Tag: economy

Reasons Unemployment Is Scary

B2 – Upper Intermediate

Unemployment always sounds familiar to each and every one of us. Due to the fact that it is an issue that many people can relate to, it has long been one of society’s most pressing problems and a top concern for many governments all over the world.

Please watch the video below to find out why unemployment is so scary.

Vocabulary Questions:

  1. What does “scarce resource” mean, “All of this is done with the aim of allocating scarce resources.” Use this in your own sentence.
  2. What does “inner workings” mean, “Behind this definition, there is something much bigger going on, something that teaches us about the inner workings of the economy.” Use this in your own sentence.
  3. What is “free market“? “Free market economics does miraculously work quite well to get people paired up with jobs all over this country and world.” Use this in your own sentence.

Discussion Questions:

  1. What do you think of unemployment? Should we be concerned about it?
  2. Is unemployment one of your nation’s most pressing societal issues? Why or why is it not the case?
  3. Explain ‘natural unemployment’. Share your thoughts on it.
  4. Have you ever been without a job? Talk about this situation.
  5. How does unemployment impact our lives and the country’s economy?

Aid Package to Ease Inflation Pain

B2 – Upper Intermediate

As nations struggle with widespread cost of living crisis, governments must come up with measures to help their respective countries deal with the consequences of inflation.

Read the article about Spain’s $10bn aid package as a bid to ease the impact of inflation in the country. 

https://www.aljazeera.com/news/2022/12/27/spain-announces-10bn-aid-package-in-bid-to-ease-inflation-pain

Vocabulary Questions:

  1. What does the expression ”to hit one’s wallet” mean, ”But food prices have continued to hit Spaniards’ wallets, climbing 15 percent during October and November from a year earlier.”? Use this idiom in your own sentence.
  2. What does “haulage” mean, “However, a rebate on the price of petrol for consumers except for the haulage sector will be discontinued.”? Use this word in your own sentence.
  3. What does “exacerbate” mean, “Measures come as Madrid grapples with a cost-of-living crisis exacerbated by the economic fallout from the Ukraine war.”? Use this word in your own sentence.

Discussion Questions:

  1. How is this aid package advantageous and disadvantageous?
  2. What are your thoughts on handing millions of low-income households a one-off bonus of 200 euros?
  3. Talk about some measures that your government has implemented to ease inflation consequences in your country.
  4. What other measures do you think can help a country get by during inflation?

The Doughnut Economics

B2 – Upper Intermediate

In 1934, an American economist Simon Kuznets developed the concept of GDP. It is the monetary value of all products and services produced in a country each year. Today, it is now used as a means to measure the economic progress of a nation. Kate Raworth, an English economist, proposed a different approach in measuring and creating a better economy.

Let’s watch the video and know more about the “Doughnut Economics”.

Vocabulary Questions:

  1. What does the phrasal verb “run down” mean? “It tells us nothing about the living world, the forest and the mines that get run down in order to create this value.” Use it in your own sentence.
  2. What does “caveat” mean? Use it in a sentence.
  3. Give 1-2 synonym/s of the word “overshoot”. Use them in your own sentences.

Discussion Questions:

  1. What is the doughnut theory? How does it work and how is it different from the Peter Pan theory?
  2. Do you agree that endless growth is a sign of progress in economy? Why or why not?
  3. How can GDP alone not measure the economic progress of a country?

Croatia Switches to Euro

B2 – Upper Intermediate

Croatia is one of the most ideal tourist destinations in Europe, with more than a thousand islands and islets. With the country’s recent entry to Eurozone, it has adopted euro as its currency. It is a good news for tourists and local people alike when it comes to avoiding the hassles of currency exchange.

Let’s read the article and know more details about the newest member of the European Union.

https://www.voanews.com/a/croatia-switches-to-euro-enters-borderless-europe-club-/6899542.html

Vocabulary:

  1. What does “milestone” mean? Use it in your own sentence.
  2. What does “demise” mean? Use it in your own sentence.
  3. What does “bid farewell” mean in this sentence, “At midnight local time (2300 GMT Saturday) the Balkan nation bid farewell to its kuna currency and became the 20th member of the eurozone.”? Use it in your own sentence.

Discussion Questions:

  1. What are the economic benefits Croatia will gain by entering Europe’s passport-free zone?
  2. How do you think this entry affects other EU countries?
  3. What possible short-term problems could this have on Croatians?

Arms Trade Growth Stunted by Supply Chain Issues

B2 – Upper Intermediate

The pandemic’s lingering consequences can now be felt even in the arms industries. Despite demonstrating growth in the past year, this boost was still greatly stunted by worldwide issues in supply difficulties.

Read the article to know more about how supply chain issues has severely limited the growth in arms trade.

https://www.voanews.com/a/growth-in-arms-trade-stunted-by-supply-issues-report/6862357.html

Vocabulary Questions:

  1. What does “sourcing” mean? “Disruptions from both labor shortages and difficulties in sourcing raw materials were slowing down the companies’ ability to produce weapons systems and deliver them on time.” Use it in your own sentence.
  2. What does “gauge” mean? “By how much was at the same time harder to gauge, Tian said pointing to two factors that would impact demand.” Use it in your own sentence.
  3. What does “hamper” mean in this sentence, “With the supply crunch expected to worsen, it could hamper these efforts.”? Use it in your own sentence.

Discussion Questions:

  1. What are your thoughts on this news about the stunted growth of the arms trade due to supply chain issues?
  2. “The top 100 arms companies sold weapons and related services totaling $592 billion in 2021, 1.9% more than the year before.”. Share your reaction to this statement.
  3. “The worsening security environment means “countries are looking to procure more weapons.” What is your opinion on/reaction to this?
  4. What will be the result of the trend of private equity firms buying up arms companies?

India May Become World’s Third Largest Economy

B2 – Upper Intermediate

As most countries in the world struggle with slowing growth due to the economic turbulence caused by the Russia-Ukraine war, some economies are gaining momentum and might be able to overtake some of the world’s biggest economies.

For example, India’s economy has remained remarkably “navigating the storm”.

Read the article to know more about how India could possibly become the third largest economy in the world by the end of this decade.

https://www.voanews.com/a/forecasts-show-india-may-become-world-s-third-largest-economy-by-2030/6875735.html

Vocabulary Questions:

  1. What does “to move to better pastures” mean? “There are good projections for the Indian economy. Plus, even in our friends’ circle, a lot of people are changing jobs, moving to better pastures.” Use it in your own sentence.
  2. What does “to put something on track” mean? “India’s economy is posting the fastest growth among major economies putting it on track to become the world’s third largest before the end of the decade.” Use it in your own sentence.
  3. What does “wave” mean in this sentence, “As companies record strong growth and hand out pay hikes, there is a wave of optimism among professionals.”? Use it in your own sentence.

Discussion Questions:

  1. What is contributing to the Indian economy’s growth?
  2. “A lot of changes are happening across the world, and we hope that some of them will be beneficial for the Indian economy.” Do you think it is possible for India to become the third largest economy? Explain.
  3. How is your country doing amidst this global economic turbulence?

Crisis in Sri Lanka

B2 – Upper Intermediate

Economic stability is important in the development of a country. This implies that people have the resources necessary to a healthy life. This is otherwise the case in Sri Lanka where economic, political and social turmoil prevail. Just recently, some Sri Lankans forced their way into their president’s official residence when their frustration has reached a boiling point.

Let’s watch the video and read the news to know more about the predicament Sri Lanka is in.

https://www.aljazeera.com/news/2022/7/13/sri-lanka-in-crisis-what-when-and-why-explainer

Discussion Questions:

  1. What factors contributed to Sri Lanka’s economic crisis?
  2. How do you think this economic collapse could have been prevented?
  3. In your opinion, does a mere change of leader would rectify the current situation?
  4. How does your government create economic recovery and growth after the COVID-19 pandemic?

Central Banks Can’t Print Unlimited Money

C1 – Advanced

The advent of the COVID-19 pandemic in 2020 has caused a great shock to the global economy. Governments’ solution was to release huge amounts in the form of stimulus packages.

Perhaps the biggest question in everyone’s mind is, where was this money from? How come banks do not produce as much money as we need in times of need? Instead, their response is quantitative easing.

Though the monetary policy quantitative easing has become common in the recent years, it is still in its nascency and the governments and economies have yet to uncover the extensive scope of its consequences.

Learn more about quantitative easing and why central banks can’t print unlimited amount of money even during severe economic crisis.

Discussion Questions:

  1. Why can’t central banks just print unlimited money even if it is to help an economy in crisis?
  2. Explain quantitative easing, buying bonds, and treasury bonds.
  3. Treasury bonds are considered as a safe form of investment. What is your opinion on this?
  4. In your opinion, when central banks buy government bonds/debts, does it only undermine a system that is designed to protect the economy or do you think these measures are actually necessary and helpful in stabilizing economies?
  5. Talk about the economic relief packages by your government as a response to the pandemic crisis.
  6. Share your thoughts on this statement by John Kenneth Galbraith, “The process by which banks create money is so simple the mind is repelled”.

Trickle-Down Economics

C1 – Advanced

Tax cuts for the wealthy is implemented in order to ideally boost the economy by creating more jobs. Thus, providing income for everyone else. As the wealth tax continues, more and more economists hypothesized that these wealth from 1% of the population has not been able to reduce poverty.

Let’s watch the video and know more about the trickle-down economics.

Discussion Questions:

  1. What is trickle-down economics and does it actually work?
  2. Do you have tax cuts for the wealthy and big corporations in your country? What do you think of this?
  3. Does increasing workers’ take-home pay translate to increased household demand? Explain.
  4. What do you think would improve the circumstances of the less wealthy?

The Buy Nothing Project

B2 – Upper Intermediate

Buy Nothing is a nonprofit organization that not only helps people save money but also reduce the clutter in their homes. This idea is based on gift-giving. The members of this group barter or offer their old stuff as a gift. The main payment for getting this free stuff is saying “Thank you” a a sign of appreciation.

Watch the video and read the transcript to know more about it and be able to discuss the questions that follow.

https://www.fox5ny.com/news/what-is-the-buy-nothing-project

Discussion Questions:

  1. What do you think of this organization? Is there a similar group like this in your community?
  2. What are the pros and and cons of this type of organization?
  3. Would you like to be a member of this organization? Why or why not?
  4. What do you usually do with your old stuff or other things that you don’t need anymore?
  5. How long can you go without buying anything? Why is that?