成人高等教育英語教材3 05

[00:00.00] UNIT 5 [00:29.39]How Does the Stock Exchange Work? [00:35.13]Integrated Skills Development [00:40.59]Passage [00:43.65]The Stockbroker [00:47.20]Many different kinds of people buy shares of stock in the stock market. [00:54.05]People who buy shares of stock in a company may make money in two ways. [01:01.00]They may begin to make money right away. [01:05.75]Suppose that a person invests in a company, [01:10.79]and the company makes money. [01:14.55]The company shares this money with the investor. [01:19.52]This money that is shared is called a dividend. [01:25.16]Dividends are usually sent to investors once every three months [01:31.64]while they own the stock. [01:35.09]A second way that investors may make money [01:40.13]is to sell the stock at a higher price [01:45.17]than the price they paid when they bought it. [01:49.32]The price of each share of stock goes up if the company does very well. [01:55.98]It may also go up for many other reasons. [02:00.95]But when it does go up, [02:04.71]a person may sell it and make a profit. [02:09.44]Here is an example of how this process works. [02:15.18]Mr. and Mrs. Smith want to invest in the stock market. [02:20.83]They have $1000 to invest. [02:25.97]They talk to person who can help them to buy a good stock. [02:31.85]This person is called a stockbroker. [02:36.71]The broker is licensed to buy and sell stock on the stock market. [02:44.57]The broker tells Mr. and Mrs. Smith about the Ward Pencil Company. [02:52.12]This company is making a lot of money by manufacturing pencils. [02:58.57]It is selling shares of stock [03:03.04]in order that it can get money to expand. [03:07.48]The shares cost $5 each. [03:12.03]The Smiths decide to buy 100 shares of stock in the Ward Pencil Company. [03:19.97]The broker fills this order, and the Smiths own these 100 shares. [03:27.33]In three months, [03:30.29]the Ward Pencil Company issues a dividend of $1 per share. [03:37.36]The Smiths have 100 shares, so they get a $100 dividend. [03:44.31]In one year, the company expands. [03:49.07]The company sells many more pencils. [03:53.51]The price of the stock goes up to $6 for each share. [03:59.46]Mr. and Mrs. Smith decide to sell their stock [04:04.82]in the Ward Pencil Company at $6 a share. [04:10.70]They get back $600, [04:14.96]plus all of the money they have received in dividends. [04:20.10]This is a very good investment. [04:24.46]The process of investing money in the stock market [04:29.82]is somewhat more complex than this. [04:34.55]But for everyone who wants to invest money in the market. [04:40.29]the process is basically same. [04:44.73]Almost all stock markets work the same way. [04:49.99]In each country, of course, [04:53.64]there are special laws for the stock market, [04:58.40]to make sure that everyone has a fair chance to make money by investing. [05:04.77]Investing money in the stock market is a gamble. [05:09.73]Everyone hopes to make money by investing. [05:14.70]Companies that need money are glad that many people [05:20.16]are willing to gamble in order to make money. [05:24.73]The stock market is a very interesting [05:29.09]and complex part of the business world.

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