Key terms Flashcards
Define what is meant by the term ‘aims’
The long term intentions of a business (what they want to achieve in the long term).
Define what is meant by the term ‘objectives’
The businesses main aim split up into more manageable parts for example if the aim was to improve the businesses carbon footprint some of the objectives could include, only buying local produce and using recycled materials for their packaging.
Define what is meant by the term ‘code of practice’
The standards from which the business runs.
Define what is meant by the term ‘goods’
Physical objects, tangible products.
Define what is meant by the term ‘services’
Services are non tangible things that can be purchased from a business, e.g. dentists provide services as opposed to goods.
Define what is meant by the term ‘ legislation’
Laws passed by acts of parliament
Define what is meant by the term ‘regulation’
Laws passed by delegated powers or by European law.
