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Buisness Studies > 1 Business In The Real World > Flashcards

1 Business In The Real World Flashcards

1
Q

Good

A

A good is a physical product e.g. a car.

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2
Q

Service

A

A service is an intangible product (something you cant touch) e.g. bus journey

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3
Q

Customer

A

A customer is someone who buys a product.

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4
Q

Consumer

A

A consumer is someone who uses goods or services produced by a buisness.

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5
Q

Buisness

A

A buisness is a organisation that provides a good or supplies a service.

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6
Q

Entreprenuer

A

Someone who is willing to take the risk involved in starting their own buisness

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7
Q

Social Enterprise

A

A social enterprise is a buisness that is made to help cociety rather than make profit

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8
Q

Land

A

Land is the physical land and the site on which the business is located, and other natural resourcesa buisness might use.

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9
Q

Labour

A

Labour is the amount of physical, mental, and social effort used to produce goods and services

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10
Q

Capital

A

Capital is the equipment used to provide the goods or services, such as machinery and equipment.

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11
Q

Enterprise

A

the skills of the people involved in the business to identify business opportunities and bring together resources to meet these opportunities.

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12
Q

Primary sector

A

Extracts raw materials e.g. coal, metals wood ect or other goods strawberry picking, fishing.

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13
Q

Survival

A

To get the business know this could be by charging lower prices and profits ipthan in the long run.

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14
Q

Profit maximisation

A

Maximising the amount of profit and buisness earns

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15
Q

Private sector organisations

A

Private sector organisations are owned by individuals.

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16
Q

Public sector organisations

A

Public sector organisations are owned by the government.

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17
Q

Aim

A

An aim is a general goal

of a business.

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18
Q

Objective

A

An objective is a specific
target that is set for a
business to achieve.

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19
Q

Entrepreneurship

A

refers to the ability to be an entrepreneur - to take risks to develop a business idea. A social enterprise is a business that is set up to help society rather than to make a profit.

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20
Q

Resources

A

Resources are the inputs that businesses use to provide their goods or services.

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21
Q

Interest

A

Interest is the money paid by banks as a reward to attract people to save with them.

22
Q

Interest rates

A

Interest rates refer to the cost of borrowing money or the reward for saving money, expressed as a percentage.

23
Q

Inflation

A

Inflation refers to the rate at which prices are increasing. For example, if inflation is 2 per cent, prices are generally growing by 2 per cent that year.

24
Q

Gross Domestic

Product (GDP)

A

Gross Domestic Product (GDP) measures all the income earned in a country’s economy in a year.

25
Q

Sole trader

A

A sole trader is someone who sets up in business on his or her own.

26
Q

Unlimited liability

A

Unlimited liability means that the personal possessions of the owners of a business are at risk if there are any problems. There is no limit to the amount of money the owners may have to pay out.

27
Q

Social enterprise

A

A social enterprise is a business that is set up tohelp society rather than to make a profit.

28
Q

Profit

A

measures the difference between the values of a business’s revenue (sales) and its total costs.

29
Q

Partnership

A

A partnership occurs when two or more people join together in a business enterprise to pursue profit.

30
Q

Deed of partnership

A

A Deed of Partnership is an agreement between partners that sets out the rules of the partnership, such as how profits will be divided and how the partnership will be valued if someone wants to leave

31
Q

Stake holders

A

Stakeholders are individuals and organisations that are affected by, and affect, the activities of a business

32
Q

Company

A

A company is a business that has its own legal identity. It can own items, owe money, sue and be sued.

33
Q

Shareholder

A

A shareholder is a person or an organisation that owns part of a company. Each shareholder owns a share of the business.

34
Q

Stock exchange

A

The Stock Exchange is a market for buying and selling shares of public limited companies. Large numbers of shares are being bought and sold all the time.

35
Q

Flotation

A

A flotation occurs when a private limited company (ltd) becomes a public limited company (plc) and has its shares listed on the Stock Exchange

36
Q

not-for-profit organisation

A

A not-for-profit organisation is set up to achieve objectives other than profit; for example, a charity.

37
Q

Dividends

A

Dividends are the financial rewards paid out to shareholders each year.

38
Q

Negotation

A

Negotiation occurs when two sides discuss what they want and try to reach a solution.

39
Q

Protectionist measures

A

Protectionist measures are policies that governments use to protect their own businesses against foreign competition.

40
Q

Business plan

A

A business plan is a document setting out what a business does and what it hopes to achieve in the future.

41
Q

Business planning

A

Business planning is the process of producing a business plan.

42
Q

Risk

A

A risk is the possibility of something going wrong.

43
Q

Revenue

A

Revenue is the income that a firm receives from selling its goods or services. It is also referred to as turnover’. It is measured by the number of units sold multiplied by the price.

44
Q

Total costs

A

Total costs are fixed costs plus variable costs.

45
Q

Fixed cost

A

Fixed costs are those costs that do not change when a business changes its output.

46
Q

Variable cost

A

Variable costs are the costs that vary directly with the business’s level of output.

47
Q

Internal growth

A

Internal growth (also known as organic growth) occurs when a business gets bigger by selling more of its products.

48
Q

External growth

A

External growth (also known as inteqration) occurs when a business gets bigger by joining or buying other businesses

49
Q

franchise

A

A franchise occurs when a franchisor sells the rights to its products to a franchisee; this is usually in return for a fee and percentage of turnover.

50
Q

Franchise

A

A franchisee buys a franchise usually in return for a fee and percentage of turnover

51
Q

franchisor

A

A franchisor sells a franchise usually in return for a fee and percentage of turnover.

Buisness Studies (8 decks)

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