Task l.2 Words and their meanings
Directions: The following is the list of words with their meanings. They are from the
passage of Part ll: Listening Practice. These words are often used in the
- context of economics-
f . income (n.) = the money that a person, a region, a country, etc. earns from
work or from investing moneY
e.g. After retirement, his only source of income is his pension.
2. mire (vt.) = to cause (a person) to be caught up in difficulties
e.g. Because he was laid off and has been without any job for two years, his
family has been mired in poverty and debt'
3. poverty (n.) = the state of being poor
e.g. Many people in many provinces live in povertv'
4. inflation (n.) = a general rise in the prices of services and goods in a particular
country, resulting in a fall in the buying power of money; a
persistent tendency for prices and wages to increase
e.g. The cost of living allowance must be in line with inflation.
5. recession (n.) = a situation when demand is sluggish, real output is not rising,
and unemPloYment is increasing
e.g. During a time of recession, there usually are a lot of layoffs.
6. depression (n.) = a prolonged period of abnormally low economic activity and
abnormallY high unemPloYment
e.g. Due to the economic depression, many factories have been closed down.
7. recurrent (adj.) = happening again and again; repeated
e.g. His wife divorced him because she could not stand his recunent failures.
8. unemployment (n.) = inability to obtain a job when one is willing and able to work
e.g. The unemplovment rate is high during a period of recession.