BUSINESS
Types of businesses
- Agriculture
- Mining
- Manufacturing
- Commercial
- Construction
- Financial
- Services
- Real Estate
- Transportation
- Utilities
Key vocabulary
- Competition (n.) – a situation in which someone is trying to win something or be more successful than someone else
- Self – employed (adj.) – not working for an employer but finding work for yourself or having your own business
- Firm (adj.) – not soft but not completely hard
- Partnership (n.) – a company which is owned by two or more people
- Consumer (n.) – a person who buys goods or services for their own use
- Producer (n.) – a person or company that is responsible for the practical and financial arrangements for a film, television program, etc.
- Manufacturer (n.) – a company that produces goods in large numbers
- Demand (n.) – a need for something to be sold or supplied
- Supply (v.) – to provide something that is wanted or needed, often in large quantities and over a long period of time
- Retail (n.) – the sale of goods to the public in relatively small quantities for use or consumption rather than for resale
- Customer (n.) – a person who buys goods or a service
- Client (n.) – a customer or someone who receives services
- Loss (n.) – the fact that you no longer have something or have less of something:
- Profit (n.) – money that is earned in trade or business after paying the costs of producing and selling goods and services
- Expenditure (n.) – the total amount of money that a government or person spends
- Bankrupt (adj.) – unable to pay what you owe, and having had control of your financial matters given, by a law court, to a person who sells your property to pay your debts
- Venture (n.) – a new activity, usually in business, that involves risk or uncertainty
- Invest (v.) – to put money, effort, time, etc. into something to make a profit or get an advantage
Expression
- Cut throat competition – when one company lowers its prices, forcing other companies to do the same, sometimes to a point where business becomes unprofitable
- To launch a product – to start selling and promoting a new product
- To raise a company profile – to make more people aware of a business
- To run your own business – to have a business of your own
- Stiff competition – strong competition from other companies in the same area of work