ESL Podcast 952 - Dealing With Rising Production Costs

no two ways about it - a phrase used when there is only one answer or solution, and there are no other options or alternatives

There are no two ways about it: we will need to sell our home to pay for Raquel's medical treatment.

to raise prices - to increase the selling price of something so that customers have to pay more in order to buy it

If the stores keep raising prices, soon we'll be eating only beans and rice!

to alienate (someone) - to make someone feel unwelcome or excluded

Sometimes teachers alienate their students by calling them by the wrong name.

production costs - the expense of creating something; the amount of money that must be paid for materials, labor, and other items in order to manufacture something

What percentage of the movie's production costs were for special effects?

to absorb - to accept a new or increased cost and pay for it without asking one's customers to pay that additional amount, thereby reducing one's profits

When customers make payments on the utility's website, the payment processor charges a small transaction fee, which the utility can absorb or pass onto the customer.

to offset - to counterbalance; to make up for; to do the opposite of something

We could offset the increased cost of renting this facility for our meeting by order less food for the event.

profit margin - a percentage calculated by dividing a company's net income (money received minus expenses) by total revenues (the total amount of money received)

Restaurants often operate on small profit margins on food, but large profit margins on alcohol and other drinks.

to shrink - to become smaller; to be reduced in size

If sales continue to shrink, we'll have to close the store.

raw materials - basic materials, such as wood or metal, that are used to make a product

Countries that export raw materials can make more money by processing those materials and exporting finished goods.

supplier - a company that sells materials that other companies need to make other goods and services

We have great suppliers for oats and wheat, but we need to find a new supplier for soy.

sure way to - a very good way to do something; a way of doing something that always succeeds and has no chance of failure

Studying for at last two hours every day is a sure way to improve your grades.

to cut corners - to do things more quickly or less expensively, but at a lower quality

Book publishers are cutting corners by using less expensive paper, but now the books don't last as long as they used to.

to leave in droves - to depart in large numbers; for many people to stop doing or using something

When a lot of bees started buzzing around the park, families left in droves to avoid getting stung.

to discontinue - to stop doing something; to no longer continue to do something, especially to stop making a product

When Millie found out they were going to discontinue making her favorite lipstick, she bought as many tubes as she could find.

to manufacture - to make or create many of the same items, especially in a factory

In this factory, we manufacture components for digital cameras and smartphones.

altogether - entirely; completely

After Mike hurt his foot, the doctor told him to stop running altogether for at least two weeks.

workforce - the people who are employed by a business or in an industry; labor; workers

Our company's success depends on having a highly educated and highly motivated workforce.

off the table - not under consideration; not an option; out of the question

What do you mean you want to drop out of college? That's off the table!