Vocabulary: the Royal Swedish Academy of Sciences macroeconomics credit stagflation A Listen to a passage about Edmund Phelps,a Nobel Prize Winner 40 min for Economics .Complete his major viewpoints below with the information you hear. 1.Edmund Phelps studied large forces that affect economics at the national or international level. 2.Mr.Phelps correctly identified the relationship between unemplovment or inflation.He discovered that,over the long term inflation hurt job creation. 3.Mr.Phelps showed that national savings rates can be too high.The best savings rate is not so high that it limits demands in the present and it is not so low that it limits growth and investment in the future. B 30 min Listen to the passage again.This time focus on the wrong ideas and theories common people and even policymakers held before.Supply the missing information. 1.Since the 1930s.policymakers in many nations dealt with unemployment by letting inflation increase to create jobs.The accepted that reducing unemployment required higher inflation. 2.Common sense suggests that a very high savings rate is best. Part III.Bulls and bears Key words: 30 min Stock exchange brokers companies investors value the big board a bull market a bear market prices profit go belly up windfall Vocabulary Broker decrease duck dispute bellyVocabulary: the Royal Swedish Academy of Sciences macroeconomics credit stagflation A Listen to a passage about Edmund Phelps, a Nobel Prize Winner for Economics .Complete his major viewpoints below with the information you hear. 1. Edmund Phelps studied large forces that affect economics at the national or international level. 2. Mr. Phelps correctly identified the relationship between unemployment or inflation. He discovered that, over the long term, inflation hurt job creation. 3. Mr. Phelps showed that national savings rates can be too high .The best savings rate is not so high that it limits demands in the present , and it is not so low that it limits growth and investment in the future. B Listen to the passage again. This time focus on the wrong ideas and theories common people and even policymakers held before. Supply the missing information. 1. Since the 1930s,policymakers in many nations dealt with unemployment by letting inflation increase to create jobs .They accepted that reducing unemployment required higher inflation . 2. Common sense suggests that a very high savings rate is best. Part III. Bulls and bears Key words: Stock exchange brokers companies investors value the big board a bull market a bear market prices profit go belly up windfall Vocabulary Broker decrease duck dispute belly 40 min 30 min 30 min