IELTS Speaking Free Lesson: THE ECONOMY

ah hello good morning and welcome to today's IELTS speaking live lesson all about the topic of the economy very much looking forward to it we're going to look at vocabulary idioms a listening task some games and fun um I think you'll find it really really useful to begin with let's start with a little bit of this foreign [Music] [Music] hello everybody good morning great to see you um welcome very excited about today's lesson we have an interesting topic all about the economy um you can see I think the economy is going down according to my picture but who knows hopefully things will get better um so we're going to talk about this topic today it's interesting because this morning right over breakfast I was talking to my wife and my daughter and I said if you were teaching the economy as a subject what would you teach the students what language and they went and my daughter went my wife was like I don't know and then my daughter said the bag I said the bag she said yes the bag La Bolsa now because we live in Spain she goes to a Spanish school and she's learning she's educated in Spanish although she's fluent in English and labosa is the stock exchange and she didn't know the word in English likewise my wife said well I would talk about and I said what's that and she said well it's you know when the prices go up and up and up and up ah inflation and it's interesting we didn't know the words the for the economy I didn't know in Chinese my daughter didn't know in English because it's not things we talk about every day and this may be true for you right you know the idea but you may not know the words in English today we're going to sort you out and help you with that I say we me and you helping each other listen let's see who's in the house today who have we got we've got Rory in good morning from China nice to see you zorir is a big fan nice to see you as well excellent great we've got shahadat all the way from Bangladesh lovely to see you um Sarah says teach demand and Supply I will today I will amarills nice to see you lovely to see you here um who is else have we got we've got from Dhaka also Anwar good to see you dear we've got Zora from France long way away and all the way from Thailand Ting Mong great to see you so many different people we've also got from Nepal Nation listen great to see you all thank you so much for for joining today today's live lesson today's live lesson is all about the economy right we're going to talk about that let me just go through what's going to happen today because some of you may be new maybe it's your first time um if it is your first time welcome and uh if you are new right um just let me tell you that I also have a Facebook page at Keith speaking Academy if you want to follow it um and also keithspeakingacademy.com is the website that I run um it has lots of information about IELTS it has all of these live lessons are recorded and there um and you can actually go there whoa let me come over here if you go over there you can go and find out you've got the free live lessons you can go and download the PDF from there um and any information you want about IELTS it's all here and you can find out about my online courses as well more about that soon if you haven't yet got to this free ebook the common mistakes in IELTS speaking just put your a name an email here and you can get that as well I ask excuse me I do ask for emails so that often with the email list I do like to send out other free lessons and information about IELTS and my courses so if you're new welcome here we go what's happening today here today we're going to talk about the economy right um I'm going to start this class this lesson um talking about vocabulary so we'll be looking at um the vocabulary the common vocabulary like if I remember inflation things like that and we'll talk about acronyms GDP things like that excuse me uh we'll go on to talk about symbols right and different words connected to the economy this is going to be useful not only for your speaking but for your writing as well and in IELTS speaking part three for those of you who are preparing IELTS talking about the government is a very common topic right it comes up in all sorts of topics public transport um I don't know the the anything technology climate change the government should do this the government should do that talking about the government and macro economics is really important and I think this is going to help you a lot so we'll talk about symbols like my friend here oink oink what's that all about why have I got a pig here I'll explain later also if you follow me on um Facebook and YouTube you will not have noticed you will have noticed interesting tense you will have noticed that we've had lots of these things popping up right um this is actually it's a new IELTS speaking course it's really for people new to IELTS it's launching now as we speak I'm gonna tell you more about that shortly okay um we're gonna do today as well let me turn the sound off foreign it's me how strange we're going to do a news report testing your listening skills right as well so we'll be doing that today we'll also be looking at um idioms and useful phrases I mean this one do you know to be broke to be broke um it's an interesting idiom we'll be looking at a few idioms to help you with your natural English and we're going to finish up with a game of kahoot kahoot is a game where you will test what you have learned so no sleeping no napping no nodding off in the class stay awake stay alert make notes because I'll be testing you at the end of the class so that's it the lesson takes about an hour and a half more or less an hour and a half um and that's what we've got in store today right all about the economy good let me just check how you guys are Xeno says I am broke how she says you're penniless that's what it means exactly exactly as Nassau says it means to have no money perfect well done please do not sleep I'll have to kick you out of the class if you sleep great well Kenya Hello nice to see you the best teacher oh interesting enjoyable classes thank you so much that is very very very kind I do appreciate it so much thank you great so listen let's kick off um at the very very beginning let's have a look at the economy and I've got a little test for you right um over here warming up fill in the Gap with one word right just one word you can write in the chat um and just write down one word for example the economy not for example number one the economy is not good I think the rate of blank right one word is going to rise even further number two with high unemployment and little economic growth we are heading into a blank write down your answers in the chat whether you're in Facebook or whether you're in YouTube write down your answers we have got some people in in Facebook you Yen you're very very welcome so I'll give you uh I'll give you a minute to write down your answers and I'll give you some nice um some nice classical music foreign [Music] and the word [Music] different possibilities [Music] foreign [Music] yeah write the number that's good well done I like students who pay attention caroling very good as well [Music] ah nice avatarish [Music] foreign [Music] okay excellent good listen some lovely lovely answers let's have a look together we've got the economy is not good right so it's a negative thing I think the rate of hmm the rate of is going to rise well a lot of you said inflation and that as my wife taught me in Chinese you see the more I repeat it the easier it is to remember that's why when I learn a new word like this morning I just repeat and repeat every opportunity I repeat inflation which is the rising crisis right I think the rate of inflation is going to rise even further brilliant that's great um there are other possibilities people said inflation inflation inflation unemployment we had one there who said unemployment you're a star you're very you're great it was musin musin said unemployment as well well done musin perfect I think the rate of unemployment employment is going to rise further absolutely now I think somebody said poverty the rate of poverty we would understand that right but normally we don't say the rate of poverty because it's not a percentage right normally you can say I think poverty is going to rise yes poverty will increase or rise or get worse but the rate of not really for poverty right inflation unemployment yes and I think uh oh okay so here's another one a living cost the rate of living cost you could say I think the cost of living right is going to rise you could say that the cost of living will rise that's okay but the rate of living cost no and what's more Manville it's two words and you need one word but thank you so much because that helps everybody learn the cost of living that's a good expression right the cost of living which is the how much things cost of course of course thank you so much man Billy that's excellent so I think these two inflation unemployment are the main ones um number two most people said recession which is absolutely right and that is the word on the tip of everybody's tongue right the recession everyone's talking about the recession um there are other possibilities let me just check anybody else um you've got your test on the 15th of February you've got two weeks practice every day my friend um did the recession recession recession anybody else did anything different inflammation no I use um that's when you have a medical problem crisis that's the other one we're heading into a crisis that's good you could say financial crisis a crisis there are other possibilities and let me go down answers at the bottom of the PDF of course you don't have the PDF this PDF over here when I finish today I will edit it I will make it pretty and you can get it on the website keithspeaking Academy go to the live lessons and you can get it later so if I go through all down the lesson we've got here we are inflation unemployment I think we're heading into a recession a depression a downturn or a slump all of those are really nice words meaning the same thing right that everything's going everything's going downhill basically everything's plummeting getting worse and worse and worse a mess a crisis um bankruptcy you don't go into a bankruptcy you can say I am going bankrupt but not go into so heading or going into a recession depression downturn slump crisis mess but Dana message okay but it's not an economic term it's a very general term but it's okay yeah we're getting into a mess right economic crunch yeah you could say that's in that economic crunch is okay uh economy crisis economic crisis right now as let me just help you there because that is really good you raise a really good question about the adjective right economic crisis so talking of adjectives let's go back and let's have a look at a bit more detail about vocabulary okay thanks for all your answers guys brilliant so first of all noun economy it's countable right notice in English when you say economy we normally no we almost always say the right and this is difficult I know especially for speakers of Russian polish a lot of um those similar languages where they don't have articles with this one it's one of those unusual words we say the economy the economy is going well right so make sure you put the or ah if you're talking about one particular economy right we have a booming economy we have a booming economy so remember that articles don't say economy going well no no no no my friend the economy or the economy the economy the economy the the E because it's economy the economy is going well can you say with me the economy is going well notice the stress the economy is going well invite thumbs up later the economy is going well um boom it we have a booming economy other words you can say strong we have a strong economy yes the accent on the strong right stress we have a strong economy robust great word row like row a boat bust like a statue robust not robust but robust robust economy yeah means strong right robust strong uh the opposite slow weak stagnant stagnants stagnant just means not moving stuck but really nice collocation a stagnant economy stagnant say with me stagnant stagnant economy great now we can also talk about the black economy and I think in most languages you have the same thing the black economy is basically where you use cash to buy things so you can avoid tax right basically that's it right it's using cash to avoid paying tax um so the black economy exists all over the world right a lot of people talk about cryptocurrencies being the black economy because a lot of people don't pay tax now we've talked about the economy as a noun there is another noun and this is economics without the economics is basically the subject right if you go to school you may study uh economics the subject of studying the economy right basically and notice the straight the strange the change right up here the economy economy here economics economics economics that's it okay so notice the stress changes from the second to the third syllable English makes no sense for example you could say my grasp of Economics is not very good this is a lovely expression my grasp of to grasp right is to take to hold but it means my understanding what a great expression right you can use this to talk about anything at all my understanding of um the Chinese culture is limited my understanding of wine and a good wine and a bad wine is not very strong my understanding of English grammar is pretty good my grasp of English grammar is good my grasp of wine tasting is weak my grasp of Economics is not bad actually because I studied economics at school believe it or not right my grasp of what a good expression I like that my grasp of so just to make it clear is my under standing of something my grasp of grasp of sounds like a a Russian leader Mr graspov my grasp of Economics is not very good excellent let's move on we've also got the person an economist right an economist um a lot of politicians are economists in the plural economists hmm great now here's a question for you do we say economical or economic right as an adjective what do we say economical or economic for example this car uses little fuel it's really economical or economic meaning it saves you money right what's the answer let me see guys Sarah thank you so much for your message that's lovely best teacher from Kazakhstan so I'm like a sense of business don't worry Sue you'll um you'll you'll get there after today's class you'll be much better my grasp of wine tasting is not very good I try and try yes drink more and more very nice great um so it's really economic cool uh-huh uh Fabio nice to see you economical Jane economical mm-hmm okay everybody's going for economical everybody's going for economical guys you are the best students in the world great economical okay it's uh it's really economical economic exists right but economic as an adjective just means related to the economy right nothing to do with saving money so we can say economical equals it saves you money um economic is just related to the economy I don't like the government's economic policies policy policies let's say for example right that is just related to the economy easy peasy lemon squeezy nice well done Hector and everybody else well done top students wow so impressed nice economical then my car uses little fuel it's really economical yeah so notice the difference economical saves you money economic is just related to economics or the economy right easy I think let's move on there you go I've got them there the economic forecasts you could talk about is not so good that's very true okay I love to see Love In An Eco an economic lesson I love to see lots of love from Bhutan thank you very much I'm going to talk about Bhutan very very shortly actually Bhutan is a very important country in when it comes to economy and I'll explain why in a moment Tashi you probably know you probably know all about gdh I'm guessing Mike Mac we've got when it comes to economics right um this is something that I I picked up at school I I chose economics at a level when you're about 16 or 17 and in one of the first classes the teacher said so we're going to learn about economics and there are two parts there's micro and macro now micro means small right small macro means big so we thought Okay small economics big economics but what does that mean exactly and really that's what it is you'll hear people talking about microeconomics and macroeconomics microeconomics is the economics around a person or a company so when we talk about your personal situation or a company's situation then it's microeconomics macro is Big it's about a nation or a country or countries trading between each other that's macro so if you talk about countries trading or countries growing that's macro because it's big micro people companies macro countries simple right micro and macro so here's a question then which one is an example of macroeconomics and which one is micro just put your answer in like number one inflation macro or micro and number two you choosing to buy a brand never heard of it don't worry that micro or macro tell me in your answers let's have a look [Music] oh inflation Minecraft where are you or philia lovely name orphilia Hawaii I'm study economic major cha you should be teaching me excellent good yeah you're there you're there excellent well done guys so inflation right is macro [Music] because it's about the country at least all countries and this one is an example of micro okay now very easy the thing is right I mean in in IELTS speaking you don't need to be an expert but it's good to know the basics and to know some terminology you don't have to explain things in IELTS speaking but now and again there'll be an opportunity to say something right um I don't know you know inflation it's a big problem for others I mean it's a big from a macro economics point of view it's a challenging um problem for governments right there may be opportunities to use these words speaking generally it's always useful especially in my house at The Breakfast Table here we go let's move on um I'm going to look at acronyms very briefly an acronym if you don't know is where you have letters and this letters stand for something else right so g d p is an acronym it's an example of an acronym can you say that acronym ah KRA Nim acronym acronym stress on the ah acrylim GDP the G in English we say stands for the G stands for gross the d stands for stand for stands for domestic P stands for product GDP um again my wife who's Chinese says oh yes in Chinese we say GDP I said what does the G stand for so I don't know it's just we use the English acronym gross domestic product um which is basically this is the value the total value of goods produced in a country goods and services I think if I remember no product boom I think it's just products right it's the total value of goods or items produced in a year in a country the GDP is is often we can say you know GDP is has risen to six percent which is very good right GDP has risen to six percent what GDP is falling right other words for Risen right to rise climb increase if it's going rapidly to Rocket GDB has risen GDP has climbed GDP has increased GDB has rocketed right great so all of those different ways of saying rise if you're interested if you want to say fall you could say GDP has fallen has um decreased slumped if it's bloom plummeted let's put it in the infinitive right GDB has fallen GDB has decreased GDB has slumped ha can you pronounce that slumped [Music] um what a that's just that's mad slumped GDP has plummeted nice okay great good for your spoken English as well as writing both perfectly good now GDP is interesting right oh mini right good GDP has soared yes let's add that one to it saw to soar to soar nice decline nice one Negan thank you so much we can add that decrease decline [Music] um decline is the same as fall or decrease slump and plummet are more drastic right just to notice drop as well we can have drop yeah nice now did you know we also have gdh and this is where this is why I mentioned um Bhutan gdh is the gross domestic happiness h H stands for this gross domestic happiness and this is in the in the country of Bhutan many years ago I can't remember exactly when maybe 10 years ago um they decided to evaluate the country's success not only by the value of products the GDP but by the well-being of the people so just because you're rich doesn't mean you're happy and the gdh was created and in 2012 the United Nations officially launched a report the world happiness report crazy it takes into account sorry not crazy fantastic it takes into account things like um well the well-being of people psychological well-being integration in society um there are other things if you are interested you can go to Wikipedia look up the world happiness report um and you can you can have a look I mean let me let me show you show you briefly this will be quite interesting here you've got it right the world happiness report a publication it's been going for ages um it tells you a bit about the history can I zoom in a bit you can see the dark places are happier and the the red orange places are the least happy and kind of the the light blue is is in the middle and it goes through you can have a look through it tells you 2020 World happiness report have a guess who is the who's got the happiest Finland right it says the highest gdh followed by Denmark followed by Iceland and then Switzerland The Usual Suspects Netherlands Luxembourg Sweden Norway of course the usual places all of these got the highest right gdh in the world very interesting yes I wonder how to evaluate happiness exactly you can go here and look in a bit more detail and find out how they do it so which country is the highest well there you have it Finland right Finland is the highest Finland is the highest for a lot of things it has one of the best education systems apparently yeah they say Afghanistan is in the unhappiness lists indeed with all the problems that are there but listen let's hope it gets better in the future there we have it very interesting right gdh another one oh yes the 20th of March this was interesting it made me laugh but which is good 20th of March was declared the International Day of Happiness what do you do on the 20th of March do you go around smiling all day I don't know what do you do it's great I love that a great idea Roi here's another acronym do it right can you see my hand return on investment right so when you invest money you expect to get the money back and more so how much more you get back is your return on investment right I expect a five percent ROI on this investment right for example so your rate of investment rate or return it's it's measured as a rate by a percentage okay Roi [Music] yes great Fabio says the 20th of March I look for a live lesson with you Keith haha I love it nice I think I should do one just to celebrate um a few more so a few more words that you should know right inflation we've talked about we've talked about inflation um for example so it's good to learn a word but you need to learn how to use it so we can say inflation is going through the roof do you know that expression to go higher and higher and higher it's a rocket is to go through the roof it's going so high it's gone through the roof of the house it's a great idiomatic expression um to go through the roof when we're talking about uh inflation and things like that or or numbers or rates like rates of interest um to go very high ex more than very extremely high so in your IELTS exam I think you could say inflation it's not only high it's going through the roof and then look up when you say that interest rate is another one you should know the interest rate is how much money how much money um you pay when you know the bank lends you money you can ask the bank to lend you money you have to give it back and give them more how cheeky the bank takes extra money that's the interest rate right um so it's how much extra money you pay when you return alone alone it's money that you borrow so that's the interest rate basically banks are going to increase their interest rates apparently it's the central apparently there's lots of different interest rates right this your central bank has the main interest rates and then individual Banks set their own interest rate interesting interesting the interest rate is really interesting at the moment banks are going to increase raise yeah their interest rates another expression you should know rate of unemployment we looked at this at the beginning right that's how many people are without a job [Music] it's a bit more complicated than that because it it you have to think Does it include people who've left school Does it include people who are on a training scheme um people who are laid off there are lots of small definitions that politicians use to change them to massage the statistics but basically people without a job the rate of unemployment has shot up there you go there's a nice expression to shoot up to soar we saw this before get it we saw this before has shot up in recent months finally supply and demand because somebody said at the beginning talk about supply and demand supply and demand is well I learned this again this is something that I learned in um I learned oh many many years ago many years ago when I was at school let's go back many years ago when I was at school I was a young chap we learned about supply and demand and the teacher said imagine that imagine um Elton John right how many people can sing and play the piano like Elton John and we said one there's only one exactly and therefore how expensive are the tickets to his concert we said too expensive very high he said yes because the supply one is very low and the the if the demand is high lots of people want to see Elton John then the price is high so when Supply is low demand is high price is high if the supply goes up and the demand goes down the price goes down and he said this is the law of supply and demand great economics teacher great forgotten his name but he was good here we go so supply and demand prices will go up because of the law of supply and demand um so you may want to talk about that excellent the last word Monopoly a monopoly is where one business dominates an industry industry that's a monopoly for example we say to have a monopoly on something to have a monopoly on so learn the word learn how to use it then practice British Telecom used to have a monopoly on phone services in the UK but the British government doesn't like monopolies and it doesn't exist anymore brilliant foreign I'm looking at your comments any any practice Muhammad in Iran we are facing this is good remember facing you don't need with a Muhammad in Iran we are facing inflation day by day I know it's crazy in Iran at the moment the inflation rate is it's mad it really is um I've got some good news for you later Muhammad razi and everybody in Iran I'm going to talk about a new course very soon let me tell you shortly so there we are um Monopoly so listen we've been looking at lots of stuff at the moment we've been looking at the economy right we've talked in particular about vocabulary and I just want to move on and have a quick look at symbols and words uh I realize this is a lot of information the information is good later you can get the PDF but later I want you to go back and just practice and practice right that's the key is the practice great so the which words could you use to describe these symbols you're not with me I'm on the wrong page come on Keith get your act together symbols and words so these are words related to the economy which words could you use to describe these symbols we've got number one number two I'm not sure what happened why I've got that dot there it's a pig number three boom okay in the chat just write down what you think and uh we'll have some nice music [Music] [Music] foreign [Music] I like your comment it's not true listen I've just that there's just the taxes change happy novels to those of you in abazai Azerbaijan [Music] [Music] eventually [Music] foreign [Music] [Music] foreign [Music] [Music] [Music] hmm [Music] what a nice place to stop with Hane and arise piggy bank a full excellent very very good there are lots and lots of words we can use right here to talk about these um let me just pull up right some words for number one we can say an upturn profit growth or the ones you said increase uh boost boom profit growth and increase I'm going to put in the Articles to help you a boost a boost to the economy uh a boom so there's a boom in the sale of um toothpaste an upturn profit could be related to it we're seeing increased profit so these are symbols these are words that could be associated with those symbols right number two things like saving investment it is a piggy bank we do call it a piggy bank where you put your coins in as a child to save so saving investment piggy bank all of those things number three um again number three is like going down so this is related to a recession a downturn a slow down right slow down a slow down one word bankruptcy it could be where you've lost all your money um a crash we had a crisis last time as well remember let me just bring these up on the same page a crash a crisis could be a depression a loss all of those are this idea of going down okay fine good so let me move on just a couple of expressions are useful to know a boon and a bane um so a boon is something that is good and helpful a bane something that is not helpful so often we use them together we say well this is good and bad right it's something good but it's also bad um this can happen a lot excuse me let me turn around this can happen a lot when you're asked is this a good thing or a bad thing well it's a boon and a bane it's it's good and bad right um for example if the government sets I don't know if the government increases the interest rate to control inflation is it good or bad it's a boon and a bane because increasing the inflation rate means I can save money and I get higher rate of interest but it's a bane because my mortgage on my house I have to pay higher interest so it's a boon and a bane it's good and bad so especially it's about economy right if you're talking about the economy instead of saying it's good and bad it's a boon and a bane Bane [Music] talking about the economy right nice expression it's a boon and a bane all the extra work is both a boon and a bane because the extra work means it's a boon because you're making more money it's a bane because you work more two more opposites a bear market and a bull market a bear Market is where it's a market where the shares are falling like the stocks and shares in the Stock Exchange what my daughter calls the bag the labelsa um that's where a bear market right is very good sorry sorry a bear Market is very bad a bull market imagine the ball going up is where the shares are rising bull market mad totally mad right so the way to remember is the bear goes down and the ball goes up bull market shares are rising bear market shares are going down that teacher Keith is mad what's he doing here we go excellent let's switch back because we spent quite a long time on um vocabulary symbols and stuff like that yeah let's move on keeping an eye on the time so recently you may have noticed in Facebook YouTube I was posting lots of strange signs like this right and in the end it was um it was what it was it was have I got this it was all of these it was things like this right we had crack um and then we had this one and then we had this one and somebody said Break um tear part crack IELTS part one that's what it was in the end crack IELTS part one what is that crack IELTS part one my friend is a new IELTS speaking course focused on part one and it's launching right now it's up and it's out there it's ready and this is really to help beginners a newbies for IELTS speaking so if you're new to IELTS speaking or you're just starting to study for IELTS this will be very helpful it's a very short course and it's just part one and did I tell you it's free that's the good news that's why I said guys in Iran I know free new free IELTS course crack IELTS speaking part one it's aimed at beginners and newbies um you can find it it's very very simple to find I'm going to just show you very very briefly how and where to find it if you go to to remember my website key speaking Academy right and the address is somewhere can't find my uh my address okay never mind I'll find it later Keith speakingacademy.com um go to the online courses up here oh no don't go there these are my courses let me do this in a incognito okay speaking Academy Incognito go to the online courses up here and then you will now see next to the gold course you'll see crack aisle speaking part one free so you go in there um this language and techniques basically this will help you it shows you what happens in part one I go through the six most common question types I talk about what the examiner is really doing here and how you can answer these question types so you get there are six main videos there's a PDF there's a quiz um and you can enroll why Keith why Keith good question um you can just enroll here all you have to do when you go to enroll is you can if you've got Google you can go with Google if you already have a teachable account for example you've bought another course you can go with teachable or sign up with an email right um what's a good idea is if you can put yes to email promotions if you want promotions and news from me if you don't fine but sign up with email put your name email password and sign up and you'll get into the course right and when you get into the course as I mentioned basically you'll see it here this is the course you can go through it's it's a really nice course it's not very very long it won't take you very long I think it takes about an hour to go through but full of really really useful information I think and I hope so listen that's it that's a new course it's up it's live it's running um on the website you can go and check it out and hey it's really for newer for new people to IELTS if you have the gold course or the band 7 course you don't need this because this you already have in the gold course and the band seven you have very similar information anybody can do the course of course but if you already have gold I don't think you need it okay really for people who are new to IELTS there you go that's it lovely let me see how you're all doing before I move on burns thanks for sharing that and I'm Sarah if you could share on Facebook that would be great as well for the guys there message from Negan from Iran I've just passed Ikea academic IELTS with a seven three and a 6.5 General let me give you a okay thank you for having you God bless you and your family love you or apply for the UK good luck and again that's great news good luck in the UK I'm sure you will get in and uh be really successful there that's excellent good Usman you made us smile and happy thank you but you should give this course on the 20th of March right yes National happy day well listen you can study the course on the 20th of March excellent good so let's move on we've still got more things to do right we've got lots more fun to have and lots more learning to do let's move on um a news report okay let me let me go back The Newsroom I can't turn myself off this is the news report we're going to do um a news report this is going to be testing your listening skills okay so let me just share with you what we're going to do I want you to watch this news report and answer the questions below okay the question's quite simple what is the present rate of inflation right remember foreign what is the present rate of inflation by how much will Banks raise the interest rate the interest rate right how much are they going to raise it so you're listening for percentage right six percent 10 20 and finally what food is mentioned okay three simple questions number one percent number two how much the percent number three what food is mentioned okay those are the questions I'm going to show you the video before I do just give me a thumbs up in the chat if you're ready just to make sure you're ready I I think I'm going so fast but if you're ready when you're ready just give me a thumbs up so that I know you're ready to go rest of the course be free no no Hamill I have to live only the that's that's the one free course the others you have to pay for Daniela yes in the gold course yes in the gold course we have two more live lessons that's right yes Maria Dolores from Argentina right in Argentina 90 by year 90 year on year right great interesting I've got lots of Thumbs Up excellent let's go let's do the news report listen carefully it's a listening activity right three questions put your answer in the chat let's do it this is keto hair from the CBB with the six o'clock news it looks like we're in for a rough ride as the rate of inflation hits an all-time high of 15 many government experts are saying that prices are out of control it's true right I was down the market the other day and the price of potatoes were up to four pound fifty a kilo outrageous prices unions Countrywide according for strikes to demand an increase in wages the government is locked in negotiations with the teachers union with Railway unions the postal workers nurses unions bus drivers the border control workers where I'm not making this up and this is true but little progress has been made so far it is Doom and Gloom everywhere we are in a recession and the Outlook is bleak 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's bad for Borrowers it's true right if you borrow money then you have to pay back with interest if the interest is higher you pay back more some government economists are worried that as a result of the interest rate hike the interest rate hike fewer companies will take out loans to invest in their businesses fewer people will be spending money yeah because we have it in a nice little savings account and we will go deeper into a recession until the economy economy the economy collapses dear oh dear it's a shambles it's a complete mess what a disaster I wonder how are we going to weather the storm do we have any good news oh yeah we do oh great good good what why okay comedian Maasai Graham has won the funniest joke of the Year award and the joke is ah I tried I tried to steal some spaghetti from a shop but the guard the security guard saw me and I couldn't get past her Pastor get pasta no it's the same pronunciation lovely this is Keith O'Hare from CBB six o'clock news I'll have that for dinner foreign oh it's my cap I'm back on great okay um camera my mic went off uh here are the questions what is the present rate of inflation okay we've oh my my we've got loads of answers up here we've got here from um can I get you up here oh you've disappeared let me come back yes 15 he said Joyce says 15. vangdang says 1.15 ah I see what you're doing interesting ashini says 15. um 1.50 interesting right 15 potatoes cam thank you okay I think you're all all agreed actually most of you seem to be agreed on 15 the answer is 15 it's increasing by 15 absolutely um by how much will Banks raise the interest rate Karen you said number two 0.5 okay um 0.5 I've got somebody else who said 0.5 who else says Anthony says 0.5 excellent the answer was 0.5 0.5 absolutely what food is mentioned food I see some of you have mentioned potato Fishel says potatoes anybody else Bobo fond potatoes um potatoes pasta pasta Dina says pasta as well spaghetti how are you spelling spaghetti that's interesting maybe that's the uh a different way I think spaghetti is a difficult word to spell I'll try and get it right in a minute Natalia potato and pasta okay the food mentioned is potatoes pastor and spaghetti gee is that that's right right if I'm I think that's right all Italians can you just check with me I think spaghetti's right look up spaghetti spaghetti pasta made in solid strings there you go potatoes pasta spaghetti I mean pasta and spaghetti it's the same thing but well it's the same thing is it the same thing I pasta I think includes different types spaghetti is a type of pasta right help me Fabio there we go excellent good so well done you've got all the answers great got a message from Hunger Mr Keith I've been following you since seven four seven or eight months so many things I learned lovely nice to see great Layla lovely to see you here you always stand out from the crowd because of your unique thank you so much Leila always nice to see you in the uh the sessions here onion I don't think I mentioned onions I don't think so right okay now then that's interesting but let's take it up a level let's make it a bit more complicated I want you now right to watch again and to note any useful phrases for example right for example we had in there foreign at the beginning you may have noticed it looks like we are in for a rough ride in for a rough ride means we will have a difficult time difficult times in for a rough ride it's an idiom right we also had as the rate of inflation hits an all-time high an all-time high is the highest ever right so these are idioms or useful phrases so let me add here idioms or useful phrases not all and make you work harder watch again a note make a note in the chat of any idioms and useful phrases okay so once again just give me a thumbs up when you're ready and we'll listen again everybody says Mina says I'm right spaghetti and pasta are the same Fabio says yet perfect definition of pasta it's like micro a macro economy yes very good up excellent good thanks for your comment from Sri Lanka that's nice excellent okay I think we've got a few thumbs up so if you're ready we've got lots of thumbs up let's listen again I'm going to make it slightly easier because I'm going to put subtitles on this one just to help you a little bit okay let's do it this is keto hair from the CBB with the six o'clock news it looks like we're in for a rough ride as the rate of inflation hits an all-time high of 15 many government experts are saying that prices are out of control it's true right I was down the market the other day and the price of potatoes were up to four pound fifty a kilo outrageous prices unions Countrywide according for strikes to demand an increase in wages the government is locked in negotiations with the teachers union with Railway unions the postal workers nurses unions bus drivers the border control workers where I'm not making this up this is true but little progress has been made so far it is Doom and Gloom everywhere we are in a recession and the Outlook is bleak 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's bad for Borrowers it's true right if you borrow money then you have to pay back with interest if the interest is higher you pay back more some government economists are worried that as a result of the interest rate hike the interest rate hike fewer companies will take out loans to invest in their businesses fewer people will be spending money yeah because we have it in a nice little savings account and we will go deeper into a recession until the economy economy the economy collapses dear idea it's a shambles it's a complete mess what a disaster I wonder how are we going to weather the storm do we have any good news oh yeah we do oh great good what why okay comedian Masai Graham has won the funniest joke of the Year award and the joke is ah I tried I tried to steal some spaghetti from a shop but the guard the security guard saw me and I couldn't get past her Pastor get pasta no it's the same pronunciation lovely this is Keith O'Hare from the CBB six o'clock news I'll have that for dinner oh lovely very very nice great so lots of interesting useful phrases I think let's have a look right we said in for a rough ride right um this means we're heading towards difficult times let's put that like this I'm going to tidy these notes up later and give them to you well not give them yes I'll put them on the website right an all-time high right equals the highest ever so what else have we got let's see what you guys are writing um Julius talks about whether the storm storms storm singular how to overcome obstacles great great um what else have we got calling for strikes yeah asking for calling for strikes good locked in negotiations yep increase of wages or in wages we'll check in a moment Claire out of control yeah I think the prices were out of control calling for a strike nice great I'm not making it up yeah when something's true I'm not inventing it I'm not making it up great nice well done locked in negotiations that's the collocation well done well done um any others Doom and Gloom yeah something is terrible news very very bad Doom and Gloom um anything else price is out of control you've said great [Music] um chrysica nice to see you outrageous prices um do interest rate hike to increase dear oh dear yeah why not dear oh dear oh dear a shambles that's a good one a shambles is a mess I'll write this down in a moment don't worry great just getting your ideas any others any others payback with interest yeah so when you lend somebody you say listen I want the money back but pay back with interest so whether the storm we've had excellent I couldn't get pasta that's the joke yes um what else have we got prices Railway unions recession Outlook is Bleak that's a good one nice okay brilliant and then we've got all the jokes about the pasta anything else good I'm gonna okay there's others interest rate rate hike interest rate hike yep good so excellent good Expressions let's have a look together I'll just go through briefly um so we talked about prices are out of control that means that they are going up or up up either going up or going down but there's no control right it's an extreme case I was down the market the other day potatoes were up to four pound fifty a kilo outrageous prices right outrageous prices which means um oh outrageous it's just uh impossible or not something's outrageous it's just shocking surprising very surprising or shocking very surprising prices unions worldwide are a Countrywide calling for strikes that's a good one I didn't have that one to call for a strike right is to ask um to ask for a strike ask its members to go on strike okay I'll try and make that clear here to go on strike is not to work to stop working so in case you don't know that so go on strike equals to stop to stop working in protest okay so to go on strike is when you stop working in protest because you want something so calling for strikes demand and increase in wages and increase in somebody said of no increase in wages be really careful with the prepositions right especially because I'm going to test you remember at the end of the class an increase in wages the government is locked in negotiations which means uh stuck cannot move in the negotiation um this is a collocation you can say locked in negotiation locked in discussions but not anything else I think those are the two main ones right locked in a negotiation or locked in a discussion they're locked in discussions they're kind of stuck they're not progressing you cannot say oh I'm locked in my seat not really no so this is really negotiation or discussions right those are the common ones then we've got all the different unions of course the unions the organization that support the workers I'm not making this up I'm not making this up um so to make something up it's a to invent or it to invent or to lie about something right um to making is to create a story that's probably not true you know to make something up to invent something not true yeah not not to invent like a machine but to invent something that is not true or to lie to make something up little progress has been made to make progress Doom and Gloom is just horrible things let's see [Music] Doom and Gloom oh it's just it's just horrible what does does that come up here look up Doom and Gloom Doom death destruction some other terrible fate condemned to death doomed to failure Doom and Gloom a general feeling of pessimism a general feeling of pessimism okay there you go horrible things Doom and Gloom a feeling of pessimism thank you pessimism pessimism oh it's double s right yes thank you we're in a recession we've talked about the Outlook is Bleak so the Outlook is Bleak is the uh the future is not good so the Outlook is Bleak that would be your expression right Bleak is just not good Bleak weather Bleak Outlook the future is not good um the bank of England to reduce inflation we've talked about reduce Rays to raise reduce interest rates [Music] um payback with interest we've talked about to return the money with extra interest the interest rate hike so a hike now you probably know hike like walking in the mountain but a hike is an increase um in prices in rates a hike in price there's been a hike in the interest rate it's been a hike in the rate of unemployment so if you're talking about um prices or rates you can say a hike right which is an increase an interest the interest rate hike good right how you know a word but you don't know a word now you know a hike is an increase fewer companies will take out loans so to take out a loan is to ask the bank or to ask to borrow money from the bank to ask for money from the bank to borrow the idea that you must return the money pay back with interest take out loans to take out a loan always remember when you learn a word learn how to use it put it in a sentence uh we will go deeper into a recession so to go into a recession it's a shambles shambles is it is a disaster basically a disaster or a mess shambles originally comes from the word where they used to kill the animals to eat them the slaughterhouse they would kill animals that was a shambles um but we now use this word to mean a disaster or a mess right so if some things are shambles you can say your bedroom is a shambles it's a mess your notes your notes your English notes there are shambles they're a mess yeah look at your look at you you're a shambles you're a mess if your clothes are all dirty and old you're a shambles a disaster or a mess right nice word very colloquial but lovely word to use shambles it's a shambles the economy is a shambles to whether the storm is to get through obstacles as somebody said to get through obstacles or to get over obstacles how are we going to weather the storm you can imagine right weather the storm get through the storm good I hope are you still with me I hope you're still with me do you have any good news [Music] so just the joke just to make it clear for you I couldn't get pasta the guard saw me I tried to steal the spaghetti but I couldn't get past her right I tried to get past her but I couldn't get the pasta it's the same pronunciation Pasta Pasta because when you link in English the H is dropped pasta it's the same pronunciation that was the joke great sue you says yes I'm with you great shambles always takes an s yes it's a shambles always with an s yes your hand your handwriting is a shambles yeah sorry thank you for that who um it's an S right always with an S shambles ding slaughterhouse originally that's the original one yes you're a shambles yeah use that with your colleagues at work you're a shambles Janet shambles plural always plural yes yes yes right okay wow he's the best teacher in the world thank you so much excellent lovely I love your avatar so good we have been through lots of interesting and useful phrases um we've done the news report we've done useful phrases what's next I'm gonna go very briefly oh it's kahoot yes yeah because of time I'm gonna go on kahoot there are some idioms but we've looked at them and I will add them to the PDF but now because of time let's move on to um gosh let's move on to kahoot I'm gonna recommend something actually with you if you're interested I'll just show you this very briefly because I just realized there was a YouTube video this is on YouTube right um Why do central banks raise interest rates the link if Burns and up Sarah you could share the link I'll put the link in the PDF it's really really simple it explains things in a very simple way if you want to learn more about the economy The Economist is a good place there's also um a podcast on the BBC uh and it's called understand the economy it's with Tim Harford I'm a big fan of Tim Harford I actually have his book Tim Harford adapt success starts with failure he's a British Economist Economist and he does a great podcast called understand the economy you can get it on the BBC again if Burns you could Link and upsara Link as well to the to these different resources this is also in the PDF so I'll I will pass these to you later right just to let you know we're going to play uh we're gonna play kahoot next right so let me just move over here and explain how we're going to do it if you're new maybe you're new um kahoot is a game there are four questions you have to choose A B C or D to the answer and this is reviewing vocabulary from today's lesson right so have you been sleeping I hope not have you been napping keeping nodding off I hope not we're gonna find out if you can remember the key expressions from today here we go so to play kahoot you have to go let me show you over here okay you have to go to kahoot.i.t right kahoot.it um enter the PIN 746-0388 again Burns and upsara my moderators thank you so much guys you're brilliant if you could just add the link to kahoot and the pin if you write the PIN for everybody that'll be great 746-0388 shambles Fabio love it great Karen's in monetizing elizin so just put your name um and the pin number and you can join what will happen is the questions appear on the screen here [Music] um so what you need to do is keep watching me and then on the other tab kahoot.it or on your phone there's an app actually you can get the app on your phone you get the choice A B C or D it's actually colors I can't remember the colors you choose four colors choose the right answer and that's it okay I will read out the question right just to to help you Florina says it's too interesting to fall asleep good Who Would Imagine econ economics difficult economy economics Who Would Imagine economics would be interesting well great let's see how kahoot is doing um are you all in how many people are in you've got 90 get a bit smaller got 100 people wow that's a lot of people that's great news good to see so many inside I'll just give you a few seconds more and then we'll we'll start and just to let you know if you can't get in kahoot don't worry just put your answer in the chat and I'll see it as well okay um the number is Roselia it's seven four six oh three eight eight Mill is will this live remain in the channel yes it's live it remains recorded in YouTube and Facebook so you can go back later and watch again yes absolutely thank you Milda 746-0388 Rona you've just joined Jing said you're just inching nice Avatar excellent good so let's begin 121 people good we're going to start the economy Rising prices means a higher rate of stagnation inflation deflation unemployment you've got 30 seconds to get the answer Rising prices means a higher rate of stagnation inflation deflation unemployment 48 well done the yes so Rising prices is the higher rate of inflation great remember stagnation stagnation is where things are stuck prices are not going up prices are stuck the economy is stuck that's stagnation deflation is where prices go down and unemployment is people without a job well done let's check the leaderboard Medina 900 you're at the top so you were the fastest Ellie second Miriam third well done question number two this is a small and blank car that uses little petrol economy economical economic economist this is a small and blank car that uses little petrol that is a small car economy economical economic or economist well done oh that's impressive economical this is a small and economical car absolutely well done well done well done that's great remember we discussed the difference between economical saving you money or time and economic meaning related to the economy economic policy right Etc well done the economy no that's a noun so that con that cannot be the answer here it's economical and The Economist is a person let's see the scores oh things have changed Miriam has jumped to the top Ellie's second Mona third and chayla 19 places up question number three which of these is the odd one out it's recession downturn depression or growth so which one is different from the others recession downturn depression and growth well done Jane and Angela Sam comments you're there well done oh that's a nice result growth is the odd one out because recession downturn and depression all mean negative things where there is no growth where the the economy is stuck or stagnant or just bad growth it's getting better right it's a positive thing excellent well done let's check the scoreboard oh Ellie and rocks have moved up very interesting Miriam still holding her own in fourth place Raven you're the highest climber guys it's the last question times are difficult and I'm not sure whether I can weather the umbrella see storm forecast times are difficult and I'm not sure I can weather the umbrella see storm or forecast foreign so many of you if you have got it right to weather the storm excuse so whether the storm imagine you're in a ship and there's a storm can you get through the storm can you get through the obstacles can you get through the difficult times weather the storm right I mean in the recession prices are rising wages are falling oh it's difficult right so can you weather the storm can you get through the difficult times uh the weather forecast is predicting the weather that's not the right answer here okay so well done let's look at the podium third place well done second rocks well done first oh Ellie well done fantastic very nice to see excellent [Music] uh well done Ellie I love my sound effects nice well done excellent Top Notch outstanding very very pleased for you and I'm so pleased to see so many of you getting the right answers and uh staying wide awake in the class lovely so listen let me just uh recap where we've been what we've done in today we've been looking at the economy right today helping you with the language lots of ideas to talk about the economy in IELTS speaking and probably IELTS writing as well we've looked at vocabulary including acronyms like GDP which stands for gross domestic product and gdh which stands for gross domestic happiness right um we've looked at things like saying it's a boon and a bane it's good and bad remember symbols we've looked at like the good old piggy bank for investment and saving um remember we've got and I've launched the new IELTS speaking course um crack IELTS part one um it's a new course it's live now you can go and see it go and check that out we've done the news report we've done the listening idioms and useful phrases we've looked at in that uh listening and we've also done the kahoot game today fantastic I am just going to remind you before we all wrap up um thank you so much for joining today that if you want to go to the website later I will put the notes in the uh free live lessons go to the free live lessons this was last month but I will change that later you can download the PDF just put your name and email and you can get the PDF um I just asked for your email also because I can send you then more information other live lessons links to useful resources that can help you with your IELTS speaking okay and also as you're there if you go if you want to go to the online courses in the top here you can check out the crack IELTS speaking it's a new course um that you can get and it's for really for beginners it's a short course but it's going to help you with your um part one answers in particular part one is really important right it's your first impression with the examiner where they go are they a eight or a three right that it's that first impression so that can help you it's free absolutely free um I do believe in access to education I do make my living through selling the courses but I also want to make sure that so many of you can access free things of course there's the YouTube channel there's the website but I think that course will give a little extra push to people especially if you're new to IELTS okay great our next live lesson for YouTube is the first Thursday right remember that the live lessons are once a month the first Thursday which will be March the second will be the next one right next live lesson March the second if you are in the gold course you have a live lesson next week and the week after on the gold course which is uh this one over here for members of the gold course you get extra live lessons just like this but even better and we do that next Thursday and the Thursday after going to be really interesting lessons I'm setting those up at the moment to let you know so if you're interested come and join us in the gold course I think that's it listen I've got to wind up um thank you so much for watching today it's been a real real pleasure just check if there's any questions as we wrap up wrap up dream says today's topic was interesting great I wasn't sure because economy is difficult but important um but as you're very very welcome um the Lesser was nice because of that barking dog I tell you that is my neighbor's dog and it drives me up the wall really drives me mad but you know it's very cute at the same time so thank you very very much love from Bangladesh love back to you from Spain all of you um thank you see you soon uh Elena you're very welcome nice to see you here such an interesting topic lovely take care everybody I'm gonna sign out I'm gonna give you some I've got a new song for you and um listen all the best take care keep warm stay healthy and I'll see you next time they tell me that I'm never gonna make it they want me to do something that can make sense they hate when I keep dreaming I'll be famous and they just want you to settle and do the right thing so get a good job don't slack off wake up every morning make a good impression on your bus don't do anything that I wouldn't do and when you're making money make sure you don't spend it too soon that'll do what I wanna do I got a different path from everyone and that includes you but I don't [Music] but I don't give a sentence I could be special if I get rid of the Devils they think that I am a rebel I think they want me to Shadow there's nobody On My Level they think that work is too stressful I think that work is essential the grind is all in your mental and I don't think you understand what I'll go through just to be in control of my life soon all the negativity demons I don't really need a mask with all I've been through I've been making changes for the ages five ten year plans are contagious I attack that I'm tenacious and if you ain't get the out of my way then got one life I won't regret it I won't fight until I get it I'll look back one day from heaven and say damn I learned some lessons and say damn I have no questions I have fun in every second and the journey was a blessing yeah they tell me that I'm never gonna make it they want me thank you so much guys take care see you soon [Music]

Channel: English Speaking Success

Views: 107,373

Keywords: ielts speaking, ielts speaking test, ielts speaking tips, ielts speaking practice, ielts preparation, free ielts speaking practice, free ielts speaking practice online, ielts speaking topics, ielts speaking test tips, how to prepare for ielts, ielts speaking lessons, ielts speaking practice live lessons, ielts speaking test practice, ielts speaking tips part 1, ielts speaking economy, ielts speaking economics

Id: e2PNvkLwGOc

Length: 108min 47sec (6527 seconds)

Published: Thu Feb 02 2023