Protectionism: the policy some countries have of helping their

own industries by putting a large tax on imported goods.

Tariff: a tax that a government collects on goods coming into a

country.

Customs duty: people pay for importing and exporting goods.

Quota: an official limit on the minimum or maximum number of

them.

Dump: the first country exports a large quantity of very cheap

things to the second country.

Subsidy: money that is paid by organization to help an industry.

Recession: a period when economy of country is going badly.

Monopoly: a company which is the only one providing a

particular goods or services:

Competitive advantage: something that makes one particular

company more likely to succeed than others.

Product differentiation: change in a product to sell

Product line: group of products made by one manufactures.

Target market: a market in which company trying to sell its own

product.

Marketing mix: the combination of business activities.

Launch strategy: a plan to organize the launch of products.

Customize: making a product to suit customer’s taste.

Customer profile: description of typical customer.

Business ethics: moral rule which involved in business.

Social responsibility: the duty that companies have to behave.

Corporate responsibility:

Sweatshop: people work there in poor condition.

Child labour: the use of children as workers.

GDP: the total value of goods and services produced within a

country in a year.

GNP: the total value of all the goods produced and services
provided by that country in one year.

Intellectual property rights: can develop the idea or invention,

and nobody else can do so without their permission.

Mass production: the production of something in large

quantities.

Environmental impact: the environmental effect the product is

likely to have.