Topic 4

Word

Definition

Example

ethical consumer

consumers who choose not to buy products from certain companies for moral reasons for example because a company harms the environment or uses child labour

They make more ethical consumer choices, paying closer attention to issues such as child labour and sustainable livelihoods.

business ethics

moral beliefs and rules about right and wrong that are involved in business

Business ethics are coming to the forefront of the agenda.

social responsibility

the idea that a company's role is not just about producing goods, but that it has a duty to help people in societyand protect the environment

For our firm, corporate responsibility means striving to do what is right and being a good neighbor in the community.

co-operative

a company, factory, or organization in which all the people working there own an equal share of it

Ten years ago a small group of woodworkers formed a co-operative.

sweatshop

a factory where people work very hard in bad conditions and earn very little money

Many millions of people working in sweatshops enduring work conditions that violate basic labour standards

child labour

the use of children to do work that should be done by adults

They called for a boycott of the garments that had been produced by child labour.

First World

the most prosperous and industrialized parts of the world

Although South Africa has many of the attributes of the First World it is still not part o that world.

Third World

parts of the world that are poor, do not have much power, and are not considered to be highly developed

As the cities of the Third World expand, there is little hope that their governments' public health systems can cope.

GDP

the total value of all goods and services produced in a country, in one year, except for income received from abroad

He said that in time the UK would match the European average spend on health which is 8 per cent of GDP.

per capita

for each person; in relation to people taken individually

Belgians eat more chocolate per capita than any other nation in Europe.

corporate responsibility

the idea that a company should be interested in and willing to help society

Is it part of corporate responsibility to promote employees' physical and mental well-being?

trading relationship

if two countries or businesses have a traiding relationship wth each other, they trade with each other on a regular basis

He did not believe New Zealand's actions would affect the close trading relationship between the two countries.

sustainable

strong enough to continue existing or happening for a long time

The market wants to see more evidence that price stability is sustainable.

ethical policy

the policy the company adopts on ethical issues such as the use of child labour and matters relating to the environment

The bank's ethical policy stretches to who it does business with.

social cost

social costs of a policy or scheme are the undesirable effects it is likely to have on society, such as an increased in crime, unemployment, or pollution

Debt negotiations could have a negative impact on development policy and a high social cost.

social benefit

social costs of a policy or scheme are the desirable effects it is likely to have on society, such as reduction in crime, unemployment, or pollution

There are dubious social benefits of transport investments.

non-profit-making

organisation or charity is not run with the intention of making a profit

The Film Theatre Foundation is a non-profit-making company which raises money for the arts.

environmental impact

environmental effect the scheme or product is likely to have

He is a scientific adviser whose role was to assess the project's environmental impact.

social audit

analysis of the social costs and social benefits of its operations in order to measure their success

Some argue that banks should be forced to offer services to poor people and carry out a social audit before closing a branch.

exploitative

taking as much as possible from someone or something and giving very little in return

They are doomed by exploitative capital operating on a global scale.

availability of labour

whether or not there are enough workers available to do that task

The benefits of producing in this country are low labour costs and rentals as well as the availability of labour.

raw materials

materials such as minerals and hydrocarbons which are used in a production process

Securing long term supplies of raw materials is critical.

labour costs

sum of all wages and benefits paid to employees

Labour costs are 50% higher in China than five years ago.

green

having the colour of grass or leaves

He has got green eyes.

infrastructure

the basic physical and organizational structures and facilities (e.g. buildings, roads, power supplies) needed for the operation of a society or enterprise

More money is needed to maintain the city's infrastructure.

political stability

stable government or political system

Even though political stability is a major factor in attracting investment, politicians never get any credit.

income distribution

the way in which the amount of money is being earned varies between different groups of people

Research confirms a similar change in income distribution, in which the rich have become richer, while the poor have become poorer.

inflation

a continuing increase in the prices of goods and services

The rate of inflation was 4 percent last year.

factors of production

something that is needed to produce a particular product. The main factors of production are land, labour, and capital

Inner-urban areas provide ideal factors of production for new companies, such as cheap premises and labour.

developing

growing or changing

Developing countries suffer from low oil prices.

world market

all the people throughout the world who wish to buy that product

The lucrative world market for video game consoles is now dominated by three rival products.

world market prices

prices paid for something internationally, ignoring any tariffs or subsidies imposed by particular countries

World market prices for farm products and industrial raw materials collapsed.

commodity

Something useful that can be turned to commercial or other advantage.

Lurking within the physical form of a commodity is a value form; that is, it is an expression of value.

fair trade

a movement which promotes fairer trading conditions for developing countries

Fair trade gives consumers an opportunity to help change the world

Fairtrade mark

a sign that is placed on the packaging of products to show that the product has been bought at a fair price, usually from producers in developing countries

The cocoa beans are grown organically, it carries the Fairtrade Mark and it tastes delicious.

free trade

international trade left to its natural course without tariffs, quotas, or other restrictions

The government plans to establish a free trade zone near the new airport

cash crop

a crop that a farmer grows to sell for money rather than to live on or use

Large farms growing cash crops such as tea, coffee, cocoa, rubber.

producer

someone who controls the making of a film, play, record, etc.

He is one of the most famous Hollywood producers.

grower

a person or company that grows fruit or vegetables in order to sell them

England's apples growers are fighting an uphill battle against foreign competition.

eco-tourism

the business of organizing holidays to natural areas, such as the rain forest, or the activity of visiting a place like this on holiday and being careful not to damage the natural environment

The boom in eco-tourism has certainly seen a welcome expansion of special interest holiday options.

tourism

travelling for pleasure

She's the head of the National fund for the promotion of tourism.

gobal tourism

tourism that crosses national borders

Global tourism is booming.

tourism sector

part of its economy that earns money through tourism

That is one of the new steps proposed to generate more income from the tourism sector.

mass tourism

a form of tourism that involves tens of thousands of people going to the same resort often at the same time of year

The harm caused by mass tourism.

tour operator

a travel agent specializing in package holidays

Many tour operators went bankrupt in Turkey

ethical tourism

thinking about the consequences of your actions as a tourist on the environment, local people and local economy

Our campaign sets out to demonstrate the strength of consumer demand for ethical tourism.

capital inflow

the amount of capital coming into a country, for example in the form of foreign investment

It would also be helpful to reduce the country's reliance on foreign capital inflows.

added value

an increase in the value of a resource, product, or service as the result of a particular process

They want as much of the added value as possible from their exploited natural resources to benefit their own economy.

socio-cultural

related to the different groups of people in society and their habits, traditions, and beliefs

A good doctor has the ability to relate to the socio-cultural background of his or her patients.

contract rate

the interest rate that will be paid on the principle balance for the life of the note or bond

If the buyer takes delivery of all or part of the excess quantity, he must pay for it at the contract rate.

GNP

(gross national product) the total value of all the goods and services produced in a country, usually in a singleyear

If the project is successful it could account for at least 10% of the Philippines' GNP within five years.

cultural awareness

understanding of the differences between themselves and people from other countries

Before going to overseas offices employees are given a two-day training on cultural awareness.