Vocabulary About the Economy | Read and Put New Words In Context

hey everyone welcome to today's lesson my name is Wes and this is Interactive English in case this is your first time here the channel it's all about just helping you practice and improve your English and if this is your first time here please let me know write your name tell me where you're from write that in the comments because I'd love hearing from everybody especially new people to the channel so today's lesson it's it's about helping you build your vocabulary but also doing this while you're reading because I think reading is so important because you get to well you get to see the correct grammar being used and you also get to learn new words so I want we're gonna look at some different articles we're gonna pick out some words and create a vocabulary list so I don't know if some of you remember a while back I did a lesson about vocabulary related to the coronavirus many learners were asking me about that because it's such such an important thing that's happening all over the world there's a lot of news about it and people were asking about words that are related to this and they wanted to know what the meanings were so I'm going to do something a little similar today but in this lesson we're going to focus on the economy because because of the the coronavirus the economy has become a very a very important topic because a lot of countries have had to close down businesses shut down the economy basically and now we're having a conversation about well what do we do from what do we do from here how do we start this up again and there's a lot of news and information out there so I want to talk about words that are related to the economy so this is going to be a little more advanced these are more advanced words because I think this is a very specific topic but I think it's very useful it's very important especially now because like I said you're gonna be real read a lot of news articles about the you might be watching the news and you would hear these words so as we go through this I am going to do the same thing I have my my vocabulary document right here for the words that we find today and after the lesson I'm going to take these words and I will put them down below in the description of the lesson in case you want to review them or just listen for them as we're going through the lesson I'm also going to show you some of these on this website right here so let me kind of adjust this for her us and we're going to look at some different articles today that are related to the economy and basically sorry about that you can tell this is live we're gonna go through some of these articles pick out some words and we're gonna try to put them in context and see if you understand what they mean and that's how we're gonna create our vocabulary list so I do want to give a quick hello to some of you who are joining me today thank you guys so much great to see you Orlando Jarrah Helen Fatima Erica a-10 how are you dawn thank you guys for joining me if you do have some questions I'll try to answer those but questions about the economy I want to keep this lesson focused on the economy and some words that are related to that to help build to help build your vocabulary so if you have some questions I will try to get to those questions and check them periodically I have a lot of windows open right now as I'm switching back and forth between these so let's go ahead and start with an article all right so if I what I've done is I just did a search for the economy and then I went to the news and I've picked some words out that our pixel I picked out some articles that we can start out with and try to find some words that may be new for you that are important and relevant to everything that's happening right now so let's look at the first article that we have right here which is talking about Kovan 19 economics I'll read it is in case just so and then I'll go back through and we'll stop and look at some words so it says financial gurus bracing for a tsunami of bankruptcies in 2021 so this is an important word that you're gonna hear a lot of people would be talking about bankruptcies so bankruptcy is a noun you can also use it as a verb for example like to to go bankrupt and let's look one thing I want to show you which I will reference also if you ever want to know the meaning of a word this is probably one of my go-to online dictionary to put the word in here I think can bridge gives the the meaning of words that are 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're reading the definition and then you find these other words that you don't know but can bridge 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 and review and and really 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 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 are unable to pay what you owe and that you are having had control of your financial matters by court of law to a person who sells your property or death so what I'm going to do let's just go over to our vocabulary page right here and I'm going to add that word down there so if somebody says bankrupt alright it is an adjective and it means that you are unable to pay what you owe now in this context we're talking about bankruptcy which is the noun and you you may hear it use with this verb to to declare to declare bankruptcy some businesses right now if they are unable to pay what they owe they are declaring bankruptcy and this is basically more of a I'd say it's more of a position that they go through this legal process these companies so that they can restructure their company in order to try and survive and and pay off those debts so in some cases it's not always a bad thing and that instead of a company just saying look we're done they would try to declare bankruptcy in order to restructure the company so that hopefully in the future they can pay off those debts and then they can survive so I'm just gonna put two declare bankruptcy to say the company is unable to pay debts and must be restructured and I'm gonna add structured the word like a legal situation because you would declare bankruptcy so let's go back to our article right here where is it I told you got a lot of pages to open so they're talking about in this situation many of these companies they may experience bankruptcy because they've been closed for a long time and I'll just read I just want to go through a couple these so it says Australia could face a tsunami of bankruptcies when government support packages and existing capital run dry as a result of Kovan 19 a lead financial institutions a lead financial institution has Warren Malcolm Howell bankruptcy trustee and partner at insolvency firm Jurek Sutherland Sutherland forecast that the majority of these bankruptcies will come in 12 to 18 months time thanks to a delay in the economic impact of coronavirus the most at-risk says how our small business owners who have been forced to use personal finances to prop up their businesses during mandatory shutdowns let's go back through and I want to take a few more of these words from this so they're talking about capital and in this case you're talking about capital is referring to money that a company would use to run their business so if I go back over here we're gonna go back and forth capital so capital is just referring to mmm capital money or you could say resources because capital could be like land to used to run business now the other word that I wanted to look at it was in there was insolvency all right this this is the noun most of the time I think you would see this used as an adjective and you would say a business is insolvent or maybe they are solvent so if a company is insolvent it basically means well let's just one make sure that I give you the correct meaning of these words let's check out and see what can bridge has to say insolvent I was gonna say that it the company is unable to pay their obligations and what they owe so yes your it says a company not having enough money to pay debts or or buy goods and you'd say that the company is insolvent so we'll go back over to our vocabulary lists and not able to pay debts and you would say that the company is insolvent there are a couple of other words that I wanted to point out from this article one of them was this word right here when they talked about where is it there's a forecast 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 forecasts you're talking about what will happen in the future I think often people will hear this word used when talking about the weather the weather forecast what will the weather like be in the future but you will also hear this when talking about the economy the economic forecast what will the economy look like in the future and then the next one is a phrasal verb that they use down here which is prop up and to prop something up like to prop up the business is 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 so let's go back over to our list right here and I'm going to add those words to this so we talked about prop up and I almost forgot the other word forecast actually so we're gonna add to forecast which is to kind of predict what will happen in the future and then prop up is just a phrasal verb I'll add that here so you know phrasal verb which is to support something alright to prop something up is to support it so I hope that again these words make sense I hope that it's it's easy to follow and understand as we go through this together I'm just checking that you guys have it yes Muhammad says forecasts for the weather exactly means to predict like Orlando and Saudi Saudis had just said sorry if i mispronounce name so let's go back over to the next article that I want to look at I'm just gonna go through because I want to show you several articles I just want to go through a few paragraphs from each article so this one right here is saying that coronavirus grim reality world economy to shrink by 3.2 percent new UN reports projects so if you don't know if something is grim it's an adjective it means that it's well it's it's negative it's kind of really talking about just something bad and it's an adjective that basically it means bad and you might use it like well a grim reality a bad or dark reality a grim situation a bad situation so we'll add that word in just a moment but I want to get through and look at some of this so this first paragraph I'll read it you can follow along in its world economic situation and prospect or in its world economic situation and prospect the W ESP report update launched on Wednesday the UN Department of Economic and Social Affairs a lot of different departments the de sá said that as of mid 2020s tick product GDP and developed countries will plunge to minus five percent while the output of developing countries will shrink by 0.3 percent I'm sorry I know that all of this news that we're talking about it's very negative it's not very cheerful of course but the reason why I am doing this is because I think it is very useful it's important and this is what many people are talking about nowadays so I want it I talked about grim the other word or that I think is important or it's actually several words is you might often hear this acronym used a lot and people are talking about GDP which you can see refers to gross domestic product and what that means is it's talking about the amount of goods served the total value of goods and services that a country produces and in a way 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 acronym GDP it stands for gross domestic product 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 think about a graph if you're giving a business presentation and you're showing this chart you're showing this graph and there was a huge drop you could then say there was a a plunge in prices or in this case a plunge in development so you're really referencing a number and you're talking about a huge drop would be a plunge to go down all right so let's add those words from this article to the vocabulary document right here so the first one that I mentioned was grim was is an adjective because they talked about a grim reality and I just say like bad or dark the next one was that acronym GDP which stands for a gross domestic domestic product and often I think instead of saying gross domestic product people are just going to say GDP you will hear it on if you're watching anything about the news about the economy or you see it in articles GDP gross domestic products is the total value of goods and services goods I'll say goods produced or services administered by country all right so that would be the meaning of GDP the total the good the amount of goods and service is the total value and people will use it to measure success all right let's look at I got another article that I want to show you are a couple more so as I said if you're just joining us we're working on putting words in context and trying to build vocabulary so the title of this article is this is about the United Kingdom the guardian view on the UK economy deep depression and a huge bill ahead this is a word that may get thrown around people talking about a depression or they may say at a minimum the economy is heading into a recession a recession is which growth is slowing and it's actually it's it's contracting all right it's going the other way a depression would be more of a time period where there is no growth a lot of people are losing their jobs and this is something that people are worried about if we are going into some sort of global depression so we'll come back I'll come back to this word I just want to have a look at this first paragraph right here let's see so I'll read the paragraph and we'll pick out a few words from this so it says to grasp how low are the expectations for the economy consider this on Wednesday it was announced that the UK's national output had just had its biggest drop since the great crash of 2008 the financial crisis and and the immediate response of many analysts was surprised that it hadn't happened further and so the statistics make grim reading grim there's that word again bad over the first three months of this year GDP gross domestic product shrank two percent on on the previous quarter the economy was already slowing in February and then came the UK's first coronavirus deaths in March alone GDP plunged nearly 6 percent I didn't I didn't plan this they just happened to be using these words over and over which is good it's good review like I said these are common the greatest contraction since records began in 1997 amazingly most of the world most of that would have happened over just the last week or of the month the first full week of the government's lockdown the impact was drastic travel agent demand collapsed car plants shut and car plans shut and exports fell off a cliff the winners were few and far between the computer industry got a boost as those having to work from home brought laptops while the paper industry had an amazing few weeks all that hoarding of toilet toilet roll proved good for someone so this is talking about the situation I want to look at a few words so we talked about depression I'm going to add that word some of these words like I said we've already looked at so we talked about grim is an adjective which means bad that's on the list GDP gross domestic product again they're saying it shrank which is the past tense to shrink and we also have that word in there plunged I don't want to click on that it'll take me to another one now what do you think this word means they're talking about it plunge you're a contraction now this you may hear this being used when talking about English and because before I have done lessons on contractions and in English when you contract words like I will be comes out or we have we've you're taking two words and you're pushing them together and you have a shortened version so in this case you're talking about growth if something is contracting it's going back in it's getting smaller is a contraction so depression contraction these are other words that we can use which to talk about the economy or a situation if something collapses I think when you think of the the meaning of the word collapsed is something that just falls down like a building could collapse a bridge could collapse but in this case if they're talking about demand demand is what people want something demand people want it is collapsing so people just don't want anything anymore so these are words that you can use in a variety of situations to describe something like a building fell down it collapsed demand collapsed it fell down there's no demand or if I'm very tired I could say I went home I collapsed on my bed and I was so tired I just I fell down so those I'll add that other word and I want to use this expression right here if you say that something fell off a cliff so when you think about the economy I think often like you see there are so many numbers in there when they talk about 2% 6% and when you say that something fell off a cliff in this context you're really talking about the the numbers that we're moving along and then a doom it just dropped so instead of saying it dropped if you want to really this would be a more way of using a more colorful language to say that there was a huge drop you could say that it fell off a cliff so let's go to the vocabulary document and I'm gonna add those words collapsed fell off cliff let me see hopefully I can remember them so we talked about well before we do again to give you some more examples using kimbridge if we type in that first word a depression all right it does have different meanings which some of you may have heard it used in this other context like if somebody's unhappy and it's a state of unhappiness you are experiencing depression in this case if we go down here we're talking about the economy a period in which there is very little business activity and not many jobs it is a a depression so I'll take this very little business activity and we are going to add it to our vocabulary document down here let's see make sure you guys can see this alright so if we're talking about a depression I will just say period with little business activity and few jobs alright I said some of those other words when you're talking about describing the economy and you can use these words if you're giving a business presentation and you're using numbers and you say that something collapsed alright you're saying that it I'd say just fell down or fell apart alright and in this case they were talking about demand which let's add that word because that's another important word when you talk about the economy and people will talk about the demand for certain things at the end of that article they were they referenced toilet paper so when this all started there was a huge demand for toilet paper many people want something demand the I'd say mmm demand the people who want things alright and maybe it should be talking about people when people want things the other word that you would hear often as well with this I'm just gonna write supply is talking about the availability the availability of things and you may hear this used as a binomial pair and people might talk about supply and demand when discussing the economy they may say well what it we need to think about the supply and demand those two kind of go hand-in-hand because what you want if you're trying to make sure the economy is running efficiently and effectively if there is a demand you want the supply to meet the so that you have this balance between the two the supply and the demand we also said I gave that expression to to fall off a cliff is when you want to express if you're talking about numbers I'll just say to to fall sharply or I'll just add plunge and it's another way of saying that if you say that the demand plunged it fell sharply the demand fell off a cliff it fell sharply alright so let's see I'm trying to think of somebody else orlando is it a downturn so I don't I'm not sure what you're referencing in that one like a depression but that's another good word to write if you're talking about an economic downturn is I would say when the economy changes from positive positive starts a I'd say when the positi the economy starts to contract alright or a change mmm reduce or a reduction in growth because if an economy for example is growing at let's take five percent and then it changes and it starts growing only at three it's still growing in a positive way but you could still refer to that as an economic downturn you started contracting you started going the other way great word all right so that's another word Henry asked about fluctuate if you're talking about that that's a good word a verb to fluctuate is basically to go up and down so for example if you're talking about prices of something and you say the prices fluctuate the prices go up and then they go down up and down and they fluctuate so again these are all great words that you can use if you're describing talking again your your any type of presentation that you may be sorry if you can't see this right down there any type of presentation that you may be giving that you're using numbers and you're describing some graph talking about numbers these are very useful let's do one more article so if we go back over here or is it we talked about this one all right so this one says coronavirus Chancellor Rishi Cenac warns of significant recession so I said before depression is one word that you may hear I I think that that is the extreme exam that is the the worst case at this point I think people are talking about that there is definitely going to be a recession so we are going to add this word to the list in just a moment but I want to look at the article and pick out a few more words right here so let's see if you guys can see all of this so I'll read that first part it says the Chancellor has said it is very likely the UK is in a significant recession as figures show the economy contracting at the fastest pace since the financial crisis remember contracting it's it's it's going it's decreasing the economy shrank by 2 percent in the first three months of 2020 as coronavirus forced the country into lockdown Rishi sunic told the BBC that just a few days of impact from the virus in March pushed the economy into decline economists expect even bigger an even bigger slump in the current quarter mr. sunic said it is very likely that the UK economy will face a significant recession this year and we're already in the middle of that as we speak that first quarter drop was driven by a record fall in March output and comes after the economy stagnated in the first quarter of 2019 so let's look at some of these words we you've seen some of these in the other articles we've looked at shrank I haven't written that one but again you're talking about the verb to shrink it's it's getting smaller notice that there are many words in here that have the same meaning but when you're writing it's good to use different words I'm sure other teachers have told you that if you're writing an email if you're writing an essay if you're writing something for work you want to try to use different words instead of saying the same thing over and over again so one other word that I want to look at in here slump if you're talking about the economy again there's a bigger slump which is a kind of a rough period a difficult period is called a slump I often think you you could also hear this word I think of sports too that if you have a team that starts losing several games in a row they might say you know we're in a slump we're in a bad period right now and you could call that a slump so any you could use this in a variety of situations any time where you're you're having maybe a bit of bad luck and just things aren't working out you could say you know I'm in a bit of a slump right now things are not good so that is one word I'll add and then the other one which again is this one they're talking about stagnating if something stagnates so let's go back over to our cam bridge so you guys can again to reference this if we're talking about a recession and you can kind of get the idea how it's different than a depression a period when the economy of a country is not successful and conditions for businesses are bad so the it's it's just not successful business is bad and that's happening right now so you could say that right now we are in a bit of a global recession and if it keeps going if things get worse it could turn into a depression so this is probably where we're at right now not successful bad conditions I also use the word I wanted to look up stagnate just to see what they have so if something is stagnating again if you are describing some situation perhaps a graph and you're using numbers and you're pointing to this chart and you could say that you know growth stagnated that it's staying the same it's not growing it's not developing it's stagnating so let's go over to where is it our vocabulary list and we're gonna add those words to this document so instead I'll add recession right below depression recession period with bad with a business situation and poor well I'll just have that I forgot the exact meaning of they said but I can go back and check it out so we're talking about right now we are in a recession if things get worse it could turn into a depression I told you down here let's add this word oh sorry I added recession up there for us and down here I'm gonna add slump so slump again is an adjective and it means a period in which things I'd say are not going well alright so I told you that if there is an economic slump this period where things are not growing perhaps the economy is contracting or if you're talking about sports I gave analogy to that if a team is a period where they're just losing they lose one game they lose the next name you could call it a slump and then we said to stagnate is when there is no growth or development to stagnate all right so and I I again if you you saw that I just show some articles at random I looked at some of these articles this morning and just kind of pick them out and thought that oh these these articles have some useful words in them so I will take these words from our vocabulary list I will put them down in the description but I hope as we went through those articles you notice that you saw the words again and again and again so I hope this helps if you are reading a news on online article something to do with the economy and you might encounter these words and then you can try to put them in context in case you forgot what they mean or hopefully you as you start to see these words more and more you will just remember their meaning it is such a wonderful way reading is a great way to build your vocabulary especially with words that you have already learned and you're a little unsure of and you get to see them again so I highly recommend you guys keep reading as much as possible I thank you guys so much for joining today again just to let you know if you guys like what we do here at interactive English and you want to sponsor and support our channel you can get a membership on youtube or check us out on patreon we have some cool rewards links are down in the description and I I hope this helps I will do more lessons like this in the future I kind of enjoy being able to actually show you articles of things that are being written right now and trying to pick out some of those common words that you may see so that when you're reading about it then you'll you'll understand these words because you've already learned them so thank you guys so much for joining me thank you kamila Henry Lally abdul rahman observin orlando booted a sleepwalker Angela Aden hope you guys enjoy the rest of your weekend stay safe stay healthy and I will see you next time so long

Channel: Interactive English

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Keywords: interactive english, learn english vocabulary, learn interactive english, economic vocabulary, vocabulary about the economy, words about the economy, english vocabulary words, advanced vocabulary, english vocabulary, learn english words phrases, vocabulary economy english, bankrupt meaning, insolvent meaning, economic depression meaning, economic recession meaning, vocabulary words about the economy, learn advanced english words

Id: WQ1eb-GpEbA

Length: 38min 1sec (2281 seconds)

Published: Sat May 16 2020