F2F Class Notes 25th March (Joseph)

Vocabulary

Public company – a company that is owned by the government (e.g. Public companies are usually not as competitive as private companies and therefore have higher costs.)

Private company – a company that is owned by private individuals and not the government. (e.g. Money and profits are the main objectives of private companies.)

Transparency – when you can see through something/ when talking about a company transparency means that you can see all of their operations if you want to, it is not hidden. – (e.g. Nowadays companies are required to be transparent with all of their business transactions in order to show that they are not involved with corruption.)

Corruption – when a company is doing illegal things (e.g. Xi Jing Ping is on a mission to reduce corruption in China.)

Industry – the type of business (e.g. primary schoold, secondary schools, colleges, universities and English language schools are all in the education industry.)

Pharmaceutical – a company that makes medical drugs. (e.g. The pharmaceutical industry has a lot of money and power in many countries.)