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definitions Flashcards

1
Q

Define economic problem

A

-people wants are unlimited
-resources are limited

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2
Q

Define value for money

A

-product/ service is worth the money

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3
Q

Define needs

A

-basic things needed for survival

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4
Q

Define wants

A

-things not needed for survival but for satisfaction

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5
Q

Define demand

A

-the need to satisfy wants and need

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6
Q

Define scarcity

A

-lack of sufficient products to fulfil the total wants of the population

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7
Q

Define opportunity cost

A

-next best alternative given up by choosing another option
-sacrifice something
-try to make as low as possible

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8
Q

Define specialisaiton

A

-people & businesses concentrate on what they are best at
-causes division of labor

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9
Q

define division of labor

A

-when production process is split into diff tasks & each worker performs the task
-form of specialisation
-increases production

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10
Q

define adding value

A

-difference btw selling price of a product & cost it’s bought in (materials & componenets)

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11
Q

Define primary sector

A

-extracting natural resources (raw materials)

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12
Q

define secondary sector

A

-processing raw materials into final products (manufacturing & construction)

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13
Q

define tertiary sector

A

-providing service and distribution of goods

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14
Q

define industralisation

A

-moving from primary sector to secondary sector

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15
Q

define deindustralisation

A

-moving from primary & secondary sector to tertiary sector

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16
Q

Define planned eocnomy

A

-economy is mostly led by public sector
-usually associated with communism

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17
Q

define mixed economy

A

-economy is led by public and pvt. sector

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18
Q

define free market economy

A

-economy is led mostly by pvt. sectors

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19
Q

define enterprise

A

-actions of a person who takes initiative by taking a risk to start the business
-the business / company itself

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20
Q

define entrepreneur

A

-person who markets the business

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21
Q

Define business plan

A

-doc containing important details of business and objectives created by entrepreneur

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21
Q

Define business idea

A

-what products/ service business will provide

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22
Q

define turnover

A

total value of sales over a period of time

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23
Q

define capital employed

A

money used in business

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24
Q

define internal business growth

A

-business expands existing operations using personal money or profits

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24
Q

define external business growth (intergration)

A

-business expands by taking over or merging with another business

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25
Q

define merging business

A

-2 businesses combine mutually

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26
Q

define take over

A

-a business is bought over forcefully

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27
Q

define horizontal integration

A

-2 similar businesses from the same industry combines

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28
Q

Define vertical backward integration

A

-a secondary sector business combines with a primary sector business

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29
Q

define vertical forward integration

A

-a secondary sector business combines with a tertiary sector business

30
Q

Define conglomerate integration

A

-a businesses combines with a business from a diff industry

31
Q

define sole trader

A

-business owned by 1 person
-simplest form of business
-usually small

32
Q

define unlimited liability

A

-person is liable for company’s debts

33
Q

define partnership

A

-business owned by 2 or more owner
-usually 2 - 20

34
Q

define Deed of partnership

A

-a doc that contains how profit is divided, role of each person and other things to prevent future dispute

35
Q

define Ltd company

A

-businesses that have a legal identity & owned by majority shareholder (51%)

36
Q

define Annual General Meeting (AGM)

A

-a mandatory annual meeting where all shareholders of Pub. Ltd. company are invited to attend where they:
-analyse business performance (accounting)
-make major decisions
-decide dividends

37
Q

define dividend

A

-division of profits among shareholders

38
Q

define profit maximisation

A

-to get max profits

38
Q

define public corporation

A

-business owned & controlled by gov. to provide service to people in a non- profit basis

39
Q

define business survival

A

-make sure business doesn’t collapse from:
-competition
-new businesses
-recession = sales go down

40
Q

Define market share

A

how much of market is owned by the business

41
Q

define stakeholder

A

-people who are affected by business decisions

42
Q

define marketing

A

identifying customer wants and satisfying them profitably

43
Q

define customer

A

person who buys products

44
Q

define market

A

-where buyers & seller come tgt to cater to demographic

44
Q

define anticipating changes

A

making futuristic call on changes

45
Q

define consumer

A

person who uses products

46
Q

define market segment

A

-sub groups of entire market

47
Q

define niche market

A

-market for specialised products & people are willing to pay a high price for it
-short lived - based on trends
-more profits

47
Q

define market research

A

-process of gathering, analyzing & interpreting info. about the market (before selling)

48
Q

define mass market

A

-market for general products for everyone
-more safe

49
Q

define product orientated

A

-making & selling a product without research
-less cost, time, effort

50
Q

define market orientated

A

-doing research before making product
-more success (but not guaranteed)

51
Q

define primary research

A

-doing field research - using first hand info.
-new & specific info.
-more time, effort, expensive
-accurate & reliable

52
Q

define secondary research

A

-doing desk research - using second hand info.
-less time, effort, expensive
-old & not specific info.
-too much irrelevant info.
-unreliable
-have to pay sometimes

53
Q

define focus groups

A

-people who are paid to test products

54
Q

define sampling

A

groups of selected people who respond to a market research
(only in primary research)

55
Q

define consumer goods

A

goods bought by consumers for their own use

55
Q

define producer goods

A

goods make for other businesses to use

56
Q

define marketing mix

A

-4 key activities that make your product successful
-Product
-Price
-Promotion
-Place

57
Q

define consumer service

A

service used by consumers

58
Q

define producer service

A

service for other business

59
Q

define feasibility

A

decide if product is worth selling by considering the resources, profit and capacity to produce

59
Q

define crowd funding

A

-people willing to invest even though they haven’t seen the product

60
Q

define price

A

what customer pays for a product
-if brand loyalty, price don’t matter
-value of money = repeated purchases

61
Q

define price elasticity of demand

A

-how responsive the demand for a product is when it’s price changes

62
Q

define elastic demand

A

small change in price causes big change in demand
-eg, luxury goods

63
Q

define Inelastic demand

A

demand does not change much when price changes
-eg, necessary goods

64
Q

define promotion

A

-communication with customer which lead to more sales

65
Q

define Point Of Sales Display (POS)

A

-products specifically placed around the entrance/ counter to entice buyer

66
Q

define Public relations

A

-creating a positive image by doing good things to increase sales
-good for negative products - eg, beer, cigar
eg. raising awareness, sponsoring, donating

67
Q

define marketing budget

A

how much money businesses have to spend to market its products

68
Q

define free publicity

A

people say good things about products without the company having to give them money

68
Q

define marketing strategy

A

plan with the right combination of marketing mix to make a product successful

business (10 decks)

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