Blake Draper Flashcards
THINGS
assets
items of value owned by a business
balance of payments
a record of a country’s trade and financial transactions with the rest of the world
business
any activity conducted by an individual or individuals to produce and sell goods and services that
satisfy the needs of society, as well as making profit
business mentors
a person with extensive business experience who offers knowledge, wisdom and advice to
a less experienced business manager or entrepreneur
business opportunity
a set of circumstances that presents itself as an avenue to success
corporate social responsibility
managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when
making business decisions
economic growth
when the real value of goods and services increases over a set period of time
economy
a system set up to determine what to produce, how to produce and to whom production will be
distributed
effectiveness
a measure of whether the business is doing the right things — those that are most important to
the success of the business
efficiency
measures how well we do things. For example, if we are able to produce more outputs with from the
same inputs we have become more efficient at using these inputs.
entrepreneur
r a person who is willing to seize opportunities to start and operate a business, and is prepared to
take risks in the hope of making a profit
entrepreneurship
the ability and willingness to start, operate and assume the risk of a business venture in the
hope of making a profit
exports
goods or services sold by one country to individuals, businesses or governments in another country
with the aim of extending sales and market penetration
feasibility study
an assessment of the practicality and potential for success of a proposed business idea
goal
l what a business expects to achieve over a set period of time
industry
the classification of groups of businesses related to the particular good or service they produce
innovation
either creating a new good, service or process, or significantly improving an existing one
market conditions
the features of a market into which a new good or service is to be introduced, which
include factors such as the number of potential customers, level of competition and potential for growth
market research
a process of systematically collecting, recording and analysing information concerning a
specific market
market share
the proportion of total sales in a given market or industry that is controlled or held by a business,
calculated for a specific period of time
mission statement
describes what the business does and how it will achieve its vision
profit
what is left after business expenses have been deducted from money earned from revenue
research and development
(R&D) a set of activities undertaken to improve existing products, create new
products and improve production processes
return on investment
a positive or negative percentage that relates the money gained or lost on an investment
to the cost of that investment. It is usually taken to mean that the return on the investment occurs over a
12-month period.
revenue
the income that a business earns from the sale of goods and services to customers
shareholders
(or members) the owners of a company
vision statement
describes where the business wants to be in the future (say five years from now)
