Wednesday, December 31, 2008

US Economy Shrinks 0.3 Percent


30 October 2008

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This is the VOA Special English Economics Report.

Early estimates show that the United States economy shrank by three-tenths of one percent from July through September. Economists had predicted a five-tenths drop. But Thursday's report from the Commerce Department also showed that Americans cut their spending by the most in almost thirty years.

The economy has shrunk only one other time since the recession of two thousand one. That was at the end of last year.

A recession is traditionally defined as at least six months of decrease in the gross domestic product. G.D.P. is the value of all goods and services produced within a country.

Recently, many central banks, fearing a worldwide recession, have cut interest rates. On Wednesday, the Federal Reserve cut its target rate for overnight loans between banks from one and a half percent to just one percent. The federal funds rate has not been that low since June of two thousand four.

Alan Greenspan and Henry Waxman, chairman of the House Committee on Oversight and Government Reform
Alan Greenspan and Henry Waxman, chairman of the House Committee on Oversight and Government Reform
The Fed chairman then was Alan Greenspan. Critics say his support of low-cost credit, plus his resistance to stronger controls, helped inflate housing prices. He thought lenders understood risk better than government regulators. But high-risk loans led to today's credit crisis once the housing bubble burst.

Last week, the House Committee on Oversight and Government Reform called Alan Greenspan to hearings on the financial crisis. Chairman Henry Waxman asked him about his positions in the past on supervision of financial markets.

HENRY WAXMAN: "My question for you is simple. Where you wrong?"

ALAN GREENSPAN: "Partially. But let's separate this problem into its component parts."

Alan Greenspan went on to defend some of the complex financial products called derivatives. But he said there are "some serious problems" with credit default swaps. Buyers use this kind of derivative as insurance against losses on debts they are owed.

Credit default swaps on debt related to risky home loans almost collapsed A.I.G. The huge insurance company was rescued with government loans.

Henry Waxman pushed Alan Greenspan for a more complete answer -- unlike the days when he was treated like a financial god.

HENRY WAXMAN: "Well, where do you think you made a mistake?"

ALAN GREENSPAN: "I made a mistake in presuming that the self-interest of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders."

Consumer confidence, a measure of how Americans feel about the world's largest economy, is at its lowest in at least forty years.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

Source: http://www.voanews.com

The final game

By Doan Le

I found myself living alone after my beautiful wife left me for a half-witted poet with a silver tongue. What could I do; most women are air-heads by nature. After an extended period of debauchery to get even with her, I found myself physically and mentally exhausted. Then one fine day, an old friend notorious for leading a loose and fancy-free life, dropped by to see me. He tried to set me up with some girl but I lied to him to get out of it.

"Truth is, I’ve become impotent," I fibbed, "I picked up some of that ginseng you recommended, but it’s not working. Let’s rain-check, ok?"

I paid a visit to some friends who gambled instead. They’d been banned by their jealous wives from karaoke bars in the provincial capital, so with nowhere to hang out, they’d started gambling to kill time. The stakes were quite high, at least several hundred thousand dong hand.

"Can you take the heat?" Mien asked, "I lost about eight million dong the day before yesterday, and have only made back five million."

"You look so innocent," Tam warned, "you’ll be eaten alive if you’re not careful."

"In here you’ve got to ‘down your drink with big glasses’," Cuong said, fixing me with a cool gaze.

"I don’t care how big the glass," I retorted. He meant that if you were careless and violated the rules, you’d be fined heavily. The first day I joined them, Cuong took me to Tam’s well-guarded, high-walled house.

"There are three emergency exits in case coppers come snooping.... How much have you got on you?" he asked.

"Twenty million dong. I’ve put it aside just to see how much I’ll lose in a month."

"No, gambling’s meant to be fun. Your twenty million dong is barely a drop in the ocean. Just don’t get addicted or you’ll end up depraved and ruined!"

Cuong and I were childhood friends. We used to go and pick oysters on the beach together. When we grew up, Cuong became the owner of a construction materials company and had often passed lucrative contracts my way, so we had a good history. My friend Tam’s beautiful villa and garden was as an ideal place for gambling, and his wife was a good cook and hospitable to a fault. My first day gambling, I won over four and a half million dong. I guess it was beginner’s luck because I lost nearly eight million dong the next day. And after the first week of gambling, I only had thirteen million dong left out of my original 20 million; old Mien told me I was lucky.

It was weird, the more I played, the more I wanted to gamble. I’m a poor loser and every-time I lost, I became even more determined to win. I didn’t realise I had become a compulsive gambler. Day in and day out, I counted the hours till I could sit on the gambling mat and as far as I was concerned, all the gamblers around me were a bunch of two-faced cheaters; and on occasion I cursed them out. Cuong even yelled at me once.

"Stop it!" he hissed, his face serious, "you’ve gone too far. I never expected you to become so addicted. What’s worse, since you’ve been coming, all of them have become crazy!"

It was true that the gambling mat had become increasingly excited since my arrival.

"You’re such a playboy," Tam said, "What the f___ do you care about money? The rich don’t feel their money move through their pockets. I bet you feel money outside the gambling mat has become boring. Am I right or am I right?"

Cuong, out of pity, taught me the ropes.

"Bloody fool," he said, "when you pick up the cards, don’t focus on them; first observe your opponents to see how they arrange their cards. That way you can tell how good a hand they have. If they intentionally want to give you more chances to get cards, it means that they want to avoid you. There’s a thousand different ways to play cards, but what’s the use, you couldn’t beat a blind baby."

One day out of the blue, my friend Cuong died a miserable death. On the fateful night, he was out partying with some friends when we phoned him up and asked him back to the gambling mat. He jumped on his motor bike and sped back so as to be on time. But as he swung his bike into the curve at the foot of the Con Temple slope, he swerved to avoid a bus rushing headlong in the opposite direction and ended up smashing into the side of the mountain.

My close friend’s sudden death left me messed up for a whole week, and I questioned if life had meaning. Cuong died, leaving behind a young wife and little children, and into his shoes on the gambling mat stepped Han, the owner of the largest pawn shop in Do Son. Han was a professional gambler used to large gambling dens and casinos, the kind where expensive alcohol was given free, high-class prostitutes searched for big winners, and only US dollars were accepted. For this reason, right from the start, Han became our arch enemy. And I lost a lot of money to him.

The week before, bitter over losing a large sum of money, I’d sold my shares at the ice making factory to a cousin of mine. This gave me a lot more money to play and hopefully recoup my gambling losses. That night, we gambled till the early hours and I decided to return to my pretty house at the foot of the mountain after eating a bowl of oyster soup. In high spirits, I figured I’d won about five or six million dong though I was yet to count it. For quite a long time, I had forgotten the taste of winning big on the mat. The ghostly pale face of the pawn shop owner shimmered before my eyes and I burst out laughing, riding my motor bike leisurely along the sea-breeze swept road.

Since my wife left, I’d spent very little time at home, eating most my meals at my parents’ and gambling in my spare time. The truth was deep within my heart, blood still oozed. Each time I opened the gates and walked through our small garden, empty save for white roses, I couldn’t help but mourn all I had lost.

The young moon had just appeared behind the roof of the house, shining its faint blue light directly over the French-style house, enhancing its feel of deserted desolation, empty save for the sounds of frogs croaking beneath wet rocks. Suddenly I felt my hair stand on end. In the rustling sound of the tree leaves, I could swear I heard Cuong’s voice.

"I’ll help you win," the ghostly voice whispered, "I still bear a grudge against Han: he refused to pay me the fifteen thousand US dollars he owed me. I’ve got a score to settle with him!"

I shook my head to drive my drunkenness away. While alive, Cuong had time and again told me of Han’s failure to pay him the fifteen thousand dollars, but - and here’s the rub - there wasn’t a shred of evidence. Cuong died and that was it.

I got up early the next morning after a dream filled night, and went out to buy some fruits, incense and a chicken to take to Cuong’s house. I also gave Thanh, his wife, some money.

"Please help me to prepare a ceremony and I’ll be back in the afternoon."

"But his 100-day death anniversary is next week," Thanh said in surprise, "you’ve come on the wrong day."

"Not wrong at all. Please do it for me."

But I never made it to Cuong’s that afternoon. The gambling was so tense; and all the money flowed into the pockets of Han and old Mien. Tam even asked his wife to go to his brother’s and get 120 million dong so that he could split the sum in two, half for him and the other half for me. After that the stakes were raised even higher.

"Hopefully we’ll recoup our losses. Please, try harder!" Tam whispered to me.

"To win or lose, to live or die, it all happens quick, in the blink of an eye," I told myself. Each card in my hand seemed to burn with purpose. Before we started gambling, we agreed that none of us was allowed to leave the mat before midnight. We could only stop in between to eat sticky rice, chicken and pork sausages during the half hour break.

After eating, old Mien and Han went out to smoke in the garden while Tam whispered foul play in my ear.

"We should work hand in glove with each other to beat them! If I win a certain card and put it along the mat, it means the number three, four or five.... If I put it across the mat, it means three aces or three sixes.... One glance and you’ll know how to hand out your cards to me. But don’t put down your card first so that they cannot hand out their cards. Remember, today we are like people possessed!"

People possessed? I startled, remembering my failure to make it to Cuong’s. Thanh was probably waiting for me now and I quickly phoned her.

"Please pray to Cuong for me. My hands are a bit full right now. Please tell him that my heart is ever faithful and beg him to be my guardian angel!"

The gambling started again. Immediately I won two straight games. My happiness was indescribable. Old Mien laughed sickly.

"You’re going to make it all back so don’t be so nervous! You’re having good luck now!" he said, seemingly to encourage me.

In the third game, I was in a predicament. I had five hearts: three, four, nine, ten and the king.

"Please, it’s your turn! Do you want to get the card?" Han said to me, slapping down the queen of hearts on the mat.

I felt my hairs stand on end. I could not get it now. If I chanced it, I could lose ten million dong. It was nerve-wracking.

"Yes, I’ll take it!" I yelled.

God! I escaped being punished because I got the Jack of hearts, and could link it to the other five cards.

"Two of hearts! Do you want it?" Han challenged me to save face.

"I win!" I shouted.

Han looked thunderstruck as I arranged a beautiful line of red hearts; he forked over a bundle. Later on I won three more consecutive games and a pile of cash. Han changed places with old Mien to shake up the luck but I kept on winning. They all stared at me, dumbfounded. Half an hour later, the gambling was over, even though it was still 8 o’clock in the evening. Han not only lost all his money, but owed me seven million dong as well.

Everyone walked home in silence.

I was still stunned riding the motor bike; I went straight to a jeweller’s and changed the money into US dollars. I’d won 7,000 dollars. I had to go to Cuong’s. I wanted him to witness my victory thanks to his protection. I gave some money to his children for the coming new school year, and bought two Japanese bicycles for his two daughters and a jewel worth several million dong for Thanh.

I burnt incense and worshipped my dead friend, Thanh weeping softly behind me. Then to change the atmosphere in the house, I took the children to the living room and watched television with them. I was dead tired and felt so sleepy I ended up in dozing off. When I awoke, I wasn’t sure how long I’d slept but I had a sudden unshakeable feeling that something terrible had happened to me. I had to get up immediately!

I jumped up as if I’d received an electric shock.

"What’s the matter with you?" Thanh asked surprised.

"Oh, God! My money...."

"What money?"

I didn’t answer her. I rushed to the next room to Cuong altar. The 70 hundred dollar bills were all gone.

"What’s wrong?" Thanh asked behind me.

"The money" I gasped, "I left it here."

"Oh no! My daughter Huong probably thought it was ‘Hell’ money for the dead and burnt it"

We both rushed out of the room shouting, "Huong!"

The flames were dancing and Huong froze upon hearing us. She stood up as I raced over just in time to snatch some un-burnt money from her hand.

"Have you got some more of this money?"

"I’ve burnt it all. Your money looks so beautiful. The money mummy buys for daddy is ugly compared to yours."

I fell to the ground and clutched my head, groaning.

I don’t remember how I got home that night but from that moment forth, my gambling days were done.

Translated by Manh Chuong

Source:http://www.nhandan.com.vn

Tuesday, December 30, 2008

A test of Love




John Blanchard stood up from the bench, straightened his Army uniform, and studied the crowd of people making their way through Grand Central Station.

He looked for the girl whose heart he knew, but whose face he didn't, the girl with the rose. His interest in her had begun thirteen months before in a Florida library. Taking a book off the shelf he found himself intrigued, not with the words of the book, but with the notes penciled in the margin. The soft handwriting reflected a thoughtful soul and insightful mind.


In the front of the book, he discovered the previous owner's name, Miss Hollis Maynell. With time and effort he located her address. She lived in New York City. He wrote her a letter introducing himself and inviting her to correspond. The next day he was shipped overseas for service in World War II.


During the next year and one-month the two grew to know each other through the mail. Each letter was a seed falling on a fertile heart. A Romance was budding.

Blanchard requested a photograph, but she refused. She felt that if he really cared, it wouldn't matter what she looked like.

When the day finally came for him to return from Europe, they scheduled their first meeting - 7:00 PM at the Grand Central Station in New York.

"You'll recognize me," she wrote, "by the red rose I'll be wearing on my lapel."

So at 7:00 he was in the station looking for a girl whose heart he loved, but whose face he'd never seen.

I'll let Mr. Blanchard tell you what happened:

A young woman was coming toward me, her figure long and slim. Her blonde hair lay back in curls from her delicate ears; her eyes were blue as flowers. Her lips and chin had a gentle firmness, and in her pale green suit she was like springtime come alive.

I started toward her, entirely forgetting to notice that she was not wearing a rose. As I moved, a small, provocative smile curved her lips.

"Going my way, sailor?" she murmured.

Almost uncontrollably I made one step closer to her, and then I saw Hollis Maynell. She was standing almost directly behind the girl. A woman well past 40, she had graying hair tucked under a worn hat. She was more than plump, her thick-ankled feet thrust into low-heeled shoes. The girl in the green suit was walking quickly away.

I felt as though I was split in two, so keen was my desire to follow her, and yet so deep was my longing for the woman whose spirit had truly companioned me and upheld my own.

And there she stood. Her pale, plump face was gentle and sensible, her gray eyes had a warm and kindly twinkle. I did not hesitate. My fingers gripped the small worn blue leather copy of the book that was to identify me to her.

This would not be love, but it would be something precious, something perhaps even better than love, a friendship for which I had been and must ever be grateful. I squared my shoulders and saluted and held out the book to the woman, even though while I spoke I felt choked by the bitterness of my disappointment.

"I'm Lieutenant John Blanchard, and you must be Miss Maynell. I am so glad you could meet me; may I take you to dinner?"

The woman's face broadened into a tolerant smile.

"I don't know what this is about, son," she answered, "but the young lady in the green suit who just went by, she begged me to wear this rose on my coat. And she said if you were to ask me out to dinner, I should go and tell you that she is waiting for you in the big restaurant across the street. She said it was some kind of test!"
Collect from Internet

Friday, December 12, 2008

MONEY - Funny story



There was a man who worked all of his life and saved all of his money. He was a real miser when it came to his money. He loved money more than just about anything, and just before he died, he said to his wife, "Now listen, when I die, I want you to take all my money and place it in the casket with me. I wanna take my money to the afterlife."

So he got his wife to promise him with all her heart that when he died, she would put all the money in the casket with him.

Well, one day he died. He was stretched out in the casket, the wife was sitting there in black next to her closest friend. When they finished the ceremony, just before the undertakers got ready to close the casket, the wife said "Wait just a minute!"

She had a shoe box with her, she came over with the box and placed it in the casket. Then the undertakers locked the casket down and rolled it away. Her friend said, "I hope you weren't crazy enough to put all that money in the casket."

"Yes," the wife said, "I promised. I'm a good Christian, I can't lie. I promised him that I was going to put that money in that casket with him."

"You mean to tell me you put every cent of his money in the casket with him?"

"I sure did. I got it all together, put it into my account and I wrote him a check."

source: http://www.superlaugh.com

Saturday, November 22, 2008

Yesterday's love

By Nguyen Thu Phuong


He recognised her at once, though she was a rather stout woman now, different from the girl he knew before. Fifteen years was time enough for a lot of things to be done and undone. He found warmth in her eyes, the black sad eyes that looked tired now, and could also see that she was moved. She smiled the same familiar reluctant smile.

"I never expected to meet you here," he said.

"Nor did I. But I have thought of you for years."

Her words were sincere and, it seemed, even remorseful.

"How's life now?"

"I'm married and have two children. Life is normal, like that of other people. Nothing worth mentioning. And what about you?"

"I have nothing worth telling you either."

They paused and looked around. The music at the wedding was noisy and exciting, mixed with people shouting out congratulations. He wanted to ask her why she'd not brought her husband and children along. But decided against it on second thoughts. He himself had come alone, without his wife and children. He brought the food for her and poured wine into her glass in the manner of an experienced ladies' man. He drank a lot of beer without flushing. His capacity was great. Thanks to the beer he became more loquacious and alert, much more than when he was sober, or fifteen years younger. Then, as if by accident, he placed his hand on her knee under the table. As she did not push it away or show any other reaction, he whispered in her ear,

"You are wonderful."

She smiled. He saw that the smile expressed the confidence of a woman who knew very well that she was attractive. A diabolic self-confidence.

"I have not been able to forget you for the last fifteen years."

"I still keep the poems you wrote for me, your love letters, and the notebook in which you wrote down the lyrics. My God, your handwriting was so beautiful. And the old hair pin, and other presents. All these things I've wrapped carefully and put into a small, velvet-lined box."

"What does your husband say about that?" he asked in surprise, his heart filled with emotion.

"He is not the kind of man to get jealous about trifles. He knows I am a romantic woman, and treats me so well that I always feel grateful. I should not have dreamed about old flames, right?"

She must not know that whenever he had a quarrel with his wife, he blamed himself for a lack of determination in getting married to her. Whenever one's present relationship lacks happiness, one often thinks of missed marriages.

A friend in his early fifties had advised him

"A man who has taken on the responsibility of being a husband and a father, should know how to release the valve in order to regain balance in life. The best way is to create a secret corner. You only have to conceal it from you wife,".

He had not been faithful, he only tried not to be a bad man. Women had gone through his manly life, obscure, leaving behind no deep memory. But the image of his first love had often come to mind. Her half-smile, her sad black eyes, her sun-tanned complexion, an intact primitive beauty without any make up, any artful technique.

"We should leave this party soon," he said softly after the fourth course was served.

She nodded obediently and stood up presently. Then she left the room, relieved and calm as if she had waited for that moment. He, for formalities, lingered for a while, then stood up as well, giving a perfunctory salute to his neighbours. She was posing for a photograph with the bride and the groom at the gate, diplomatically intimate. Then she made for the park. Elbowing through a crowd excitedly toasting each other, he caught up with her.

"Do you remember this place?"

"Why not, it is a memory of our past life."

"For the last fifteen years I have been coming here to sit, watching it change hands, be dismantled, repaired and renovated...."

"That's surprising. I also occasionally come here, by myself, to think of you. But why didn't we meet even once?"

She remembered everything he reminded her of, as their past returned like a distant echo. Unable to control himself, he took hold of her hand, pressed it softly and caressed it. Then he raised it to his lips and kissed it, overflowing with emotion and desire. An experienced man was fully conscious of his desire, and knew how to fulfil it.

"Wait a minute", he said and made his way to the back of the cafeteria.

Then he used his mobile phone to call a close friend in his fifties. When he returned to the cafeteria, he paid the bill at the counter and went to where she was sitting. In the most natural voice he said, "Let's go, my dear" and was pleased to see she followed him at once without asking him where to.

The apartment has a private staircase to the third floor. They left their motorbikes with the caretaker, and climbed up the battered and mossy staircase. She was smiling as she recalled old stories, continuing from those that she'd related in the cafeteria and on the way. And she had not made any query about their destination. She was well-versed in world affairs and reasonable. These are virtues a woman should have, he thought. In addition, she still retained the romance of youthful days. The perfume she wore wafted into his nostrils, making him long for her. He wondered, fleetingly, if his desire did not mean disrespect, when in his mind, she had such a noble and pure image. But this was going to be a happy ending, he reassured himself. It was the climax of love, so different from other pleasures.

When they reached the apartment, he took out of a battered flower pot a small key. The first impression of the room was untidiness. Before she could comment, he softly closed the door and carefully bolted it after having found the switch to turn on the light. Then, in a very natural way, he moved to the table that had no chair, where back issues of magazines lay scattered. He rapidly tidied up the mess, grumbling about the mess his friend had created. As he cleared the table, he found a box of "OK" condoms. He glanced at her and put it into his pocket. Then he went to the kitchen. He found a pile of instant noodles and an unopened bottle of mineral water.

"I wonder whether it is drinkable," she said hesitantly.

He nodded yes. While she drank it like a kitten which was not thirsty, he had the opportunity to contemplate her. She was wearing a "decent" brown dress, fashionable and fit. But it was a bit older style than her age warranted, in contrast to his checked shirt and a cream pair of trousers, and a gaudy cravat his wife had bought for him, making him look very dashing.

Having drunk the water, she looked in vain for a seat. She had to sit down on the double bed. The bed was old, but covered with a flowered bedspread. She was still holding her handbag in her hand. He came up to her, put his hand round her waist like in the past,

"Do you know that you are very lovely?"

Her black eyes softened as she looked at him. Suddenly he embraced her passionately and was about to kiss her lips. It was a long time since he had kissed a woman. But she swiftly glided out of his arms. Then she took out of her handbag a packet of chewing gums. She tore it open and put one into his mouth, bursting into a laugh, a resounding, thoughtless laugh.

He sat chewing, deep in thoughts. She was like a cup of cappuccino - sweet, fragrant, deep and a little bitter. He had taken a short cut in his attempted conquest, but her experience made it difficult. As he thought thus, she came to him, her face indifferent, and began to loosen his time. Then she unbuttoned his shirt, gingerly and skilfully.

"What do you have in your pocket?"

Mischievously she put her hand inside. And what she managed to get out made her blush. He shook his head, trying to deny it, but entreated,

"Let's turn off the light, dear!"

She laughed again. But now her black eyes had lost their sadness and were filled with mischief.

"No, I want to look at you in broad daylight."

Having unbuttoned the shirt, she placed it on the table, and he was embarrassed now. But she started to loosen the belt. He stopped her,

"What are you doing?"

"Nothing, only."

He was at a loss. The beers guzzled down at many parties, the absence of exercise, sitting too long at the office, made him lose his boldness as he stood naked in the light before a woman who was not his wife. And suddenly, there was a gap between them.

After a while, she slowly said, "My husband certainly does not want me to be involved in these adventures."

"Your husband," he heard his own voice as it dragged out, sarcastic and scornful. " If you are a faithful wife, why didn't you tell me off from the start, why did you follow me here?" He reached for the shirt and put it on again.

"I am a mother of two children, I am no longer the wonderful woman of our first love."

Her voice confessional without any hint of aggressiveness.

"Please forgive me. But I need to be disillusioned. I wanted to get rid of your beautiful image that obsesses me. It is only in this way, that I will be able to forget you forever...."

"Disillusion with love. Does this depend only on downgrading of the physical body and appearances after so many years of change? Is that all you needed in me?"

He smiled with derision.

"Aren't you interested in the soul of a man who always thinks of you?"

She lowered her head, and spoke in an undertone,

"Please don't blame me. I have attached my fate to that of my children and my husband. I love them."

His voice was weary as he answered,

"I can't blame you when you have said so. It is my fault. I have courted a lover who is not bold enough to get involved."

She did not say anything else, quietly leaving the apartment.

He sat motionless for a long time after she left, his heart cold. Finally, he stood up and went into the bathroom to wash his face. In the mirror on the soiled wall, he saw the face of a well-fed, stupid man with haggard eyes. His shirt was wrinkled and unbuttoned, revealing his bare chest. His complexion was weathered and his body, not yet old, bore clear signs of laissez-faire and negligence. It was not believable that this was the same body and complexion that had been so radiant, youthful and full of life fifteen years ago, ready to be exposed to a crowd of curious people. There was some contradiction and injustice here, an inverse proportion between the body and the soul with the passage of time. He was suddenly filled with self-pity and loathing.

Finding a cigarette in his pocket, he struck a match to light it and blew out the smoke. And how old was her husband after these fifteen years? What was he like when he took off his clothes? And if she had found him with a different body and complexion, would she have still told him that she loved her husband and children?

The mobile phone rang in his pocket. He took it out and saw the number of his crony.

"Have you found the key?"

"Oh yes, I am now in the room."

"Fine, have a good time."

Translated by Hoang Tuy


Source: http://www.vietnamwebsite.net/story

How to avoid Stress at work

How to avoid Stress at work

Stress at work in most cases is inevitable. That is just life in the working world. However, a poor response to stressors can have serious repercussions on your health and well-being. This is why we must take steps to avoid stress at work and not be buried by it. Every day we will be faced with stressors. A healthy person recognizes the stressors at work and takes steps avoid being a victim of them.

Here are some tips for avoiding stress at work:


Sleep well

Get plenty of rest each night. When we have not had the proper amount of sleep, we tend to react to stressors sometimes more than necessary. In other words, we have a tendency to "blow things out of proportion".

Realize that there are some things that you cannot control. If you fear a job loss at work yet you are a model employee, it would be best that you drop that fear. Many times model employees lose their jobs due to absolutely no fault of their own. It's just that the company could no longer either afford or utilize the person's services. When we worry about things we cannot control, this produces stress.

Avoid overtime if you can

Don't work too many hours. In most professions, some overtime is necessary but if you find yourself working most of your waking hours then you are working too much. This produces stress. Learn to say "no" even to your boss if you have to. If your boss doesn't like it then maybe you need to find another job to avoid stress at work. Of course, if you are being well rewarded for your over time then it might not be easy to say no.

Step away from stressful situations if you can. You might be faced with a deadline and folks keep visiting your desk to get a status report. You want to just fire back and say "If you would leave me alone I might just get it done!" This, however, would only make it worse and produce more stress. It's best to just go for a walk.

Visit the gym

Of course, proper diet and exercise are important to avoiding stress at work. Going to the gym is an incredible way to release stress. Working out or doing aerobic excercise is a great way to release tension. Its better if you go on a regular basis (perhaps two/three times a week) after work with a friend/s. This way you get the excercise and be able to socialise at the same time. Its a great way to spend a couple of hours.

Participating in sports, going out with friends are also good ways to ease stress.

Remember, if you don't take measures to avoid stress at work, you might end up with some serious health problems.

source: internet

VN’s leading exports exploit WTO entry

10-7-2008

Doan Trieu Nhan from the Viet Nam Coffee and Cocoa Association

The past few years have seen strong growth of the coffee sector in terms of cultivation, output and export volume. Currently, coffee plantations area cover about 500,000ha and the country exports roughly 850,000 tonnes of coffee per year.

Coffee has become one of Viet Nam’s key export items, which post export turnovers of over US$1 billion. Vietnamese coffee is exported to 70 countries and territories worldwide.

However, there are more things the coffee industry needs to do to ensure its sustainable development as well as enhance its competitive edge and successfully integrate into the global economy: It needs to improve the quality of coffee. The Ministry for Agriculture and Rural Development has built a roadmap for the country’s coffee industry, which set a target of applying TCVN 4193-2005, the Vietnamese standard for robust coffee export by 2010. The move is expected to result in a better quality of Vietnamese coffee.

In addition to ensuring hygiene and food safety standards for coffee products, it’s necessary for the industry to curb the mass expansion of coffee plantations that could lead to a surplus of supply in the world market and a drop in prices. Vietnamese coffee still relies a lot on the international market.

Furthermore, support to farmers in planting techniques, harvesting and processing the beans as well as market information are also necessary.

Nguyen Thai Hoc, vice chairman of the Viet Nam Cashew Association

Like the country’s other sectors with export advantages, the cashew sector has made ongoing efforts to exploit opportunities brought by the country’s entry into the WTO.

Viet Nam overtook India as the world’s leading cashew exporter in 2006-2007. The country has exported 73,000 tonnes of cashew nuts during the first half of this year, posting an export turnover of $374 million. These figures marked yearly increases of 43 per cent in value and 14 per cent in volume.

We estimate that the cashew processing sector will likely post an annual growth rate of 30 per cent by 2010, responding to the increasing output of raw materials and efforts of local cashew processors in expanding their production. Besides, the strong growth is also due to the fact that some large Indian cashew processors have moved their processing plants from India to Viet Nam and processing cashew nuts for export by using materials imported from Africa.

The difficulties facing local cashew processors are a lack of capital to buy raw materials and invest in machine and technological innovation. As cashew is one of the country’s special agricultural products in the context of global integration, we’ve petitioned the Government to implement suitable lending and tax policies to enterprises processing cashew for export. We suggest the Government impose 0 per cent import tax on raw cashews as well as consider streamlining customs procedures. At present, the Government exempts import duties on raw cashews that are processed for export within 275 days. However, most domestic cashew processors and exporters have failed to meet these requirements and cannot benefit from such incentives.

Do Ha Nam, chairman of the Viet Nam Pepper Association

Even before the country joined the WTO, the pepper sector had already accessed the world economy as the Viet Nam Pepper Association was a full member of the International Pepper Community (IPC), helping the industry ensure its presence in the global market. Viet Nam’s pepper currently holds 30 per cent of the global pepper market share and is the number 1 exporter of pepper in the world.

In order to fully exploit its advantages and take the initiative in further joining the world market, the pepper sector will focus on improving product quality as well as better complying with the international hygiene and food safety standards. I think, it’s not easy work and requires patience. It’s important to change awareness of farmers, training them to shift from the traditional plantation and processing to more advanced technologies.

Besides, Vietnamese pepper is well known in international markets, thus it’s essential for the sector to study the changes in supply and demand of the world market in order to give farmers and exporters updated predictions and warnings, that could help them draw up the effective export strategies.

I think, in the global context, trade promotion is crucial as this will help advertise the image of Vietnamese pepper and create opportunities for enterprises to seek partners and then sign direct contracts without exporting via intermediaries as was previously the practice. In this effort, we really need support from the Government and relevant agencies. — VNS
Source: http://vietnamnews.vnanet.vn

State Bank cuts prime rate to lift liquidity

(21-11-2008)

HA NOI — The State Bank of Viet Nam trimmed its prime interest rate by a single percentage point to 11 per cent yesterday.

It was the central bank’s third rate cut in two months as part of an effort to free credit for enterprises and dampen the impact of the deepening global recession on Viet Nam’s economy.

In other measures effective from today, the bank:

Lowered the refinancing rate from 13 to 12 per cent;

Lowered the discount rate to 10 per cent and the overnight rate for electronic payments to 12 per cent; it also

Lowered the maximum interest lenders can charge borrowers from 18 to 16.5 per cent.

The bank also lowered by a substantial two percentage points the compulsory reserves banks must hold as part of the bid for greater liquidity.

Compulsory reserves now range from 2 per cent of total term deposits of more than 12 months to 8 per cent of total term, or non-term, deposits of less than 12 months.

Compulsory reserves for foreign-currency deposits were unchanged.

These range from 3 per cent for term deposits of 12 months, or more, to 9 per cent for other foreign-currency deposits.

The new rates were announced by State Bank governor Nguyen Van Giau who asked that creditors give priority to agriculture, manufacturing, exporters, importers of essential goods, small-and-medium-sized enterprises (SMEs), potential infrastructure projects and feasible real-estate development.

All State-owned commercial banks have reduced their interest rates by 1-2.5 percentage points in an immediate response to the central bank’s decision.

The reduction will put the most popular lending rates at about a yearly 12-13.5 per cent.

Viet Nam’s major partial private lender, Vietcombank, is offering priority customers money at 12 per cent, down 1.5 percentage points with the common lending rate lowered to a yearly 13.5 per cent – down 2.5 percentage points.

The Bank for Investment and Development of Viet Nam (BIDV) lowered its interest rate by one percentage point to 13 per cent for exporters, small-to-medium-sized enterprises and producers of essential goods such as fuel, steel, cement, fertiliser and medicine.

Its short-term loans attract interest of no more than 14 per cent and medium to long-term loans no more than 14.8 per cent.

Agribank reduced its interest rate by 1.5-2 per cent to 12 per cent for farmer households.

The rate for SMEs and exporters is 13 per cent.

Common lending rates ranged from a yearly 13.5 to 16.5 per cent.

The Hau Giang-based Lien Viet Bank private commercial bank will cut its interest rate by as much as 1-1.5 percentage points to 14.5-16.5 per cent from today.

Its general director Nguyen Duc Huong forecast the bank would cut its rate further in the next few weeks.

Private banks Asia Commercial Bank (ACB), Sacombank Techcombank, and VP Bank are expected to follow suit and must trim at 1.5 percentage points from their common rate to 16.5 per cent to avoid breaking the law.

The response

Enterprises have welcomed the lower interest rates, but executives complain that raising loans from domestic banks is still difficult.

Pleiku-based Thu Ha Coffee Company director NgoTan Giac said although the interest rate was no longer the concern it was, paperwork and borrowing procedures remained a hindrance.

"Even when a banks cuts its lending rates, we find it difficult to get raise new loans at the new rates," he said.

"I borrowed VND8 billion (US$471,142) at 16.5 per cent and after the first rate cuts, wanted to repay the loan before it matured so as obtain new credit at the lower interest," he said.

But the bank wouldn’t agree.

"If I had insisted on the repayment, I would not have been able to raise any more loans with them."

The director would not name the bank.

A Duc Viet Food Company official said it had borrowed from a State-owned bank at 16.98 per cent.

The bank had then refused to adjust the rate lower after it announced it had been reduced to 15.6 per cent.

The Government has now made changes to the interest rate, foreign exchange and tax policies in an effort to promote production and exports, and to ensure national financial security.

But some bankers predict the central bank could cut its prime rate to less than 10 per cent by year’s end.

Viet Nam’s economic growth has faltered as the global economic crisis reduces demand for exports.

The national growth target for 2008 has been lowered from 7 to 6.7 per cent while floods late last month destroyed crops and livestock. — VNS
Source: http://vietnamnews.vnanet.vn

Thursday, November 20, 2008

Slowing UK economy to remain flat for two years

Output growth in the United Kingdom eased in the second quarter and the central bank projects on Wednesday that the economy is facing further slowing in the third quarter, even a flat grow in the coming two years.

The monetary policy committee of the UK central bank, Bank of England, projected that the output to be "broadly flat over the next year or so, after which growth gradually recovers."

The slow down is mainly caused by the decelerating consumer spending as households' real incomes were squeezed, the bank said in its quarterly inflation report released in the morning.

While residential and business investment prospects deteriorated, global economic activity was a little firmer than expected, but the near-term outlook for the advanced economies remained subdued, the report said.

The inflation report said that CPI inflation rose markedly, as energy and import cost pressures increased.

Household inflation expectations are rising, with earnings growth remained moderate, it said.

In the central projection, higher energy, food and import prices push inflation substantially higher over the next few months, though it might then fall back sharply to a little below the 2 percent target in the medium term.

But considerable uncertainty surrounds this outlook, with the main risks to inflation -- from a more pronounced slowdown in demand on the downside, and from the possible impact of a prolonged period of elevated inflation on pay pressures and inflation expectations on the upside -- have both increased since the bank's May report, Bank of England said.

Overall, the balance of risks to inflation is judged to be on the upside, the report said.

Increases in domestic energy and import prices are likely to erode households purchasing power further over the next year or so, the report said, listing tight credit conditions, marked weakness in the housing market as the main reasons.

The outlook for investment deteriorated as investment in dwellings declined in the first quarter of 2008 when he housing market weakened sharply and house builders scaled back construction, its said, adding that dwellings investment is likely to exert a sizable drag on GDP growth in the near term.

Though the expansion of global economic activity in the first half of 2008 was somewhat stronger than expected, the near-term prospects for activity in the advanced economies remained fragile, it said.

It is preliminary estimated that quarterly GDP growth eased to 0.2 percent in the second quarter, while the CPI inflation increased to 3.8 percent in June, the report said.

Manufacturing and service sector output prices rose, and near-term pricing intentions of businesses remained elevated, particularly in the manufacturing sector, the central bank report said.

An increase in longer-horizon expectations would be costly to reverse and would probably require a more pronounced slowdown in economic activity in order to achieve the inflation target, while the inflation outlook is unusually uncertain, it said.

The central bank noted that the immediate prospect was for CPI inflation to move substantially further above the 2 percent target, and for output to be broadly flat.

Source: http://english.vietnamnet.vn

BUSINESS IN BRIEF 20/11

Central bank invites int’l bids for project

The State Bank of Vietnam (SBV) made an announcement on Nov. 19, stating that it is to apply international competitive bidding procedures for goods contracts for its Financial Sector Modernisation and Information Management System (FSMIMS) project. The International Development Association (IDA) has provided a credit facility of 60 million USD to support the SBV’s project. The money will be used to pay for goods and consultancy services necessary for the implementation of the project. The project consists of three primary components; the first of which is designed to modernise the SBV. It will assist the central bank in developing its policies and an institutional framework, as well as increasing capabilities for information management and informed decision-making.

It will provide key input to providing specifications of user needs and the functional requirements of a new ICT platform for information management, and design and build a centralised ICT platform that meets international IT standards to support SBV’s evolving role as a central bank, taking into account all relevant international practices and critical Vietnamese realities.
The second component focuses on strengthening the Credit Information Center (CIC) by assisting the CIC in restructuring the processes for its core business as Vietnam’s public credit registration centre, as well as acquiring and installing a centralised data management system for the collection, storage, processing, analysis and sharing of credit information.

The third component is aimed at enhancing the Deposit Insurance of Vietnam (DIV). It will assist the government-owned deposit insurance agency in re-engineering its business processes and increasing its technological capacity so that the government-owned deposit insurance agency can consolidate its role in Vietnam ’s financial sector safety network.

VietHaus features Vietnamese culture in Germany

VietHaus, a Vietnamese cultural and trade centre in Germany has become an attractive place for German and foreign visitors who wish to understand more about Vietnam and its people.

Visitors to VietHaus can learn about Vietnamese culture, while enjoying traditional Vietnamese dishes. They also understand more about the Southeast Asian nation when going to weekend markets featuring the country’s well-known traditional food and special products such as Minh Long high-quality ceramics and Trung Nguyen coffee.

In addition, many visitors from Italy, Spain, France, the Czech Republic, Hungary, Germany, Brazil and Scandinavian countries choose to stay at the centre’s Ha Long hotel, where they are offered unique Vietnamese-style interior design rooms with affordable prices.

According to VietHaus marketing officer Thomas Grotsch, the centre has contributed to promoting Vietnam’s image in Germany and boosting economic relations and cultural exchange between the two nations.

Viethaus, the first Vietnam’s investment project in Germany, was opened in Berlin in March 2008.

Wall Street Gold gets local agent

An agent for the Wall Street Gold (WSG) Trading Floor of the Wall Street Gold Joint Stock Company (JSC) opened on Nov. 19 at PetroVietnam Financial JSC Long Bien Central Trading Centre in Long Bien District, Hanoi .

The agent will take buying and selling orders for WSG and is also authorised to open WSG gold trading accounts.

Firms compete for best annual report

On securities trading floor
The Ho Chi Minh Stock Exchange (HOSE) and Dau tu Chung Khoan (Securities Investment) magazine launched a contest on Nov. 19 for the best annual report made by companies listed on its exchange as well as at the Hanoi Securities Trading Centre.

The first Annual Report Contest was organised in February for 2007 reports, open only to firms listed on the HOSE.

Le Nhi Nang, HOSE deputy general director, said the contest looked to promote transparency, professionalism, and creativity in reporting corporate performance and improving investors’ access to information.

Dominic Scriven, managing director for Dragon Capital, the sole sponsor for the contest, suggested reports with an analysis of impacts on the environment would gain significant advantage.

Prizes will be awarded at a ceremony on June 26.

Petrolimex revises business targets downwards

Petrolimex Import Export Joint Stock Company (PIT) has revised down its pre-tax profit target of 33 percent for the year, from 45 billion VND (2.7 million USD) to 30 billion VND (1.8 million USD).

The adjustment is based on disappointing results in the first nine months of the year, and estimates for the remainder of 2008.

Difficulties in the domestic economy also affected the results. In the first nine months of the year, the company made 1.38 trillion VND (82.1 million USD) in revenue and 36 billion VND (2.1 million USD) in pre-tax profit.

PIT expects to make a revenue of 1.7 trillion VND ( 101.2 million USD) this year, and earn revenue of 1.54 trillion VND (91.7 million USD) and a pre-tax profit of 33 billion VND (1.96 million USD) next year.

Vietnam – example for global economic integration

Vietnam is an example showing that global economic integration is a motive force for development and attraction of foreign investment, said President of the Lima Chamber of Commerce (CCL) Peter Anders Moores.

Vietnam has registered significant economic growth over the past years thanks to its Doi Moi (renovation) process, President Moores was quoted by Peru’s media on November 19.

Vietnam took advantages from participation in the Asia-Pacific Economic Cooperation (APEC) forum, he said, stressing that after successful organisation of the APEC Summit in 2006, Vietnam’s attraction of foreign direct investment (FDI) has increased, remarkably, becoming one of the world’s 10 largest FDI attraction nations.

President Moores also hailed Vietnam’s export, saying the country’s export turnover increased from 788 million USD in 1986 to 49.9 billion USD in 2007. Vietnam now ranks 11 out of 21 APEC member economies in terms of export, he said.

The CCL President highlighted the importance of this week’s Peru visit by President Nguyen Minh Triet who will attend the APEC Summit. The Vietnamese President is expected to attend a business workshop to be jointly held by the CCL and the Vietnam Chamber of Commerce and Industry, according to Peru ’s website connestroperu.com.

Can Tho signs flurry of pacts

The first ever trade promotion conference in Can Tho city has ended with the successful signing of eighteen memorandums of understanding for industrial development.

The city and the Bank for Investment and Development of Vietnam (BIDV) co-hosted the conference, which had over 150 representatives from enterprises around the country and the world, said the Mekong Delta city People’s Committee.

Memorandums signed between city authorities, investors and economic groups focused on credit supply and investment agreements. Most agreements dealt with investments in industrial development, telecommunication, steel complexes, five-star hotels and service, and hi-tech industrial zones.

It is hoped the conference will help the city become the economic hub of the Mekong Delta.

The city announced 29 projects worth nearly 56.1 trillion VND (3.4 billion USD) at the conference for which investment capital is now being sought. Many of these projects are in the food processing industry.

Thot Not Industrial Zone will be one of the biggest upcoming projects requiring total capital of 4.8 trillion VND (300 million USD). The project will encompass 1,000 ha near Highway 91A, 50 km from the city centre.

Another large-scale project will be the O Mon heavy-industry zone, which will be on 400 ha in O Mon District and require total capital of more than 1.9 trillion VND (120 million USD).

“Investments in infrastructure, ports, airports, industrial zones, the processing industry will be our strength,” say Nguyen Truong Danh, director of the city’s Investment, Trade and Tourism Promotion Centre.

To help attract investors, the city has significantly upgraded its infrastructure.

The city now has five highways, and a new bridge under construction to be finished in 2010. These projects will make it easier for businesses to access HCM City and other Mekong Delta areas.

Additionally, the Can Tho Port and Cai Cui International Port can now receive 10,000-20,000 tonnes ships. Tra Noc airport is being expanded and will be in operation late this year.

The city has received 52 million USD in financial support from the Bank for Investment and Development of Vietnam (BIDV) for these infrastructure upgrades and to complete the building of schools, hospitals, and hotels.

4.1 trillion VND for power projects in Da Nang

As many as 4,115 billion VND will be invested in the construction of 8 hydro-power plants in central Da Nang city.

Nhan Luat joint stock company, a big steel business firm, on Nov. 18 announced its investment in these plants which have a total design capacity of 166.5 MW and total output of 742.6 million KWh per year.

The Phu Tan 2 power plant, the biggest one of the 8 plants with a design capacity of 70 MW, will get 1,750 billion VND.

Its construction is expected to start in the 2 nd quarter of 2009 and complete in the 2 nd quarter of 2012. The plant will produce 329 million KWh of electricity a year.

Vietnam, China provinces find strength in unity

Authorities from provinces along the economic corridor that runs from China’s Yunnan province to Viet Nam’s Quang Ninh province have met to discuss future cooperation in the fields of trade and investment, tourism, transport, education, culture, sports and health care.

At the fourth annual conference on economic cooperation for Yunnan , Lao Cai, Hanoi , Hai Phong and Quang Ninh, taking place in Quang Ninh on Nov. 19-20, they agreed to enhance mutual assistance, particularly between provinces that share similarities regarding their strengths and potential.

This alliance between the five localities along the economic corridor has helped them to accelerate socio-economic development in the area and to cope with the effects of the global economic crisis.

Over the past year, Yunnan-based investors have poured 11.6 million USD into four projects in Vietnam, and the number of Chinese tourists using tourist visas to Vietnam has been steadily increasing, with more than 19,000 visitors during the first seven months of 2008, representing a 7.5 percent year-on-year increase.

Yellow Lion oilfield starts pumping black gold

Vietnam’s fourth-largest oilfield, the Su Tu Vang (Yellow Lion) oilfield, situated on lot 15-1 on a continental shelf off the central province of Binh Thuan, has officially commenced production.

Vu Ngoc An, General Director of the Cuu Long Joint Operating Company (CL JOC), told a press briefing in Hanoi on Nov. 19 that in the month since the field’s first oil well began pumping on Oct. 14, the company has put another four wells into use.

An said that, once the sixth well in the Su Tu Vang oilfield is operational, his company expects to double its crude oil output to 100,000 barrels per day. As a result, the total output for this year is expected to hit 3 million tonnes, 10 percent higher than planned.

The CL JOC, the first company of its kind in Vietnam, was established under an agreement regarding oil exploitation on Lot 15-1, signed on Sept. 16, 1998 by the Vietnam Oil and Gas Group (PetroVietnam)’s Exploration and Production Corporation (PVEP), the UK’s ConocoPhillips, the Republic of Korea’s National Oil and Gas Corporation and SK Company, and Monaco’s Geopetrol Company.

The company now operates four oilfields, including Su Tu Den (Black Lion), which commenced operations in Oct. 2003. Su Tu Trang (White Lion) and Su Tu Nau (Brown Lion) are scheduled to begin production in next few years.

The CL JOC has been one of the nation’s top two companies in crude oil output and export since 2003, second only to the Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro).

Trade fair opens to boost investment in central region

An international trade fair of the central key economic region, CREXPO 2008, was opened in central Da Nang city on Nov. 19.

The fair, jointly held by the Ministry of Industry and Trade and the municipal People’s Committee, drew 160 businesses from 20 provinces and cities nationwide and 20 foreign enterprises from China , Laos and the Czech Republic .

Businesses have showcased their products at 400 booths, including agro-forestry-fisheries items, foods and foodstuff, fine arts and handicraft products, construction materials, textiles and garments, and machines.

Banking and insurance services, information and telecommunications technologies as well as projects calling for investment were also introduced at the event.

Addressing the opening ceremony, Deputy Minister of Industry and Trade Nguyen Thanh Bien said this annual event is one of the important trade promotion activities which contribute to developing the domestic goods market of central and Central Highlands key provinces and cities.

It also serves as a bridge for domestic businesses to integrate into the world’s business community, promoting exports, investment and tourism, he added.

A seminar on trade promotion to China’s market and meetings on commercial exchanges between businesses will be held during the event which will last until Nov. 23

(Source: VNA)

Tuesday, November 11, 2008

Microeconomics English Vocabulary

Principles of Microeconomics

Glossary
Chapter 1: The Central Idea

choice a selection among alternative goods, services, or actions.
command economy an economy in which the government determines prices and production; also called a centrally planned economy.
comparative advantage a situation in which a person or country can produce one good more efficiently than another good in comparison with another person or country.
division of labor the division of production into various parts in which different groups of workers specialize.
economic interaction exchanges of goods and services between people.
economics the study of how people deal with scarcity.
freely determined price a price that is determined by the individuals and firms interacting in markets.
gains from trade improvements in income, production, or satisfaction owing to the exchange of goods or services.
government failure a situation in which the government makes things worse than the market, even though there may be market failure.
incentive a device that motivates people to take action, usually so as to increase economic efficiency.
increasing opportunity cost a situation in which producing more of one good requires giving up producing an increasing amount of production of another good.
market an arrangement by which economic exchanges between people take place.
market economy an economy characterized by freely determined prices and the free exchange of goods and services in markets.
market failure any situation in which the market does not lead to an efficient economic outcome and in which there is a potential role for government.
opportunity cost the value of the next-best forgone alternative that was not chosen because something else was chosen.
production possibilities alternative combinations of production of various goods that are possible, given the economy’s resources.
production possibilities curve a curve showing the maximum combinations of production of two goods that are possible, given the economy’s resources.
property rights rights over the use, sale, and proceeds from a good or resource.
scarcity the situation in which the quantity of resources is insufficient to meet all wants.

Glossary
Chapter 2: Observing and Explaining the Economy

ceteris paribus all other things being equal; refers to holding all other variables constant or keeping all other things the same when one variable is changed.
circular flow diagram a diagram illustrating the flow of funds through the economy as people buy and sell in markets.
controlled experiments empirical tests of theories in a controlled setting in which particular effects can be isolated.
Council of Economic Advisers a three-member group of economists appointed by the president of the United States to analyze the economy and make recommendations about economic policy.
economic model an explanation of how the economy or part of the economy works.
economic variable any economic measure that can vary over a range of values.
experimental economics a branch of economics that uses laboratory experiments to analyze economic behavior.
gross domestic product (GDP) a measure of the value of all the goods and services newly produced in an economy during a specified period of time.
macroeconomics the branch of economics that examines the workings and problems of the economy as a whole—GDP growth and unemployment.
microeconomics the branch of economics that examines individual decision-making at firms and households and the way they interact in specific industries and markets.
mixed economy a market economy in which the government plays a very large role.
negatively related a situation in which an increase in one variable is associated with a decrease in another variable; also called inversely related.
normative economics economic analysis that makes recommendations about economic policy.
positive economics economic analysis that explains what happens in the economy and why, without making recommendations about economic policy.
positively related a situation in which an increase in one variable is associated with an increase in another variable; also called directly related.
relative price the price of a particular good compared to the price of other things.

Glossary
Chapter 3: The Supply and Demand Model

complement a good that is usually consumed or used together with another good.
deferred payment contract an agreement between a worker and an employer whereby the worker is paid less than the marginal revenue product when young, and subsequently paid more than the marginal revenue product when old.
demand a relationship between price and quantity demanded.
demand curve a graph of demand showing the downward-sloping relationship between price and quantity demanded.
demand schedule a tabular presentation of demand showing the price and quantity demanded for a particular good, all else being equal.
equilibrium price the price at which quantity supplied equals quantity demanded.
equilibrium quantity the quantity traded at the equilibrium price.
inferior good a good for which demand decreases when income rises and increases when income falls.
law of demand the tendency for the quantity demanded of a good in a market to decline as its price rises.
law of supply the tendency for the quantity supplied of a good in a market to increase as its price rises.
market equilibrium the situation in which the price is equal to the equilibrium price and the quantity traded equals the equilibrium quantity.
minimum wage a wage per hour below which it is illegal to pay workers.
normal good a good for which demand increases when income rises and decreases when income falls.
price refers to a particular good and is defined as the amount of money or other goods that one must pay to obtain the good.
price ceiling a government price control that sets the maximum allowable price for a good.
price control a government law or regulation that sets or limits the price to be charged for a particular good.
price elasticity of demand the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.
price elasticity of supply the percentage change in quantity supplied divided by the percentage change in price.
price floor a government price control that sets the minimum allowable price for a good.
quantity demanded the quantity of a good that people want to buy at a given price during a specific time period.
quantity supplied the quantity of a good that firms are willing to sell at a given price.
rent control a government price control that sets the maximum allowable rent on a house or apartment.
shortage the situation in which quantity demanded is greater than quantity supplied.
substitute a good that has many of the same characteristics as and can be used in place of another good.
supply a relationship between price and quantity supplied.
supply curve a graph of supply showing the upward-sloping relationship between price and quantity supplied.
supply schedule a tabular presentation of supply showing the price and quantity supplied of a particular good, all else being equal.
surplus the situation in which quantity supplied is greater than quantity demanded.
Glossary
Chapter 4: Elasticity and Its Uses

elastic demand demand for which price elasticity is greater than 1.
income elasticity of demand the percentage change in quantity demanded of one good divided by the percentage change in income.
inelastic demand demand for which the price elasticity is less than 1.
perfectly elastic demand demand for which the price elasticity is infinite, indicating an infinite response to a change in the price and therefore a horizontal demand curve.
perfectly elastic supply supply for which the price elasticity is infinite, indicating an infinite response of quantity supplied to a change in price and thereby a horizontal supply curve.
perfectly inelastic demand demand for which the price elasticity is zero, indicating no response to a change in price and therefore a vertical demand curve.
perfectly inelastic supply supply for which the price elasticity is zero, indicating no response of quantity supplied to a change in price and thereby a vertical supply curve.
unit-free measure a measure that does not depend on a unit of measurement.
Glossary
Chapter 5: The Demand Curve and the Behavior of Firms

budget constraint an income limitation on a person’s expenditure on goods and services.
consumer surplus the difference between what a person is willing to pay for an additional unit of a good—the marginal benefit—and the market price of the good; for the market as a whole, it is the sum of all the individual consumer surpluses, or the area below the market demand curve and above the market price.
income effect the amount by which the quantity demanded falls because of the decline in real income from a price increase.
individual demand curve a curve showing the relationship between quantity demanded of a good by an individual and the price of the good.
marginal benefit the increase in the benefit from, or the willingness to pay for, one more unit of a good.
market demand curve the horizontal summation of all the individual demand curves for a good; also simply called the demand curve.
substitution effect the amount by which quantity demanded falls when the price rises, exclusive of the income effect.
utility a numerical indicator of a person’s preferences in which higher levels of utility indicate a greater preference.
utility maximization an assumption that people try to achieve the highest level of utility given their budget constraint.

Glossary
Chapter 6: The Supply Curve and the Behavior of Firms

competitive market a market in which no firm has the power to affect the market price of a good.
diminishing returns to labor a situation in which the incremental increase in output due to a unit increase in labor declines with increasing labor input; a decreasing marginal product of labor.
firm an organization that produces goods or services.
fixed costs costs of production that do not depend on the quantity of production.
marginal cost the change in total costs due to a one-unit change in quantity produced.
marginal product of labor the change in production due to a one-unit increase in labor input.
marginal revenue the change in total revenue due to a one-unit increase in quantity sold.
price-taker any firm that takes the market price as given; this firm cannot affect the market price because the market is competitive.
producer surplus the difference between the price received by a firm for an additional item sold and the marginal cost of the item’s production; for the market as a whole, it is the sum of all the individual firms’ producer surpluses, or the area above the market supply curve and below the market price.
production function a relationship that shows the quantity of output for any given amount of input.
profit maximization an assumption that firms try to achieve the highest possible level of profits—total revenue minus total costs—given their production function.
profits total revenue received from selling the product minus the total costs of producing the product.
total costs the sum of variable costs and fixed costs.
total revenue the price per unit times the quantity the firm sells.
variable costs costs of production that vary with the quantity of production.

Glossary
Chapter 7: The Interaction of People in Markets

competitive equilibrium model a model that assumes utility maximization on the part of consumers and profit maximization on the part of firms, along with competitive markets and freely determined prices.
consumer surplus the difference between what a person is willing to pay for an additional unit of a good—the marginal benefit—and the market price of the good; for the market as a whole, it is the sum of all the individual consumer surpluses, or the area below the market demand curve and above the market price.
deadweight loss the loss in producer and consumer surplus due to an inefficient level of production.
double-auction market a market in which several buyers and several sellers state prices at which they are willing to buy or sell a good.
equilibrium price the price at which quantity supplied equals quantity demanded.
first theorem of welfare economics the conclusion that a competitive market results in an efficient outcome; sometimes called the "invisible hand theorem"; the definition of efficiency used in the theorem is Pareto efficiency.
income inequality disparity in levels of income among individuals in the economy.
invisible hand the idea that the free interaction of people in a market economy leads to a desirable social outcome; the term was coined by Adam Smith.
Pareto efficient a situation in which it is not possible to make someone better off without making someone else worse off.
producer surplus the difference between the price received by a firm for an additional item sold and the marginal cost of the item’s production; for the market as a whole, it is the sum of all the individual firms’ producer surpluses, or the area above the market supply curve and below the market price.
surplus the situation in which quantity supplied is greater than quantity demanded.

Chapter 8: Costs and the Changes at Firms Over Time

average fixed cost (AFC) fixed costs divided by the quantity produced.
average product of labor the quantity produced divided by the amount of labor input.
average total cost (ATC) total costs of production divided by the quantity produced (also called cost per unit).
average variable cost (AVC) variable costs divided by the quantity produced.
breakeven point the point at which price equals the minimum of average total cost.
constant returns to scale a situation in which long-run average total cost is constant as the output of a firm changes.
diseconomies of scale also called decreasing returns to scale; a situation where long-run average total cost increases as the output of a firm increases.
economies of scale also called increasing returns to scale; a situation in which long-run average total cost declines as the output of a firm increases.
fixed costs costs of production that do not depend on the quantity of production.
long run the minimum period of time during which all inputs to production can be changed.
long-run average total cost curve the curve that traces out the short-run average total cost curves, showing the lowest average total cost for each quantity produced as the firm expands in the long run.
marginal cost the change in total costs due to a one-unit change in quantity produced.
minimum efficient scale the smallest scale of production for which long-run average total cost is at a minimum.
production function a relationship that shows the quantity of output for any given amount of input.
short run the period of time during which it is not possible to change all inputs to production; only some inputs, such as labor, can be changed.
shutdown point the point at which price equals the minimum of average variable cost.
total costs the sum of variable costs and fixed costs.
variable costs costs of production that vary with the quantity of production.

Chapter 9: The Rise and Fall of Industries

accounting profits total revenue minus total costs, where total costs exclude the implicit opportunity costs; this is the definition of profits usually reported by firms.
economic profits total revenue minus total costs, where total costs include opportunity costs, whether implicit or explicit.
external diseconomies of scale a situation in which growth in an industry causes average total cost for the individual firms to rise because of some factor external to the firm; it corresponds to an upward-sloping long-run industry supply curve.
external economies of scale a situation in which growth in an industry causes average total cost for the individual firm to fall because of some factor external to the firm; it corresponds to a downward-sloping long-run industry supply curve.
free entry and exit movement of firms into and out of an industry that is not blocked by regulation, other firms, or any other barriers.
industry a group of firms producing a similar product.
long-run competitive equilibrium model a model of firms in an industry in which free entry and exit produce an equilibrium such that price equals the minimum of average total cost.
long-run equilibrium a situation in which entry into and exit from an industry are complete and economic profits are zero, with price equal to average total cost (ATC).
long-run industry supply curve a curve traced out by the intersections of demand curves shifting to the right and the corresponding short-run supply curves.
normal profits the amount of accounting profits when economic profits are equal to zero.
price-cost margin the difference between price and marginal cost divided by the price. This index is an indicator of market power, where an index of 0 indicates no market power and a higher price-cost margin indicates greater market power.
price-maker a firm that has the power to set its price, rather than taking the price set by the market.
Standard Industrial Classification (SIC) a taxonomy used to label and group industries for statistical purposes; each industry is given an SIC code.

Chapter 10: Monopoly

average revenue total revenue divided by quantity.
barriers to entry anything that prevents firms from entering a market.
contestable market a market in which the threat of competition is enough to encourage firms to act like competitors.
market power a firm’s power to set its price without losing its entire share of the market.
monopoly one firm in an industry selling a product for which there are no close substitutes.
natural monopoly a single firm in an industry in which average total cost is declining over the entire range of production and the minimum efficient scale is larger than the size of the market.
price discrimination a situation in which different groups of consumers are charged different prices for the same good.

Tuesday, November 4, 2008

Avoid Stress - 10 things that will make you feel better

Feeling stressed? Join the club. The number of stressors our society faces on a daily basis has increased immensely during the last 10 years, and with the speed that we are leading our lives, chances are they will continue to do so. There are many things you can do to prevent, avoid, and deal with the most common stressors in your life, but, no matter how you deal with them, make sure to avoid the following stressors like the plague. Even though they may require major changes in your habits, you will be happy you did.


Here is a first list of 10 things you need to avoid at all costs.

1. TV

It is hard to believe but television is one of the greatest kill joys that have even been invented. Not mentioning the ability to kill social interaction, what you see in television is a great source of stress. Besides some excellent trash that is shown in an infinite number of channels, think commercials. The basic premise of good advertising is that it needs to create a need by instilling pain, fear or other negative emotions. Next time you watch commercials, pay attention to what kind of negative emotion they are making you feel, and what kind of solution for this problem that they just created for you, they are proposing. You will see what I mean. Now, if you must, watch one sitcom that is really funny. Turn off the TV after that.

2. News

Read good news only. Have you noticed how many bad news TV and radio bombard us with every day? Studies tell us that over 90% of the news we heard are bad news. You are already stressed. Why piling up on negative stressors? Some people argue that you need to know what is happening in the world; we need to be informed. Granted. But you could also know about things later on, when the buzz has already subsided. You don’t need more stress in your life. And, by the way, there are good sources of information that aren’t so negative. Do a search using the words happy or good news.

3. Arguments

Don’t even think about starting an argument about who’s taking the trash out, or who did or didn’t do something. Let go. This is hardly the time to pursue fairness. It is even more important when you are in a quarrelling/ fighting mood, which is obviously provoked by your own stress. Resist. When you are in this mood, the best thing you can do is to retrieve to a quiet place until the mood is gone.

4. Caffeine

This is not the time to stimulate your adrenals. Avoid coffee, chocolate (even the soothing hot cocoa), sodas (even decaf ones) or black tea. Substitute them for herbal tea. Chamomile tea is very good. Anything decaf and natural is good. Sodas are out, especially the ones with sugar substitutes.

5. Rap or hard rock music

There is definitely a time and a place for this type of music and when you don’t feel good or when you are stressed out is NOT one of them. Many provoke anger, despair, and violence. Listen to calming music instead. A good example is the kind of music that doesn’t bring your memory to the past. Memories can be very stressful as well.

Of course, not all stress has a negative impact in one’s life. For example, you are going on a much expected trip. It is exciting and you can hardly wait. Or, you are about to get married. These are stressful situations all right, but they are not necessarily negative.

Some stressors, albeit negative, need to be dealt in a positive way, as they are unavoidable. For example, if you must bike in heavy traffic, think of the benefits of your activity: you are saving resources and getting exercise at the same time. Or, perhaps, you need to wait in line in the post office to send a package abroad to someone you love, so you put up with it; you will make someone happy.

Source: internet

Monday, November 3, 2008

Good parents

When you ask a child: “between father and mother who do you like better”, maybe he will answer “mother” because mother always pleases him better. But this is the answer of a child, and you? Do you think so? Actually, in my opinion are equally good parents Law in every country recognizes right of both men and women is equal. They have the same duty and right. In the declaration of independence of America in 1976 it is written that “human is created equally” so we have no reason to conclude between men and women who make better parents. In fact, no child is born by only father or by only mother, children have blood relationship with both of them, so they all have to take care for their children Further more they play different roles in bringing up their children. Fathers can not replace mothers and vice versa. When you have some important things that you have to decide maybe you will ask your father for advice, on the other hand mother will be the best person to teach you to learn cooking. Actually fathers usually pay more attention to the education of their children and mothers give their children the most love and care. So imagine one day you lose your father or you mother how do you feel? I am sure that it is very much. Another reason why men and women make equally good parents is that our society is more and more civilized and this civilization is expressed certainly by love and care among members in a family. In feudalism, we used to value men above women. But nowadays when our minds are broadened, this concept is not true any more. To summarize, roles of fathers and mothers to their children are equally important, we can not deny this and I believe that children who are cared by good parents will become good citizens.