Unit 1:

1. Vocation
- Consultant: a person who provides expert advice to a company
- Crisis: a situation of danger or achieve
- Innovation: a new idea or method
- Objective: something you plan to do or achieve
- Promotion: when someone is raised to a higher or more important position
- Public sector: the section of the economy under government control
- Strategy: a plan for achieving success
- Subordinate: a person with a less important position in an organization
2. The text
- After an organization has set objectives, it has to make sure that it achieves them
- Managers have to find the best way to allocate all the human, physical and capital resources
available to them
- Some people perform tasks better on their own while others work better in teams.
- Managers supervise the work of their subordinates and try to develop their abilities.
- Manager measure the performance of their staff to see whether they are reaching their targets.
- Top managers have to prepared to deal with crises if they occur and them have to make quick
decisions

Unit 4:

1. Vocation
- Glocalization: an invented word combining worldwide and regional concerns
- Logic: Thought based on reason and judgement rather than feelings and emotions
- Confrontation: A face-to-face disagreement or argument
- Compromise: Reducing demands or changing opinions in other 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 when necessary without having already planned it
- Status: respect, prestige or importance given to someone
- Collectivist: Believing that the group is more important 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

Unit 12: Marketing

1. Vocation
- Distribution channel: All the companies or individual (‘middlemen’) involved in moving goods or
services from producers to consumers
- Wholesaler: An intermediary that stocks manufactures’ goods or merchandise, and sells it to
retailers and professional buyers
- Market segmentation: Dividing a market into distinct groups pf buyers who have different
requirements or buying habits
- Product differentiation: Making a product (appear to be) different form similar products offered
by other sellers, by product different, advertising, packaging, etc.
- Market opportunities: Possibilities of filling unsatisfied needs in sectors in which a company can
profitably products goods and services.
- Market skimming: setting a high price for new product, to make maximum revenue before
competing product appear on the market
- Sakes representative: Someone who contacts existing and potential customers, and tries to
persuade them to buy goods or services
- Product features: The attributes or characteristics of a product, such as size, shape, quality,
price, reliability, etc
- Price elasticity: The extent to which supply or demand (the quantity produced or bought) of a
product responds to changes of price
- Market penetration: The strategy of setting a low price to try to sell large volume and increase
market share
2. Reading
 Sales

- Public awareness about the product increases and sales volume rises
significantly. 1
- Sales volume peaks. 16
- Sales volume begins to go down 2
- The sales volume is low and customers have to be persuaded to try the
product. 3
 Costs
- Costs are high. 4
- The product's features may have to be changed so that it differs from
competing brands, which involves new costs. 5
- Costs are reduced due to economies of scale, so profitability increases. 6
- Either costs are too high compared to sales, so the product is
discontinued, or the company continues to offer the product to loyal
customers, white reducing costs to a minimum. 7
 Prices
- The price is either maintained, or greatly reduced to liquidate stock if the
product is discontinued. 8
- The company can choose between high skim pricing to recover
development costs, or low penetration pricing to build market share
rapidly, if there are already competitors. 9
- The price can remain unchanged because demand is increasing but
competitors aren't usually yet well established. 10
- Prices may have to be reduced because competitors are established in the
market, but companies try to defend their market share while also
maximizing profit. 11
 Promotion
- Promotion emphasizes product differentiation. 12
 - Promotion is aimed at a much broader audience (the majority of the
product's users). 13
- At this stage, there is virtually no promotion. 14
- Promotion is aimed at educating potential consumers (innovators and
early adopters) about product, and building product awareness. 15
 Introduction: 3, 4, 9, 15
 Growth stage: 1, 6, 10, 13
 Maturity: 16, 5, 11, 12
 Decline stage: 2, 7,8,14

Unit 14: Managing across cultures

1. Vocation
- an invented word combining worldwide and regional concerns.
- thought based on reason and judgement rather than feelings and
emotions.
- a face-to-face disagreement or argument.
- reducing demands or changing opinions in order to agree
- understanding or knowing without consciously using reason
- people of influence or importance with whom you are associated
- to do something when necessary without having already planned it 8
respect, prestige or importance given to someone 9 believing that the
group is more important than the individual 10 to be humiliated or
disrespected in public 11 to cut into someone else's turn to speak 12
looking directly at the people you are talking or listening to

Unit 14: Managing across cultures

1. Reading

Retail banks or commercial banks (often called High Street banks in Britain)
receive deposits from, and make loans to, individuals and small companies.
investment banks work with big companies, giving financial advice, raising
capital by issuing stocks or shares and bonds, arranging mergers and takeover
bids, and so on.
They also generally offer stockbroking and portfolio management services to
rich corporate and individual clients. Wealthy individuals can also use private
banks, which provide them with banking and investment services, and hedge
funds which are private investment funds for wealthy investors (both individuals
and institutions) that use a wider variety of (risky) investing strategies than
traditional investment funds, in order to achieve higher returns.
In the USA, where many banks went bankrupt following the Wall Street Crash in
1929, a law was passed in 1934 (the Glass-Steagall Act) that separated
commercial banks and investment banks or stockbroking firms. For the rest of
the 20th century, there were regulations in the US, Britain and Japan that
prevented commercial banks from doing investment banking business.
In other countries, including Germany and Switzerland, large banks did all kinds
of financial business. But starting in the 1980s, many rules were ended by
financial deregulation, and Glass- Steagall was repealed in 1999. Large banks
became international conglomerates offering a complete range of financial
services that were previously provided by banks stockbrokers and insurance
companies.
Islamic banks In Islamic countries and major financial centres, offer interest-free
banking. They do not pay interest to depositors or charge interest to borrowers,
but invest in companies and share the profits (or losses) with their depositors.
Some car manufacturers, food retailers and department stores now offer
products like personal loans, credit cards and insurance. Technically these are
not banks but non-bank financial intermediaries?
2. Vocation
- Depomstis: money placed in a bank
- Loan: a sum of money borrowed from a bank
- Capital: the money invested in a business
- Stocks or share: certificates representing part-ownership of a company
- Bonds: certificates of debt issued by governments or companies to raise
money
- Merger: when one company combines with another one
- Takeover bid: when one company offers to buy or acquire another one
- Stockbroking: buying and selling stocks or shares 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
- Conglomerate: a group of companies, operating in different fields, which
have joined together
- Interest: the price paid for borrowing money, paid to the lenders
3. Vocation
- credit rating: estimates of people's ability to fulfil their financial
commitments
- default: failure to repay a loan
- collateralized: with property or another asset used as a guarantee of
payment
- cash flow: the money generated by an investment
- write off: cancel a bad debt or a worthless asset from an account

unit 19: Accounting and financial statements

I. Vocabulary

1. all the money received from business activities during a given period
A. assets
 B. income
C. transactions
2. all the money that a business spends on goods or services during a
given period
A. debts
B. B expenditure
C. C. liabilities
3. a financial operating plan showing expected income and expenditure
A. account
B. budget
C. financial statement
4. anything owned by a business- cash, buildings, machines, equipment,
etc.
A. asset
B. income
C. revenue
5. all the money that a company will have to pay to someone else in the
future, including debts, taxes and interest payments
A. debits
B. expenditure
C. liabilities
6. an entry in an account, recording a payment made
A. credit
B. Debt
C. Debit
7. an entry in an account, recording a payment received
A. credit
B. Debit
C. Income
8. adjective describing something without a material existence, which
you can't touch
A. current
B. intangible
C. tangible
9. adjective describing a liability which has been incurred but not yet
invoiced to the company
A. accrued
B. deferred
C. receivable
10. delayed or postponed until a later time
A. Deferred
B. Payable
 C. Retained
II. Vocation
- Cost accounting: calculating all the expenses involved in producing something, including
materials, labour, and all other expenses.

- Tax accounting: calculating how much an individual or a company will

have to pay to the local and national governments (and trying to reduce
this to a minimum)
- Auditing: inspecting and reporting on accounts and financial records
- Accounting: preparing financial statements showing income and
expenditure, assets and liabilities
- Managerial or management accounting: providing information that will
allow a business to make decisions, plan future operations and develop
business strategies
- Creative accounting: using all available accounting procedures and tricks
to disguise the true financial position of a company
- Bookkeeping: writing down the details of transactions (debits and credits)
III.
- Cash flow statement: a statement giving details of money coming into and
leaving the business, divided into day-to-day operations, investing and
financing
- Income statement (or statement of income, profit and loss statement, or
profit and loss account) a statement showing the difference between the
revenues and expenses of a period
- Balance sheet (or statement of financial position) a statement showing the
value of a business's assets, Its liabilities, and its capital or shareholders'
equity (money the business has that belongs to Its owners)

Unit 22: Government and taxation

I. Vocabulary
- Infrastructure: Basic systems and services such as transport and power
supplies
- Allocation: Distribution according to a plan
- Unfettered: Not limited by any rules or controls
- Externalities: Positive or negative consequences (benefits or costs) of
economic activities experienced by other people
- Optimal: The best or most likely to bring success
- Outcome: The result or effect of an action or situation
- Commercialize: To organize something to make a profit
II. Vocation

1. The tax people pay on their wages and salaries is called

A. Capital transfer tax
B. Income tax
 C. Wealth tax
2. A tax on wages and salaries or on company profits is a
A. Direct tax
B. Indirect tax
C. Value-added tax
3. A tax levied at a higher rate on higher incomes is a called a
A. Flat tax
B. Progressive tax
C. Regressive tax
4. A tax paid on property, sales transaction, imports, and so on is a/an
A. Direct tax
B. Indirect tax
C. Value-added tax
5. A tax collected at each stage of production, excluding the already-taxed costs from previous
stages, is called a/an
A. Added-value tax
B. Sales tax
C. Value-added tax
6. Profits made by selling assets are generally liable to a
A. Capital gains tax
B. Capital transfer tax
C. Wealth tax
7. Gifts to family members over a certain value are often liable to a/an
A. Capital gains tax
B. Inheritance tax
C. Value-added tax
8. The annual tax imposed on people’s fortunes (in some countries) is a
A. Added-value tax
B. Capital gains tax
C. Wealth tax
9. Making false declarations to the tax authorities is called
A. Fiscal policy
B. Tax avoidance
C. Tax evasion
10. Reducing the amount of tax you pay to a legal minimum is called
A. Creative accounting
B. Tax avoidance
C. Tax evasion
11. Countries where taxed are low, where multinational companies often set up their head offices,
are known as
A. Money launderers
B. Tax harbours
C. Tax havens
12. A small mistake or exception in a tax law, which allows you to avoid paying something, is called
 A. An escape
B. An excuse
C. A loophole

Unit 23: The business cycle

1. Vocation
- Downturn: A decline in economic activity
- Upturn: An increase in economic activity
- Expectations: Beliefs about what will happen in the future
- Consumption: Purchasing and using goods and services
- Balance of payments: The difference between the funds a country receives and those it pays for
all international transactions
- Gross domestic product (GDP): The total market value off all the goods and services produced in
a country during a given period
- Demand: The willingness and ability of consumers to purchase goods and services
- Supply: The willingness and ability of businesses to offer goods or services for sale
- Save: To put money aside to spend in the future
2. Nn
3. Comprehension
- a downturn begins when the demand for goods and services declines.
- people spend, and borrow money, when economic times are goods and they feel confident
about the future
- people tend to spend less when they are afraid of losing their jobs/ becoming unemployed
- when interest rate rise people have to pay more on their mortgage or rent (and so consume
less)
- companies only invest while consumption is increasing
- creative destruction means that innovations destroy established companies or industries
4. Fiscal and money policy
- Deficit: an amount of money that is smaller than is needed (e.g. when spending exceeds
revenues)
- Surplus: an excess: a quantily that is larger than is needed
- Equilibrium: a state of balance, for example when supply is the same as demand
- Monetary policy: government or central bank actions concerning the rate of growth of the
money in circulation
- Fiscal policy: government actions concerning taxation and public expenditure
- Keynesianism: the economic theory that government monetary and fiscal policy should
stimulate business activity and increase employment in a recession
- Money supply: the total amount of money available in an economy at a particular time

unit 24: Corporate social responsibility

1. Vocabulary
-  Discrimination: treating some people in a worse way than you treat other
people
- Undermining: making something weaker
- Free enterprise: an economic system in which anyone can raise capital,
form a business, and offer goods or services
- Conforming to: complying with or following (rules, etc.)
- Embodied: expressed, given a material form
- Ethical: according to generally accepted beliefs based on morals
- Custom: a usual way of behaving
- Insofar as: to the degree or extent that
- Harms: causes damage to
- Proponents: supporters, people who argue in favour of something
2. match
- conduct business
- eliminate discrimination
- provide employment
- make expenditures
- make money
- avoid pollution
- maximize/make/increase profits
- conform to rules
- undermine the basis (of a free society)
-
Unit 27: International trade
1. Vocabulary
- Free trade means imports and export of goods and services without any government
restrictions
- Protectionism means restricting import by way of trade barriers such as tariffs and
quotas.
- Trade barriers are government policies or regulations that restrict
international trade
- A tariff is a tax charged on imports
- A quota is a maximum quantity of goods of a specific kind that can be
imported into a country.
- Absolute advantage means a country’s ability to produce goods at a lower cost than
any other country
- Comparative advantage means a country’s ability to produce particular goods more
efficiently (using fewer resources and at a lower cost) than some other
countries
- An infant industry is one that is in an early stage of development and which
cannot survive competition from foreign companies
- A strategic industry is one that is particularly important to a country's economy
2. Voca
- Generic: a cheaper copy of a product that is not marked with the
producer's name
- Trademark: a name or a symbol showing that a product is made by a
particular producer and which cannot be legally used by anyone else
- Dumping: selling unwanted goods very cheaply, usually in other countries
- Copyright: the legal right to control the production and selling of a book,
play, film, photograph. piece of music, etc.
- Subsidize: to pay part of the cost of something
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