2S_Englisch Vocabulary - Economics/Marketing

this is a situation in which a particular market is controlled by a small group of firms //// They called for the oligopoly formed by the four biggest U.S. banks to be broken up. * If a company diverts from the standard procedure, the other members of the oligopoly will punish it. * the oligopoly price

the difference in return between a chosen investment and one that was not chosen //// The opportunity cost of studying at university for three years is the three years of pay that you do not earn during that time.

the measurement of difference between the actual output and the output an economy could achieve when it is most efficient, or at full capacity //// The macroeconomic scenario assumes a pick-up in economic activity which will close the output gap. * a positive/negative output gap

(to get) a legal document that gives you the exclusive right to make or sell a new invention or product for a particular number of years //// Alexander Graham Bell was granted a patent for/on an apparatus for signalling and communicating. * The device was protected by patent. * The Supreme Court ruled that human genes cannot be patented. * a patent holder * to apply for/obtain a patent

a benefit received //// The payoff for years of research is a microscope which performs better than all of its competitors. * Intended to protect shareholders, the feature has provided hedge funds a nice investment payoff.

(describes a plan) to test if an idea, product, etc will be successful //// We shall pilot several new cosmetic products to select potential purchasers. * a pilot programme/project/scheme

the element in the marketing mix concerned with the various methods of distributing goods and making them available for the customer //// The organisation must distribute the product to the user at the right place at the right time.

the position held by a product brand in the opinion of consumers, in comparison with its competitors' brands //// Even a premium/upscale lifestyle positioning such as the one Apple takes could crack under enough pressure. * brand positioning * a competitive/strategic positioning * product differentiation and positioning

a large printed picture or photograph used to advertise something //// A team of volunteers were putting up posters for an exhibition. * a poster campaign * a poster of an attractive model

the total GDP that could be produced by an economy if all its resources were fully employed //// The permanent shock scenario assumes that the growth rate of potential output never recovers from the present crisis.

the current value of a future sum of money or stream of cash given a specified rate of return //// Disney says Pixar's value “far exceeds” the acquisition price calculated using “net present value” across its businesses.

the situation in which a seller will charge each customer the maximum possible price //// The introduction of the euro was expected to enhance price transparency and discourage price discrimination. * perfect/pure price discrimination

the monetary sum or for which anything may be bought or sold //// The price of oil has risen sharply, whereas house prices have been falling. * The cameras range in price from $150 to over $600. * the cost/unit price * a price ceiling/war * a price list/tag * price controls/discrimination * to charge a high/reasonable/low price for

an interaction in which two players attempt to act individually and as a consequence the greatest potential result is not realized. //// Tax breaks do not really give a net advantage to one region over another, which results in a typical prisoner's dilemma situation.

a product that must be purchased in order to be consumed, and whose consumption prevents another from consuming it //// The study improves our understanding of knowledge and its functioning as both a public and private good.

a series of indexes that measure the average change in selling prices from domestic commodity producers over time //// The producer price index dropped/rose a seasonally adjusted 0.7 percent in April.

a marketing process that looks to make a product more attractive by contrasting its unique qualities with other competing products. //// Whereas price competition lowers firms ' profitability, product differentiation tends to preserve and even enhance profit returns. * a strategy of product differentiation * to implement/increase product differentiation

something that is made in large quantities so that it can be sold //// They do/produce a range of skin-care products. * a consumer product * product development * the product life cycle

a form of advertising in which a company supplies a product for use in a film or television programme //// The film director has continued to use product placement extensively.

a short film designed to give attention to a product or event //// In the promo they race around in a macho Hummer Jeep chased by cops.

to encourage people to buy something by offering it at a reduced price or by advertising it //// The area is being promoted as a tourist destination. * to promote a product * to cross-promote

activities to encourage people to buy something by offering it at a reduced price or by advertising it //// There was a promotion in the supermarket and they were giving away free glasses of wine. * a promotion budget/team * a sales promotion

designed to advertise a product or service //// The writer recently went on a promotional tour of his homeland. * promotional materials * a promotional campaign/video

laws regarding how individuals can control, benefit from and transfer property //// Our client's position is the movie violates her intellectual property rights.* the enforcement/protection of intellectual property rights * the infringement/violation of intellectual property rights * private property rights * to own/protect/violate property rights

an act of keeping something safe from damage, or loss, or the state of being protected in this way //// The hospital filed for Chapter 11 bankruptcy protection in Bankruptcy Court. *bankruptcy protection, *brand protection, *consumer protection, *credit protection, *data protection, *investor protection, *job protection, *patent protection

policies that restrict and/or restrain international trade, which are enacted with the intent of protecting local businesses and jobs from foreign competition //// The committee will discuss the relative merits of free trade and protectionism. * Protectionism has increased recently. * economic protectionism * protectionism in favour of someone/something * to resist/fight protectionism

the amount of money that has been borrowed by a government //// The president’s tax reforms and targeted spending increases have massively increased public debt. * The government taxed fuel highly in order to finance the national debt.

a product that one individual can consume without reducing its availability to another individual and from which no one is excluded //// Protection against communicable diseases is a core example of a public good. * Global financial stability is a public good, and the responsibility for safeguarding it lies with political leaders.

explaining to the general public what an organization does in order to create good will //// Environmentalists attacked the company's ad as a public-relations exercise. * a PR agency/consultant/firm

someone who whose job is to arrange publicity for a person or organization in the media //// A publicist for the tour said there had been no evidence of her illness.

the business of making sure that someone or something attracts a lot of interest or attention; or the attention received in the media //// Standards in education have received much publicity over the last few years. * any publicity is good publicity (also there's no such thing as bad publicity) * a publicity campaign/stunt *

to give information about something to the general public //// The work of the charity has been widely publicized throughout the media. * well/highly publicized

an estimate of the amount of adjustment needed on exchange rate between countries in order for the exchange to be equivalent to each currency's purchasing power //// PPP exchange rates are used to assign a lower-than-market valuation to wages earned by workers in advanced foreign nations.

(to do) a lot of advertising for a product //// This film is unlikely to attract large audiences unless it gets/is given a big push in the media. * They're really pushing their new car.