Thinking in English 167. What is a Recession? (English Vocabulary Lesson)
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Across the world, our economies are struggling with inflation, soaring energy prices, and the impact of Russia’s war in Ukraine! It is likely the many countries will enter a recession. But… what exactly is a recession? What causes recession? And how can we reverse a shrinking economy? Let’s answer these questions today, while learning some useful economic vocabulary!
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Vocabulary List
Market (n) – is the business or trade in a particular type of goods or services
The job market is strong right now
To shrink (v) – to become smaller, or to make something smaller
The company’s profits have shrunk from $10 million dollars last year, to just $2 million this year
Decline (n) – when something becomes less in amount, importance, quality, or strength
There is a decline in the number of unemployed people this month
Quarter (n) – one of four periods of time into which a year is divided for financial calculations
I pay my rent every quarter
Holistic (adj) – dealing with or treating the whole of something or someone and not just a part
My doctor takes a holistic approach to disease
Bubble (n) – a temporary period of very successful economic performance in a particular country or sector, often followed by sudden failure
There are worries that the current housing bubble may soon burst
Inflation (n) – a general, continuous increase in prices
Inflation in the UK has now reached 10%
Deficit (n) – the total amount by which money spent is more than money received
The country’s deficit is around $500 million
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