IB Business Management Case Study 2020 Flashcards
commercial fishing
business activity of catching fish and other seafood products from oceans, rivers, and lakes for financial gain
business
organisation involved in the production of goods and/or provision of services
market prices
price of fish products set by the market forces of demand and supply
partnership
form of business owned by 2 – 20 people with shared responsibilities and burdens of running and owning the business
private limited company
business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public
change
adapting to transformations in a business‘ internal and external environment
risk
situation of unknown outcomes which could damage the financial health and viability of a business
uncertainties
situation with a lack of certainty or confidence because the firm cannot control or accurately predict the outcome of its actions
market
group of buyers and sellers of a good and service
regulation
rules, laws and policies that businesses need to comply with
industry
businesses involved in a similar business activity which are in direct competition
liability
legal responsibility for something
company shares
represents a unit of ownership in a limited liability company
tourism
people travelling to places outside of their normal environment for the purpose of leisure and pleasure
technology
use of knowledge, skills and techniques in the production process used to transform resource input to the output of goods and services
exports
sale of domestically produced goods and services to overseas buyers