BUSINESS

Types of businesses

  1. Agriculture
  2. Mining
  3. Manufacturing
  4. Commercial
  5. Construction
  6. Financial
  7. Services
  8. Real Estate
  9. Transportation
  10. 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