C1 Flashcards
Business
Organisation that produces goods or services
Scarce
resources with limited availability
Stakeholder
an individual or group that has an interest in a business
private sector
business organisations owned by individuals or groups of individuals
public sector
business organisations owned by central or local government
profit maximisation
making as muchprofit as possible in a given time period
profit satisficing
making enough profit to satisfy owners or shareholders
SMART objectives
specific, measurable, achievable, realistic, time specific
unincorparated
businesess where there is no legal difference between thew owner and the business
incorparated
business that has a separate legal identity from that of its owner
soole trader
bs owned by a single person
unlimited liability
owner of a bs is personally liable for all bs debts
partnership
bs owned by between 2-20 ppl
deed of partnership
binding legal document that states the formal rights of partners
limited partnership
some partners contribute capital and enjoy
