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1 business activity and influences on business Flashcards

1
Q

Ch1.p4.Premises

A

Buildings and land used by a shop or business

• e.g. factory and shops

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2
Q
  1. Business
A

Organisation that produces goods and services

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3
Q
  1. Organisation
A

Group, such as a club or business, that has formed for a particular purpose

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4
Q
  1. Goods
A

Physical products, such as mobile phone, a packet of crisps or a pair of shoes

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5
Q
  1. Services
A

Non-physical products such as banking, car washing and waste disposal

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6
Q
  1. Output
A

Amount of goods or work produced by a person, machine or factory

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7
Q
  1. Human Resources
A

In some businesses, the department that deals with employment, training and helping people

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8
Q
  1. Consumer goods
A

Goods and services sold to ordinary people (consumers) rather than businesses

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9
Q
  1. Producer goods
A

Goods and services produced by one business for another

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10
Q
  1. Needs
A

Basic requirements for human survival

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11
Q
  1. Wants
A

People’s desires for goods and services

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12
Q
  1. Infinite
A

Without limits in space or time

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13
Q
  1. Finite
A

Having an end or a limit

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14
Q
  1. Scarce
A

Resources with limited availability

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15
Q
  1. Private sector
A

Business organisations owned by individuals or groups of individuals
• e.g. apple or porche

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16
Q
  1. Public sector
A

Business organisations owned and controlled by central or local government
•e.g. public schools or health

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17
Q
  1. Stakeholder
A

An individual or group with an interest in the operation of a business

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18
Q
  1. Entrepreneur
A

Person who takes risks and sets up new businesses; individual who organizes the other factors of production and risks their own money in a business venture

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19
Q
  1. EBITDA
A

Earnings before interest, tax depreciation and amortisation

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20
Q

Ch2. 11. Objectives

A

Goals or targets set by a business

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21
Q
  1. Executives
A

Managers in an organisation or company who help make important decisions

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22
Q
  1. Diversify
A

If a business, company or country diversifies, it increases the range of goods or services it produces

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23
Q
  1. Financial return
A

Monetary return

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24
Q
  1. Profit maximisation
A

Making as much profit as possible in a given time period

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25
Q
  1. Shareholders
A

Owners of limited companies

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26
Q
  1. Dividends
A

Share of the profit paid to shareholders in a company

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27
Q
  1. Profit satisficing
A

Making enough profit to satisfy the needs of the business owner(s)

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28
Q
  1. Automation
A

Use of computers and machines instead of people to do a job

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29
Q
  1. Economies of scale
A

Financial advantages (failing average costs) of producing something in very large quantities

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30
Q
  1. Large business
A

A business that employs more than 250 people

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31
Q
  1. Small business
A

A business that employs fewer than 50 people

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32
Q
  1. Revenue
A

Money from the sale of goods and services

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33
Q

Ch3. 20. Innovator

A

Someone who introduces changes and new ideas

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34
Q
  1. Labour
A

People employed in a business/ used in production

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35
Q
  1. Unincorporated
A

Business where there is no legal difference between the owner and the business

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36
Q
  1. Incorporated
A

Business that has a separate legal identity from that of its owners

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37
Q
  1. Sole trader or sole proprietor
A

Business owned by a single person

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38
Q
  1. Unlimited liability
A

Owner of a business is personally liable for all business debts

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39
Q
  1. Partnership
A

Business owned by between 2 and 20 people

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40
Q
  1. Deed of partnership
A

Binding legal document that states the formal rights of partners

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41
Q
  1. Limited partnership
A

Partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business

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42
Q
  1. Limited liability
A

Business owner is only liable for the original amount of money invested in the business

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43
Q
  1. Audits
A

Official examination of a company’s financial records in order to check that they are correct

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44
Q
  1. Franchise
A

Structure in which a business (the franchisor) allows another operator (the franchisee) to trade under their name

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45
Q
  1. Merchandise
A

Goods that are being sold

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46
Q
  1. Social enterprise
A

Business that aims to improve human or environmental wel-being, e.g. charities

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47
Q
  1. Cooperative
A

Company, factory or organisation in which all the people working there own an equal share of it

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48
Q
  1. Consumer cooperative
A

Cooperative that is owned by its customers

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49
Q
  1. Retail cooperative
A

Cooperative of retail members, who often work together to assert their purchasing power

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50
Q
  1. Worker cooperative
A

Cooperative that is owned by its customers

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51
Q
  1. Charities
A

organisations that give money, goods or help to people who are poor, sick or in need

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52
Q

Ch4.p27. Venture capitalists

A
  • specialists investors (individuals or companies) who provide money for businesses purposes, often to new businesses
  • google inc or banks
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53
Q
  1. Limited companies
A

Business organisations that have a separate legal identity from that of their owners

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54
Q
  1. Limited liability (limited companies)
A

Shareholders are legally responsible for the debts of a company according to how many shares they own
• if a business goes bankrupt and a shareholder owns 50% of the business, and the business owes 3000 euros, the shareholder would owe 1500 euros

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55
Q
  1. Chairperson
A

Someone who is in charge of a meeting or directs the work of a committee or organisation

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56
Q
  1. Certificate of incorporation
A

Document needed before a new company can start doing business

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57
Q
  1. Private limited company
A

In the UK, a private company limited by shares, which means that liability of the shareholders to creditors of the company is limited to the capital originally invested, a shareholder’s personal assets are protected, and with Ltd or Limited after its name

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58
Q
  1. Public limited company
A

In the uk, a limited company whose shares are freely sold and traded, with a minimum share capital of 50000, and the letters Plc after its name

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59
Q

Prospectus

A

Document produced by a company that wants the public to buy its shares

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60
Q
  1. Regulatory control
A

Official power to control an activity and to make sure that it is done in a satisfactory way

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61
Q
  1. Flotation
A

Process of a company ‘going public’

62
Q
  1. Multinational company
A

Large business with significant production or service operations in at least two different countries.

63
Q
  1. Issue (shares)
A

Sale of new shares

64
Q

Ch5. 35. Productivity

A

Rate at which goods are produced, and the amount produced, especially in relation to the work, time and money needed to produce them.

65
Q
  1. Stock market
A

Market for shares of PLC’s

66
Q
  1. Public corporations
A

Business organisations owned and controlled by the state/government

67
Q
  1. Portfolio
A

Collection (of business interests or products)

68
Q
  1. Infrastructure
A

Basic systems and structures that a country or organisation needs in order to work properly

69
Q
  1. Natural monopoly
A

Market where it is more efficient to have just one organisation meeting total market demand

70
Q
  1. Subsidie
A

Paying part of the costs (often by the government in business)

71
Q
  1. Privatisation
A

Transfer of public sector resources to the private sector (business)

72
Q

Ch7. 50. Primary sector (industry)

A

Production involving the extraction of raw materials from the earth.

73
Q
  1. Secondary sector (industry)
A

Production involving the conversion of raw materials into finished and semi-finished goods

74
Q
  1. Assembly plant
A

Factory where parts are put together to make a finished product

75
Q
  1. Tertiary sector (industry)
A

Protection of services in the economy

76
Q
  1. De-industrialisation
A

Decline in manufacturing

77
Q

Ch8. 57. Brownfield sites

A

Areas of land that were one used for urban development

78
Q
  1. Greenfield sites
A

Previously undeveloped areas of land, usually on the outskirts of towns and cities

79
Q
  1. Assisted areas
A

Areas that are designed by a government as having economic problems and are targeted to receive support in a variety of forms

80
Q
  1. Viability studies
A

Careful study of how a planned activity will work, how much it ill cost, and what income it is likely to produce

81
Q
  1. Trade bloc
A

Group of countries situated in the same region that join together and enjoy trade free of barriers

82
Q
    1. Emerging economies
A

Rapidly growing economies (for example, Brazil) - emerging economies have huge growth potential it also pose significant risks

83
Q
  1. Globalisation
A

Growing integration of the world’s economies

84
Q
  1. Intellecual property
A

People’s knowledge or creative ideas that have commercial value and are protectable under different forms of copyright

85
Q
  1. Monetary system
A

System of money in a particular country or the world as a whole, and the way that it is controlled by governments and central banks

86
Q
  1. Saturate (market)
A

To offer so much of a product for sale that is more than people want to buy

87
Q
  1. Predator
A

Business that tries to use another’s weakness to get advantages

88
Q

70.hostile takeover

A

Takeover that the company being taken over does not want or agree to

89
Q
  1. Bid
A

Offer to pay a particular price for something (for example, a business)

90
Q
    1. Commodities
A

Products that are bought an sold (in business often refers to things like oil, gold, iron, ore, rice, wheat and meat)

91
Q
  1. Patents
A

Legal document giving a person or company the right to make or sell a new invention, product, or method of doing something and stating that no other person or company is allowed to do this

92
Q
  1. ventures
A

New business activity that involves taking risks

93
Q

Ch8. 57. Brownfield sites

A

Areas of land that were one used for urban development

94
Q
  1. Greenfield sites
A

Previously undeveloped areas of land, usually on the outskirts of towns and cities

95
Q
  1. Assisted areas
A

Areas that are designed by a government as having economic problems and are targeted to receive support in a variety of forms

96
Q
  1. Viability studies
A

Careful study of how a planned activity will work, how much it will cost, and what income it is likely to produce

97
Q
  1. Trade bloc
A

Group of countries situated in the same region that join together and enjoy trade free of barriers

98
Q

Ch9. 64. Emerging economies

A

Rapidly growing economies (for example, Brazil) - emerging economies have huge growth potential but also pose significant risks

99
Q
  1. Globalisation
A

Growing integration of the world’s economies

100
Q
  1. Intellectual property
A

People’s knowledge or creative ideas that have commercial value and are protectable under different forms of copyright

101
Q
  1. Monetary system
A

System of money in a particular country or the world as a whole, and the way that it is controlled by governments and central banks

102
Q
  1. Saturate (market)
A

To offer so much of a product for sale that there is more than people want to buy

103
Q
  1. Predator
A

Business that tries to use another’s weakness to get advantages

104
Q
  1. Hostile takeover
A

Takeover that the company being taken over does not want or agree to

105
Q
  1. Bid
A

Offer to pay a particular price for something (for example, a business)

106
Q

Ch10. 74. Commodities

A

Products that are bought and sold (in businesses often refers to things like oil, gold, iron ore, rice, wheat and meat)

107
Q
  1. Patents
A

Legal documents giving a person or company the right to make or sell a new invention, product, or method of doing something and stating that no other person or company is allowed to do this

108
Q
  1. Ventures
A

New business activity that involves taking risks

109
Q
  1. Currency reserves
A

Money in foreign currency held by a country and used to support its own currency and to pay for imports and foreign debts

110
Q
  1. Human capital
A

People and their skills

111
Q
  1. Enterprise
A

The activity of starting and running businesses

112
Q
  1. Exploitation
A

Situation in which you treat someone unfairly by asking them to do things for you, but give them very little in return

113
Q
  1. Repatriation (of profit)
A

Where a multinational returns the profits from an overseas venture to the country where it is based, typically from a developing country to a developed country (not often the other way around)

114
Q
  1. Livelihood
A

Way you earn money in order to live

115
Q

Ch11. 82. Surplus

A

Amount of something that is more than what is needed or used

116
Q
  1. Exports
A

Goods and services sold overseas

117
Q
  1. Imports
A

Goods and services bought from overseas

118
Q
  1. Visible trade
A

Trade in physical goods

119
Q
  1. Invisible trade
A

Trade in services

120
Q
  1. Balance of trade (or visible balance)
A

Difference between visible exports and visible imports

121
Q
  1. Transactions
A

Business deals or actions, such as buying or selling something

122
Q
  1. Exchange rate
A

Value of one currency in terms of another

123
Q
  1. Commission
A

Extra amount of money that is paid to a person or organisation according to the value of the goods they have sold or the services they have provided

124
Q

Ch12. 90. Fiscal policy

A

Using changes in taxation and government expenditure to manage the economy

125
Q
  1. Lay off (staff)
A

Make employees redundant

126
Q
  1. Social security payments
A

Money taken by the British government from people’s wages to pay for the system of payments to people who are unemployed or ill

127
Q
  1. Anti-competitive practices
A

(Restrictive trade practices) attempts by firms to prevent or restrict competition

128
Q
  1. Barriers to entry
A

Restrictions that mean it is difficult for new firms to enter a market

129
Q
  1. Merger
A

Two or more businesses joining together to form one new firm

130
Q
  1. Protectionism
A

Use of trade barriers to protect domestic producers

131
Q
  1. Infant industries
A

New industries that are yet to be established

132
Q
  1. Dumping
A

Where a business sells goods in another country often below costs

133
Q
  1. Trade barriers
A

Measures designed to restrict trade

134
Q
  1. Quota
A

Physical limit on the quantity of imports allowed into a country

135
Q
  1. Subsidy
A

Financial support given to a domestic producer to help compete with overseas firms

136
Q
  1. Interest
A

Price of borrowed money (and the reward to savers)

137
Q
  1. Monetary policy
A

Using changes in interest rates and the money supply to manage the economy

138
Q
  1. Budget
A

An official statement that a government about how much it intends to spend and what the rates of taxes will be for the next year or six months

139
Q
  1. Tax allowances
A

Part of income that is not taxed

140
Q
  1. Budgetary measures
A

Actions taken by the government to influence business and the economy

141
Q

Ch13. 101. Urbanisation

A

Process of constructing more and more buildings on rural land

143
Q
  1. Sustainable development
A

Idea that people should satisfy their basic needs and enjoy improved living standards without compromising the quality of life of future generations

144
Q

Ch14. Capital employed

A

Amount of money invested in a business

145
Q
  1. Overtrading
A

Taking on more work than a business can afford to fund effectively

146
Q

Ch15. 117. Inventory

A

Stocks of goods

147
Q
  1. Fixed assets
A

Resources that are used repeatedly for a period of time by a business such as property, tools, vehicles and machinery

148
Q
  1. Downturn
A

Period or process in which business activity, production, etc. is reduced and conditions become worse

149
Q
  1. Undercapitalised
A

Starting a business with insufficient capital

150
Q
  1. Outcompeted
A

Perform more effectively in a particular field

151
Q
  1. Capital-intensive
A

Use of relatively more machinery than labour in production

Business (7 decks)

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