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Economic issues
a. In pairs, discuss these questions.
1. What is inflation?
2. What are some of the causes of inflation?
3. Which countries currently have a high level of inflation?
4. What is the current level of inflation in your country?
b. Match the two halves of the sentences.
1. Inflation can be defined as.. .
2. One factor that can result in inflation is...
3. Average inflation in the USA has been steady...
4. When interest rates go up and the cost of borrowing increases....
5. Most people are able to cope with the average inflation rate of 3% .
a. as they get an annual increase in wages.
b. an increase in government taxes and fees.
c. a substantial and continuing overall increase in the general level of prices.
d. at about 3% a year for the last thirty years.
e. the cost of running a business increases and inflation can result.
c. Listen the chart and complete it with the correct prices for February and March.
d. Now calculate the rate of inflation on each item as a percentage. Then work in pairs making predictions about the cost of each item in the chart for the month of April.
e. Read and complete the interview with the appropriate questions.
1. Q: Who makes decisions in a free enterprise system?
A: Decisions in a free enterprise system are made by individuals.
2. Q:_________________________________________
A: They can decide on the goods they want to produce and how their business should be run.
3. Q:_________________________________________
A: In a centrally planned economic system, the government decides, for example, what goods and services can be produced and where businesses can be located.
4. Q:_________________________________________
A: China is an example of a centrally planned economic system.
5. Q:_______________________:__________________
A: A mixed economy is a system that is a combination of free enterprise and centrally planned systems.
6. Q:_________________________________________
A: Decisions are made both by businesses and by the government. Businesses are free to plan and produce but there is also government intervention in certain matters.
f. In pairs or small groups, discuss these questions.
1. What sort of economic system operates in your country?
2. What effects does this economic system have on the way businesses are run?
g. Look at this chart, which contains information about commodities that the UK both imports and exports. In groups, discuss your reactions to the information in the chart.
h. Look for information about commodities that your country both imports and exports and prepare a written report.
Answers
Source:
Josephine O'Brien, Ivor Williams "Professional English: English for Business" (Sudents' Book, CD)
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