How to Talk About the Economy

Business English Economy

 GDP – Gross Domestic Product is the total monetary value of goods and services produced within a country.
 Fiscal is anything to do with financial matter (especially with taxes)
 Quarter is three months (ex. January February March)
 Currency is money used in a country or a region.
 Budget is to make a plan on how to spend a certain amount of money.
 Deficit means need more money than one has
 Surplus means when government or company has more money than budget
 Inflation is when prices of goods and services go up but wages stay the same
 Deflation is when the prices go down and the value of currency goes up
 In stagnation usually there’s hardly any movement, up or down. It means everythihng stays more or less the same
 Credit (rating) is ability to borrow money (ex. Someone can pay a car by monthly payment)
 Debt, owing money to someone
 Recession means that the economy is in decline
 Depression is a big decline of economy
 Bubble, the prices of something growing quickly for a particular reason and then burst.
 Boom => growing (up)
 bust => shrinking (down)

1. Recently, housing markets have experienced a major _______, with prices reaching higher than $1 million in many areas.
a. boom
b. bust
c. recession
d. deflation

2. Although every government tries to run its economy on a ______, most end up spending to a deficit instead.
a. boom
b. depression
c. stagnation
d. surplus

3. A CFO, or Chief Financial Officer, is responsible for a company’s ________ strength.
a. budget
b. fiscal
c. currency
d. bubble

4. After a slow start to the year, the economy finally showed signs of recovery in the third _______, growing by close to 1% from July to September.
a. fiscal
b. budget
c. quarter
d. bubble

5. A period of negative economic growth that lasts two consecutive quarters is technically called a _________.
a. boom
b. depression
c. recession
d. stagnation

6. Governments and businesses set a _______ for the following year in order to control their spending.
a. deficit
b. budget
c. currency
d. GDP

7. Analysts have predicted that the current housing _________ will soon burst, as prices have reached too high for most people to afford.
a. bubble
b. bust
c. depression
d. inflation

8. A _____ occurs when a government spends more than it makes in revenues over the course of a year.
a. quarter
b. deficit
c. surplus
d. budget

9. While _____ has raised prices on almost everything, salaries have remained stagnant, leading many people into debt.
a. recession
b. stagnation
c. inflation
d. deflation

10. Anything that you owe someone else is called _______.
a. bubble
b. fiscal
c. debt
d. currency
e. crap

key A D B C C B A B C C




Inversion => Change the order of something

Using with negative expressions (Verb – Subject – Verb):
Not only did he win, but he also broke the record
Under no circumtances should you call her (=> in no situation, should you call)
The mayor of Toronto refused to resign, nor do we expect him to

In a very formal style (you can also find these in essays)
Should you need any help, don’t hesitate to call (=>Should = if [more formal])
Had I known you were coming (If I had known you were coming…)

John speaks Chinese, as does Lucy
More impostant than love is money

Some expressions:
Here comes Jane.
Man, is it cold out! (=> the function is only to emphasize)
Are you sure? (notice that in all question sentences, inversion happens)

1. “Had I not fallen asleep before the end of the movie, I’d have found out who killed the Minister.”
This sentence can be rewritten as:
a) If I didn’t fall asleep before the end of the movie, I will find out who killed the Minister.
b) If I hadn’t fallen asleep before the end of the movie, I’d have found out who killed the Minister.
c) If I’d known who killed the Minister, I would not have fallen asleep near the end of the movie.
d) I know who killed the Minister. It was the butler.

2. Complete the following sentence:
You do not have to say anything to the police, nor_______________
a) are you required to sign any documents.
b) you are required to sign any documents.
c) you have to sign anything.

3. Not only _____________ pass the test, but he got the highest mark in the class!
a) Joe did
b) Joe didn’t
c) didn’t Joe
d) did Joe

4. What is the subject of the following sentence?
“Here comes Michael.”
a) Here
b) comes
c) Michael

5. Which of the following sentences uses inversion to express disbelief, shock, or strong emotion?
a) He is a such a man!
b) Man, is he brave!
c) He is a brave man.
d) Is he brave?

6. “More important than your application will be your interview.”
What does this sentence mean?
a) Your application will be more important than your interview.
b) Your interview will be more important than your application.
c) More importantly, your application will then be your interview.

7. Under no circumstances _________ reach your hand out of the bus.
a) you can
b) you shouldn’t
c) should you
d) shoulder you

8. “Should you need some advice, call me.”
This sentence can be rewritten as:
a) Call me if you need some advice.
b) If you call me, I’ll advise you.
c) Should you call me for advice?
d) Take my advice, call me.

9. Not only __________ watch the lesson, but you did the quiz as well!
a) you did
b) you don’t
c) did you
d) have you

Check your answer: b a d c b b c a c