ΕΛΛΗΝΙΚΗ ΔΗΜΟΚΡΑΤΙΑ
Ανώτατο Εκπαιδευτικό Ίδρυμα Πειραιά
Τεχνολογικού Τομέα
Business English
Ενότητα # 10: Business in the Global Environment
Ευαγγελία Κουτσογιάννη
Τμήμα Διοίκησης Επιχειρήσεων
Άδειες Χρήσης
• Το παρόν εκπαιδευτικό υλικό υπόκειται σε άδειες
χρήσης Creative Commons.
• Για εκπαιδευτικό υλικό, όπως εικόνες, που υπόκειται
σε άλλου τύπου άδειας χρήσης, η άδεια χρήσης
αναφέρεται ρητώς.
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Χρηματοδότηση
• Το παρόν εκπαιδευτικό υλικό έχει αναπτυχθεί στα πλαίσια
του εκπαιδευτικού έργου του διδάσκοντα.
• Το έργο «Ανοικτά Ακαδημαϊκά Μαθήματα στο Ανώτατο
Εκπαιδευτικό Ίδρυμα Πειραιά Τεχνολογικού Τομέα» έχει
χρηματοδοτήσει μόνο την αναδιαμόρφωση του
εκπαιδευτικού υλικού.
• Το έργο υλοποιείται στο πλαίσιο του Επιχειρησιακού
Προγράμματος «Εκπαίδευση και Δια Βίου Μάθηση» και
συγχρηματοδοτείται από την Ευρωπαϊκή Ένωση (Ευρωπαϊκό
Κοινωνικό Ταμείο) και από εθνικούς πόρους.
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Business in the Global
Environment
Learning Objectives
In this section you will learn
• specific vocabulary related to the concept of
comparative advantage; the different
approaches to entering international markets;
the types of trade restrictions
• how to organize your speech using suitable
connecting and linking words and phrases
The gains of trade
Εach person consumes
goods and services
produced by many other
people both in our country
and around the world.
Interdependence and trade
are desirable because they
allow everyone to enjoy a
greater quantity and
variety of goods and
services.
The gains of trade
•
•
•
•
•
Glossary
consume: use goods and services/ καταναλώνω
goods: merchandise/ εμπορεύματα
services: intangible goods/υπηρεσίες
interdependence: depending on each other/ αλληλοεξάρτηση
trade: the act of buying and selling goods and services either on the
domestic or international markets /εμπόριο
• quantity: the property of things which can be measured; amount, sum or
number/ ποσότητα
• variety: a number of different types of things/ ποικιλία
Comparative advantage
Τhere are two ways to compare the ability of two
people in producing a good. The person who can
produce the good with the smaller quantity of
inputs is said to have an absolute advantage in
producing the good. The person who has the
smaller opportunity cost of producing the good is
said to have a comparative advantage. The gains
of trade are based on comparative advantage.
Trade allows people to specialize in those
activities in which they have a comparative
advantage.
Comparative advantage
Glossary
• inputs: factors of production, resources/πόροι, συντελεστές
παραγωγής
• absolute advantage: a business situation in which a provider of
goods or services is more efficient than all of its competitors, by
having a smaller total input per unit of output/απόλυτο
πλεονέκτημα
• opportunity cost: the loss of potential gain from other alternatives
when one alternative is chosen/κόστος ευκαιρίας ή εναλλακτικό
κόστος
• comparative advantage: the ability of an individual or group to
carry out an economic activity, such as production, at a lower cost
and more efficiently than another entity / συγκριτικό πλεονέκτημα
• gains: profits; advantages; progress or advancement/ οφέλη
• specialize (in sth): become a specialist; give particular attention to
/ειδικεύω-ομαι, εξειδικεύω
Organizing for international business
A firm that has decided to enter international
markets can do it in several ways:
• Licensing
• Joint ventures
• Exporting
• Totally owned facilities, and multinational firms.
These different approaches require varying degrees
of involvement in international business.
Licensing
Licensing is a contractual agreement in which one
firm permits another to produce and market its
product and use its brand name in return for a
royalty or other compensation.
Licensing
Glossary
• licensing: a business arrangement in which one company gives
another company permission to manufacture its product for a
specified payment / άδεια, προνόμιο
• contractual agreement : legally binding arrangement between
parties regarding a course of action/ συμφωνία βάσει
συμβάσεως
• brand name: a word, name, etc., used by a company to identify
its products or services distinctively / μάρκα (εμπορεύματος)
• in return for: as repayment for/ σε αντάλλαγμα, σε ανταπόδοση
• royalty: sum paid to the owner of a copyright or patent/
δικαιώματα εκμετάλλευσης
• compensation: something given or received for services, debt,
loss, injury, etc.; indemnity; reparation; payment/ αποζημίωση
Joint ventures
A joint venture is a partnership formed to
achieve a specific goal or to operate for a
specific period of time. A joint venture with an
established firm in a foreign country provides
immediate market knowledge and access,
reduced risk, and control over product
attributes. Joint venture agreements generally
require a high level of commitment from all
the parties involved.
Joint ventures
Glossary
• joint venture: a business enterprise undertaken by two or more
persons or organizations to share the expense and profit of a
particular business project/κοινοπραξία
• partnership: a legal relation existing between two or more persons
contractually associated as joint principals in a business /εταιρία
• established: having firm foundation and wide recognition/
καθιερωμένο, αξιόπιστο
• attributes: something that sets apart a product from others of the
same kind / χαρακτηριστικό γνώρισμα
• commitment: adherence to something to which one is bound by a
pledge or duty/ δέσμευση, υποχρέωση
• be/get involved in sth: be connected wit sth or sb/ εμπλέκομαι
Exporting
A firm may manufacture its products in its home country and
export them for sale in foreign markets. The exporting firm may
sell its products to an export/import merchant, which is essentially
a merchant wholesaler. The merchant assumes all the risks of
product ownership, distribution, and sale.
 ship its products to an export/import agent, which arranges the
sale of the products to foreign intermediaries for a commission or
fee.
 establish its own sales offices, or branches in foreign countries.
These installations are international extensions of the firm’s
distribution system.
Importing and exporting are the principal activities involved in
international trade and give rise to an important concept called the
balance of trade.
Exporting
Glossary
• exporting : selling and shipping raw materials or products to other
nations/εξαγωγική δραστηριότητα
• importing: purchasing raw materials or products in other nations and
bringing them into one’s own country/ εισαγωγική δραστηριότητα
• ship: transport, esp by ship / μεταφέρω εμπορεύματα
• manufacture: he process of making products especially with machines in
factories/ κατασκευάζω
• merchant: a buyer and seller of commodities for profit ; trader/ έμπορος
• wholesaler: a person or company that sells things to businesses and not to
individuals/ χονδρέμπορος
• ownership : the ιstate, relation, or fact of being an owner (having sth as
property)/ ιδιοκτησία
• distribution: the act of delivering something to a store or
business/διανομή, διάθεση (προιόντων)
• intermediary: acting as a mediator; middleman/ μεσάζων πρόσωπο,
διαμεσολαβητής
• branch: a subdivision of a business organization/
Balance of trade
• Balance of trade is the largest
component of a country's balance of
payments. A nation’s balance of
trade is the total value of its exports
less the total value of its imports,
over some period of time.
• If a country imports more than it
exports, its balance of trade is
negative and is said to be
unfavorable, because the country
experiences a trade deficit. A
positive balance of trade occurs,
when a country’s exports exceed its
imports and it enjoys a trade
surplus.
Balance of trade
balance of trade :the difference between a
country's imports and its exports/ εμπορικό
ισοζύγιο
deficit: the amount by which an actual sum is
lower than that expected or
required/έλλειμμα
surplus: a quantity or amount in excess of what is
required /πλεόνασμα
exceed: to be greater, as in quantity or degree/
υπερβαίνω, ξεπερνώ
Glossary
Balance of payments
A nation’s balance of payments is the total flow
of money into the country less the total flow
of money out of the country, over some
period of time. Balance of payments is thus a
much broader concept than balance of trade.
It includes exports and imports but also
investments, money spent by foreign tourists,
payments by foreign governments and aid to
foreign governments, and all other receipts
and payments.
Balance of payments
Glossary
• balance of payments: difference between the amount
paid to foreign countries for imports and services and
the amount received from them for exports/ισοζύγιο
πληρωμών
• flow: continuous supply of sth/ροή
• investment: the use of money to buy shares, property,
etc. in order to earn profit/ επένδυση
• aid: help/ βοήθημα
• receipts: money received by a business/ εισπράξεις
• payment: giving sb money for goods, services,etc. /
πληρωμή
Trade Restrictions
Types of trade restrictions- Tarrifs
Most trade restrictions are applied to imports
from other countries:
A tariff is a customs duty which is levied on a
particular foreign product entering a country. This
tax has the effect of raising the price of the
product in the importing country. Because fewer
units of the product will be sold at the increased
price, fewer units will be imported.
Tariffs
Glossary
restriction: a restrictive measure, law, etc;
limitation/ περιορισμός
customs duty or tariff: a government tax , esp. on
imports/ δασμός
tax: a sum of money demanded by a government
for its support or for specific facilities or services,
levied upon income, property, sales, etc./ φόρος
levy: impose (a tax)/ επιβάλλω
Types of trade restrictions - Anti-dumping duties
Some countries rationalize their protectionist
policies as a way of offsetting a practice by other
nations called dumping. Dumping is exportation
of large quantities of a product at a price lower
than that of the same product in the home
market. Thus, dumping drives down the price of
the product in the home country. To protect
themselves, domestic manufacturers can obtain
an anti-dumping duty through the government to
offset the advantage of the foreign product.
Anti-dumping duties
Glossary
rationalize :to justify (one's actions or beliefs) with plausible
reasons, esp after the event/αιτιολογώ, δίνω λογική εξήγηση
protectionist policies: (economics) the practice of fostering or
developing domestic industries by protecting them from
foreign competition through duties or quotas imposed on
imports/ πολιτικές προστατευτισμού
dumping: the practice of selling a product in a foreign country
for less than either (a) the price in the domestic country, or (b)
the cost of making the product/ ντάμπινγκ
duty: a government tax, esp. on imports / δασμός
offset: to counterbalance or compensate/ αντισταθμίζω
Types of Trade Restrictions
Import quotas and foreign exchange control
• An import quota is a limit on the amount of a particular good
that may be imported into a country during a given period of
time.
• A foreign-exchange control is a restriction on the amount of a
particular foreign currency that can be purchased or sold. By
limiting the amount of foreign currency that importers can
obtain, a government limits the amount of goods that
importers can purchase with that currency.
Import quotas and foreign exchange control
Glossary
import quota: prescribed number or quantity, as of
items to be imported / επιτρεπόμενο όριο
εισαγωγών
amount: quantity; total sum or value/ ποσό, σύνολο
foreign exchange: foreign bills and currencies/ ξένο
συνάλλαγμα
currency: the medium of exchange that is in current
use in a particular country / το νόμισμα μιας χώρας
Τέλος Ενότητας