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Business > Chapters 1-3 > Flashcards

Chapters 1-3 Flashcards

1
Q

Premises

A

Buildings and land used by a shop or business.

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2
Q

Business

A

Organisation that produces goods and services.

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3
Q

Organisation

A

Group, such as a club or business, that has formed for a particular purpose.

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4
Q

Goods

A

Physical products. (Such as a mobile phone, a packet of crisps, or a pair of shoes.)

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5
Q

Services

A

Non-physical products. (Such as banking, car washing and waste disposal.)

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6
Q

Output

A

Amount of gods or work produced by a person, machine or factory.

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7
Q

Human resources

A

In some businesses, the department that deals with employing, training and helping people.

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8
Q

Consumer goods

A

Goods and services sold to ordinary people (consumers) rather than businesses.

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9
Q

Producer goods

A

Goods and services produced by one business for another.

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10
Q

Needs

A

Basic requirements for human survival.

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11
Q

Wants

A

People’s desires for goods and services.

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12
Q

Infinite

A

Without limits in space of time.

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13
Q

Finite

A

Having an end or a limit.

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14
Q

Scarce

A

Resources with limited availability.

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15
Q

Private sector

A

Business organisations owned by individuals or groups of individuals.

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16
Q

Public sector

A

Business organisations owned by central or local government.

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17
Q

Stakeholder

A

An individual or group with an interest in the operation of a business.

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18
Q

Entrepreneur

A

Person who takes risks and sets up businesses, individual who organises the other factors of production and risks their own money in a business venture.

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19
Q

Objectives

A

Goals or targets set by a business.

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20
Q

Executives

A

Managers in an organisation or company who help make important decisions.

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21
Q

Diversity

A

If a business, company or country diversifies, it increases the range of goods or services it produces.

22
Q

Financial return

A

Monetary return.

23
Q

Profit maximisation

A

Making as much profit as possible in a given time period.

24
Q

Shareholders

A

Owners of limited companies.

25
Q

Dividents

A

Share the profit paid to shareholders in a company.

26
Q

Profit satisficing

A

Making enough profit to satisfy the needs of business owner(s).

27
Q

Automation

A

Use of computers and machines instead of people to do a job.

28
Q

Economies of scale

A

Financial advantages (falling average costs) of producing something in very large quantities.

29
Q

Large business

A

A business that employs more than 250 people.

30
Q

Small business

A

A business that employs fewer than 50 people.

31
Q

Revenue

A

Money from the sale of goods and services.

32
Q

Innovator

A

Someone who introduces changes and new ideas.

33
Q

Labour

A

People employed in a business/used in production.

34
Q

Unincorporated

A

Businesses where there is no legal difference between the owner and the business.

35
Q

Incorporated

A

Business that has a separate legal identity from that of it’s owners.

36
Q

Sole trader

A

Business owned by a single person.

37
Q

Unlimited liability

A

Owner of a business is personally liable for all business debts.

38
Q

Partnership

A

Business owned by between 2 and 20 people.

39
Q

Deed of partnership

A

Binding legal document that states the formal rights of partners.

40
Q

Limited partnership

A

Partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business.

41
Q

Limited liability

A

Business owner is only liable for the original amount of money invested in the business.

42
Q

Audits

A

Official examination of a company’s financial records in order to check that they are correct.

43
Q

Franchise

A

Structure in which a business (the franchisor) allows another operator (the franchisee) to trade under their name.

44
Q

Merchandise

A

Goods that are being sold.

45
Q

Social enterprise

A

Business that aims to improve human or environmental well-being, charities for example.

46
Q

Cooperative

A

Company, factory or organisation in which all the people working there own an equal share of it.

47
Q

Consumer cooperative

A

Cooperative that is owned by its customers.

48
Q

Retail cooperative

A

Cooperative of retail members, who often work together to assert their purchasing power.

49
Q

Worker cooperative

A

Cooperative that is owned by its employees.

50
Q

Charities

A

Organisations that give money, goods or help to people who are poor, sick or in need.

Business (8 decks)

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