Business English Bedanext lesson 5

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Business English Bedanext, lesson 5

Mankiw

Lesson 5 Mankiw fragment 

Quickly reread this, then answer the questions on the next slides

(Context: 'aggregate demand')

What does the adjective 'aggregate' mean?

1. varying
2. total and combined
3. transformed

Context: 'model of AD and AS, which is widely used among economists'

What does 'widely used' mean?

1. used often and by many
2. used in a very loose way, not very precisely
3. used to prevent excesses

Context: 'Learning how to use this model.....is the primary task ahead.'

What does the adjective 'primary' mean?

1. most important
2. textbook
3. most difficult

Context: 'let's remind ourselves of their most important properties'

Hoe vertaal je het woord 'properties'?

1. bezittingen
2. eigenschappen

Context: 'firms find that customers are plentiful'

What does 'plentiful' mean in this context?

1. Customers have much money to spend
2. Customers are emtionally involved
3. There are many customers

In the text of Fact 1, which verbs with the same meaning as 'fall' do you see?

1. grow, change
2. decline, dwindle

In the text of Fact 1, which noun (zelfstandig naamw.) is used as the opposite of 'expansion'?

1. fluctuation
2. profit
3. contraction

In 'Fact 2', it is said that ' for monitoring short-run fluctuations, it does not really matter which measure of economic activity one looks at'.
Why is that so?

1. because all macroeconomic variables rise and fall in a similar pattern
2. because all macroeconomic variables have the same meaning

Which 2 words in 'Fact 2' can be defined as 'Money spent on capital goods, or goods used in the production of capital, goods, or services. Examples are purchases such as machinery, land, production inputs, or infrastructure.'?

Context: 'When economic conditions deteriorate'

What does 'deteriorate' mean?

1. become worse
2. start to fluctuate

Which word in 'Fact 3' means that there is a relationship between facts?

Context: 'there is generally a downturn in economic activity'

What does 'downturn' mean?

1. time-lag
2. decline
3. potential

Why is unemployment a 'lagged indicator'?

1. because after an economy has started to grow again, unemployment will continue to rise.
2. because after an economy has started to grow again, unemployment shows no relation to the economy.

In 'Fact 3' you see an expression that you can use instead of 'make redundant' or 'fire' (as in: he was fired from his job).

Which expression ( 2 words) is this?

Context: 'the theory of economic fluctuations remains controversial'

What does 'remain controversial' mean?

1. it is very difficult to understand
2. it is not discussed any more
3. it is still open to much discussion

Context: 'how the interest rates adjusts to balance saving and investment'

Hoe vertaal je 'adjusts to'?

1. past zich aan
2. is gelijk aan

Context: 'how changes in the money supply affect the price level'

What does 'affect' mean?

1. adapt to
2. influence
3. explain

Homework - before the next class

• On Canvas/Bedanext/Business English/Overview you can find the document "Homework Lesson 6". The first part of your homework is to execute this assignment.
• Revise the LessonUps 
• Gather as many useful chunks as you can from these lessons and write them down.

Re-evaluate your self-assessment from lesson 1. Where did you improve?