IELTS Speaking Lesson about The Economy
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Table of Contents
IELTS Speaking vocabulary: The economy
Warm up!
Fill in the gap with one word
- The economy is not good. I think the rate of ______ is going to rise even further
- With high unemployment and little economic growth, we are heading into a ___________
See answers
- I think the rate of inflation / unemployment is going to rise even further
- With high unemployment and little economic growth, we are heading into a recession, depression, downturn, or slump
The Economy (n.) Countable
The economy is going well
We have a booming economy
Make sure you always use an article (A or THE) when talking about the economy.
- A booming / strong / robust economy
- A slow / weak / stagnant economy
Stagnant (adj.) = stuck or not moving (for an economy)
We often talk about ‘stagnant water’ when water doesn’t move and smells bad. Here it is used idiomatically to describe the economy (it’s negative)
The black economy
= using cash to avoid paying tax.
Economics (n.) = the subject of studying the economy
My grasp of economics is not very good
To have a grasp of something = to have an understanding (of a subject)
An economist (person)
Economical or Economic? (as an adjective)
This car uses little fuel, it’s really ______
- Economical (adj.) = it saves you money
- Economic (adj.) = related to the economy
Answer:
This car uses little fuel, it’s really economical
The economic forecast for 2023 is not good
I don’t like the government’s economic policies.
Macroeconomics or Microeconomics?
Which one is an example of macroeconomics and which one is microeconomics?
1. Inflation
2. You choosing to buy a brand of clothes
- Macro = Big
- Micro = Small
Macroeconomics refers to issues related to a country or between countries
Microeconomics refers to issues related to a person or a company.
See answers
- Inflation = Macroeconomics
- You choosing a to buy a brand of clothes = Microeconomics
Inflation
Inflation is going through the roof these days
- To go through the roof (inflation, numbers, rates) = to go extremely high
Interest rate = How much extra money you pay when you return a loan
Banks are going to increase their interest rates.
Rate of unemployment = How many people are without a job
The rate of unemployment has shot up in recent months
Supply and demand
Prices will go up because of the law of supply and demand
A monopoly = One business that dominates an industry so there are no other competitors
British telecom used to have a monopoly on phone services in the UK
Get a useful list of economic terminology here
IELTS Speaking: Economy acronyms
Acronyms are abbreviations formed by the first letter of a word. For example,
- G.D.P.
Gross Domestic Product = the total value of goods produced in a year (in a country)
GPD has risen to 6%
To rise / climb/ increase / go up
To rise a lot / rocket / soar / shoot up
To fall / decrease / decline / drop
To fall a lot / slump / plummet
- G.D.H.
Gross Domestic Happiness = the total happiness or ‘well-being’ of a nation
https://en.wikipedia.org/wiki/World_Happiness_Report
20 March was declared to be International Day of Happiness by the UN in 2012 😂
- R.O.I
Return on Investment
I expect a 5% ROI on this investment
Economic symbols
Which words could you use to describe these symbols?
1. First symbol
- An upturn
- Profit
- Growth
- An increase
- A boost
- A boom
2. Second symbol
- Saving
- Investment
- A piggy bank
3. Third symbol
- A recession
- A downturn
- A slowdown
- Bankruptcy
- A crash
- A crises
- A depression
More useful phrases
- A boon = something good / helpful
- A bane = something not helpful
When talking about the economy, instead of saying something is both good and bad, you can say,
It is both a boon and a bane
All the extra work is both a boon and a bane, we make more money, but we have to work harder!
- A bear market = a market where shares are falling
- A bull market = a market where shares are rising
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IELTS Speaking topic: The economy
Listening Task
- Watch this news report and answer the questions below
- What is the present rate of inflation?
- By how much will banks raise the interest rate?
- What food is mentioned?
See answers
- What is the present rate of inflation? 15%
- By how much will banks raise the interest rate? 0.5%
- What foods are mentioned? Potatoes, Pasta and Spaghetti
2. Watch again and note any idioms and useful phrases
For example:
It looks like we are in for a rough ride
as the rate of inflation hits an all time high of 15%
See answers and full script
It looks like we are in for a rough ride, = heading towards difficult times
as the rate of inflation hits an all time high of 15% = the highest ever
Many government experts are saying prices are out of control
It’s true, I was down the market the other day and
potatoes were up to 4.50 a kilo, outrageous prices! = very surprising
Unions countrywide are calling for strikes (= ask its members to go on strike)
To go on strike = to stop working in protest
to demand an increase in wages.
The government is locked in negotiations (=stuck, cannot move)
Locked in a negotiation
Locked in a discussions
with the teacher’s union, railway unions, the postal workers, nurses union, bus drivers, border control workers
I am not making this up = I am not lying
To make something = to invent something not true or to lie
but little progress has been made.
Doom and gloom (=a feeling of pessimism – horrible things) is everywhere
we are in a recession, and the outlook is bleak! (=The future is not good)
The bank of England in its efforts to reduce inflation,
is going to raise interest rates again by 0.5 percent.
Whilst this is great news for savers like me, it is bad for borrowers.
If you borrow money I have to pay back with interest,
interest is higher, you pay back more
Some government economists are worried,
that as a result of the interest rate hike, (=the interest rate increase)
A hike = an increase (in prices, in rates)
fewer companies will take out loans (=ask for money from the bank to borrow)
to invest in their businesses,
fewer people will be spending money, because we have put our money
in a nice little savings account
and we will go deeper into a recession until the economy collapses.
It’s a shambles (=a disaster, a mess), it’s a disaster, it’s a massive mess!
Note: ‘shambles’ is always in plural
How are we all going to weather the storm? (=to get through/over obstacles)
Do we have any good news?
Comedian Masai Graham won the funniest joke of the year award.
“ I tried to steal from some spaghetti from a shop, but the security
guard saw me and I couldn’t get past her’
Pasta – /p æ s t ə/
Past her – /p æ s t ə/
That’s the 6 o’clock news for today
IELTS Speaking: Idioms about the economy
- To be broke = to have no money
I can’t lend you any money, I am completely broke.
- To be loaded = to be rich
The CEO is loaded, she can easily afford to buy a new car
- To have money to burn = to be rich
If they have just bought a third house, they clearly have money to burn!
- To weather the storm = to survive a difficult time
The recession is hitting everyone really hard, I don’t how we are all going to weather the storm
- To be in good shape = to be in a good condition
Some economists are actually saying the economy is in good shape
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