HW check: MEMO, AGENDA RB, p 15 (exercises I and II) III – Read and explain IV – Read and explain

1. HW check: MEMO, AGENDA RB, p 15 (exercises I and II) III – Read and explain IV – Read and explain Get ready to hold a meeting about a party for foreign students. (hiring a band, budget) Work in teams to write the memo and agenda for the meeting. Play out the meeting according to the instructions on the next slide. (appoint the minute-taker) Work together to write the action minutes.

2. Meetings – language focus • Form groups of four, develop your arguments and hold a meeting: A: You are organizing a party for exchange students and you want to hire ________ (band / singer?) B: You are a student representative and you want to hire ___________ . C: You are a teacher in charge of the programme. Express your opinions regarding the proposed band and costs. D: You work at the international office. It is your job to run the meeting. Moderate this discussion. Have a meeting, use phrases listed on p 9 in RB.Record the most important decisions. Write the action minutes. (to be submitted)

3. The Business Cycle MK, U 23

4. trɒf TROUGH /trɒf/

5. trɒf PRONUNCIATION /trɒf/ The Business Cycle the recurringandfluctuating levels of economic activity that an economy experiences over a long period of time. (www.investopedia.com) Recur – come again, happen again Fluctuate – change ,vary, oscillate Output - production

6. The Business Cycle → MK, p 114 Lead-in discussion Vocabulary 1

7. Viewing/listeninghttp://www.youtube.com/watch?v=EMHkiKxtlvw Make notes to capture the most important info: “ a backwards rollercoaster” 3 indicators of recession by NBER definition of recession 4 phases economic trends in recession V-shaped recession vs. U-shaped recession

8. National Bureau of Economic Research • NBER = • 3 indicators of recession by NBER: • GDP = gross domestic product • employment • wholesale – retail trade • definition of recession: • 2 or more consequtive quarters of negative economic growth • 4 phases: • Peak • Recession • Trough • Expansion (recovery)

9. economic trends in recession: • C_ _ _ _mer spending slows • Inv_ _ _ _ries build up • Companies r_ _ _ _e output & layoff employees • Unemployment r_ _ _s • economic trends during a recovery • Activity ac_ _ _ _ _ _ _es • Consumer spending i_ _ _ _ _ _s • New orders are placed • Companies increase output & a_ _ employees • Unemployment d_ _ _ _ _ _s

10. economic trends in recession: • Consumer spending slows • Inventories build up • Companies reduce output & layoff employees • Unemployment rises • economic trends during a recovery • Activity accelerates • Consumer spending improves • New orders are placed • Companies increase output & add employees • Unemployment declines

11. Collocations: recession v. expansion economic activity slows down consumers spend less money businesses make fewer sales inventoriesbuild up companies earn less revenue fewer orders are placed businesses cut back on output unemployment rate goes up businesses reduce the number of people on payrolls eventually it reaches a trough economic activity picks up again sales improve excess inventories are used up new orders are placed production is ramped up again job opportunities improve unemployment rate comes down eventuallyit tops out

12. Collocations: recession or expansion? economic activity picks up again businesses make fewer sales excess inventories are used up companies earn less revenue new orders are placed production is ramped up again job opportunities improve businesses cut back on output unemployment rate goes up eventually* it reaches a trough. eventually it tops out consumers spend less money sales improve * at an unspecified later time, in the end

13. Collocations: recession or expansion? E: economic activity picks up again R: businesses make fewer sales E:excess inventories are used up R: companies earn less revenue E: new orders are placed E: production is ramped up again E: job opportunities improve R: businesses cut back on output R: unemployment rate goes up R: eventually* it reaches a trough. E: eventually it tops out R: consumers spend less money E: sales improve * at an unspecified later time, in the end

14. V-SHAPED OR U-SHAPED RECESSION? v U begins abruptly reaches a trough quickly recovers quickly slowdown lingers* takes a long time for activity to pick up again * to remain existent although often waning in strength, importance, or influence

15. READING(MK, p. 114,115) What happens to GDP in a business cycle? What happens during an upturn? (What tends to rise?) What is a boom? What happens during a downturn? (What falls?) What is the difference between a recession and a depression? (Synonyms?) What is the most probable cause of the business cycle? How do people behave in good times? And in bad times? How is investment connected with demand? What is creative destruction?http://www.youtube.com/watch?v=8N08Kkjq9gA 1 GDP 2 upturn 3 downturn 4 consumption 5 expectations 6 balance of payments 7save 8 demand 9 supply HW Comprehension115 – handin on Tuesday, 4 March 2014

16. Business cycle: DESCRIBING GRAPHS ? ? ? ? ?  RB, p 27 TYPES & all exercises for VERBS