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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 cooperati on 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: 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·t̬əl/ 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·t̬əl·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.: 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.