[ECONOMICS]IELTS Vocabulary: Learn 300 Essential Words for IELTS

📊boom=> booming=> boomed

=> There was an economic boom in China during the 1990s.

=> The real estate market was booming.

=> Government policy saw a cycle of boom and bust.

-boom and bust

-boom years

-the baby boom

-economic boom

----> upsurge----> spurt----> growth----> upturn----> soar----> expansion

📊slump

=> The collapse in the banking sector led to an economic slump.

=> Net profits slumped by 41%.

=> There was a significant slump in the housing market.

-economic slump

-sales slump

-housing slump

-slump in

----> bust----> recession----> downturn----> decline----> depression

📊GDP(Gross Domestic Product)

=> The GDP per capita of Poland is $13,500.

=> 8.4% of Thailand’s GDP comes from agriculture.

=> South Korea’s GDP increased by 3% in 2013.

-GDP per capita

-annual GDP

-increase in GDP

-decline in GDP

📊surplus

=> The government’s policies created a large surplus.

=> An increase in tax revenues generated a budget surplus.

=> The eminent professor has a surplus of knowledge and wisdom.

-budget surplus

-economic surplus

-increasing surplus

-decreasing surplus

----> excess----> unused----> left over

📊deficit

=> They’re finally ready to cut the budget deficit next year.

=> The Greek government ran a budget deficit of 3 billion euros last year.

=> There is a balance of payment deficit.

-deficit reduction

-reduce the deficit

-budget deficit

-attention deficit disorder

----> shortfall----> lack----> arrears----> shortage

📊macroeconomic=> macroeconomics

=> Greater macroeconomic stability is a major aim of government policy.

=> Macroeconomic policy failed to establish a stable rate of low inflation.

=> Macroeconomic data suggests that there will not be enough young people entering the workforce in the next 10 years.

-macroeconomic policies

-macroeconomic management

-macroeconomic stability

-macroeconomic conditions

📊microeconomic=> microeconomics

=> The microeconomics module of the economics course is always popular with students.

=> Microeconomics is concerned with the efficient supply of particular products.

=> His study into the success of the iPhone was a model example of microeconomic research.

-microeconomic policies

-microeconomic management

-microeconomic theory

-microeconomic reform