Economic Issues in a Globalised World (C1)

Warm-up Discussion (Speaking)

Discuss:

1. What are the most important economic issues facing your country today?
2. How do economic problems affect everyday life?
3. Should governments intervene in the economy?
4. Is economic growth always beneficial?
5. How do global economic issues impact local businesses?

Key Vocabulary (Advanced)

Core Concepts

• economy → economía
• inflation → inflación
• unemployment → desempleo
• recession → recesión
• economic growth → crecimiento económico
• inequality → desigualdad
• public debt → deuda pública
• taxation → impuestos
• cost of living → coste de vida
• supply and demand → oferta y demanda

Useful Collocations

• tackle economic issues
• boost economic growth
• reduce unemployment
• control inflation
• raise taxes
• cut public spending
• address inequality
• stimulate the economy
• face a recession

Phrasal Verbs (Economic Context)

1. bring down
   → reducir

• The government is trying to bring down inflation.

2. deal with
   → abordar / gestionar

• Authorities must deal with rising unemployment.

3. cut back on
   → reducir gastos

• Companies cut back on spending during crises.

4. pick up
   → mejorar / recuperarse

• The economy is starting to pick up.

5. slow down
   → desacelerarse

• Growth has slowed down this year.

6. carry out
   → llevar a cabo

• The government carried out economic reforms.

7. phase out
   → eliminar gradualmente

• They plan to phase out outdated policies.

Idioms and Expressions

Idioms Related to Economics & Money

1. tighten your belt
   → apretarse el cinturón

• Families had to tighten their belts during the crisis.

2. make ends meet
   → llegar a fin de mes

• Many people struggle to make ends meet.

3. cost an arm and a leg
   → costar muy caro

• Housing in big cities costs an arm and a leg.

4. be in the red
   → estar en números rojos

• The company is in the red this quarter.

5. be back on track
   → volver a la normalidad

• The economy is back on track after the crisis.

6. run out of money
   → quedarse sin dinero

• Small businesses may run out of money quickly

Useful C1-Level Phrases

Expressing Opinions

• Economic stability is essential for social well-being.
• Governments play a key role in managing economic challenges.
• Rising costs have a direct impact on quality of life.
• Economic inequality remains a major concern.

Nuanced Arguments

• While economic growth can improve living standards, it may also increase inequality.
• Government intervention can stabilise markets, but excessive control may hinder innovation.
• Globalisation has created opportunities, but also economic vulnerabilities.

Formal / Academic Language

• From an economic perspective, sustainable growth is crucial.
• Policymakers must strike a balance between growth and stability.
• Structural reforms are often necessary to address long-term issues.

Mini Debate (Advanced Speaking)

Motion:

👉 “Governments should prioritise reducing inequality over economic growth.”

Group A: Agree
Group B: Disagree

Useful language:

• It is widely accepted that…
• A key argument is…
• However, one must also consider…
• In contrast…
• To conclude…

Writing Task (C1 Essay)

Essay Topic

“Economic growth is the most important goal for governments. To what extent do you agree or disagree?”

Guidelines:

• 220–280 words
• Structure:
  1. Introduction (define economic growth)
  2. Arguments in favour
  3. Counterarguments (other priorities)
  4. Conclusion with opinion

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