Vocabulary list (part b)

VOCABULARY LIST (Part A)

Unit VII

Topic: Depression and recession

Grammar: Future: will, shall / be going to

Communication Skills: Meetings (Part II)

SECTION A

	1.	acute — острый
	2.	anticipation — ожидание
	3.	convulsion — потрясение
	4.	decline — спад
	5.	cycle — цикл
	6.	shortage — нехватка
	7.	bubble — дутое предприятие
	8.	prelude — прелюдия
	9.	extend — простираться
	10.	capital goods — средства производства
	11.	default — невыполнение обязательств
	12.	outcome — результат
	13.	economic expansion — экономический рост
	14.	rock — трясти
	15.	shatter — разрушать

■ Ex. 1. Give the title to the text. Support your point of view.

Part A

Panic – in economics, acute financial disturbance, such as widespread bank failures, feverish stock speculation followed by a market crash, or a climate of fear caused by economic crisis or the anticipation of such crisis. The term is applied only to the violent stage of financial convulsion and does not extend to the whole period of a decline in the business cycle. Until the 19th century, economic fluctuations were largely connected with shortages of goods, market expansion, and speculation, as in the incident known as the South Sea Bubble (1720), when stock speculation reached panic proportions in both France and England. Panics in the industrialized societies of the 19th and 20th centuries, however, have reflected the increasing complexity of advanced economies and the changed character of their instability. A financial panic has quite often been a prelude to a crisis that extended beyond commercial activities into sectors of consumption and capital goods. The Panic of 1857 in the United States, for example, was the outcome of the railroads' defaulting on their bonds, hence the decline in the value of rail securities. The Panic's effects were complex, including not only the closing of many banks but also a sharp increase in unemployment in the United States and a money-market panic on the European continent. The Panic of 1873, which began with financial crises in Vienna in June and in New York City in September, marked the end of the long-term economic expansion in the world economy that had begun in the late 1840s. The greatest panic however, was the crisis in 1929, which rocked the US economy, shattered world economic relations, and brought about the Great Depression.

	1.	depression — депрессия
	2.	recession/decline – рецессия
	3.	cessation – прекращение
	4.	minor — незначительный
	5.	contraction — сокращение
	6.	cycle — цикл
	7.	downward trend — к понижению
	8.	household — семья; домашнее хозяйство
	9.	inventories — материально-производственные запасы
	10.	draw on — пользоваться

Part В

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