Important Vocabulary
Seemingly: Apparently
Software: Computer programs
Effort: Work, time, and energy
Hardware: Computers and other machines
Trainees: Young workers still learning their jobs
Expertise: Knowledge and skill
Layers: Levels of strata (People having the same social, economic, or...
Matching up the Expressions and Definitions
to convert itself - to change from one thing to another
to serve needs - to satisfy people's desires or requirements
labor input - manual work
to stumble on - to discover something...
Important Vocabulary
Autonomous: Independent, able to take decisions without consulting a higher authority
Decentralization: Dividing an organization into decision-making units that are not centrally controlled
Function: A specific activity in a company, e.g. production, marketing, finance, human resource management
...
Important Vocabulary
Motivate: To inspire, to induce, to give a reason or incentive to someone to do something
Employee: A person employed by someone else, working for money
Labour relations: Relations between employers and employees, managers and workers, management...
Important Vocabulary
Rationality: The use of reasoning rather than emotions or beliefs
Intuition: Understanding or knowing without consciously using reason
Status: Respect, prestige, or importance given to someone
Seniority: Having a higher rank because one is older
To be...
Inserting the Given Words in the Given Gaps in the Text Below
Many people looking for work read the job vacancies advertised by companies and employment agencies in newspapers or on the internet. To reply to an advertisement is...
Important Vocabulary
Collective bargaining: Negotiations between unions and employees about their member's wages and working conditions
A strike: A stoppage of work, as a protest against working conditions, low pay, and so on
A go-slow or slowdown: A deliberate...
Important Vocabulary
Subcontractor: Any company that provides goods or services for another one
Component: Any of the pieces or parts that make up a product, machine, etc.
Outsourcing or contracting out: Buying products or processed materials from other companies...
Important Vocabulary
Credit facilities: The possibility of paying for a product over an extended period
Warranty & Guarantee: A promise by a manufacturer or seller to repair or replace defective goods during a certain period of time
Shelf: A...
Important Vocabulary
Distribution channel: All the companies or individuals involved in moving a particular good or service from the producer to the consumer
Product concept: An idea for a new product, which is tested with target consumers before the...
Important Vocabulary
Word-of-mouth advertising: Free advertising, when satisfied customers recommend products to their friends
Institutional or prestige advertising: Advertising that mentions a company's name but not specific products
Advertising agencies: Companies that handle advertising for clients
An account: A...
Important Vocabulary
Bookkeeping: Writing down the details of transactions (debits and credits)
Accounting: Keeping financial records, recording income expenditure, valuing assets and liabilities, and so on
Managerial accounting: Preparing budgets and other financial reports necessary for the management
Cost...
Important Vocabulary
Overdraft: An arrangement by which a customer can withdraw more from a bank account than has been deposited in it, up to an agreed limit; interest on the debt is calculated daily
Credit card: A card that...
Important Vocabulary
Liability: Having a responsibility or an obligation to do something, e.g. to pay a debt
Creditor: A person or organization to whom money is owed (for goods or services rendered, or as a repayment of a loan)
...
Important Vocabulary
Investors: Providers of funds
Issuing bonds: Borrowing money
Principal: The amount of a loan
Maturity: The date on which the money will be returned
Pension funds: Retirement money
Buy-and-hold investors: Keep their bonds till maturity
Non-payment: Default
...
Important Vocabulary
Futures: Contracts to buy or sell fixed quantities of a commodity, currency, or financial asset at a future date, at a price fixed at the time of making the contract
Options: Contracts giving the right, but not...
Important Vocabulary
Market share: A company's sales expressed as a percentage of the total market
Promotions: Short-term tactics designed to stimulate stronger sales of a product
Monopoly: The situation in which there is only one seller of a product
...
Important Vocabulary
To innovate: Designing new products and bringing them to the market
To diversify or diversification: To expand into new fields
To merge or merger: To unite, combine, amalgamate, integrate or join together
A raid: Buying another company's...
Important Vocabulary
Job insecurity: The fear that you might lose your job
Tenure: The period of holding a job
Employability: The extent to which a person has skills that employers want
Downsizing: Decreasing the number of permanent employees
Agency...
Important Vocabulary
Charity: Institutions or organizations that provide help for people in need
Legitimacy: Acceptability, according to law or public opinion
Perfect competition: The situation when there are a large number of sellers and buyers, freedom to enter and...