Audio Time: 5
min 12 sec
Level: Upper Intermediate
Vocabulary: To help
learners fully understand the audio and transcript, most vocabulary that might
be unknown for this lesson’s level is provided. Vocab in bold is more useful for learners at the
lesson’s target level. Try to choose 8 to 10 new words to learn from the story
(in general, it’s best to try to learn no more than 8-10 new words a day).
Definitions
are written with the help of various sources including Merriam-Webster’s Learner’s
Dictionary
Head Start, food stamps, Medicaid: US government programs to
help people with very low incomes.
To cover:
to
have (something) as a subject: to relate to or provide information about (a
particular subject).
Vast: very
great in size, amount, or extent.
Gap: a space
between two people or things.
To pocket:
to
take or keep something.
To undermine:
to
make (someone or something) weaker or less effective usually in a secret or
gradual way.
Reward: money or
another kind of payment that is given or received for something that has been
done or that is offered for something that might be done.
Output: the
amount of something that is produced by a person or thing.
Elite: the
people who have the most wealth and status in a society: the most successful or
powerful group of people.
To Dominate:
to
have control of or power over (someone or something).
Privilege:
the advantage that wealthy and
powerful people have over other people in a society.
Incentive:
something
that encourages a person to do something or to work harder.
To stagnate:
to
stop developing, progressing, moving, etc.: to be or become stagnant.
Inadequate:
not
enough or not good enough: not adequate.
Great depression: The worst economic crisis in modern history
lasting from 1929 through the late 1930s.
Distribution:
the
act of giving or delivering something to people.
Union: (labor
union) an organization of workers formed to protect the rights and interests of
its members.
To bargain:
an
agreement in which people or groups say they will do or give something in
exchange for something else.
Stake: something
(such as money) that you could win or lose in a game, contest, etc.
To
advocate: a person who argues for or supports a cause or policy.
Stock: a share
of the value of a company which can be bought, sold, or traded as an investment.
Substantial:
large
in amount, size, or number.
Estate tax: a tax that you pay on the money and other property
that comes to you because someone has died: a tax on an estate that you inherit.
Language
Tips:
Useful
phrases:
To set in
motion: to start something moving.
“We already have the plans and budget for the new project. We
just waiting for approval from the city government to set it in motion.”
“The collapse of the major stock markets around the world set
in motion the events that would lead to the great depression. “
Political
discourse: communication and debate about political and
social issues.
“In undemocratic countries, the people have little power to
influence the political discourse of the nation.”
“Some people feel that the rise of the internet and social
media has changed the political discourse in most countries.”
Difference
between opportunity and possibility
Incorrect: I will have the possibility to go to the conference
next year.
Correct: I will have the opportunity to go to the conference
next year.
Remember that possibility means that something might be
capable of happening or might be true. Opportunity means (often favorable)
circumstances that make it possible to do something or the chance for
advancement or promotion.
“There is a possibility that it will rain tomorrow, so you
will have an opportunity to use your new umbrella.”
“There is a possibility that we will have enough funding for
another research assistant position. If so, you will have an opportunity to
apply for this position.”
Discussion
questions:
1. Do you think your society has the right amount of equality?
2. How much inequality is best for a society?
3. Why do some economists think it wouldn’t be best if
everyone had the same level of economic equality?
4. Do you agree that some inequality is best for society?
5. Would you rather live in a society with more or less income
inequality?
6. What can be done to limit income inequality?
7. Is income inequality increasing or decreasing in your
society? In the world?
8. What’s the difference between economic opportunity and
economic inequality?