{"id":809,"date":"2014-09-08T09:00:19","date_gmt":"2014-09-08T16:00:19","guid":{"rendered":"https:\/\/magoosh.com\/toefl\/?p=809"},"modified":"2020-12-10T13:47:06","modified_gmt":"2020-12-10T21:47:06","slug":"toefl-vocabulary-money","status":"publish","type":"post","link":"https:\/\/magoosh.com\/toefl\/toefl-vocabulary-money\/","title":{"rendered":"TOEFL Vocabulary: Money"},"content":{"rendered":"<p><strong>Update: Once you&#8217;re read this post, you can review these words with the help of David Recine&#8217;s mnemonic comics: <A href=\"https:\/\/magoosh.com\/toefl\/magoosh-comics-reviewing-financial-vocabulary\/\">Magoosh Comics: Reviewing Financial Vocabulary.<\/a><\/strong><\/p>\n<p>Cash. Dough. Moola. We have a lot of slang for money in English, probably because it\u2019s one of the most important parts of our lives. And we even have an old expression that says that fact, too: \u201cMoney makes the world go around.\u201d If there was no money, everything would stop.<\/p>\n<p>The TOEFL is not a test of your knowledge of slang, of course. You don\u2019t need those words I started with. But you <em>might<\/em> need a number of other words that describe how we use money.<\/p>\n<p>Below are four relatively academic words. You\u2019ll see these in newspapers often, and possibly in lectures, conversations, or texts in the TOEFL, too.<\/p>\n<p>&nbsp;<\/p>\n<h2>(to) Invest<\/h2>\n<p>\u201cTo invest\u201d is similar to \u201cto spend,\u201d but there\u2019s one very important difference. When you invest, you expect something good to happen <em>later. <\/em>Usually, when we invest money, we expect to get more money back after some time. For example, if you had invested in Apple Inc. before they created the iphone, you would have a lot more money today.<\/p>\n<p>But we also use the word \u201cinvest\u201d for things other than money, especially time and energy. For instance, you\u2019ll have to invest a lot of time in your TOEFL studies if you want to see a big increase in your scores.<\/p>\n<p><em>TOEFL example:<\/em> <em>Have you heard the university is finally going to <strong>invest<\/strong> in new equipment for the chemistry labs? It\u2019s about time!<\/em><\/p>\n<p>&nbsp;<\/p>\n<h2>(a) Class<\/h2>\n<p>\u201cClass\u201d is a great word because it has a few different meanings. Obviously, one of those meanings is related closely to school. But more generally, it is a group of things that all have something in common. In other words, it is a category.<\/p>\n<p>In terms of money, a \u201cclass\u201d is a group of people who have similar incomes (who earn similar amounts of money). You might hear about the \u201cupper class,\u201d for example, meaning rich people, while the \u201clower class\u201d is made of people who don\u2019t have much money.<\/p>\n<p><em>TOEFL example: Europe in the pre-modern times was organized in what was essentially a class system, dividing the wealthy nobility from the common people. <\/em><\/p>\n<p>&nbsp;<\/p>\n<h2>(to be) Economic<\/h2>\n<p>First, you should definitely know what \u201cthe economy\u201d is. That refers to how good the money situation is in a specific country (or around the whole world). America has a very strong economy, but it has had many problems since 2008. Meanwhile, China\u2019s economy is growing quickly.<\/p>\n<p>Now, what about the word \u201ceconomic\u201d? That can refer to the economy, of course\u2014you could say that America has had <strong>economic<\/strong> trouble, for example. Be careful not to use it in the same exact way as \u201cfinancial,\u201d though. That word is similar, but \u201ceconomic\u201d refers specifically to a large scale, whereas \u201cfinancial\u201d can refer to a very small scale. If I talk about my personal <strong>financial<\/strong> situation, then I\u2019m referring to the money I have in the bank. But if I refer to my <strong>economic<\/strong> situation, then I\u2019m talking about how much money I have in comparison to everybody else in my country\u2014what economic <strong>class<\/strong> I\u2019m in.<\/p>\n<p><em>TOEFL example: Although the early 1930s were characterized by one of the largest economic downturns in history, that era plays an important cultural role even today. <\/em><\/p>\n<p>&nbsp;<\/p>\n<h2>(to) Compensate<\/h2>\n<p>\u201cTo compensate\u201d basically means \u201cto give in return.\u201d For example, if you do work for me, I might <strong>compensate<\/strong> you with money. That is, I give you the money in return for the work.<\/p>\n<p>Generally speaking, it means that you receive or do something <em>positive<\/em> to balance something <em>negative.<\/em> The work you do is hard and tiring, but the money you receive in return is useful.<\/p>\n<p>That general meaning fits with another usage of \u201ccompensate.\u201d It can be unrelated to money and giving\/taking. Instead, it can mean that you do a positive thing because you have a flaw. For example, panda bears eat only bamboo, which gives them very little energy. They <strong>compensate<\/strong> for that lack of energy by eating very large amounts and sleeping often. They don\u2019t fix the problem (bamboo still gives very little energy), but they make it okay by doing something else.<\/p>\n<p><em>TOEFL example:\u00a0 I know that my essay is a little bit short, Dr. Lieberman, but I hoped the amount of research I did would help to <strong>compensate<\/strong> for that.<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Update: Once you&#8217;re read this post, you can review these words with the help of David Recine&#8217;s mnemonic comics: Magoosh Comics: Reviewing Financial Vocabulary. Cash. Dough. Moola. We have a lot of slang for money in English, probably because it\u2019s one of the most important parts of our lives. And we even have an old [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13604],"tags":[],"ppma_author":[13628],"class_list":["post-809","post","type-post","status-publish","format-standard","hentry","category-vocab"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.7 (Yoast SEO v21.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TOEFL Vocabulary: Money - Magoosh Blog \u2013 TOEFL\u00ae\ufe0f Test<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/magoosh.com\/toefl\/toefl-vocabulary-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TOEFL Vocabulary: Money\" \/>\n<meta property=\"og:description\" content=\"Update: Once you&#8217;re read this post, you can review these words with the help of David Recine&#8217;s mnemonic comics: Magoosh Comics: Reviewing Financial Vocabulary. 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