Economics +

INDUSTRIAL  PRODUCTION

The resources that go into the creation of goods and services are called the factors of production. They include: natural resources, human capital, capital and entrepreneurship. People who own or use a factor of production are entitled to a „return or reward” – rent, wages, interest and profits accordingly. Goods used for production of other products are called capital goods (machinery, tools, land etc.) We generally describe the economy as consisting of three sectors: the primary sector: agriculture, e.g. forestry, fishery, farming and cattle-raising and the extraction of raw materials from the earth, e.g. mining, quarrying, the secondary sector (manufacturing sector), e.g. cars, computer hardware, construction, defence, food processing, pharmaceuticals, textiles, the tertiary sector (service sector), e.g. catering, computer software, financial services, healthcare, leisure, property, retail, telecommunications, media, tourism.

Industry is the production of materials and goods. An industry is a particular type of business activity, not necessarily production. The related adjective is industrial and verb to industrialize. De-industrialization refers generally to the fall in manufacturing output and the consequent closure of factories.

An example of light industry is electronics, and of heavy industry – steel and shipbuilding. Emerging industry is the one in an early stage of development while growth industry is an area of business that is growing very quickly.

Manufacturing plant sounds more modern than factory or works. There are three main types of production methods:

Job production - In this type of production specific work is carried out for individual customers. It is usually labour intensive and requires the employment of skilled labour, which is able to interpret technical instructions. Job production do not use much machinery, it is hand-made. Producing goods like this is often called a craft-industry. Unit costs will always tend to be high when small numbers of individually designed items are produced.

Mass production - This method of production is possible where the demand for a product is so great that the goods can be produced in a continuous flow.  Unskilled and semi-skilled workers can be employed, though the modern tendency is to use computerized industrial robots: the plant is highly automated then. These robots are part of the CADCAM system of computer-assisted design and manufacturing. In such a way e.g. cars are mass-produced on the assembly or production line. By using this capital-intensive methods unit costs may be substantially reduced.

Batch production -This method falls between job and mass production. It could be described as repeated production runs in contrast to mass production technique. The orders consist of a significant number of similar items i.e. furniture or books. Both labour and machines have to be more versatile than in the case of mass production, but less than in the case of job production.

Output is the number or type of things that a plant, company, industry or country produces.

Productivity is a measure of how much is produced in relation to the number of employees. Materials and parts are some of the inputs. The others are labour, capital and knowledge. The maximum amount that a particular plant or industry can produce is its capacity. If it is producing this

amount, it is working at full capacity. If it is producing more than what is needed, there is overproduction (overcapacity, excess capacity). If far too many things are produced, there is a glut of these things. The opposite situation is a shortage.

A product can be something natural, something made to be sold or a service. Produce refers to a agricultural products such as crops or fruit. Goods that are just being made are work-in-progress, while the products that have been made are finished goods. Quantities of raw materials, components, work-in-progress and finished or semi-finished goods in a particular place are stocks. The specifications (specs) of a product are exact instructions about its design, including its dimensions, how it is to be made, the materials to be used, etc. The objective of quality control is conformity to specifications.

Nowadays most companies are doing more and more subcontracting: using outside suppliers to provide components and services. In other words, they are outsourcing more, using outside suppliers for goods or services that were previously supplied in-house. Of course, it is expensive to keep components and goods in stocks. So, many companies are asking its suppliers to provide components just-in-time, as and when they are needed. This is part of lean production (lean manufacturing), making things as quickly and efficiently as possible, without waste.

Large companies often achieve greater productivity than small ones because of economies of scale  (scale effect) which means reduction in the average cost of production, and hence in the unit costs, when output is increased. However, if the average costs of production rise with output, this is known as diseconomies of scale.

Assemble -  v. montować; assemble line – linia montażowa

Automation – n. automatyzacja; to automate - automatyzować

Batch production – n. produkcja seryjna; batch – n. seria, partia, transza

CADCAM – computer assisted design/ computer assisted manufacturing – projektowanie

wspomagane komputerowo/ produkcja wspomagana komputerowo

Capacity – n. moc, zdolność produkcyjna; to work at full capacity – pracować na pełnej mocy

(na pełnych obrotach)

Capital – n. kapitał; capital goods – n. środki produkcji; capital-intensive – a. kapitałochłonny

Craft industry – n. produkcja rzemieślnicza, rzemiosło

De-industrialization –n. deindustrializacja

Diseconomies of scale – n. dysekonomia skali

Economies of scale (scale effect) – n. korzyści skali

Emerging industry – n. przemysł rozwijający się

Entrepreneurship – n. przedsiębiorczość; entrepreneur – przedsiębiorca, enterprise - przedsiębiorstwo

Extraction – n. wydobycie; v. to extract - wydobywać

Factors of production –n.  czynniki produkcji

Finished products(goods) –n. wyroby gotowe

Glut – n. nadmiar; v. to glut – nasycać, zarzucać towarami

Growth industry – n. przodujący przemysł

Heavy industry – n. przemysł ciężki

Human resources – n. zasoby ludzkie

In-house – a. przyzakładowy, w miejscu pracy, na miejscu

Input –n. nakład

Job production – n.  produkcja ręczna, jednostkowa

Just-in-time (JIT)–  n. produkcja na czas

Labour-intensive – a. pracochłonny

Lean production – n. “szczupła” produkcja

Light industry – n. przemysł lekki

Manufacturing plant – a. zakład produkcyjny

Mass-produce – v. produkować na skale masową; n. mass production – produkcja masowa

Natural resources – n. zasoby naturalne

Output – n. produkcja, wydobycie, wydajność

Outsourcing – n. outsourcing, zlecanie na zewnątrz

Overproduction – n. nadprodukcja

Primary sector – n. dział wydobywczy

Product – n. produkt, wyrób, produkcja; produce – n. produkcja rolna

Productivity – n. wydajność

Quality control – n. kontrola jakości

Raw materials – n. surowce

Run – n. partia, transza

Secondary sector – n. przemysł przetwórczy

Semi-finished (semi-fabricated, semi-manufactured) product – n. półfabrykat

Shortage – n. deficit, brak

Specifications – n. specyfikacja

Stock –n.  zapas, inwentarz, towar na składzie; stockist – osoba mająca na składzie dany artykuł;

v. to stock up – robić zapasy; n. stocktaking - inwentaryzacja

Subcontracting – n. podwykonawstwo; n. subcontractor - podwykonawca

Tertiary sector – n. sektor usługowy

Unit costs – n. koszty jednostkowe

Work-in-progress – n. produkcja w toku

Works – n. fabryka, zakład; n. workshop – warsztat

A COMPANY

Business is the activity of producing, buying and selling goods and services. A business, company , firm or more formally, a concern, sells goods or services. Large companies considered together are referred to as a big business. Businesses vary in size, from the self-employed person working alone, through the small or medium enterprise (SME) to the large multinational (MNC) or transnational (TNC) with activities in several countries. A company may be called an enterprise, especially to emphasize its risk-taking nature.

The simplest form of a small business is a sole/individual proprietorship – a business owned by one person called a sole proprietor (sole owner, sole trader) who is in charge of managing the affairs of his firm, i.e. owns all the assets, owes all the liabilities, and who is a natural/individual person with legal capacity. Business licenses (certificates of trading) are issued to non-incorporated companies, such as sole proprietorship.

Another form is a partnership – a voluntary association of two or more partners who jointly form, own and carry on a business. A partnership may be general or limited one. Limited partnership consists of general partners, who are fully liable for partnership debts, and limited partners, who are liable to the extent of their investment provided that they take no part in the conduct of a firm affairs, thus being sleeping (silent, dormant) partners. The documents required for a partnership to be legal are: deed of partnership – a formal agreement to begin a company, and articles of partnership, which define partners’ rights and duties toward each other.

Business can also be conducted in the form of a company – corporation formed to conduct business in the name of corporation. In that sense companies have a legal personality – are legal entities created by law and given certain legal rights and duties. Thus company can own property and incur debts for which company members have no liability to creditors, as the members are not legal persons. Limited companies, which are incorporated under the Companies Act and whose members have a limited liability towards their company are of two kinds: private limited company (Ltd.) and public limited company (PLC), that can offer its shares and securities to the public. An American term for a limited company is corporation (Inc.). The formation of a company is attested by a memorandum of association/ articles of incorporation, which specify name, purpose , registered office, initial capital and shareholders, accompanied by articles of association/bylaws, which regulate internal affairs of a company.

 Both companies and partnerships can be dissolved. For partnerships dissolution means termination of a previously existing partnership upon the occurrence specified in the deed of partnership, e.g. a partner’s death or withdrawal. For companies it means the termination of a company’s legal personality, e.g. due to bankruptcy – the permanent loss of solvency. Dissolution is preceded by liquidation (winding-up), understood as the process of selling assets and paying debts by a liquidator  or receiver. Some companies will go into voluntary liquidation when they realize that they are insolvent. Other companies are forced into compulsory liquidation by their creditors.

State-owned (government-owned) companies are usually created to provide services that a private enterprise is unable or unwilling to offer. Cooperatives (co-ops) are associations of individuals or companies organized to perform business for their members. A franchise is  a system by which independent firms are authorized to use a common business system. In exchange for different royalties the franchisor grants a franchisee a right to utilize its know-how and the trademark. A quango (quasi autonomous non-government organization) is used when it is desired to provide government finance for an activity without making government ministers responsible for them. A company which does not trade, but has a legal existence and possibly non-trading assets is called a shell company. Some companies, like certain life insurance companies or building societies, are mutuals. Profits the mutuals make are theoretically owned by the members, so there are no shareholders. However, it may occur that mutuals have become public limited companies with shareholders (demutualization). Organizations with “social’ aims, such as helping the sick or the poor, are non-profit organizations/not-for-profit organizations (charities).

A person who contributed his capital to a company is called either a partner or a shareholder or an investor or just a member. A stakeholder is a person or another company, who – for different reasons – is interested in company’s affairs, e.g. its workers, executives, contractors and subcontractors, suppliers and corporate and private customers.

business –  n. działalność gospodarcza, n. a business – firma, przedsiębiorstwo; n. big business – wielki kapitał, wielkie przedsiębiorstwa; n. line of business – branża; v. to conduct  business – prowadzić interesy

small enterprise – n. małe przedsiębiorstwo

medium enterprise – n. średnie przedsiębiorstwo

multinational (transnational) – n. międzynarodowe, ponadnarodowe przedsiębiorstwo

sole proprietorship – n. działalność jednoosobowa, wyłączna własność; n. sole proprietor- wyłączny właściciel, przedsiębiorca prowadzący jednoosobowa działalność gospodarczą

natural/individual person – n. osoba fizyczna

legal capacity – n. zdolność prawna

Business license – n. zezwolenie na prowadzenie działalności handlowej

Partnership  - n. spółka cywilna, osobowa;  general partnership  – n. spółka jawna; limited partnership – n. spółka komandytowa

Partner – n. wspólnik;  n. general partner  –  komplementariusz; n. limited partner – komandytariusz; n. sleeping partner – cichy wspólnik

Deed of partnership – n. umowa spółki osobowej

Articles of partnership – n. statut spółki osobowej

Legal person – n. osoba prawna; n. legal personality – osobowość prawna

Creditor – n. wierzyciel; v. to credit – kredytować

Debtor – n. dłużnik; n. a debt – dług, należność pieniężna, zobowiązanie pieniężne, wierzytelność

Incorporation – n. zalegalizowanie, zarejestrowanie, nadanie osobowości prawnej; a. Incorprated (Inc.); v. to incorporate

(Private) limited company – n. spółka z ograniczoną odpowiedzialnością (z o.o); n. limited liabilty – ograniczona odpowiedzialność

Public limited company – n. (UK) spółka akcyjna (S.A.)

Corporation – n. (US) – spółka akcyjna

Memorandum of association – n. umowa spółki kapitałowej

Articles of association – n. statut spółki kapitałowej

Dissolution – n. rozwiązanie umowy spółki; v. to dissolve

Solvency – n. wypłacalność; a. solvent – wypłacalny; n. insolvency - niewypłacalność

Liquidation – n. likwidacja; n. liquidator – likwidator; n. voluntary l. – likwidacja dobrowolna; n. compulsory l.- likwidacja przymusowa; v. to go into l. – przejść w stan likwidacji

Receiver – n. syndyk masy upadłości; n. official receivership – zarząd masy upadłości

State-owned – a. państwowy; n. state-ownership – własność państwowa

Cooperative (co-op) – n. spółdzielnia; n. agricultural c. – spółdzielnia rolnicza; n. building c. – spółdzielnia mieszkaniowa; n. producers’ c. – spółdzielnia produkcyjna

Franchise – n. franszyza; n.  franchisor – franszyzodawca; n. franchisee - franszyzobiorca

Royalty – n. opłata licencyjna

Quango – n. organizacja pozarządowa

Shell company – n. “spółka – skorupa”, „spółka-wydmuszka”, „spółka-widmo”

Mutual insurance company – n. towarzystwo ubezpieczeń wzajemnych: n. mutual savings bank – wspólna kasa oszczędności

Demutualization – n. przekształcenie w spółkę akcyjną; v. to demutualize

Non-profit organization –n.  działalność non-profit, organizacja o charakterze niezarobkowym

Shareholder – n. akcjonariusz

Stakeholder – n. interesariusz, osoba/ strona zainteresowana działalnością spółki

MERGERS  AND TAKEOVERS

A company may act as a parent company to a more complex holding structure. The most important kind of dependency is based on capital links between companies. Fully dependent on a company are its branch offices. On the other hand, subsidiaries and other affiliates like associated companies, although separate legal entities depend onto the holding company upon a stake. Dependency is derived from a controlling interest, which may be either a majority stake or a controlling stake.

Companies controlled by a parent company are also called its daughter companies and they are affiliates or sister companies to each other. A subsidiary may also hold stakes in other companies, which will be in turn called sub-subsidiaries of the parent company.

A very specific kind of capital interdependence is the cross holding (reciprocal shareholding), when two or more companies hold blocks of each other’s shares.

Interlocking is another kind of dependence. The simplest form of interlocking happens when the same directors seat in the boards of different companies, which are independent in terms of capital links.

Dependent companies may perform their activities within the same industry or they may enter different branches of the economy and different kinds of activities. Thus, there are companies integrated only vertically, either backward or forward or horizontally. Also conglomerates are widespread – parent companies set up or acquire companies performing in different industries, usually at different stages of production.

Additionally to dependent companies like subsidiaries, the parent company may invest into a joint venture company.  A very important feature is that, no matter whether those investors brought in equal shares or they maintain parity in a different way, their rights to manage the company’s affairs should be equal. A joint venture should not be confused with an amalgamation, as the JV investors only bring in shares, and not their whole equity.

Another way to expand is by means of franchising or a strategic alliance. A typical strategic alliance usually set officially between parties of comparable market strength. A very simple strategic alliance may be a gentleman’s agreement between executives of different companies. The more complex ties are cartels (or trusts) aimed at forcing one of the business rivals out of the market.

The main way to expand abroad is foreign direct investment, which may include either greenfield investment or a takeover of an existing company.

Joining of companies leads to creation of different types of markets: monopoly, natural monopoly (capital outlays are too high for competition to exists) and oligopoly (a few large sellers controlling the whole market).

Mergers and acquisitions (amalgamation, integration) may serve different purposes. Usually, it is an integration of resources or other advantages like access to other markets. Some companies buy others in order to spread the risk by adding new products to their business, others to get the benefits of increased size – the synergy. Some wish to reduce their costs by acquiring assets like transport facilities. Others view mergers as means of reducing or eliminating competition. Also, a number of mergers were arranged in the hope of subsequent re-sale of part or all of the acquired company, which is called asset stripping.

A takeover may go on as an open process (friendly takeover) or it may be run secretly (hostile takeover, raid). Somewhere in between, there is a takeover bid, when a potential investor advertises his attempt to buy shares of a targeted company.

A company may defend itself against any potential takeover. Static raider defence techniques help to make the company less susceptible to raids, e.g. golden parachutes, special provisions in the bylaws. Active defence may involve an action to lower the raider’s interest in the targeted company (poison pill) A company may look for an alternative friendly investor, the white knight, who could take it instead of the raider. Another option is to place a bid to take over the raider (pac man). The roles would then reverse (inverted takeover). In the early stage of a takeover the targeted company may try to re-purchase shares lost to the raider (green mail). Another action envisages shifting of targeted assets (crown jewels) to another company.

Mergers and takeovers may be financed out of the company’s own resources or by means of a loan. As an acquisition usually exceeds the potential of a sole bank, a syndicated loan suits better the purpose as it involves a number of financial institutions. To leverage the buyout, an investor usually treats the acquired company as a collateral (leveraged buyout). A management buyout - MBO is an acquisition of the equity capital of a firm by its managers. This has the advantage of concentrating control in the hands of people with experience of the firm’s problems.

Parent company – n. spółka – matka, spółka macierzysta

Holding – n. holding; n. holding company – spółka holdingowa

Branch – n. oddział

Subsidiary – n. spółka zależna

Affiliate – n. filia

Associated company – n. spółka stowarzyszona

Majority stake – n. pakiet większościowy

Contolling stake – n. pakiet kontrolny

Daughter company – n. spółka – córka

Sister company – n. spółka- siostra, spółka siostrzana

Sub-subsidiary – n. spółka parterowa

Cross-holding – n. cross-holding, utrzymywanie wzajemnych udziałów przez kilka spółek

Interlocking – n. interlocking, powiązania między kadrą menadzerska

Vertical integration – n. inegracja pionowa

Backward integration – n. integracja wsteczna, integracja w dół

Forward integration – n. integracja w górę

Horizontal integration – n. integracja pozioma

Conglomerate – n. konglomerat

Joint venture (J.V.) – n.spółka typu joint-venture, wspólne przedsięwzięcie

Strategic alliance – n. alians strategiczny

Cartel (trust) – n. kartel, duża korporacja o prawie monopolistycznej pozycji

Foreign direct investment (FDI) – n. zagraniczna inwestycja bezpośrednia

Greenfield investment – n. inwestycja od podstaw

Natural monopoly – n. monopol naturalny

Oligopoly – n. oligopol

Synergy – n. synergia

Asset stripping – n. asset- stripper - “sępi wykup”;

Friendly takeover – n. przejęcie przyjazne

Hostile takeover (raid) – n. przejęcie wrogie

Targeted company – n. – spółka przejmowana

Golden parachute – zapis ochronny, „złoty spadochron”; odprawa

Poison pill – „trująca pigułka”, zmniejszenie atrakcyjności przedsiębiorstwa w celu ochrony przed wykupem

White knight –„biały rycerz”, inwestor chętny do przejęcia przedsiębiorstwa w miejsce inwestora atakującego

Pac man – pac man, przejęcie przedsiębiorstwa atakującego przez atakowane

Inverted takeover – przejęcie odwrócone

Green mail -  green mail, odkupienie udziałów przejętych przez przedsiębiorstwo atakujące

Crown jewels – najcenniejsze aktywa przedsiębiorstwa

Syndicated loan – pożyczka konsorcjalna

Collateral - zabezpieczenie

Leveraged buyout – wykup wspomagany (pożyczką), lewarowany

Management buyout – wykup przez zarząd (własny)

FINANCIAL  STRUCTURE

The money that a business spends is its costs:

·  direct costs are directly related to providing the product (e.g. salaries)

·  cost of goods sold (COGS) are the variable costs in making particular goods (e.g. materials)

·  indirect costs (overheads) are not directly related to production (e.g. administration)

·  fixed costs do not change when production goes up or down (e.g. rent, heating)

·  variable costs change with the level of production (e.g. materials)

·  running costs (operating costs) are the cost of the day-to-day organization of a company

·  conversion costs are the costs of changing materials into products

·  marginal cost is the costs of making a single extra unit above the number already planned

·  selling costs are involved in distributing, promoting and selling a product

Some costs, especially indirect ones, are also called expenses. Costing is the activity of calculating costs. Cost center could be a location or a group of employees where one can identify and allocate costs for control purpose.

Selling price of a product minus direct production costs is gross margin. Selling price minus total costs (direct and indirect) is a profit margin or mark up. The difference between the two is that the profit margin is usually given as a percentage of the selling price, while mark-up is usually given as a percentage of the total costs.

An asset is something that has value, or the power to make money. These include:

·       current assets: cash, bank deposits, accounts receivable, inventories, marketable securities

·       fixed assets: equipment, machinery, buildings and land

·       intangible assets like goodwill and brands

Assets such as machinery and equipment lose value over time because of wear and tear or obsolence. This process is called depreciation (tangible assets)  or amortization (intangible assets): the value of the equipment is written down each year and written off completely at the end. The value of an asset at any time is its book value, which does not necessarily correspond to its current market value.

Liabilities are a company’s debts to suppliers, lenders, tax authorities etc. The long-term liabilities include any securities that will not come due in the current year, e.g. bonds. Current liabilities comprise of accounts payable (what a company is obliged to pay to its creditors), accruals etc.

A company’s balance sheet gives a picture of its assets and liabilities at the end of a particular period, usually the 12-month period of its financial year.

The profit and loss account (income statement) is a measure of the operating performance of a business, ending on the last day of the firm’s fiscal year. The statement lists sales revenue and deducts cost of goods sold (materials, the wages of direct labour etc.) to show a gross profit. The operating expenses are then listed and deducted to show the operating profit, often referred to as earnings before interest and taxes. After deducting or adding extraordinary items the statement shows net profit before taxes, and after deducting taxes one arrives at a net profit after taxes, often informally called a bottom line. Consolidated profit and loss account is the combination of the results of more than one company.

A positive cash flow is vital to the success of any business. It is a financial statement showing the amount of cash being receives and expended by a business, which is often analysed into its various components.

Capital is the money that a company uses to operate and develop. There are two main ways in which a company can raise capital: it can use share capital or loan capital. Share capital is contributed by shareholders, who in return are granted ownership of a company and receive periodic payments called dividends.

Investors can also lend money, but then they do not own a small part of the company. The sum of money borrowed is the principal. The company has to pay interest to the lender, whether it has made a profit in the relevant year or not. Lending to companies is often in the form of bonds or debentures, loans with special conditions e.g. collateral or security. The total amount of debt that a company has is its indebtness.

Many companies have both loan and share capital. The amount of loan capital in relation to its share capital is its leverage (gearing). A company with a lot of borrowing in relation to its share capital is highly leveraged (geared). If a company is sick, ailing or troubled, it may try a turnaround or a bailout to recover.

direct costs – n. koszty bezpośrednie

costs of goods sold – n. koszty towarów sprzedanych, koszt własny produktu

indirect costs – n. koszty pośrednie

overheads – n. koszty ogólne

fixed costs – n. koszty stałe

variable costs – n. koszty zmienne

running costs – n. koszty bieżące, koszty operacyjne

conversion costs – n. koszty przetworzenia, koszty przerobu

marginal costs – n. koszty krańcowe

selling costs – n. koszty sprzedaży (zbytu)

expenses – n. wydatki

costing – n. kalkulacja kosztów, szacowanie kosztów, wycena kosztów

costs center – n. ośrodek powstawania kosztów, centrum kosztowe

gross margin -  n. marża brutto

profit margin – n. marża zysku

mark up – n. marża zysku, narzut

asset – n. aktywo, składnik majatku

current a. – n środek (aktywo) obrotowy

fixed a. – n. środek trwały, składnik rzeczowego majątku trwałego

intangible a. – n. aktywa (wartości) niematerialne i prawne,  tangible assets – n. aktywa materialne

accounts receivable – n. rachunek dłużników, należności

accounts payable – n. rachunek wierzycieli, zobowiązań, długów

indebtness – n. zadłużenie

goodwill – n. (nierozliczona) wartość firmy (renoma, dobra marka): badwill – n. negatywny wizerunek formy

depreciation – n. amortyzacja, dekapitalizacja: v. to depreciate - amortyzować

amortization – n. amortyzacja aktywów niematerialnych

write down – v. obniżyć zapis, odpisać częściowo

write off – v. odpisać całkowicie, wyksięgować, wystornować

book value – n. wartość księgowa

liabilities – n. pasywa, zobowiązania pieniężne, należności, płatności, obciążenia

current liabilities – n. zobowiązania bieżące

short-term(quick) liabilities – n. zobowiązania krótkoterminowe, long-term l. – n. zobowiązania długoterminowe

accruals – n. zobowiązania okresów przyszłych, rozliczenia międzyokresowe (bierne), kwoty narosłe

balance sheet – n. zestawienie bilansowe, bilans

financial year – n. rok obrotowy, finansowy

fiscal year – n. rok podatkowy, fiskalny

profit&loss account – n. rachunek zysków i strat, rachunek wyników

gross profit – n. zysk brutto

operating profit – n. zysk operacyjny

extraordinary items - n. pozycje nadzwyczajne

net profit – n. zysk netto

bottom line – n. ostateczny wynik finansowy

consolidated – a. skonsolidowany, łączny, zbiorczy

cash flow - .n. cash flow, przepływ(y) finansowy, pieniężny; n. rachunek przepływów finansowych

raise capital – v. gromadzić, zbierać kapitał/fundusze

share capital – n. kapitał akcyjny

loan capital – n. kapitał pożyczkowy

dividend – n. dywidenda

principal – n. suma pożyczki, kapitał

bond – n. obligacja,

debenture – n. skrypt dłużny, papier dłużny

securities – n. papiery wartościowe

leverage  - n. stosunek kapitału pożyczkowego do  kapitału własnego firmy, dźwignia finansowa;

v. sfinansować z pożyczek, kredytów

gearing – n. przekładnia kapitałowa, wskaźnik zadłużenia kapitału własnego

highly leveraged – a. firma z przewagą kapitału pożyczkowego

turnaround – n. przywrócenie zyskowności, finansowe uzdrowienie spółki,

bailout – n. ratunek finansowy, v. bail out – ratować finansowo

LABOUR   RELATIONS

Many people looking for work read the situations vacant pages advertised in newspapers by companies, recruitment agencies or employment agencies. Outside specialists called headhunters may be called on to headhunt people for important jobs, persuading them to leave the organizations they already work for. The process of finding people for a particular job is recruitment (hiring). Someone who has been recruited is a recruit (a hire). To reply to an advertisement is to apply for a job. One writes an application, or fills in the company’s application form, and sends it, along with a CV (resume), and a covering letter. One often has to give the names of two people who are prepared to write references – the referees. If one’s qualifications and abilities match the job description, they might be short-listed i.e. selected to attend an interview. Some companies also ask the candidates to do written psychometric tests to assess their intelligence and personality. If one is taken on, they have to sign an employment contract, which may sometimes include a probationary (trial) period or in-house training.

There are various types of workers e.g. self-employed, freelance, full-time, part-time, shift workers or workers working from home: it is called teleworking or telecommuting.  One may work flexitime or steady hours (regular hours, nine-to-five) where workers have to clock in and clock out every day. In some companies, a job-sharing is widely applied. A permanent work does not finish after a fixed period; a temporary job finishes after a fixed period. If necessary, one is granted a day off, paid or unpaid sick leave, maternity or paternity leave.

Jobs, and the people who do them, can be described as: highly skilled (e.g. car designer), skilled (e.g. car production manager), semi-skilled (e.g. taxi-driver) and unskilled (e.g. car cleaner). Companies usually look for people who are: self-starters, proactive, self-motivated or self-driven, computer-literate or numerated. The people, who work for a company, all the people on its payroll, are its employees, personnel, staff, workers or workforce. But these words can mean just the people carrying out the work of a company, rather than those leading it and organizing it: the management. In larger organizations there is a human resources department (HRD) that deals with pay, recruitment etc. Another name for this department is the personnel department.

In return for rendering service one is entitled to remuneration (compensation). Apart from basic salary plus commission, workers are sometimes granted emoluments such as bonuses, share-options or pension schemes. There may be performance-related bonuses if the manager reaches particular objectives for the company. They may also receive various fringe benefits (perks) in the form of life insurance, private health insurance, company car, childcare facilities, catering etc. On leaving the company, a worker may be given a high severance pay (golden handshake).

To leave the company, one could resign or hand in one’s notice. If one does something wrong they may be demoted or even dismissed, fired, sacked or terminated. If one has done nothing wrong, they may be laid off, made redundant or offered early retirement. The latter happens if a company is downsized or/and delayered. This means that is has reorganized and restructured in order to become flatter (with fewer layers of management) and leaner (with fewer, more productive employees). Employees who are made redundant may get advice about finding another job, retraining etc. This is called outplacement advice.

Labor unions (trade unions) are associations of workers which seek to promote their members’ interests, the most famous being British TUC (Trade Union Congress) and American AFL-CIO (American Federation of Labor & Congress of Industrial Organizers). Once a union achieves recognition, collective bargaining can begin – the union enters negotiations with management to prepare a labor contract. It provides both for “bread-and-butter” issues (wages, working hours) and fringe benefits. Other parts of the contract may provide for grievance procedures (the steps employees are to follow in case of unfair treatment) and seniority (importance assigned to a worker’s length of service when it comes to question of rises, promotions and layoffs). In case of workers discontent, the may decide to call for an industrial action in the form of e.g. a strike, stoppage or walk-out, overtime ban,  go-slow, sit-in, work-to-rule, picketing or boycott. However, if negotiations fail, impartial third parties are often brought in to help settle the dispute. This may be in form of conciliation (a third party will try to bring labour and management together to work out their disagreement on their own), mediation (includes greater involvement of third party, who will make suggestions for settling the dispute) and arbitration (a third party will hand down a decision that is final and binding).

situations vacant – n. ogłoszenia o pracy, n. situation, post, position - stanowisko

recruitment agency – n. agencja pośrednictwa pracy (prywatna)

employment agency, job centre – n. biuro pośrednictwa pracy (państwowe)

headhunter – n. “łowca głów”

recruitment (hire) – n. rekrutacja, v. to recruit – rekrutować, werbować

apply for – v. ubiegać się o pracę, składać podanie o pracę

application – n. podanie o pracę

application form - n. formularz podaniowy

CV (resume) – n. CV, życiorys

covering letter – n. list motywacyjny, pismo przewodnie

references – n. opinia, referencje

referee – n. opiniodawca

job description – n. zakres obowiązków

short-list – n. ostateczna lista kandydatów, ostatni etap selekcji, v. to short-list – wpisać na ostateczna listę kandydatów, przejść/zakwalifikować się do ostatniego etapu selekcji

psychometric test – n. test psychometryczny, test psychologiczny, test predyspozycji

employment contract – n. umowa o pracę

probationary (trial) period – n. okres próbny

In-house training – n. szkolenie przyzakładowe, szkolenie wewnętrzne

self-employed – n. samozatrudniony

freelance(r) – n. “wolny strzelec”, osoba wykonująca wolny zawód

full-time – a. praca na pełny etat, w pełnym wymiarze godzin

part-time – a. praca na niepełny etat (pół etatu, ćwierć etatu), praca w niepełnym wymiarze godzin

shift work – n. praca zmianowa

teleworking (telecommuting) – n. praca w domu, praca zdalna; v. telecommute, telework

flexitime – n nienormowany, ruchomy czas pracy

steady hours (regular, 9-5) – n. stałe godziny pracy

clock in (out) – v. „odbić kartę”, zapisać czas przyjścia/wyjścia na karcie zegarowej

job-sharing – n. job-sharing, dzielenie  pracy

permanent work -  n. stałe zatrudnienie, pewna praca

temporary work – n. praca czasowa, dorywcza, n. seasonal job – praca sezonowa

sick leave – n. urlop zdrowotny, chorobowe

maternity (paternity) leave – n. urlop macierzyński, ojcowski

highly skilled – a. wysokowykwalifikowany

skilled – a. wykwalifikowany

 semi-skilled – a. średnio wykwalifikowany, przyuczony

unskilled – n. niewykwalifikowany

computer-literate – a. z umiejętnościa obsługi komputera, n. computer-literacy

numerated – a. z umiejętnością liczenia

payroll – n. lista płac, a. etatowy (payroll job)

human resources – n. zasoby ludzkie, HR department – n. dział kadr

remuneration (compensation) – n. wynagrodzenie

commission – n. prowizja

emolument – n. pobory

bonus – n. premia, bonus

share-option – n. możliwość kupna akcji spółki po niższych cenach

pension scheme – n. prywatne ubezpieczenie emerytalne

performance-related bonus – n. premia zależna od wyników

fringe benefits (perks) – n. świadczenia dodatkowe, przywileje

severance pay (golden handshake) – n. odprawa, “złoty uścisk dłoni”

hand in a notice – v. wręczyć wypowiedzenie

demote – v. zdegradować, n. demotion - degradacja

downsize – v. zmniejszanie wielkości spółki

delayer – v. spłaszczanie struktury zarządzania

reorganize – v. reorganizować

restructure – v. restrukturyzować

retraining – n. przeszkolenie

outplacement advice – n. pomoc przy znalezieniu nowej pracy

labour union (trade union) – n. związek zawodowy

collective bargaining – n. negocjacje w sprawie zbiorowego układu pracy

labour contract – n. zbiorowy układ pracy

grievance procedures – n. tryb postępowania w sprawie skarg, zażalenia

seniority – n. staż pracy, wysługa lat

rise - n. podwyżka

promotion – n. awans, v. promote - awansować

Industrial action – n. akcja protestacyjna

overtime ban – n. zakaz pracy w nadgodzinach

go-slow – n. spowolnienie tempa pracy

sit-in – n. strajk okupacyjny

work-to-rule – n. strajk włoski

conciliation – n. ugoda

mediation – n. mediacja

arbitration – n. arbitraż, rozjemstwo

ORGANIZATIONAL  STRUCTURE  AND  MANAGEMENT

 

Most organizations have a simple hierarchical structure consisting of several levels and a clear line of command - all the people in the company know what decisions they are able to make, to whom they report and who their immediate subordinates are. The organization may also be divided into functional departments, such as production, finance or marketing.  More recent organizational systems include matrix management, in which people are accountable to more than one superior and which keeps decision-making at lower levels.

On the very top of a company there is a board of directors – the collective body responsible for major business decisions. They determine the direction the company is going to take, ensure that the necessary funds are available and appoint key staff to whom they delegate the authority to run day-to-day business of the company. The BoD is often the mixture of executive and non-executive directors, the managing director being usually the chairman. Non-executive directors are not managers of the company; they are outsiders, often directors of other companies who have particuIar knowledge of the industry. An executive or, informally, an exec, is usually a manager at quite a high level (for example, a senior executive). In this way the board has the benefit of some directors who knows the practical problems faced by the business, while the others bring their own brand of expertise to the boardroom discussions. The directors are appointed by the shareholders, normally at the company’s annual general meeting (AGM), at which the chairman will be expected to account for their management during the previous year.

In the US, the top position may be that of chairman, chairwoman or president. The job is often combined with the position of chief executive officer (CEO) Some companies have a chief operating officer (COO) to take care of the day-to-day running of the company. The finance director may be called chief financial officer (CFO). Senior managers in charge of particular areas are often called vice presidents (VPs).

Successful businesspeople, especially heads of large organizations, are business leaders, or, in journalistic terms, captains of industry. They may be also referred to as magnates (e.g. press magnate, oil magnate), moguls (e.g. shipping mogul, media mogul) or tycoons (e.g. property tycoon, software tycoon).

Management is the process of assembling and using resources – human, financial and material, and information – in a goal-directed manner to accomplish tasks in an organization. Management has two main components: an organizational skill, including the ability to delegate, and an entrepreneurial sense. Encouraging employees to use their own initiative, is empowerment. Of course, with empowerment and delegation, the problem is keeping control of your operations: a key issue of modern management.

Entrepreneurial sense include also leadership skills such as charisma, drive, dynamism and energy. A leader may also be described as a visionary. Management styles  have changed in the last few years. Before, leaders were distant, remote and authoritarian (top-down approach). Today, they are more open, approachable and there is more management by consensus and consultation. However, a management style depends also on a particular corporate culture: the way a particular company works, and the values it believes are important.

Management by wandering around (MBWA) is the idea that managers can manage in the best by visiting the places where operations are carried out and by talking to employees. Management by objectives (MBO) is the activity of controlling and measuring performance in relation to particular aims. Total quality management (TQM) is making every employee responsible for checking and measuring quality at every stage of production. This is achieved e.g. by quality circles (groups of employees who meet regularly to suggest improvements). Continuous improvement (kaizen) is making small enhancements all the time, e.g. by use of mystery shoppers. Benchmarking is making a comparison to the best organizations in the industry (best practice). Business process reengineering (BPR) means complete redesign of all processes in management, administration and service.

hierarchical structure – n. struktura hierarchiczna, “piramida”

line of command  - n. (liniowa) organizacja zarządzania, zarządzanie pionowe

report to – v. podlegać komuś, odpowiadać przed kimś

subordinate – n. podwładny

functional structure – n. struktura funkcjonalna, organizacyjna

matrix management – n. zarządzanie matrycowe

accountable to – a. odpowiedzialny przed (kimś)

board of directors (management board)– n. zarząd; supervisory board – n. rada nadzorcza

key staff – n. kluczowi pracownicy

executive director – n. dyrektor wykonawczy

non-executive director – n. dyrektor nieetatowy, dyrektor-konsultant

managing director – n. dyrektor zarządzający, generalny

chairman – n. przewodniczący (Rady Nadzorczej)

annual general meeting – n. (doroczne) walne zgromadzenie akcjonariuszy

president (US)– n. prezes

chief executive officer (CEO) (US)– n. główny (naczelny) prezes (dyrektor wykonawczy), pot. szef egzekutywy

chief financial officer (CFO) – n. główny (naczelny) dyrektor finansowy

chief operating officer (COO) – n. główny (naczelny) dyrektor operacyjny

vice president (VP) – n. wiceprezes

business leader– n. lider biznesu, czołowy, przodujący przedsiębiorca,

captain of industry – n. “rekin biznesu”

magnate, mogul, tycoon – n. potentat, magnat (np. prasowy), „król” (np. czekolady), bogacz, krezus

organizational skills – n. zdolności organizacyjne

entrepreneurial skill – n. przedsiębiorczość

leadership skill – n. zdolności przywódcze

delegation (of power)– n. delegowanie, przekazywanie (władzy, kompetencji, odpowiedzialności), rozdzielanie (zadań)

empowerment – n. udzielenie pełnomocnictwa, upoważnienie, nadanie kompetencji

drive – n. samodyscyplina, energia, zapał, motywacja; a.self-driven

visionary – n. wizjoner; a. wizjonerski

top-down approach – n. podejście “góra-dół” (odgórne), autorytarne, nakazowe

consensus – n. zgoda, przyzwolenie, kompromis

corporate culture – n. kultura korporacyjna, firmy

Management By Walking Around (MBWA) – „zarządzanie w obchodzie (przez obchód)”

Management By Objectives (MBO)– n. zarządzanie przez cele

Total Quality Management (TQM) – n. (kompleksowe) zarządzanie przez jakość (jakością)

quality circle – n. koło jakości

continuous improvement – n. ustawiczna poprawa (doskonalenie)

enhancement – n. usprawnienie, ulepszenie; v. to enhance

mystery shopper – n. “tajemniczy klient”, podstawiony klient, badania (typu) mystery shopper

benchmarking – n. benchmarking, użycie punktu odniesienia

best practice – n. najwyższe, najlepsze standardy, wytyczne, (rare) kodeks

business process reengineering (BPR) – n. reinżynieria procesów gospodarczych, zmiana organizacji procesów

 

MARKETING I

Marketing is the process of planning, designing, pricing, promoting and distributing ideas, goods and services, in order to satisfy customer needs, so as to make a profit. In some places, even organizations such as government departments are starting to talk about their activities in terms of the marketing concept. Once the concept has been established, the company has to think about the marketing mix, the activities that one has to combine successfully in order to sell. The best known classification of these activities is the 4Ps. The four Ps are: product (size, quality, features, brand name, servicing), price (price list, discounts, terms of payment, credit terms), place (distribution channel, transport, inventory size) and promotion (advertising, publicity, sales promotion). A fifth P which is sometimes added is packaging, all the materials used to protect and present a product before it is sold.

To market a product is to make a plan based on this combination and put it into action. A marketer (marketeer) is someone who works in this area. Marketers often talk about market orientation: the fact that everything they do is designed to meet the needs of the market. They may describe themselves as market-driven (market-led, market-oriented).

Word combination with ‘product’ are: product catalogue (product mix, product portfolio) – a company’s product, as a group; product line (range) – a company’s product of a particular type; product lifecycle – the stages in the life of a product; product positioning – how a company would like a product to be seen in relation to its other products, or to competing products; product placement – when a company pays for its products to be seen in films and TV programmes.

A brand is a name a company gives to its products so they can be easily recognized. This may be the name of the company itself: the make of the product. Brand awareness (brand recognition) is how much customers recognize a brand. The ideas people have about a brand is its brand image. Many companies have a brand manager. Branding is creating brands and keeping them in customer’s mind through advertising, packaging, etc. A brand should have a clear brand identity so that customers think of it in a particular way in relation to other brands. A product with the retailer’s own name on it is a own-brand product (UK) or own-labeled product (US). Products that are not branded, those that do not have a brand name, are generic products (generics).

Goods can be low-priced, mid-priced or high-priced. To lower the price, a seller sometimes sells at cost or even at a loss (loss leaders), below the official list price or recommended retail price. Other companies, which do not use such methods, may accuse them of undercutting or even enter a price war. Mass market describes goods that sell in large quantities. A niche market is a small group of buyers with special needs, which may be profitable to sell to.

Distribution is the process of moving goods from the point of manufacture to the point of sale or use. It is expensive and can represent up to 50% of the sale price of any good. Between the manufacturers and the consumers will be a variety of carriers and intermediaries (middlemen), such as wholesalers, franchisees, retailers or agents, making up a complex distribution channel.

A shop or a store is where people buy things. Companies may call it a retail (sales) outlet. A chain store is a part of a group of shops, all with the same name. A convenience store (corner shop) is a small shop in a residential area and open long hours. A deep discounter is a supermarket with very low prices.  A department store is a very large shop with a wide variety of goods, usually in a town center. Supermarkets and hypermarkets are large shops, selling mainly food. A shopping center (shopping precinct) is a purpose-built area or building in a town center with a number of shops. Outside towns, there are shopping malls, where it is easy to park.

Direct marketing companies organize mailings (mailshots) for many different products and services (this is direct mail but people often call it junk mail). They also do telemarketing, selling by telephone in call centers.

Promotion is all the activities supporting the sale of a product, including advertising. It includes e.g. a special offer such as a discount or reduced price; a free sample; a free gift, competition with prizes. Supermarkets and airlines give loyalty cards to customers – the more one spends, the more points they get, and then they can exchange these points for free goods or flights. Cross promotion is where you buy one product, and you are recommended to buy another product that may go with it. 

marketing concept – n. koncept marketingowy, koncepcja marketingowa

marketing mix (4Ps) – miks marketingowy, instrumenty polityki marketingowej

marketing – n. marketing, v. to market - sprzedawać; n. marketer – osoba zajmująca się marketingiem, pracownik działu marketingu; n. marketability - łatwość zbycia czegoś, wzięcie, pokupność

market orientation – nastawienie na sprzedaż; a. market-oriented

product catalogue – n. asortyment

product line – n. asortyment, linia, rodzina produktów

product lifecycle – n. cykl życiowy produktu

product positioning – n. pozycjonowanie produktu

product placement – n. product placement, umieszczenie produktu

make – n. marka (np. marka samochodu)

brand awareness – n. świadomość marki

brand image – n. wizerunek marki

brand manager – n. brand manager, opiekun marki

branding – n. branding, budowanie marki

brand identity – n. tożsamość marki

own-brand product – n. własna marka

generic product – n. product generyczny, pochodny

low-priced – a. nisko wyceniony, „z niskiej półki”

mid-priced – a. średnio wyceniony, „ze średniej półki”

high-priced – a. wysoko wyceniony, „z najwyższej półki”

to sell at cost – v. sprzedawać po kosztach

to sell at a loss – v. sprzedawać ze stratą, poniżej kosztów

recommended retail price - . rekomendowana (zalecana) cena detaliczna

undercutting – n. sprzedaż po konkurencyjnie niskiej cenie; v. to undercut

price war – n. wojna cenowa

mass market – n. rynek masowy

market niche– n. nisza rynkowa

point of sale (POS) – n. punkt sprzedaży

intermediary – n. pośrednik

distribution channel – n. kanał dystrybucji

retail outlet – n. sklep detaliczny

chain store – n. sklep sieciowy

convenience store – n. sklepik osiedlowy

deep discounter – n. sklep dyskontowy

department store – n. dom towarowy

shopping center – n. centrum handlowe, galeria handlowa

shopping mall – n. centrum handlowe

direct marketing – n. marketing bezpośredni

mailings – n. zestawy materiałów reklamowych (wysyłany pocztą); n. mailing list – lista wysyłkowa

telemarketing – n. telemarketing

call center – n centrum obsługi klientów, centrum kontaktów z klientami

special offer – n. promocja

free sample – n. darmowa (bezpłatna) próbka

free gift – n. prezent

competition with prizes – n. konkurs z nagrodami

loyalty cards – n. karta stałego klienta

cross promotion – n. współpromocja (danego produktu z inną marką), sprzedaż łączona, wiązana

demographics – n. profil demograficzny

 ideal customer profile – n.profil idealnego klienta

scattergun marketing – n. marketing rozproszony

target marketing – n. marketing celowy

augmented product – n. wzbogacony, poszerzony produkt

sell-by date (expiry date) – data przydatności (do spożycia), data ważności

clone – n. product-klon

consumer durable – n. dobra trwałego użytku

perishables – n. dobra nietrwałe

core product – n. produkt bazowy

fast moving consumer goods (FMCG) – n. dobra szybkozbywalne, dobra konsumpcyjne o szybkiej rotacji

MARKETING II

A company may e.g. enter (penetrate) a market – to start selling there for the first time; abandon (get out of, leave) a market; dominate a market; corner (monopolize) a market; drive another company out of a market.

‘Market’ is often used in these combinations: market growth, market segments, market share, market opportunities, target market and market leader.   

The most important companies in a particular market are often referred to as key players. When competition between them is strong, one may describe it as intense, stiff, fierce or tough. If not, it may be described as low-key.

Marketing includes marketing research, product development (R&D), advertising and sales.

Rather than risk launching a product or service solely on the basis of intuition, most companies undertake marketing research. This may involve questionnaires or surveys. There may be consumer panels and a focus group, where ordinary people meet to discuss product ideas informally. Other popular methods are e.g. clinical trials, desk research, field research, omnibus survey, market segmentation studies, product testing etc.

In software, developers often produce a final test version, the beta (trial) version, where users are asked to point out bugs before the software is finalized. Car designers use CADCAM to help develop and make products and test different prototypes. Researches in laboratories may take years to develop new drugs, testing or trialling them in trials to show not only that they are effective, but also that they are safe. Rollout is the process of making a product available, perhaps in particular places, to test reaction. Product launch is the moment when the product is officially made available for sale. However, if a design defect is found in a product after it has been launched, the company may have to recall it, asking those who have bought it to return it, perhaps so that the defect can be corrected.

Advertising informs consumers about the existence and benefits of products and services, and attempts to persuade them to buy them. The best form of advertising is probably word-of-mouth advertising, when people hear about a product from their friends or colleagues. Yet virtually no providers of goods and services rely on this alone, but use paid advertising instead, e.g. TV/radio commercials, hoardings (billboards), classified ads, neon signs, special displays etc. Indeed, many organizations also use prestige advertising, which is designed to build up their reputation rather than to sell particular products. We can also distinguish comparative advertising, consisting in directly comparing one company’s products with another company’s products. It has to fulfill certain legal requirements in some countries, and it is considered illegal in other states. Also illegal is subliminal advertising, which includes hidden message and pictures supposed to give people information without them being conscious of it. Another tricky kind is misleading advertising  which  “by reason of its deceptive nature, is likely to affect the economic behaviour (...) of the persons to whom it is addressed”. On the other hand, a very atypical type of advertising is issue advertising, intended to change people’s opinions or behaviour in respect of certain issues. Product endorsements are when famous people recommend a product.

Although large companies could easily set up their own advertising departments, and buy media space themselves, they tend to use the services of large advertising agencies. These are likely to have more resources, and more knowledge on all aspects of advertising campaigns. The most advertising people generally prefer to work for agencies as this gives them the chance to work on a variety of advertising accounts. The client company (a principal) generally gives the advertising agency a statement of the objectives of the advertising campaign, known as a briefing  and an overall advertising strategy concerning the message to be communicated to the target customers. The agency creates advertisements and develops a media plan, specifying which media will be used and in what  proportion. 

Sales describe what a business sells and the money it receives for it. Money received from sales is a turnover (revenue). The number of things sold is called a sales volume. Increase in sales is a sales growth. Sales aimed for in a particular period are a sales target, while statistics showing the amount actually sold are sales figures. Sales predicted in a particular future period are a sales forecast. An invoice is a document asking for payment and showing the amount to pay. The activity of producing and sending invoices is invoicing (billing).

If a product makes a profit one can say it is profitable or profit-making and if it brings an enormous return it is called money-spinner or cash-cow. However, it can also make a loss or only reach a break-even point.

Selling to the public on the Internet is business–to-consumer (B2C) e-commerce. Some experts think that the real future of e-commerce is going to be business-to-business (B2B), with firms ordering from suppliers over the Internet. This is known as e-procurement. Businesses can also use the Internet to communicate with government departments, apply for government contracts and pay taxes: business-to-government (B2G).

to enter a market – v.  wejść na rynek

to corner a market – v. zmonopolizować rynek, uzyskać kontrolę nad rynkiem

to drive (squeeze) sb out of a market – v. wyeliminować z rynku

market growth – n. wzrost rynku

market segment – n. segment rynku, subrynek

market share – n. udział w rynku

market opportunities – n. możliwości rynkowe

target market – n. rynek docelowy

market leader – n. lider na rynku

key players – n. kluczowi gracze, liderzy

marketing research – n. badania marketingowe

consumer panel – n. panel konsumencki

focus group – n. badania fokusowe, zogniskowany wywiad grupowy

clinical trial – n. badania kliniczne

desk research – n. analiza źródeł wtórnych, badania gabinetowe

field research – n. analiza źródeł pierwotnych, badania w terenie (terenowe)

omnibus survey – n. wielotematyczne badanie ankietowe, badanie omnibusowe

product testing – n. testowanie produktu

beta version – n. wersja beta

rollout – n. wdrożenie, wprowadzenie

launch – n. wprowadzenie na rynek; v. to launch

to recall – v. wycofać z rynku; n. safety recall – wycofanie z rynku z powodu bezpieczeństwa

word-of-mouth advertising – n. reklama szeptana

prestige advertising – n. reklama prestiżowa

comparative advertising – n. reklama porównawcza

subliminal advertising – n. reklama podprogowa

misleading advertising – n. reklama wprowadzająca w błąd, nieuczciwa reklama

issue advertising – n. reklama społeczna

product endorsement – n. reklama przez znaną osobę

media space – n. przestrzeń medialna (komunikacyjna)

account – n. klient (agencji reklamowej)

principal – n. zleceniodawca

briefing – n. briefing, przegląd faktów

media plan – n. media plan

turnover – n. obrót, obroty; fluktuacja (kadry)

revenue – n. przychód

sales volume – n. wielkość, wysokość, wolumen sprzedaży

s. growth – n. wzrost sprzedaży

s. target – docelowa wielkość sprzedaży

s. figures – n. statystyka zbytu, wielkość sprzedaży (wyrażona liczbowo)

s. forecast –n. prognoza sprzedaży

invoice – n. faktura; pro forma invoice – n. faktura pro forma

invoicing – n. fakturowanie

money spinner – n. „żyła złota”, wysokodochodowy, świetnie sprzedający się towar

cash cow – n. „kura, znosząca złote jajka”

break even – v. osiągnąć próg rentowności, wyjść na zero

make a profit/loss – v.  osiągnąć zysk, ponieść straty

E-commerce – n. e-commerce, handel elektroniczny

B2C – n. relacja między firmą a klientem

B2B – n. relacja między firmą a firmą

B2G – n. relacja między firmą a rządem

E-procurement – n. e-procurement, elektroniczne zaopatrzenie

creative director – n. dyrektor kreatywny, dyrektor programowy

copy-writer – n. copy-writer, sloganista

art director – n. dyrektor artystyczny

media planner – n. media planner

media buyer – n. media buyer, osoba kupująca przestrzeń medialną

head of media research – n. dyrektor działu badań medialnych

art buyer – n. art buyer

traffic manager – n. traffic manager

print production manager – n. print production manager

MARKET   ECONOMY

The central problem of economics is to determine the most efficient ways to allocate the factors of production and solve the problem of scarcity created by society’s unlimited wants and limited resources. In doing so, every society must provide answers to the following three questions:

1.        What goods are to be produced, and in what quantities?

2.        How are those goods and services produced?

3.       Who will receive and consume those goods and services?

The way in which a society answers these fundamental questions is known as its economic system. Economic systems may be classified as traditional, command, or market systems. As the names suggest, resources are allocated in a traditional economy in accordance with tradition and in a command economy by government planners. Resources in a market economy are allocated in accordance with the laws of supply and demand.

Demand is a consumer’s willingness and ability to buy a product or service at a particular time and place. The law of demand says that all else being equal, more items will be sold at a lower price than at a higher price. The degree to which price changes affect demand will depend upon the elasticity of demand (necessity) for a particular item.

Supply refers to the number of items that sellers will offer for sale at different prices at a particular time and place. The law of supply states that sellers will offer more of a product at a higher price and less at a lower price..

The interaction of supply and demand will result in the establishment of a market (equilibrium) price. The market price is the one at which goods or services will actually be exchanged for money. In a real economic world, the forces of supply and demand are in continuous fluctuations, striving to perfect equilibrium.

However, one must also remember there is a number of non-market factors that influence demand and supply, e.g. change in styles, tastes, habits, change in income, change in the price of a substitute product, change in the price or availability of complementary goods etc.

            In addition to buyers and sellers, there are several other essential elements in a market economy, the most important being:

1.       private property (gives the owners the incentive to use their property to produce profitable items)

2.       profit motive (gives the incentive to produce at the lowest possible cost)

3.       competition (conserves scarce resources, increases output and raises living standards by reducing costs)

The disadvantages of a pure market economy are that externalities are disregarded, the market may be distorted by monopolies, and the resulting income distribution may be socially unacceptable. There are, however, no “pure” market economies in the world today - most are based on varying mixtures of free-enterprise  and government planning (so-called mixed economies).

Another problematic issue is to what extent should a government interfere in the economic system? There are two extremes in the spectrum. On the one hand a government can intervene minimally, allowing the forces of demand and supply and the price mechanism to determine what goods and services are to be produced. This is called a laissez faire policy. At the other end  is the centrally planned economy in which the government makes all the major economic decisions.

However, most governments operate somewhere between these two extremes. In capitalist countries governments tend to let the business world get on their own, while concentrating on issues like education, healthcare, housing, working conditions, social security, defense, the police, the justice system, public transport, traffic regulations, health and safety regulations, the sale of alcohol, drugs, guns etc, the press and the media, the arts and entertainment, the freedom of expression etc.

At the same time, the government remains engaged in major macroeconomic issues, like controlling inflation, reducing unemployment and encouraging economic growth.

The latter is measured by two basic economic factors: GDP and GNP. Gross domestic product is the value of all goods and services produced in a particular country.  Gross national product  includes also payments from abroad, e.g. from investments.

Inflation is defined as a persistent tendency for prices and money wages to increase. Because of changes in the type and quality of goods available, measures of inflation are probably not reliable to closer than a margin of 1 or 2 per cent a year, but if prices rise faster than this there is no doubt that inflation exists. Once started, inflation tends to persist through an inflationary spiral, in which various prices and wage rates rise because others have risen. We distinguish:

-          creeping inflation ( to 5%)

-          moderate inflation (5-10%)

-          galloping inflation(10-100%)

-          hyperinflation (more than 100%)

Unemployment has been divided into various categories, corresponding to different causes; these do not operate independently, but interact. Structural unemployment occurs through a mismatch between the skills and location of unemployed workers and unfilled vacancies. Frictional unemployment occurs if matchable unemployed workers and vacancies both exists, but the process of matching them is slow or inadequate. Classical unemployment occurs if real wages are too high relative to productivity for it to be profitable to employ all the labour force. Demand-deficiency unemployment is due to lack of effective demand for goods and services which people could have been employed to produce. Disguised unemployment (hidden) is unused labour which does not appear as open unemployment, e.g. for political or legal reasons.

allocate – v. przydzielać, alokować; n. allocation – alokacja; to re-allocate - przydzielić, przeznaczyć ponownie, przenieść w inne miejsce

economic system – n. system gospodarczy

traditional economy – n. gospodarka tradycyjna (naturalna)

command economy – n. gospodarka nakazowa (kierowana), planowa

market economy – n. gospodarka rynkowa

demand – n. popyt; the law of demand – prawo popytu; elasticity of demand – elastyczność popytu

supply – n. podaż; the law of supply – prawo podaży

market price (equlibrium) – n. cena rynkowa

substitute product – n. produkt substytucyjny, towar zastępczy

complementary goods – n. dobra komplementarne, uzupełniające

private property – n. własność prywatna

profit motive – n. motyw zysku

competition – n. konkurencja

living standards – n. standard życia, poziom życia, stopa życiowa

externalities – n. efekty zewnętrzne

income distribution – n. dystrybucja dochodów

mixed economy – n. gospodarka mieszana

laissez faire – n. gospodarka ultraliberalna, leseferyzm

centrally planned economy – n. gospodarka centralnie planowana

economic growth – n. wzrost gospodarczy; growth rate – n. tempo wzrostu

gross domestic product (GDP) – n. produkt krajowy brutto (PKB)

gross national product (GNP) – n. produkt narodowy brutto (PNB)

inflationary spiral – n. spirala inflacyjna

creeping inflation – n. inflacja pełzająca

moderate inflation – n. inflacja krocząca, umiarkowana

galloping inflation – n. inflacja galopująca

hyperinflation – n. hiperinflacja

structural unemployment – n. bezrobocie strukturalne

frictional unemployment – n. bezrobocie frykcyjne

classical unemployment – n. bezrobocie klasyczne

demand-deficiency unemployment – n. bezrobocie wywołane spadkiem popytu

disguised (hidden) unemployment – n. bezrobocie ukryte

business cycle – n. cykl koniunkturalny                                              boom – n. boom gospodarczy

stagflation – n. stagflacja                                                                     depression – n. depresja gospodarcza

peak – n. rozkwit gospodarczy                                                          recession (contraction, downturn) – n. recesja

trough – n. kryzys gospodarczy                                                         upturn (expansion, recovery) – n. ożywienie gospodarcze

stagnation – n. stagnacja, zastój

TAXATION

Modern tax systems include various taxes collected either on a direct or an indirect basis. Direct taxes are income taxes. The personal income tax (PIT) is paid by individuals who have legal incomes. Companies pay the corporate income tax (CIT).

Indirect taxes burden prices. The indirect taxes are the value-added tax, the excise duty and customs duties. VAT is a levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level. Because the consumer ultimately pays a higher price for the taxed commodity, a VAT is essentially a hidden sales tax. Originally introduced in France (1954), it is now a major part of the tax structure of most European nations. The excise duty is a tax, which is imposed only on the chosen goods like alcohol, cigarettes, fuel etc. Merchandise on which the excise has been paid is sometimes – like in case of bottles – marked with a fiscal band. The excise duty should not be confused with the luxury tax. Customs duties may be imposed on import, on export and even on transit. However, as exports and transit may add to the country’s balance of trade, governments usually collect only import duties (often to protect their domestic producers).

Wealth taxes constitute an additional tax burden. The capital gains tax (CGT) is put on profits from selling of different assets. The capital levy is imposed on wealth. It includes for instance the property tax put on land, houses, premises and other real estate. Quite often, the capital levy is the domain of municipalities. Last but not least is the capital transfer tax (CTT), when heirs must pay the inheritance tax on amounts and properties they have inherited. Sometimes different donations are taxed, too.

The income taxes may be equal for all tax payers (flat tax scale) or the tax rates may be differentiated according to the value of the pre-tax income. A progressive tax takes a larger percentage of a higher income and a smaller percentage of a lower income. A regressive tax is one that takes a higher percentage of a low income and a lower percentage of a high income. The personal income tax may be either paid personally by taxpayers or their employers may withhold it (withholding tax)

  That governments levy taxes, does not mean, however, that tax payers are indeed very keen to be taxed and bear the tax burden. Taxes collected by tax authorities (Inland Revenue (UK), Internal Revenue Service (US) decrease as the tax avoidance, the tax evasion and other ways to circumvent taxation develop.

  Tax avoidance is a legal practice, as an economic policy of a government may include certain tailored tax relieves. The tax assessment is lowered by various tax allowances, tax deductions as well as tax exemptions. Tax exemptions tackle certain professions or certain industries. Greenfield within a special economic zone are usually tax exempt. Also some cities or economic regions offer tax holidays to corporations that exempt them from paying taxes for a specified period of time. As many taxpayers get their incomes abroad, the double taxation treaties are also widespread. Certain goods may be tax-free, too.

On the other hand, tax evasion is an illegal practice. Tax evaders operate within the grey economy. A widespread practice is moonlighting, which is having two jobs. One of them is a regular taxed one, while the other one is paid on a cash-in-hand basis. An example of tax dodging (tax evasion on a large scale) may be fly-by-nights, which operate legally and disappear when taxes are due. Tax evaders are also smugglers who evade customs duties, the VAT and the excise duty.

Tax efficiency (which is an example of the tax dodging) is an advantage of those private individuals or companies, who are geographically mobile. To be tax efficient they compare tax rates in different countries and choose a country where to pay taxes. In case of well-offs these are usually tax havens such as the Principality of Monaco, the Cayman Islands or the Bahamas. Criminal organizations, meanwhile, tend to pass money through a series of companies in very complicated transactions in order to disguise its origin from tax inspectors; this is known as money laundering.

A  document one sends to Inland Revenue is a tax return (tax declaration). In this paper a taxpayer is obliged to declare all of their income and all reliefs one is entitled to. Sometimes a taxpayer receives a tax refund but sometimes it turns out that there are substantial tax arrears on his account.

direct taxes – n. podatki bezpośrednie

personal income tax (PIT) – n. podatek dochodowy od osób fizycznych

corporate income tax (CIT) – n. podatek dochodowy od osób prawnych

indirect taxes – n.podatki pośrednie

value added tax (VAT) – n. podatek od wartości dodanej (ang.), podatek od towarów i usług (PTU)

excise duty – n. podatek akcyzowy

fiscal band – n. banderola

luxury tax – n. podatek od luksusu

customs duty – n. opłata celna

wealth tax – n. podatek majątkowy

capital gains tax (CGT) – n. podatek od zysków kapitałowych

capital levy – n. podatek majątkowy; v. to levy (taxes) – ściągać, pobierać (podatki)

property tax – n. podatek od nieruchomości

capital transfer tax – n. podatek od spadków (transferu kapitału)

donation – n. darowizna

flat tax scale – n. jednolita skala podatkowa, podatek liniowy

progressive tax – n. podatek progresywny

regressive tax – n. podatek regresywny

withholding tax – n. podatek dochodowy pobierany/potrącany "u źródła dochodu", zaliczka na poczet należnego podatku

tax burden – n. obciążenie podatkowe

tax avoidance – n. unikanie podatków (legalne)

tax assessment – n. wymiar podatku

tax allowance – n. kwota wolna od opodatkowania, ulga podatkowa

tax deduction – n. odpis podatkowy; v. to deduct – potrącić, odliczyć, odpisać (od podatku)

tax exemption – n. zwolnienie podatkowe; a. tax-exempt

tax holidays – n. wakacje podatkowe

double taxation – n. podwójne opodatkowanie; n. double taxation treaty – umowa o unikaniu podwójnego opodatkowania

tax evasion – n. uchylanie się od płacenia podatków (nielegalne)

grey economy – n. szara strefa

moonlightning – n. posiadanie dwóch źródeł dochodu, jednego z którego płaci się podatki, drugiego w szarej strefie

tax dodging – n. oszustwa podatkowe (na wielką skalę); n. tax dodger

fly-by-nights – n. firma kończąca działalność w momencie nastania obowiązku podatkowego

smuggler – n. przemytnik

tax efficiency – n. efektywność podatkowa

tax haven – n. raj podatkowy

money laundering - . pranie brudnych pieniędzy

tax return (form, declaration) – n. deklaracja podatkowa

tax refund – n. zwrot podatku

tax arrears – n. zaległości podatkowe

INTERNATIONAL   TRADE

Foreign/overseas trade characterises open economies and consists mainly in export (exportation) and import (importation) of goods. Such trade may take different forms: invisible exports, such as financial services or insurance and visible exports, e.g. industrial products or food. Re-import means exporting goods back into the country from which they have previously been imported. Re-export is the export of imported goods to other countries without appreciable added value.

Counter-trade is applied in international trade when a given country is short of foreign currency. It is applied between countries which are usually linked contractually, and it is based on an exchange of goods or services. Although there is no universally accepted single code of practice some basic forms of counter-trade may be distinguished:

·         Barter - direct exchange of goods/services without any exchange of cash

·         Buy-back (compensation trade) – the exporter sells equipment, know-how or a turnkey plant and accepts finished products as a repayment

·         Counter-purchase – the exporter sells his goods/services to a given foreign importer on cash terms and uses the cash to buy goods from that importer

·         Offset – investment in exchange for the reduction in the price of goods

An overall statement of a country’s economic transactions with the rest of the world over some period, often a year is a balance of payments. The major, but far from the only, component of the balance of payments is a balance of trade. The favourable balance of trade means the excess of visible exports over visible imports, whereas an adverse balance of trade – just the opposite.

A free trade is a policy of unrestricted foreign trade, adopted unilaterally, or on a multilateral basis by joining a free-trade area. It applies to most goods, though there may be exceptions, e.g. agricultural goods or military equipment. There are a number of reasons why particular countries limit the free flow of goods and services, e.g. political reasons or, which happens much more often, protecting a country’s industry against the competition of cheaper goods from abroad. Some trade barriers are deliberately designed to discourage trade: tariffs, that is special taxes on imports, and import quotas, which are limits on the quantity of goods. Embargo is a law issued by a government which prohibits exports or imports. Export subsidies enable domestic exporters to sell abroad on preferential terms. Barriers to trade are also imposed by national differences in matters such as health and safety standards, labelling requirements and weights and measures regulations. While these are not necessarily intended to act as barriers to trade, the need to modify products to conform to local requirements, and the documentation required to certify that this has been done, tend to impose costs and delays on international trade in excess of those experienced in domestic trade. Effective trade barriers are also imposed by public procurement policies, which often give preferential treatment to domestic over foreign suppliers.

A useful facility in developing international trade is Generalized System of Preferences (GSP) and Most Favoured Nation treatment (MFN), developed by the USA as early as 1778.

The economic integration is also facilitated by organizations promoting free trade and free trade agreements. The General Agreement on Tariffs and Trade (GATT) was founded in 1947. Subsequent “rounds” held on an annual basis dealt with devising new ways to remove trade barriers, recognize unfair trade practices such as dumping and settling disputes. Nowadays the successor and extension of GATT is the World Trade Organization (WTO). Other prominent organizations are: free trade areas such as EFTA (European Free Trade Association), CEFTA (Central European Free Trade Association), NAFTA (North American Free Trade Agreement) or LAFTA (Latin American Free Trade Association),  OECD (Organization for Economic Cooperation and Development) and OPEC (Organization of Petroleum Exporting Countries). Powerful political organizations include the World Bank and the International Monetary Fund (IMF).

The most important documents in international trade include invoices, transport documents, warehouse documents, insurance policy and additional certificates. A commercial invoice is made out by the seller and serves as evidence of the contract of sale. Transport documents are used as a proof of the contract of carriage and as a receipt for the goods. They include: a negotiable bill of lading (B/L), a sea waybill (sea transport), air waybill (AWB) (air transport), CMR International Consignment Note (road transport), CIM International Consignment Note (rail transport) and forwarders certificates.  The most common warehouse documents are a negotiable warrant and non-negotiable warehouse receipt. The insurance coverage may take two basic forms: an insurance policy or insurance certificate. Additional documentation may consist of e.g. a consular invoice, customs invoice, certificate of origin, certificate of quality, certificate of weight, health certificate, phytocertificate, veterinary certificate or certificate of analysis.

open economy – n. gospodarka otwarta, n. autarky – autarkia, gospodarka zamknięta

export (exportation) – n. eksport, wywóz

import (importation) – n. import, wwóz

visible export – n. eksport widoczny (towarowy)

invisible exports – n. eksport niewidoczny (pozatowarowy)

re-imports – n. reimport

re-exports – n. reeksport

counter-trade – n. handel wiązany

barter – n. barter, handel wymienny

buy-back – n. buy back, samospłata, umowa odkupu

counter-purchase – n. transakcja zakupów wzajemnych, transakcje wzajemne, kontrzakup

offset – n. offset, kompensata

balance of payments – n. bilans płatniczy

balance of trade – n. bilans handlowy; a. favourable (positive) - dodatni, a. adverse (negative) - ujemny

free trade – n. wolny handel

trade barriers – n. bariery (przeszkody) w handlu zagranicznym

tariffs – n. cła

quotas – n. kwoty, kontyngent

embargo – n. embargo

export subsidy – n. dopłaty  do eksportu

public procurement – n. zamówienia publiczne

GSP –  Ujednolicony System Preferencji

MFN – Klauzula Najwyższego Uprzywilejowania (KNU)

GATT – Układ Ogólny w sprawie Handlu I Ceł

Dumping – n. dumping

WTO – Światowa Organizacja Handlu

EFTA – Europejskie Stowarzyszenie Wolnego Handlu

CEFTA – Środkowoeuropejskie Stowarzyszenie Wolnego Handlu

NAFTA – Północnoamerykański Układ o Wolnym Handlu

LAFTA – Latynoamerykańskie Stowarzyszenie Wolnego Handlu

OECD – Organizacja Współpracy Gospodarczej I Rozwoju

OPEC – Organizacja Krajów Eksporterów Ropy Naftowej

World Bank – Bank Światowy

IMF – Międzynarodowy Fundusz Walutowy

commercial invoice – n. faktura handlowa

negotiable – a. zbywalny; a. non-negotiable - niezbywalny

bill of lading – n. konosament

sea waybill – n. morski list przewozowy

air waybill – n. lotniczy list przewozowy

 consignment note – n. list przewozowy

CMR International Consignment Note – n. Międzynarodowy samochodowy list przewozowy

CIM International Consignment Note – a. Międzynarodowy kolejowy list przewozowy

forwarder – n. spedytor; n. forwarding - spedycja

warrant – n. warrant

warehouse receipt – n. kwit składowy

insurance certificate – n. certyfikat ubezpieczeniowy

consular invoice – n. faktura konsularna

customs invoice – n. faktura celna

certificate of origin – świadectwo pochodzenia

certificate of quality – n. świadectwo jakości

certificate of weight – n. certyfikat wagowy

health certificate – n. świadectwo zdrowia

phytocertificate – n. świadectwo fitosanitarne

veterinary certificate – n. świadectwo weterynaryjne

certificate of analysis – n. świadectwo analizy

INSURANCE

It is usual to use the word “insurance” to cover events that may or may not happen (such as fire), whereas “assurance” refers to an event that must occur at some time (such as death). However, currently the words are often interchangeable and the terms insurance and life insurance (formerly referred to as “assurance”) are used.

Insurance is a legal contract in which an insurer (sometimes referred to as an underwriter) promises to pay a specified amount – compensation (indemnity, damages) – to another party, the insured, if a particular event (known as the peril), happens and the insured suffers a financial loss as a result. The insured’s part of the contract is to promise to pay an amount of money, known as the premium, either once or at regular intervals. The insurers define the probability of the occurrence of a particular type of risk and, on the basis of their experience and the laws of probability, they calculate premiums that are large enough to cover likely payments. In this way the amount of the premium is related to the likelihood of the occurrence of an event and to the features of a given kind of risk.

Classification of the insurance business is not very easy due to the rapid and versatile development of this industry. Many insurance policies escape formal classifications and combine several classes of insurance. The most common types of insurance are:

·         Motor insurance (to insure against liability you have to others and to insure against damage that others do to you or your car)

·         Property insurance (to protect you against damage to your home and property from natural disasters)

·         Liability insurance, third party insurance (promises to pay any compensation and court costs the policyholder becomes legally liable to pay because of claims for injury to other people or damage to their property as a result of the policyholder’ negligence)

·         Accident insurance (pays a compensation to the policyholder in the event of the bodily injury in any type of accident)

·         Private health insurance (covers all the normal costs associated with private medical treatment)

·         Life assurance (pays a specified amount of money on the death of the life assured or at the end of an agreed period whichever is the earlier)

·         Marine insurance (the insurance of ships or their cargo against specified causes of loss or damage that might be encountered at sea)

·         Reinsurance means insurance of usually a part of one insurer’s liability for a risk by a second insurer (the reinsurer), who accepts to insure the risk in exchange for a percentage of the original premium. In such relationship the first insurer becomes the reinsured.

An insurer is a person, company, syndicate or other organization that underwrites an insurance risk. The insurance company may be 1) a joint stock company owned by shareholders 2) a mutual company, owned by policyholders, offering insurance forms to their members 3) a captive insurance company– designed by organizations large enough to set up their own insurance funds)

Insurance is sold in three basic ways:

·         by direct sales force, i.e. the personnel employed by an insurance company

·         by tied agents who may represent one insurance company

·         by insurance brokers who are independent intermediaries

The following flow of events may give a broad idea how insurance is taken:

1.       One decides they need an insurance cover and contacts an insurance agent or broker for advice.

2.       The proposer completes a detailed proposal form that they obtain from the insurance company.

3.       The insurer analyses the proposal form and, if he is prepared to accept the risk, calculates the premium, based on the nature of the kind of insurance being arranged and the risk involved.

4.       The proposer accepts the amount of the premium. An insurance contract is completed and an insurance policy is issued by the insurer. The policy sets out the details of the contract, the particulars of the insurer and the insured, the scope of the insurance coverage with conditions and exclusions. Most policies expire after one year and renewal notices are sent to the clients before the expiry date.

5.       If an accident happens which is covered by the policy, a policyholder can file a claim. He is asked to fill in a claim form, or accident report, to provide the data required by the insurer. The claim is assessed by the loss adjuster and if it is found to be in order one may expect the indemnity.

insurance (assurance) – n. ubezpieczenie, asekuracja

insurer (underwriter) – n. ubezpieczyciel, asekurator

compensation (damages) – n. odszkodowanie, świadczenie

indemnity (indemnification) – n. 1. odszkodowanie, świadczenie  2. ubezpieczenie; v. to indemnify – wypłacić odszkodowanie

insured – n. ubezpieczony

peril – n. ryzyko, zagrożenie

loss – n. szkoda, strata

premium – n. składka ubezpieczeniowa

motor insurance – n. ubezpieczenie komunikacyjne

property insurance – n. ubezpieczenia majątkowe

liability insurance, third party insurance – n. ubezpieczenie odpowiedzialności cywilnej (OC)

negligence – n. niedbalstwo

accident insurance – n. ubezpieczenie od następstw nieszczęśliwych wypadków (NNW)

bodily injury – n. uszkodzenie ciała

private health insurance - n. prywatne ubezpieczenie zdrowotne (medyczne)

life assurance – n. ubezpieczenia na życie

marine insurance – n. ubezpieczenia morskie

reinsurance – n. reasekuracja

insurance company – n. towarzystwo ubezpieczeń (TU)

mutual insurance company – n. towarzystwo ubezpieczeń wzajemnych (TUW)

captive – n. captive, zależne towarzystwo ubezpieczeniowe

tied agents – n. agent ubezpieczeniowy

insurance brokers – n. broker ubezpieczeniowy

insurance cover – n. ochrona ubezpieczeniowa; v. to cover – objąć ochroną ubezpieczeniową

proposer – n. wnioskodawca

proposal form – n. wniosek o zawarcie ubezpieczenia

insurance policy – n. polisa ubezpieczeniowa; n. policyholder – właściciel (posiadacz) polisy ubezpieczeniowej

exclusions – n. wyłączenia

renewal – n. odnowienie polisy ubezpieczeniowej

claim – n. roszczenie

claim form – n. formularz roszczeniowy

accident report  -n. raport powypadkowy

loss adjuster – n. likwidator szkody

days of grace – n. karencja