topic-specific vocabulary

Business & industry
A. Look at sentences 1-16, and replace the words and expressions in bold with a word or
expression in the box which has an opposite meaning.

unskilled labourers • employees / workers / staff • credit • exports • loss
demand for • bust / recession • shop floor • state-owned industries
private • expenditure • lending • net • take on • retail • white-collar

1. We have a limited supply of computer base units. __________________________

2. Last year, our company made a huge profit. __________________________

3. Our gross profits are up by almost 150% on last year. __________________________

4. Banks across the country are reporting a sharp drop in borrowing. __________________________

5. The company will debit your bank account with £528 each month. __________________________

6. The wholesale market has experienced a downturn since
the recession began. __________________________

7. The government is encouraging short-term investors to put their
money into the public sector. __________________________

8. Private enterprises are under a lot of financial pressure. __________________________

9. Skilled workers are demanding a 15% pay rise. __________________________

10. If this continues, we will have to lay off members of staff. __________________________

11. Blue-collar workers across the country are demanding
improved working conditions. __________________________

12. He works for a company which imports camera equipment. __________________________

13. A lot of people have benefited from the recent boom in the
electrical industry. __________________________

14. The management refuse to compromise on the quality of
their products. __________________________

15. Overall revenue is down by almost 15%. __________________________

16. A fight broke out in the boardroom over terms and conditions of
employment. (Note: you will have to change the preposition in to on) __________________________

primary industries 14. The amount by which expenditure is more than receipts in a firm’s or country’s accounts. but now belong to the state. inflation 9. income tax 3. ( __________________________ have become more important in the last decade. The action of imposing taxes. unemployment 8. (Oil is a __________________________ which is essential to the country’s economy. The percentage charged for borrowing money.) K. A state in an economy where prices and wages are rising to keep pace with each other. ( __________________________ rely on the ready supply of raw materials. An indirect tax. machine or person produces. balance of payments 10. (The figures for __________________________ are rising. (The company announced a two million pound __________________________ . GNP 12.) L. (Last year’s __________________________ was close to £25 billion. (The government is trying to keep __________________________ down below 3%.) B. (The government is trying to reduce the __________________________ deficit.) G. Industries which do not make products but offer a service such as banking. (Coal mining is an important __________________________ . The difference in value between a country’s imports and exports. The most important industries in a country. output 2. secondary industries 15. including income earned in other countries. A tax on money earned as wages or salary.topic-specific vocabulary Business & industry B.) P. service industries 16.) F Installing machinery in place of workers ( __________________________ can be a mixed blessing - machines usually tend to be out of order when you need them most. A tax imposed as a percentage of the invoice value of goods or services. (The state has a __________________________ of the tobacco trade.) O. (The factory has doubled its __________________________ in the last six months. (She pays __________________________ at the lowest rate. interest rates 13. The value of goods and services paid for in a country. ( __________________________ in Britain currently runs at 17.) C. Industries involved in the production of raw materials. Match the words and expressions in the first box with a dictionary definition from the list A . Industries which were once privately owned. monopoly A.Q below. (The Bank of England has raised __________________________ . (Workers in __________________________ are to get a 3% pay rise. Lack of work.) Q.5%.) . nationalised industries 17.) M. key industries 6. The amount which a firm.) N. deficit 5. automation 7.) J.) I. 1.) D. (Money raised by __________________________ pays for all government services. insurance and transport. Industries involved in the manufacture of goods. VAT 4.) H.) E. taxation 11. A system where one person or company supplies all of a product in one area without any competition.

This has had a negative impact on 6____________________________________ . topic-specific vocabulary Business & industry C. Bad news too for Ranger Cars. where overall 15____________________________________ for sales of aircraft parts has dropped by almost 10% in the last quarter. who this week announced a 17____________________________________ of almost five million pounds. You may need to change some of the word forms. Now look at this extract from a business programme and fill in the gaps with one of the words or expressions from Tasks A and B. despite the government’s pledge to keep price and wage rises no higher than 3%. since the strong pound coupled with rising prices has made it almost impossible for foreign companies to buy British goods and services. making it once again a seller’s market. putting further pressure on homeowners paying mortgages. Unions and workers are negotiating with 11____________________________________ chiefs for an eight percent rise. This follows the announcement that the government want more investors to put their money into the 12____________________________________ sector. will shortly become a 16____________________________________ industry in a final desperate attempt to keep it open. A spokesman for the company blamed high labour costs and the reluctance by union leaders to approve increased 18____________________________________ at the firm’s factories. 1____________________________________ rates are to rise by a further half a percent next month. Last year. The government has promised it will keep on the current workforce. 5____________________________________ rose in the last year by almost 6%. In some cases. There is now a two- week waiting list to receive a new computer. more than one answer may be possible. This has pushed prices up by almost a third. . They insist that the installation of new machinery will lead to redundancies. 8____________________________________ workers in 9____________________________________ industries across the country are demanding higher 10____________________________________ . adding to the country’s rapidly rising rate of 4____________________________________ . 13____________________________________ for home computers has finally overtaken the 14____________________________________ . It will also discourage people from 2____________________________________ money from the high street banks.000 members of staff across the country. who are already under a lot of pressure. the National Bank was forced to 3____________________________________ 2. Bradford Aerospace Technologies. Especially affected are the 7____________________________________ producing pharmaceuticals and chemicals.

P 15. automation . revenue / income 16. Compare this with GDP . 1. F 2. private 8. Unskilled labourers 10. Q (VAT = Value Added Tax) 16. public 13. management 12. H 5. net 4. expenditure 16. unemployment 5. secondary industries 8. lay off 4. lending 5. deficit 18. Demand 14. M 6. C (GNP = Gross National Product. N C. D 14. nationalised 17. bust / recession 14. 1. loss 3. G 11.Gross Domestic Product) 7. Blue-collar / White-collar 9. state-owned / nationalised 10. J 13. shop floor B. take on (we can also use the word employ) 11. K 12. White-collar 12.Business & industry answers A. credit 6. exports 13. exports 7. A 8. demand for 2. supply 15. Interest 2. borrowing 3. retail 7. Inflation 6. employees / workers / staff 15. State-owned industries 9. I 17. 1. B 10. L 3. salaries 11. O 4. E 9.