PI CENTRE OF EXCELLENCE IN ECONOMICS AND FINANCE

INDIVIDUAL STUDY

GLOSSARY OF BUSINESS ENGLISH TERMS

Worked out by
CHEIANU Ionela,
gr. CON 1702 G

Checked by
BRANISTE Silvia,
Business English teacher

Chisinău, 2021
 Business Terms

1. Business- is defined as an organization or enterprising entity engaged in commercial,

industrial, or professional activities.
2. Economy- is an area of the production, distribution and trade, as well as consumption of
goods and services by different agents. In general, it is defined 'as a social domain that
emphasize the practices, discourses, and material expressions associated with the
production, use, and management of resources.
3. Economics- is the social science that studies how people interact with value; in
particular, the production, distribution, and consumption of goods and services.
4. Consumer- a person who purchases goods and services for personal use.
5. Producer- a person, company, or country that makes, grows, or supplies goods or
commodities for sale.
6. Supply- is the willingness and ability of producers to create goods and services to take
them to market.
7. Demand- is an economic principle referring to a consumer's desire to purchase goods
and services and willingness to pay a price for a specific good or service.
8. Price- he amount of money expected, required, or given in payment for something.
9. Competition- the activity or condition of striving to gain or win something by defeating
or establishing superiority over others.
10. Fair/Pure Competition- is a market situation where there is a large number of
independent sellers offering identical products.
11. Oligopoly- a state of limited competition, in which a market is shared by a small number
of producers or sellers.
12. Monopoly- the exclusive possession or control of the supply of or trade in a commodity
or service.
13. Barter- is an act of trading goods or services between two or more parties without the
use of money - or a monetary medium, such as a credit card. In essence, bartering
involves the provision of one good or service by one party in return for another good or
service from another party.
14. Business Ethics- is the study of appropriate business policies and practices regarding
potentially controversial subjects including corporate governance, insider trading,
bribery, discrimination, corporate social responsibility, and fiduciary responsibilities.
15. Social Responsibility- that businesses, in addition to maximizing shareholder value,
must act in a manner that benefits society.
16. Application Letter- also known as a cover letter, is a document sent with your resume to
provide additional information on your skills and experience.
17. Curriculum Vitae- a brief account of a person's education, qualifications, and previous
occupations, typically sent with a job application.
18. Job Interview- a formal meeting in which an applicant is asked questions to determine
their suitability for a particular job.
19. Sole proprietorship- also referred to as a sole trader or a proprietorship, is an
unincorporated business that has just one owner who pays personal income tax on profits
earned from the business.
20. Partnership- an association of two or more people as partners.
21. Corporation- a large company or group of companies authorized to act as a single entity
and recognized as such in law.
22. Board of directors- is a group of people who jointly supervise the activities of an
organization, which can be either a for-profit or a nonprofit organization such as a
business, nonprofit organization, or a government agency.
23. Entrepreneurship- the activity of setting up a business or businesses, taking on financial
risks in the hope of profit.
24. Share- a part or portion of a larger amount which is divided among a number of people,
or to which a number of people contribute.
25. Stock- the goods or merchandise kept on the premises of a shop or warehouse and
available for sale or distribution.
26. Shareholder/Stockholder- is a person, company, or institution that owns at least one
share of a company’s stock, which is known as equity.
27. Management- the process of dealing with or controlling things or people.
28. Business Plan- a document setting out a business's future objectives and strategies for
achieving them.
29. Human Resource Management- is the process of recruiting, selecting, inducting
employees, providing orientation, imparting training and development, appraising the
performance of employees, deciding compensation and providing benefits, motivating
employees, maintaining proper relations with employees and their trade unions, ensuring
employees safety, welfare and healthy measures in compliance with labour laws of the
 land and finally following the Orders / Judgements of the concern High Court and
Supreme Court, if any.
30. Motivation- a reason or reasons for acting or behaving in a particular way.
31. Business Negotiation- is a process between two or more parties (each with its own aims,
needs, and viewpoints) seeking to discover a common ground and reach an Agreement to
settle a matter of mutual concern, resolve a conflict and exchange value.
32. Marketing- the action or business of promoting and selling products or services,
including market research and advertising.
33. Product- an article or substance that is manufactured or refined for sale.
34. Wholesaling- sell (goods) in large quantities at low prices, to be sold on at a profit.
35. Retailing- sell (goods) to the public by retail.
36. Advertising- the activity or profession of producing advertisements for commercial
products or services.
37. Accounting- the process or work of keeping financial accounts.
38. Balance sheet- a statement of the assets, liabilities, and capital of a business or other
organization at a particular point in time, detailing the balance of income and expenditure
over the preceding period.
39. Bookkeeping- the activity or occupation of keeping records of the financial affairs of a
business.
40. Assets- an item of property owned by a person or company, regarded as having value and
available to meet debts, commitments, or legacies.
41. Liabilities- the state of being legally responsible for something.
42. Owner’s equity- s one of the three main sections of a sole proprietorship's balance sheet
and one of the components of the accounting equation: Assets = Liabilities + Owner's
Equity.
43. Money- a current medium of exchange in the form of coins and banknotes; coins and
banknotes collectively.
44. Bank- is a financial institution licensed to receive deposits and make loans.
45. Bond- is a fixed income instrument that represents a loan made by an investor to a
borrower (typically corporate or governmental).
46. Securities- is a financial instrument, typically any financial asset that can be traded. The
nature of what can and can’t be called a security generally depends on the jurisdiction in
which the assets are being traded.
47. Insurance- n arrangement by which a company or the state undertakes to provide a
guarantee of compensation for specified loss, damage, illness, or death in return for
payment of a specified premium.
48. Risk- a situation involving exposure to danger.
49. Customer- a person who buys goods or services from a shop or business.
50. Customs System- mprove transparency and communication, reduce delays in clearing
goods, and maximize the collection of customs revenue.