Business In The Real World Flashcards
Good
A physical good/ product
Entrepreneur
A person who starts up their own business
Customer
A person who buys the product
Service
A group of people helping out the cosumer
Consumer
A person who uses the product
Business
A job yourself or someone else has created on their own
Social enterprise
A someone that is up for no profit and helps set up the business
Resources
A stock or supply of money, material, staff and other assets
Sole trader
A person who is the exclusive ownerof a business
Company
A business that has its own legal identity
Stock exchange
A market in which securities are bought and sold
Deed of partnership
Deed of partnership mean the set terms of the partnership
Partnership
The state of being a partner or partners
Unlimited liability
Unlimited liability means that the liability of a partner is joint and several
Limited liability
The condition by which shareholders are legally responsible for the debts of a company
Franchise
Occurs when a franchisor sells the rights to its products
Franchisee
Buys a franchise in return for a fee and percentage
Franchisor
Sells a franchise for a return fee
Internal growth
Business expands by selling more products
External growth
When a business gets bigger by joining another business
Takeover
Occurs when a business buys control of another one
Merger
Occurs when two or more businesses join to form a new business
ICT
The computing and cummunications system
Stakeholders
Are individualsand organisations that are affected by, and affect, the activities of a business
Intranets
Are communication networks which can only be accessed by other organisations employees
Extranets
Are similar to intranets but can also be accessed by other organisations such as suppliers
E-commerce
commercial transactions conducted electronically on the internet.
Ethics
Refers to whether a business decision is thought to be morally right or wrong
Profit
Measures the difference between the values of a business’s revenue and its total costs
Multinational companies
any corporation that is registered and operates in more than one country at a time.
