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EDEXCEL IGCSE BUSINESS STUDIES > business activity book definitions > Flashcards

business activity book definitions Flashcards

1
Q

define premises

A

buildings and land used by a shop or business

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2
Q

define organisation

A

group that has formed for a particular purpose

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3
Q

define business

A

organisation that produces goods and services

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4
Q

define goods

A

physical products

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5
Q

define services

A

non-physical products

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6
Q

define output

A

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

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7
Q

define consumer goods

A

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

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8
Q

define producer goods

A

goods and services produced by one business for another

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9
Q

define wants

A

people’s desires for goods and services

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10
Q

define scarce

A

resources with limited availability

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11
Q

define needs

A

basic requirements for human survival

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12
Q

define EBITDA

A

earnings before interest, tax, depreciation and amortisation

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13
Q

define public sector

A

business organisations owned by central or local government

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14
Q

define private sector

A

business organisations owned by individuals or groups of individuals

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15
Q

define stakeholder

A

an individual or group with an interest in the operation of a buiness

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16
Q

define entrepreneur

A

person who takes risks and sets up a business

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17
Q

define objectives

A

goals or targets set by a business

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18
Q

define executives

A

managers in an organisation or company who help make important decisions

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19
Q

define diversify

A

if a business diversifies, it increases the range of goods or services it produces

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20
Q

define financial return

A

monetary return

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21
Q

define profit maximisation

A

making as much profit as possible in a given time period

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22
Q

define evolve

A

to develop and change gradually over a long period of time

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23
Q

define shareholdres

A

owners of limited companies

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24
Q

define dividends

A

share of the profit paid to shareholders in a company

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25
Q

define profit satisficing

A

making enough profit to satisfy the needs of the business owner

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26
Q

define sustained

A

continued for a long time

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27
Q

define legislation

A

law or set of laws

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28
Q

define automation

A

use of computers and machines instead of people to do the job

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29
Q

define economies of scale

A

financial advantages (falling average costs) of producing something in very large quantities

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30
Q

define large business

A

a business that employs more than 250 people

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31
Q

define small business

A

a business that employs fewer than 50 people

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32
Q

define revenue

A

money from the sale of goods and services

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33
Q

define legal status

A

position defined by law

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34
Q

define innovator

A

someone who introduces changes and new ideas

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35
Q

define labour

A

people employed in a business or used in production

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36
Q

define unincorporated

A

businesses where there is no legal difference between the owner and that business

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37
Q

define incorporated

A

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

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38
Q

define sole trader

A

business owned by a single person

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39
Q

define unlimited liability

A

owner of a business is personally liable for all business debts

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40
Q

define partnerhip

A

business owned by between 2 and 20 people

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41
Q

define deed of partnership

A

binding legal document that states the formal rights of partners

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42
Q

define limited partnership

A

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

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43
Q

define limited liability

A

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

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44
Q

define audits

A

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

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45
Q

define comply

A

to do what you have to do or are asked to do

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46
Q

define franchise

A

structure in which a business (the frabchisor) allows another business (franchisee) to trade under their name

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47
Q

define merchandise

A

goods that are being sold

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48
Q

define cooperative

A

company in which all the people working there own an equal share of it

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49
Q

define social enterprise

A

business that aims to improve human or environmental wellbeing

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50
Q

define worker cooperative

A

cooperative that is owned by its employees

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51
Q

define consumer cooperative

A

cooperative that is owned by its customers

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52
Q

define retail cooperative

A

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

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53
Q

define charities

A

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

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54
Q

define accountable

A

responsible for the effects of your actions and willing to explain or be critisised by them

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55
Q

define transparent

A

language or information that is clear and easy to understand

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56
Q

define venture capitalists

A

specialist investors who provide money for business purposes, often to new businesses

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57
Q

define limited companies

A

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

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58
Q

define chairperson

A

someone who is in charge of a meeting or directs the work of an organisation

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59
Q

define certificate of incorporation

A

document that is needed before a new company can start doing business

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60
Q

define LTD

A

a private company limited by shares

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61
Q

define stockmarket

A

market for shares in PLCs

62
Q

define PLC

A

a lmited company whose shares are freely old and traded

63
Q

define flotation

A

process of a company going public

64
Q

define regulatory control

A

official power to control an activity and to make sure that it’s done in a satisfactory way

65
Q

define prospectus

A

document prodcued by a compan that wants the public to buy its shares

66
Q

define multinational company

A

large business with significant production of service operations in at least two different countries

67
Q

define issue shares

A

sale of new shares

68
Q

define 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

69
Q

define portfolio

A

collection of business interests or products

70
Q

define public corporations

A

business organisations owned and control by the government

71
Q

define infrastructure

A

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

72
Q

define natural monopoly

A

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

73
Q

define subsidise

A

paying part of the costs often by the government in business

74
Q

define privatisation

A

transfer of public sector resources to the private sector

75
Q

define primary sector

A

production involving the extraction of raw materials from the earth

76
Q

define secondary sector

A

production involving the conversion of raw materials into finished or semi-finished goods

77
Q

define de-industrialisation

A

decline in manufacturing

78
Q

define tertiary sector

A

production of services in the economy

79
Q

define assembly plant

A

factory where parts are put together to make a finished product

80
Q

define brownfield sites

A

areas of land that were onced used for urban development

81
Q

define fracking

A

the process of injecting liquid at high pressure into subterranean rocks

82
Q

define greenfield sites

A

previously undeveloped areas of land, usually on the outskirtsof towns and cities

83
Q

define congestion

A

problem of too much traffic in a place

84
Q

define assisted areas

A

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

85
Q

define viability studies

A

careful study of how a planned activity will work

86
Q

define trade bloc

A

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

87
Q

define emerging economies

A

repidly growing economies

88
Q

define amenities

A

something that makes a plaec confortable or easy to live in

89
Q

define monetary system

A

system of money in a particular country of the world as a whole and the way that it’s controlled by governments and central banks

90
Q

define globalisation

A

growing integration of the world’s economies

91
Q

define intelectual property

A

people’s knowledge or creative ideas that have commercial valueand are protectable under different forms of copyright

92
Q

define saturate market

A

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

93
Q

define predator

A

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

94
Q

define hostile takeover

A

when the company that’s being taken over does not want or agree to

95
Q

define bid

A

offer to pay a particular price for something

96
Q

define auction site

A

online website where products are sold to the person who offers the most money for them

97
Q

define commodities

A

products that are bought and sold

98
Q

define 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

99
Q

define ventures

A

new business activity that involves taking risks

100
Q

define currency reserves

A

money in foreign currency held by a country and sued to pay for imports and foreign debts

101
Q

define enterprise

A

the activity of starting and running a business

102
Q

define human capital

A

people and their skills

103
Q

define environmentalists

A

those converned about environmental wellbeing

104
Q

define pressure group

A

group or organisation that tries to influence the opinions or ordinary people and persuade the government to do something

105
Q

define exploitation

A

situatuion in which you treat someone unfairly by asking them to do things for you ut give them very little in return

106
Q

define repatriation of profit

A

where a multinational returns the profits from an overseas venture to the country where it is based

107
Q

define solidarity

A

loyalty and general agreement between all the people in the group because they all have a shared aim

108
Q

define livelihood

A

waya to earn money in order to live

109
Q

define exports

A

goods and services sold overseas

110
Q

define evade

A

avoiding paying money that you ought to pay

111
Q

define surplus

A

amount of something that is more than needed or used

112
Q

define imports

A

goods and services bought from overseas

113
Q

define invisible trade

A

trade in services

114
Q

define visible trade

A

trade in physical goods

115
Q

define balance of trade

A

defference in visible exports and visible imports

116
Q

define exchange rates

A

value of one currency in terms of the other

117
Q

define transactions

A

business deals or actions , such as buying or selling something

118
Q

define depreciation

A

fall in exchange rate

119
Q

define appreciation

A

rise in exchange rate

120
Q

define commision

A

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

121
Q

define legal framework

A

structure of society or a legal political system

122
Q

define constraint

A

something that limits your freedom to do what you want

123
Q

define lay off staff

A

make employees redundant

124
Q

define fiscal policy

A

using changes in taxation and government expenditure to manage the economy

125
Q

define merger

A

two or more businesses joining together to form one new firm

126
Q

define subsidy

A

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

127
Q

define anti-competitive practises

A

attempts by firms to prevent or restrict competition

128
Q

define social secutiry payments

A

money taken by the government from people’s wages to pay for the system of payments ot unemployes or ill

129
Q

define barriers to entry

A

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

130
Q

define tariff

A

a tax on import

131
Q

define trade barriers

A

measures designed to restrict trade

132
Q

define quota

A

a physcial limit on the quantity of imports allowed into the country

133
Q

define infant industries

A

new industies that are yet to be established

134
Q

define dumping

A

selling goods in another country below the price

135
Q

define protectionism

A

use of trade barriers to protect domestic producers

136
Q

define tax allowances

A

part of income that is not taxed

137
Q

define budget

A

an official statement that a government makes about how much it intends to spend and what the rates of taxes will be for the next year

138
Q

define budgetary measures

A

actions taken by the government to influence business and the economy

139
Q

define urbanisation

A

process of constructing more and more buildings on rural land

140
Q

define overtrading

A

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

141
Q

define capital-intensive

A

use of relatively more machinery than labour in production

142
Q

define 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

143
Q

define capital employed

A

amount of money invested in a business

144
Q

define undercapitalised

A

starting a business with insufficient finance

145
Q

define inverntory

A

stocks of goods

146
Q

define fixed assets

A

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

147
Q

define downturn

A

period of process in which business activity is reduced and conditions become worse

148
Q

define lease

A

legal agreement that allows you to use an asset for a period of time in return for rent

149
Q

define outcompeted

A

perform more effectively in particular field

150
Q

define discretionary

A

not controlled by strict rules

EDEXCEL IGCSE BUSINESS STUDIES (46 decks)

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