Group 5:

ST
T Tên Từ chuẩn bị
1 Trần Nguyên Bảo Consumption Downturn Transaction
2 Hoàng Hồng Liên Radical Commodity Intervention
3 Phan Nguyễn Tâm Như Slump Trough Recession
4 Nguyễn Trần Thế Hào Keynesianism Equilibrium Endogenous
5 Nguyễn Thị Thúy Vy (NT) Counteract Contrary Pour

UNIT 23: THE BUSINESS CYCLE

1).Consumption (n)  /kənˈsʌmpʃən/
Meaning: The process of buying and using goods, or the amount that is bought and used
VietNamese’s Meaning: SỰ TIÊU THỤ, TIÊU DÙNG
Family words:
Consume (v) : Tiêu thụ
Consuming (a): Bị tiêu hủy
Consumer (n): người tiêu dùng

Ex: When the government has issued Decree No. 100 for drunk driving, alcohol/ beer
consumption of Vietnamese people has decreased significantly.
  consumption of something
Ex:  Doctors say that children need to increase their consumption of fruit and vegetables.

2).Downturn(n) /ˈdaʊn.tɜːn/
Meaning : A reduction in the amount or success of something, such as a
country's economic activity.
VietNamese’s Meaning: SỰ SUY GIẢM
Opposite: Upturn

Ex:  Because of the many impacts of the coronavirus, the global economy was taking into
downturn seriously.
 downturn (in something) a fall in the amount of business that is done; a time when the
economy becomes weaker

Some Ex:

 the recent economic downturns

 a downturn in sales/trade/business
 the economic downturn of 2008/2009
 a period of economic downturn

3).Transaction (n) /trænˈzæk.ʃən/

Meaning: An occasion when someone buys or sells something, or
when money is exchanged or the activity of buying or selling something
Synonym: Deal
VietNamese’s Meaning: VIỆC GIAO DỊCH
Ex: There are thousands of transactions which take place on the stock market every day.
 transaction of something (formal)  the process of doing something

Ex: The transaction of government business

4). Commodity (n) UK: /kəˈmɒd.ə.ti/ US: /kəˈmɑː.də.t̬i/

= Good
Meaning: a substance or product that can be traded, bought, or sold
VietNamese’s Meaning: HÀNG HÓA

Ex: Higher commodities prices boosted first-quarter profits

5). Slump (v)  /slʌmp/ :

Meaning: (of prices, values, or sales) to fall suddenly
VietNamese’s Meaning: SỰ HẠ GIÁ NHANH, SỰ HẠ GIÁ BẤT THÌNH LÌNH
Synonym: Drop
Ex: The value of property has slumped.

  slump by something Profits slumped by over 50 per cent.

  slump (from something) (to something) The paper's circulation
has slumped to 90 000.

6). Trough (n)  UK: /trɒf/ US:  /trɑːf/ :

Meaning: a low point in a regular series of high and low points.
VietNamese’s Meaning: ĐIỂM ĐÁY
Ex: Investing small amounts regularly is a good way of smoothing out the peaks and troughs
of the stock market.

 Idioms: get/have your nose/snout in the trough

If you say that people have their noses in the trough, you mean that they are trying to get a lot
of money for themselves.

7). Radical (adj) /ˈræd.ɪ.kəl/

Meaning: causing or being an example of great change; extreme
VietNamese’s Meaning: CĂN BẢN, TRIỆT ĐỂ ( TẬN GỐC)
Ex: During bad economic times, radical steps may be necessary to restore the confidence of the
consumer.

8). Recession (n)  /rɪˈseʃ.ən/

Meaning: a period when the economy is not successful and conditions for business are bad
VietNamese’s Meaning: SUY THOÁI KINH TẾ
Ex: The recession has led to many small businesses going bankrupt.
 in recession  The economy is in deep recession
9). Keynesianism /ˈkānzēəˌnizəm/ (n):
Meaning: The economic principles of John Maynard Keynes that government monetary and
fiscal policy should stimulate business activities and create jobs in a recession.
VietNamese’s meaning: CHỦ NGHĨA KEYNES
Ex: At this point the similarity between market economics and Keynesianism becomes
apparent.

10). Equilibrium (n)

US: /ˌiː.kwəˈlɪb.ri.əm/ /ˌek.wəˈlɪb.ri.əm/
UK: /ek.wɪˈlɪb.ri.əm/ /ˌiː.kwɪˈlɪb.ri.əm/
Meaning: A situation in which an economy is balanced and not experiencing large changes.
VietNamese’s Meaning: TRẠNG THÁI CÂN BẰNG
 Equilibrium between sth and sth.
Ex: Raising the prices we charge the consumer would enable us to raise wages until we reach an
equilibrium between supply and demand.
 Equilibrium in sth.
Ex: Saudi Arabia has promised to make every effort to ensure equilibrium in the oil industry and
to stabilize prices.
11). Endogenous (adj): UK:  /enˈdɒdʒ.ɪ.nəs/   US : /enˈdɑː.dʒə.nəs/
Meaning: It is used in economics to describe something that is inside a particular system, rather
than outside that system.
VietNamese’s Meaning: : NỘI SINH, CÁI BÊN TRONG GÂY RA

Ex: There are those who see the origins of the crisis as endogenous to the region.

(Antonym) Exogenous (adj): UK:   /ɪkˈsɒdʒ.ɪ.nəs/  US : /ɪkˈsɑː.dʒə.nəs/

 Meaning: having a cause that is outside itself
VietNamese’s Meaning: NGOẠI SINH, CÁI BÊN NGOÀI GÂY RA

Ex: Technology is usually seen as an exogenous factor, determined by developments outside

the country concerned.

12). Intervention: (n) /ˌɪn.təˈven.ʃən/

Meaning: action taken to improve or help a situation
VietNamese’s Meaning: SỰ CAN THIỆP
  intervention in something: can thiệp vào điều gì đó

Ex: In the second group of states, direct intervention in the economy was limited.

13). Counteract (v) /ˌkaʊn.tərˈækt/

Meaning: to take action to reduce the influence of something that may be harmful
VietNamese’s Meaning: CHỐNG LẠI
Ex: Spending on marketing and advertising has increased in order to counteract falling sales.
 counteract something to do something to reduce or prevent the bad or harmful effects
of something

14). Contrary: UK:  /ˈkɒn.trə.ri/  US : /ˈkɒn.trə.ri/

Meaning: (n) The opposite.
(adj) Opposite
VietNamese’s Meaning: (n) SỰ TRÁI NGƯỢC
: (adj) TRÁI NGƯỢC
Ex: I was worried that it might be too hard for me but it turned out the contrary was true
 On the contrary: used to show that you think or feel the opposite of what has just been stated

Ex: "I thought you said the film was exciting?" "On the contrary, I nearly fell asleep half way
through it!"

15). Pour (v) /pɔːr/

- Meaning 1: to (cause to) flow quickly and in large amounts
- Meaning 2:  to make a liquid or other substance flow from a container in a continuous stream,
especially by holding the container at an angle
VietNamese’s Meaning: ĐỔ, RÓT
Ex: The government has been pouring money into inefficient state-owned industries, and the
country can no longer afford it.

Some ex:

 pour somebody something I've poured you a cup of tea.

  pour something for somebody I've poured a cup of tea for you.
  pour something out I was in the kitchen, pouring out drinks.