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  • Video vote cap by business English part dot com Macroeconomics relates to economic trends on a national and international scale.

  • In this lesson, we'll look at some key macroeconomic terms, such as GDP and GNP.

  • We'll explore the natural business cycle, which includes periods of expansion, recession and sometimes even depression.

  • We'll also look at the idea of trade balance between countries, which can be described as either a trade surplus or a trade deficit.

  • GDP, gross domestic product GDP or gross domestic product is the value of all goods and services produced within a country's borders.

  • In 2012 the United States had the world's highest GDP at over $15 trillion.

  • GNP gross national product GNP, or gross national product, is the value of all goods and services produced by a country's people wherever they are located.

  • The Philippines has a significantly higher GNP than it's GDP, as it has a large number of overseas workers Business cycle business cycle.

  • The business cycle refers to changes in the economy or the rise and fall of GDP over time.

  • The business cycle includes five stages growth, peak recession, trough and recovery.

  • Central banks often adjust interest rates to help the economy avoid huge swings in the business cycle.

  • EXPANSION Expansion expansion is the part of the business cycle when GDP increases, expansion continues until the economy reaches a peak.

  • The 19 fifties was a period of great expansion for the US economy.

  • RECESSION recession A recession is the part of the business cycle.

  • When GDP falls.

  • By most definitions, a recession happens when GDP decreases for two consecutive quarters, government spending may be increased to help a country recover from a period of recession.

  • DEPRESSION, DEPRESSION A depression is a serious recession that lasts two or more years.

  • A depression usually involves high unemployment and low output and investment.

  • Unemployment in Germany during the Depression of the 19 thirties reached nearly 30%.

  • TRADE BALANCE.

  • BALANCE OF TRADE A country's trade balance is the difference between how much it imports and how much it exports.

  • Several economists have suggested restricting oil imports as a way of improving the balance of trade trade deficit.

  • TRADE DEFICIT A country has a trade deficit when it imports more than it exports.

  • TRADE SURPLUS TRADE SURPLUS A country has a trade surplus when it exports more than it imports, with a boom in the export of natural resources, Australia is enjoying a trade surplus.

  • Now it's your turn to practice some of the words we have studied in this lesson.

  • In a moment you'll hear a Siris of sentences with the word replaced with a beep.

  • Repeat each sentence, including the missing word.

  • For example, if you here central banks often adjust interest rates to help the economy avoid huge swings in the business.

  • You can say central banks often adjust interest rates to help the economy avoid huge swings in the business cycle.

  • We'll play the correct answer after each question ready, Let's give it a go.

  • The recession in Greece has now become a full scale mhm answer.

  • The recession in Greece has now become a full scale depression.

  • Before the problems of 2000 and eight, the world economy had a great period of answer.

  • Before the problems of 2000 and eight, the world economy had a great period of expansion.

  • We need to increase our exports to improve our trade.

  • Mhm answer.

  • We need to increase our exports to improve our trade balance.

  • That's all for this episode of video vocab.

  • Be sure to check out our website at www dot video vocab dot tv.

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B2 trade recession gdp cycle expansion surplus

English Vocabulary for Economics VV 33 - Macroeconomics (Lesson 1) | Financial English Vocabulary

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    林宜悉 posted on 2020/10/24
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