This document provides a summary of topics covered in class including: 1. A review of presentations on central banking, money, taxation, exchange rates, and the business cycle. Key terms from these topics were discussed. 2. A break was taken, after which world currencies and vocabulary related to currencies were reviewed. 3. The final part of the class covered the business cycle, including defining terms like recession, depression, and boom in a reading. Related vocabulary was also practiced. Homework assigned was to connect with a classmate on Facebook.

1. Unit 23 – 25
Central Banking, Money & Taxation
Exchange Rates
The Business Cycle
Business English
Week 13
Professor Hayashi

2. Today’s Class
• attendance & free homework!
• review presentations
• tax vocab and discussion
BREAK
• world currencies and vocab
• the business cycle

3. Unit 23
Central Banking, Money & Taxation

4. Taxation Vocabulary

5. Vocabulary 2E
• Skim the text for the answers
1. depreciation
2. disincentive
3. regressive
4. consumption
5. self-employed
6. national insurance
7. perks
8. tax shelters
9. tax-deductible
10.tax havens

6. Exercise 2F – Discussion – pg. 138
For taxation/government spending Against taxation/government spending
1. All businesses require roads to allow staff, 2. A wealth tax taxes money that has already
supplies and customers to get to them been taxed before, perhaps many times, and is
therefore unethical.
3. Adam Smith: The subjects of every state 4. Business investments should be fully tax-
ought to contribute toward the support of the deductable in the year that they are incurred,
government in proportion to their respective not amortized or depreciated over an
abilities extended period of time.
6. If the general population is unhealthy, and 5. Redistributive taxation is, quite simply,
unable to work, firms won’t find either enough theft.
staff or customers 7. Income tax creates a bias against all income-
generating activity, which makes everyone
poorer.
9. People will stay away from retail outlets in 8. It isn’t people who are taxed, but productive
areas of environmental damage or urban activities.
decay 11. The money people earn is their money.
10. Widespread poverty always leads to crime 13. Why shouldn’t people be born rich?
12. How would companies get qualified staff 14. Taxes take away people’s hard-earned
without the public education system? private property.
15. Society should should share financial 16. Taxes encourage consumption, reduces

7. Unit 24
Exchange Rates
How many types of currencies can you name in 2 minutes?

8. World Currencies
• http://en.wikipedia.org/wiki/List_of_circulating_

9. 1D Vocabulary – Pg. 142 - 143
exercise 1 exercise 2
exercise 2
1. b 1. adjust
1. adjust
2. d 2. convert
2. convert
3. a 3. abolish
3. abolish
4. c 4. suspend
4. suspend
5. f 5. fluctuate
5. fluctuate
6. e 6. diverge
6. diverge

10. Unit 25
The Business Cycle

11. Vocabulary – Exercise 1A – pg. 145
1. depression
2. trough
3. upturn / expansion / recovery
4. peak
5. recession / downturn / contraction
6. boom

12. Reading 1B – pg. 146
• Read the text and answer the question, then do exercise 1d
Why are there periods when a country’s economy works more
strongly than others?
There are changes in the level of consumption, resulting from
changes in interest rates or changes in people’s beliefs about
the future, and changes in the level of wages and salaries, all of
which lead to changes in the level of investment; and
technological, and political and demographic changes.

13. Vocabulary – 1D – pg. 147
1. expectations
2. mortgage
3. rent
4. output
5. investment
6. industrialists
7. consumption
8. lay off
9. demographic
10. austerity

14. Homework
• Add somebody in this class to Facebook and
send them a nice, encouraging message!