Esl podcast 704 – reselling products for profit

GLOSSARY
to stand in line – to stand with many other people, one in front of another,
waiting to do or receive something when only one person at a time can do or
receive that thing
* We had to stand in line at the bank for more than 20 minutes. I wish they had
more employees to work with all the customers.
to go on sale – to become available for people to buy or to begin to have a lower
sales price
* As soon as the movie tickets go on sale, we’re going to buy one for each
member of our family.
to sell out – for a store or seller to not have any more of an item because they
have all been sold
* In the days before the big storm, all our local stores sold out of bottled water,
canned food, and flashlights.
to resell – to buy something and then sell it again without first using it, usually
because one wants to sell it for more than one paid
* Shayla already has a piano, but she bought a great keyboard for only $20 at a
garage sale and now she’s going to try to resell it to make some extra money.
to scalp tickets – to buy tickets, especially for a concert or sporting event, at the
standard price and then sell them to individuals at a much higher price
* Some people make thousands of dollars by scalping tickets for the most
popular concerts.
markup – an increase in the price when one resells something; the percentage
difference between the price when one buys something and when one sells it
* If we buy these cameras for $50 each and sell them with a 50% markup, our
sales price should be $75.
profit – the amount of money one makes from a business activity after paying all
expenses; the difference between one’s total revenues (amount of money
received) and total expenses (amount of money paid out)
* Nobody expects the restaurant to make a profit in its first year.
to jack up the price – to increase the price of something; to make something
much more expensive than it normally is or than it previously was
* If universities keep jacking up the price of tuition, many young people won’t be
able to get a college education.
to gouge – to hurt someone by charging a very high price
* When the airport closed and all flights were canceled, hotels could have made
a lot of money by gouging travelers with expensive rooms, but instead they
offered discounted rooms at reasonable prices.
premium – extra; an additional amount of money; additional value; something
that makes something better than other versions of the same thing
* The airline offers premium seats with more leg room and better food to firstclass travelers.
in demand – desirable; wanted by many people; with many people wanting to
buy or have something
* Computer programmers with experience developing applications for mobile
phones are in demand right now, so they can find jobs easily.
to be stuck with – to have something that is undesirable, but that one cannot
get rid of because nobody else wants to have it
* When Helena turned 80, she started getting rid of a lot of her clothes, furniture,
and papers, because she didn’t want her kids to be stuck with it after she passed
away.
to unload (something) – to be able to sell something; to be able to get rid of
something, usually because other people want to buy it
* The store owners bought too many units of the new product, and unfortunately
they haven’t been able to unload them to buyers.
supply and demand – the economic theory that prices are set based on the