1.1 Business in the real world Flashcards
Business
A Organisation that provides goods or services
Goods
A physical product
Customer
A person who buys yor products
Entrepreneur
A person who takes the risk to start there own business
Service
A service is something that a consumer and buyer uses
Consumer
Someone who use the good
Social enterprise
A business set up to help society and not to make profits
Liability
the state of being legally responsible for something.
unlimited liability
unlimited liability company involves general partners and sole proprietors who are equally responsible for all debt and liabilities accrued by the business.
franchise
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company’s products.
“Toyota granted the group a franchise”
Ethics
Ethics refers to whether a business decision is thought to be morally right or wrong. An ethical decision is made on the basis of what is judged to be morally right.
Profits
Profit measures the difference between the values of a business revenue (sales) and its total costs.
Plc
A public limited company is a type of public company under United Kingdom company law, some Commonwealth jurisdictions, and the Republic of Ireland.
Ltd
A limited company is a type of business structure where the company has a legal identity of its own, separate from its owners (shareholders) and its managers (directors).
