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GCSE Business Studies > Key Terms > Flashcards

Key Terms Flashcards

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1
Q

Goods

A

An item that a customer wants or needs.

You can touch the product.

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2
Q

Primary sector business

A

Extract raw materials from natural resources

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3
Q

Secondary Sector Business

A

Take the raw material (eg.steel) and turn them into a final product (eg.car)

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4
Q

Tertiary Sector Business

A

Provide a service (eg.Tesco)

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5
Q

Who owns the business (sole trader)

A

The sole trader

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6
Q

Number of owners (sole trader)

A

1

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7
Q

What liabilities are there (sole trader)

A

Unlimited liabilities

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8
Q

What happens if the owner dies (sole trader)

A

The business ends

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9
Q

Who owns the business (partnership)

A

The partners

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10
Q

Number of owners (partnership)

A

2-20

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11
Q

What liability is there (partnership)

A

Unlimited liability

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12
Q

How is the business established (partnership)

A

The deed of partnership

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13
Q

What is the deed of partnership

A

A legal document that sets the rules

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14
Q

Who owns the business (Private Limited Company)

A

Shareholders

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15
Q

Number of owners (Private Limited Company)

A

Multiple

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16
Q

Who controls the business (Private Limited Company)

A

Shareholders

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17
Q

What liability is there (Private Limited Company)

A

Limited liability

18
Q

What happens if the owner dies (Private Limited Company)

A

The company still exists and whoever owns the share now continues with the business

19
Q

Who is an entrepreneur

A

An entrepreneur is someone who is willing to take the risks involved in starting a business. Entrepreneurs believe that the rewards of starting a business are worth risks and costs involved

20
Q

Whats a service

A

A service is providing work performed in an expert manner builder

21
Q

Customers

A

An individual or business that purchases the goods or services produced by a business

22
Q

What is a public limited company

A

A public limited company is one that has shares that are sold to the general public

23
Q

Define consumer

A

A purchaser of a good or service in retail

24
Q

Define need

A

Necessities that are provided by a business eg food, warmth, shelter, love and clothing

25
Q

Define Want

A

Luxuries that customers buy from a business

26
Q

Define interdependence

A

When one type of business depends on another

27
Q

Define unlimited liabilities

A

Where personal belongings of the owner are at risk if there are any problems. There is no limit to the amount of money that the owner has to pay out eg lose your car, home etc.

28
Q

Define unique selling point (USP)

A

Something about your product/service is different from competitors which makes it stand out

29
Q

Define stakeholders

A

A person or group of people who have interests or are impacted by a company

30
Q

Define franchisor

A

Selling the rights to a business

31
Q

Franchisee

A

Buying the rights to a business

32
Q

Define digital communication

A

The transmission of information electronically between computing devices

33
Q

Define ethics

A

Refers to whether a business decision is thought to be MORALLY RIGHT or WRONG. An ethical decision is made on the basis on what is judged to be morally right

34
Q

The economy

A

The economy is made up of millions of individual consumers, many thousands of businesses and governments all take decisions on what to buy and produce

35
Q

Define unemployment

A

Unemployment is a phenomenon that occurs when a person who is actively searching for employment is unable to find work. Unemployment is often used as a measure of the health of the economy

36
Q

Define consumer spending

A

Refers to the value of goods and services bought by consumers over a time period, usually a month or year

37
Q

Define Globalisation

A

The trend for markets to become worldwide in scope it is where world economics are inter connected

38
Q

Define Import

A

A good or service purchased from overseas customers in the domestic market

39
Q

Define export

A

A good or service produced in the uk and sold overseas

40
Q

Define legislation

A

A set of rules that governs a way the society operates it is another term for laws

GCSE Business Studies (4 decks)

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