Useful Phrases for IELTS Topic Business and Economics

Subtopic Business

“Business” is one of the common topics that often appear in the IELTS exam. Let’s immediately learn the following phrases provided by azVocab.

PHRASE	MEANING	EXAMPLE
To achieve success in the modern business world	To achieve something that you have been trying to do or get in the modern business world	There have been thousands of books written about what it takes to be successful in life, and a thousand more about *achieving success in the modern business world* as well.
To boost productivity	To improve or increase the rate at which a person, company, or country does useful work	Stronger economic growth has boosted the number of people in work but it has not yet *boosted productivity*.
To boost/increase sales	To increase or improve the number of items sold	Revlon also turned to television sponsorship to boost sales.
Business strategies	A detailed plan for achieving success in one part or all parts of a business	A *business strategy* provides the guiding principles for many organizational decisions, such as hiring new employees or developing new products.
To compete against multinational giants	To try to be more successful than large, successful business organizations in the world	European companies can’t *compete against multinational giants*.
Costs involved in running a business	Expenses a corporation incurs as a result of its everyday operations, supplies and other required components	He shared data from his work with the class, giving me the spreadsheet tools to model the costs involved in running a business* and launching projects.*
To cover the running costs	To pay the money you need to spend regularly to keep a system or organization working	Moas will now just about *cover running costs* from donations this year, though the Catrambones continue to plug holes.
To create more employment opportunities	To create new jobs, especially to provide work for people who are unemployed	The government should create more employment opportunities* as a way to support young job seekers.*
Customer service	The part of an organization that answers customers’ questions, exchanges goods that are not satisfactory, etc.	*Customer service* is the most important part of a successful business.
To deal with difficult clients	T o talk to or meet a customer unwilling to listen to what you have to say	A great way to *deal with difficult clients* is to deflect attention and answer a question with a question.
To declare bankruptcy	to announce clearly, firmly, publicly, or officially a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations	If these options aren’t viable and you do decide to *declare bankruptcy* AFSA will appoint you with either an Official Trustee or a registered trustee to manage your assets and debts.
To face potential collapse	To possibly face the sudden failure of a system, organization, business, etc.	City regulators have identified a single fund in an asset manager that was *facing a potential collapse* in the event of a further rise in interest rates on government bonds.
To go bankrupt = To go belly up	To be unable to honour financial obligations or make payment to creditors	When it was obvious the company was *going bankrupt*/going belly up, the government ordered all their assets to be frozen.
To have a clear strategy	To commit to a destination and to core concepts that shape the choices for how to get there	Isolating the hospitals *has been a clear strategy.*
To have social responsibilities	To have moral obligations on a company or an individual to take decisions or actions that is in favour and useful to society	As well as making money, businesses also *have social responsibilities*
To reach a consensus	To come to an agreement	The directors of the company have* reached a consensus on the new business plan.*
To improve a company’s reputation	To improve the public perception of the company and how it operates	One method of *improving your company’s reputation* is to offer customers more value and ensure the high quality of your products and services.
To make a profit	To make money from business or investments	Corporations are people, my friend, and they’re just looking to *make a profit*.
To make significant contributions to	To create notable achievements, exceptional service, a major impact, or momentous community involvement	Relevant experience and the intention as well as the ability to *make a significant contribution to* the business world.
Market research	The collection and examination of information about things that people buy or might buy and their feelings about things that they have bought	Advertising companies do a lot of *market research* before they design promotion campaigns.
To maximise customer satisfaction	To maximise the measurement that determines how happy customers are with a company’s products, services, and capabilities	By *maximizing customer satisfaction*, you can retain customers for longer so that they continue to make a contribution to revenue and profitability.
Financial support	Money provided to enable an organization to continue	Many companies rely on their continuing financial support, but this support is rarely assured for any distance into the future.
Overhead cost	An amount of money spent by a business on things other than the products they make	An increase in rents in the shopping mall increased the overhead costs* of all the shops which operated there.*
Transnational corporation	An enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country	People nowadays tend to work for transnational corporations* instead of national firms.*
To start a business	To begin, to create, to make a business, a company	This guide will walk you through *starting a business* from pre-launch marketing to the first sale.
To survive in today’s competitive world	To continue to live or exist in the world involving competition	In order for a business to survive in today’s competitive world, it is important that we regularly review what we are doing and how we are doing it.
To break into a market	To begin working in a new business or a new area	It is difficult to *break into the market* for designer sportswear because there is too much competition from leading brands like Nike.
To run a business	to operate, to direct, to oversee, to manage a business or a company	Bill ran his business* very well, and he made lots of money.*
To go out of business	To stop trading because it is not making enough money	Many CEOs believe traditional record stores will soon go out of business.
To promote a product	To make goods available to buyers in a planned way that encourages people to buy more of them, for example by advertising	Business was good, and she had television slots lined up to promote her product.
To draw up a business plan	To prepar a detailed plan describing the future plans of a business	The magazine draws up a business plan, in which they aim to become profitable in year three.
To be my own boss	To work for yourself, rather than for an employer	The job is rewarding and lucrative plus it gives you the chance to be your own boss.
To raise a company profile	To get more attention from the public with an advertising campaign	The advertising campaign is designed to raise the bank’s profile.
To make cutbacks	To make a reduction that is made to save money	The company made cutbacks* at their stores in New York and many employees were dismissed.*
To pay … in arrears	To pay later than due date	The company pays one month in arrears* to all its suppliers and employees.*
Rival company	A business, or organization who you are competing or fighting against in the same area or for the same things	Our rival company* managed to steal a march on us by bringing out their software three months ahead of ours.*
Cutthroat business	The competing in a strong and unfair way, without considering any harm caused to others in business	I’ve never understood the concept of cutthroat business.
To encounter various challenges and obstacles	To experience various problems and difficulties	When the company was established, it encountered various challenges and obstacles* on the way to making* a profit.
To take on a risky contract	To take the possibility that a contractual agreement between two or more parties will not be met; or the issues or problems arising from a contract you entered	The company could make a huge profit from taking on this risky contract, but the consequences could not be predictable.

Subtopic Economy

Below, azVocab will provide you with phrases related to the “Economy” topic. You can apply them to your Writing Task 2 or Speaking part.

PHRASE	MEANING	EXAMPLE
A high standard of living	The high level of wealth and comfort people have in a particular society	Being rich and enjoying *a high standard of living* was not the goal.
To allocate budget to sth	To set aside a certain amount of money for an expense	The government should *allocate more national budget to* education and healthcare.
A booming/strong/robust economy	Countries or regions enjoying positive overall performance	*A booming/strong/robust economy* and the general tendency to substitute traditional materials for plastics have been the primary forces driving this growth in demand.
Cash flow	The amount of money moving into and out of a business	This company is famous for its consistently healthy *cash flow*.
Economic growth	An increase in the economy of a country or an area, especially of the value of goods and services the country or area produces	Growing at 2.5 percent to 3.5 percent per year over the past three decades, the agriculture sector has supported *economic growth* and ensured food security
Economic crisis	A situation in which the economy of a country experiences a sudden downturn in its aggregate output or real gross domestic product (GDP)	The pervasive economic crisis* imposed hardships and raised the restiveness of the civil population.*
Fragile/stagnant/weak economy	The easily damaged or broken economy	Millions of dollars were hemorrhaging from the *fragile/ stagnant/ weak economy* every day.
Harsh competition	The situation in which people or businesses are trying so hard to be more successful than each other, for example by making more sales in a market	*Harsh competition* is encouraged from an early age in most Indians.
Have liability for sth	To have legal responsibility for something or someone	The corporation *has liability for* the environmental degradation of the surroundings.
Impoverished countries	Poor countries and the people who live there	Conditions in the world’s most *impoverished countries* are reflected in their life expectancies.
Lucrative industry	Any venture or activity that has the potential to make money	The *lucrative tourist industry* was becoming increasingly cut-throat.
Market economy	An economic system in which goods and services are made, sold, and shared and prices set by the balance of supply and demand	A *market economy* is an economic system where two forces, known as supply and demand, direct the production of goods and services.
Need for expansion	The need for the capital investment in a new or expanded business	*The need for expansion* is the need to broaden your horizons and create new empires.
Patterns of consumption	The combination of qualities, quantities, acts and tendencies characterizing a community or human group’s use of resources for survival, comfort and enjoyment	This will require transformative and radical changes to energy policies, patterns of consumption.
Predatory pricing	The pricing of goods or services at such a low level that other suppliers cannot compete and are forced to leave the market	The airline has reduced its prices so sharply that it has been accused of *predatory pricing*.
Public spending	The money the government spends on buying goods and providing services	The local economy would get a boost as if the government engaged in *public spending*.
Reduction in the national budget on	The act of reducing budgeted expenditures of a country	The government agreed to *reduce the national budget’s on* social benefits.
Rising unemployment	The situation that the economy is not able to generate enough jobs for people seeking work	Yet, while most people would think of *rising unemployment* as a bad thing, some economists don’t entirely agree.
Stock exchange	A place where shares in companies are bought and sold, or the organization of people whose job is to do this buying or selling	The London *stock exchange* is one of the most famous in the world.
Stock market	The activity of buying and selling shares in particular companies, and the people and organizations involved in this	International stock markets* saw declines at the end of the trading day.*
World trade	The purchase and sale of goods and services by companies in different countries	International organizations are trying to promote world trade.
Supply and demand	The balance between the amount of goods available and the amount that people want to buy	Oil prices should be set by *supply and demand*, and not artificially regulated.
Tax evasion	The illegal nonpayment or underpayment of tax	He was arrested in October on charges of *tax evasion* and fraud.
Excessive labor	A fact that there are too many labors in a field	To be more specific, excessive labor, poor diet, and unhealthy lifestyles have negated and even reversed some of the benefits of economic growth on their well-being.
Unemployment rate	The percentage of people in the labour force who are unemployed	The unemployment rate* among young people in Vietnam has increased significantly.*
Environmentally sustainable industries	Constantly developing and innovating their infrastructure to meet the needs of society without destroying the environment for future generations	In other words, the overall picture of happiness could be achieved only when work-life balance, environmentally sustainable industries, and financial equality get the recognition they deserve.
Rate of economic growth	The percentage change in the value of all of the goods and services produced in a nation during a specific period of time, as compared to an earlier period	World Bank stated that the rate of economic growth* in Vietnam was expected to increase by 8.6% by the end of 2018.*
The openness of the economy	The degree to which nondomestic transactions (imports and exports) take place and affect the size and growth of a national economy	The openness of the economy turns Vietnam into a magnet for foreign investment.
To levy a tax	To officially ask for a tax, for a government or organization	The government levied a new tax* on consumers of luxury goods.*
To maintain economic stability	To maintain the status that people have the resources essential to a healthy life	The government has put in place is helping to *maintain economic stability*.
To mitigate the negative impact of	To make the negative impact less unpleasant, serious, or painful	We call for cooperation to maximize the benefits and *mitigate the negative impact of* the expected technology.
To prioritize economic growth	To prioritize the increase in the production of goods and services per head of population over a stated period of time	This further indicates that these countries *prioritize economic growth* over environmental degradation.
To handle/run/manage the economy	To be responsible for controlling or organizing the system of trade and industry by which the wealth of a country is made and used	Managing the economy remains a serious problem in developing countries.
To be a win-win situation	To be the one that is good for everyone who is involved	Flexible working hour is a win-win situation* for both employees and employers.*

azVocab hopes that these phrases for the topic of “Business and Economics” will help you easily approach these two subjects. Wishing you good study and success in your upcoming IELTS exam!

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