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Unit 23

THE BUSINESS CYCLE

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1.Nguyễn Thành Thanh

2.Bùi Thị Uyển Nhi

3.Ngô Thị Linh Châu

4.Lê Ngọc Bảo Hân

5.Huỳnh Xuân Ngọc

 1.Recession (n) /rɪˈseʃn/
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: These industries have been hard hit by

recession.
Synonyms: drop, decrease, decline

Antonyms: boom
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 Depression (n) /dɪˈpreʃn/

A period when there is little economic activity and many

people are poor or without jobs

Ex: The country was in the grip of (an) economic depression.

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 2. Slump (n) /slʌmp/

A sudden fall in sales, prices, the value of something, etc.

Ex: Housing sales are finally coming out of a three-month

slump.
The toy industry is in a slump.

Synonyms: drop, decrease, decline, recession

Antonyms: rise
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 3. Alternately (adv) UK: /ɔːlˈtɜːnətli/
US: /ˈɔːltərnətli/

In a manner in which two things each replace the other

Ex: The film is alternately depressing and amusing.

Family word: Alternate (v, n, adj)

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 4. Capacity (n) UK: /kəˈpæs.ə.ti/

US: /kəˈpæs.ə.t̬ i/

The total amount that can be contained or produced

Ex: We are running below capacity because of cancelled

orders.

Synonym: efficiency, produce

At full capacity
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Ex: All our factories are working at full capacity

 5. Inevitably (adv) UK:  /ɪˈnev.ɪ.tə.bli/

US: /ˌɪnˈev.ə.t̬ ə.bli/

In a way that cannot be avoided.

Ex: An awful accident will happen inevitably, if you drive

at 120km per hour.

Family word: inevitable (a)

inevitableness (n) = inevitability (n)

Synonym: unavoidably, inescapably

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Antonym: avoidably
6. Peak (n) Trough (n)
Peak

UK: /trɒf/
/piːk/
US: /trɑːf/
The highest, strongest, or best A low point in a regular series of high
point, value, or level of skill and low points

Ex: Prices reach a peak during August Ex: Investors have to live through
stock market troughs.
Family word: peak (v,a)

Synonym: top, summit Synonym: depression, dip

 7. Contract (v) /kənˈtrækt/

Decrease in size, number, or range.

Ex: Glass contracts as it cools

Synonym: shrink, narrow

Antonym: expand
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 8. Demography (n) UK: /dɪˈmɒɡ.rə.fi/

US: /dɪˈmɑː.ɡrə.fi/

The study of statistics such as births, deaths, income, or

the incidence of disease, which illustrate the changing
structure of human populations

Ex: Europe's demography is changing

Family word: demographic (adj)

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 9. Counteract (v) UK  /ˌkaʊn.tərˈækt/

US  /ˌkaʊn.tɚ
̬ ˈækt/
Act against (something) in order to reduce its force or
neutralize it.

Ex: She did her best to counteract it

Synonym: prevent

Antonym: assist
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 10. Probable (adj)
UK  /ˈprɒb.ə.bəl/

US  /ˈprɑː.bə.bəl/
Likely to happen, to exist or to be true
Ex: It is probable that share prices will fall
even more.
Family word: probably  (adv) 
probability (n)

Synonym: possible, likely

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Antonym: improbable, unlikely

 11. Radical (adj)
  /ˈræd.ɪ.kəl/

Causing or being an example of great change; extreme

                                 
          
 Ex: During bad economic times, radical steps are
necessary to restore the confidence of the consumer

Concerning the most basic and important parts of

something, thorough and complete

Ex: He made a radical flaw in the system.

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Synonyms: fundamental, basic

 12. Internal (adj) External (adj)
/ɪnˈtɜː.nəl/                                             /ɪkˈstɜː.nəl/

Relating to activities, decision, etc. Coming from outside a company,

within a particular organization or organization, or country.
company, not outside it.

Ex: The bank will conduct an   Ex: External demand for the
internal investigation. products of industrial countries may
=       Endogenous (adj) decline in the longer term.
UK  /enˈdɒdʒ.ɪ.nəs/  =      Exogenous (adj)
US  /enˈdɑː.dʒə.nəs/ UK  /ɪkˈsɒdʒ.ɪ.nəs/ 
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US  /ɪkˈsɑː.dʒə.nəs/ 
 13. Equilibrium (n) UK: /ˌiːkwɪˈlɪbriəm/
A state of balance, especially between US: /ˌekwɪˈlɪbriəm/
different forces or influences

Ex: We have achieved an equilibrium in the

economy.

A calm state of mind and a balance of

emotions

Ex: He sat down to try and recover his

equilibrium after he had argued with his
friends.
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Synonyms: Balance, stability

Antonyms: Imbalance
14. Deficit (n)
/ˈdefɪsɪt/
 The amount by which money spent or
owed is greater than money earned in a
particular period of time
Ex: The trade balance has been in deficit
for the past five years.
A budget/trade deficit
The amount by which something is too
small or smaller than something else
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Ex: The team has to come back from a 2–0
deficit in the first half.
Surplus (n)
/ˈsɜːpləs/
The amount by which money received is
greater than the amount of money spent
Ex: The value of exports was greater than the
value of imports so the balance of payments
was in surplus last year.
An amount that is extra or more than you need
 Ex: Surplus of food can be sold for cash.
15. Fiscal policy (n)
/ˈfɪskl ˈpɒləsi/
A policy which government actions
concern taxation and public
expenditure to  impact on the
economy.
 
Ex:  Fiscal policy has a very
important role in managing a
country's economy.
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Monetary policy (n)
UK: /ˈmʌnɪtri ˈpɒləsi/
US: /ˈmɑːnɪteri ˈpɒləsi/ 
A policy which government or central
bank actions concern the rate of
growth of the money in circulation to 
achieve price stability and stable
economic growth.
Ex: Monetary policy consists of the
management of money supply and
interest rates, aimed at meeting
macroeconomic objectives.
Recession/ Depression Counteract UK: /ˌkaʊn.tərˈækt/
/rɪˈseʃn/ /dɪˈpreʃn/ US: /ˌkaʊn.tɚ
̬ ˈækt/

Slump /slʌmp/ Probable UK:  /ˈprɒb.ə.bəl/

US:  /ˈprɑː.bə.bəl/
Alternately UK: /ɔːlˈtɜːnətli/ Radical   /ˈræd.ɪ.kəl/
US: /ˈɔːltərnətli/

Capacity UK: /kəˈpæs.ə.ti/ Internal/ External

US: /kəˈpæs.ə.ti̬ / /ɪnˈtɜː.nəl/                                            
/ɪkˈstɜː.nəl/

Inevitably UK:  /ɪˈnev.ɪ.tə.bli/ Equilibrium UK: /ˌiːkwɪˈlɪbriəm/

US: /ˌɪnˈev.ə.tə̬ .bli/ US: /ˌekwɪˈlɪbriəm/

Peak/Trough UK: /trɒf/ Deficit/ Surplus

/piːk/ US: /trɑːf/ /ˈdefɪsɪt/ /ˈsɜːpləs/
Contract /kənˈtrækt/ Fiscal policy /Monetary policy
/ˈfɪskl ˈpɒləsi/
UK: /ˈmʌnɪtri ˈpɒləsi/
Demography UK: /dɪˈmɒɡ.rə.fi/ US: /ˈmɑːnɪteri ˈpɒləsi/ 
US: /dɪˈmɑː.ɡrə.fi/