Level5 Unit3 Part3 Listening

Living Conditions

Living conditions around the world vary from country to country. Some countries have very large economies, but the majority of their citizens are poor. Other countries have smaller economies, but the majority of their citizens are NOT poor. So the size of a country's economy isn't the only factor that determines how wealthy its citizens are. The size of its population is also an important factor. Another factor is how a country's wealth is distributed between the rich and the poor.

Let's look at some examples. This chart shows the world's 5 largest economies in 2015. It ranks the countries by their Gross Domestic Product, or GDP. The GDP is one way of measuring the size of an economy. It is the total value of the goods and services produced in a country in a year. As you can see, according to this chart, the US and China had the largest economies.

According to the chart, India had the third largest economy in the world. Its economy was bigger than Japan's. However, the average living conditions in Japan are much higher than in India. One reason for this is the difference in population. India has a much larger population, so its wealth is distributed among a much larger number of people. You can find this information by checking a country's GDP per capita. Per capita means per person. If two countries have the same GDP, but one country has half the number of people, its GDP per capita is twice as large.

Another important factor is how the wealth of a country is shared. In some countries much of the wealth is concentrated in just a few people. For example, in the US, just 5% of the population holds more than 70% of the wealth! This shows that many US citizens are not wealthy despite the size of their economy. In fact, the wealth share held by the wealthiest 10% was more than 10 times bigger than the rest of the population.

As we have seen, much of the wealth of the US is concentrated in just a few people. 10% of its population had an estimated 75% of the wealth in 2015. In this chart we see some comparisons with other countries. In contrast to the US, 10% of Japan's population had less than half of the total wealth. In China, in 2014, the estimated share of the top 10% was 64%, but this number is rising. Russia had the highest concentration of wealth, at over 80%! India, which has one of the largest economies, has the largest share of the world's poorest people. The share of wealth of its richest 10% is 370 times that of its poorest 10%.

A major challenge for a government is to improve the living conditions of its citizens. As we have seen, growing an economy isn't enough. Population growth and distribution of wealth are also important factors. Improving education and developing job skills can help people move up in an economy. With better education and training, the poor can increase their ability to get better jobs and raise their income.

However, taxes are needed to pay for social services, including health and education. Some countries tax the rich at a higher rate than the poor. However, if taxes are too high, it can discourage investment and risk taking. This is because investors won't take risks unless the rewards are high. So, as you can see, these are complex issues.

Level5 Unit3 Part3 Vocabulary

Describing Actions

Silly, foolish or stupid or ridiculous, the opposite of serious. He's being silly, so we should just ignore him. That's a silly idea, so I don't think she means what she's saying.

Amazing, to be incredible or so good as to be hard to believe, the opposite of ordinary. That company's new products are truly amazing. She gave an amazing performance, especially after all the difficulties she had overcome.

Crucial, to be of extreme importance or an essential part, the opposite of optional. It's crucial that we get them to sign the contract by the end of the week. Getting that data is crucial for our success.

Impressive, to stand out and be unforgettable in a good way. His presentation was so impressive that we decided to hire him right away. They have an impressive website, but the quality of their products is pathetic.

Realistic, to be possible and attainable. That deadline isn't realistic, so we need to ask for more time. He isn't being realistic when he expects to charge such high prices for his products.

Personal traits

Sincere, to be honest and trust worthy. I think she was being sincere, so I think we can trust her. Sometimes it's very difficult to know if someone is being sincere, or is just a good liar.

Naive, overly simple and lacking experience. He wants to chance the world, but he's very naive, so he needs someone to help him. I think we can take advantage of him, because he is naive and impatient.

Brilliant, highly intelligent or exceptional in brightness, the opposite of dull. There is no doubt that he is a brilliant scientist, but he is a very poor manager. It's amazing, how such a brilliant man can be so stupid around women.

Cruel, mean, manipulative and hurtful, The opposite of kind. He can be cruel when he doesn't like someone, so don't expect him to  be nice to you. I was shocked by how cruel he was when he fired her.

Clever, innovative, creative, very smart. He found a clever solution that allowed us to reduce costs. Advertisers are very clever at getting people to buy things they don't really need.

Skeptical, needs proof or evidence to overcome doubts, the opposite of convinced. I'm sure they will be skeptical of our results, so we need to bring convincing evidence. I'm skeptical that such a simple design can satisfy our requirements.

Level5 Unit3 Part3 Dialogue

Winning a lottery

Guess what, I've just won the lottery, 50 million dollars.

You are kidding!

Are you sure it's for real? and there isn't a mistake?

No, I've checked and confirmed it.

Wow, that's fantastic.

Congratulations!

I never expected this, so now I've got to figure out what to do with it.

Guess you do, and be careful.

I'm telling you, everything is about to change.

Emm, I'm still on shock, so I haven't had time to think.

With all your money, what about your friends?

You mean you, right?

Sure, why not.

Why don't you get me a new car?

And then what?

Sure, if I start giving things to my friends, it will never stop.

I've got to think.

One thing for sure, you'll have no trouble finding a girlfriend now.

Yeah, you are probably right.

I might as well have some fun and enjoy the rich life for a while.

It would be great to have a nice girlfriend.

I've never been successful with women.

What are you going to do about your job?

I'll give notice right away and finish the project I've been working on.

That's nice.

I'm sure the company will appreciate it.

Then what?

Then I'll take some time for myself and think about what I want to do.

Any ideas?

Nothing definite, but I've been considering starting my own business.

Or maybe investing in something interesting.

Be careful about investing.

One of my best friends became an investor after he sold some stock in the company he was working for.

He's really smart, but he got fooled into investing a lot of money into a company that went bankrupt.

He ended up losing his entire investment.

What happen then?

His wife divorced him and took most of his assets with her.

So now he has to work again.

So even smart people can be fooled.

Well, I'm in no hurry, so I'll be careful.

I think the first thing I'll do is buy a nice house and help my parents.

They've worked hard all their lives, but they are still barely able to survive on what they have.

Hmm, that sounds like a good plan.

Whatever you do, don't let this go to your head.

Try not to lose who you are.

Don't worry, I won't.

I know what you mean.