What is a recession and what might it mean for me?SAVINGS AND BUDGETING
A. Replace the words in blue in the text to a word/phrase in the table (they mean the same):(Substitua as palavras em azul por seus sinônimos na tabela) harsh slump – analysing – worry – concern – slighter –
stagnate or decline – earning and consuming less – there´s a sharp increase in
prices - may stagnate or shut down – reduce – usually – some months – worry – bad
– three months – as – products (2x) – stagnate – fire –cause – make – difficult
– number – dismissal – becoming smaller – benefits – Caused
The coronavirus pandemic has sparked a collective concern about the
potential for an impending recession.
A
recession is when the economy slows down for at least six months. That means there
are fewer jobs, people are making less and spending less money and
businesses stop growing and may even close. Usually, people at all income levels feel the
impact.
Most of the time, we don't know we're in a recession until after it's
been going on for awhile,
but with more than 33 million Americans filing for unemployment claim and the U.S. economy shrinking by nearly
5% in the first quarter of 2020, it’s no wonder there is cause for concern.
The National
Bureau of Economic Research (NBER) notes when these downturn cycles start and stop by looking at data from the last month or quarter. They examine things like average income, unemployment figures and retail sales. They also look at gross domestic product (GDP),
which is the total value of all goods and services sold in the country during a specific
period of time.
When
these measures are declining, the
economy is struggling. And
when they keep going down for six months or more, that's a recession.
What causes a recession?Generally
speaking, the country's progress can slow or stall for a
number of reasons. One main reason is inflation. That's an increase in prices that means a dollar won't buy as much as it
used to. When prices rise too fast or go too high, people and businesses stop spending as much. As a
result, fewer goods and services are sold.
Then businesses make less
money, and they may lay off employees to cut costs.
Major
events or crises, such as a hurricane or war, can also lead to a recession. That's because they may cause people to worry about the
future and stop spending.
When
interest rates get too high or the price of houses costs more than
their actual value, that can also
contribute to hard times. For instance, housing prices in many parts of the
country were valued too highly in 2007, and contributed to the Great Recession.
How might a recession affect my
life?
If
we have a recession, it could mean you'll earn less money. Tough economic
times usually create widespread layoffs. The types
of jobs that are at greatest risk for going away include manufacturing,
finance, construction, media and tech, according to USA Today. Jobs in
healthcare, government and education are less likely to go away, but they may
no longer offer raises and perks.
When
people are out of work or making less money, they may not be able to pay their bills. This can cause people to go into debt or even lose assets such as their homes or cars. As people and businesses
stop spending as much, the stock market also may have losses.
But
recessions are generally short-term. While the Great Recession of 2008-2009 lasted 18
months and took years to recover from, most are milder. Aside from the Great Recession, the average
length of U.S. recession since 1945 has been about 11 months, according to NBER
data.
Rather
than worry about the chances of a recession, you can prepare yourself by paying off
debt, saving money to build an
emergency fund and adding a new income stream such as a side gig. Smart money management pays off, in good times as well as lean times.
B. Look
at the words in red and match them to definitions 1 to 22:(Relacione as palavras do texto em vermelho com
a definição adequada abaixo):
1. a
piece of work or a job that you get paid for doing in addition to doing your
main job.
2. The
period of time of an event, activity, or situation. The period of time from
beginning to end for which something lasts or during which something happens.
3. a
situation in which a business spends more money than it earns.
4. to
lift something to a higher position or to cause something to increase or become
bigger, better, higher, etc.
5. the
interest percent that a bank or other financial company charges you when you
borrow money, or the interest percent it pays you when you keep money in an
account.
6. used
to refer to an event, usually something unpleasant or unwanted, that is going
to happen soon.
7. a
request for payment of money owed, or the piece of paper on which it is written.
8. The
stock market is the home not just of paper assets but of self-fulfilling
prophecies and crowd panics.
9. to
give all of or the last part of an amount that you owe. To give money owed.
10. happening,
existing, or continuing for only a little time.
11. a way
of achieving something, or a method for dealing with a situation.
12. in
the US, an official request made by someone who has lost their job for money
from the government.
13. the
amount of money that can be received for something.
14. to
(make something) become larger in amount or size.
15. money
that is earned from doing work or received from investments.
16. An
emergency fund is a financial safety net for future mishaps and/or unexpected
expenses.
17. If
something you have done pays off, it is successful.
18. the
average amount of money that workers earn in a particular industry, area, or
economy during a particular period of time.
19. the
activity of selling goods to the public, usually in shops.
20. the
total value of goods and services produced by a country in one year.
21. unsuccessful
but trying hard to succeed.
22. something
valuable belonging to a person or organization that can be used for the payment
of debts.
=============================================================Answer key:A. Replace the words in blue in the text to a word/phrase in the table (they mean the same):➢ Caused = sparked➢ worry = concern➢ stagnate or decline = slows down ➢ earning and consuming less = making less and spending less money➢ may stagnate or shut down = stop growing and may even close➢ Usually = Most of the time➢ some months = awhile➢ becoming smaller = shrinking➢ worry = concern➢ harsh slump = downturn➢ analysing = looking➢ three months = quarter➢ as = like➢ number = figures➢ products (2x) = goods➢ stagnate = stall➢ there´s a sharp increase in prices = prices rise too fast or go too high➢ fire = layoff➢ reduce = cut➢ cause = lead to a➢ concern = worry➢ make = earn➢ difficult = tough➢ dismissal = widespread layoffs➢ benefits = perks➢ slighter = milder➢ bad = leanB. Look at the words in red and match them to definitions 1 to 22:6. impending 12. unemployment claim 18. average income19. retail20. gross domestic product (GDP)11. measure 21. struggling 14. increase5. interest rate 13. value44. raises77. bills322. assets08. stock market 33. losses110. short term22. average length99. paying off debt 116. build an emergency fund115. income11. side gig117. pays off=========================================================
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The National
Bureau of Economic Research (NBER) notes when these downturn cycles start and stop by looking at data from the last month or quarter. They examine things like average income, unemployment figures and retail sales. They also look at gross domestic product (GDP),
which is the total value of all goods and services sold in the country during a specific
period of time.
When
interest rates get too high or the price of houses costs more than
their actual value, that can also
contribute to hard times. For instance, housing prices in many parts of the
country were valued too highly in 2007, and contributed to the Great Recession.
Rather
than worry about the chances of a recession, you can prepare yourself by paying off
debt, saving money to build an
emergency fund and adding a new income stream such as a side gig. Smart money management pays off, in good times as well as lean times.
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