UNIT 9 INTERNATIONAL MARKETS

Starting up

represent verb /ˌreprɪˈzent/ to speak for a person, organization, etc.:

A delegation was in Japan last week to represent the industry in high-
level trade talks.

view noun /vjuː/ (OPINION) + a way of looking at something; an opinion:

He  takes a pessimistic view of our chances  of  success.

labor noun /ˈleɪ·bər/ practical work, esp. work that involves physical effort:

The  car parts themselves are not expensive – it’s the labor that costs so much

capital noun /ˈkæpɪtəl/ money that is used for investment or for starting a business:

Low-tax policies are used by some countries to attract capital.

exploit verb  /ɪkˈsplɔɪt/ to use or develop something for profit or progress in business:

We need to make sure that we exploit our resources as fully as possible.

bloc noun  /blɒk/ a group of countries or people that have similar political interests:

The  European  Union is a  powerful trading/trade  bloc.

institution noun UK  /ˌɪnstɪˈtjuːʃən/ a large and important organization, such as a bank:

Many government institutions will be affected  by the spending cuts.

VOCABULARY

free trade noun international trade in which companies can import and export each

other's goods without the usual taxes, limits, etc.:
Business  groups  and advocates  of  free trade have pushed for even more coope
ration among the three  nations.

CD2 TRACK 14

point noun /pɔɪnt/ (IDEA EXPRESSED) an idea, opinion, or piece of information that is said or

written:
You made some interesting points in your speech.
control noun  /kənˈtrəʊl/ the power to give orders, make decisions, and take responsibility for
something:
Banks threatened to take control of the business.

tax noun /tæks/ (an amount of) money paid to the government that is based on your income or

the cost of goods or services you have bought:
Tax  cuts  (= reductions in taxes) are always popular.

liberalize verb (Uk also liberalise)  /ˈlɪbərəlaɪz to allow more freedom in laws, systems,

or opinions:
They will work  with a view to further liberalize the investment regime.

trade barrier noun something such as an import tax or a limit on the amount of goods that can

be imported that makes international trade more difficult or expensive:
The  talks aim to get  rich countries to lower trade barriers.

take sth away - phrasal verb to remove something:

The  federal government threatened to take away $1 billion in highway funds.

border noun  /ˈbɔr·dər/ (DIVISION) (also borderline)

the line that divides one country or place from another:
The Rio Grande forms part of the US border.

 few with plural countable nouns + negative meaning

custom noun (OFFICIAL CHECK) customs [ plural ] the place at a port, airport,

or border where travellers' bags are looked at to find out if any goods are being carried illegally:

to go through customs
CD2 TRACK 15

tariff noun /ˈtærɪf/  a tax on goods coming into or going out of a country:

The US has imposed  new tariffs on chocolate from Brazil.

subsidy noun /ˈsʌbsɪdi/ plural subsidies: money given by a government or

an organization to reduce the cost of producing food, a product, etc. and
to help to keep prices low:
 The  program provides traditional subsidies for commodities like wheat, corn,
and  cotton.

domestic adjective  /dəˈmestɪk/ of, relating to, or within a person's own country:

Domestic retailers  are facing relentless pressure from  imports.

quota noun /ˈkwəʊtə/ a fixed limit on the amount of something that someone is allowed to have

or is expected to do:
The  annual  quota of 140,000  green cards is far lower than the demand.

restriction noun /rɪˈstrɪkʃən/ an official limit or control on

what people or companies are allowed to do, or on what can happen:
Chinese officials called on the U.S. to ease restrictions on exporting high-
tech  goods to China.

licence noun /ˈlaɪsəns/ ( US license) an official document from the government, court, etc. that

gives you permission to do, have, or own something:
The  bank  will insist you produce a driving licence or passport as a form of ID.

regulation noun /ˌreɡjəˈleɪʃən/ an official rule or law:

They are introducing new policies and regulations for e-commerce.

document noun /ˈdɒkjəmənt/ a paper or set of papers that contains official information or

instructions:
Each bank will be required to publish a document detailing its annual and final bonus
payments.
complicated adjective /ˈkɑm·plɪˌkeɪ·t̬ ɪd/ having many parts that are organized in a way that may
be difficult to understand:
He gave me directions, but they were so complicated I got lost.

slow (sb/sth) down/up - phrasal verb /sləʊ/ to become slower or less active, or to make

something slower or less active:

US employers  slowed  down the pace of hiring last month.

CD2 TRACK 16
free trade noun international trade in which companies can import and export each
other's goods without the usual taxes, limits, etc.:
Business  groups  and advocates  of  free trade have pushed for even more coope
ration among the three  nations.

in principle: If you agree with or believe something in principle, you agree with

the idea in general, although you might not support it in reality or in every situation:
In principle I agree with the idea, but in practice it's not always possible.

beneficial adjective /ˌben·əˈfɪʃ·əl/ tending to help; having a good effect:

Moderate exercise  is really beneficial.

deregulation noun /ˌdiːreɡjəˈleɪʃən/ the process of removing government controls or rules from a

business or other activity:
The final deregulation of the market gave electricity consumers the freedom to shop
around for suppliers.
productive adjective /prəˈdʌktɪv/ producing a large number of goods, crops, profit, etc. or doing
a lot of work:
The only remaining option is to switch underemployed workers from agriculture to more
productive sectors.
unfairly adverb /ʌnˈfeə.li/ in a way that is not right or does not involve equal treatment:
She believes she's being unfairly criticized.

protect verb /prəˈtekt/ if a government protects part of its country's trade or industry, it helps it

by taxing goods from other countries or limiting the amount of goods that can be imported:
Import barriers protected the fledgling enterprises.

dump verb /dʌmp/ + to stop using or supporting something or someone:

The  star was dumped by the record label after a string of failures.

+ to sell goods so cheaply in another country that companies in
that country cannot compete fairly:
The  producers of the goods are claiming that foreign manufacturers  are
dumping on the market.
strategic industry noun an industry that a government considers to be very important for the
country's economy or safety:
Opposition parties expressed grave concerns about a strategic industry being sold  to
a  foreign power.

power noun electricity, especially when considering its use or production:

You should disconnect the power before attempting to repair electrical equipment.
developed country noun a country with a lot of industrial activity and
where people generally have high incomes:
Our sample  came from a broad cross-section of
the populations of developed countries.

developing country noun a country with little industrial and economic activity and

where people generally have low incomes:
Ministers insist that freer trade could reduce poverty in developing

infant industry noun a new industry that is in its earliest stage of development:

A newly-strengthened corporate sector should provide a  valuable source of
new capital to open the gateway  to  growth for more infant industries.

liberalize verb (Uk also liberalise) /ˈlɪbərəlaɪz/ to allow more freedom in laws, systems,

or opinions:
They will work  with a view to further liberalize the investment regime.

open market noun an economic system where there are no rules about how much of

something people can buy and sell:
The EU is meant to be an open market, with no restrictions on purchases and sales
within its borders.
point noun /pɔɪnt/ point noun (IDEA EXPRESSED) an idea, opinion,
or piece of information that is said or written:
You made some interesting points in your speech.

trend noun /trend/ a general development in a situation or in the way that people behave:

They are profiting from a growing trend for eating  out.
LANGUAGE REVIEW:CD2 TRACK 17

order verb /ˈɔː.dər/ (REQUEST) to ask for something to be made, supplied,

or delivered, especially in a restaurant or shop:
I ordered some pasta and a mixed salad.

discount noun /ˈdɪskaʊnt/ a reduction in the usual price of a product or service:

Car manufacturers are offering discounts of up to 15% on all new models.

unit noun /ˈjuː.nɪt/ a single complete product of the type that a business sells

dispatch verb ( UK also despatch) /dɪˈspætʃ/ to send someone to a place for a particular purpose:
The  company could dispatch teams of engineers anywhere in the  country if
a  water  supply  was contaminated.

peak time noun a time of day when a lot of people are using the same service, such as

the internet, phone, etc.:
Sign up for our special  deals  on peak time calls.

insurance noun  /ɪnˈʃʊərəns/ an agreement in which you pay a company money, either in

one payment or in regular payments, and they pay your costs, for example, if
you lose or damage something, or have an accident, injury, etc.:
You can take out insurance against employee injury.

negotiable adjective /nɪˈɡəʊʃiəbl/ able to

be discussed or changed in order to reach an agreement:
The  terms of the agreement are not negotiable.

cash on delivery noun ( abbreviation COD); (also payment on delivery) a method of

doing business in which a company will transport goods to a customer and take payment for
the goods at the time they are given to the customer:
Items must be  paid  for in full prior to delivery - cash on delivery is
not acceptable.

LISTENING: CD2 TRACK 18

negotiator noun /nɪˈɡəʊ.ʃi.eɪ.tər/ a person who has formal discussions with someone else in
order to reach an agreement, or a person whose job is to do this:
 Some very skilful negotiators will be  needed to settle this dispute.
case study noun  + a detailed study of a person, group, or thing, especially in order to
show general principles:

A case study by PriceWaterhouseCoopers assessed the annual fiscal

impact of a US football team.

+ something or someone that can be used as an example to

show general principles:

The  town  can be  seen as an interesting case study on

the effects of globalization.

behave verb /bɪˈheɪv/ to do something or happen in a particular way:

Commodities markets  don't always behave in the way people  expect.

appropriate adjective /əˈproʊ·pri·ət/ correct or right for a particular situation or occasion:

Punishment should be appropriate to the  crime.

feedback noun /ˈfiːdbæk/ information about something such as a new product or

someone's work, that provides an idea of whether people like it or whether it is good:

Have you had any feedback from customers about the new soap?

vital adjective /ˈvɑɪ·t̬ əl/ necessary or extremely important for

the success or continued existence of something:

The  existence  of a  strong opposition is vital to a healthy democracy.

vitally adverb  /ˈvɑɪ·t̬ əl·i/

It’s vitally important that we get there by tomorrow.
fresh adjective /freʃ/ new or different:

We need to take a fresh  look at the problem.

vehicle noun /ˈvi·ɪ·kəl, -hɪ·kəl/ a way of achieving something:

She used her celebrity status as a vehicle to run for political office.

format noun /ˈfɔːmæt/ the size, design, materials, etc. used for a document, book, photo, etc.:

Documents must be  submitted  in  paper format.

podcast noun /ˈpɒdkɑːst/ a recorded programme that can be downloaded from

the internet and listened to on an MP3 player :

Remember you can download the weekly Business News as a podcast.

tweak verb /twiːk/ + to make small changes to something in order to finish or improve it:

The  contract needs  a little tweaking but it's  almost there.

+  tweak noun /twiːk/ a small change to something to finish or improve it:

They give it a little tweak and it's that much better.

customize verb /ˈkʌstəmaɪz/ to make or change something according to a customer's or

user's particular needs:

Employees can customize the  software  to  suit  their needs.

+ customization noun  /ˌkʌstəmaɪˈzeɪʃən/
We can advise on the customization of your software.
+ customized adjective /ˈkʌstəmaɪzd/
The company offers a customized version of
the classic model for disabled drivers.
gap noun  /ɡæp/ + a difference between two numbers, amounts, or levels:

Forecasters are predicting a budget gap of nearly $17 bn next  year.

The Gap Partnership: a global negotiation consultancy specialising in the planning, strategy

and execution of commercial negotiation

return on investment noun ( abbreviation ROI) the profit from an activity for

a particular period compared with the amount invested in it:

Weekly sales are running well ahead of the levels required  for a

25%  return on investment.
CD2 TRACK 19

misnomer noun  /mɪsˈnoʊ·mər/ a name that is not correct or does not suit what it refers to, or a

use of such a name:

Dry cleaning  is a misnomer, since the clothes are cleaned in a fluid.

deem verb /dim/ to consider or judge:

The  president asked Congress for authority to take whatever steps he

deemed necessary,  including  the use of force.

CD2 TRACK 20

override verb  /ˌəʊvəˈraɪd/ to refuse to accept or to decide against a previous decision or order:

Every  time I make a suggestion at work, my boss overrides me.

versatile adjective  /ˈvɜr·sə·t̬ əl/ (of people) able to do many different things or to adjust to

new conditions, or (of things) able to be used for many different purposes:

It is an especially versatile insecticide known to control a  range of insects.

conflict noun  /ˈkɒnflɪkt/ a serious disagreement between people, organizations,
or countries with opposing opinions:

It was a  controversial decision  and caused a number of conflicts within

the workforce.

pressure noun  /ˈpreʃər/ + a situation in which someone tries to make someone else do

something by arguing, persuading, etc.:

The  guidelines were imposed under pressure from Congress.

+ a difficult situation, or the worried feeling that such a situation can give

you:

The  pressures of work are making her depressed.

spectrum noun /ˈspektrəm/ a range of similar things:
 A methodology  will have to
be developed to gradually cover the entire spectrum of technologies.

repackage verb /ˌriːˈpækɪdʒ/ to put a product in a new container, etc., or

to sell a product or service in a new package or market it in a new way:

This is a new  release of an  older  product  that has been repackaged
to suit this particular market.

scope noun  /skəʊp/ the range of things that an activity, company, law, etc. deals with:

He  involved himself in affairs beyond the scope of his job.

counterpart noun /ˈkaʊntəpɑːt/ a person or thing that does the same job or has the

same function as a person or thing in a different organization, etc.:

Why should women in top managerial positions earn  less

than their male counterparts?

spot verb /spɒt/ /spɑːt/ to see or notice someone or something, usually because you

are looking hard:

I've just spotted Mark - he's over there, near the entrance.

power noun  /ˈpaʊər/ the ability to control or influence people, organizations, events, etc.:

Shareholder power is a  crucial part of how any capitalist society works.

CD2 TRACK 21

substantial adjective /səbˈstænʃəl/ large in size, value, or importance:

Banks make a substantial  amount of money investing your money.

recession noun  /rɪˈseʃən/ a period, usually at least six months, of low economic activity,

when investments lose value, businesses fail, and unemployment rises:

The  experts predicted recession in the coal industry.

dear money noun (also tight money) money that is expensive to borrow, because

the rate of interest is high:
 Even  allowing for inflation, that is dear money.

bargaining noun /ˈbɑːɡɪnɪŋ/ discussions between people in order to reach agreement on
something such as prices, wages, working conditions, etc.:

You are in a  weaker bargaining  position if you are a casual, temporary,

or contract worker.

admit verb /ədˈmɪt/ to say that you have done something dishonest or have not succeeded in
doing something:

It can be  difficult  to  admit mistakes in front of colleagues who may

be competitors for the next promotion.

price-conscious adjective someone who is price-conscious knows how much

things cost and avoids buying things that are considered too expensive:

price-conscious consumers/shoppers

prestigious adjective  /presˈtɪdʒəs/ very much respected and admired, usually because of

being important or of high quality:

The Harvard presidency is perhaps the
most prestigious job in higher education.

help verb : If something helps a difficult or painful situation, it improves it or makes it easier or

less painful:

The  morphine didn't seem to help (the pain).

peak adjective /piːk/ Peak times are the times when most people are using or doing something:

It is most  expensive to  advertise at peak viewing times (= those with the

most people watching).

consignment noun  /kənˈsaɪnmənt/ a quantity of goods that are sent together:

When we get our  next consignment

of stock our new warehouse  management system will be in operation.
express adjective /ɪkˈspres/ moving or being sent fast:

The  dry cleaners offer a normal or an express service.

carrier noun /ˈkæriər/ a company that transports goods or people from one place to another:

Sioux Railway is the ninth  largest  rail  carrier in the nation.

top-of-the-range adjective /ˌtɒp.əv.ðəˈreɪndʒ/ (US top-of-the-line) used

for describing something that is the most expensive in a group of similar products:

a top-of-the-range Mercedes

charge verb /tʃɑːdʒ/ to ask for a particular amount of money for

something, especially a service or activity:

He  considered that the  price they were charging was fair.

draft adjective  /drɑːft/ a draft plan, document, etc. is not in its final form, and may

have changes made to it:

draft legislation/regulations

invoice noun /ˈɪnvɔɪs/ a document that lists things provided or work done, gives their cost,

and asks for payment:

The  supplier  must issue an invoice for all taxable supplies.