Business English
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187 terms
Terms | Definitions |
|---|---|
 advertising | Announcing that a product is for sale, trying to persuade customers to buy a product or service. |
| advocacy | The support of a cause. |
| AFL/CIO | American Federation of Labour / Association of Industrial Organizations |
| aggregate demand | The total sum of goods and services in demand. |
| allocation | Distribution of anything for use, including time or money. |
| Americorps | Volunteer organization for young , disadvantaged Americans. |
| assessment | A test or way of measuring something. |
| automatic reordering system | A computerised stock-control system which reorders stock automatically when it reaches a certain level. |
| balance of payments | Shows the flows of money into and out of a country plus transfer payments. |
| balance of trade | A country's exports minus its imports. |
| barter | System in which good or services are exchanged for other goods or services rather than cash. |
| benchmarking | A way of measuring performance by comparing a company to similar ones. |
| beneficiary | A person or organization which receives money from a charity. |
| blight | An extremely adverse environmental condition. |
| boom | A period of very high economic activity. |
| BPI | Buying Power Index - a measure of a geographic area's market characteristics in terms of percentage of the US population, percentage of US retail sales and percentage of US effective buying income. |
| budget deficit | When budget spending exceeds revenue. |
| budget surplus | The rare situation when budget spending is smaller than revenue. |
| bulk discount | A reduction in price offered when buying an item in higher quantities. |
| business cycle | Regular fluctuations in overall economic activity over time. |
| business sector | The area of the economy that produces goods and provides services. |
| capital spending | Money which is spent on construction, land, machinery etc which has an expected working life of more than one year - investments in the future of a business. |
| CBD | Central Business District - the largest retail and office area of a city, also known as downtown |
| CBI | Confederation of British Industry |
| central business district | The hub of retailing in a city - where the most office buildings and retail stores are. |
| chain | Multiple retail units under common ownership. |
| checkout | Machine for processing sales, giving change in a shop or restaurant. |
| competitive | Products that can hold their own against rival products in terms of price, features or quality. |
| compliance | Meeting accepted guidelines or laws. |
| constructive economic policies | Economic policies designed to support business and help it expand. |
| consumer durables | Consumer goods that have a long life span, e.g. furniture. |
| consumer goods | Goods bought for private use. |
| consumer non-durables | Consumer goods that have a short life span, e.g. food or paper tissues. |
| convenience store | A shop that is usually open long hours and sells a limited selection of basic goods like food and newspapers. |
| cooperative | Business wholly owned by its employees with the emphasis on group decision making. |
| copycat | Imitating another company's ideas rather than developing your own. |
| copyright | The legal right of the owner of a work over its control and distribution. |
| core products | A company's main products, e.g. Opel's core product is cars. |
| counterfeit | An imitation of a product made with the intent to defraud a customer. |
| CPI | Consumer Price Index - a US measure of whether items are getting cheaper or more expensive using a sample of typical consumer goods. |
| currency hedging | Buying currency options that fix exchange rates for a period of time. |
| current account | 1. The sum of the balance of trade plus net factor income (interest dividends) plus net transfer payments (foreign aid).2. Low or no-interest bank account used for daily transactions e.g. using an ATM, with a cheque book or debit card. |
| customer | An individual or company buying from someone. |
| customs | The authority or agency responsible for controlling the movement of goods into and out of a country. Also the tax paid on goods imported into a country. |
| dead stock | Items in a store which have not sold for a longer period of time. |
| dealer brands | Goods made by major companies sold in a store under the store's own name, also known as own-label brands. |
| debit-card system | A card payment system where the cost of goods or services is immediately removed from a bank account. |
| deficit spending | When governments try to stabilize economic activities by funding major projects from budget deficits. |
| department store | A large retail unit selling a wide variety of goods in separate departments. |
| depression | A period where there is little economic activity, high unemployment and much poverty. |
| depth of assortment | The variety of goods that a retailer sells. |
| direct selling | Selling items to a customer directly, for example via telephone, without a store being involved in the process. |
| discontinued | An item which is no longer produced by a manufacturer or sold by a retailer. |
| discretionary income | The amount of money a person has left after paying taxes and buying necessities. |
| diversity | A range of many things or people that are very different from each other. |
| downswing | A period of shrinking economic activity. |
| duty | A tax imposed on imports by the customs authority of a country. |
| economic growth | The increasing capacity of an economy to satisfy the material wants of its members; period of expansion. |
| EDI | Electronic Data Interchange - a computerised system to allow retailers and suppliers to exchange information about stock levels, delivery times, unit prices etc. |
| embargo | An economic sanction that forbids the import of a specific product or all products from a specific country. |
| employee | A person who works for someone else in exchange for payment. |
| empowerment | Giving people the freedom to decide things and take responsibility for themselves. |
| entrepreneurship | The skills and knowledge needed to start and run a company. |
| EPOS | Electronic Point of Sale - performs all the tasks of a computerised checkout, storing details of a sale, adjusting stock levels, processing electronic payments etc. |
| export controls | Regulations that mean permission from the government is required before certain items can be exported. |
| factors of production | The resources used to produce goods and services, including land, labour, business and capital. |
| fake | Something which is a copy or imitation. |
| FDI | Foreign Direct Investment - when a company from one country has a controlling interest in a company in another country. |
| Fed | The Federal Reserve - the US central banking system. |
| fiscal policies | Economic policies that use taxation to correct the course of the economy e.g. lowering sales tax to encourage spending or raising interest rates to encourage saving. |
| FMCG | Fast Moving Consumer Goods - frequently purchased consumer items such as foods, cleaning products and toiletries. |
| foreign exchange | A financial instrument that facilitates payment from one currency to another. |
| franchising | A system where a company allows someone to run a specific business using the company's products or brand in exchange for a fee or share of the profits - McDonalds is a famous franchise. |
| freehold | Exclusive ownership of a property for an indefinite period of time. |
| GDP | Gross Domestic Product - the total value of goods and services produced within a country in a year at current prices. |
| governance | The way in which a company is controlled. |
| grease payments | Payments made like a bribe to encourage an official to allow something or get something done. |
| Green paper | A consultation document that sets out the government's position on a certain issue. |
| greenbelt | An area of countryside with planning restrictions to prevent a city growing bigger and bigger. |
| greenfield site | An area of land which has never been built on. |
| household sector | The macroeconomic sector that includes the entire wants and needs satisfying population of the economy. |
| idle capacity | When a company reduces their output during a recession they have excess or idle capacity. |
| impulse purchase | Something that is bought without being planned for. |
| infringement | The violation of a law or right. |
| in-stock | Items which a shop has and are available to buy. |
| intellectual property | Intangible assets - the legal field relating to copyright, trademarks, patents and related rights. |
| inventory | All raw materials, work in progress and finished products in a company - usually counted once a year or when a company goes bankrupt. |
| inventory management | The checking, ordering & processing of stock levels. |
| inventory shrinkage | Things that reduce stock levels like shoplifting, employee theft or vendor fraud. |
| inventory turnover | The number of times during a period a business sells its inventory and replaces it. |
| investment | The purchase of a financial product or other item of value with the hope that it will become more valuable. |
| leasehold | The right to live in a home on a long-term tenancy. |
| loyalty card | A card given to customers to collect points towards gifts with the aim to make the customer return to the business regularly. |
| Maastricht Treaty | Agreement that provided the basis for the formation of the European Union. |
| manufacturing | The process of turning raw materials and parts into finished products. |
| markdown | A reduction in the selling price of an item in order to increase sales. |
| market equilibrium | The balance between interest rates and the demand for money. |
| market penetration | A pricing strategy when a retailer tries to sell lots of products using low prices, high stock levels, extensive advertising etc. |
| market skimming | A pricing strategy using premium prices to attract customers more concerned about service, assortment and status than price. |
| markup | The difference between merchandise costs and retail selling price. |
| megamall | An enormous planned shopping centre with hundreds of stores under one roof. |
| mission statement | An official statement of the aims of a company or an organization, e.g. We aim to be the number one supplier of quality wooden furniture. |
| mom-and-pop store | A small owner-operated store serving a local community. |
| monetary policies | Economic policies that use money e.g. interest rates or money supply as the major instruments. |
| money supply | The total amount of money in circulation in a country. |
| monopoly | When one company controls a certain market, e.g. British Telecom had a monopoly in the UK telephone market. |
| mortgage | A large, long-term loan taken out to pay for a house. |
| myopic perspective | When a manager or politician only looks at the short term and does not consider the long term impact or benefits of a plan. |
| NAFTA | North American Free Trade Agreement - trade agreement between the USA, Canada and Mexico. |
| national debt | The total sum of a nation's outstanding debt. |
| negative equity | When the amount borrowed to pay for a home is now more than the property is actually worth. |
| negotiation | Process of communicating back and forth until an agreement has been reached. |
| new capital investment | The sum of money invested in new or additional equipment. |
| NGOs | Non-Governmental Organisations e.g. Greenpeace, Amnesty International, UNICEF. |
| niche strategy | Focusing on a more specific line of products or services in comparison to competitors. |
| NIMBY | Not in my backyard - someone who doesn't want something (like a prison or nuclear reactor) to be built near their home. |
| Nominal GDP | The gross domestic product in that year's prices i.e. nominal GDP does not account for inflation. |
| non-tariff barriers | Obstacles to international trade other than tariffs. |
| not-for-profit | A voluntary sector or charity sector organization. |
| OECD | Organization for Economic Cooperation and Development |
| oligopoly | When a small number of companies control a certain market. |
| open source | Usually software where the source code is made freely available for all users to change as they see fit. |
| open-market operations | The buying and selling of government securities by a central bank in order to control the money supply. |
| otc drug | Over the Counter drug - a medication available directly at a drugstore without a doctor's prescription. |
| outsourcing | Hiring an external company to perform tasks for a company and reduce costs. |
| over the counter drug | A medicine which is available without first getting a prescription from a doctor. |
| poverty line | A minimum income level below which people are officially poor. |
| PPP | Purchase Power Parity - the degree to which your money will buy the same items in a foreign country, e.g. is a Big Mac cheaper in the US than it is in Germany? |
| prime rate | The rate of interest at which US banks lend money to their best corporate customers. |
| processing | Doing something (performing a process) to make a material ready for your requirments. |
| producer goods | Goods bought and used by companies, such as machines. Also known as capital goods. |
| product differentiation | How companies try to show their products as being different from those of their rivals. |
| protectionism | Protection of local industries through tariffs, quotas and regulations that discriminate against foreign businesses. |
| public-private partnership | When a private company provides a public service in agreement with a government or council. |
| questionable payments | The ethics of bribery, extortion and grease payments to bureaucrats and business leaders. |
| quota | The quantity of goods of a certain kind that a country allows to be imported (without restriction or extra taxes). |
| real GDP | real Gross Domestic Product is the level of GDP having been adjusted for inflation. |
| recession | A period of decline in economic activity. |
| reduced | When a price has been cut. |
| restrictive economic policies | Government policies to cool down an economy and prevent inflation during boom periods. |
| retail outlet | A shop or store. |
| RPI | Retail Price Index - UK measure of the changes in the prices of a basket of typical consumer goods. |
| sanctions | Sets of specific restraints imposed by governments on international trade. |
| savings rate | The percentage of a household's income that is saved. |
| self-service | A shop where you choose the items you want yourself, take them to the till and pay for them without any assistance from staff. |
| shareholder | An owner of shares or stocks in a company. |
| shareholder value | Value of the entire company as expressed by its market capitalization. |
| shelf warmer | A product which sells less often than other products (thus staying on the shelf longer and keeping it warm). |
| shopping centre | A collection of shops under one roof with a shared entrance and food area. |
| social stratification | The different layers within a society e.g. class, income, education. |
| social structure | Patterns of relationships between different groups of society. |
| societal | Connected with society and the way it is organized. |
| speciality store | A retailer that concentrates on selling one particular type of good. |
| stakeholder | Anyone who has an interest in the success of an organization, e.g. the owner, employees, shareholders. |
| standard of living | The amount of wealth, money, comfort etc that a particular person, group or society has. |
| statutory | Something that is required by law. |
| stock turnover | Items sold in a store during a certain period measuring in number of units or value. |
| stockroom | A storeroom where items which cannot be put on display are stored. |
| store | A retail outlet. |
| store loyalty | When a customer regularly uses a store they know, like and trust. |
| subsidy | Financial aid by the government to an individual or group to support an activity that is in the public interest. |
| supermarket | A self-service food store with grocery, meat and produce departments. |
| supplier | A person or company from whom goods or services are bought. |
| supply chain | The system of organizations involved in moving a product from manufacturer to customer. |
| sustainability | Ability to continue for a long time - involving the use of natural products and energy not harmful to the environment. |
| sustainable | Involving the use of natural resources and energy in a way that does not harm the environment. |
| sustainable development | Development which can be done without harming the environment or natural resources. |
| target market | The customer group a retailer wants to attract and satisfy. |
| tariff | A government-imposed tax on imports. |
| tariff barriers | Obstacles to international trade based on customs tariffs. |
| tax haven | A country or region with low or no taxes on foreign source income like Monacco or the Bahamas. |
| tax revenue | The money a state earns via taxation. |
| till | Machine for processing sales, taking payments, giving change. Also know as a cash register. |
| trade deficit | When the imports into a country exceed the exports going out of a country. |
| trade surplus | When the exports a country makes exceed the imports. |
| trademark | A sign or symbol used by a company such as the Nike swish logo which is protected by law. |
| TUC | Trade Union Congress. |
| unemployment rate | The percentage of people who do not have a job. |
| upswing | A period of economic expansion. |
| urban | Relating to cities or built up areas, not the countryside. |
| variety store | A retail store that handles a wide variety of inexpensive and cheaply priced goods. |
| volunteer | Someone who does something without being paid for it, e.g. working for a charity. |
| White paper | Statement of policy issued by a government which may form the basis of a future law. |
| width of assortment | Refers to the number of distinct goods or services a retailer offers. |
| WTO | World Trade Organization - governing body that establishes worldwide rules for trade and commerce. |
| AAA | Top rating for bonds of the highest quality. Awarded by the main rating agencies: Standard & Poor's, Moody's and Fitch. |
| vending machine | A retailing format that involves the coin- or card-operated dispensing of goods and services. It eliminates the use of sales personnel and allows around-the-clock sales. |
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