Unit 5

Word

Definition

Example

set up

to start (a company, organisation, committee, etc.)

They want to set up their own import–export business

loss

if a business makes a loss, it spends more than it earns

The company made a loss of $250,000 last year

break even

to neither make a profit nor lose money

We're hoping that we'll at least break even, and perhaps make a small profit

wage

money you earn that is paid according to the number of hours, days or weeks that you work

The wage increases will come into effect in June

profit

money that you gain by selling things or doing business, after your costs have been paid

She sold the business and bought a farm with the profits

expand

if a company, business, etc. expands, or if someone expands it, they open new shops, factories, etc

The computer industry has expanded greatly over the last decade

market

a particular country or area where a company sells its goods or where a particular type of goods is sold

Our main overseas market is Japan

export

to sell (goods) to another country

The company exports bananas to the UK

take over

to take control of something

His only reason for investing in the company was to take it over

competitor

a person, team, company, etc. that is competing with another

Last year they sold twice as many computers as their competitors

field

all the people, companies, products, etc. that are competing against each other

Germany was leading the field with a figure of 53%

launch

to make (a new product, book, etc.) available for sale for the first time

The company hopes to launch the new drug by next October

act

to do something in a particular way or for a particular reason

The UN must act now to restore democracy

action

the process of doing something, especially in order to achieve a particular thing

The government must take action now to stop the rise in violent crime

authorise

to give official permission for (something)

The Council has authorised a huge housing development in the park

authorisation

official permission to do something, or the document giving this permission

You need special authorisation to park here

compete

if one company or country competes with another, it tries to get people to buy its goods or services rather than those available from another company or country

The company must be able to compete in the international marketplace

competition

a situation in which people or organisations try to be more successful than other people or organisations

This price reduction is due to competition among suppliers

create

to make (something) exist that did not exist before

Her behaviour is creating a lot of problems

creation

the act of creating something

He was a key figure in the creation of a single European currency

persuade

to make (someone) decide to do something, especially by giving them reasons why they should do it, or asking them many times to do it

Do you think you can persuade him to lend us the money?

persuasion

the act of persuading someone to do something

It had taken a great deal of persuasion to get him to accept

permission

if you have permission to do something, you are officially allowed to do it

You'll have to get permission from your parents if you want to come

go ahead

to start to do something, especially after planning it or asking permission to do it

I went ahead and arranged the trip anyway

date

an occasion when you go out with someone that you like in a romantic way

I felt like a teenager going out on a first date

come to nothing

if a plan or action comes to nothing, it does not continue or does not achieve anything

Our holiday plans came to nothing because Sam's father fell ill

destination

the place that someone or something is going to

Scotland is a popular destination for conferences

change your mind

to change your decision, plan or opinion about something

I was afraid that Liz would change her mind and take me back home

quit

to leave (a job, school, etc.), especially without finishing it completely

I quit school at 16

offer

to ask someone if they would like to have (something), or to hold (something) out to them so that they can take it

They offered him a very good job, but he turned it down

sort out

to succeed in making arrangements for (something)

Have you sorted out where you're going to live yet?

ceremony

an important social or religious event, when a traditional set of actions is performed in a formal way

We watched the opening ceremony of the Olympic Games on television

get rid of

to throw away or destroy something you do not want any more

It's time we got rid of all these old toys

possessions

things that you own or have with you at a particular time

He had sold all his possessions and left the country

struggle

to try extremely hard to achieve something, even though it is very difficult

Firms are struggling against a prolonged recession

graduate

to obtain a degree, especially a first degree, from a college or university

Kate graduated from medical school last year

approve

to officially accept (a plan, proposal, etc.)

The conference approved a proposal for a referendum

pressure

a way of working or living that causes you a lot of anxiety, especially because you feel you have too many things to do

I feel I'm not able to cope well with the pressures of life

maintain discipline

to make people obey the rules

A good teacher knows how to maintain discipline

explore

to travel around (an area) in order to find out about it

Venice is a wonderful city to explore

succeed

to do what you tried or wanted to do

Losing his leg made him all the more determined to succeed

raise standards

to increase the level that is considered to be acceptable, or the level that someone or something has achieved

We are determined to raise standards in our schools

individual attention

when you carefully listen to, look at, or think about one person rather than a group

Children get more individual attention in small classes

feedback

advice, criticism, etc. about how successful or useful something is

Try to give each student some feedback on the task

cover

to include or deal with (a particular subject or group of things)

Are there any areas you feel are not covered adequately in the book?

suit

to be acceptable, suitable or convenient for a particular person or in a particular situation

There are countryside walks to suit everyone

encourage

to give (someone) the courage or confidence to do something

Cooder was encouraged to begin playing the guitar by his father

perform

to work or do something well, badly, etc

The team performed poorly on Saturday

put someone off

to make you dislike something or not want to do something

Don't let the restaurant's decor put you off – the food is really good

study

to learn about (a subject) at school, university, etc

I've been studying English for six years