deck_16816965 Flashcards
Business
**: An organization or enterprising entity engaged in commercial, industrial, or professional activities. Example: A local bakery selling bread and pastries.
Input
Resources used in the production process, including raw materials, labour, and capital. Example: Flour and yeast used by a bakery.
Output
- Output: The goods or services produced by a business. Example: Loaves of bread and cakes produced by the bakery.
Process
- Process: The series of actions taken by a business to turn inputs into outputs. Example: Mixing, kneading, and baking dough to make bread.
Capital
- Capital: Financial assets or the financial value of assets, such as funds held in deposit accounts and/or capital equipment used in a business. Example: The ovens and mixers used in a bakery.
Enterprise
- Enterprise: Another term for a business, particularly a new or entrepreneurial venture. Example: A tech startup developing a new app.
Customers
- Customers: Individuals or businesses that buy goods or services from a company. Example: People buying coffee from a local café.
Suppliers
- Suppliers: Businesses or individuals that provide inputs like raw materials or services to other companies. Example: A farm supplying milk to a cheese producer.
Labour
- Labour: The human effort used to produce goods and services, often referred to in terms of the workforce. Example: Chefs and waitstaff employed by a restaurant.
Goods
- Goods: Tangible items that are produced and sold. Example: Mobile phones, clothing, food items.
Services
- Services: Intangible products provided to consumers, such as assistance or advice. Example: Banking, consulting, and hairdressing services.
Unlimited Liability:
- Unlimited Liability: A legal structure where business owners are personally responsible for all the debts of the business. Example: Sole traders who must pay off business debts from personal assets.
Limited Liability:
- Limited Liability: A legal structure where the shareholders’ responsibility for the company’s debts is limited to the capital they have invested. Example: Shareholders of a limited company losing only the money they invested if the company goes bankrupt.
Continuity
- Continuity: The ability of a company to continue operating despite changes in ownership or business structure. Example: A family restaurant passing from one generation to the next.
Entrepreneur
- Entrepreneur: An individual who starts and runs a business, taking on financial risks in the hope of profit. Example: The founder of a new tech startup.
Business Plan:
A detailed document outlining the strategy of a business, including objectives, financial forecasts, and marketing strategies. Example: A plan created by someone opening a new gym to present to potential investors.
Aims
Long-term goals that a business wants to achieve. Example: A clothing retailer aiming to become the leading brand in eco-friendly apparel.
Objectives
- Objectives: Specific, measurable actions companies take to achieve their broader aims. Example: Increasing online sales by 20% in the next year.
Shareholders
- Shareholders: Individuals or entities that own shares in a company, making them part-owners of the company. Example: People owning shares in major corporations like Apple or Google.
Marketing Mix
the set of actions, that a company uses to promote its brand or product.
Human Resources
The department within a business that deals with hiring, training, employee relations, and other personnel issues. Example: The HR (Human Resources) team at a company organizing training sessions for staff.
Product
- Product: An item or service offered for sale. Example: A new line of sports shoes from a well-known brand.
Price
- Price: The amount of money charged for a product or service. Example: Pricing a new video game at $60.
Promotion
Marketing activities that aim to increase awareness about a product or service
