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In today’s English Language class, We will be doing some Vocabulary Development. We hope you enjoy the class!
VOCABULARY DEVELOPMENT: Commerce and Industry
Commerce means trading, that is, buying from a supplier and selling to a buyer. It can also be defined as an act of buying and selling of goods and services.
- A trader’s income: Selling price minus buying price.
- A trader’s profit: Selling minus cost price + expenses (Transport, wages of employees, etc.)
- Importers: People who bring goods from other countries.
- Exporters: People who send or sell goods to foreign countries.
- Wholesaler: People who buy in large quantities from the producers and sell to retailers.
- Retailers: People who buy in small quantities and sell in their shops to consumers.
- Industry: This refers to companies (firms) that make things. It can be conceived as the production of goods from raw materials, especially in factories. Examples: Timber industry refers to all the organizations that grow trees, cut them down, process the wood, sell it etc. Textile industry means all those involved with the making and selling of cloth.
- Raw Materials: What a manufacturer starts his business with, e.g.: Cotton is the raw material needed by every textile industry.
- Process: To process raw materials means to do things to them in order to turn them into finished products.
- Minerals Extraction: The process of removing or obtaining raw materials from the ground e.g. iron ore, crude oil, gold, uranium etc.
- Manufacturing: Making of goods in factories.
- Agricultural: Agricultural industries produce crops from the soil, e.g. Cocoa Industry.
- Services: The service industries do things for people i.e. they provide services e.g. a bus-service, a medical service, a teaching service, etc.
Evaluation: Do practice 5 on page23
Reference: Effective English Book3; Oxford Advanced Dictionary.
Reading Assignment: Read Effective English Book 3 pages 22 and 23
We have come to the end of this class. We do hope you enjoyed the class?
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In our next class, we will be talking about Adjectives & Adverb. We are very much eager to meet you there.
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