0 F Listening *)))

Now listen and complete the summary.

T h e gross domestic product is the total value

of all the (1) supplied by a country during a w h o l e (2) . It is often called the (3)

It is a way for the government to measure the e c o n o m i c (4) of the country. The GDP p e r capita is the GDP d i v i d e d by the number of (5) It is a useful measure of a nation's (6) In 2005. Luxembourg had a p e r capita GDP of $ (2) In the same year, the figure for Burundi was only $ (8)

ff G Speaking

Discuss these questions with your partner.

Why is it important for a coimtry to have steady economic growth? The GDP of a country is sometimes used to measure standard of living. Do you think this is a good measure for standard of living? Why / Why not?

Task

W o r k in groups of three or four.The diagram below shows the aggregate demand and aggregate supply curves for a country.Talk to each other about how the curves could change for each of these situations.

the government decides to spend billions of pounds on road building there is a large increase in the price of petrol the government increases income tax rates by five per cent wages increase a lot

Use the space below to write your notes.

Notes:

Figure 1: Aggregate Demand and Supply

Prices

Real Hatwnal Oitput

0 H Writing

Imagine you're a farm worker in America in the 1930s.You've just lost your job because of the Great Depression. W r i t e a letter to your cousin in Russia.

Look back at the unit and make notes before you start.

Letter from history

Dear [your cousin Is name],

PARAGRAPH 1

Tell your cousin the bad news about losing your job and what difficulties you're facing. Useful words and phrases: made redundant, struggle to get by, landlord demanding rent, bills to pay, go into debt

PARAGRAPH 2

Explain the situation in America: how the stock market crash happened, the Depression. Head the notes from С Listening on page 62.

Useful words and phrases: stock market, crash, fall in demand for produce, businesses closing down

PARAGRAPH 3

Explain what life is like in America now, especially for farmers and farm workers.

Useful words and phrases: high unemployment, families struggling to get by. people depressed, people leaving their homes for the city

PARAGRAPH 4

Say what you plan to do to find work.

Here are some ideas: move to the city to find work, join the army, try to sell something valuable you own and buy a ticket to Europe.

Sign off

W r i t e 100-150 words

Pronunciation guide

Devastating 'dev.Weituj

Fiscal Tiskl Mechanism 'mek.im/nm Monetary тлпнп Recession пм*|п Availability .iveibbiloti Axis ';i'k<is

Иа; rnillan С i j ' ri r to Efoiomiti !Iг i 12 65

Revision Vocabulary Units 9 to 12

Match words from box A to words in box В to make expressions we use in economics.You can use words in box В more than once.

A

absolute aggregate disposable

fiscal income mixed monetary pension poverty public relative

demand gap goods income

policy poverty scheme trap

Now match the expressions to their

meanings.

services that the government provides because no one else will

services and goods that the government provides because they are good for us

not having enough money to survive

to be much poorer than other people in the same country

S

Economic hard times set to continue

The government released more gloomy economic

figures today. Unemployment lias risen again this mor.th. and now ten per cent of the (1) krowforec are without a job. At the same time, the Bank of England has said that (2) vinnetmest by companies lias decreased dramatically. 'Businesses simply don't want to be involved in (3) srki-agtkni when the economy is like this.' commented John Cash, a senior director with the bank.

But the people worst affected are the unemployed and their families. Many are now spending their life (4) gisvans in order to survive. Government Minister. Alison Wellby said yesterday that. 'The (5) frelwae of ordinary people is our most important concern'. To prove this, the government has promised to increase spending on (6) frantres payments such as unemployment (7) fitsbeen. However, this could be a sign that the (8) cresseion will probably continue into next year. It seems that even in the (9) glon nur things are not looking good.

Find ten words in the square connected with

buying and selling.

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the government's decisions about taxation and spending

the government's decisions about interest rates and money in the economy

the money you can spend after you have paid tax

a situation in which it is impossible to escape from

being poor

all the services and goods that are bought in the

economy

a way to save money for old age

the difference between the highest earners and

the lowest earners

в? В The words in bold in this newspaper story

have been wrongly printed. Put the letters in the. correct order to make the right word.

66 N1 а т. i^C. i d r t f t E c c i o K w t R e . i ' V c i b j j - i

• e t * rt>

Unit

Before you read

Discuss these questions with your partner.

-* What is money?

-» Can anything be used as money?

Could stones and leaves be used instead ol

coins and notes?