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In this post, you'll learn vocabulary that will help you to read and speak about the economy.
We'll talk about some of the useful words and phrases related to the economy.
1) Bankruptcy
- So bankuptcy is a noun, you can also use it as a verb, for example like to go bankrupt.(iukênNélsôu-íuzê-ézaVôrb).
- If you ever want to know(efíu-Évor'uãnthuNôu) the meaning of a word, this is probably one of my go-to online dictionary, to put the word in here (dictionary. cambridge.org), I think 'cambridge' gives the meaning of words that are uhhh they're easy to understand, and when they give you the meaning they don't use very difficult words.
So I think that happens quite often, you look up the meaning of one word and you reading the definition and then you find these other words that you don't know, but cambridge is a little easier. So for example, if you want to do this and I always encourage students to start making their own vocabulary lists, so that they can go back(sôdédêi-kéngôubák) and review and build their vocabulary and start to put these words into their active memory.
So if we look up bankruptcy, we can have it, so, it's a situation in which a person becomes bankrupt. Maybe, that doesn't help you out so much(Mêibi-déDázen-HélpiuÁu-sôMátch) because if you don't know, we can then just look up bankrupt and get the meaning there. So, again, this is, it's an adjective and it means that you're unable to pay what you owe.
So, what I'm going to do, let's just go over to our vocabulary page.
- Bankruptcy(noun): a situation in which a business or a person becomes bankrupt.
- Bankrupt (adjective): unable to pay what you owe. So, if somebody says bankrupt, it is an(êrêzên) adjetive and it means(ênNêMíns) that you are(dé-iu-ór) unable to pay(ãnêibôlthupêi) what you owe(uócth-iu-óu).
- Now in this context we're talking about bankruptcy which is a noun and you may hear it use this verb to declare
2) to declare bankruptcy – legal proceeding involving a company that is unable to pay its debts.
- If they are unable to pay(ãnêibôl-thupêi) what they owe(uótDêi-Ôu), they are declaring bankruptcy.
- And this is basically more of a (dês'êz-Bêissikli-môr-óVêi) uhhh I'd say It's more of a position that (êtsmô-óvêipôZêxên-dé) uhhh they go through(dêigôuFru) this legal process(dêsLígôuPróçés) these companies(dizkõmpãnís) so that they can restructure(risTrókXôrDér-kõmpãni) their company in order to try and survive(in'nô'ôrôthu-tráien-sôrVáiv) and uhh and pay off those debts(ênpêiófi-12déts.
- So in some cases it's not always a bad thing(êtsNáÓl-uêis-aBédFên) and that(enNé) instead of a company just saying(ÍnsTéróv'kõpãni-dju100) look we're done(Lûk-uôDãn), they would try(dêiûdTrái) to declare BANKRUPTCY(thudiKér-BênkRôpssy) in order to(in'nô'ôrôthu) restructure the company so that hopefully in the future(sôdéRRôpFúli-inêFíuthôr), they can pay off those debts(dêikénpêi'ófi-12Déts) and then they can survive(enênêi-kénsôrVáiv).
- So I'm just gonna put declare bankruptcy, to say the company is unable to pay debts and must be restructured.
- So bankuptcy is a noun, you can also use it as a verb, for example like to go bankrupt.(iukênNélsôu-íuzê-ézaVôrb).
3) capital – money (resources) used to run a business.
- So they're talking about capitol and this case you're talking about capitol, is referring to money that a company would use to run their business.
4) insolvent (adjective) – not able to pay debts.
- Now the other word that I wanted to look at it was there was insolvency, all right.
- This is the noun most of the time(MôustdêTáim) I think you would see this used(áifênkiu-udssi-dês'íuzd) as an adjective(Ézén-aDjékthiv).
- And you would say a business is insolvent maybe they are(Mêibidê-ó) insolvent uhhh, so if a company is insolvent it basically means, well, let's just one make sure that I give you the correct meaning hmmm, let's check out and see what cambridge has to say(uóKémBrêdji-rrézthussêi), insolvent , I was gonna say that it the company is unable to pay their obligations and what they owe.(n-uóDêi-óu)
- So, yes, it says(êSézi) a company(akõpãny) not having enough money(náRRéven-êNófMãni) to pay debts or by goods, and you'd say that the company is insolvent.
5) to forecast - means to predict(prôDêkt), what will happen in the future.
- So we'll go back over to our vocabulary lists.
- I think many of you know them but this is a way in which you use words that you may know and you can use them in a variety of situations.
- So when you think of forecast, you're talking about what will happen in the future.
- I think often people will hear this word used when talking about the weather uhhh the weather forecast.
- What will the weather like be in the future.
- But you'll also hear this, when talking about the economy uhhh, the ecoomic forecast.
- What will the economy look like in the future.
6) prop up – is just a phrasal verb which is to support something.
- And then the next one is a phrase verb that they use down here which is prop up.
- to prop something up like to prop up the businessis just to support and in this case you're basically you're supporting the business, but keeping it open, keeping it alive and well, they're trying to support the business, they're trying to prop it up.
7) grim (adjective) – bad/dark.
Let's go back over to our list right here.
So if you don't know if something is grim, it's an adjective, it means that it's negative, it's something bad, basically it means bad and you might use it like well , a grim reality, a bad reality, a dark reality, a grim situation, a bad situation.
8) GDP (gross domestic product) – total value of goods produced or services administered by a country.
- So, you might often hear this acronym(ÁkrôNêm) used a lot and people are talking about GDP which you can see(uêtchiú-kenssi) refers to(riFôrs-thu) 'gross domestic product'(Grôuss-dôMêstêk-Próra) and what that means(n'uóTaMins) is it's talking about the amount of (diaMãuntch-óv) goods and services, the total value(dêTôurôVáliú) of goods and services that a country produces.
- And in way(en'nênNuêi) people will use this to talk about maybe as a measure of how successful the economy is and how the country is growing and they talk about GDP.
- So when you hear that(sôu-uênhiúRRíôDá) acronym GDP it stands for gross domestic product.(êtsTensFôrGrôss-dôMêstêk-Próra).
- And often I think, instead of saying gross domestick product people are just going to say GDP.
- You'll hear it(íuóRRíurêRõn) on if you're watching(êFíuó-uóTchén) anything about the news(NFên-aBáudê-Nhús), about the economy(aBáudi-êKõnômí) or you see it in articles.
- GDP is the total value of goods and services.
- goods produced(prôDústch) and services(sôrvêSSês) administered(éMênistrôd) by country.
- So that would be the meaning of GDP.(Sôudá-údbi-dêMínên'óv)
- I got another article, that I want to show you.
- The other verb that I wanted to look at which I think is useful which you can use in a different way is PLUNGE.
- So in this case if you're talking about a graph(Gráf).
- If you're giving a business presentation(GuívênaBízênês'prezenTêixên) and you're showing(en'nióXôuên) this chart, you're showing this graph and there was a huge drop(en'né-uózaRRíudji'Dróp), you could then say there was a plunge in prices(íukendênSêi-dér'uóz-êi-Plándji-inPráissês) or in this case a plunge in development(divélaMentch).
-So you're really referencing a number and you're talking about(ennióTókin'aBáu) a huge drop would be a plunge to go down.
9) Depression – period with little business activity and few jobs.
So the title of this article is this uh is about the United Kingdom:
- The guardian view on the UK economy: deep depression and a huge bill ahead.
- This is a word that (Dês'êz-auôrdDét) may get thrown around(MêiguéFrõnaRã1d) people talking about a depression(êi-dêPréxén).
- Or they may say(ôuDêiMêiSêi) at a(Éra) minimum(minêMãm) the economy is heading into a recession(ríSSéxén).
10) Recession – period with a bad business situation
11) Collapsed – fell down or fell apart
12) Demand – the people who want things
13) Supply – the availability of things
14) Supply and demand (binomial pair)
15) To contract - to become smaller or a reduction in size
16) To fall off a cliff – to fall sharply/plunge
17) An economic downturn – when the economy starts to contract (reduction in growth)
18) To fluctuate – to go up and down
19) Slump (adjective) – period in which things are not going well
20) To stagnate – when there is no growth or development
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