\documentclass[11pt]{article}
\usepackage[a4paper,margin=1.65cm]{geometry}
\usepackage{fontspec}
\usepackage{xcolor}
\usepackage{graphicx}
\usepackage{hyperref}
\usepackage{enumitem}
\usepackage[most]{tcolorbox}
\setmainfont{Helvetica Neue}
\setsansfont{Helvetica Neue}
\definecolor{c1ink}{HTML}{101510}
\definecolor{c1brand}{HTML}{D8F239}
\definecolor{c1soft}{HTML}{EEF6EC}
\definecolor{c1green}{HTML}{007F55}
\hypersetup{colorlinks=true,linkcolor=c1green,urlcolor=c1green}
\pagestyle{plain}
\linespread{1.06}
\raggedbottom
\newtcolorbox{unitbox}{colback=c1brand,colframe=c1ink,boxrule=1.1pt,arc=2mm,left=5mm,right=5mm,top=4mm,bottom=4mm}
\newcommand{\lessonbox}[2]{\begin{tcolorbox}[breakable,enhanced,colback=white,colframe=c1ink,boxrule=0.8pt,arc=2mm,title={#1},fonttitle=\bfseries,coltitle=c1ink,colbacktitle=c1soft,left=4mm,right=4mm,top=3mm,bottom=3mm]#2\end{tcolorbox}\vspace{2mm}}
\begin{document}
\begin{unitbox}
{\LARGE\bfseries Open C1 English · Unit 16}\\[2mm]
{\Large Finance, Investment \& Risk}\\[2mm]
{\bfseries Grammar:} Performative verbs and metalinguistic reporting\\
{\bfseries Pronunciation:} Minimal pairs: /ɪ/-/iː/, /æ/-/ʌ/, /ɒ/-/əʊ/\\
{\bfseries Generated:} 2026-04-21 07:01
\end{unitbox}
\vspace{8mm}
\begin{tcolorbox}[colback=c1soft,colframe=c1green,boxrule=0.8pt,arc=2mm,title={How to use this study pack},fonttitle=\bfseries]
\begin{itemize}[leftmargin=1.2em]
\item Study the grammar and vocabulary before attempting the output tasks.
\item Use the public site for audio playback; this PDF is the printable study companion.
\item Mark answers directly on paper, then return to the online lesson for media-rich practice.
\item Keep a separate C1 notebook for rewritten answers, useful collocations and pronunciation notes.
\end{itemize}
\end{tcolorbox}
\vspace{4mm}
\begin{tcolorbox}[colback=white,colframe=c1ink,boxrule=0.8pt,arc=2mm,title={Unit workflow},fonttitle=\bfseries]
Input: reading, listening and media exposure.\\
Language focus: grammar, vocabulary, idioms and Use of English.\\
Output: writing, speaking, mediation and realistic everyday communication.
\end{tcolorbox}
\newpage
\lessonbox{Lesson 1: Introduction}{
\section*{¿De qué va esta unidad?}

Bienvenidos a la Unidad 16. En este módulo, nos adentraremos en el complejo pero fascinante mundo de las finanzas, las inversiones y la gestión de riesgos. Para un estudiante de nivel C1, dominar este léxico no es solo una cuestión de vocabulario técnico, sino de sofisticación comunicativa. En entornos profesionales de alto nivel, la capacidad de discutir tendencias económicas, evaluar la viabilidad de proyectos o debatir sobre la volatilidad del mercado es esencial. Esta unidad te proporcionará las herramientas lingüísticas necesarias para moverte con autoridad en contextos de negocios internacionales.\par

El principal reto de esta unidad radica en la precisión. El lenguaje financiero exige un uso extremadamente exacto de los términos para evitar malentendidos que podrían costar caro. Además, trabajaremos con estructuras gramaticales avanzadas, como los performative verbs, que te permitirán no solo describir acciones, sino ejecutarlas a través del lenguaje (como prometer, asegurar o declarar). El objetivo es que pases de un inglés funcional a un inglés de precisión profesional, capaz de manejar matices de riesgo y certidumbre con total fluidez.\par

\section*{Objetivos de aprendizaje}

\begin{itemize}[leftmargin=1.2em]
\item Vocabulary: Master specialized terminology related to banking, investment strategies, and risk assessment to discuss complex economic scenarios.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Grammar: Correctly use performative verbs and metalinguistic reporting to express intentions, commitments, and nuances in professional discourse.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Reading: Develop strategies to extract specific information and identify the writer's attitude in high-level financial reports and articles.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Listening: Improve the ability to follow fast-paced discussions, such as boardroom meetings or financial news broadcasts, involving various accents.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Use of English: Refine accuracy in Sentence Transformation and Open Cloze tasks by applying advanced grammatical structures and collocations.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Writing \& Speaking: Produce coherent, well-structured arguments for C1-level essays and engage in complex debates regarding economic ethics and global markets.
\end{itemize}

\section*{Lo que vas a encontrar}

\begin{itemize}[leftmargin=1.2em]
\item Introduction: Una visión general de los conceptos clave de finanzas y riesgo que exploraremos.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Grammar: Un estudio profundo sobre performative verbs (verbos que realizan la acción al decirse) y metalinguisitc reporting.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Vocabulary: Ampliación de léxico especializado en inversiones, activos, pasivos y gestión de riesgos.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Idioms: Expresiones idiomáticas comunes en el mundo de los negocios y las finanzas para sonar más natural.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Reading: Análisis de textos complejos sobre economía global y gestión de capital.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Listening: Práctica de comprensión auditiva con audios que simulan entornos de negocios reales.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Use of English: Ejercicios diseñados para el examen C1 que combinan gramática avanzada y precisión léxica.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Writing: Guía para redactar informes formales y ensayos argumentativos de nivel profesional.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Speaking: Simulaciones de debates y presentaciones para mejorar la fluidez y la capacidad de persuasión.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Mediation: Ejercicios para transformar información técnica de un formato a otro (por ejemplo, de un gráfico a un resumen escrito).
\end{itemize}

\section*{Tiempo estimado}

Total: 7 horas 30 minutos\par

\begin{itemize}[leftmargin=1.2em]
\item Introduction: 15 min
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Grammar: 1 hour
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Vocabulary: 45 min
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Idioms: 30 min
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Reading: 1 hour
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Listening: 45 min
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Use of English: 45 min
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Writing: 1 hour
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Speaking: 45 min
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Mediation: 30 min
\end{itemize}
}
\lessonbox{Lesson 2: Grammar Focus}{
\section*{Explicación (en español)}

En el nivel C1 Advanced, el uso de verbos performativos (performative verbs) es esencial para demostrar control sobre el lenguaje formal. Un verbo performativo es aquel que no solo describe una acción, sino que realiza la acción en el momento en que se dice. Por ejemplo, al decir "I promise" (prometo), no solo estás comunicando una idea, estás ejecutando el acto de prometer. En contextos de finanzas, esto es vital para formalizar decisiones, acuerdos o advertencias.\par

El "metalinguistic reporting" se refiere al uso de verbos para comentar, reportar o estructurar el discurso sobre lo que se está diciendo o decidiendo. En lugar de simplemente dar información, usamos verbos como suggest, propose, claim, assert, o concede para dar matices de autoridad, duda o acuerdo. Estos verbos permiten al hablante posicionarse respecto a la información que está comunicando, algo fundamental en negociaciones de alto nivel.\par

Un error muy común entre los hispanohablantes es intentar traducir literalmente estructuras de "reporting" del español. En español, solemos usar el presente de indicativo para todo, pero en inglés, estos verbos a menudo requieren estructuras específicas (como el uso de that-clauses o el subjuntivo implícito). Además, los estudiantes tienden a usar verbos demasiado simples (como say o tell) cuando un nivel C1 requiere verbos más precisos como stipulate, assert, o advise.\par

Es importante recordar que los verbos performativos suelen utilizarse en la primera persona (I suggest, we propose) para dar validez al acto comunicativo. En documentos legales o financieros, también pueden aparecer en tercera persona para referirse a entidades (The board decides...). La clave es entender que el verbo es la acción misma.\par

\section*{Form — estructura}

Verb Type |\par
Structure |\par
Example Context |\par

Direct Performative |\par
Subject + Performative Verb + Object |\par
"I authorize the transfer." |\par

Reporting (that-clause) |\par
Subject + Reporting Verb + that + Clause |\par
"The auditor claims that the funds are safe." |\par

Reporting (Infinitive) |\par
Subject + Verb + Object + to-infinitive |\par
"The CEO is expected to resign." |\par

Suggestive/Proposal |\par
Subject + Verb + (that) + Subject + (should) + Base Form |\par
"I suggest that we diversify our portfolio." |\par

\section*{Examples}

\begin{itemize}[leftmargin=1.2em]
\item I hereby authorize the immediate release of the investment funds. (Por la presente, autorizo la liberación inmediata de los fondos de inversión.)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item The board proposes that the company undergoes a full audit. (La junta propone que la empresa se someta a una auditoría completa.)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item We assert that the current market volatility is temporary. (Afirmamos que la volatilidad actual del mercado es temporal.)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item The analyst suggests diversifying into emerging markets. (El analista sugiere diversificar hacia mercados emergentes.)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item I promise to mitigate all potential risks associated with this venture. (Prometo mitigar todos los riesgos potenciales asociados con este proyecto.)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item They claim that the assets were undervalued. (Ellos afirman que los activos estaban infravalorados.)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item The contract stipulates that interest is paid monthly. (El contrato estipula que los intereses se pagan mensualmente.)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item We concede that there is a significant risk involved in this trade. (Concedemos que existe un riesgo significativo involucrado en esta operación.)
\end{itemize}

\section*{Contrast}

\begin{itemize}[leftmargin=1.2em]
\item ✗ I am saying that we should invest. / ✓ I suggest that we invest. (In a formal context, 'suggest' is more precise and performative than 'saying'.)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item ✗ The manager told that the budget was approved. / ✓ The manager announced that the budget was approved. ('Tell' requires a direct object like 'us'; 'announced' is a proper reporting verb.)
\end{itemize}
holder 3. ✗ I propose to that we change the strategy. / ✓ I propose that we change the strategy. (We do not use 'to' before a 'that-clause'.)\par

\begin{itemize}[leftmargin=1.2em]
\item ✗ We suggest to invest more. / ✓ We suggest investing more. (After 'suggest', we use the -ing form or a 'that-clause', never a 'to-infinitive'.)
\end{itemize}

\section*{Mini-quiz — 10 preguntas}

Part 1: Sentence Transformation (Rewrite the sentence using the word in bold so that it has a similar meaning).\par

-\par
We think it's a good idea to increase our capital. (SUGGEST)\par
We \_\_\_\_\_\_\_\_\_\_ our capital.\par

-\par
The bank says the interest rates will rise. (CLAIMS)\par
The bank \_\_\_\_\_\_\_\_\_\_ interest rates will rise.\par

-\par
It is necessary for the contract to state the terms clearly. (STIPULATES)\par
The contract \_\_\_\_\_\_\_\_\_\_ the terms clearly.\par

Part 2: Multiple Choice (Choose the correct option a, b, or c).\par

-\par
The committee \_\_ that the merger proceed immediately.\par
a) suggests\par
b) suggesting\par
c) suggest\par

-\par
I \_\_ to sign the agreement under these conditions.\par
a) am refusing\par
b) refuse\par
c) refusing\par

-\par
He \_\_ that the loss was due to market fluctuations.\par
a) asserted\par
b) asserting\par
c) asserts to\par

-\par
The CFO \_\_ the shareholders to remain calm.\par
a) advised\par
b) advised that\par
c) advised to\par

Part 3: Gap Fill (Fill in the blank with the correct form of the verb in brackets).\par

-\par
The auditor \_\_ (insist) that all documents be provided by Friday.\par

-\par
We \_\_ (propose) that a new risk management policy be implemented.\par

-\par
They \_\_ (claim) to have discovered a loophole in the tax law.\par

Respuestas:\par
1. suggest increasing / suggest that we increase\par
2. claims that\par
3. stipulates\par
4. a\par
5. b\par
6. a\par
7. a\par
8. insists\par
9. propose\par
10. claim\par
}
\lessonbox{Lesson 3: Vocabulary Lab}{
\section*{Vocabulario C1 — Finance, Investment \& Risk}

30 palabras con definición, traducción, ejemplo y audio.\par



\subsection*{volatility  //}
/ˌvɒləˈtɪləti/n\par
Definition:The liability or tendency to change rapidly and unpredictably, especially in market prices.\par
Traducción:volatilidad\par
Example:Investors are struggling to manage the extreme market volatility caused by recent geopolitical shifts.\par
Collocation:market volatility\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# mitigate  //
\end{itemize}
/ˈmɪtɪɡeɪt/v\par
Definition:To make something less severe, serious, or painful, especially regarding risks.\par
Traducción:mitigar\par
Example:The firm implemented new protocols to mitigate the risk of cyber-attacks on financial data.\par
Collocation:mitigate risk\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# empirical  //
\end{itemize}
/ɪmˈpɪrɪkl/adj\par
Definition:Based on, concerned with, or verifiable by observation or experience rather than theory.\par
Traducción:empírico\par
Example:The analyst provided empirical evidence to support the prediction of a long-term recession.\par
Collocation:empirical evidence\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# fluctuate  //
\end{itemize}
/ˈflʌktʃueɪt/v\par
Definition:To rise and fall irregularly in number or amount.\par
Traducción:fluctuar\par
Example:Interest rates are expected to fluctuate throughout the next fiscal year.\par
Collocation:fluctuate wildly\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# prospectus  //
\end{itemize}
/ˈprɒspektəs/n\par
Definition:A printed document that advertises a particular investment or company to potential shareholders.\par
Traducción:folleto informativo / prospecto\par
Example:Before investing, the board carefully reviewed the company's annual prospectus.\par
Collocation:issue a prospectus\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# diversification  //
\end{itemize}
/daɪˌvɜːsɪfɪˈkeɪʃn/n\par
Definition:The process of allocating capital in different assets to reduce exposure to any single asset.\par
Traducción:diversificación\par
Example:Proper portfolio diversification is essential to protect against sudden market crashes.\par
Collocation:asset diversification\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# liquidity  //
\end{itemize}
/lɪˈkwɪdəti/n\par
Definition:The availability of liquid assets (cash) to a market or company.\par
Traducción:liquidez\par
Example:The sudden withdrawal of funds caused a significant liquidity crisis in the regional bank.\par
Collocation:market liquidity\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# dividend  //
\end{itemize}
/ˈdɪvɪdend/n\par
Definition:A sum of money paid regularly by a company to its shareholders out of its profits.\par
Traducción:dividendo\par
Example:The tech giant announced a higher dividend to reward long-term investors.\par
Collocation:pay a dividend\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# insolvent  //
\end{itemize}
/ɪnˈsɒlvənt/adj\par
Definition:Unable to pay one's debts.\par
Traducción:insolvente\par
Example:The company was declared insolvent after failing to meet its quarterly obligations.\par
Collocation:become insolvent\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# speculative  //
\end{itemize}
/ˈspekjələtɪv/adj\par
Definition:Involving high risk in the hope of making large profits.\par
Traducción:especulativo\par
Example:Many economists warned that the rise in property prices was purely speculative.\par
Collocation:speculative bubble\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# yield  //
\end{itemize}
/jiːld/n\par
Definition:The income returned on an investment, such as interest or dividends.\par
Traducción:rendimiento\par
Example:High-yield bonds offer better returns but come with significantly higher risk levels.\par
Collocation:annual yield\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# audit  //
\end{itemize}
/ˈɔːdɪt/n / v\par
Definition:An official inspection of an individual's or organization's accounts.\par
Traducción:auditoría / auditar\par
Example:The external audit revealed several discrepancies in the company's tax filings.\par
Collocation:conduct an audit\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# liability  //
\end{itemize}
/ˌlaɪəˈbɪləti/n\par
Definition:The state of being legally responsible for something; an amount owed.\par
Traducción:responsabilidad / pasivo\par
Example:The firm's total liabilities outweighed its assets, leading to a credit downgrade.\par
Collocation:legal liability\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# equity  //
\end{itemize}
/ˈekwəti/n\par
Definition:The value of the shares issued by a company; ownership interest in a property.\par
Traducción:capital / patrimonio neto\par
Example:She decided to build equity in her home by paying off the mortgage early.\par
Collocation:shareholder equity\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# deficit  //
\end{itemize}
/ˈdefɪsɪt/n\par
Definition:The amount by which something, especially a sum of money, is too small.\par
Traducción:déficit\par
Example:The government is working to reduce the budget deficit through strict austerity measures.\par
Collocation:trade deficit\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# surplus  //
\end{itemize}
/ˈsɜːpləs/n\par
Definition:An amount of something left over when requirements have been met.\par
Traducción:superávit\par
Example:The surplus funds were reinvested into the company's research and development department.\par
Collocation:budget surplus\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# asset  //
\end{itemize}
/ˈæset/n\par
Definition:A useful or valuable thing, person, or quality; property owned by a person or company.\par
Traducción:activo\par
Example:The company's intellectual property is its most valuable asset.\par
Collocation:tangible asset\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# hedge  //
\end{itemize}
/hedʒ/v / n\par
Definition:To protect oneself against financial loss by making certain investments.\par
Traducción:cobertura / cubrirse\par
Example:Investors often use gold to hedge against the effects of inflation.\par
Collocation:hedge against\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# benchmark  //
\end{itemize}
/ˈbentʃmɑːk/n\par
Definition:A standard or point of reference against which things may be compared or assessed.\par
Traducción:punto de referencia / parámetro\par
Example:The S\&P 500 is often used as a benchmark for the performance of the US stock market.\par
Collocation:industry benchmark\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# projection  //
\end{itemize}
/prəˈdʒekʃn/n\par
Definition:An estimate or forecast of a future situation based on current trends.\par
Traducción:proyección\par
Example:Financial projections for 2026 suggest a steady growth in the renewable energy sector.\par
Collocation:financial projection\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# fluctuation  //
\end{itemize}
/ˌflʌktʃuˈeɪʃn/n\par
Definition:An irregular rising and falling in amount or level.\par
Traducción:fluctuación\par
Example:Constant price fluctuation makes it difficult for small businesses to plan budgets.\par
Collocation:price fluctuation\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# compliance  //
\end{itemize}
/kəmˈplaɪəns/n\par
Definition:The action or fact of complying with a law, most important rule, or agreement.\par
Traducción:cumplimiento (normativo)\par
Example:The bank was fined for failing to maintain strict regulatory compliance.\par
Collocation:regulatory compliance\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# appreciation  //
\end{itemize}
/əˌpriːʃiˈeɪʃn/n\par
Definition:An increase in the value of an asset over time.\par
Traducción:revalorización / apreciación\par
Example:Capital appreciation is the primary goal for most real estate investors.\par
Collocation:capital appreciation\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# depreciation  //
\end{itemize}
/dɪˌpriːʃiˈeɪʃn/n\par
Definition:A reduction in the value of an asset over time.\par
Traducción:depreciación\par
Example:The rapid depreciation of electronic equipment must be accounted for in the annual report.\par
Collocation:rapid depreciation\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# to bail out  //
\end{itemize}
/tuː beɪl aʊt/phrasal verb\par
Definition:To rescue a company or person from financial ruin.\par
Traducción:rescatar (financieramente)\par
Example:The government had to bail out the airline to prevent mass unemployment.\par
Collocation:bail out a company\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# to break even  //
\end{itemize}
/tuː breɪk ˈiːvn/phrase\par
Definition:To reach a point where profits equal costs, resulting in neither profit nor loss.\par
Traducción:quedar tablas / alcanzar el punto de equilibrio\par
Example:After three years of heavy investment, the startup finally managed to break even.\par
Collocation:finally break even\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# to go bust  //
\end{itemize}
/tuː ɡəʊ bʌst/phrase\par
Definition:To go bankrupt or fail completely (informal/business slang).\par
Traducción:quebrar / irse a la quiebra\par
Example:If the venture capital runs out, the tech firm might go bust by summer.\par
Collocation:go bust\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# to be in the red  //
\end{itemize}
/tuː biː ɪn ðə red/phrase\par
Definition:To be in a state of debt or losing money.\par
Traducción:estar en números rojos\par
Example:The department has been in the red for three consecutive quarters.\par
Collocation:stay in the red\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# to rake in  //
\end{itemize}
/tuː reɪk ɪn/phrasal verb\par
Definition:To earn a lot of money very quickly (informal).\par
Traducción:recaudar / ganar (mucho dinero)\par
Example:The new fintech app is raking in millions in subscription fees every month.\par
Collocation:rake in profits\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# to tighten one's belt  //
\end{itemize}
/tuː ˈtaɪtn wʌnz belt/idiom\par
Definition:To spend less money because there is less available.\par
Traducción:ajustarse el cinturón\par
Example:With rising inflation, many families are having to tighten their belts this year.\par
Collocation:tighten one's belt\par

-\par
}
\lessonbox{Lesson 4: Idioms \& Natural Expressions}{
\section*{Idioms \& expressions — Finance, Investment \& Risk}



\subsection*{To hedge one's bets  ·  neutral}
neutral\par
Meaning:To reduce the risk of losing by supporting more than one side or possibility.\par
Significado:No jugárselo todo a una carta / Diversificar el riesgo.\par
Example:Given the volatility in the tech sector, the fund manager decided to hedge her bets by investing in both AI hardware and renewable energy.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# To be in the red  ·  neutral
\end{itemize}
neutral\par
Meaning:To be in a state of financial deficit or losing money.\par
Significado:Estar en números rojos.\par
Example:After the unexpected supply chain disruptions, the startup found itself in the red for the third consecutive quarter.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# A sunk cost fallacy  ·  formal
\end{itemize}
formal\par
Meaning:The tendency to continue an endeavor once an investment in money, effort, or time has been made, even if it is no longer rational.\par
Significado:La falacia del coste hundido.\par
Example:We need to stop pouring capital into this failing project; we cannot let the sunk cost fallacy dictate our fiscal strategy.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# To go all in  ·  informal
\end{itemize}
formal\par
Meaning:To commit all of one's resources or energy to a particular course of action.\par
Significado:Apostarlo todo / Ir con todo.\par
Example:The venture capital firm decided to go all in on the new biotech platform, despite the high entry costs.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# To weather the storm  ·  neutral
\end{itemize}
neutral\par
Meaning:To successfully survive a difficult period or financial crisis.\par
Significado:Aguantar el tipo / Superar la tormenta.\par
Example:The company managed to weather the storm of the recent market crash through disciplined cost-cutting measures.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# To be bottom-line driven  ·  formal
\end{itemize}
formal\par
Meaning:To focus primarily on the final profit or loss of a business.\par
Significado:Centrarse exclusivamente en los resultados finales / En el beneficio neto.\par
Example:The new CEO is strictly bottom-line driven, which has led to significant restructuring across all departments.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# To pivot to profitability  ·  neutral
\end{itemize}
neutral\par
Meaning:To change a business model or strategy specifically to start making money (common in tech/startup culture).\par
Significado:Girar hacia la rentabilidad.\par
Example:After three years of growth-only focus, the platform is now forced to pivot to profitability to satisfy its investors.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# To de-risk the roadmap  ·  formal
\end{itemize}
formal\par
Meaning:To identify and mitigate potential failures in a strategic plan or product development cycle.\par
Significado:Mitigar los riesgos de la hoja de ruta / Planificación estratégica.\par
Example:Before we commit to the global rollout, we need to de-risk the roadmap by conducting more pilot tests in emerging markets.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# To capture the alpha  ·  formal
\end{itemize}
formal\par
Meaning:To achieve returns that exceed the market average (often used in modern quantitative finance).\par
Significado:Obtener rentabilidad superior a la media.\par
Example:The algorithmic trading team is constantly refining their models to capture the alpha in these highly liquid markets.\par

\begin{itemize}[leftmargin=1.2em]
\item \#\#\# To be liquidity-constrained  ·  formal
\end{itemize}
formal\par
Meaning:To have insufficient cash or liquid assets to meet immediate financial obligations.\par
Significado:Tener problemas de liquidez / Estar limitado por la falta de liquidez.\par
Example:While the company has high asset value, they are currently liquidity-constrained due to the sudden shift in interest rates.\par

-\par
}
\lessonbox{Lesson 5: Reading Practice}{
\section*{Unit 16: Finance, Investment \& Risk}

\subsection*{Reading: The Algorithmic Gamble}

The financial landscape of 2025 has undergone a seismic shift, moving away from the traditional intuition of seasoned fund managers towards the cold, calculated precision of generative AI. While the promise of unprecedented efficiency and risk mitigation initially sent markets soaring, a growing chorus of economists is now questioning the long-term stability of a world governed by black-box algorithms.\par

The core of the debate lies in the nature of 'automated risk'. In the past, market volatility was often driven by human emotion—fear or greed—which, while unpredictable, followed a certain psychological logic. Today, however, high-frequency trading algorithms can execute millions of transactions in the blink of an eye, reacting to news feeds and social media sentiment with terrifying speed. This has created a new phenomenon: the 'flash crash' risk, where a single erroneous line of code or a misinterpreted data point can trigger a cascading sell-off before a human intervenes.\par

Proponents of AI-driven finance argue that these systems are inherently more rational than humans. They point to the ability of machine learning models to process vast datasets—from geopolitical shifts to climate change projections—far more effectively than any human analyst. By identifying subtle correlations that elude the organic mind, these tools can theoretically optimise portfolios and hedge against losses with surgical accuracy.\par

Yet, this efficiency comes at a cost: the erosion of transparency. When an AI makes a high-stakes investment decision, even its creators often struggle to explain the underlying reasoning. This 'opacity problem' poses a significant challenge to regulatory bodies. If a market collapse occurs due to an algorithmic feedback loop, who is held accountable? The developer? The firm? Or the machine itself?\par

Furthermore, there is the risk of 'algorithmic homogeneity'. As more investment firms adopt similar AI models, the diversity of market strategies diminishes. If every major player uses the same logic to assess risk, they may all attempt to exit the same positions simultaneously during a downturn. This synchronicity could turn a standard market correction into a catastrophic liquidity crisis.\par

As we navigate the mid-2020s, the challenge for investors is no longer just about understanding market trends, but about understanding the tools used to trade them. The intersection of finance and technology has created a playground of immense opportunity, but it is one where the rules are being rewritten in real-time. Diversification, once a simple matter of asset allocation, now requires a sophisticated understanding of technological vulnerability. In this new era, the greatest risk might not be the market itself, but the very intelligence we designed to master it.\par

\subsection*{Comprehension — multiple choice}

1. What is the writer's main purpose in the first paragraph?\par
A. To celebrate the recent success of AI in the financial sector.\par
B. To contrast traditional investment methods with modern technological shifts.\par
C. To argue that human fund managers are no longer necessary.\par
D. To predict a total collapse of the global economy by 2026.\par

2. According to the second paragraph, how does modern volatility differ from historical volatility?\par
A. It is driven by more predictable psychological factors.\par
B. It is less frequent due to the speed of high-frequency trading.\par
C. It is characterised by a speed that outpaces human intervention.\par
D. It is primarily caused by social media rather than economic news.\par

3. What is the primary argument used by supporters of AI in finance?\par
A. AI models are entirely free of error and bias.\par
B. Machines can process complex data more effectively than humans.\par
C. AI can replace the need for regulatory oversight.\par
D. Human intuition is more dangerous than algorithmic logic.\par

4. The 'opacity problem' mentioned in the third paragraph refers to...\par
A. the difficulty in understanding how AI reaches its conclusions.\par
B. the lack of transparency in how governments regulate banks.\par
C. the tendency of algorithms to hide their own errors.\par
D. the visual complexity of modern trading interfaces.\par

5. Why does the author mention 'algorithmic homogeneity'?\par
A. To suggest that market diversity is increasing due to technology.\par
B. To highlight the danger of many firms using identical decision-making logic.\par
C. To explain why all investment firms are becoming more profitable.\par
D. To argue that different strategies are no longer needed in a digital market.\par

6. What is the writer's concluding tone regarding the future of finance?\par
A. Optimistic about the total integration of AI into markets.\par
B. Dismissive of the risks posed by technological advancement.\par
C. Cautious about the new complexities of managing risk.\par
D. Certain that the era of human-led finance is over.\par

\subsection*{Gapped text — missing sentences}

A. This synchronicity could turn a standard market correction into a catastrophic liquidity crisis.\par
B. This has created a new phenomenon: the 'flash crash' risk, where a single erroneous line of code can trigger a sell-off.\par
C. Despite these advantages, the lack of transparency remains a significant hurdle for regulators.\par
D. This creates a scenario where the market lacks the variety of strategies needed to absorb shocks.\par
E. Consequently, the traditional methods of risk management have become entirely obsolete.\par

\subsection*{Glossary}

\begin{itemize}[leftmargin=1.2em]
\item Seismic shift: Cambio sísmico/radical
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Mitigation: Mitigación/reducción
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Volatility: Volatilidad
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Cascading: En cascada/en cadena
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Hedge against: Protegerse contra (riesgos)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Opacity: Opacidad/falta de claridad
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Homogeneity: Homogeneidad
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Downturn: Recesión/caída económica
\end{itemize}

\subsection*{Answers}

Comprehension\par
1. B\par
2. C\par
3. B\par
4. A\par
5. B\par
6. C\par

Gapped text (Matching logic)\par
Note: In a real exam, these would be placed in the gaps. Based on the text flow:\par
1. (Paragraph 2) -> B\par
2. (Paragraph 3) -> C\par
3. (Paragraph 4) -> A (Wait, in the text, A is the result of the homogeneity. The correct sentence for the homogeneity paragraph is D).\par
Let's re-align for the learner:\par
*   Gap 1 (Para 2): B\par
*   Gap 2 (Para 3): C\par
*   Gap 3 (Para 4): D\par
*   Gap 4 (Para 5): A\par
*   Distractor: E\par
}
\lessonbox{Lesson 6: Listening Lab}{
\section*{Financial Fluctuations and Global Risks}

Esta actividad de comprensión auditiva se divide en tres partes para poner a prueba tu capacidad de entender detalles, completar información y captar ideas principales. Escucha atentamente el audio para responder a las preguntas de opción múltiple y de completar huecos según se indica.\par

\subsection*{Part 1 — Conversation (questions 1–6)}

\# |\par
Question |\par
Options |\par

1 |\par
What is the primary reason for Speaker 1's apprehension regarding the tech fund? |\par
The fund is not generating enough profit to cover inflation.  /  The current level of exposure to emerging markets is too high.  /  The volatility of the market has caused a total loss of capital.  /  The fund managers have failed to follow the initial strategy. |\par

2 |\par
How does Speaker 2 justify the current investment strategy? |\par
By claiming that they are gambling on high-growth sectors.  /  By arguing that they have diversified to mitigate losses.  /  By stating that the returns are guaranteed by the government.  /  By suggesting that they should have invested more in blue-chip stocks. |\par

3 |\par
What does Speaker 1 suggest as a potential solution to their current situation? |\par
A complete withdrawal of all assets from the market.  /  Moving all capital into speculative ventures immediately.  /  Rebalancing the portfolio by moving capital to more stable stocks.  /  Waiting for the geopolitical landscape to stabilize before acting. |\par

4 |\par
What is the main difference between the two speakers' views on risk? |\par
Speaker 1 wants to maximize returns while Speaker 2 wants to avoid risk.  /  Speaker 1 prioritises stability while Speaker 2 prioritises growth potential.  /  Speaker 1 believes in hedging while Speaker 2 believes in total reallocation.  /  Speaker 1 is focused on the fiscal year while Speaker 2 is focused on inflation. |\par

5 |\par
What does the phrase 'walking a tightrope' imply in the context of the conversation? |\par
The investors are performing a physical feat of bravery.  /  The financial situation is extremely precarious and risky.  /  The market is moving in a predictable, linear fashion.  /  The fund is successfully balancing different sectors. |\par

6 |\par
What is the agreed-upon next step between the two speakers? |\par
They will immediately reallocate all their assets.  /  They will consult with analysts to review concrete figures.  /  They will decide to pull out of the market entirely.  /  They will wait until the next fiscal year to make changes. |\par

\subsection*{Part 2 — Monologue: sentence completion (questions 7–12)}

Complete each sentence with 1–3 words from the recording.\par

1.  The speaker is worried that the current level of exposure to emerging markets is \_\_\_\_.\par

2.  Speaker 2 argues that they have \_\_\_\_ their positions in several sectors.\par

3.  Speaker 1 suggests moving capital into more stable, \_\_\_\_ stocks.\par

4.  The speaker would rather sleep soundly knowing they have a \_\_\_\_.\par

5.  The goal of rebalancing is to find a better \_\_\_\_.\par

6.  Speaker 1 notes that the \_\_\_\_ landscape is now more unpredictable.\par

\subsection*{Part 3 — Panel discussion (questions 13–18)}

13. How does the narrator define 'idiosyncratic risk'?\par
\begin{itemize}[leftmargin=1.2em]
\item Risk that affects the entire global financial system.
\item Risk that is specific to a single company or sector.
\item Risk that is caused by the failure of government regulations.
\item Risk that results from the interconnectedness of banks.
\end{itemize}

14. What metaphor does the narrator use to describe systemic risk?\par
\begin{itemize}[leftmargin=1.2em]
\item A domino effect in a line of falling tiles.
\item A house of cards where one piece can collapse the structure.
\item A web of debt that traps all investors.
\item A tidal wave that overwhelms the coast.
\end{itemize}

15. According to the narrator, why is 'interconnectedness' a driver of systemic risk?\par
\begin{itemize}[leftmargin=1.2em]
\item It allows banks to share profits more easily.
\item It creates a more stable environment for growth.
\item It acts as a conduit for transmitting shocks throughout the system.
\item It prevents the occurrence of a liquidity crisis.
\end{itemize}

16. What is the 'moral hazard' mentioned in the monologue?\par
\begin{itemize}[leftmargin=1.2em]
\item The ethical dilemma of lying to investors about risks.
\item The risk that bailing out institutions encourages further reckless behaviour.
\item The unfairness of the shadow banking system to small investors.
\item The loss of human values in a hyper-connected digital economy.
\end{itemize}

17. What does the narrator conclude about the challenge of managing risk?\par
\begin{itemize}[leftmargin=1.2em]
\item We must prioritise growth over all forms of safety.
\item We must find a way to manage risk without stifling economic progress.
\item We must eliminate all forms of market fluctuation entirely.
\item We must focus solely on the shadow banking system.
\end{itemize}

18. What was the primary lesson of the 2008 financial crisis according to the text?\par
\begin{itemize}[leftmargin=1.2em]
\item That the subprime mortgage market was too stable.
\item That local failures can lead to a global meltdown.
\item That regulators were too involved in the market.
\item That digital currencies were the cause of the crisis.
\end{itemize}

\subsection*{Vocabulario clave}

\begin{itemize}[leftmargin=1.2em]
\item Apprehensive — Aprensivo / Inquieto  - Mitigate — Mitigar / Atenuar  - Volatility — Volatilidad  - Hedge — Cobertura (financiera)  - Pervasive — Penetrante / Omnipresente  - Conundrum — Dilema / Enigma  - Paradigm shift — Cambio de paradigma  - Inextricably linked — Inextricablemente ligados  \#\#\# Respuestas
\end{itemize}

Part 1: 1. C  ·  2. B  ·  3. B  ·  4. A  ·  5. A  ·  6. C\par
Part 2: 1. too high  ·  2. hedged  ·  3. blue-chip  ·  4. solid foundation  ·  5. equilibrium  ·  6. geopolitical\par
Part 3: 13. A  ·  14. A  ·  15. A  ·  16. A  ·  17. D  ·  18. A\par

\subsection*{Transcript}

Ver transcript completo\par

SEGMENT 1 — CONVERSATION\par

Speaker 1: I was just looking over the quarterly projections for the tech fund, and to be honest, I’m feeling a bit apprehensive about our current exposure to emerging markets.\par

Speaker 2: I hear what you’re saying, but isn’t that exactly where the growth potential lies? If we play it too safe, we might end up with mediocre returns that don't even keep pace with inflation.\par

Speaker 1: Well, there’s a fine line between calculated risk and being reckless, don't you think? The volatility we've seen in the last few months has been quite jarring, and I’m worried we’ve overextended ourselves.\par

Speaker 2: It’s certainly a volatile climate, I’ll grant you that. However, I’d argue that we aren't just gambling; we’re diversifying. We’ve hedged our positions in several sectors to mitigate potential losses.\par

Speaker 1: But is that enough of a buffer? I mean, if the market takes a sudden downturn, those hedges might not be as effective as we’re assuming. It feels like we’re walking a tightrope.\par

Speaker 2: I suppose it comes down to our risk appetite. We agreed at the start of the fiscal year that we would pursue a more aggressive strategy to capitalise on these shifts.\par

Speaker 1: We did, yes. But circumstances change. The geopolitical landscape is far more unpredictable than it was back in January. I’m not saying we should pull out entirely, but perhaps a more cautious approach is warranted.\par

Speaker 2: So, what are you proposing? A total reallocation of assets?\par

Speaker 1: Not necessarily. I’m thinking more along the lines of rebalancing the portfolio. We could trim our stakes in the more speculative ventures and move that capital into more stable, blue-chip stocks. It’s about finding a better equilibrium.\par

Speaker 2: I see your point. It’s about mitigating downside risk without completely sacrificing the upside. It’s a delicate balancing act, for sure.\par

Speaker 1: Exactly. I’d rather sleep soundly at night knowing we have a solid foundation, even if it means we don't hit those astronomical targets we initially projected.\par

Speaker 2: Fair enough. Let’s sit down with the analysts tomorrow and look at some concrete figures. If the numbers back up your concerns, we can certainly look into rebalancing.\par

SEGMENT 2 — MONOLOGUE\par

Narrator: Good morning, everyone, and welcome back to 'The Macro View'. Today, we are delving into a topic that is often misunderstood, yet it is fundamental to the stability of our global economy: the concept of systemic risk. Now, when we talk about risk in an individual sense—say, an investor deciding whether to buy shares in a startup—we are talking about idiosyncratic risk. This is the risk specific to a single company or sector. If that company fails, the investor loses money, but the rest of the market remains largely unaffected.\par

Narrator: However, systemic risk is a different beast entirely. It refers to the possibility that an event at the individual level could trigger a cascade of failures across an entire financial system. Think of it like a house of cards; if one foundational piece is pulled away, the entire structure collapses. This is why regulators are so obsessed with 'too big to fail' institutions. The logic is that the failure of one massive bank could create a domino effect, leading to a widespread liquidity crisis that could paralyze the global economy.\par

Narrator: One of the primary drivers of systemic risk in the modern era is interconnectedness. In our hyper-connected financial world, banks, hedge funds, and insurance companies are all linked through complex webs of derivatives and debt. While these instruments are designed to spread risk, they can also act as conduits, transmitting shocks from one part of the system to another with terrifying speed. This is precisely what we witnessed during the 2008 financial crisis, where the collapse of the subprime mortgage market in the United States sent shockwaves through global markets, leading to a near-total meltdown.\par

Narrator: So, how do we manage such a pervasive threat? It’s an ongoing debate among economists and policymakers. Some argue for more stringent capital requirements—essentially forcing banks to hold more cash in reserve to absorb losses. Others suggest that we need better oversight of the shadow banking system, where much of the world's unregulated financial activity takes place. There is also the question of 'moral hazard'. If we bail out large institutions to prevent systemic collapse, do we inadvertently encourage them to take even greater risks in the future, knowing they have a safety net?\par

Narrator: It is a conundrum with no easy answers. As we move forward, the challenge will be to foster a financial environment that encourages innovation and growth while simultaneously building robust safeguards against the inevitable fluctuations of the market. We must find a way to manage risk without stifling the very mechanisms that drive economic progress. Thank you for joining me today; we will be back next week to discuss the implications of digital currencies on traditional banking.\par

SEGMENT 3 — PANEL DISCUSSION\par

Speaker 1: Welcome to our final panel of the day. We are discussing the future of sustainable investing. Joining us are Dr. Aris Thorne, a leading economist, and Sarah Jenkins, a veteran fund manager. Let's jump straight in. Sarah, you’ve been quite vocal about the shift towards ESG—Environmental, Social, and Governance—criteria. Is this just a passing trend, or is it a fundamental shift in how we view value?\par

Speaker 2: I would argue it’s a fundamental paradigm shift. For a long time, the sole focus was on short-term profit maximization. But we’re seeing a growing recognition that long-term value is inextricably linked to how a company manages its environmental footprint and its social responsibilities. Investors are no longer just looking at balance sheets; they’re looking at the sustainability of the business model itself.\par

Speaker 3: If I could just interject there, I think we need to be careful about 'greenwashing'. While the intent may be good, many companies are simply rebranding their existing operations to appear more environmentally friendly without making any substantive changes. This creates a significant risk for investors who believe they are making ethical choices but are actually just being misled.\par

Speaker 1: That’s a valid point, Dr. Thorne. How do we distinguish between genuine commitment and mere marketing?\par

Speaker 3: It requires much more rigorous, standardised reporting. Currently, ESG metrics can be quite arbitrary, which makes comparison difficult. We need global standards that allow for transparent and comparable data. Without that, we’re essentially flying blind.\par

Speaker 2: I agree that transparency is crucial, but we shouldn't let the pursuit of perfect data prevent us from making meaningful investments. Even imperfect data provides a better direction than no data at all. The trend is clearly moving in this direction, and the capital is following.\par

Speaker 1: But does this focus on ESG lead to a misallocation of capital? Could we be neglecting high-growth sectors because they don't fit the current 'green' narrative?\par

Speaker 3: That is certainly a risk. If we over-index on certain criteria, we might miss out on significant opportunities. However, I’d argue that the risks of ignoring these factors—such as climate change or social unrest—are far greater than the risks of misallocating capital in the short term.\par

Speaker 2: Exactly. It’s about risk management. We aren't ignoring traditional financial metrics; we are augmenting them. We’re essentially expanding our definition of risk to include these broader, systemic factors.\par

Speaker 1: So, in essence, you’re saying that ESG is not an alternative to financial analysis, but an essential component of it?\par

Speaker 2: Precisely. It’s about a more holistic approach to valuation.\par

Speaker 3: I can concede that point, provided we address the issues of transparency and accountability. If we can standardise these metrics, then I think we have a much more robust framework for the future.\par
}
\lessonbox{Lesson 7: Use of English}{
Unit 16: Finance, Investment \& Risk\par

\section*{Part 1 — Word formation}

Instructions: Read the text below. Use the word in CAPITALS at the end of some of the lines to form a word that fits in the gap in the same line. For C1 level, pay attention to prefixes, suffixes, and noun/adgective/adverb transformations.\par

The global market has experienced significant volatility recently, leading to widespread 1. \_ among retail investors. While some see these fluctuations as an 2. \_, others fear a total market collapse. Diversifying a portfolio is often seen as a way to mitigate 3. \_, though no strategy can guarantee 4. \_. Many financial advisors suggest that an 5. \_ approach to long-term planning is better than chasing short-term gains. However, the 6. \_ of high-risk assets remains a topic of debate. Some argue that the 7. \_ of the current economic climate requires more cautious management. Ultimately, the 8. \_ of one's financial future depends on both luck and strategic decision-making.\par

\begin{itemize}[leftmargin=1.2em]
\item UNCERTAIN
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item OPPORTUNITY
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item RISK
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item PROFIT
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item INVEST
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item VOLATILE
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item INSTABLE
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item DECIDE
\end{itemize}

\section*{Part 2 — Key word transformations}

Instructions: Complete the second sentence so that it has a similar meaning to the first sentence, using the word given. Do not change the word given. You must use between three and five words, including the word given.\par
1. "I am sorry I forgot your birthday," said Mark. | REGRETTED\par
→ Mark \_\_ his birthday.\par
2. "I'll definitely pay you back next week," promised Sarah. | ASSURED\par
→ Sarah \_\_ pay him back the following week.\par
3. "The project was a complete failure," the manager said. | ADMITTED\par
→ The manager \_\_ the project had been a complete failure.\par
4. "I didn't steal the money," the suspect told the police. | DENIED\par
→ The suspect \_\_ the money.\par
5. "We are going to expand into Asia," the CEO announced. | STATED\par
→ The CEO \_\_ to expand into Asia.\par
6. "I didn't mean to break the vase," she said. | INTENDED\par
→ She \_\_ the vase.\par

\section*{Answer key}

\begin{itemize}[leftmargin=1.2em]
\item uncertainty
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item opportunity
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item risk
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item profitability
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item investment
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item volatility
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item instability
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item decision
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item regretted forgetting
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item assured him she would
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item admitted that
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item denied stealing
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item stated that they were
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item did not intend to break
\end{itemize}
}
\lessonbox{Lesson 8: Writing Workshop}{
\section*{Task (Cambridge C1 Advanced, Part 2 style)}

Topic: Finance, Investment \& Risk\par
Type: Report\par

The Situation:\par
You work for a medium-sized international company. The Board of Directors has asked you to write a report evaluating the company's current investment strategy. They are concerned that the company is being too cautious and missing out on growth opportunities, but they are also worried about the risks of aggressive expansion.\par

The Task:\par
Write a report for the Board of Directors. In your report, you should:\par
*   Assess the current investment approach.\par
*   Discuss the potential risks and benefits of diversifying into new markets.\par
*   Recommend a course of action to balance growth and stability.\par

Word count: 220-260 words.\par

\section*{Tips (en español)}

\begin{itemize}[leftmargin=1.2em]
\item Structure: Para un report, utiliza subtítulos claros para cada sección. Esto ayuda al lector a encontrar la información rápidamente, algo vital en contextos profesionales.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Register: Mantén un tono formal y objetivo. Evita contracciones (use do not instead of don't) y evita el uso excesivo de la primera persona (I think); en su lugar, usa estructuras impersonales (It is suggested that...).
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Linking: Utiliza conectores de transición para guiar al lector entre la evaluación de riesgos y las recomendaciones (e.g., Furthermore, Conversely, Notwithstanding).
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Hedging (Lenguaje cauteloso): En finanzas, nada es 100\% seguro. Usa "hedging" para suavizar afirmaciones (it is highly probable that, could potentially lead to) para no sonar demasiado tajante.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Evaluación de ideas: No te limites a listar hechos. Un estudiante de nivel C1 debe analizar la relación entre el riesgo y el beneficio. No digas solo "es arriesgado", di "el riesgo podría comprometer la liquidez a corto plazo".
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Time management: En el examen, dedica 5 minutos a planificar la estructura de los subtítulos antes de escribir. Esto te asegura que no te saltes ningún punto de la tarea.
\end{itemize}

\section*{Useful language}

\# |\par
Expression |\par
Español |\par
Audio |\par

1 |\par
What immediately stands out is... |\par
Lo que destaca enseguida es... |\par
|\par

2 |\par
At first glance, the scene appears to... |\par
A primera vista, la escena parece... |\par
|\par

3 |\par
Whereas the first image suggests..., the second one points to... |\par
Mientras que la primera imagen sugiere..., la segunda apunta a... |\par
|\par

4 |\par
There is a striking contrast between... and... |\par
Hay un contraste marcado entre... y... |\par
|\par

5 |\par
The people seem to be dealing with... |\par
Las personas parecen estar lidiando con... |\par
|\par

6 |\par
It is highly likely that... |\par
Es muy probable que... |\par
|\par

7 |\par
One could infer that... |\par
Se podría inferir que... |\par
|\par

8 |\par
This might reflect a broader issue: ... |\par
Esto podría reflejar un problema más amplio: ... |\par
|\par

9 |\par
Although the setting is different, both images convey... |\par
Aunque el contexto es distinto, ambas imágenes transmiten... |\par
|\par

10 |\par
The overall impression is one of... |\par
La impresión general es de... |\par
|\par

11 |\par
This would be a useful example of... |\par
Esto sería un ejemplo útil de... |\par
|\par

12 |\par
I would argue that the second image feels more... |\par
Diría que la segunda imagen resulta más... |\par
|\par

\section*{Model answer}

Report on Investment Strategy and Market Diversification\par

Introduction\par
The purpose of this report is to evaluate our current investment strategy and assess the implications of diversifying into emerging markets. The Board seeks to balance capital growth with financial stability.\par

Current Investment Status\par
At present, the company maintains a conservative approach, focusing primarily on low-risk domestic assets. While this has ensured consistent stability and preserved liquidity, it has also resulted in stagnant growth. Consequently, we are failing to capitalise on the higher returns offered by more volatile markets.\par

Risks and Benefits of Diversification\par
Diversifying into new international markets presents a dual-edged sword. On the one hand, it offers the potential for significant revenue growth and reduces dependency on the domestic economy. On the other hand, such expansion involves substantial capital expenditure and exposure to geopolitical instability. It is argued that while the risks are non-negligible, the cost of inaction—namely, losing market share to more aggressive competitors—may be even higher.\par

Recommendations\par
In light of the aforementioned factors, it is recommended that the company adopts a "balanced growth" strategy. Rather than an abrupt shift, we should incrementally allocate a portion of our surplus capital to international ventures. This would allow for market penetration while maintaining a sufficient safety net.\par

Conclusion\par
To conclude, transitioning from a purely conservative stance to a more diversified portfolio is essential for long-term viability. By implementing a phased approach, the company can mitigate risk while securing future growth.\par

\section*{Marking checklist}

\begin{itemize}[leftmargin=1.2em]
\item Content: ¿Has respondido a todos los puntos de la tarea? (Evalúa si la información proporcionada es relevante y completa).
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Communicative Achievement: ¿El tono es formal y adecuado para un informe dirigido a una junta directiva? (Evalúa si el estilo cumple con las convenciones del género report).
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Organisation: ¿Has utilizado subtítulos y conectores para que el texto fluya de forma lógica? (Evalúa la estructura y la cohesión interna).
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Language: ¿Has usado vocabulario avanzado (C1) y estructuras gramaticales complejas sin errores graves? (Evalúa la precisión y la variedad léxica).
\end{itemize}
}
\lessonbox{Lesson 9: Speaking Lab}{
\section*{Speaking — describe \& compare}

Compara estas dos imágenes. Describe las diferencias en cuanto a la situación financiera y el nivel de riesgo que representan cada persona. Habla durante dos minutos sobre cómo las decisiones de inversión afectan el bienestar emocional. No te limites a describir lo que ves; especula sobre las circunstancias.\par

\begin{center}
\includegraphics[width=0.82\linewidth]{\detokenize{/Users/c/c1-run/public/generated/images/unit-016-speaking-speaking.png}}\\[1mm]
{\small speaking}
\end{center}

\subsection*{Useful phrases}

\begin{itemize}[leftmargin=1.2em]
\item It appears as though the individual is... — Parece como si el individuo estuviera...  - One could infer that they are facing... — Se podría inferir que se enfrentan a...  - In stark contrast to the first scene... — En marcado contraste con la primera escena...  - There is a palpable sense of... — Hay una sensación palpable de...  - The visual cues suggest a tendency towards... — Las pistas visuales sugieren una tendencia hacia...  - While the first person seems poised, the second... — Mientras que la primera persona parece serena, la segunda...  - It is highly likely that they have... — Es muy probable que hayan...  - They might be grappling with... — Podrían estar lidiando con...  - The juxtaposition of these two scenes highlights... — La yuxtaposición de estas dos escenas resalta...  - One might assume that the risk involved is... — Uno podría asumir que el riesgo implicado es...  - Judging by their expressions, it seems... — A juzgar por sus expresiones, parece...  - The disparity between the two situations is... — La disparidad entre las dos situaciones es...  \#\#\# Pronunciación
\end{itemize}

Para mejorar tu fluidez, practica los pares mínimos. Diferencia claramente entre /ɪ/ (como en 'sit') y /iː/ (como en 'seat'). Practica la diferencia entre /æ/ (como en 'bad') y /ʌ/ (como en 'bud'), y entre /ɒ/ (como en 'hot') y /əʊ/ (como en 'hope). La precisión en estos sonidos es vital para evitar malentendidos en exámenes de nivel avanzado.\par

\subsection*{Model answer}

Both images depict individuals managing their finances, yet they convey diametrically opposed emotional states. In the first image, a young woman appears to be navigating a successful investment strategy. She looks composed, perhaps suggesting she has taken a calculated risk that is now yielding significant returns, as indicated by the rising green graphs on her tablet. The atmosphere is serene and controlled.\par

In stark contrast, the second image depicts a man who seems to be grappling with the consequences of a volatile market. His stressed expression and the cluttered environment suggest he might be facing a financial crisis or a poorly managed investment. While the woman represents stability and growth, the man embodies the anxiety often associated with high-risk ventures.\par

One could infer that the woman has diversified her portfolio, whereas the man might have overextended himself. Ultimately, the juxtaposition of these scenes highlights the unpredictable nature of finance; one moment you are reaping the rewards of a smart move, and the next, you are facing the fallout of a sudden downturn. It is a powerful visual representation of the emotional rollercoaster inherent in investment and risk management.\par
}
\lessonbox{Lesson 10: Mediation Task}{
\section*{Mediation}

Basándote en la información proporcionada, redacta un correo electrónico formal dirigido a tus compañeros de trabajo. Debes resumir los cambios en la estrategia de inversión y explicar las razones detrás de estas decisiones, manteniendo un tono profesional y constructivo.\par

\subsection*{Texto original (español)}

La empresa ha decidido diversificar su cartera de inversiones para mitigar los riesgos actuales del mercado. En lugar de centrarse únicamente en acciones tecnológicas, ahora invertiremos un 30\% en activos inmobiliarios y en fondos de bonos gubernamentales. El objetivo es asegurar una estabilidad a largo plazo frente a la volatilidad. Aunque esto podría reducir las ganancias inmediatas, protegerá nuestro capital principal. Se recomienda que todos los departamentos revisen sus presupuestos anuales para ajustarse a esta nueva estrategia de gestión de riesgos. Las decisiones finales se tomarán en la junta directiva el próximo mes.\par

\subsection*{Imagen de apoyo}

\begin{center}
\includegraphics[width=0.82\linewidth]{\detokenize{/Users/c/c1-run/public/generated/images/unit-016-mediation-mediation.png}}\\[1mm]
{\small mediation}
\end{center}

\subsection*{Estrategias clave}

\begin{itemize}[leftmargin=1.2em]
\item Identificar las ideas principales y los datos clave del texto original.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Adaptar el registro de un informe informativo a un correo electrónico profesional.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Parafrasear conceptos financieros (e.g., 'mitigar riesgos', 'volatilidad') para evitar la repetición.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Organizar la información de forma lógica: contexto, cambios, justificación y próximos pasos.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Utilizar conectores de transición para dar fluidez al mensaje (e.g., 'con regard to', 'consequently').
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Mantener la objetividad profesional sin perder la claridad del mensaje.
\end{itemize}

\subsection*{Audiencia de destino}

your colleagues\par

\subsection*{Respuesta modelo (English)}

Subject: Update regarding our new investment strategy\par

Dear Colleagues,\par

I am writing to inform you of some significant changes to our company's investment strategy, which aim to enhance our long-term financial stability.\par

To mitigate current market volatility, the company has decided to diversify our portfolio. Rather than relying solely on technology stocks, we will be allocating 30\% of our capital to real estate and government bonds. While this shift may result in more modest immediate returns, it is a strategic move designed to protect our core capital against unforeseen market fluctuations.\par

In light of these changes, we kindly request that all departments review their annual budgets to ensure alignment with this new risk management approach. Please be advised that the final decisions regarding these adjustments will be formalised during next month's board meeting.\par

We appreciate your cooperation as we implement these measures to secure our company's future. Should you have any immediate questions, please do not hesitate to reach out.\par

Best regards,\par

[Your Name]\par
Finance Department\par
}
\lessonbox{Lesson 11: Podcast Guide}{
\section*{Podcast Guide — Finance, Investment \& Risk}

Escuchar podcasts auténticos es fundamental en el nivel C1 para acostumbrarse a diferentes acentos, velocidades y matices idiomáticos que no aparecen en los libros de texto. En esta unidad, utilizaremos contenido real para que aprendas a procesar información compleja sobre economía y gestión de riesgos de forma natural.\par

\subsection*{Recommended podcasts (3 total)}

\#\#\#\# 1. The Inquiry (BBC World Service)\par

\begin{itemize}[leftmargin=1.2em]
\item Level \& accent: British English (RP/Standard), C1 appropriate: Yes.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Recommended episode: "The rise of the 'shadow banking' system" or "How central banks control your money."
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Why it's useful for C1: Este podcast utiliza un lenguaje periodístico sofisticado y estructurado, ideal para aprender a seguir argumentos complejos. El ritmo es pausado pero el vocabulario es de alto nivel, lo que lo hace perfecto para este nivel.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item 5 key phrases to listen for:
\end{itemize}
To exert influence over... (Ejercer influencia sobre...)\par

\begin{itemize}[leftmargin=1.2em]
\item A double-edged sword (Un arma de doble filo)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item To mitigate the impact of... (Mitigar el impacto de...)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Market volatility (Volatilidad del mercado)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item To be subject to... (Estar sujeto a...)
\end{itemize}

\#\#\#\# 2. TED Talks Daily (TED)\par

\begin{itemize}[leftmargin=1.2em]
\item Level \& accent: Mixed (Global), C1 appropriate: Yes.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Recommended episode: "The psychology of money" or "How to manage financial risk in an uncertain world."
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Why it's useful for C1: Al ser charlas magistrales, los ponentes suelen utilizar conectores lógicos avanzados para estructurar sus ideas. Es excelente para aprender cómo presentar conceptos abstractos de forma persuasiva.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item 5 key phrases to listen for:
\end{itemize}
To take a calculated risk (Correr un riesgo calculado)\par

\begin{itemize}[leftmargin=1.2em]
\item To disrupt the industry (Transformar/disrumpir la industria)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item The underlying cause (La causa subyacente)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item To hedge against... (Cubrirse contra/protegerse de un riesgo)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item An unprecedented level of... (Un nivel sin precedentes de...)
\end{itemize}

\#\#\#\# 3. BBC In Our Time (BBC)\par

\begin{itemize}[leftmargin=1.2em]
\item Level \& accent: British English (Academic/High-level), C1 appropriate: Yes.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Recommended episode: "The history of the stock market" or "The origins of banking."
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Why it's useful for C1: Este podcast es de un nivel intelectual muy alto, con debates académicos entre expertos. Te obligará a trabajar la comprensión auditiva intensiva debido a la densidad de la información.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item 5 key phrases to listen for:
\end{itemize}
To stem from... (Derivar de / tener su origen en)\par

\begin{itemize}[leftmargin=1.2em]
\item A fundamental shift in... (Un cambio fundamental en...)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item To underpin the economy (Sustentar/servir de base a la economía)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item The implications of... (Las implicaciones de...)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item To fluctuate wildly (Fluctuar violentamente/drásticamente)
\end{itemize}

\subsection*{Active listening strategies (C1)}

\begin{itemize}[leftmargin=1.2em]
\item Pre-listening priming: Antes de dar al play, lee el título y la descripción. Intenta predecir qué vocabulario técnico (e.g., interest rates, assets, liability) podrías escuchar para preparar tu cerebro.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Selective listening (Gist vs. Detail): Realiza una primera escucha para captar la idea general (the gist). En una segunda escucha, enfócate en los detalles específicos, como cifras, nombres o argumentos concretos.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Note-taking in English: No traduzcas mentalmente. Toma notas utilizando palabras clave, esquemas o mapas mentales directamente en inglés para fomentar el pensamiento en el idioma.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Shadowing technique: Si escuchas una frase que te parece especialmente elegante o bien estructurada, pausa el audio e intenta repetirla imitando exactamente la entonación y el ritmo del hablante.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Contextual guessing: Cuando escuches una palabra desconocida, no detengas el audio inmediatamente. Intenta deducir su significado basándote en el contexto de la frase y el tono del hablante.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Transcribing challenging segments: Si un segmento es muy rápido, selecciona 30 segundos de audio y trata de escribir palabra por palabra lo que dicen. Esto entrena tu oído para las contracciones y el connected speech.
\end{itemize}

\subsection*{Follow-up task}

Task: The Analytical Summary\par

\begin{itemize}[leftmargin=1.2em]
\item Vocabulary Extraction: While listening, write down at least 8 new words or collocations. Create a table with two columns: New Term and Meaning in my own words (in English).
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Argument Mapping: Write a short paragraph (80-100 words) summarizing the speaker's main argument. Use at least three of the "key phrases" you listened to.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Critical Response: Record a 2-minute voice note (on your phone) expressing your opinion on the topic. Do you agree with the speaker's assessment of risk or investment? Use advanced connectors like consequently, nevertheless, or furthermore.
\end{itemize}
}
\lessonbox{Lesson 12: Media Guide}{
\section*{Cine \& Series — Finance, Investment \& Risk}

Utilizar producciones audiovisuales de alta calidad te permite escuchar el lenguaje financiero en contextos de negociación real, no solo en libros de texto. Al analizar el registro y la intención de los personajes, desarrollarás la capacidad de entender matices sutiles, algo esencial para superar el examen C1.\par

\subsection*{Recommended title}

\begin{itemize}[leftmargin=1.2em]
\item Title: Industry (2020–present), HBO/Sky/BBC iPlayer
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Accent/dialect: Primarily British (London-based), with various international accents (European/American) representing the global nature of finance.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Why it's perfect for C1: The series uses high-level professional jargon mixed with intense, fast-paced colloquialisms. It perfectly illustrates the tension between formal corporate etiquette and the raw, informal language of high-stakes trading.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Episodes to start with: Season 1, Episodes 1–4.
\end{itemize}

\subsection*{Language focus}

1. "We are effectively gambling with the firm's capital here, and the fallout could be catastrophic."\par
\begin{itemize}[leftmargin=1.2em]
\item Vocabulary note: Fallout /ˈfɔːlaʊt/ (consecuencias negativas/efectos secundarios).
\item Grammar spotlight: This sentence uses a metalinguistic reporting structure. The speaker is not just stating a fact, but commenting on the implications of the situation to frame the debate.
\end{itemize}

2. "I suggest we hedge our bets by diversifying into emerging markets immediately."\par
\begin{itemize}[leftmargin=1.2em]
\item Vocabulary note: To hedge one's bets /hedʒ wʌnz bets/ (cubrirse las espaldas / diversificar el riesgo).
\item Grammar spotlight: The verb suggest acts as a performative verb in a professional context; the act of suggesting is an official move within the corporate hierarchy to influence decision-making.
\end{itemize}

3. "He merely asserted that the volatility was temporary, but we all knew better."\par
\begin{itemize}[leftmargin=1.2em]
\item Vocabulary note: Volatility /ˌvɒləˈtɪləti/ (volatilidad/inestabilidad).
\item Grammar spotlight: This is a classic example of metalinguistic reporting using the verb asserted. It reports not just what was said, but the manner and intent of the speech act, which is vital for C1 level reporting.
\end{itemize}

\subsection*{Viewing task (active watching)}

\begin{itemize}[leftmargin=1.2em]
\item Vocabulary Log: Note down at least 10 new words or phrasal verbs related to finance or emotion per episode.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Register Mapping: Identify scenes where characters shift from formal (boardroom meetings) to informal (after-work drinks) and note how their vocabulary changes.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Linguistic Hunt: Listen specifically for performative verbs (e.g., I promise, I deny, I propose) and how they are used to exert power in negotiations.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Oral Summary: After each episode, record a 2-minute voice note on your phone summarising the main conflict of the episode in English to practice fluency.
\end{itemize}

\subsection*{Similar titles (2 alternatives)}

\begin{itemize}[leftmargin=1.2em]
\item Succession (HBO): Perfect for mastering power dynamics, sophisticated insults, and high-level corporate maneuvering.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Billions (Showtime): Excellent for American English, intensive financial terminology, and complex legal/investment strategies.
\end{itemize}
}
\lessonbox{Lesson 13: Everyday Scene}{
\section*{The Weight of a Decision}

\begin{center}
\includegraphics[width=0.82\linewidth]{\detokenize{/Users/c/c1-run/public/generated/images/unit-016-everyday_scene-everyday_scene.png}}\\[1mm]
{\small everyday\_scene}
\end{center}

En esta imagen, vemos a una persona evaluando cuidadosamente sus opciones financieras en la soledad de su hogar. Esta escena es fundamental para la unidad porque ilustra la tensión entre la planificación a largo plazo y el riesgo personal que conlleva cualquier inversión.\par

\subsection*{Preguntas para hablar (Speaking practice)}

\begin{itemize}[leftmargin=1.2em]
\item Describe the scene: What do you think is happening in this photograph?
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Speculate: Based on the man's expression, how might this financial decision affect his future?
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Compare: How does the concept of financial risk differ between your generation and that of your parents?
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Personal connection: Have you ever had to make a difficult decision regarding your own finances or savings?
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item General discussion: To what extent do you think financial literacy should be taught in schools?
\end{itemize}
}
\lessonbox{Lesson 14: Unit Review \& Progress Test}{
\section*{Unit review — Finance, Investment \& Risk}

Al finalizar esta unidad, deberías ser capaz de participar en debates complejos sobre economía, gestión de riesgos y estrategias de inversión utilizando un léxico especializado y preciso. Habrás desarrollado la capacidad de expresar opiniones matizadas, evaluar escenarios hipotéticos y utilizar estructuras gramaticales avanzadas para reportar declaraciones o realizar actos de habla directos (performatives).\par

Asimismo, deberías sentirte cómodo utilizando el lenguaje para argumentar a favor o en contra de decisiones financieras, así como para estructurar informes o presentaciones profesionales. El objetivo es que hayas pasado de un inglés general a un nivel de competencia profesional (C1) que te permita navegar entornos de negocios internacionales con confianza.\par

\section*{Grammar consolidation}

Part 1: Sentence Transformation\par
Complete the second sentence so that it has a similar meaning to the first sentence, using the word given. Do not change the word given. You must use between three and six words.\par

-\par
"I promise to pay you back next week," said Mark. (PROMISE)\par
Mark \_\_\_\_\_\_\_\_ the money back next week.\par

-\par
"I'm sorry I missed the deadline," she said. (APOLOGISED)\par
She \_\_\_\_\_\_\_\_ the deadline.\par

-\par
"You should invest in gold," the advisor said to me. (ADVISED)\par
The advisor \_\_\_\_\_\_\_\_ in gold.\par

Part 2: Error Correction\par
Identify and correct the error in each sentence. Some sentences may require changing the verb form or word order.\par

\begin{itemize}[leftmargin=1.2em]
\item The CEO suggests that the company to diversify its portfolio immediately.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item He denied to have known about the fraudulent activity before the audit.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item I suggest that we should to postpone the merger until next quarter.
\end{itemize}

Part 3: Controlled Rewriting\par
Rewrite the sentences using the word in brackets to maintain the same meaning.\par

-\par
"I'll take the responsibility for this loss," the manager said. (TOOK)\par
The manager \_\_\_\_\_\_\_\_ for the loss.\par

-\par
"It's a pity we didn't hedge against inflation," he remarked. (REGRETTED)\par
He \_\_\_\_\_\_\_\_ against inflation.\par

-\par
"You must sign the contract now," the lawyer insisted. (INSISTED)\par
The lawyer \_\_\_\_\_\_\_\_ the contract immediately.\par

-\par
"I'm not sure if this is a good investment," she said. (DOUBTED)\par
She \_\_\_\_\_\_\_\_ a good investment.\par

\section*{Vocabulary activation}

Task 1: Collocation Match\par
Match the verbs (1-4) with the nouns (A-D) to form common financial collocations.\par

\begin{itemize}[leftmargin=1.2em]
\item To mitigate | A. volatility
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item To yield | B. risk
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item To weather | C. returns
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item To hedge | D. a crisis
\end{itemize}

Task 2: Word Formation\par
Complete the sentences by changing the form of the word in CAPITALS.\par

\begin{itemize}[leftmargin=1.2em]
\item The sudden \_\_\_\_ in stock prices caused widespread panic. (FLUCTUATE)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item We need to conduct a \_\_\_\_ analysis before committing capital. (FEASIBLE)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item The company's \_\_\_\_ growth was driven by aggressive acquisitions. (EXPAND)
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item There is a significant \_\_\_\_ of losing the initial investment. (LOSE)
\end{itemize}

Task 3: Register Choice\par
Choose the most appropriate word for a formal C1 business report to replace the underlined informal word.\par

-\par
The company's profits went up significantly last year.\par
a) increased | b) surged | c) climbed\par

-\par
We need to look at the potential risks more closely.\par
a) examine | b) see | c) check\par

-\par
The merger was stopped due to regulatory issues.\par
a) halted | b) put an end to | c) cancelled\par

-\par
The investor decided to pull out of the deal.\par
a) withdraw | b) leave | c) quit\par

\section*{Integrated skills task}

Reading Text\par

The recent volatility in global markets has prompted many seasoned investors to reconsider their long-term strategies. While high-risk assets like cryptocurrencies have attracted significant attention, the fundamental principle of risk management remains unchanged: diversification. Diversification is not merely about spreading capital across different sectors; it involves balancing asset classes to mitigate the impact of market downturns.\par

However, some analysts argue that in an increasingly interconnected global economy, traditional diversification may no longer provide the safety net it once did. When systemic risks arise, correlations between different asset classes often increase, meaning they all fall simultaneously. This "contagion effect" poses a significant challenge to modern portfolio theory. Investors are now faced with the dilemma of seeking high yields in a low-interest-rate environment while attempting to protect themselves against unpredictable black swan events. Success in this climate requires not just financial literacy, but also emotional discipline and a robust understanding of global macroeconomic trends.\par

Writing Task\par

Instrucciones: Basándote en el texto anterior, escribe una respuesta de entre 180 y 220 palabras. Debes realizar una crítica de los argumentos presentados. ¿Estás de acuerdo con la idea de que la diversificación tradicional es insuficiente? ¿Qué otros factores debería considerar un inversor moderno? Utiliza vocabulario de nivel C1 y estructuras gramaticales avanzadas.\par

\section*{Speaking checkpoint}

\begin{itemize}[leftmargin=1.2em]
\item Compare: Compare the advantages of investing in physical assets (like real estate) versus digital assets (like cryptocurrency).
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Speculate: How might the rise of Artificial Intelligence affect the stability of the global financial markets in the next decade?
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Evaluate: Evaluate the statement: "Risk is an essential component of growth; without it, there is no profit."
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Justify: If you were managing a large pension fund, would you prioritise capital preservation or high-yield growth? Justify your choice.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Compare: Compare the emotional stress of a professional trader with that of a long-term "buy and hold" investor.
\end{itemize}

\begin{itemize}[leftmargin=1.2em]
\item Speculate: Imagine a global economic recession occurs next year. How would this change the way young professionals approach their careers and savings?
\end{itemize}

\section*{Self-assessment rubric}

Criterion |\par
Needs work (B2/Below) |\par
Solid (C1) |\par
Exam-ready (C1+/C2) |\par

Accuracy |\par
Frequent errors in complex structures. |\par
Good control; errors are rare and don't impede meaning. |\par
Precise use of grammar; almost error-free. |\par

Range |\par
Uses basic vocabulary and repetitive structures. |\par
Uses a wide variety of advanced vocabulary and structures. |\par
Sophisticated use of idiomatic language and nuance. |\par

Fluency |\par
Hesitations when searching for words. |\par
Smooth speech with natural pauses. |\par
Effortless flow; can handle complex topics easily. |\par

Task Achievement |\par
Answers are too short or off-topic. |\par
Fully addresses all parts of the prompt. |\par
Provides deep, nuanced, and well-structured responses. |\par

\section*{Answer key}

Grammar consolidation\par
1. promised to pay\par
2. apologised for missing\par
3. advised me to invest\par
4. suggests that the company diversify (or: should diversify)\par
5. denied knowing\par
6. suggest that we postpone (or: suggest postponing)\par
7. took the responsibility\par
8. regretted not hedging\par
9. insisted on signing\par
10. doubted it was\par

Vocabulary activation\par
1. 1-B, 2-C, 3-D, 4-A\par
2. 5. fluctuation, 6. feasibility, 7. expansive, 8. loss\par
3. 9. b (surged), 10. a (examine), 11. a (halted), 12. a (withdraw)\par
}
\end{document}
