VOCABULARY 1-17 UNITS

Geopolitics: is the study of the effects of geography (both human and physical) on
international politics and international relations./Geopolitics is a method of foreign policy
analysis which seeks to understand, explain, and predict international political behaviour
primarily in terms of geographical variables. Typical geographical variables are the physical
location, size, climate, topography, demography, natural resources, and technological
advances of the state being evaluated. Traditionally, the term has applied primarily to the
impact of geography on politics, but its usage has evolved over the past century to encompass
wider connotations.
The BRICS: BRICS is the acronym for an association of five major emerging national economies:
Brazil, Russia, India, China, and South Africa. The grouping was originally known as "BRIC"
before the inclusion of South Africa in 2011. The BRICS members are all developing or newly
industrialised countries, but they are distinguished by their large, fast-growing economies and
significant influence on regional and global affairs; all five are G-20 members. As of 2014, the
five BRICS countries represent almost 3 billion people which is 40% of the world population,
with a combined nominal GDP of US$16.039 trillion (20% world GDP) and an estimated US$4
trillion in combined foreign reserves. As of 2014, the BRICS nations represented 18 percent of
the world economy. Brazil held the chair of the BRICS group in 2014, having hosted the group's
sixth summit in 2014. The BRICS have received both praise and criticism from numerous
quarters. The term, "BRICS", was coined by economist Jim O'Neill in his publication, Building
Better Global Economic BRICs.
Reserve currency (e.g. the dollar): A reserve currency (or anchor currency) is a currency that is
held in significant quantities by governments and institutions as part of their foreign exchange
reserves, and that is commonly used in international transactions. People who live in a country
that issues a reserve currency can purchase imports and borrow across borders more cheaply
than people in other nations because they don't need to exchange their currency to do so.
According to economists such as Valry Giscard d'Estaing, a former French Minister of Finance
and president, a reserve currency gets certain benefits called the exorbitant privilege. The US
dollar and the Euro make up 90% of allocated reserves globally. The United States dollar is the
world's most dominant reserve currency, and the world's need for dollars has allowed the
United States government as well as Americans to borrow at lower costs, granting them an
advantage in excess of $100 billion per year. However, by increasing the value of the dollar, its
status as a reserve currency hurts U.S. exporters.

Peak oil: Peak oil, an event based on M. King Hubbert's theory, is the point in time when the
maximum rate of extraction of petroleum is reached, after which the rate of production is
expected to enter terminal decline. Peak oil theory is based on the observed rise, peak,
(sometimes rapid) fall, and depletion of aggregate production rate in oil fields over time.
Mostly due to the development of new production techniques and the exploitation of
unconventional supplies, Hubbert's original predictions for world production proved
premature. Peak oil is often confused with oil depletion; peak oil is the point of maximum
production, while depletion refers to a period of falling reserves and supply.
Tidal energy: Tidal power, also called tidal energy, is a form of hydropower that converts the
energy of tides into useful forms of power, mainly electricity. Although not yet widely used,
tidal power has potential for future electricity generation. Tides are more predictable than
wind energy and solar power.

Shortages (of resources, commodities, etc.): a state or situation in which something needed
cannot be obtained in sufficient amounts. Synonyms: scarcity, sparseness, insufficiency,
deficiency, inadequacy, lack, want.
Branding: The process involved in creating a unique name and image for a product in the
consumers' mind, mainly through advertising campaigns with a consistent theme. Branding
aims to establish a significant and differentiated presence in the market that attracts and
retains loyal customers.
Knowledge workers: Employees such as data analysts, product developers, planners,
programmers, and researchers who are engaged primarily in acquisition, analysis, and
manipulation of information as opposed to in production of goods or services. Popularized by
the US management guru Peter Drucker (born 1909, in Austria).
CSR: Corporate Social Responsibility: A companys sense of responsibility towards the
community and environment (both ecological and social) in which it operates. Companies
express this citizenship (1) through their waste and pollution reduction processes, (2) by
contributing educational and social programs, and (3) by earning adequate returns on the
employed resources. See also corporate citizenship.

A backlash: a strong negative reaction, as to some social or political change: a backlash by

voters to rising property taxes.
Sourcing: the process of finding suppliers of goods or services.
Outsourcing: The contracting or subcontracting of noncore activities to free up cash,
personnel, time, and facilities for activities in which a company holds competitive advantage.
Companies having strengths in other areas may contract out data processing, legal,
manufacturing, marketing, payroll accounting, or other aspects of their businesses to
concentrate on what they do best and thus reduce average unit cost. Outsourcing is often an
integral part of downsizing or reengineering. Also called contracting out.
Premium price: premium pricing is a practice in which a product, such as high-end perfumes,
jewelry, clothing, or cars, is sold at a price higher that that of competing brands to give it snob
appeal through an aura of 'exclusivity.' Also called image pricing or prestige pricing.
Price floor: Limit beyond which a cost will not be allowed to fall.
Top-down: Progress from a large, basic uni to smaller, detailed subunits.
Bottom-up: Progress from small or subordinate units to larger or more important units, as in
an organisation.
Hands-off: characterized by not interfering: a hands-off policy on privacy issues.
Hands-on: having, needing, or involving active personal participation: hands-on experience
with computers.
Liaison: communication and contact between groups or units, close relationship.

Company culture: Alternative term for organizational culture. The values and behaviors that
contribute to the unique social and psychological environment of an organization.
Organizational culture includes an organization's expectations, experiences, philosophy, and
values that hold it together, and is expressed in its self-image, inner workings, interactions
with the outside world, and future expectations. It is based on shared attitudes, beliefs,
customs, and written and unwritten rules that have been developed over time and are
considered valid. Also called corporate culture, it's shown in
(1) the ways the organization conducts its business, treats its employees, customers, and the
wider community,
(2) the extent to which freedom is allowed in decision making, developing new ideas, and
personal expression,
(3) how power and information flow through its hierarchy, and
(4) how committed employees are towards collective objectives.
It affects the organization's productivity and performance, and provides guidelines on
customer care and service, product quality and safety, attendance and punctuality, and
concern for the environment. It also extends to production-methods, marketing and
advertising practices, and to new product creation. Organizational culture is unique for every
organization and one of the hardest things to change.
Proactive: Action and result oriented behaviour, instead of the one that waits for things to
happen and then tries to adjust (react) to them. Proactive behavior aims at identification and
exploitation of opportunities and in taking preemptory action against potential problems and
threats, whereas reactive behavior focuses on fighting a fire or solving a problem after it
occurs.
Conscientious: very careful; thorough; painstaking.
Single-minded: having great determination; resolute; steadfast
Time frame= time scale: Unit of time measurement (hour, day, week, etc.) used to schedule an
activity, job, or task.
Schedule=Timetable.
(to be) ahead of schedule vs. on schedule vs. behind schedule.
(To) catch up: to reach or pass (someone or something), after following: he soon caught him
up. (intr; usually followed by on or with) to make up for lost ground or deal with a backlog
(in some specified task or activity).
Diary (UK)=Calendar (US)
Workflow: flow or progress of work done by a company, industry, department or person.
Quick and dirty: cheaply made or done; of inferior quality.
Budget: total sum of money allocated for a particular purpose or for a period of time.
Entrepreneur: Someone who makes money by starting their own business, especially when
this involves seeing a new opportunity & taking risks.

From scratch= from the beginning.

Buy-in= commitment to a shared goal.
Follow through: to pursue (an aim) to a conclusion. // follow-through: the act of following
through.
insurance premium:Financial cost of obtaining an insurance cover, paid as a lump sum or in
installments during the duration of the policy. A failure to pay premium when due
automatically cancels the insurance policy which, upon payment of the outstanding amount
within a certain period, may be restored.

Professional indemnity insurance (BrE)= malpractice insurance (AmE)

Indemnity: protection against possible damage or loss, or the money paid if there is damage or
loss
Lawyer (BrE)= attorney (AmE)
Insurance policy (ie contract): an agreement with an insurance company that will provide
insurance for you against particular risks, or the document showing this
Small print
A claim / (to) claim
Claim: 1) a demand of sometyhing 2) a statement of something as rightful or due 3) a demand
for payment in accordance with an insurance policy or other formal arrangement
(to) be underinsured
Loss adjuster (BrE)= Claims adjuster (AmE)
Reinsurance company
Embezzlement / to embezzle: When someone steal money from their own company
(to) embezzle to convert (money or property entrusted to one) fraudulently to one's own use
Compliance: the act of complying. A tendency to comply. Conformity; accordance: He acted in
strict compliance with orders.
Contingency plan: Plan for dealing with an emergency; back-up plan.
Contingency: Something uncertain, a possibility, something incidental to something else.
Escalation procedure: Process of escalating a problem up to the chain of command.
Mass production
Manufacturing
Factories / Plants (bigger factories) / Mills (steel or textile)

Americas Rust Belt: informal description for a postindustrial region straddling the
Northeastern and the East North Central States, referring to economic decline, population loss
and urban decay due to the shrinking of its once powerful industrial sector. The term gained
popularity in the United States in the 1980s. (see map on the next slide).
Englands West Midlands: One of nine official regions of England at the first level of NUTS for
statistical purposes. It covers the western half of the area traditionally known as the Midlands.
It contains the second most populous British city, Birmingham, and the larger West Midlands
conurbation, which includes the city of Wolverhampton and large towns of Dudley, Solihull,
Walsall and West Bromwich. The city of Coventry is also located within the West Midlands
county, but is separated from the conurbation to the west by several miles of green belt.
Blue-collar worker: In the US, a working class person who performs manual labour. Blue-collar
work may involve skilled or unskilled manufacturing, mining, sanitation, custodian work, oil
field, construction, mechanical, maintenance, warehousing, technical installation and many
other types of physical work. Often something is physically being built or maintained. In
contrast, the white-collar worker typically performs work in an office environment and may
involve sitting at a computer or desk. A third type of work is a service worker (pink collar)
whose labor is related to customer interaction, entertainment, sales or other service-oriented
work. Many occupations blend blue, white and/or pink (service) industry categorizations.
Union: A trade union (British / Australian English; also trades union), labour union (Canadian
English) or labor union (American English) is an organization of workers who have come
together to achieve common goals such as protecting the integrity of its trade, achieving
higher pay and benefits such as health care and retirement, increasing the number of
employees an employer assigns to complete the work, safety standards, and better working
conditions.
Toyota production system: (TPS) an integrated socio-technical system, developed by Toyota,
that comprises its management philosophy and practices, organizes manufacturing and
logistics for the automobile manufacturer, including interaction with suppliers and customers.
It is a major precursor of "lean manufacturing and Just-in-Time (JIT). It is based in the
elimination of waste (of over production, time on hand, transportation, processing itself, stock
at hand, movement or making defective products).
Road (UK)= Highway (US)
Dam: / a barrier to obstruct or control the flow of water, built across a stream or river.
Sewage: also sewerage :the waste matter that passes through sewers. waste matter from
domestic or industrial establishments that is carried away in sewers or drains for dumping or
conversion into a form that is not toxic.
Raw materials
Rust
Economies of scale: In microeconomics, economies of scale are the cost advantages that
enterprises obtain due to size, output, or scale of operation, with cost per unit of output
generally decreasing with increasing scale as fixed costs are spread out over more units of
output.
Quality control vs. Quality assurance
Spot check: A quick check or investigation of items, often chosen at random (Spanish
inspeccin sorpresa).

Total Quality Management (TQM): Philosophy seeking for the involvment of all of a
companys managers and employees in making sure that its products and services are all of
high quality and exactly as designed.
Fad :a short-lived fashion, manner of conduct, etc., esp. one followed enthusiastically by a
group (Spanish moda pasajera).
Six Sigma: A set of techniques and tools for process improvement which seek to improve the
quality of process outputs by identifying and removing the causes of defects (errors) and
minimizing variability in manufacturing and business processes, using a set of quality
management methods, including statistical methods, and creates a special infrastructure of
people within the organization ("Champions", "Black Belts", "Green Belts", "Yellow Belts",
etc.) who are experts in these methods. Each Six Sigma project carried out within an
organization follows a defined sequence of steps and has quantified value targets, for
example: reduce process cycle time, reduce pollution, reduce costs, increase customer
satisfaction, and increase profits. These are also core to principles of Total Quality
Management (TQM).
Scrap: a small piece or portion; fragment / material that has been thrown away or left over
and can be reused.
Product recall: asking stores/customers to return a product to the place of origin e.g. because
it is not safe to use or because it has a known defect.