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Outcomes Advanced Vocabulary Builder  Unit 14

14 BUSINESS AND ECONOMICS


Pages 124–125 float  /fləʊt/ Verb
to float a company means to start to sell its shares on the
all things considered  /ɔːl θɪŋz kənˈsɪdə(r)d/ Phrase stock market
you say all things considered when you are making an
we’re thinking of floating the firm on the stock market |
assessment of something to show that you have taken
the company was floated in 2007 | they decided to float
into account all aspects of the situation
the company on the Dublin Stock Exchange rather than
things at work aren’t too bad, all things considered | in London
the meeting went well, all things considered | all things
Noun:  flotation
considered, he took the news very well
it was the biggest flotation of a tech company since
consolidate  /kənˈsɒlɪdeɪt/ Verb Google | the family refused to give up any control
when a business consolidates its activities, it starts through a share flotation
combining different parts or different activities in order to
try and work more efficiently go under  /ˌɡəʊ ˈʌndə(r)/ Phrasal verb
if a business goes under, it stops operating because it
we’re having to consolidate the range of services
has too many financial problems
we provide | the companies consolidated into four
main businesses | the Bristol factory was closed, and if things don’t pick up soon we’re going to end up going
operations were consolidated at the Newcastle centre under | the plane was sold when the company went
under | several banks came close to going under | yet
Noun:  consolidation
another High Street shop has gone under
a period of consolidation followed the takeover
hang in  /ˌhæŋ ˈɪn/ Phrasal verb
cutback  /ˈkʌtˌbæk/ Noun if someone hangs in, they survive with difficulty during
cutbacks are a reduction in the amount of money that a difficult period
is spent on something or on the amount of people or
times are tough, but we’re hanging in | if we can just
resources that are used by an organisation
hang in till the end of the year, things should pick up
we’re having to make serious cutbacks | schools are in January
facing a cutback in their budgets | we have suffered
serious cutbacks in funding | they say the government inundate  /ˈɪnʌndeɪt/ Verb
cutbacks mean they cannot do the job properly if a place is inundated, it fills with water, for example
Phrasal verb:  cut back during a flood. If you are inundated with things that
arrive in large numbers at the same time, you get so
Collocates:  cut back on something
many of them that it is difficult to deal with them all
all departments have been asked to cut back | councils
Collocates:  be inundated with something
are having to cut back on social care
floods inundated farmland and destroyed rice fields
dire  /ˈdaɪə(r)/ Adjective | we’ve been inundated with orders | the town was
something that is dire is very bad or very severe inundated with journalists during the summit meeting |
the economy is in a pretty dire state right now | using the website was inundated with traffic yesterday
a mobile while driving can have dire consequences |
lay off  /ˌleɪ ˈɒf/ Phrasal verb
by the time he left the company it was in dire straits
when a company lays employees off, it stops employing
(in a very bad state) | my financial position is dire | the
them because it has no work for them
building is in dire need of repair (it’s in bad condition and
needs to be repaired very soon) we’ve had to lay off about 30 people | I was laid off over
six months ago | the firm said it had no choice but to lay
diversify  /daɪˈvɜː(r)sɪfaɪ/ Verb them off
when a company diversifies, or diversifies its activities, it Noun:  layoff
starts providing a wider range of goods or services
large-scale layoffs began the next day | significant
we’re having to diversify the range of services we layoffs were expected in the steel industry
provide | as they diversified their products they needed
to build new factories | we need to diversify to survive | overheads  /ˈəʊvə(r)ˌhedz/ Noun plural
firms can diversify their activities by operating in the overheads of a business are the money it has to
several markets spend regularly on things like rent, wages, electricity, etc
Noun:  diversification | Adjective:  diverse | we’re relocating to somewhere where the overheads
Noun:  diversity will be cheaper | we can drop our prices because our
they introduced a strategy of diversification | discovery overheads are now much lower | they need to cut
of oil and gas led to further diversification and growth | their overheads if they want to survive | at this level of
the company now offers a diverse range of services | a revenue we won’t even cover our overheads (won’t earn
greater diversity of products led to improved profits enough to pay the overheads)

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Outcomes Advanced Vocabulary Builder  Unit 14

pencil in  /ˈpens(ə)l ˈɪn/ Phrasal verb take on  /ˌteɪk ˈɒn/ Phrasal verb
if you pencil something in, you arrange for it to happen when a company takes someone on, they start to
but know that it might have to change later employ them
yes, 10:15 should be fine – I’ll pencil it in | the Collocates:  take on staff
Chancellor has pencilled in another £12 billion in cuts | we’ve had to take on 20 new staff this year | they
our first meeting has been pencilled in for 9th December offered to take me on for a period of six months | we
| I’ll pencil you in to see the doctor at 5 o’clock on Friday need at least 10 more people, but we can’t afford to
take on more than six
quarter  /ˈkwɔː(r)tə(r)/ Noun
in business, a year is divided into four quarters of three take to  /ˈteɪk tʊ/ Phrasal verb
months if you take to something, you discover you like it and
Collocates:  first/second/third/fourth quarter want to do it a lot more
sales have picked up a bit this quarter | profits were I got a summer job here and just really took to it | he
down in the second quarter (April, May and June) | staff moved to Florida, tried golf and really took to it | once he
numbers dropped by 70 in the last quarter | current had taken to gardening he spent every day outside
estimates suggest fourth quarter profits of around
£24 million talk through  /ˌtɔːk ˈθruː/ Phrasal verb
if you talk through something, or talk someone through
relegation  /ˌreləˈɡeɪʃ(ə)n/ Noun uncount something, you discuss the details of it with them and
relegation is when a sports team finishes at or near make sure that everything is understood
the bottom of the division they are in and so have it would be good to talk through the new proposals with
to move down to the division below them for the you | he talked us through the revised contract | I’ll talk
following season through the results step by step | let me just talk you
we’re on the brink of relegation again | the club are through the reasons for the decision
facing a relegation battle in the last few weeks of the
season | we succeeded in avoiding relegation, but only terminate  /ˈtɜː(r)mɪneɪt/ Verb
just | there are four divisions, with a system of promotion if you terminate something such as a contract or
and relegation between them agreement, you officially and legally end it
Verb:  relegate || Opposites – Noun:  promotion | sadly we had to terminate his contract | Shelton
Verb:  promote terminated his agreement with the company in 2012 |
several customers terminated their business relationship
the bottom two teams will be automatically relegated |
with EDG | her employment was terminated in October
the last time Spurs were relegated was in 1977 | they
last year
won promotion back to the first division | Watford made
sure of promotion with a win against Brighton | they’ll Noun:  termination
get promoted if they win their last two matches we received a letter three days before the termination of
the contract
relocate  /ˌriːləʊˈkeɪt/ Verb
when a company relocates, it moves its factory or offices the bright side  /ðə ˈbraɪt saɪd/ Phrase
from one place to a different place. When an employee if you talk about the bright side, you are suggesting
relocates, he or she goes to work in a different place but that as well as bad or unpleasant things, there is also
for the same company something positive or good about a situation
we’re going to be relocating to a smaller town where Collocates:  look on the bright side
rents are cheaper | the company is relocating its head well, you have to look on the bright side, especially in
office to Birmingham | several factories closed and our line of work | the job’s in Peterborough, but on the
businesses relocated | I relocated to Chicago when my bright side I’ll get a huge pay increase | I’m trying to look
company moved there on the bright side, but it’s difficult right now
Noun:  relocation
upturn  /ˈʌpˌtɜː(r)n/ Noun
they’ll give you a generous relocation payment if you
an upturn is an improvement in a situation, especially in
have to move house | following the relocation out of
the field of business or economics
London, the company’s wage bill went down
Collocates:  an upturn in something
solid  /ˈsɒlɪd/ Adjective we’ve seen a definite upturn in sales recently | several
something or someone that is solid is very reliable and hotels reported a recent upturn in business | there
can be depended on was a slight upturn in trade last year | we’re hoping
we’re lucky that we have a solid client base | this brand the economic upturn will start soon | her career took a
is popular and has a solid reputation | the system uses dramatic upturn for the better
solid, reliable technology | there is no solid evidence Opposite:  downturn
against him
the steel industry experienced a massive downturn | the
Adverb:  solidly | Noun:  solidity economic downturn has hit the construction industry
the organisation was solidly run for the first few years | very hard
the company had a great reputation for solidity
and reliability

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Outcomes Advanced Vocabulary Builder  Unit 14

weather  /ˈweðə(r)/ Verb | what arguments were brought to bear on him we will
if you weather a difficult or dangerous situation, you never know | considerable pressure was brought to bear
survive throughout it and can carry on normally after it in an attempt to get her to sell the flat
has passed
disclose  /dɪsˈkləʊz/ Verb
we’re weathering the storm, which is more than many
to disclose information that has been secret or not
companies can say | the economy is in a strong position
widely known means to tell people about it
to weather the downturn | larger farms are more able
to weather severe changes in the price of milk | the the men had failed to disclose that the money had
company weathered several major crises last year been illegally obtained | the committee’s existence was
not disclosed until last week | we will not disclose any
of your personal information | police have so far not
Pages 126–127 disclosed the name of the victim
austerity  /ɔːˈsterəti/ Noun uncount Noun:  disclosure
austerity is a combination of bad economic conditions full disclosure of all relevant information is compulsory |
and a reduction of government spending which means we will protect your personal details from unauthorised
that people don’t have as much money as they used to disclosure | the rules prevent disclosure of a patient’s
and their living conditions are not so good medical history
Britain went through years of austerity after the war | a
period of recession and austerity followed the global entity  /ˈentəti/ Noun
debt crisis | Greece was forced to impose strict austerity an entity is something that exists and that has its own
measures | not everyone agreed with the policy of identity separate from anything else
austerity that Osborne proposed | the government’s elsewhere, banks – the non-human entities – have been
austerity plan involved cuts in spending and wages fined over £170 billion for various offences | the new
company was a totally separate legal entity | my phone,
avert  /əˈvɜː(r)t/ Verb camera, and watch have all merged into a single entity
if you avert a disaster or something very unpleasant, you | the bank’s services are available to individuals and to
stop it from happening corporate entities
every possible effort should be made to avert another
war in the region | we’re not doing nearly enough to executive  /ɪɡˈzekjʊtɪv/ Noun
avert the threat of climate change | a terrible disaster an executive is someone who works at a senior level in a
was averted | bosses managed to avert a strike by company and who is responsible for helping to make the
agreeing to new working hours important decisions about how the company is run
Adjective:  averse the four men were executives from an Icelandic bank
| I’m in favour of limiting the salaries of bankers and
banks have become much more risk averse (avoid
executives | the Director is supported by six senior
taking any risks)
executives | one of Google’s top executives is leaving
bad apple  /ˌbæd ˈæp(ə)l/ Noun the company
a bad apple is a person who has a bad effect on
lengthen  /ˈleŋθ(ə)n/ Verb
other people
to lengthen something means to make it longer
we should stop criticising banks just because of a few
his jail sentence was lengthened following a failed
bad apples | there are bad apples in every company
appeal | by March, the days were lengthening | these
| the few bad apples should be removed as soon as
trousers need lengthening | you could probably lengthen
possible | it only takes a few bad apples to damage the
your life if you give up smoking
whole team
Noun:  length | Adjective:  lengthy
bail out  /ˌbeɪl ˈaʊt/ Phrasal verb the total length of the path was 21 miles | we discussed
if you bail someone out, you help them out of a difficult the issue at length (for a long time) | after a lengthy
situation, usually by giving them money discussion we decided to cancel the project | getting a
the UK government gave up to £1.2 trillion to bail passport was a lengthy process
the banks out | bailing out big corporations costs the
taxpayer a lot of money | do you think they should have malpractice  /mælˈpræktɪs/ Noun uncount
been bailed out with public money? if a professional person or an organisation has
committed malpractice, they have broken the rules of
Noun:  bailout
their profession and can be punished for it
a government bailout programme rescued several
once again, a bank has been found guilty of malpractice
banks | the chancellor warned that more bailouts might
| the laws governing medical malpractice are very strict
be necessary
| he faced allegations of malpractice | the investigation
bring to bear  /ˌbrɪŋ tə ˈbeə(r)/ Phrase revealed malpractice on a large scale
if you bring something to bear on someone or something,
obscure  /əbˈskjʊə(r)/ Adjective
you use power, influence, pressure, etc. in order to
something that is obscure is difficult to understand
achieve something or make someone do something
the banks had created a lot of obscure financial
the judgement showed that justice could be brought to
products | the proposed arrangements are rather
bear on individuals, no matter how powerful they were

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Outcomes Advanced Vocabulary Builder  Unit 14

obscure | it was a very obscure reference to one of transparent  /trænsˈpærənt/ Adjective


Shakespeare’s plays | for some obscure reason, she if a system or process is transparent, people can easily
decided to walk all the way from the station understand how it works and believe it is honest and fair
Verb:  obscure | Noun:  obscurity banking activity should be much more transparent |
it was a poor translation which obscured the meaning our recruitment process is completely transparent | the
rather than made it clear | his literary style was review will be carried out in a fair and transparent way |
responsible for most of the obscurities in his work we need a more transparent system of management
Adverb:  transparently | Noun:  transparency
organism  /ˈɔː(r)ɡəˌnɪz(ə)m/ Noun
the programme must be funded and run completely
an organism is any living thing, especially one that is
transparently | an attempt to improve transparency and
extremely small
accountability in government
they talk about banks as if they’re some kind of
organism that has no free will | she was doing research
into the activity of microscopic organisms (so small that Pages 128–129
you need special equipment in order to see them) | how approach  /əˈprəʊtʃ/ Verb
could any living organism survive a nuclear explosion? if you approach someone, you talk to them because you
want them to do something for you or you want to offer
prosecute  /ˈprɒsɪˌkjuːt/ Verb
them something
to prosecute someone means to officially accuse them
of having committed a crime and to try and prove this Collocates:  approach someone about something |
during a trial approach someone to do something
Collocates:  prosecute someone for (doing) something I’ve been approached by the unions about this matter
| we’ve approached three opposition MPs to see if
four bankers have actually been prosecuted for
they will come on the programme | my music teacher
malpractice | why were these crimes not prosecuted and
approached me to perform in the school concert
punished? | he was successfully prosecuted for failing to
pay his income tax | there was not enough evidence, so Noun:  approach
the police decided not to prosecute Collocates:  an approach to someone
Noun:  prosecution | Noun:  prosecutor she rejected their approaches and said she wanted to
the former president went abroad to avoid prosecution stay in her current job | if our approach is successful,
| he was arrested and faces prosecution on several he’ll start work for us at the beginning of next year
charges | five witnesses were called by the prosecution
bottom line  /ˌbɒtəm ˈlaɪn/ Noun
(the lawyers who are prosecuting) | the chief prosecutor
a company’s bottom line is the amount of profit or loss
decided to drop the charges (to stop the prosecution)
it has made. You can also use the term bottom line to
serve  /sɜː(r)v/ Verb refer to the single most important factor that has to be
if someone serves time, they spend some time in prison considered in a particular situation
as a punishment for something the changing exchange rate had a serious effect on our
not one of people who committed the offences has bottom line | getting that big order before the end of the
served time | he had previously served time for robbery | month will improve our bottom line | the bottom line is if
I served my time, and now I just want to start again you don’t start scoring goals, you’ll be out of the team

shareholder  /ˈʃeə(r)ˌhəʊldə(r)/ Noun chair  /tʃeə(r)/ Noun


a shareholder is a person or organisation that owns the chair of a meeting or committee is the person who is
shares in a company in charge of it
the offer was rejected by shareholders | shareholders her mother was chair of the parliamentary finance
voted against the proposal | he set up a firm of which he committee | he resigned as chair after 12 years doing
became the sole shareholder | HP is holding its annual the job | we need to elect a new chair | the maximum
shareholder meeting today length of time you can serve as chair is four years
Noun:  shareholding Verb:  chair
the university has a small shareholding in a local it’s actually very difficult to chair a meeting effectively |
hi-tech company | Turner held a 2.5% shareholding in Johnson chaired the committee and wrote the
the company final report

throw the baby out with the bathwater  /θrəʊ ðə beɪbi aʊt concession  /kənˈseʃ(ə)n/ Noun
wɪð ðə ˈbɑːθwɔːtə(r)/ Phrase if someone makes a concession, they eventually agree
if you say that someone has thrown the baby out with to something during a negotiation, even though they did
the bathwater, you mean they have accidentally got rid not originally want to
of something important while they were getting rid of Collocates:  win a concession
something they did not want at the last minute the president offered several
there’s a risk we’ll throw the baby out with the bathwater concessions to his opponents | the strikers returned
| you could stop getting unwanted phone calls by to work having won major concessions from the
throwing your phone away, but that would be just management | we had to settle for a few minor
throwing the baby out with the bathwater concessions

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Outcomes Advanced Vocabulary Builder  Unit 14

Verb:  concede make sure you have a plan B | this isn’t working – we
they were not prepared to concede independence to need to fall back on plan B | there was no plan B so we
the islands just had to carry on and hope for the best

err  /ɜː(r)/ Verb projection  /prəˈdʒekʃ(ə)n/ Noun


to err means to make a mistake. Err is quite an old- a projection is an estimate of the future amount of
fashioned word, and is used mostly in the expression err something
on the side of something we’ve had to revise our sales projections for next
the higher figure is very much erring on the side of year | operating costs were nearly double the original
caution (the calculation is probably wrong, but the actual projection | the latest economic growth projections
figure is likely to be better for us rather than worse) | I suggest the economy will grow by just 0.4% next year |
learned a lesson:  always err on the side of generosity traffic on the bridge exceeded all projections (was much
(be more generous than you need to be, not less) | we greater than expected)
need to err on the side of safety Verb:  project | Adjective:  projected
European production was projected to fall sharply | the
focus group  /ˈfəʊkəs ɡruːp/ Noun
projected completion date is November 2018
a focus group is a group of people who are used in
market research. They answer questions and discuss property  /ˈprɒpə(r)ti/ Noun
what they think about a particular product, political a property is a particular feature or quality that
policy, TV programme, etc. so that the makers or something has
politicians can make improvements to what they are
these tiny pieces of silver have antibacterial properties |
making or to their policies
plants with healing properties | the chemical properties
feedback from the focus groups was rather negative of hydrogen | Newton discovered the physical properties
| analysis of the focus groups revealed three main of light
concerns | the focus group sessions lasted 90 minutes
region  /ˈriːdʒ(ə)n/ Noun
margin  /ˈmɑː(r)dʒɪn/ Noun if a number is in the region of, for example, 10,000 or
in business, a margin is the difference between the cost 300, it is approximately 10,000 or 300
of making or buying a product and the amount of money
Collocates:  something in the region of something
it is sold for
we’ve estimated something in the region of 10,000 units
what are the margins on this product? | the average
in the first year | total cost is in the region of 1600 Euros
profit margin on our goods is 35% | the rising cost of oil
| starting salaries are typically in the region of £20,000
was squeezing our margins (reducing our profit) | the
to £24,000 | we’ve put our house on the market and are
programme of cost reductions has improved our margins
hoping for offers in the region of £235,000
minutes  /ˈmɪnɪt/ Noun plural
scale back  /ˌskeɪl ˈbæk/ Phrasal verb
the minutes of a meeting are the official notes taken
if you scale something back, you reduce its size, amount,
during the meeting that say what decisions were made
or extent
Collocates:  take minutes
we need to scale back our operations till the economy
Ron, will you take the minutes today please? | does recovers | the festival was scaled back last year for
everyone have the minutes of the last meeting? | I financial reasons | eventually, the project was scaled
stayed late at work to write up the minutes back to £2.4 million | the steel industry has had to scale
Verb:  minute back because of the lack of demand
the group minuted their thanks to the outgoing chair | Opposite – Phrasal verb:  scale up
board meetings shall be minuted and the minutes made we need more funding to scale up the business | you
available to members within four working days need to be ready to scale up or scale down according to
what is happening in the market
ongoing  /ˈɒnˌɡəʊɪŋ/ Adjective
something that is ongoing is still happening and has not seal  /siːl/ Verb
finished yet if you seal something such as an agreement or a deal,
the negotiations are ongoing | the ongoing renovation you make it definite, so that it cannot be changed
of the city centre | a police spokesperson said the we sealed the deal after two weeks of negotiation
investigation was ongoing | they have an ongoing | Bale’s goal sealed the win for Wales | his fate was
dispute with their neighbours sealed when the company went bankrupt
Phrasal verb:  go on
spreadsheet  /ˈspredˌʃiːt/ Noun
talks are expected to go on well into the early hours of
a spreadsheet is a computer program that displays
the morning
information in rows and columns, and that can do
plan B  /ˌplæn ˈbiː/ Noun calculations with the data it displays. Spreadsheets are
if you have a plan B, you have thought of a way to do used especially for financial information
something differently if the original way doesn’t seem to I’ve handed out the spreadsheet of current figures | I
be working created a spreadsheet for our household expenses

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Outcomes Advanced Vocabulary Builder  Unit 14

| this spreadsheet will help you work out how much tap into  /ˌtæp ˈɪntuː/ Phrasal verb
your electricity bills are likely to be | the spreadsheet is to tap into something means to try and get something
updated at the end of every working day useful from it
if we can tap into the right market for this it will generate
substantial  /səbˈstænʃ(ə)l/ Adjective
massive profits | he has a lot of experience, and we
something that is substantial is very large, significant,
should try and tap into it | we need to tap into our
or important
colleagues’ range of skills
it looks as though we’ll make a substantial loss this
year | we faced a substantial repair bill after the ceiling
collapsed | there was a substantial increase in car crime Pages 130–131
last year | we’ve made substantial reductions in our bulk  /bʌlk/ Noun uncount
operating costs | we’re very grateful for your substantial the bulk of something is its large size or quantity. If you
contribution to the project buy something in bulk, you buy a very large quantity of it
Adverb:  substantially we placed a bulk order for 40,000 table lamps |
the population of cities like Delhi and Mumbai will rise because of its bulk, it looks more like a van than a family
substantially | oil prices have dropped substantially car | these T-shirts are available for bulk purchase | you
compared to last year can save a lot of money if you buy in bulk

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Outcomes Advanced Vocabulary Builder  Unit 14

EXERCISES E Match the verbs (1–6) with the nouns (a–f) to


make collocations. Look up the verbs if you
need help.
Prepositions 1 weather a) information
A Complete the sentences with the correct 2 avert b) time
preposition. Look up the word in bold if you 3 disclose c) a storm
need help. 4 serve d) an agreement
1 We’re going to have to cut back travel expenses. 5 seal e) a contract
2 Thanks to our new advertising campaign, we’re 6 terminate f) a disaster
inundated orders!
3 The company is relocating a science park on the
edge of the city. Phrasal verbs
4 We hope to see an upturn sales over the holiday
period. F Complete the sentences with the correct form of
the phrasal verbs in the box.
5 The director of the company was prosecuted
malpractice. take to lay off pencil in take on
6 They made profits in the region $16 million. bail out scale back tap into go under

1 An awful lot of small businesses have


Word families in the last year.
2 The meeting was for 3 o’clock, but
B Complete the expressions on the right with the we had to cancel it.
correct form of the word in bold. 3 We had no choice but to half of the
1 consolidate your business a period of workforce.
4 We can’t afford to more staff until
2 diversify your services a greater the next financial year.
of 5 He didn’t want to retire at first, but he’s really
services his new lifestyle.
3 float the company a share 6 The company had to be after
4 disclose all the facts a full of getting into financial difficulty.
the facts 7 We’ll have to all our projects until
5 terminate a contract the of a the recession is over.
contract 8 It’s important to the key skills our
6 lay off 30 people make 30 employees already have.

C Tick the words in the unit that are both a verb


and a noun.
1 float
2 relocate
3 approach
4 chair
5 concede
6 project

Collocations
D Complete the missing adjectives from the unit.
1 The economy is in a pretty d _ _ e state right now.
2 For some o _ _ _ _ _ e reason, she decided to walk
all the way home.
3 There is no s _ _ _ d evidence against him.
4 We need a more t _ _ _ _ _ _ _ _ _ t system of
management.
5 They have an o _ _ _ _ _ g dispute with their
neighbours.
6 There was a s _ _ _ _ _ _ _ _ _ l increase in car crime
last year.

© 2017 National Geographic Learning  7

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