1、财经英语财经英语主编：孙旭 电子工业出版社电子工业出版社 2014 北京北京 (引入引入)A Joke -You wouldnt marry me for money,would you?-No,I wouldnt marry you for all the money in the第一模块：财经基础第一模块：财经基础Text:The Function of Money The propose of money is to provide a kind of universally acceptable goods that may be exchanged for other goods.M
2、oney may be thought of as any goods that can readily be transformed into other goods through exchange.We can identify three functions by money.First,money serves as a medium of exchange.Money simplifies the exchange of goods by providing a mutually acceptable item for exchange.In case,one professor
3、needs to repair his TV set,he can exchange his professional services for money,and money for the repair.That is,he doesnt need to give the repair one hours lecture for the repair of his TV set.He only needs to pay the repairer with money directly,Second,money provides a measure of value.Money provid
4、es a convenient yardstick by which to express the value of other goods.Rather than having to quote the value of every goods in terms of every other goods,we may simply assert the money price of goods.Compare the simplicity of a world with money as a measure of value with one in which wheat must be v
5、alued in pork,beefsteak,rice and every other goods that any one may wish to exchange.By inserting money into the economic system,we establish the value of every goods money and make life much simpler for accountants,too.Third,money acts as a store of value.Money provides a meat,orderly form of wealt
6、h that may be temporarily held before being spent on a comsumption goods.It is clearly more convenient to hold money than cows,elephant tusks,for cows must be fed,watered,and cleaned up after;elephant tusks are difficult to transport or to conceal.These three functions of money might be served by an
7、y commodity,and throughout history almost every conceivable goods has been used.Whiskey,gold,corn,and tobacco have on various occasions served as medium of exchange,measures of value,and stores of value.The ideal money is something universally acceptable,easily stored and transported and highly divi
8、sible.Precious metals have commonly been used as money for these reasons.The intrinsic value of gold and silver,the ease with which they can be carried,and the simplicity of weighing out any desired amount have promoted the use of these commodities.NEW WORDS AND EXPRESSIONS 1.universallyjunvsl ad 普遍
9、地，通用地普遍地，通用地 2.readilyrediliad乐意地，容易地乐意地，容易地 3.transformtrnsfrmvt.改变，转变改变，转变 4.simplifysimplifaivt.简化，使易做简化，使易做 5.mutually mjU:tjuliad相互地相互地 6.yardstickjdstkn.尺度尺度 7.quotekwtvt.引用，报价引用，报价 8.assertstvt.断言，坚持断言，坚持 9.simplicity simplisitin.简单，朴素简单，朴素 10.beef steakbi:fsteikn牛排牛排.11.neatni:ta.整齐的整齐的 12.t
10、emporarilytempriliad暂时地暂时地NEW WORDS AND EXPRESSIONS 13.consumption knsm(p)()n n消费，消费品消费，消费品.14.conceal knsilvt隐藏，隐瞒隐藏，隐瞒modity kmdt n.商品商品 16.conceivable knsivb()la.可以想象的可以想象的 17.whiskeyhwiskin威士忌酒威士忌酒.18.divisibledivizbla可分割的可分割的.19.precious pres a.珍贵的，宝贵的珍贵的，宝贵的 20.intrinsicintrinsika.内在的，固有的内在的，固
11、有的 21.ease i:zn.容易，自在容易，自在 22.promoteprmtvt.促进，提升促进，提升 LANGUAGE POINTS:1.a kind of 一种一种2.exchange for 交换交换3.think of 考虑考虑4.transforminto 把把转换成转换成5.serve as 作为作为6.providefor 为为作准备作准备/提供提供7.in case 如果，万一如果，万一8.rather than 而不是而不是9.in terms of 根据根据pare with 与与对比对比11.as a measure of value 作为计价手段作为计价手段12.
12、insertinto 把把插入插入13.act as 担当担当14.be thought of as 把把 看作看作15.with ease 容易，不费力容易，不费力16.weigh out 称出，量出称出，量出 （引入）（引入）A JOKE Wife:Why dont we rent a more expensive house?Husband:We will have one soon.Wife:Really?Husband:Of course.As the financial crisis,the landlord will increase the rent next month.Te
13、xt :Subprime Mortgage CrisisThe subprime mortgage crisis is an ongoing real estate crisis and financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States,with major adverse consequences for banks and financial markets around the globe.Approximately 8
14、0%of U.S.mortgages issued in recent years to subprime borrowers were adjustable-rate mortgages.After U.S.house prices peaked in mid-2006 and began their steep decline thereafter,refinancing became more difficult.As adjustable-rate mortgages began to reset at higher rates,mortgage delinquencies soare
15、d.Securities backed with subprime mortgages,widely held by financial firms,lost most of their value.The result has been a large decline in the capital of many banks and U.S.government sponsored enterprises,tightening credit around the world.Subprime Mortgage CrisisImpacts from the Crisis on Key Weal
16、th Measures,Between June 2007 and November 2008,Americans lost more than a quarter of their net worth.By early November 2008,a broad U.S.stock index,the S&P 500,was down 45 percent from its 2007 high.Housing prices had dropped 20%from their 2006 peak,with futures markets signaling a 30-35%potential
17、drop.Total home equity in the United States,which was valued at$13 trillion at its peak in 2006,had dropped to$8.8 trillion by mid-2008 and was still falling in late 2008.Total retirement assets,Americans second-largest household asset,dropped by 22 percent,from$10.3 trillion in 2006 to$8 trillion i
18、n mid-2008.During the same period,savings and investment assets(apart from retirement savings)lost$1.2 trillion and pension assets lost$1.3 trillion.Taken together,these losses total a staggering$8.3 trillion.Members of USA minority groups received a disproportionate number of subprime mortgages,and
19、 so have experienced a disproportionate level of the resulting foreclosures.Subprime Mortgage Crisis In spring,2011 there were about a million homes in foreclosure in the United States,several million more in the pipeline,and 872,000 previously foreclosed homes in the hands of banks.Sales were slow;
20、economists estimated that it would take three years to clear the backlogged inventory.According to Mark Zandi,of Moodys Analytics,home prices were falling and could be expected to fall further during 2011.However,the rate of new borrowers falling behind in mortgage payments had begun to decrease.Sub
21、prime Mortgage Crisis Economist Carmen Reinhart stated in August 2011:Debt deleveraging reduction takes about seven years.And in the decade following severe financial crises,you tend to grow by 1 to 1.5 percentage points less than in the decade before,because the decade before was fueled by a boom i
22、n private borrowing,and not all of that growth was real.The unemployment figures in advanced economies after falls are also very dark.Unemployment remains anchored about five percentage points above what it was in the decade before.”NEW WORDS AND EXPRESSIONS 1.subprime ,sbpram adj.次级的次级的 2.mortgage
23、mgd n.抵押抵押 3.crisis krass n.危机危机 4.estate stet n.房地产；财产房地产；财产 5.financial fann()l adj.金融的；财政的金融的；财政的 6.trigger trg vt.引发，引起；触发引发，引起；触发 7.dramatic drmtk adj.戏剧的；引人注目的戏剧的；引人注目的 8.delinquency dlkw()ns n.行为不良行为不良 9.foreclosure frklo n.丧失抵押品赎回权丧失抵押品赎回权 10.adverse dvs adj.不利的；相反的不利的；相反的 11.consequence kns
24、kw()ns n.结果结果 12.approximately prksmtli adv.大约，近似地大约，近似地 13.issue u vt.发行发行NEW WORDS AND EXPRESSIONS14.borrower bro n.借用人借用人15.adjustable dstbl adj.可调节的可调节的16.peak pik n.最高点；顶点最高点；顶点17.decline dklan n.下降下降18.rate ret n.比率，利率比率，利率19.sponsorspns vt.发起发起20.enterprise entpraz n.企业；事业企业；事业21.tighten tat(
25、)n vt.变紧；使变紧变紧；使变紧22.credit kredt n.贷款贷款23.impactmpkt n.影响影响24.stock stk n.股份，股票股份，股票25.index ndeks n.指标；指数指标；指数NEW WORDS AND EXPRESSIONS26.drop drp vi.下降下降27.equity ekwt n.抵押资产的净值抵押资产的净值28.trillion trljn num.数数 万亿万亿29.retirement rtam()nt n.退休退休30.asset set n.资产资产31.household hashld n.家庭家庭32.investm
26、ent nves(t)m()nt n.投资投资33.pension pen()n n.退休金退休金34.disproportionate ,dsprp()nt adj.不成比例的不成比例的35.pipeline paplan n.管道管道36.previously privisli adv.以前以前37.economist knmst n.经济学者经济学者38.estimate estmet vt.估计估计39.payment pem()nt n.付款，支付付款，支付40.decrease dkris vi.减少，减小减少，减小LANGUAGE POINTS1.Subprime Mortgag
27、e Crisis 次贷危机次贷危机 2.around the globe 全世界全世界3.House prices 房价房价4.in mid-2006 在在2006年年中年年中5.financial market 金融市场金融市场6.decline in 的下跌的下跌7.the capital of 的资产和资本的资产和资本8.stock index 股票指数股票指数9.S&P 500 标普标普500指数指数10.drop by 22 percent 下降下降/下跌下跌22%11.savings and investment assets 储蓄和资金资产储蓄和资金资产 12.apart fro
28、m 除了除了13.according to 依据依据14.tend to 倾向于倾向于15.in the decade before 在之前的十年里在之前的十年里 引入引入A Joke -I want to have my face put on some money.-I would be glad if I had my hands on some.Text:MarketsA market is usually regarded as a place where commodities are bought and sold.It has three interconnected mean
29、ings:(1)it is commodity exchange and a realm.(2)it is a join and a whole of all kinds of economic relations between commodity producers and commodity consumers.(3)it has the needs of buying power.A market is an inevitable outcome of social division of labor and commodity development of economy.Labor
30、 division makes individual products become commodities each other,become equivalent each other and it makes people become markets each other;The more elaborate the division of labor has,the more developed commodity economics become,the more the market scope and container are enlarged.At the same tim
31、e,a market also promotes the further development of social division of labor and commodity economics during its growth and expansion.Text:Markets In the market,the exchange relation of all kinds of commodities embodies the economic benefit relation between the two parties of exchange,thus it reflect
32、s a fixed social relationship.The character of commodity relation of exchange in the market decides the social character of the market.Under the economic condition of the capitalist market,the nature of private ownership of means of production decides the capitalist nature of market;Under t the econ
33、omic condition of the socialist market,the nature of public ownership of means of production decides the socialist nature of market.Text:Markets There are many kinds of markets.According to products natural property,there are commodity markets.financial markets,labor power markets,technique markets,
34、information markets and estate markets and so on.According to markets range and geographical conditions,there are international markets,national markets,city markets,country markets and so on.According to consumer classification,there are middle-old-aged-markets,youth markets,children markets,male a
35、nd female markets and so on.Text:Markets There may be a market for anything which has a price and there may be no particular place where dealings are refined.Both buyers and sellers may be scattered over the whole world.Instead of meeting together in a market place,they may deal with one another via
36、 telephone,telegram,telefax or e-mail and so on.Even though dealings are restricted to a particular place,the dealers may ask their agents to cope with on behalf of them.Therefore we may define a market as any area over which buyers and sellers are getting in touch with one another,either directly o
37、r through dealers.NEW WORDS AND EXPRESSIONS modity kmdt n.（复数）商品（复数）商品 2.interconnected ,ntknkt adj.相互联系的相互联系的 3.realm relm n.领域；范围领域；范围 4.join dn n.汇合汇合 5.whole hl n.总和；整体总和；整体 6.consumer knsjum n.消费者消费者 7.inevitable nevtb()l a.必然的必然的 8.outcome atkm n.产物产物 9.division dv()n n.分工分工 10.individual ndvd
38、j()l a.各自的；个人的各自的；个人的 11.equivalent kwv()l()nta.等价物等价物 12.elaborate lb()rt adj.精细的精细的 13.scope skp n.范围范围14.container knten n.容量容量15.enlarge nld vt.使扩大使扩大16.expansion kspn()n n.扩大；扩张扩大；扩张17.embody mbd vt.体现体现18.benefit benft n.利益利益19.reflect rflekt v.反映，表现反映，表现20.fixed fkst adj.固定的；不变的固定的；不变的21.char
39、acter krkt n.性质；特征性质；特征22.ownership np n.所有（权），所有制所有（权），所有制23.property prpt n.特性；特征特性；特征24.technique teknik n.技术技术25.information nfme()n n.信息信息NEW WORDS AND EXPRESSIONS 26.cope kp vi.处理；对付；竞争处理；对付；竞争 27.geographical dgrfk()l adj.地理的地理的 28.conditions knd()ns n.（复数）环境；形势（复数）环境；形势 29.international ntn(
40、)n()l adj.国际的国际的 30.classification ,klsfke()n n.分类；类别分类；类别 31.male mel adj.男（性）的男（性）的 32.female fimel adj.女（性）的女（性）的 33.scatter skt vt.散布；驱散散布；驱散 34.restrict rstrkt vt.限定；限制限定；限制 35.particular adj.特定的；特殊的特定的；特殊的 36.define dfan vt.解释；给下定义解释；给下定义 37.agent ed()nt n.代理人；代理商代理人；代理商LANGUAGE POINTS1.be reg
41、arded as被认为被认为 2.social division of labor社会分工社会分工3.labor division劳动分工劳动分工4.at the same time 与此同时与此同时5.private ownership of means of production生产资料私有制生产资料私有制6.be scattered使散布；使分散使散布；使分散7.over the whole world遍布全世界遍布全世界8.and so on等等等等9.cope with对付；应付；克服；对抗对付；应付；克服；对抗10.be restricted to被限制在被限制在11.on beh
42、alf of 代表代表12.defineas把定义为把定义为13.get in touch with与接触与接触 （引入）（引入）A Joke-Would you be happy if you had all the money you wanted?-Id be happy if I had all the money my creditors wanted.Text:Which Is More Important?Buying or Selling?One day,“buying”and“selling”met each other in the street.“Buying”intro
43、duced itself to passengers:“I am“买买”,and there are six strokes altogether.All customers cant forget me since I was born.I t is only through me that they can change money into commodities.”On hearing this,“selling”responded,too.“My name is“卖卖”and there are eight strokes altogether.I have two strokes
44、more than“买买”and that is to say:I am more important than“买买”.Text:Which Is More Important?Buying or Selling?Do you agree with“selling”?As far as I am concerned,I think that selling is more clever than buying no matter how you bargain with a seller in the market,you are cheated at last But on the oth
45、er hand,when outstanding achievements are poor,some sellers are always complaining:There is too much competition!Customers are too sly!Products are too expensive!There are no advertisements!”etc.In fact,such words and deeds are to admit defeat,-It is sellers that give up in the face of buyers!It is
46、an expression of incompetence!Now I have received such complaining telephones less and less,because I often speak in the training,those who talk about these words on the phone will speak directly in future:“I am too stupid.I have no ability.I am not a merchant.”So some sellers think of these words b
47、efore they telephone me,they stop complaining.As a matter of fact,the result of complaint only makes your own situation even worse and the language of complaint only hits your own mood.Dont you trust?You may have a try:Every morning before you go out,in the washing room,you shout loudly“I am a fool!
48、I cant succeed!”repeating them 100 times!I am sure you can spend the day according to your slogan and as time goes on,you can realize your slogan.Text:Which Is More Important?Buying or Selling?The greatest difference between sellers and buyers is that sellers are more active than buyers forever!Beca
49、use of producing sale,sellers study hard,but buyers dont study,so they are often cheated:Owing to looking for customers,sellers will continue to hit out and buyer wont,when they cant buy what they want,they may retreat for requesting the second;Due to existing,sellers always have crisis and always p
50、reserve fighting will,but buyers dont have any crisis,what they think is to give up buying at the worst;Because of this difference,it is decided that sellers can make money from buyers.Being a seller,he must be more positive and active,must change himself further;must try by hook or by crook further
