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CANKAYA UNIVERSITY OFFICE OF BASIC AND ELECTIVE COURSES -ENGLISH UNIT-. ECONOMIC ISSUES FOR ENG 205 COURSE WEEK 8. WARM UP. What are the greatest threats to the world economy? mass unemployment? trade wars? international terrorism? poverty in the Third World? an ageing population?

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cankaya university office of basic and elective courses english unit
CANKAYA UNIVERSITY OFFICE OF BASIC AND ELECTIVE COURSES-ENGLISH UNIT-

ECONOMIC ISSUES

FOR ENG 205 COURSE

WEEK 8

warm up
WARM UP
  • What are the greatest threats to the world economy?
  • mass unemployment?
  • trade wars?
  • international terrorism?
  • poverty in the Third World?
  • an ageing population?
  • the East-West divide?
vocabulary items
Vocabulary items
  • Deficit (n.): the amount by which money spent or owed is greater than money earned in a particular period of time

Ex: a budget / trade deficit

Ex: The trade balance has been in deficit for the past five years.

Ex: the country’s widening budget deficit

Collocations: have/show/face/reduce/cut/eliminate a deficit

  • Swing (v.): to change or make sb/sth change from one opinion, mood, etc. to another

Ex: His mood could swing from joy to despair.

Ex: Do campaign gift swing votes?

Ex: The war had begun to swing in Britain’s favour.

Ex: swing to the Right/Left (politics)

vocabulary items1
Vocabulary items
  • Soar (v.): if the value, amount or level of sth soars, it rises very quickly

Ex: soaring costs / prices / temperatures

Ex: Unemployment has soared to 18%.

Ex: The price of petrol has soared in recent weeks.

  • Slump (n): a period when a country’s economy or a business is doing very badly

Ex: the slump of the 1930s

Ex: The toy industry is in a slump.

Ex: The war was followed by an economic slump.

Ex: a worldwide slump

vocabulary items2
Vocabulary items
  • Boom (n.): a sudden increase in trade and economic activity; a period of wealth and success

Ex: a boom in car sales

Ex: Living standards improved rapidly during the post-war boom.

Ex: a boom year (for trade, exports, etc.)

Ex: a property / housing boom

Ex: The economy went from boom to bust very quickly.

  • Speculative (adj.): (of business activity) done in the hope of making a profit but involving the risk of losing money

Ex: speculative investments

vocabulary items3
Vocabulary items
  • Pursuit (n.): (pursuit of sth) the act of looking for or trying to find sth

Ex: the pursuitof happiness/knowledge/profit/liberty/war criminals

Ex: She travelled the world in pursuit of her dreams.

  • Merger (n): the act of joining two or more organizations or businesses into one

Ex: a merger between the two banks

Ex: Our proposed merger with the university has been declined.

vocabulary items4
Vocabulary items
  • Meltdown (n.): a situation in which prices fall by a very large amount or an industry or economic situation becomes much worse

Ex: meltdown on the New York Stock Exchange

Ex: The stock market crash may lead financial meltdown.

  • Lay off (phr. v.): to stop employing sb because there is not enough work for them to do (syn. make sb redundant)

Ex: The company laid off 286 workers in December.

Ex: Millions of people have been laid off in the steel industry.

vocabulary items5
Vocabulary items
  • Instability (n.): the quality of a situation in which things are likely to change or fail suddenly

Ex: political and economic instability

Ex: the instability of the market

  • Escalate (v.): to become or make sth greater, worse, more serious, etc.

Ex: The fighting escalated into a full-scale war.

Ex: the escalating costs of health care

Ex: We do not want to escalate the war.

vocabulary items6
Vocabulary items
  • Influx (n.): the fact of a lot of people, money or things arriving somewhere

Ex: a massive/sudden influx of visitors

Ex: the influx of wealth into the region

Ex: a sudden influx of cash

  • Unemployment benefit (n. phr.): money paid by the government to sb who is unemployed

Ex: people on (= receiving) unemployment benefit

Ex: Applications for unemployment benefits dropped last month.

vocabulary items7
Vocabulary items
  • The poverty line (n. phr.): the official level of income that is necessary to be able to buy the basic things you need such as food and clothes and to pay for somewhere to live

Ex: A third of the population is living at or below the poverty line.

Ex: 20% of the population now live below the poverty line.

  • Dead-end (n.): a point at which you can make no further progress in what you are doing

Ex: We had come to a dead end in our research.

Ex: He’s in a dead-end job in the local factory (= one with low wages and no hope of promotion). (very impt)

vocabulary items8
Vocabulary items
  • Monopoly (n.): the complete control of trade in particular goods or the supply of a particular service; a type of goods or a service that is controlled in this way

Ex: In the past central government had a monopoly on television broadcasting.

Ex: Electricity, gas and water were considered to be natural monopolies.

  • Unprecedented (adj.): that has never happened, been done or been known before

Ex: The situation is unprecedented in modern times.

Ex: Crime has increased on an unprecedented scale.

vocabulary items9
Vocabulary items
  • Recession (n.): a difficult time for the economy of a country, when there is less trade and industrial activity than usual and more people are unemployed

Ex: the impact of the current recession on manufacturing

Ex: The economy is in deep recession.

Ex: policies to pull the country out of recession

  • Bring down (phr. v.): to reduce sth

Ex:We aim to bring down prices on all our computers.

Ex: The government hope these measures will help to bring down inflation.

vocabulary items10
Vocabulary items
  • Enter into (phr. v.):to begin sth or become involved in sth

Ex: to enter into an agreement

Ex: to enter into negotiations

  • Bring about (phr. v.):to make sth happen (syn. cause)

Ex: What brought about the change in his attitude?

Ex: How can we bring about a change in the attitudes of some students?