Business Vocabulary Review

Vocabulary flashcards based on key concepts from business and economics lecture notes.

hierarchy

A system of authority with different levels of power, one above the other.

to report to

to be responsible to someone and take instructions from them

(bottom up)

[Synonyms: responsible to sb, take instruktions from somebody]

Gegenteil: (top-down) to be responsible for sb/ something, to delegate, to be in charge of, to give orders/ instructions, to make/ take decisions

function

A specific activity in a company, such as production, marketing, or finance.

autonomous

Independent, able to make decisions without consulting someone at the same level or higher.

line authority

The power to give instructions to people at the level below in the chain of command.

(to) delegate

To give someone else responsibility for doing something instead of you.

glocalization

An invented word combining worldwide and regional concerns.

logic

Thought based on reason and judgment rather than feeling and emotions.

confrontation

A face-to-face disagreement or argument.

compromise

Reducing demands or changing in order to agree.

intuition

Understanding or knowing without consciously using reason.

connections

People of influence or importance with whom you are associated.

improvise

To do something necessary without having planned it ahead of time.

status

Respect, prestige, or importance given to someone.

collectivist

Believing that the group is more important than the individual.

lose face

To be humiliated or disrespected in public.

interrupt

To cut into someone else’s turn to speak.

eye contact

Looking directly at the people you are talking or listening to.

critical mass

The number of people needed to start and sustain a change.

leadership ranks

Top levels of management in an organization.

outperforming

Doing better than others, financially.

profitability

The ability to make a good return on capital invested in the business.

return on equity

The amount of money a company earns on the investment of its shareholders.

compulsory

Required, obligatory, necessary according to law.

quota

An officially imposed number or quantity.

voluntary

Done by choice, without legal obligation.

Compliance

Obeying laws or regulations.

dissolution

The ending or termination of an organization.

apprentices

Trainees, people still learning their job.

convert

Someone who changes their beliefs.

accountability

Being officially responsible for something.

primary sector

Agriculture and extraction of raw materials from the earth.

secondary sector

Manufacturing industry where raw materials are turned into finished products.

tertiary sector

Commercial services aiding in the production and distribution of goods.

exported goods

Products sold to other countries.

real estate

Property including buildings such as offices, houses, or apartments.

labour

Work done in return for money.

delocalized

To move factories to another region or country.

outsourced

To use other companies to do work previously done by your company.

accurate

Correct, exact, and without mistakes.

agile

Able to move quickly and easily.

estimate

A guess of what the size or amount of something might be.

forecast

A statement of what is expected to happen in the future.

lean

(Of production) Using small quantities and avoiding waste.

logistics

Designing and managing the flow of goods and resources.

manual

Done with the hand.

replenish

To fill something up again.

distribution channel

All companies or individuals involved in moving goods from producers to consumers.

wholesaler

An intermediary that stocks manufacturers' goods and sells them to retailers.

market segmentation

Dividing a market into distinct groups of buyers.

product differentiation

Making a product different from similar products through various means.

market opportunities

Possibilities of filling unsatisfied needs in profitable sectors.

market skimming

Setting a high price for a new product to maximize revenue before competitors appear.

sales representative

Someone who contacts existing and potential customers to persuade them to buy products.

product features

Attributes of a product, such as size, shape, quality, and price.

price elasticity

The extent to which demand responds to changes in price.

market penetration

Setting a low price to sell large volumes and increase market share.

advertising agencies

Companies that design advertising for clients.

advertising campaign

the advertising of a particular product or service during a particular period of time

brief

the statement of objectives that a client works out with an adverttising agency

comparative-parity method

choosing to spend the same amount on advertising as one's competitors

target customers

A defined set of customers whose needs a company plans to satisfy.

(advertising) budget

The amount of money a company plans to spend on advertising.

media plan

The choice of where to advertise to reach the right people.

samples

A small amount of a product given to encourage customers to try it.

word-of-mouth advertising

Free advertising generated by satisfied customers recommending products.

viral marketing

Trying to get customers to forward an online marketing message.

deposits

Money placed in a bank.

loan

A sum of money borrowed from a bank.

capital

The money invested in business.

shares/ (stocks)

Stocks representing part-ownership of a company.

bonds

Certificates of debt issued by governments or companies.

mergers

When one company combines with another.

takeover bids

When one company offers to buy another.

stockbroking

Buying and selling stocks for clients.

portfolio

All the investments owned by an individual or organization.

returns

The profits made on investments.

bankrupt

Unable to pay debts or continue to do business.

deregulation

The ending or relaxing of legal restrictions.

conglomerates

A group of companies operating in different fields that have joined together.

interest

The price paid for borrowing money.

credit rating

Estimates of a person's ability to fulfill financial commitments.

default

Failure to repay a loan.

collateralized

Secured with property or another asset as a guarantee of payment.

cash flow

The money generated by investment.

write off

Canceling a bad or worthless asset from an account.

allocation of resources

Distribution according to plan.

commercialize

To organize something to make profit.

externalities

Consequences of economic activities experienced by others.

infrastructure

Basic systems and services such as transport and power supplies.

optimal

The best or most likely to bring success.

outcome

The result or effect of an action or situation.

unfettered

Not limited by rules or controls.

(unchained)

income tax

The tax people pay on their wages and salaries.

direct tax

A tax on wages, salaries, or on a company.

progressive tax

A tax levied at a higher rate on higher incomes.

indirect tax

A tax paid on property, sales transactions, and imports.

value-added tax

A tax collected at each production stage excluding previously taxed costs.

capital gains tax

Profits made by selling assets that are liable to tax.

inheritance tax

Gifts to family members over a certain value may be liable to tax.