亿美元的漏税款变得更为艰难。 IV. Useful expressions

Congress, shocked by the growing number of tax evaders, now says it wants the IRS to get tough again. But Congress cut this year’s IRS budget request for enforcement , making it harder to collect $40 billion from tax cheats.

国会对逃税者不断增长的数量感到吃惊，如今，它希望联邦政府税务局恢复其强硬作法。但国会 削减了联邦政府税务局用于加强征税措施的财政预算 ，这使得追讨 400 亿美元的漏税款变得更为艰难。

Unemployment After Iraqi War Vocabulary preparation carrier /  / an aircraft carrier 航空母舰 sober /  / dark; gloomy; grave 昏暗的；阴沉的；严峻的 recession /  / an extended decline in general business activity （经济）衰退 mobility /  / the movement of people 可动性 , 流动性 ; 能动性 V. Additional listening 1

Vocabulary preparation

carrier /  / an aircraft carrier 航空母舰

sober /  / dark; gloomy; grave 昏暗的；阴沉的；严峻的

recession /  / an extended decline in general business activity （经济）衰退

mobility /  / the movement of people 可动性 , 流动性 ; 能动性

under-employed /  / inadequately employed; employed only part-time 未充分就业的；半失业的 caterer /  / a small restaurant; a place that can provide food or entertainment 小饭馆 turnaround /  / a shift or change; a reversal 转变；反转；向后转 hemorrhage /  / excessive discharge of blood from the blood vessels; heavy bleeding 大出血，大量流血 V. Additional listening V. Additional listening 1

under-employed /  / inadequately employed; employed only part-time 未充分就业的；半失业的

caterer /  / a small restaurant; a place that can provide food or entertainment 小饭馆

turnaround /  / a shift or change; a reversal 转变；反转；向后转

hemorrhage /  / excessive discharge of blood from the blood vessels; heavy bleeding 大出血，大量流血

Claire: …tonight war and the economy. Thousands of sailors are coming home. It’s one of the most powerful signs that a war is really __________(1) and today in San Diego the super carrier U.S.S. Abraham Lincoln finally docked after nearly __________(2) at sea. We’ll have more on the reunion with eager __________(3) in just a moment. But these soldiers of course are coming home to a sober reality as well. V. Additional listening V. Additional listening 1 ending 10 months loved ones

Claire: …tonight war and the economy. Thousands of sailors are coming home. It’s one of the most powerful signs that a war is really __________(1) and today in San Diego the super carrier U.S.S. Abraham Lincoln finally docked after nearly __________(2) at sea. We’ll have more on the reunion with eager __________(3) in just a moment. But these soldiers of course are coming home to a sober reality as well.

An economy that if anything is struggling more than it was when they __________(4). The government said today the ______________(5) is up to six percent, more than half a million jobs were lost in the last 3 months. And ABC’s Betsy Stark is here with the details. Betsy, those are sort of numbers you usually see in a recession. Betsy Stark: Well, Claire, in fact we’ve never seen__________(6) this big outside a recession, and __________(7) the economy is not in recession. For millions of Americans it’s becoming so hard to find a job, it feels like one. V. Additional listening V. Additional listening 1 set sail unemployment rate job losses technically

An economy that if anything is struggling more than it was when they __________(4). The government said today the ______________(5) is up to six percent, more than half a million jobs were lost in the last 3 months. And ABC’s Betsy Stark is here with the details. Betsy, those are sort of numbers you usually see in a recession.

Betsy Stark: Well, Claire, in fact we’ve never seen__________(6) this big outside a recession, and __________(7) the economy is not in recession. For millions of Americans it’s becoming so hard to find a job, it feels like one.

The ________(8) time it takes to find a job increased to nearly 20 weeks last month, the longest in 19 years. Jobless Americans who contacted us on abcnews.com find it “maddening and __________(9),” “I worried I’ll be flipping hamburgers before long,” wrote one. __________(10) is considering working out of the country. For many including Corey Russell who lost his job as a sales executive more than a year ago, __________(11) means downward mobility, with 2 kids in college and only his wife’s __________(12) to live on, his house in southern California is for sale. V. Additional listening V. Additional listening 1 average depressing Another survival paycheck

The ________(8) time it takes to find a job increased to nearly 20 weeks last month, the longest in 19 years. Jobless Americans who contacted us on abcnews.com find it “maddening and __________(9),” “I worried I’ll be flipping hamburgers before long,” wrote one. __________(10) is considering working out of the country.

For many including Corey Russell who lost his job as a sales executive more than a year ago, __________(11) means downward mobility, with 2 kids in college and only his wife’s __________(12) to live on, his house in southern California is for sale.

Corey Russell: I was the breadwinner, I was able to __________(13) my family and I can’t anymore. So __________(14), it is really stressful for me. Sometimes I just feel as though my days are just __________(15). Betsy Stark: Beyond the 8.8 million Americans now officially unemployed arethe nearly 5 million more who are _____________ (16). Part time workers like Sharon Viner, a single mother in New York City, who wants and needs a full time job. Two years ago, she was earning $100,000 a year __________(17) at a Wall Street bank. Now she is making $8 an hour waitressing for a caterer. V. Additional listening V. Additional listening 1 provide for emotionally meaningless under-employed as a manager

Corey Russell: I was the breadwinner, I was able to __________(13) my family and I can’t anymore. So __________(14), it is really stressful for me. Sometimes I just feel as though my days are just __________(15).

Betsy Stark: Beyond the 8.8 million Americans now officially unemployed arethe nearly 5 million more who are _____________ (16). Part time workers like Sharon Viner, a single mother in New York City, who wants and needs a full time job. Two years ago, she was earning $100,000 a year __________(17) at a Wall Street bank. Now she is making $8 an hour waitressing for a caterer.

Sharon Viner: How bad is bad? I guess having less than $500 in the bank, being May 2 nd and not having your rent to pay, spending all of your __________(18), verge of bankruptcy. It’s bad, as bad as it gets. Looking ahead, few economists see a quick turnaround. Jared Bernstein (Economic Policy Institute): There’s just not enough growth in this economy to keep these losses from __________(19) month after month, at least in the near term. V. Additional listening V. Additional listening 1 savings occurring

Sharon Viner: How bad is bad? I guess having less than $500 in the bank, being May 2 nd and not having your rent to pay, spending all of your __________(18), verge of bankruptcy. It’s bad, as bad as it gets. Looking ahead, few economists see a quick turnaround.

Jared Bernstein (Economic Policy Institute): There’s just not enough growth in this economy to keep these losses from __________(19) month after month, at least in the near term.

About the best thing that can be said about today’s report is that April’s job losses were smaller than February’s and __________(20). As one economist put it, we’re still bleeding, but at least the hemorrhaging has stopped, Claire? Claire: Perhaps some can take comfort in that. Betsy Stark, thank you for that. V. Additional listening V. Additional listening 1 March’s

About the best thing that can be said about today’s report is that April’s job losses were smaller than February’s and __________(20). As one economist put it, we’re still bleeding, but at least the hemorrhaging has stopped, Claire?

Claire: Perhaps some can take comfort in that. Betsy Stark, thank you for that.

Small-Town USA May Offer Solution to Outsourcing Vocabulary preparation outsourcing [ 商 ] 外部采办 , 外购商 shift 转移 entrepreneur 企业家 revive ( 使 ) 复兴 outsmart 以智取胜 ; 比 ... 更精明 Silicon Valley 硅谷 ( 美国一高科技区名 ) VI. Additional listening 2

Vocabulary preparation

outsourcing [ 商 ] 外部采办 , 外购商

shift 转移

entrepreneur 企业家

revive ( 使 ) 复兴

outsmart 以智取胜 ; 比 ... 更精明

Silicon Valley 硅谷 ( 美国一高科技区名 )

Vocabulary preparation hooked up to 接通，连接（电脑） Baltimore 巴尔的摩 , 美国马里兰州的一城市 Starbucks 星巴克咖啡店 recruit 招收新雇员 backlash （政治或社会上的）对抗性反应 mainframe [ 计 ] 主机 renaissance 复兴 VI. Additional listening 2

Vocabulary preparation

hooked up to 接通，连接（电脑）

Baltimore 巴尔的摩 , 美国马里兰州的一城市

Starbucks 星巴克咖啡店

recruit 招收新雇员

backlash （政治或社会上的）对抗性反应

mainframe [ 计 ] 主机

renaissance 复兴

Questions: Why did many American workers lose their jobs? Outsourcing. What makes it possible for farm country to compete with foreign countries according to the news report? High-speed computer lines. What attracts more and more companies to move their high-tech operations to rural areas? Costs and the risks of doing business overseas. VI. Additional listening 2

Why did many American workers lose their jobs?

Outsourcing.

What makes it possible for farm country to compete with foreign countries according to the news report?

High-speed computer lines.

What attracts more and more companies to move their high-tech operations to rural areas?

Costs and the risks of doing business overseas.

Unit 2 Economy Part D: Greenspan Urges Social Security Cuts

over-commit /  / to allocate or apportion money, goods, or resources in amounts incapable of replacement 调拨过度 New research reveals that people over-commit because we expect to have more time in the future than we have in the present. monkey wrench ( informal ) something that will cause problems or spoil someone’s plans 破坏性因素 He threw a monkey wrench into our plans. I. Vocabulary preparation

over-commit /  / to allocate or apportion money, goods, or resources in amounts incapable of replacement 调拨过度

New research reveals that people over-commit because we expect to have more time in the future than we have in the present.

monkey wrench ( informal ) something that will cause problems or spoil someone’s plans 破坏性因素

He threw a monkey wrench into our plans.

presidential /  / relating to a president 总统的 a presidential government 总统制政府 a presidential election 总统 [ 总裁 ] 选举 stark /  / unpleasantly clear and impossible to avoid 赤裸裸的；严厉的 faced with that stark future 面对严酷的未来 His language has become increasingly stark , to the point of sounding strident. 他的话愈加生硬，甚至听起来刺耳。 I. Vocabulary preparation

presidential /  / relating to a president 总统的

a presidential government 总统制政府

a presidential election 总统 [ 总裁 ] 选举

stark /  / unpleasantly clear and impossible to avoid 赤裸裸的；严厉的

faced with that stark future 面对严酷的未来

His language has become increasingly stark , to the point of sounding strident. 他的话愈加生硬，甚至听起来刺耳。

head off to prevent something from happening, especially something bad 阻止；防止 The company changed its plans in order to head off a rebellion by shareholders. 公司改变了计划以防止股东们的反对。 loom /  / to seem imminent; impend 迫在眉睫；看似即将发生；迫近 The threat of war loomed over the country. 战争的阴影在向这个国家逼近。 I. Vocabulary preparation

head off to prevent something from happening, especially something bad 阻止；防止

The company changed its plans in order to head off a rebellion by shareholders. 公司改变了计划以防止股东们的反对。

loom /  / to seem imminent; impend 迫在眉睫；看似即将发生；迫近

The threat of war loomed over the country. 战争的阴影在向这个国家逼近。

demographic /  / of or relating to study of statistics of births, deaths, diseases, etc. of a community 人口的；人口统计的 changing demographic trends 变 化中的人口统计趋势 bum /  / to ask someone for something such as money, food, or cigarettes 乞求；乞讨 I. Vocabulary preparation

demographic /  / of or relating to study of statistics of births, deaths, diseases, etc. of a community 人口的；人口统计的

changing demographic trends 变 化中的人口统计趋势

bum /  / to ask someone for something such as money, food, or cigarettes 乞求；乞讨

the Federal Reserve Board the central bank of the United States, founded by Congress in 1913 to provide the nation with a safe, flexible and stable monetary and financial system. It is composed of a central Board of Governors and twelve regional Federal Reserve Banks. Alan Greenspan currently serves as the Chairman of the Board of Governors of the Federal Reserve. (FRD) 美国联邦储备委员会 , 美国联邦储备体系的监管机构。 II. Notes

the Federal Reserve Board the central bank of the United States, founded by Congress in 1913 to provide the nation with a safe, flexible and stable monetary and financial system. It is composed of a central Board of Governors and twelve regional Federal Reserve Banks. Alan Greenspan currently serves as the Chairman of the Board of Governors of the Federal Reserve. (FRD) 美国联邦储备委员会 , 美国联邦储备体系的监管机构。

American economist and Chairman of the Federal Reserve Board. Alan Greenspan took office June 19, 2004, for a fifth term as Chairman of the Board of Governors of the Federal Reserve System (Fed 联邦储备体系 , 美国的中央银行，负责监管美国的货币及金融系统 ) . II. Notes Alan Greenspan (1926-) 美国联邦储备委员会 主席艾伦 · 格林斯潘

American economist and Chairman of the Federal Reserve Board. Alan Greenspan took office June 19, 2004, for a fifth term as Chairman of the Board of Governors of the Federal Reserve System (Fed 联邦储备体系 , 美国的中央银行，负责监管美国的货币及金融系统 ) .

Dr. Greenspan also serves as Chairman of the Federal Open Market Committee ( 公开市场委员会， 为美国联邦储备体系制定利率及信贷政策的机构 ) , the System's principal monetary policymaking body. He originally took office as Chairman and to fill an unexpired ( 期限未满的 )term as a member of the Board on August 11, 1987. Dr. Greenspan was reappointed to the Board to a full 14-year term, which began February 1, 1992, and ends January 31, 2006. He has been designated Chairman by Presidents Reagan, Bush, Clinton, and Bush. He is considered by many to be the leading authority and key participant concerning United States domestic economic policy II. Notes

Dr. Greenspan also serves as Chairman of the Federal Open Market Committee ( 公开市场委员会， 为美国联邦储备体系制定利率及信贷政策的机构 ) , the System's principal monetary policymaking body.

He originally took office as Chairman and to fill an unexpired ( 期限未满的 )term as a member of the Board on August 11, 1987. Dr. Greenspan was reappointed to the Board to a full 14-year term, which began February 1, 1992, and ends January 31, 2006. He has been designated Chairman by Presidents Reagan, Bush, Clinton, and Bush.

He is considered by many to be the leading authority and key participant concerning United States domestic economic policy

social security a US government program into which workers must make regular payments, and which pays money regularly to old people and people who are unable to work 社会保障；社会保险 II. Notes

social security a US government program into which workers must make regular payments, and which pays money regularly to old people and people who are unable to work 社会保障；社会保险

Bob Jamieson ABC News Correspondent. Jamieson joined ABC NEWS in 1990 based in New York and reports for World News Tonight with Peter Jennings, Nightline and other ABC News Programs. 鲍勃 · 詹姆森 II. Notes

Bob Jamieson ABC News Correspondent. Jamieson joined ABC NEWS in 1990 based in New York and reports for World News Tonight with Peter Jennings, Nightline and other ABC News Programs. 鲍勃 · 詹姆森

What do you know about social security? What warnings does Alan Greenspan give to Congress? What does the looming crisis in social security mean to the Baby Boomers? What are some of the issues the presidential candidates have to think about in their campaign? In your opinion, will the Democrats and Republicans do anything about social security? Why or why not? Go over the questions below: III. Exercise: Discussion

What do you know about social security?

What warnings does Alan Greenspan give to Congress?

What does the looming crisis in social security mean to the Baby Boomers?

What are some of the issues the presidential candidates have to think about in their campaign?

In your opinion, will the Democrats and Republicans do anything about social security? Why or why not?

1st viewing Get a general idea of what the news is about. III. Exercise: Discussion

2nd viewing Get ready to do the exercise. III. Exercise: Discussion

Alan Greenspan said the federal budget was over-committed and could not afford to maintain current benefits once all the Baby Boomers begin retiring. 艾伦 · 格林斯潘宣称，联邦财政预算已不堪重负，一旦“婴儿潮”的这一代人临近退休，政府将无力承担，为其维持现有的退休保障金。 IV. Useful expressions

Alan Greenspan said the federal budget was over-committed and could not afford to maintain current benefits once all the Baby Boomers begin retiring.

艾伦 · 格林斯潘宣称，联邦财政预算已不堪重负，一旦“婴儿潮”的这一代人临近退休，政府将无力承担，为其维持现有的退休保障金。

There have been warnings before, of course. But this, among other things, was a monkey wrench tossed right into a presidential campaign . 当然，此前也有过类似警告，不过，这恰恰是适逢总统大选的困扰性问题之一。 IV. Useful expressions

There have been warnings before, of course. But this, among other things, was a monkey wrench tossed right into a presidential campaign .

当然，此前也有过类似警告，不过，这恰恰是适逢总统大选的困扰性问题之一。

It was a stark warning from the Federal Reserve Board Chairman: Congress must act now to head off a looming crisis in social security . 美联储主席发出严重警告：国会现在必须想办法解决这场即将来临的社会保障制度危机。 IV. Useful expressions

It was a stark warning from the Federal Reserve Board Chairman: Congress must act now to head off a looming crisis in social security .

美联储主席发出严重警告：国会现在必须想办法解决这场即将来临的社会保障制度危机。

We will eventually have no choice but to make significant structural adjustments in the major retirement programs. 我们最终别无选择，必须对几大退休制度做出重大的结构调整。 IV. Useful expressions

We will eventually have no choice but to make significant structural adjustments in the major retirement programs.

我们最终别无选择，必须对几大退休制度做出重大的结构调整。

Greenspan gave Congress two options: either cut benefits by changing the cost of living adjustment or delay the retirement age in the future so Americans will work longer. 格林斯潘为国会提供了两种方案：要么调整生活水准来削减福利，要么推迟退休年龄，以使美国人工作年份延长。 IV. Useful expressions

Greenspan gave Congress two options: either cut benefits by changing the cost of living adjustment or delay the retirement age in the future so Americans will work longer.

格林斯潘为国会提供了两种方案：要么调整生活水准来削减福利，要么推迟退休年龄，以使美国人工作年份延长。

… dramatic demographic change is certain to place enormous demands on our nation’s resources, demands we almost surely will be unable to meet unless action is taken . 急剧的人口变化必然对国家资源提出巨大的需求。我们只有采取行动才真的有可能满足这种需求。 IV. Useful expressions

… dramatic demographic change is certain to place enormous demands on our nation’s resources, demands we almost surely will be unable to meet unless action is taken .

急剧的人口变化必然对国家资源提出巨大的需求。我们只有采取行动才真的有可能满足这种需求。

The first wave of 77 million baby boomers hits the minimum retirement age in four years and reaches 65 in seven years. As more Americans draw social security , fewer workers will be paying into the system. And economists said today, the question is not whether there will be cuts, but who will bear the burden . 未来的四年内，第一波 7700 万的“婴儿潮”人口高峰将达到最低退休年龄，在七年后就达到 65 岁。因此，将会有越来越多的美国人支取社会保障金，而缴纳资金支撑社会保障体系的劳动力将越来越少。经济学家们说，当今的问题不在于是否要缩减保障基金，而在于谁将缴纳这笔资金。 IV. Useful expressions

The first wave of 77 million baby boomers hits the minimum retirement age in four years and reaches 65 in seven years. As more Americans draw social security , fewer workers will be paying into the system. And economists said today, the question is not whether there will be cuts, but who will bear the burden .

未来的四年内，第一波 7700 万的“婴儿潮”人口高峰将达到最低退休年龄，在七年后就达到 65 岁。因此，将会有越来越多的美国人支取社会保障金，而缴纳资金支撑社会保障体系的劳动力将越来越少。经济学家们说，当今的问题不在于是否要缩减保障基金，而在于谁将缴纳这笔资金。

President Bush’s response to his Fed Chairman was measured . 布什总统对美联储主席的回答非常有分寸。 Democrats smelled a campaign issue. 民主党嗅到了竞选的硝烟。 IV. Useful expressions

President Bush’s response to his Fed Chairman was measured .

布什总统对美联储主席的回答非常有分寸。

Democrats smelled a campaign issue.

民主党嗅到了竞选的硝烟。

Greenspan and scores of economists have been pushing for changes for two decades. But this is an election year, and neither Democrats nor Republicans today showed any sign of touching social security . 这二十年间，格林斯潘和不少经济学家一直都在努力推行社会保障体制的改革。但是，如今恰逢大选年，不管是民主党还是共和党，如今都没有显露出要着手处理该社会保障问题的征兆。 IV. Useful expressions

Greenspan and scores of economists have been pushing for changes for two decades. But this is an election year, and neither Democrats nor Republicans today showed any sign of touching social security .

这二十年间，格林斯潘和不少经济学家一直都在努力推行社会保障体制的改革。但是，如今恰逢大选年，不管是民主党还是共和党，如今都没有显露出要着手处理该社会保障问题的征兆。

Fed Chairman Alan Greenspan told Congress that without reform, Social Security costs could cause the economy to 'stagnate or worse.' V. Supplementary reading

Fed chief: Expect Social Security cuts Greenspan tells Congress that cuts in future retirement benefits are all but inevitable. March 15, 2005: 5:12 PM EST By Kathleen Hays, CNN economics correspondent V. Supplementary reading

Greenspan tells Congress that cuts in future retirement benefits are all but inevitable.

March 15, 2005: 5:12 PM EST By Kathleen Hays, CNN economics correspondent

NEW YORK (CNN/Money) - Federal Reserve Chairman Alan Greenspan told Congress that the mounting （增长） financial pressure of a wave of retiring baby boomers is so great that cuts in future government retirement benefits are all But （几乎） inevitable. V. Supplementary reading

NEW YORK (CNN/Money) - Federal

Reserve Chairman Alan Greenspan told

Congress that the mounting （增长）

financial pressure of a wave of retiring

baby boomers is so great that cuts in

future government retirement benefits

are all But （几乎） inevitable.

The Fed chairman told the Senate Special Committee on Aging （参议院老龄化特别委员会） that the nation has about three years to work out a fix. “In 2008, the leading edge （先锋） of what must surely be the largest shift from retirement in our nation‘s history will become evident as some baby boomers become eligible （符合条件的） for Social Security," he said in his prepared remarks. V. Supplementary reading

The Fed chairman told the Senate Special Committee on Aging （参议院老龄化特别委员会） that the nation has about three years to work out a fix. “In 2008, the leading edge （先锋） of what must surely be the largest shift from retirement in our nation‘s history will become evident as some baby boomers become eligible （符合条件的） for Social Security," he said in his prepared remarks.

By that date, the population 65 years and older will be more than one-fourth of the adult U.S. population, Greenspan said, referring to forecasts by the Social Security trustees （托管理事或董事） . That would be up from 17 percent currently. V. Supplementary reading

By that date, the population 65 years and older will be more than one-fourth of the adult U.S. population, Greenspan said, referring to forecasts by the Social Security trustees （托管理事或董事） . That would be up from 17 percent currently.

“ This huge change in the structure of our population will expose all our financial retirement systems to severe stress and will require adjustments for which there are no historical precedents （史无前例） ," he said. V. Supplementary reading

“ This huge change in the structure of our population will expose all our financial retirement systems to severe stress and will require adjustments for which there are no historical precedents （史无前例） ," he said.

This huge demographic shift is the main reason why Social Security and Medicare are facing enormous financial obligations that he says cannot be met without some choices that most in government are loath （不愿意） to make. V. Supplementary reading

This huge demographic shift is the main reason why Social Security and Medicare are facing enormous financial obligations that he says cannot be met without some choices that most in government are loath （不愿意） to make.

“ At present, the Social Security trustees estimate that the unfunded liability （无资金准备的负债） over the indefinite future to be $10.4 trillion,” Greenspan noted in his prepared remarks. “The shortfall （短缺的数额） in Medicare is calculated at several multiples （倍数） of the one in Social Security." V. Supplementary reading

“ At present, the Social Security trustees estimate that the unfunded liability （无资金准备的负债） over the indefinite future to be $10.4 trillion,” Greenspan noted in his prepared remarks. “The shortfall （短缺的数额） in Medicare is calculated at several multiples （倍数） of the one in Social Security."

“ These numbers suggest that either very large tax increases will be required to meet the shortfalls or benefits will have to be pared back （削减） ," he said. V. Supplementary reading

“ These numbers suggest that either very large tax increases will be required to meet the shortfalls or benefits will have to be pared back （削减） ," he said.

Greenspan also stressed that rising spending on Social Security, Medicare and Medicaid ( 由各级政府资助、以穷人和伤残者为对象的 ) 医疗补助 ( 制度 ) is one more reason why the federal budget “is on an unsustainable （无法维持的） path, in which large deficits （赤字） result in rising interest rates and ever-growing interest payments that augment （扩大） deficits in future years." V. Supplementary reading

Greenspan also stressed that rising spending on Social Security, Medicare and Medicaid ( 由各级政府资助、以穷人和伤残者为对象的 ) 医疗补助 ( 制度 ) is one more reason why the federal budget “is on an unsustainable （无法维持的） path, in which large deficits （赤字） result in rising interest rates and ever-growing interest payments that augment （扩大） deficits in future years."

“ Unless the trend is reversed （改变） , at some point these deficits would cause the economy to stagnate （停滞；不景气） or worse," he said. V. Supplementary reading

“ Unless the trend is reversed （改变） , at some point these deficits would cause the economy to stagnate （停滞；不景气） or worse," he said.

Senator Hillary Clinton challenged the Fed chairman on his support for tax cuts early in President Bush‘s first term. Many Democrats blame the tax cuts for helping turn the budget surplus （预算剩余） that existed at the end of President Clinton's first term into record deficits, and lately more and more have accused Greenspan of favoring Bush policies, contrary to his official status as an independent chairman of the Federal Reserve. V. Supplementary reading

Senator Hillary Clinton challenged the Fed chairman on his support for tax cuts early in President Bush‘s first term. Many Democrats blame the tax cuts for helping turn the budget surplus （预算剩余） that existed at the end of President Clinton's first term into record deficits, and lately more and more have accused Greenspan of favoring Bush policies, contrary to his official status as an independent chairman of the Federal Reserve.

Greenspan said most leading economists at the time had expected budget surpluses to stretch into the future, citing forecasts by the Office of Management and Budget （ 管理和预算办公室） as well as by the bipartisan Congressional Budget Office （得到两党支持的国会预算署） . And he said that he had also pushed for （奋力争取） tight rules on Congressional spending and more fiscal discipline （财政纪律） . V. Supplementary reading

Greenspan said most leading economists at the time had expected budget surpluses to stretch into the future, citing forecasts by the Office of Management and Budget （ 管理和预算办公室） as well as by the bipartisan Congressional Budget Office （得到两党支持的国会预算署） . And he said that he had also pushed for （奋力争取） tight rules on Congressional spending and more fiscal discipline （财政纪律） .

“ I don‘t think that the issue is a question of taking a wholly different view... It turns out we were all wrong,” he said, referring to the prevailing budget surplus （预算盈余） forecasts. He also said that he would take the same position again if he was faced with the same circumstances. V. Supplementary reading

“ I don‘t think that the issue is a question of taking a wholly different view... It turns out we were all wrong,” he said, referring to the prevailing budget surplus （预算盈余） forecasts. He also said that he would take the same position again if he was faced with the same circumstances.

Senator Clinton finished her questioning with a quick parting shot （争论结束时的尖刻回答） : “ Just for the record （必须郑重声明） , we were not all wrong, but many people were wrong." V. Supplementary reading

Senator Clinton finished her questioning with a quick parting shot （争论结束时的尖刻回答） : “ Just for the record （必须郑重声明） , we were not all wrong, but many people were wrong."

Greenspan also repeated his support for some kind of private investment accounts （私人投资帐户） . The main reason he gave is that putting part of people‘s retirement taxes in a private account would be like putting them in a “lock-box” so that the funds could not be diverted （挪用 ( 资金 ) ） into spending on other government programs. V. Supplementary reading

Greenspan also repeated his support for some kind of private investment accounts （私人投资帐户） . The main reason he gave is that putting part of people‘s retirement taxes in a private account would be like putting them in a “lock-box” so that the funds could not be diverted （挪用 ( 资金 ) ） into spending on other government programs.

Greenspan 错误估计了 90 年代末美国 Budget Surplus 的持续时间并支持大幅减税，而这最终导致巨额财政赤字成为美国政府的直到今天还深陷其中的棘手问题。再者， Greenspan 1998 年决定不刺破股市泡沫的建议至今仍存争议。 V. Supplementary reading

Greenspan 错误估计了 90 年代末美国 Budget Surplus 的持续时间并支持大幅减税，而这最终导致巨额财政赤字成为美国政府的直到今天还深陷其中的棘手问题。再者， Greenspan 1998 年决定不刺破股市泡沫的建议至今仍存争议。

Homework: Please visit the following websites: www.chinadaily.com.cn/english/doc/2005-01/31/content_413791.htm and listen to:VOA Special speed news- Social security, part 1 – part 2 www.putclub.com/article.php?articleid=320 and listen to: President Bush Discusses Strengthening Social Security in Radio Address 2005-03-12 . VI. Home listening

Please visit the following websites:

www.chinadaily.com.cn/english/doc/2005-01/31/content_413791.htm and listen to:VOA Special speed news- Social security, part 1 – part 2

www.putclub.com/article.php?articleid=320 and listen to: President Bush Discusses Strengthening Social Security in Radio Address 2005-03-12 .

Unit 2 Economy Part E: Shoppers, Beware!

caveat emptor /  / the principle that the person who buys something is responsible for checking that it is not broken, damaged, etc. 顾客留心（货物出门概不退换，由买主自行当心） devious /  / using dishonest tricks and deceiving people in order to get what you want 不正直的；不光明正大的；狡猾的；欺诈的 I. Vocabulary preparation

caveat emptor /  / the principle that the person who buys something is responsible for checking that it is not broken, damaged, etc. 顾客留心（货物出门概不退换，由买主自行当心）

devious /  / using dishonest tricks and deceiving people in order to get what you want 不正直的；不光明正大的；狡猾的；欺诈的

catalogue /  / a complete list of things that you can look at, buy, or use 目录；目录册 crucifix /  / a cross with a figure of Christ on it 十字架 bootie /  / women’s short lined boot （女用）短统靴 cripple /  / to hurt someone badly so that they cannot walk properly 使残废 I. Vocabulary preparation

catalogue /  / a complete list of things that you can look at, buy, or use 目录；目录册

crucifix /  / a cross with a figure of Christ on it 十字架

bootie /  / women’s short lined boot （女用）短统靴

cripple /  / to hurt someone badly so that they cannot walk properly 使残废

resemblance /  / the state or quality of resembling, especially similarity in appearance or in external or superficial details 相似；类似之处 gimmick /  / a trick or something unusual that you do to make people notice someone or something, used to show disapproval 骗人的玩意儿；花招；（广告等中的）噱头 rebate /  / an amount of money that is paid back to you when you have paid too much tax, rent, etc. 回扣；折扣 I. Vocabulary preparation

resemblance /  / the state or quality of resembling, especially similarity in appearance or in external or superficial details 相似；类似之处

gimmick /  / a trick or something unusual that you do to make people notice someone or something, used to show disapproval 骗人的玩意儿；花招；（广告等中的）噱头

rebate /  / an amount of money that is paid back to you when you have paid too much tax, rent, etc. 回扣；折扣

deceptive /  / intended to make someone believe something that is not true 欺骗性的；不实的 idiot /  / someone who is mentally ill or has a very low level of intelligence 白痴；傻瓜 I. Vocabulary preparation

deceptive /  / intended to make someone believe something that is not true 欺骗性的；不实的

idiot /  / someone who is mentally ill or has a very low level of intelligence 白痴；傻瓜

Financial Management Vocabulary preparation charge card: 赊账卡 , 签帐卡 debit card: 借记卡 pay off: 还清 ( 债务等 ) 付清， 赢利 endowment: 捐赠 , 捐赠的基金 ( 或财产 ), 捐款 eye-opener: 使人惊奇的事物，大开眼界的事物 allowance: 津贴；补助 chore: 家务杂事 saving’s account: 储蓄帐户 checking account: 活期账户 II. Additional listening-1

Vocabulary preparation

charge card: 赊账卡 , 签帐卡

debit card: 借记卡

pay off: 还清 ( 债务等 ) 付清， 赢利

endowment: 捐赠 , 捐赠的基金 ( 或财产 ), 捐款

eye-opener: 使人惊奇的事物，大开眼界的事物

allowance: 津贴；补助

chore: 家务杂事

saving’s account: 储蓄帐户

checking account: 活期账户

Abuse of Credit Cards Vocabulary preparation issue: 发行 abuse: 滥用 invasion of privacy ：侵犯隐私 confidential: 秘密的 , 机密的 ex-con: 从前曾被判刑的人 personality profile: 个性特征图解 III. Additional listening-2

Vocabulary preparation

issue: 发行

abuse: 滥用

invasion of privacy ：侵犯隐私

confidential: 秘密的 , 机密的

ex-con: 从前曾被判刑的人

personality profile: 个性特征图解

Projects: Choose a project. Write a 200-250 word report on The Energy Crisis and Its Impact on the Global Economy . Conduct a library research on China’s social welfare system and the problems with the current social welfare system. Prepare a short presentation on your findings to the class. How common is investing in shares in China? Design a questionnaire to find what motivates people to invest in the stock market.

Write a 200-250 word report on The Energy Crisis and Its Impact on the Global Economy .

Conduct a library research on China’s social welfare system and the problems with the current social welfare system. Prepare a short presentation on your findings to the class.

How common is investing in shares in China? Design a questionnaire to find what motivates people to invest in the stock market.

Economy 单一经济 one sided economy; single product economy 外向型经济 export-oriented economy 滴入式经济 trickle-down economy 地下经济 underground economy 多种经营 diversified economy 二元经济 dual economy 网络经济 cybereconomy 振兴经济 rejuvenate/revive the economy 刺激经济发展 stimulate economic growth 经济支柱 the back-bone/pillar of the economy

单一经济 one sided economy; single product economy

外向型经济 export-oriented economy

滴入式经济 trickle-down economy

地下经济 underground economy

多种经营 diversified economy

二元经济 dual economy

网络经济 cybereconomy

振兴经济 rejuvenate/revive the economy

刺激经济发展 stimulate economic growth

经济支柱 the back-bone/pillar of the economy

国民生产总值 gross national product (GNP) 国内生产总值 gross domestic product (GDP) 按成本要素计算的国民经济总值 GNP (Gross National Product) at factor cost 城市经济学 urban economics 报销 apply for reimbursement 对冲基金 hedge fund 恶性通货膨胀 hyperinflation 多退少补 refund for any overpayment or a supplemental payment for any deficciency

国民生产总值 gross national product (GNP)

国内生产总值 gross domestic product (GDP)

按成本要素计算的国民经济总值 GNP (Gross National Product) at factor cost

城市经济学 urban economics

报销 apply for reimbursement

对冲基金 hedge fund

恶性通货膨胀 hyperinflation

多退少补 refund for any overpayment or a supplemental payment for any deficciency

2.1 Economy-Policies 保证重点支出 ensure funding for priority areas 保障措施 supporting measures 保护主义 protectionism 地方保护主义 regional protectionism 脱贫致富 "cast (shake, throw) off poverty and set out on a road to prosperity" 保持国民经济发展的良好势头 maintain a good momentum of growth in the national economy 充分利用两个市场，两种资源 fully utilize both domestic and international markets and resources

保证重点支出 ensure funding for priority areas

保障措施 supporting measures

保护主义 protectionism

地方保护主义 regional protectionism

脱贫致富 "cast (shake, throw) off poverty and set out on a road to prosperity"

保持国民经济发展的良好势头 maintain a good momentum of growth in the national economy

充分利用两个市场，两种资源 fully utilize both domestic and international markets and resources

从粗放经济转变为集约经济 shift from extensive economy to intensive economy 粗放经营 extensive operation 粗放式管理 extensive management 粗放型 extensive form 粗加工产品 rough-wrought product 差额拨款 balance allocation 对外经济技术交流 economic and technological exchange with the outside world; foreign economic and technological exchanges 对外招商 attract foreign investment

从粗放经济转变为集约经济 shift from extensive economy to intensive economy

粗放经营 extensive operation

粗放式管理 extensive management

粗放型 extensive form

粗加工产品 rough-wrought product

差额拨款 balance allocation

对外经济技术交流 economic and technological exchange with the outside world; foreign economic and technological exchanges

对外招商 attract foreign investment

菜篮子工程 shopping basket program 反倾销措施 anti-dumping measures against 产权明晰、权责明确、政企分开、科学管理 "clearly established ownership, well defined power and responsibility, separation of enterprise from administration, and scientific management “ 产权制度、产权关系 property relations; property order 产权划转和产权变动 the transfer of and changes in property rights of enterprises 层层转包和违法分包 multi-level contracting and illegal sub-contracting

菜篮子工程 shopping basket program

反倾销措施 anti-dumping measures against

产权明晰、权责明确、政企分开、科学管理 "clearly established ownership, well defined power and responsibility, separation of enterprise from administration, and scientific management “

产权制度、产权关系 property relations; property order

产权划转和产权变动 the transfer of and changes in property rights of enterprises

层层转包和违法分包 multi-level contracting and illegal sub-contracting

促进全球经济一体化 foster integration with the global economy 在巩固公有制主体地位的同时 , 促进多种所有制经济共同发展 alongside fortifying the status of the public ownership as the mainstay, it is also encouraged to witness common development of different systems of ownership 中华人民共和国保护台湾同胞投资实施条例 Implementation Rules of the P.R.C. on the Protection of Investments by Compatriots from Taiwan 自主经营 , 自负盈亏 responsible for their own management decisions, profits and losses

促进全球经济一体化 foster integration with the global economy

在巩固公有制主体地位的同时 , 促进多种所有制经济共同发展 alongside fortifying the status of the public ownership as the mainstay, it is also encouraged to witness common development of different systems of ownership

中华人民共和国保护台湾同胞投资实施条例 Implementation Rules of the P.R.C. on the Protection of Investments by Compatriots from Taiwan

自主经营 , 自负盈亏 responsible for their own management decisions, profits and losses

2.2 Economy-Organizations 保兑银行 confirming bank 地下钱庄 illegal private bank 城市合作银行 urban cooperative bank 城乡信用社 credit corroborative in both urban and rural areas 国有独资商业银行 wholly state-funded commercial bank 北欧投资银行 Nordic Investment Bank 非银行金融机构 non-bank financial institutions

保兑银行 confirming bank

地下钱庄 illegal private bank

城市合作银行 urban cooperative bank

城乡信用社 credit corroborative in both urban and rural areas

国有独资商业银行 wholly state-funded commercial bank

北欧投资银行 Nordic Investment Bank

非银行金融机构 non-bank financial institutions

巴黎证券交易所 Paris Bourse 被摘牌的公司 delisted company 国土局 Land and Resources Bureau 保监会 the China Insurance Regulatory Commission 东盟自由贸易区 ASEAN Free Trade Area NAFTA North American Free Trade Area 北美自由贸易区 翻牌公司 government-body-turned company 博鳌亚洲经济论坛 Boao Forum for Asia (BFA)

巴黎证券交易所 Paris Bourse

被摘牌的公司 delisted company

国土局 Land and Resources Bureau

保监会 the China Insurance Regulatory Commission

东盟自由贸易区 ASEAN Free Trade Area

NAFTA North American Free Trade Area 北美自由贸易区

翻牌公司 government-body-turned company

博鳌亚洲经济论坛 Boao Forum for Asia (BFA)

Trade 补偿贸易 compensatory trade 垂直贸易 vertical trade 促进对外贸易多元化 diversify our trading partners; promote the diversification of foreign trade 多边贸易谈判 multilateral trade negotiation TILF (Trade and Investment Liberalization and Facilitation) 贸易和投资自由化和便利化 加工贸易 trade involving the processing of supplied raw materials 多边贸易谈判 multilateral trade negotiation

补偿贸易 compensatory trade

垂直贸易 vertical trade

促进对外贸易多元化 diversify our trading partners; promote the diversification of foreign trade

多边贸易谈判 multilateral trade negotiation

TILF (Trade and Investment Liberalization and Facilitation) 贸易和投资自由化和便利化

加工贸易 trade involving the processing of supplied raw materials

多边贸易谈判 multilateral trade negotiation

2.4 Economy-Banking 本票 cashier's cheque 备用资金 reserve fund 保证金 margins, collateral 保证金帐户 margin account 保值储蓄 inflation-proof bank savings 保值利率 index-linked interest rate; inflation-proof interest rate 报价单 quotation of prices 标书 bidding documents 持平 hold the line

本票 cashier's cheque

备用资金 reserve fund

保证金 margins, collateral

保证金帐户 margin account

保值储蓄 inflation-proof bank savings

保值利率 index-linked interest rate; inflation-proof interest rate

报价单 quotation of prices

标书 bidding documents

持平 hold the line

边际报酬 marginal return 边际效益 marginal benefit 不良贷款 non-performing loan 打包贷款 packing credit (loan) 冲帐 strike a balance; counter-balance accounts; reverse an entry 筹资 raised capital/proceeds 筹资渠道 fundraising channels 贬值 devalue, devaluate, depreciate (of a currency) 偿付能力 solvency 超支户 household (or family) living perpetually in debt

边际报酬 marginal return

边际效益 marginal benefit

不良贷款 non-performing loan

打包贷款 packing credit (loan)

冲帐 strike a balance; counter-balance accounts; reverse an entry

筹资 raised capital/proceeds

筹资渠道 fundraising channels

贬值 devalue, devaluate, depreciate (of a currency)

偿付能力 solvency

超支户 household (or family) living perpetually in debt

储备基金 reserve funds 呆帐 dead account 存储能力 storage capacity 存款保证金 guaranty money for deposits 存款单 Certificates of Deposits 存款准备金制度 reserve against deposit system 存量资本 stock of capital 垫付 "advancement, payment on account" 短期放款 money at call and short notice 短期债务 floating debt 多头账户 long account

储备基金 reserve funds

呆帐 dead account

存储能力 storage capacity

存款保证金 guaranty money for deposits

存款单 Certificates of Deposits

存款准备金制度 reserve against deposit system

存量资本 stock of capital

垫付 "advancement, payment on account"

短期放款 money at call and short notice

短期债务 floating debt

多头账户 long account

Insurance & Social Security 不可抗力 force majeure 养老保险 retirement insurance 养老保险制度 the old-age insurance system 医疗保险 medical insurance 医疗保险制度 the medical insurance system 城镇社会保障体系 urban social security system 城镇职工医疗保险制度改革 medical insurance for urban workers 吃皇粮 receive salaries, subsidies, or other supported from the government 吃劳保 live on labor insurance allowance

不可抗力 force majeure

养老保险 retirement insurance

养老保险制度 the old-age insurance system

医疗保险 medical insurance

医疗保险制度 the medical insurance system

城镇社会保障体系 urban social security system

城镇职工医疗保险制度改革 medical insurance for urban workers

吃皇粮 receive salaries, subsidies, or other supported from the government

吃劳保 live on labor insurance allowance

Production 产权转让 transference of title of proper 产品构成 product composition 产品积压 overstocked products 产品结构 product mix 产品生命周期分析 LCA (Life Cycle Analysis) 产销两旺 both production and marketing thrive 产销直接挂钩 directly link production with marketing 半成品 semi-manufactured goods; semi-finished products 包工包料 contract for labor and material

产权转让 transference of title of proper

产品构成 product composition

产品积压 overstocked products

产品结构 product mix

产品生命周期分析 LCA (Life Cycle Analysis)

产销两旺 both production and marketing thrive

产销直接挂钩 directly link production with marketing

半成品 semi-manufactured goods; semi-finished products

包工包料 contract for labor and material

短线产品 products in short supply; goods in short supply 非配额产品 quota-free products 非商标 ( 非专利 ) 产品 generic products 沉没成本 sunk cost 成本分摊 sharing costs 成本效益 cost-effectiveness 成本效益分析 cost-efficiency analysis 承包 contract with 承包经营权 contract for the managerial right 承建 contract to build

短线产品 products in short supply; goods in short supply

非配额产品 quota-free products

非商标 ( 非专利 ) 产品 generic products

沉没成本 sunk cost

成本分摊 sharing costs

成本效益 cost-effectiveness

成本效益分析 cost-efficiency analysis

承包 contract with

承包经营权 contract for the managerial right

承建 contract to build

2.7 Economy- Sales 惨淡经营 work hard and carefully to keep one's business going 仓储式超市 stockroom-style supermarket 大型廉价商店 warehouse store 变相涨价 disguised inflation 薄利多销 small profit, large sale volume ； small profits but quick returns; small profits and good sales 包购包销 exclusive right to purchase and sell 包销人 / 承销商 underwriter 承购包销 underwrite

惨淡经营 work hard and carefully to keep one's business going

仓储式超市 stockroom-style supermarket

大型廉价商店 warehouse store

变相涨价 disguised inflation

薄利多销 small profit, large sale volume ； small profits but quick returns; small profits and good sales

包购包销 exclusive right to purchase and sell

包销人 / 承销商 underwriter

承购包销 underwrite

促销 promote sales; promotion 搭售 conditional sale; tie-in sale 搭送 throw in 大酬宾 give a large discount to one's customers or guests 大出血 make a big markdown 大减价 markdown sales 大贱卖 big offering 倒挂销售 sell at a price lower than the purchasing price 对奖活动；抽彩售货 raffle 传销 pyramid sales; multi-level marketing 电视直销 TV home shopping

促销 promote sales; promotion

搭售 conditional sale; tie-in sale

搭送 throw in

大酬宾 give a large discount to one's customers or guests

大出血 make a big markdown

大减价 markdown sales

大贱卖 big offering

倒挂销售 sell at a price lower than the purchasing price

对奖活动；抽彩售货 raffle

传销 pyramid sales; multi-level marketing

电视直销 TV home shopping

售后服务 after-sale services 销售景气指数 sales index 二级市场 secondary market 等价交换 equal value exchange 处理价格 bargain price; reduced price 等外品 "off-grade goods, rejects" 处理品 items for disposal 大路货 1.cheap goods; 2. popular goods of fine quality 储运 storage and transport 处理存货 sell-off 出口转内销 domestic sales of commodities originally produced for exports

售后服务 after-sale services

销售景气指数 sales index

二级市场 secondary market

等价交换 equal value exchange

处理价格 bargain price; reduced price

等外品 "off-grade goods, rejects"

处理品 items for disposal

大路货 1.cheap goods; 2. popular goods of fine quality

储运 storage and transport

处理存货 sell-off

出口转内销 domestic sales of commodities originally produced for exports

2.8 Economy- Consumption 超前消费 pre-mature consumption; over consuming; excessive consumption; spend beyond one's means 持币待购 wait to buy with cash in hand 储币待购 save for purchases 充值卡 rechargeable card 电老虎 electricity guzzler; big power consumer 冲动性购买 impulse buying; impulse shopping 耐用消费品 durable consumer goods, consumer durables 消费膨胀 inflated consumption

超前消费 pre-mature consumption; over consuming; excessive consumption; spend beyond one's means

持币待购 wait to buy with cash in hand

储币待购 save for purchases

充值卡 rechargeable card

电老虎 electricity guzzler; big power consumer

冲动性购买 impulse buying; impulse shopping

耐用消费品 durable consumer goods, consumer durables

消费膨胀 inflated consumption

消费结构 pattern of consumption 消费税 consumption tax 消费信贷 consumer credit services 消费者权益日 International Day for Consumers' Rights and Interests 消费者物价指数 consumer price index 消费者协会 consumers' association 销售景气指数 sales index 明明白白消费（ 2000 年保护消费者权益工作主题） transparent consumption 合理引导消费 guide rational consumption 境外消费（服务贸易） consumption abroad

消费结构 pattern of consumption

消费税 consumption tax

消费信贷 consumer credit services

消费者权益日 International Day for Consumers' Rights and Interests

消费者物价指数 consumer price index

消费者协会 consumers' association

销售景气指数 sales index

明明白白消费（ 2000 年保护消费者权益工作主题） transparent consumption

合理引导消费 guide rational consumption

境外消费（服务贸易） consumption abroad

Assets & Investment 国有资产管理体制 State property management system 国有资产流失 loss of state assets 剥夺不良资产 strip bad assets off 投标 bid for; tender for 投资风险 investment risk 投资环境 investment environment 投资信心 investor confidence 投资制约机制 investment control mechanism 投资主体 the investment subject

国有资产管理体制 State property management system

国有资产流失 loss of state assets

剥夺不良资产 strip bad assets off

投标 bid for; tender for

投资风险 investment risk

投资环境 investment environment

投资信心 investor confidence

投资制约机制 investment control mechanism

投资主体 the investment subject

Tax & Tariff 保护关税 protective duty/tariff 保护价格 protective price 保税仓库 bonded warehouse 保税区 the low-tax, tariff-free zone; bonded area; tax-protected zone 报复性关税 retaliatory duty 报关员 declarant 财产税 property tax; estate/capital duty 财政税收 revenue tax;fiscal levy; fiscal taxation; financial taxation 独立关税区 separate customs territory

保护关税 protective duty/tariff

保护价格 protective price

保税仓库 bonded warehouse

保税区 the low-tax, tariff-free zone; bonded area; tax-protected zone

报复性关税 retaliatory duty

报关员 declarant

财产税 property tax; estate/capital duty

财政税收 revenue tax;fiscal levy; fiscal taxation; financial taxation

独立关税区 separate customs territory

反补贴税 countervailing duty 费改税 transform administrative fees into taxes 费改税改革 tax-for-fees reform 分税制 system of tax distribution 销项税 output tax 统一税 "flat tax, consolidated tax" 纳税人 tax payer; tax bearer 纳税申报制度 tax declaration system 特许税 franchise tax 企业所得税 corporate income tax 费改税改革 tax-for-fees reform 个人所得税法 the Law on Personal Income Tax

反补贴税 countervailing duty

费改税 transform administrative fees into taxes

费改税改革 tax-for-fees reform

分税制 system of tax distribution

销项税 output tax

统一税 "flat tax, consolidated tax"

纳税人 tax payer; tax bearer

纳税申报制度 tax declaration system

特许税 franchise tax

企业所得税 corporate income tax

费改税改革 tax-for-fees reform

个人所得税法 the Law on Personal Income Tax

2.11 Economy-Finance 财政年度 fiscal year 财政收入 fiscal revenue 财务报表 financial statement 财务代理人 fiscal agent 财务公开 keep the public informed of the financial affairs 财政、信贷双紧方针 policy of tightening control over expenditure and credit 财政包干 fiscal responsibility system 财政赤字 financial deficit 财政纪律 financial and economic discipline

财政年度 fiscal year

财政收入 fiscal revenue

财务报表 financial statement

财务代理人 fiscal agent

财务公开 keep the public informed of the financial affairs

财政、信贷双紧方针 policy of tightening control over expenditure and credit

财政包干 fiscal responsibility system

财政赤字 financial deficit

财政纪律 financial and economic discipline

吃饭财政 payroll finance; mouth-feeding budget-----a large proportion of the budget has been earmarked for paying salaries of government functionaries 地方财政包干制 system whereby local authorities take full responsibility for their finances 建立公共财政的基本框架 establish the basic framework for a system of public finance 地方财政包干制 system whereby local authorities take full responsibility for their finances

吃饭财政 payroll finance; mouth-feeding budget-----a large proportion of the budget has been earmarked for paying salaries of government functionaries

地方财政包干制 system whereby local authorities take full responsibility for their finances

建立公共财政的基本框架 establish the basic framework for a system of public finance

地方财政包干制 system whereby local authorities take full responsibility for their finances

2.12 Economy-Industries 传统产业 conventional industries 窗口行业 various service trades 朝阳产业 sunrise industry 国民经济支柱产业 pillar industries in national economy 第二产业 secondary industry 第三产业 tertiary industry; service sector 包装业 packaging business 博彩（业） lottery industry

传统产业 conventional industries

窗口行业 various service trades

朝阳产业 sunrise industry

国民经济支柱产业 pillar industries in national economy

第二产业 secondary industry

第三产业 tertiary industry; service sector

包装业 packaging business

博彩（业） lottery industry

服务行业 catering industry 后备工业 supporting industry 三产 tertiary industry 下游行业 downstream industry 产业不景气 industrial depression 产业的升级换代 upgrading of industries 产业结构升级 upgrading of an industrial structure 产业升级 upgrade industries 工商联营 combined management of industry and commerce

服务行业 catering industry

后备工业 supporting industry

三产 tertiary industry

下游行业 downstream industry

产业不景气 industrial depression

产业的升级换代 upgrading of industries

产业结构升级 upgrading of an industrial structure

产业升级 upgrade industries

工商联营 combined management of industry and commerce

Enterprise 全资企业 exclusively-invested enterprises 独立核算工业企业 independent accounting unit(enterprise) 非国有工业企业 non-state industrial enterprises 私人企业 private enterprise 私营企业 privately-run enterprise 搞活国有大中型企业 revitalize large and medium-sized state owned enterprises 技工贸结合的科技型企业 scientific and technological enterprises that integrate scientific and technological development with industrial and trade development

全资企业 exclusively-invested enterprises

独立核算工业企业 independent accounting unit(enterprise)

非国有工业企业 non-state industrial enterprises

私人企业 private enterprise

私营企业 privately-run enterprise

搞活国有大中型企业 revitalize large and medium-sized state owned enterprises

技工贸结合的科技型企业 scientific and technological enterprises that integrate scientific and technological development with industrial and trade development

创利 generate profit 创业精神 enterprising spirit; pioneering spirit 创业园 high-tech business incubator; pioneer park 创业者 start-up 不正当竞争 unfair competition 创意 create new ideas or concepts 垂直管理 vertical management 点子公司 consultancy company 改制上市 An enterprise is re-organized according to modern corporate system so that it will get listed on the stock market.

创利 generate profit

创业精神 enterprising spirit; pioneering spirit

创业园 high-tech business incubator; pioneer park

创业者 start-up

不正当竞争 unfair competition

创意 create new ideas or concepts

垂直管理 vertical management

点子公司 consultancy company

改制上市 An enterprise is re-organized according to modern corporate system so that it will get listed on the stock market.

企业的自我约束机制 self-regulating mechanism of enterprises 企业技术改造 technological updating of enterprises 企业亏损补贴 subsidies to cover enterprise losses 劳动密集性企业 labor-intensive enterprises 工程项目 engineering project 独立董事 independent director 二次创业 start a new undertaking 法人代表 legal representative 收购兼并 merger and acquisition 分业经营 divided operation/ management

企业的自我约束机制 self-regulating mechanism of enterprises

企业技术改造 technological updating of enterprises

企业亏损补贴 subsidies to cover enterprise losses

劳动密集性企业 labor-intensive enterprises

工程项目 engineering project

独立董事 independent director

二次创业 start a new undertaking

法人代表 legal representative

收购兼并 merger and acquisition

分业经营 divided operation/ management

Projects 半拉子工程 uncompleted project 全优工程 all-round excellent project 上马 start a project 试点工程 / 项目 pilot project 三峡工程 Three Gorges Project 长江三峡和黄河小浪底水利枢纽工程 the key water projects at the Three Gorges on the Yangtze River and at Xiaolangdi on the Yellow River 潮汐电站 tidal power stations 防洪工程 flood-prevention project 南水北调工程 divert water from the south to the north project

半拉子工程 uncompleted project

全优工程 all-round excellent project

上马 start a project

试点工程 / 项目 pilot project

三峡工程 Three Gorges Project

长江三峡和黄河小浪底水利枢纽工程 the key water projects at the Three Gorges on the Yangtze River and at Xiaolangdi on the Yellow River

潮汐电站 tidal power stations

防洪工程 flood-prevention project

南水北调工程 divert water from the south to the north project

Imports & Exports 成套引进 package import 出口创汇能力 capacity to earn foreign exchange through exports 出口创汇型产业 export-oriented industr 出口加工区 export processing zones 出口卖方信贷 seller's credit on exports 出口退税率 export rebate rate 出口退税制度 the system of refunding taxes on exported goods; export (tax) rebate 出口押汇 bill purchased (B/P); outward documentary bill

成套引进 package import

出口创汇能力 capacity to earn foreign exchange through exports

出口创汇型产业 export-oriented industr

出口加工区 export processing zones

出口卖方信贷 seller's credit on exports

出口退税率 export rebate rate

出口退税制度 the system of refunding taxes on exported goods; export (tax) rebate

出口押汇 bill purchased (B/P); outward documentary bill

2.16 Economy-Stock&Bonds 炒汇 / 股 speculate in foreign currency/stock 参股公司 joint stock company 参股者 equity participant 保息股票 guaranteed stock 保持国有股 keep the State-held shares 操纵股票市场 manipulate the stock market 国有股 state-owned shares 国有股减持 state stock reduction; reduce state's stake in listed companies 次新股 sub-new stock 第二上市 secondary listing

炒汇 / 股 speculate in foreign currency/stock

参股公司 joint stock company

参股者 equity participant

保息股票 guaranteed stock

保持国有股 keep the State-held shares

操纵股票市场 manipulate the stock market

国有股 state-owned shares

国有股减持 state stock reduction; reduce state's stake in listed companies

次新股 sub-new stock

第二上市 secondary listing

搀水股票 water-down stocks (ordinary stocks that can be bought by persons inside a stock company or a business at a cost lower that their face value) 定向增发 additional stock issue tailed for... 跌幅 range of a price drop 多头市场 bull market 法人股 corporate shares 分拆上市 A subsidiary company of a corporation is listed on the stock market. 纳斯达克 National Association of Securities Deal Automated Quotations (NASDAQ)

搀水股票 water-down stocks (ordinary stocks that can be bought by persons inside a stock company or a business at a cost lower that their face value)

定向增发 additional stock issue tailed for... 跌幅 range of a price drop

多头市场 bull market

法人股 corporate shares

分拆上市 A subsidiary company of a corporation is listed on the stock market.

纳斯达克 National Association of Securities Deal Automated Quotations (NASDAQ)

首次公开发行的股票 initial public offering (IPO) 首次上市（股票） IPO (Initial Public Offering) 国库券 treasury bonds 特种债券 special bonds 国债贴息贷款 T-bond discount loans 倒汇 speculate in foreign currency 倒买倒卖 profiteering 倒票 speculative reselling of tickets 倒爷／奸商 profiteer

首次公开发行的股票 initial public offering (IPO)

首次上市（股票） IPO (Initial Public Offering)

国库券 treasury bonds

特种债券 special bonds

国债贴息贷款 T-bond discount loans

倒汇 speculate in foreign currency

倒买倒卖 profiteering

倒票 speculative reselling of tickets

倒爷／奸商 profiteer