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Business > Business in the real world > Flashcards

Business in the real world Flashcards

1
Q

Good

A

a physical product such as a car

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2
Q

Service

A
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3
Q

Customer

A
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4
Q

Consumer

A
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5
Q

Entrepreneur

A
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6
Q

Entrepreneaurship

A
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7
Q

Social Enterprise

A
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8
Q

Enterprise

A
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9
Q

Interest

A
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10
Q

Interest rates

A
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11
Q

Inflation

A
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12
Q

Gross Domestic Product

A
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13
Q

Sole Trader

A
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14
Q

Profit

A
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15
Q

Unlimited liability

A
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16
Q

Aim

A

overall long term target of the business

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17
Q

Objective

A

short term steps to meet its overall aim

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18
Q

Objectives for a business

A
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19
Q

Aims for a business

A
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20
Q

Why do businesses set objectives

A
21
Q

Why objectives change

A
22
Q

Diseconomies of scale

A

when average unit costs begin to increase often because of business growth

23
Q

Organic Growth

A

when a business decides to grow on its own

24
Q

Franchise

A

is a business that gives the right to another person or business to sell goods using its name

25
Q

Advantages of organic growth

A

business can maintain its own value
lower risk
benefit from economies of scale

25
Q

Disadvantages of organic growth

A

return on investment could take a long time
slower growth
growth may be limited

25
Q

Partnership

A

business that has between 2-20 owners

26
Q

Advantages of a partnership

A

shared decision making
shared responsibility for debt
brings more skills and ideas
more capital

27
Q

Disadvantages of a partnership

A

shared profits
conflict can occur between owners
unlimited liability

28
Q

Private limited companies

A

a small or large business with limited liability

29
Q

Limited liability

A
29
Q

Advantages of private limited companies

A

limited liability
own boss
shares can be sold

29
Q

Disadvantages of a private limited company

A

people can view businesses financial info

29
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Business (6 decks)

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