Objective Proficiency p 128. The Economy. Extra Speaking

Vocabulary
Teeter on the brink/edge of something: to be very close to a very unpleasant or dangerous situation. Sp. estar al borde de. E.g. Europe teeters on the edge of an economic precipice.

Pay sb off: to finish paying money owed for something. E.g. We paid off our mortgage after fifteen years. 

Cut back (on something): to reduce something. E.g. If we don't sell more we'll have to cut back production. To cut back on spending.

Cutback: cutback (in something) a reduction in something. E.g. cutbacks in public spending. Staff cutbacks.

Hang back: show reluctance to act or move. E.g. I do not believe that our Government will hang back from taking drastic measures.

Draw back: choose not to do something that one was expected to do: the government hasn't drawn back from attempting  a new reform.

Put sth up: To raise or increase something. E.g. They've put up the rent by £20 a month. 

Set about sth: to start doing something. E.g. We need to set about finding a solution to the current economic recession.

Rampage: / ˈræmpeɪdʒ / a sudden period of wild and violent behaviour, often causing damage and destruction. Gangs of youths went on the rampage in the city yesterday. A state of emergency was declared following overnight rampages by student demonstrators. 

rake in something: (informal) to earn a lot of money, especially when it is done easily. E.g. The movie raked in more than $300 million. She's been raking it in since she started her new job.

take a heavy toll (on somebody/something)/ take its toll (on somebody/something): to have a bad effect on somebody/something; to cause a lot of damage, deaths, suffering, etc. E.g. The recession is taking its toll on the housing markets