The Economy Flashcards
Curb inflation
➡️Control inflation
🔘Ex: Our measures to curb inflation have proved highly successful .
◾️Syn for Curb: deter , keep under control , restrict , restrain
Rampant inflation
➡️Very dramatic, uncontrolled inflation
🔘Ex: the rampant inflation of their previous government is a thing of the past.
Steer the economy
➡️Guid , lead , direct the economy
🔘Ex: the government has steered the economy through seven years of “uninterrupted economic growth”.
Industry is thriving
➡️doing very well
🔘Ex: all indicators show that industry is thriving .
To safeguard their interests
➡️ to protect their interests
🔘Ex: we have made it our aim “to safeguard their interests” and the healthy economy we have created has enabled them to “increase output”.
Plummeting profits
➡️ rapidly falling profits
🔘Ex: The “plummeting profits” caused by the previous government’s misguided policies are now safely behind them.
◾️opposite: Soaring profits
Social exclusion
➡️ the problems of the underprivileged, of those who have less fortunate place in society than others.
🔘Ex: these are vital to “extend opportunity”, tackle “social exclusion” and improve people’s life chances.
◾️Syn for Exclusion: deprivation , elimination , ejection , prohibition.
Levy (the taxes)
➡️impose or introduce , charge , collect
🔘Ex: the taxes that we “levy” allow us to allocate resources to achieve that goal.
Meet with success
➡️been very successful
🔘Ex: we have met with considerable success.
The black economy
➡️business activity that is illegal because tax on profits is not paid to the government.
🔘Ex: An increase in the national minimum wage could damage many businesses and boost the black economy.
🔘Ex: another of our goals is to win the battle against the black economy.
▪️Syn: the shadow economy, parallel economy , the underground economy
Left unchecked
➡️not stopped , If something harmful or undesirable is left unchecked, nobody controls it or prevents it from growing or developing.
🔘Ex: If left unchecked, weeds will flourish.
🔘Ex: If left unchecked, the black economy will “push up costs” and “lead to rising unemployment”.
Deflation
➡️(NOUN) reduction of the general level of prices in an economy , a decrease in the amount of money in an economy resulting in falling or unchanged prices.
🔘Ex: a time of high unemployment and deflation.
🔘Ex: a positive appraisal would confirm the view that interest rates have indeed finally turned and that the deflation threat is over.
◾️Syn: recession , depression
◾️opposite of Inflation
To crash
➡️fall suddenly and disastrously in value.
🔘Ex: silver prices crashed in early 1980.
◾️Syn: go bankrupt , collapse
Boom
➡️(Noun) sudden increase in trade and economic activity; a period of wealth and success.
🔘Ex: Living standards improved rapidly during the post-war boom.
🔘Ex: be caught in/experience cycles of boom and bust.
◾️Opposite of Bust
Fiscal
➡️(adj) connected with government or public money, especially taxes.
🔘Ex: monetary and fiscal policy
🔘Ex: The country’s fiscal system
◾️Syn: tax, budgetary, revenue, financial, economic, monetary, money, pecuniary, capital
The economic climate
➡️the general state of the regional, national, or global economy. Economic climate usually reflects the state of the jobs market, stock market, or the availability of credit. It may also reflect how consumers, businesses, economists, and investors view economic conditions.
🔘Ex: the country is suffering because of the current economic climate.
🔘Ex: due to a change in the political climate.
To introduce a levy
➡️to impose or collect taxes by legal authority.
🔘Ex: various new taxes were introduced last year.
◾️Opposite: to abolish a levy
