Unit 1 Wealth and Poverty

Pre-reading task

I. Answer the questions:

1. What do you think it moans to be wealthy?

2. Why are some people wealthier than others?

3. What does poverty mean?

4. Is there a way to define it?

5. How many people in the world do you think live in poverty?

6. Do you believe people in industrialized countries live in poverty?

II. Vocabulary practice:

1. Match the words and phrases with the definitions:

valuable invest pension scheme static belongings flow distribution interest savings inequality extent stocks and shares store

to lend money to a company or bank in order to earn more money how large or important something is the way in which a supply of something, like money, is shared among people money put somewhere for later use, for example in the bank immobile, not moving unfairness a way of saving money for when you get old and stop working things someone owns, but usually things that can be moved if you save money in a bank, you get this extra money for keeping it there movement like a river important or worth money a collection or supply of things kept for later use part of the value of a company - people buy and sell these

2. Complete each sentence with a word or phrase from the box:

Absolute associate average corruption cycle define generation natural disasters shelter trap

1. We………………high crime rates with poverty and unemployment.

2. Having a…………..a roof over your head, is a basic need of humankind.

3. How does the dictionary……………..this word?

4. Floods, droughts, hurricanes and other……………are happening more frequently.

5. Giving money secretly to judges or politicians so that they help you is an example of………….

6. Hunters will sometimes set a…………….instead of using a gun.

7. Let’s hope the next…………….finally put an end to hunger and poverty.

8. The world's water supply is a…………….which involves the sea, rainfall and rivers.

9. If somebody lives in………………poverty, that means they are completely without money to buy basic necessities.

10. The……………..salary at that company is very high.

Reading 1

Pronunciation Guide

Wealth [welθ]

Income [ɪnkʌm]

Equality [ɪˈkwɒləti]

Account [ə´kaʊnt]

Precious [´preʃəs]

Doubt [daʊt]

Measure [´meʒə(r)]

Drought [draʊt]

Flood [flʌd]

Corruption [kə´rʌpʃ(ə)n]

Cycle [cycle]

T ext a. Wealth and income

What does it mean to be wealthy? The answer to this question varies from culture to culture. In the modernized, industrial world that we live in, wealth generally means all the collected store of valuable things that belong to a person (or family, company or country). Wealth can include money saved in bank accounts, or invested in pension schemes. It can include land, houses or other properly and valuable belongings such as works of art or precious jewels. Many people also own stocks and shares in companies. The various things that make up a persons wealth are often called asserts.

So wealth is a static thing. The term income, on the other hand, suggests a flow of money. Income is the amount of money that a person (or family or company) receives over a period of time. For most people, this means the salary they get for the work they do. However, there are other sources of income. One source is government benefits, such as unemployment benefit or family support. Another source is rent from property and another is interest from savings.

Huge inequalities in wealth owned by individuals exist in many countries. Take the United Kingdom for example. A fifth of all the marketable wealth is owned by just one per cent of the UK's population. That one per cent own over £355 billion of assets. In other words, half the population own nearly all the wealth and the other half own only a tiny percentage. The richest one per cent of the population own over a fifth of all the country's wealth.