IELTS Topic Vocabulary: Economy & Money

Economy & Money is one of the fifteen IELTS topics that frequently comes up in each of the four exams. To answer these questions confidently, you need to know topic-specific vocabulary. In this post, I’ll give you some resources you can use to increase your economy and money related vocabulary. But first, here are some examples of when you might be asked a question based on this topic:

IELTS Reading
A passage based on factors influencing the economy of Singapore.

IELTS Listening
A lecture on economic progress of several nations.

IELTS Writing Task 1
A bar chart comparing the economic growth of various countries

IELTS Writing Task 2
A question on factors apart from economic progress affecting the success of a nation.

IELTS Speaking Part 1
What do most people do in your city? (you might want to talk about the economic model of the city / country)

IELTS Speaking Part 3
Does economic status affect the beahvior of a country’s citizens?

I’m not going to give you a list of words to memorize. This is NOT a good way to learn vocabulary. A list of words in the notebook doesn’t mean you can use these words in your IELTS exam.

Instead, this is what we’ll do:
1. I’ll point you towards some resources where you can explore this topic further.
2. Make a list of vocabulary you think is useful and you can learn quickly.
3. Now, use this vocabulary to answer one of the questions above.

Let’s get started.

1. Watch this video on the Genuine Progress Indicator. First, listen to get a general idea of what they’re talking about. Next, listen four or five times and write down interesting vocabulary used in the video. Compare this list with my list of useful vocabulary here.

2. Now, read more about the Genuine Progress Indicator and again, note down all the useful vocabulary. Again, compare this list with my list of topic-specific vocabulary.

3. Now, answer this Writing Task 2 question using some of the vocabulary learned above.

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