Business Structure Flashcards
Production
The process of making goods and services.
Entreprenuer
A person who sees potential in a business idea takes the risks and has the initiative to develop the business and attempt to make a profit.
Risk
The possibility go something going wrong.
Innovative
Being able to invent or introduce new ideas, products or services.
Set up costs
Costs that are needed to start a business
Budget
A plan of expected income and expenses
Marketing
The process of getting a product or service in the hands of the consumer
Business
A commercial undertaking to provide a good or service, usually in hopes to make profit
Sole trader
Business owned by one person
Partnership
Business owned by 2 or more people
Private company
Owned by private people shares can’t be sold on stock market.
Public company
Company that is trading on the stock market it raises their finance by selling shares to the public.
Unlimited Liability
If your business fails and you are sole trader or partnership the bank can take your personal possessions to pay back the debt.
Primary Sector
The economic sector that extracts raw materials/natural resources from the earth.
Secondary Sector
The economic sector that turns raw materials into finished goods.
