Share BEC Higher Vocabulary
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liability
Things that you owe to other people such as unpaid bills. Also the responsibility you have for example if you cause damage to someone else.
limited liability
This is a situation in which the owner of a company can only lose the company's assets but not his own personal wealth in the case of bankruptcy.
line authority
Authority which passes from a superior directly down to his subordinates.
liquidation
Another word for bankruptcy. It can also refer to the selling off of goods cheaply to get rid of old stock.
line-filling
Creating new products to fill the gaps in the current range.
a loss-leader
A product you sell very cheaply - perhaps below cost-price in order to attract customers, who will, for example come to your shop and buy other products which h
maintenance
Everything involved in keeping something in working order, e.g. servicing a machine etc.
marginal cost
The additional cost incurred by the production of one more item or unit of production.
a market challenger
A competitor who is trying to take over the leading position.
a market follower
A competitor who is not making any attempt to challenge the market leader - perhaps because he is too weak.
a market segment
This is a particular part of the whole market. There is, for example, the luxury and then the low-price part.
market share
This is the percentage of sales which an individual company achieves of the total market. The market leader has the biggest.
market value
The price you could sell something for today.
maturity
In the case of a bond, this is the date at which the loan is paid back. In the case of a product, it is the stage when a product has become established on the m
a merchant
Someone who buys and sells things. De Beers are diamond XXX.
a merger
When two companies go together or "fuse".
