Business Studies Vocabulary Flashcards
Output
1 mark
The amount of something produced.
Self-employed
2 marks
A person who works for themselves instead of an employer. They work for a trade or business they have set up themselves.
Suppliers
2 marks
Firms selling products to other businesses to sell to customers.
Market
2 marks
Any place where buyers and sellers meet to trade products.
Business
2 marks
Any organisation that makes goods or provides services.
Goods
2 marks
Physical products such as burgers or cars.
Services
1 mark
Non-physical items such as hairdressing.
Customer needs
1 mark
The wants and desires of buyers.
A business start up
2 marks
New firm operating in a market for the first time.
Production
2 marks
The business activity of using resources to make goods and services.
Products
2 marks
The goods and services used by consumers.
Interdependence
2 marks
Firms rely on other businesses in different sectors for raw materials, components or distribution.
Extractive Production
3 marks
Processes that involve different activities that lead to the extraction of raw materials from the earth, processing and utilisation by consumers.
Enterprise
2 marks
The skill involved in wanting to start and run a business.
Entrepreneur
1 mark
The individual who sets up their own business.
