167. What is a Recession? (English Vocabulary Lesson)

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Across the world, our economies are struggling with inflation, soaring energy prices, and the impact of Russia’s war in Ukraine! It is likely the many countries will enter a recession. But… what exactly is a recession? What causes recession? And how can we reverse a shrinking economy? Let’s answer these questions today, while learning some useful economic vocabulary!

TRANSCRIPT - https://thinkinginenglish.blog/2022/08/29/what-is-a-recession-english-vocabulary-lesson/

Vocabulary List

Market (n) – is the business or trade in a particular type of goods or services

The job market is strong right now

To shrink (v) – to become smaller, or to make something smaller

The company’s profits have shrunk from $10 million dollars last year, to just $2 million this year

Decline (n) – when something becomes less in amount, importance, quality, or strength

There is a decline in the number of unemployed people this month

Quarter (n) – one of four periods of time into which a year is divided for financial calculations

I pay my rent every quarter

Holistic (adj) – dealing with or treating the whole of something or someone and not just a part

My doctor takes a holistic approach to disease

Bubble (n) – a temporary period of very successful economic performance in a particular country or sector, often followed by sudden failure

There are worries that the current housing bubble may soon burst

Inflation (n) – a general, continuous increase in prices

Inflation in the UK has now reached 10%

Deficit (n) – the total amount by which money spent is more than money received

The country’s deficit is around $500 million

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