Business Vocabulary E-J

Question 1

E-commerce

Answer 1

Business transactions carried out electronically on the internet.

Question 2

Economies of scale

Answer 2

The cost advantage of producing on a large scale. As output increases the unit cost decreases.

Opposite of ‘diseconomies of scale’

Question 3

Employment law

Answer 3

Rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with its workers.

Question 4

Employees

Answer 4

Individuals who work full time or part time for the business; they have a contract of employment detailing their duties and rights.

Question 5

Enterprise

Answer 5

The ability to identify business ideas and opportunities to bring them to fruition and to take risks where appropriate.

Question 6

Entrepreneur

Answer 6

A person who has the vision to use initiative to make business ideas happen, managing the resources and risks.

Question 7

Equality Act (2010)

Answer 7

Protects people from discrimination in the workplace and in wider society. It sets out the different ways in which it is unlawful to treat someone.

Question 8

Ethical objectives

Answer 8

A business’ goals that relate to fair business practice or moral guidelines and make a positive contribution to the business’ reputation.