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Business Studies > Business Studies Topic 1 > Flashcards

Business Studies Topic 1 Flashcards

1
Q

What is a business

A

An organisation that produces a good or supplies a service

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2
Q

Example of a business

A

ASDA, which sells food and other goods for money

Eletrician goes to customer’s houses and fixes their electrics in return for money

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3
Q

Examples of products

A

Cars

Washing machines

Mobile phones

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4
Q

A service

A

an act that a business person carries out for you in exchange for money

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5
Q

Examples of a service

A

Accountancy

Travel agents

Cleaning

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6
Q

4 factors of production

A

Land – somewhere to produce the goods

Labour – people to work in the business

Capital

Enterprise

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7
Q

Reasons for starting a business

A

To produce goods

To supply a service

To distribute products

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8
Q

How social enterprises help people

A

Aim to tackle the effects of poverty

Provide jobs and tackle unemployment

Help children with a social need

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9
Q

How social enterprises can help the planet

A

Reduce pollution

Tackle deforestation

Halt climate change

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10
Q

Primary sector

A

extracts raw materials from the planet

Mining materials, chopping down trees for wood

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11
Q

Secondary sector

A

Goods are manufactured from raw materials into finished goods

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12
Q

Examples of secondary sector

A

Plastic

Metal

Other materials made into cars

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13
Q

Tertiary sector

A

concerned with providing services for its customers

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14
Q

Examples of tertiary sector

A

Lorries and transport of goods

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15
Q

Entreprenueur

A

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

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16
Q

Business Initiative

A

internal campaigns in companies set out to achieve certain goals

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17
Q

What can businesses use social media for

A

Attract customers

Get customer feedback

Increase your market reach

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18
Q

Inflation rates

A

The rates of increase in prices for goods and services

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19
Q

Interest rates

A

the cost of borrowing money or the return for investing money

20
Q

Why would anyone want to be an entrepenuer

A

They want to keep all profits of a business for themselves so they can earn more money

They have an interest or obby which grows into a business

They want to be their own boss and make their own decisions instead of being employed and reporting to someone else

21
Q

Entrepenuership

A

Refers to the ability to be an entrepenuer to take risks to develop a business idea

22
Q

Social enterprise

A

A business set up to help society rather than to make a profit

23
Q

What is a good

A

physical products that are either purchased or produced for the purpose of being sold

24
Q

Customer

A

Someone who buys a product

25
Q

What makes a business successful

A

When it can meet the needs and wants of customers effectively

26
Q

Consumer

A

Someone who uses goods and services produced by businesses

27
Q

Opportuniy cost

A

something that is given up in order to do something else

28
Q

Example of opportuniy cost

A

this could be when a business must choose between two different office locations

they will face opportunity costs for the location they do not choose

29
Q

How do inflation rates affect businesses

A

by supply pressure as they pay more to buy materials and products

30
Q

How do interest rates affect businesses

A

Rising interest rates make your business debt more expensive

31
Q

What are unemployment rates

A

the percentage of people in the labour force that are unemployed

32
Q

What impact do unemployment rates have on businesses

A

For many businesses, this will result in lower sales as people spend less

33
Q

What are exchange rates

A

A rate at which one currency will be exchanged for another currency

34
Q

How do exchange rates impact a business

A

By changing the attractiveness of their products to overseas customers

35
Q

Capital

A

money to get the business started

36
Q

Enterprise

A

drive or motivation from the owners to start a business

37
Q

3 methods of external growth a business could choose

A

Merge

Takeover

Franchise

38
Q

Explain one benefit to a business of using part-time staff

A

Flexibility to cover breaks and holidays

39
Q

Explain one benefit of providing induction training for employeees

A

new recruits become productive as quickly as possible

40
Q

Identify 3 stakeholders of a business

A

Customers

Owners

Suppliers

41
Q

How to work out percentage increase of 36 to 54 items sold a week

A

54 - 36 = 18

18 ➗ 36 x 100 = 50% increase

42
Q

How to work out percentage increase

A

Find the difference between 2 numbers (a - b)

Divide the difference with the original number

And x100

(c ➗ b x 100) = increase

43
Q

Sole trader

A

a self-employed person who owns and runs their own business as an individual

44
Q

What’s a partnership business

A

arrangement by two or more parties to manage and operate a business and share its profits

45
Q

Examples of a partnership business

A

GoPro & Red Bull

Uber & Spotify

Apple & MasterCard

46
Q

Explain, using one business example, why conflict may arise between different business stakeholders

A

Employees will want higher wages but owners will want lower costs and higher profits

47
Q

Explain one benefit to a successful business of expanding through franchising.

A

A successful business can grow quickly with limited risk

Business Studies (5 decks)

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