When preparing for the Summarize Written Text section in the PTE Speaking and Writing exam, topics related to the “Economic Effects Of Digital Currencies” can frequently emerge. This is due to the increasing relevance of digital assets in modern economies. Summarizing these texts accurately is critical, as it tests your ability to distill ideas into concise, clear, and grammatically accurate sentences. In this article, we will provide some practice materials and high-quality sample answers to help you improve your score.
In this section, we will focus on creating a structured practice approach centered around the economic impacts of digital currencies, providing you with sample texts, model answers, and detailed explanations.
What is Summarize Written Text in PTE?
The Summarize Written Text item requires you to read a passage of about 150 to 300 words and then summarize it in one sentence, keeping your response under 75 words. This section assesses your ability to extract the main ideas from written content while maintaining grammatical accuracy, appropriate sentence structure, and coherence.
Practice Task: Economic Effects of Digital Currencies
Below is a sample task aligned with the requirements of the PTE exam. You should summarize the given passage in one sentence of no more than 75 words.
Sample Passage 1: Economic Impact of Cryptocurrencies
The rise of digital currencies, particularly cryptocurrencies like Bitcoin, has sparked debates among economists regarding their potential impact on the global financial system. Advocates argue that cryptocurrencies offer a decentralized alternative to traditional banking systems, fostering greater financial inclusion and lowering transaction costs. On the other hand, critics point out the volatility, regulatory challenges, and potential for illicit use as significant drawbacks. Furthermore, governments face difficulties in integrating digital currencies into existing monetary policies, raising concerns about long-term economic stability.
Instructions: Summarize the text in one sentence of no more than 75 words.
Sample Answers
Band 90 Answer:
The rise of digital currencies like Bitcoin has sparked debates, with proponents highlighting benefits such as decentralization and financial inclusion, while critics emphasize concerns about volatility, regulation, potential misuse, and the challenges they pose to traditional monetary policies.
Analysis of Answer:
- Content: Fully captures the main ideas regarding both the benefits and challenges of digital currencies.
- Form: Fitting the required format with a single sentence under 75 words.
- Grammar: Uses complex sentence structures accurately.
- Vocabulary: Precise terminology like “decentralization,” “financial inclusion,” and “traditional monetary policies.”
- Spelling: No errors in spelling.
Economic impact of cryptocurrencies, weighing benefits against challenges
Band 75 Answer:
Digital currencies such as Bitcoin have sparked debates about their advantages like decentralization and inclusivity and their drawbacks such as volatility, regulation issues, and potential illicit use.
Analysis of Answer:
- Content: Includes most of the key points but does not thoroughly explain the government’s challenges.
- Form: Correct sentence format under 75 words.
- Grammar: An error-free grammatical structure, though slightly less complex.
- Vocabulary: Suitable vocabulary, though less specific compared to the 90-band answer.
- Spelling: Perfect spelling, no errors.
Band 65 Answer:
Cryptocurrencies provide benefits such as decentralization and lower costs but have challenges like volatility and regulatory problems.
Analysis of Answer:
- Content: Only mentions some of the ideas, missing out on financial inclusion and government challenges.
- Form: Adheres to the one-sentence rule, under 75 words.
- Grammar: Grammatically sound but simpler structure.
- Vocabulary: Basic vocabulary used without in-depth terminology.
- Spelling: No spelling errors, but less variety in language.
Band 50 Answer:
Digital currencies create some advantages but also have issues with the law and value problems.
Analysis of Answer:
- Content: Very limited coverage of the concepts mentioned in the passage.
- Form: Meets the requirement of one sentence but provides vague details.
- Grammar: Consistent but with overly basic sentence construction.
- Vocabulary: The use of “law” and “problems” is too generic and vague.
- Spelling: No spelling issues detected.
Vocabulary and Grammar
Below are 10 useful vocabulary words found in or related to the sample passage. We have provided definitions, pronunciations, and example sentences.
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Cryptocurrency /ˈkrɪptəˌkɜːrənsi/
- Definition: A type of currency that exists digitally and uses encryption to secure transactions.
- Example: Bitcoin is the most well-known cryptocurrency currently in circulation.
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Volatility /vɒləˈtɪlɪti/
- Definition: Characteristic of being subject to rapid and unpredictable changes, especially in prices.
- Example: The extreme volatility of cryptocurrencies makes them a risky investment.
Volatility of Bitcoin and its economic consequences
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Decentralization /diːɪˌsentrəlaɪˈzeɪʃən/
- Definition: The process of distributing power away from a central authority.
- Example: Proponents of cryptocurrencies appreciate their capacity for decentralization.
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Regulation /ˌɹɛgjʊˈleɪʃən/
- Definition: A rule or directive made and maintained by an authority.
- Example: Governments around the world are trying to develop regulations for digital currencies.
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Inclusion /ɪnˈkluːʒən/
- Definition: The action or state of including or being included within a group or structure.
- Example: Digital currencies are seen as a tool for enhancing financial inclusion globally.
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Illicit /ɪˈlɪsɪt/
- Definition: Forbidden by law, rules, or custom.
- Example: There’s concern over the illicit use of cryptocurrencies in illegal markets.
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Blockchain /ˈblɒktʃeɪn/
- Definition: A system in which records of transactions made in cryptocurrencies are maintained across several computers.
- Example: Blockchain technology underpins the functioning of most cryptocurrencies.
Blockchain used for cryptocurrency transactions and security
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Transaction /trænˈzækʃən/
- Definition: An instance of buying or selling something; a business deal.
- Example: Each cryptocurrency transaction is recorded in a public ledger.
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Monetary policies /ˈmɒnɪˌtɛri ˈpɒlɪsiz/
- Definition: Strategies used by a government or central bank to control the supply of money.
- Example: The widespread use of digital currencies might complicate traditional monetary policies.
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Economic stability /ˌiːkəˈnɒmɪk steɪˈbɪlɪti/
- Definition: A state in which an economy experiences constant output growth and low levels of inflation and unemployment.
- Example: Many economists worry about how cryptocurrencies could affect long-term economic stability.
Conclusion
The topic of Economic Effects of Digital Currencies is highly relevant in the PTE exam context due to its modern significance. Practicing the Summarize Written Text format using similar passages will help enhance your writing skills, especially when it comes to selecting and summarizing key details effectively. Remember to stick to the word and sentence limits while showcasing strong grammar, vocabulary, and content understanding.
Feel free to share your responses or questions in the comments section and keep practicing to achieve optimal results in the PTE exam!
