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GCSE BUSINESS STUDY > Business In The Real World > Flashcards

Business In The Real World Flashcards

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1
Q

Business

A

• A business is an organisation
which trades to make money,
these come in all shapes and sizes

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2
Q

Product

A

• A product is anything that is capable of satisfiying customer needs its tangible and can be touched

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3
Q

Service

A

A service is an act that a business person carries out for you in exchnage for money

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4
Q

Land

A

Somewhere to produce goods

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5
Q

Labour

A

People to work in the business

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6
Q

Captial

A

Money to get the business started

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7
Q

Enterprise

A

This is the drive or motivation from the owners to start a business

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8
Q

4 factors of production

A

Land
Labour
Capital
Enterprise

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9
Q

Opportunity cost

A

When making important decisions in business the cost of not selecting an alternitive is an opportunity cost

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10
Q

Reasons for strting a business

A

To produce goods
To supply a service
To distribute prodcuts
To fulfil a business opportunity
Providing a good or service

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11
Q

Social enterprise

A

Is a business which has the objetive of trading to help people or the panet rather than making a profit

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12
Q

How can social enterprises help people

A

Aim to tackle the effects of poverty
Provide jobs and tackle unemployment
Help children with a social need
Tackle the issue of an aging population
Help the homeless
Education and training inatiatives

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13
Q

How can social enterpises help the planet

A

To reduce pollution
To takle deforestation
Tohalt climate change

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14
Q

Primary sector

A

Extracts raw materials from the planet

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15
Q

Secondary setor

A

Goods are manufactured from raw materials into finished goods

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16
Q

Teritary sector

A

All the support services for business

17
Q

Enterprise

A

A company or business

18
Q

Entrepeneur

A

A person who starts a business and takes on financial risk in the hope of making a profit

19
Q

Characteristics of an enterpreneurs

A

Hardworking
Initiative
Organised
Risk taker

20
Q

Entrepreneur objectives

A

To be your own boss
Flexiable hours
To pursue an interest
To earn more money
To identify a gap in the market
Dissatisfaction with current job

21
Q

Dynamic business enviroment

A

Business faces a constantly changing environment-to which it must adapt

22
Q

Inflation rates

A

Is the rate of increase in prices for goods and services

23
Q

Interest rates

A

The costs of borrowing

24
Q

Unemployment rates

A

Is the percentage of people in the labour force that is unmemployed at any given time

25
Q

Exchange rates

A

The costs of one currency expressed in the terms of another

26
Q

Employment laws

A

Regulates the relationship between employers and employees

27
Q

Health and saftey laws

A

To require employers and employees to not put others or themselfs in danger.

28
Q

Counsumer laws

A

Any piece of government legislation designed to protect consumers from pooor qualitu prodcuts and poor business practices

29
Q

Sole trader

A

Is a business which only has one owner

30
Q

Types of sole traders

A

Small shop
Plumber
Electrician
Cleaner
Hairdresser
Website designer

31
Q

Advantages of being a sole trader

A

Easy to set up
Making decisions quickly
Less capital needed
All profits kept by the owner
Can offer attention to customers
Dont have to make any information
They are thier own boss

32
Q

Disadvantages of being a sole trader

A

Unlimated liability
Difficulult to raise money
Dont have any economies of scale
No one to take over for ill-health
No one to share ideas with
Only one set of skills
Can feel isolated

33
Q

Unlimated liability

A

The business and the owner are one leagl entity

34
Q

Partnership

A

All just owner of the business

35
Q

Partnership jobs

A

Doctors
Dentist
Accountants
Vets
Solicitors

36
Q

Partnership advantages

A

Easy to set up
Small capital is needed
Easier to raise extra capital than sole
Profits go to partners
Good worker realtionships
Partners can hare problems and decisions

37
Q

Partnership disadvantages

A

Unlimated liability
Trust and reliability can be a issue
Partners can have disagreement
Sharing profits
Control of business

38
Q

Limated liability

A

Limited liability protects a business owner’s personal
funds from being used to pay business debts.

GCSE BUSINESS STUDY (4 decks)

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