Unit 7 Economics II

Section I Vocabulary and useful expressions

rate of growth stagnation ,,
infrastructure underdevelopment
standard of living , underdeveloped
purchasing / buying power developing
planned economy balance of trade
primary sector WTO
private sector , competitive advantage
public sector , free trade
socialist economy capital flow
capitalist economy GNP

Section II Dialogues and conversations

A. Multiple choices (Questions 22 to 25) (* 7-1)
22. A) Buy a tractor. B) Fix a house.
C) See a piece of property. D) Sign a business contract.
23. A) It is only forty miles from where they live.
B) It is a small one with a two-bedroom house.
C) It was a large garden with fresh vegetables.
D) It has a large garden with fresh vegetables.
24. A) Growing potatoes will involve less labor.
B) Its soil may not be very suitable for corn.
C) It may not be big enough for raising corn.
D) Raising potatoes will be more profitable.
25. A) Finances B) Equipment C) Labor D) Profits

B. Redundancy (I) (**7-2)

Key words:
redundant redundancy a blessing in disguise internship
apprenticeship
Exercise:
1. What does to be made redundant mean?

2. Explain a blessing in disguise. Give us one example.

3. Listen to the expert and complete the missing information.

4. Blank-filling:
Expert: My advice would be to see it as an to reinvent your life. And if you reinvent your
life, remember that you've got to yourself and that means in yourself. One of the best
ways of re-educating or reinventing yourself is to do a paid or internship or .
In other words, attach yourself in some way to people in another kind of trade or or

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profession and learn their business. I think that we're gong to have to do that much more often in
our lives. Lucky you, you are being made , you will get a sum of some sort that's
your investment in yourself. Now don't go and blow it on a or a holiday, put it into
something and I'm not saying necessarily a course but some experience that will help you into
a next kind of life.
5. Discussion: Do you agree with the expert? If you were made redundant, what would you do?

CRedundancy (II) (** 7-3)

Key words:
Voluntary portfolio compensation
Exercise:
1. When did Yvonne take voluntary redundancy?

2. According to Yvonne, redundancy was an opportunity to ( ), to (

), so she ( ).
3. What does a career portfolio mean?

4. Why was Helen happy when she was made redundant?

5. According to Finn, rather than seeing it as the end of ones career, what could
redundancy be?

6. What does Charles say about redundancy?

DDebate (*** 7-4)

Key words:
Hardened pitch better off double-dip recession
match airbrush paymaster cynicism
Exercise:
This was a night when even hardened political leaders wanted a hand to hold, a night they knew
that one performance (had the potential to shape their whole future), a night of a huge
opportunity but also a massive risk. Edged on the face of each man, the anxiety that comes with
taking part (in the first TV election debate o f its sort in British history). Each leader, given the
opportunity in turn to make a direct pitch to the British people.
"Don't let anyone tell you that the only choice is old politics. We can do something new; we can
do something different this time. Thats (what I am a out); thats what the Liberal Democrats
offer."
"Every promise you hear from each of us this evening depends on one thing(a strong econ
omy). And this is the defining year. Get the decisions right now, and we can have (secure jobs),
we can have (standards of living rising) and we can have (everybody better off). Get the
decisions wrong now, and we could have a double-dip recession."
"The expenses saga brought great shame on parliament and I'm extremely sorry for everything that
happened. Your politicians--frankly, all of us--let you down. We need change, and (it's that change
that I want to he lp to lead)."

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"Thank you very much indeed."
The theme for tonight's debate--domestic affairs; the first question on the subject barely raised so
far in this campaign--(immigrat ion).
"We've benefited from immigration across decades in our country. People have come here to work
hard, to make a contribution, to (bring us specia l skills). We see that in the health service, in our
schools all the time. But I do think, as I say, its (got out o f control) and it does need to be
(brought back un der control)."
"Gordon Brown."
"Well, I don't like these words because we're bringing it under control. Net inward migration is
falling and will continue to fall (as a result of the measures w eve taken)."
"Net immigration levels before 1997 were never greater than (77,000) a year. Under your
government, they've never been less than (140,000) a year. Thats a very big number."
"I think this is partly what's been going wrong for so long. Weve had both major parties running
governments over last 20 years talking tough about immigration and (delivering com plete chaos)
in the way in which it's run."
Whether on law and order or on education, the dispute between the leaders quickly turned to one
that's (dominated) this campaign so far--(on spending and tax).
"But you've got to answer this question: we will continue to match the funding of the police as of
now. You are saying you're going to cut it. Now, be honest with the public, because you can't
airbrush your (policies), even though you can airbrush your (posters)."
"In one sentence, Mr. Cameron."
"Gordon Brown is trying to make you believe he can protect (health) spending, he can protect
(education) spending, he can protect (police) spending. He cannot do any of these things because
he is giving this country the biggest (budget defi cit) of any developed country in the world."
Gordon Brown insisted that tonight was not question time, but was answer time for the Tory
leader.
"We need an answer this evening. Again, its the risk, the risk to our health service, the risk in
crime if you have less police. Now it's the risk to education. And I say it's a risk too far if you
(cut teaches and teach er assistants)."
"Mr. Cameron?"
"What Golden Brown isn't telling you is that he's putting up national insurance contributions on
every single job in 2011."
One reason debates like this never happened before in Britain is the (reluctance) of the two big
parties to have the third party present. Tonight Nick Clegg used his opportunity to attack both for
failing to reform politics.
"You blocked it, you blocked it. You [Gordon Brown] wanted to keep...protect the paymasters of
the trade union. Paymasters, you [David Cameron] wanted to protect Lord Ashcroft in his offshore
haven in Belize. This is not good enough to keep talking about how we need to change politics, if
when you've got an opportunity to change, you actually block it."
"You see, I agree with Nick. There's got to be a right to recall for people who are in a constituency
and find the MPs corrupt and parliament doesn't act. I agree with that. I think Nick also agrees
with me about a new House of Commons and a new House of Lords, properly accountable, with
(a new system of elec tion) that will be put to referendum next year."
"Politics has been (in a me ss) for all of us--we all had MPs with dreadful expenses problems.

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There are still three Labor MPs in court at the moment. There were Liberal MPs that were
criticized."
The question at the end of tonight's debate in Manchester--whether any of these three men have
broken through the wall of (cynic ism) created by that political crisis.

Section III Passage comprehension

A. Spot dictation (** 7-5)
Key words:
Witness predictable empower
Exercise:
We're now witnessing the emergence of an advanced economy based on information and
knowledge. Physical (36)______, raw materials, and capital are no longer the key(37) _______ in
the creation of wealth. Now, the (38) _______ raw material in our economy is knowledge.
Tomorrow's wealth depends on the development and exchange of knowledge. And (39) _______
entering the workforce offer their knowledge, not their muscles. Knowledge workers get paid for
their education and their ability to learn. Knowledge workers (40) _______ in mind work. They
deal with symbols: words, (41) _______ and data.
What does all this mean for you? As a future knowledge worker, you can expect to be (42)
_______, processing, as well as exchanging information. (43) _______, three out of four jobs
involve some form of mind work, and that number will increase sharply in the future.
Management and employees alike (44) _______.
In the new world of work, you can look forward to being in constant training (45) _______. You
can also expect to be taking greater control of your career. Gone are the nine-five jobs. Lifetime
security, predictable promotions, and even the conventional workplace, as you are familiar with.
(46) _______, and dont wait for someone to empower you. You have to empower yourself.

B. Step by step

C. Step by step

D. Debt (*** 7-6)

Key words:
Bureau budget mortgage emergency demoralizing
mentality affordable
Exercise:
1. Name of the Charity: .
2. Alex is an expert on .
3. Question: How do people get into ( ) in the first place?
According to Alex, there are many different reasons. Sometimes it might be
because theyve ( ), and theyre not able to work ( ). They
might have ( ), or their ( ) might have left them, so they might have
had a ( ) income that way. But its also true that some people have borrowed
a lot of money that they just simply cant ( ).
4. Answer the following questions:

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 . What are they trying to do to help them plan their finances?

. If we do need to take our credit, what do we need to make sure?

. According to Alex, what does being in debt mean?

. According to Alex, what should they do when they are in debt?

Section IV News
A. Recession Fill in the blanks. ( ***7-7)
Key words:
economic crisis lay off sack
counseling trauma psychology clinics
Exercise:
Speaker 1 Speaker 2 Speaker 3
People are definitely Stop buying (luxuries from A lot of people are not ( going on
(spending less); supermarkets). holiday like they used to);
People that I know are Going out (an awful lot less) A lot of people have been (made
getting (laid off from their unemployed). One minute they are
jobs); earning (fantastically large salaries);
sometimes quarter of (a million pound a
year plus); and overnight they can be
(sacked).
Generally speaking, people Cooking more from Some of them are going to (psychology
are just trying not to spend (scratch); eating (out) less. clinics) or getting (counseling); just to
on (luxuries or anything cope with the (trauma) of losing it.
that they really dont have
to)

B(****7-8)