Vocabulary: Industry, Manufacturing & Economy

Welcome to the exhaustive master guide to the business world! In this interactive vocabulary lesson, we will cover the essential words you need to discuss economics and industry.

We will explore vocabulary related to manufacturing, trade, jobs, and how native speakers use corporate idioms in everyday conversation. Read through the vocabulary, test your knowledge in the quizzes, and complete today's missions below.

Industry & Production List:

Factory - A building where goods are manufactured.
Manufacture - To make something on a large scale using machinery.
Raw material - The basic material from which a product is made.
Assembly line - A series of workers and machines in a factory.
Production - The action of making or manufacturing.
Supply chain - The sequence of processes involved in production and distribution.
Warehouse - A large building where goods are stored.
Inventory - A complete list of items or goods in stock.
Output - The amount of something produced.
Mass production - The production of large quantities.
Automation - The use of automatic equipment in manufacturing.
Machinery - Machines collectively.
Quality control - A system of maintaining standards in products.
Defect - A shortcoming, imperfection, or lack.
Efficiency - The state of being efficient (not wasting time).

Economy & Trade List:

Economy - The wealth and resources of a country or region.
Market - An area in which commercial dealings are conducted.
Profit - A financial gain.
Revenue - Income, especially of a company or organization.
Loss - An amount of money lost by a business.
Investment - The action of investing money for profit.
Inflation - A general increase in prices.
Currency - A system of money in general use in a country.
Import - Bring goods into a country from abroad for sale.
Export - Send goods to another country for sale.
Tariff - A tax to be paid on imports or exports.
GDP - Gross Domestic Product.
Supply - A stock of a resource.
Demand - The desire of purchasers for a commodity.
Capital - Wealth in the form of money or other assets.
Shareholder - An owner of shares in a company.
Bankruptcy - The state of being completely lacking in money.
Interest rate - The proportion of a loan charged to the borrower.

Jobs & Labor List:

Employee - A person employed for wages or salary.
Employer - A person or organization that employs people.
Labor / Labour - Work, especially hard physical work.
Wage - A fixed regular payment, typically paid daily or weekly.
Salary - A fixed regular payment, typically paid monthly.
Supervisor - A person who supervises a person or an activity.
Manager - A person responsible for controlling a company.
Executive - A person with senior managerial responsibility.
Entrepreneur - A person who organizes and operates a business.
Workforce - The people engaged in or available for work.
Shift - A recurring period in which workers do jobs in relay.
Overtime - Time worked beyond one's scheduled working hours.

Business Idioms List:

Get down to business - To start talking about the subject to be discussed.
Bottom line - The final total of an account; the most important factor.
Red tape - Excessive bureaucracy or adherence to rules.
Corner the market - To control enough of a product to manipulate the price.
Cut corners - To do something in the easiest or cheapest way.
In the red - Spending and owing more money than is being earned.
In the black - Earning more money than is being spent; profitable.
Cash cow - A product that provides a steady income.
Sell like hotcakes - To be sold very quickly.
On a shoestring - With a very small budget.

Please enable JavaScript to view the interactive flashcards, take the quiz, and download the audio resources.

menu_book 1. Interactive Vocabulary

Filter the words below and click on any card to reveal its definition, audio pronunciation, and a sentence-building mini-game.

bolt 2. Knowledge Check

Test your understanding of the business vocabulary and idioms.

visibility Definition Match

What do we call the total value of goods produced and services provided in a country during one year?

forum Context Fill

The factory increased its ___ by using new robots.

warning BUSINESS IDIOM TRAP

If a company is operating "In the red", is it doing well?

psychology Concept Match

When prices go up and the value of money goes down, it is called...

target 3. Action Missions

Complete these real-world tasks to lock the vocabulary into your memory.

Business Planning 📈 Imagine you are starting a new business. Write two sentences using the words "Investment" and "Profit".

Email the Boss ✍️ Write a short message to your manager explaining that you will work "Overtime" to complete the "Production" goals.

cloud_download 4. Study Resources

Lesson Summary & Review

Let's review the key concepts covered in the interactive module above to ensure you are ready to communicate in the business world.

Business and Economics

Production: The factory creates products using an assembly line to increase output and efficiency.
Finance: A business wants high revenue (income) and high profit. If they lose money, they are operating at a loss and might face bankruptcy.
Labor: An employer hires an employee and pays them a salary (monthly) or a wage (hourly/daily).

Business Idioms

Native speakers often use colorful idioms in the boardroom.

Get down to business: To stop making small talk and start the meeting.
The bottom line: The most important fact in a situation (or the final profit number).
In the red: Losing money. In the black: Making money.
Cut corners: To do something cheaply or quickly, often sacrificing quality or safety.

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Vocabulary: Industry, Manufacturing & Economy

menu_book 1. Interactive Vocabulary

bolt 2. Knowledge Check

target 3. Action Missions

cloud_download 4. Study Resources

Lesson Summary & Review

Business and Economics

Business Idioms

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