01 - Basic Economic Terms, Describing Graphs

Teaching materials ONLY for students of the AGH University of Science and Technology in Krakow, Poland
SECTION 1
BASIC ECONOMIC TERMS, DESCRIBING GRAPHS
I. Use the following terms to complete the definitions below.

aggregate demand
equilibrium
factors of production
macroeconomics
endogenous
econometrics
exogenous
gross national product
microeconomics
externalities
1. .. (or inputs) are resources used by firms tin their production

processes, namely land and the natural resources in it, labour, capital, and (in
recent definitions) information.
2. .. (or spillovers) are costs imposed on others without their
receiving compensation, or benefits received by others without their paying
the proper costs.
3. .. concerns the economic factors affecting individual
consumers and companies.
4. .. is a state of balance, for example, when supply meets
demand.
5. .. is the application of mathematical and statistical models
to economic theories and problems.
6. .. is the study and analysis of the economy as a whole.
7. .. is the total amount spent in a country by consumers,
companies, and the government.
8. .. is the total wealth earned or created in a country in a
year.
9. .. means coming from or controlled from within, e.g.
variables that are totally under the control of a company, a government, etc.
10. .. means coming from or controlled from without;
uncontrollable variables.
All teaching materials adapted from (except section 14 - see section 14 for details): Financial English, Ian MacKenzie, Heinle, 2002; Professional English in Use, Marketing, Cate Farrall,
Marianne Lindsley, CUP, 2008; The Logistics Handbook, USAID | DELIVER PROJECT, Task Order 1, 2011; Production and Operations Management, Chapter 14, Pierce College;
www.businessdictionary.com; Production Management at www.niceindia.com; www.logisuite.com; www.ideaproductdesign.com; Microeconomics vs. Macroeconomics by Jodi Beggs
at www.economics.about.com; What is Microeconomics? by Nick Jaynes at www.economics.about.com; www.youtube.com; www.en.wikipedia.org
II. Which twelve terms in the box are defined in the sentences below?
aggregate supply
cost of living
economize
free enterprise
inputs
protectionism
balance of payment
economic
economy
fluctuate
market
scarcity
capital
economical
fiscal
inflation
monetarism
standard of living
1. Adjective meaning of or relating to an economy or economics.

..
2. Adjective meaning related to public (i.e. government) finances (taxation, expenditure,
etc.)
..
3. Adjective meaning using a minimum of recourses; or cheap.
..
4. A rise in the general level of prices, and an increase in the money supply.
..
5. A shortage of something; insufficient supply to meet demand.
..
6. The accumulated stocks of goods used for the production of further goods (and the
money required to purchase them).
..
7. A measure of the amount of money that has to be paid for essentials such as food,
accommodation, heating, clothing, etc.
..
8. A measure of the amount of disposable income that people have to spend on both
necessities and luxuries.
..
9. The difference between what a country pays for its imports and receives for its exports.
..
10. The practice of restricting imports in order to increase the sales of domestic products.
..
11. To change constantly, to show irregular variation.
..
12. To save money, to reduce expenses, to reduce an amount normally used.
..
III. Work with a partner. Prepare definitions of the remaining six words or
expression that have not been used in exercise II.
1.
..
2.
..
3.
...
4.
..
5.
..
6.
..
IV. Work with a partner. Using at least six of the words or expressions practised in
exercises I, II, and III, prepare a short paragraph of 6-7 sentences on one of the
following topics:
the current economic (or economic and political) situation in Poland

the current economic (or economic and political) situation in another country
an imaginary or real company and its financial situation
the cost of living in Poland
the standard of living in Poland
....
..........................................................................................................................................
V. Here are the words or phrases you need to talk about trends using graphs. Make
sure you can translate these into your own language.
UP verbs
go up
increase
take off
rise
shoot up
grow
soar
improve
UP nouns
an increase
an upturn
a rise
a surge
a growth
an upsurge
an improvement
an upward trend
fall
decrease
fall off
slip
drop
plummet
jump
rocket
DOWN verbs
go/come down
decline
DOWN nouns
a fall
a decrease
a decline
a downturn
a downward trend
slump
shrink
a drop
NO CHANGE verbs
remain stable level off
remain constant
stay at the same level

stagnate
stabilise
AT THE TOP verbs

reach a peak peak
top out
AT THE BOTTOM verbs

reach a low point
bottom out
recover
DEGREES OF CHANGE
Adjectives:
dramatic, considerable, sharp, significant, substantial, moderate,
slight
Adverbs:
dramatically, considerably, sharply, significantly, substantially,
moderately, slightly
SPEED OF CHANGE
abrupt
sudden
gradual
slow
PREPOSITIONS
a rise from 1m to 2m
to fall by 30%
10
rapid
quick
steady
to increase by 50%
an increase of 7.5 per cent over last year
VI. Study the following graphs. Complete the descriptions with information from
them and the language from the previous page. Several answers are possible.
Discuss your answers with the teacher.
GRAPH 1
Profits 1967-1982
The Company came oft of the red in 1968 after which there was a (1) in
profits every year for four years. Profits reached (2) in 1972, but in 1973, the year of the
oil crisis, there was a (3) . The (4) trend in 1974 was smaller, but
after that profits continued to (5) for four years. The company made a $5
billion loss in 1978, after which the figures (6) for three years, before (7)
again in 1972.
GRAPH 2
Sales Years 1-12
The year after we took over the company sales were good, at $12m, but after the second year they
(1) . In fact, they dropped (2) 20%. Sales (3) for
another two years, (4) for one year, and then (5) again twice. Since then,
there has been a (6) growth for five years. In fact in just four years, sales rose (7)
$4m (8) $14m, an increase (9) 250%.
11
VIDEO FILE (14 minutes 55 seconds)
Watch the video Introducing Economics: Basic Concepts ONCE and prepare to
answer the following questions.
1. What definitions of economics are discussed in the video?
2. What definitions of goods, bads, and resources are provided? What example of each are
given?
3. What are three key economic concepts? How are the concepts presented?
4. What is inflation caused by?
5. How are microeconomics and macroeconomics defined?
12

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Teaching materials ONLY for students of the AGH University of Science and Technology in Krakow, Poland

I. Use the following terms to complete the definitions below.

1. .. (or inputs) are resources used by firms tin their production

1. Adjective meaning of or relating to an economy or economics.

the current economic (or economic and political) situation in Poland

stay at the same level

AT THE TOP verbs

AT THE BOTTOM verbs

Sales Years 1-12

VIDEO FILE (14 minutes 55 seconds)

1. What definitions of economics are discussed in the video?

4. What is inflation caused by?

5. How are microeconomics and macroeconomics defined?

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