Unit 24

Discrimination. Treating some people in a worse way than you treat other people.
Undermining. Making something weaker.
Free enterprise. An economic system in which anyone can raise capital, form a business
and offer goods or services.
Conforming to. Complying with or following (rules, etc.).
Embodied. Expressed, given a material form.
Ethical. According to generally accepted beliefs based on morals.
Custom. A usual way of behaving.
Insofar as. To the degree or extent that.
Harms. Causes damage to.
Proponents. Supporters, people who argue in favor of something.

Match up verbs
Avoid pollution, conduct business, conform to rules, eliminate discrimination, increase
profits, make expenditures, make money, make profits, maximize profits, provide
employment, undermine the basis.

Unit 25
Flexible labour market. A situation in which it is easy for companies to hire non-
permanent staff.
Downsizing. Decreasing the number of permanent employees working for an
organization.
Outsourcing or contracting-out. Using other businesses as subcontractors to supply
components or services.
Job sharing. Employing two or more people on a part-time basis to perform a job normally
available to one person working full time.
Relocation or delocalization. Moving some of a business’s activities (e.g. Accounting,
Production) to another place or country.
Delayering. Removing unproductive parts of a management hierarchy to make
organizations more flexible and efficient.
Rationalization or restructuring. Reorganizing a company, business or system in a new
way to reduce costs and improve efficiency and effectiveness.
Contract work. Temporary employment by an organization to do a specific project or
piece of work.
Casual work. Temporary employment that is not regular or fixed.
Rightsizing. Another way of saying downsizing, though it could also describe increasing
the size of an organization, perhaps as an attempt to correct a previous downsizing.

Similar meaning to employ someone: appoint, engage, hire, recruit and take on.
Similar meaning to dismiss someone; fire, lay off, let go, make redundant and sack.

Unit 26
Gold convertibility. A system in which the Federal Reserve could exchange gold for all the
paper money, if necessary.
Revalue. To increase the value of a currency in an otherwise fixed system.
Devalue. To decrease the value of a currency in an otherwise fixed system.
Floating. Adjective describing a rate that changes or varies.
Proponents. People who argue in favor of something.
Depreciate. To fall in value in a market system.
Appreciate. To rise in value in a market system.
Hedge. To attempt to protect oneself against future price changes.
Fluctuations. Continuous changes in a price or value.
Future contract. Agreements to buy something at a fixed price several months ahead.

Unit 27
Free trade. Means imports and exports of goods and services without any government
restrictions.
Protectionism. Means restricting imports by way of trade barriers such as tariffs and
quotas.
Trade barriers. Are government policies or regulations that restrict international trade.
A tariff. Is a tax charged on imports.
A quota. A maximum quantity of goods of a specific kind that can be imported into a
country.
Absolute advantage. Means a country’s ability to produce goods at a lower cost than any
other country.
Comparative advantage. Means a country’s ability to produce particular goods more
efficiently (using fewer resources and at a lower cost) than some other countries.
An infant industry. Is one that is in an early stage of development and which cannot
survive competition from foreign companies.
A strategic industry. Is one that is particularly important to a country’s economy.
Generic. A cheaper copy of a product that is not marked with the producer’s name.
Trademark. A name or a symbol showing that a product is made by a particular producer
and which cannot be legally used by anyone else.
Dumping. Selling unwanted goods very cheaply, usually in other countries.
Copyright. The legal right to control the production and selling of a book, play, film,
photograph, piece of music, etc.
Subsidize. To pay part of the cost of something.

Unit 28
Vocabulary 1
Mean. Average.
Bear. To accept or tolerate or endure something unpleasant.
Stemming from. Originating or developing as the result of something.
Crucial question. An extremely important or necessary thing to ask.
Discounted. Reduced.
Rate of return (of capital).The amount of income received each year from an investment
expressed as a percentage of the total amount invested.
In a nutshell. In summary, briefly or simply.
Highly cost-effective. Producing very good results for the amount of money concerned:
Poorest nations (or developing nations).Least wealthy countries:
Poverty line. The minimum level of income necessary to meet basic needs.

Vocabulary 2

Albeit. Although it is.

On a par with. At the same level as something else:
At threat. Likely to become endangered in the future.
Iterative. Repetitive or recurring.
Hindrance. Something which makes it more difficult for something to happen.
Political will. Strong government intentions.
Timeframe. The period during which something is projected to take place:
Inertia. The physical force that keeps somethings moving in the same direction:
Desertification. The process by which land becomes dry and vegetation is destroyed:
Decouple. To disconnect or separate.
Reticence. Unwillingness to do something.

Match up verbs

A: To become smaller in size or amount, or fewer in number

B: To become greater in size or amount, or more in number