Unit Review & Progress Test

Unit review — Economy, Money & Consumption

Al finalizar esta unidad, deberías ser capaz de discutir temas complejos relacionados con la macroeconomía, las finanzas personales y los patrones de consumo global utilizando un registro académico y profesional. Habrás desarrollado la capacidad de expresar opiniones matizadas sobre tendencias económicas y de utilizar estructuras gramaticales avanzadas para elevar el tono de tus argumentos.

Además, habrás perfeccionado el uso de la nominalización para transformar verbos y adjetivos en sustantivos, lo cual es esencial para lograr la cohesión y la formalidad requeridas en el nivel C1. También habrás ampliado tu léxico especializado para evitar repeticiones y utilizar colocaciones precisas que demuestren un dominio natural del inglés avanzado.

Grammar consolidation

Part 1: Sentence Transformation Rewrite the sentences using the word in brackets so that the meaning remains the same. Do not change the word provided.

1. The government decided to raise interest rates to curb inflation. (DECISION) The government's ________ interest rates to curb inflation.

2. They expanded the company rapidly, which surprised everyone. (EXPANSION) The ________ surprised everyone.

3. If the company invests more in R&D, it will lead to innovation. (INVESTMENT) Increased ________ will lead to innovation.

Part 2: Error Correction Identify and correct the error in each sentence to ensure an academic register.

4. The fluctuation of the prices caused a lot of instability in the market.
5. There was a significant growth in the GDP last year.
6. The fact that the economy is recovering is a good sign. (Rewrite to use a noun phrase to make it more formal).

Part 3: Controlled Rewriting Rewrite the following sentences using nominalisation to make them more formal and concise.

7. Because the demand for luxury goods increased, the prices went up.
8. We need to regulate the market more strictly to prevent monopolies.
9. Although the inflation rate rose, the unemployment rate fell.
10. People are consuming more than they used to, which is a problem.

Vocabulary activation

Part 1: C1 Collocations Complete the sentences with the correct word to form a common C1 collocation.

1. The country is currently facing a severe economic ____.
2. High levels of inflation can lead to a significant loss of ____-purchasing power.
3. Many households are living well beyond their ____ due to easy access to credit.
4. The government has implemented new ____ to stimulate economic growth.

Part 2: Word Formation Use the word in capitals to form a word that fits in the gap.

5. The ____ of the new trade agreement was unexpected. (ESTABLISH)
6. There is growing ____ regarding the sustainability of current consumption patterns. (CONCERN)
7. The sudden ____ of the stock market caused a global panic. (VOLATILE)
8. We must consider the ____ implications of these fiscal policies. (ECONOMY)

Part 3: Register Choice Choose the most appropriate formal term to replace the underlined informal expression.

9. The company decided to cut down on (a) / curtail (b) its spending.
10. The price of oil went up (a) / surged (b) unexpectedly last month.
11. The bank decided to get rid of (a) / abolish (b) the old interest rate structure.
12. The economy is getting better (a) / recovering (b) after the recession.

Integrated skills task

Source Text: The Rise of the Subscription Economy

The traditional model of ownership is undergoing a profound shift as the "subscription economy" continues to expand. Instead of purchasing goods outright, consumers are increasingly paying for recurring access to software, entertainment, and even household products. Proponents argue that this model offers unparalleled convenience and lower upfront costs, allowing individuals to access premium services without significant capital expenditure.

However, critics raise serious concerns regarding the long-term financial implications for consumers. The cumulative cost of multiple subscriptions can lead to "subscription fatigue" and significant monthly outflows that are often overlooked. Furthermore, this shift represents a move from asset ownership to perpetual renting, which may diminish individual wealth-building potential over time. As companies move towards "everything-as-a-service," the question remains: are consumers gaining flexibility, or are they becoming trapped in a cycle of continuous expenditure?

Writing Task

Instrucciones: Basándote en el texto anterior, escribe un ensayo de opinión (opinion essay) de entre 180 y 220 palabras. Debes analizar si los beneficios de la economía de suscripción superan los riesgos financieros para el consumidor. Utiliza el vocabulario de la unidad y estructuras de nominalización para mantener un registro académico.

Speaking checkpoint

1. Compare: Compare the advantages of living in a consumer-driven society versus a minimalist one.
2. Speculate: How might the global economy change if automation replaces a significant portion of the workforce?
3. Evaluate: To what extent do you think advertising influences our spending habits more than our actual needs?
4. Justify: Some argue that high taxation is necessary for economic stability. Justify or refute this view.
5. Compare: Compare the concept of "saving for a rainy day" with the modern trend of "lifestyle inflation."
6. Evaluate: Evaluate the impact of e-commerce on local high-street economies.

Self-assessment rubric

Answer key

Grammar consolidation 1. The government's decision to raise interest rates... 2. The rapid expansion of the company surprised everyone. 3. Increased investment in R&D will lead to innovation. 4. The fluctuation of prices (or: Price fluctuations) caused... 5. There was significant growth in GDP (Remove 'the' before GDP or: Significant GDP growth occurred). 6. The recovery of the economy is a good sign. / Economic recovery is a good sign. 7. The increase in demand for luxury goods led to higher prices. 8. Stricter market regulation is needed to prevent monopolies. 9. Although the inflation rate rose, unemployment fell. (Or: Despite the rise in inflation, unemployment fell). 10. Increasing consumption levels are problematic. / The rise in consumption is a problem.

Vocabulary activation 1. downturn / recession 2. purchasing 3. means 4. measures 5. establishment 6. concern 7. volatility 8. economic 9. (b) curtail 10. (b) surged 11. (b) abolish 12. (b) recovering