human capital
[noun]
one person or a group of people's abilities and strengths, looked at as valuable assets
Essential Vocabulary for TOEFL - The Business World
Here you will learn some English words about the business world, such as "agency", "industry", "venture", etc. that are needed for the TOEFL exam.
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marketplace
[noun]
the physical or virtual space where goods, services, and commodities are bought, sold, or exchanged, often involving various sellers and buyers
Ex:
commerce
[noun]
the act of buying and selling goods and services, particularly between countries
Ex:
agency
[noun]
a business or organization that provides services to other parties, especially by representing them in transactions
Ex:
commercial
[adjective]
related to the purchasing and selling of different goods and services
Ex:
This
product
is
designed
for
the
commercial
use
,
not
for
private
households
.
industry
[noun]
all of the activities, companies, and people that are involved in providing a service or producing goods
Ex:
The
tourism
industry
suffered
a
decline
due to
the
pandemic
.
enterprise
[noun]
a company
Ex:
The
multinational
enterprise
operates
in
multiple
countries
,
serving
a
diverse
customer
base
.
corporation
[noun]
a company or group of people that are considered as a single unit by law
Ex:
The
corporation
's
annual
report
highlighted
significant
growth
in
revenue
.
human resources
[noun]
(in an organization, company, etc.) a department that is in charge of hiring new employees and training them
Ex:
The
human resources
organized
a
training
session
for
all
employees
.
corporate
[adjective]
involving a large company
Ex:
The
corporate
culture
emphasizes
teamwork
and
innovation
.
start-up
[noun]
a newly established company or business venture, typically characterized by its innovative approach, early-stage development, and a focus on growth
Ex:
She
joined
a
promising
start-up
in
the
finance
sector
.
headquarters
[noun]
the place where the main offices of a large company or organization are located
Ex:
The
nonprofit organization
's
headquarters
oversee
operations
worldwide
.
franchise
[noun]
a commercial enterprise that functions under an agreement, using the branding, systems, and products of an established company
Ex:
She
owns
three
franchise
locations
across
the
state
,
all
offering
identical
menus
.
strategy
[noun]
an organized plan made to achieve a goal
Ex:
She
changed
her
study
strategy
to
improve
her
grades
.
to manufacture
[verb]
to produce products in large quantities by using machinery
Ex:
The
textile
industry
manufactures
fabrics
through
automated
weaving
and
dyeing
processes
.
machinery
[noun]
machines, especially large ones, considered collectively
Ex:
The
factory
was
filled
with
heavy
machinery
,
each
performing
a
specific
function
in
the
production line
.
workshop
[noun]
a building or room in which particular goods are made or fixed by different means
Ex:
The
metalworking
workshop
fabricates
metal
parts
using
welding
and
machining
techniques
.
profit margin
[noun]
the difference between the earnings and the costs in a business
Ex:
Understanding
your
product
's
profit margin
is
essential
for
making
informed
pricing
decisions
and
maximizing
profitability
.
earnings
[noun]
(always plural) money received for work done or services provided
Ex:
Earnings
from
the
new
product line
exceeded
projections
,
leading
to
a
record-breaking
year
for
the
company
.
to sponsor
[verb]
to cover the costs of a project, TV or radio program, activity, etc., often in exchange for advertising
Ex:
A
generous
donor
sponsored
the
construction
of
the
new
community center
.
merger
[noun]
the joining of two companies or organizations together to form a larger one
Ex:
The
tech
industry
's
recent
merger
resulted in
a
significant
consolidation
of
software
development
resources
.
association
[noun]
an organization of people who have a common purpose
Ex:
The
students
formed
an
association
to
advocate
for
environmental
issues
.
administration
[noun]
the process and activities required to control and manage an organization
Ex:
The
doctor
supervised
the
administration
of
the
experimental
treatment
.
administrative
[adjective]
related to the management and organization of tasks, processes, or resources within an organization or system
Ex:
Administrative
tasks
such as
payroll
processing
and
budget
management
are
essential
for
business
operations
.
executive
[adjective]
using or having the power to decide on important matters, plans, etc. or to implement them
Ex:
Executive
decisions
are
made
by
top-level
management
to
guide
the
direction
of
the
organization
.
marketing
[noun]
the act or process of selling or advertising a product or service, usually including market research
Ex:
Her
job
involves
designing
marketing
strategies
for
new
products
.
branding
[noun]
the promotion of a particular product or company by means of advertising and distinctive design
promotion
[noun]
the activity of drawing public attention to a service or product in order to help it sell more
Ex:
She
took
advantage
of
the
promotion
to
upgrade
her
airline
ticket
to
first class
at
a
discounted rate
.
to publicize
[verb]
to dispose information about something, so that it publicly known
Ex:
The
organization
publicized
the
new
policy changes
to
keep
members
informed
.
to launch
[verb]
to make a new product or provide a new service and introduce it to the public
Ex:
The
tech
company
is
set
to
launch
their
latest
software
update
soon
.
distribution
[noun]
the process of supplying shops and other businesses with products to be sold
Ex:
The
distribution
of
vaccines
was
a
major
logistical
challenge
during
the
pandemic
.
to chair
[verb]
to lead a committee or meeting
Ex:
During
the
conference
,
he
skillfully
chaired
the
panel discussions
on
innovative
technologies
.
chief technology officer
[noun]
a person of senior rank in charge of a company's technological matters
Ex:
entrepreneur
[noun]
a person who starts a business, especially one who takes financial risks
Ex:
Networking events
are
essential
for
an
entrepreneur
to
connect
with
potential
investors
.
merchant
[noun]
someone who buys and sells goods wholesale
Ex:
As
a
successful
merchant
,
he
owned
several
shops
in
the
bustling
city center
.
chief financial officer
[noun]
a person of the highest authority over a company's financial matters
Ex:
As
the
chief financial officer
,
he
is
responsible
for
overseeing
the
company
's
financial
planning
and
risk
management
.