English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
English for Economics and Management
Upper Intermediate Course Book
Academic Year 2015-16
Prof. Michael Ennis
University of Venice Ca’ Foscari
i
English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
Michael Joseph Ennis, 2012-2016
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International
License. It uses adaptations of the work of others for non-commercial, educational purposes under fair
use conditions, and may be freely used for non-commercial, educational purposes in other contexts
without expressed permission of the author under those same conditions. Please cite the author where
appropriate.
ii
English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
Table of Contents
Learning Units
UNIT 1: Facts and Trends: The Study of Economics and Market Trends (p.1)
UNIT 2: Talking about the Past: The Sustainability Movement (p. 7)
UNIT 3: Describing and Comparing: What makes a good manager? (p. 13)
UNIT 4: Past Duration and Future Predictions: The History and Future of the EU (p. 21)
UNIT 5: Conditionals: The Results of Fiscal Policy (p. 30)
UNIT 6: Rules and Regulations and Giving Advice: Advertising Rules (p. 37)
UNIT 7: Past Tenses: Recent Market Trends and Performance (p. 46)
UNIT 8: Being Objective and Linking Ideas: Labor Unions (p. 53)
UNIT 9: Making a Cohesive Argument: The Economics of the Drug Trade (p. 62)
Appendix 1: Morphology (p. 70)
Appendix 2: Solutions (p. 74)
iii
English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
UNIT 1: Facts and Trends: The Study of Economics and Market Trends
Pre-Reading 1.1: Write one sentence to define the term “economics.”
Reading 1.1: What is Economics?
Economics is the study of how society allocates scarce resources and goods. Resources
are the inputs that society uses to produce output, called goods. Resources include inputs such
as labor, capital and land. Goods include products such as food, clothing and housing as well
as services such as those provided by barbers, doctors and police officers. These resources and
goods are considered scarce because of society’s tendency to demand more resources and
goods than are available.
While most resources and goods are scarce, some are not—for example, the air that we
breathe. A resource or good that is not scarce, even when its price is zero, is called a free
resource or good. Economics, however, is mainly concerned with scarce resources and goods.
It is the presence of scarcity that motivates the study of how society allocates resources and
goods.
One means by which society allocates scarce resources and goods is the market system.
The term market refers to any arrangement that allows people to trade with one another. The
market system is the name given to the collection of all markets and also refers to the
relationships among these markets. The study of the market system, which is the subject of
economics, is divided into two main branches or theories; they are macroeconomics and
microeconomics.
The prefix macro means large, indicating that macroeconomics is concerned with the
study of the market system on a large scale. Macroeconomics considers the aggregate
performance of all markets in the market system and is concerned with the choices made by
the large subsectors of the economy—the household sector, which includes all consumers; the
business sector, which includes all firms; and the government sector, which includes all
government agencies.
The prefix micro means small, indicating that microeconomics is concerned with the
study of the market system on a small scale. Microeconomics looks at the individual markets
that make up the market system and is concerned with the choices made by small economic
units such as individual consumers, individual firms, or individual government agencies.
ADAPTED FROM: http://www.cliffsnotes.com/study_guide/topicArticleId-9789,articleId-9722.html
1
English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
Vocabulary 1.1: Match the following words from the text to their definitions.
1) goods __________ a) actor in an economy who purchases goods and services
2) services __________ b) the study of how and why goods and services are produced
and consumed
3) scarcity __________ c) the study of the behavior of individual consumers, firms and
agencies
4) aggregate __________ d) the study of the market system as a whole or market sectors
5) free resource __________ e) products that are produced to be sold
6) market system __________ f) the condition of being in short supply
7) economics __________ g) tasks that are performed for paying customers
8) microeconomics __________ h) all interconnected markets within an economy
9) macroeconomics __________ i) an input that is not scarce
10) allocate __________ j) the sum total of
11) consumer __________ k) to use something you have for a specific purpose
Discussion and Writing 1.1: Work with a partner or a small group to answer the questions
below.
1) What is the central economic problem?
2) What do macroeconomists study and what do microeconomists study?
3) Why are you interested in economics?
2
English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
Pre-Reading 1.2: Together with a partner, write one sentence to describe current trends in oil
prices.
Reading 1.2: The Energy Crisis
Oil Prices: What’s Behind the Drop?
Why is the price of oil dropping so fast? This a complicated question, but it boils down
to the simple economics of supply and demand.
United States domestic production has nearly doubled over the last six years, pushing
out oil imports that need to find another home. Saudi, Nigerian and Algerian oil that once was
sold in the United States is suddenly competing for Asian markets, and the producers are
forced to drop prices. Canadian and Iraqi oil production and exports are rising year after year.
Even the Russians, with all their economic problems, keep pumping. There are signs, however,
that production is beginning to fall in the United States and some other oil producing countries
because of the drop in exploration investments.
On the demand side, the economies of Europe and developing countries are weakening
and vehicles are becoming more energy-efficient. So demand for fuel is lagging a bit. China’s
recent devaluation of its currency suggests the economy of the world's biggest oil importer
may be worse off than expected.
Who benefits from the price drop? Any motorist can tell you that gasoline prices have
dropped more than a dollar a gallon. Diesel, heating oil and natural gas prices have also fallen
sharply. Households are likely to spend $750 less on gas this year because of the oil prices.
Consumers around the world will enjoy similar benefits. The latest drop in energy prices —
regular gas nationally now averages around $2.30 a gallon, compared with $3.45 a year ago
— is also disproportionately helping lower-income households.
ADAPTED FROM: http://www.nytimes.com/interactive/2015/business/energy-environment/oil-prices.html?_r=0
3
English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
Vocabulary 1.2: Match the following words from the text to their definitions.
1) domestic __________ a) to reduce
2) double __________ b) able to perform a function with the least amount of energy
possible
3) imports __________ c) a reduction in market value
4) compete __________ d) by a large amount and/or very fast
5) drop __________ e) to increase by 100%
6) exports __________ f) all individuals living in the same home
7) energy-efficient __________ g) to do or have something as measured per day, month, year,
etc.
8) lag __________ h) to be in a situation that is comparatively more negative
9) devaluation __________ i) to sell goods and services in the same market as another
firm
10) currency __________ j) unequally
11) be worse off __________ k) entirely within a nation’s borders
12) sharply __________ l) the legal money of a nation
13) household __________ m) to move more slowly than average or than expected
14) average __________ n) goods and services that are sold to foreign countries
15) disproportionately o) goods and services that are purchased from foreign
__________ countries
Bonus: Besides the content, what is the difference between the text in Reading 1.1. and the
text in 1.2.?
4
English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
Discussion and Writing 1.2: Work with a partner or a small group to discuss the questions
below. Then write a few sentences to answer each question.
1) Why is the cost of oil falling?
2) What are the benefits of the drop in oil prices?
3) In your opinion, what are some of the negative impacts?
5
English for Economics and Business University of Venice Ca’ Foscari
2015-16 Prof. Michael Ennis
Grammar 1.1: Present Simple versus Present Continuous
Read the following sentences/questions taken from reading 1.1 and 1.2. Which refer to a fact
that is always true (A) and which refer to a fact that is temporarily true in the present (T)?
1) Economics is the study of how society allocates scarce resources and goods. _________
2) Why is the price of oil dropping so fast? _________
3) The prefix macro means large. _________
4) Oil production and exports are rising year after year._________
5) The term market refers to any arrangement that allows people to trade with one another.
_________
6) Demand for fuel is lagging. _________
7) Gasoline prices are lower now than last year. _________
Grammar 1.2: Circle the correct answer to complete the grammar rules.
1) We use the present simple to talk about general facts/ current activities.
2) We use the present continuous to talk about general facts/ current activities.
3) We never/always use the present continuous for the verb to be and state verbs like know,
like, feel, etc.
Grammar 1.3: Choose the best sentence. Note: sometimes both sentences are grammatically
correct, but only one makes sense.
A) Petronations currently compete for the Asian market.
B) Petronations are currently competing for the Asian market.
A) Iraq is an oil producing nation.
B) Iraq is being an oil producing nation.
A) Vehicles are becoming more fuel-efficient.
B) Vehicles become more fuel-efficient.
A) The economies of Europe and developing countries weaken.
B) The economies of Europe and developing countries are weakening.
A) The drop in energy prices helps lower-income families.
B) The drop in energy prices is helping lower-income families.
A) Lower oil prices often hurt oil producers.
B) Lower oil prices is often hurting oil producers.
A) Macroeconomists study aggregate supply and demand.
B) Macroeconomists are studying aggregate supply and demand.
6
The rest of this book and additional materials can be accessed
here: https://www.teacherspayteachers.com/Store/Esp-
Resources
