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Business English - WiSe 2017/18 Meschede (Lehrbuch Davie/Rothfritz)
For students of Anoush Hope-Fischer or Neil Davie sitting the exam in Meschede on March 20th (90 minutes, 4-ECTS).
Terms in this set (160)
Economics studies how the available resources can be used as efficiently as possible to maximally fulfil society's unlimited demands for goods and services.
The system where all the economic activities of a country or region take place.
The amount of a product made available for sale by companies.
The want, need or desire for a product.
The limited availability of economic resources compared to society's unlimited demand for goods and services.
When a government's budget spending exceeds the country's tax revenue (income).
The rare situation when a government's budget spending is smaller than the country's tax revenue.
When governments borrow money to stimulate economic activity, for example through infrastructure projects, subsidies etc.
Financial aid by the government to an individual or group to support an activity that is in the public interest.
GDP (Gross Domestic Product)
The total value of goods and services produced within a country during a specified period of time.
When the value of a country's money falls compared to the currencies of other countries. The result is that imports cost more and exports are worth less.
A state of balance in a market, for example between supply and demand for a certain product.
A financial security issued by a company as a means of raising long-term capital.
When one company controls a certain market, e.g. British Telecom had a monopoly in the UK telephone market.
When a small number of companies control a certain market.
A way of measuring performance by, for example, comparing a company to similar ones.
An analysis of the cost-effectiveness of different alternatives in order to see whether the benefits outweigh the costs.
A form of business firm which is owned and run by a group of individuals for their mutual benefit.
A period of economic expansion.
A period of very high economic activity, a period of growing GDP.
A period of shrinking economic activity.
A period of declining economic activity / falling GDP.
A period where there is little economic activity, high unemployment and much poverty, i.e. a very severe and lasting recession.
restrictive economic policy
Economic policy designed to cool down an economy and prevent inflation during boom periods.
The total sum of goods and services in demand in an economy.
Economic policy that uses taxation and government expenditure to influence the level of economic activity.
Anyone who can be affected by the actions of a business/organisation, e.g. the owners/shareholders, employees, suppliers, customers or neighbours.
A person or company from whom goods or services are bought.
Required by law
Legal agreement between two or more parties.
managing director/ chief executive officer (CEO)
A person who is at the head of a company and who carries managerial responsibility.
A system of organisations, people, activities, information, and resources involved in moving a product or service from manufacturer to customer.
To buy a financial securities (stocks and shares) in order to earn a return in the form of interest or dividends and/or in the hope that they will become more valuable.
A sign or symbol used by a company which is protected by law (e.g. the Nike swish logo).
Money a company spends on something like a building or machinery which has an expected working life of more than one year.
Hiring an external company to perform tasks for a company, usually to reduce costs.
The act of gaining control of a company by buying over 50 % of its shares.
The amount of money taken by a company during a particular period of time, i.e. the sales volume.
The money received by a company from selling its output of goods or services.
The difference between the cost of a product and its selling price, i.e. the money a shop makes on each product sold.
The management of the flow of goods from the point of origin to the point of consumption.
The system of technology, people, organisations etc. involved in moving services or products from supplier to customer.
Another word for haulage firm or carrier, i.e. a company that moves goods from one place to another on behalf of other companies.
Goods which are shipped loose in the hold of a ship.
port of entry
Harbour where cargo enters a country and is unloaded.
bill of exchange
A written order to a person requiring them to make a specified payment to the signatory or to a named payee.
bill of lading
An important document that is required during the shipping process showing that the carrier has received the freight as described and is obligated to deliver it in good condition to the consignee.
Person / company to whom a shipment of goods is sent.
List of goods in a store or warehouse.
System where goods are produced as and when they are needed rather than producing items in advance and storing them in a warehouse.
R&D (Research and Development)
Work directed towards the innovation, introduction, and improvement of products and processes.
A new process or device that is invented.
cutting edge technology
Highly advanced, innovative or pioneering technology.
Meeting the needs of current generations without compromising the ability of future generations to meet their own needs.
Situation where a lot of variety exists, i.e. the opposite of uniformity.
Nimby (not in my backyard)
Someone who doesn't want something (like a prison or nuclear reactor) to be built near their home, but does not mind if it is built somewhere else.
CPI Consumer Price Index
A figure that shows whether goods and services in a country are becoming cheaper or more expensive based on a sample of typical consumer goods and services.
When ships are attacked and robbed at sea, or when people reproduce somebody else's work without authorisation.
counterfeit (adj. / noun)
An imitation of a product made with the intent to deceive or defraud a customer.
Copied without permission, fake.
The violation of a law or right (e.g. copyright infringement).
To conduct legal proceedings against someone charged with crime.
An organisation representing workers in a particular industry or profession in order to protect their rights.
Negotiations held between employers' organisations and trade unions in order to reach an agreement on wages and working conditions.
The business of selling goods to end consumers.
in stock (adj.)
Items which a shop has and are available to buy.
out of stock (adj.)
Items currently not available at a shop.
The amount of money a household has left after paying income taxes and national insurance contributions.
FMCG (fast-moving consumer goods)
Frequently purchased consumer items such as food, cleaning products and toiletries.
A name and/or design given to a particular product so that it can be easily recognised and distinguished from competitors' products.
How companies try to distinguish their products from those of their rivals.
Focusing on a more specific line of products or services in comparison to competitors.
The percentage of total sales a certain brand, product or company has in a certain market.
When the exports of a country exceed its imports.
When the imports into a country exceed the exports of that country.
Protection of domestic industries through tariffs, quotas and regulations that discriminate against foreign businesses.
The tax imposed on imported goods in percent.
An economic sanction that forbids the importation/exportation of certain products to/from a specific country.
System in which goods or services are exchanged for other goods or services rather than cash.
IPO (Initial Public Offering)
The first time a company offers its shares to the public.
The total value of the money invested into a company by its shareholders.
The amount of money of a company's profits that is distributed to its shareholders.
to make (someone or something) late or slow
The money paid for a journey on public transport.
Useable or acceptable.
The times of highest demand for a product or service.
Estimated time of arrival.
health and safety policy
The strategy an organisation has to prevent accidents and injury.
health and safety officer
Person responsible for promoting a positive health and safety culture in an organisation.
A&E (Accident & Emergency Department)
Hospital department for people who suddenly become ill or are hurt in an accident.
Steps taken in advance to avoid an accident happening.
Clothes that protect the wearer from injury.
Footwear with a reinforced or steel toe cap to protect the foot.
A practice of the emergency procedures to be used in case of fire.
fire assembly point
A place where people in an office, etc. should go if there is an emergency, for example, a fire.
An organized body of people trained and employed to extinguish fires.
The science of making sure people and machines work together as well as possible.
Not working or made incorrectly.
A problem or bad part that prevents a product from working.
An imperfection or flaw. (note: 'defect' is not an adjective!)
The expected behaviour or standard for something.
A method recognised throughout a business sector as the best way to do something.
key performance indicator
A statistical measure of how well a company is doing in a certain area.
MTBF (Mean Time Between Failures)
A measure of the average time between failures in a system - the higher the amount, the more reliable the thing is.
Research carried out through statistical, mathematical or computational techniques.
Research that tries to find out people's opinions, thoughts, motivations etc. rather than numbers.
Research that is not theoretical, but carried out in a real, natural environment, for example by interviewing people.
Research carried out to find out consumers' needs and preferences.
A specially selected group of people who participate in a discussion about a product before it is launched, or to provide feedback on a political campaign, television series, etc.
A portion, piece or segment of something that is representative of the whole.
Fundamental human rights usually protected by law such as freedom of speech and religion.
violation of human rights
Breaching the basic rights and freedoms to which all humans are entitled.
The right of owners of physical or intellectual property to consume, rent out or sell their property.
Electronic records of phone calls, bank transactions etc. which paint a picture of what a person did, where and when.
Information officially declared secret, such as certain documents or material available only to particular people.
A piece of information, for example how a certain product is made, which is only known to the company that makes it.
The crime of deceiving someone to get money or good illegally.
A person who is involved in a situation in addition to the two main participants.
A voting system where each vote is kept private.
The purchase of part or all of a company's assets by some of its managers, who thereafter exercise management control of those assets.
FDI (foreign direct investment)
When a company from one country gains a controlling interest in a company in another country.
A process where one company takes over another company, thus becoming its new owner.
A commercial activity carried out by two companies together, while remaining separate entities.
A company owned by another, usually bigger holding company.
A company that owns enough of another company to be able to control the management and operations of that company.
public limited company (PLC)
A company with a separate legal existence whose shares are publicly traded, often on the stock exchange.
private limited company (ltd.)
A privately owned company with limited liability whose shares are not available to the general public.
An association of one or more general partners and one or more limited partners who come together to run a business.
A type of company which has a separate legal identity and limited liability.
A business arrangement in which two or more companies come together to fulfil a specific task, for example a new commercial or technological project.
A type of investment in which owners can be held personally responsible for any losses of the business.
A sole proprietorship is a type of business owned by an individual, without any legal distinction between owner and business.
Someone who invests in a business partnership without taking part in business affairs.
A business where one party sells a licence to another party to allow them to use knowledge, processes and trademarks to sell a particular product or provide a specific service.
The task of overseeing all activities needed to maintain a desired level of quality in a company.
An independent examination to see whether a company's quality procedures are being followed or not.
Process or attitude of developing, organising and managing a business venture along with any of the risks involved in order to make a profit.
start-up entity developed with the intent of making a financial profit.
Someone who starts a new business venture often involving innovation and risk taking.
a business start-up
When a business or other organisation is founded.
A person who is self-employed and is not committed to a particular employer, for example freelance photographers, translators or journalists.
Money provided by investors to small and start-up companies that have a long-term growth potential.
venture capital firm
Company that provides capital to promising start-up firms or small businesses for returns that are higher than market interest rates.
A formal framework for identifying an organisation's growth opportunities - strengths, weaknesses, opportunities and threats.
An assessment of the strengths and weaknesses of current and potential competitors.
The different elements of a marketing plan for a certain product or business, usually termed as the 4 Ps: product, price, place and promotion.
The categorisation of potential customers into groups based on common characteristics.
A model that shows the four stages that a product usually goes through from ist introduction to withdrawal from the market: introduction, growth, maturity, and decline.
A financial statement that shows the financial position of a company on a specific date, including what assets the company owns and what it owes.
The year as used in accounting which can begin and end in any month as the company sees fit
profit and loss account
A financial statement showing sales, cost of sales, gross margin, operating expenses etc. Also called income statement.
The income generated from the sale of goods or services before any costs or expenses are deducted. Also called sales or turnover.
The movement of money into and out of a business. A flow of money can be used as an indicator of a company's financial strength or liquidity.
Costs that remain unchanged irrespective of the level of output.
Costs that fluctuate in direct relation to the level of output.
The estimated loss of value of assets over a period of time.
to break even
To reach a point where the costs and the revenue of a business are equal so that the business is not loss-making.
The point at which cost and revenue are equal and there is neither profit nor loss.
An analysis to determine the point at which the revenue received equals the costs associated with receiving the revenue.
Fee paid to a salesperson on the basis of the number of products sold.
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