A 1._ effect is the reason why no person in the time of recession can rest 2._ that his or her job is safe. In the same way small waves created after something is dropped into the water generate new ones, what happens to one person will 3._ a ripple effect on all the others since we are all part of the same economic ocean. What happens in the time of recession is a 4._ of jobs which then 5._ a ripple or 6._ that hits a lot of other businesses. A person who has lost a job will 7._ various services which they can now do on their own or do not have the need for them at all. Instead of going to a gym, they work out at home and instead of hiring a person to maintain their lawns, they do the work themselves. Obviously, train services they used to commute to work or delis which they frequented during lunch breaks are experiencing their business 8._ which is in turn leading to more job losses. This 9._ off a domino effect in which payment slows down and everybody then has problems paying their creditors. The other services that consumers who are 10._ bad news are cutting back 11._ are holidays and dining out. All of a sudden, in what are now felt to be hard times, cars, cable TVs and various technical gadgets are becoming a luxury. In that sense the crisis is indeed changing people’s lifestyles but not always for the worse. The 12._ lining to it can be seen in having more time on your hands to spend with the family and friends. However, such benefits of unemployment can enjoy only those few whose 13._ package was generous enough to 14._ their fall from the world of work to the “between the jobs status”, as optimists call it. This can indeed be a beginning of the end of consumerism and the belief that buying and selling large quantities of consumer goods is beneficial to an economy. Americans who actually started it all up by substituting plastic for a piggy bank have now realised that they should start saving money for 15._ days. Although this realization 16._ in only after rainy days had 17._ in, it might mark a beginning of a new era. Consumers who were beginning to get 18._ of buying mass of things they did not really need now seem to 19._ the opportunity to stick to buying only necessities. On the other hand, holding onto one’s money too tightly slows the economy further. Whenever there are signs of an economic slowdown, companies undertake measures to 20._ costs by 21._ pay on hold. There are some rare cases when management 22._ bonuses but usually it is workers who accept pay 23.____ and short-time working for all instead of redundancies for some.
GLOSSARY
GLOSSARY
| a ripple effect | mreškanje vode (dostovno); lančana reakcija (ovdje) |\n|—————-|————————————————–|\n| to rest assured | biti miran |\n| to trigger/spark/set off | pokrenuti, potaknuti |\n| a loss | gubitak |\n| chain reaction | lančana reakcija |\n| cancel | otkazati |\n| to shrink | smanjiti (obujam) |\n| to anticipate | predvidjeti; očekivati |\n| to cut back on | smanjiti |\n| every cloud has a silver lining | svako zlo za neko dobro |\n| severance package | otpremnina |\n| to cushion | ublažiti |\n| rainy days | crni dani |\n| to sink in | doprijeti do svijesti |\n| to set in | nastupiti |\n| weary | umoran |\n| to relish | uživati |\n| to trim costs | rezati troškove |\n| to put pay on hold/freeze | zamrznuti (plaće) |\n| to waive | odreći se |\n\n—\n\nExercise 1 Fill in the gaps with different forms of the following words: to set off, lead to, to cut back, to trigger, a ripple effect, a cutback, in turn, spark\n\n1. _ on driving can save a lot of money on fuel costs.\n2. The closure of that local plant is having a _ on many small businesses.\n3. The chain reaction starts with an increase in the cost of oil, which _ raises business costs which _ unemployment.\n4. Faced with _ in business travel budgets, the global tourism industry is threatened.\n5. The collapse of banking has _ a domino effect which has spread through the whole economy.\n6. Job cuts _ angry rows between members of the union and the management.\n7. It is feared that the financial crisis could _ civil unrest.\n\nExercise 2 Translate the sentences into English.\n\n1. Što ima dobro u ovoj teškoj situaciji?\n2. Sve više ljudi štedi novac za crne dane.\n3. Smanjenje poslovanja prouzrokuje gubitak radnih mjesta.\n\n—\n\n’English at Work 1 i 2′ – Lekcije objavljene u Lideru možete naći u dva izvršna priručnika za učenje poslovnoga engleskog jezika. Sadržavaju presjek čestih poslovnih tema, od onih iz financija, poslovnih odnosa i marketinga, odnosa s javnošću do onih koje se bave uspješnim komuniciranjem u poslovnom okružju.\n\nNaručite svoj primjerak u Liderovoj web-knjižari: webknjizara.liderpress.hr
